ankit metal & power ltd share price Directors report


Dear Shareholders,

The Directors are pleased to present the 21st Annual Report of the Company together with Audited Accounts for the Financial Year ended 31st March, 2023.

FINANCIAL HIGHLIGHTS

The Companys financial performance for the year ended 31st March, 2023 is summarized below:

(Rs. in Lacs)
Particulars Current Year 31.03.2023 Previous Year 31.03.2022
Revenue from Operation 85,399.17 75,672.12
Other Income 8.68 76.69
Total Revenue 85,407.85 75,748.81
Profit before Finance Cost, Depreciation and Tax (6,338.80) (443.16)
Less: Depreciation &Amortization 3,528.39 4,239.58
Less: Finance Cost 7.55 479.57
Less: Tax Expenses - -
Net Profit after Tax (9,874.73) (5,162.31)
Add: Other Comprehensive Income 128.49 63.12
Total Comprehensive Income (9,746.24) (5,099.19)

Note: Figures of the previous year has been re-grouped/revised wherever necessary.

FINANCIAL AND OPERATIONAL REVIEW

During the year under review, the Company has achieved total Revenue from operation of Rs.85,399.17 Lacs as against Rs.75,672.12 Lacs in previous year registering an increase of 12.85%. The Company incurred a loss of Rs.9,874.73 Lacs as against loss of Rs.5,162.31 Lacs in the previous year. The losses are mainly attributed due to liquidity crunches and increase in input cost.

GENERAL RESERVE

The Company has not transferred any amount to the General Reserve due to the losses incurred during the financial year 2022-23.

DIVIDEND

In view of the losses incurred by the Company, the Directors of the Company do not recommend any dividend for the financial year 2022-23.

BOARD MEETINGS

The Board met ten (10) times during the year, the details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CHANGES IN SHARE CAPITAL AND MEMORANDUM OF ASSOCIATION

There was no change in the Share Capital and Memorandum of Association and Articles of Association of the Company during the financial year 2022-23.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Appointment/Re-appointment

The term of Mr. Subham Bhagat (DIN: 09070773) as Chairman cum Managing Director of the Company will expire on 7th March, 2024. The Board of Directors in their meeting held on 14th August, 2023 proposed for his reappointment w.e.f. 8th March, 2024 subject to the approval of Shareholders in the ensuing Annual General Meeting.

Mr. Vipul Jain (PAN: AOOPJ4246B) was appointed as a Chief Financial Officer (CFO) of the Company by the Board of Directors of the Company w.e.f. 30th May, 2022.

Mr. Vishal Shah (ACS-70485) was appointed as a Company Secretary and Compliance Officer of the Company by the Board of Directors of the Company w.e.f. 3rd January, 2023.

Retirement

In accordance with the provisions of the Companies Act, 2013, Mr. Satish Kumar Singh (DIN: 05295625), retires by rotation and being eligible, offers himself for re-appointment.

Resignation

During the year Mr. Ankit Jain, Independent Director of the Company has resigned from the post of Director w.e.f. 15th September, 2022 due to some personal reasons.

During the year Mr. Saurabh Jhunjhunwala, Ex-Chief Financial Officer (CFO) of the Company has resigned from the post of Chief Financial Officer (CFO) of the Company w.e.f. 13th April, 2022 due to some personal and unavoidable reasons.

During the year Mrs. Vineeta Barmecha, Ex-Company Secretory of the Company has resigned from the post of Company Secretary and Compliance Officer of the Company w.e.f. 15th December, 2022 due to some personal reasons.

Mr. Vishal Shah, Ex-Company Secretory of the Company has resigned from the post of Company Secretary and Compliance Officer of the Company w.e.f. 11th June, 2023 due to some personal reasons.

Key Managerial Personnels (KMPs)

Pursuant to the provisions of section 203 of the Companies Act, 2013, the KMPs of the Company at the end of the F.Y., 2022-23 are:

1. Mr. Subham Bhagat, Chairman cum Managing Director

2. Mr. Vishal Shah, Company Secretary

3. Mr. Vipul Jain, Chief Financial Officer

Pursuant to the provisions of section 203 of the Companies Act, 2013, the KMPs of the Company as on date are:

1. Mr. Subham Bhagat, Chairman cum Managing Director

2. Mr. Vipul Jain, Chief Financial Officer

DIRECTORS RESPONSIBILITY STATEMENT

Based on the framework of Internal Financial Controls maintained by the Company, work performed by the Internal, Statutory, Cost and Secretarial Auditors and external agencies, the reviews performed by Management and the relevant Board Committees, the Board with the concurrence of the Audit Committee, is of the opinion that the Companys Internal Financial Controls were adequate and effective as on 31st March, 2023.

