To,
The Members,
MYSTIC ELECTRONICS LIMITED
Your Directors are pleased to present the 12th Annual Report along with the Audited
Accounts for the Financial Year ended 31st March, 2023.
1. FINANCIAL PERFORMANCE OF THE COMPANY
|
|
(Rs. In Lakhs) |
| Particulars |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| Profit/(Loss) before interest, depreciation, tax and Extra Ordinary Items |
(378.04) |
1.87 |
| Less: Depreciation/amortization |
- |
- |
| Profit/(Loss) before interest, tax and Extra Ordinary Items |
(378.04) |
1.87 |
| Less: Provision for taxes on income |
- |
- |
| --Current tax |
- |
- |
| --Deferred tax liability/(asset) |
- |
0.02 |
| Profit/(Loss) before Extra-Ordinary Items |
(378.04) |
1.85 |
| Extra Ordinary Items (Net of Tax) |
721.40 |
- |
| Profit/ (Loss) for the year |
(343.36) |
1.85 |
| Other Comprehensive Income |
(63.19) |
(5.40) |
| Total Comprehensive Income for the year |
(406.55) |
(3.55) |
2. STATE OF COMPANYS AFFAIRS
The operating environment this year continued to remain volatile and challenging. Your
Directors regret to report that the company has continued to incur losses amounting to Rs.
34,336,086/- after tax in the financial year under review as compared to profit amounting
to Rs. 1,87,607/- earned during the previous financial year. The Board is striving to
recover the losses and has been exploring the other prospective growth avenues to restore
the Companys financial position.
3. DIVIDEND & RESERVES
In view of the losses incurred during the year and considering the Companys ongoing
financial performance, the Board of Directors do not recommend to distribute any dividend
for the Year under review and therefore there is no amount proposed to be transferred to
the General Reserves.
4. TRANSFER OF FUNDS TO INVESTOR EDUCATION AND PROTECTION FUND
There were no unclaimed or unpaid dividend during the previous years and hence no funds
or shares were required to be transferred to the Investor Education and Protection Fund
during the year under review.
5. SHARE CAPITAL
There is no change in the authorised, issued, subscribed and paid-up share capital
during the financial year under review.
The Authorised Share Capital of the Company as on 31st March, 2023 stood at
Rs.21,00,00,000 (Rupees Twenty One Crore Lakhs) divided into 2,10,00,000 equity shares of
the face value of Rs. 10/- each.
The paid up Equity Share Capital as on 31st March, 2023 is Rs.19,76,62,480/- (Rupees
Nineteen Crores Seventy-Six Lakhs Sixty-Two Thousand Four Hundred and Eighty Only) divided
into 1,97,66,248 (One Crore Ninety-Seven Lakh Sixty-Six Thousand Two Hundred and
Forty-Eight) Equity Shares of the face value of Rs. 10/- each.
Further, the Company has not issued any shares with or without differential voting
rights. It has neither issued employee stock options nor Sweat Equity Shares and does not
have any scheme to fund its employees to purchase the shares of the Company.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Retirement by rotation:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and in
terms of Articles of Association of the Company, Mrs. Asha Khadaria, Director of the
Company, retires by rotation, at the forthcoming Annual General Meeting (AGM) and, being
eligible, she offers herself for re-appointment.
Your Directors recommend her re-appointment as Director of the Company. The brief
resume of Mrs. Asha Khadaria, nature of expertise, disclosure of relationship between
directors inter-se, details of directorships and committee membership held in other
companies of the Directors proposed to be re-appointed, along with her shareholding in the
Company, as stipulated under Secretarial Standard-2 and Regulation 36 of the Listing
Regulations, is appended as an Annexure to the Notice of the ensuing AGM.
Appointment and, cessation of Directors during the year:
During the year under review, there were no changes in the composition of Board of
Directors of the Company.
Declaration by Independent Directors:
In terms of the provisions of sub-section (6) of Section 149 of the Act and Regulation
16 of SEBI Listing Regulations including amendments thereof, the Company has, inter alia,
received the following declarations from all the Independent Directors confirming that:
• they meet the criteria of independence as prescribed under the provisions of the
Act, read with the Rules made thereunder and Listing Regulations. There has been no change
in the circumstances affecting their status as Independent Directors of the Company;
• they have complied with the Code for Independent Directors prescribed under
Schedule IV to the Act; and
• they have registered themselves with the Independent Directors Database
maintained by the Indian Institute of Corporate Affairs.
