To, The Members, Choksi Imaging Limited
Your Directors are pleased to present the 31st Annual Report
on the business and operations of the Company, together with the Audited Financial
Statements for the financial year ended March 31, 2023. The Management Discussion and
Analysis is also included in this Report.
HEALTHCARE INDUSTRY & BUSINESS OVERVIEW
Your Company is in the business of manufacturing and trading of
healthcare products, mainly Medical X-Ray Films and supply of other products to the
Healthcare Industry. Presently, the Company is carrying on the business of processing of
Jumbo Rolls of X-Ray films by slitting and cutting it into various sizes of X-Ray Films as
per requirement of the customers on a job work basis.
FINANCIAL STATEMENTS & RESULTS
The Companys performance during the year ended March 31, 2023 as
compared to the previous financial year, is summarized below: (Rs. in lakh)
| Particulars |
2022-2023 |
2021-2022 |
| Total Revenue |
192.88 |
360.88 |
| Profit/(Loss) Before Depreciation, Amortization, |
(28.11) |
(31.51) |
| Exceptional & Extraordinary Items and Tax |
|
|
| Less: Depreciation and Amortization expense |
16.33 |
16.60 |
| Profit/(Loss) Before Exceptional & Extraordinary Items |
(44.44) |
(48.10) |
| And Tax |
|
|
| Net Profit/(Loss) Before Tax (NPBT) |
(44.44) |
(48.10) |
| Less: Tax expenses |
3.11 |
(5.80) |
| Net Profit/(Loss) After Tax (NPAT) |
(47.54) |
(42.30) |
| Amount available for appropriations |
(47.54) |
(42.30) |
FINANCES
The total long-term borrowings of your Company as on March 31, 2023
stood at NIL, Cash and Cash Equivalent stood at Rs.408.74 lakh and total investments is
NIL at the end of the year.
OPERATIONS AND STATE OF COMPANY?S AFFAIRS
Your Company is engaged in the business of manufacturing & trading
of X ray films and supply of other products for the Healthcare Industry. Currently, the
Company is undertaking job work activity for other entities. The management of the Company
is striving to revive the Silvassa factory of the Company and minimize losses.
PERFORMANCE REVIEW
The turnover of the Company for the year 2022-2023, under review has
decreased to Rs.145.80 lakh from Rs.246.42 lakh for the year 2021-2022.
The Company has loss of Rs.47.54 lakh for the year 2022-2023 as
compared to loss of Rs.42.30 lakh for the 2021-2022.
DIVIDEND
The Board has not recommended any final dividend for the year
2022-2023.
DIVIDEND DISTRIBUTION POLICY
As per Regulation 43A of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and as per market
capitalization, the Dividend Distributions policy is not applicable to the Company for the
year 2022-2023.
TRANSFER TO RESERVES
The Board of Directors has not recommended, transfer of any amount to
reserves.
SCHEME OF AMALGAMATION
The Board of Directors of the Choksi Imaging Limited (Transferee
Company) and Choksi Asia Private Limited (Transferor Company) have approved in their
meeting held on March 22, 2023, respectively, Scheme of Amalgamation (‘Scheme?),
between Choksi Asia Private Limited (Transferor Company) and Choksi Imaging Limited
(Transferee Company) and their respective Shareholders and Creditors (if any), in respect
of amalgamating the entire business of Choksi Asia Private Limited with Choksi Imaging
Limited on a going concern basis.
The Transferee Company has made an application to Bombay Stock Exchange
Limited on April 15, 2023 pursuant to Regulation 37 of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements), Regulations, 2015 for the
proposed Scheme of Amalgamation under Sections 230 to 232 read with Section 66 and other
applicable provisions of the Companies Act, 2013. The same is in process for in-principal
approval.
All disclosures and other documents pertaining to aforesaid
amalgamation are available on website of the Company. i.e. www.choksiworld.com.
INTER SE TRANSFER
During the year, Mr. Samir Choksi Managing Director has acquired 462930
no of shares from existing persons in promoter and promoter group of the Company through
inter se transfer of shares pursuant to Regulation 10 (7) of Securities and Exchange Board
of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
All disclosures and other documents pertaining to aforesaid inter-se
transfer of shares among promoters are available on website of the Company. i.e.
www.choksiworld.com and BSE website.