Accordingly, pursuant to section 134(5) of the Companies Act, 2013, the Board of Directors to the best of their knowledge and ability confirm:

a) that in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

b) that we have selected such accounting policies and applied them consistently and made judgements 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) that 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;

d) that the annual accounts have been prepared on a "going concern" basis;

e) that proper internal financial controls were laid down and that such internal financial controls are adequate and were operating effectively; and

f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

CREDIT RATING

During the year under review Credit Rating has not been done. The Companys credit rating for the last available year for Long-Term and Short-Term debts/facilities was D as given by ICRA Limited.

DETAILS OF SUBSIDIARY/TOINT VENTURES/ASSOCIATE COMPANIES

During the year under review, no Company has become or ceased to exist as the subsidiary of the Company. The Company has also not entered into any Joint Venture nor become an Associate Company during the year under review.

WEB ADDRESS OF ANNUAL RETURN

Pursuant to the provisions of the Companies Act, 2013 read with applicable rules made thereunder, the extract of Annual Return of the Company has been disclosed on the website of the Company at https://www.ankitmetal.com/annual-return.html.

PUBLIC DEPOSITS

The Company has not accepted any deposits or unclaimed amount within the meaning of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) rules, 2014.

INSURANCE

The properties and insurable assets and interests of the Company, like building, plant and machinery and stocks, among others are adequately insured.

BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Report as per Regulations 34(2) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, is not applicable to the Company as the Company does not fall under top 500 listed companies on the basis of market capitalization.

DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, top 500 listed companies based on market capitalisation are required to formulate a Dividend Distribution Policy. Accordingly, the Company is not required to formulate the Dividend Distribution Policy.

AUDIT AND AUDITORS

STATUTORY AUDITOR

In terms of the provisions of section 139 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014 M/s. J.B.S & Company, Chartered Accountants (FRN: 323734E) was appointed as the Statutory Auditors of the Company for a 2nd consecutive period of five (5) years from the conclusion of the 20th Annual General Meeting till the conclusion of the 25th Annual General Meeting

STATUTORY AUDITOR OBSERVATION

The Statutory Auditor has put the qualification remark in their report.

The details are as follows

We draw your attention to Note No.28 of the accompanying Financial Statements regarding non provision of interest expense on the borrowings of the Company amounting to Rs.15,563.02 Lacs for the year ended 31st March, 2023 (cumulative non provision of Rs. 95,913.89 Lacs till 31st March, 2023) and penal interest and charges thereof (amount remaining unascertained) which is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments.

Had the aforesaid interest expense been recognized, the finance cost for the year ended 31st March, 2023 would have been Rs. 15,570.57 Lacs instead of reported amount of Rs. 7.55 Lacs. The total expenses for the year ended 31st March, 2023 would have been Rs. 1,11,837.45 Lacs instead of Rs. 95,282.58 Lacs.

The Net Loss after tax for the year ended 31st March, 2023 would have been Rs. 26,429.60 Lacs instead of reported amount of Rs. 9,874.73 Lacs. Total Comprehensive Loss for the year ended 31st March, 2023 would have been Rs. 26,301.12 Lacs instead of reported amount of Rs. 9,746.24 Lacs. Other equity as on 31st March, 2023 would have been Rs. (1,99,281.11) Lacs instead of reported amount of Rs. (1,02,375.36) Lacs and Other Current Financial Liability as on 31st March, 2023 would have been Rs.1,17,125.00 Lacs instead of reported amount of Rs. 20,219.26 Lacs.

(The above reported interest has been calculated by using Simple Interest Rate).

Our comments are as under:

Various credit facilities availed from SBI, Allahabad Bank, IOB, UBI and IDBI have been assigned by the respective banks and Asset Reconstruction Companies under various assignment agreements between the respective banks and Asset Reconstruction Companies. In absence of information about the terms of assignments, the Company is carrying the various credit facilities as appearing in the books as per the previous terms with the respective banks.

In view of the above, pending finalization of the restructuring plan, the company has not provided accrued interest in its books during the quarter as the account was declared NPA by the banks. The amount of interest has been recognised in the books of accounts to the extent amount charged/realised by the banks as reflected in the Bank Statements. The amount of interest not so provided stands at Rs. 3,521.46 Lacs and Rs. 15,563.02 Lacs for the quarter and year ended 31st March, 2023 respectively and penal interest and charges thereof (amount remaining unascertained). The unprovided liability in respect of interest on Long-Term and Short-Term Borrowings as on 31st March, 2023 amounted to Rs. 95,913.89 Lacs. The same have consequential impact on the reported figures.

