To
The Members,
Your Directors take pleasure in presenting their Tenth Annual Report on the Business
and Operations of the Company and the Accounts for the Financial Year ended 31st
March, 2023 (period under review).
1. FINANCIAL PERFORMANCE OF THE COMPANY:
The summary of the financial highlights for the financial year ended March 31, 2023 and
the previous financial year ended March 31, 2022 is given below:
(Rs. in lakhs)
| Particulars |
31-March-23 |
31-March-22 |
| Total Income |
38.25 |
17.55 |
| Less: Expenditure |
41.26 |
35.78 |
| Profit before Depreciation |
(3.01) |
(18.23) |
| Less: Depreciation |
3.72 |
3.72 |
| Profit before Tax |
(6.73) |
(21.95) |
| Tax Expenses: |
|
|
| Current Tax |
- |
- |
| Deferred Tax |
0.14 |
(0.14) |
| Profit after T ax |
(6.59) |
(22.09) |
2. REVIEW OF OPERATIONS
The Total Income of the Company stood at ? 38.25 lakhs for the year ended March 31,
2023 as against ? 17.55 lakhs in the previous year. The Company made a net profit (after
tax) of ? (6.59) lakhs for the year ended March 31, 2023 as compared to the ? (22.09)
lakhs in the previous year.
3. CASH FLOW STATEMENTS:
As required under regulation 34 of the SEBI (LODR) Regulations, 2015, a Cash Flow
Statement forms part of Annual Report.
4. CONSOLIDATED FINANCIAL RESULTS:
The Company does not have any Subsidiary and Associates within the meaning of the
Companies Act, 2013. Therefore, the requirement of Consolidated Financial Results is not
applicable to the company.
5. TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) tJ) OF THE COMPANIES ACT. 2013
The Board has decided not to transfer any amount to the Reserves for the year under
review.
6. DIVIDEND:
The dividend policy for the year under review has been fonnulated taking into
consideration of growth of the company and to conserve resources, the Directors do not
recommend any dividend for year ended March 31,2023. ' '
7. TRANSFER OF UNPAID AND UNCLAIMED DIVIDENDS TO INVESTOR EDUCATION AND PROTECTION FUND
The Ministry of Corporate Affairs under Sections 124 and 125 of the Companies Act, 2013
requires dividends that are not encashed/ claimed by the shareholders for a period of
seven consecutive years, to be transferred to the Investor Education and Protection Fund
(IEPF). In FY 2022-23, there was no amount due for transfer to IEPF.
8. CHANGES IN SHARE CAPITAL
During the Financial Year under review, there was no change in capital structure of the
company as shown in the table below and there are no outstanding shares issued with
differential rights, sweat equity or ESOS.
| Particulars |
No. of Shares as at 31st |
Capital as at 31st |
|
March, 2023 |
March, 2022 |
| Shares outstanding at the beginning of the year |
3,86,730 |
3,86,730 |
| Changes during the year |
0 |
0 |
| Shares outstanding at the beginning of the year |
3,86,730 |
3,86,730 |
9. MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report for the year under review, in terms of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (the "Listing Regulations") and SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2018 (the "Amended Listing
Regulations"), is presented in a separate section forming part of the Annual Report.
10. CHANGE IN NATURE OF BUSINESS. IF ANY
There has been no change in nature of business of the Company during the FY 2022-2023
which is under review. However the new management has proposed the new business object
proposed to be undertaken by company for shareholders’ approval in the Annual General
Meeting.
11. DISCLOSURES BY DIRECTORS
The Board of Directors have submitted notice of interest in Form MBP 1 under Section
184(1) as well as intimation by directors in Form DIR 8 under Section 164(2) and
declarations as to compliance with the Code of Conduct of the Company.
12. SUBSIDIARY/JOINT VENTURE/ASSOCIATE COMPANY
The company had no Subsidiary, Associate or Joint Venture as on 31st March, 2023.
13. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
BETWEEN THE END OF FINANCIAL YEAR AND DATE OF REPORT
In a significant corporate development, the promoters of our company, namely Mohammed
Aslam Khan and Anis Ahmed Choudhery, have executed a transaction wherein they have
divested their stakes in the company. This strategic move involved the sale of their
shares to Raman Talwar and Kaushik Waghela, and it was formalized through a Share Purchase
Agreement, which resulted in a change in the company's management structure. Following
this transaction, Raman Talwar and Kaushik Waghela undertook an Open Offer as per the
guidelines established by the Securities and Exchange Board of India (SEBI) under the SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2002. This offer allowed
them to acquire additional shares from existing shareholders.
