Dear Members,
Your Directors have pleasure in presenting their 4 th Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31 st 2023.
Financial summary or highlights/Performance of the Company
The Company's Financial Performance for the year ended 31 st March 2023 is summarized
below: (Amount in Rs.100)
| Particulars |
Financial Year Ended |
|
31 st March 2023 |
31\u201d March 2022 |
| Total Income |
2971217.31 |
1698886.50 |
| Total Expenditure Excluding Depreciation |
(2176752.77) |
(1245105.26) |
| Profit/(Loss) Before Tax and Depreciation |
794464.54 |
453781.24 |
| Depreciation |
(304234.66) |
(171698.79) |
| Profit/(Loss) Before Tax |
490229.88 |
282082.45 |
| Provision for Income Tax |
(133829.62) |
(72467.46) |
| Provision for Deferred Tax |
4402.92 |
(451.23) |
| Profit After Tax |
360803.18 |
209163.76 |
STATEMENT ON STATE OF COMPANY'S AFFAIRS
During the financial year under review, the company has earned 360803.18 Profit after
tax. Despite several challenges in the business, your Company has posted strong financial
results. The net profit after tax was higher by Rs. 151639.41 as against Rs.209163.76 in
the previous Financial Year.
Dividend
Your directors had not recommended any dividend for the period under review due to
reserving profits of investing in business.
Directors
During the year under review Mr. Pradeep Aggarwal has been appointed as director of the
Company w.e.f. 25.08.2022 and Mrs. Rajani Ajay Kanoi was appointed as a Director of the
Company w.e.f. 01.06.2023.
The Present Board consists of following directors as on 31.03.2023.
1. Mr. RUSHIL AGARWAL
2. Mr. AJAY KUMAR KANOI
3. Mr. PRADEEP AGGARWAL
Change in the nature of business
There is no change in the nature of the business of the Company.
Changes in authorized Share Capital
During the under review the authorized capital of the Company was increased from
increased from Rs. 10,00,000 /- (Rupees Ten Lacs only) divided into 1,00,000 equity shares
of Rs.10/- (Rupees Ten) each to Rs. 1,00,00,000 /- (Rupees One Crore Only) divided into
10,00,000 Equity shares of Rs. 10 /- each by creation of additional 9,00,000 (Nine Lacs)
Equity Shares of Rs. 10/- each ranking paripassu at the Extra Ordinary General meeting
held on 02.03.2023.
Issue of bonus shares
The shareholders of the Company, by an ordinary resolution passed at the Extraordinary
General Meeting held on 2March 2023, approved the bonus issue of par 9,90,000 (Nine Lacs
Ninety Thousand Only) equity shares of Rs. 10/- (Rupees Ten Only) new ordinary shares on
the basis of one (99) bonus share for every one (1) existing ordinary shares held. The
issued and fully paid-up ordinary share capital of the Company was increased from
l,00,000to 1,00,00,000. The bonus shares were issued as fully paid, at nil consideration.
The newly issued ordinary shares rank paripassu in all respects with the existing ordinary
shares of the Company.
Further the Company has not granted any stock options or sweat equity shares. As on
March 31 st ,
2023 none of the Directors of the Company hold instruments convertible into equity
shares of the Company.
Transfer to Reserves
The Company was not required to transfer any amount of profits to the general reserves
for Financial Year 2022-2023 pursuant to prp^sions of Companies Act, 20 f^^MTS t
Employee Stock Option Scheme
The Company has not issued any Employee Stock Option Scheme.
Particulars of Employees
There are no employees in the Company the particulars of which are required to be given
in terms of the provisions contained in Rule 5(2) and Rule 5(3) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.
Subsidiaries, Joint Ventures and Associate Companies
The Company does not have any Subsidiary, Joint Venture or Associate Companies.
Annual Return under section 92 (3) of the Companies Act, 2013
The company does not have any active website and hence the web-link for the Annual
Return in Form MGT-7A for the year ended 31 March 2023 as required under Section 92(3) of
the Companies Act 2013 read with rule 12(1) of the Companies (Management and
Administration) Rules, 2014 cannot be given.
