To,
The Members
Your directors have pleasure in presenting their 26th Annual Report along with the
Audited Statement of accounts for the year ended on 31st March, 2021 and
Auditors Report thereon.
FINANCIAL RESULTS
The summarized financial results for year ended 31st March 2021 are as
under:
| PARTICULARS |
Current year 31/03/2021 |
Previous year 31/03/2020 |
| Income from Operations |
90,07,049 |
5,30,80,226 |
| Other income |
17,93,890 |
16,63,671 |
| TOTAL INCOME |
1,08,00,939 |
5,14,16,555 |
| Less : Total Expenditure before Int., Depreciation & Tax |
1,03,04,759 |
5,07,35,259 |
| Profit/(Loss) before Int., Depreciation & Tax |
4,96,180 |
6,81,296 |
| Less : Interest |
73,908 |
1,497 |
| Profit/(Loss) before Depreciation |
4,22,272 |
6,79,799 |
| Less : Depreciation |
4,05,173 |
6,02,731 |
| Profit/(Loss) before Exceptional and extraordinary items and Tax |
17,099 |
(77,068) |
| Less : exceptional items |
0.00 |
0.00 |
| Profit/(Loss) before extraordinary items and Tax |
17,099 |
(77,068) |
| Less: Extraordinary items |
0.00 |
0.00 |
| Profit/(Loss) before Tax |
17,099 |
(77,068) |
| Less : Provision for Tax |
0.00 |
11,781 |
| : Deferred Tax |
(3,306) |
(10,975) |
| : Excess/short provision relating to earlier year Tax |
0.00 |
0.00 |
| Profit/(Loss) after Tax |
20,405 |
(77,874) |
| Add: Adj. In respect of Profit From Discontinuing operation |
0.00 |
0.00 |
| Less:Adjustment of short provision of I.TAX |
0.00 |
0.00 |
| Less: Transfer to Debenture Redemption Reserve |
0.00 |
0.00 |
| Less: Transfer to Reserves |
0.00 |
0.00 |
| Less: Dividend paid on Equity Shares |
0.00 |
0.00 |
| Less: Dividend paid on Preference Shares |
0.00 |
0.00 |
| Less: Dividend Distribution Tax |
0.00 |
0.00 |
| Balance |
20,405 |
(77,874) |
| Add: Surplus/Deficit B/F. from Pre. Year |
1486645 |
1564519 |
| Less: Other debits |
175778 |
0 |
| Balance Carried to B/s. |
1331272 |
1486645 |
Profit After Tax for the current FY is Rs. 20,405 compared to loss of Rs. (77,874) in
the previous year.
DISCLOSURES UNDER SECTION 134(3) OF THE COMPANIES ACT.2013
1. Section 134(3)(a) EXTRACT OF ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with
Rule 12 of the Companies (Management and Administration) Rules, 2014, as amended, the
extract of the Annual Return as at March 31, 2021, in the prescribed form MGT -9, is not
required to be published. However, Annual Return in Form MGT-7 will be/has been placed on
Companys website and can be accessed at. http://www.ghushineindia.com/
2. Section 134(3)(b) NUMBER OF BOARD MEETINGS:
During the Financial Year 2020-21, 7 [SEVEN] meetings of the Board of Directors of the
Company were held as under:
| 19/05/2020 |
15/07/2020 |
31/07/2020 |
| 08/09/2020 |
13/11/2020 |
07/01/2021 |
| 04/03/2021 |
|
|
3. Section 134(3)(c) DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of section 134(5) the Board confirms and submits the
Directors
Responsibility Statement that:—
a. in the preparation of the annual accounts, for the financial year ended March 31,
2021 the applicable accounting standards read with requirements set out under Schedule III
to the Act 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 sufficient care for the maintenance of adequate
accounting records in accordance with 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 have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are operating
effectively.
f. the directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
4. Section 134(3)(ca) DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER
SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL
GOVERNMENT;
The Directors state that no fraud by Company has been committed nor any fraud on the
Company by its officers/employees has been noticed during the Financial Year 2020-21.