In the opinion of the Board, all Independent Directors possess requisite
qualifications, experience, expertise and hold high standards of integrity required to
discharge their duties with an objective independent judgment and without any external
influence. List of key skills, expertise and core competencies of the Board, including the
Independent Directors, forms a part of the Corporate Governance Report of this Integrated
Annual Report.
Appointment and Cessation of Key Managerial Personnel (KMP) during the year:
During the year under review, Ms. Rishika Sharma, ceased to be a Key Managerial
Personnel (Company Secretary) upon her resignation on 26th May, 2022.
Also, at the 11th AGM held on 29th September, 2022, Mr. Mohit Khadaria was re-appointed
as Managing Director of the Company for a further period of 5(five) years with effect from
13th December, 2023.
Ms. Disha Bhatia was appointed as Company Secretary and Compliance Officer and was
designated as a Key Managerial Personnel with effect from 23rd November, 2022.
However, since Ms. Bhatia had decided to move on to pursue opportunities outside the
Company, therefore she tendered resignation from the position of Company Secretary &
Compliance Officer of the Company w.e.f. 31st July, 2023.
Pursuant to Section 203 of the Act, the Key Managerial Personnel ("KMP) of the
Company as on March 31, 2023 are:
• Mr. Mohit Khadaria, Managing Director
• Mr. Nitin Pawaskar, Chief Financial Officer
• Ms. Disha Bhatia, Company Secretary & Compliance Officer
Information regarding the directors seeking appointment/ re-appointment:
The Board of Directors at its meeting held on 31st July, 2023, based on the
recommendation of the Nomination and Remuneration Committee of the Company, approved the
appointment of Mr. Manaklal Agrawal (DIN: 10214780) as an Additional Director (in the
capacity of an Independent Director) of the Company for a term of five consecutive years
with effect from 31st July, 2023 to fill the casual vacancy (caused by the resignation
tendered by Mr. Narendra Gupta w.e.f. 18th May, 2023), and who has submitted a declaration
that he meets the criteria of independence under Section 149(6) of the Act and Regulation
16(1)(b) of the Listing Regulations and is eligible for appointment under the provisions
of the Act, the Rules made thereunder and the Listing Regulations, as an Independent
Director of the Company, not liable to retire by rotation, to hold office for a term of 3
(three) consecutive years commencing from, from 31st July, 2023 up to 30th July, 2026,
including the period from 28th June, 2024 when he shall attain 75 years of age.
In view the above, consent of the members for appointment of Mr. Manaklal Agrawal as an
Independent Director, is sought by way of special resolution, as set out in Item No. 3 of
the Notice to 12th AGM.
The Pursuant to the provisions of the Companies Act, 2013, the members at the 7th AGM
of your Company held on 30th September, 2018 appointed Ms. Niraali Thingalaya (DIN:
08125213), as Independent Non-Executive Director of the Company to hold office for a term
of 5 consecutive years for a term upto 29th September, 2023. Ms. Niraali Thingalaya, is
eligible for re-appointment as an Independent Non-Executive Director for a second term of
5 consecutive years.Pursuant to the applicable statutory provisions and based on the
recommendation of the Nomination and Remuneration Committee, the Board recommends for the
approval of the members through a Special Resolution at the 12th AGM of your Company, the
re-appointment of Ms. Niraali as in Independent Non-Executive Director for a second term
of 5 consecutive years w.e.f. 29th September, 2023 till 28th September, 2028.
The Resume/ Profile and other information regarding the directors seeking
appointment/re- appointment as required by the Regulation 36(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 & SS-2 of ICSI have been
given in the Notice convening the 12th AGM of the Company.
Familiarization Program:
In terms of Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015, the Company periodically organizes a program in order to familiarize
Independent Directors with the Companys operations. The details of familiarization
programme have been posted on the website of the Company under the web link:
http://www.mystic- electronics.com/investors.html.
