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The Board of Directors have the pleasure in presenting the Companies 36th Annual Report together with the Audited Financial Statements for the financial year ended 31st March, 2018 along with the Auditors Report thereon.
(Amt in Rs.)
|Particulars||31st March, 2018||31st March, 2017|
|Profit before Taxation||4,62,640||4,53,944|
|Profit after Taxation||3,42,036||99,079|
The Total Income for the financial year under review is ^ 51,06,645/- against ^ 36,95,000/- in previous year. The Net Profit after taxation generated by the company during the year under review was ^ 3,42,036 as compared to ^ 99,079/- during the previous year.
The Company has been continuously focusing on its existing line of business to improve its profitability in near future.
Your Company intends to conserve available resources to invest in the growth of the business and pursue strategic growth opportunities. Accordingly, your Directors do not recommend any dividend for the year.
Transfer to Reserve:-
There has been no transfer to Reserves during the Financial Year 2017-18.
The Company has not accepted or renewed any amount falling within the purview of provisions of section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details of deposits is not applicable.
Change in the nature of business:-
There is no change in the nature of business of the Company during the year under review.
Compliance with the Indian Accounting Standards:-
As mandated by the Ministry of Corporate Affairs, the financial statements for the year ended on March 31, 2018 has been prepared in accordance with the Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. The reconciliations and descriptions of the effect of the previous GAAP to Ind AS has been set out in the Notes to Financial Statements. The estimates and judgments 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, 2018 and for the comparative period.
Directors and Key Management Personnel (KMP):-
As on March 31, 2018, the Board of Directors of your Company comprised of Five (5) Directors one of whom is the Whole Time Director and one is Non-Executive Director. The remaining three (3) directors are NonExecutive and Independent directors.
The composition of the Board is in consonance with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and in accordance with the applicable provisions of Companies Act, 2013.
During the year Mr. Biswajit Barua, Whole-time Director has tendered his resignation letter dated 25th July, 2017, to the board due to his preoccupation in other work. The Board considered and approved his resignation from the post of Whole Time Directorship with effect from 04/08/2017. The Board places on record its gratitude for the services rendered by him during the tenure as Whole-time Director of the Company. The same was also disclosed in the Annual Report for the year 2016-17.
The Board of Directors at their Meeting held on 04/08/2017, and on recommendation of the Nomination and Remuneration Committee appointed Mr. Pradip Kumar Ghosh as an Additional Director of Company. In the same meeting, Board has appointed him as Whole Time Director of the Company for five consecutive years up to 3rd August, 2022. The Members had approved the terms of appointment of Mr. Pradip Kumar Ghosh as Whole Time Director for the term of 5 (five) consecutive years by ordinary resolution at the Annual General Meeting of the Company held on 21/09/2017.
Mr. Chander Moleswar Singh (Non-executive Director) has resigned vide letter dated 03/08/2018, to the board due to personal reason. The Board considered and approved his resignation from the post of Non-Executive Director with effect from 13/08/2018. The Board places on record its gratitude for the services rendered by him during his tenure as a Non-executive Director of the Company.
Board of Directors in their meeting on 13/08/2018, have approved the change in designation of Mr. Babu Lal Jain from Non-Executive Independent Director to Non-Executive Non-Independent Director w.e.f. 13/08/2018. Further, Mr. Babu Lal Jain, Non-Executive Directors, is liable to retire by rotation at the ensuing AGM, pursuant to Section 152 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re- enactment(s) thereof for the time being in force), the Articles of Association of the Company and being eligible have offered himself for re-appointment. The Board of Directors, on the recommendation of the Nomination and Remuneration Committee and based on report of performance evaluation has recommended his reappointment as Non-Executive Director of the Company.
Appropriate resolutions for appointment /re-appointment are being placed for the approval of the shareholders of the Company at the ensuing AGM. The brief resume of directors appointed/re- appointed and other related information has been detailed in the Notice read along with the explanatory statement convening the 36 th AGM of the Company in accordance with the provisions of the Companies Act, 2013 read with the Rules issued there under and the Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.
Policy on Directors, Key Managerial Personnel - Appointment & Remuneration including Nomination & Remuneration Committee: -
The Board has framed a policy on Directors Appointment and Remuneration & duly constituted Nomination and Remuneration Committee pursuant to the Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 and read with Section 178 of the Companies Act, 2013.
The policy provides for selection and appointment of Directors, Senior Management including KMP and their Remuneration together with criteria for determining qualifications, positive attributes, and independence of a Director.
More details have been outlined in the Corporate Governance Report which forms a part of this report.
Disclosure under Section 197fl21 of the Companies Act. 2013:-
The Company has not employed any employees whose remuneration falls within the purview of the limits prescribed under the provisions of Section 197 of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Directors Responsibility Statement:-
Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:
(i) in the preparation of the annual accounts for the year ended 31st March, 2018, the applicable Indian Accounting Standards have been followed along with proper explanation relating to material departures, if any;
(ii) the directors 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 at the end of the financial year 31st March, 2018 and of the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis;
(v) the directors have laid down internal financial controls to be followed by the company and such internal financial controls are adequate and operating effectively;
(vi) 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.
