Dear Members,
Your Directors are pleased to present before you their 34th Annual Report on
the business and operations of the Company together with the Audited Statements of
Accounts for the Financial Year ended 31st March, 2023.
Financial Summary or Highlights/ Performance of the Company (Standalone):
The Companys financial performance for the year under review along with previous
years figures is summarized hereunder on the Standalone basis financial statements of the
company.
| Particulars |
F.Y. 2022-23 (Amount in 000) |
F.Y. 2021-22 (Amount in 000) |
| Revenue from operations |
9,000.26 |
7,781.43 |
| Other operational income |
3,644.10 |
4,466.97 |
| Increase/ Decrease in Inventory |
- |
- |
| Total Income |
12,644.36 |
12,248.40 |
| Operating costs |
14,414.60 |
11,618.56 |
| Profit before Depreciation, Interest & Tax (PBDIT) |
(1,770.24) |
629.84 |
| Depreciation |
183.20 |
183.20 |
| Profit /Loss before Interest & Tax (PBIT) |
(1,953.44) |
446.64 |
| Finance costs |
48.75 |
71.64 |
| Profit /Loss before Tax (PBT) |
(2002.19) |
375 |
| Provision for Income Tax (Including deferred tax) |
(45.54) |
(47.63) |
| Profit for the year |
(1956.65) |
422.63 |
| Basic EPS |
(0.39) |
0.08 |
*previous year figures have been regrouped/rearranged wherever necessary.
The above figures are extracted from the Financial Statements prepared in accordance
with accounting principles generally accepted in India including the Accounting Standards
specified under section 129 and 133 of the Companies Act, 2013 ("the Act") read
with the Companies (Accounts) Rules, 2014 and other relevant provisions of the Act. The
detailed financial statement as stated above are available on the Companys website at
http://kiranprintpack.wix.com/kiran/
1. Financial Performance
During the year under review, the revenue from operations of your Company was Rs.
9,000.26 (in thousands) in comparison to Rs. 7,781.43 (in thousands) during the previous
year. The Company has incurred net Loss of Rs. 1,956.65 (in thousands) in comparison to
net Profit of Rs. 422.63 (in thousands) incurred during the previous year. Your directors
are hopeful of better performance in the forthcoming year.
2. Business Review/State of the companys affairs
During the year under review, the Company has not changed its nature of business.
3. Dividend
During the year the company has not declared any dividend.
4. Reserves
The company except its profits does not propose any amount to transfer to the General
Reserves.
5. Share Capital
During the year under review, the Company has not allotted any Equity Shares on rights/
preferential/ private placement basis.
As on 31st March, 2023, the issued, subscribed and paid up share capital of
Company stood at Rs. 5,00,29,000/- comprising of 50,02,900 Equity shares of Rs.10/- each.
A. Disclosure regarding Issue of Equity Shares with Differential Rights:
During the year under review, the Company has not issued any equity shares with
differential rights.
B. Disclosure regarding issue of Employee Stock Options:
During the year under review, the Company has not provided any Stock Option Scheme to
the employees.
C. Disclosure regarding issue of Sweat Equity Shares:
During the year under review, the Company has not issued any Sweat Equity Shares.
D. Disclosure regarding Buy back of shares:
During the year under review, the Company has not bought back any shares.
E. Disclosure regarding issue of Bonus Shares:
During the year under review, the Company has not issued any bonus shares.
6. Details of directors or key managerial personnel who were appointed during the
year:
(i) Retiring by rotation:
Mr.Karan Kamal Mohta (holding DIN 02138590), Director of the Company, will retire by
rotation at the ensuing Annual General Meeting and being eligible offers himself for
reappointment.
Brief profile of the Directors proposed to be reappointed as required under Regulation
36 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, are part of the Notice convening the Annual General
Meeting.
(ii) Declaration by Independent Directors:
Pursuant to Section 149 (7) of the Companies Act, 2013 ("the Act") read with
the Companies (Appointment and Qualifications of Directors) Rules, 2014, the Company has
received declarations from all the Independent Directors of the Company confirming that
they meet the criteria of Independence as prescribed under Section 149 (6) of the Act
and have submitted their respective declarations as required under Section 149 (7) of the
Act and the Listing Regulations.
In terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company
have included their names in the data bank of Independent Directors maintained with the
Indian Institute of Corporate Affairs.
