To, The Members,
Your Directors have pleasure in presenting the 06th Annual Report together
with the Audited Statement of Accounts for the year ended on 31st March, 2024.
1. FINANCIAL RESULTS:
The operating results of the Company for the year ended on 31st March, 2024
are briefly indicated below: (Rs. in lacs)
| Particulars |
Year 2023-24 |
Year 2022-2023 |
| Total Income |
3459.03 |
3266.92 |
| Profit before interest, depreciation, extraordinary items and tax expense |
3239.13 |
3061.54 |
| Financial Expenses |
34.20 |
53.71 |
| Total Expenses |
3273.33 |
3115.25 |
| Profit before Taxation |
185.70 |
151.67 |
| Provision for taxation - For Current Tax |
43.85 |
44.80 |
| Provision for taxation - For Deferred Tax |
9.29 |
0.39 |
| MAT credit Entitlement |
- |
- |
| Profit after Taxation |
132.56 |
106.48 |
| EPS |
2.53 |
2.03 |
DIVIDEND AND TRANSFER TO RESERVES:
An amount of Rs. 132.55 Lacs (previous year Rs. 106.48 Lacs) is proposed to be held as
retained earnings.
The Company does not propose to transfer any amount to reserves during the year.
Unclaimed dividend details are available at company's website i.e
www.rajeshwaricans.com
STATE OF THE AFFAIRS OF THE COMPANY & FUTURE PROSPECTS:
With the consistent performance and dedication, the Company was stable in performance.
Not only, the Company was able to continue the momentum of earning profit but has shown
outstanding performance by reaching the bottom line profits of Rs. 132.55 Lakhs as
compared to Rs. 106.48 Lakhs in the previous financial year.
Total revenue from Operations of the Company for fiscal year 2023-24 increased to
Rs.3457.83 Lakhs as against Rs. 3266.92 Lakhs for fiscal year 2022-23, showing a increase
of 5.85% and also Company's Net profit after Tax (PAT) is Rs. 132.56 lakhs for fiscal year
2023 against Profit of Rs. 106.48 lakhs for fiscal year 2022 i.e. increase by 24.49%.
The Company is confident to have better future performance.
For further details on Company's performance, operation and strategies for growth,
please refer to Management Discussion and Analysis sector which forms part of Annual
report.
MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE
COMPANY FROM THE CONCLUSION OF THE FINANCIAL YEAR TILL THE END OF THIS REPORT:
There were no other material changes and commitments affecting the financial position
of the Company which have occurred between the end of the financial year of the Company
and the date of this report. The company will continue to monitor any material changes to
future economic conditions.
SHARE CAPITAL
As on March 31, 2024, the paid up capital of the Company was Rs. 5,24,60,000/- divided
into 52,46,000 equity shares of Rs. 10/- each. During the year under review there
is no issue of equity shares with/ without differential Rights, sweat equity shares, Stock
Option etc., hence there was no change in the capital structure of the Company. However
Company has taken approval from members through Extra ordinary General Meeting held on 3rd
April 2024 for the purpose of Takeover of Business of M/S Shree Raj Metals & Chemical
Industries. Company has passed the such resolution however approval from BSE is in
progress to finalize the transaction.
The Authorised Share capital Rs.10,50,00,000/- (Rupees Ten Crore Fifty Lacs Only)
divided into 1,05,00,000 (One Crore Five Lacs) Equity Shares of Rs. 10/- (Rupees Ten only)
each.
DIVIDEND
The company has not declared any dividend for the financial year ended March 31, 2024.
There was no amount liable or due to be transferred to Investor Education and Protection
fund (IEPF) during the financial year ended March 31,2024.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT:
A report on Management Discussion and Analysis (MDA) is annexed to this report as Annexure
II, inter-alia deals adequately with the operations and also current and future
outlook of the Company.
DISCLOSURE REGARDING SHARES:
The company has not issued any sweat sgares, bonus shares, ESOPS, equity shares with
differential rights during the year under review.
