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Continental Controls Ltd Directors Report

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Jul 19, 2024|09:56:00 AM

Continental Controls Ltd Share Price directors Report

To

The Members,

CONTINENTAL CONTROLS LIMITED.

Your Directors present their 28thAnnual Report on the business and operations of the Company and the accounts for the Financial Year ended 31st March, 2023.

STATE OF COMPANYS AFFAIRS:

Your Company is in the business of sales and service of Thermal Overload Protector. It has a worldwide network, single sales office, a warehouse and a work force of over 30 people that sell a single product to about 30 customers in India andAbroad.

FINANCIAL PERFORMANCE:

Standalone

Particulars

March 2023 March 2022
Income From Operations 59,722.34 77,970.56
Other Income 673.96 13240.94

Total Income

60,396.31 91,211.49

Total Expenses

78,183.74 94,790.00

Profit/(Loss) Before Tax

(17,787.43) (35,78.51)
Provision for taxation/Deferred tax Exp (Income) (462.01) 0.00

Net Profit/(Loss)

(17,325.41) (3,578.51)
Profit(Loss) of earlier years 0.00 0.00

Balance carried forward to the balance sheet

(17,325.41) (3,578.51)

During the financial year 2022-23, the total income decreased to Rs.60,396.31 (thousands) as compared to previous years total income of Rs.91,211.49 thousands. There is a loss before tax of Rs.17,787.43(thousands) as compared to Previous Year loss before tax of Rs.3,578.51 thousands in the previous year since Revenue from operation has decreased to Rs. 59,722.34

(thousandss) as compared to the previous years Income of Rs. 77,970.56 thousands.

DIVIDEND AND BOOK CLOSURE

The Board of Directors does not recommend dividend on equity shares for the current financial year.

The register of members and share transfer books will remain close from 24thSeptember, 2023 to 30th September, 2023(both days inclusive) for the 28thAnnual General Meeting of the Company scheduled to be convened on Saturday,30th September, 2023 at Poush Krishna Gardens, Maljipada, Opp. Crown Petrol Pump, Ahmedabad Highway, Taluka, Vasai East, Dist Palghar – 401210.

FINANCIAL SITUATION Reserves& Surplus

As at 31st March, 2023 Reserves and Surplus amounted to Rs. (37,771.70) (thousands) as compared to Rs. (20,446.29) (thousands) of previous year. The said scenario is due to inadequate profitability during the year under review and contribution of losses by the company.

Long Term Borrowings

As at 31st March 2023 Long Term Borrowings as Rs.21,794.37 thousands in the current financial year as compared to

Rs.31,878.61 thousands during the previous year.

Short Term Borrowings

As at 31st March 2023 Short Term Borrowings as Rs.5,489.68 thousands in the current financial thousands during the previous year.

Fixed Asset

Net Fixed Assets as at 31st March, 2023 has increased to Rs.41,408.07 thousands as compared to Rs.49,897.41 thousands.

Investments

The Company has not made any investment in the current period under review.

Shares Capital

During the year, there is no Allotment of Equity Shares to Promoters and Non-Promoters.

MEETINGS BOARD OF DIRECTORS

The Board normally meets once in a quarter and additional meetings are held as and when required. During the year, the Board of Directors met 5 times i.e. on 30th June 2022, 14th August 2022, 13th November 2022 and 14th February 2023, 25th March 2023. The dates of Board Meetings were generally decided in advance with adequate notice to all Board Members.

APPOINTMENT / RESIGNATION OF DIRECTORS (SECTION 168(1)) AND KEY MANAGERIAL PERSONNEL (KMP):

During the year under review, there is no change in the composition of the Directors of the Company.

INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of the Companies Act, 2013, the Company has received declarations from Mr. Pradeep C. Gaglani,

Mr. Kanaiyalal S. Thakker, Mr. Haresh kumar S. Thakker, and Mrs. Keta R. Poojara Independent Directors confirmingthat they meet the criteria of independence as specified in Section 149(6) of theAct.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION PURSUANT TO SECTION 178(3) OF THE COMPANIES ACT, 2013.

The Board of Directors of your Company in consultation with Nomination and Remuneration Committee had formulated and adopted Code for Independent Directors and which contains policy on directors appointment and remuneration including criteria for determining qualification, positive attributes and independence of directors.

Board of Directors of the Company duly consider appointment of the Directors in adherence with the policy prescribed under the code of independent directors and provisions of section 178(3) of the Companies Act, 2013.

AUDIT COMMITTEE

The Company has an Independent Audit Committee comprising of 4(Four) Independent Directors and 1 (one) Executive Director. Mr. Pradeep C. Gaglani, Mr. Kanaiyalal S. Thakker, Mr. Hareshkumar S. Thakker, Mrs. Keta R. Poojara and Mr. Navinchandra G.Thakkar, Managing Director of the Company are Members of the Committee. The committee is chaired by Mr.

