To
The Members of
SUPER CROP SAFELIMITED
Your directors are pleased to present the 36thAnnual Report together with
the audited accounts of the company for the year ended on 31st March, 2023. The
summarized financial results for the year ended 31stMarch, 2023 are as under:
FINANCIAL HIGHLIGHTS: (Rs.in Lakh)
| Particulars |
F.Y. 2022-23 |
FY 2021-22 |
| Revenue from operations |
2254.02 |
1999.94 |
| Other income |
0.85 |
11.77 |
Total Income |
2254.87 |
2011.71 |
| Less: Total Expenses before Depreciation, Finance Cost and Tax |
1927.80 |
2448.70 |
Operating Profits before Depreciation, Finance Cost and Tax |
327.07 |
(436.99) |
| Less: Finance cost |
167.49 |
152.40 |
| Less: Depreciation |
63.11 |
77.79 |
Profit / (Loss) Before Tax |
96.47 |
(667.18) |
| Less: Current Tax |
-- |
-- |
| Less: Deferred Tax Liabilities/ (Assets) |
4.76 |
9.74 |
Profit/ (Loss) after tax (PAT) |
101.23 |
(646.11) |
OPERATIONS
During the year under report, sales of the company have increased by 12.70%, Rs.
2254.02 Lakh (Previous Year Rs. 1999.94 Lakh).
Revenues
Total Income from Operations increased by Rs. 2254.08 Lakh, from Rs. 1999.94 Lakh to
Rs. 2254.02 Lakh in FY 2022-23, increased by 12.70% (In Accordance with the Indian
Accounting Standards - 18 on revenue and Schedule III of the Companies Act, 2013, unlike
excise duties, levies like GST, VAT etc. are not part of the Revenue. Accordingly, the
figures are not strictly relatable previous year figures.).
Profits
Earnings before Depreciation Interest and Taxes (EBDIT) have been increased by Rs.
677.3 Lakh from Rs. (429.24) Lakh to Rs. 248.06 Lakh in FY 2022-23, increased approx. by
500%. Profit before Tax (PBT) increase by Rs. 762.31 Lakh from Rs. (665.85) Lakh to Rs.
96.46 Lakh in FY 2022-23, increased approx. by 700%. Profit after Tax (PAT) increase by
Rs. 747.33 Lakh from Rs. (646.11) Lakh to Rs. 101.22 Lakh in FY 2022-23, increased approx.
by 750%. Members are aware that changes were introduced by your directors in marketing
strategy a few years back and since then performance of the Company is improving, which
have resulted in strengthening the financial +position of the Company. The encouraging
results are before you. Your Company has done very well even during the depression in the
country and overseas market.
DIVIDEND:
With a view to plough back the profits for better working of the company, your
directors do not recommend any Dividend for the year. This will also result in strong
capital base of the Company.
TRANSFER TO RESERVES
The company do not transfer any amount from Profit & Loss Account to General
Reserve.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to Section 124 and 125 of the Companies Act, 2013 ("The Act") read
with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules,2016 ("The Rules"), all unpaid or unclaimed dividends are required
to be transferred by the Company to the Investor Education and Protection Fund (IEPF)
established by the Central Government, after completion of seven years. Further, according
to the Rules, the shares in respect of which dividend has not been paid or claimed by the
Members for seven consecutive years or more shall also be transferred to the demat account
created by the IEPF Authority.
In the interest of the shareholders, the Company sends periodical reminders to the
shareholders to claimtheir dividends in order to avoid transfer of dividends/shares to
IEPF Authority.The Company had also advertised in the newspapers seeking action from the
Members who have not claimed their dividends for seven consecutive years or more.