7. COMPLIANCE WITH SECRETARIAL STANDARDS
During the period under review, the Company has complied with the applicable mandatory
Secretarial Standards issued by the Institute of Company Secretaries of India.
8. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134 of the Act the Board of Directors, to the
best of their knowledge and ability, confirm that:
a) in the preparation of the annual accounts for the year ended 31st March, 2023, the
applicable Accounting Standards have been followed and there is no material departure from
the same;
b) they have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
of the Company for that period;
c) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) they have prepared the annual accounts for the financial year ended 31st March, 2023
on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
9. MEETINGS OF THE BOARD
During the year under review, 7(Seven) meetings of the Board of Directors were held.
For details of the meetings of the board, please refer to the Corporate Governance Report,
which forms part of this report.
10. COMMITTEES OF THE BOARD
Pursuant to requirement under Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and with a view to have more focused attention
on business and for better governance and accountability, the Board has the following
mandatory committees:
a) Audit Committee;
b) Nomination & Remuneration Committee; and
c) Stakeholders Relationship Committee.
The details with respect to the composition, powers, roles, terms of reference, number
of meetings held, attendance at the meetings etc. of statutory committees are given in
detail in the Corporate Governance Report, which forms part of this Report.
11. DETAILS OF SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES
Your Company does not have any subsidiary, joint ventures and associate company.
12. EMPLOYEE STOCK OPTION SCHEME
Presently, the Company does not have a scheme for grant of stock options to its
employees.
13. PARTICULARS OF EMPLOYEES
The information as per the provisions of Section 197(12) of the Companies Act read with
Rule 5(2) and 5(3) of Companies (Appointment & Remuneration of Managerial Personnel)
Rules, 2014 forms part of this Report. However, as per first proviso to Section 136(1) of
the Act and second proviso of Rule 5(2) of the Rules, the Report and Financial Statements
are being sent to the Members of the Company excluding the statement of particulars of
employees under Rule 5(2) and 5(3) of the Rules. Any Member interested in obtaining a copy
of the said statement may write to the Company Secretary at the Registered Office of the
Company or on the email address of the Company i.e. electronics.mvstic@gmail.com.
The statement of Disclosure of Remuneration under Section 197(12) of the Act read with
the Rule 5 (1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 ("Rules") is mentioned below.
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and
Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
1. The Ratio of the remuneration of each director to the median remuneration of the
employees of the company for the Financial Year 2022-23: Not applicable as your Company is
not providing any remuneration to the Directors of the Company.
2. Percentage increase in remuneration of each Director, CFO and Company Secretary:
During the year under review, no Sitting fees or remuneration was paid to the Directors
& percentage increase in the salary of CFO is 11.86%.
3. The percentage increase in the median remuneration of employees in the Financial
Year 2022-23: During the Year under review, the median remuneration is Rs.2,00,000 p.a.
and the Percentage decrease in Median Remuneration of employee is -12.85%
4. During the year, there were 5 employees on the roll of the Company during the year,
however as on 31st March, the Company had 3 employees on the roll.
5. Average percentile increases already made in the salaries of employees other than
the managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in the managerial remuneration:
Not applicable as the Company has not increased the salary of any of the employee other
than key managerial personnel during the last financial year. There are no other
exceptional circumstances for increase in the remuneration of key managerial personnel and
increase in remuneration has been in accordance with the Companys policies.
It is hereby affirmed that the remuneration paid during the year is as per the
Remuneration Policy of the Company.
14. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013
Your Company has in place a formal policy for prevention of sexual harassment of its
women employees in line with "The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.The constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 is not applicable on your Company and there was no complaint about
sexual harassment during the year under review.
15. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Since the Company is neither engaged in any manufacturing activity nor the Company has
any manufacturing unit, therefore the prescribed particulars with regards to compliance of
rules relating to conservation of Energy and Technology absorption pursuant to Section 134
(3) (m) of the Companies Act, 2013, read with Rule - 8 (3) of the Companies (Accounts)
Rules, 2014 are not applicable on your Company.
16. DEPOSITS
During the year under review, your Company has not accepted any fixed deposits from the
public falling under Section 73 of the Act read with the Companies (Acceptance of
Deposits) Rules, 2014.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The details of loans and Investments covered under section 186 of the Companies Act,
2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 for the
financial year 202223 are given in the Notes to the financial statement.
