The report contains forward-looking statements, identified by words like plans,
expects, will, anticipates, believes, intends, projects, estimates,
envisages/ envisaged and so on. All statements that address expectations or projections
about the future, but not limited to the Companys strategy for expenditures, and
financial results, are forward-looking statements. Since these are based on certain
assumptions and expectations of future events, the Company cannot guarantee that these are
accurate or will be realized. The Companys actual results, performance or achievements
could thus differ from any forward looking statements. The Company assumes no
responsibility to publicly amend, modify or revise any such statements on the basis of
subsequent developments, information or events.
INDUSTRY OPERATIONS, STRUCTURE, DEVELOPMENTS AND FUTURE OUTLOOK
As you are aware that the Company is carrying of business in the field of engineering,
procurement and construction (EPC) for erection of power plant(s) and other infrastructure
facilities. Meanwhile, your Company is generating revenue from its operation by providing
Business Support Services to different Company(s), which are governed by the clauses
already mentioned in the memorandum of association of your Company. Further, your
Directors are pleased to inform you that the Company has implemented the EPC works of 1980
MW Super Critical Thermal Power Project at Lalitpur, Distt.-Jhansi, in the State of Uttar
Pradesh and received encouraging response and is successfully executing Engineering,
Procurement and Construction (EPC) services in power sector at Distt.-Lalitpur (Uttar
Pradesh). Now your Company is having vast experience in EPC works in power sector and is
highly optimistic to improve its order book substantially, by procuring further Contracts
and Orders, in the forthcoming years.
The outlook is favourable for the current account and its financing. A likely surfeit,
rather than scarcity, of foreign capital will complicate exchange rate management. Risks
from a shift in US monetary policy and turmoil in the Eurozone need to be watched but
could remain within control.
Reforms have been initiated in a number of areas and major ones are on the horizon. The
macroeconomic response to the favourable terms of trade shock has led to an appropriately
prudent mix of increased government savings and private consumption. The government has
further decided to address 5 key areas: agricultural income under stress, increasing
investment in infrastructure, decline in manufacturing, and resource crunch in view of
higher devolution in taxes to states while maintaining fiscal discipline.
With a view to incentivize investment in infrastructure, the Budget announced by
honourable Finance Minister, Mrs. Nirmala Sitaraman earlier in the year has proposed a
number of welcome measures which would kick-start investment in infrastructure. The sector
is expected to improve significantly due to these.
In an ever-changing world, quality of portfolio, profitability and liquidity continue
to be the critical differentiators. In such an environment, proactive adaptability still
holds the key to sustained financial performance. Your Company has now evolved to a
continued focus on asset growth to cash growth.
KEY HIGHLIGHTS OF THE COMPANY PERFORMANCE IN FINANCIAL YEAR 2022-23
1. The total income of the Company for the year under review is Rs 91.98 Lakhs as
compared to ^526.49 Lakhs recorded in the previous year.
2. Net Profit after tax stood at Rs. 409.67 Lakhs as compared to a Net Loss of Rs.
6021.72 Lakhs in the previous year.
RISKS AND CONCERNS
The followings could be listed as the risk factors w.r.t. EPC Contractors i.e.
Engineering, Procurement and Construction (EPC).
> Regulatory and legislative changes and increased cost of compliance.
> Volatile technology and prices.
> Operational hazards including blowouts, spills and personal injury
> Natural disasters and extreme weather conditions.
> Inaccurate reserve estimates.
> Inadequate liquidity or access to capital, indebtedness.
> Environmental or health restrictions and regulations.
> General national or global economic concerns.
> General competition.
FINANCIAL REVIEW
During Financial Year 2022-23 company registered decrease in the revenue. Revenue at
Rs. 91.98 Lakhs recorded a decrease of Rs. 434.51 over previous year.