(iii) Familiarization programme for Independent Director:
The Company proactively keeps its Directors informed of the activities of the Company,
its Management and operations and provides an overall industry perspective as well as
issues being faced by the industry in the Familiarization programme conducted for the
Independent Directors of the Company. The Familiarization programme is available on the
website of the Company at http:// kiranprintpack.wix.com/kiran/
(iv) Key Managerial Personnel:
In terms of the provisions of Sections 2 (51) and 203 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
following employees were holding the position of Key Managerial Personnel (KMP) of the
Company as on March 31, 2023:
| Mr. Karan Kamal Mohta |
Managing Director |
| Mrs. Sudha Mohta |
Chief Financial Officer |
| Ms. Chandni Shah |
Company Secretary & Compliance Officer |
7. Committees of Board:
As on March 31st 2023, the Company has following Statutory Committees:
a. Audit Committee
b. Nomination and Remuneration Committee
c. Stakeholders Relationship Committee
The Board decides the terms of reference for these companies. Minutes of meetings of
the Committees are placed before the Board for information. The details as to the
composition, terms of reference, number of meetings and related attendance, etc. of these
Committees are provided in detail, in the Corporate Governance Report which forms a part
of this Annual Report
8. Compliances of applicable Secretarial Standards:
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
and such systems are adequate and operating effectively.
9. Meetings of the Board and its Committee:
a. Board Meeting:
A calendar of Meetings is prepared and circulated in advance to the Directors. During
the year the Board of Directors of the Company met 5(Five) times on 28/05/2022,
12/08/2022, 29/08/2022, 14/11/2022 and 14/02/2023,
| Name |
Designation |
No of meetings attended |
No of meetings entitled to attend |
Whether AGM attended |
| Mr. Karan Kamal Mohta |
Executive Managing Director |
5 |
5 |
Yes |
| Mrs. Sudha Mohta |
Executive Director, CFO |
5 |
5 |
Yes |
| Mr. Bharat Saboo |
Non-Executive Director |
5 |
5 |
Yes |
| Mr. Sunil Kumar Sarda |
Non-Executive- Independent Director |
5 |
5 |
Yes |
| Mr.Vinodkumar Bajranglal Dalmia |
Non-Executive- Independent Director |
5 |
5 |
Yes |
the intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013. Pursuant to the requirements of Schedule IV to the Companies Act,
2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015..
b. Audit Committee
Your Company has constituted an Audit Committee with its composition, quorum, powers,
roles and scope in line with the applicable provisions of the Act and Listing Regulations.
During the financial year under review, the Audit Committee reviewed the internal controls
put in place to ensure that the accounts of your Company are properly maintained and that
the accounting transactions are in accordance with prevailing laws and regulations. In
conducting such reviews, the Committee found no material discrepancy or weakness in the
internal control system of your Company. The Committee has also reviewed the Policy and
procedures for assessing and managing the risks.
During the financial year under review, all recommendations made by the Audit Committee
were accepted by the Board.
The Composition of Audit Committee and the attendance of Members at the Meeting during
FY 2022-23 were as under:
| Name |
Designation |
No of meetings attended |
No of meetings entitled to attend |
Whether AGM attended |
| Mr.Vinodkumar Bajranglal Dalmia (Chairman) |
Non-Executive- Independent Director |
4 |
4 |
Yes |
| Mrs. Sudha Mohta |
Executive Director, CFO |
4 |
4 |
Yes |
| Mr. Sunil Kumar Sarda |
Non-Executive- Independent Director |
4 |
4 |
Yes |
The Company has a qualified and independent Audit Committee, and its composition is in
line with the applicable provisions of Section 177 of the Act and Regulation 18 of Listing
Regulation.
During the financial year under review, the Committee met 4(four) times. The meetings
were held on 28/05/2022, 12/08/2022, 14/11/2022 and 14/02/2023.
c. Nomination and Remuneration Committee
Your Company has constituted a Nomination and Remuneration Committee with its
composition, quorum, powers, roles and scope in line with the applicable provisions of the
Act and Listing Regulations.
