Dear Members/ Shareholders,
Your Directors have pleasure in presenting 50th Report of the Board of Directors of
your Company along with the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement for the financial year ended 31st March, 2023.
Further, in compliance with the Companies Act, 2013 the Company has made all requisite
disclosures in the Board Report with the objective of accountability and transparency in
its operations and to make you aware about its performance and future perspective.
FINANCIAL PERFORMANCE:
The Key highlights of financial performance for the financial year 2022-2023 are as
under:
|
Current Year Ended 31.03.2023 |
Previous Year Ended 31.03.2022 |
|
(Rs. In Lacs) |
(Rs. In Lacs) |
| Sales & Service Charges |
71131.59 |
60,870.86 |
| Profit before Interest, |
3311.12 |
4490.13 |
| Depreciation and Taxation |
|
|
| Less: Interest |
1632.03 |
1902.52 |
Profit before Dep. & Tax |
1679.09 |
2587.61 |
| Depreciation |
461.27 |
422.44 |
| Provision for Taxation |
311.51 |
(628.38) |
Profit After Tax |
906.31 |
2793.56 |
| Profit brought forward |
238.33 |
(1999.12) |
Payment / (Refund) of Income Tax for earlier year |
- |
- |
| Amt available for appropriation |
1144.65 |
794.43 |
APPROPRIATIONS : |
|
|
| General Reserve |
9300 |
8300 |
| Balance carried forward |
- |
238.33 |
During the year ended 31st March, 2023 the company has produced 47,755 M.T.
(Previous Year 38,585 M.T) of Steel Pipes & Tubes and achieved the production of
30,160 M.T. (Previous Year 31,683 M.T) of Cold Rolled Strips/ Coils/ HRPO Sheet
STATE OF AFFAIRS
Some details of about operations and projects
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the company during the Financial Year
ending 31st March, 2023 under review.
DIVIDEND
Your directors have considered it financially prudent in the long-term interests of the
Company to reinvest the profits into the business of the Company to build a strong reserve
base and for future expansion plans and grow the business of the Company.
No final dividend has therefore been recommended for the year ended March 31st, 2023.
SHARE CAPITAL AND CHANGES IN THE CAPITAL STRUCTURE
As on March 31, 2023, the Authorized Share Capital of the Company is INR 26,25,00,000
(Indian Rupees Twenty Six Crores Twenty Five Lacs Only) comprising 26250000 (Two Crores
Sixty Two Lacs Fifty Thousand Only) Equity shares of INR 10 each ranking pari-passu
in all respect with the existing Equity shares of the Company.
As on March 31, 2023, the issued, subscribed and paid-up equity share capital stands at
INR 23,23,14,600 (Indian Rupees Two Lacs and Sixty-Five Thousand Only) comprising 26500
(Twenty-Six Thousand and Five Hundred) Equity shares of INR 10 each ranking pari-passu
in all respect with the existing equity shares of the Company. The Company has only one
class of equity shares with face value of INR 10 each, ranking pari-passu.
DEPOSITS
During the year, the Company has not accepted any public deposits as well as not
renewed any existing deposits. However,the company has accepted unsecured loans from the
promoters group / director under the bank stipulation.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT ("MD&A REPORT")
The MD&A Report is presented in a separate section and forms an integral part of
this Annual Report inter-alia covering details of the overall industry structure, economic
developments, performance and state of affairs of the Companys business, risk management
systems and other material developments during the year under review.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
The principal activity of the company is manufacturing of ERW Black Pipe, Galvanized
Steel Tubes, Cold Rolled Strips, S.T. Poles, Solar Mounting Structures, etc. The Company
has two production plants at Bahadurgarh, Haryana and at Kosi Kalan, U.P.
Management assessed that there is no doubt on the entitys ability to continue as Going
Concern and the entity will continue its operations for the foreseeable future and the
entity expects to recover the carrying amount of the assets.
STATUTORY AUDITORS
M/s. O. Aggarwal & Co having FRN 005755N, Chartered Accountants, was appointed as
the Statutory Auditor of the Company to hold office for 5 years in the Annual General
Meeting held on 29th September, 2018. The Audit committee recommends for
re-appointment by members at the ensuing Annual General Meeting. The Auditors Report for
the financial year 2022-2023 does not contain any qualification, reservation or adverse
marks.
