The Board of Directors hereby submits the report of the business and operations of your
Company, along with the audited financial statements, for the financial year ended March
31, 2023.
FINANCIAL RESULTS AND OPERATIONS
The financial performance for the year ended March 31,2023 is summarized below:
(Amount in Lacs)
Particulars |
STANDALONE |
CONSOLIDATED |
|
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
Net Sales /Income from Business Operations |
46271.74 |
29497.80 |
47604.80 |
30092.18 |
Other Income |
-2831.03 |
4358.39 |
(2786.08) |
4366.89 |
Total Income |
43440.71 |
33856.19 |
44818.73 |
34459.08 |
Cost of material consumed |
2693.38 |
4835.51 |
2862.70 |
4835.51 |
Purchase of Stock in trade |
40672.77 |
24111.26 |
41393.75 |
24538.67 |
Employee Benefit Expense |
201.96 |
139.61 |
256.06 |
188.80 |
Changes in Inventories |
929.85 |
(210.72) |
916.37 |
(297.92) |
Financial Costs |
199.05 |
208.64 |
230.16 |
215.71 |
Other Expenses |
641.4 |
860.57 |
999.60 |
921.58 |
Profit before Depreciation |
(1897.7) |
3911.32 |
46658.65 |
30402.35 |
Less: Depreciation |
252.89 |
138.11 |
300.94 |
151.22 |
Less: Exceptional items |
0.00 |
0.00 |
0.00 |
0.00 |
Net Profit Before Tax |
(2150.59) |
3773.21 |
(2136.69) |
3908.55 |
Less Current Tax |
347.49 |
230.42 |
366.42 |
230.42 |
Less Previous year adjustment of Income Tax |
0.00 |
(132.73) |
0.00 |
(132.73) |
Less Deferred Tax |
(961.94) |
882.88 |
(952.14) |
916.18 |
Profit for the Period |
(1536.14) |
2792.64 |
(1550.98) |
2894.68 |
During the year under review, the Company's consolidated revenue from operations
increased from Rs. 30092.18 Lacs to Rs. 47604.80 Lacs and the Loss of the Company for the
period under review were Rs. 1550.98 Lacs as compared to Profit of the company Rs. 2894.68
Lacs in the previous year.
Further, on standalone basis, the Company has achieved the turnover of Rs. 46271.74
Lacs as compared to Rs. 29497.80 Lacs in the previous year and the loss of the Company
during the year were Rs. 1536.14 as compared to profit of Rs. 2792.64 in the previous
year.
BUSINESS OVERVIEW & OUTLOOK
Vikas Lifecare Ltd. is an ISO 9001:2015 certified company, historically engaged in the
business of trading and manufacturing of Polymer and Rubber compounds and Specialty
Additives for Plastics, Synthetic & Natural Rubbers. The company has been
conventionally engaged in various business segments including Polymer & Rubber
Commodity (bulk consumption) Compounds and Master-Batches. Manufacturing Up-Cycled
Compounds from industrial and post-consumer waste and scrap materials like EVA, PVC, PP,
PE etc., directly contributing to the Environment Protection initiatives from the
Government of India and fulfilling the mandated EPR obligations for the conglomerates
using hundreds of thousands of tonnes of plastic products and packaging materials.
Your Company is also a Del-Credere agent of ONGC - The Oil and Natural Gas Corporation
Ltd." Petro Additions Limited, a public sector undertaking producing a wide variety
of base polymers and commodity plastic raw materials.
In addition, the Company has a division engaged in Agro Products Business, The Company
is empanelled with NAFED - The "National Agricultural Co Operative Federation of
India" and HOFED - The "Uttar Pradesh Horticultural Co Operative Marketing
Federation".
As a long-term business strategy, the company has most recently diversified it's
business interests beyond raw materials (B2B businesses) and forayed into the B2C segment
with a host of consumer products for FMCG, Agro, and Infrastructure Segments; paving way
for an aggressive business growth with adding intricately planned and selected product
portfolios via acquisitions, joint ventures and tie-ups. Your Company intends establishing
/ acquiring businesses in these segments thereby expanding its footprint in the country
and beyond.
