To the Members,
Your Directors are pleased to present the 38 Annual Report together with the Audited
Statement of Accounts for the year ended 31% March, 2023.
FINANCIAL RESULTS
The Company's financial performance for the year ended 315 March, 2023 is summarized
below:
(inRs.)
| Particulars |
For the Year Ended |
|
31st March, 2023 |
31 st March, 2022 |
| Total Revenue |
71,75,815 |
2,16,86,791 |
| Total Expenses |
54,65,252 |
67,81,932 |
| Depreciation/Provisions |
1,01,692 |
1,56,1571 |
| Profit/(Loss) Before Tax |
17,10,563 |
1,49,04,860 |
| Exceptional and extraordinary items |
0 |
0 |
| Provision for Taxation |
6,43,375 |
25,14,135 |
| Profit/(Loss) After Tax |
10,67,188 |
1,23,90,724 |
| Paid up Equity Capital |
82,125,000 |
82,125,000 |
PERFORMANCE OF THE COMPANY
During the year under review, Company has earned revenue from Operation Rs. 71,75,815
in comparison to last year revenue of Rs. 2,16,86,791. This year Company has earned a
Profit after tax of Rs. 10,67,188 in comparison to last year Profit of Rs. 1,23,90,724.
CHANGE IN THE NATURE OF BUSINESS
During the financial year under review, no changes have occurred in the nature of the
Company's business.
DIVIDEND
Your directors did not recommend any dividend for the financial year 2022-23.
TRANSFER TO RESERVE
The Company transferred an amount of Rs. 94,74,265/- to the General Reserve for the
Financial Year ended 31? March, 2023.
PUBLIC DEPOSITS
During the year under review, your Company has not invited or accepted any deposits.
There are no unpaid or unclaimed deposits as on the date with the Company.
CHANGE IN THE NATURE OF BUSINESS
During the year under review, there has been no change in the nature of business of the
Company.
CHANGES IN THE SHARE CAPITAL
The Paid-up Equity Share Capital of the Company as on 31? March, 2023 was Rs.
8,21,25,000 comprising of 8,21,25,000 Equity Shares of Re.1/- each. During the year under
review, the Company has not issued any fresh shares.
MATERIAL CHANGES AND COMMITMENT IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY
FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT:
There has been no material change and commitment, affecting the financial performance
of the Company which occurred between the end of the financial year of the Company to
which the financial statements relate and the date of this Report.
SUBSIDIARIES/JOINT VENTURES/ASSOCIATES
The Company does not have any Subsidiary/Joint Venture/Associate Company for the year
ended on 31% March, 2023.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms and accepts the responsibility for the following
in respect of the Audited Annual Accounts for the financial yearended March 31, 2023:
That in the preparation of the annual accounts for the financial year ending 31% March,
2023, the applicable accounting standards had been followed along with proper explanation
relating to material departures; That the directors had selected such accounting policies
and applied them consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit of the Company for that period; That the
directors had taken proper and sufficient care 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; The Directors
have prepared the annual accounts of Company on a ‘going concern' basis. That proper
internal financial controls were in place and that the financial controls were adequate
and were operating effetely; That the directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and that such systems were adequate
and operating effectively.
DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS
Your Directors confirm that the Secretarial Standards issued by the Institute of
Company Secretaries of India, have been complied with.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
<*KS Board of Directors
None of the Directors of the Company are disqualified under the provision of Section
164 and 165 of the Companies Act, 2013 as applicable on the date of this Board's Report.
As on date of this report, the composition of Board is as follows:
| Name of the Director |
DIN |
Designation |
Date of Appointment |
| Mrs. Sarita Gupta |
00113099 |
Executive Managing Director |
30/09/2014 |
| Ms. Renu |
03572788 |
Non-Executive Director |
30/09/2014 |
| Mr. Sanjeev Kumar |
06625416 |
Non-Executive Independent Director |
09/07/2013 |
| Mr. Shri Kishan Gupta |
08430379 |
Non-Executive Independent Director |
24/04/2019 |
Appointment
During the year under review, no Director was appointed.