Number of Meetings of Board
28 (Twenty eight) meetings of the Board of Directors were held during the year and the
gap between the two meetings was not more than 120 days. Details of the Board Meetings are
as follows:
BOARD MEETINGS
Number of Meetings held
| Sr. No. |
Date of Meeting |
Total Number of directors as on the date of
meeting |
Attendance |
|
|
|
Number of directors attended |
as % age of total directors |
| 1. |
13.05.2022 |
2 |
2 |
100.00 |
| 2. |
18.05.2022 |
2 |
2 |
100.00 |
| 3. |
20.05.2022 |
2 |
2 |
100.00 |
| 4. |
31.05.2022 |
2 |
2 |
100.00 |
| 5. |
02.06.2022 |
2 |
2 |
100.00 |
| 6. |
23.06.2022 |
2 |
2 |
100.00 |
| 7. |
25.07.2022 |
|
2 \u2022 - . |
100.00 |
| 8. |
19.08.2022 / |
|
|
ioo.oo V |
| ' 9. |
03.09.2022 |
3 |
3 |
100.00 |
| 10. |
27.09.2022 |
3 |
3 |
100.00 |
| 11. |
29.09.2022 |
3 |
3 |
100.00 |
| 12. |
14.09.2022 |
3 |
3 |
100.00 |
| 13. |
01.11.2022 |
3 |
3 |
100.00 |
| 14. |
13.12.2022 |
3 |
3 |
100.00 |
| 15. |
26.12.2022 |
3 |
3 |
100.00 |
| 16. |
28.12.2022 |
3 |
3 |
100.00 |
| 17. |
04.01.2023 |
3 |
3 |
100.00 |
| 18. |
06.01.2023 |
3 |
3 |
100.00 |
| 19. |
11.01.2023 |
3 |
3 |
100.00 |
| 20. |
30.01.2023 |
3 |
3 |
100.00 |
| 21. |
28.01.2023 |
3 |
3 |
100.00 |
| 22. |
04.02.2023 |
3 |
3 |
100.00 |
| 23. |
06.02.2023 |
3 |
3 |
100.00 |
| 24. |
20.02.2023 |
3 |
3 |
100.00 |
| 25. |
02.03.2023 |
3 |
3 |
100.00 |
| 26. |
11.03.2023 |
3 |
3 |
100.00 |
| 27. |
18.03.2023 |
3 |
3 |
100.00 |
| 28. |
25.03.2023 |
3 |
3 |
100.00 |
ENDANCE OF DIRECTORS
| s. No. Name of the director |
Board Meetings |
|
No. of meetings which dir. was entitled to attend |
Number of Meetings attended |
% of attendance |
| 1 RUSHIL AGARWAL |
28 |
28 |
100.00 |
| 2 PRADEEP AGGARWAL |
20 |
20 |
100.00 |
| 3 AJAY KUMAR KANOI |
28 |
28 |
100.00 |
Compliance of Secretarial Standards of ICSI
The Company has complied with the requirements prescribed under the Secretarial
Standards on Meetings of the Board of Directors (SS-l) / af^i\General Meetings (SS-2).
Particulars of Loan, Guarantees, Security and Investments under Section 186 Details
of Loans, Guarantees, Security and Investments.
(Amount in 100 Rs.)
| s No Details of Borrower/ Investment Company |
Amount |
Purpose for which the loan is to be utilized by the
recipient |
Time period for which it is given |
Date of BR |
Date of SR (if req.) |
Rate of Interest |
Sec urit y |
| 1 Axis Short Term Mutual Fund |
19,999.00 |
Working Capital |
N.A. |
13-12-2022 |
N.A. |
N.A. |
N.A |
| 2 SB1 Short Term Debt Mutual Fund |
19,999.00 |
Working Capital |
N.A. |
13-12-2022 |
N.A. |
N.A. |
N.A |
| 3 ICICI Short Term Debt Mutual Fund |
19,999.00 |
Working Capital |
N.A. |
30-01-2023 |
N.A. |
N.A. |
N.A |
Particulars of Contracts or Arrangements with Related Parties Referred to in
sub-section (1) of section 188
The particulars of contracts or arrangements with related parties referred to in
sub-section (1) of section 188 are prepared in Form No. AOC-2 pursuant to clause (h) of
sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules,
2014 and the same is enclosed as Annexure-A to this Report All transactions entered
with Related Parties for the year under review where on arm's length basis and in the
ordinary course of business and that the provisions of section 188 of the Companies Act,
2013 are not attracted.