Pradeep Gaglani. All the members of the Audit Committee are financially literate. In view of their professional qualification and are considered to have financial management and accounting related expertise.experiencein finance, Terms of reference of the Audit committee are elaborated in the Corporate Governance report which forms the part of this Annual Report.

EVALUATION OF PERFORMANCE OF BOARD

During the year, a separate Meeting of Independent Directors of the Company was held on 17th March, 2023, which was attended by all the Independent Directors to discuss and review the self-assessment of Directors, Board and Committees thereof and also assess the quality, content and timeliness of flow of information between the Management and the Board.

DIRECTORS RESPONSIBILITY STATEMENT:

The Board of Directors confirms that:

(a) in the preparation of the annual accounts for the financial year ended 31 st March, 2023, 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 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 have taken proper and sufficientcare for the maintenance of adequate accounting the provisions of this Act 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; and (e) the directors, in the case of a listed company, have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating .

(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

CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Company has implemented several best Corporate Governance Practices as prevalent globally.

In compliance with Regulation 17 to 27 of the Securities and Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 entered into with the Stock Exchanges, a Report on the Corporate Governance, along with the certificate from the Statutory Auditors of the Company on compliance with the provisions of the said Clause is annexed and forms part of the Annual Report.

LOANS MADE, GUARANTEES GIVEN OR INVESTMENTS IN SECURITIES BY THE COMPANY.

The Company has not granted any Loan and not made any guarantee, Investment under Section 186 of the Companies Act 2013 and therefore not required to comply with the same.

PARTICULARS OF CONTRACT OR ARRANGEMENTS WITH RELATED PARTIES IN A PRESCRIBED FORM ALONGWITH THE JUSTIFICATION FOR ENTERING INTO SUCH CONTRACT OR ARRANGEMENT.

During the year there was no related party transactions of material nature that may have a potential conflict with interests of the

Company, all transactions with related parties were in the normal course of business. On recommendation of Audit Committee the Board ratifies all the related party transactions on quarterly basis. The details of the transaction is annexed herewith as ‘Annexure- I in the prescribed form AOC-2

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

Energy conservationdictateshowefficientlya company can conduct its operations. CCL has recognized the importance of energy conservation in decreasing the deleterious effects of global warming and climate change. The Company has undertaken reduced the growth in carbon di-oxide (CO2) emissions and strengthened the variousenergy Companys commitment towards becoming an environment friendly organisation. A dedicated ‘Energy Cell is focusing on energy management and closely monitor energy consumption pattern across all manufacturing sites. Periodic energy audits are conducted to improve energy performance and benchmark with other international refineries and petrochemicals sites.

CCL Focuses on (i) new products, processes and catalyst development to support existing business and create breakthrough technologies for new businesses (ii) advanced troubleshooting, and (iii) support to capital projects, and profit and reliability improvements in manufacturing plants.

PARTICULARS

AMOUNT
EARNING Rs. 47,29,801
OUTGOING Rs. 3,32,51,319

The Companys Export Earning and outgoing is:

MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments has been done by management affecting the financial position of the Company between the end of the financial year of the company to which the financial statements relates and the date of the

The company had held an EGM on 20th February,2023 for –

1. Approval for transfer of Thermal Protectors undertaking of Continental Controls Limited.

2. Approval for Related Party Transaction with Shree Krishna Controls Private Limited.

Both the resolutions were passed by requisite majority.

The company had signed a Business Transfer Agreement with Shree Krishna Controls Private Limited on 15th February, 2023.

EXTRACT OF ANNUAL RETURN

The company is not required to disclose the extract of annual return in form MGT-9.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company as itissufferinglosses since last three consecutive years; hence disclosure in this regard is not provided.

VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES (SECTION 177(10))

The Board of directors of the Company believes in conducting all its affairs in a fair and transparent manner, by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. The directors are committed to comply with the laws and regulations to which it is subject. For this, it has put in place systems, policies and procedures to interpret and apply these laws and regulations in the organizational environment. In consonance with the object of transparency and good governance, the board of directors of the company formulated and adopted "Whistle Blower Policy and Vigil Mechanism"

The organizations internal controls and operating procedures are intended to detect and prevent improper activities. In this regard, the Company believes in developing a culture where it is safe for all the Directors/Employees to raise concerns about any poor or unacceptable practice and any event of misconduct. These help to strengthen and promote ethical practices and ethical treatment of all those who work in and with the organization.

The main objective of this Policy is to provide a platform to Directors and Employees to raise concerns regarding any irregularity, misconduct or unethical matters / dealings within the group which have a negative bearing on the organization either financially or otherwise.

RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEES REMUNERATION (SECTION 197(12))

Details pertaining to remuneration as required under section 197(12) of the Companies act, 2013 read with rule 5(1) of the companies (appointment and Remuneration of managerial personnel) rules, 2014 are provided in ‘Annexure-IIto the Boards Report.