COST AUDITORS
As per the requirement of the Central Government and pursuant to Section 148 of the
Companies Act 2014, the audit of the cost accounts pertaining to both units located at
Asaudah & Kosi Kalan is carried out every year. Your Board has, on the recommendation
of the Audit Committee, appointed M/s N N & Associates, Cost Accountants as Cost
Auditors to conduct cost audit of the accounts maintained by the company in respect of
both units located at Asaudah & Kosi kalan for the year ended 31/03/2023. The
Board recommends ratification of their remuneration by members at the ensuing Annual
General Meeting.
SECRETARIAL AUDIT REPORT
Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules,2014 inter-alia requires every public
company having a turnover of two hundred fifty crore rupees or more to annex with its
Boards report, a Secretarial Audit Report in Form No.MR.3 given by a Company Secretary in
practice.
The Board of Directors of the Company has appointed M/s Dabas S & Co, Proprietor
Sanjeev Dabas, Membership No. A65138 & CP No. 24418 Company Secretaries, to conduct
the Secretarial Audit and his Report on Companys Secretarial Audit is appended to this
Report as
Annexure I.
COMMENTS ON AUDITORS REPORT
The comments made by M/s. O. Aggarwal & Co, Chartered Accountants, Statutory
Auditors, in their audit report read with the notes forming part of the Financial
Statements are self-explanatory and as such do not require any clarification by the
directors.
The Statutory Auditors have not reported any incident of fraud to the Audit Committee
of the Company in the year under review.
APPROVAL FOR THE INITIAL PUBLIC OFFER AND THE ISSUANCE OF NEW EQUITY SHARES IN THE
PROCESS OF INITIAL PUBLIC OFFER OF COMPANY BY MEMBERS ON 28/03/2022
In terms of the provisions of section 23 and 62
(1)
(c) and other applicable provisions, if any, of the Companies Act, 2013 and in
accordance with the provisions of the Memorandum and Articles of Association of the
Company, the provisions of the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations 2018 ("SEBI ICDR Regulations")
(including any amendment thereto or re-enactment thereof, for the time being in force),
the Foreign Exchange Management Act, 1999 ("FEMA) the members of the Company has
given their consent and accorded to create, issue, offer and allot up to 60,00,000 equity
shares of the face value of Rs.10 (Rupees Ten each) ("Equity Shares") for cash
either at par or premium (with an option to retain an over-subscription to the extent of
10% of the net offer to the public for the purpose of rounding off to the nearest integer
while finalizing the basis of allotment) in terms of the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations") at a
price to be determined in terms of the ICDR Regulations ("Issue") or otherwise,
out of the authorized capital of the Company through fresh issue of equity shares by way
of Initial Public Offer to individuals, companies, banks, financial institutions,
employees, foreign institutional investors, multilateral and bilateral financial
institutions, state industrial development corporations, insurance companies, provident
funds, pension funds, insurance funds set up by army, navy, or air force of the Union of
India, financial institutions, Indian mutual funds, qualified institutional buyers (as
defined under the ICDR Regulations), NRIs, FIIs and other persons.
DIRECTORS AND KEY MANAGERIAL PERSONNEL ("KMP")
Sh. Sandeep Bansal (DIN: 00165391), Director will retire by rotation at the ensuing
Annual General Meeting and being eligible, offers himself for re-appointment. Your Board
has recommended his re-appointment by the members. During the year Smt. Sony Kumari (DIN:
09270483), Independent Director resigned w.e.f 23/09/2023 due to her personal reasons.
After Financial Year Shri Surinder Singh (DIN:06941329) resigned w.e.f 24th
April, 2023 due to their personal reasons. Ms. Banani Sikdar (A15498), Company Secretary
resigned from the position of Company Secretary and compliance officer of the Company
w.e.f 14th March 2023. Mr. Gulshan Rai Chief Financial Officer resigned w.e.f 02/11/2022
and Mr. Narender Sidhar is appointed as Chief Financial Officer (CFO) w.e.f from 30th
March, 2023
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
The Board met 18 (eighteen) times during financial year 2022-23. The intervening gap
between any two meetings was within the time prescribed under Companies Act, 2013.
