To, The Members,
Vaxfab Enterprises Limited
(Formerly known as Ellora Trading Limited)
Your Directors hereby present the 40th Board's Report on the Business and
Operations of the Company together with the Audited Financial Statements along with the
Auditor's Report for the Financial Year ended on 31st March, 2023.
1. FINANCIAL RESULTS:
The financial performance of the Company for the Financial Year ended on 31st
March, 2023 is summarized as below:
(Rs. in Lakhs)
Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from Operations |
1675.30 |
27.26 |
1675.30 |
27.26 |
Other Income |
0.00 |
10.06 |
0.00 |
10.06 |
Total Income |
1675.30 |
37.32 |
1675.30 |
37.32 |
Total Expenses |
1630.28 |
36.99 |
1630.28 |
36.99 |
Profit Before Exceptional and Extra |
45.01 |
0.33 |
50.53 |
0.33 |
Ordinary Items and Tax |
|
|
|
|
Exceptional and Extra Ordinary Items |
0.00 |
0.00 |
0.00 |
0.00 |
Profit Before Tax |
45.01 |
0.33 |
|
|
Tax Expense: Current Tax |
11.58 |
0.08 |
11.58 |
0.08 |
Deferred Tax |
0.00 |
0.00 |
0.00 |
0.00 |
Profit for the Period / After Tax |
33.44 |
0.25 |
50.53 |
0.25 |
Earnings Per Share (EPS) |
|
|
|
|
Basic |
1.70 |
0.02 |
1.98 |
0.02 |
Diluted |
1.70 |
0.02 |
1.98 |
0.02 |
2. OPERATIONS: Standalone:
Total revenue from operations for Financial Year 2022-23 is Rs. 1675.30 Lakhs compared
to the total revenue from operations of Rs. 37.32 Lakhs of previous Financial Year. The
Company has incurred Profit before tax for the Financial Year 2022-23 of Rs. 33.44 Lakhs
as compared to Profit of Rs. 0.25 Lakhs of previous Financial Year. Net Profit after Tax
for the Financial Year 2022-23 is Rs. 33.44 Lakhs as against Net Profit of Rs. 0.25 Lakhs
of previous Financial Year. The Directors are continuously looking for the new avenues for
future growth of the Company and expect more growth in the future period.
Consolidated:
Total revenue from operations for Financial Year 2022-23 is Rs. 1675.30 Lakhs compared
to the total revenue from operations of Rs. 37.32 Lakhs of previous Financial Year. The
Company has incurred Profit before tax for the Financial Year 2022-23 of Rs. 50.53 Lakhs
as compared to Profit of Rs. 0.25 Lakhs of previous Financial Year. Net Profit after Tax
for the Financial Year 2022-23 is Rs. 50.53 Lakhs as against Net Profit of Rs. 0.25 Lakhs
of previous Financial Year. The Directors are continuously looking for the new avenues for
future growth of the Company and expect more growth in the future period.
3. CHANGE IN NATURE OF BUSINESS, IF ANY:
During the year under review, Object of the Company is changed to:
1. To carry on the business as manufacturers, exporters, importers, traders,
buyers, sellers, dealers and distributors of domestic electrical and audio-visual
appliances, like air conditioners, refrigerator, radio, television, electrical fans,
electrical fittings, music system including music players, computer operated music system,
mixers, grinders, oven, electrical cooking range, flour machinery, cloth, dish washing
machines and any other electronic appliances.
2. To carry on the business of buying, selling, reselling, importing, exporting,
transporting, storing, developing, promoting, marketing or supplying, trading, dealing in
any manner whatsoever in all type of goods on retail as well as on wholesale basis in
India or elsewhere.
4. CHANGE IN THE NAME OF THE COMPANY:
During the year under review, the Name of the Company is changed from Ellora Trading
Limited to Vaxfab Enterprises Limited in the Annual General Meeting held on Saturday, 16th
July, 2022.
5. WEBLINK OF ANNUAL RETURN:
Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as
on March 31, 2023 is available on the Company's website at www.vaxfabenterprisesltd.in.
6. SHARE CAPITAL:
A. AUTHORISED SHARE CAPITAL:
The authorised Equity share capital of the Company as on 31st March, 2023 is
Rs. 9,00,00,000/- (Rupees Nine Crores Only) divided into 9000000 (Ninety Lakhs) Equity
Shares of Rs. 10/- (Rupees Ten Only) each.
