For the Financial Year ended on 31st March, 2024
TO THE MEMBERS OF ULTRACAB (INDIA) LIMITED
Dear Shareholders,
The Directors have pleasure in presenting the 17th Annual
Report along with the Audited Financial Statements for the year ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
The Company's Financial Performance, for the year ended March 31,2024
is summarized below:
| Particulars |
2023-24 |
2022-23 |
|
(Rs. In lakh) |
(Rs. In lakh) |
| Revenue from Operations |
12405.56 |
10735.98 |
| Other Income |
33.62 |
31.21 |
| Total Income |
12439.18 |
10767.19 |
| Less: Cost of Materials Consumed |
9688.08 |
9087.61 |
| Add/Less: Change in Stock in Trade for FG |
148.12 |
-686.04 |
| Less: Employees Benefits Expense |
308.23 |
263.85 |
| Less: Finance Cost |
401.52 |
389.16 |
| Less: Depreciation & Amortisation Expenses |
86.51 |
77.70 |
| Less: Other Expenses |
953.46 |
853.91 |
| Profit Before Tax |
843.45 |
777.12 |
| Tax Expenses |
245.62 |
195.42 |
| Profit After Tax (PAT) |
597.83 |
581.70 |
| Other Comprehensive Income (Net of tax) |
- |
- |
| Total Comprehensive Income after tax |
597.83 |
581.70 |
| Earnings per equity share |
|
|
| a. Basic |
0.63 |
0.61 |
| b. Diluted |
0.63 |
0.61 |
2. FINANCIAL PERFORMANCE
Your Directors are pleased to report that for the year under review,
your Company has been able to achieve, total revenue during the financial year 2023-24 at
Rs.12405.56 Lakh
which was increase by approx. 16% % over last year (Rs.10735.98 Lakh in
2023-24) while the Profit after tax (PAT) for the year was Rs.597.83 Lakh of higher by
approx 3% compared to the Profit after Tax (PAT) of Rs.581.70 Lakh in 2022-23.
3. RESERVE
During the year under review, there was no amount transferred to any of
the reserves by the company. You may refer notes to the financial statements of the
company.
4. CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of the business of the Company during
the financial year ended 31st March, 2024.
5. CAPITAL STRUCTURE
The Authorised Share Capital of the Company is Rs.30,00,00,000/-
(Rupees Thirty Crore only) divided into 15,00,00,000 (Fifteen Crore only) Equity shares of
Face Value of Rs 02/- (Rupees Two only)
The Paid Up Equity Share Capital as at March 31, 2024 was
Rs.19,08,45,000/- divided into 9,54,22,500 Equity Shares, having value of Rs.02/- each
fully paid up. During the year under review, the Company has not issued any shares with
differential voting rights nor granted any employee stock options and sweat equity.
INCREASE AUTHORISED SHARE CAPITAL
During the Financial year, The Authorised Capital of the Company
increase from Rs.20,00,00,000/- (Rupees Twenty Crore only) divided into 10,00,00,000 (Ten
Crore only) Equity shares of Face Value of Rs.02/- (Rupees Two only) each to
Rs.30,00,00,000/- (Rupees Thirty Crore only) divided into 15,00,00,000 (Fifteen Crore
only) Equity shares of Face Value of Rs.02/- (Rupees Two only) each by passing a
resolution and approved by Members of company in extra-ordinary general meeting held on 21st
March, 2024.
6. INDIAN ACCOUNTING STANDARDS
The Financial Statements for the year ended on 31st March, 2024 have
been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015,
prescribed under Section 133 of the Companies Act, 2013 (‘the Act') and other
recognized accounting practices and policies to the extent applicable.
7. DIVIDEND
Your Directors feel that it is prudent to plough back profit for future
growth of the company hence do not recommend any dividends for the year ended 31st
March, 2024.