The Composition of Nomination and Remuneration Committee and the attendance of Members
at the meeting during FY 2022-23 were as follows:
| Name |
Designation |
No of meetings attended |
No of meetings entitled to attend |
Whether AGM attended |
| Mr.Vinodkumar Bajranglal Dalmia (Chairman) |
Non-Executive- Independent Director |
4 |
4 |
Yes |
| Mr. Bharat Saboo |
Non-Executive Director |
4 |
4 |
Yes |
| Mr. Sunil Kumar Sarda |
Non-Executive- Independent Director |
4 |
4 |
Yes |
The Company has a qualified and independent Nomination & Remuneration Committee,
and its composition is in line with the applicable provisions of Section 178 of the Act
and Regulation 19 of Listing Regulation.
During the financial year under review, the Committee met 4 (Four) times. The meeting
was held on 28/05/2022, 12/08/2022, 14/11/2022 and 14/02/2023.
The Nomination and Remuneration Committee had formulated a policy on remuneration under
the provisions of Section 178(3) of the Act and the same is attached as Annexure I to this
report.
d. Stakeholder Relationship Committee
Your Company has constituted a Stakeholder Relationship Committee with its composition,
quorum, powers, roles and scope in line with the applicable provisions of the Act and
Listing Regulations.
The Composition of Stakeholder Relationship Committee and the attendance of Members at
the meeting during FY 2022-23 were as follows:
| Name |
Designation |
No of meetings attended |
No of meetings entitled to attend |
Whether AGM attended |
| Mr. Bharat Saboo (Chairman) |
Non-Executive Director |
4 |
4 |
Yes |
| Mr. Sunil Kumar Sarda |
Non-Executive- Independent Director |
4 |
4 |
Yes |
| Mr.Vinodkumar Bajranglal Dalmia |
Non-Executive- Independent Director |
4 |
4 |
Yes |
The Company has a qualified and independent Stakeholder Relationship Committee, and its
composition is in line with the applicable provisions of Regulation 20 of Listing
Regulation.
During the financial year under review, the Committee met 4 (Four) times. The meeting
was held on 28/05/2022, 12/08/2022, 14/11/2022 and 14/02/2023.
e. Meeting of Independent Directors:
The Independent Directors met once on February 14, 2023 to evaluate the Board and
assess the functioning of the Board.
10. Listing with Stock Exchanges
At Present, the Equity shares of the Company are listed at BSE Limited.
11. Dematerialization of Shares:
94.11% of the Companys paid up Equity Share Capital is in dematerialized form as on 31st
March, 2023 and balance 5.89% is in physical form. The Companys Registrar and
Transfer Agent is Universal Capital Services Private Limited having their registered
office at C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083.
12. Details in respect of adequacy of internal financial controls with reference to
the Financial Statements
a) Your directors hereby report that, your company has maintained adequate internal
controls commensurate with its size and its nature of the operation. There are suitable
monitoring procedures in place to provide reasonable assurance for accuracy and timely
reporting of the financial information and compliance with the statutory requirements.
There are proper policies, guidelines and delegation of powers issued for the compliance
of the same across the company.
b) For the purpose of ensuring accuracy in the preparation of the financials, your
company has implemented various checks and balances like periodic reconciliation of major
accounts, review of accounts, obtaining confirmation of various balances and proper
approval mechanism.
c) Your company has documented all major processes in the area of expenses, bank
transactions, payments, statutory compliances and period end financial accounting process.
Your company is continuously putting its efforts to align the processes and controls with
the best practices in the industry.
d) The Company has appointed M/s.Yogesh P Rathi & Associates, a firm of Chartered
Accountant as the Internal Auditor of the company. The report of the said auditor is
periodically reviewed and suggestions were implemented by the Audit Committee and the
Board.
13. Finance & Accounts
The Company is having adequate resources at its disposal to meet its business
requirements and for efficient conduct of business. The Company has not raised any funds
by issue of any securities during the year.
Your company is required to prepare financial statements under Indian Accounting
Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with Rule
3 of the Companies (Indian Accounting Standards) Rules, 2015. The estimates and judgments
relating to financial statements are made on 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 and loss for the year ended 31st March, 2023.
14. Subsidiaries. Joint Ventures and Associates Companies
Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of
Companies (Accounts) Rules, 2014, a Company needs to prepare AOC-1 but as the Company
doesnt have any subsidiaries, associates and Joint Ventures, there is no need to prepare
AOC-1 and hence the same has not been prepared.
15. Deposits
The Company has not accepted any deposits within the meaning of Section 73 of the
Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014.