The Auditors have also reported that no fraud by the Company or any fraud on the
Company by its officers/employees has been noticed or reported during the course of their
Audit There is no fraud exceeding the limits requiring reporting to the Central Government
5. Section 134(3)(d) DECLARATION BY INDEPENDENT DIRECTORS
Pursuant to Section 149(7) of the Companies Act, 2013, the Company has received
necessary declaration from each Independent Director confirming that they meet the
criteria of independence as prescribed under Section 149(6) of the Act and SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015.
6. Section 134(3)(e) COMPANIES POLICY ON DIRECTORS APPOINTMENT, REMUNERATION AND
INDEPENDENCE
As required by Section 178(1)/178(3) of the Companies Act, 2013read with Regulation 19
of SEBI (LODR) Regulations,2015, Company has constituted Nomination and Remuneration
Committee which formulate the criteria for determining qualification, positive attribute
and independence of a director and has recommended a policy to the Board relating to
remuneration of directors, Key Managerial Personnel and other employees and Board is
implementing the same.
7. Section 134(3)(f) BOARD COMMENTS OR EXPLANATION ON QUALIFICATION RESERVATION OR
ADVERSE REMARK BY AUDITOR OR PRACTICING COMPANY SECRETARY
(i) There is no adverse remarks or observations nor auditors have qualified their
report, Hence, no clarification is required by the Board.
(ii) SECRETARIAL AUDITOR:
In respect of Remarks of Secretarial Auditor in their report in Form MR-3 read with
Annexures thereon, the director should like to clarify that the Board has imitated steps
for revocation of suspension of trading and waiver of fines levied by with Bombay Stock
Exchange Limited.
In respect of Remarks of Secretarial Auditor regarding non-compliance on company law
matter and explanation sought by the Registrar of Companies, Gujarat, Board has initiated
step for proper compliance and filling of replies with ROC, Gujarat.
Other remarks are self explanatory and needs no comment by the Board
8. Section 134(3)(g) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
There were no loans given, guarantees given or investments made by the Company under
section 186 of the Companies Act, 2013 during the year under review and hence the said
provisions are not applicable.
9. Section 134(3)(h) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the related party transaction entered into during the financial year 2020-21 were
at an arms length and in ordinary course of business. No material related party
transactions were entered during the financial year by the Company. Disclosures for
related party transactions, as required
under Section 134(3) (h) of the Act in Form AOC-2 is not applicable as such
transactions were entered by the company in the ordinary course of business on arms
length basis.
All transactions with related parties were reviewed and approved by the Audit
Committee. Prior omnibus approval is obtained for related party transactions which are of
repetitive nature and entered in the ordinary course of business and on an arms length
basis. A statement giving details of all related party transactions is placed before the
Audit Committee on a quarterly basis for its review. The details of the transactions with
related parties are also provided in the accompanying financial statements.
10. Section 134(3)(i) STATE OF COMPANYS AFFAIRS:
The company is engaged in Textiles business. The revenue of the company during the year
decreased from Rs. 5,14,16,555 in the previous year to Rs. 1,08,00,939 in the current
year. The company earned profit of Rs. 20,405 as compared to loss of Rs. (77,874) in the
previous year.
At present your company has no plan to enter into any other business.
11. Section 134(3)(j) TRANSFER TO RESERVES:
Your Directors do not recommend to transfer any amount out of profits to the reserves
12. Section 134(3)(k) DIVIDEND
The directors do not recommend any dividend for the year ended 31st March
2021.
13. Section 134(3)(l) MATERIAL CHANGES BETWEEN THE DATE OF THE BOARD REPORT AND END OF
FINANCIAL YEAR
In the opinion of board of directors excepting COVID-19 there are no material changes
& commitments which have occurred after Balance Sheet date till the date of the report
affecting the financial position of the company.
14. Section 134(3)(m) CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE
AND OUTGO
The relevant particulars are given in prescribed form annexed as ANNEXURE I to this
report
15. Section 134(3)(n) RISK MANAGEMENT POLICY:
In the opinion of your Board, there is no potential risk except the change in
government policy, increase in business competition and economic recession are likely to
threaten the existence of your Company. The board is fully aware of Risk Factors and is
taking preventive measures wherever required.