Re-appointment
Further, the Company wished for the re-appointment Ms. Renu Gupta (DIN: 03572788), who
retires by rotation in our ensuing 38 Annual General Meeting as per the requirement of
Section 152(6) of the Companies Act, 2013 and being eligible to offer herself for
re-appointment.
Resignation
During the financial under 2022-23 no director was resigned.
Key Managerial Personnel
Following officials are appointed as the Key Managerial Personnel (“KMP”) of
the Company.
Company Secretary & Compliance Officer
Ms. Rinku Jha has been resigned from the post of Company Secretary & Compliance
Officer of the Company w.e.f. 14% February, 2023. Ms. Mohit Kaushik is appointed as a
Company Secretary and Compliance Officer of the Company w.e.f. 14% February, 2023.
DECLARATION BY INDEPENDENT DIRECTORS
Mr. Sanjeev Kumar and Mr. Shri Kishan Gupta, Independent Directors of the Company have
submitted their disclosures to the Board that they fulfill all the requirements as
stipulated in Section 149(6) of the Companies Act, 2016 read with relevant rules thereto.
BOARD AND COMMITTEE MEETINGS
BOARD MEETINGS
Regular meetings of the Board are held at least once in a quarter, inter-alia, to
review the quarterly results of the Company. Additional Board meetings are convened, as
and when required, to discuss and decide on various business policies, strategies and
other businesses. The Board meetings are held at the registered office of the Company.
During the year under review, Board of Directors of the Company met 6 times, viz, 30"
May, 2022, 1?? July, 2022, 13% July, 2022, 13 August, 2022, 14 November, 2022, 14%
February 2023
DIRECTORS ATTENDANCE RECORD AND DETAILS OF DIRECTORSHIPS HELD
Name of the Directors |
No. of Board Meetings attended during Financial Year 2022-23 |
Whether Previous AGM attended or not |
No. of other Directorship in other Public Companies* |
| Mrs. Sarita Gupta |
|
|
|
| Mr. Shree Kishan Gupta |
|
|
|
| Mr. Sanjeev Kumar |
|
|
|
| Ms. Renu |
|
|
|
COMMITTEE MEETINGS
A) Audit Committee
The Company has formed audit committee inline with the provisions Section 177 of the
Companies Act, 2013 and Regulation 18 of the Listing Regulations. Audit Committee meeting
is generally held one in quarter for the purpose of recommending the quarterly/half
yearly/yearly financial results and the gap between two meetings did not exceed on hundred
and twenty days. Audit Committee met 6 times, viz, 30 May, 2022, 1 July, 2022, 13% July,
2022, 13" August, 2022, 14%" November, 2022, 14% February 2023
The composition of the Committee and the details of meetings attended by its members
are given below:-
|
|
Number of meetings |
during the financial |
| S. No. Name of the Director |
Designation |
year 202022-23 |
|
|
Held |
Attended |
| Mrs. Sarita Gupta |
Member |
6 |
6 |
| Mr. Shree Kishan Gupta |
Member |
|
|
| Mr. Sanjeev Kumar |
Chairman |
|
|
B) Nomination and Remuneration Committee
The Company has formed Nomination and Remuneration Committee in line with the
provisions Section 178 of the Companies Act, 2013 and Regulation 19 of Listing
Regulations. Nomination and Remuneration Committee meetings are generally held for
identifying the person who is qualified to become Directors and may be appointed in senior
management and recommending their appointment and removal. During the year under review,
committee met two times 1? July 2022 and 14" November, 2022.
The composition of the Committee and the details of meetings attended by its members
are given below:-
|
|
Number of meetings during the financial |
S. No. Name of the Director |
Designation |
year Held |
2022-23 Attended |
| Mr. Shree Kishan Gupta |
Member |
2 |
2 |
| Mr. Sanjeev Kumar |
Chairman |
2 |
|
| Mrs. Sarita Gupta |
Member |
2 |
|
C) Shareholder's/ investor Grievance Committee
The Company has constituted Stakeholder's Relationship Committee mainly to focus on the
Redressal of Shareholders'/Investors' Grievances, if any, like Transfer/ Transmission/
Demat of Shares, Loss of Share Certificates, Non-receipt of Annual Report, Dividend
Warrants, etc. During the year under review, Stakeholder's Grievance & Relationship
Committee met four times 5% April, 2022, 13% July, 2022, 19% October, 2022 and 5% January,
2023.
