Dear Shareholder(s),
Your Directors have the pleasure in presenting the Eighteenth (18th) Annual Report of
your Company (Jupiter Infomedia Limited) on business and operations of the Company along
with the Audited Standalone and Consolidated Financial Statements and the Auditors Report
for the year ended March 31, 2023 (Year under review). Consolidated performances of the
Company, and its Subsidiaries have been referred to wherever required.
Corporate Overview
The Company was incorporated in 2005 and is a web-infomedia company which has created
the largest knowledge system for Indian SMEs. The company with over a decades experience
in e-commerce manages three leading verticals creating outstanding content to offer most
authentic and unbiased information. The Company is listed on BSE Limited since 2012 and
has its registered office at Mumbai.
Financial Summary and Highlights
The Companys financial performances for the year under review along with previous
years figures are given hereunder:
(Rs. in thousands)
Particulars |
Standalone |
Consolidated |
|
2023 |
2022 |
2023 |
2022 |
Total Income |
7,576 |
1,963 |
1,10,272 |
55,480 |
Total Expenditure |
4,258 |
2,419 |
43,813 |
49,915 |
Profit Before Depreciation and Tax |
3,318 |
(456) |
66,459 |
5,565 |
Less: Deprecation |
1,142 |
964 |
3,580 |
2,082 |
Net Profit before Tax |
2,176 |
(1,420) |
62,879 |
5,565 |
Tax Expense: |
|
|
|
|
Income Tax- Current Tax |
- |
- |
5,018 |
- |
Income Tax-Earlier year |
- |
- |
7 |
- |
Deferred tax Charges/(Credit) |
539 |
(528) |
5,441 |
912 |
Net Profit after T ax |
1,637 |
(892) |
52,413 |
4,653 |
During the year under review, no revision was made in the previous financial statements
of the Company.
Standalone and Consolidated Financial Statements
As mandated by the Ministry of Corporate Affairs, the Financial Statements for the year
ended March 31, 2023, has been prepared in accordance with the Indian Accounting Standards
(Ind AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as
“The Act”) read with the Companies (Accounts) Rules, 2014 as amended from time
to time. The estimates and judgements relating to the Financial Statements are made on a
prudent basis, so as to reflect in a true and fair manner, the form and substance of
transactions and reasonably present the Companys state of affairs, profits and cash flows
for the year ended March 31, 2023. The Notes to the Financial Statements adequately cover
the standalone and consolidated Audited Statements and form an integral part of this
Report.
Reserves
The Board has not proposed to transfer any amount to the General Reserves.
Dividend
The Board has not recommended any dividend for the financial year 2022-2023 in order to
conserve its profits.
Transfer of unclaimed dividend to Investor Education and Protection Fund
The Company has uploaded the details of unclaimed dividend amounts lying with the
Company as on the date of signing this Report and shareholders whose shares are liable to
be transferred to the IEPF Authority on the Companys website at https://iupiterinfomedia.com/investors.htm
Further the company has Rs. 770.90 lying in the Unpaid/ Unclaimed Dividend Account in
respect of the last seven years of unpaid dividend amount and the Company is required to
transfer the said due unpaid Dividend in the financial year 2023 - 2024. During the year
the Company is not required to transfer any amount of unpaid Dividend into the Investor
Education and Protection Fund.
The Company has appointed a Nodal Officer under the provisions of the IEPF Rules and
the details of which are available on the Companys website at
https://www.iupiterinfomedia.com/.
State of Companys Affairs, Review of Business Operations and Future Prospects
The Companys Total Income for the year ended March 31, 2023, has increased
substantially to Rs. 75.76 Lakhs as compared to previous year total income of Rs. 19.63
Lacs. The net profit after tax of the Company for the year ended March 31, 2023, amounted
to Rs. 16.37 Lacs as compared to the loss of Rs. 8.93 Lacs, incurred in the previous year.
Your Directors express their satisfaction on the overall financial performance and the
progress made on different areas by the Company during the year under review.
During the year under review, there has been no change in the nature of business of
your Company.
Deposits
Your Company has not accepted any deposits from the public or its employees during the
year under review.
Material Changes and Commitment if any affecting the financial position of the Company
occurred between the end of the financial year to which this financial statement relate
and the date of the report.