The Company has been exempt under regulation 21 of SEBI (Listing Obligation and
Disclosure requirements) Regulations, 2015 from reporting of risk management
16. Section 134(3)(o) CORPORATE SOCIAL RESPONSIBILITIES (CSR) POLICY:
The Provisions of CSR under section 135 of the Companies Act, 2013, read with Rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules 2014, your company do not
fulfill the threshold limits of Turnover of Rs. 100 Cr. Or Net Profit of Rs. 5 Cr. And Net
Worth of Rs. 10 Cr. Hence, the same is not applicable to your company.
17. Section 134(3)(p) FORMAL ANNUAL EVALUATION
The Clause relating to Formal Annual Evaluation of performance of Board or its
Committees and individual directors is not applicable to the Company as paid up share
capital doesnt exceed Rs.25 Crore
18. Section 134(3)(q) OTHER MATTERS
Pursuant to provisions of Section 134(3)(q) read with Rule 8(5) of the Companies
(Accounts ) Rules 2014 the Board hereby reports as under
1. Financial summary or highlights: this has already been reported under the head
Financial Highlights
2. CHANGE IN NATURE OF BUSINESS, IF ANY:
There is no major change in the nature of business carried on by the company compared
to the previous year. However due to covid-19 Pandemic and lockdown, business of the
company was effected for the period of March,2021.
3. DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATES:
As on March 31, 2021, the Company has no subsidiary, joint venture or associates.
Further during the year there is no Company which became or ceased to be the
subsidiary, joint venture or associates of your Company. Therefore, disclosure under first
proviso to Section 129(3) in prescribed form AOC-1 is not applicable to your company.
4. DEPOSITS:
Your Company has not accepted any deposits from public within the meaning of Section 73
of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014,
5. ANY SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS:
pursuant to the provisions of SEBI SOP circular (as on suspension date) SEBI has levied
penalty of Rs. 27,31,850/-, for various defaults under SEBI (LODR) Regulations, 2015and
listing agreements. Further the amount of fine will continue to be computed further till
the date of compliance to the satisfaction of Bombay Stock Exchange Limited.
Further SEBI has levied Reinstatement fees of Rs. 75,000/- plus applicable GST subject
to the condition that fees would be revised upward at the time of issue of in principle
approval.
Company has not paid listing fees of Rs. 49,355/- for financial year 2020-21 and
earlier years. BSE Limited has suspended trading in securities of the company.
Registrar of Companies Gujarat Dadra & Nagar Haveli has imposed penalty of Rs.
1,00,000/- on the company and Rs. 1,00,000/- on Mr. Alok Jain, officer in default wide
order no. ROC- GJ/2020-21/ Ghushine Fintrrade / ADJ. ORDER/Sec. 12/ Dated: 19 January
2021/5183. The company has preferred an appeal against the said order.
The Registrar of Companies Gujarat Dadra & Nagar Haveli has observed various
violations of provisions of Companies Act, 2013 and has sought clarification from the
company vide letter no. ROC-GJ/GHUSHINE FINTRRADE/2020-21/1907 Dated: 13 October 2020.
If above liability are crystallized then financial position of the company will be
adversely affected and at the same time will impact the Going Concern status of the
company.
6. INTERNAL FINANCIAL CONTROLS:
The Company has in place adequate internal financial controls with reference to
financial transactions. During the year, such controls were tested and no reportable
material weaknesses in the design or operation were observed.
7. PARTICULARS OF EMPLOYEE AND RELATED DISCLOSURES
a. Remuneration to Directors and KMP: As required under Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the required details
is annexed as ANNEXURE IVA to corporate governance report attached with this report.
b. None of the employee was in receipt of remuneration exceeding the limit as stated in
rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014.
c. The company has no employees (not being directors or their relatives ) who are
posted and working outside India drawing remuneration of more than Rs. 60 lacs p.a or Rs.
5 lacs p.m during the financial year.
