TO
THE MEMBERS OF THE COMPANY
PRESSURE SENSITIVE SYSTEMS (INDIA) LIMITED
Your Directors feel great pleasure in presenting 36th Annual Report on the business and operations of the Company together with the Audited Standalone and Consolidated Financial Statements for the year ended 31st March, 2023.
1. FINANCIAL HIGHLIGHTS
STANDALONE | CONSOLIDATED | |||
PARTICULARS | 2022-2023 | 2021-2022 | 2022-2023 | 2021-2022 |
Revenue from Operations | 13.52 | - | 4108.91 | - |
Profit before Interest, | 0.12 | (10.23) | 3844.2 | (10.23) |
Depreciation / Amortization | ||||
and Taxes | ||||
Finance Cost | - | - | - | - |
Depreciation & Amortization | - | - | 0.15 | - |
PROFIT BEFORE TAX | 0.12 | (10.23) | 3844.05 | (10.23) |
(i) Provision for Taxation | - | - | - | - |
(Current) | ||||
(ii) Provision for Taxation | ||||
(Deferred) | ||||
Total Tax | - | - | - | - |
PROFIT AFTER TAX | 0.12 | (10.23) | 3844.05 | (10.23) |
Earnings per share (Basic) | 0.00 | (0.01) | 2.59 | (0.01) |
Earnings per share (Diluted) | 0.00 | (0.01) | 2.59 | (0.01) |
2. REVIEW OF OPERATIONS
During the year under review, the Companys Revenue from Operations on Standalone basis stood at Rs. 13.52 lakhs compared to NIL in the previous year. The Net Profit for the year on Standalone basis stood at Rs. 0.12 Lakhs as against loss of Rs. 10.23 Lakhs reported in the Previous Year.
Whereas your company has earned a net revenue from operation on consolidated basis of Rs. 4108.91 lakhs compared to NIL in the previous year. The Net Profit for the year on Consolidated basis stood at Rs. 3844.05 lakhs as against profit of Rs. 10.23 lakhs in the Previous Year.
3. CHANGE IN MANAGEMENT AND CONTROL
In view of the appointments and resignation of Directors in the Board of the Company, following is the revised Composition of the Board;
SR. NO. NAME OF THE DIRECTORS | DESIGNATION | DIN | STATUS |
1. BHAGYESH JAYANTIBHAI MISTRY | Managing Director | 09832939 | Professional Executive Director |
2. VIVEK CHAUHAN | Executive Director | 06380025 | Professional |
3. DIVYA SAVJIBHAI THAKOR | Non-Executive Director | 08845886 | Professional |
4. DINESHBHAI VAGHELA | Non-Executive Director | 09798490 | Independent Director |
5. PARTH ASHOKBHAI LOHANA | Non-Executive Director | 09832970 | Independent Director |
The details of change in composition of board of directors including the numbers of meeting held and attended by each director has been provided in Corporate Governance Report that forms integral part of this report.
4. DIVIDEND
Your directors do not recommend any dividend for the Financial Year 2022-23 as company suffered loss during the current year.
5. TRANSFER TO RESERVES
The Company has not transferred any amount to Reserves for the period under review.
6. SHARE CAPITAL OF THE COMPANY
During the year under review, the company has sub-divided its Equity share capital from 1 (One) Equity Share of Face Value of Rs.10/- each into 10 (Ten) Equity Shares of Rs.1/- each in Annual General Meeting held on September 30, 2022.
The Authorized Equity Share Capital of the company at 31st March, 2023 is Rs. 15,50,00,000/- The Paid-up Equity Share Capital of the company as 31st March, 2023 is Rs. 14,83,62,000/-.
7. MANAGEMENT DISCUSSIONS AND ANALYSIS
The Management Discussion and Analysis Report on the operations of the Company, as required under Regulation 34 read with Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as Listing Regulations) and as approved by the Board of Directors, is provided in a separate section and forms an integral part of this Report.
8. ANNUAL RETURN
The Annual Return of the Company will be placed on the website of the company pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules 2014, the web link of the same is at http://www.pressuresensitive.xyz/.
9. PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.
10. DIRECTORS RESPONSIBILITY STATEMENT
To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(3) (c) of the Companies Act, 2013:
That in the preparation of the Annual Accounts for the year ended 31st March, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
a. That the directors had 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;
b. That the directors 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;
c. The Annual Accounts have been prepared on a going concern basis;
d. That 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; and
e. That 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.