Declaration of Independent Directors:-
The Company has received necessary declaration from each of Independent Directors under Section 149(7) of the Companies Act, 2013, that he/ she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and the relevant Rules made there on and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015.
Committee of the Board :-
The Board of Directors has following Committee
1) Audit Committee
2) Nomination & Remuneration Committee
3) Stakeholder Relationship Committee
4) Risk Management Committee
The details of the Committees along with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report.
Statement concerning development and implementation of Risk Management Policy of the Company; -
The Board of Directors of the Company has framed (constituted) a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for reviewing
the risk management plan and ensuring its effectiveness. The Committee has additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically address through mitigation action on a continuing basis.
The details of Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Board Report.
Number of Meeting of the Board:-
During the year under review (6) Meetings of the Board of Directors of the Company were held.
Disclosure regarding Companys policies under Companies Act. 2013 and SEBI (Listing Obligations and Disclosure Requirements! Regulations. 2015-
The Company has framed various policies as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 & Companies Act, 2013; viz i) Remuneration regarding Directors including KMPs ii) Determining material subsidiary iii) Performance evolution of the Board, Committee and Directors, iv) Related Party transactions Policy, v) Whistle Blower/vigil Mechanism vi) Archival Policy for disclosure vii) Code of Conduct for Board of Directors & Senior Management viii) Policy of Preservation of Documents ix) Policy on Criteria for Determining Materiality of Events ix) Code of Conduct for Independent Director / Information are displayed on the website of the Company www.likhamiconsulting.com .
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, 2018 made under the provisions of Section 92 (3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and administration) Rules, 2014 in Form No. MGT-9 is furnished in Annexure-I and is attached to this report.
Pursuant to the provisions of the Companies Act, 2013 read with Rules issued there under and Regulation 17 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Board of Directors has evaluated the effectiveness of the Board as a whole, the various Committees, Directors individually (excluding Director being evaluated) and the Chairman of the Board. The exercise was carried out by the Independent Directors of the Company through a structured evaluation process covering several aspects of functioning of the Board i.e. attendance, contribution at the meetings and otherwise, independent judgments, safeguarding interest of the minority stakeholders, composition of Board/ Committees, performance of specific duties and obligation by members of the board etc. The performance evaluation of the Independent Directors was carried out by the entire Board excluding the Directors being evaluated. The Performance evaluation of the Chairman and Non Independent Directors was carried out by the Independent Directors at their separate Meeting. The Board of Directors expressed its satisfaction with the evaluation process.
Particulars of Loans. Guarantees or Investments made under Section 186 of the Companies Act. 2013:-
The Company has complied with the provisions of Sectionl86 of the Companies Act, 2013 in respect of investments made and outstanding at the year-end, details of which are given in the F inancial Statements. There were no loans or guarantees made by the Company during the year under review.
Particulars of Contracts or Arrangements made with Related Parties: -
There were no contracts or arrangements made with related parties as defined under Section 188 of the Companies Act, 2013 during the year under review and hence enclosure of FORM AOC-2 with the Board Report is not required. The Company has developed a Related Party Transactions Policy for the purpose of identification and monitoring of such type of transactions.
Subsidiaries. Toint Ventures and Associate Companies:-
The Company does not have any Subsidiary, Joint venture or Associate Company.
Internal Financial Control and their adequacv:-
The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Company has developed well-defined internal control mechanisms and comprehensive internal audit programme with the activities of the entire organization under its ambit
Further, based on the report of Internal Audit function, corrective action are undertaken in the respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.
The Company conforms to the norms of Corporate Governance as envisaged in the Listing Regulations with the Stock Exchange. Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, a detailed Compliance Note on Corporate Governance together with the Auditors Certificate on Corporate Governance is annexed to this report.
Management Discussion and Analysis Report:-
The Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") are given in a separate section and forms part of the Annual Report.
Material Changes and Commitments, if anv. affecting the financial position of the Company occurred between the ends of the financial year to which this financial statement relates and the date of the report:-
There are no material changes and commitments affecting the financial position of the Company occurred between ends of the financial year to which this financial statement relates on the date of this report.
Conservation of Energy. Technology Absorption. Foreign Exchange Earnings and Outgo:-
The provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts), Rules 2014 do not apply to our Company.
|Conservation of Energy :||NIL|
|Technology Absorption :||NIL|
|Foreign exchange earnings and out go :||NIL|
Details of significant and material orders passed bv the Regulators or Courts or Tribunals impacting the Going Concern status and Companys operation in future:-
There are no significant and material orders issued against the Company by any regulating authority or court or tribunal affecting the going concern status and Companys operation in future. Hence, disclosure pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules, 2014 is not required.
Listing of Securities:-
The Equity Shares of the Company are listed on Calcutta Stock Exchange (CSE) Limited & BSE Limited.
Human Resources Development envisages the growth of the individual in tandem with the organization. It also aims at the up-liftment of the individual by ensuring an enabling environment to develop capabilities and to optimize performance.
