To,
The Members,
Kusam Electrical Industries Ltd
Your Directors are pleased to present the Fortieth Annual Report and the Audited
Accounts of the Company for the year ended 31s1 March, 2023.
1. Financial Results
The Company's financial performance for the year ended March 31, 2023 is summarized
below:
Particulars |
2022-2023 |
2021-2022 |
|
(In Rs. 000) |
(In Rs. 000) |
Gross Income |
69,277.31 |
68,013.87 |
Profit Before Interest and Depreciation |
5231.67 |
14408.89 |
Less: Interest |
158.45 |
328.88 |
Less: Provision for Depreciation |
996.91 |
1,214.00 |
Profit Before Exceptional & Extraordinary items & Tax |
4076.31 |
12,866.01 |
Less: Exceptional Items |
- |
- |
Less: Extraordinary items |
- |
- |
Profit Before Tax |
4076.31 |
12,866.01 |
Less: Provision for Tax |
(559.93) |
3,016.19 |
Less: Deferred Tax |
535.49 |
(27.19) |
Net Profit After Tax |
4,100.76 |
9,877.02 |
Earnings Per Share- Diluted |
17.06 |
41.15 |
2. Review of Operations
The Income from operations and other income during the year was at Rs. 6,92,77,310 as
against Rs. 6,80,13,874 in the previous year. The Net Profit (before exceptional and extra
ordinary' items and tax) was Rs. 40,76,310 as against Rs.1,28,66,012 in the previous year.
The Company's Net Profit aftertax is of Rs. 41,00,760 as against Rs. 98,77,016 after tax
in the Previous year.
3. Change in the Nature of Buisness
During the year under re-view, there were no change in the Nature of business.
4. Outlook
The Management of the Company is focusing on procuring bulk orders at competitive
rates. The initative taken by the company has started showing good results. The Company is
confident of improved performance during the current year.
5. Dividend
With a view to conserve funds for the operations of the Company, your Directors have
not recommended any Dividend on the Equity Shares for the Financial Year under review.
6. transfer To Reserves
There has been no transfer to reserves in the current Financial Year under review.
7. Share Capital
The Authorised Equity Share Capital of the Company as on March 31, 2023 is Rs.
25,00,000 (Rupees Twenty five lacs) having 2,50,000 Equity Shares of Rs. 10/- each . The
Paid-up Equity Shares Capital of the Company as on March 31, 2023 is Rs. 24,00,000 (Rupees
Twenty four lacs) having 2,40,000 Equity shares of Rs. 10/- each.
8. Public Deposits
During the year under review, the Company has not accepted or renewed any deposits
falling within the purview of provisions of Section 73 of the Companies Act, 2013 read
with The Companies (Acceptance of Deposits) Rules, 2014. Hence, the requirements for
furnishing of details of deposits which are not in compliance with Chapter V of the Act is
not applicable.
9. Directors and Key Managerial Personnel
In accordance with the provisions of Section 152 of the Companies Act, 2013 and
Articles of Association of the Company, Mr. Navin Chandmal Goliya (DIN:00164681) Director
of the Company, retires by rotation at the ensuing Annual General Meeting and being
eligible has offered himself for reappointment.
The Independent Directors of the Company are highly competent with relevant experience
and expertise. They contribute in various ways in the growth and development of the
Company.
None of the Independent Directors had any pecuniary relationship or transactions with
the Company during Financial Year 2022-23. None of the Directors or Key Managerial
Personnel (KMP) of the Company are related inter-se.
The information as required to be disclosed under Regulation 36 of SEB1 LODR
Regulations, 2015 in case of reappointment is fonning part of Notice.
As per the information available with the Company, none of the Directors of the Company
are disqualified for being appointed as a Directors as specified in Section 164(2) of the
Companies Act, 2013.