11. CORPORATE GOVERNANCE REPORT
Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as prescribed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are complied with, a separate section titled Report on Corporate Governance (Annexure together with a Certificate from the Practicing Company Secretary forms part of this Report.
12. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING / OUTGO
Details regarding Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are stated below:
Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, details regarding Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo for the year under review are as follows:
A. Conservation of Energy
a. Steps taken or impact on conservation of energy The Operations of the Company do not consume energy intensively. However, Company continues to implement prudent practices for saving electricity and other energy resources in day-to-day activities.
b. Steps taken by the Company for utilizing alternate sources of energy Though the activities undertaken by the Company are not energy intensive, the Company shall explore alternative sources of energy, as and when the necessity arises.
B. Technology Absorption
a. The efforts made towards technology absorption The Company continues to take prudential measures in respect of technology absorption, adaptation and take innovative steps to use the scarce resources effectively.
b. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) Not Applicable
C. Foreign Exchange Earning and Outgo
PARTICULARS | YEAR 2023 ENDED 31ST MARCH, | YEAR 2022 ENDED 31ST MARCH, |
Foreign Exchange Earnings | NIL | NIL |
Foreign Exchange Outgo | NIL | NIL |
13. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
During the year under review, no employee was in receipt of remuneration in excess of limits prescribed under Section 197 of the Companies Act, 2023 hence, the disclosure the required pursuant to Section 197 read with Rule 5 (1) (i) of The Companies (Appointment and Remuneration) Rules, 2014 in respect of ratio of remuneration of each director to the median remuneration of the employees of the Company for the Financial year is not given.
14. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
Your company has one subsidiary company named Global Market Insights IT Services L.L.C but does not have any Joint Venture or Associate Companies. The Report on the performance and financial position of subsidiary in Form AOC-1 pursuant to first proviso to Sub-section (3) of Section 129 of the Act and Rule 5 of Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure I.
15. FINANCE & ACCOUNTS
Your Company prepares its financial statements (Standalone and Consolidated) in compliances with the requirements of the Companies Act, 2013 and the Generally Accepted Accounting Principles (GAAP) in India.
Cash and Cash Equivalents on Standalone basis as at March 31, 2023 were Rs. 13,53,000/- Cash and Cash Equivalents on Consolidated basis as at March 31, 2023 were Rs. 13,53,000/-
The company continues to focus on its working capital, receivables and other parameters were kept under check through continuous monitoring.
16. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed under section 149(6) of the Companies Act, 2013 and Regulation 16 (1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
17. LISTING WITH STOCK EXCHANGE
The Equity Shares of the Company are listed and traded on Bombay Stock Exchange (BSE SME).
18. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board received a declaration from all the directors under Section 164 and other applicable provisions, if any, of the Companies Act, 2013 that none of the directors of the company is disqualified under the provisions of the Companies Act, 2013 ("Act") or under the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015.
Appointment & Resignation Of Directors
During the year financial year 2022-2023 and till the date of this report, following changes took place in the constitution of Board of Directors;
SR. NO. NAME OF DIRECTOR | DESIGNATION | APPOINTMENT/ CESSATION | DATE OF APPOINTMENT/ CESSATION |
1 Bhagyesh Jayantibhai Mistry | Additional Executive Director | Appointment | 21/12/2022 |
Managing Director | Change in Designation | 23/12/2022 | |
2 Vivek Chauhan | Executive Director | Appointment | 23/12/2022 |
3 Dineshbhai Vaghela | Non-Executive Independent Director | Appointment | 21/11/2022 |
4 Parth Ashokbhai Lohana | Non-Executive Independent Director | Appointment | 21/12/2022 |
5 Priyanka Bhavanji Rana | Additional Non-Executive Independent Director | Appointment | 08/12/2022 |
Resignation | 17/04/2023 | ||
6 Ranjitkumar Vahjibhai Thakor | Additional Non-Executive Independent Director | Appointment | 08/12/2022 |
Resignation | 17/04/2023 | ||
7 Deenaben Mahendrabhai Ganatra | Non-Executive Independent Director | Resignation | 08/12/2022 |
8 Gaurangkumar Vaishnav | Non-Executive Independent Director | Resignation | 05/08/2022 |
9 Mitesh Thakkar | Managing Director | Resignation | 13/02/2023 |
10 Shaktikumar Thakkar | Non-Executive Director | Resignation | 03/04/2023 |
11 Sagar Gajera | Non-Executive Independent Director | Resignation | 05/08/2022 |
Number of Meetings of the Board
The details of the number of meetings of the Board held during the Financial Year forms part of the Corporate Governance Report.
