To
The Members of B N Rathi Comtrade Private Limited,
We have pleasure in presenting the 15th Annual report together with Audited accounts
for the year ended 31st March, 2023.
1. FINANCIAL RESULTS:
| Particulars |
2022-23 |
2021-22 |
| Revenue from operations |
21.94 |
62.77 |
| Other income |
11.82 |
21.65 |
| Profit/loss before Depreciation, Finance Costs, |
19.09 |
47.05 |
| Exceptional items and Tax Expense |
|
|
| Less: Depreciation/ Amortisation/ Impairment |
0.67 |
0.49 |
| Profit /loss before Finance Costs, Exceptional items |
18.42 |
46.56 |
| and Tax Expense |
|
|
| Less: Finance Costs |
0.01 |
1.66 |
| Profit /loss before Exceptional items and Tax Expense |
18.41 |
44.90 |
| Add/(less): Exceptional items |
- |
- |
| Profit /loss before Tax Expense |
18.41 |
44.90 |
| Less: Tax Expense (Current & Deferred) |
7.41 |
11.69 |
| Profit /loss for the year (1) |
11.00 |
33.20 |
| Total Comprehensive Income/loss (2) |
|
- |
| Total (1+2) |
11.00 |
33.20 |
| Balance of profit /loss for earlier years |
- |
- |
| Less: Transfer to Reserves |
- |
- |
| Less: Dividend paid on Equity Shares |
- |
- |
| Less: Dividend Distribution Tax |
- |
- |
| Balance carried forward |
- |
- |
TRANSFER TO RESERVES:
Directors have decided not to transfer any amount to reserves for the year.
DIVIDEND:
Keeping the Companys expansion and growth plans in mind, your Directors have decided
not to recommend dividend for the year.
STATE OF AFFAIRS/ COMPANYS PERFORMANCE:
The total revenue of the Company for the financial year 2022-23 was Rs.33.77 lakhs as
against Rs. 84.43 lakhs for the previous financial year. The company earned a profit of
Rs. 11.00 lakhs as against the net profit of Rs. 33.20 lakhs for the previous year.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There were no material changes and commitments affecting Financial position of the
company between 31st March, 2023 and the date of Boards Report. (i.e.13.05.2023)
MATERIAL CHANGES AND COMMITMENTS:
There were no material changes taken place subsequent to the date of financial
statements.
REVISION OF FINANCIAL STATEMENTS
There was no revision of the financial statements for the year under review.
CAPITAL OF THE COMPANY:
Authorized Share capital and paid up share capital of the company stands at Rs. 1, 00,
00,000/- (Rupees one Crore Only) divided in to 10,00,000 equity shares of Rs.10/- each.
TRANSFER OF UN-CLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION:
There is no such amount of Un-paid or Unclaimed Dividend be transferred to Investor and
Education and Protection Fund for the financial year ended 31st March 2023.
DIRECTORS:
During the year no directors were appointed or resigned from the office of
Directorship.
APPOINTMENT OF INDEPENDENT DIRECTORS IN THE BOARD AND DECLARATION UNDER SECTION 149(6)
The provisions of Section 149 pertaining to the appointment of Independent Directors do
not apply to our Company.
BOARD MEETINGS:
The Board of Directors met five times during the year on 16.05.2022, 06.08.2022,
05.11.2022, and 04.02.2023 and the maximum gap between any two meetings was less than four
months, as stipulated under the provisions of Companies Act, 2013.
COMMITTEES:
The company does not meet the criteria of provisions of Companies Act, 2013 and thus
Committees are not constituted.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Sec. 134(5) of the Companies Act, 2013 the Board of
Directors of your Company hereby certifies and confirms that:
a. In the preparation of the Annual Accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
b. The Directors have selected such accounting policies and applied them consistently
and made judgment 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 and loss of the Company for that period;
c. 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;
d. The Directors have prepared the Annual accounts on a going concern basis.
e. 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.
f. proper and sufficient care has been taken 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;
Internal financial controls:
Internal financial controls with reference to the financial statements are adequate and
operating effectively.
No Frauds reported by statutory auditors
During the Financial Year 2022-23, the Auditors have not reported any matter under
section 143(12) of the Companies Act, 2013, therefore no detail is required to be
disclosed under section 134(3) (ca) of the Companies Act, 2013.
SUBSIDIARY COMPANY:
Your Company does not have any subsidiary.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning of Sec.73 of the
Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 during
the financial year under review.
Details of deposits not in compliance with the requirements of the Act:
Since the Company has not accepted any deposits during the Financial Year ended March
31, 2023, there has been no non-compliance with the requirements of the Act.
