Your Directors have pleasure in presenting the 31st Annual Report together
with Audited accounts for the year ended 31.03.2023
1. FINANCIAL RESULTS:
The summarized financial results for the year ended 31.03.2023 and for the previous
year 31.03.2022 are as under:
(Rs. In 00s)
| Particulars |
31.03.2023 |
31.03.2022 |
| Total revenue |
7001 |
3254 |
| Total expenditure |
21465 |
19150 |
| Profit before tax |
(14465) |
(15895) |
| Less: Tax expenses |
|
|
| Current Year |
0 |
0 |
| Previous Year |
0 |
0 |
| Deferred Tax |
143 |
191 |
| (Loss) after tax |
(14608) |
(16086) |
2. FINANCIAL OVERVIEW:
During the year under review, the total revenue of your company was Rs.700,074/- as
compared to previous year revenue of Rs.325,420/-. The net Loss for the year is
Rs.1,460,800/- as against previous year loss of Rs.1,608,600/-
3. CHANGE IN THE NATURE OF BUSINESS
Your Company is engaged in buying and selling of vacant land. There is no change in the
nature of business during the year compared to previous year.
4. DIVIDEND:
In the view of loss incurred, your Directors do not recommend any dividend.
5. SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANIES & PERFORMANCE THEREOF:
Your Company does not have any subsidiary, joint venture, associate company as at March
31, 2023. Hence, the details and performance thereof does not arise.
6. DEPOSITS:
The company has not accepted or invited any deposits under the provisions of the
Companies Act, 2013, and rules related thereto.
7. SHARE CAPITAL:
The Company during the year under review has not issued any Sweat Equity Shares or
Shares with Differential Rights or under Employee Stock Option Scheme nor did it Buy Back
any shares.
8. MATERIAL CHANGES AND COMMITMENTS:
No material changes and commitments which could affect the Companys financial position
have occurred between the end of the financial year of the Company and the date of this
report
9. INTERNAL FINANCIAL CONTROLS:
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate.
10. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:
No significant and material orders have been passed by any Regulator or Court or
Tribunal which can have an impact on the going concern status and the Companys operations
in future.
11. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS UNDER SECTION 186:
The Company has not advanced any loans, given guarantees, provided security nor made
investments covered under Section 186 of the Companies Act, 2013.
12. BOARD OF DIRECTORS AND ITS COMMITTEES:
A. COMPOSITION OF THE BOARD OF DIRECTORS
The Board of Directors of the Company comprises of four Directors of which two are Non-
Executive Independent Directors. The Company has received necessary declarations from Mr.
S. Vijayan (DIN: 02781886) and Mr. J. Chandrasekar (DIN: 02691406), the Independent
Directors stating that they meet the criteria of independence as specified in Section
149(6) of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015.
In terms of Section 152 of the Companies Act, 2013, Mr. T Ashok Raj, (DIN: 00575471),
Managing Director, is liable to retire by rotation at the ensuing Annual General Meeting
and being eligible offers himself for re-appointment.
B. MEETINGS
During the year under review, the Board of Directors met 6 times on 23.05.2022,
30.05.2022, 12.08.2022, 23.08.2022, 14.11.2022 and 02.02.2023. The gap between two Board
meetings is not more than 120 days. The particulars of name of the Directors and
attendance are mentioned below:
| S. No |
Name of the Directors |
Designation & Category |
No. of Meetings in the year 2022- 23 |
Attended 30th AGM |
No. of other Directorship in other Public/ Private Companies |
No. of other Directorship in other Public/ Private Companies |
|
|
|
Held |
Attended |
|
|
|
| i |
Mr. T. Ashok Raj |
MD |
6 |
6 |
Yes |
Nil |
Nil |
| 2 |
Mr. S. Vijayan |
Director (NEID) |
6 |
6 |
No |
Nil |
Nil |
| 3 |
Mrs. M. Sunita |
Director (NED) |
6 |
6 |
Yes |
Nil |
Nil |
| 4 |
Mr. J. Chandrasekar |
Director (NEID) |
6 |
6 |
Yes |
Nil |
Nil |
| NEID - Non Executive Independent Director |
NED - Non Executive Director |
In accordance with the provisions of the Companies Act, 2013, a separate meeting of the
Independent Directors of the Company was held during the year under review.