18. RELATED PARTY TRANSACTIONS
All related party transactions entered into during the period under review were placed
before the Audit Committee and the Board for their approval, and the same are disclosed in
the financial statements of your Company. Further, in terms of the provisions of section
188(1) of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014
and regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, all contracts/ arrangements/transactions entered into by the Company
with its related parties during the year under review were in ordinary course of business
of the Company, on an arms length basis and in accordance with the policy on related
party transactions formulated by the Company and reviewed on a periodic basis.
In line with the requirements of the Act and SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015, your Company has in place a policy on related party
transactions which is available on Companys website at
http://www.mystic-electronics.com/pdfs/ Policy%2 0on%20 Related%20Party%2 0Transaction.
pdf the same was amended by Board of Directors from time to time in order to comply with
the various amendments in SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 that took place during the financial year 2022-23.
During the year under review, the requirement of making disclosure of material related
party transactions pursuant to Section 134(3) of Companies Act, 2013 in Form AOC-2 is not
applicable to the Company.
The related party disclosures as specified in Para A of Schedule V read with Regulation
34(3) of the Listing Regulations are given in the Financial Statements.
19. STATUTORY AUDITORS & AUDITORS REPORT
M/s. Sunil Vankawala & Associates, Chartered Accountants (Registration
No.110616W), were appointed as the Statutory Auditors of the Company at the 9th Annual
General Meeting ("AGM"), for a term of five consecutive years, till the
conclusion of the 14th AGM to be held in the year 2025.
In accordance with section 40 of the Companies (Amendment) Act, 2017, the appointment
of Statutory Auditors is not required to be ratified at every AGM. Thus, M/s. Sunil
Vankawala & Associates, Chartered Accountants will continue to hold office till the
conclusion of 14th AGM.
The Auditors Report on financial statements is a forming part of this Annual Report.
There has been no qualification, reservation, adverse remark or disclaimer given by the
Auditors in their Report. During the year, the Statutory & Internal Auditors had not
reported any matter under Section 143(12) of the Companies Act, 2013, therefore no detail
is required to be disclosed under Section 134(3)(ca) of the Companies Act, 2013.
20. SECRETARIAL AUDITORS & AUDITORS REPORT
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, read with Regulation 24A of the Listing
Regulations, the Board of Directors of the Company had re-appointed M/s. Komal Khadaria
& Co., Practicing Company Secretary as Secretarial Auditors to undertake the
secretarial audit of the Company for the financial year 2022-23. The Secretarial Audit
Report is annexed herewith as ANNEXURE II, which forms an integral part of this
report.
During the year, the Secretarial Auditors had not reported any matter under Section
143(12) of the Act, therefore no detail is required to be disclosed under Section 134(3)
(ca) of the Act.
During the period under review, the Company has complied with the provisions of the
Act, Rules, Regulations, Guidelines and Standards made thereunder for all the applicable
laws to the extent possible except that the Company is duly maintaining a structured
digital database (SDD) pursuant to Regulation 3 (5) of the PIT Regulations, 2015 but due
to some technical glitch, the UPSI with respect to change in Key Managerial Personal (KMP)
was duly made to the designated exchange, however the same was not captured in database
within due time.
21. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE
REPORTABLE TO THE CENTRAL GOVERNMENT
The Statutory Auditors, Internal Auditor or Secretarial Auditor of the Company have not
reported any frauds to the Audit Committee or to the Board of Directors under Section
143(12) of the Companies Act, 2013 including rules made thereunder.
22. CORPORATE GOVERNANCE
In compliance with the Regulation 34 read with Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, a detailed report on Corporate
Governance forms an integral part of this Annual Report. A Certificate from the statutory
auditors, M/s. Sunil Vankawala & Associates confirming compliance of the conditions of
Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is appended to the Corporate Governance Report. A
Certificate of the MD and CFO of the Company in terms of Regulation 17(8) of the Listing
Regulations is also forming part of Corporate Governance Report as ANNEXURE IV.
