TO THE MEMBERS,
The Directors of the Company pleased to present the 28th Annual Report on
the business and operations of your Company, together with the Audited standalone and
consolidated financial statements for the financial year ended March 31, 2023.
FINANCIAL HIGHLIGHTS
Our Companys financial performance for the year under review is summarized below:
Particulars |
Consolidated (INR in Lakhs) |
Standalone (INR in Lakhs) |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Total Income |
19,731.30 |
28,354.98 |
388.24 |
6,151.20 |
| Less: Expenditure & |
20,169.48 |
23,255.28 |
542.83 |
766.68 |
| Depreciation |
|
|
|
|
Profit/ (Loss) before |
(438.18) |
5,099.70 |
(154.59) |
5,384.52 |
Exceptional Items & Tax |
|
|
|
|
| Exceptional Items and Profit/ |
- |
10.95 |
- |
20.00 |
| loss from Associates |
|
|
|
|
Profit/ (Loss) before Tax (PBT) |
(438.18) |
5,110.65 |
(154.59) |
5,364.52 |
| Less: Current Tax |
69.90 |
299.59 |
69.86 |
293.18 |
| Less: Deferred Tax |
273.62 |
140.51 |
(16.71) |
462.60 |
Profit/ (Loss) After Tax (PAT) |
(781.71) |
4,670.55 |
(207.74) |
4,608.74 |
| Paid-up Equity Share Capital |
2,290.74 |
2,290.74 |
2,290.74 |
2,290.74 |
| Reserves & Surplus |
8,535.59 |
9,308.75 |
7,290.41 |
7,497.34 |
Earning Per Share (in INR) |
(3.38) |
20.28 |
(0.90) |
20.19 |
REVIEW OF OPERATIONS
CONSOLIDATED INCOME AND PROFIT AFTER TAX:
The consolidated total income decreased to INR 19,731.30 Lakhs during current fiscal
year as compared to INR 28,354.98 Lakhs during previous FY 2021-22. The Company recorded
loss (after tax) of INR 781.71 lakhs during current fiscal as compared to profit (after
Tax) of INR 4,670.55 Lakhs during previous FY 2021-22.
STANDALONE INCOME AND PROFIT AFTER TAX:
The standalone total income decreased to INR 388.24 Lakhs during current fiscal year as
compared to INR 6,151.20 Lakhs during FY 2021-22. The Company recorded loss (after Tax) of
INR 207.74 Lakhs during current fiscal year as compared to profit (after Tax) of INR
4,608.74 Lakhs during FY 2021-22.
DIVIDEND
The Board of Directors of your Company do not recommend any dividend for FY 2022-23.
TRANSFER TO RESERVES
No amount was transferred to Statutory Reserves as required under Section 45-IC of the
Reserve Bank of India Act, 1934 due to Loss during FY 2022-23.
SUBSIDIARIES AND ASSOCIATE COMPANIES
As on March 31, 2023, your Company had 2 Subsidiaries.
1. Vibrant Global Trading Private Limited (Subsidiary)
2. Vibrant Global Salt Private Limited (Subsidiary)
FINANCIAL PERFORMANCE OF THE SUBSIDIARIES AND ASSOCIATE COMPANIES:
Vibrant Global Trading Private Limited (Subsidiary)
Total income for the FY 2022-23 was INR 8,957.44 Lakhs as compared to INR 15,289.76
Lakhs during previous year. The Company recorded loss (after tax) of INR 570.53 Lakhs
during current fiscal year as compared to loss of INR 289.10 Lakhs during previous year.
Vibrant Global Salt Private Limited (Subsidiary)
Total income for the FY 2022-23 was INR 10,506.03 Lakhs as compared to INR 7,035.05
Lakhs during previous year. The Company made profit (after Tax) of INR 12.56 Lakhs during
FY 2022-23 as compared profit (after Tax) of INR 256.11 Lakhs during previous year
2021-22.
In accordance with Section 129(3) of the Companies Act, 2013 and as stipulated under
Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the consolidated financial statements of the Companies and its Subsidiaries are prepared,
which forms part of the Annual Report. Further, a statement containing the salient
features of the financial statement of our Subsidiaries and Associate Company in
prescribed format of AOC-1 is appended as Annexure 1 to the Board Report.
The Statement also provides details of performance, financial positions of each of
Subsidiaries. These documents will also be available for inspection during business hours
at our Registered Office of the Company.