The Key managerial personnel in the company as per Section 2(51) and 203 of the
Companies Act, 2013 are as follows:
Mr. Chandmal Goliya: Whole Time Director
(Resignation w.e.f 13th March, 2023 & Appointment as an additional
director designated as Whole time director w.e.f 11th August 2023)
Mr. Navin Goliya; Whole Time Director Mr. Naval Jha: Chief Financial Officer Ms. Amruta
Lokhande: Company Secretary
10. Disclosures Cnder Section 19702) Of The Companies Act, 2013
The Company has 9 employees on its payroll, hence the requirements as specified in Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are applicable to the Company. Disclosures pertaining to Remuneration and other details as
required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are kept at
the Registered Office for inspection 21 days before the date of Annual General Meeting of
the Company. Pursuant to Section 136 of the Companies Act, 2013 and members, if any
interested in obtaining the details thereof shall make specific request to the Compliance
Officer of the Company in this regard.- Annexure-1
11. Names Of Companies Which Have Become Or Ceased To Be Its Subsidiaries, Joint
Ventures Or Associate Companies During The Year - Nil
12. Board & Committee Meetings
a) Board Meeting:
During the financial year 2022-23, total Four (4) Board Meetings were held on 25th
May, 2022, 12lh August, 2022, 02nd November, 2022, and 13th
February, 2023. The intervening gap between the Meetings was within the period prescribed
under the Companies Act, 2013.
Attendance :
Name of the Director |
Category |
Number of Board Meetings attended |
Attended last AGM |
Mr. Chandmal Parasmal Goliya |
Whole time Director |
4 |
Yes |
Mr. Jhanwarlal Bhanwarlal Sipani |
Non- Executive Director |
4 |
Yes |
Mrs. Sushma Ranka |
Non- Executive Independent Director |
4 |
Yes |
Mr.Sushilkumar Jhunjhunuwala |
Non- Executive Independent Director |
4 |
Yes |
Mr. Navin Chandmal Goliya |
Whole time Director |
4 |
Yes |
b) Audit Committee Meeting:
During the financial year 2022-23, total four (4) Audit Committee Meetings were held on
25lh May, 2022, 12th August, 2022, 02nd November, 2022,
and 13,h February, 2023.
The Board has well-qualified Audit Committee with majority' of Independent Directors
including Chairman. They possess sound knowledge on Accounts, Audit, Finance, Taxation,
Internal Controls etc. The details of the Composition of the Audit Committee during the
financial year 2022-2023 are as follows:
Chairman: Mr. Sushilkumar Jhunjhunuwala
Members: Mr. J B. Sipani
Ms. Sushma Ranka
Attendance :
Name of the Director |
Category |
Number of Committee Meetings attended |
Attended last AGM |
Mr. Sushilkumar Jhunjhunuwala |
Non - Executive Independent Direct or( C hainnan) |
4 |
Yes |
Mr. J B. Sipani |
Non - Executive Director |
4 |
Yes |
Mrs. Susluna Ranka |
Non - Executive Independent Director |
4 |
Yes |
(a) TERMS OF REFERENCE:
The terms of reference of the Audit Committee inter alia include the following:
i. The recommendation for appointment, remuneration and tenns of appointment of
Auditors of the Company.
ii. Review and monitor the Auditors Independence and performance, and effectiveness of
Audit process.
iii. Examination of the financial statement and Auditors Report thereon.
iv. Approval or any subsequent modification of transaction of the Company with related
parties.
Provided that the Audit Committee may make Omnibus Approval for related party
transactions proposed to be entered into by the Company subject to such consultations as
may be prescribed.
v. Scrutiny of Corporate Loans and Investments.
vi. Valuation of undertakings or assets of the Company w'herever it is necessary.
vii. Evaluation of internal financial controls and risk management system.
viii. Monitoring the end use of funds raised through public offers and related matters.
ix. Calling for the Comments of the Auditors about internal control system, the scope
of Audit, including the observations of the Auditors and review' of Financial Statements
before their submission to the Board and may also discuss any related issues with the
Internal and Statutory Auditors and Management of the Company.
Authority to investigate into any matter in relation to the item specified from (i) to
(ix) above or referred to it by the Board
(b) FUNCTION:
The Audit Committee, while reviewing the Annual Financial Statement also review the
applicability of various Accounting Standards (AS) referred to in Section 133 of the
Companies Act, 2013. Compliance of the Accounting Standard as applicable to the Company
has been ensured in the preparation of the Financial Statement for the year ended 31s1
March, 2023.
