To,
The Members of
Gold Rock Investments Limited
Your Directors have pleasure in presenting the Forty Fifth Annual Report, together with
the audited financial statement of the Company for the financial year ended March 31,
2023.
FINANCIAL RESULTS (Under IND-AS)
The standalone performance of the Company for the financial year ended March 31, 2023
is summarized below:
(Rupees in lakhs)
Particulars |
STANDALONE |
CONSOLIDATED |
|
Year ended March 31, 2023 |
Year ended March 31, 2022 |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
Total Income |
668.13 |
340.98 |
670.03 |
342.22 |
Total Expenses |
103.94 |
115.44 |
118.79 |
118.79 |
Profit before Tax & Exceptional Item |
564.19 |
225.54 |
566.37 |
223.43 |
Less: Exceptional Item |
--- |
--- |
|
|
Profit before tax |
564.19 |
222.54 |
566.37 |
223.43 |
Less: Provision for Tax |
|
|
|
|
-Current Tax |
94.18 |
60.00 |
94.51 |
60.00 |
- Deferred Tax |
4.53 |
3.42 |
4.53 |
3.42 |
- Income Tax for Earlier Years |
0.00 |
19.20 |
0.00 |
19.20 |
- MAT Credit Entitlement |
(26.38) |
-- |
(26.72) |
-- |
Profit / (Loss) after Tax |
491.86 |
142.92 |
494.04 |
140.81 |
Less: Minority Interest |
- |
- |
(0.77) |
(0.35) |
Other Comprehensive Income for the |
441.66 |
887.77 |
493.86 |
890.95 |
year |
|
|
|
|
Total Comprehensive Income for the |
933.53 |
1030.68 |
933.13 |
1032.12 |
year |
|
|
|
|
Basic & Diluted |
62.61 |
18.19 |
62.89 |
17.92 |
[performance overview and state of affairs
On standalone basis, your Company earned the gross income of Rs. 668.13 lakhs as
against Rs. 340.98 lakhs in the previous year. The total expenditure during the
year under review was Rs. 103.94 lakhs as against Rs. 115.44 lakhs in the
previous year. The Net Profit after tax Rs. 491.86 lakhs as against Rs. 142.92 lakhs
in the previous year.
On consolidated basis, your Company earned the gross income of Rs. 670.03 lakhs
as against Rs.
342.22 lakhs in the previous year. The total expenditure during the year under
review was Rs. 103.66 lakhs as against Rs. 118.79 lakhs in the previous
year. The Net Profit after tax was Rs.
494.04 lakhs as against Rs. 140.81 lakhs in the previous year.
There has been no change in the business of the Company during the financial year ended
March 31, 2023.
[CONSOLIDATED FINANCIAL STATEMENTS:
The Consolidated Financial Statements of the Company form part of the Annual Report.
[subsidiary
During the year under review, Company has one subsidiary company:
Pursuant to provisions of Section 129(3) of the Act, a statement containing salient
features of the financial statements of the Companys subsidiaries in Form AOC-1
“Annexure-A” is attached to the financial statements of the Company.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the
Annual Report of the Company, containing therein its standalone and the consolidated
financial statements has been placed on the website of the Company, www.goldrockinvest.in
Further, as per fourth proviso of the said section, audited annual accounts of each of the
subsidiary companies have also been placed on the website of the Company,
www.goldrockinvest.in Shareholders interested in obtaining a copy of the audited annual
accounts of the subsidiary companies may write to the Company Secretary at the Companys
registered office.
PERFORMANCE AND FINANCIAL POSITION OF THE SUBSIDIARY.
Subsidiary Company
Seattle Online Private Limited: It earned gross income of Rs.13.24 lakhs as against Rs.
13.90 lakhs in the previous year. The total expenditure during the year under review was
Rs. 15.35 lakhs as against Rs. 11.72 lakhs in the previous year. The Net Loss was Rs. 2.11
lakhs as against Net profit of Rs. 2.17 lakhs in the previous year.