ACCOUNTS. AUDITORS AND AUDIT REPORT
Accounts : Accounts along with their Notes are self-explanatory and do not
require any further explanation or clarification.
Auditor's Report : The Auditors' Report is self-explanatory and does not need
any further explanation or clarification. ^ ^
Auditors:
M/S. V. K. Kila & Co., Chartered Accountants, New Delhi (Firm Registration
No.007772C), were appointed as the Statutory Auditors of the Company to hold office
for a period of 5 consecutive year i.e. from the conclusion of 3 rd Annual General Meeting
(AGM) till the conclusion of the 8 th AGM of the Company to be held in the year 2027. The
company has received their consent and eligibility for the same.
There are no qualifications or observations or remarks made by the Auditors in their
Report. Audit Committee and Vigil Mechanism
The provisions of Section 177 of the Companies Act, 2013 read with related rules 6 and
Rule 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 are not
applicable to the Company.
Nomination and Remuneration Policy
The provisions of Section 178(1) relating to constitution of Nomination and
Remuneration Committee are not applicable to the Company and hence the Company has not
devised any policy relating to appointment of Directors, payment of Managerial
remuneration, Directors qualifications, positive attributes, independence of Directors and
other related matters as provided under Section 178(3) of the Companies Act, 2013.
Declaration by Independent Directors
The provisions of Section 149 pertaining to the appointment of Independent Directors do
not apply to your Company.
Public Deposits
During the year under review the company has not accepted any Deposit from public in
the terms of section 73 to 76 of the Companies Act 2013, read with the companies
(Acceptance of Deposits) Rules 2014. /cy\TS~/>X
Energy Conservation, Technology absorption and foreign exchange earnings and
outgo
The particulars as prescribed under the provisions of the Companies Act 2013 read
with Rules framed there under, are set out herein below:
a) Conservation of energy: Since there was Manufacturing Activity during
the year under review the provision of section 134(3)(m) of the Companies Act, 2013, read
with rule8(3) of the Companies (Account) Rules, 2014, regarding Conservation of energy are
not applicable to the Company.
b) Technology Absorption: The Company has not made any technology
absorption and updation during the year under review.
Details of changes in Directors and Key Managerial Personnel
During the year under review Mr. Pradeep Aggarwal has been appointed as director of the
Company w.e.f. 25.08.2022 and Mrs. Rajani Ajay Kanoi was appointed as a Director of the
Company w.e.f. 01.06.2023.
Environment & safety
The company is Conscious of the Importance of environmentally clean and safe
operations. The Company's policy requires conduct of operations in such a manner, so as to
ensure safety of all concerned, compliances environmental regulations and preservation of
natural resources.
Human resources and industrial relations
The Company takes pride in the commitment, competence and dedication shown by its
employees in all areas of business.
Foreign Currency Transactions
Foreign currency transactions are recorded at the rate of exchange prevailing on the
date of transaction. At the year end, there are no other liabilities or assets denominated
in foreign currency except as mentioned below. Exchange difference arising on actual
payment/realization and year end restatement are adjusted to Statement of profit &
loss in foreign exchange fluctuation account.
(Amount in 100 Rs.)
|
For Year ended 31.03.2023 |
| PARTICULARS |
Amount |
Amount in INR |
| Foreign Exchange Outflow - Purchase of Spare Parts |
Eurol3.57 |
1,159.25 |
|
USD26.il |
2159.76 |
| Exchange Inflow |
Nil |
Nil |
I
Explanation or Comments by the Board on Qualifications, Reservations, Adverse
Remarks or Disclaimers made by Statutory Auditor in Audit Report
The Audit report does not contain any qualifications, reservations, adverse remarks or
disclaimers.