Besides the above Chairman and Managing Director, Whole-Time Director, Chief Financial
Officer, Business heads of the Company divisions and the representatives of the Statutory
Auditors are permanent invitees of the Audit Committee Meetings.
The Audit Committee also oversees and reviews the functioning of Vigil Mechanism
(implemented in the Company as a Risk Management Policy and Whistle Blower Policy) and
review the finding of investigation in the cases of material nature and the action taken
in respect thereof.
c) Nomination & Remuneration & Compensation Committee Meeting:
During the Financial Year 2022-23, total two (2) Nomination & Remuneration
Committee Meeting was held on 12lh August 2022 & 13th February
2023.
The Company has constituted Nomination & Remuneration Committee. The details of the
Composition of the Nomination & Remuneration Committee are as follows:
Chairman: Mr. Sushilkumar Jhunjhunuwala
Members: Mr. J B. Sipani
Mrs. Sushma Ranka
Attendance:
Name of the Director |
Category |
Number of Committee Meetings attended |
Attended last ACM |
Mr. Sushilkumar Jhunjhunuwala |
Non- Executive Independent Director(Chairman) |
2 |
Yes |
Mr. J B. Sipani |
Non- Executive Director (Member) |
2 |
Yes |
Mrs. Sushma Ranka |
Non-Executive Independent Director (Member) |
2 |
Yes |
(a) TERMS OF REFERENCE:
The Committees composition meets with requirements of Section 178 of the Companies Act,
2013. The terms of reference of the Committee inter alia, includes the following:
1. To identify persons who are qualified to become Directors and who may be appointed
in Senior Management in accordance with the criteria let down and to recommend to the
Board their appointment and removal and shall cany out evaluation of every Directors
perfonnance.
2. To formulate the criteria for determining qualifications, positive attributes and
independence of a
Directors and recommend to the Board a Policy relating to the remuneration for the
Directors, Key
Managerial Personnel and other Employees.
3. To ensure that the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality required to run the
Company successfully.
4. To ensure that relationship of remuneration to perfonnance is clear and meets
appropriate performance benclnnark.
5. To ensure that remuneration to Directors, Key Managerial Personnel and Senior
Management involves balance between fixed and incentive pay reflecting short term and long
term performance objectives appropriate to the working of the Company and its goals.
(1) Stakeholders Relationship Committee Meeting:
During the financial year 2022-23, total four (4) Stakeholders Relationship Committee
Meetings were held on 25lh May, 2022, 12th August, 2022, 02nd
November, 2022, and 13d' February, 2023.
The Company has constituted Stakeholders Relationship Committee. The details of the
Composition of the Stakeholders Relationship Committee are as follows:
Chairman: Mr. Mr. J B. Sipani
Members: Mr. Chandmal Goliya
Mrs. Sushma Ranka
Attendance:
Name of the Director |
Category |
Number of Committee Meetings attended |
Attended last ACM |
Mr. J B. Sipani |
Non- Executive Director (Chairman) |
4 |
Yes |
Mr. Chandmal Goliya |
Whole time Director |
4 |
Yes |
Mrs. Sushma Ranka |
Non-Executive Independent Director |
4 |
Yes |
(a) TERMS OF REFERENCE:
The Company with the assistance of the Registrar and Share Transfer Agent M/s.
Satellite Corporate Services Private Limited attend to all grievances of the Shareholders
received directly through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar
of Companies, etc. The Minutes of the Stakeholders
Relationship Committee Meetings are circulated to the Board and noted by the Board of
Directors at the Board Meeting.
Continuous efforts are made to ensure that grievances are more expeditiously redressed
to the complete satisfaction of the Investors. Shareholders are requested to furnish their
Telephone Numbers and e-mail address to facilitate prompt action.