Your Directors want to place on record their appreciation for the contribution made by employees at all levels, who through their steadfastness, solidarity and with their co-operation and support have made it possible for the Company to achieve its current status.
The Company, on its part, would endeavor to tap individual talents and through various initiatives, ingrain in our human resources, a sense of job satisfaction that would, with time, percolates down the line. It is also the endeavor of the Company to create in its employees a sense of belonging, and an environment that promotes openness, creativity and innovation.
All the manpower initiatives including training, meetings and brainstorming sessions are implemented with the aim of maximizing productivity and aligning organizational needs employees aspirations.
The authorized Share capital and the paid-up Equity Share Capital have remained unchanged during the year under review. The Company has neither issued shares & Securities or any other instruments nor any corporate benefits during the year under review.
1. The Company has not bought back any of its securities during the year under review.
2. The Company has not issued any Sweat Equity Shares during the year under review.
3. No Bonus Shares were issued during the year under review.
4. The Company has not provided any Stock Option Scheme to the employees.
Auditors & Auditors Observations:-
The matter related to Auditors and their Reports are as under:
1. Statutory Auditor and their Report:-
M/s. Mohindra Arora & Co., Chartered Accountants (FRN: 006551N), was appointed as the statutory auditors of the Company to hold office for a period of five consecutive year from the conclusion of the 35th Annual General Meeting till the conclusion of the 40th Annual General Meeting. Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.
The requirement to place the matter relating to appointment of Auditors for ratification by members at every AGM is done away with vide notification dated 7th May, 2018 issued by the Ministry of Corporate Affairs, New Delhi.
Explanations or Comments on Qualifications. Reservations or Adverse Remarks or Disclaimers made bv the Statutory Auditors in their Report:-
The Report given by the Statutory Auditors for the Financial Statements for the year ended 31st March, 2018 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. The remarks, if any, made by the Auditors in their Report are properly explained in the Note no 21 of the Financial Statement.
2. Secretarial Auditors and their Report:-
M/s. V. Gulgalia & Co, Practicing Company Secretary was appointed to conduct Secretarial Audit of the Company for the financial year 2017-18 as required under Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The report of the Secretarial Auditors in Form MR-3 is enclosed as Annexure-II to this report.
The report confirms that the Company had complied with the statutory provisions listed under Form MR-3 and the Company also has proper board processes and compliance mechanism.
The Report does not contain any qualification, reservation or adverse remark or disclaimer, which requires any further comments or explanations in this report.
3. Internal Auditor:
The Members of Board has appointed M/s S.R. Ghedia & Associates, (FRN 118560W) Chartered Accountant, as Internal Auditors of the Company for Financial Year 2017-18 at their meeting on 22nd March, 2018 under provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 as recommended by Audit Committee. Further M/ S .R. Ghedia & Associates (FRN 118560W), Chartered Accountant, as Internal Auditor has tendered resignation letter dated 04th April, 2018 to the Board due to pre-occupation in other assignments. Board has approved resignation in their meeting on 28th May, 2018.
The Members of Board has appointed M/s. M. H. Parihar & Co. (FRN 130070W) Chartered Accountant, as Internal Auditors of the Company for Financial Year 2017-18 at their meeting on 28th May, 2018 under provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 as recommended by Audit Committee.
The Suggestions made by the Internal Auditor in their Report were properly implemented.
Details of policy developed and implemented bv the Company on its Corporate Social Responsibility Initiatives:-
Since the Company does not qualify any of the criteria as laid down in Section 135(1) of the Companies Act, 2013 with regard to Corporate Social Responsibility, provisions of Section 135 are not applicable to the Company.
Additional Information to Shareholders:-
All important and pertinent investor information such as financial results, investor presentations, press releases are made available on the Companys website i.e. www.likhamiconsulting.com on a regular basis.
Code of Conduct:-
As prescribed under Listing Regulation, a declaration signed by the Whole Time Director affirming compliance with the Code of Conduct by the Directors and Senior Management Personnel of the Company for the financial year 2017-18 forms part of the Corporate Governance Report.
Vigil Mechanism/ Whistle Blower Policy:-
Your company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The policy provides for a framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. These have been outlined in the Corporate Governance Report which forms part of this report.
Reporting of Frauds:-
During the year under review, the Statutory Auditors and Secretarial Auditors have not reported to the Audit Committee and / or Board any instances of fraud committed in the Company by its officers or employees under Section 143(12) of the Companies Act, 2013.
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 Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.
Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and disposed off during the year 2017-18.
|No of complaints received :||Nil|
|No of complaints disposed off :||Nil|
The Directors wish to place on record their appreciation for the contributions made by the employees at all levels, whose continued commitment and dedication helped the Company achieve better results. The Directors also wish to thank customers, bankers, Central and State Governments for their continued support. Finally your directors would like to express their sincere & whole-hearted gratitude to all of you for your faith in us and your Co-operation & never failing support.
By Order of the Board
For Likhami Consulting Limited
|Pradip Kumar Ghosh||Babu Lai Jain|
Place : Kolkata
Date : 13th day of August, 2018