To
The Members,
Your directors have great pleasure in presenting the 11th Annual Report and
the Audited Accounts of your Company for the year ended 31st March, 2022.
FINANCIAL RESULTS
|
Year Ended 31.03.2022 |
Year Ended 31.03.2021 |
|
(Amount in Rs.) |
(Amount in Rs.) |
| Income from Operations and Other Income |
4,83,569.65 |
3,04,910.00 |
| Profit / (Loss) before Interest & Depreciation |
(31,91,916.41) |
(1860725.43) |
| Less: Interest & Bank charges |
0.00 |
0.00 |
| Less: Depreciation |
80,26,963.00 |
80,19,665.00 |
| Profit /(Loss) before Tax |
(1,12,18,879.41) |
(98,80,390.43) |
| Less: Provision for Taxation |
(18,59,489.00) |
(18,59,489.00) |
| Profit/(Loss after Tax |
(1,13,93,477.41) |
(80,20,901.43) |
| Add: Surplus brought forward |
(5,17,41,708.54) |
(4,37,20,807.11) |
| Balance carried to Balance Sheet |
(6,31,35,185.95) |
(5,17,41,708.54) |
OPERATIONS
The operations of the Company for the year under review have resulted in the Gross Loss
of Rs. 31,91,916.41 as against loss of Rs.18,60,725.43 in the previous year. After
providing for interest, depreciation and taxes, the Company has recorded a net loss of Rs.
1,13,93,477.41 as against loss of Rs 80,20,901.43 in the previous year. The gross revenue
stood at Rs 4,83,569.65 as against Rs. 3,04,910.00 during the previous year.
DIVIDEND
In view of Loss during the year, your directors do not recommend any dividend.
SHARE CAPITAL
There was no change in the Authorized and Paid-up share capital of the Company during
the year. During the year under review, the Company has not issued shares with
differential voting rights nor granted stock options nor sweat equity.
PUBLIC DEPOSITS
During the financial year 2021-22, your Company has not accepted any deposit within the
meaning of Sections 73 and 74 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEE OR INVESTMENTS
During the year under review, the Company has not made any Loans, Guarantees or
Investments within the meaning of the provisions of Section 186 of the Companies Act,
2013.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not
attracted to the company yet. Therefore, Company has not constituted a Corporate Social
Responsibility Committee. The provisions of a Corporate Social Responsibility shall be
complied by the Company as and when applicable.
ANNUAL EVALUATION OF BOARDS PERFORMANCE
Pursuant to the provisions of companies Act, 2013 and in accordance with SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out
annual performance evaluation of its own performance, the Directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration, and Stakeholder
Relationship Committee.
The directors expressed their satisfaction with the evaluation process.
BUSINESS RISK MANAGEMENT
Pursuant to the provisions of Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company has adhered to the principles of
sound risk management and has a Risk Management Policy in Place.
The main objective of this policy is to ensure sustainable business growth with
stability and to promote a pro-active approach in reporting, evaluating and resolving
risks associated with the business. In order to achieve the key objective, the policy
establishes a structured and disciplined approach to Risk Management, in order to guide
decisions on risk related issues.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has adequate system of internal control to safeguard and protect from loss,
unauthorized use or disposition of its assets. All the transactions are properly
authorized, recorded and reported to the Management. The Company is following all the
applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements. The internal auditor of the company checks and verifies
the internal control and monitors them in accordance with policy adopted by the company.
The Company continues to ensure proper and adequate systems and procedures commensurate
with its size and nature of its business.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the Listing
Regulations, the Company has a whistle blower policy in place for its Directors and
Employees to report concern about unethical behavior, actual or suspected fraud or
violation of the Companys code of conduct. The functioning of the vigil mechanism is
reviewed by the Audit Committee from time to time. None of the Directors or employees have
been denied access to the Audit Committee of the Board. During the year, under review, the
Company did not receive any compliant under the said Mechanism.
BOARD COMMITTEES
The Board of Directors has constituted four committees, viz;
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders Relationship Committee
Details of all the Committees along with their composition, terms of reference and
meetings held during the year are provided in Report on Corporate Governance.
