To,
The Members of Mittal Sections Limited
The Board of Directors are pleased to present the report of the business and operations
of the Company along with the audited financial statements, for the financial year ended March
31, 2022.
1. About the Company
Your company was incorporated on April 2, 2009 under part - IX of the Companies Act,
1956 vide Corporate Identification No. issued by the Register of Companies Gujarat.
Ahmedabad. Your company is in to the business of manufacturers of structural products like
MS Angles, MS Channels, MS Sections and MS Rebars etc.
2. Results from Operations
(Rs. In Lakhs)
| Particulars |
Standalone |
|
2021 - 2022 |
2020-2021 |
| Revenue From Operations |
14,906.18 |
8,860.79 |
| Profit/(Loss) before depreciation, amortization, finance cost & tax |
302.70 |
175.30 |
| Less : Depreciation & Amortization Expenses |
83.26 |
85.85 |
| Finance Cost |
139.57 |
171.31 |
| Profit/( Loss) before tax |
79.87 |
-81.86 |
| Less : Current Tax Expenses (MAT) |
12.65 |
- |
| MAT Credit Entitlement |
(12.46) |
- |
| Deferred Tax |
19.59 |
(21.02) |
| Earlier year |
- |
|
| Net Profit/(Loss) after Tax |
60.09 |
(60.84) |
| Add : Balance brought forward from previous year |
- |
|
| Balance carried to the Balance Sheet |
60.09 |
-60.84 |
3. Business
During the year under review, the Company has achieved gross revenue of Rs 14906.18
lacs as compared to Rs 8860.79 lacs during the previous year.
The Company has made post tax profit of Rs 60.09 lacs as against post tax loss of'
60.84 lacs during previous financial year.
The novel Corona virus (COVID-19] pandemic is spreading around the globe rapidly. The
virus has taken its toll not just on human life, but business and financial markets to the
extent of which is currently indeterminate. In view of the lockdown across the country due
to the outbreak of COVID -19 pandemic, operations of the Company's are also affected. The
Company has been critically evaluating various financial parameters affecting the
operations of the Company. However, it would be difficult to ascertain the actual impact
in monetary terms due to COVID- 19 pandemic. The management has taken proper measures for
reducing the impact of COVID- 19.
4. Dividend
In order to conserve resources, your directors do not recommend any dividend for the
year ended on March 31, 2022. Further the Company has not transferred any amount to
reserves during the year.
5. Directors and Key Managerial Personnel
Pursuant to the provisions of Section 152 and other applicable provisions if any, of
the Companies Act, 2013 and the Rules made there under Mr. Ajaykumar Ralwantrai Mittal
(DIN : 01760444). and Mr. Atul Balwantrai Mittal (DIN : 02282605). Managing Directors of
the Company will retire by rotation at the ensuing Annual General Meeting and they being
eligible offers themselves for re-appointment in accordance with the provisions of
Companies Act, 2013. Your Directors recommend their re-appointment.
During the year under the review:
There were no change in Composition of Board Directors
6. Deposits
The Company has neither accepted nor renewed any deposits during the year under review,
within the meaning of Section 73 of the Companies Act, 2013.
7. Material Changes and Commitment if any affecting the financial position of the
Company occurred between the end of the financial year to which this Financial Statements
related and the date of the report
No material changes and commitments affecting the financial position of the Company
have occurred between the end of the financial year of the company under review and date
of the Board's report.
8. Explanation or comments on qualifications, reservations or adverse remarks or
disclaimers made by the Statutory
Auditors
There were no qualifications, reservations or adverse remarks made by the Auditors in
their report.
9. Number of board meetings conducted during the year
The Company had conducted 6 (Six) board meetings during the financial year under
review.
| Name of Director of the Company |
14.04.2021 |
01.09.2021 |
12.10.2021 |
31.10.2021 |
30.11.2021 |
25.03.2022 |
Total Meetings Attended |
| Mr. Ajay Balwantrai Mittal |
|
|
|
|
|
|
7/7 |
| Mr. Atul Balwantrai Mittal |
|
|
|
|
|
|
7/7 |
| Mrs. Sushiladevi Balwantrai Mittal |
|
|
|
|
|
|
7/7 |
| Mr. Pranav Patel |
|
|
|
|
|
|
7/7 |
| Mi. Parlhik Shah |
|
|
|
|
|
|
7/7 |
The Company had conducted 3 (Three) Audit Committee meeting during the financial year
under review.
| Name of Director of the Company |
14.06.2021 |
01.09.2021 |
31.10.2021 |
Total Meetings Attended |
| Mr. Atul Mittal |
|
|
|
3/3 |
| Mr. Pranav Patel |
|
|
|
3/3 |
| Mr. Parthik Shah |
|
|
|
3/3 |
The Company had conducted I (One) Nomination and Remuneration Committee meeting during
the financial year under review.
| Name of Director of the Company |
31.10.2021 |
Total no. of meetings attended |
| Mrs. Sushiladevi Balwantrai Mittal |
|
1/1 |
| Mr. Pranav Patel |
|
1/1 |
| Mr. Parthik Shah |
|
1/1 |
10. Particulars of loans, guarantees, security or investments made under section 186 of
the Companies Act, 2013
During the year under review, the Company has not made any investments, not granted any
loan, provided any guarantee or security falling under the purview of provision of section
186 of the Companies Act, 2013.
11. Risk Management Policy
The Management regularly reviews the risk and took appropriate steps to mitigate the
risk. The company has in place the Risk Management policy. The Company has a robust
Business Risk Management(BRM)framework to identify, evaluate, business risks. Financial
risk. Competition risk. Human resource risk. In the opinion of the Board, no risk has been
identified that may threaten the existence of the Company.
