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Jayatma Enterprises Ltd Directors Report

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Aug 21, 2024|12:00:00 AM

Jayatma Enterprises Ltd Share Price directors Report

Dear Shareholders,

Your directors present herewith the 44th Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2024.

1. FINANCIAL RESULTS:

Particulars 2023-24 2022-23
Total Revenue (including other income) 165.49 81.10
Total Expenditure (Excluding Finance Cost, Depreciation & Tax) (87.98) (40.12)
Profit/(loss) before Finance Cost, Depreciation & Tax. 77.52 40.98
Finance Cost (2.33) (2.19)
Profit/(loss) before Depreciation & Tax 75.19 38.79
Provision for depreciation (6.69) (5.43)
Profit/(loss) before Tax 68.50 33.36
Provision for Tax 17.50 2.80
Net profit/(loss) after tax for the year 51.00 36.16
Profit & Loss A/c
Add: Balance brought forward from Previous year 72.19 36.03
Balance carried to next year 123.18 72.19

2. FINANCIAL ANALYSIS AND REVIEW OPERATIONS:

The Company was able to achieve Rs. 165.49 Lakhs as total income during the year as compared to Rs. 81.10 Lakhs in previous year. During the year under review EBITDA of the Company is increased from Rs. 40.98 Lakhs to Rs. 77.52 Lakhs while the Company has earned net profit after tax of Rs. 51.00 Lakhs as compared to Rs. 36.16 Lakhs during previous year.

3. CHANGE IN THE NATURE OF BUSINESS:

During the year under review, the Company has not changed nature of business.

4. DIVIDEND:

The Company has decided to plough back the profits for the future development and expansion; hence the Board of Directors has not recommended any dividend for the financial year 2023-24.

5. SHARE CAPITAL:

During the year under review, there was no change in the Companys issued, subscribed and paid-up equity share capital. On 31st March, 2024, it stood at Rs. 300 lakhs divided into 30 lakhs Equity Shares of Rs. 10 each.

6. ANNUAL RETURN:

The Annual Return pursuant to the provision of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 in Form No. MGT -7will be provided upon the website of the Company at https://www.iavatmaenterprises.com

7. AUDITORS AND AUDITORS REPORT:

Statutory Auditor:

M/s. V. K. J. D. & Associates, Chartered Accountants, statutory auditors of the Company have carried out the statutory Audit and submitted its report for the financial year ended on 31st March, 2024. There is no qualification, disclaimer, reservation or adverse remark made by the Statutory Auditors in Auditors Report.

Secretarial Auditor:

Chintan K. Patel, Company Secretary in Practice, was reappointed as Secretarial Auditors of the company by the Board to carry out Secretarial Audit for the Financial Year 2023-24. The Secretarial Auditors of the Company have submitted their Report in Form No. MR-3 as required under Section 204, of the Companies Act, 2013 for the financial year ended 31st March 2024. This Report is self-explanatory and requires no comments. The Secretarial Audit Report forms part of this report as Annexure - II.

8. SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company doesnt have any Subsidiaries, Associates or Joint Venture Companies.

9. REPORT ON THE PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company doesnt have any Subsidiaries, Associates or Joint Venture Companies.

10. COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:

There are no companies which have become or ceased to be Companys Subsidiaries, Joint ventures or Associate companies.

11. CORPORATE GOVERNANCE REPORT:

The Company is exempt under Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, read with Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. Hence, Annual Report 2023-24 does not contain the Corporate Governance Report. Further, as and when the company falls under the applicability to provide Corporate Governance Report, the company will comply with the same. Refer Annexure - I.

12. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has proper and adequate system of internal control in all spheres of its activities to ensure that all its assets are safeguarded and protected against loss from unauthorized use or disposition and that the transactions are authorized recorded and reported diligently. The Company ensures adherence to all internal control policies and procedures as well as compliances with all regulatory guidelines. The Audit Committee of the Board of Directors reviews the adequacy of internal controls from time to time.

A report on the Internal Financial Control under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 is annexed to Independent Audit Report on Financial Statement as Annexure - B.

13. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

14. BOARD OF DIRECTORS:

Name of director Category
Mr. Nirav K. Shah Chairman & Managing Director
Mr. Pathik S. Patwari Independent Director
Mr. Janak G. Nanavaty Independent Director
Mrs. Toshi B. Mehta Non-Executive Woman Director

Mr. Fenil R. Shah (DIN: 01558417) Non-executive Independent Director have completed his term (10 years) as an Independent Director and consequently ceased to be the Directors of the Company effective 31st March 2024.

