To,
The Members,
Your Directors are pleased to present the 11th Annual Report
on the business and operations of the Company together with the Audited Financial
Statements for the Financial Year ended 31st March, 2023.
FINANCIAL HIGHLIGHT
The table below depicts the financial performance of your Company for
the Financial Year ended 31st March, 2023.
( in Lakhs)
| Particulars |
2022-23 |
2021-22 |
| Net Revenue from Operations (A) |
72,981.83 |
63,363.32 |
| Other Income (B) |
319.77 |
159.58 |
| Total Revenue (A) + (B) |
73,301.60 |
63,522.90 |
| Earnings before Interest, Tax, Depreciation and Amortization
(EBITDA) |
5,320.06 |
3,202.27 |
| Finance Costs |
371.39 |
374.26 |
| Depreciation and Amortization Expense |
481.90 |
497.42 |
| Profit before Tax (PBT) |
4,466.77 |
2,330.59 |
| Tax expense |
1,136.58 |
558.60 |
| Profit after Tax (PAT) |
3,330.19 |
1,771.99 |
STATE OF COMPANYS FINANCIAL AFFAIRS
Your Company has achieved total revenue 73,301.60 Lakhs as compared
to 63,522.90 Lakhs in the previous year due to higher finished products
realization thus increasing the revenue by more than 15%.The net Profit Before Tax was
almost doubled as compared to previous year due better operational efficiency and
favorable market conditions and better capacity utilization.
MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY, HAVING OCCURRED SINCE THE END OF THE YEAR TILL THE DATE OF THIS
REPORT
No material changes and commitments affecting the financial position of
the Company have occurred during the Financial Year and the date of this report.
FUTURE OUTLOOK
The Steel Sector is performing well and momentum is likely to continue
in next few quarters, your Company has made strategic investment in the Greenfield project
of Giridhan Metal Private Limited which has started production of steel and very soon will
start full scale production which will bring good returns for the investment made and the
Company would like to raise its stake at an appropriate and opportune time and is hopeful
of generating good cash flows from the project in near future. Your Company is also
exploring possibilities of expansion in terms of capacity addition of value added products
to better utilize its reserves.
NATURE OF BUSINESS
Your Company is into the manufacturing of diversified products of
secondary Steel through Induction Furnace route and currently operating a Steel Melting
Section to produce semi-finished product (i.e. Billet) and Rolling Mill Section to produce
Wire Rods, HB Wires, and Binding Wires etc. There has been no change in the nature of
business of the Company during the Financial Year.
DIVIDEND
The Board of Directors has recommended a Dividend of 1 per Equity
Share having face value of 10 each @ 10% subject to the approval of the Members at the
ensuing Annual General Meeting ("AGM"), payable to those Shareholders whose
names appear in the Register of Members as on the Book Closure/Record Date. In the
previous year, the Company had paid 1 per Equity Share having face value of 10 each @
10%.
Pursuant to the requirements of Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("LODR"), the Dividend Distribution Policy is not applicable to our
Company.
CREDIT RATING
Credit Rating of the Company is ‘BBB+ Outlook: Stable for
Long Term Bank Facilities and ‘A2 for Short Term Bank Facilities as assigned by
CARE Ratings Limited.
DEMATERIALISATION OF EQUITY SHARES
All the Equity Shares of the Company are in Dematerialized Form with
either of the depositories viz. NSDL and CDSL. The ISIN No. allotted is INE00SY01011.
TRANSFER TO RESERVES
The Company has not transferred any amount to the General Reserve for
the Financial Year ended 31st March, 2023.
FINANCE
Cash and cash equivalents as at 31st March, 2023 were
1,345.09 Lakhs. The Company continues to focus on judicious management of its Working
Capital, Receivables, and Inventories. Other Working Capital parameters were kept under
strict check through continuous monitoring.
SHARE CAPITAL
During the year under review, there was no change in Capital Structure
of the Company. The Authorized Share Capital of the Company is 15,00,00,000. The Paid-Up
Equity Share Capital of the Company is 11,52,52,780. The Shares of the Company are
listed on the SME platform of BSE Limited.