Committees of the Board
The Board of Directors has the following Committees:-
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship 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.
In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, VIVEK CHAUHAN (DIN: 06380025), Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment and your Board recommends his re- appointment.
KEY MANAGERIAL PERSONNEL
During the year under review, there was change in Key Managerial Personnel of the company and accordingly, at present, the following are the Key Managerial Personnel of the Company;
SR. NO. DESIGNATION | NAME OF KMPs |
1 Managing Director | Bhagyesh Jayantibhai Mistry |
19. ANNUAL PERFORMANCE EVALUATION BY THE BOARD
Pursuant to the provisions of the Act and the Listing Regulations, a structured questionnaire was prepared after taking into consideration the various aspects of the Boards functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance. The performance evaluation of the Directors was completed during the year under review.
The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors and Non-Executive Director. The Board of Directors expressed their satisfaction with the evaluation process.
20. DIRECTORS TRAINING AND FAMILIARIZATION
The Company undertakes and makes necessary provision of an appropriate induction programme for new Director(s) and ongoing training for existing Directors. The new Director(s) are introduced to the Company culture, through appropriate training programmes. Such kind of training programmes helps develop relationship of the directors with the Company and familiarize them with Company processes. The management provides such information and training either at the meeting of Board of Directors or at other places.
The induction process is designed to:
Upon appointment, Directors receive a Letter of Appointment setting out in detail, the terms of appointment, duties, responsibilities and expectations from them.
21. AUDITORS
I. STATUTORY AUDITORS AND AUDITORS REPORT
M/s. RISHI SEKHRI AND ASSOCIATES, CHARTERED ACCOUNTANTS, Mumbai (Firm Reg. No. 128216W), were appointed as the Statutory Auditors of the Company for period of 3 years for the financial year 2020-2021 to 2022-2023. The term of the said auditor is expiring in the ensuing Annual General Meeting and hence board recommend the appointment of M/s A.K. KOCCHAR AND ASSOCITES, Mumbai (Firm Reg. No. 120410W) as the Statutory Auditor for a term of 5 years for the financial year 2023-2024 to 2027-2028.
The observations made by the Auditors in their Auditors Report and the Notes on Accounts referred to in the Auditors Report are self-explanatory and do not call for any further comments.
II. SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s. Mukesh J. & Associates, Company Secretaries, Ahmedabad, Gujarat to conduct Secretarial Audit for the year ended on 31st March, 2023.
Secretarial Audit Report issued by M/s. Mukesh J. & Associates, , Company Secretaries in Form MR- 3 is annexed herewith as Annexure II and forms an integral part of this Report.
The Secretarial Auditors have notified certain comments in their Secretarial Audit Report for F.Y. 2022-23 for non-complying in timely manner on certain SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015; compliances.
With regard to observations of the Secretarial Auditor for non-compliances and delayed compliances of various provisions of the Companies Act, 2013 and Listing Regulation along with the errors in certain filings, the management has taken note of the same and assured that going forward it will take necessary steps to ensure compliances with necessary provisions under the Companies Act, 2013 and Listing Regulation in timely and effective manner and strive to overcome such inadvertent errors.
22. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The company has in place Internal Financial Control system, commensurate with size & complexity of its operations to ensure proper recording of financial and operational information & compliance of various internal controls & other regulatory & statutory compliances.
23. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE
SOCIAL RESPONSIBILITY INITIATIVES
As the Company is not having net worth of rupees five hundred Crores or more, or turnover of rupees one thousand Crores or more or a net profit of rupees five Crores or more during previous financial year,
The Company is not required to comply with the provisions of Section 135 of the Companies Act, 2013 with the regard to the formation of the CSR Committee and undertaking of Social Expenditure as required under the said Section.
24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY
The particulars of loans, guarantees and investments, if any taken or given, have been disclosed in the financial Statement annexed with this report.
25. MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
The Management Discussion and Analysis Report, highlighting the important aspects of the business of the company for the year under review is given as a separate statement as Annexure III, which forms part of this Annual Report.
26. RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into during the financial year were on an arms length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Act and the Listing Regulations.