SHARE CAPITAL
The paid-up Equity Share Capital as at March 31, 2023 stood at Rs.390
lakh. During the year under review, the Company has not issued shares with differential
voting rights nor has granted any stock options or sweat equity. As on March 31, 2023,
none of the Directors of the Company hold instruments convertible into equity shares of
the Company.
REVISION OF FINANCIAL STATEMENTS
During the year under the review, there is no change in accounting
policy of the Company. During the year, the Company has not followed or used any treatment
different from that prescribed in an Accounting Standard.
REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES
During the year under review, your Company did not have any subsidiary,
associate and joint venture company.
CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
As per Regulation 15 (2) read with Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Company does not require
to submit corporate governance report.
A detailed Management Discussion and Analysis Report on Industry
Structure and Developments, Operations, Performance, Business Outlook, Opportunities &
Threats and Risks and Concerns, is presented in a separate section forming a part of the
Annual Report as Annexure I.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Director Retiring by Rotation
As per the provisions of Section 152 of the Companies Act, 2013, Mr.
Samir Choksi and Mr. Jay Choksi retires by rotation at the ensuing Annual General Meeting
and being eligible, offered themselves for re-appointment and as recommended by Nomination
and Remuneration Committee for reappointment. Your Directors recommended their approval.
Re-appointment of Managing / Executive Directors
During the year, the Company has regularized Mr. Samir Choksi as
Managing Director of the Company and Mr. Jay Choksi as Whole time Director of the Company
w.e.f. August 1, 2022.
Appointment/ Resignation of Independent Directors and declaration of
independence
During the year, the Company has appointed Mrs. Brijal Desai as an
Additional Independent Woman Director with effect from January 6, 2023.
In the opinion of the Board, she fulfils the condition for appointment
as an Independent Directors on the Board. Further, in the opinion of the Board, she also
possesses the attributes of integrity, expertise and experience as required to be
disclosed under Rule 8 (5) (iiia) of the Companies (Accounts) Rules, 2014.
Declaration by Independent Directors
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act 2013, read
with rules made thereunder, and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015.
Appointment/Resignation of Key Managerial Personnel
During the year, the Company has appointed Mr. Samir Choksi as Managing
Director and Mr. Jay Choksi as Whole time Director of the Company w.e.f. August 1, 2022
and Mr. Jay Choksi as Chief Financial Officer of the Company w.e.f. February 2, 2023. Mr.
Gaurav Choksi has resigned as Chief Financial Officer of the Company w.e.f. August 28,
2022 due to pre-occupation. Mr. Tushar Choksi, Mr. Naimish Choksi and Mr. Sunil Choksi
have resigned in month of December 2022 due to preoccupation. All outgoing Directors have
confirmed that there is no other material reason for resignation.
NOMINATION & REMUNERATION POLICY
The Company has adopted a Nomination and Remuneration Policy for the
Directors, Key Managerial Personnel and other employees, pursuant to the provisions of the
Companies Act, 2013. The policy on Nomination & Remuneration of Directors and KMP is
available on website of the Company at www.choksiworld.com.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations 2015, the Company has
conducted the Annual Performance Evaluation process, evaluating the performance of the
Board, its Committees and all the individual directors (including Independent Director,
Non-Independent Director & Chairman).
DIRECTOR?S RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013, in relation to
the audited financial statements of the Company for the year ended March 31, 2023, the
Audit committee and Board of Directors hereby confirms that: a. In the preparation of the
annual accounts for the year ended March 31, 2023, the applicable accounting standards had
been followed along with proper explanation relating to material departures; b. the
Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the company at the end of the financial year and of the profit
and loss of the company for that period; c. The Directors had taken proper and sufficient
care for the maintenance of adequate accounting records in accordance with the provisions
of Companies Act, 2013 for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities; d. The Directors have prepared the annual
accounts on a going concern basis; e. The Directors have laid down internal financial
controls to be followed by the company and that such internal financial controls are
adequate and were operating effectively. and f. The Directors have devised proper systems
to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
DETAILS OF BOARD AND COMMITTEES? COMPOSITION AND MEETINGS
Board Meetings
During the year 2022-2023, the Board of Directors of the company met
five times on May 28, 2022, July 27, 2022, October 11, 2022, February 2, 2023 and March
22, 2023.