DISCLOSER UNDER RULE 8, SUB RULE 5 CLAUSE XI PROCEEDING UNDER IBC
In the opinion of, and to the best of Knowledge of Board of Directors of Company, the
Company has not filled any application under the Insolvency and Bankruptcy Code, 2016
during the year nor any proceedings against the Company is pending under the Insolvency
and Bankruptcy Code, 2016, as at the end of Financial Year 2020-21.
DISCLOSER UNDER RULE 8, SUB RULE 5 CLAUSE XII VALUATION DIFFRENCE SETTELMENT
Your Company has not entered into one time settlement with Banks or Financial
Institutions during the Financial Year hence the details of difference between the amount
of the valuation done at the time of one time settlement and the valuation done while
taking loan from the Banks or Financial Institutions is not applicable .
REAPPOINTMENT OF INDEPENDENT DIRECTOR
Pursuant to provisions of Section 149 read with Section 161 Kusum Fulfagar
(DIN:0928074) was appointed as an Independent Director by the Board w.e.f 29th
June 2021 and her term expires at the conclusion of this AGM. Company has received
declaration of independence for her re-appointment. She is eligible for re- appointment.
The board recommends to re- appoint her for a period of 5 years.. None of the other
directors are interested in the said matter.
Bhaviniben Jagdishbhai Lankapati (DIN : 07315285) was appointed as independent director
for the second term of 5 years till October 11, 2023 by members at AGM held on 30th
September 2020.
Pratik R Jariwala (DIN : 07762431) holds office as independent director w.e.f. 20th
April, 2017 for a period of 5 years..
CHANGE IN COMPOSITION OF THE BOARD AND KMP
Ketan Iswarlal Parekh (DIN : 07316491) Independent Director has resigned w.e.f. 29th
June 2021.
Kusum Fulfagar (DIN:0928074) was appointed as an Independent Director by the Board
w.e.f 29th June 2021.
The Board consists of executive and non-executive directors including independent
directors who have wide and varied experience in different disciplines of corporate
functioning.
DISQUALIFICATION OF DIRECTORS
Pursuant to provisions of Section 164(2) (b) and Section 167 of the Companies Act 2013
the company has received a declaration from directors that none of them are disqualified
to hold post as director of the company.
DISCLOSURE UNDER SECTION 177,178 COMMITTEES OF THE BOARD
a. Audit committee:
Information about Audit Committee is provided under the head Corporate Governance
Report attached with this report
b. Nomination And Remuneration Committee
Information about Nomination And Remuneration Committee is provided under the head
Corporate Governance Report attached with this report
c. Stakeholders and Investor Grievance Committee
Information about Stakeholders and Investor Grievance Committee is provided under the
head Corporate Governance Report attached with this report
d. Vigil Mechanism committee
Since your company has not accepted any Deposit from the public and has not borrowed
money from Banks and public Financial Institutions in excess of Rs. 50 crore, provisions
of section 177(9) read with Rule 7 of Companies (Meeting of board and its Powers) Rules,
2014 are not applicable to the company.
CHANGES IN SHARE CAPITAL, IF ANY:
The paid up capital of the Company is 4,94,49,000/- Your Company has not issued any
kind of Shares during the financial year ended on 31st March, 2021. Thus there is no
change in authorized, issued, subscribed and paid up share capital of the company.
DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS:
Pursuant to Rule 4(4) of Companies (Share Capital and Debentures ) Rules 2014 The
Company has not issued Equity Shares with differential rights.
DISCLOSURE REGARDING ISSUE OF SWEATS EQUITY SHARES:
In terms of Rule 8 of Companies (Share Capital and Debentures ) Rules 2014 The Company
has not issued sweat Equity shares during the Financial Year 2020-21.
DISCLOSURE UNDER SECTION 62(1)(b) REGARDING ISSUE OF EMPLOYEE STOCK OPTION AND
EMPLOYEES STOCK PURCHASE SCHEMES:
As per Section 62(1)(b) of the Companies Act 2013 read with Rule 12 of Companies (
Share Capital and Debentures ) Rules 2014, the Company has not issued Employee Stock
Options during the Financial Year 2020-21.Therefore disclosure of particulars as required
under Rule 11(9) of Companies ( Share Capital and Debentures ) Rules 2014 is not
applicable.