16. Statutory Auditors
Pursuant to Section 139 of Companies Act, 2013 and other applicable rules there under,
The members of the Company at 31st AGM held on 28th September, 2020
had appointed M/s. VMRS & Co. (having Firm Registration No. 122750W), Chartered
Accountants, Mumbai, as the Statutory Auditors of the Company for a term of 5 years and
accordingly they hold their office till the conclusion of AGM to be held in the year 2025.
Accordingly, M/s. VMRS & Co. (having Firm Registration No. 122750W), Chartered
Accountants shall continue to be the Statutory Auditors of the Company for F.Y2022-2023
The Auditors Report is unmodified i.e. it does not contain any qualification, reservation
or adverse remark or disclaimer.
17. Auditors Report and Boards Comments on Qualification, Reservation &
Adverse Remarks or Disclaimer made by Statutory Auditors under section 134(3) (f) of the
Companies Act, 2013
The report of the Statutory Auditors along with notes to Schedules is enclosed to this
report. The Auditors observations are suitably explained in notes to the Accounts and are
self-explanatory. They do not call for any further comments. There has been no
qualification, reservation or adverse remark made by the Auditor in the report.
18. Internal Audit
The Board of directors has appointed M/s.Yogesh P Rathi & Associates, a firm of
Chartered Accountants as the Internal Auditors of the company on the recommendations of
the Audit Committee for F.Y. 2022-23.
19. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mrs. Kavita Raju
Joshi, Practicing Company Secretary, have been appointed as Secretarial Auditors of the
Company.
The Secretarial Audit Report for financial year ended March 31, 2023 is annexed to this
report. The Secretarial Audit Report for the year ended March 31, 2023 does not contain
any qualification or observation, which requires any comments from the Board.
20. Cost Auditor
Your company does not fall within the provisions of Section 148 of the Companies Act,
2013 read with the Companies (Cost records & Audit) Rules, 2014, therefore no such
records are required to be maintained and no cost auditor is required to be appointed.
21. Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, the copy of Annual Return can be accessed at
Companys website at http://kiranprintpack.wix.com/kiran/
22. Foreign Exchange Earnings / Outgo
The Company has neither incurred any expenditure nor earned any income in foreign
exchange.
23. Corporate Social Responsibility (CSR)
As per Section 135 of the Companies Act, 2013 every Company having net worth of Rs. 500
Crores or more or Turnover of Rs.1,000 Crores or more or Net Profit of Rs. 5 Crores is
required to constitute CSR committee.
However, your Company has not developed or implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable to the Company.
24. Human Resources
Your Company treats its "human resources" as one of its most important
assets. Your Company continuously invests in attraction, retention and development of
talent on an ongoing basis. A number of programs that provide focused people attention are
currently underway. Your Company thrust is on the promotion of talent internally through
job rotation and job enlargement.
25. Disqualification of Directors
During the year under review, the Company has received Form DIR-8 from all Directors as
required under the provisions of Section 164(2) of the Companies Act, 2013 read with
Companies (Appointment and Qualification of Directors) Rules, 2014 that none of the
Directors of your Company is disqualified to hold office as director and debarred from
holding the office of a Director.
26. Vigil Mechanism
The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for
Directors and employees of the Company to report concerns about unethical behavior, actual
or suspected fraud or violation of the companys code of conduct or ethics policy. The
Vigil Mechanism Policy has been uploaded on the website of the Company at http://
kiranprintpack.wix.com/kiran/.
27. Insider Trading
The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirement of the Securities & Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015. The Insider Trading Policy of the company lays down guidelines
and procedure to be followed, and disclosure to be made while dealing with shares of the
company as well as consequences of violation. The policy has been formulated to regulate,
monitor and ensure reporting of deals by employees and to maintain the highest ethical
standards of dealing in the companys shares. The Company had in place a Code of Conduct
for Prevention of Insider Trading and Corporate Disclosure Practices, in accordance with
the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Accordingly, the Board approved and adopted:
a) Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information; and
b) Code for Fair Disclosures and Conduct the codes referred above is placed on the
Companys website http:// kiranprintpack.wix.com/kiran/.