Vikas Lifecare Limited's subsidiary Genesis Gas Solutions Pvt. Ltd. is engaged in the
business of Smart Gas Meters being supplied to all the major Gas Distribution Companies
for domestic and commercial consumers. Genesis pioneers in Smart Gas and Water Metering
and commands about 20% of the Domestic Gas Metering business share in India.
"Vikas Lifecare's subsidiary Genesis Gas Solutions enters into Joint Venture
Agreement with Indraprastha Gas Limited (IGL) and we are pleased to inform that proposed
Joint Venture Company IGL Genesis Technologies Limited (CIN: U26513DL2023PLC415626) has
been incorporated on June 15, 2023".
Vikas Lifecare Limited's another subsidiary M/s Shashi Beriwal & Co. Pvt Ltd is
engaged in manufacturing of packaged beverages including Fruit Juices of a wide variety,
Aerated drinks including the most popular flavors like Cola, Orange, Mango along with very
Indian Jeera and Shikanji drinks and has most recently forayed into the fast-expanding
market in India for "Energy Drinks".
Company's various business segments, their prospective and future outlook has been
discussed in details, separately in 'Management Discussion and Analysis Report' which is
annexed herewith and form part of the Directors Report.
LISTING OF EQUITY SHARES
Equity shares of the Company were listed on the National Stock Exchange of India
Limited (NSE) and BSE Limited (BSE) on May 8, 2019.
CAPITAL STRUCTURE
Authorized Share Capital
The Authorized Share Capital of the Company as on March 31, 2023 was Rs. 150,00,00,000
divided into 150,00,00,000 Equity Shares of Re.1 each.
Paid-up Share Capital and Allotments
As on March 31, 2023, the Issued and Paid-up Share Capital of the Company stood at Rs.
1,43,69,33,560/- divided into 1,43,69,33,560 fully paid up equity shares of face value of
Re. 1/- per share .
a) Right Issue
During the year under review, pursuant to member's approval, stock exchanges and other
statutory approvals, the Company has issued certain equity shares on Right basis to its
existing shareholders and Company has raised share through QIP as detailed herein below:
Particulars |
Issue of Securities on Right basis to raise funds up to Rs. 50 Cr |
|
Partly Paid up Equity Shares (On Application) |
Date of Board Approval |
August 25, 2021 |
Date of members approval |
September 20, 2021 |
Issue Size |
Rs. 49,54,09,970 |
No. of Shares to be issued |
17,69,32,132 |
Rights Entitlement Ratio |
4:21 |
Issue Price (Including Securities Premium of Rs. 0.85 per share) |
Rs. 1.10/- |
Record Date |
November 1, 2021 |
Issue Period |
From November 10, 2021 to November 24, 2021 |
Date of Allotment |
December 3, 2022 |
No. of Fully Paid-up Shares issued |
- |
No. of Partly Paid-up Shares issued |
7,69,32,132 |
Outstanding fully paid-up Equity Shares prior to the Rights Issue |
92,88,93,693 Equity shares of Re. 1/- each |
Outstanding fully paid-up Equity Shares post Right Issue |
92,88,93,693 Equity shares of Re. 1/- each |
Outstanding partly paid-up Equity Shares prior to the Rights Issue |
- |
Outstanding partly paid-up Equity Shares post Right Issue |
17,69,32,132 partly paid-up Equity shares |
In respect of the 17,69,32,132 partly paid-up Equity shares issued on December 3, 2021
the Company made first and final Call, followed by Reminder-I, details of the same along
with consequent conversion of partly paid shares to fully paid up shares and their
outstanding balance are as per the following table:
Particulars |
First Call |
First Reminder |
Second & Final Reminder |
Call Record Date |
January 14, 2022 |
Not Applicable |
Not Applicable |
Notice Date |
January 17, 2022 |
March 28, 2022 |
February 28, 2023 |
Period for making payment |
From January 20, 2022 to February 3, 2022 |
From April 4, 2022 to April 18, 2022 |
From March 6,2023 to March 15, 2023 |
Call Money Received |
Rs. 30,07,84,624.40/- |
Rs. 2,27,88,222.90/- |
Rs. 14,29,200.20/ |
No. of Shares converted into fully paid- up Equity Shares pursuant to receipt of call
money |
16,35,27,295 |
71,46,781 |
8,40,706 |
Date of Conversion (Allotment of fully paid-up shares) |
February 15, 2022 |
April 30, 2022 |
March 21, 2023 |
Outstanding partly paid-up Equity Shares before Call/Reminder Notice |
17,69,32,132 partly paid- up Equity shares |
1,34,04,837 partly paid-up Equity shares |
62,58,056 partly paid-up Equity shares |
Outstanding partly paid-up Equity Shares after Call/Reminder Notice |
1,34,04,837 partly paid- up Equity shares |
62,58,056 partly paid- up Equity shares |
54,17,350 partly paid-up Equity shares were forfeited for Non Payment of Call Money |
Further, The Company made Second and final reminder call to the holders of Partly
Paid-up shares February 28, 2023. The transition of 8,40,706 partly paid-up Equity Shares
of Face Value of Re.1/- into Fully Paid-up equity shares and subsequently allotment was
made on March 21,2023. All these shares were subsequently listed and admitted for trading
on BSE Limited & National Stock Exchange of India Limited.