BUY-BACK OF SHARES
The company has not purchased its own shares during the financial year therefore
details required to be disclosed as per Rule 16 of Companies ( Share Capital and
Debentures ) Rules 2014 is not applicable.
REDEMPTION OF PREFERENCE SHARES AND DEBENTURES
Pursuant to Section 164(2) and 167(1) and Schedule V Part 2 of Companies Act 2013
company has not issued any preference shares or debentures and there is no redemption of
any preference shares or debentures during the F.Y. 2020-21.
INVESTOR EDUCATION PROTECTION FUND:
As on 31/03/2021 there is no outstanding amount of unpaid or unclaimed dividend. Hence
no amount nor any shares are required to be transferred to IEPF during the F.Y. 2020-21.
DISCLOSURE UNDER SECTION 129(3) CONSOLIDATED FINANCIAL STATEMENT
Since your Company has no subsidiary, associate or joint ventures companies, provisions
of consolidated financial statements under section 129(3) and disclosure in form AOC-1
under Rule 5 of the Companies (Account) Rules 2014 are not applicable.
NOMINATION OF DIRECTORS BY SMALL SHAREHOLDERS
The company has not received name of any candidate to be nominated by small
shareholders as provided in section 151 of the Act.
AUDITORS:
Pawan Siddarth & Co, FRN : 119243W Chartered Accountants, Surat have resigned as
statutory auditor.
The Board appointed M/s MGA & Associates, Chartered Accountants, Surat FRN :
134325W PAN : AAXFM467 to fill the casual vacancy at their meeting held on 29/06/2021 they
hold office till the conclusion of this AGM. Company has obtained Eligibility certificate
from the statutory auditor to the effect that they do not suffer from any
disqualification, and their appointment if made will be in accordance with provisions as
laid down in Companies Act, 2013. As required under provisions of Companies Act, 2013
resolution is placed for approval of members fort their appointment. The board recommends
to pass the ordinary resolution as proposed. None of the director is interested in the
said resolution.
SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board
has appointed JITENDRA RAMANLAL BHAGAT, Company Secretary in Practice to hold the office
of the Secretarial
Auditors and to conduct the Secretarial Audit. The Secretarial Audit Report for the
financial year ended March 31, 2021, is annexed as ‘Annexure - II to this report.
PCS Certificate regarding Non-disqualification of directors as on 31.03.2021 is annexed
as ‘Annexure - IIA.
Annual secretarial Audit Report has notified under SEBI (LODR) Regulations, 2015 is not
applicable to the company.
DISCLOSURE REGARDING MAINTENANCE OF COST RECORDS
The Company do not satisfy the criteria of threshold limits specified for maintenance
of cost records/cost audit as specified by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013, the said provisions are not applicable to Company.
INTERNAL AUDITOR:
Company has introduced Internal Financial Control System which ensures proper Internal
Audit of Financial Transactions.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Board meetings SS1 and Annual General Meetings, SS2.
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION
AND REDRESSAL) ACT, 2013
Your Company has adopted a policy on prevention, prohibition and redressal of sexual
harassment at the workplace in line with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under.
Your Company has constituted an Internal Complaints Committee.
Details required to be disclosed under the provision of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act 2013, are as under :
| a. No. of Complaints pending for disposal at the beginning of the financial year -
NIL. |
| b. No. of Complaints received during the financial year - NIL. |
| c. No. of complaints disposed off during the financial year - NIL. |
| d. No. of complaints pending for disposal at the end of financial year - NIL. |
DISCLOSURES UNDER LISTING AGREEMENT AND SEBI (LODR) REGULATIONS. 2015 CLAUSE 32
(iii)(b)
I. Shares of the company are not delisted
II. Stock Exchange has suspended securities of the company from trading due to penal
reasons.
III. Equity Shares of the company are listed on Bombay Stock Exchange. The company has
not o paid listing fees for FY 2020-21 and FY 2021-22 to the Stock Exchange.