COST AUDITOR

In terms of section 148 of the Companies Act, 2013 read with rule 14 of the Companies (Audit and Auditors) Rules, 2014, on the recommendation of Audit Committee, the Board of Directors has re-appointed M/s. A.J.S. & Associates, Cost Accountants (FRN: 000106), as Cost Auditor of the Company, at a remuneration of Rs.40,000/- plus applicable taxes and re-imbursement of out of pocket expenses incurred by them to conduct an audit of the cost accounting records maintained by the Company for the current financial year beginning from 1st April, 2023 and ending on 31st March, 2024.

As required under section 148 of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to Cost Auditor is being placed at the ensuing Annual General Meeting for ratification by the members.

COST RECORDS

The Company has duly prepared and maintained the cost records of the business activities carried out by the Company during the financial year 2022-23 as required pursuant to the provisions of section 148(1) of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014.

SECRETARIAL AUDIT REPORT

In terms of section 204 of the Companies Act, 2013 and rules made there under, Mr. K. C Dhanuka of M/s. K. C Dhanuka & Co. have been appointed as Secretarial Auditor of the Company for the financial year 2022-23. The report of the Secretarial Auditor in Form MR-3 is enclosed as Annexure-I to this report.

SECRETARIAL AUDITOR OBSERVATION

The Secretarial Auditor has the following observation in Form MR-3 enclosed as Annexure-I

i. The Company has defaulted in the payment of statutory dues within the prescribed time.

ii. The Company has delayed in submission of Financial Results for the quarter ended 31st March, 2022 to Bombay Stock Exchange by 1 minute and to National Stock Exchange by 70 minutes as required by Regulation 30 of SEBI (LODR) Regulations, 2015.

Our comment is as under:

i. Statutory payments were delayed mainly due to poor liquidity position.

ii. The delay was made due to some technical error.

SECRETARIAL COMPLIANCE REPORT

Pursuant to SEBI Circular no. CIR/CFD/CMD1/27/2019 dated 8th February, 2019 and Regulation 24(A) of the SEBI Listing Regulations, Secretarial Compliance Report for the financial year ended 31st March, 2023 issued by M/s. K. C Dhanuka & Co., (Prop. Mr. K.C Dhanuka, FCS - 2204), Practicing Company Secretary is annexed herewith and marked as Annexure-II to this report. The Secretarial Compliance Report does not contain any qualifications, reservation or adverse remarks.

INTERNAL AUDITOR

In terms of section 138 of the Companies Act, 2013 read with rule 13 of the Companies (Accounts) Rules, 2014, on the recommendation of Audit Committee, the Board of Directors has re-appointed M/s. NR & Associates, Cost Accountants, (FRN: 102903) as Internal Auditor of the Company for the financial year 2023-24 at a remuneration fixed by the Board of Directors of the Company in consultation with the Auditors.

INTERNAL FINANCIAL CONTROL SYSTEM

The Companies Act, 2013 has mandated the Company to have a formal framework of Internal Financial Controls (IFC) and has also laid down specific responsibilities on the Board, Audit Committee, Independent Directors and Statutory Auditor with regard to IFC.

The financial control system and framework is required to ensure:

• The orderly and efficient conduct of its business,

• Safeguarding of its assets,

• The prevention and detection of frauds and errors,

• The accuracy and completeness of the accounting records and

• The timely preparation of reliable financial information.

The Board reviews the effectiveness of controls documented as part of Internal Financial Control (IFC) framework and take necessary corrective actions, where weaknesses are identified as a result of such reviews. This review covers entity level controls, fraud risk controls and information technology environment.

The policies and procedures adopted by the Company ensures the orderly and efficient conduct of its business and adherence to the Companys policies, prevention and detection of frauds and errors, accuracy and completeness of the records and the timely preparation of reliable financial information.

Based on this evaluation, no significant events had come to notice during the year that have materially affected or are reasonably likely to materially affect our IFC. The management has also come to the conclusion that the IFC and other financial reporting was effective during the year and is adequate considering the business operations of the Company.

The Statutory Auditor of the Company has audited the Internal Financial Control over Financial Reporting and their Audit Report is annexed as Annexure-B to the Independent Auditors Report under Financial Statements.