Composition of Board of Directors;
| Sr. No. |
Name |
Designation |
| 1. |
Mr. Himanshu Kishnadwala |
Independent Director |
| 2. |
Mr. Tushar Parikh |
Independent Director |
| 3. |
Mrs. Brijal Desai |
Independent Director |
| 4. |
Mr. Samir Choksi |
Managing Director |
| 5. |
Mr. Jay Choksi |
Whole time Director and CFO |
Committees of the Board
With a view to have a more focused attention on business and for better
governance and accountability, the Board has constituted the mandatory committees viz.
Audit Committee, Stakeholders? Relationship Committee and Nomination and Remuneration
Committee.
The Board has accepted and executed all recommendation given by Audit
Committee or any other Committee of the Board.
Composition of Committees of the Board;
| Sr. No. |
Name |
Audit Committee |
Nomination & Remuneration |
Stakeholders Relationship |
| 1. |
Mr. Himanshu Kishnadwala |
Chairman |
Committee Member |
Committee Chairman |
| 2. |
Mr. Tushar Parikh |
Member |
Chairman |
Member |
| 3. |
Mrs. Brijal Desai |
- |
Member |
- |
| 4. |
Mr. Samir Choksi |
Member |
- |
Member |
| 5. |
Mr. Jay Choksi |
- |
- |
- |
RELATED PARTY TRANSCATIONS
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties are given in Annexure II in form AOC-2.
Prior omnibus approval of the Audit Committee is obtained for the
transactions which are repetitive in nature. A statement of all Related Party Transactions
is placed before the Audit Committee for its review on a quarterly basis, specifying the
nature, value and terms and conditions of the transactions.
Further, the details of the related party transactions as required
under Accounting Standard - 24 are set out in Note to the financial statements forming
part of this Annual Report. The disclosures of transactions of the Company with any person
or entity belonging to the promoter/promoter group which hold(s) 10% or more shareholding
in the Company has been provided in the format prescribed in the relevant accounting
standards in financial result.
The Policy on Related Party Transactions as approved by the Board has
been uploaded on the website of the Company i.e www.choksiworld.com.
DEPOSITS
During the year under review, the Company neither accepted any deposits
nor there were any amounts outstanding at the beginning of the year which were classified
as ‘Deposits? in terms of Section 73 of the Companies Act, 2013 read with the
Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of
details of deposits which are not in compliance with the Chapter V of the Companies Act,
2013 is not applicable.
AUDITORS AND THEIR REPORTS
Appointment of Statutory Auditors
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Companies (Audit and Auditors) Rules, 2014, Audit committee and Board of Directors
of the Company had reappointed M/s. Karia & Shah, Chartered Accountants (FRN:
112203W), as a Statutory Auditors of the Company for second term of five years from
conclusion of 30th Annual General Meeting till conclusion of 35th
Annual General Meeting of the Company to be held in the year 2027 at a remuneration of
Rs.1,50,000 (Rupee One Lakh Fifty Thousand only) excluding out of pocket expenses. The
Company has received a confirmation from the Auditors that they are not disqualified to
act as the Auditors and are eligible to hold the office as Auditors of the Company.
Statutory Auditors? Report
The Reports given by the Statutory Auditors on the Financial Statements
of the Company for financial year 2022-2023 does not contain any qualification,
reservation or adverse remarks and forms part of the this Annual Report
Details in respect of frauds reported by Auditors
No frauds have been reported by the Statutory Auditors during the
financial year 2022-2023.
Appointment of Secretarial Auditors
Pursuant to provisions of Section 204 read with rules made thereunder,
Mrs. Nikita Pedhdiya, Nikita Pedhdiya & Associates, Practicing Company Secretaries
(C.P No. 14295) had been appointed to undertake Secretarial Audit of the Company for the
year 2022-2023.