Accordingly, the Company has transferred such unpaid or unclaimed dividends and
corresponding shares up to the Dividend for the Financial Year ended 31 March 2015. In
light of the aforesaid provisions, the Company has during the year under review,
transferred to IEPF the unclaimed dividends, outstanding for 7 consecutive years, of the
Company, Further, shares of the Company, in respect of which dividend has not been claimed
for 7 consecutive years or more from the date of transfer to unpaid dividend account, have
also been transferred to the demat account of IEPF Authority. The details of unclaimed
dividends and shares transferred to IEPF during FY 2023 are as follows:
Financial year |
Amount of unclaimed dividend transferred (In Rs. lakh) |
Number of shares transferred |
| 2014 |
1.69 Lakh |
24,875 |
TOTAL |
1.69 Lakh |
24,875 |
Members/claimants whose shares, unclaimed dividend, have been transferred to the IEPF
Demat Account or the Fund, as the case may be, may claim the shares or apply for refund by
making an application to the IEPF Authority in Form IEPF-5 (available on
http://www.iepf.gov.in) along with requisite fee as decided by the IEPF Authority from
time to time. The Member/claimant can file only one consolidated claim in a Financial Year
as per the IEPF Rules. The Company will be transferring the Final Dividend and
corresponding shares for the Financial Year ended 31 March 2015 on or before 31 October
2021. Members are requested to ensure that they claim the dividends and shares referred
above, before they are transferred to the said Fund. Due dates for Transfer of Unclaimed
Dividend to IEPF are provided in the Report on Corporate Governance. Details of
shares/shareholders in respect of which dividend has not been claimed, are provided on our
website at www.supercropsafe.com The shareholders are therefore encouraged to verify their
records and claim their dividends of all the earlier seven years, if not claimed.
CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of the business during the financial year
2022-23.
DEPOSITS
The Company has not accepted any Deposits, within the meaning of section 73 and 74 of
the Act read with the Companies (Acceptance of Deposits) Rules, 2014 during the year under
review, hence it is not required to comply with the requirement under the Companies
(Accounts) Rules, 2014.
CHANGE IN SHARE CAPITAL
During the year 2022-23, there were No Changes in Share Capital of the Company.
DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENT RIGHTS
The company has not issued any equity shares with differential voting rights during the
financial year and it is therefore not required to make disclosures specified in Rule 4
(4) of Companies (Share Capital and Debenture) Rules, 2014.
DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES
The company has not issued any Sweat Equity Shares during the financial year and it is
therefore not required to make disclosures specified in Rule 8 (13) of Companies (Share
Capital and Debenture) Rules, 2014.
DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTION
The company has not issued any shares under Employee Stock Option Scheme during the
financial year and it is therefore not required to make disclosures specified in Rule 12
(9) of Companies (Share Capital and Debenture) Rules, 2014.
EXTRACT OF ANNUAL RETURN
The Annual return pursuant to section 92(3) of the Companies Act, 2013 is available on
the website of the Company, www.supercropsafe.com.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS AND AUDIT COMMITTEE
A calendar of Meetings was prepared and circulated in advance to the Directors.
During the year under review Five Board Meetings were held on 30thMay, 2022,
13th August, 2022, 29th August, 2022, 14th November, 2022
and 01st February, 2023 respectively and one Independent Directors meeting was
held on 01st February, 2023 and Four Audit Committee Meetings were convened on
30thMay, 2022, 13th August, 2022, 14th November, 2022 and
01st February, 2023 respectively. The intervening gap between the Meetings was
within the period prescribed under the Companies Act, 2013.
PARTICULARS OF LOAN, GUARANTEES AND INVESTMENT
Particulars of loans given, investments made, guarantees given and securities provided
along with the purpose for which the loan or guarantee or security is proposed to be
utilized by the recipient are provided in the financial statement (Please refer to Note to
the financial statement).
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY ANNEXURE-1
Pursuant to provision of Section 188 of the Companies Act, 2013 all the related party
transactions entered into during the financial year under review were in ordinary course
of business and on an arms length basis. There were no materially significant
transactions with related parties during the financial year which were in conflict with
the interest of the Company. Accordingly, information in form AOC-2 is not annexed.
All Related Party Transactions are placed before the Audit Committee and the Board for
approval. Prior omnibus approval of the Audit Committee is obtained for the transactions
which are of a foreseen and repetitive nature. The transactions entered into pursuant to
the omnibus approval so granted are placed before the Audit Committee and the Board of
Directors for their review and approval on a quarterly basis. Your attention is drawn to
the Related Party disclosures set out in Note no 35 of the Notes forming of the Account.