The provisions relating to Secretarial Audit are not presently applicable to the
company.
Material Changes and Commitments Affecting the Financial Position of the Company
Occurred Between the end of the Financial Year to which the Financial Statements Relate
and the Date of Report
There are no material changes and commitments affecting the financial position of the
Company which have occurred between the end of the Financial Year of the company to which
the financial statements relate and the date of this report.
Significant and Material Orders Passed by the Regulators or Courts or tribunals.
There were no significant or material orders passed by any governing authority of the
company including regulators, courts or tribunals, which could affect the going concern
status and the Company's operations in future.
Reporting of Fraud by Auditors Pursuant to Section 14302) of The Companies Act.
2013
There was no fraud reported by the Auditor to the Board.
Maintenance of Cost Records
The Maintenance of cost records has not been specified by the central government under
subsection (1) of section 148 of the Companies Act, 2013, for the business activities
carried out by the company.
Policy on Prevention of Sexual Harassment at Workplace
The Board of Directors of the Company has laid down a policy on prevention of sexual
harassment at the workplace. A Complaint Committee has also been formed by the Board of
Directors to look into the complaints received, if any. During the year, the Company did
not receive any complaint under the said policy.
Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) act, 2013
Your Directors further state that during the year under review, there were no cases
filed/pending pursuant to the Sexual harassment of Women at workplace (Prevention,
Prohibition and Redressal) Act, 2013.
Risk Management Policy
The Company has a robust process of risk assessment whereby all the business risks are
assessed on periodic basis by the management and appropriate actions are taken to mitigate
the same.
Corporate Social Responsibility
The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the said provisions are not yet applicable to the Company.
Statutory disclosures on application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 during the year along with their status at the end of
the financial year 2021-22.
During the under review no application was made or any proceeding is pending under the
Insolvency and Bankruptcy Code, 2016.
Statutory disclosures on the details of difference amount of the valuation done
at the time of one settlement's and the valuation done while taking loan from the Banks
and financial Institutions along with the reasons thereof.
During the under review no settlements have been done with banks or financial
institutions.
Directors Responsibility Statement
To the best of knowledge and belief and according to the information and explanation
obtained by them, your Directors make the following statement in term of section 134(3)(c)
of the companies act, 2013:-
i) In the preparation of Annual Accounts, for the year ended March 31 st , 2023 the
applicable accounting standards have been followed along with proper explanation relating
to material departures, if any;
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 tjneXompany at the end of financial year, 31 st
March, 2023 and of the Profit of the Co/iipaayTof the year ended on tharjdatK~ >x v
iii) The Directors 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) The annual accounts have been prepared on a going concern basis.
v) That the directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
vi) The Directors had devised proper systems to ensure compliance with the provision of
all applicable laws and that such systems are adequate and operating effectively.
Acknowledgements
The Directors would like to express their sincere appreciation for the assistance and
co-operation received from the financial institutions, banks, government authorities,
customers, vendors and members during the year under review. Your Directors also wish to
place on record their deep sense of appointment for the committed services by the
company's executive, staff & workers.
For and on behalf of the Board
MSAFE EQUIPMENTS PRIVATE LIMITED
FnrMFAFF Ffll IIPMFMT^ PRIVATF 1IMITFH For
| AJAY KUMAR RANOI |
RUSHIL AGARWAL |
| DIRECTOR) |
(DIRECTOR) |
| DIN: - 08381615 |
DIN: - 08381616 |
| A/103, OBEROI GARDEN-1 |
C-186, VIVEK VIHAR, PHASE-1 |
| DATTANI PARK ROAD |
JHILMIL East Delhi DL 110095 IN |
| THAKUR VILLAGE |
|
| KANDIVALI EAST MUMBAI |
|
| MAHARASTRA, INDIA 400101 |
|
Place: New Delhi Date: 26-08-2023
|