C. COMMITTEES OF THE BOARD
AUDIT COMMITTEE:
The Audit committee comprises of three members and the committee met 6 times during the
year on 23.05.2022, 30.05.2022, 12.08.2022, 23.08.2022, 14.11.2022 and 02.02.2023. The
composition of the Audit Committee and details of meeting held are provided hereunder:
| Name of Directors |
Designation |
Category |
No. of Meetings |
|
|
|
Held |
Attended |
| Mr. J Chandrasekar |
Chairman |
NEID |
6 |
6 |
| Mr. S. Vijayan |
Member |
NEID |
6 |
6 |
| Mrs. M. Sunita |
Member |
NED |
6 |
6 |
| NEID - Non Executive Independent Director |
NED - Non Executive Director |
The terms of reference of the Audit committee covers the matter specified under Section
177 of the Companies Act, 2013 and SEBI (LODR Regulations), 2015.
NOMINATION & REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee has been empowered and authorized to exercise
powers as entrusted under the provisions of Section 178 of the Companies Act, 2013. In
compliance with Section 178 of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015,
the Board has framed a policy for selection and appointment of Directors, Senior
Management and their remuneration and including criteria for determining qualifications,
positive attributes, independence of Directors and other matters.
The terms of reference of the Committee inter alia, include the following:
• Succession planning of the Board of Directors and Senior Management Employees;
• Identifying and selecting candidates for appointment as Directors / Independent
Directors based on certain laid down criteria;
• Identifying potential individuals for appointment as Key Managerial Personnel
and to other Senior Management positions;
• Formulate and review from time to time the policy for selection and appointment
of Directors, Key Managerial Personnel and Senior Management Employees and their
remuneration;
• Review the performance of the Board of Directors and Senior Management Employees
based on certain criteria as approved by the Board. In reviewing the overall remuneration
of the Board of Directors and Senior Management, the Committee ensures that the
remuneration is reasonable and sufficient to attract, retain and motivate the best
managerial talent, the relationship of remuneration to performance is clear and meets
appropriate performance benchmarks and that the remuneration involves a balance between
fixed and incentive pay reflecting short term and long term objectives of the Company.
No meeting of the committee was held during the year. The details of committee members
is given below
| Name of Directors |
Designation |
Category |
| Mr. S. Vijayan |
Chairman |
NEID |
| Mr. J Chandrasekar |
Member |
NEID |
| Mrs. M. Sunita |
Member |
NED |
| NEID - Non Executive Independent Director |
NED - Non Executive Director |
STAKEHOLDERS RELATIONSHIP COMMITTEE:
a. The Stakeholders Relationship Committee is to look after transfer of shares and the
investors complaints, if any, and to redress the same expeditiously. The role and terms
of reference of the Committee are in consonance with the requirements mandated under
Section 178 of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. During the year
under review, 1 meeting of the Committee was held on 02.02.2023. All the committee members
were present in the meeting
The composition of the Committee is provided hereunder:
| Name of Directors |
Designation |
| Mrs. M. Sunita |
Chairman |
| Mr. S. Vijayan |
Member |
| Mr. J Chandrasekar |
Member |
b. The number of investor complaints received during the year is NIL
c. The number of investor complaints not solved to the satisfaction of Shareholders is
NIL
d. The number of pending complaints as on date is NIL
D. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013, Independent Directors at their
meeting without the participation of the Non-independent Directors and Management,
considered / evaluated the Boards performance, performance of the Chairman and other
Non-independent Directors.
The Board subsequently evaluated its own performance, the working of its Committees and
the Independent Directors.
E. DIRECTORS RESPONSIBILITY STATEMENT
In terms of the requirements of Section 134(5) of the Companies Act, 2013, we, on
behalf of the Board of Directors, hereby confirm that:
a) in the preparation of the annual accounts, 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 estimate 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 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 the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) the Directors had prepared the annual accounts on going concern basis.
e) the directors had laid down internal financial controls to be followed by the
company and such internal financial controls are adequate and were operating effectively.
f) the directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
13. AUDITORS:
M/s Mardia & Associates, Chartered Accountants, Statutory Auditors, were appointed,
as the Statutory Auditors, in the 30th Annual General Meeting held on
16.09.2022 to hold office until the conclusion of 34th Annual General Meeting.
However, they have tendered their resignation as the Statutory Auditors vide letter dated
28.08.2023 resulting in casual vacancy in the office of an Auditor. Accordingly, the Board
of Directors based on the recommendation of Audit Committee, appointed M/s. G C Daga &
Co, Chartered Accountants, Chennai (FRN: 000668s) as Statutory auditors of the Company
pursuant to Section 139 of the Companies Act, 2013 and rules thereunder. The company has
received consent and confirmation from them that their appointment will be within the
limits specified in the Act. Necessary resolutions is being placed before the members at
the ensuing Annual General Meeting for their approval.
14. AUDITORS REPORT:
The Auditors did not make any qualification, reservation or adverse remark or
disclaimer on the financial statements prepared as per Section 133 of Companies Act, 2013,
and notes on Accounts annexed thereto.