DEPOSITS:
The Company has not accepted or renewed any deposits from public falling within the
purview of Section 73 of Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014.
LOAN FROM DIRECTOR:
The company has taken loan from directors as mentioned as per financial statements.
CORPORATE SOCIAL RESPONSIBILITY:
The Company does not fall under the criteria mentioned in Section 135 of the Companies
Act, 2013 ("the Act") read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, and accordingly the Company is not required to constitute CSR
Committee and to spend any amount in CSR Activity.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Composition of Board is in compliance with requirement of the provisions of the
Companies Act, 2013. Shri. Pratik Vora (DIN: 03554059), Whole Time Director of the Company
is liable to retire by rotation at the forthcoming Annual General Meeting and he being
eligible offers himself for re-appointment. Details of Director seeking re-appointment as
required are provided in the Notice forming part of this Annual Report. Their
re-appointments are appropriate and in the best interest of the Company.
During the Financial year 2023-24,
1. Re-appointment of Shri Siddharth Vora (DIN: 03554049) as whole time director of the
Company for Further period of 3 Years.
2. Re-appointment of Shri. Pratik Vora (DIN: 03554059) as whole time director of the
Company for Further period of 3 Years. Pursuant to the provisions of Section 152 and other
applicable provisions if any, of the Companies Act, 2013, Your Directors recommends
passing above stated resolutions. The Key Managerial Personnel (KMP) in the Company as per
Section 2(51) and 203 of the Companies Act, 2013 are as follows:
1. Shri Bharatkumar Vora-Chairman and Managing Director
2. Shri Harshadkumar Vora- Whole Time Director
3. Shri Siddharth Vora- Whole Time Director
4. Shri Pratik Vora- Whole Time Director
5. Shri Soy Itty- Chief Financial Officer
6. Shri Abdulqadir Hajiwala Company Secretary (w.e.f 23-09-2023)
None of the Directors of the Company is disqualified for being appointed as Director as
specified in Section 164 (2) of the Companies Act, 2013.
Disclosure about receipt of any commission by MD/WTD from a company and also receiving
commission/remuneration from its Holding or Subsidiary pursuant to section 197(14) of the
Act: Not Applicable
Disclosure on Reappointment of Independent director pursuant to section 149(10): Not
Applicable as term of appointment of none of the independent directors is expiring during
FY 2023-24 and up to the date of the report.
ANNUAL RETURN:
Pursuant to Section 92 of the Act read with the applicable Rules, the Annual Return for
the year ended 31st March 2024 will be accessed on the Company's website at www.rajeshwaricans.com
CORPORATE GOVERNANCE REPORT:
As per regulation 15(2) of the Listing Regulation, the Compliance with the Corporate
Governance provisions shall not apply in respect of the following class of the Companies:
a) Listed entity having paid up equity share capital not exceeding Rs.10 Crore and Net
Worth not exceeding Rs.25 Crore, as on the last day of the previous financial year;
b) Listed entity which has listed its specified securities on the SME Exchange.
Since, our Company falls within the ambit of aforesaid exemption i.e in point
number(b); hence compliance with the provision of Corporate Governance shall not apply to
the Company and it does not form the part of the Annual Report for the financial year
2023-24.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 with respect to
the Directors' responsibility Statement, the Directors' confirms that:
i. in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanations relating to material departures, if any;
ii. they have selected such appropriate accounting policies and applied them
consistently and made judgments and estimates that were 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 on 31st March,2024 and of the profit of the Company for the year
under review;
iii. they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
iv. they have prepared the accounts for the period ended on 31st March, 2024
on a going concern basis.
v. They have laid down laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating
effectively; and
vi. They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
NUMBER OF BOARD MEETINGS:
During the year, Nine Board Meetings were held on 29/05/2023, 11/08/2023, 01/09/2023,
23/09/2023, 08/11/2023, 07/02/2024, 22/02/2024,05/03/2024, 30/03/2024. The Company has
observed the meeting of Board of Directors and that the time gap between two consecutive
board meetings was not more than one hundred and twenty days.
