Your Directors have pleasure in presenting their 15 th Annual Report together with the Audited Accounts of the Company for the Year ended March 31, 2022.
Amt in Lakhs.
|Particulars||Year ended 31st March 2022||Year ended 31st March 2021|
|Profit/(Loss) before taxation||47.77||96.55|
|Less: Tax Expense||7.11||55.46|
|Profit/(Loss) after tax||40.66||41.09|
|Add: Balance B/F from the previous year||-40.79||-81.88|
|Balance Profit/ (Loss) C/F to the next year||-0.13||-40.79|
The Company recorded Total revenue of Rs. 1,114.72/- during the year under review as against Rs. 178.94/- in the previous year, however company recorded Profit before tax of Rs. 47.77/-, the tax expenses amounted to Rs. 7.11/- resulting in decrease of profit to Rs. 40.66/- as against a profit of Rs. 41.09/-in the previous year. Your directors are hopeful for the better results in the years to come. (All Amounts are in INR Lacs)
To conserve resources your Directors do not recommend any dividend for the year ended 31st March 2022.
AMOUNT TRANSFER TO RESERVE:
Your Directors do not propose any amount to be transferred to the Reserves for the year ended 31st March 2022.
Since the equity share capital of the Company is listed exclusively on the SME Platform of BSE Limited, the requirement of corporate governance provisions specified in regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of Listing Regulation is not applicable to the Company and hence, the Report on corporate Governance is not applicable to the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Pursuant to Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, a Management Discussion and Analysis Report is annexed to this Report.
PARTICULARS OF THE COMPANYS SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANY:
Company does not have any Subsidiaries, Joint Ventures or Associate Companies.
Company has not accepted any deposits within the meaning of Section 73 of the companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
As a part of the effort to evaluate the effectiveness of the internal control systems, your Companys internal control system reviews all the control measures on periodic basis and recommends improvements, wherever appropriate. The Company has in place adequate internal control systems and procedures commensurate with the size and nature of its business. These systems and procedures provide reasonable assurance of maintenance of proper accounting records, reliability of financial information, protections of resources and safeguarding of assets against unauthorized use. The management regularly reviews the internal control systems and procedures.
CORPORATE SOCIAL RESPONSIBILITY:
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable to the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
i) In the preparation of the annual accounts, the applicable accounting standards have been followed;
ii) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for the year under review;
iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) The directors have prepared the annual accounts on a going concern basis;
v) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;
vi) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.
DIRECTORS & KEY MANAGERIAL PERSONNEL:
Pursuant to the provisions of the section 149 of the Companies Act, 2013, the following NonExecutive Directors are appointed as Independent Directors: -
|Sr. No. Name of the Director||Date of Appointment|
|1. Mr. Paras Shah||20/03/2014|
|2. Mr. Abhishek Shastri||18/06/2014|
|3. Mr. Bhavin Gala||19/06/2015|
In terms of the provision of Section 149 of the Companies Act, 2013 and Regulation 17 (1) of SEBI (LODR) Regulation, 2015 a listed company shall have at least one women director on the board of the company. Your Company has appointed Mrs. Manju Lodha as the Whole Time Woman Director on the Board w.e.f. 19/06/2015.
In accordance with the provision of section 152(6) and the Articles of Association of Company Mr. Jayantilal Lodha will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offer himself for re-appointment. The Board recommends his reappointment.
The Company has received declarations from all the Independent Directors that they meet the criteria for independence as provided in Section 149(6) of the Companies Act, 2013.
The Composition of Committees are as follows:
|Mr. Paras Shah||Non-executive, Independent Director||Chairman|
|Mr. Vikram Lodha||Executive Director||Member|
|Mr. Abhishek Shastri||Non-executive, Independent Director||Member|
Nomination and Remuneration Committee
|Mr. Paras Thakor Shah||Non-executive, Independent Director||Chairman|
|Mr. Abhishek Ashok Shastri||Non-executive, Independent Director||Member|
|Mr. Jayantilal Hansraj Lodha||Non-executive, Non-Independent Director||Member|
Stakeholders Relationship Committee
|Paras Thakor Shah||Non-executive, Independent Director||Chairman|
|Abhishek Ashok Shastri||Non-executive, Independent Director||Member|
|Jayantilal Hansraj Lodha||Non-executive, Non-Independent Director||Member|
There was no change in the composition of Director and Key Managerial Personnel during the year under review.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each independent director under section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down in section 149(6) of the Companies Act, 2013.
None of the Directors of the Company are disqualified from being appointed as Directors as specified in Section 164 of the Companies Act, 2013.
Pursuant to the provisions of the Companies Act, 2013,the Board, based on recommendations of the Nomination and Remuneration Committee, has carried out an annual performance evaluation of its own performance and that of its statutory committees viz. Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Appointment & Remuneration Committees.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The details of the programme for familiarization of the Independent Directors with the Company in respect of their roles, rights, responsibilities in the Company, nature of the industry in which Company operates, business model of the Company and related matters are put up on the website of the Company.