23. ANNUAL RETURN
Pursuant to the provisions of Section 92(3) and 134(3)(a) of the Companies Act, 2013
the draft Annual Return for the financial year 2022-23 in prescribed form MGT-7 is placed
on the website of the Company at the following link: www.
mystic-electronics.com/investors.html .
This Annual Return is subject to such changes/alterations/modifications as may be
required to carry out subsequent to the adoption of the Directors Report by the
Shareholders at the 12 th Annual General Meeting.
24. CORPORATE SOCIAL RESPONSIBILITIES INITIATIVES
The prerequisite in terms of Section 135 of the Companies Act, 2013 of corporate social
responsibility does not apply to the Company.
25. INTERNAL CONTROL SYSTEMS
The Company has adequate and robust Internal Control System, commensurate with the
size, scale and complexity of its operation. The Internal Control System is placed to
safeguard and protect from loss, unauthorized use or disposition of its assets. All the
transactions are properly authorized, recorded and reported to the Management. Internal
Audit is carried out in a programmed way and follow up actions were taken for all audit
observations. Your Companys Statutory Auditors have, in their report, confirmed the
adequacy of the internal control procedures.
26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 read with Schedule V of SEBI (Listing Obligations and
Disclosure Requirement) Regulations, 2015, Management Discussion & Analysis Report
with review of the operations, state of affairs, performance and outlook of the Company
for the reporting year forms part of this report and is marked as Annexure ‘I.
27. VIGIL MECHANISM/WHISTLE BLOWER POLICY
Your Company has formed a Whistle Blower Policy for establishing a vigil mechanism for
directors and employees to report genuine concerns regarding unethical behavior and
mismanagement, if any. The said mechanism also provides for strict confidentiality,
adequate safeguards against victimization of persons who use such mechanism and makes
provision for direct access to the chairperson of the Audit Committee in appropriate
cases. No personnel have been denied access to the Audit Committee pertaining to the
Whistle Blower Policy.
The said Whistle Blower Policy has been disseminated on the Companys website at
www.mystic- electronics.com.
28. PERFORMANCE EVALUATION OF THE BOARD
Pursuant to the provisions of Section 134(3), Section 149(8) and Schedule IV of the Act
read with SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, Annual
Performance Evaluation of the Board, the Directors as well as Committees of the Board has
been carried out. The performance evaluation of all the Directors and the Board as a whole
was conducted based on the criteria and framework adopted by Nomination & Remuneration
Committee, details of which are provided in the Corporate Governance Report.
The performance evaluation of the Independent Directors was carried out by the entire
Board and the performance evaluation of the Non-Independent Directors was carried out by
the Independent Directors in their separate meeting. The Board of Directors expressed
their satisfaction with the evaluation process.
29. RISK MANAGEMENT
The Board of Directors of the Company has made a Risk Management Policy which requires
them to aware the shareholders of the Company regarding development and implementation of
risk management plan for the Company, including identification therein of elements of
risks, if any, which in their opinion might threaten the existence of the Company, the
management plan to mitigate the same and ensuring its effectiveness. The Audit Committee
has additional oversight in the area of financial risks and controls. The details of the
Policy have been posted on the Companys website www.mystic-electronics.com.
30. DIRECTORS APPOINTMENT AND REMUNERATION POLICY
The Board of Directors has in place a Policy which lays down a framework in relation to
remuneration of Directors, KMP and other employees of the Company.
The said Policy is available on the Companys website
http://www.mystic-electronics.com/pdfs /NominationRemunerationPolicy.pdf
31. MATERIAL CHANGES AND COMMITMENTS
There is no material change since the closure of the financial year 2022-2023 till the
date of the report affecting any financial position of the Company.
32. COST RECORDS AND COST AUDIT
The requirement of maintaining cost records as specified under provisions of section
148(1) of the Act is not applicable to the Company for the period under review.
33. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
During the financial year 2022-23, on 6th May, 2022, your Company received a Show Cause
Notice (SCN) under Rule 4(1) of SEBI (Procedure for Holding Inquiry and imposing penalties
by Adjudicating Officer) Rules, 1995 and Rule 4(1) of Securities Contracts (Regulation)
(Procedure for Holding Inquiry and imposing penalties by Adjudicating Officers) Rules,
2005 issued by Adjudicating Officer in the matter of preferential issue of Mystic
Electronic Limited made during F.Y. 2013-14.