The composition of the Committee and the details of meetings attended by its members
are given below:-
|
|
Number of meetings during the financial |
| S. No. Name of the Director |
Designation |
year |
2022-23 |
|
|
Held |
Attended |
| Mrs. Sarita Gupta |
Member |
4 |
4 |
| Mr. Sanjeev Kumar |
Chairman |
4 |
4 |
| Mr. Ankur Sharma |
Member |
4 |
4 |
EXTRAORDINARY GENERAL MEETING
No Extra Ordinary General Meeting was held during the year 202022-23.
COMPANY'S POLICY RELATING TO DIRECTORS' AND KMP'S APPOINTMENT, PAYMENT OF REMUNERATION
AND DISCHARGE OF THEIR DUTIES
The Company's policy relating to appointment of Directors and KMP, payment of
Managerial remuneration, Directors' qualification, positive attributes, independence of
directors and other related matters has been devised as per the provisions given under
Section 178(3) of Companies Act, 2013.
CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES AND INDEPENDENCE OF A
DIRECTOR
1. Qualifications of Independent Directors
An Independent director shall possess appropriate skills, experience and knowledge in
one or more fields of finance, law, management, sales, marketing, administration,
research, corporate governance, operations or other disciplines related to the company's
business.
2. Positive attributes of Independent Directors
An independent director shall be a person of integrity, who possesses relevant
expertise and experience and who shall uphold ethical standards of integrity and probity;
act objectively and constructively; exercise his responsibilities in a bona- fide manner
in the interest of the company; devote sufficient time and attention to his professional
obligations for informed and balanced decision making; and assist the company in
implementing the best corporate governance practices.
3. Independence of Independent Directors
An Independent director should meet the requirements of the Companies Act, 2013 and
Listing Regulations concerning independence of directors.
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each ID in accordance with
Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence
as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Regulation
16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
CERTIFICATE BY PRACTICING COMPANY SECRETARY
The Company has received certificate from Ms. Sheetal Bansal, Proprietor of Sheetal
Bansal & Associates, Practising Company Secretaries, confirming that none of the
Directors of the Company have been debarred or disqualified from being appointed or
continuing as director of companies by the SEBI/ Ministry of Corporate of Affairs or any
such authority. The certificate is attached as “ANNEXURE A”.
ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OF
DIRECTORS
In line with the requirement of Regulation 25(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an Annual Evaluation
of its own performance, performance of the Directors and the working of its Committees
based on the ‘evaluation criteria defined by Nomination and Remuneration Committee
(NRC) for performance evaluation process of the Board, its Committees and Directors.
The Board's functioning was evaluated on various aspects, including inter-alia the
Structure of the Board, Meetings of the Board, Functions of the Board, Degree of
fulfillment of key responsibilities, Establishment and delineation of responsibilities to
various Committees, Effectiveness of Board Processes, information and functioning.
The Committees of the Board were assessed on the degree of fulfillment of key
responsibilities, adequacy of Committee composition and effectiveness of meetings. The
Directors were evaluated on aspects such as attendance, contribution at Board/Committee
Meetings and guidance/support to the Management outside Board/Committee Meetings.
The performance assessment of Non-Independent Directors, Board as a whole and the
Chairman were evaluated in a separate meeting of Independent Directors. The same was also
discussed in the meetings of NRC and the Board. Performance evaluation of Independent
Directors was done by the entire Board, excluding the Independent Director being
evaluated.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has putin place an adequate internal control system to safeguard all assets
and ensure operational excellence. The system also meticulously records all transaction
details and ensures regulatory compliance. It also has a team of internal auditors to
conduct internal audit. Audit firms also ensure that all transactions<are correctly
authorised and reported. The reports are reviewed by the Audit Committee of the Board.