As a result of this change in management, several key individuals have taken on new
roles or stepped down from their positions within the company. Effective from September
01, 2023, the following changes have occurred on the company's board:
| • RESIGNATIONS: |
• APPOINTMENTS: |
| Mr. Mohammed Aslam Khan |
Mr. Raman Talwar |
| Mr. Anis Ahmed Choudhery |
Mr. Kaushik Waghela |
| Mrs. Soummya Bania |
Mr. Anand Prakash |
| Dr. Nisar Shariq |
Mr. Aditya Solanki |
| Mr. Moiz Miyajiwala |
|
These appointments reflect a new leadership team that will guide the company's future
strategic direction. The company looks forward to the fresh perspectives and expertise
that Raman Talwar, Kaushik Waghela, Anand Prakash, and Aditya Solanki bring to the table.
This change in management signifies an exciting chapter for our company, and we remain
committed to our stakeholders, customers, and shareholders as we continue to pursue growth
and success. We are confident that under the guidance of our new leadership, we will
achieve new heights of excellence and innovation.
14. EXTRACT OF ANNUAL RETURN:
Pursuant to Sections 92(3 ) and 134(3)(a) of the Act, the Annual Return (Form MGT-7) is
available on the Company’s website at the link: www.transpact.in
15. FAMILIARISATION PROGRAMME FOR DIRECTORS
As a practice, all Directors (including Independent Directors) inducted to the Board go
through a structured orientation programme. Presentations are made by Senior Management
giving an overview of the operations, to familiarise the new Directors with the Company's
business operations. The Directors are given an orientation on the products of the
business, group structure, Board constitution and procedures, matters reserved for the
Board, and the major risks and risk management strategy of the Company.
16. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
i. Changes in KMP & Directors
| Sr. No. |
KMP |
Date |
Reason |
| 1. |
Mr. Raman Talwar |
September 01. 2023 |
Appointed as Additional Executive Director |
| 2. |
Mr. Kaushik Waghela |
September 01, 2023 |
Appointed as Additional Non-Executive Director |
| 3. |
Mr. Anand Prakash |
September 01, 2023 |
Appointed as Additional Non-Executive Independent Director |
| 4. |
Mr. Aditya Solanki |
September 01. 2023 |
Appointed as Additional Non-Executive Independent Director |
| 5. |
Mr. Mohammed Aslam Khan |
September 01, 2023 |
Resigned as Executive Director |
| 6. |
Mr. Anis Choudhery |
September 01, 2023 |
Resigned as Whole-time Director |
| 7. |
Mrs. Soummya Bania |
September 01, 2023 |
Resigned as Non-Executive Independent Director |
| 8. |
Dr. Nisar Shariq |
September 01, 2023 |
Resigned as Non-Executive Independent Director |
| 9. |
Mr. Moiz Miyajiwala |
September 01, 2023 |
Resigned as Non-Executive Independent Director |
| 10. |
Mr. Puneet Vaidya |
May 02, 2023 |
Appointed as Company Secretary and Compliance Officer |
| 11. |
Mr. Viraj Mane |
April 07, 2023 |
Resigned as Company Secretary and Compliance Officer |
ii. Committees of Board of Directors as on September 01. 2023
| Sr. No. |
Date |
Committee |
Director Name |
|
September 01, 2023 |
|
Aditya Solanki (Chairperson) |
| 1. |
|
Audit Committee |
Anand Prakash (Member ) |
|
|
|
Raman Talwar (Member) |
| 2. |
September 01, |
Nomination and Remuneration |
Aditya Solanki (Chairperson) |
| Sr. No. |
Date |
Committee |
Director Name |
|
2023 |
Committee |
Anand Prakash (Member) |
|
|
|
Kaushik Waghela (Member) |
| 3. |
September 01, 2023 |
Stakeholder Relationship Committee |
Aditya Solanki (Chairperson) |
|
|
|
Anand Prakash (Member) |
|
|
|
Kaushik Waghela (Member) |
Note: Mr. Mohammed Aslant Khan, Mrs. Soummya Bania, Dr. Nisar Shariq and Mr. Moiz
Miyajiwala have resigned from the Board of the Company w.e.f September 01, 2023 pursuant
to which all the Committees were re-constituted on September 01, 2023.
iii. Independent Directors
Our Company has received annual declarations from all the Independent Directors of the
Company confirming that they meet with the criteria of Independence provided in Section
149(6) of the Companies Act, 2013 and Regulations 16(1 )(b) & 25 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in
the circumstances, which may affect their status as Independent Director during the year.