Forfeiture by Rights Issue Committee: The Shareholders were intimated through
various reminder cum forfeiture notice(s) requesting them to make the payment of First and
Final Call Money within the due date through First and Final Call Money Notice dated
January 14, 2022, First Reminder Notice dated March 28, 2022 and Second and Final
Reminder-cum Forfeiture Notice#2 dated February 28, 2023.
The Right Issue Committee forfeited 54,17,350 Partly Paid-up Shares on which Call Money
after reminders has not received by the Company on i.e. March 21, 2023.
b) Qualified Institutions Placement (QIP)
Details of Qualified institutions placement of equity shares of face value of '1 under
the provisions of Chapter VI of Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2018, as amended (the "SEBI ICDR
Regulations"), and Sections 42 and 62 of the Companies Act, 2013. The gist of
Qualified institutions placement (QIP) are given below:
Particulars |
1st Trench |
2nd Trench |
3rd Trench |
Date of Board Approval |
January 10, 2022 |
January 10, 2022 |
January 10, 2022 |
Date of Members Approval |
February 18, 2022 |
February 18, 2022 |
February 18, 2022 |
Date of Opening of Issue |
May 25, 2022 |
August 17, 2022 |
November 15, 2022 |
Floor Price |
Rs. 4.20 per Equity Share |
Rs. 5.03 per Equity Share |
Rs. 4.88 per Equity Share |
Date of Closing of Issue |
June 2, 2022 |
August 24, 2022 |
November 24, 2022 |
Relevant date |
May 25, 2022 |
August 17, 2022 |
November 15, 2022 |
Issue Price |
issue price at Rs. 4.00 per Equity Share (including a premium of Rs. 3.00 per Equity
Share) |
issue price at Rs. 4.80 per Equity Share (including a premium of Rs. 3.80 per Equity
Share) |
Issue price at Rs. 4.65 per Equity Share (including a premium of Rs. 3.65 per Equity
Share) |
No. of shares Issued |
12,50,00,000 equity shares of face value of Rs. 1 |
10,41,66,666 equity shares of face value of Rs. 1 |
10,75,26,881 equity shares of face value of Rs. 1 |
CHANGE IN NAME OF THE COMPANY
During the period under review, there was no change in the name of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('Listing Regulations') Management Discussion and Analysis report ("MD&A
Report") providing a detailed overview of your Company's performance, industry
trends, business and risks involved is provided separately and is forming part of the
Annual Report.
SUBSIDIARY COMPANIES, JOINT VENTURE AND CONSOLIDATED FINANCIAL STATEMENTS
The Company has a two Subsidiary company named "Genesis Gas Solutions Private
Limited" and Shashi Beriwal Private Limited. The Company acquired 51.38% stake in M/s
Shashi Beriwal & Co. Pvt Ltd on October 14th 2022. Accordingly, M/s Shashi Beriwal
& Co. became subsidiary in the year 2022-23.
The Company has also acquired 30% stake in FMCG Retail Chain Stores Ardh Sainik Canteen
against cash consideration of INR 150 Million on October 10, 2022.
The Company has reduced its entire stake i.e. 17.51% in Advik Laboratories Limited on
November 11, 2022.