CHANGE IN THE NATURE OF BUSINESS
During the year under review, there is no change in the nature of business activities
of the company.
SHARE CAPITAL
During the year, there was no change in the share capital of the Company. The
outstanding, issued, subscribed and paid-up capital of the Company was INR 2,290.74 Lakhs
as on March 31, 2023. The Authorised Share Capital of the Company was INR 2,725 Lakhs as
on March 31, 2023.
DEPOSITS
The Company being non-Deposit accepting NBFC registered with the Reserve Bank of India
under Section 45-IA of the Reserve Bank of India Act, 1934, has not accepted deposits from
the public falling within the ambit of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014.
PARTICULARS OF THE EMPLOYEES AND RELATED DISCLOSURES:
Information required under Section 197 of the Companies Act, 2013 read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
annexed as Annexure 2 of the
Boards Report.
PARTICULARS OF LOANS, INVESTMENTS, GUARANTEES AND SECURITIES
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
RISK MANAGEMENT
The Board of Directors of the Company has built a strong Risk Management Framework to
frame, implement and monitor the risk management plan for the Company. The Board is
responsible for monitoring and reviewing the risk management plan and ensuring its
effectiveness. The Board also takes steps to mitigate the risks identified by the business
on a continuing basis. Your Board has not identified any risk which will threaten the
existence of the Company. The Audit Committee has additional oversight in the area of
financial risks and controls.
The details of the Risk Management with details of the principal risks and the plans to
mitigate the same are given in the Risk Management section of the Management Discussion
and Analysis Report.
INTERNAL FINANCIAL CONTROLS
The Board of Directors (Board) has devised systems, policies and procedures /
frameworks, which are currently operational within the Company for ensuring the orderly
and efficient conduct of its business, which includes adherence to Companys policies,
safeguarding assets of the Company, prevention and detection of frauds and errors,
accuracy and completeness of the accounting records and timely preparation of reliable
financial information. The control system ensures that the Companys assets are
safeguarded and protected.
In addition to the above, internal audits are undertaken which independently validates
the existing controls. The Internal audit program is reviewed by the Audit Committee at
the beginning of the year to ensure that the coverage of the areas is adequate. The Audit
Committee reviews the internal audit report received from internal Auditor and
institutionalize new procedures to strengthen controls.
POLICIES
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Companies Act, 2013 mandated the formulation of certain policies.
All these policies are available on the website of the Company
(www.vibrantglobalgroup.com).
Name of the Policy |
| Prohibition of Insider Trading Policy |
| Code of Conduct |
| Vigil Mechanism Policy |
| Archival Policy for Retention of Documents |
| Policy for determination of Materiality of Event or Information |
| Policy for Evaluation of Performance of the Board of Directors |
| Nomination & Remuneration Policy |
| Prevention of Sexual Harassment at workplace policy |
| Corporate Social Responsibility (CSR) Policy |
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has in place an appropriate policy which is in line with the requirements
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal)
Act, 2013. An Internal Complaints Committee has been set up to redress complaints, if any,
received regarding sexual harassment of women. The Company has complied with the
provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.
All employees (permanent, contractual, temporary, trainees) are covered under this policy.
We further state that during the financial year under review, there were no complaints
received/cases filed / cases pending under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Appointment of Mr. Kaushik Agrawal as Non-Executive Independent Director:
The Board of Directors of the Company appointed Mr. Kaushik Agrawal (DIN: 08933192) as
an additional director who holds the position as Non-Executive Independent Director on 2nd
November, 2022 for a period of 5 years. In the ensuing Annual General Meeting, the Company
is proposing to appoint Mr. Kaushik Agrawal as Non-Executive Independent Director of the
Company. The Board recommends to confirm his appointment by the members at the ensuing
AGM.
Resignation of Mr. Anand Khetan (DIN: 07302683) as Non-Executive Independent Director:
Mr. Anand Khetan resigned as Non-Executive Independent Director on 2nd
November, 2022. The Board places its sincere appreciation to Mr. Khetan for his services
and professional expertise during his tenure as Independent Director.
Retirement by Rotation:
In accordance with the provisions of section 152(6) of the Companies Act, 2013 and in
terms of Articles of Association of the Company, Mr. Vinod Garg (DIN: 00152665) retires by
rotation at the ensuing Annual General Meeting (AGM) and being eligible offers himself for
re-appointment. The Board recommends his reappointment by the members at the ensuing AGM.