MANAGERIAL REMUNERATION AND RELATED DISCLOSURES

Disclosures pertaining to remuneration to directors and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report.

Pertaining to the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the board of directors do hereby declare that:

(i) No any employee throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than One Crore Two Lakhs rupees;

(ii) No any employee for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than eight lacs fifty thousand rupees per month; (iii) No any employee throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company.

SUBSIDIARY COMPANIES

The Company has no subsidiary companies and hence company does not need to make disclosure of contracts or arrangements or transactions not at arms length basis.

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

Managements Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 (3) and 53 (f) of the

Securities and Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 with the Stock Exchanges in India, is presented in a separate section forming part of the Annual Report.

SECRETARIAL AUDIT

Pursuant to Section 204 of the Companies Act, 2013 and rules, amendments made there under, Mr. Shravan A. Gupta, Practicing Company Secretary was appointed to conduct the secretarial audit of our company for F.Y. 2022-23. The Secretarial Audit report is given separately under Annexure III. There are qualifications or observations or other remarks made by the Secretarial

Auditor on the audit conducted by him in his Report.

STATUTORY AUDITOR

The Auditors, M/s. G. P. Kapadia & Associates, Chartered Accountants (Firm Registration No. 104768W) be and are hereby appointed as the Statutory Auditors of the Company whose office was liable for Rotation under Section 139(2) of the Companies Act, 2013,to hold office from the conclusion of this Annual General Meeting until the conclusion of the Thirty Third Annual

General Meeting of the Company to be held in the calendar year 2028 at such remuneration as may be mutually agreed to, between the Board of Directors and the Auditors, plus applicable taxes and reimbursement of travel and out-of pocket expenses in connection with the audit of standalone financial statements of the Company.

Explanations or Comments by the Board on every qualification, reservation or adverse remark or disclaimer made

1. By the Statutory Auditor in its report

The Statutory Auditor has not made any qualification, reservation or adverse remark or disclaimer in his Audit Report and has given unmodified opinion.

2. By the Secretarial Audit Report in its report

The Secretarial Auditor has given qualification in his secretarial audit report is as follows:

The company is under the process of maintaining website as per the Regulation-46 of the SEBI(LODR) Regulations,2015. The Directors take initiative to maintain website as per the Regulation-46 of the SEBI(LODR) Regulations,2015.

HUMAN RESOURCES

Company considers its employees as most valuable resource and ensures strategic alignment of Human Resource practices to business priorities and objectives. The Company has a dedicated team of employees at various locations across our corporate office and branch offices (including Subsidiary companies) spread across the country. The Company strives to inculcate culture where its employees are motivated and their performance is aligned with values. Company has achieved this present level of excellence through the commitment and dedication exhibited by its employees. The focus on improving productivity and adoption of best practices in every area are being pursued relentlessly. Efforts for active participation, nurturing creativity and innovation and ensuring a climate of synergy and enthusiasm have been at the core of Human Resource initiatives and interventions.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

Your Company has adequate internal financial control and adopted Internal Financial Control Policy in order to maintain confidentiality of price sensitive information and internal financial control.

RISK MANAGEMENT

The Company has mechanisms to inform the Board Members about the risk assessment and minimization procedures and periodical review to ensure that executive management controls risk through means of a properly identified framework. Risk management is an ongoing process and the Audit Committee will periodically review risk mitigation measures. The Board of Directors has not constituted a Risk Management Committee as is not mandatory to the company vide circular bearing number

CIR/CFD/POLICY CELL/7/2014 issued by SEBI dated September 15, 2014.

The Board of Directors of the Company and the Audit Committee shall periodically review and evaluate the risk management system of the Company so that the management controls the risks through properly defined network.

Head of Departments shall be responsible for implementation of the risk management system as may be applicable to their respective areas of functioning and report to the Board and Audit Committee.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS INFUTURE

There were no significant and material orders passed by the regulators and/or courts or tribunals during the year.

POLICY FOR SEXUAL HARRASMENT

The Company has always been committed to provide a safe and dignified work environment for its employees which is free of discrimination, intimidation and abuse. The Company has adopted a Policy for Prevention of Sexual Harassment of Women at Workplace under the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("Act"). The objective of this policy is to provide protection against sexual harassment of women at workplace and for redressal of complaints of any such harassment. The Company has also constituted an Internal Complaints Committee to redress the complaints received under this policy.

The following is a summary of sexual harassment complaints received and disposed-off during the year under

- No of complaints received: Nil

- No of complaints disposed-off: NA

ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank all investors, clients, vendors, banks, regulatory, Government authorities and Stock Exchanges for their continued support and cooperation. The Directors also wish to place on record their appreciation of the contribution made by the business partners / associates at all levels.

By Order of the Board
Sd/-
Navin G.Thakkar
DIN 00251210
Chairman & Managing Director
Place : Mumbai
Date: 30.08.2023

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