ISO AND OTHER CERTIFICATION
The Companys manufacturing facilities at Himatpura (Bilodra), Ta. Mansa, Dist:
Gandhinagar continue to be certified to the latest version of ISO 9001:2015, ISO
14001:2015, HACCP and GMP by leading International Certification Company. The Company is
also holding valid FSSAI, Organic Certificate and GPCB consents from Government
authorities. These certifications indicate our commitment in meeting in a sustainable
manner Global Quality, Environment, Health, and Safety Standards.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
A statement highlighting details of the conservation of energy, technology absorption,
and foreign exchange earnings and outgo, in accordance with section 134(3)(m) of the Act
read with the Companies (Accounts) Rules, 2014 is annexed hereto as Annexure III.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments affecting financial position of the
company which have occurred between the end of financial year and date of report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
During the year under review, Company does not have any subsidiary company and none of
the companies has become or ceased to be
Companys subsidiaries, joint ventures or associate companies.
REPORT ON THE PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURE COMPANIES
During the year under review, none of the companies have become or ceased to be
Companys subsidiaries, joint ventures or associate companies, therefore Report on the
performance and financial position of each of the subsidiaries, associates and joint
venture companies is not require to be given.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to Sections 149, 152 and other applicable provisions, if any, of the Companies
Act, 2013, one-third of such of the Directors as are liable to retire by rotation, shall
retire every year and, if eligible, offer themselves for re-appointment at every AGM. The
brief resume of the Directors being appointed/ reappointed, the nature of their expertise
in specific functional areas, names of companies in which they have held Directorships,
Committee Memberships/ Chairmanships, their shareholding etc., are furnished in the
explanatory statement to the notice of the ensuing AGM. Pursuant to the provisions under
Section 134(3)(d) of the Companies Act, 2013, with respect to statement on declaration
given by Independent Directors under Section 149(6) of the Act, the Board hereby confirms
that all the Independent Directors of the Company have given a declaration and have
confirmed that they meet the criteria of independence as provided in the said Section
149(6).
Key Managerial Personnel
The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the
Companies Act, 2013 are as follows: Mr. Nishant Nitinbhai Patel : Managing Director Mr.
Ishwarbhai Baldevdas Patel : Chairman and Whole Time Director Mr. Ambalal Baldevdas Patel
: Executive Director Mr. Ishwarbhai Baldevdas Patel : CEO Mr. Nishant Nitinbhai Patel :
CFO Ms. Hiral M Patel : Company Secretary During the year under review there was no change
in the office of any KMP.
Declaration by Independent Director
As per the requirements of the Companies Act, 2013, the company being a listed company
require to appoint independent Directors. Therefore, requirement for obtaining Declaration
by the Independent Directors pursuant to section 149 (6) Companies Act, 2013 is applicable
to the Company. List of the Independent directors:
1) Mr. Radhakrishna Naraparaju
2) Ms. Kalpanaben Jigneshbhai Pandya
3) Mr. Mahendrasingh Rao
The Independent Directors have submitted the declaration of Independence, as required
pursuant to Section 149(7) of the Companies Act, 2013 stating that they meet the criteria
of independence as provided in sub section (6) and Regulation 16 (b) of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) read with section 134(5) of the
Companies Act, 2013, the Board of Directors states that:
1) in the preparation of the annual financial statements for the year ended March 31,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
2) such accounting policies have been selected and applied consistently and judgement
and estimates have been 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.
3) proper and sufficient care has been taken 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;
4) the annual financial statements have been prepared on a going concern basis;
5) proper internal financial controls were in place and that the financial controls
were adequate and were operating effectively;
6) Systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
INDUSTRIAL RELATIONS
Our employees are the most valuable assets of the Company. We encourage innovation,
meritocracy and the pursuit of excellence. The human resource development function of the
Company is guided by a spirit of corporate team building and dedication towards
strengthening the Companys systems thereby improving efficiencies and registering growth.