Wherever deemed necessary, internal control systems are strengthened and corrective
actions initiated.
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.
RELATED PARTY TRANSACTIONS
Details of related party transactions that were entered into during the financial year,
if any under the provisions of Section 188 of the Companies Act; 2013 are given in the
Financial Statements. There are no materially significant related party transactions made
by the company which may have potential conflict with the interest of the Company at large
and thus disclosures as required under Section 134(3)(h) read with Rule 8(2) of the
Companies (Accounts) Rules, 2014, is not required in Form AOC 2 as specified under the
Companies Act, 2013.
All Related Party Transactions are placed before the Audit and Risk Management
Committee for approval as required under SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015. Prior omnibus approval of the Audit Committee is obtained
for the transactions which are of foreseen and repetitive nature. The transactions entered
into pursuant to such omnibus approval so granted are audited and a statement giving
details of all related party transactions is placed before the Audit and Risk Management
Committee on a quarterly basis.
CORPORATE GOVERNANCE
Since the paid up capital of the company is less than Rs.10 Crores and the net worth of
the Company is less than Rs.25 Crores, the provisions of 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 para C, D & E of Schedule V of the Securities and Exchange Board
of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, are not
applicable to the Company, hence corporate governance report has not been enclosed to
directors report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
(i) Annual overlook and outlook
It has been a challenging year with several macro headwinds encompassing industrial,
infrastructure and real estate market. Slow economic activity and liquidity challenges
impacted the overall demand scenario in the industry.
Later part of the year also witnesses an unpredictable outbreak of corona virus sending
global economic into tizzy affecting overall economy. Complete lockdown affect the supply
chains and consumer sentiments. These disruptions impacted the overall performance of the
Company for the year. We are confident to lead the recovery in a shorter period after post
pandemic phase and strive to sustain profitable growth.
(ii) Industry Structure and Developments:
Capital Market is dependent on various external factors beyond the control of the
Management. Factors like economy, Industrial Growth, Level of Export, Political Scenario,
Reform initiatives of the Government. The participants having any dealing with Capital
Market are affected directly by the movement in the market.
(iii) Opportunities & Threats:
The biggest opportunity for the Indian financial system today is theIndian consumer.
Demographic shifts in terms of income levels and cultural shifts in terms of lifestyle
aspirations are changing the profile of the Indian consumer. Your Company being an
investment Company seeks opportunities in the capital market. The volatility in stock
indices in the financial year under report represents both an opportunity and challenge
for the Company. Further the impact of stress in the NBFC sector spills over to this year
as well, it may lead to lower credit off take from NBFCs, which may dampen growth in
consumption spending. The most significant threat for any lending activity is to
constantly exhibit operational excellence and contain the loss and mitigate the risks.
Currently the biggest threat is COVID 19 and its impact. It is expected that overall
NBFC business will be severely affected which would result to the turning of loan into
NPA.
(iv) Future Outlook:
NBFCs are facing liquidity crisis and that coupled with increasing stress in the
corporate segment warrants caution. In fact many corporates were dragged to NCLT under
Insolvency and Bankruptcy Code which clearly manifests the stress the corporates are
facing. Further, improvements in the capital markets may also positively impact the
finance and investment companies. However, the continued deterioration in assets quality
and NPA'S are haunting the finance companies.
(v) Risks & concerns:
In the normal course of business, finance and investment companies are exposed to
various risks, namely, Credit Risk, Market Risk and Operational Risk, besides other
residual risks such as Liquidity Risk, Interest Rate Risk, Strategic Risk, etc., any
company which is in the business of lending, the entire proposition of the Company
(providing finance to various segments of the economy) is on the fundamentals of managing
the risk rather than avoiding it. Further the risk of market fluctuations will be a major
risk associated with the company.
(vi) Internal Control:
The company has in place adequate internal financial control system. The Company's
internal control systems, including internal financial controls, are commensurate with the
nature of its business and the size and complexity of its operations and same are adequate
and operating effectively. The Audit Committee reviews adequacy and effectiveness of the
Company's internal control system including internal financial control. Your company has
taken proper care for the maintenance of adequate accounting records as required by
various statutes.
