To
The Shareholders,
Your Directors have pleasure in presenting the 16th (Sixteenth) Annual
Report on the business operations and financial performance of Loyal Equipments Limited
("the Company") together with the Audited Financial Statements of your
Company for the financial year ended March 31, 2023.
1. FINANCIAL RESULTS:
The Companys financial performance for the year ended March 31, 2023 is summarized as
below:
(Amount in Lakhs)
| Particulars |
Current Year (2022-23) |
Previous Year (2021-22) |
| Revenue from operations |
4929.29 |
3225.76 |
| Other income (net) |
34.08 |
10.88 |
| Total Income |
4963.37 |
3236.64 |
| Less: |
|
|
| Operating & Administrative expenses |
4000.78 |
3412.29 |
| Profit Before Depreciation Interest & Tax |
962.59 |
(175.65) |
| Less: |
|
|
| Depreciation and amortization expense |
201.86 |
197.35 |
| Finance costs |
136.34 |
158.65 |
| Profit before exceptional item and tax |
624.38 |
(531.65) |
| Exceptional item |
|
|
| Profit before tax (PBT) |
624.38 |
(531.65) |
| Tax expense |
27.60 |
(19.30) |
| Profit after tax for the year (PAT) |
596.79 |
(512.35) |
| Other Comprehensive Income (Net of Tax) |
(1.03) |
(2.43) |
| Total Comprehensive Income |
597.81 |
(509.92) |
2. OPERATION & REVIEW:
Standalone Revenue from the operations of your Company for the year 2022-23 was
Rs.4929.29 Lakhs which is 52.81% lower than Rs. 3225.76 Lakhs in the previous year. Profit
before Depreciation Interest & Tax for the current year was Rs. 962.59 Lakhs
against loss of Rs.175.65 Lakhs in the previous year. Total Comprehensive Income after tax
for the current year at Rs.597.81 Lakhs against loss of Rs 509.92 Lakhs in the previous
year. Detailed report on operations of and structure of Business of the Company has been
included in Management Discussion and Analysis Report, which forms part of this Annual
Report.
3. RISK MANAGEMENT AND INTERNAL CONTROL
Your Company recognizes that risk is an integral part of business and is committed to
managing the risks in a proactive and efficient manner. The Company at regular intervals
monitors the financial, operational, legal risk to the Company through procedures like
audit, inspections etc.
There is no risk, which in the opinion of the Board may threaten the existence of the
Company. The internal financial controls are adequate and are monitored at regular
intervals.
4. DIVIDEND
The Board thinks that the profits should be retained for the expansion of the Company,
which is in pipeline for more growth and value addition to the company and forming a
strong business base so that revenue flows from many channels and hence the Directors of
your Company do not recommend any dividend for FY 2022-23.
5. SHARE CAPITAL
a. ) Authorized Capital: As on March 31, 2023, The Authorised share capital of the
Company was Rs. 1500 Lacs consisting of 150 Lacs equity shares of Rs. 10 each.
b. ) Issued/Subscribed/Paid up Capital: The Issued, subscribed and Paid-up Share
Capital of the Company is Rs. 1020 Lacs consisting of 1,02,00,000 equity shares of Rs.
10/- each.
During the financial year 2022-23, there was no change in the capital structure of the
Company.
Further during the year, the Company has not issued any equity share with differential
voting rights hence the disclosure under Rule 4 (4) of the Companies (Share Capital and
Debentures) Rules, 2014 is not applicable.
6. TRANSFER TO RESERVES
The Company has not transferred any amount to the General Reserve account during the
reporting period.
7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
During the period under review, there is no unpaid/unclaimed dividend which is required
to transfer in IEPF (Investor Education and Protection Fund) as per the provisions of the
Companies Act, 2013.
8. MANAGEMENT AND DISCUSSION ANALYSIS REPORT:
A Separate report on Management Discussion and Analysis Report as required under clause
34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has
been presented in a separate section forming part of this Annual Report.
9. CHANGE IN NATURE OF THE BUSINESS
There was no change in the nature of business of the Company during the year under
review.