All personnel continue to have a healthy, cordial and harmonious approach in problem
solving and enhancing Company value at all levels. Despite uncertain economic conditions,
the enthusiasm and unstinting efforts of the employees have enabled the Company to
maintain leadership in its business areas. The relationship with the workmen and staff
remained cordial and harmonious during the year and the management received full
cooperation from the employees. During the year, extensive training and developmental
activities were undertaken, both in-house and out-bound for the employees. Various
efficiency and quality improvement initiatives, including some functional and behavioural
training programs were undertaken. The total number of employees as on 31st March, 2023
was 60.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule, 5 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees
of the Company, will be provided upon request. In terms of Section 136 of the Act, the
Report and Accounts are being sent to the Members and others entitled thereto, excluding
the information on employees particulars which is available for inspection by the Members
at the Registered Office of the Company during business hours on working days of the
Company up to the date of the ensuing Annual General Meeting. If any Member is interested
in obtaining a copy thereof, such Member may write to the Company Secretary in this
regard.
MANAGERIAL REMUNERATION
The Company believes its employees are its biggest assets and aligns its compensation
and benefits towards rewarding employees in line with its Rewards policy. The Company
focuses on being market aligned as well as differentiate basis performance to drive a
high-performance culture. The Company believes that by means of the variable pay plan the
Company is able to link a portion of compensation to the individual and business
performance which creates a strong positive reinforcement. It also ensures that the
employees of the Company are rewarded only when the shareholders goals are met. The
Companys variable pay plan, therefore, links the variable pay to both individual
performance and business results such as sales growth and operating profits. The company
believes in balancing the competitiveness of pay as well as sustainability of the
associated costs for the organization. The salary increases for this year were aimed at
maintaining the pay competitiveness with market as well as performance of the Company. The
information required pursuant to Section 197 read with Rule, 5 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees
of the Company and Directors, is attached herewith as Annexure II.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING
THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
The Company has not received any significant and material orders passed by the
Regulators or Courts or Tribunals impacting the going concern status and Companys
operations in Future.
INSURANCE
The Company has taken adequate insurance to cover the risks to its people, plants and
machineries, buildings and other assets.
RISK MANAGEMENT POLICY
The Company has taken sufficient insurance for the properties against risks of fire,
strike, riot and earthquake. All the Assets of the company including Inventories,
Buildings, and Machinery are adequately insured. The Company has laid down a Risk
Management Policy and identified threat of such events which if occurs, will adversely
affect either/or, value to shareholders, ability of Company to achieve objectives, ability
to implement business strategies, the manner in which the Company operates and reputation
as "Risks". Further such Risks are categorized in to Strategic Risks, Operating
Risks & Regulatory Risks. A detailed exercise is carried out to identify, evaluate,
manage and monitoring all the three types of risks.
ANNUAL PERFORMANCE EVALUATION
In compliance with the provisions of the Companies Act 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the performance evaluation was
carried out as under:
Board
In accordance with the criteria suggested by The Nomination and Remuneration Committee,
the Board of Directors evaluated the performance of the Board, having regard to various
criteria such as Board composition, Board processes, Board dynamics etc. The Independent
Directors, at their separate meetings, also evaluated the performance of the Board as a
whole based on various criteria. The Board and the Independent Directors were of the
unanimous view that performance of the Board of Directors as a whole was satisfactory.
Committees of the Board
The performance of the Audit Committee, the Nomination and Remuneration Committee and
the Stakeholders Relationship Committee was evaluated by the Board having regard to
various criteria such as committee composition, committee processes, committee dynamics
etc. The Board was of the unanimous view that all the Committees were performing their
functions satisfactorily and according to the mandate prescribed by the Board under the
regulatory requirements including the provisions of the Act, the Rules framed there under
and the Listing Agreement/ SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Individual Directors
1) Independent Directors: In accordance with the criteria suggested by The
Nomination and Remuneration Committee, the performance of each independent director was
evaluated by the entire Board of Directors (excluding the director being evaluated) on
various parameters like preparedness, participation, value addition, focus on governance
and communication. The Board was of the unanimous view that each independent director was
brought his / her rich experience to the deliberations of the Board. The Board also
appreciated the contribution made by all the independent directors in guiding the
management in achieving higher growth and concluded that continuance of each independent
director on the Board will be in the interest of the Company.
2) Non-Independent Directors: The performance of each of the non-independent
directors (including the Chairperson) was evaluated by the Independent Directors at their
separate meeting. Further, their performance was also evaluated by the Board of Directors.