PROFILE OF THE DIRECTOR SEEKING APPOINTMENT / REAPPOINTMENT
As required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure
Requirements), 2015, particulars of the Directors retiring by rotation and seeking
reappointment at the ensuing Annual General Meeting is annexed to the notice convening 28th
Annual General Meeting.
Familiarization Program for Independent Directors:
With the commencement of SEBI (LODR) Regulation, 2015, the listed entity is required to
conduct the program for new joining director of the Company to get him/her familiarization
with the Company.
Declaration by Independent Directors
The Company has obtained declarations from Independent Directors stating that they meet
the criteria of Independence as laid down under Section 149(6) of the Act.
KEY MANAGERIAL PERSONNEL
Pursuant to the provisions of Sections 2(51) and Section 203 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014,
the following are the Key Managerial Personnel:
1. Mr. Vinod Garg, Chairman and Managing Director
2. Mr. Vaibhav Garg, Whole Time Director and Chief Financial Officer
3. Mr. Jalpesh Darji, Company Secretary and Compliance Officer
Appointment/ Designation of Key Managerial Personnel:
There was no appointment/ designation of Key Managerial Personnel during the year under
review.
REMUNERATION TO MANAGING DIRECTOR AND WHOLE TIME DIRECTOR FROM SUBSIDARY COMPANIES
During the Financial Year 2022-23, Mr. Vinod Garg, Managing Director and Mr. Vaibhav
Garg, Whole Time Director and Chief Financial Officer did not draw any remuneration from
Subsidiary Companies.
There is no commission drawn by Managing Director/ Whole-Time Director from the Company
or its subsidiaries and hence, no disclosure is required under Section 197(14) of the Act
and rules made thereunder.
BOARD MEETINGS
During the year, 6 (Six) Board Meetings were held on various dates. Gap between two
meetings was within the period prescribed under the Act and rules made thereunder. There
was a separate meeting of Independent Directors.
BOARD EVALUATION
As per the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure Requirements) Regulations 2015, the Board has carried out the annual evaluation
of its own performance, and of each of the Directors individually, including the
independent directors, as well as the working of its committees based on the criteria and
framework adopted by the Board on recommendation of Nomination & Remuneration
Committee Meeting.
Outcome of the evaluation
The Board of your Company was satisfied with the functioning of the Board and its
committees. The committees are functioning well and besides their committees terms of
reference, as mandated by law, important issues are brought up and discussed in the
committee meetings. The Board was also satisfied with the contribution of directors, in
their respective capacities, which reflects the overall engagement of the individual
directors.
CORPORATE SOCIAL RESPONSIBILITY
The Board of Directors of the Company carry out and reviews its CSR responsibility in
accordance with its CSR Policy. Details pertaining to CSR is given in the Corporate
Governance Report. The Annual Report on CSR activities as required under Companies
(Corporate Social Responsibility Policy) Rules, 2014 is attached to this report as
Annexure 3.
COMMITTEES OF THE BOARD (as at 31st March, 2023)
Compositions of all Committees are as follows:
Audit Committee
| Mr. Varun Vijaywargi, Chairman |
Non-Executive Independent Director |
| Mrs. Khushboo Pasari, Member |
Non-Executive Independent Director |
| Mr. Vinod Garg, Member |
Executive Director |
Nomination and Remuneration/ Compensation Committee ("NRC")
| Mr. Varun Vijaywargi, Chairman |
Non-Executive Independent Director |
| Mrs. Khushboo Pasari, Member |
Non-Executive Independent Director |
| Mr. Kaushik Agrawal, Member |
Non-Executive Independent Director |
| Mr. Vinod Garg, Member |
Executive Director |
Stakeholders Relation Committee
| Mr. Varun Vijaywargi, Chairman |
Non-Executive Independent Director |
| Mrs. Khushboo Pasari, Member |
Non-Executive Independent Director |
| Mr. Vinod Garg, Member |
Executive Director |
REMUNERATION POLICY
The Board, on the recommendation of the Nomination & Remuneration/ Compensation
Committee framed a Nomination & Remuneration Policy for Directors, Key Managerial
Personnel and Senior Management. The Nomination & Remuneration Policy is placed on the
website of the Company.
VIGIL MECHANISM
The Board of Directors has formulated a Vigil Mechanism/Whistle Blower Policy which
provides a robust framework for dealing with genuine concerns and grievances.