During the year under review, your Company has neither issued any
shares with differential voting rights nor has granted any stock options or sweat equity.
The Company has paid Listing Fees for the Financial Year 2023-24, to the Stock Exchange,
where its Equity Shares are listed.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Board of Directors:
DuringtheYear,theBoardofDirectorsoftheCompanyhasMr. Vijay Kumar
Bhandari, Mr. Tuhinanshu Shekhar Chakrabarty and Mrs. Bhawna Khanna as the Independent
Directors. The Company has received the necessary declaration from each Independent
Director of the Company under Section 149(7) of the Companies Act, 2013 (the Act) that
they meet with the criteria of their Independence laid down in Section 149(6) of the Act.
In terms of Section 152 of the Companies Act, 2013 Mr. Dilipp Agarwal (DIN: 00343856)
Director of the Company is liable to retire by rotation at the forthcoming Annual General
Meeting and being eligible, offered himself for re-appointment. The Board confirms that
none of the Directors of the Company is disqualified from being appointed as Director in
terms of Section 164 of the Companies Act, 2013 and necessary declaration has been
obtained from all the Directors in this regard. Below Table mentions the List of
Directors and Key Managerial Personnel as on the date of this report:-
| Sl. No. Name of the Director |
Designation |
| 1. Mr. Dilipp Agarwal |
Chairman & Non- Executive Director |
| 2. Mr. Sudipto Bhattacharyya |
Whole-Time Director |
| 3. Mr. Deepak Agarwal |
Non - Executive Director |
| 4. Mr. Vijay Kumar Bhandari |
Independent Director |
| 5. Mr. Tuhinanshu Shekhar Chakrabarty |
Independent Director |
| 6. Mrs. Bhawna Khanna |
Independent Director |
| 7. Mr. Shyam S. Somani |
Chief Financial Officer |
| 8. Mr. Navin Agarwal |
Company Secretary |
Meetings of the Board:
During the Financial Year 2022-23, total of Four Meetings of the Board
of Directors were held on; 27-05-2022; 05-08-2022; 14-11-2022 and 01-03-2023. The maximum
time-gap between any two consecutive Meetings did not exceed 120 days.
The names of Members of the Board, their attendance at the Board
Meetings are as under:
| Sl. No. Name of the Director |
Number of Meetings attended |
| 1. Mr. Dilipp Agarwal (Chairman & Non-Executive Director) |
3/4 |
| 2. Mr. Sudipto Bhattacharyya ( Whole-Time Director ) |
4/4 |
| 3. Mr. Deepak Agarwal (Non-Executive Director) |
3/4 |
| 4. Mr. Vijay Kumar Bhandari (Independent Director) |
3/4 |
| 5. Mr. Tuhinanshu Shekhar Chakrabarty (Independent Director) |
4/4 |
| 6. Mrs. Bhawna Khanna (Independent Director) |
4/4 |
COMMITTEES OF THE BOARD
There are Four Board Committees as on 31st March, 2023 viz.
Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility
Committee and Stakeholder Relationship Committee.
Audit Committee:
The Board has constituted the Audit Committee. The Board of Directors
has accepted all the recommendations given by Audit Committee during the Financial Year
2022-23. During the Financial Year, Four Audit Committee Meeting took place dated
27-05-2022; 05-08-2022; 14-11-2022 and 01-03-2023. The composition and attendance of the
Members at the Committee Meetings held during the year under review was as below:
| Sl. No. Name of the Members |
Number of Meetings attended |
| 1. Mr. Vijay Kumar Bhandari (Chairman) |
3/4 |
| 2. Mr. Deepak Agarwal (Member) |
3/4 |
| 3. Mr. Tuhinanshu Shekhar Chakrabarty (Member) |
4/4 |
| 4. Mrs. Bhawna Khanna (Member) |
4/4 |
Nomination and Remuneration Committee:
The Board has constituted the Nomination and Remuneration Committee.
