The Members of SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED
Your Directors have pleasure in presenting Forty First (41st)
Annual Report and Audited Accounts of the Company for the financial year ended 31st
March, 2023.
FINANCIAL RESULTS AND THE STATE OF AFFAIRS:
A) Standalone
(amount in Rs.)
| Particulars |
FY 2022-23 |
FY 2021-22 |
| Total Income |
76,13,46,774 |
77,84,01,388 |
| Total Expenditure (excluding depreciation) |
61,50,28,536 |
62,02,48,344 |
| Profit before depreciation and Tax |
14,63,18,238 |
15,81,53,044 |
| Depreciation |
40,55,144 |
40,63,763 |
| Profit before Tax |
14,22,63,094 |
15,40,89,281 |
| Tax Expenses: |
|
|
| Current Tax |
2,39,37,205 |
2,36,54,593 |
| Deferred Tax (net) |
4,98,193 |
20,64,822 |
| Net Profit for the year |
11,88,24,082 |
12,83,69,866 |
| Other Comprehensive Income (Net of Tax) |
5,55,391 |
(7,84,065) |
| Total Comprehensive Income |
11,93,79,473 |
12,75,85,801 |
B) Consolidated
(amount in Rs.)
| Particulars |
FY 2022-23 |
FY 2021-22 |
| Total Income |
76,68,54,661 |
77,92,69,739 |
| Total Expenditure (excluding depreciation) |
61,96,50,950 |
62,07,97,905 |
| Profit before depreciation and Tax |
14,72,03,711 |
15,84,71,834 |
| Depreciation |
40,55,144 |
40,63,763 |
| Profit before Tax |
14,31,48,567 |
15,44,08,071 |
| Tax Expenses: |
|
|
| Current Tax |
2,41,79,554 |
2,36,54,593 |
| Deferred Tax (net) |
(4,98,193) |
19,44,293 |
| Net Profit for the year before Non- Controlling interest |
11,94,67,206 |
12,88,09,185 |
| Share of Profit transferred to Minority Interest |
68,726 |
Nil |
| Profit after tax & Non Controling Interest |
11,93,98,480 |
12,88,09,185 |
| Other Comprehensive Income (Net of Tax) |
(11,24,409) |
(91,83,065) |
| Total Comprehensive Income |
11,82,74,071 |
11,96,26,120 |
REVIEW OF OPERATIONS:
The Company is operating in the Construction and development of
residential and commercial projects.
The revenue from real estate activity is recognised in accordance with
the "Guidance Note on Accounting for Real Estate Transactions (for entities to whom
Ind AS is applicable)" issued by the Institute of Chartered Accountants of India
(ICAI).
During the year under review, the total Income of the Company was at
Rs. 76,13,46,774 as compared to Rs. 77,84,01,388 in the previous year. The Company has
reported net profit of Rs. 11,88,24,082 during the year under review as against profit of
Rs. 12,83,69,866 in the previous year.
Tracking Records for the year
Belmac has been persistent in maintaining an impeccable record of
results. Following the definitive year, we are endeavouring towards more positive
deliveries. At Belmac Residences, we were successful in delivering one tower and several
amenities on time. Succeeding the possession of Tower C in October 2022 , we launched our
much anticipated Clubhouse at Belmac Residences in March 2023. The development of the last
two towers is on a fast-track. Tower F is set to be delivered by the years end. Moreover,
Belmac Riverside is already housing more than 100 families and numerous families are ready
to reside here as tower Terra Olive is ready for possession. Our last tower Terra Gold at
Belmac Riverside is developing remarkably. The complete structure of the Tower was
completed within a year. Comprising the most spacious and premium apartments of the
project, Terra Gold will be delivered within the stipulated tenure. We recently delivered
sports turfs while conducting a huge sports league on the site. The Volleyball court is
nearing completion. Belmac has been benevolent in attaining its commitment and maintaining
transparent and supportive relations with its customers.
