BUSINESS REVIEW
Financial year 2016-17 concluded with a Net Profit of Rs. 44,41,432/- for the company which is Rs. 26,83,950/- more than the previous financial year 2015-16. Sincere efforts were made at all levels of the organization to cut costs and also to keep the expenses in check despite the inflationary tendencies of the market.
MATERIAL CHANGES
CHANGE IN CONTROL AND MANAGEMENT OF THE COMPANY
During the financial year, the Company received the resignation of Mr. Rajeev Kumar Gupta from the position of Managing Director of the company, the Board of directors approved the same w.e.f January 03, 2017 in the duly held board meeting
Further, the Company wished for the re-appointment Ms. Renu (DIN: 03572788), who retires by rotation in our ensuing 32nd Annual General Meeting as per the requirement of Section 152(6) of the Companies Act, 2016 and being eligible to offer herself for re-appointment.
Company Secretary & Compliance Officer
The Companies Act, 2013 has mandated the appointment of Company Secretary in all listed Companies. Therefore, Ms. Ronika Bharara, a member of the Institute of Company Secretaries of India, was appointed as the Company Secretary & Compliance Officer of the Company w.e.f. 10th June, 2015 upon recommendation and approval by the Remuneration Committee and the Board.
*The same detail has already been given in our last report.
Internal Auditor
The Companies Act, 2013 has mandated the appointment of Internal Auditor in the Company. Accordingly, the Company has appointed Mr. Vijay Katana, Chartered Accountant, having ICAI Membership No. 534458 as an Internal Auditor of the Company in the Board Meeting held on 31st March, 2015.
*The same detail has already been given in our last report.
Chief Financial Officer
Pursuant to Section 203 of the Companies Act, 2013, read with Rule 8 of the Companies (Appointment and Remuneration) Rules, 2014, the Board at its meeting held on 6th September, 2014 has appointed Mrs. Santa Gupta as the Chief Financial Officer (CFO).
RISK MANAGEMENT
The Company does not have any formal Risk Management Policy as the elements of risk threatening the company are very minimal. However, on discretionary basis the Company has constituted the Risk Management Committee to cope up with adequate processes and procedures in place to mitigate risks of various kinds, if any, but as no such matter comes before the Board till date, no meeting held as such.
INTERNAL CONTROL SYSTEM
The Company has an adequate system of internal control covering all financial and operating functions. These controls have been designed to provide a reasonable assurance with regard to maintenance of proper accounting controls, monitoring of operations, protecting assets from unauthorized use or losses, compliances with regulations and for ensuring reliability of financial reporting.
HUMAN RESOURCE DEVELOPMENT
The Company believes that its people are the key differentiators, especially in the current knowledge driven, competitive and global business environment. Adapting work culture to suit the dynamic balancing of people requirements is an ongoing process. The Board of Directors of your company would like to place on record their sincere appreciation for the efforts and contribution made by all the employees of the Company in realizing the targeted projects of the Company. Your Directors take this opportunity to thank all employees for rendering impeccable services to every constituent of Company, customers and shareholders.
For and on behalf of the Board of Directors | |
M/s Panafic Industrials Limited | |
Sd/- | Sd/- |
Sarita Gupta | Renu |
Director | Director |
DIN:00113099 | DIN: 03572788 |
D-158, Pushpanjli Enclave, | H-3/197, Kuwar Singh Nagar, Najafgarh |
Pitam Pura, Delhi- 110034 | Road, Nangloi, Delhi-110041 |
Place: Delhi | |
Date: 06th September, 2017 |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.