INSIDER TRADING CODE
In compliance with the Securities and Exchange Board of India (Prohibition of Insider
Trading)
Regulations, 2015 ("the PIT Regulations") and amendments thereto on
prevention of Insider Trading, your Company has a comprehensive Code of Conduct for
Regulating, monitoring and reporting of trading by Insiders along with policy on
legitimate purpose. Your Company also has a Code of Practices and Procedures of fair
disclosures of unpublished price sensitive information and these code(s) are in line with
the PIT regulations.
RELATED PARTY TRANSACTIONS
All the contracts/ arrangements/ transactions that were entered into by the Company
during the financial year with related parties were on an arms length basis and in the
ordinary course of business.
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
provisions of the Act on materiality of related party transaction.
Details of Related Party Transactions are given in the note No. 31 to the Standalone
Financial Statements. Also, Form AOC-2 on Related Party disclosures for the year under
review, form part of this Annual Report as Annexure 4.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review forms part of this
Annual Report.
CORPORATE GOVERNANCE
As required under Regulation 34 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR, 2015), a Report on
Corporate Governance along with a Certificate of Compliance from Practicing Company
Secretary form part of this Report.
EXTRACT OF ANNUAL RETURN
In accordance with section 134 (3) (a) of the Companies Act, 2013, the Annual Return is
available on website of the Company. Web link of Annual Return:
http://www.vibrantglobalgroup.com/annual-report.html
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
CONSERVATION OF ENERGY: Not Applicable TECHNOLOGY ABSORPTION: Not Applicable FOREIGN
EXCHANGE EARNINGS AND OUTGO: NIL
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. H.
Roshan & Associates, Practicing Company Secretaries, Nagpur, Maharashtra, to undertake
the Secretarial Audit of the Company for the Financial Year 2022-23.
The Secretarial Audit Report given by M/s H. Roshan & Associates, Nagpur for the
year under review is annexed herewith as Annexure 5 is self-explanatory and do not call
for any further comments. The Annual Secretarial Compliance Report for the financial year
2022-23 has also been submitted to the BSE.
STATUTORY AUDITORS AND AUDITORS REPORT
M/s. Agrawal & Kedia, Chartered Accountants, Nagpur, Maharashtra (FRN: 100114W),
were appointed as statutory auditors of the company for a consecutive second term of 5
years i.e. commencing from the conclusion of 27th AGM till conclusion of 32nd
AGM. M/s. Agrawal & Kedia, Chartered Accountants, have confirmed that:
They satisfy criteria prescribed under Section 141 of the Companies Act, 2013;
They hold a valid Peer review certificate issued by the Institute of Chartered
Accountants of India. Pertaining to the Financial Statements for FY 2022-23: M/s. Agrawal
& Kedia, Statutory Auditors have submitted Auditors Report with unmodified opinion
and unmodified figures for the financial year ended March 31, 2023 in compliance of Reg.
33(1)(d) of SEBI (LoDR) Regulations, 2015.
The Notes on financial statement referred to in the Auditors Report are
self-explanatory and do not call for any further comments. The Auditors Report does not
contain any qualification, reservation or adverse remark.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY
There are no material changes which have occurred subsequent to the close of the
financial year and before the date of this report affecting financial, position of the
Company in any substantial manner.
GENERAL
Your Directors state that no disclosure or reporting is required in respect of the
following matters as there were no transactions on these matters during the financial year
2022-23:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of shares (including sweat equity shares) to employees of the Company under
any scheme save and except Employees Stock Option Scheme as referred to in this Report.
3. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and the Companys operations in future.
4. No frauds against the Company reported by the Auditors for the period under report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 of the Act, Directors of your Company
state and confirm that:
1. In the preparation of the annual accounts for the financial year 2022-23, the
applicable accounting standards have been followed and there are no material departures
from the same;
2. 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 as at March 31, 2023 and of the profit
and loss of the Company for year ended on that date;
3. The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safe guarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
4. The Directors had prepared the annual accounts on a going concern basis; and
5. The Directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
6. 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.
ACKNOWLEDGEMENTS
Your directors take this opportunity to express their grateful appreciation for the
co-operation and guidance received from the Regulators, Central & State Govts.,
Bankers as well as the Shareholders during the year. Your directors also wish to place on
record their appreciation dedicated service rendered by all the employees of the Company.
| For and on behalf of the |
Board of Directors |
Sd/- |
Vinod Garg |
Chairman and Managing Director |
| Place: Mumbai |
| Date: 11th August, 2023 |
+91-9892691696