Economy and Market Outlook
Indian real estate has been thriving for the last two years. The demand
for housing spontaneously gained momentum in top markets and micro markets. The increase
in disposable incomes led to a positive outlook towards home buying. Due to the resilient
Indian economy, the annual sales of2022 were a record high, and the H1 of 2023 recorded a
15-year high in residential sales in India. New launches in the country increased by 23%
in Q1 of 2023. RBIs decision to keep the repo rate unchanged and the governments
supportive policies to boost infrastructural development have stimulated housing sales in
top cities, including MMR and Pune. Pune witnessed a significant 50% uptick in housing
sales in H1 of 2023. Mumbai remained stable with its sales and witnessed a price
appreciation of 6%. Moreover, there have been robust new launches in MMR, owing to
consistent demand led by increased income levels. Despite the global economic slowdown,
the Indian economy and real estate are displaying optimism with their deliberate growth.
The residential market remains optimistic throughout the H2 against the backdrop of steady
economic growth and strong residential demand.
Ongoing Projects
Belmac is successfully developing two mega townships Belmac Residences
and Belmac Riverside in Pune and Panvel, respectively. These are exquisitely designed,
community-based developments that boast unbounded comfort and facilitate exemplary
lifestyle. Belmac Residences is a luxury project, situated in the sought-after location of
New Kalyani Nagar. It offers a premium lifestyle sprawling over 6 acres. The projects
comprises 6 opulent towers with a range of luxurious apartments. Moreover, it is equipped
with 40+ world-class amenities. Everything one needs is within the proximity of Belmac
Residences. Adding to it, is the peaceful surrounding with least disturbances.
Belmac Riverside is yet another township project in the prime city of
Panvel. Being at the epicentre of the MMR, it is surrounded by smooth transport networks
and robust social infrastructure. Spread over 5.5 acres of land parcel, Belmac Riverside
is an aspirational community with only 4 towers comprising dedicated 85.5% of open spaces.
The project is cocooned by lush greenery and a serene atmosphere. Moreover, there are 20+
finest amenities for the recreational needs of residents.
Belmac Residences
Belmac Residences comprises six towers with varied options of luxurious
apartments. The project is developed over 6 areas, with 75% dedicated open spaces, and
world-class amenities that will provide the residents a satisfaction of enlarged living.
Located in the key micro-market of Pune, Kalyani Nagar, it is surrounded by all major
public and recreational utilities.
Belmac Riverside
Belmac Riverside is a unique residential base at the coveted location
of New Panvel. It is encircled by serene greenery and situated beside a calm river. The
project being developed over 5.5 areas of the land parcel, is away from the surrounding
disturbances. The project is just a few kilometers away from major infrastructural
projects that will pave way for the ambitious development of the entire region. The
project also offers an abundance of open spaces with 20+ finest amenities.
Insight into our Future
Considering the substantial transformation and foreseen growth of
Panvel, we are envisioning Belmac Codename, a phenomenal mega township in the city.
Sprawling over 11.43 acres of plush land parcel, it will be a state-of-the-art residential
development exhibiting magnificent architectural and contemporary features. It will be
inclusive of all necessary amenities to heed every aspiration of modern homebuyers. Belmac
Codename will be an exceptional residential structure carved out precisely within the best
location that would stand out among others.
We have been persistent in innovative designs that would resonate with
ever-evolving trends in the market. The concept of design is paramount for us. Hence, we
pay detailed attention to every corner. Every space is finely crafted to enhance the
living experience of our clientele. With our visionary team, we are exploring potential
markets and working towards expanding our horizons in the most-anticipated location. Our
focus always relied on providing quality-conscious, contemporary homes to homebuyers in
flourishing locations.
DIVIDEND:
The Board thought it fit to conserve cash for continuing its business
operations smoothly and therefore, did not recommend any dividend for the financial year
2022-23.