(vii) Financial performance:
The financial performance of the company has been covered in the Director's Report.
(viii) Human Resources:
The current activities of the Company may not require significant human resource,
however to the extent possible requisite personnel have been engaged to take care of
organization need of human resources. Accordingly, your Company attributes importance to
human resource development activities.
(ix) Cautionary Statement:
The statements in this Management Discussion and Analysis describing the Company's
objects, projections, estimates, expectations may be construed as
"forward-looking" statements within the meaning of applicable securities laws
and regulations and such forward looking statements involve risks and uncertainties.
Actual results may differ materially from those expressed in this statement. Important
factors that could influence the Company's operations include fluctuations in the capital
markets, repayments by the borrowers, changes in government regulations, tax laws,
economic developments within the country and other factors such as litigation and
industrial relations. The Company undertakes no obligation to publicly update or revise
any forward looking statements, whether as a result of new information, future events, or
otherwise. Readers are cautioned not to place undue reliance on these forward looking
statements.
AUDITORS
Statutory Auditors
M/s SRDP & Co., has consented to act as statutory auditors of the Company for a
period of 5 (Five) consecutive years from the conclusion of 37" AGM till the
conclusion of the 42" AGM and given a certificate in accordance with Section 139, 141
and other applicable provisions of the Act to the effect that their appointment, if made,
shall be in accordance with the conditions prescribed and that they are eligible to hold
office as Statutory Auditors of the Company. As required under Regulation 33 of the
Listing Regulations, Statutory Auditors have confirmed that they hold a valid certificate
issued by the Peer Review Board of the Institute of Chartered Accountants of India.
Necessary resolution and explanation thereto have been provided in the AGM notice
seeking approval of members.
There are no qualifications, reservations or adverse remarks made by erstwhile
Statutory Auditors, in their Report.
Auditor's Observation
The existing Statutory Auditors does not contain any qualification, reservation and
adverse remarks in their report.
Secretarial Auditors
The Board has appointed Ms. Sheetal Bansal, Practicing Company Secretary, to conduct
Secretarial Audit for the FY 2022- 23. The Secretarial Audit Report for the Financial Year
ended 31? March, 2023 is at “Annexure B”.
The said report does not contain any qualification, reservation and adverse remarks.
Internal Auditor
The Companies Act, 2013 has mandated the appointment of Internal Auditor in the
Company. Accordingly, the Company has appointed Mr. Vijay Kataria, Chartered Accountant,
having ICAI Membership No. 534458 as an Internal Auditor of the Company.
Cost record and cost audit
Maintenance of cost records and requirement of cost audit as prescribed under the
provision of Section 148(1) of the Companies Act 2013 are not applicable for the business
activities carried out by the Companies.
REPORTING OF FRAUD BY AUDITOR
During the year under review, neither the statutory auditor nor the Secretarial auditor
reported to the audit committee, under section 143(12) of the companies Act, 2013, any
instant of fraud committed against the company by its officers or employees the details of
which would need to be mentioned in the Board's report.
RISK MANAGEMENT
The Company does not have any formal Risk Management Policy as the elements of risk
threatening the company are very minimal. However, on discretionary basis the Company has
constituted the Risk Management Committee to cope up with adequate processes and
procedures in place to mitigate risks of various kinds, if any, but as no such matter
comes before the Board till date, no meeting held as such.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS IN SECURITIES
Pursuant to section 186 (11) of the Companies Act, 2013 (‘Act'), the provisions of
section 186(4) of the Act requiring disclosure inthe financial statement of the full
particulars of the loans made and guarantees given or securities provided by a Non-Banking
Financial Company in the ordinary course of its business and the purpose for which the
loan or guarantee or security is proposed to be utilised by the recipient of the loan or
guarantee or security are exempted from disclosure in the Annual Report.
Disclosure of Investment is also exempt for investment made, in respect of investment
or lending activities, by a non-banking financial company registered under Chapter III-B
of the Reserve Bank of India Act, 1934 and whose principal business is acquisition of
securities under section 186(11).