:transfer to reserves
The Amount of Rs. 98.37 lakhs has been transferred to NBFC Statutory Reserve as
per the provision of RBI Act 1934; it is not proposed to carry amount of profit to any
other reserves except the transfer of profit to NBFC Statutory Reserves.
Dividend
The Board does not recommend any dividend for the financial year ended 31st
March, 2023. [INDIAN ACCOUNTING STANDARD (IND AS)
The Company has adopted Indian Accounting Standard (‘IND AS) the accordingly, the
financial statement for the year 2022-23 have been prepared in accordance with IND-AS,
prescribed under Section 133 of the Act, read with relevant rules issued there under and
the other recognized accounting practices and policies to the extent applicable.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management discussion and Analysis Report for the year under review, as required under
the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations 2015, is forming part of this Annual Report.
[particulars of loans, guarantees and investments
The provisions of section 186 of the Act pertaining to investment and lending
activities are not applicable to the company since the company is a Non-Banking Financial
Company (“NBFC”) whose principal business is acquisitions of securities. During
the year under review, the Company has not provided any guarantee.
RBI PRUDENTIAL NORMS
Since the Company does not accept and hold any public deposits, the Non- Banking
Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007 are not applicable to the Company as regard to capital adequacy
requirement.
Directors and key managerial personnel
In accordance with the provision of the Act, and the Article of Association of the
Company, Mr. Sanjeev Kumar Jain Non-Executive Director of the Company is
liable to retire by rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re-appointment. The Board of Directors on the recommendation of the
Nomination and Remuneration Committee and based on report performance evaluation, has
recommended re-appointment of Mr. Sanjeev Kumar Jain Non-Executive Director
of the Company is liable to retire by rotation
During the year under review, Mr. Alok Mukherjee held position as Managing Director,
Mr. Sanjeev Kumar Jain held position as Non-Executive Director, Mr. S. C. Aythora held
position as Independent Director, Mrs. Komal Mundhra held position as Women Independent
Director, Mr. Jitendra Kumar Srivastava held position as Chief Financial Officer and Ms.
Pooja Solanki held position as Company Secretary and Compliance Officer.
During the year, the Board of Directors, based on the recommendations of the Nomination
& Remuneration Committee and subject to such other approvals as may be necessary, the
consent of Members of the Company be and is hereby given for the appointment of Mr. Alok
Mukherjee as the Managing Director for a period of 3 (Three) years with the effect from
February 14, 2023 to February 13, 2026 and Mr. Shri K N Kutty Managing Director ceased to
be director of the Company upon is date from February 14, 2023.
Resolution seeking his re-appointment along with his profile as required under
Regulation 36(3) of SEBI Listing Regulations forms part of the Notice of 45th
Annual General Meeting.
The Company has received declaration from all Independent Directors of the Company
confirming that they meet the criteria of Independence prescribe under the Act, and the
Listing Regulations.
NUMBER OF MEETINGS "" ““
A. BOARD MEETING
During the financial year ended March 31, 2023, 5 (Five) meeting were held. The detail
of Board Meetings and the attendance of the Directors are provided in the Report on
Corporate Governance forming part of this report.
B. AUDIT COMMITTEE
The Board has well-qualified Audit Committee, the composition of which is in line with
the requirements of Section 177 of the Companies Act, 2013 read with Regulation 18 of SEBI
LODR 2015. All the Members, including the Chairperson of the Audit Committee are
Independent. They possess sound knowledge on Accounts, Audit, Finance, Taxation, Internal
Controls etc. The details viz, Composition, number of meetings, dates of meetings and
attendance of Directors at such meeting are included in the Corporate Governance Report.
During the year under review all the recommendations made by the Audit Committee were
accepted by Board. 5 (Five) Audit Committee Meetings were convened and held during the
financial year.
The Company Secretary and Compliance Officer of the Company acts as Secretary of the
Committee.
C. NOMINATION AND REMUNERATION COMMITTEE
The Company has duly reconstituted Nomination and Remuneration and Compensation
Committee as per the requirements prescribed under the provisions of Section 178 of the
Companies Act, 2013 and Regulation 19 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), Regulations, 2015
During the year under review 4 (Four) Nomination and Remuneration Committee Meetings
were convened and held during the financial year.