TRANSFER TO RESERVES:
The Company has not transferred any amount to the reserves during the
financial year 2022-23.
SHARE CAPITAL:
The authorized share capital of the Company is Rs. 40,00,00,000 divided
into 4,00,00,000 equity shares of Rs. 10/- each. At the beginning of the year under
review, the issued, subscribed and fully paid up capital was Rs. 35,47,68,530/- divided
into 3,54,76,853 equity shares of Rs. 10/- each. There was no change in the issued,
subscribed and fully paid up share capital of the Company during the year under review.
The Company is a Public Limited Company and its equity shares are listed on the BSE
Limited.
There was no buyback offer made by the Company during the period under
review.
PREFERENTIAL ISSUE
Pursuant to the approval by the Board of Directors at its meeting held
on 29th March, 2022 and approval by the members of the Company at their Extra-Ordinary
General Meeting held on 22nd April, 2022 (EGM), the Company, on 18th May, 2022, has
allotted 17,00,000 warrants, each convertible into one equity share, on preferential basis
at an issue price of Rs.23/- each, upon receipt of 25% of the issue price (i.e. Rs. 5.75
per warrant) as warrant subscription money. Balance 75% of the issue price (Rs. 17.25 per
warrant) is payable within 18 months from the allotment date, at the time of exercising
the option to apply for fully paid-up equity share of Rs.10/- each of the Company, against
each warrant held by the warrant holder.
The Company, till date, has not converted or allotted any paid up
equity shares against conversion of equal number of warrants by the concerned warrant
holder(s)
The details of utilization of fund is given hereunder:
| Particulars |
Amount (in Rs.) |
| Fund raised and available for utilisation till 31st
March, 2023 |
97,75,000/- |
| Funds utilized during the year ended 31st March,
2023 |
97,75,000/- |
| Funds available for utilization as on 31st March,
2023 |
Nil |
CHANGE IN NATURE OF BUSINESS:
There is no change in the nature of business of the Company during the
year under review.
DEPOSITS UNDER CHAPTER V OF COMPANIES ACT, 2013:
During the year under review, your Company did not accept any deposit
within the meaning of the provisions of Chapter V - Acceptance of Deposits by Companies,
of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
Hence, no amount on account of principal or interest on public deposits was outstanding as
on the date of the balance sheet.
PARTICULARS OF LOANS, GUARANTEES, SECURITIES OR INVESTMENTS UNDER
SECTION 186:
The particulars of loans, guarantees and investments as per Section 186
of the Companies Act, 2013 by the Company, have been disclosed in the financial statements
provided in this annual report.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
The Company has not transferred any shares to the Investor Education
and Protection Fund established by the Central Government for the year under review.
EXTRACT OF ANNUAL RETURN:
As per the requirements of Section 92(3) of the Act and Rules framed
thereunder, the extract of the Annual Return for FY 2022-23 is uploaded on the website of
the Company www.supremeholdings.net.
PARTICULARS OF EMPLOYEES:
The information on employee particulars as required under Section
197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time, are given
in "Annexure - I", forming part of this report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All contracts, arrangements and transactions entered into by the
Company during the financial year under review with related parties were on an arms
length basis and in the ordinary course of business.
All Related Party Transactions were placed before the Audit Committee
for approval. Omnibus approval of the Audit Committee was obtained for the transactions
which were of a repetitive nature. The transactions entered into pursuant to the omnibus
approval so granted were reviewed and statements giving details of all related party
transactions were placed before the Audit Committee on a quarterly basis.
The policy on Related Party Transactions is hosted on the website of
the Company under the web link https://supremeholdings.net/company-policies.html
SUBSIDIARY COMPANY:
Your Company had two Wholly Owned Subsidiary companies namely Helmet
Traderz Limited, Belmaac City Developers Private Limited and one Subsidiary Company namely
Visana Infrastructure Private Limited as on 31st March, 2023.