The various criteria considered for the purpose of evaluation included transparency,
business leadership, people leadership, focus on governance, communication, preparedness,
participation and value addition. The Independent Directors and the Board were of the
unanimous view that each of the non-independent directors was providing good business and
people leadership.
CORPORATE SOCIAL RESPONSIBILITY
Under Section 135 of the Companies Act, 2013 the provision of Section 135 (1) is
applicable to the company, about formation of Corporate Social Responsibility Committee
from the financial year 2018-19. During the year under review, as per Section 135 (1) of
the Companies Act, 2013, Company constituted a CSR Committee. The Committee looks after
implementation and monitoring of the CSR policy are in compliance with CSR objectives and
CSR policy of the Company. Nishant N Patel as the Chairman, Mr. Ishwarbhai B Patel and Ms.
Kalpanaben J Pandya as the other two members. During the Financial year 2022-23, Committee
met for One time on 01st February, 2023 and the same was attended by all the
members. The committee finalized a policy for the purpose of activities to be carried out
for CSR and decided to explore the proper channel through which the activities can be
carried out and necessary amount could be spent. During the year, the company is no
requiring spending any amount towards CSR.
AUDIT COMMITTEE
The Company has constituted the audit committee as per requirement of section 177 of
the Companies Act, 2013 read with rule (6) of the Companies (Meetings of Board and its
Powers) Rules,2014 and Regulation 18 of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 being a Listed company. During the year under review, the
board has accepted all recommendations of audit committee and accordingly no disclosure is
required to be made in respect of non-acceptance of any recommendation of the audit
committee by the Board.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The Company has constituted the Stakeholders Relationship Committee as per requirement
of Section 178(5) of the Act, and Regulations 20 of the Listing Regulations being a listed
company. The Committee comprises of Ms. Kalpanaben J Pandya as the Chairperson, an
Independent Director, Mr. Ishwar Bhai B Patel and Mr. Nishant N Patel as the other two
members. The Committee inter alia, looks into redressing the grievances of the Security
holders of the Company viz. non-receipt of transferred shares and non- receipt of
dividend, among others. During the Financial Year2021-2022, the Committee met for four
times on 30thMay, 2022, 13th August, 2022, 14thNovember,
2022 and 01st February, 2023 and the same was attended by all the members of
the Committee.
VIGIL MECHANISM
As per provisions of section 177(9) of the Act read with regulation 22(1) of Listing
Regulations, the Company is required to establish an effective vigil mechanism for
directors and employees to report genuine concerns. The Company has a policy for
prevention, detection and investigation of frauds and protection of whistle-blowers
("Whistle-blowers Policy") in place. Detailed policy for Whistle blower is
available at www.supercropsafe.com.
NOMINATION AND REMUNERATION COMMITTEE
The company has constituted Nomination and Remuneration Committee pursuant to section
178 of the Companies Act, 2013 read with rule (6) of the Companies (Meetings of Board and
its Powers) Rules, 2014 being a listed company. The Committee comprises of all independent
directors, Ms. Kalpanaben J Pandya as the Chairperson, Mr. Mahendra Singh Rao and Mr. N.
R. Krishna as the other two members. The Board has, on the recommendation of the
Nomination & Remuneration Committee framed a policy for selection and appointment of
Directors, Senior Management and their remuneration. During the year under review the
there are One meeting of the Committee Members held on 01st February, 2023.
CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS
Your Company has put in place governance practices as prevalent globally. The Corporate
Governance Report and the Auditors Certificate regarding compliance of conditions of
Corporate Governance are made part of the Annual Report.
ENVIRONMENTAL HEALTH, SAFETY AND PROTECTION
The Company gives highest importance to Health, Safety and Environment, and encourages
and promotes safety awareness in true letter and spirit as an integral part of its work
culture. Process Safety Management is an integral part of all changes taking place in the
process. Onsite emergency plans have been reviewed and updated by all divisions. Periodic
mock drills are conducted at various divisions and reports indicate improved preparedness
of employees. To further strengthen the safety of overall operations and to promote a
positive safety culture and transparency, your Company has introduced site specific
Behavioural Based Safety process at all its manufacturing locations and substantially
invested for the improvement of process safety. Apart from employees, the contractors and
workmen are also given exhaustive training on safety, first-aid and fire-fighting. A green
belt in and around the factory premises has been maintained to enhance eco-friendliness.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there
under. During the year, no complaint with allegations of sexual harassment was received by
the Company and hence no complaints remain pending as of 31 March, 2023.