D. SHARE TRANSFER AND STAKEHOLDERS RELATIONSHIP COMMITTEE
^™As per the requirements of Section 178 of the Companies Act, 2013 and Regulation
20 of SEBI LODR 2015, the company has reconstituted Stakeholders Relationship Committee.
The details of Composition of the Committee are included in the Corporate Governance
Report.
During the year under review 4 (Four) Share Transfer and Stakeholder Relationship
Committee Meetings were convened and held during the financial year.
AUDITORS
STATUTORY AUDITORS:
M/s Rajeev Sharma & Associates Chartered Accountants (Firm Reg. No. 004849C),
was
appointed as the Statutory Auditors of the Company at 44th Annual General
Meeting (“AGM”) held on September 30, 2022 to hold the office as the Statutory
Auditors of the Company till the conclusion of AGM to be held on September 2023.
M/s Rajeev Sharma & Associates Chartered Accountants (Firm Reg. No. 004849C) is to
be reappointed as the Statutory Auditors of the Company at Annual General Meeting of the
Members held on September 30, 2023 for a term of 5 years consecutive years from the
conclusion of the Annual General Meeting held on September 30, 2027 until the conclusion
of the 50th Annual General Meeting of the Company.
As per the provisions of Section 139 and 141 of the Act, they have confirmed that they
are not disqualified from continuing as Auditors of the Company.
The Audit Report of M/s Rajeev Sharma & Associates on the Financial
Statements of the Company for the Financial Year 2022-23 is a part of the Annual Report.
The Report does not contain any qualification, reservation, adverse remark or disclaimer.
The observations of the Statutory Auditors, when read together with the relevant notes
to the accounts and accounting policies are self-explanatory and do not call for any
further comment.
SECRETARIAL AUDITOR:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company
has appointed M/s H. Nitin & Associates Company Secretaries in Practice to
undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report
is annexed herewith as "Annexure D". The Secretarial Audit Report for the
financial year ended March 31, 2023 does not contain any qualifications, reservations or
adverse remarks. The Secretarial Audit Report is annexed and forms part of this report.
INTERNAL AUDITOR:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014, the Company has appointed Mrs. Neeta Gupta Chartered
Accountant as an Internal Auditor of the Company for the Financial Year 2023-24.
DETAILS IN RESPECT OF FRUAD REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143
OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
During the reporting period, no fraud was reported by Auditors under sub-section (12)
of section 143, as such no offence involving fraud was committed against the Company by
officers or employees of the Company.
BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance,
Board committees and Individual Directors pursuant to the provisions of the Act and the
Corporate Governance requirements as prescribed by Securities and Exchange Board of India
(“SEBI”) under the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The performance of the Board was evaluated by the Board after seeking inputs from all
the Directors on the basis of the criteria such as the Board composition and structure,
effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the board after seeking inputs from
the committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of the
individual Directors on the basis of the criteria such as the contribution of the
individual Director to the Board and committee meetings. In addition, the Chairperson was
also evaluated on the key aspects of his role.
In a separate meeting of Independent Directors, performance of non- Independent
Directors, performance of the board as a whole and performance of the Chairperson was
evaluated, taking into account the views of executive directors and non-executive
Directors.
POLICY ON APPOINTMENT AND REMUNERATION FOR DIRECTORS. KEY MANAGERIAL PERSONNEL AND
SENIOR MANAGEMENT EMPLOYEES
The remuneration paid to the Directors is in accordance with the Nomination and
Remuneration policy formulated in accordance with Section 178 of the Companies Act, 2013
and Regulation 19
of the Listing Regulation (including any statutory modification(s) or re-enactment (s)
thereof for the time being in force) and as per section 197 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The Nomination and Remuneration Committee of the Board has devised a policy for
selection and appointment of Director, Key Managerial Personnel and Senior Management
Employee and their Remuneration. The Committee has formulated the criteria for determining
qualifications, positive attributes and independence of a Director, which has been put up
on the Companys website www.goldrockinvest.in.