As per the provisions of Section 129 of the Companies Act, 2013 read
with Rule 5 of Companies (Accounts) Rules, 2014, a separate statement containing the
salient features of the Financial Statements of the Subsidiary Companies/ Associate
Companies/Joint Ventures as at 31st March, 2023 in Form AOC-1 is annexed to
this Boards Report in "Annexure II".
The policy on determining Material Subsidiaries as approved by the
Board is hosted on the website of the Company under the web link
httDs://suDremeholdings.net/companv-Dolicies.html
NOMINATION AND REMUNERATION COMMITEE:
The Company has in place a Nomination and Remuneration Committee in
accordance with the requirements of the Companies Act, 2013 read with the rules made
thereunder and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The details relating to the same are given in "Annexure III"
- Report on Corporate Governance forming part of this Board Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY:
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year of the Company to which the financial statements relate and the date of the report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has a Whistle Blower Policy and has established the
necessary vigil mechanism for directors and employees in confirmation with Section 177(9)
of the Act and Regulation 22 of Listing Regulations, to report concerns about unethical
behaviour. This Policy is available on the Companys website on under the web link
https://supremeholdings.net/company- policies.html
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
Your Company continues to be committed to good corporate governance
aligned with the best corporate practices. It has also complied with various standards set
out by Securities and Exchange Board of India and the Bombay Stock Exchange (BSE). The
Management Discussion and Analysis Report for the financial year 2022-23, as stipulated
under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part
of the Annual Report.
For the financial year ended 31st March, 2023, your Company
has complied with the requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and other applicable rules and regulations with respect to
Corporate Governance.
A certificate from a Practising Company Secretary obtained by the
Company regarding such compliance of conditions of Corporate Governance is annexed to the
Corporate Governance Report which forms part of the Annual Report.
RISK MANAGEMENT:
The Company has adequate risk assessment and mitigation policy
commensurate with size and nature of business to ensure that all the current and future
material risk exposures of the Company are identified, assessed, quantified, appropriately
mitigated, minimised and managed. There are no elements of risk which in the opinion of
the Board may threaten the existence of the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of Section 152 of the Companies Act,
2013 and in terms of the Articles of Association of the Company, Mr. Vidip Vinod Jatia
(DIN 06720329), retires by rotation at the forthcoming Annual General Meeting and, being
eligible, offers himself for reappointment.
Mr. Vidip Jatia, Managing Director, whose tenure was about to expired
on 13th May, 2023, was re-appointed by the Members of the Company at the Annual General
Meeting of the Company held on 20th September, 2022 for a further period of three years
w.e.f. 13th May, 2023 to 12th May, 2026.
Mrs. Namita Jatia, Whole-time Director, whose tenure was about to
expired on 13th February, 2023, was re-appointed by the Members of the Company at the
Annual General Meeting of the Company held on 20th September, 2022 for a further period of
three years w.e.f. 14th February, 2023 to 13th February, 2026.
There were no other changes in the Key Managerial Personnel of the
Company during the year under review.
DECLARATION OF INDEPENDENCE:
The Company has received Declarations of Independence as stipulated
under Section 149(7) of the Companies Act, 2013 from Independent Directors confirming that
he/she is not disqualified from appointing/continuing as Independent Director as laid down
in section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have
complied with the Code for Independent Directors prescribed in Schedule IV to the
Companies Act, 2013.
The Independent Directors have also confirmed that they are not aware
of any circumstance or situation which exists or may be reasonably anticipated that could
impair or impact their ability to discharge their duties.
The Board of Directors, based on the declaration(s) received from the
Independent Directors, have verified the veracity of such disclosures and confirm that the
Independent Directors fulfil the conditions of independence specified in the Listing
Regulations and the Companies Act, 2013 and are independent of the management of the
Company.
In the opinion of the Board, all the independent directors are persons
of possessing attributes of integrity, expertise and experience as required under the
applicable laws, rules and regulations.