There were no material changes and commitments affecting the financial position of the
Company which have occurred between the end of the financial year to which this financial
statement relates and the date of the report.
a. Share Capital
The issued, subscribed, and paid-up Share Capital of the Company stood at Rs.
10,02,00,000 as of March 31, 2023, comprising of 1,00,20,000 Equity Shares of Rs. 10 each
fully paid-up.
There was no change in Share Capital during the year under review.
b. Employee Stock Options Scheme
During the year under the review the Company has not issued any Shares pursuant to the
Employee Stock Options Scheme.
c. Equity Shares with Differential Rights
During the year, under the review the Company has not issued any Shares with
Differential Rights.
d. Sweat Equity Shares
During the year, under the review the Company has not issued any Sweat Equity Shares.
Subsidiary, Joint Venture and Associate Companies
Your Company has two material subsidiaries (i) Jineshvar Securities Private Limited
(“JSPL”) wholly owned subsidiary; and
(ii) Netlink Solutions (India) Limited (“NSIL”). JSPL is an RBI registered
Non- Banking Finance Company and engaged in the business of investment in shares and
securities to generate good returns on investment. Further NSIL is a BSE Listed Company
and engaged in the business of Web designing, print media and investment of surplus funds
in equity shares. The Company is involved in information media (advertisement and
exhibition related business), and software development.
Performance of the Subsidiaries
Jineshvar Securities Private Limited
During the year the Total Income of the JSPL has been Rs. 331.11 Lakhs as compared to
previous year total of Rs. 394.27 Lakhs. JSPL has made profits amounting to Rs. 30.29
Lakhs as compared to the previous year loss of Rs 1.84 Lakhs
Netlink Solutions India Limited
During the year the Total Income of the NSIL has been Rs. 718.93 Lakhs as compared to
previous year total of Rs. 295.51 Lakhs. NSIL has made profit amounting to Rs 477. 47
Lakhs after tax as compared to the previous year profit of Rs 147.88 Lakhs.
The salient features of financial statement of JSPL and NSIL are given in Form AOC-1 as
Annexure-I.
Management Discussion and Analysis Report
In accordance with Regulation 34 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and
Analysis Report forms part of this Annual Report as Annexure - II.
Corporate Governance
A report on Corporate Governance along with a certificate from the Secretarial Auditor
of the Company regarding the compliance with the conditions of Corporate Governance as
stipulated under the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms part of this Annual Report as Annexure-III
Corporate Social Responsibility (CSR)
The provisions related to Corporate Social Responsibility are not applicable to the
company.
Directors and Key Managerial Personnel Directors
There are no changes in the Board of Directors of the Company during the year under
review.
The Board Comprises of Mr. Umesh Modi, Chairman and Managing Director, Mrs. Manisha
Modi, Whole-Time Director and Chief Financial Officer; and Mr. Digesh Rambhia, Mr. Jay
Desai, Mr. Akshay Desai and Mr. Anilkumar Agrawal are the NonExecutive Independent
Directors of the Company.
None of the Directors of the Company have resigned during the year under review.
Re-appointment of Independent Director
The shareholders of the Company at the 13 th Annual General Meeting of the Company
appointed Mr. Anilkumar Agrawal as a Non-Executive Independent Director up to May 29,
2023, and in respect of whom the Company has received a Notice in writing under Section
160 of the Companies Act, 2013, proposing his candidature for the office of Director, as a
Non-Executive Independent Director of the Company for a second term.
Based on the recommendation by the Nomination and Remuneration Committee, the Board of
Directors recommends the reappointment of Mr. Agrawal as the Non-Executive Independent
Director for a second term at the ensuing Annual General Meeting for a term of five
consecutive years w.e.f. May 30, 2023 to May 29, 2028.
Retirement by rotation
In terms of provisions of Section 152(6) of the Act, Mrs. Manisha Umesh Modi (DIN
02057625), Whole-time Director of the Company, being longest in the office, shall retire
by rotation at the ensuing Annual General Meeting and being eligible, offers herself for
re-appointment.
Key Managerial Personnel
Mr. Umesh Vasantlal Modi, Chairman and Managing Director, Mrs. Manish Umesh Modi, Chief
Financial Officer and Ms. Mitali Khunteta, Company Secretary are the Key Managerial
Personnel of the Company.