Abridged Profit & Loss Account of the Company:
PARTICULARS |
2022-23 (In Rs Lakh) |
2021-22 (In Rs Lakh) |
Revenue: |
|
|
Revenue from Operations |
70.00 |
467.81 |
Other Income |
21.98 |
58.68 |
Total Revenue |
91.98 |
526.49 |
Expenses: |
|
|
Project Expenses |
- |
409.82 |
Employee Benefits Expense |
105.79 |
107.96 |
Depreciation and Amortization Expense |
0.98 |
1.33 |
Other Expenses |
1,293.35 |
6,021.46 |
Total Expenses |
1,400.12 |
6,540.57 |
Profit/ (Loss) Before Tax |
(1,308.14) |
(6,014.08) |
Tax Expenses: |
|
|
Current tax expense for current year |
- |
- |
Current tax expense relating to prior years |
(2.08) |
0.05 |
Deferred Tax |
(1,715.73) |
7.59 |
Total Tax Expenses |
(1,717.81) |
7.64 |
Profit/ (Loss) for the year |
409.67 |
(6,021.72) |
Other Comprehensive Income (OCI): |
|
|
Items that will not be reclassified to profit or loss |
(3.19) |
2.24 |
Income Tax effect of OCI |
0.80 |
0.56 |
Total Comprehensive Income for the year |
407.28 |
(6,020.04) |
INTERNAL CONTROL SYSTEMS & ADEQUACY
The Company has in place, an adequate internal control and internal audit system
managed by qualified and experienced people. Main objective of the system is:
> to safeguard the Companys assets against loss through unauthorized use and
pilferage.
> to ensure that all transactions are authorised, recorded and reported correctly
and timely.
> to ensure that operations are conducted in an efficient and cost effective manner.
> to ensure various compliances under statutory regulations and corporate policies
are made on time.
> to figure out the weaknesses persisting in the system and suggest remedial measure
for the same.
Internal audits are undertaken on a continuous basis covering all the operations w.r.t.
engineering, procurement and construction (EPC) works of the Company. The Reports of
internal audits are reviewed by the management from time to time and desired actions are
initiated to strengthen the control and effectiveness of the system.
HUMAN RESOURCE DEVELOPMENT
The company has only limited administrative staffs (skilled, semi-skilled, unskilled
and/or contractual basis or otherwise). Human Resources/Industrial Relations during the
financial year have been dispute free and cordial. The company has a policy relating to
the remuneration to the of Whole time Director/ Executive/ Managing Director, Key
Managerial Personnel (KMP) and Senior Management Personnel, as required under the
Companies, 2013 and the applicable regulations of SEBI (Listing of Securities and
Disclosure Requirements) Regulations, 2015. The same was adopted by the Board and placed
on record.
CAUTIONARY STATEMENT
Statements in the management discussion and analysis report describing the Companys
objectives, projections, estimates and expectations may be “forward looking
statements” within the meaning of applicable laws and regulations and futuristic in
nature. Actual performance may differ materially from those either expressed or implied.
Such statements represent intentions of the management and the efforts put into realize
certain goals. The success in realizing these depends on various factors both internal and
external. Investors, therefore, are requested to make their own independent judgments
before taking any investment decisions.
CEO/CFO CERTIFICATION
I, Rajesh Kumar Sharma, Whole Time Director & CFO of the Anand Projects Limited
hereby certify that:-
(a) I have reviewed financial statements and the cash flow statement for the year and
that to the best of our knowledge and belief :
i) these statements do not contain any materially untrue statement or omit any material
fact or contain statements that might be misleading;
ii) these statements together present a true and fair view of the companys affairs and
are in compliance with existing accounting standards, applicable laws and regulations.
(b) There are, to the best of our knowledge and belief, no transactions entered into by
the company during the year which are fraudulent, illegal or violative of the companys
code of conduct.
(c) I accept responsibility for establishing and maintaining internal controls for
financial reporting and that I have evaluated the effectiveness of the internal control
systems of the company pertaining to financial reporting and I have disclosed to the
auditors and the Audit Committee, deficiencies in the design or operation of internal
controls, if any, of which I am aware and the steps I have taken or propose to take to
rectify these deficiencies.
(d) I have indicated to the auditors and the Audit committee:-
i) significant changes in internal control over financial reporting during the year;
ii) significant changes in accounting policies during the year and that the same have
been disclosed in the notes to the financial statements; and
iii) there are no instances of significant fraud which we have to become aware and the
involvement therein, if any, of the management or an employee having a significant role in
the Companys internal control system over financial reporting.
(e) We further declare that all Board members and senior management personnel have
affirmed compliance with the Code of Conduct and ethics for the year covered by this
report.
For ANAND PROJECTS LIMITED
Sd/-
RAJESH KUMAR SHARMA (WHOLE TIME DIRECTOR & CFO) DIN:09388677
Place: Noida
Date: August 10th, 2023
+91-9892691696