10. HUMAN RESOURCE DEVELOPMENT
The Company sees its employees as critical to the future and believes that every
employee needs to possess apart from competence, capacity and capabilities, sustainable
values, current and contemporary which would make them useful and relevant and competitive
in managing the change constructively for overall growth of the organization. To this end
the companys approach and efforts are directed towards creating a congenial work
atmosphere for individual growth, creativity and greater dedicated participation in
organizational development. The Company believes that the success of an organization
largely depends on the quality of its workforce. Employee relations remained cordial and
peaceful throughout the year.
11. QUALITY INITIATIVES:
The Company is committed to the highest level of quality and continuous improvement
programme are organized at all the level. The manufacturing operation of the Company is
SMERA MSE 2, U-Stamp and U2- Stamp certified by the independent originations.
12. INFORMATION ABOUT HOLDING / SUBSIDIARIES / ASSOCIATE COMPANY
The Company doesnt have any Holding, Subsidiary and Associate Company as on March 31,
2023.
During the year under review, Loyal Equipments Inc was ceased from the wholly owned
subsidiary of the Company with the approval of shareholders in the Annual General Meeting
held on 30 September, 2022, has approved the divestment of entire investment of the
Company in Loyal Equipments Inc, hence there is no subsidiary company of the Company as on
March 31, 2023.
13. MATERIAL CHANGES AND COMMITMENTS
There is no material change 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 statements relates and the date of the report.
14. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The members of the Companys Board of Directors are eminent persons of proven
competence and integrity. Besides experience, strong financial acumen, strategic
astuteness and leadership qualities, they have a significant degree of commitment towards
the Company and devote adequate time to the meetings and preparation. The Board meets at
regular intervals to discuss and decide on Company / Business policy and strategy apart
from other Board business.
The Board exhibits strong operational oversight with regular presentations in every
quarterly meeting. The Board/Committee meetings are convened by giving appropriate notice
well in advance to help them plan their schedule and ensure meaningful participation in
the meetings.
The Directors / Members are provided with appropriate information in the form of agenda
items in a timely manner, to enable them to deliberate on each agenda item and make
informed decisions and provide appropriate directions to the Management in this regard.
The Board of Directors of the Company comprises of six Directors, consisting of three
Independent Directors and two Executive Directors including one Whole Time Director (Women
Director) & one Managing Director as on March 31, 2023 who brings in a wide range of
skills and experience to the Board.
The composition of Board and KMPs of the Company as on March 31, 2023 is as under:
| Name of the Director/KMP |
Designation |
DIN |
| Mr. Alkesh Rameshchandra Patel |
Chairman cum Managing Director |
02672297 |
| Mrs. Jyotsanaben Rameshchandra Patel |
Whole Time Director |
01307770 |
| Ms. Helena Alkeshkumar Patel |
Non-Executive Director |
09296895 |
| Mr. Babubhai Patel |
Non-Executive Independent Director |
00116495 |
| Mr. Girish Nathubhai Desai |
Non-Executive Independent Director |
02824731 |
| Mr. Kalpesh Lalitchandra Joshi |
Non-Executive Independent Director |
07210197 |
In accordance with the provisions of Section 152 of the Act and as per the Article of
Association of the Company Mrs. Jyotsanaben Rameshchandra Patel is liable to retire by
rotation at the forthcoming Annual General Meeting and, being eligible, offer herself for
re- appointment.
Key Managerial Personnel
During the period under review, there was appointment of Ms. Neha Jangid as Company
Secretary and Compliance officer of the Company in the board meeting 16th
April, 2022 due to resignation of Ms. Akanksha Aswani from the post of Company Secretary
and Compliance officer w.e.f 15th April,2022.
Details of Composition of the Board and its Committees, Category, Attendance of
Directors at Board Meetings and Committees meetings and last Annual General Meeting,
number of other directorships and other committee memberships are given in the Corporate
Governance Report forming part of this report.
