Kanak Krishi Implements Ltd Directors Report

Your Directors have great pleasure in presenting the 11th Annual Report together with the Audited Accounts of the Company for the year ended at 31st March, 2021.

FINANCIAL RESULTS

The summarized performance of the Company for the years 2020-2021 and 2019-2020 is given below:

(Amt in Rupees)

	For Financial Year Ended
Particulars	31st March, 2021	31st March, 2020
Total Income	2,56,000.00	2,56,000.00
Total Expenditure	2,74,522.00	2,83,511.00
Profit before Tax	(18,522.00)	(27,511.00)
Less: Tax Expense	-	(709.00)
Profit / (Loss) After Tax	(18,522.00)	(28,220.00)
Profit/(Loss) adjusted	Nil	Nil
Profit/(Loss) carried to Balance Sheet	(18,522.00)	(28,220.00)

RESULTS OF OPERATIONS

Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model. The Company delivered profits in the financial year 2020-21. The highlights of the

Companys performance are as mentioned above.

RESERVES AND SURPLUS

The Loss of Rs. (18,522.00/-) is being transferred to the Reserve and surplus of the company.

DIVIDEND

The Directors have not recommended any dividend for the financial year 2020-21, in view of the requirement of funds for expansion of the business.

DIRECTORS

During the year under review, there was no change in the composition of Board of Directors during the financial year under review.

STATE OF COMPANY AFFAIRS

The Company is complying with all the applicable laws and provisions and there is no adverse action against the business operations of the Company.

CHANGE IN THE NATURE OF BUSINESS

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

STATUTORY AUDITOR AND HIS REPORT

Rakesh Batra & Co., Chartered Accountants, has been appointed as the statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the 16th Annual General Meeting of the company and to fix their remuneration.

In this regard the Company has received a Certificate from the Auditors to the effect that if they are appointed it would be in accordance with the provision of section 141 of the Companies Act, 2013.

The Report given by the Statutory Auditors for the Financial Statements for the year ended March 31, 2021 read with explanatory notes thereon do not call for any explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

AUDITORS REPORT

The Notes on Financial Statements referred to in the Auditors Report are self-explanatory and therefore, in the opinion of the Directors, do not call for further comments.

INDUSTRIAL RELATIONS

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has a formal system of internal control testing which examines both the design effectiveness and operational effectiveness to ensure reliability of financial and operational information and all statutory/ regulatory compliances. The Company has a strong monitoring and reporting process resulting in financial discipline and accountability.

PUBLIC DEPOSITS

The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. No amount of principal or interest was outstanding as on the date of Balance Sheet.

NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS SUBSIDIARIES AND ASSOCIATE

The Company has no subsidiaries as on 31st March, 2021, hence provision of section 129 of the Companies Act, 2013 is not applicable.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

The provisions of Section 134(3)(m) of the Companies Act, 2013 is not applicable to the Company. Therefore, the information relating to conservation of energy or technology absorption etc. is not given. There has been no foreign exchange earnings and outgo during the year under Report.

CONSOLIDATED FINANCIAL STATEMENTS

Since there is no subsidiary of the Company at present, hence no consolidated financial statements have been prepared.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments affecting the Financial Position of the Company which have occurred between the end of the Financial year of the Company to which the Financial Statement relate and the date of this report.

DIRECTORS RESPONSIBILITY STATEMENT

As required by Section 134 (3) (c) of the Companies Act, 2013, your Board of Directors hereby state:

a. in the preparation of the annual accounts for the financial year ended on 31st March, 2021, 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 and loss of the company for that period; c. the directors had 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 directors had prepared the annual accounts 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; and 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.

INDEPENDENT DIRECTORS MEETING

During the year under review, the Independent Directors met on 06th November, 2020, inter alia, to discuss: Evaluation of the performance of Non-independent Directors and the Board of Directors as a whole. Evaluation of the performance of the chairman of the Company, taking into account the views of the Executive and Non- Executive Directors. Evaluation of the quality, content and timelines of flow of information between the Management and the Board that is necessary for the Board to effectively and reasonably perform its duties. All the Independent Directors were present at the Meeting.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Provisions of section 135 of the Companies Act, 2013 dealing with constitution of Corporate Social Responsibility Committee and related matters, are not applicable to your Company.