The Nomination and Remuneration Committee had Three Meeting during the Financial Year
dated 27-05-2022; 05-08-2022 and 01-03-2023. The composition and attendance of the Members
at the Committee Meeting held during the Financial Year under review was as below:
| Sl. No. Name of the Members |
Number of Meetings attended |
| 1. Mr. Vijay Kumar Bhandari (Chairman) |
3/3 |
| 2. Mr. Deepak Agarwal (Member) |
3/3 |
| 3. Mr. Tuhinanshu Shekhar Chakrabarty (Member) |
3/3 |
Corporate Social Responsibility Committee:
TheBoardhasconstitutedtheCorporateSocialResponsibility Committee. The
Corporate Social Responsibility Committee had One Meeting during the Financial Year dated
27-05-2022. The composition and attendance of the Members at the Committee Meeting held
during the Financial Year under review was as below:
| Sl. No. Name of the Members |
Number of Meetings attended |
| 1. Mr. Sudipto Bhattacharyya (Chairman & Whole-Time
Director) |
1/1 |
| 2. Mr. Dilipp Agarwal (Member) |
0/1 |
| 3. Mr. Tuhinanshu Shekhar Chakrabarty (Member) |
1/1 |
Stakeholder Relationship Committee:
The Board has constituted the Stakeholder Relationship Committee. The
Stakeholder Relationship Committee had One Meeting during the Financial Year dated
27-05-2022. The composition and attendance of the Members at the Committee Meeting held
during the Financial Year under review was as below:
| Sl. No. Name of the Members |
Number of Meetings attended |
| 1. Mr. Deepak Agarwal (Chairman) |
1/1 |
| 2. Mrs. Bhawna Khanna (Member) |
1/1 |
| 3. Mr. Sudipto Bhattacharyya (Member) |
1/1 |
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
In accordance with Section 178 of the Companies Act, 2013 and other
regulations as applicable. The Board of Directors has framed the policy which lays down a
framework in relation to Remuneration of Directors, Key Managerial Personnel and Senior
Management of the Company. This policy also lays down criteria for selection and
appointment of Board Members. The Nomination and Remuneration Policy is available
on the Companys website www. supershaktimetaliks.com.
BOARD EVALUATION
The Companies Act, 2013 and Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 mandates that the Board has
carried out an Annual Evaluation of its own performance, Board Committees and individual
Directors pursuant to the provisions of the Act. The performance of the Board was
evaluated by the Board and after seeking inputs from all the Directors based on the
criteria such as the Board composition and structure, effectiveness of Board processes,
information flow, frequency of meetings and functioning etc. The performance of the
Committees was evaluated by the Board and after seeking input from the Committee Members.
The Board and the Nomination and Remuneration Committee reviewed the performance of the
individual Directors based on the criteria such as the contribution of the individual
Director to the Board and Committee Meetings. The Chairman was also evaluated on the key
aspects of his role. In a separate Meeting of Independent Directors, performance of the
Board as a whole and performance of the Chairman was evaluated.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013
The Company has adopted policy on prevention of Sexual Harassment of
Women at Workplace in accordance with The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The details of the Policy are posted on
the website of the Company www.supershaktimetaliks.com. The Company has set up Internal
Complaints Committee (ICC) to redress the complaints in accordance with the provisions of
the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and ICC has not received any complaints during Financial Year ended 31st
March 2023.
HUMAN RESOURCES
Your Company considers its Human Resources the key to achieving its
objectives. Keeping this in view, your Company takes utmost care to attract and retain
quality employees. The employees are sufficiently empowered, and such work environment
propels them to achieve higher levels of performance. The unflinching commitment of the
employees is the driving force behind the Companys vision. Your Company appreciates
the spirit of its dedicated employees.
VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
Your Company is committed to the highest standards of ethical, moral
and legal business conduct. Accordingly, the Board of Directors has formulated a Whistle
Blower Policy which is in compliance with the provisions of Section 177(10) of the
Companies Act, 2013. Employees can raise concerns regarding any discrimination,
harassment, victimization, any other unfair practice being adopted against them or any
instances of fraud by or against your Company. It also provides for adequate safeguards
against the victimization of Employees who avail of the mechanism and allows direct access
to the Chairman of the Audit Committee in exceptional cases.