"Vikas Lifecare's subsidiary Genesis Gas Solutions enters into Joint Venture
Agreement with Indraprastha Gas Limited (IGL) and we are pleased to inform that proposed
Joint Venture Company IGL Genesis Technologies Limited (CIN: U26513DL2023PLC415626) has
been incorporated on June 15, 2023".
All other necessary disclosures as stipulated by the statutes are made separately.
DIVIDEND
To conserve the resources for the expansion of business in the long run, your Directors
have not recommended any dividend for the Financial Year 2022-23 and have decided to
retain the profits.
CORPORATE GOVERNANCE AND ETHICS
The Company believes in adhering to the best corporate governance practices and its
philosophy emphasizes on fair and transparent governance and disclosure practices which
helps your Company to follow the path of its vision and mission. It strongly believes in
developing best corporate governance policies and procedures based on principals of fair
and transparent disclosures, equity, accountability and responsibility.
A detailed report on Corporate Governance, in terms of Regulation 34 of the Listing
Regulations is forming part of the Annual Report. A certificate confirming compliance with
requirements of Corporate Governance as enumerated under the extant provisions of Listing
Regulations issued by Mr. Pankaj Kumar Gupta, Proprietor of Kumar G & Co., Company
Secretaries is also annexed to the said report.
corporate social responsibility
The provisions of Corporate Social Responsibility are not applicable to the Company and
hence disclosures under Sec 135 of the Companies Act, 2013 are not applicable to the
Company.
BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL
The Board of Directors provides the blue print to the success of any organization, it
plans and implements various strategies to grow not only in numbers but in value and cater
to its stakeholders.
The Board met 6 (Six) times during the year, details pertaining to Board and Committee
Meetings held during the year are detailed in Corporate Governance Report.
During the year there were following changes in your board of directors:
Appointments:
i. Appointment of Mr. Chandan Kumar (08139239) as Additional Director (Executive) of
the Company with effect from September 03, 2022 and was subsequently appointed as
Executive Director of the Company by the members in their 27th Annual General Meeting held
on September 29, 2022.
ii. Appointment of Mr. Balwant Kumar Bhushan (DIN: 09840934) as Additional Director
(Executive) of the Company with effect from January 25, 2023. However he never resumed
office, and as such company did not seek member's approval for his appointment, hence his
office got vacated on April 25, 2023. The Company suo-moto intimated the stock exchange
regarding the vacation/cessation of Mr. Balwant Kumar Bhushan from the company on April
25, 2023
Cessations
i. Cessation of Mr. Arvind Gupta (DIN: 02549596) from the office of Director with
effect from September 29, 2022 due to non-Regularisation in the Annual General Meeting.
KEY MANAGERIAL PERSONNEL
The Board of your Company consisted of the following Key Managerial Personnel (KMP'S)
as on the year ended March 31, 2023:
i. *Chief Financial Officer |
: Mr. Arvind Gupta |
ii. Chief Executive Officer |
: Mr. Vijay Kumar Sharma |
iii. Company Secretary |
: Ms. Parul Rai |
*Mr. Arvind Gupta resigned from the office of Chief Financial Officer of the Company
w.e.f March 20, 2023 and subsequently Mr. Chandan Kumar was appointed as Chief Financial
Officer of the Company with effect from May 23, 2023 and presently serving the office.
DECLARATION OF INDEPENDENCE
The Independent Directors have confirmed that they meet the criteria of Independence as
stipulated under Section 149(6) of the Companies Act, 2013 read with the Regulation 16 (1)
(c) of the Listing Regulations and they are not aware of any circumstances or situation,
which exist or may be reasonably anticipated, that could impair or impact their ability to
discharge their duties with an objective independent judgment and without any external
influence as an Independent Director of the Company.
The Board confirms to the declaration of the Independent Directors and there being no
doubts as to veracity of the same, places the same on record.
BOARD COMMITTEES
In compliance with the requirements of Companies Act, 2013 and Listing Regulations your
Board had constituted various Board Committees including Audit Committee, Nomination &
Remuneration Committee, and Stakeholders Relationship Committee. Details ofthe
constitution of these Committees, which are in accordance with regulatory requirements,
have been uploaded on the website of the Company viz. www.vikaslifecarelimited.com.