Secretarial Audit Report
The report of the Secretarial Auditor is annexed herewith as Annexure
III.
The said report does not contain any observation or qualification
requiring explanation or comments from the Board under Section 134(3) of the Companies
Act, 2013 except remark that E form INC-22 of MCA required to be submitted for change of
registered office address is pending.
On the above remark, the management had replied that the Company has
filed E form INC -22 on June 16, 2023.
Annual Secretarial Compliance Report
In accordance with Regulation 24A of the of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, a Secretarial Compliance
Report for the financial year ended 2022-2023 on compliance of all applicable SEBI
Regulations and circulars/ guidelines is not applicable to the Company.
Internal Auditors
Pursuant to provisions of Section 138 read with rules made thereunder,
the Board had appointed R. S. Bindra & Co., Chartered Accountants, (Membership No.
49684), as an Internal Auditors of the Company for the period 2022-2023 to check the
internal controls and functioning of the activities and recommend ways of improvement. The
half yearly internal audit reports were placed in the Audit Committee Meeting and the
Board Meeting for their consideration and direction.
The Internal Financial Controls with reference to financial statements
as designed and implemented by the Company are adequate. 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.
Cost Auditors
Provisions of Section 148 of the Companies Act, 2013 read with
Notifications/Circulars issued by the Ministry of Corporate Affairs from time to time, the
requirement of appointment of Cost Auditor is not applicable to your Company.
INTERNAL CONTROL & FINANCIAL REPORTING SYSTEMS
The Company has in place an adequate system of internal controls on
Financial Statements. It is designed to provide a reasonable assurance with regard to
maintaining of proper accounting controls for ensuring reliability of financial reporting,
monitoring of operations, protecting assets from unauthorized use or losses and compliance
with regulations.
Adequate internal control systems commensurate with the nature of the
Company?s business and size and complexity of its operations has been recognized.
Internal control systems ensure reliability of financial reporting, timely feedback on
achievement of operational and strategic goals, compliance with applicable laws and
regulations and that all assets and resources are acquired economically, used efficiently
and adequately protected.
REPORTING UNDER NFRA
During the year, the reporting under National Reporting Financial
Authority is not applicable to the Company.
RISK MANAGEMENT
In accordance with Section 134 of Companies Act, 2013, the Company has
in place a system for risk assessment and minimization to avoid events, situations or
circumstances which may lead to negative consequences on the Companys businesses and
define a structured approach to manage uncertainty. Key business risks and their
mitigation are considered in the business plans and in periodic management reviews.
The Constitution of Risk Management Policy and Committee is not
applicable to your Company.
Some of the risks and threats that the company is exposed to are-
Technological Obsolescence
The company strongly believes that technological obsolescence is a
practical reality. Technological obsolescence is evaluated on a continual basis. The use
of technology is mainly concentrated in the area of manufacturing of Medical and
Industrial X-ray films. The innovation and advancement in technology is concentrated on
improving the quality of the films, increasing the output by reducing the time-lag
involved and reducing the wastages.
Fluctuations in Foreign Exchange
While our functional currency is the Indian rupee, we transact a
non-significant portion of our business in USD. The Company make appropriate provision
considering risk on account of adverse currency movements in global foreign exchange
markets.
Legal Factors
Legal risk is the risk in which the Company is exposed to legal action.
As the Company is governed by various laws and the Company has to do its business within
four walls of law, where the Company is exposed to legal risk exposure.
HUMAN RESOURCES
The Company regards its human resource as amongst its most valuable
assets and proactively reviews policies and processes by creating a work environment that
encourages initiative, provides challenges and opportunities and recognizes the
performance and potentials of its employees.
At Choksi Imaging Limited, there is consistent emphasis on each
individual?s sense of responsibility, while simultaneously working as a part of a
team. This results in our people?s ability to work in perfect harmony despite coming
from different disciplines. As of March 31, 2023, the number of employees on our payroll
was 5.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
(A) Conservation of energy-
(i) The steps taken or impact on conservation of energy;
We had replaced Voltas Air Condition Plant which was having rotary
compressors with Bluestar Scroll compressor-based plant. This has resulted in 25% saving
in energy consumption.