During the year under review, there were no changes to the Key Managerial Personnel of
the Company.
Receipt of any commission by MD / WTD from Company or for receipt of commission/
remuneration from its holding or Subsidiary Company
During the year under review, the Company or its Subsidiaries has not paid any
commission to any of the directors of the Company. The Company has two subsidiaries namely
Jineshvar Securities Private Limited, Wholly Owned Subsidiary and Netlink Solutions
(India) Limited, Subsidiary Company.
Board Evaluation
Pursuant to provisions of the Companies Act, 2013 and Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Board of
Directors has carried out an annual performance evaluation of its own performance, the
Directors individually including Independent Directors. Evaluation was done by the
Chairman of the Nomination and Remuneration Committee. A structured questionnaire was
prepared after circulating the draft forms, covering various aspects of the evaluation
such as adequacy of the size and composition of the Board and Committee thereof with
regard to skill, experience, independence, diversity; attendance and adequacy of time
given by the Directors to discharge their duties; Corporate Governance practices etc. The
Directors expressed their satisfaction with the evaluation process. All Directors
unanimously expressed that the evaluation outcome reflected high level of engagement of
the Board of Directors and its committees amongst its members with the Company and its
management and that they are fully satisfied with the same.
Separate Meeting of the Independent Directors
In compliance with the provision of the Companies Act, 2013 and the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Independent Directors held two (2) meetings during the year on April 04, 2022,
and March 30, 2023, and they, inter alia:
i. Reviewed the performance of non-independent directors and the Board as a whole;
ii. Reviewed the performance of the Chairperson of the Company;
iii. Assessed the quality, quantity and timeliness of flow of information between the
Companys Management and the Board, which is necessary for the Board to effectively and
reasonably perform their duties.
The Independent Directors holds a unanimous opinion that the Non-Independent Directors
bring to the Board constructive knowledge in their respective field. The Independent
Directors expressed their satisfaction with overall functioning and implementations of
their suggestions.
Declaration of Independent Directors
The Company has received necessary declaration from each Independent Directors under
section 149(7) of the Companies Act, 2013 that they meet the criteria of Independence laid
down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
The Independent Directors of the Company have complied with the Code for Independent
Directors prescribed in Schedule IV of the Companies Act, 2013.
In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the
Company have confirmed that they have registered themselves with the databank maintained
by The Indian Institute of Corporate Affairs, Manesar (IICA). The Independent Directors
are also required to undertake online proficiency self-assessment test conducted by the
IICA within a period of 2 (Two) year from the date of inclusion of their names in the data
bank, unless they meet the criteria specified for exemption. All the Independent Directors
of the Company meet the criteria specified for exemption and hence none of the Independent
Directors are required to undergo the online proficiency self-assessment test as conducted
by IICA.
In the opinion of the Board, the independent directors possess the requisite integrity,
experience, expertise required under all applicable laws and the policies of the Bank.
Familiarisation Programme for Independent Directors
The details of programmes for familiarisation of Independent Directors with the
Company, their roles, rights, responsibilities in the Company, nature of the industry in
which the Company operates, business model of the Company and related matters along with
other details as required pursuant to the provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 are available on the website of the Company at
https://iupiterinfomedia.com/investors.htm.
Meetings
The Board met 5 times during the financial year.
During the year under review the Board of Directors met 5 (Five) times on May 06, 2022,
July 29, 2022, August 26, 2022, November 08, 2022, and January 30, 2023. The intervening
gap between the Meetings was within the period prescribed under the Companies Act, 2013,
Secretarial Standards on Board Meetings and Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time
to time.
The 17th Annual General Meeting (AGM) of the Company was held on September
22, 2022.
Directors Responsibility Statement
Pursuant to Section 134(3)(c) of the Act, the Directors, based on the representations
received from the operating management and after due enquiry, confirm that:
(a) in the preparation of the annual accounts for the year ended March 31, 2023, the
applicable Accounting Standards read had been followed and there are no material
departures from the same;
(b) they have 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 as at March 31, 2023 and of the profit of the
Company for year ended on that date;
(c) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) the annual accounts have been prepared on a going concern basis;
(e) the directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively; and
(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.