Details of scope, constitution, terms of reference, number of meetings held during the
year under review along with attendance of Committee Members is provided under Corporate
Governance Report forming part of the Annual Report.
AUDITORS AND AUDITORS' REPORT Statutory Auditors
M/s KSMC & Associates, Chartered Accountants (FRN: 003565N), were appointed as
Statutory Auditors of the Company at the 27th Annual General Meeting held on September 29,
2022 for a period of 5 years and they will remain in office until conclusion of 32nd AGM
to be held in the financial year 2026-27.
Further, there are no qualifications, reservations, or adverse remarks in the Report
issued by M/s KSMC & Associates, Chartered Accountant, Statutory Auditors of the
Company for the Financial year ended March 31, 2023. The Statutory Auditors have also not
reported any incident of fraud to the Committee during the year under review. Audit
Remarks made in the Report are selfexplanatory and do not call for any further comments
from your directors.
Secretarial Auditor
M/s. Kumar G & Co., Company Secretaries were appointed as the Secretarial Auditor
of your Company to carry out the Secretarial Audit for the financial year under review.
The Secretarial Audit Report issued by the Secretarial Auditors in Form No. MR-3 is
annexed with this Report.
Pursuant to Section 204 of the Companies Act, 2013 read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the Company has obtained the
Secretarial Audit Report for the financial year ended on 31st March, 2023 from M/s. Kumar
G & Co., Company Secretaries and the same forms part of the Annual Report. Explanation
to the observations in secretarial audit report is given as below;
1. Intimations of various Board Approvals send only through Board Meeting Outcome, no
separate intimations was made for each and every item approved
It is clarified that as per regulation 30, Intimations of various Board Approvals sent
through Board Meeting Outcome. However the Company has adopted the practice of reporting
separate disclosures, for each and every material approval.
2. Regulation 31(b) of SEBI (LODR), 2015, Delay in filing SHP with Stock Exchange: SHP
was delayed filed by 2 days for the quarter ended December 31, 2023.
It is noted that the delay was inadvertent and emphasized that going forward prescribed
timelines should be strictly adhered to as far as practically possible.
3. Regulation 17 of SEBI (LODR), 2015 one director was appointed under Executive
Category on January 25, 2023, but he never resumed office, and as such company did not
seek member's approval for his appointment, hence his office got vacated on April 25,
2023.
The Company appointed Mr. Balwant Kumar Bhushan as Additional Director of the Company
by the Board of Directors in their Meeting duly held on January 25, 2023. On January 25,
2023, the Company informed the Stock Exchanges about the appointment of Mr. Balwant Kumar
Bhushan as Additional Director along Financial Results for the quarter and nine months
ended December 31, 2022. After his appointment as Executive Director, he deferred the
joining under the pretext of one reason or other. Every time he sought for some time to
rethink about his tentative joining as a Director in the Company, but all in vain. The
management was in the dilemma whether he will join his office or not and it became a BIG
QUESTION for the Company. Further, it is to be submitted that he never resumed his duties
as director.
On April 25, 2023, the Company suo-moto intimated the stock exchange regarding the
vacation/cessation of Mr. Balwant Kumar Bhushan from the Board and also disclosed all the
details in Corporate Governance Report. We have made all the disclosure regarding the
appointment and vacation/cessation of Mr. Balwant Kumar Bhushan within the prescribed
time, if he had joined, the management would have proceeded for the shareholder approval
through postal ballot and accordingly would have appointed one more Non-Executive director
on the board Cost Audit
In accordance with the Section 148 of the Companies Act, 2013 and applicable rules made
thereunder, companies which are engaged in the production of such goods or providing such
services and have exceeded the net worth or a turnover of such amount as may be prescribed
is required to maintain cost records and to appoint Cost Auditor to conduct audit of cost
records maintained by the Company in a timely and proper manner.
Accordingly, the Board of Directors of the Company in their meeting held May 28, 2022
appointed M/s. Niraj Kumar Vishwakarma & Associates (Registration No: 003450) as the
Cost Auditors of the Company to conduct audit of cost records maintained by the Company
for the financial year 2022-23.
SECRETARIAL STANDARDS
During the year under review the Company has complied with all applicable Secretarial
Standards issued by Institute of Company Secretaries of India.