Mr. Premal R. Joshi (DIN: 07021665) Non-executive Independent Director, have completed his 2 term (10 years) as an Independent Director and consequently ceased to be the Directors of the Company effective 31st March 2024.

Mr. Janak Gautambhai Nanavaty (DIN: 00472925) Non-Executive Independent Director of the company and who is not liable to retire by rotation, to hold office for the first term of 5 consecutive years Commencing from March 29, 2024 to March 28, 2029.".

Mr. Pathik Shailesh Patwari (DIN: 02428297) Non-Executive Independent Director of the company and who is not liable to retire by rotation, to hold office for the first term of 5 consecutive years Commencing from March 29, 2024 to March 28, 2029."

NUMBER OF MEETINGS AND ATTENDANCE:

The Company sends notice of meetings of the Board well in advance so as to allow the Directors to block their calendars. There were Four meetings of the board viz. 23rd May, 2023, 7thAugust, 2023, 8th November 2023, and 14th February 2024 held during the year, details which is required pursuant to Section 134(3)(b) of the Companies Act, 2013 are given as under:

Name of director No . of Board meetings attended Whether attended AGM 0n 5th September 2023
Mr. Nirav K. Shah 4 Y
Mr. Fenil R. Shah 4 Y
Mr. Premal R. Joshi 4 Y
Ms. Toshi B. Mehta 4 Y

15. COMPOSITION OF COMMITTEES AND ATTENDANCE:

A. AUDIT COMMITTEE:

Pursuant to provision of Section 177 of the Companies act 2013, during the year under review, four meetings were held on 23rd May, 2023, 7thAugust, 2023, 8th November 2023, and 14th February 2024. The attendance record of the members at the meeting was as follows:

Name of Member Designation Attendance
Mr. Fenil R. Shah Chairman (Upto 31/03/2024) 4
Mr. Nirav K. Shah Member 4
Mr. Premal R. Joshi Member (Upto 31/03/2024) 4
Mr. Pathik S. Patwari Chairman (From 01/04/2024) 0
Mr. Janak Nanavaty Member (From 01/04/2024) 0

B. NOMINATION AND REMUNERATION COMMITTEE:

Pursuant to provision of Section 178 (1) of the Companies act 2013, during the year under review, meeting was held on 14th February 2024. The attendance record of the members at the meeting was as follows:

Name of Member Designation Attendance
Mr. Fenil R. Shah Chairman (Upto 31/03/2024) 1
Mr. Nirav K. Shah Member 1
Mr. Premal R. Joshi Member (Upto 31/03/2024) 1
Mr. Pathik S. Patwari Chairman (From 01/04/2024) 0
Mr. Janak Nanavaty Member (From 01/04/2024) 0

C. STAKEHOLDER RELATIONSHIP COMMITTEE:

Pursuant to provision of Section 178(5) of the Companies act 2013, during the year under review, four meetings were held on 23rd May, 2023, 7thAugust, 2023, 8th November 2023, and 14th February 2024. The attendance record of the members at the meeting was as follows:

Name of Member Designation Attendance
Mr. Fenil R. Shah Chairman (Upto 31/03/2024) 4
Mr. Nirav K. Shah Member 4
Mr. Premal R. Joshi Member (Upto 31/03/2024) 4
Mr. Pathik S. Patwari Chairman (From 01/04/2024) 0
Mr. Janak Nanavaty Member (From 01/04/2024) 0

D. MEETING OF INDEPENDENT DIRECTORS:

The meeting of Independent Directors of the Company was held on 22nd March, 2024 wherein Mr.

Fenil R. Shah and Mr. Premal R. Joshi both participated.

16. DIRECTORS RESPONSIBILITY STATEMENT:

In terms of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, in relation to financial statements for the year 2023-24, the Board of Directors state that:

(a) In the preparation of Annual Accounts for the period ended 31st March, 2024, 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 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/Loss of the Company for the year ended 31st March, 2024.

(c) The Directors had taken proper and sufficient care 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 had prepared the annual accounts for the financial year ended 31st March, 2024 on a going concern basis.

(e) The directors had laid down internal financial controls to be followed by the company and that 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 are adequate and operating effectively.

17. DECLARATION AS TO INDEPENDENT DIRECTORS PURSUANT TO PROVISIONS OF SECTION 134(3)(d) READ WITH SECTION 149(6) OF THE COMPANIES ACT 2013:

All the Independent Directors of the Company are neither Managing Director, nor a Whole Time Director nor a Manager or a Nominee Director.

(a) All the Independent Directors in the opinion of the Board are persons of integrity and possesses relevant expertise and experience.

(b) (i) Independent Directors are or were not a Promoter of the Company or its Holding or subsidiary or associate company.