28. Related Party Transactions
The transactions/contracts/arrangements entered by the Company with related party(ies)
as defined under the provisions of Section 2(76) of the Companies Act, 2013, during the
financial year under review were on an arms length basis and in ordinary course of
business. Further, these contracts / arrangements / transactions with related parties
could not be considered material in nature as per the thresholds given in Rule 15(3) of
the Companies (Meetings of Board and its Powers) Rules, 2014 except for which disclosure
is given in Form AOC-2 Annexure-II in this regard.
29. Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the Notes to the Financial Statements.
30. Statement indicating development and implementation of a risk management policy
for the company including identification therein of elements of risk, if any, which in the
opinion of the Board may threaten the existence of the company:
Your company understands that risk evaluation and risk mitigation is a function of the
board of directors of the company. The Board is fully committed to developing a sound
system for identification and mitigation of applicable risks—viz., systemic and
nonsystemic—on a continuous basis. The board is of the opinion that at present, there
are no material risks that may threaten the very existence and functioning of your
company.
31. Safeguard at workplace
The management takes due care of employees with respect to safeguard at workplace.
Further, no complaints are reported by any employee pertaining to sexual harassment and
hence no complaint is outstanding as on 31/03/2023 for redressal. There was no case filled
during the year, under the sexual harassment of women at workplace (Prevention,
Prohibition & Redressal) Act, 2013. Further Company ensures that there is a healthy
and safe atmosphere for every women employee at the workplace and made the necessary
policies for safe and secure environment for women employee.
Complaints as on 01.04.2022: NIL Complaints filed during the Financial Year: NIL
Complaints as on 31.03.2023: NIL.
32. Details of significant & material orders passed by the regulators or courts
or tribunal impacting the going concern status and companys operation in future
During the year under review there was no such orders passed by the regulators or
courts or tribunals impacting the going concern status and companys operations in future.
33. Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performance,
Board committees and individual directors pursuant to the provisions of the Act and the
corporate governance requirements as prescribed by Securities and Exchange Board of India
under the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The performance of the Board was evaluated by the Board after seeking inputs from all
the directors on the basis of the criteria such as the Board composition and structure,
effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the Board after seeking inputs from
the committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The Board of Directors of the Company and the Nomination and Remuneration Committee
reviewed the performance of the individual directors on the basis of the criteria such as
the contribution of the individual director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects
of his role.
In a separate meeting of Independent Directors, performance of non-independent
directors, performance of the Board as a whole and performance of the Chairman was
evaluated, taking into account the views of executive directors and non-executive
directors. The same was discussed in the Board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its committees and
individual directors was also discussed.
34. Corporate Governance
In terms of Clause 15(2)(a) of SEBI(LODR) Regulations, 2015 the compliance with the
Corporate Governance provisions as specified in Regulations 17 to 27 and clauses (b) to
(i) of sub regulation (2) of Regulation 46 and para C, D and E of schedule V are not
applicable to the Company. However, the Company has been observing best corporate
governance practices and is committed to adhere to the Corporate Governance requirements
on-going basis.
Corporate Governance is an ethically driven business process that is committed to
values aimed at enhancing an organizations brand and reputation. This is ensured by
taking ethical business decisions and conducting business with a firm commitment to
values, while meeting stakeholders expectations. It is imperative that our company
affairs are managed in fair and transparent manner. This is vital to gain and retain the
trust of our stakeholders. A report on a Corporate Governance is appended to this report.
35. Ratio of Remuneration
The information required pursuant to Section 197(12) read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies
(Particulars of Employees) Rules, 1975, in respect of employees of the Company and
Directors is furnished hereunder:
Ratio of remuneration of each director to the median remuneration of the employees of
the company and Percentage increase in remuneration of each Director and Key Managerial
Personnel for the financial year ended March 31, 2023:
(INR in Thousands)
| Name and Designation |
Remuneration F.Y. 2022-23 |
% increase from the previous year |
| Mr. Karan Kamal Mohta (Managing Director) |
1500 |
NA |
| Mrs. Sudha Mohta (Executive Director and CFO) |
1200 |
NA |
| Ms. Chandni Shah (Company Secretary) |
138 |
NA |
The particulars of the employees as required under Rule 5(2) and Rule 5(3) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to
the Company as none of the employees of the Company was in receipt of remuneration as
prescribed under the said Rules.
36. Remuneration Policy
The Board has, on the recommendation of the Nomination and Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration.