DEPOSITS
During the period under review the Company has not accepted any public deposits and
therefore no amounton account of principal or interest on public deposits was outstanding
as on the date of the Balance Sheet.
REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
Disclosures pertaining to the 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 is also annexed to this Report.
SIGNIFICANT AND MATERIAL ORDERS
There are no significant or material orders passed by the regulators, courts or
tribunals having an impact on the future operations of the Company or its going concern
status.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
In terms of Section 186 of the Companies Act, 2013, particulars of inter-corporate
loans, guarantees and investments are provided in the notes to Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION
188
All Related party transactions are entered on an arm's length basis and are in
compliance with the applicable provisions of the Companies Act, 2013 and the Listing
Regulations. There are no materially significant related party transactions made by the
Company with Promoters, Directors or Key Managerial Personnel etc. which may have
potential conflict with the interest of the Company at large. Company's policy on related
party transactions can be accessed at its website www.vikaslifecarelimited.com. The
particulars of every contract and arrangement entered into by the Company with related
parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including
certain arm's length transactions under third proviso thereto are disclosed in Form No.
AOC-2 which is annexed to this Report.
ANNUAL RETURN
The Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the
Companies (Management and Administration) Rules, 2014 of your Company for the financial
year under review is available at website of your Company www.vikaslifecarelimited. com
under the "Investor Zone" section.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There have been no material changes and commitments affecting the financial position of
your Company occurring between the end of the Financial Year and the date of this Report.
PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.UNDER SECTION I34(3)(M) OF
THECOMPANIES ACT, 2013 AND RULES MADE THEREIN
As per the provisions of Section 134(3)(m) of the Act read with Companies (Accounts)
Rules, 2013, Details ofsteps taken by your Company to conserve energy through its
Sustainability initiatives, Research and Development and Technology Absorption have been
disclosed as part of the Annual Report.
ADEQUACY OF INTERNAL CONTROLS
The Company's internal control systems are commensurate with the nature of its business
and the size and complexity of its operations. The Statutory and the Internal Auditors
routinely conduct system checks and give their report after evaluation of the efficacy and
adequacy of internal control systems including controls with respect to the financial
statements, its compliance with operating systems, accounting procedures and policies in
the Company. Based on the report of Internal Audit, the departments undertake corrective
actionin their respective areas and thereby strengthen the controls.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITIONAND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013. During the year under review, no compliant was received in this regard.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016
During the year under review, there were no applications made or proceedings pending in
the name of the Company under Insolvency and Bankruptcy Code, 2016.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS
During the year under review, there has been no one time settlement of loans taken from
the banks and financial institutions.
REGISTRAR AND SHARE TRANSFER AGENT
With effect from June 28, 2023 the Company has shifted its RTA from Alankit Assignments
Limited to Big Share Services Private Limited for better investor services. The Company
has obtained NOC from NSDL & CDSL respectively dated June 28, 2023 the same has been
intimated under Regulation 30 of Listing Obligation Disclosure Requirement Regulation
2015.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3) (C) read with Section 134(5) of the Act, the Directors, to
the best of their knowledge and ability, hereby confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards had
been followed withproper explanation relating to material departures;
ii. they have selected such accounting policies in consultation with Statutory Auditors
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 at the
end of the Financial Year March 31,2022 and of the profit and loss of the company for the
Financial Year;
iii. they have taken proper and sufficient care, to the best of their knowledge and
ability, 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 frauds and other irregularities;
iv. The annual accounts of the Company have been prepared on a going concern basis.
v. The directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
vi. They had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Your Directors place on record their appreciation for the valuable support and
cooperation of the Company's Bankers, Government Agencies, Customers, Suppliers,
Shareholders, Employees and other statutory authorities, who have reposed their continued
trust and confidence in the Company.
|
For Vikas Lifecare Limited |
For Vikas Lifecare Limited |
|
(Vikas Multicorp Limited) |
(Vikas Multicorp Limited) |
|
Sundeep Kumar Dhawan |
Vijay Kumar Sharma |
Date: 12 August, 2023 |
Managing Director |
Whole-Time Director |
Place: New Delhi |
DIN: 09508137 |
DIN:08721833 |
|