Pursuant to the Requirements of Regulation 43A of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 (‘the Listing
Regulations'), the Company has formulated its Dividend Distribution Policy, the
details of which are available on the Company's website at www.ultracabwires.com
8. EXTRACT OF THE ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT-9, as required under Section 92 of the Companies Act, 2013 in the prescribed format is
available at company's website www.ultracab.in/investor/corporategovernance
9. PUBLIC DEPOSITS
Your Company has not accepted any deposits from the public within the
meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 (including any statutory modification(s) or re-enactment(s) for the
time being in force).
10. LISTING OF SHARES
The Company's equity shares are actively traded on BSE Limited
(BSE). Further, the applicable listing fees for the financial year 2024-25 have been paid
to the Bombay Stock Exchange.
11. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs)
The details of Directors and KMPs as on March 31, 2024 are as follows:
| Sr. No. |
Name of Directors / KMPs |
Designation |
Appointment Date |
| 1 |
Mr. Nitesh P. Vaghasiya |
Chairman & Managing Director |
19/12/2007 |
| 2 |
Mr. Pankaj V. Shingala |
Whole-time Director |
25/03/2011 |
| 3 |
Mrs. Aartiben P. Shingala |
Non-executive Director |
22/03/2021 |
| 4 |
Mr. Bipinchandra Sangani |
Independent Director |
09/08/2014 |
| 5 |
Mr. Kanjibhai Hirpara |
Independent Director |
09/08/2014 |
| 6 |
Mr. Prashant Sawant |
Independent Director |
28/09/2019 |
| 7 |
Mr. Pravin Pansuriya |
Chief Financial Officer |
10/05/2018 |
| 8 |
*CS Brinda Paras Mehta |
Company Secretary & Compliance officer |
01/09/2023 |
*appointed as company secretary & compliance officer w.e.f.
01.09.2023.
*CS Khushbu Shah was tendered her resignation form the post of Company
Secretary which was accepted by Board of Director w. e. f. 18.07.2023
• Director liable to retire by rotation
As per the provisions of Section 152 of the Companies Act, 2013, not
less than two-third of the total number of Directors, other than Independent Directors
shall be liable to retire
by rotation. One-third of these Directors are required to retire every
year and if eligible, these Directors qualify for re-appointment. At the ensuing AGM, Mrs.
Aartiben Pankaj Shingala (DIN: 09113214) Non-executive Director, retires by rotation and
being eligible, offers herself for re-appointment.
A detailed profile of Mrs. Aartiben Pankaj Shingala, Non-executive
Director along with additional information required under Regulation 36(3) of the Listing
Regulations and Secretarial Standard on General Meetings is provided separately by way of
an Annexure to the Notice of the AGM.
• Independent Directors
The following are the Independent Directors of the Company as on
31.03.2024:
1. Mr. Kanjibhai Hirpara (DIN: 06945882)
2. Mr. Bipinchandra Sangani (DIN: 06945854)
3. Mr. Prashant Sawant (DIN: 08503935)
In terms of the definition of ‘Independence' of Directors as
prescribed under Clause 16 (1)(b) of SEBI (Listing Obligation and Disclosure Requirement)
Regulation, 2015 entered with Stock Exchange and Section 149(6) of the Companies Act,
2013. Company has obtained declaration from independent directors as per above
Regulations.
12. COMMITTEES
The Company has duly constituted the following mandatory Committees in
terms of the provisions of the Companies Act, 2013 & SEBI (LODR) Regulations 2015 read
with rules framed there under viz.
a) Audit Committee
b) Nomination and Remuneration Committee
c) Shareholder and Investor Grievance Committee
d) Corporate Social Responsibility Committee
The Composition of all such Committees, number of meetings held during
the year under review, brief terms of reference and other details have been provided in
the Corporate Governance Report which forms part of this Annual Report. All the
recommendations made by the Committees were accepted by the Board.
• Audit Committee
As of March 31, 2024 the Audit committee of the Board of Directors of
the Company comprises of 3 (Three) members namely:
1. Mr. Bipinchandra Sangani - Chairman (Independent Director)
2. Mr. Nitesh Vaghasiya - Member (Managing Director)
3. Mr. Prashant Sawant - Member (Independent Director)
The Board accepted the recommendations of the Audit Committee whenever
made by the Committee during the year. The details of number of meetings held by the Audit
Committee in the year under review and other related details are given in the Corporate
Governance Report.