The Statutory Auditor of the Company has audited the IFC over Financial Reporting and their Audit Report is annexed to the Independent Auditors Report under Financial Statements.

DETAILS RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND EMPLOYEES OF THE COMPANY

Disclosure pertaining to remuneration and other details as required under section 134(3)(q), 197(12) of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and subsequent amendments thereto is annexed to this Directors Report as Annexure - III.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

A statement giving details of Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo as required under section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules 2014, is annexed to this report as Annexure - IV.

DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT

The Board has formulated a Code of Conduct for the Board members and Senior Management of the Company, which has been posted on the website of the Company.

It is hereby affirmed that all the Directors and Senior Management Personnel have complied with the Code and a confirmation to that effect has been obtained from the directors and the senior management.

PREVENTION OF INSIDER TRADING

The Company already had a structured Code of Conduct for Prevention of Insider Trading, with a view to regulate trading insecurities by the Directors and designated employees of the Company. The Code has been further streamlined to keep parity with the Companies Act, 2013 and SEBI (Prohibition of Insider Trading) Regulations, 2018 and be named as Code of Conduct for Regulating, Monitoring and Reporting of Trading by Insiders which is also displayed on the website of the Company www.ankitmetal.com.

The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Companys shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All the Directors and designated employees, who hold any shares in the Company, have confirmed compliance with the Code.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/ TRIBUNALS

To the best of our knowledge, the Company has not received any such order by Regulators, Courts or Tribunals during the year under review which may impact the Going Concern status or the Companys operations in future during year under review. The Company has complied with all the requirements of the Uniform Listing Regulations with the Stock Exchanges as well as regulations and guidelines of SEBI.

MATERIAL CHANGES AFFECTING THE COMPANY

The overall steel industry has been severely impacted by significant rises in input costs and scarcity of coal due to the war in Ukraine. This has significantly impacted availability of key raw materials along with disruptions in the supply chain. The rising inflation and Indian government policy of keeping the prices in check by imposing various duties on the steel sector has further aggravated the situation.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013. The details of the investments made by Company are given in the notes to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

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 between the Company and the Directors, the management, or the relatives except for those disclosed in the Financial Statements. The Company has seeked omnibus approval for Related Party Transactions as per Regulation 23(3) of SEBI LODR Regulations, 2015 for the Financial Year 2023-24.

Accordingly, particulars of contracts or arrangements entered into by the Company with related parties referred to in section 188(1) of the Companies Act, 2013 in Form AOC-2 i.e., Annexure - V is Nil. The Policy on materiality of related party transaction as approved by the Board may be accessed on the Companys website, www.ankitmetal.com.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Key Managerial Personnel and their remuneration. A note on Nomination and Remuneration Policy has been made part of the Corporate Governance Report

RISK MANAGEMENT POLICY

The Company has a defined Risk Management framework to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

The Risk Management Policy provides for identification of risk, its assessment and procedures to minimize risk. The policy is periodically reviewed to ensure that the executive management controls the risk as per decided policy.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2014

The Company has a policy on Sexual Harassment in line with the requirements of the Sexual Harassment of any employee at workplace. The Complaint Committee will redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The details related to complaints pertaining to sexual harassment during the financial year 2022-23 is covered under the Corporate Governance Report which forms part of this Annual Report.

PROCEEDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, there were three (3) cases proceedings were carried out under Insolvency and Bankruptcy Code, 2016. List are attached as Annexure-VI

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SECTION 149(6)

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Company proactively keeps its Directors informed of the activities of the Company, its management and operations and provides an overall industry perspective as well as issues being faced by the industry. The Familiarisation Programme Policy and details of familiarization programmes for Independent Directors is available on the Companys website www.ankitmetal.com

AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report which forms part of this Annual Report. There has been no instance where the Board has not accepted the recommendations of the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

The composition and terms of reference of the Nomination and Remuneration Committee has been furnished in the Corporate Governance Report which forms part of this Annual Report.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The composition and terms of reference of Stakeholders Relationship Committee has been furnished in the Corporate Governance Report which forms part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILTY (CSR)

In line with the provisions of the Companies Act, 2013, the Company has framed its Corporate Social Responsibility (CSR) policy for the development of programmes and projects for the benefit of weaker sections of the society and the same has been approved by the CSR Committee and the Board of Directors of the Company. The Company has not spent any amount in CSR activities since the Company has incurred losses during the previous three (3) years eroding the entire net worth of the Company.