The authorised preference share capital of the Company as on 31st March,
2023 is Rs. 30,00,000/- (Rupees Thirty Lakhs Only) divided into 300000 (Three Lakhs)
Preference share of Rs. 10/- (Rupees Ten Only) each.
B. PAID-UP SHARE CAPITAL:
The paid-up Equity share capital of the Company as on 31st March, 2023 is
Rs. 8,40,00,000/- (Rupees Eight Crore Forty Lakhs Only) divided into 84,00,000 (Eighty
Four Lakhs) equity shares of Rs. 10/- (Rupees Ten Only).
The paid-up Preference share capital of the Company as on 31st March, 2023
is Rs. 30,00,000/- (Rupees Thirty Lakhs Only) divided into 3,00,000 (Three Lakhs)
preference share of Rs. 10/- (Rupees Ten Only).
7. CHANGE OF REGISTERED OFFICE OF THE COMPANY:
Registered office of the Company is changed from 911, Addor Aspire, Addor Aspire, Nr.
Jahanvee Road, University to Panjrapole Road, Ahmedabad, Gujarat 380015 to Survey No.229
Paiki, Plot No.2 Nr Gandhi Estate, B/h Ashopalav Hotel, Narol, Ahmedabad, Gujarat 382 405.
8. RIGHTS ISSUE:
During the year under review, the Company had allotted 72,00,000 Equity shares on
Rights basis having face value of Rs. 10/- each, at an Issue Price of Rs. 18/- per share
(including Premium of Rs. 8/- per share) in the Board Meeting held on Thursday, 16th
February, 2023.
9. DIVIDEND:
To conserve the resources for future prospect and growth of the Company, your directors
do not recommend any dividend for the Financial Year 2022-23 (Previous year - Nil).
10. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND:
Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining
unpaid or unclaimed for a period of seven years shall be transferred to the Investor
Education and Protection Fund (“IEPF”). During the year under review, there was
no unpaid or unclaimed dividend in the “Unpaid Dividend Account” lying for a
period of seven years from the date of transfer of such unpaid dividend to the said
account. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund.
11. TRANSFER TO RESERVES:
The profit of the Company for the Financial Year ending on 31st March, 2023
is transferred to profit and loss account of the Company under Reserves and Surplus.
12. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL
STATEMENTS RELATES AND THE DATE OF THE REPORT:
There have been no material changes and commitments, which affect the financial
position of the Company which have occurred between the end of the financial year to which
the financial statements relate and the date of this Report.
13. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no significant material orders passed by the Regulators or Courts or
Tribunal, which would impact the going concern status of the Company and its future
operation.
14. MEETINGS OF THE BOARD OF DIRECTORS:
The Directors of the Company met at regular intervals at least once in a quarter with
the gap between two meetings not exceeding 120 days to take a view of the Company's
policies and strategies apart from the Board Matters.
During the year under the review, the Board of Directors met 15 (Fifteen) times viz. 20th
April, 2022, 21st April, 2022, 4th May, 2022, 4th June,
2022, 15th June, 2022, 4th August, 2022, 5th August,
2022, 10th August, 2022, 17th October, 2022, 7th
November, 2022, 12th November, 2022, 26th December, 2022, 7th
January, 2023, 11th January, 2022 and 21st January, 2023.
15. DIRECTORS RESPONSIBILITYSTATEMENT:
In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the
Companies Act, 2013, to the best of their knowledge and belief the Board of Directors
hereby submit that:
a. In the preparation of the Annual Accounts, for the year ended on 31st
March, 2023 the applicable accounting standards read with requirements set out under
Schedule III to the Act, have been followed and there are no material departure from the
same; b. The Directors had 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 financial year and of the
profit of the Company for the financial year ended on 31st March, 2023. c. The
Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities; d.
The Directors had prepared the Annual Accounts on a going concern basis; e. 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 f. The
Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
16. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The provisions of section 135 of the Companies Act, 2013 is not applicable to your
Company as the Company does not fall under the criteria limits mentioned in the said
section of the Act.
Hence, the Company has not taken voluntary initiative towards any activity mentioned
for Corporate Social Responsibility.
17. EXPLANATIONS / COMMENTS BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE
REMARK OR DISCLAIMER MADE:
i. Auditors' Report:
The observations of the Statutory Auditor, when read together with the relevant notes
to the accounts and accounting policies are self-explanatory and do not calls for any
further comment.
ii. Secretarial Auditor's Report:
The observation of the Secretarial Auditor, as per Secretarial Report i.e. MR-3 and do
not calls for any further comment.