FAMILIARIZATION PROGRAMME

The Company at its various meetings held during the Financial year 2020-21 had familiarize the Independent Directors with regard to the roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, the Business models of the Company etc. The Independent Directors have been provided with necessary documents, reports and internal policies to familiarize then with the Companys policies, procedures and practices.

Periodic presentations are made to the Board and Board Committee meeting on Business and performance updates of the Company, Business strategy and risks involved.

Quarterly updates on relevant statutory changes and judicial pronouncements and encompassing important amendments are briefed to the Directors.

CHANGES IN THE KEY MANAGERIAL PERSONNEL

During the year under Review, there was no change in the Key Managerial Personnel.

DECLARATION BY AN INDEPENDENT DIRECTOR(S) AND RE- APPOINTMENT, IF ANY

The Independent Directors have given declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, and Listing Agreement.

DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

a) Board Meetings

During the year, 06 (Six) Board Meetings were convened and held on 21.05.2020, 28.07.2020, 28.08.2020, 06.11.2020, 20.01.2021 and 31.03.2021. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

b) Board Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an Annual Performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its various Committees. A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board excluding the Directors being evaluated.

c) Audit Committee

The Board has well-qualified Audit Committee with majority of Independent Directors including Chairman. They possess sound knowledge on Accounts, Audit, Finance, Taxation, Internal Controls etc. The Company Secretary of the Company acts as Secretary of the Committee. During the year, there are no instances where the Board had not accepted the recommendations of the Audit Committee.

COMPOSITION AND ATTENDANCE AT MEETINGS:

During the year ended on 31st March, 2021, the composition of Audit Committee has been as under:

Name of Director	Designation	Category	No. of Meeting Attended
Mr. Roshan Tirkey	Chairman	Independent Director	4
Mr. Satyendra Kumar	Member	Whole Time Director	4
Mr. Nanki Kachhap	Member	Independent Director	4

Audit Committee met Four times in a year on during the financial year 2020-21 on 28.07.2020, 06.11.2020, 20.01.2021 and 31.03.2021.

d) Nomination & Remuneration Committee & Its Policy

The Company has duly constituted Nomination and Remuneration Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.

COMPOSITION AND ATTENDANCE AT MEETINGS:

During the year ended on 31st March, 2021, the composition of Nomination & Remuneration Committee has been as under:

Name of Director	Designation	No. Of Meeting Attended
Mr. Roshan Tirkey	Chairman	Independent Director
Mr. Chandan Mandal	Member	Non-Executive & Non- Independent
Mr. Nanki Kachhap	Member	Independent Director

Nomination & Remuneration Committee met Four times in a year on during the financial year 2020-21 on 28.07.2020, 06.11.2020, 20.01.2021 and 31.03.2021.

d) Stakeholder Relationship Committee

The Company has duly constituted Stakeholder Relationship Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.

COMPOSITION AND ATTENDANCE AT MEETINGS:

During the year ended on 31st March, 2021, the composition of Stakeholder Relationship Committee has been as under:

Name of Director	Designation	No. of Meeting Attended
Mr. Roshan Tirkey	Chairman	Independent Director
Mr. Chandan Mandal	Member	Non-Executive & Non- Independent
Mr. Nanki Kachhap	Member	Independent Director

During the financial year 2020-21, Four (04) meeting of Stakeholder Relationship Committee was held on 2020-21 on 28.07.2020, 06.11.2020, 20.01.2021 and 31.03.2021.

RISK MANAGEMENT

The Company has laid down the procedures to inform to the Board about the risk assessment and minimization procedures and the Board has formulated Risk management policy to ensure that the Board, its Audit Committee and its Executive Management should collectively identify the risks impacting the Companys business and document their process of risk identification, risk minimization, risk optimization as a part of a risk management policy/ strategy.

The common risks inter alia are: Regulations, Credit Risk, Foreign Exchange and Interest Risk, Competition, Business Risk, Technology Obsolescence, Investments, Retention of Talent and Expansion of Facilities etc. Business risk, inter-alia, further includes financial risk, political risk, legal risk, etc. The Board reviews the risk trend, exposure and potential impact analysis and prepares risk mitigation plans, if necessary.