(b) DETAILS OF SHAREHOLDERS COMPLAINTS RECEIVED, SOLVED AND PENDING SHARE TRANSFERS
COMPLAINTS:
Sr. No. |
Nature of the complaint |
Received |
Replied |
Pending |
1 |
Non-receipt of shares certificates lodged for transfer |
0 |
0 |
0 |
2 |
Non-receipt of dividend warrants |
0 |
0 |
0 |
3 |
Non-receipt of dividend warrants after revalidation |
0 |
0 |
0 |
4 |
Non-receipt of share certificates lodged for split/ Bonus shares |
0 |
0 |
0 |
5 |
Non Receipt of duplicate shares certificates |
0 |
0 |
0 |
6 |
Letters from SEBI / stock Exchange |
0 |
0 |
0 |
7 |
Letters from Department of Company Affairs / Other Statutory Bodies |
0 |
0 |
0 |
|
Total |
0 |
0 |
0 |
During the year, nil complaints regarding non-receipt of shares sent for transfer,
Demat queries were received from the shareholders, all of which have been resolved. The
company had no transfers pending at the close of 31.03.2023.
REQUESTS:
Sr. No. |
Nature of the Requests |
Received |
Replied |
Pending |
1 |
Receipt of dividend warrants for revalidation |
0 |
0 |
0 |
2 |
Request for mandate correction on Dividend warrants |
0 |
0 |
0 |
3 |
Request for duplicate Dividend warrant |
0 |
0 |
0 |
4 |
Request for copy of Annual Report |
0 |
0 |
0 |
5 |
Request for TDS Certificate |
0 |
0 |
0 |
6 |
Request for exchange of split Share certificate |
0 |
0 |
0 |
|
Total |
0 |
0 |
0 |
13. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations the Board
has carried out an Annual Performance Evaluation of its own performance, the Directors
individually as well as the Evaluation of the working of its various committees.
A separate exercise was carried out to evaluate the performance of individual Directors
including the Chairman of the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgment, safeguarding the interest of the
company. The performance evaluation of the Independent Directors was carried out by the
entire Board excluding the directors
being evaluated. The Performance Evaluation of the Chairman and Non Independent
Directors was carried out by the Independent Directors at their separate meeting.
14. Fixed Deposits
The Company has not accepted any Fixed Deposits during the year.
15. Declaration by an Independent Directors) & re-aimointment if any.
All Independent Directors have given declarations affirming that they meet the criteria
of independence as provided under Section 149 (6) of the Companies Act, 2013, and
Regulation 16( 1 )(b) of SEBI (LODR) Regulations, 2015 and there has been no change in the
circumstances which may affect their status as Independent Directors during the year.
Mr. Navin Chandmal Goliya (DIN 00164681) director retires by rotation and being
eligible and not being disqualified under section 164 of the Companies Act, 2013, offer
himself for re-appointment.
16. Internal Financial Controls
The Board has laid down Internal Financial Control Policy to be followed by the Company
and the policy is available on Company's website at the link www.kusamelectrical.com The
Company has in place adequate internal financial controls with reference to financial
statements. During the year such controls were reviewed and no reportable material
weakness in the operation was observed.
17. Policy on Directors Appointment & Remuneration
Details of Nomination and Remuneration Policy, pursuant to Section 178 (4) of the
Companies Act, can be accessed by clicking on the web link:
Details of Familiarisation Programme for Independent Directors and criteria for making
payment to Non- Executive Directors can be accessed by clicking on the web link: lillp://www.
kusumeleclrieul. com/Directors-Familiarisut ion-Programme, pdf
18. Management Discussion and Analysis Report
Management Discussion and analysis Report for the year under review, as stipulated
under Regulation 34(2)(e) of the SEBI (LODR) Regulation, 2015 is presented in the separate
Section forming part of Annual Report. (Annexure 111)
19. Auditors:
(i) Statutory Auditor
The Statutory Auditor of your Company namely, M/s. R A N K & Co, Chartered
Accountants (Finn Registration Number: 101794W) were appointed as the Statutory Auditors
of the Company for first time at 37th Annual General Meeting held in 2020 for a
tenn of five years and hold office upto the conclusion of the Annual General Meeting to be
held in the Financial Year ended March 31, 2025
The Report given by the Statutory Auditor for the Financial Statements for the year
ended 31st March, 2023 read with Explanatory Notes thereon do not call for any explanation
or comments from the Board under Section 134 of the Companies Act, 2013.
No qualifications or adverse remark has been received during the period under review.
(ii) Secretarial Auditor
As per Section 204 of the Companies Act, 2013, and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014, the Company is required to appoint a
Secretarial Auditor for auditing secretarial and related records of the Company.