12. Insurance
All the insurable interests of the Company under legislative enactments are adequately
insured.
13. Maintenance of Cost records
The Directors of the Company to the best of their knowledge and belief state that the
Company has maintained adequate Cost records as required to be maintained by the Company
under the provisions of Section 148 of the Companies Act. 2013 read with the relevant
Rules framed thereunder.
14. Prevention of Sexual Harassment at Workplace
The Company is committed to provide a safe and conducive work environment to its
employees during the year under review.
An Internal Complaints Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. Your Directors further state that during the year under
review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace
(Prevention. Prohibition and Redressal) Act. 2013.
15. Secretarial Standards
The Board of Directors of the company confirms to the best of their knowledge and
belief that the Company has complied with the applicable provisions of the Secretarial
Standards issued by the Institute of Company Secretaries of India as amended from time to
time and made applicable by the Ministry of Corporate Affairs during the financial year
under review.
16. Internal Financial Control System and its adequacy
The Company has an adequate Internal Financial Control System, commensurate with the
size, scale and complexity of its operations. The scope and authority of the Internal
Financial Control function is well defined.
17. Annual Return
Annual Return Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2022 is available on the Company's website on
www.mittalsections.com.
18. 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 Director 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).
19. Particulars of contracts or arrangements made with related parties
Details of contracts or arrangements with related parties referred to in 188 (1) are as
per Annexure - I.
20. Particulars relating to conservation of energy, technology absorption, foreign
exchange inflow and outflow etc.
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
- II which is attached to this report.
21. Company's policy relating to directors appointment, payment of remuneration and
discharge of their duties
Pursuant to the requirements of Section 134 and 178 of the Companies Act, 2013, the
policy on appointment of Board Members and policy on remuneration of the Directors, KMPs
and other employees is attached as Annexure - III to this report.
22. Particulars of Employees
During the year under review, there are no employees drawing remuneration which is in
excess of the limit as prescribed under Section 197 of the Companies Act, 2013 read with
rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules.
2014.
23. Details of significant and material orders passed by regulators or courts or
tribunals
There are no significant & material orders passed by the regulators or courts or
tribunal impacting the going concern status and Company 's operations in future.
24. Disclosure of Composition of Audit Committee
The Audit Committee of the Company as on March 31, 2022 consists of following
Directors as its members:
| Sr. No. Name of the Committee member |
Committee Designation |
| 1 Mr. Atul Mittal |
Chairman |
| 2 Mr. Parthik Shah |
Member |
| 3 Mr. Pranav Patel |
Member |
25. Disclosure of Composition of Nomination and Remuneration Committee
The Nomination And Remuneration Committee of the Company as on March 31, 2022 consists
of following Directors as its members:
| Sr. Name of the Committee member No. |
Committee Designation |
| 1. Mrs. Sushiladevi Miftal |
Chairperson |
| 2. Mr. Parthik Shah |
Member |
| 3. Mr. Pranav Patel |
Member |
26. Details of significant and material orders passed by regulators or
courts or tribunals
There are no significant & material orders passed by the regulators or courts or
tribunal impacting the going concern status and Company's operations in future.
27. Directors' Responsibility Statement
The Directors' Responsibility Statement referred to in Clause (c) of sub-section (3) of
Section 134 of the Companies Act. shall state that -
(i) in the preparation of the annual financial statement, the applicable accounting
standards had been followed and that no material departures have been mode for the same.
(ii) 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 at the end of the financial year and of
the Profit of the Company for that year.;
(iii) The Directors have 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.
(iv) The Directors have prepared the annual accounts on a going concern basis.
(v) The Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
28. Statutory Auditors
M/s. Nirav D. Shah & Co., Proprietorship Firm, Chartered Accountants (Firm Reg. No.
II9132W), were appointed as statutory auditors for a term of five years to hold office
till the conclusion of the Annual general Meeting to be held for the financial year ending
on 31st March, 2024. In view of the amended section 139 by the companies (Amendment) Act,
2017, the appointment of Auditors is not required to be ratified every year of the AGM by
the members of the company and hence present Statutory Auditors of the company will
continue to act as statutory auditors till the expiry of their present term.
29. Cost Auditors
The Company had appointed Devang Patel & Associates, Cost Accountants, as the Cost
Auditor of the Company for the year ended March 31, 2022. The Audit report of the
cost accounts of fhe Company for the year ended March 31, 2022, for Steel Products
will be filed within the stipulated period under Companies Act. 2013.
The Board of Directors have, based on the recommendation of the Audit Committee,
appointed Devang Patel & Associates, Cost Accountants to audit the cost accounts of
the Company for the year 2022 - 2023. In terms of Section 148(3) of the Companies
Act, 2013 and Rule 14 of the Companies (Audit & Auditors) Rules, 2014, necessary
resolution seeking member's ratification for the remuneration payable to said Cost
Auditors is included in the agenda of the Notice convening the Annual General Meeting.
30. Industrial Relations
The Company has maintained cordial relations with the employees of Ihe 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.
31. Acknowledgement
The Board takes this opportunity to express its appreciation of the valuable support
and assistance received from bankers, which has played important role in progress of the
Company,
Your directors places on record their sincere appreciation for the assistance and
co-operation extended by customers, vendors, employees of the Company at all level and
other business associates of the Company for their commitment, dedication and respective
contribution to the Company's operations during the year under review.
Ahmedabad August 17, 2022
|