The details of the Policy are posted on the website of the Company
www.supershaktimetaliks.com.
RISK MANAGEMENT POLICY
The Company has a risk management policy which covers risk associated
with financial assets and liabilities and identifies therein elements of risk, which in
the opinion of the Board may threaten the existence of the Company. The details of the
Policy are posted on the website of the Company www.supershaktimetaliks.com.
POLICY ON PRESERVATION OF THE DOCUMENTS
The Company has formulated a Policy pursuant to Regulation 9 of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 on Preservation of the Documents to ensure safekeeping of the records
and safeguard the Documents from getting manhandled, while at the same time avoiding
superfluous inventory of Documents. The details of the Policy are posted on the website of
the Company www.supershaktimetaliks.com.
POLICY ON CRITERIA FOR DETERMINING MATERIALITY OF EVENTS
The Policy is framed in accordance with the requirements of the
Regulation 30 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
The details of the Policy are posted on the website of the Company
www.supershaktimetaliks.com.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the Financial Year under review, all the Related Party
Transactions were in the Ordinary Course of the business and at Arms Length Basis
and hence provisions of Section 188 of the Companies Act, 2013 is not applicable. Related
Party Transactions were placed before the Audit Committee for their approval. Related
Party Transactions under India Accounting Standard–24 (IND-AS-24) are disclosed in
the notes to the Financial Statement in Note No. 44. Related Party Transactions are
disclosed in Annexure-1 in Form AOC-2 pursuant to clause (h) of Sub Section
(3) of Section 134 read with Rule 8(2) of Companies (Accounts) rules, 2014 for which
necessary Members approval are in place. The details of the Policy are posted on the
website of the Company www.supershaktimetaliks.com.
CORPORATE SOCIAL RESPONSIBILITY
As part of the Corporate Social Responsibility initiative the Company
has spent an amount of 41.27 Lakhs towards the various CSR activities during the
Financial Year 2022-23. Details of CSR Activity Report are provided in Annexure-2.
The details of the Policy are posted on the website of the Company
www.supershaktimetaliks.com.
AUDITORS AND AUDITORS REPORT Statutory Auditor:
The Shareholders of the Company at their 9th Annual General
Meeting (AGM), held on 29th September 2021 have appointed Singhi & Co.
Chartered Accountants, Kolkata (FRN: ICAI – 302049E) as the Statutory Auditor
of the Company, for a period of five years i.e. from the conclusion of 09th AGM
till the conclusion of 14th AGM. The Companies Amendment Act, 2017 has done
away with the ratification of Auditors appointment and the auditors have confirmed
that they are not disqualified from continuing as Auditors of the Company. The Notes on
Financial Statement referred to in the Auditors Report are self-explanatory and do
not call for any further comments. The Auditors Report does not contain any
qualification, reservation or adverse remark.
Internal Auditor:
The Board, at its Meeting held on 05th August, 2022, has
appointed Mr. Krishna Kumar Gupta (Assistant-Manager Audit) for conducting Internal
Audit of the Company for Financial Year 2022-23 and onwards. The Companys Internal
Audit system has been continuously monitored and updated to ensure that assets are
safeguarded, established regulations are complied with and pending issues are addressed
promptly.
Internal Audit Controls and their Adequacy:
The Companys Internal Audit is being carried on by internal Audit
department of the Company. The main thrust of Internal Audit is to test and review
controls, appraisal of risks and business processes, besides benchmarking controls with
best practices in the Industry. Based on the Internal Audit Reports, process owner takes
corrective actions in their respective areas and thereby strengthens the controls. The
Report is presented before the Audit Committee for review at regular intervals. Your
Company has an effective Internal Control and Risk-Mitigation System, which are constantly
assessed and strengthened. New/revised standard operating procedures are being adopted for
ensuring the orderly and efficient conduct of its business, including adherence to
Companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors. The Companys Internal Control System is commensurate with its
size, scale and complexities of its operations and is capable for the timely preparation
of reliable financial information. The Internal Audit department monitors and evaluate the
efficiency and adequacy of the Internal Control System in the Company. Significant audit
observations and recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
requires every Listed Company to annex to its Boards report, a Secretarial Audit
Report, given in the prescribed form, by a Company Secretary in practice. The Board had
appointed M & A Associates, Kolkata a firm of Company Secretaries bearing Firm
unique Code P2019WB076400, as the Secretarial Auditor to conduct Secretarial Audit of the
Company for the Financial Year 2022-23 and their Report is annexed to this report Annexure-3.