15. NUMBER OF MEETINGS OF THE BOARD
06 (Six) meetings of the board were held during the year. The intervening gap between
the said meetings were in accordance with the provisions of the Act, relevant Rules made
thereunder, Secretarial Standards Issued by the Institute of Company Secretaries of India
and provisions of Listing Regulations. The details of the meetings of the Board of the
Company held and attended by the Directors during the financial year are given in the
Corporate Governance Report which forms part of this Annual Report
16. BOARD EVALUATION
The Board evaluated the effectiveness of its functioning and that of the Committees and
of individual directors by seeking their inputs on various aspects of Board/Committee
Governance. The evaluation covered functioning and composition of the Board and its
committees, understanding of the roles and responsibilities, experience, competencies,
participation at the Board and Committee meetings, corporate governance practices etc.
Evaluation of the Board and its compositions was carried out through a defined process
covering the areas of the Boards functioning viz. composition of the Board and Committees,
understanding of roles and responsibilities, experience and competencies, contribution at
the meetings etc.
17. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND OTHER DETAILS
Pursuant to the requirement of Section 134(3)(e) and Section 178(3) of the Companies
Act, 2013, the Board has, on the recommendation of the Nomination and Remuneration
Committee, framed a policy on appointment of Directors including criteria for determining
qualifications, positive attributes, independence of a Director and the policy on
remuneration of Directors, KMP and other senior management has been disclosed in the
corporate governance report, which forms part of this report.
18. AUDIT COMMITTEE
During the year under review, the Company constituted the Audit Committee and the
primary objective is to monitor and supervise the financial reporting, to ensure accurate
and timely disclosures, transparency, integrity and quality of financial reporting. As of
the date of this report, the audit committee is comprised of Mr. Babubhai Patel
(Chairman), Mr. Alkesh Rameshchandra Patel (Member) and Mr. Kalpesh Lalitchandra Joshi
(Member). The meetings of Audit committee are detailed in Corporate Governance Report
annexed with this Report.
19. STAKEHOLDERS RELATIONSHIP COMMITTEE
Stakeholders Relationship Committee has been constituted by the Board in accordance
with Section 178 of the Companies Act, 2013. The details regarding composition, terms of
references, powers, functions, scope, meetings, attendance of members and the status of
complaints received during the year are included in Corporate Governance Report which
forms part of the Annual Report. The meetings of Stakeholders Relationship Committee are
detailed in Corporate Governance Report annexed with this Report.
20. NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee has been constituted by the Board in
accordance with section 178 of Companies Act, 2013 and Regulation 19 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. All the members of the
committee are Independent Directors. The details regarding composition, terms of
references, powers, functions, scope, meetings and attendance of members are included in
Corporate Governance Report which forms part of the Annual Report. The meeting of Audit
committee is detailed in Corporate Governance Report annexed with this Report.
21. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The provision of section 135 of the Companies Act, 2013 are applicable to your company
based on the net profit for the year ended March 31, 2023. The Corporate Social
Responsibility Committee (the "CSR Committee") has been constituted by the Board
in accordance with section 135 of Companies Act, 2013. The details regarding composition,
terms of references, powers, functions, scope, meetings and attendance of members are
included in Corporate Governance Report which forms part of the Annual Report.
The Companys CSR Policy statement and annual report on the CSR activities undertaken
during the financial year 2022-23 by Section 135 of the Companies Act, 2013 and Companies
(Corporate Social Responsibility Policy) Rules, 2014 (including any statutory
modification(s) or re-enactment(s) thereof for the time being in force) is set out in
Annexure-I to this report.
22. STATUTORY AUDITORS
M/s A Y and Company, Chartered Accountants, Jaipur (Registration no. 020829C) are
Statutory Auditor of the Company for a period of five years i.e. from the conclusion of
the 12th Annual General Meeting till the conclusion of 17th Annual
General Meeting of the Company at such remuneration as may be fixed by the Board of
Directors of the Company on the recommendation of the Audit Committee.
23. SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Vivek
Sharma, Partner of M/s MSV & Associates, Company Secretary in practice to undertake
the Secretarial Audit of the Company for the year under review. The Board has duly
reviewed the Secretarial Auditors Report and the comments, appearing in the report are
self-explanatory and do not call for any further explanation by the Board of Directors as
provided under section 134 of the Act. The Secretarial Audit Report is annexed herewith as
"Annexure-IV".