(ii) The steps taken by the company for utilizing alternate sources of
energy;
The Company is finding ways for utilizing alternate sources of energy.
(iii) The capital investment on energy conservation equipments;
N.A.
(B) Technology absorption-
(i) the efforts made towards technology absorption;
During the year, the Company has not absorbed or imported any
technologies.
(ii) the benefits derived like product improvement, cost reduction,
product development or import substitution;
N.A.
(iii) in case of imported technology (imported during the last three
years reckoned from the beginning of the financial year)-
N.A.
(iv) the expenditure incurred on Research and Development.
N.A.
FOREIGN EXCHANGE EARNINGS AND OUTGO
| Sr. No. |
Particulars |
Current year |
Previous Year |
|
|
(Rs. In Lakh) |
(Rs. In Lakh) |
| 1. |
Foreign Exchange Earnings |
0.00 |
0.00 |
| 2. |
Foreign Exchange Outgo |
0.00 |
0.00 |
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The information required under Section 197 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in
respect of employees of the Company is provided in Annexure IV forming part of this
report.
The details of top ten employee and details of employee as per Rule
5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 does
not form part of aforesaid report. Any member interested in obtaining a copy of the same
may write to the Company Secretary at rishi.dave@choksiworld.com
None of the employees in said annexure is a relative of any Director of
the Company.
DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT AND REMUNERATION OF
MANAGERIAL PERSONNEL) RULES, 2014
The ratio of the remuneration of each Director to the median
remuneration of the employees of the Company for the financial year under review has been
marked as Annexure IV.
REMUNERATION TO THE DIRECTORS
The Criteria for making payments to non-executive directors has been
disclosed on website at www.choksiworld.com.
CODE OF CONDUCT
The Board has adopted code of conduct for Directors and senior
management of the Company. The code of conduct is available on the website of the Company.
The Company has received declaration of compliance with the Code of Conduct from all
Directors and senior management. The Declaration by
Chairperson & Managing Director affirming compliance of the Board
of Directors and senior management to the code of conduct is appended to this Report.
WHISTLE BLOWER POLICY /VIGIL MECHANISM POLICY
The Company has adopted a Whistle Blower Policy, to provide a formal
mechanism to the Directors and employees to report their concerns about unethical
behaviour, actual or suspected fraud or violation of the Company?s Code of Conduct or
ethics policy. The Policy provides for adequate safeguards against victimization of
employees who avail of the mechanism and also provides for direct access to the Chairman
of the Audit Committee. It is affirmed that no personnel of the Company have been denied
access to the Audit Committee.
The Company has not received any complaint pursuant to Whistle Blower
Policy/Vigil Mechanism policy during the financial year 2022-2023.
SEXUAL HARRASMENT POLICY
In accordance with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and rules made thereunder, the Company
has framed and adopted a policy for Prevention of Sexual Harassment at Workplace.
The Company has not received any complaint of sexual harassment during
the financial year 2022-2023.
DECLARATION SIGNED BY THE CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
The certification by the Chairman & Managing Director and Chief
Financial Officer of the Company, in compliance of Regulation 17(8) read with Part B,
Schedule II of the SEBI Listing Regulations, is annexed here with as a part of the report.
SECRETARIAL STANDARDS
The Company has complied with the Secretarial Standards issued by the
Institute of Company Secretaries of India.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Section 135 of Companies Act, 2013 pertaining to
Corporate Social Responsibility is not applicable to your Company.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING
Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 read with SEBI circulars issued from time to
time, the Business Responsibility and Sustainability Reporting for the financial year
ended March 31, 2023 is not applicable to the Company.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies
Act, 2013, the Annual Return of the Company as on March 31, 2023 is available on the
website of the Company at www.choksiworld.com in the investor section.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY
The particulars of Loans, Guarantees, and Investments, if any have been
disclosed in the Financial Statements read together with Notes annexed to and forming an
integral part of the Financial Statements.