13. BOARD EVALUATION
Pursuant to the section 134 (3) (p) of Companies Act, 2013 read with
Rule 8 (4) of Companies Accounts Rules, 2014 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the Directors individually, as well as the
Board Committees.
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the Board composition
and structure, effectiveness of board processes, information and functioning.
14. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(3) (c) of the Companies
Act, 2013, it is hereby confirmed that:
a) In the preparation of the annual accounts for the year ended on
31st March 2024, the applicable accounting standards read with requirements set
out under Schedule III to the Act, have been followed and there are no material departures
from the same;
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at 31st
March, 2024 and of the profit of the Company for the year ended on that date;
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) The Directors have prepared the annual accounts on a ‘going
concern' basis;
e) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and are
operating effectively; and
f) The Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are adequate and
operating effectively.
u n h i\ j u n h n j n i i hh r ju nnn jm i
15. BOARD MEETINGS
During the year 8 (eight) Board Meetings were convened and held. The
details of which are given in the Corporate Governance Report. The maximum interval
between any two meetings did not exceed 120 days as prescribed in the Companies Act, 2013.
16. INDEPENDENT DIRECTORS' MEETING
The Independent Directors met on 22nd March 2024, without
the attendance of Non-Independent Directors and members of the Management. The Independent
Directors reviewed the performance of non-independent directors and the Board as a whole;
the performance of the Chairperson of the Company, taking into account the views of
Executive Directors and Non-Executive Directors and assessed the quality, quantity and
timeliness of flow of information between the Company Management and the Board that is
necessary for the Board to effectively and reasonably perform their duties.
17. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report for the year under review
as stipulated under the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is presented in a separate section forming part of this Annual Report.
18. AUDITORS
(A) Statutory Auditor
M/s. Bhavin Associates, Chartered Accountants (Firm Registration
No.101383W) were re-appointed as the Statutory Auditors of the Company for a period of 5
years to hold office for a second term commencing from the conclusion of 15th
Annual General Meeting till the conclusion of the 20th Annual General Meeting of the
Company to be held in the year 2027.
M/s. Bhavin Associates, Chartered Accountants, are eligible to be
re-appointed for a further term of 5 (five) years, in terms of provisions of Sections 139
and 141 of the Act.
The Company has received written consent and certificate of eligibility
in accordance with Sections 139, 141 and other applicable provisions of the Act and Rules
issued thereunder, from M/s. Bhavin Associates, Chartered Accountants. They have confirmed
to hold a valid certificate issued by the Peer Review Board of the Institute of Chartered
Accountants of India (ICAI) as required under the Listing Regulations.
The Auditors have issued an unmodified opinion on the Financial
Statements for the financial year ended March 31, 2024. The said Auditors' Report for
the financial year ended March 31, 2024 on the financial statements of the Company forms
part of this Annual Report.
There were no frauds reported by the Statutory Auditors under
provisions of Section 143(12) of the Companies Act, 2013 and Rules made there under.
(B) Secretarial Auditors
Pursuant to Section 204 of the Companies Act 2013, The Board has
appointed M/s. Piyush Jethva, Practising Company Secretary, Rajkot to conduct Secretarial
Audit for the financial year 2023-24. The Company provided all assistance and facilities
to the Secretarial Auditor for conducting their audit. The Secretarial Auditor has
submitted his Report for the financial year ended 31st March, 2024 in the
prescribed Form MR-3 of the Companies Act, 2013 and is annexed to this report as "Annexure
A".
Some observations by Secretarial Auditor under report for FY2023-24 are
as under:
1) The Company has not filed IEPF-2 within due date after completion of
Annual General Meeting which was held on 30th September 2023.
Reply by Board: In respect of non-filing of form, the company has noted
the same and file it with applicable additional filing fee and ensure its due compliance.
2) The SDD Software is duly maintained, however due to some technical
glitches some entries which is required to be made during the year for some events were
missing.