The necessary quorum was present for all the meetings.
The composition of the Board, category, the attendance of Directors at the Board
Meetings during the year are given below:
| No. Name of Director |
Category of Directorship |
No. of Board Meeting Attended |
| 1. Shri Bharatkumar Vora |
Promoter/ Chairman and Managing Director |
9 |
| 2. Shri Harshadkumar Vora |
Promoter/Whole Time Director |
9 |
| 3. Shri Siddharth Vora |
Promoter/Whole Time Director |
9 |
| 4. Shri Pratik Vora |
Promoter/Whole Time Director |
9 |
| 5. Smt. Charuben Sheth |
Independent Non-Executive Director |
9 |
| 6. Shri Chandrakant Kamdar |
Independent Non-Executive Director |
9 |
| 7. Shri Suvidh Turakhia |
Independent Non-Executive Director |
9 |
None of Directors on the Board are members in more than ten committees and they do not
act as Chairman of more than five committees across all companies in which they are
Directors. In computing the said number only Audit committee and Stakeholder Relationship
Committee, have been considered in terms of Regulation 26(1) of the SEBI Listing
Regulations.
The Company did not have any pecuniary relationship or transactions with the
non-executive directors during the year under review except to the extent of their
shareholding in the Company if any.
The Annual General Meeting of the Company held on 30th September, 2023 for
the financial year 2022-23.
COMMITTEES OF BOARD
The company have following committee.
1. Audit Committee:
| AUDIT COMMITTEE |
|
| Name of Director |
Designation |
| Chandrakant Kamdar |
Chairman |
| Charuben Sheth |
Member |
| Harshadkumar Vora |
Member |
The Company Secretary of our Company shall act as a secretary of the Audit Committee.
During the year the Audit Committee duly met Five (5) times i.e.
29/05/2023,01/09/2023,08/11/2023,22/02/2024 and 05/03/2024.
| No. Name of Director |
Category of Directorship |
No. of Board Meeting Attended |
| 1. Shri Chandrakant Kamdar, Chairman |
Independent Director |
5 |
| 2. Smt. Charuben Sheth, Member |
Independent Director |
5 |
| 3. Shri Harshadkumar Vora, Member |
Executive Director |
5 |
Role of Audit Committee:
The scope of audit committee shall include, but shall not be restricted to, the
following:
1. Oversight of the company's financial reporting process and the disclosure of its
financial information to ensure that the financial statement is correct, sufficient and
credible;
2. Recommending to the Board, the appointment, re-appointment and, if required, the
replacement or removal of the statutory auditor and the fixation of audit fees;
3. Scrutiny of inter-corporate loans and investments.
4. Approval of payment to statutory auditors for any other services rendered by the
statutory auditors;
5. Reviewing, with the management, the annual financial statements before submission to
the board for approval, with particular reference to:
a. Matters required to be included in the Director's Responsibility Statement to be
included in the Board's report in terms of clause (c) of sub section 3 of section 134 of
the Companies Act, 2013
b. Changes, if any, in accounting policies and practices and reasons for the same
c. Major accounting entries involving estimates based on the exercise of judgment by
management
d. Significant adjustments made in the financial statements arising out of audit
findings
e. Compliance with listing and other legal requirements relating to financial
statements
f. Disclosure of any related party transactions
g. Qualifications in the draft audit report.
6. Reviewing, with the management, the quarterly financial statements before submission
to the board for approval;
7. Reviewing, with the management, the statement of uses / application of funds raised
through an issue (public issue, rights issue, preferential issue, etc.), the statement of
funds utilized for purposes other than those stated in the offer document/
prospectus/notice and the report submitted by the monitoring agency monitoring the
utilization of proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter;
8. Reviewing, with the management, performance of statutory and internal auditors, and
adequacy of the internal control systems;
9. Reviewing the adequacy of internal audit function, if any, including the structure
of the internal audit department, staffing and seniority of the official heading the
department, reporting structure coverage and frequency of internal audit;
10. Discussion with internal auditors any significant findings and follow up there on;
11. Reviewing the findings of any internal investigations by the internal auditors into
matters where there is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the board;
12. Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern;
13. To look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors;
14. To review the functioning of the Whistle Blower mechanism, in case the same is
existing;
15. Approval of appointment of CFO (i.e., the whole time Finance Director or any other
person heading the finance function or discharging that function) after assessing the
qualifications, experience & background, etc. of the candidate;
16. Carrying out any other function as is mentioned in the terms of reference of the
Audit Committee.