OTHER DISCLOSURE
The Board of Directors of the Company vide their meeting held on March
22, 2023 has approved amalgamation of Choksi Asia Private Limited and Choksi Imaging
Limited. The detailed scheme of amalgamation and other related documents are available on
the website of the Company.
During the year 2022-2023 and after March 31, 2023, the Company has
received several requests from person in promoter and promoter group of the Company to
re-classify themselves from Promoter and Promoter group to public category. The detailed
disclosures on reclassifications are available on BSE portal and website of the Company.
The Company had received of order from Commissioner of Customs from the
Authority for payment of Special Additional Duty along with penalty against exemption
availed by the Company pursuant to Notification No. 45/2005 - Customs dated May 16, 2005.
The Company has filed an appeal against order with Customs, Excise
& Service Tax Appellate Tribunal, west zonal bench, Mumbai on May 25, 2015.
There is no application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 against the Company, during the year.
Except mentioned above, no significant or material orders were passed
by the Regulators or Courts or Tribunals which impact the going concern status and
Company?s operations in future.
During the year, the registered office of the Company has been changed
to 163/164, Choksi Bhuvan, Nehru Road, Vile Parle (E), Mumbai 400057.
AWARDS AND ACCOLADES
During the year, the Company has not received any Award.
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE
ACCOUNT
As per regulation 34(3) read with Schedule V of the Listing
Regulations, no shares of the Company are lying in the suspense account.
DETAILS OF UNCLAIMED AND UNPAID DIVIDENDS AND TRANSFER OF SHARES TO
IEPF
In accordance with Section 125 of the Companies Act, 2013 read with the
IEPF rules made thereunder, the amounts of dividend that remain unpaid or unclaimed for a
period of seven years will be transferred to the Investor Education and Protection Fund
(IEPF) established by the Central
Government. Members can claim the unclaimed dividend from the Company
before transfer to the IEPF by making their claim to the Company or by contacting the
Registrar and Transfer Agent.
Further, in terms of Section 124(6) of the Companies Act, 2013, read
with the IEPF rules made thereunder, all the shares in respect of which dividend has
remained unpaid/unclaimed for seven consecutive years or more from the date of transfer to
the unpaid dividend account are required to be transferred to the demat account of the
IEPF.
Members are advised that in terms of the provisions of Section 124 of
the Companies Act, 2013, once unclaimed dividend and shares are transferred to IEPF, no
claim shall lie against the Company in respect thereof. However members may apply for the
same with the IEPF authority by making an application in the prescribed web Form No.
IEPF-5. Accordingly, all the shares in respect of which dividends were declared upto the
financial year ended 2014-15 and remained unclaimed for a continuous period of seven years
have been transferred to the demat account of IEPF. The details of unpaid/ unclaimed
dividend and equity shares so transferred are uploaded on the website of the Company at
www.choksiworld.com as well as that of the Ministry of Corporate Affairs, Government of
India at http:// www.mca.gov.in
HEALTH AND SAFETY MEASURES
The standards of health of workers and safety measures has been taken
into consideration as required by the Factories Act, 1948 and the rules framed there under
have been maintained by your Company.
CAUTIONARY STATEMENT
Statements in this Board?s Report and annexures, Management
Discussion and Analysis Report describing the Company?s objectives, expectations or
predictions may be forward looking within the meaning of applicable securities, laws and
regulations. Actual results may differ materially from those expressed in the statement.
Important factors that could influence the Company?s operations include change in
government regulations, tax laws, economic & political developments within and outside
the country.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors wish to thank all the employees of the Company for their
dedicated service during the year. They would also like to place on record their
appreciation for the continued co-operation and support received by the Company during the
year from bankers, financial institutions, business partners and other stakeholders.
Your Directors give their warm gratitude to the shareholders for their
faith in the Company. The Directors also sincerely appreciate the professionalism and
dedication displayed by the employees of the Company.
| Date: August 14, 2023 |
On behalf of the Board of Directors |
|
| Place: Mumbai |
Choksi Imaging Limited (CIN:
L24294MH1992PLC388063) |
|
|
Sd/- |
Sd/- |
|
Samir Choksi |
Jay Choksi |
|
DIN:00049416 |
DIN:07151509 |
+91-9892691696