18. PARTICULARS OF LOANS, GUARANTEES, SECURITIES COVERED OR INVESTMENTS MADE UNDER
SECTION 186 OF THE COMPANIES ACT, 2013:
The details of loans, investment, guarantees and securities covered under the
provisions of section 186 of the Companies Act, 2013 are provided in the financial
statement.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
All transactions to be entered by the Company with related parties will be in the
ordinary -Course of business and on an arm's length basis. Further, Particulars of
contract or arrangement with related parties referred to in section 188(1) of the
Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, in Form
No. AOC-2 is enclosed herewith as Annexure 2.
20. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report as required under Regulation 34 and
Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
forms an integral part of this Report, and provides the Company's current working and
future outlook as per
Annexure - 3.
21. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has in place adequate internal financial controls with reference to
financial statement across the organization. The same is subject to review periodically by
the internal audit cell for its effectiveness. During the financial year, such controls
were tested and no reportable material weaknesses in the design or operations were
observed. The Statutory Auditors of the Company also test the effectiveness of Internal
Financial Controls in accordance with the requisite standards prescribed by ICAI. Their
expressed opinion forms part of the Independent Auditor's report.
Internal Financial Controls are an integrated part of the risk management process,
addressing financial and financial reporting risks. The internal financial controls have
been documented, digitized and embedded in the business processes.
Assurance on the effectiveness of internal financial controls is obtained through
management reviews, control self-assessment, continuous monitoring by functional experts.
We believe that these systems provide reasonable assurance that our internal financial
controls are designed effectively and are operating as intended.
During the year, no reportable material weakness was observed.
22. RESERVES & SURPLUS:
(Amount in Lakhs)
Sr. No. |
Particulars |
Amount |
1. |
Balance at the beginning of the year |
166.36 |
2. |
Securities Premium account |
576 |
3. |
Current Year's Profit / Loss |
33.44 |
|
Total |
775.8 |
23. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY
OF THE COMPANY:
The Company has framed formal Risk Management framework for risk assessment and risk
minimization for Indian operation which is periodically reviewed by the Board of Directors
to ensure smooth operations and effective management control. The Audit Committee also
reviews the adequacy of the risk management frame work of the Company, the key risks
associated with the business and measures and steps in place to minimize the same.
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as required to be
given under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts)
Rules, 2014, is not given as the Company has not taken any major step to conserve the
energy etc.
There were no foreign exchange earnings or outgo during the year under review.
Sr. No. Foreign exchange earnings and outgo |
F.Y. 2022-23 |
F.Y. 2021-22 |
1. Foreign exchange earnings |
Nil |
Nil |
2. CIF value of imports |
Nil |
Nil |
3. Expenditure in foreign currency |
Nil |
Nil |
4. Value of Imported and indigenous Raw Materials, |
Nil |
Nil |
Spare-parts and Components Consumption |
|
|
25. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION:
The Remuneration policy is directed towards rewarding performance based on review of
achievements on a periodical basis. The remuneration policy is in consonance with the
existing industry practice and is designed to create a high-performance culture. It
enables the Company to attract, retain and motivate employees to achieve results. The
Company has made adequate disclosures to the members on the remuneration paid to Directors
from time to time. The Company's Policy on director's appointment and remuneration
including criteria for determining qualifications, positive attributes, independence of a
director and other matters provided under Section 178 (3) of the Act is available on the
website of the Company at www.vaxfabenterprisesltd.in.
26. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT VENTURES:
The Company has an Associate Company i.e. Vaxtex Cotfab Limited. The Company has
complied with all compliance related to its Associate Company.
Statement containing salient features of the Financial Statement of Associate pursuant
to section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies (Accounts)
Rules, 2014 in Form No. AOC-1 is enclosed herewith as Annexure 1.
27. SECRETARIAL STANDARDS:
During the year under review, the Company has complied with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India (ICSI). The Company has
devised proper systems to ensure compliance with its provisions and is in compliance with
the same.
28. REPORTING OF FRAUDS BY THE AUDITORS:
During the year under review, neither the Statutory nor the Secretarial Auditors has
reported to the Audit Committee under Section 143(12) of the Companies Act, 2013 any
instances of fraud committed against the Company by its officers or employees, the details
of which would need to be mentioned in the Board's Report.