[internal financial control and their adequacy
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The internal control systems, comprising of policies and
procedures are designed to ensure sound management of your Companys operations,
safekeeping of its assets, optimal utilization of resources, reliability of its financial
information and compliance. Based on the report of Internal Audit function, corrective
actions are undertaken in the respective areas and thereby strengthen the controls.
The statutory auditors of the Company have audited the financial statements included in
this annual report and has issued a report on our internal financial controls over
financial reporting as defined in Section 143 of the Act.
A Certificate from the Managing Director and CFO of the Company in terms of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations
2015, inter alia, confirming the correctness of the Financial Statements and Cash Flow
Statements, adequacy of the internal control for financial reporting, and reporting of
matters to the Audit committee, is also forming part of this Annual Report.
Disclosure about cost audit
The provision of Cost Audit as per section 148 of the Companies Act, 2013 does not
applicable on the Company.
[familiarisation program for boards members
The Board members are provided with necessary documents / brochures, reports and
internal policies to enables them to familiarize with the Companys procedures and
practices.
The Company at its various meetings held during the Financial year 2022-23 had
familiarized the Independent Directors with regard to the roles, rights, responsibilities
in the Company, nature of the industry in which the Company operates, the Business models
of the Company etc. The Independent Directors have been provided with necessary documents,
reports and internal policies to familiarize them with the Companys policies, procedures
and practices.
Periodic presentations are made to the Board and Board Committee meeting on Business
and performance updates of the Company, Global business environment, Business strategy and
risks involved. Detailed presentation on the Companys business segments are made at the
separate meetings of the Independent Directors time to time.
The Familiarization Policy along with the details of familiarization program imparted
to the Independent Directors is available on the website of the Company at
www.goldrockinvest.in.
[public deposits
The Company being a Non-Deposit Accepting Non-Banking Finance Company has not accepted
any deposits from the public during the year under review and shall not accept any
deposits from the public without obtaining prior approval of the Reserve Bank of India
(RBI). The company has neither accepted any public deposit in past or during the year.
There are no unclaimed/unpaid deposit as of 31.03.2023. The company has complied with the
relevant provisions relating to deposits under the Act and Rules framed their under.
CORPORATE SOCIAL RESPONSIBILITY
^"During the FY 2022-23, the Corporate Social Responsibility (CSR) expenditure
incurred by the Company was 8.32 lacs. Transfer to Special Bank Account as approved under
CSR activities. The Annual Report on CSR activities undertaken during the financial year
2022-23 is in accordance ^^with provisions of Companies Act 2013 and Companies (Corporate
Social Responsibility Policy) Rules, 2014
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
As per the information available with the Board of Directors, there were no such orders
passed against the Company. There has been no significant and material order passed by the
Regulators or Court or Tribunals impacting the going concern status and Companys
operations.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are No material changes and commitments affecting the financial position of the
Company have occurred between the end of the Financial year of the Company to which the
Financial Statement relate and the date of this report.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND
REDRESSAL) ACT. 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. All women employees (permanent, contractual, temporary and trainee) are covered
under this Policy. During the year 2022-23, no complaints on sexual harassment were
received.
SHARE CAPITAL
The issued, subscribed and paid-up Share Capital of the Company stood at Rs. 78.56
lakhs as at 31st March 2023 comprising of 7,85,600 Ordinary (Equity) Shares of
Rs. 10 each fully paid-up. There was no change in Share Capital during the year under
review.
AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS
The Company hereby affirms that during the year under review, the Company has complied
with all the applicable Secretarial standards i.e. SS-1 and SS-2, relating to
‘Meetings of the Board of Directors and ‘General Meetings respectively
(including any modifications or amendments thereto) issued by the Institute of Company
Secretaries of India.