Reply by Board: The Board has taken detailed report from IT department
and assured the smooth function of installed SDD software.
3) There was a clerical mistake in Corporate Governance Report filed
for the Second and Third Quarter. In Meeting of Board of Director dated 08.08.23, 01.09.23
and 14.10.23. Only three Director kept present in all these three meetings, it is
clarified to us that it was a clerical mistake and all the Directors were present in the
meeting.
Reply by Board: It is due to some clerical error, however it is
mentioned and noted in corporate governance report attached herewith.
4) There was an audit committee meeting as on 01-09-2023 for approval
of related party transaction. However, the Company by mistake not mentioned the date of
that audit committee meeting in corporate Governance Report filed to the stock exchange.
Reply by Board: It is due to some clerical error, however it is
mentioned and noted in corporate governance report attached herewith.
5) Pursuant to SEBI Circular CIR/CFD/DCR/ 17/2015 dated December
01, 2015, system- driven disclosures was introduced in securities market. The promoter and
promoter group has disposed-off the shares during the year under purview. The
System Driven disclosure for individuals of promoter / promoter group
is updated on website of the stock exchange as per system driven disclosure, please be
noted that no collective declaration/ Declaration by person acting in concern was filed by
the company during the year due to automatic disclosure of acquisition / disposal of
shares.
Reply by Board: The Company appoints National Securities Depository
Limited as Designated depositories for capture and update transactions of promoter and
promoter group to stock exchange as per the SEBI circular, and therefore no manual
disclosure filed to exchange.
The management of the Company assure you to comply all the provisions
of the applicable law in true spirit in future and is under process of making all the
default good.
(C) Internal Auditor
Pursuant to Section 138 of the Companies Act, 2013, The Company has
appointed a professional to act as Internal Auditor.
(D) Cost Audit
As the Companies (Cost Records and Audit) Rules are not applicable to
your Company, therefore cost records as specified by the Central Government under
sub-section (1) of Section 148 of the Companies Act, 2013, is not required, therefore such
accounts and records are not made and maintained by the Company. Accordingly, the Company
had not appointed any Cost Auditor for the financial year 2023-24.
19. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has proper and adequate system of internal control to
ensure that all assets are safeguarded and protected against loss from unauthorized use or
disposition and that transaction are authorized, recorded and reported correctly. The
Company has effective system in place for achieving efficiency in operations, optimum and
effective utilization of resources, monitoring thereof and compliance with applicable
laws.
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the notes to the
Financial Statements.
21. CORPORATE GOVERNANCE
In compliance with Regulation 34 of the Listing Regulations, a separate
report on Corporate Governance along with a certificate from the Auditors on its
compliance forms an integral part of the Annual Report.
22. ANNUAL SECRETARIAL COMPLIANCE REPORT
The Company has filed Annual Secretarial Compliance Report under
regulation 24 (A) of SEBI (LODR) Regulations, 2015 within due its due date and issued by
M/s. Piyush Jethva, Practicing Company Secretary, Rajkot for the year ended 31 March 2024
by confirming compliance of SEBI Regulations/guidelines/circulars issued there under and
applicable to the Company.
23. CORPORATE SOCIAL RESPONSIBILITY (CSR)
We as a responsible corporate citizen are committed to take up
different developmental projects, towards improving the quality of lives of the
underprivileged sections of the society and other stakeholders. We are required to
constitute a Corporate Social Responsibility Committee as our Company falls within purview
of Section 135(1) of the Companies Act, 2013. This Policy covers the proposed CSR
activities to be undertaken by the Company and ensuring that they are in line with
Schedule VII of the Act as amended from time to time. We have also formulated a corporate
social responsibility policy which is available on our Company website i.e.
www.ultracabwires.com.
The Annual Report on the CSR activities are required to be given under
Section 135 of the Companies Act, 2013 read with Rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 has been provided in "Annexure-D" which
is annexed hereto and forms part of this report.