STATUTORY AUDITORS
At the Annual General Meeting held on September 30, 2022, M/s. Parimal S. Shah &
Co., Chartered Accountants (Firm Registration No. 107591W), were appointed as
statutory auditors of the Company, to hold office till the conclusion of the Annual
General Meeting to be held in financial year 2026-27 (40thAGM). In terms of the
first proviso to Section 139 of the Companies Act, 2013, the appointment of the auditors
shall be placed for ratification at every Annual General Meeting. Accordingly, appointment
of M/s Parimal S. Shah & Co., Chartered Accountants as
Statutory Auditor of the Company, is placed for ratification by the shareholders"
The Auditors Report for fiscal 2022 does not contain any qualification, reservation or
adverse remark.
AUDITORS REPORT
The observations made by the auditors in their report read with the relevant notes as
given in the notes to the financial statements for the year ended 31st March
2023 are self-explanatory and are devoid of any reservation, qualification or adverse
remarks.
SECRETARIAL AUDIT REPORT
Pursuant to the 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 SPANJ & Associates, a firm of Company Secretaries in Practice to
undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as
"Annexure -V".
COST AUDITOR
Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost
Records and Audit) Amendment Rules, 2014 is not applicable to the company for the year
under review.
INTERNAL CONTROL SYSTEM AND ADEQUACY
The Company has established and maintained adequate internal control framework in line
with the Internal Financial Controls ("IFC") requirement within the meaning of
the explanation to Section 134(5)(e) of the Companies Act, 2013 including financial
controls based on the internal control over financial reporting criteria established by
the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (ICAI). The Company has documented
procedures covering all financial and operating functions. These controls have been
designed to provide a reasonable assurance with regard to maintaining of proper accounting
controls, monitoring of operations, protecting assets from unauthorised use or losses,
compliances with regulations and for ensuring reliability of financial reporting. The
Company has continued its efforts to align all its processes and controls with global best
practices in these areas as well. The scope and authority of the Internal Audit (IA)
function is defined in the Internal Audit Charter. To maintain its objectivity and
independence, the Internal Auditor places Internal Audit reports before the Board of
Directors. The Internal Auditor monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company. Audit Committee of the Board of
Directors regularly reviews the audit plans, significant audit findings, adequacy of
internal controls, compliance with accounting standards as well as reason for changes in
accounting policies and practices, if any. Based on the report of Internal Auditor,
process owners undertake corrective action in their respective areas and thereby
strengthen the controls. Significant Audit observations and corrective actions thereon are
presented before the Board.
COMPLIANCE WITH SECRETARIALSTANDARDS ON BOARD AND GENERALMEETINGS
During the Financial Year, your Company has complied with applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.
INFORMATION ON COMPANYS SHARE PERFORMANCE
The market capitalisation of the Company has decreased by 25.54% Rs. 18.50 Cr against
March 31, 2022 Rs. 24.85 Cr. EPS as on March 31, 2023 stands at Rs. 0.25 against Rs.
(1.62) as on closing date of last Financial Year. The PE ration as on March 31, 2023
stands at 18.4 against (3.81) as on closing date of last Financial Year.
ACKNOWLEDGEMENT
Your directors place on records their gratitude to the Central Government, State
Governments and Companys Bankers for the assistance, cooperation and encouragement they
extended to the company. We also thank our customers, vendors, dealers, investors and
business partners for their continued support during the year which made the Company grow
successfully. We also place on record our appreciation of the contribution made by our
employees at all levels. Our consistent growth was made possible by their hard work,
solidarity, co-operation and support.
For, SUPER CROP SAFELIMITED |
|
Date: 29/08/2023 |
|
ISHWARBHAI B. PATEL |
NISHANT N. PATEL |
Chairman |
Managing Director |
[DIN: 00206389] |
[DIN: 09105449] |
+91-9892691696