CLAUSE 49.II.B.5.b PERFORMANCE EVALUATION OF INDEPENDENT DIRECTORS
The company has system of performance evaluation of independent directors as per norms
laid down by Nomination and Remuneration Committee
CLAUSE 49.IV.B.4 REMUNERATION POLICY FOR DIRECTORS, KMP AND OTHER EMPLOYEES
Relevant particular are given under the head corporate governance report attached with
this report
CLAUSE 49.II.B.7.b FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS
Due to COVID-19 familiarization program for independent directors could not be
conducted by the Company during the year.
CLAUSE 49.II.F.3 VIGIL MECHANISM N(WHISTLE BLOWER POLICY)
Though the provisions relating to vigil mechanism are not applicable to the company,
company has made adequate arrangements and developed mechanism for Whistle Blowers.
CLAUSE 49.V.D MATERIAL SUBSIDIARIES
Your company has no material subsidiaries
CLAUSE 49.VIII.A.2 POLICY ON DEALING WITH RELATED PARTY TRANSACTIONS
The company has framed policy for dealing with related party transactions in
consultation with audit committee.
CLAUSE 49.II.E.2 DECLARATION OF CEO REGARDING COMPLIANCE BY BOARD MEMBERS
Said declaration is attached as ANNEXURE III to this report.
CLAUSE 49.VIII.C.1/2/3/4 REMUNERATION OF DIRECTORS
Necessary details are attached in Corporate governance report.
CLAUSE 49.VIII.B COMPLIANCE WITH ACCOUNTING STANDARDS
Please refer Corporate governance report attached with this report.
CLAUSE 49 OF LISTING AGREEMENT MANAGEMENT DISCUSSION AND ANALYSIS
(a) Industry Structure and Developments:- Company is operating in Textile Industry.
(b) Opportunities and Threats:- The textile industry provides ample opportunities in
domestic as well as export market. However the uncertainty of raw material prices and
government policies are detrimental to growth and profitability. Spread of COVID-19
Pandemic and lockdown has resulted into shortage of availability of raw materials,
consumables as well as labour.
(c) Segment wise or product wise Performance: - Company operates in one segment
Textile. The performance of said sector is reported in Audit Report.
(d) Outlook: - The directors are hopeful of better performance.
(e) Risks & Concerns: - Due to Covid-19 Pandemic, Company is expecting to incur a
very heavy cash losses.
(f) Internal control systems and their adequacy: - Company has developed adequate
internal control system and looking to the size of the company said system is operating
adequately and effectively.
(g) Discussion on financial performance with respect to operational performance; -The
Financial performance is reported in directors report.
(h) Human Resources Management Initiatives:-All the efforts are made to rationalize its
manpower and make effective use of the same.
CORPORATE GOVERNANCE
As provided under Regulation 15(2) of the SEBI (LODR) Regulations, 2015 , the
compliance with Corporate Governance as specified in Regulation 17 to 27, 46(2)(b) to (i)
& Para c, d & e of Schedule V are not applicable to the Company as paid up share
capital doesnt exceed Rs.10 Crore and net worth doesnt exceed Rs 5crores.
However certain important information has required under Corporate governance rules are
attached as
ANNEXURE IV
CLAUSE 49.XI.A AUDITORS CERTIFICATE FOR COMPLIANCE WITH CORPORATE GOVERNANCE
Certificate from auditors regarding compliance of conditions of corporate governance is
annexed as
ANNEXURE V
BUSINESS RESPONSIBILITY REPORT
Since your company do not fulfill the conditions prescribed for business responsibility
reporting said clause is not applicable.
INSURANCE
All Inventories and Fixed Assets etc., are adequately insured.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship with employees
at all levels. ACKNOWLEDGMENT
The Directors express their sincere thanks to the employees, customers, suppliers,
companys bankers and members of the company for their continued support.
|
For & On Behalf of the Broad of Directors |
|
Ghushine Fintrrade Ocean Limited |
| Place :SURAT |
|
| Date : 21/07/2021 |
ALOK BHOPALSINGH JAIN |
|
Chairman & Managing Director |
|
DIN:0006643 |
+91-9892691696