The Company has issued letters of appointment/ reappointment to
Independent Directors in the manner as provided under Companies Act, 2013.
ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND
DIRECTORS:
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual directors pursuant to the provisions of the
Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015.
In a separate meeting of independent directors, performance of
non-independent directors, the board as a whole and the Chairman of the Company was
evaluated. Further, the Independent Directors in the said meeting had also assessed the
quality, quantity and timeliness of flow of information between the Company management and
the Board.
Performance evaluation of independent directors was done by the entire
board, excluding the independent director being evaluated.
The performance evaluation of the board was based on the criteria such
as the board composition and structure, information and functioning, succession planning,
strategic planning, etc.
The performance evaluation of the Committees was based on the criteria
such as Structure of the Committee and meetings, effectiveness of committee meetings,
frequency of the meetings, etc.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:
Pursuant to requirements of Regulation 25 of SEBI Listing Regulations,
2015, your Company has in place the familiarisation programme for Independent Directors
with regard to their role, duties and responsibilities, nature of the industry in which
the Company operates, business/operating model of the Company etc. The Board Members are
provided with all necessary documents/reports and internal policies to enable them to
familiarise with the Companys procedures and practices. The details of the training and
familiarization program are provided in the Corporate Governance report. The Companys
Policy of conducting the Familiarization programme has been hosted on the website of the
Company under the web link
https://www.supremeholdings.net/company-policies.html
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
During the financial year, Seven (7) Board Meetings were held. The
details of which are given in the Corporate Governance Report, which forms a part of the
Annual Report. The intervening gap between the meetings was within the period prescribed
under the Companies Act, 2013.
KEY MANAGERIAL PERSONNEL:
Pursuant to the provisions of the Section 203 of the
Companies Act, 2013, the Key Managerial Personnel of the Company as on
the date of this Report are:
Mr. Vidip Jatia, Chairman, Managing Director and Chief Financial
Officer
Mrs. Namita Jatia, Whole-time Director
Ms. Riddhi Rajesh Doshi, Company Secretary & Compliance Officer
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 134 (3) (c) of the Companies
Act, 2013 with respect to Directors responsibility statement it is hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March 2023, the applicable Accounting Standards have been followed along
with proper explanations relating to material departures;
ii) That the directors have 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;
iii) 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;
iv) That the directors have prepared the accounts on a going concern
basis;
v) That 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) That the Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operating effectively.
AUDIT COMMITTEE:
The details pertaining to the composition of the Audit Committee are
included in the Corporate Governance Report, which is a part of this report.
AUDITORS AND AUDITORS REPORT:
The Shareholders of the Company at the Thirty Seventh Annual General
Meeting (AGM) held on 26th September, 2019, had appointed M/s. Mittal Agarwal & Co.,
Chartered Accountants (Firm Registration No. 131025W) as Statutory Auditors of the Company
for a period of 5 years commencing from the conclusion of Thirty Seventh AGM till the
conclusion of the Forty Second AGM.
The Report given by the Auditors on the Financial Statements of your
Company forms part of this Annual Report. There is no qualification, reservation, adverse
remark or disclaimer given by the Auditors in their Report.
SECRETARIAL AUDITOR:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your
Company has appointed M/s. Khyati Shah & Co., Company Secretaries in Practice to
undertake the Secretarial Audit of your Company. The Report of the Secretarial Auditor in
Form MR-3 for FY 2022-23 is appended as "Annexure IV" to this Boards Report.
There is no qualification, reservation or adverse remark made by the
Secretarial Auditor in their report.
DISCLOSURE REQUIREMENTS:
The various policies and codes adopted by the Company are stated in
detail in the Corporate Governance Report of the Company, which forms part of the Annual
Report.