17. Valuation of undertakings or assets of the company, where ever it is necessary.
18. Evaluation of internal financial controls and risk management systems;
19. Monitoring the end use of funds raised through public offers and related matters.
2. Stakeholders Relationship Committee:
| Stakeholders Relationship Committee |
|
| Name of Director |
Designation |
| Chandrakant Kamdar |
Chairman |
| Charuben Sheth |
Member |
| Siddharth Vora |
Member |
The Company Secretary of our Company shall act as a Secretary to the Stakeholder
Relationship Committee.
During the year the Audit Committee duly met One (1) times on 09/05/2023.
| No. Name of Director |
Category of Directorship |
No. of Board Meeting Attended |
| 1. Shri Chandrakant Kamdar, Chairman |
Independent Director |
1 |
| 2. Smt. Charuben Sheth, Member |
Independent Director |
1 |
| 3. Shri Siddharth Vora, Member |
Executive Director |
1 |
Terms of Reference:
1. Efficient transfer of shares; including review of cases for refusal of transfer /
transmission of shares;
2. Redressal of shareholder and investor complaints like transfer of Shares,
non-receipt of balance sheet, non-receipt of declared dividends etc.,
3. Issue duplicate/split/consolidated share certificates;
4. Dematerialization/ Rematerialization of Share
5. Review of cases for refusal of transfer / transmission of shares and debentures;
6. Reference to statutory and regulatory authorities regarding investor grievances and
to otherwise ensure proper and timely attendance and redressal of investor queries and
grievances;
7. Such other matters as may from time to time are required by any statutory,
contractual or other regulatory requirements to be attended to by such committee
8. Any other power specifically assigned by the Board of Directors of the Company from
time to time by way of resolution passed by it in a duly conducted Meeting, and
9. Carrying out any other function contained in the equity listing agreements as and
when amended from time to time.
The status of the Investors' Complaints during the Financial Year 2023-24 are as under:
| Investor Complaints during F Y 2023-24 |
No. of Complaints |
| Pending at the beginning of the Financial Year 2023-24 |
0 |
| Received during the Financial Year 2023-24 |
0 |
| Disposed of during the Financial Year 2023-24 |
0 |
| Remaining unresolved at the end of the Financial Year 2023- 24 |
0 |
3. Nomination and Remuneration Committee:
| Nomination and Remuneration Committee |
|
| Name of Director |
Designation |
| Chandrakant Kamdar |
Chairman |
| Charuben Sheth |
Member |
| Suvidh Turakhia |
Member |
During the year the Nomination and Remuneration Committee duly met Three (3) times on
11/08/2023, 01/09/2023 and 23/09/2023
| No. Name of Director |
Category of Directorship |
No. of Board Meeting Attended |
| 1. Shri Chandrakant Kamdar, Chairman |
Independent Director |
3 |
| 2. Smt. Charuben Sheth, Member |
Independent Director |
3 |
| 3. Shri Suvidh Turakhia, Member |
Independent Director |
3 |
REMUNERATION POLICY
In accordance with the provisions of Section 178 of the Companies Act, 2013 the
Nomination and Remuneration Committee recommended the remuneration policy relating to the
remuneration of the Directors, Key Managerial Personnel and other employees which was
approved by the Board and is annexed with the Directors' Report.
There was not any performance linked incentives paid to Whole-time Directors. The
Company has not formulated any scheme for giving any stock options to the employees. Hence
no stock options have been granted to the Executive Directors during the year ended on
31-03-2024.