Pursuant to the Ministry of Corporate Affairs (MCA) notification dated 22nd January
2019 amending the Companies (Acceptance of Deposits) Rules, 2014, the Company is required
to file with the Registrar of Companies (ROC) requisite returns in Form DPT-3 for
outstanding receipt of money/loan by the Company, which is not considered as deposits.
The Company complied with this requirement within the prescribed timelines.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not taken any loan, guarantee or investment as specified under section
186 of the Companies Act, 2013.
RELATED PARTY TRANSACTIONS:
All contracts/arrangements/transactions entered by the Company during the financial
year with related parties were in the ordinary course of business and on arms length
basis. During the year, the Company had not entered into any
contract/arrangement/transaction with related parties which could be considered material
in accordance with the policy of the company on materiality of related party transactions.
Your Directors draw attention of the members to Note 22 to the financial statement
which sets out related party disclosures.
CORPORATE SOCIAL RESPONSIBILTY POLICY:
Since your Company does not has the net worth of Rs. 500 crores or more, or turnover of
Rs. 1000 crores or more, or a net profit of Rs. 5 crores or more during the financial
year, so section 135 of the Companies Act, 2013 relating to Corporate Social
Responsibility is not applicable to the Company and hence the Company need not adopt any
Corporate Social Responsibilty Policy.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUT
GO:
The required information as per Sec.134 of the Companies Act 2013 is provided
hereunder:
A. Conservation of Energy
Adequate measures have been taken to reduce energy consumption, wherever possible.
Total energy consumption and energy consumption per unit of production is not applicable
as company is not included in the industries specified in the schedule.
| B. Technology Absorption |
|
|
| 1. Research and Development (R&D) |
: |
Nil |
| 2. Technology absorption, adoption and innovation |
: |
Nil |
| C. Foreign Exchange Earnings and Out Go |
|
|
| Foreign Exchange Earnings |
: |
Nil |
| Foreign Exchange Outgo |
: |
Nil |
RISK MANAGEMENT POLICY:
Your Company follows a comprehensive system of Risk Management. Your Company has
adopted a procedure for assessment and minimization of probable risks. It ensures that all
the risks are timely defined and mitigated in accordance with the well-structured risk
management process.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company is not required to form such policy
STATUTORY AUDITOR AND AUDITORS REPORT
The existing auditors M/s. Sesachalam & Co, Chartered Accountants, Hyderabad
appointed as statutory auditors of the Company for the term of five years from the
conclusion of 11th Annual General Meeting till the conclusion of the 16th Annual General
Meeting to be held in the year 2024 with the approval of shareholders. The Auditors
Report for fiscal 2023 does not contain any qualification, reservation or adverse remark.
The Auditors Report is enclosed with the financial statements in this Annual Report.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
The Secretarial Audit is not applicable on the company as it is not covered under the
provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
SECRETARIAL STANDARDS:
The company is in compliance with Secretarial Standards issued by The Institute of
Company Secretaries of India on Meetings of the Board of Directors and General Meetings.
INSURANCE:
The companys properties have been adequately insured against major risks. All the
insurable interests of your Company including inventories, buildings, plant and machinery,
stock and liabilities under legislative enactments are adequately insured.
PARTICULARS OF EMPLOYEES:
Your Directors are pleased to record their sincere appreciation of the contribution by
the staff at all levels in the improved performance of the Company.
None of the employees is drawing Rs. 5,00,000/- and above per month or Rs.60,00,000/-
and above in aggregate per annum, the limits prescribed under Section 134 of the Companies
Act, 2013.
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:
During the period under review there were no significant and material orders passed by
the regulators or Courts or Tribunals impacting the going concern status and the companys
operations in future.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 read with rules made thereunder, during the year
under review, there were no Complaints pertaining to sexual harassment.
INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING THE COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures
is not required.
EVENT BASED DISCLOSURES
There were no instances which require event-based disclosures during the year.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for assistance and
co-operation received from clients, banks, investors, Government, other statutory
authorities and all others associated with the company. Your directors also wish to place
on record their deep sense of appreciation for the excellent contribution made by the
employees at all levels, which enabled the company to achieve sustained growth in the
operational performance during the year under review.
|
For and on behalf of the Board |
|
B N Rathi Comtrade Private Limited |
|
Sd/- |
| Place: Hyderabad |
Hari Narayan Rathi |
| Date: 13.05.2023 |
Director |
|
(DIN: 00010968) |
+91-9892691696