The Independent Directors met on May 05, 2022, 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 Chairman 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. BOARD MEETINGS:
The Company held five meetings of its Board of Directors during the year on April 22,
2022; May 30, 2022; September 06, 2022; October 21, 2022 and January 27, 2023.
18. COMMITTEES OF THE BOARD:
(a) Audit Committee:
The Audit Committee, as per Section 177 of Companies Act, 2013, was constituted by our
Directors by a Board Resolution dated April 25, 2019.
| Name of Director |
Category |
Position in the committee |
Attendance at the Audit Committee
Meetings held on |
|
|
|
May 05, 2022 |
September 06, 2022 |
October 21, 2022 |
January 18, 2023 |
| Moiz Mohsin Miyajiwala |
Non - Executive Independent Director |
Chairperson |
Yes |
Yes |
Yes |
Yes |
| Shariq Nisar |
Non - Executive Independent Director |
Member |
Yes |
Yes |
Yes |
Yes |
| Mohammed Aslam Khan |
Executive Director |
Member |
Yes |
Yes |
Yes |
Yes |
The Committee is governed by a Charter, which is in line with the regulatory
requirements mandated by the Companies Act, 2013. Some of the important functions
performed by the Committee are:
Financial Reporting and Related Processes:
• Oversight of the Company’s financial reporting process and financial
information submitted to the Stock Exchanges, regulatory authorities or the public.
• Reviewing with the Management, the Half Yearly Unaudited Financial Statements
and the Auditor’s
Limited Review Report thereon / Audited Annual Financial Statements and Auditors’
Report thereon
before submission to the Board for approval. This would, inter alia, include reviewing
changes in the accounting policies and reasons for the same, major accounting estimates
based on exercise of judgement by the Management, significant adjustments made in the
Financial Statements and / or recommendation, if any, made by the Statutory Auditors in
this regard.
• Review the Management Discussion & Analysis of financial and operational
performance.
• Discuss with the Statutory Auditors its judgement about the quality and
appropriateness of the Company’s
accounting principles with reference to the Indian Accounting Standard (IND-AS).
• Review the investments made by the Company.
All the Members on the Audit Committee have the requisite qualification for appointment
on the Committee and possess sound knowledge of finance, accounting practices and internal
controls.
(b) Nomination and Remuneration Committee:
The Nomination and Remuneration Committee, as per Section 178(1) of Companies Act,
2013, was constituted by our Directors by a Board Resolution dated April 25, 2019.
| Name of Director |
Position in Category the committee |
Attendance at the Remuneration
Committee held on |
|
|
May 30, 2022 |
October 21, 2022 |
| Soummya Sudhir Bania |
Non -Executive Independent Chairperson Director |
Yes |
Yes |
| Shariq Nisar |
Non -Executive Independent Member Director |
Yes |
Yes |
| Moiz Mohsin Miyajiwala |
Non -Executive Independent Member Director |
Yes |
Yes |
The terms of reference of the Committee inter alia, include the following:
• Succession planning of the Board of Directors and Senior Management Employees;
• Identifying and selection of candidates for appointment as Directors /
Independent Directors based on certain laid down criteria;
• Identifying potential individuals for appointment as Key Managerial Personnel
and to other Senior Management positions;
• Formulate and review from time to time the policy for selection and appointment
of Directors, Key Managerial Personnel and senior management employees and their
remuneration;
• Review the performance of the Board of Directors and Senior Management Employees
based on certain criteria as approved by the Board.