Secretarial Standards
The Company has devised proper systems to ensure compliance with the provisions of
Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial
Standards on General Meetings (SS-2) and is in compliance with the same.
Internal Financial Controls and their Adequacy
The Company has in place adequate internal financial control with reference to the
financial statements. The Audit Committee of the Board periodically reviews the internal
control systems with the management, Internal Auditors and Statutory Auditors and the
adequacy of internal audit function, significant internal audit findings and follow-ups
thereon.
Your Company has an adequate internal controls system, commensurate with the size and
nature of its business. The system is supported by documented policies, guidelines and
procedures to monitor business and operational performance which are aimed at ensuring
business integrity and promoting operational efficiency. Further details are provided in
the Management Discussion and Analysis Report, which forms a part of this Annual Report.
Composition of Audit Committee
The Audit Committee comprises Mr. Akshay Chotubhai Desai, Mr. Jay Ishwarlal Desai, Mr.
Digesh Manilal Rambhia, and Mr. Umesh Vasantlal Modi. Mr. Akshay Desai is the Chairman of
the Committee. The role, terms of reference and powers of the Audit Committee are in
conformity with the requirements of the Companies Act, 2013 and applicable regulations of
the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The Board accepted all recommendations of the Audit Committee made from time to time.
The details of the Committee along with their composition, number of meetings and
attendance at the meeting as set out in Report on Corporate Governance of this Annual
Report.
Composition of Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of three (3) Independent Directors
Mr. Akshay Chotubhai Desai, Mr. Jay Ishwarlal Desai and Mr. Digesh Manilal Rambhia. Mr.
Akshay Desai is the Chairman of the Committee.
The constitution and terms of reference are in compliance with the provisions of the
Act and the applicable regulations of SEBI Listing Regulations and the Securities and
Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.
The details of the Committee along with their composition, number of meetings and
attendance at the meeting as set out in Report on Corporate Governance of this Annual
Report.
Composition of Stakeholders Relationship Committee
The Stakeholders Relationship Committee comprises of Mr. Akshay Chotubhai Desai, Mr.
Digesh Manilal Rambhia and Mr. Umesh Vasantlal Modi. Mr. Akshay Chotubhai Desai is the
Chairman of the Committee.
The constitution and terms of reference are in compliance with the provisions of the
Act and the applicable regulations of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
The details of the Committee along with their composition, number of meetings and
attendance at the meeting as set out in Report on Corporate Governance of this Annual
Report.
Vigil mechanism / Whistle Blower Mechanism
The Company has established a vigil mechanism by adopting a Whistle Blower Policy for
Directors and employees to report genuine concerns in the prescribed manner. The vigil
mechanism is overseen by the Audit Committee and provides adequate safeguards against
victimization of employees and Directors. Whistle Blower Policy is a mechanism to address
any complaint(s) related to fraudulent transactions or reporting intentional
non-compliance with the Companys policies and procedures and any other questionable
accounting/operational process followed. It provides a mechanism for employees to approach
the Chairman of Audit Committee or Chairman of the Company or the Corporate Governance
Cell. During the year, no such incidence was reported and no personnel were denied access
to the Chairman of the Audit Committee or Chairman of the Company or the Corporate
Governance Cell. The Whistle Blower Policy of the Company is available at web link: https://iupiterinfomedia.com/investors
info.htm.
Risk Management
The Company has in place the procedure to inform the Board about the risk assessment
and minimization procedures. Your Company has appropriate risk management systems in place
for identification and assessment of risks, measures to mitigate them, and mechanisms for
their proper and timely monitoring and reporting. Audit Committee has been assigned the
task of ensuring Risk Management, for monitoring and reviewing of the risk assessment,
mitigation and risk management plan from time to time. The Board periodically reviews
implementation and monitoring of the risk management plan for the Company including
identification therein of elements of risks, if any, which in the opinion of the Board may
threaten the existence of the Company.
Policies on Appointment of Directors and Remuneration of Directors, Key Managerial
Personnel and Employees
In accordance with the provisions of section 134(3)(e) of the Companies Act, 2013
(“the Act”) read with section 178(2) of the Act and Regulation 17 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, your Company has adopted a Policy on Appointment of Directors and
Senior Management and succession planning for orderly succession to the Board and the
Senior Management, which inter alia, includes the criteria for determining qualifications,
positive attributes and independence of Directors.