(ii) Independent Directors are or were not related to promoters or directors in the company, its holding, subsidiary or associate company.

(c) Independent Directors have or had no pecuniary relationship with the company, its holding, subsidiary or associate company or their promoters or directors, during the two immediately preceding financial years or during the current financial year.

(d) None of whose relatives has or had pecuniary relationship or transaction with the company, its holding, subsidiary, or associate company, or their promoters, or directors, amounting to 2% or more of its gross turnover or total income or Rs. 50 Lakhs or such higher amount as may be prescribed,

whichever is lower, during the two immediately preceding financial years or during the current financial year,

(e) That Independent Directors, neither himself, nor any of his relatives,

i. holds or has held the position of a Key Managerial Personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of three financial years immediately preceding the financial year in which he is proposed to be appointed.

ii. is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial years in which he is proposed to be appointed, of -

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or Associate company amounting to 10% or more of the gross turnover of such firm;

iii. holds together with his relatives less than 2% or more of the total voting power of the company; or

iv. is a Chief Executive or director, by whatever name called, or any non-profit organization that receives 25% or more of its receipts from the Company, any of its promoters, directors or its holding, subsidiary or associate company or that holds 2% or more of the total voting power of the company; or

(f) Independent Directors possesses such other qualifications as may be prescribed.

18. RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2024:

The particulars of ratio of remuneration of each director to median remuneration of the employees of the Company for the financial year under report, percentage increase in remuneration to each Director and KMP, etc. more particularly described under Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given as under:

Name of Director and KMP Designation Performance of the Company
Mr. Nirav K Shah Managing Director The Company was able to achieve Rs. 165.49 Lakhs as total income during the year as compared to Rs. 81.10 Lakhs in previous year. During the year under review EBITDA of the Company is increased from Rs. 40.98 Lakhs to Rs. 77.52 Lakhs while the Company has earned net profit after tax of Rs. 51.00 Lakhs as compared to Rs. 36.16 Lakhs during previous year.
Ms. Toshi Mehta Non-executive Director
Mr. Fenil R Shah Independent Director
Mr. Premal R Joshi Independent Director
Mr. Vaibhav Jardosh Chief Financial Officer
Ms. Kruti Shah Company Secretary

i. The ratio of the remuneration of each director& KMP to the median remuneration of the employees of the company:

Total Remuneration: Rs. 8,38,220/- Remuneration to Managing Director: NIL Remuneration to Company Secretary: Rs. 2,98,077/- Remuneration to Chief Financial Officer: Rs. 3,18,000 Remuneration to other Employee: Rs. 2,03,143/- Sitting Fees paid to other Director: Rs. 19,000/-

The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year: During the financial year 2023-24 the company has increased the remuneration of CFO and Company Secretary is increased by 10% of present remuneration.

ii. The Percentage (%) increase in the median remuneration of employees: 10%

iii. Number of permanent Employees on the rolls of Company: 4

iv. Relationship between average increase in remuneration and company performance: NA

v. Comparison of the remuneration of the Key Managerial Personnel against the performance of the company: The remuneration of KMP is given in point (I).

vi. As the Market Price is decreased to Rs. 18.80 per Share on 31st day of March, 2024 and hence the Market Capitalization of the company is decreased to Rs. 5,64,00,000.

Price Earnings Ratio:

As on Market Value per Shares (P) Earnings Per Share (E) P/E Ratio
31st of March, 2024 Rs. 18.80 1.70 11.05
31st of March, 2023 Rs. 18.96 1.21 15.67

vii. Average percentile increase 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: NOT APPLICABLE

viii. The key parameters for any variable component of remuneration availed by the directors: Directors are paid sitting fees only. Components for the Sitting fees are variable. Sitting fee depends upon ones attendance of the meeting. The Key parameters therefore are as envisaged under the Companies Act.

ix. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: No employee is receiving remuneration in excess or higher than the remuneration of Director or Key Managerial Personnel.

x. Affirmation that the remuneration is as per the remuneration policy of the company. All remuneration of the Employees and directors are decided by Nomination & Remuneration Committee and by the Board of Directors within the organization.

19. FORMAL ANNUAL EVALUATION PROCESS BY BOARD PURSUANT TO SECTION 134(3)(p):

The Company has in place a formal mechanism for evaluating its performance as well as that of its Committees and individual Directors, including the Chairman of the Board. The Board after taking into consideration the criteria of evaluation laid down by the Nomination and Remuneration Committee in its policy such as Board Composition, level of involvement, performance of duties, attendance etc. had evaluated its own performance, the performance of its committees and Independent Directors (excluding the Director being evaluated) and that of the Chairman and the Non-Independent Directors was carried out by the Independent Directors in their separate meeting held.