BOARD MEETINGS
During the year Four Board Meetings were held. The details of which are given in
Corporate Governance Report. The provisions of Companies Act, 2013 and listing agreement
were adhered to while considering the time gap between the two meetings.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section on 134(3)(c) read with Section 134(5) of the Companies Act, 2013,
your Directors confirms that:
a) that in the preparation of the annual financial statements for the year ended March
31, 2022, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b) that such accounting policies as mentioned in Notes to the Financial Statements have
been selected and applied consistently and judgment and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at March 31, 2022 and of the Losses of the Company for the year ended on that
date;
c) that proper and sufficient care has been taken 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) that the annual financial statements have been prepared on a going concern basis;
e) that proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f) that systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
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.
All Related Party Transactions are placed before the Audit Committee & Board for
their approval.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the Regulators / Courts which
would impact the going concern status of the Company and its future operations.
SECRETARIAL AUDITOR REPORT
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 Company Secretary in Practice to conduct the Secretarial
Audit of the Company for the financial year ended March 31, 2022.
The Secretarial Audit Report (in Form No. MR. 3) is attached as "Annexure-
A" to this Report.
EXPLANATION TO SECRETARIAL AUDITORS REMARKS.
Companys management are in process of filling the pending returns with concerned
Registrar of Companies.
COVID-19
The Covid-19 impact remains a serious concern for governments and businesses. The
Company has implemented Standard Operating Procedures of social distancing, work from
home, workplace sanitization and employee health monitoring, and these are being followed
strictly at Office. Company has also taken various Initiatives focusing on safeguarding
workforce health. The Company is taking all necessary measures in terms of mitigating the
impact of the challenges being faced in the business. It is focused on controlling costs,
maintaining liquidity and closely monitoring to the operations.
AUDITORS
Pursuant to provisions of Section 139 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014, M/s S.B. Gupta & Co., Chartered
Accountants (Firm Registration No, 000992C) were appointed as Statutory Auditors of the
Company for a term of five years to hold office from the conclusion of the 08 Annual
General Meeting till the conclusion of the 13th Annual General Meeting of the Company.
The requirement of seeking ratification of the members for continuance of Statutory
Auditors appointment has been withdrawn consequent to changes in the Companies (Amendment)
Act, 2017 w.e.f. May 7, 2018. Hence, the resolution seeking ratification of the members
for their appointment is not being placed at the ensuing Annual General Meeting.
AUDITORS REPORT
The observations made by the Auditors in their Report read with the releva nt notes as
given in the notes on financial statements for the year ended 31st March, 2022 are
self-explanatory and therefore do not call for any further comments. There is no qualified
or modified opinion on any matters by the Auditors except some TDS deduction matter.
REPORTS ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS
The reports on Corporate Governance and Management Discussion and Analysis for the year
under review, as stipulated under Regulation 34 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 form part of this Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The prescribed particulars of conservation of energy, technology absorption as
stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts)
Rules, 2014 are not applicable to your company as we are neither a manufacturing company
nor the operation of your Company are not energy intensive.
EXTRACT OF ANNUAL RETURN
In terms of Section 134(3)(a) of the Act, the extract of Annual Return of the Company
in the prescribed Form for the Financial Year 2021-22, has been placed on the website of
the Company and can be accessed at www.jointeca.com.
INSURANCE
All the properties of the Company are adequately insured.
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013.
The Company has zero tolerance for sexual harassment at work place and has adopted a
policy on prevention, prohibition and redressal of sexual harassment at workplace in line
with the provision of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed hereunder.
Your Directors further state that as on date there is no case filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their thanks and gratitude to the Companys
Bankers, Educational Institutions, Customers and other Authorities for their support,
co-operation, guidance and assistance. The Board is also grateful to the shareholders for
their continued confidence. The Board of Directors takes this opportunity to express their
appreciation of the sincere efforts put in by the staff and executives at all the levels
and hopes that they would continue their dedicated efforts in the future too.
|
For and on behalf of the Board |
|
| Place: Mathura |
|
|
| Date: 08.09.2022 |
|
|
|
Vishal Mishra |
HaritfmPrasad Agrawal |
|
Managing Director |
Director |
|
DIN:03363363 |
DIN: 03562889 |
+91-9892691696