24. INTERNAL AUDITORS
Your Company has appointed J.M Patel & Bros, Chartered Accountant as Internal
Auditor. During the year the company continued to implement their suggestion and
recommendations to improve the control environment. Their scope of work includes review of
process for safeguarding of assets of the Company, review of operational efficiency,
effectiveness of systems and processes, and assessing the internal control strengths in
all areas. Internal Auditors findings are discussed with the process owners and suitable
corrective actions taken as per the directions of Audit Committee on an ongoing basis to
improve efficiency in operations.
25. DISCLOSURE WITH RESPECT TO MAINTENANCE OF COST RECORDS
Your Company doesnt fall within the scope of Section 148(1) of the Companies Act, 2013
and hence does not require to maintain cost records as specified by the Central
Government.
26. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of loans, guarantees and investments under the provisions of Section 186 of the
Act read with the Companies (Meetings of Board and its Powers) Rules, 2014, as on March
31, 2023, are set out in the Financial Statements of the Company.
27. VIGIL MECHANISM /WHISTLE BLOWER POLICY
As per the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read
with Regulation 22 of Securities and Exchange Board Of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, your Company has a Whistle Blower Policy with
a view to provide vigil mechanism to Directors, employees and other stakeholders to
disclose instances of wrong doing in the workplace and report instances of unethical
behavior, actual or suspected fraud or violation of the Companys code of conduct or
ethics policy. The Whistle Blower Policy also states that this mechanism should also
provide for adequate safeguards against victimization of Director(s)/ Employees who avail
of the mechanism and also provide for direct access to the Chairman of the Audit Committee
in exceptional cases. The Policy is available on the Companys website at
https://www.loyalequipments.com
28. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at the workplace and has
adopted a policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, the Company formulated an Policy on
Prevention of Sexual Harassment at Workplace. All employees (permanent, contractual,
temporary, trainees, etc) are covered under this policy. An Internal Complaints Committee
(ICC) was constituted which is responsible for redressal of complaints related to sexual
harassment at the workplace.
Pursuant to the requirements of Section 22 of Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act 2013 read with Rules thereunder, the
Internal Complaints Committee of the Company has not received any complaint of Sexual
Harassment during the year under review and no complaint was pending as of 31st March,
2023.
Pursuant to the said Act, the details regarding the number of complaints received,
disposed and pending during the FY 2022-23, pertaining to incidents under the above
framework/ law are as follows:
| Particulars |
Numbers |
| Number of complaints pending at the beginning of the financial year |
Nil |
| Number of complaints received during the financial year |
Nil |
| Number of complaints disposed off during the financial year |
Nil |
29. TRANSACTIONS WITH RELATED PARTIES
Pursuant to the provisions of Section 134 (3) read with Section 188 (2) of the
Companies Act, 2013, details of transaction for the year under review are given in Form
AOC-2 as Annexure-III to this report and in the section on Related Party Transactions in
Corporate Governance Report.
30. ANNUAL RETURN
In accordance with the provisions of Section 134(3) read with Section 92(3) of the
Companies Act, 2013, the Annual Return as on March 31, 2023 is available on website of the
Company and can be viewed at http://www.loyalequipments.com. By virtue of amendment to
Section 92(3) of the Companies Act, 2013, the Company is not required to provide extract
of Annual Return (Form MGT-9) as part of the Boards report.
31. CORPORATE GOVERNANCE
Our corporate governance practices are a reflection of our value system encompassing
our culture, policies and relationships with our stakeholders. Our board exercises its
fiduciary responsibilities in the widest sense of the term. Our disclosures seek to attain
the best practices in Corporate Governance. Also endeavour to enhance long term
shareholder value and respect minority rights in all our business decisions. The Report on
Corporate Governance as per the requirement of SEBI LODR 2015 forms part of this Annual
Report.
A Certificate from the MD and CFO of the Company in terms of SEBI LODR 2015, inter
alia, confirming the correctness of the Financial Statements and Cash Flow Statements,
adequacy of the internal control for financial reporting, and reporting of matters to the
Audit Committee, is also forming part of this Annual Report.
32. PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules 2014 in respect of
employees of the Company will be provide upon request. In terms of Section 136 of the Act,
the reports and accounts are being sent to the members and others entitled thereto
excluding the information on employees particulars which is available for inspection by
members at the registered office of the Company during the business hours on all working
days of the Company up to the date of ensuing Annual General Meeting of the Company. If
any member is interested in inspection the same, the member may write to the Company
Secretary in advance.
33. DEPOSITS FROM PUBLIC
During the financial year ended March 31, 2023, the Company has not accepted deposits
from the public falling within the ambit of Section 73 and 74 of the Companies Act, 2013
and the Rules framed there under and hence no amount on account of principal or interest
on public deposits was outstanding as on the date of the Balance Sheet.
34. DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 134 (5) of the Companies Act, 2013, the Directors hereby
confirm:
(i) in the preparation of the annual financial statements, applicable accounting
standards have been followed and there are no material departures from the said standards;
(ii) such accounting policies have been selected and applied consistently and judgments
and estimates made that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the company as at March 31, 2023 and of the profit of the company
for the year ended on that date;
(iii) proper and sufficient care has been taken for maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the
company and for prevention and detection of fraud and other irregularities;
(iv) the annual financial statements have been prepared on a going concern basis;
(v) proper internal financial controls are in place and are adequate and are operating
effectively; and
(vi) the systems to ensure compliance with the provisions of all applicable laws are in
place and are adequate and operating effectively.
35. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
CONSERVATION OF ENERGY:
Details of the energy conservation, technology absorption and foreign exchange earnings
and outgo are annexed to this report as "Annexure - II".
36. REPORTING OF FRAUDS
During the year under review, neither the Statutory Auditors nor the Secretarial
Auditor has reported to the Audit Committee under Section 143(12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in boards report.
37. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THEGOING CONCERN STATUS OF THE COMPANY
There are no significant and material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status and the Company future operations
38. MATERIAL CHANGES AND COMMITMENT, 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 STATEMENT RELATED AND THE DATE OF REPORT
There are no Material changes and commitments in the business operations of the Company
from the financial year ended March 31, 2023 to the date of signing of the Boards Report.
39. AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS
The Company hereby affirms that during the year under review the Company has complied
with all the applicable mandatory secretarial standards (including any modifications or
amendments thereto) issued by the Institute of Company Secretaries of India. The Company
has complied with applicable Secretarial Standards issued by the Institute of Company
Secretaries of India on Board and General Meetings.
40. PREVENTION OF INSIDER TRADING
The Board has Insider Trading Policy for regulating, monitoring and reporting of
Trading of Shares by Insiders. The Code lays down guidelines, procedures to be followed
and disclosures to be made while dealing with shares of the Company. The copy of the same
is available on the website of the Company at the www.loyalequipments.com
41. ‘THINK GREEN, GO GREEN INITIATIVE
The Companies Act, 2013 permits companies to send documents like Notice of Annual
General Meeting, Annual Report and other documents through electronic means to its members
at their registered email addresses, besides sending the same in physical form.
As a responsible Corporate Citizen, the Company has actively supported the
implementation of ‘Green Initiative of Ministry of Corporate Affairs (MCA) and
effected electronic delivery of Notices and Annual Reports to those shareholders whose
email ids were already registered with the respective Depository Participants (DPs) and
who have not opted for receiving such documents in physical form.
Members, who have not registered their e-mail addresses so far, are requested to
register their e-mail address with the Registrar and Share Transfer agent (R&TA) of
the Company/Depository participant (DP) of respective member and take part in the Green
Initiative of the Company, for receiving electronic communications and support the
"THINK GREEN, GO GREEN" initiative.
Further, pursuant to Section 108 of the Companies Act, 2013 read with Rule 20 of the
Companies (Management and Administration) Rules, 2014, the Company is providing e-voting
facility to all members to enable them to cast their votes electronically in respect of
resolutions set forth in the Notice of Annual General Meeting (AGM). The detailed
instructions for e-voting are provided in the Notice of AGM.
42. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has designed and implemented a process driven framework for Internal
Financial Controls ("IFC") within the meaning of the explanation to Section
134(5)(e) of the Act read with Rule 8(5) (viii) of the Companies (Accounts) Rules, 2014.