The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board and its Committees with the Company.

20. RISK MANAGEMENT:

The Company was already having risk management system to identify, evaluate and minimize the Business risks. The Company during the year had formalized the same by formulating and adopting Risk Management Policy. This policy intends to identify, evaluate, monitor and minimize the identifiable risks in the Organization.

21. COMMISSION:

None of the Directors are receiving Commission from the company.

22. RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arms length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. However, details of transactions with related parties are given in 26(8) of Accounting Policies by Auditors.

23. CORPORATE SOCIAL RESPONSIBILITY:

As Company does not come under the ambit of Section 135 of the Companies Act, 2013 and Rules of Companies (Corporate Social Responsibility policy), 2014, Company has not formed Corporate Social Responsibility Committee and hence Rule 9 of Companies (Accounts) Rule, 2014 regarding disclosure of contents of Corporate Social Responsibility Policy is not applicable to the Company.

24. PARTICULARS OF EMPLOYEES:

Pursuant to the provisions of Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with the Companies Act, 2013, it is hereby informed that none of the employees of the Company was in receipt of remuneration of Rs. 5 Lakhs per month or Rs. 60 Lakhs per annum during the year under review.

25. MAINTENANCE OF COST RECORDS:

The Company falls within the limits specified in Section 148 of the Companies Act and Rule 3 of the Companies (Cost Records and Audit) Rules, 2014 identifying the Companies who are required to keep Cost Records, undergo a Cost Audit, and submit a Cost Audit Report. Hence the provisions with respect to maintenance and submission of Cost Records and Cost Audit are not applicable to the Company.

26. DEPOSITS:

During the year, the Company has not accepted any deposits from the public and there are no outstanding deposits in terms of the Companies (Acceptance of Deposits) Rules, 2014.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Details of investments made and loans advanced by the company have been given in the Financial Statement. The Company has not given any Guarantee pursuant to the provision of Section 186 of the Companies Act, 2013.

28. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Pursuant to Section 177(9) of Companies Act, 2013, the Board has approved whistle blower policy/vigil mechanism to enable directors and employees to report to the Management their concerns about unethical behavior, actual or suspected fraud or violation of Companys code of conduct or ethics policy. This mechanism provides safeguards against victimization of directors/employees who avail of the mechanism and provides for direct access to the Chairman of the Audit Committee in exceptional cases. The policy/vigil mechanism has been appropriately communicated to the employees within the organization and has been put on the Companys website www.iavatmaenterprises.com.

29. SAFETY, HEALTH AND ENVIROMENT:

(a) Safety: The Company encourages a high level of awareness of safety issues among its employees and strives for continuous improvement. All incidents are analyzed in the safety committee meetings and corrective actions are taken immediately. Employees are trained in safe practices to be followed at work place.

(b) Health: Your Company attaches utmost importance to the health of its employees. Periodic checkup of employees is done to monitor their health. Health related issues if any are discussed with visiting Medical Officer.

(c) Environment: Company always strives hard to give importance to environmental issues in normal course of operations. Adherence to Environmental and pollution control Norms as per Gujarat Pollution Control guidelines is of high concern to the Company.

30. PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires preclearance 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.

All Directors and the designated employees have confirmed compliance with the Code.

31. INDEPENDENT DIRECTORS MEETING:

In compliance with Section 149(8) of the Companies Act, 2013 read with Schedule IV of the Act and As per SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors met on 22nd March 2024 inter alia, to discuss:

a) The performance of Non-Independent Directors and the Board of Directors;

b) The performance of the Chairperson of the Company,

c) Assess the quality, quantity and timeliness of flow of information between the management of the Company and the Board of Directors that is necessary for the Board of Directors to effectively and reasonably perform their duties.

All the Independent Directors were present at the meeting.

32. LISTING:

The Equity shares of the company are listed on BSE Limited and Company has paid Annual Listing Fees up to the Year 2023-24.

33. DISCLOSURE OF SEXUAL HARASSMENT:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Re-dressal) Act, 2013, entire staff in the Company is working in a most congenial manner and there are no occurrences of any incidents of sexual harassment during the year.

34. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Since there was no manufacturing activity during the year, the statement of particulars with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo pursuant Section 134(3)(m) of the Companies Act, 2013 read with Rule 3 of the Company (Account) Rule 2014, are not applicable.

35. ACKNOWLEDGMENTS:

Your Directors are pleased to place on record their sincere gratitude to the Government, Financial Institutions, Bankers and Business constituents for their continued and valuable co-operation and support to the company. They also take this opportunity to express their deep appreciation for the devoted and sincere services rendered by the employees at all level of the operation of the company during the year.

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