Your Company has also adopted the Policy on Remuneration of Directors, Key Managerial
Personnel and Employees of the Company in accordance with the provisions of sub-section
(4) of section178, and the same are appended as Annexure IV-A and Annexure IV-B and
form part of this Report.
The aforesaid policies are also available on the website of the Company at the weblink:
https://iupiterinfomedia.com/investors info.htm
Receipt of any commission by MD / WTD from Company or from its holding or subsidiary
Company
The Company has not paid any commission to any of its Directors. The Managing Director
& Whole-Time Director draw remuneration only from the Company and do not receive any
remuneration or commission from any of its subsidiary companies. Further, none of the
subsidiaries of the Company has paid any commission/remuneration to any of the Directors
of the Company.
Particulars of Remuneration of Employees and Other Required Disclosures
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, no
employee is drawing any remuneration which is in excess of the limits laid down therein.
Details of employee remuneration as required under provisions of section 197(12) of the
Companies Act, 2013 read with Rule 5(2) & 5(3) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are available for inspection during
working hours at the Registered Office of the Company during 21 days before the Annual
General Meeting and shall be made available to any Shareholder on request.
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are provided in Annexure V.
Statutory Auditors
Pursuant to the provision of Section 139 of the Companies Act, 2013 read with Companies
(Audit and Auditors) Rules, 2014, M/s Ladha Singhal and Associates, Chartered Accountants
(ICAI Firm Registration No. 120241W) were appointed as Statutory Auditors for a term of
five consecutive years from the conclusion of Annual General Meeting held on September 22,
2022 until the conclusion of Annual General Meeting to be held in the year 2027.
The Auditors Report on the financial statements of the Company for the year ending
March 31, 2023, is unmodified i.e., it does not contain any qualification, reservation or
adverse remark. The Auditors Report is enclosed with the financial statements forming
part of the annual report.
Secretarial Auditor
The Board appointed M/s. Disha Kacholia, Practicing Company Secretaries, to conduct the
Secretarial Audit for the financial year 2022-2023. The Secretarial Audit Report for the
financial year ended March 31, 2023 is annexed herewith and marked as Annexure VI to
this Report.
The Secretarial Audit Report does not contain any qualification, reservation, or
adverse remark.
Secretarial Audit of Material Unlisted Indian Subsidiary
Jineshvar Securities Private Limited (JSPL) is a Material Unlisted Subsidiary Company
of the Jupiter.
Secretarial Audit Report of the JSPL pursuant to requirement under Regulation 24A of
the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is annexed herewith and marked as Annexure VII
Secretarial Compliance Report of Jupiter Infomedia Limited for the year ended March 31,
2023
As per Regulation 24A of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, read with SEBI Circular dated February 08,
2019; the listed entities are required to submit the Annual Secretarial Compliance Report
with the exchange within sixty days of the end of the year. The same was submitted to the
Stock Exchange(s) within the stipulated date and a copy of the same is hosted at our
website at https://jupiterinfomedia.com/investors.htm
The Annual Secretarial Compliance Certificate is annexed herewith and marked as Annexure
- VIII
Certificate from Company Secretary in Practice regarding Non-Debarment and
Non-Disqualification of Directors
A certificate from Company Secretary in Practice certifying that none of the Directors
on the Board of the Company as on March 31, 2023, have been debarred or disqualified from
being appointed or continuing as Director of companies by the Board/ Ministry of Corporate
Affairs or any such Statutory Authority, is annexed herewith and marked as Annexure IX.
Reporting of Frauds by Auditors
During the year under review, the Statutory Auditors and Secretarial Auditor have not
reported any instances of frauds committed in the Company by its Officers or Employees to
the Audit Committee under section 143(12) of the Companies Act, 2013, details of which
needs to be mentioned in this Report.
Particulars of loans, guarantees or investments under Section 186 of the Companies Act,
2013
There was no guarantee given by the Company under Section 186 of the Companies Act,
2013 during the year under review. Particulars of investments made and Loan given are
provided in the financial statement (Please refer to Note no. 6 and 33 respectively to the
Standalone Financial Statement).