The Company has formulated a Remuneration Policy which is annexed to the Board’s
Report in "Amiexure I". ' '
(c) Stakeholders Relationship Committee:
The Stakeholders Relationship Committee, as per Section 178 (5) of Companies Act, 2013
was constituted by our Directors by a Board Resolution dated April 25, 2019.
| Name of Director |
Category |
Position in the committee |
Attendance at the Stakeholders
Relationship Committee held on |
|
|
|
May 30, 2022 |
October 21, 2022 |
| Soummya Sudhir Bania |
Non - Executive Independent Director |
Chairperson |
Yes |
Yes |
| Shariq Nisar |
Non - Executive Independent Director |
Member |
Yes |
Yes |
| Moiz Mohsin Miyajiwala |
Non - Executive Independent Director |
Member |
Yes |
Yes |
The terms of reference of the Committee are:
• transfer/transmission of shares/debentures and such other securities as may be
issued by the Company from time to time;
• issue of duplicate share certificates for shares/debentures and other securities
reported lost, defaced or destroyed, as per the laid down procedure;
• issue new certificates against subdivision of shares, renewal, split or
consolidation of share certificates / certificates relating to other securities;
• issue and allot right shares / bonus shares pursuant to a Rights Issue / Bonus
Issue made by the Company, subject to such approvals as may be required;
• to grant Employee Stock Options pursuant to approved Employees’ Stock
Option Scheme(s), if any, and to allot shares pursuant to options exercised;
• to issue and allot debentures, bonds and other securities, subject to such
approvals as may be required;
• to approve and monitor dematerialization of shares / debentures / other
securities and all matters incidental or related thereto;
• to authorize the Company Secretary and Head Compliance / other Officers of the
Share Department to attend to matters relating to non-receipt of annual reports, notices,
non-receipt of declared dividend / interest, change of address for correspondence etc. and
to monitor action taken;
• monitoring expeditious redressal of investors / stakeholders grievances;
• all other matters incidental or related to shares, debenture
During the year, no complaints were received from shareholders. There are no balance
complaints. The Company had no share transfers pending as on March 31, 2023.
Mr. Puneet Vaidya, Company Secretary of the Company is the Compliance Officer.
19. BOARD’S PERFORMANCE EVALUATION:
In compliance with the Act and Listing Regulations, the Board of Directors carried out
an annual evaluation of the Board itself its Committees and individual Directors. The
entire Board carried out performance evaluation of each Independent Director excluding the
Independent Director being evaluated.
The evaluation was done after taking into consideration inputs received from the
Directors, setting out parameters of evaluation. Evaluation parameters of the Board and
Committees were mainly based on Disclosure of Information, Key functions of the Board and
Committees, Responsibilities of the Board and Committees, etc. Evaluation parameters of
Individual Directors including the Chairman of the Board and Independent Directors were
based on Knowledge to Perform the Role, Time and Level of Participation, Performance of
Duties and Level of Oversight and Professional Conduct etc.
Independent Directors in their separate meeting evaluated the performance of
Non-Independent Directors, Chairperson of the Board and the Board as a whole.
20. CORPORATE SOCIAL RESPONSIBILITY
The Company does not fall under the criteria laid under the provisions of Section 135
of the Act and rules framed there under. Therefore, the provisions of Corporate Social
Responsibility are not applicable to the Company.
21. AUDITORS:
i. Statutory Auditors:
M/s. A.R Sodha & Co. were the Statutory Auditors of the Company, to examine and
audit the accounts of the Company for financial years 2022-23. The Report given by the
Auditors on the Financial Statements of your Company is part of this Annual Report.
There is no qualification, reservation, adverse remark or disclaimer given by the
Auditors in their Report.
The Statutory Auditors Report to the Members for the Financial Year under review does
not contain any modified opinion or qualifications and the observations, Comments given in
the report of the Statutory Auditors read together with Notes to Accounts are self-
explanatory and hence, do not call for any further explanation or comments under Section
134(f)(i) of the Act.
ii. Secretarial Auditor:
Pursuant to Section 204 of the Act and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed
M/s. C. B. JAIN & ASSOCIATES, a firm of Company Secretaries in Practice (COP No.
13973), to undertake the Secretarial Audit of the Company. Their Secretarial Audit Report,
in prescribed Form No. MR-3, is annexed to the Directors Report as Annexure III, and does
not contain any qualification, reservation or adverse remarks.
iii. Cost Auditor:
The company does not fall within the provisions of Section 148 of Company’s Act,
2013 read with the Companies (Cost records & Audit) Rules, 2014, therefore such
records are duly maintained.
iv. Internal Auditor:
The Board appointed M/s. M. Azam & Co., Chartered Accountant, as the Internal
Auditor of the Company for the Financial Year 2022-23.
22. AUDITOR’S REPORT:
The Auditor’s Report and Secretarial Auditor’s Report does not contain any
qualifications, reservations or adverse remarks. Report of the Secretarial Auditor is
given as an Annexure which forms part of this report.