15. SECRETARIAL AUDIT
Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your
Company engaged the services of Ms. A.K. Jain & Associates, Company Secretary in
Practice, Chennai to conduct the Secretarial Audit of the Company for the financial year
ended March 31, 2023. The Secretarial Audit Report (in Form MR-3) is attached as Annexure
"A" to this Report.
16. REPLY TO SECRETARIAL AUDITOR REMARKS:
| Auditors Observation |
Reply to Observation |
| The Company does not maintain a functional website as prescribed under Regulation 46
of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 |
The company is taking necessary steps to develop a functional website and will be
deployed at the earliest. |
| The approval of Statutory Auditors made in view of casual vacancy during the year, was
not approved within 3 months from the date of appointment. |
The delay in obtaining approval was due to inadvertence. |
17. CORPORATE SOCIAL RESPONSIBILITY POLICY:
The Company does not fall under the class of Companies mentioned under Section 135 of
the Companies Act, 2013, read with Companies (Corporate Social Responsibility) Rules,
2014. Hence, the Company has not spent any funds towards Corporate Social Responsibility.
18. VIGIL MECHANISM:
In compliance with the provisions of Section 177(9) the Board of Directors of the
Company has framed the "Whistle Blower Policy" as the vigil mechanism for
Directors and employees of the Company.
19. MANAGEMENT DISCUSSION & ANALYSIS:
A detailed analysis on the performance of the industry, the company, internal control
systems, risk management are enumerated in the Management Discussion and Analysis report
forming part of this report and annexed as Annexure B.
20. CORPORATE GOVERNANCE REPORT:
Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, does not apply to your Company, as the Companys share capital and net worth is
below the threshold limit prescribed under the said Regulation. Hence, the report on
Corporate Governance is not provided.
21. CODE OF CONDUCT:
As prescribed under SEBI (LODR) Regulations, 2015, a declaration signed by Managing
Director affirming compliance with the Code of Conduct by the Directors and senior
management personnel of the Company for the financial year 2022-2023 is given in "Annexure
C".
22. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:
The Company has not entered into transaction with the related parties u/s 188 of the
Act, during the year under review.
23. RISK MANAGEMENT:
Your company has developed and implemented a Risk Management Policy which includes
identification of elements of risk, if any, which in the opinion of the Board, may
threaten the existence of the Company.
24. ANNUAL RETURN:
The annual return is available for inspection of the members at the registered office
of the Company.
25. DETAILS TO BE DISCLOSED UNDER RULE 5(2) OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
None of the employees draws remuneration of Rs. 8,50,000/- or above per month and
Rs.1,02,00,000/- or above per annum. Hence, details of the employees of the Company as
required pursuant to 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is not furnished. Having regard to the provisions of Section
136(1) read with its relevant proviso of the Companies Act, 2013, the disclosure
pertaining to remuneration and other details 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, forming part of the Annual Report, is available for
inspection at the registered office of the company during working hours. Any member
interested in obtaining such information may write to the Company and the same will be
furnished without any fee and free of cost.
26. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END
OF THE FINANCIAL YEAR:
Not Applicable
27. DETAILS OF DIFFERENCE BETWEEN 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 ALONG WITH THE REASONS THEREOF:
Not Applicable
28. KEY MANAGERIAL PERSONNEL:
As per Section 203 of the Companies Act, 2013, following are the KMPs of the Company
| Mr. T Ashok Raj |
- Managing Director |
| Mrs. Sunita Mahendar Raj |
- Chief Financial Officer |
| Ms. Bela Parekh |
- Company Secretary. |
29. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company is taking utmost care of the Conservation of Energy. The Company has no
activity in relation to Technology absorption. The company has no foreign exchange outgo
or inflow.
30. SECRETARIAL STANDARDS:
The Company has complied with the applicable secretarial standards viz., SS-1 on
meetings of Board of Directors and SS-2 on General Meetings issued by Institute of Company
Secretaries of India as per section 118 (10) of the Companies Act, 2013.
31. ACKNOWLEDGEMENT
Your Directors take this opportunity to thank the customers, suppliers, bankers,
business partners / associates, financial institutions and various regulatory authorities
for their consistent support / encouragement to the Company. Your Directors would also
like to thank the Members for reposing their confidence and faith in the Company and its
Management.
By Order of the Board
For GYAN DEVELOPERS AND BUILDERS LIMITED
| Sd/- |
Sd/- |
| T. Ashok Raj |
Sunita Mahendar Raj |
| Managing Director |
Director |
| DIN: 00575471 |
DIN: 01751554 |
Place: Chennai
Date: 29.11.2023
+91-9892691696