VIGIL MECHANISM POLICY

In terms of section 177 of the Companies Act, 2013, rules framed thereunder and regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has a vigil mechanism in place for the Directors and employees of the Company through which genuine concerns regarding various issues relating to inappropriate functioning of the organisation can be communicated. For this purpose, the Board has a Vigil Mechanism and the same has been uploaded on the website of the Company i.e., www.ankitmetal.com and available at the link http://www.ankitmetal.com/vigil-mechanism.pdf. The policy has been constituted under the guidance of the Chairman of the Audit Committee. During the year under review, there has been no incidence reported which required action by the Audit Committee.

PERFORMANCE/BOARD EVALUATION

In pursuance to section 134 of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules, 2014 and SEBI (LODR) Regulations, 2015, the Nomination and Remuneration Committee adopted a formal mechanism for evaluating the performance of the Board of Directors as well as that of its Committees and individual Directors, including Chairman of the Board, Key Managerial Personnel/ Senior Management etc.

The Board has carried out an annual evaluation of its own performance, the directors individually as well as the evaluation of the functioning of various Committees based on various parameters such as composition of the Board, experience, competencies, contribution towards accurate financial reporting, strategic guidance, risk mitigation, internal controls, governance, leadership and talent development, managing external stakeholders, governance issues, etc. The Independent Directors also carried out the evaluation of the Chairman and the Non-Independent Directors, the details of which are covered in the Corporate Governance Report.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out in regulation 34(3) read with schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Corporate Governance Report as stipulated under the above regulation forms an integral part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

Managements Discussion and Analysis for the year under review, as stipulated under regulation 34(3) read with schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section forming part of this Annual Report.

CEO/CFO CERTIFICATION

As required by regulation 34(3) read with schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the CEO/CFO certification has been submitted to the Board and forms an integral part of this Annual Report.

COMPLIANCE WITH SECRETARIAL STANDARDS

During the financial year, the Company has complied with applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

AWARDS & ACHIEVEMENTS

During the year under review the Company has not received any awards.

GREEN INITIATIVES IN CORPORATE GOVERNANCE

The Company welcomes and supports the Green Initiative undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report to shareholders at their e-mail address previously registered with the DPs/Company/RTAs. Those holding shares in demat form can register their e-mail address with their concerned DPs.

The Company has made the arrangement with Depositories/RTA for updating the email address of the concerned shareholders for supply of Annual Report in electronics means due to non-printing of Annual Report physically.

To support the Green Initiative, the members who have not registered their e-mail addresses are requested to register the same with Registrar and Share Transfer Agent/Depositories for receiving all the communications including Annual Report, Notices, Circulars etc. from the Company electronically.

Pursuant to the MCA Circulars and SEBI Circular, the Notice of the 21st AGM and the Annual Report of the Company for the financial year ended 31st March, 2023 including therein the Audited Financial Statements for the year 2022-23, are being sent only by email to the Members.

OTHER DISCLOSURE REQUIREMENTS

• The disclosures and reporting with respect to issue of equity shares with differential rights as to dividend, voting or otherwise is not applicable as the Company has not issued any such shares during the reporting period.

• The disclosures and reporting on issue of shares (including sweat equity shares and issue of shares under Employees Stock Option Scheme) to employees of the Company under any scheme are not applicable as the Company has not issued any such shares during the reporting period.

• As far as possible, the Company has complied with the applicable provisions of Secretarial Standards SS-1 and SS-2.

• There is no change in the nature of the business of the Company.

APPRECIATION

The Directors wish to extend their thanks and appreciation for the valuable and continued support received from the Shareholders, Companys Bankers, Central and State Government Authorities, Stock Exchange(s), Depository Participants (DPs) and all other Business Associates for the growth of the organisation.

The Directors also wish to place on record their deep appreciation to all the employees for their commitment and continued contribution to the Company.

ANNEXURE FORMING PART OF THE DIRECTORS REPORT

The Annexures referred to in this Report and other information which are required to be disclosed are annexed herewith and forms part of the Directors Report:

Annexure Particulars
I Secretarial Audit Report (Form MR 3).
II Secretarial Compliance Report.
III Particulars of Employees.
IV Prescribed particulars of Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgo.
V Particulars of Contract or Arrangements with Related Parties (Form AOC 2).
VI List of Insolvency and Bankruptcy Code, 2016.

 

For and on behalf of the Board of Directors
Ankit Metal & Power Limited
Subham Bhagat
Chairman cum Managing Director (DIN: 09070773)
Place: Kolkata
Date: 14th August, 2023.