23. VIGIL MECHANISM:
Our Company is committed to maintain the highest standard of honesty, openness and
accountability and recognise that employees play an important role in growth and expansion
of the company. They are the most valuable asset of the Company.
In accordance with the provisions of Section 177(9) & (10) of the Act, read with
Rule 7 of the Companies (Meeting of the Board and its Powers) Rules, 2014 and Regulation
22 of Listing Regulations, the Company has adopted vigil mechanism policy to enable the
Directors and employees to have direct access to the Chairperson as well as the Members of
the Audit Committee. The Vigil Mechanism Policy is available on the website of the Company
website at www.transpact.in.
24. INTERNAL AUDIT & CONTROLS:
Pursuant to provisions of Section 138 read with read with rules made there under, the
Board has appointed M/s. M. Azam & Co, Chartered Accountant, as an Internal Auditors
of the Company to check the internal controls and functioning of the activities and
recommend ways of improvement. The Internal Financial Controls with reference to financial
statements as designed and implemented by the Company are adequate. The Internal Audit is
carried out half yearly basis; the report is placed in the Audit Committee Meeting and the
Board Meeting for their consideration and direction.
During the year under review, no material or serious observation has been received from
the Internal Auditors of the Company for inefficiency or inadequacy of such controls.
25. RISK ASSESSMENT AND MANAGEMENT:
Your Company has a Risk Management Policy to identify, evaluate risks and
opportunities. This framework seeks to create transparency, minimise adverse impact on the
business objectives and enhance the Company’s competitive advantage. This framework
is intended to assist in decision making process that will minimise potential losses,
improve the management in the phase of uncertainty and the approach to new opportunities,
thereby helping the Company to achieve its objectives.
Your Company has been on a continuous basis reviewing and streamlining its various
operational and business risks involved in its business as part of its risk management
policy. Your Company also takes all efforts to train its employees from time to time to
handle and minimize these risks.
26. COMPLIANCE WITH SECRETARIAL STANDARDS:
In terms of Section 118(10) of the Act, the Company state that the applicable
Secretarial Standards i.e., SS- 1 and SS-2, issued by the Institute of Company Secretaries
of India, relating to Meetings of Board of Directors and General Meetings respectively,
have been duly complied with.
27. PARTICULARS OF EMPLOYEES AND REMUNERATION
Details as required under Section 197 read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is hereto marked and annexed as
"Annexiire — If'" with this report and is forming part of the Board's
Report.
The Company's remuneration policy for Directors, Key Managerial Personnel and other
employees represents the overarching approach of the Company and is directed towards
rewarding performance based on review of achievements periodically.
28. POLICIES AND DISCLOSURE REQUIREMENTS:
In terms of provisions of the Companies Act, 2013 the Company has adopted following
policies which are available on its website www.transpact.in.
29. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The nature of the activities of the Company is such that the disclosure in respect of
Conservation of energy and Technology Absorption pursuant to Rule 8 of Companies
(Accounts) Rules, 2014 is not applicable and the Company does not have any foreign
exchange earnings and outgo during the financial year under review.
30. PARTICULARS OF LOANS. INVESTMENTS AND GUARANTEES:
Particulars of loans given, investments made, guarantees given and securities provided
are provided in the financial statements.
31. DEPOSITS:
The Company has not accepted or renewed any amount falling within the purview of
provisions of Section 73 of the Companies Act 2013 ("the Act") read with the
Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the
requirement for furnishing of details relating to deposits covered under Chapter V of the
Act or the details of deposits which are not in compliance with the Chapter V of the Act
is not applicable.
32. CODE OF PREVENTION OF INSIDER TRADING:
Your Company has adopted a Code of Conduct to regulate, monitor and report trading by
designated persons and their immediate relatives and a Code of Fair Disclosure to
formulate a framework and policy for disclosure of events and occurrences that could
impact price discovery in the market for its securities as per the requirements under the
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
The Code is available on the Company’s website www.transpact.in.
33. RELATED PARTY TRANSACTIONS
I) The particulars of contracts or arrangements with related parties:
Your Company has historically adopted the practice of undertaking related party
transactions only in the ordinary and normal course of business and at arm’s length
as part of its philosophy of adhering to highest ethical standards, transparency and
accountability. In line with the provisions of the Companies Act, 2013 and the Listing
Regulations, the Board has approved a policy on related party transactions.
Further, Related Party Transactions are placed on a half yearly basis before the Audit
Committee and before the Board for approval. Prior omnibus approval of the Audit Committee
is obtained for the transactions which are of a foreseeable and repetitive nature.