CS Nishi Jain, Practicing Company Secretary, was appointed as Secretarial Auditors for
carrying out the Secretarial audit for the Financial Year 2022-23.
The Secretarial Audit Report for the Financial Year ended 31st March, 2023
is annexed herewith marked as "Annexure A" to this Report. The observations made
by the Secretarial Auditor in her report are self-explanatory.
As required by Section 204 of the Act, 2013, the Secretarial Audit Report for the year
2022-23 given by Nishi Jain, Practicing Company Secretary for auditing the Secretarial and
related records is attached herewith as "Annexure II".
No qualifications or adverse remark has been received during the period under review
iii) Internal Auditor
The Company has adequate system of Internal check and control and the function of the
Internal Auditor is being looked after by M/s HRJ & Associates, Chartered Accountants
as an Internal Auditor of the company
iv) Cost Auditor
The Company is not required to maintain Cost Audit Records as its turnover is less than
Rs. 35 Crore, Company not engaged in production of goods or providing services in respect
of which any order has been passed by the Central Government under Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014.
20. Internal Controls
Your Company has in place adequate Internal Control Systems commensurate with the size
of its operations. Internal control systems comprising of policies and procedures are
designed to ensure sound management procedures are designed to ensure sound management of
your Company's operations, safekeeping of its assets, optimal utilization of resources,
reliability of its financial information and compliance. Clearly defined roles and
responsibilities have been institutionalized. Systems and procedures are periodically
reviewed to keep pace with the growing size and complexity of your company's operations.
21. Vigil Mechanism:
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013,
the Company have a Vigil Mechanism Policy for directors and employees to deal with an
instance of fraud or mismanagement, if any. The Vigil Mechanism Policy has been uploaded
on the website of the Company at httv://www.kusanwlectrical.com/pdtAVhistle-Blower-policv.pdf
22. Risk Management Policy
The Board of Directors has put in place a Risk Management policy for the company, which
includes business risks, markets risks, event risks and IT / Financial/ Interest rate/
liquidity, risks and the structure , infrastructure, processes, awareness and risk
assessment / minimization procedures. The elements of the risk, which in severe form can
threaten Company's existence, have been identified by the Board of Directors. Details of
the Risk management Policy have been uploaded on the w ebsite of the Company at http:/A\ww.kusamelectrical.com/Risk-M<:ipat>ement-Polic\\p(lf
23. Extract of Annual Return:
Pursuant to the provisions of Section 134 (3) (a) of the Companies Act, 2013, Extract
of the Annual Return for the financial year ended 31st March, 2023 made under the
provisions of Section 92 (3) of the Companies Act, 2013 in Form MGT - 9 is available on
the website of the Company www.kusamelectrical.com.
24. Material chanties and commitments, if any, affecting the financial position of the
company w hich have occurred between the end of the financial year of the Company to which
the financial statements relate and the date of the Report
No material changes and commitments affecting the financial position of the Company
occurred between the end of the financial year to which this financial statement relate
and on the date of this report.
25. Particulars of loans, guarantees or investments
The details of Loan, Guarantees and Investments are given under the provisions of
Section 186 of the Companies Act, 2013 are given in the Notes to Financial Statements.
26. Related Parties Transactions:
During the financial year 2022-23, the Company had not entered into any material
transactions with any of its related parties. The related party transactions entered into
with the related parties as defined under Companies Act, 2013 during the financial year
2022-2023 were in the ordinary course of business and at arm's length and the same has
been approved by the Audit Committee. The disclosure of Related Party Transactions under
Accounting Standard-18 with related party are disclosed in the notes to Accounts of the
Standalone Financial Statements.
Details of policy for dealing with related party transactions can be accessed by
clicking on the web link: htlp./Avww.
kusameleclncal.com/Relaied-parlv-lransaction-policv. pdf
27. Corporate Governance
In terms of Regulation 15(2Xa) of SEBI(LODR), Regulations 2015, the compliance with the
Corporate Governance provisions as specified in Regulations 17, 18, 19, 20, 21, 22, 23,
24, 25, 26, 27 and Clauses (b) to (i) of sub-regulation(2) of Regulation 46 and paras C, D
and E of Schedule V are not applicable to the Company as the paid up share capital of the
Company is less than 10 crores and its Net Worth does not exceed 25 crores as on 31st
March, 2023.