FIXED DEPOSITS
The Company has not accepted deposit from public during the year and there was no
deposit outstanding on 31 March, 2023.
HUMAN RESOURCE DEVELOPMENT
The Company believes that its people are the key differentiators, especially in the
current knowledge driven, competitive and global business environment. Adapting work
culture to suit the dynamic balancing of people requirements is an ongoing process. The
Board of Directors of your company would like to place on record their sincere
appreciation for the efforts and contribution made by all the employees of the Company in
realizing the targeted projects of the Company. Your Directors take this opportunity to
thank all employees for rendering impeccable services to every constituent of Company,
customers and shareholders.
POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK PLACE
The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and the rules made thereunder are not applicable to the Company.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
1. The Company have promoted ethical behaviour inall'its business activities and has
established a vigil mechanism for Directors and Employees to report their genuine
concerns.
The Vigil Mechanism as envisaged in the Companies Act, 2013 and the Rules prescribed is
implemented through the Whistle Blower Policy, to provide for adequate safeguards against
victimization of persons who use such mechanism and make provision for direct access to
the Chairperson of the Audit Committee.
As per the Whistle Blower Policy implemented by the Company, the Employees are free to
report illegal or unethical behaviour, actual or suspected fraud or violation of the
Company's Codes of Conduct or Corporate Governance Policies or any improper activity to
the Chairman of the Audit Committee of the Company or Chairman of the Company.
The Whistle Blower Policy provides for protected disclosure and protection to the
Whistle Blower. Under the Whistle Blower Policy, the confidentiality of those reporting
violation(s) is protected and they are not subject to any discriminatory practices.
The Whistle Blower Policy has been appropriately communicated within the Company and
has also been hosted on the website of the Company www.panaficindustrialsltd.com. No
personnel have been denied access to the Audit Committee.
POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES
The Company does not have developed and implemented any corporate social responsibility
initiatives as the said provisions are not applicable to the Company.
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of
the Company is available on the Company's website on www. panaficindustrialsitd.com
PARTICULARS OF EMPLOYEES AND REMUNERATION
None of the Employees of the Company was in receipt of remuneration, which was more
than the limits as prescribed under Section 197 of the Companies Act, 2013 read with the
Companies (Particulars of Employees) Rules, 1975 and hence no particulars are required to
be disclosed in this Report.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN
EXCHANGE EARNINGS AND EXPENDITURE
Since the Company does not own any manufacturing facility, the other particulars
relating to conservation of energy and technology absorption stipulated in the Companies
(Disclosure of Particularsin the Report of the Board of Directors) Rules, 1988 are not
applicable. Apart from that, there were no foreign exchange earnings or outgo of the
company during the year under report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant or material orders which were passed by the Regulators or
Courts or Tribunals which impact the going concern status and the Company's Operations.in
future.
Suspension of Securities of the Company
The securities of the Company have not been suspended from trading in any of the stock
exchanges.
Financial Year
The Company follows the financial year commence from April 1 and ends on March 31 of
subsequent year.
Details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) and their status
There is no application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year.
Details of difference between amount of the Valuation done at the time of One Time
Settlement and the Valuation done while taking loans from the Banks or Financial
Institution alongwith the reasons thereof
There are no such events occurred during the period from April 01, 2022 to March 31,
2023, thus no valuation is carried out for the one-time settlement with the Banks or
Financial Institutions.
APPRECIATION
Your Directors wish to take this opportunity to offer sincere appreciation and
acknowledge with gratitude the support and co-operation extended by the clients, vendors,
bankers, registrar and share transfer agent, business associates, financial institutions,
media and their agencies and look forward to their continued support and assistance. We
place on record our appreciation of the contribution made by our employees at all levels.
We look forward for such continued hard work, solidarity, cooperation and support.
The Board of Directors also wishes to place on record its gratitude for the faith
reposed in the Company by the Securities and Exchange Board of India, the Reserve Bank of
India and the Government of India.
|