The Company has appropriate internal control systems for business processes with regard to
its operations, financial reporting and compliance with applicable laws and regulations.
It has documented policies and procedures covering financial and operating functions and
processes. These policies and procedures are updated from time to time and compliance is
monitored by the internal audit function as per the audit plan. The Company continues its
efforts to align all its processes and controls with best practices. Your Company has in
place adequate Internal Financial Controls with reference to the Financial Statements
commensurate with the size, scale and complexity of its operations.
43. CRITERIA FOR DETERMINING QUALIFICATIONS. POSITIVE ATTRIBUTES AND INDEPENDENCE OF A
DIRECTOR
In terms of the provisions of Section 178(3) of the Act, and Regulation 19 of the
Listing Regulations, the Nomination and Remuneration Committee ("NRC") has
formulated the criteria for determining qualifications, positive attributes and
independence of Directors, the key features of which are as follows:
Qualifications - The Board nomination process encourages diversity of thought,
experience, knowledge, age and gender. It also ensures that the Board has an appropriate
blend of functional and industry expertise.
• Positive Attributes - Apart from the duties of Directors as prescribed in
the Act the Directors are expected to demonstrate high standards of ethical behaviour,
communication skills and independent judgment. The Directors are also expected to abide by
the respective Code of Conduct as applicable to them.
• Independence - A Director will be considered independent if he / she meets
the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder and
Regulation 16(1) (b) of the Listing Regulations.
44. CAUTIONARY NOTE
Statements in this Boards Report and Management Discussion and Analysis describing the
Companys objectives, projections, estimates, expectations or predictions may be
"forward-looking statements" within the meaning of applicable securities laws
and regulations. Actual results could differ materially from those expressed or implied.
Important factors that could make difference to the Companys operations include raw
material availability and its prices, cyclical demand and pricing in the Companys
principle markets, changes in Government regulations, Tax regimes, economic developments
in the Country and other ancillary factors.
45. DISCLOSURE IN REFERENCE OF SUB RULE 1 CLAUSE (C) SUB CLAUSE (VIII) OF RULE 2 OF
COMPANIES (ACCEPTANCE OF DEPOSITS) RULES 2014
During the period Company has not accepted loan/borrowing from its Director.
46. OTHER DISCLOSURES
The Board state that no disclosure or reporting is required in respect of the following
items as there were no transactions on these items during the year under review:
a) As per rule 4(4) the Companies (Share Capital and Debentures) Rules, 2014, the
Company has not issued equity shares with differential rights as to dividend, voting or
otherwise.
b) As per rule 8(13) the Companies (Share Capital and Debentures) Rules, 2014, the
Company has not issued shares (including sweat equity shares) to employees of the Company
under any scheme;
c) As per rule 12(9) the Companies (Share Capital and Debentures) Rules, 2014, the
Company has not issued equity shares under the scheme of employee stock option;
d) No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of application made or any proceeding pending under
the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their
status as at the end of the financial year is not applicable; and
e) During the year, the Company is in compliance with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India (ICSI).
f) There was no revision of financial statements and Boards Report of the Company
during the year under review.
g) The requirement to disclose the details of difference between amount of the
valuation done at the time of onetime settlement and the valuation done while taking loan
from the Banks or Financial Institutions along with the reasons thereof, is not
applicable.
h) Since the Company has not formulated any scheme of provision of money for purchase
of own shares by employees or by trustee for the benefits of employees in terms of Section
67(3) of the Act, no disclosures are required to be made.
47. ACKNOWLEDGEMENT
We thank our customers, vendors, dealers, investors, business associates and bankers
for their continued support during the year. We place on record our appreciation of the
contribution made by employees at all levels.
| Sd/- |
For and on behalf of the Board |
| Jyotsanaben Rameshchandra Patel |
Loyal Equipments Limited |
| Whole Time Director |
Sd/- |
| DIN - 0130777 |
Alkesh Rameshchandra Patel |
| Date: September 05, 2023 |
Chairman & Managing Director |
| Place: Dahegam, Gandhinagar. |
DIN-02672297 |
+91-9892691696