29. STATE OF COMPANY'S AFFAIRS:
Management Discussion and Analysis Report for the year under review, as stipulated in
Regulation 34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual
Report. It contains a detailed write up and explanation about the performance of the
Company.
30. STATEMENT ON ANNUAL EVALUATION OF BOARD'S PERFORMANCE:
The Board evaluated the effectiveness of its functioning, that of the Committees and of
individual Directors, pursuant to the provisions of the Act and SEBI Listing Regulations.
The Board sought the feedback of Directors on various parameters including:
Degree of fulfillment of key responsibilities towards stakeholders (by way of
monitoring corporate governance practices, participation in the long-term strategic
planning, etc.); Structure, composition, and role clarity of the Board and Committees;
Extent of co-ordination and cohesiveness between the Board and its Committees;
Effectiveness of the deliberations and process management; Board / Committee culture and
dynamics; and Quality of relationship between Board Members and the Management.
The above criteria are broadly based on the Guidance Note on Board Evaluation issued by
the Securities and Exchange Board of India on January 5, 2017.
The Chairman of the Board had one-on-one meetings with each Independent Director and
the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with
each Executive and Non-Executive, Non-Independent Directors. These meetings were intended
to obtain Directors' inputs on effectiveness of the Board/ Committee processes.
In a separate meeting of Independent Directors, performance of Non-Independent
Directors, the Board as a whole, and the Chairman of the Company was evaluated, taking
into account the views of Executive Directors and Non-Executive Directors.
The Nomination and Remuneration Committee reviewed the performance of the individual
directors and the Board as a whole.
In the Board meeting that followed the meeting of the independent directors and the
meeting of Nomination and Remuneration Committee, the performance of the Board, its
committees, and individual directors was discussed.
The evaluation process endorsed the Board Members' confidence in the ethical standards
of the Company, the resilience of the Board and the Management in navigating the Company
during challenging times, cohesiveness amongst the Board Members, constructive
relationship between the Board and the Management, and the openness of the Management in
sharing strategic information to enable Board Members to discharge their responsibilities
and fiduciary duties.
The Board carried out an annual performance evaluation of its own performance and that
of its committees and individual directors as per the formal mechanism for such evaluation
adopted by the Board. The performance evaluation of all the Directors was carried out by
the Nomination and Remuneration Committee.
The performance evaluation of the Chairman, the Non-Independent Directors and the Board
as a whole was carried out by the Independent Directors. The exercise of performance
evaluation was carried out through a structured evaluation process covering various
aspects of the Board functioning such as composition of the Board & committees,
experience & competencies, performance of specific duties & obligations,
contribution at the meetings and otherwise, independent judgment, governance issues etc.
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015, the Board has carried out the annual
performance evaluation of the Directors individually as well as evaluation of the working
of the Board by way of individual feedback from directors.
The evaluation frameworks were the following key areas:
a) For Non-Executive & Independent Directors:
Knowledge Professional Conduct
Comply Secretarial Standard issued by ICSI Duties Role and functions
b) For Executive Directors:
Performance as leader
Evaluating Business Opportunity and analysis of Risk Reward Scenarios Key set
investment goal Professional conduct and integrity Sharing of information with Board.
Adherence applicable government law
The Directors expressed their satisfaction with the evaluation process.
31. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:
A. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has established vigil mechanism and framed whistle blower policy for
Directors and employees to report concerns about unethical behavior, actual or suspected
fraud or violation of Company's Code of Conduct or Ethics Policy.
B. BUSINESS CONDUCT POLICY:
The Company has framed “Business Conduct Policy”. Every employee is required
to review and sign the policy at the time of joining and an undertaking shall be given for
adherence to the policy. The objective of the policy is to conduct the business in an
honest, transparent and in an ethical manner. The policy provides for anti-bribery and
avoidance of other corruption practices by the employees of the Company.
32. PARTICULARS OF EMPLOYEES:
The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration
of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the
Employees of the Company has received remuneration above the limits specified in the Rule
5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel)
Rules, 2014 during the financial year 2022-23.
33. LOAN FROM DIRECTOR / RELATIVE OF DIRECTOR:
During the year under review, the Company has not entered into any materially
significant related party transactions which may have potential conflict with the interest
of the Company at large. Suitable disclosures as required are provided in AS-18 which is
forming the part of the notes to financial statement.
34. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Directors and Key Managerial Personnel of the Company are summarized below:
Sr. No. Name |
Designation |
DIN |
1. Devi Singh1,2 |
Managing Director |
09528536 |
2. Premaram Patel |
Independent Director |
09324872 |
3. Chinu Kalal3 |
Independent Director |
09568622 |
4. Vishnudatt Gupta5 |
Non-Executive Director |
00404749 |
5. Vipul Patel 1 |
Managing Director |
06956010 |
6. Kailash Gupta 1,3 |
Non-Executive Director |
09593190 |
7. Mukesh Kapuriya4 |
CFO |
CDNPK1127L |
8. Yash Chauhan3,4 |
Non-Executive Director and CFO |
09754778 |
9. Komal Jain6 |
Company Secretary |
- |
1. Mr. Vipul Patel had given resignation from the post of Managing Director and
Mr. Devi Singh as Managing Director and Mr. Kailash Gupta as Non-Executive Director had
been appointed w.e.f. 4th May, 2022.
2. Change in designation of Mr. Devi Singh as Managing Director w.e.f. 16th
July, 2022.
3. Mr. Yash Chauhan as Non-Executive Director and Ms. Chinu Kalal as Independent
Director and Mr. Yash Chauhan as Chief Financial Officer had been appointed and Mr.
Kailash Gupta had given resignation as Non-Executive Director w.e.f. 17th
October, 2022.
4. Mr. Mukesh Kapuriya had been appointed as Chief Financial Officer and Mr. Yash
Chauhan as Chief Financial Officer, Mr. Yash Chauhan as Non-Executive Director had given
resignation w.e.f 2nd May, 2023.
5. Mr. Vishnudatt Gupta had been appointed as Non-Executive Director
w.e.f.11th May, 2023.
6. Mr. Komal Jain had been resigned from the post of Company Secretary
w.e.f. 17th May, 2023.
Apart from the above changes, there were no other changes in the composition of the
Board of Directors of the Company during the Financial Year 2022-23 and till the date of
Board's Report. As per Companies Act, 2013, the Independent Directors are not liable to
retire by rotation.
35. DECLARATION BY INDEPENDENT DIRECTORS:
Mr. Premaram Patel and Ms. Chinu Kalal, Independent Directors of the Company have
confirmed to the Board that they meet the criteria of Independence as specified under
Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Director.
They have also confirmed that they meet the requirements of Independent Director as
mentioned under Regulation 16 (1) (b) of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015. The confirmations were noted by the Board.
36. CORPORATE GOVERNANCE:
As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, quarterly compliance report on requirement Corporate Governance is not
applicable to the Company.
37. DEPOSITS:
As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor
renewed any deposits during the financial year. Hence, the Company has not defaulted in
repayment of deposits or payment of interest during the financial year.
38. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the
Board has carried the evaluation of its own performance, performance of Individual
Directors, Board Committees, including the Chairman of the Board on the basis of
attendance, contribution towards development of the Business and various other criteria as
recommended by the Nomination and Remuneration Committee of the Company. The evaluation of
the working of the Board, its committees, experience and expertise, performance of
specific duties and obligations etc. were carried out. The Directors expressed their
satisfaction with the evaluation process and outcome.
In a separate meeting of Independent Directors, the performances of Executive and Non -
Executive Directors were evaluated in terms of their contribution towards the growth and
development of the Company. The achievements of the targeted goals and the achievements of
the expansion plans were too observed and evaluated, the outcome of which was satisfactory
for all the Directors of the Company.
39. AUDITORS:
A. Statutory Auditor:
M/s. SSRV & Associates., Chartered Accountants, Maharashtra, (Firm Registration No.
135901W), were appointed as the Statutory Auditors of the Company for the period of 5
(Five) consecutive years from the conclusion of 39th Annual General Meeting
held in the year 2022 till the conclusion of 44th Annual General Meeting of the
Company to be held in the year 2027.
The Auditor's report for the Financial Year ended 31st March, 2023 has been
issued with an unmodified opinion, by the Statutory Auditor.
B. Secretarial Auditor:
The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with
Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, has appointed Mr. Gaurav Bachani, Proprietor of M/s. Gaurav Bachani &
Associates, Company Secretaries, as a Secretarial Auditor of the Company to conduct
Secretarial Audit for the Financial Year 2022-23.
The Secretarial Audit Report for the Financial Year 2022-23 is annexed herewith as
Annexure 2 in Form MR-3. There are no adverse observations in the Secretarial Audit Report
which call for explanation.
C. Internal Auditor:
The Board of directors has appointed M/s. Umesh Khese & Co., Chartered Accountants,
as the internal auditor of the Company. The Internal Auditor conducts the internal audit
of the functions and operations of the Company and reports to the Audit Committee and
Board from time to time.