The Company has not paid sitting fees to any Independent Directors.
Details of remuneration paid for the year ended on 31-03-2024:
| No. Name of Director |
Category of Directorship |
Remuneration and Allowances Rs. In Lacs |
| 1. Shri Bharatkumar Vora |
Chairman and Managing Director |
6.00 |
| 2. Shri Harshadkumar Vora |
Whole Time Director |
6.00 |
| 3. Shri Siddharth Vora |
Whole Time Director |
6.00 |
| 4 Shri Pratik Vora |
Whole Time Director |
6.00 |
FAMILIARISATION PROGRAMME OF INDEPENDENT DIRECTORS
All new independent directors inducted into the Board attend an orientation program
known as Familiarisation Programme, which is for every new independent director of the
Board to familiarize the new inductee(s) with the strategy, operations and functions of
our Company. The Executive Directors/ Senior Managerial Personnel make presentations to
the inductees about the Company's strategy operations, product and service offerings,
markets, organization structure, finance, human resources, technology, quality, facilities
and risk management. In addition, the Company also keeps the Independent Directors,
updated on the events and developments in the industry and business environment.
INSURANCE:
The properties and assets of the Company are adequately insured.
DECLARATION BY INDEPENDENT DIRECTORS:
Pursuant to the provisions of Section 134 of the Companies Act, 2013 with respect to
the declaration given by the Independent Directors of the Company under Section 149 (6) of
the Companies Act, 2013, the Board hereby confirms that all the Independent Directors have
given declarations and further confirms that they meet the criteria of Independence as per
the provisions of Section 149(6).
PERFORMANCE EVALUATION OF THE BOARD COMMITTEES AND INDEPENDENT DIRECTORS:
Pursuant to the provisions of the Companies Act, 2013 and Rules framed thereunder read
with the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 formal
annual evaluation is to be made by the Board of its own performance and that of its
Committees and Individual Directors. The Board after taking into consideration the
criteria of evaluation laid down by the Nomination and Remuneration Committee in its
policy such as Board Composition, level of involvement, performance of duties, attendance
etc. had evaluated its own performance, the performance of its committees and Independent
Directors (excluding the Director being evaluated).
The performance evaluation of the Chairman and the Non-Independent Directors was
carried out by the Independent Directors at their separate meeting. The Directors
expressed their satisfaction with the evaluation process.
Independent Directors at their meeting held on 29/05/2023 interalia, to discuss
evaluation of Board, Committee(s) and Individual Directors.
POLICY ON DIRECTORS' APPOINTMENT AND POLICY ON REMUNERATION:
Pursuant to the requirements of the Companies Act, 2013, the policy on appointment of
Board Members and policy on remuneration of the Directors, KMPs and other employees is as
attached as Annexure III to this report.
SECRETARIAL AUDIT REPORT:
M/s. Kinkhabwala & Associates, Practicing Company Secretaries, was appointed as
Secretarial Auditor of the Company to conduct secretarial audit for the financial year
2023-24 pursuant to the provisions of Section 204 of the Companies Act, 2013. The Annual
Secretarial Compliance Report and Secretarial Audit Report submitted by them is attached
as Annexure IV to this report.
CONTRACTS OR AGREEMENTS WITH RELATED PARTIES:
Pursuant to the provisions of the Companies Act, 2013 all the contracts and
arrangements with related as details of the transactions are as mentioned in Annexure
V.
DISCLOSURE UNDER RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014:
Details pertaining to remuneration and other details as required under Section 197(12)
of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is attached as Annexure-VI to this report.
INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY:
The Company has adopted internal control system considering the nature of its business
and the size and complexity of operations. The Board has adopted the policies and
procedures for ensuring the orderly and efficient conduct of its business, including
adherence to the Company's policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records
and the timely preparation of reliable financial disclosures etc. The management is taking
further steps to strengthen the internal control system.