SECRETARIAL AUDIT REPORT AND EXPLANATION TO THE QUALIFICATIONS REPORTED IN THE REPORT

Provisions relating to Secretarial Audit as per Section 204 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Shashank Kumar, Proprietor of M/s. Sharma Kumar & Associates, Practicing Company Secretary to undertake the Secretarial audit of the Company. The Secretarial Auditor Report provided by the Secretarial Auditor in Form No. MR-3 has been enclosed as Annexure-1.

Comments on Qualifications of Secretarial Audit Report:

*With reference to the qualifications, we wish to explain that the Company is searching the best person for the post of Company Secretary and Chief Financial Officer and the company soon will appoint the Company Secretary and Chief Financial Officer. *With reference to the late intimation to Stock Exchange and late filing with ROC, the company will keep this in mind and assures that this will not happen in future.

PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE

The prescribed particulars of Employees 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 is given below:

DETAILS PERTAINING TO REMUNERATION 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

Sr. Name of No. Director/KMP and Designation	Remuneration of Director/ KMP for FY 2020-21 (Rs.)	% increase in Remuneration in FY 2020-21	Ratio of Remuneration of Director to Median Remuneration of employees	Ratio of Remuneration of Director to Median Remuneration of Employees
1. Mr. Satyendra Kumar, Whole Time Director	N.A	N.A.	N.A.	N.A.

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

MAINTAINANCE OF COST RECORDS

During the year under review, the Company is not required to maintain or prepare the cost records under Section 148(1) of the Companies Act, 2013.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

As per the provision of Section 177 (9) of the Companies Act, 2013, the Company is required to establish an effective Vigil Mechanism for Directors and Employees to report genuine concerns. In line with this the Company has framed a Vigil Mechanism Policy through which the Directors and Employees may report concerns about unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct & Ethics without fear of reprisal.

The Employees and Directors may report to the Compliance Officer and have direct access to the Chairman of the Audit Committee. The Whistle Blower Policy is placed on the website of the Company.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All women employees (permanent, contractual, temporary and trainee) are covered under this Policy. The company has formed an Internal Complaints Committee under the act to resolve and redress the complaints received, if any. The following is a summary of Sexual Harassment complaints received and disposed off during the year: a. No. of Complaints received: 0 b. No. of Complaints disposed off: 0

RELATED PARTY TRANSACTIONS

There are no related party transactions in the year under Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year under review, the Company has not given any loans and guarantees. Details of Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Notes to the Financial Statements.

EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 134 (3) (a) of the Companies Act, 2013, Extract of the Annual Return for the financial year ended 31st March, 2021 made under the provisions of Section 92 (3) of the Act in Form MGT -9 is annexed herewith as Annexure II.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No Significant and Material orders has been passed by Securities Exchange Board of India, Stock Exchanges, Tribunal or Courts in the year under Report.

HUMAN RESOURCES INDUSTRIAL RELATIONS

The company takes pride in the commitment, competence and dedication shown by its employees in all areas of Business. The Company is committed to nurturing, enhancing and retaining top talent through superior Learning and Organizational Development. This is a part of Corporate HR function and is a critical pillar to support the Organizations growth and its sustainability in the long run.

CAUTIONARY STATEMENT

Statements in this Directors Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities law and regulations. Actual results could defer materially from those expressed or implied.

Important factors that could make difference to the Companys operations include changes in

Government regulations, Tax regimes, Economic developments within India and the countries in which the Company conducts Business and other ancillary factors.

AKNOWLEDGEMENT

Your Directors would like to express their appreciation for the assistance and co-operation received from the cooperative banks, Government Authorities, customers, vendors and, members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Companys executives, Staff.

	For and on behalf of board of
Dated: 28.08.2021	Kanak Krishi Implements Limited
Place: Vaishali
	Sd/-	Sd/-
	SATYENDRA KUMAR	ROSHAN TIRKEY
	Whole Time Director	DIRECTOR
	DIN No: 06794868	DIN: 07798753