40. DISCLOSURES
A. Composition of Audit Committee:
During the year under review, meetings of members of the Audit committee as tabulated
below, was held on 21st April, 2022, 10th August, 2022, 12th
November, 2022, 11th January, 2023 the attendance records of the members of the
Committee are as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Premaram Patel |
Chairman |
4 |
4 |
Mr. Kailash Gupta1,2 |
Member |
4 |
4 |
Mr. Devi Singh |
Member |
4 |
4 |
Ms. Chinu Kalal2 |
Member |
4 |
4 |
1. Mr. Kailash Gupta had been appointed as Member of Audit Committee w.e.f. 4th
May, 2022.
2. Ms. Chinu Kalal had been appointed as Member and Mr. Kailash Gupta had been
resigned from the Member of Audit Committee w.e.f 17th October, 2022.
B. Composition of Nomination and Remuneration Committee:
During the year under review, meetings of the members of the Nomination and
Remuneration committee, as tabulated below, was held on 4th May, 2022 and 17th
October, 2022 and the attendance records of the members of the Committee are as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Premaram Patel |
Chairperson |
2 |
2 |
Ms. Chinu Kalal1 |
Member |
1 |
1 |
Mr. Yash Chauhan1,3 |
Member |
1 |
1 |
Mr. Vishnudatt Gupta4 |
Member |
NA |
NA |
Mr. Kailash Gupta1,2 |
Member |
1 |
1 |
1. Mr. Kailash Gupta had been appointed as Member of the Nomination and
Remuneration Committee w.e.f. 4th May, 2022.
2. Ms. Chinu Kalal and Mr. Yash Chauhan had been appointed and Mr. Kailash
Gupta had resigned from the post of Member of Nomination and Remuneration Committee w.e.f.
17th October, 2022.
3. Mr. Yash Chauhan had resigned from the post of Member of the Nomination
and Remuneration Committee w.e.f 2nd May, 2023.
4. Mr. Vishnudatt Gupta had been appointed as Member of the Nomination and
Remuneration Committee w.e.f 11th May, 2023.
C. Composition of Stakeholders' Relationship Committee:
During the year under review, meetings of members of Stakeholders' Relationship
committee as tabulated below, was held on 21st April, 2022 and 15th
June, 2022 and the attendance records of the members of the Committee are as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Kailash Gupta1,2 |
Chairman |
NA |
NA |
Mr. Premaram Patel |
Member |
2 |
2 |
Mr. Devi Singh |
Member |
2 |
2 |
Ms. Chinu Kalal2 |
Member |
NA |
NA |
Mr. Devi Singh2 |
Chairman |
2 |
2 |
1. Mr. Kailash Gupta had been appointed as Chairman of the Stakeholders'
Relationship Committee w.e.f. 4th May, 2022. 2. Ms. Chinu Kalal had
been appointed as Member and Mr. Kailash Gupta had resigned from the post of Chairman and
Change in designation of Mr. Devi Singh from Member to Chairman of the Stakeholders'
Relationship Committee w.e.f. 17th October, 2022.
41. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT, 2013:
The Company has always been committed to provide a safe and conducive work environment
to its employees. 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 as confirmed by the Internal Complaints Committee as
constituted by the Company.
42. INDUSTRIAL RELATIONS:
The Directors are pleased to report that the relations between the employees and the
management continued to remain cordial during the year under review.
43. MAINTENANCE OF COST RECORDS:
According to information and explanation given to us, the Central Government has not
prescribed maintenance of cost records under section 148(1) of the Act in respect of
activities carried out by the Company.
44. THE 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 the Insolvency and Bankruptcy Code 2016.
45. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE AVAILING LOAN FROM THE BANKS AND FINANCIAL
INSTITUTIONS:
During the year under review, there has been no one time settlement of Loans taken from
Banks and Financial Institutions.
46. ACKNOWLEDGEMENTS
Your Directors would like to express their sincere appreciation for the co-operation
and assistance received from the Bankers, Regulatory Bodies, Stakeholders including
Financial Institutions, Suppliers, Customers and other business associates who have
extended their valuable sustained support and encouragement during the year under review.
Your Directors take this opportunity to recognize and place on record their gratitude
and appreciation for the commitment displayed by all executives, officers and staff at all
levels of the Company. We look forward for the continued support of every stakeholder in
the future.
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