24. PARTICULARS OF EMPLOYEES
None of the employee has received remuneration exceeding the limit and
information pertaining to Section 197(12) read with Rule 5(1) of the companies
(Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed herewith as
"Annexure B"
25. REMUNERATION POLICY
The Board has, on the recommendation of Nomination and Remuneration
Committee framed a policy for selection and appointment of Directors, Senior Management
and their remuneration. The Remuneration Policy is stated in the Corporate Governance
Report.
Particulars of Information as per Section 197 of the Act read with Rule
5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
a Statement showing the names and other particulars of the Employees drawing remuneration
in excess of the limits set in the Rules and Disclosures pertaining to remuneration and
other details as required under Section 197 (12) of the Act read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
26. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary course of
business. There are no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.
Form AOC-2 relating to Disclosure of Particulars of Contracts/
arrangements entered into by the Company with related parties is annexed as "Annexure
- C" and forming part of Directors' Report.
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. A statement giving details of all related party transactions
is placed before the Audit Committee and the Board of Directors for their approval on a
quarterly basis. The policy on Related Party Transactions as approved by the Board has
been uploaded on the Company's website.
27. RISK MANAGEMENT POLICY
Risk management is a very important part of business. The main aim of
risk management is to identify, monitor and take precautionary measures in respect of the
events that may pose risk for the business. Company's risk management is embedded in
the business processes and thereby reduces the risk to its possible extent.
The Board periodically reviews the operations of the Company and
identifies the risk / potential risk, if any to the Company and implement the necessary
course of action(s) which the Board deems fit in the best interest of the Company. Further
almost all the business operations are being carried out directly under the supervision
and control of the Managing Director leaving no scope of any fraud or irregularities.
28. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and designated
employees of the Company. The Code requires per-clearance for dealing in the
Company's shares and prohibits the purchase or sale of Company shares by the
Directors and the designated employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the Trading Window is
closed. The Board is responsible for implementation of the Code. All Board of Directors
and the designated employees have confirmed compliance with the Code.
29. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
During the year under review, there is no amount which is required to
be transferred to the Investors Education and Protection Fund as per the provisions of
Section 125(2) of the Companies Act 2013.
However, pursuant to Section 124 (5) of the Companies Act, 2013, the
unpaid dividends that will be due for transfer to the Investor Education and Protection
Fund are as follows:
| Type & Year of Dividend
Declared/Paid |
Date of Declaration of Dividend |
% of Dividend Declared |
Unclaimed Dividend Amount as on
31.03.2024 |
Due date for transfer to IEPF |
| Interim Dividend 2017-18 |
18/11/2017 |
1% of FV of Share |
Rs.640.20 |
17/11/2024 |
| Final Dividend 2017-18 |
22/09/2018 |
1% of FV of Share |
Rs.3939.20 |
22/09/2025 |
30. DECLARATION OF THE DIRECTORS ON THE CODE OF CONDUCT
This is to inform that the Company has adopted a Code of Conduct for
its employees including the Directors. We confirm that the Company has in respect of the
financial year ended 31st March, 2024 received from the senior management team of the
Company and the Members of the Board, a declaration of compliance with the Code of
Conduct.
31. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has adopted a vigil mechanism under Section 177(9) of the
Companies Act, 2013 read with Companies (Meetings of Board and Its Powers ) Rule, 2014 and
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company
has adopted a Whistle Blower Policy to provide a mechanism to its directors, employees and
other stakeholders to raise concerns violation of legal or regulatory requirements,
misrepresentation of any financial statement and to report actual or suspected fraud or
violation of the Code of Conduct of the Company.
32. ENVIRONMENT, HEALTH AND SAFETY
Considering Environment, Health and Safety as top most priority, we
strive to provide a safe and healthier work environment for our workforce. Our
Manufacturing unit is maintaining highest system standards like Occupational Health &
Safety Management System ISO 45001:2018.
The Company is conscious of the importance of environmentally clean
& safe operations. The Company's policy requires conduct of operation in such a
manner, so as to ensure safety of all concerned, compliances environmental regulations and
preservation of natural resources. We celebrate days of importance like World Environment
Day, National Safety Day etc. to create awareness and educate our workforce.