28. Corporate Social Responsibility (CSK)
In accordance with the provisions of Section 135 read with Schedule VII of the
Companies Act, 2013 the Company is not required to adopt a CSR Policy outlining various
CSR activities to be undertaken by the Company.
29. General Disclosures
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
1. The Company has not issued any shares with differential rights and hence no
information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the
Companies (Share Capital and Debenture) Rules, 2014 is furnished.
2. The Company has not issued any sweat equity shares during the year under review and
hence no information as per provisions of Section 54( 1 )(d) of the Act read with Rule 8(
13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished
3. The Company has not issued any equity shares under Employees Stock Option Scheme
during the year under review and hence no information as per provisions of Section 62(1
Xb) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules,
2014 is furnished.
4. During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme pursuant to
Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)
Rules, 2014 is furnished.
5. No orders have been passed by any Regrdator or Court or Tribunal which can have an
impact on the going concern status and the Company's operations in future.
30. Obligation of Company L nder the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company has set up an Internal Complaints Committee (ICC) for providing a Redressal
mechanism pertaining to Sexual harassment of women employees at workplace. There was no
complaint received during the year under review.
31. (a) Conservation of energy, technology absorption
Your Company has no activities relating to conservation of energy and absorption of
Technology.
(b) Foreign exchange earnings and Outgo
During the year, under review the Company has earned foreign exchange of Rs.
11,05,185/- on account of export sale and outgo of foreign exchange during the year was
Rs. 3,92,25,302/- for imports.
32. Directors1 Responsibility Statements
Pursuant to the requirement of Section 134(5) of the Companies Act, 2013 with respect
to Directors' Responsibility Statement, it is hereby confirmed that:-
(a) In the preparation of the annual accounts for the year ended 31st March,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures.
(b) The Directors has selected such accounting policies as mentioned in Note 2 of the
Annual accounts have been applied consistently and made judgments and estimates that are
reasonable and prudent so as to give a tme and fair view of the state of affairs of the
company at the end of the financial year ended 31sl March 2023 and of the
profit and loss of the company for that period.
(c) The Directors had taken proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities.
(d) The Directors had prepared the annual accounts for the year ended 31st
March 2023 have been prepared on a going concern basis.
(e) The Directors had laid down Internal Financial Control to be followed by the
Company and that such internal financial control are adequate and were operating
effectively.
(f) The Directors had devised proper systems to ensure compliance with the provisions
of all applicable laws are devised and are adequate and operating effectively.
33. Significant And Material Orders Passed By The Regulators Or Courts
During the year under review, no significant and material orders were passed by the
Regulators, Securities Exchange Board of India, Stock Exchanges, Tribunal or Courts.
34. Pending Proceeding Cnder The Insolvency and Bankruptcy code, 2016
During the year under review, no pending proceeding under the Insolvency and Bankruptcy
Code, 2016
35. One time Settlement with Bank or Financial Institutions
During the year under review, no instance of onetime settlement with any Bank or
Fiannacial Institutions.
36. Affirmation On Compliance Of Secretarial Standards
The company hereby affirms that during the year under review company has complied with
all the applicable secretarial standards (including any modifications or amendments
thereto) issued by the Institute of Company Secretaries of India
37. Reporting of Frauds
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12)
of the Act and the rules made thereunder.
38. Listing with Stock Exchanges:
The Company confirms that it has paid the Annual Listing Fees for the year 2023-2024 to
BSE where the Company's Shares are listed.
39. State of Affaris
The Company is engaged in the business of one segment i.e. Trading in Electronic &
Electrical Instruments', Accessories etc..
40. Details of any Application made or pending under I IK
There was no any Application made or pending under IBC during the year.
41. Acknowledgements
Your Directors wish to thank Bankers, Government Authorities and various stakeholders,
such as, shareholders, customers and suppliers, among others for their support and
valuable guidance to the Company. Your Directors also wish to place on record their
appreciation for the committed services of all the Employees of the Company.
|
For and on behalf of the Board of Directors |
|
Navin Chandmal Goliya |
Place: Mumbai |
Whole time Director |
Date: 11-08-2023 |
|
|