RISK MANAGEMENT POLICY:
The Company has formulated the Risk Management Policy in order to safeguard the
organization from various risks through timely actions. It is designed to mitigate the
risk in order to minimize the impact of the risk on the Business. The Management is
regularly reviewing the risk and is taking appropriate steps to mitigate the risk. In the
opinion of the Board there has been no identification of element of risk that may threaten
the existence of the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT,
2013:
The details of loan provided and investments made, if any are as mentioned in the notes
to accounts. The Company has not provided any guarantee or security falling under purview
of Section 186 of the Companies Act, 2013 during the financial year under review.
STATUTORY AUDITORS:
In terms of the provisions of section 139 of the Companies Act, 2013, the Company had
appointed M/S Shivam Soni & Co. Chartered Accountants, Ahmedabad (Registration No.
152477W), appointed for the term of 5 years until the conclusion of 11th Annual
General meeting.
In the Statutory Auditors' Report on the financial statements of the Company for the
financial year ended on 31st March, 2024, there is no Qualified/Adverse Opinion from
Statutory Auditor during the financial year under review. During the financial year under
review, auditors of the company has not reported any fraud under sub-section (12) of
section 143 of the Companies Act, 2013.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS:
The Statutory Auditors of the Company have not reported any frauds to the Audit
Committee or to the Board of Directors as prescribed under Section 143(12) of the
Companies Act, 2013, including rules made thereunder.
INTERNAL AUDITOR
Bharat H shah and Co, Chartered Accountants, Ahmedabad has been appointed as Internal
Auditors of the Company. Internal Auditors are appointed by the Board of Directors of the
Company on a yearly basis, based on the recommendation of the Audit Committee. The
Internal Auditor reports their findings on the Internal Audit of the Company, to the Audit
Committee on a yearly basis. The scope of internal audit is approved by the Audit
Committee.
MAINTENANCE OF COST RECORDS:
Company is not required to maintain cost records pursuant to section 148 (1) of the
Companies Act, 2013.
VIGIL MECHANISM:
Pursuant to provisions of Section 177(9) of the Companies Act, 2013 and Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014 read with SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors had
approved the Policy on Vigil Mechanism/ Whistle Blower Policy. Through this policy
Directors, Employees or business associates may report the unethical behavior,
malpractices, wrongful conduct, frauds, violations of the Company's code etc. to the
Chairman of the Audit Committee.
COMPOSITION OF INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has complied with the provision relating to constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Further, no case has been received under the said
act during the year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information pertaining to conservation of energy, technology absorption, Foreign
exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure
I which is attached to this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
The Company has not received any significant or material orders passed by any
regulatory authority, court or tribunal which shall affect the going concern status of the
Company's operations as on date of this report.
INDUSTRIAL RELATIONS:
The Company has maintained cordial relations with the employees of the Company
throughout the year. The Directors wishes to place on record sincere appreciation for the
services rendered by the employees of the Company during the year.
COMPLAINCE OF SECRETARIAL STANDARAD:
The Company has complied with the applicable secretarial standards.
CFO CERTIFICATE:
The CFO of the Company has given certification on the financial reporting and internal
controls to the Board in terms of SEBI (Listing Obligations and disclosure Requirements)
Regulations, 2015.
SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANIES:
As on March 31, 2024, the Company has no subsidiary company. The Company did not have
any Associate Companies or Joint Ventures at the end of this Financial Year. Statement in
Form AOC1 pursuant to the first proviso to Section 129 of the Act read with rule 5 of the
Companies (Accounts) Rules, 2014 shall not be thus applicable in view of above
explanation.
ACKNOWLEDGEMENT:
The Board is thankful to its bankers for their continued support and assistance, which
has played important role in progress of the Company.
Your Directors places on records the contribution of employees of the Company at all
levels and other business associates for their commitment, dedication and respective
contribution to the Company's operations during the year under review.
| Place: Ahmedabad |
BY ORDER OF THE BOARD |
| Date: September 2, 2024 |
FOR RAJESHWARI CANS LIMITED. |
|
(Bharatkumar Vora) |
|
Chairman & Managing Director |
|
DIN: 07933391 |
|