33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earning and Outgo as per Section 134 (3) (m) of the Companies Act, 2013
and the Rule 8(3) of the Companies (Accounts) Rules, 2014 as under:
A) Conservation of energy:
The Company regularly reviews measures to be taken for energy
conservation, consumption and its effective utilization. Additionally, due to
consideration is given for selection of energy efficient plant & machinery while
undertaking manufacturing capacity expansion, modernization & up gradation. The other
identified key initiative taken for conservation of energy during the year were -
(i) Steps taken or impact on conservation of energy, utilizing
alternate sources of energy and capital investments on energy conservation equipment :
• Installation of large capacity, high speed energy efficient Wire
Drawing, Conductor stranding, Laid-up, armoring Machines and Sheathing Lines equipped with
AC drives based motor control system ensuring substantial energy saving.
• Utilized 125 KVA Generator as alternate source of Energy.
(B) Technology absorption:
(i) The efforts made towards technology absorption are:
• Identification and sourcing of new and alternate materials for
ensuring quality improvement and cost competitiveness
• Optimisation of raw material utilisation, process engineering
and reduction of wastage.
(ii) The benefits derived like product improvement, cost reduction,
product development:
• Diversified and wider product range to address emerging market
opportunities.
• Enhanced productivity and overall operational efficiency.
(iii) Imported technology (imported during the last 5 years
reckoned from the beginning of the financial year):
a) Technology Imported: Nil
b) Imported from: NA
c) Has technology been fully absorbed? : NA
(C) Foreign exchange earnings and Outgo:
The Foreign Exchange earned in terms of actual inflows during the year
and the Foreign Exchange outgo during the year in terms of actual outflows as follows:
i) Earnings by way of Exports : Rs.785.25 Lakh
ii) Outgo by way of Imports : NIL
34. POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Company has complied with the applicable provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. It has
formulated and adopted a Policy on Prevention of Sexual Harassment of Women at Workplace
under the aforesaid Act. All employees (permanent, contractual, temporary, trainees) are
covered under this Policy. The Company has not received any complaint of sexual harassment
at workplace during the year.
35. BUSINESS RESPONSIBITY AND SUSTAINABILITY REPORT (BRSR)
Pursuant to Regulations 34(2)(f) of the Securities and Exchange Board
of India (Listing Obligations and Disclosures Requirements) Regulations, 2015. The
Business Responsibility and Sustainability Report (BRSR) for the year ended 31st
March, 2024 is not applicable to the company.
36. OTHER DISCLOSURES
Your Company during the financial year ended March 31,2024:
a) has complied with Secretarial Standards issued by the Institute of
Company Secretaries of India (ICSI) on Meetings of the Board of Directors and General
Meetings;
b) has neither issued shares with differential rights as to dividend,
voting or otherwise nor has granted stock options or sweat equity under any scheme.
Further, none of the Directors of the Company holds investments convertible in to equity
shares of the Company as on 31st March, 2024.
c) During the year under review, the Company has not provided any loan
or given any guarantee or made any investment.
d) There was no revision of financial statements and Boards report of
the Company, during the year under review.
e) No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status of the Company and its
operations in future.
f) The Company does not have any subsidiary company, Joint Venture or
Associate Company.
g) There was no application made or no proceeding pending under the
Insolvency and Bankruptcy Code, 2016 during the year.
37. ACKNOWLEDGEMENT
Your Directors wish to express their appreciation and gratitude to all
the employees at all levels for their hard work, dedication and cooperation during the
year.
Your Directors wish to express their sincere gratitude for the
excellent support and co-operation extended by the Company's shareholders, customers,
bankers, suppliers, regulatory and government authorities and all other stakeholders.
|
For and on behalf of the Board of Directors Ultracab
(India) Limited, |
| Date: 12th August, 2024 |
Sd/- |
| Place: Rajkot |
Nitesh P. Vaghasiya Chairman & Managing Director (DIN
No: 01899455) |
|