This SCN was issued to the Company, Mr. Krishan Khadaria, Mrs. Asha Khadaria (Present
Directors) and Ms. Madhumati Gawade (hereinafter referred to as "Noticee"). All
the Noticees have duly submitted their reply to the said SCN.
Subsequently in view of the above SCN, SEBI vide an Adjudicating Order dated 30th
November, 2022 imposed the following penalties on the Company:
| S.No. |
Penal Provision |
Penalty (Rs.) |
| 1 |
Section 15HA of SEBI Act |
10,00,000 |
| 2 |
Section 23E of SCRA |
5,00,000 |
| 3 |
Section 23A of SCRA |
2,00,000 |
|
Total |
17,00,000/- |
The Company duly paid the penalty within the stipulated time as prescribed in the
Adjudicating Order. The Company has complied with all the requirement of regulatory
authorities. Except for the above material order passed by SEBI, no other significant and
material orders were passed by the regulators or courts or tribunals impacting the going
concern status and companys operations in future.
34. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year, there are no such instances and no settlements have been done with
banks or financial institutions.
35. OTHER DISCLOSURES
In terms of the applicable provisions of the Act and the SEBI Listing Regulations, your
Company additionally discloses that, during the year under review:
> there was no change in the nature of business of your Company. ;
> it has not raised any funds through qualified institutions placement as per
Regulation 32(7A) of the SEBI Listing Regulations;
> it did not engage in commodity hedging activities;
> there was no application made before National Company Law Tribunal for initiation
of insolvency proceeding against the Company nor any proceeding were pending under the
insolvency and bankruptcy code, 2016 (31 of 2016).
> there were no foreign exchange earnings or out flow.
36. GREEN INITIATIVES
The Company supports and pursues the ‘Green Initiative" of the Ministry of
Corporate Affairs, Government of India. Members are requested to support green initiative
by registering their e-mail id (a) in case of electronic/demat holding with their
respective Depository Participant and (b) in case of physical holding either with the RTA
by sending e-mail to info@bigshareonline.com or with the Company by sending e-mail to
electronics.mystic@gmail.com by quoting name and folio number.
This initiative would enable the members to receive communication promptly besides
paving way for reduction in paper consumption and wastage. You would appreciate this
initiative taken by the Ministry of Corporate Affairs and your Companys desire to
participate in the initiative. If there is any change in e-mail id, shareholder can update
his/her e-mail id in same manner as mentioned above.
Further, pursuant to the MCA Circulars and SEBI Circular, in view of the prevailing
situation, owing to the difficulties involved in dispatching of physical copies of the
Notice of the 12th AGM and the Annual Report for the financial year 2022-23, are being
sent only by email to the Members. Members may note that this Notice and Annual Report
2022-23 will be available on the Companys website www.mystic-electronics.com, websites of
the Stock Exchanges i.e. BSE Limited at www.bseindia.com.
37. ACKNOWLEDGEMENT
Your Directors express deep sense of appreciation to the members, investors, bankers,
service providers, customers, and other business constituents for their continued faith,
abundant assistance and cooperation extended to the Company. Your Directors would like to
make a special mention of the support extended by the various Departments of Government of
India, the State Governments, particularly, the Tax Authorities, the Ministry of Commerce,
Ministry of Corporate Affairs, Securities and Exchange Board of India and others and look
forward to their continued support in all future endeavors.
Your Directors also sincerely appreciate the high degree of professionalism, commitment
and dedication displayed by employees at all levels.
|
By and on behalf of the Board |
|
For Mystic Electronics Limited |
|
Sd/- |
Sd/- |
|
Krishan Khadaria |
Mohit Khadaria |
|
Director |
Managing Director |
|
DIN: 00219096 |
DIN: 05142395 |
| Registered Office: |
|
|
| 401/A, Pearl Arcade, Opp. P. K. Jewellers, |
|
|
| Dawood Baug Lane, Off J. P. Road, |
|
|
| Andheri (West), Mumbai - 400 058 |
|
|
| Place: Mumbai |
|
|
| Dated: 1st September, 2023 |
|
|
+91-9892691696