37. Share Transfer System
All share transfer, dematerialization and related work is managed by Registrar and
Share Transfer Agent (RTA). M/s Universal Capital Securities Pvt. Ltd, is your Companys
RTA. All share transfer requests, demat/remat requests, correspondence relating to shares
i.e. change of address, Power of Attorney, etc. should be addressed to the registrar and
transfer agents.
38. Management Discussion and Analysis Report
The Management Discussion and Analysis Report as required under Schedule V of the SEBI
(Listing Obligation and Disclosure Requirements) Regulation, 2015 forms part of this
report
39. Annual Performance Evaluation:
The Board of Directors has carried out an annual evaluation of its own performance,
board committees, and individual directors pursuant to the provisions of the Act and
Listing Regulations. The performance of the Board was evaluated after seeking inputs from
all the Directors based on criteria such as the composition of the Board and its
committee, effectiveness of board processes, information and functioning, etc.
In a separate meeting of Independent Directors, performance of Non-Independent
Directors, the Board as a whole and the Managing Director of the Company was evaluated,
taking into account the views of the Executive Director and Non-Executive Directors.
40. Material changes and commitments, if any, affecting the financial position of
the company which have occurred between the end of the financial year of the company to
which the financial statements relate and the date of the report
No Material changes occurred subsequent to the close of the financial year of the
Company to which the balance sheet relates and the date of the report like settlement of
tax liabilities, operation of patent rights, depression in market value of investments,
institution of cases by or against the company, sale or purchase of capital assets or
destruction of any assets etc.
41. Directors Responsibility Statement
According to the provisions of section 134(3)(c) of the Companies Act, 2013, the
directors confirm that:
a) in the preparation of annual accounts for the financial year ended 31st
March, 2023, the applicable accounting standards read with requirements set out under
Schedule III to the Act, have been followed and there are no material departures from the
same;
b) the accounting policies as selected are consistently applied and made judgments and
estimates that are reasonable and prudent manner so as to ensure true and fair view of the
state of affairs of the Company as at 31st March, 2023 and of the loss of the
Company for the year ended on that date;
c) adequate accounting records are maintained in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) financial statements have been drawn up 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 are operating
effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
42. General
Your Directors state that no disclosure or reporting is required in respect of the
following matters as there were no transactions on these items during the year under
review:
a. Issue of equity shares with differential rights as to dividend, voting or otherwise;
b. The Company does not have any scheme of provision of money for the purchase of its
own shares by employees or by trustees for the benefit of employees;
c. No fraud has been reported by the Auditors to the Audit Committee or the Board.
d. There are no shares lying in demat suspense account/unclaimed suspense account.
Hence no disclosure is required to be given for the same.
e. The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the provisions of section 135 of the Companies Act, 2013 along with
Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable.
43. Conservation of energy, technology absorption and foreign exchange earnings and
outgo:
The information pertaining to conservation of energy, technology absorption, Foreign
exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished as follows:
i) Conservation of energy
| (i) The steps taken or impact on conservation of energy |
- |
| (ii) The steps taken by the company for utilizing alternate sources of energy |
- |
| (iii) The capital investment on energy conservation equipments |
- |
ii) Technology absorption
| (i) The efforts made towards technology absorption |
- |
| (ii) The benefits derived like product improvement, cost deduction, product
development or import substitution |
|
| (iii) In case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)- |
|
| a) the details of technology imported |
- |
| b) the year of import; |
- |
| whether the technology been fully absorbed |
- |
| d) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof |
- |
| iv) The expenditure incurred on Research and Development |
- |
Your Company does not carry on any business which requires or where the conservation of
energy or technology absorption is mandatorily required.
44. Transfer of Amounts to Investor Education and Protection Fund
Your Company did not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
45. Details of Application made or proceeding pending under insolvency and
Bankruptcy Code, 2016:
During the year under review there were no application made or any proceedings were
pending under insolvency and Bankruptcy Code, 2016.
46. Acknowledgment:
For and on behalf of the Board Kiran Print Pack Limited
Chairman Mr.Bharat Saboo
DIN: 03177753
Registered Office:
W-166 E, TTC Industrial Area, MIDC Pawane, Navi Mumbai,
Thane - 400 709.
Your directors wish to thank the stakeholders of the company for their continued
support and cooperation and employees for their dedication and the excellence they have
displayed in conducting the business operations of the company..
Date: 05/09/2023
Place: Mumbai
+91-9892691696