The company covered under provision of Section 178(1) of the companies Act 2013 and as per the requirement The Board has, on the recommendation of the Appointment & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration including criteria for determining qualifications and independence of Director.
A calendar of Meetings is prepared and circulated in advance to the Directors.
During the year, Five Board Meetings, five Audit Committee Meetings, Two Nomination & Remuneration Committee, One Stakeholder Relationship Committee and Independent Directors Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
During the Financial Year 2021-22, there was no change in the share capital of the Company either by way through Private Placement/Preferential allotment/Rights issue /Employee Stock Option Scheme of the Company.
However, The Company has proposed to come-up with a Right issue of shares of issue size of 8,68,000 Fully paid-up Equity shares of Rs. 10 each at Rs. 100 per shares aggregating to Rs. 868 Lakhs.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Particulars of Loans, Guarantees or Investments made under section 186 of the Companies Act 2013 is furnished in the notes to the Financial Statements.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return as on 31st March, 2022 in Form No. MGT-7, is available on the Companys website on https:// www.naysaasecurities.com.
RELATED PARTY TRANSACTION:
All related party transactions that were entered into during the financial year were on arms length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. Certain transactions which were entered into with related parties were described in Form AOC-2 attached as "Annexure 1" and forming part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
A] Conservation of Energy, Technology Absorption:
Your Company is not a power intensive company even though the Company has taken all measures to conserve the energy. Your Company is not using any foreign technology.
B] Foreign Exchange Earning and Outgo:
The Foreign Exchange Earning and Outgo were NIL during the year.
WHISTLE BLOWER POLICY:
The Company has a Vigil Mechanism Policy to deal with instance of fraud and mismanagement, if any.
In staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility.
The Vigil mechanism Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern.
There have been no cases of frauds reported to the Audit Committee/Board during the year under review.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN 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 Workplace (Prevention, Prohibition And Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.
No case of sexual harassment was reported during the financial year.
During the year under review, your Company enjoyed cordial relationship with employees at all levels.
SIGNIFICANT AND MATERIAL ORDERS:
There have been no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future.
AUDITORS REPORT/ SECRETARIAL AUDIT REPORT:
The observation made in the Auditors Report/Secretarial Audit Report read together with relevant notes thereon are self-explanatory and hence, do not call for any further comments under Section 134 of the Companies Act, 2013.
As required under section 204 (1) of the Companies Act, 2013 the Company has obtained a secretarial audit report. Several observations have been made in the said report and your directors regret their inability to conform with the pursuant compliances.. However, the Company is striving to be compliant of the requirements under various laws including the Listing Regulations & the Companies Act, 2013.
Your directors assure you that it shall endeavor to comply with the applicable regulations both in letter and spirit in the future.
M/s. Ravindra B Shah & Co., (Firm Registration No. 108769W), Chartered Accountants, Mumbai, were appointed as Statutory Auditors of the Company at the 12 th AGM of the Company held on 30th September, 2019 for a period of five (5) consecutive years till the AGM of the Company to be held in the year 2024.
Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed M/s. Nishant Jawasa & Associates, Practicing Company Secretary, to undertake the Secretarial Audit of the Company. The Secretarial Audit report is annexed herewith as " Annexure - 2" to this report.
BUSINESS RISK MANAGEMENT:
During the year, the company has developed and implemented Risk Management Policy consistent with the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to identify the elements of risk which may threaten the existence of the Company and possible solutions to mitigate the risk involved
At present the company has not identified any element of risk which may threaten the existence of the company.
CHANGE IN NATURE OF BUSINESS:
During the year under review there was no change in the nature of doing business of company.
PARTICULARS OF EMPLOYEES:
(A) There were no employees drawing salary exceeding the limits prescribed under Section 197 of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
(B) The ratio of the remuneration of each director to the median employees remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report as Annexure - 3.
MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which these financial statements relate on the date of this report.
COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has complied with the Secretarial Standards issued by The Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.
PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:
There are no proceedings, either filed by the Company or against the Company, pending under the Insolvency and Bankruptcy Code, 2016 as amended, before the National Company Law Tribunal or other Courts as on 31st March, 2022.
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:
There are no instances of one time settlement during the financial year.
Your Company and its Directors wish to extend their sincerest thanks to the Members of the Company, Bankers, State Government, Local Bodies, Customers, Suppliers, Executives, Staff and employees at all levels for their continuous cooperation and assistance.
|For and on behalf of the Board of Directors|
|PLACE: Mumbai||Jayantilal Lodha|
Gold/NCD/NBFC/Insurance and NPS
Gold/NCD/NBFC/Insurance and NPS