DIRECTORS RESPONSIBILITY STATEMENT UNDER SECTION 134 OF THE COMPANIES ACT- 2013
Pursuant to Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge and ability, confirm that:
a. in the preparation of the annual financial statements for the year ended March 31,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
b. the Directors have selected such accounting policies and applied them consistently
and made judgment and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at the end of the financial year and
of the profit of the Company for the year ended March 31, 2023;
c. the Directors have taken proper and sufficient care to the best of their knowledge
and ability 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. the Directors have prepared the annual accounts for the financial year ended March
31, 2023 on a going concern basis;
e. the Directors have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and operating effectively;
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.
CORPORATE GOVERNANCE
Your Company believes that Corporate Governance is the basis of stakeholder
satisfaction and therefore, your Board continues to be committed to uphold the highest
standards of Corporate Governance and adhere to the requirements set out by the Securities
and Exchange Board of India.
A separate section on Corporate Governance, is annexed and forms part of this report.
VIGIL MECHANISM /WHISTLE BLOWER POLICY
As per the provision of Section 177 (9) of the Companies Act, 2013, and Regulation 22
of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements), Regulations, 2015 (SEBI LODR 2015) the Company is required to establish an
effective Vigil Mechanism for Directors and Employees to report genuine concerns. In line
with this, the Company has framed a Vigil Mechanism and a Whistle Blower Policy through
which the Directors and Employees, Franchisees, Business Partners, Vendors or any other
third parties making a Protected Disclosure under this Policy may report concerns about
unethical behavior, actual or suspected fraud or violation of the Companys Code of
Conduct & Ethics without fear of reprisal. The Policy provides for adequate safeguards
against victimization of employees who avail of the mechanism and also provides for direct
access to the Chairperson of the Audit Committee. It is affirmed that no personnel of the
Company have been denied access to the Audit Committee. The Whistle Blower Policy is
placed on the website of the Company at www.goldrockinvest.in.
CODE OF CONDUCT
The Company has in place a comprehensive Code of Conduct (‘the code) applicable
to the Directors and employees. The Code is applicable to Non-executive Directors
including Independent Directors to such as extent as may be applicable to them depending
on their roles and responsibilities. The Code gives guidance and support needed for
ethical conduct of business and compliance of law. The Code reflects the core values of
the Company.
[prevention of insider trading
The Company has adopted a Code of Conduct for Prevention of Insider Trading as amended
from time to time with a view to regulate trading in Securities by Directors and
Designated employees of the Company.
The Code requires pre-clearance for dealing in the Companys shares and prohibits the
purchase or sale of Company 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 Board of Directors and the designated employees have
confirmed compliance with the Code.
:extract of annual return
The extract of the Annual Return as provided under sub-section (3) of Section 92 in the
Form MGT 9 for the financial year 2022-23 is also available on the Companys website at www.goldrockinvest.in
under review is annexed “Annexure-C” and forms part of this report.
Related party transactions
During the year under review, all contracts / arrangements / transactions entered by
the Company were in its Ordinary Course of the Business and on Arms Length basis. There
were no material transactions with any related party as defined under Section 188 of the
Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014.
There are no materially significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large.
All Related Party Transactions are placed on a quarterly basis before the Audit
Committee and also before the Board for approval.
Information on transactions with related parties pursuant to Section 134(3) (h) of the
Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is annexed
“Annexure-B” and forms part of this report.
The Policy on materiality of related party transactions and on dealing with related
party transactions as approved by the Board may be accessed on the Companys website www.goldrockinvest.in.
The Policy intends to ensure that proper reporting, approval and disclosure
processes are in place for all transactions between the Company and related parties.
:listing of shares
Equity Shares of the Company are listed with BSE Limited. The Annual listing fee for
the financial year 2022-23 has been paid to the BSE Limited (BSE).
[TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
In accordance with the applicable provisions of Companies Act, 2013 (hereinafter
referred to as “the Act”) read with Investor Education and Protection Fund
(Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as the
“IEPF Rules”), no amount was required to be transferred to Investor Education
and Protection Fund, during the year under review.