The particulars of contracts or arrangements with related parties referred to in sub
section (1) of section 188 of the Companies Act, 2013 in the prescribed Form AOC-2 is
annexed hereto and marked as Annexiire - II and forms part of this Report. All the
transactions other than transactions mentioned in AOC -2 is executed / undertaken by the
Company at arm’s length and in ordinary course of the business.
II) Disclosure of Related Party Transaction with Person or Entity belonging to Promoter
& Promoter Group:
The Company has not made any transaction(s) with an Entity belonging to Promoter or
Promoter Group that holds 10% or more shareholding of the Company:
III) Disclosure of Loans and advances in nature of Loan to Subsidiaries and Associate
of the Company:
During the year under review, your Company did not have any subsidiary and associate.
Hence the said reporting is not applicable.
34. SIGNIFICANT AND MATERIAL ORDERS:
There are no significant and material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status and Company’s operations in future.
35. FRAUD REPORTING
There have been no frauds reported by the Auditors of the Company to the Audit
Committee or the Board of Directors under sub-section (12) of section 143 of the Companies
Act, 2013 during the financial year.
36. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013:
Your 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
& Redressal) Act, 2013 and an Internal Complaints Committee has been set up to redress
complaints received regarding Sexual Harassment at workplace, with a mechanism of lodging
& redress the complaints. All employees (permanent, contractual, temporary, trainees,
etc.) are covered under this policy.
Your Directors further state that pursuant to the requirements of Section 22 of Sexual
Harassment of Women at Work place (Prevention, Prohibition & Redressal) Act, 2013 read
with Rules there under, the Company has not received any complaint of sexual harassment
during the year under review.
37. HUMAN RESOURCES:
Your Company has established an organization structure that is agile and focused on
delivering business results. With regular communication and sustained efforts it is
ensuring that employees are aligned on common objectives and have the right information on
business evolution.
38. CORPORATE GOVERNANCE:
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015
exempts companies which have listed their specified securities on SME Exchange from
compliance with corporate governance provisions.
39. DISCLOSURES:
The following disclosures are not applicable to the company:
1. The details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016 ) during the year alongwith their status as at the end
of the financial year.
2. 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 along with the reasons thereof.
40. DIRECTORS’ RESPONSIBILITY STATEMENT:
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, work performed by the internal, statutory and
secretarial auditors and external consultants and the reviews performed by management and
the relevant board committees, including the audit committee, the board is of the opinion
that the Company’s internal financial controls were adequate and effective during the
financial year 2022-23. Accordingly, pursuant to Section 134(5) of the Companies Act,
2013, the Board of Directors, to the best of their knowledge and ability, confirm that:
i. In the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures;
ii. They 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 ended on March 31,
2023 and of the profit and loss and cash flow of the Company for the period ended March
31, 2023;
iii. They 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;
iv. They have prepared the annual accounts for the year ended March 31, 2023 on a going
concern basis;
v. They have laid down internal financial controls and the same have been followed by
the Company and that such internal financial controls are adequate and operating
effectively, and
vi. They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
41. CAUTIONARY STATEMENTS:
Statements in this Annual Report, particularly those which relate to Management
Discussion and Analysis as explained in the Corporate Governance Report, describing the
Company’s objectives, projections, estimates and expectations may constitute
"forward looking statements’ within the meaning of applicable laws and
regulations. Actual results might differ materially from those either expressed or implied
in the statement depending on the circumstances.
42. ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record its deep sense of appreciation for the
committed services by all the employees of the Company. The Board of Directors would also
like to express their sincere appreciation for the assistance and co-operation received
from the financial institutions, banks, government and regulatory authorities, stock
exchanges, customers, vendors, members, debenture holders and debenture trustee during the
year under review.
| Registered Office: |
On Behalf of The Board Of Directors |
|
| 204, 2nd Floor, Timmy Arcade, |
FOR TRANSPACT ENTERPRISES LIMITED |
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| Makwana Road Marol, Andheri East Mumbai - 400059 |
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| CIN: U33130MH2013PLC243247 |
Sd/- |
Sd/- |
| Website: www.transDact.in Email: infofSltranspact.in |
Mr. Raman Talwar |
Mr. Kaushik Waghela |
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Additional Executive |
Additional Non-Executive |
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Director |
Director |
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DIN: 07052896 |
DIN: 08242466 |
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