There are no qualifications, observations, adverse remark or disclaimer in the said
Report.
Cost Auditor:
Pursuant to Section 148 of the Companies Act, 2013 read together with
the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the
Company is required to carry out audit of the cost accounting records of the Company for
every Financial Year. The Cost Audit report of your Company for the Financial Year ended
31st March 2022 was filled on 13th October, 2022. The Auditors
Report does not contain any qualification, reservation or adverse remark. Cost records as
required to be maintained by the Company pursuant to an order of the Central Government
are maintained.
The Board of Directors of the Company has on the recommendation of the
Audit Committee, approved the appointment of S Chhaparia & Associates, Cost
Accountants, (Firm Registration No. 101591) Kolkata, for the Financial Year ending 31st
March, 2024 the remuneration proposed to be paid to them for the Financial Year 2023-24
requires ratification of the Shareholders of the Company. In view of this, the Board
recommends the ratification for payment of remuneration to the Cost Auditor at the ensuing
Annual General Meeting.
None of the Auditors of the Company have reported any fraud during the
Financial Year under review.
PARTICULARS OF EMPLOYEES
Your Directors place on record their deep appreciation for the
contribution made by the Employees of the Company at all levels. The information on
Employees particulars as required under Section 197(12) of the Companies Act, 2013 read
with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 (as amended), is forming part of this Boards Report as Annexure-4.
There are no Employees drawing remuneration in excess of the limits prescribed under Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
CORPORATE GOVERNANCE
As per Regulation 27 of Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 relating to Corporate
Governance is not applicable to the Company listed on the SME platform (BSE). Hence the
Company is not required to disclose information as covered under Para (C), (D) and (E) of
Schedule V of Securities Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. As per Para (F) of Schedule V of Securities Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the
Company do not have and is not required to have the Demat Suspense Account neither
Unclaimed Suspense Account.
PUBLIC DEPOSITS
During the Financial Year 2022-23, the Company has not accepted any
deposit within the meaning of Sections 73 and 76 of the Companies Act 2013, read together
with the Companies (Acceptance of Deposits) Rules, 2014.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Energy Conservation
(a) Use of LED Lights indoor and outdoor, LED lights reduces the Energy
Consumption at Outdoor and Indoor Lightning.
(b) Use of Direct Hot Rolling from CCM, by use of Direct Hot Rolling we
have saved furnace oil for reheating Billets.
(c) Use of CBM (Coal based Methane Gas) in reheating furnace in place
of oil furnace, natural gas reduces the energy cost of fuel.
B. Technology Absorption
Our Company is in the Manufacturing of MS Billet, HB Wire, TMT Bar and
MS Wire Rod. It had not taken any Research and Development during the year under review.
As such no expenditure has been incurred on Research and Development.
C. Foreign Exchange Earnings and Outgo
( in Lakhs)
| Details |
FY 2022-23 |
FY 2021-22 |
| Foreign Exchange earned in terms of actual inflows |
0.00 |
0.00 |
| Foreign Exchange outgo in terms of actual outflows |
2,079.49 |
2,232.34 |
Note: Actual payment during Financial Year 2023 is considered in
Financial Year 2022-23 as against Invoice value of Purchase during Financial Year 2022.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company is fully compliant with the applicable Secretarial
Standards (SS) viz. SS-1 & SS-2 on Meetings of the Board of Directors and General
Meetings respectively.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN
FUTURE
There were no significant and material Orders passed by the Regulators
or Courts or Tribunals impacting the going concern status and Companys operations in
future.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013
The Company has an investment of 4,930.06 Lakhs in Giridhan Metal
Private Limited an upcoming Iron and Steel Greenfield project also your Company has issued
Corporate Guarantee to Giridhan Metal Private Limited for setting up of 0.3 Million TPA
Integrated Steel Plant (ISP) at Jamuria Industrial Estate, Jamuria, Paschim Bardhaman,
West Bengal – 713344. During the Financial Year, your Company has provided
Inter-Corporate Unsecured Loans to Group Company and has earned interest as per Prevailing
Market Rate.