Contracts and Arrangements with Related Parties Transactions
Your Company undertakes various transactions with related parties in the ordinary
course of business. All transactions entered with related parties during the year under
review were on arms length basis and in the ordinary course of business.
Your Company has not entered into any contracts / arrangements / transactions with
related parties which could be considered material in accordance with the policy of the
Company i.e., Policy on Materiality of and Dealing with Related Party Transactions
(“RPT Policy”). The particulars of every contract or arrangements entered by the
company with related parties referred to in subsection (1) of section 188 of the Companies
Act, 2013 including certain arms length transactions under third proviso is disclosed in
Form No. AOC-2 appended as Annexure-X to the Boards Report.
There were no materially significant related party transactions with the Promoters,
Directors and Key Managerial Personnel, which may have a potential conflict with the
interest of the Company at large. The RPT Policy as approved by the Audit Committee and
the Board is available on the website of the Company at:
https://iupiterinfomedia.com/investors info.htm.
Your directors draw the attention of the Members to Note No. 32 to the Standalone
Financial Statements which sets out related party disclosure.
Explanation or Comments on Qualifications, Reservations or adverse remarks or
disclaimers made by the Auditors and the Practicing Company Secretary in their reports.
There were no qualifications, reservations or adverse remarks made either by the
Auditors or by the Secretarial Auditor in their respective reports.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
Particulars required under Section 134(3)(m) of the Companies Act, 2013 read with the
Rule 8(3) of the Companies (Accounts) Rules, 2014 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is annexed herewith and
forms part of this report as Annexure XI.
Copy of Annual Return
Pursuant to sub-section 3(a) of section 134 and sub-section (3) of section 92 of the
Companies Act, 2013, read with rule 12 of the Companies (Management and Administration)
Rules, 2014, as amended vide MCA notification dated August 28, 2020, a copy of the Annual
Return is available on https://iupiterinfomedia.com/investor financials.htm
Maintenance of Cost Records
The Company is not required to maintain cost records as specified by the Central
Government under sub-section (1) of Section 148 of the Companies Act 2013.
General
• No penalties/strictures were imposed on the Company by Stock Exchanges or SEBI
or any statutory authority on any matter related to capital market since the listing of
the Companys equity shares.
• No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Companys operation in future.
• During the year under review, the Company has not made any application and there
are no proceedings pending under the Insolvency and Bankruptcy Code, 2016.
• The Company has no borrowings as on March 31, 2023, and hence, the requirement
of providing 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/ financial
institutions along with the reasons thereof is not applicable to the Company.
Disclosure of Accounting Treatment in preparation of Financial Statements
The financial statements have been prepared in accordance with Indian Accounting
Standards (“IndAS“) per the Companies (Indian Accounting Standards) Rules, 2015
as amended and notified under section 133 of the Act and other relevant provisions of the
Act.
Sexual Harassment
The Company has zero tolerance towards sexual harassment at the workplace and towards
this end, has adopted a policy in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made
thereunder. During the year 2022-2023, there were no complaints filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has complied with the provisions relating to the constitution of Internal
Committee (IC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 to redress complaints received regarding sexual harassment.
Cautionary statement:
Certain statements in the Directors Report describing the Companys objectives,
projections, estimates, expectations or predictions may be forward-looking statements
within the meaning of applicable securities laws and regulations. Actual resuits could
differ from those expressed or implied. Important factors that could make a difference to
the Companys operations incl ude labour and material availability, and prices, cyclical
demand and pricing in the Companys principal markets, changes in government regulations,
tax regimes, economic development within India and other incidental factors.
Appreciation and Acknowledgement
The Directors would like to thank all shareholders, the Ministry of Corporate Affairs,
the Securities and Exchange Board of India, the Government of India and other Regulatory
Authorities, the BSE Limited, Bankers, Members, Customers, contractors, suppliers,
associates and Employees of the Company for their continued support and trust. Your
Directors would like to express deep appreciation for the commitment shown by the
employees in supporting the Company in achieving continued robust performance on all
fronts.
For and on behalf of the Board of Directors,
Umesh Vasantal Modi Chairman & Managing Director DIN: 01570180 |
Manisha Umesh Modi Whole Time Director & Chief
Financial Officer DIN:02057625 |
Date: July 14, 2023 Place: Mumbai |
|
+91-9892691696