There were no materially significant Related Party Transactions made by the Company with Promoters, Directors, Key Managerial Personnel which may have a potential conflict with the interest of the Company at large. All Related Party Transactions are placed before the Audit Committee for approval.
The details pursuant to clause (h) of subsection (3) of Section 134 of Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules 2014 are as follows
i. Name (s) of the Related Party and nature of Relationship | Dhruvitkumar Pareshbhai Mandliy - Company Secretary |
ii. Nature of contract/arrangement/transactions | Remuneration |
iii. Duration of contract/arrangements/transactions | Transactional |
iv. Salient Terms of contract/arrangements/transactions including the value if any | Rs. 90,000/- |
v. Date(s) of approval by the Board | 18/04/2022 |
vi. Amount paid as Advances, if any | NIL |
27. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE
COMPANY
The material changes and commitments affecting the financial position of the Company between the end of the financial year of the Company to which the financial statements relate and the date of the report are mentioned as below:
I. Sub-division/ Splitting of 1 (One) Equity Share of the Company having face value of Rs. 10/- each into 10 (Ten) Equity Shares of the Company having face value of Rs. 1/- each.
II. The Registered Office of the company has been shifted FROM 706, 179, 180, Kamlacharan, Jawahar Ngr Rd No. 2, Goregoan (W), Nr. Railway Gate No. 27, Mumbai City, Maharashtra 400 062 TO 441, Block-C, 1/1 TPS 14, Sumel 11 Indian Textile Plaza Shahibag Ahmedabad Gujarat- 380004
28. VIGIL MECHANISM / WHISTLE BLOWER POLICY
In pursuance to Section 177 of the Companies Act, 2013, the Company has adopted a Vigil Mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.
The Company promotes ethical behavior in all its business activities and has adopted a mechanism of reporting illegal or unethical behavior. The Company has a whistle blower policy wherein the employees are free to report violations of laws, rules, regulations or unethical conduct to their immediate supervisor or such other person as may be notified by the management to the employees / workers. The mechanism also provides for adequate safeguards against victimization of directors and employees who avail of the mechanism and also provide for direct access to the Chairperson of the Audit Committee in the exceptional cases. The confidentiality of those reporting violation is maintained and they are not subjected to any discriminatory practice. However, no violation of laws or unethical conduct etc. was brought to the notice of the Management or Audit Committee during the year ended 31st March, 2023. We affirm that during the financial year 2022-23, no employee or director was denied access to the Audit Committee.
29. RISK MANAGEMENT POLICY
Your Company has an elaborated risk Management procedure and adopted systematic approach to mitigate risk associated with accomplishment of objectives, operations, revenues and regulations. Your Company believes that this would ensure mitigating steps proactively and help to achieve stated objectives. The entitys objectives can be viewed in the context of four categories Strategic, Operations,Reporting and Compliance. The Risk Management process of the Company focuses on three elements, viz. (1) Risk Assessment; (2) Risk Management; (3) Risk Monitoring.
Audit Committee has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the Companys enterprise wide risk management framework; and (b) Overseeing that all the risk that the organization faces. The key risks and mitigating actions are also placed before the Audit Committee of the Company. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Companys risk management policies and systems.
30. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
Your company believes in providing a healthy, safe and harassment-free workplace for all its employees. Further company ensures that every women employee is treated with dignity and respect.
The Company has in place an Anti-Sexual Harassment Policy as per the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.
Your Directors further states that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
31. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE 2016
During the year under the review, there were no applications made or proceedings pending in the name of the company under the insolvency and bankruptcy code, 2016.
32. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS.
During the year under the review, there has been no one time settlement of loans taken from banks and financial institutions.
33. GENERAL DISCLOSURE
Your Directors 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:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of shares (sweat equity shares) to employees of the Company under ESOS.
3. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company operations in future.
34. ACKNOWLEDGEMENT
The Board of Directors wishes to express its gratitude and record its sincere appreciation for the commitment and dedicated efforts put in by all the employees. Your Directors take this opportunity to express their grateful appreciation for the encouragement, cooperation and support received by the Company from the local authorities, bankers, clients, suppliers and business associates. The directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.
For and on behalf of the Board of Director | |
Pressure Sensitive Systems (India) Limited | |
Sd/- | |
Place: Ahmedabad | Bhagyesh Jayantibhai Mistry |
Date: 06/09/2023 | Managing Director |
DIN: 09832939 |
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