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS:
During the year under review, there were no material and significant
orders passed by the regulators or courts or tribunals impacting the going concern status
and the Companys operations in future.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A. Conservation of Energy
i. The steps taken or impact on conservation of energy:
Though our operations are not energy - intensive, efforts have been
made to conserve energy by utilizing energy- efficient equipment.
ii. The steps taken by the Company for utilizing alternate sources of
energy:
The Company is using electricity as the main source of energy and is
currently not exploring any alternate source of energy. In future your Company will take
steps to conserve energy and use alternative source of energy such as solar energy.
iii. The Capital investment on energy conservation equipment:
Your Company firmly believes that our planet is in dire need of energy
resources and conservation is the best policy. Your Company has not made any investment on
energy conservation equipment.
B. Technological Absorption:
i. The efforts made towards technology absorption:
During the year the Company does not have any plant & machinery.
Therefore no technology absorption and research and development activity are carried out.
ii. The benefits derived like product improvement, cost reduction,
product development or import substitution:
No such specific benefit derived during the year due to technology
absorption.
iii. In case of imported technology (imported during the last three
years reckoned from the beginning of the financial year:
No technology has been imported by the Company.
iv: The expenditure incurred on Research and Development: NIL
C. Foreign Exchange Earnings and Outgo
Foreign Exchange Earning: Nil (Previous year- Nil)
Foreign Exchange Outgo: Sales and Marketing Expenses and Foreign
Travelling Expenses- Rs. 7.95 lakhs (Previous Year-Rs. 5.75 lakhs)
DISCLOSURE 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 on Prevention, Prohibition and Redressal of Sexual Harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (POSH) and the rules made thereunder.
The Policy aims to provide protection to employees at workplace and prevent and redress
complaints of sexual harassment and for matters connected or incidental thereto, with the
objective of providing a safe working environment, where employees feel secure.
Further, the Company has complied with provisions relating to the
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
No complaints were received by the Company during the F.Y. 2022-23.
INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY:
Your Company has implemented Internal Financial Controls over financial
reporting through policies, procedures and guidelines. The controls are tested for its
effectiveness. The approved schedule of powers is used to control the approval process for
various activities, based on hierarchical value limits and segregation of duties.
A combination of these system enables your Company to maintain a robust
design of controls and its operating effectiveness is ensured through periodical internal
checks and audit.
CORPORATE SOCIAL RESPONSIBILITY:
In compliance with the requirements of Section 135 of the Companies
Act, 2013 read with the applicable rules made there under, the Company has a duly
constituted CSR Committee. The details of the Committee are provided in the Corporate
L Governance Report of the Company, which forms part of the Annual
Report.
The contents of the CSR Policy of the Company as approved by the Board
on the recommendation of the CSR Committee is available on the website of the Company and
can be accessed through the web link httDs://suDremeholdings.net/companv-Dolicies.html.
The Annual Report on CSR activities in terms of the requirements of Companies (Corporate
Social Responsibility Policy) Rules, 2014 is annexed as "Annexure - V", which
forms part of this Report.
DETAILS OF FRAUDS REPORTED BY AUDITORS
There were no frauds reported by the Statutory Auditors under the
provisions of Section 143(12) of the Companies Act, 2013 and the Rules made there under.
DETAILS OF APPLICATION / ANY PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016
Neither any application was made nor any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year.
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
As Company has not done any one time settlement during the year under
review hence no disclosure is required.
MAINTENANCE OF COST RECORDS:
The Company is required to maintain cost records as specified under
Section 148 (1) of the Companies Act, 2013 and such accounts and records are made and
maintained by the Company for the financial year 2022-23.
ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record their sincere
appreciation and acknowledge with gratitude the support and co-operation extended by all
the Government agencies, shareholders and employees at all levels and look forwards for
their continued support.
| For and on behalf of the Board |
|
| Sd/- |
Sd/- |
| Vidip Jatia |
Namita Jatia |
| Chairman & Managing Director |
Executive Director |
| DIN 06720329 |
DIN: 07660840 |
| Place: Pune |
|
| Date: 11th August, 2023 |
|
+91-9892691696