PARTICULARS OF EMPLOYEES
The information required under Section 197 of the Companies Act, 2013 read with rule
5(1) of the ™
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given
below:
i. The ratio of the remuneration of each Director and KMP to the median
remuneration of the employees of the company for the financial year 2022-23:
Directors |
Ratio to median remuneration |
Mr. S.C. Aythora (Independent Director) |
-- |
Ms. Komal Mundhra (Independent Director) |
-- |
Mr. K.N. Kutty (Managing Director)(Resignation dated 12th
February 2023) |
0.84 |
Mr. Sanjeev Jain (Non-Executive Director |
-- |
Mr. Alok Mukherjee (Managing Director) (Appointment of Managing
Director dated 12th February and Shareholder approval dated 11th
March 2023) |
0.12 |
Mr. J K Srivastava (CFO) |
1.42 |
™Ms. Pooja Solanki (Compliance Officer and Company Secretary) |
0.69 |
ii. The percentage increase in, Chief Financial Officer, Company
Secretary remuneration of each Director, if any, in the financial year:
Name |
Designation |
% increase in remuneration in the financial year i.e. 2022-23 |
Mr. S.C. Aythora |
Independent Non-Executive Director |
|
Ms. Komal Mundhra |
Non-Executive Director |
- |
Mr. Alok Mukherjee (Managing Director) (Appointment of Managing
Director 14th February 2023 and |
Managing Director |
|
Shareholder approval dated 11th March 2023) |
|
|
Mr. J.K. Srivastava |
Chief Financial Officer |
2.78% |
Mr. Sanjeev Kumar Jain |
Non-Executive Director |
|
Mrs. Pooja Solanki |
Company Secretary and Compliance Officer |
|
iii. The percentage increase in the median remuneration of employees in the
financial year: (16.13%)
iv. The number of permanent employees on the rolls of Company as on March 31, 2023:
4 (Four)
v. Average percentile increases already made in the salaries of employees other
than the managerial personnel in the last financial year and its comparison with the
percentile increase in the managerial remuneration and justification thereof and point out
if there are any exceptional circumstances for increase in the managerial remuneration:
The average percentage increase in the salaries of employees in the financial year
2022-23 was (16.13%) However, there was no increase in the salaries of Director
(Managerial Personnel) during the year. The increments given to employees are based on
their potential, performance and contribution, which is also, benchmarked against
applicable industry norms.
v . Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
vii. There are no employees falling within the purview of Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, no such details, are
required to be given.
PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION
The company being Investment Company, has nothing to report on energy conservation and
technology absorption there is no foreign exchange outgoing
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned Nil in foreign currency in the current financial year and in the
previous year. INSURANCE
The Companys assets have been insured.
Risk management
The details in respect of risks and concerns are included in the Management Discussion
& Analysis, which forms part of this report.
Director & chief financial officer certification
Certificate from Mr. J. K. Srivastava Chief Financial Officer, as specified in Part B
of Schedule II of the SEBI (Listing Obligation and Disclosure Requirements), Regulations,
2015 for the financial year ended March 31, 2023 was placed before the Board of Directors
of the Company.
:general
Your Directors, state that no disclosure or reporting is required in respect of the
following matters as there were no transaction on these matter during the years under
review
• Issue of equity shares with differential rights as to dividend, voting or
otherwise.
• Issue of shares (including sweat equity shares) to employees of the Company
under any scheme.
• There has been no change in the nature of business of the Company.
• There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
• There was no instance of one time settlement with any Bank or Financial
Institution.
• There was no revision in the previous financial statements of the Company.
[acknowledgment
The Board of Directors takes the opportunity to express its sincere appreciation for
the support and co-operation from its members, Reserve Bank of India, banks and Statutory
and Regulatory Authorities.
The Board also wishes to place on record their sincere appreciation of the contribution
made by the executives and employees at all levels for their dedication and commitment to
the Company throughout the year.
|
For and on behalf of the Board of Directors |
|
of Gold Rock Investments Limited |
|
Alok Mukherjee |
Sanjeev Kumar Jain |
|
Managing Director |
Director |
|
DIN: 00186055 |
DIN:02281689 |
Place: Mumbai |
|
|
Date: September 06, 2023 |
|
|
+91-9892691696