EMPLOYEES RELATIONS
The relationship with the staff and workers continued to be cordial
during the entire year. The Directors wish to place on record their appreciation of the
valuable work done and co-operation extended by them at all levels. Further, the Company
is taking necessary steps to recruit the required personnel from time to time.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Your Company did not have any funds lying Unpaid or Unclaimed for a
period of seven years. Therefore, there are no funds which are required to be transferred
to Investor Education and Protection Fund (IEPF).
CONSOLIDATION OF ASSOCIATES /JOINT VENTURES/ SUBSIDIARIES
As on the reporting day your Company do not have any Associate or Joint
Venture or Subsidiaries hence consolidation of accounts is not required.
INSIDER TRADING REGULATIONS
Based on the requirements under Securities Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992 read with Securities Exchange Board of
India (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the
code of conduct for prevention of Insider Trading and the Code for Fair Disclosure
("Code"), as approved by the Board from time to time, are in force by the
Company. The objective of this Code is to protect the interest of Shareholders at large,
to prevent misuse of any Price Sensitive Information and to prevent any Insider Trading
activity by dealing in Shares of the Company by its Directors, Designated Employees and
other Employees. The Company also adopts the concept of Trading Window Closure, to prevent
its Directors, Officers, Designated Employees and other Employees from trading in the
Securities of Supershakti Metaliks Limited at the time when there is Unpublished Price
Sensitive Information.
The details of the Policy are posted on the website of the Company
www.supershaktimetaliks.com.
MANAGEMENT DISCUSSION ANALYSIS
A detailed Report on the Management Discussion & Analysis is
provided as a separate Annexure-5 in the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (5) of the Companies Act, 2013 Board of
Directors of the Company, (a) In preparation of the Annual Accounts for the Financial Year
ended 31st March 2023 the applicable Accounting Standards have been followed
along with proper explanation to material departures.
(b) The Directors have selected Accounting Policies, in consultation
with the Statutory Auditors 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 as at end of the Financial Year and of the profit or loss of the Company,
for that period.
(c) The Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 and.
(d) The Directors have prepared the Annual Accounts of the Company on a
going concern basis.
(e) 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
(f ) There is a proper system to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
POLICIES
The Companies Act, 2013 along with the Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and mandate to
formulations of certain policies for all listed Companies. Accordingly, the Company has
formulated the Policies for the same as the Company believed to retain and encourage high
level of ethical standard in business transactions. All our Policies are available on our
website www.supershaktimetaliks.com.
COPY OF ANNUAL RETURN
Pursuant to Section 92(3) read with section 134(3)(a) of the Companies
Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section
92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules,
2014 are placed on the website of the Company and is accessible at the web-link:
http://supershaktimetaliks.com/annual-reports/
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
2022-23.
STATUS ON COMPLIANCE WITH THE INSOLVENCY AND BANKRUPTCY CODE, 2016
There are no applications made or any proceeding pending against the
Company under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the Financial Year
2022-23.
ACKNOWLEDGEMENT
We thank our customers, vendors, dealers, investors, business
associates and bankers for their continued support during the year. We place on record our
appreciation of the contribution made by employees at all levels. Our resilience to meet
challenges was made possible by their hard work, solidarity, co-operation and support. We
thank the Government of India, the State Government and other regulatory authorities and
government agencies for their support and looking forward to their continued support in
the future.
|
For and on behalf of |
|
|
Supershakti Metaliks Limited |
|
|
Deepak Agarwal |
Sudipto Bhattacharyya |
| Place: Kolkata |
Director |
Whole-Time Director |
| Dated: 22-05-2023 |
DIN: 00343812 |
DIN: 06584524 |
+91-9892691696