(20/04/2022, 26/05/2022, 23/06/2022, 02/07/2022, 14/07/2022, 05/08/2022, 27/08/2022,
09/09/2022, 15/09/2022, 19/09/2022, 06/10/2022,07/10/2022, 31/10/2022, 14/11/2022,
04/01/2023, 01/03/2023, 18/03/2023 and 30/03/2023)
COMMITTEES OF THE BOARD
During the year, in accordance with the Companies Act, 2013, the Board constituted some
of its committees and also formed a Corporate Social Responsibility Committee. There are
currently Four Committees of the Board, as follows: Audit Committee Corporate Social
Responsibility Committee Nomination and Remuneration Committee
Stakeholders Relationship Committee
Audit Committee
The Audit Committee consists of Shri. Vishal Dugar (DIN: 00444076) Independent Director
(Chairman), Sh. Sandeep Bansal (DIN: 00165391), Executive Director, Mr. Sh. Rajinder Kumar
Anand (DIN: 09270483) Independent Director (Member) of the Company as on 31/03/2023.
During the year 2022-2023, the meetings were held on 07/04/2022, 06/07/2022, 14/11/2022
and 09/03/2023 and all the members of the audit committee attended the meetings. The Board
has accepted all recommendations made by the Audit Committee during the year.
Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee consists of Shri. Vishal Dugar (DIN:
00444076), Independent Director (Chairman), Mr. Sandeep Bansal (DIN: 00165391), Managing
Director (Member), Shri Dinesh Kumar Dhanda (DIN: 02421177), Whole Time Director (Member)
as on 31/03/2023. During the year 2022-2023, the meeting was held on 11/08/2022 and all
the members of the committee attended the meetings.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of Shri. Vishal Dugar (DIN:
00444076), Executive Director (Chairman), Sh. Rajinder Kumar Anand Shri Dinesh Kumar
Dhanda (DIN: 02421177), Whole Time Director as on 31/03/2023. During the year 2022-2023,
the meeting was held on 07/04/2022, 11/08/2022 & 16/03/2023 and all the members of the
committee attended the meetings.
Stakeholders Relationship Committee
The Stakeholders Relationship Committee consists of Shri. Vishal Dugar (DIN: 00444076),
Independent Director (Chairman), Mr. Sandeep Bansal (DIN: 00165391),Managing Director
(Member), Shri Dinesh Kumar Dhanda (DIN: 02421177), Whole Time Director as on 31/03/2023.
The board on 16/03/2023 in terms of section 178 (5) of the Companies Act, 2013 constituted
a committee of Stakeholder Relationship for address all grievances of Shareholders/
Investors and listing of our shares in future.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The policy of the Company on Directors appointment and remuneration including criteria
for determining qualification, skills, positive attributes, independence of Directors and
other matters provided under sub section (3) of Section 178 of the Companies Act, 2013 and
under listing Regulations (duly reviewed), is also available on the website of the Company
i.e https://swastikpipes.com/
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the Financial
Year 2021-22 with related parties were in the ordinary course of business and on an arms
length basis. During the year, the Company had not entered into any contract / arrangement
/ transaction with related parties which could be considered material in accordance with
the Policy of the Company on Materiality of Related Party Transactions, therefore the
information required under Form AOC 2 is Not applicable.
The transactions with Related Parties as per requirement of Indian Accounting Standard
-24 are disclosed in Notes 64 (b) of Balance Sheet forming part of the Annual Report. The
details of the Related Party transactions and information are placed before the Audit
Committee and the Board of Directors, from time to time, in compliance with the Listing
Regulations and Sections 177 and 188 of the Companies Act, 2013 and its Rules and listing
Regulations.
A Policy on Related Party Transactions, (as amended), specifying the manner and
criteria of entering into said transactions has been formulated and the same is available
on the website of the Company https://swastikpipes.com/policies=
RISK MANAGEMENT
The Board has approved the Enterprise Risk Management Policy for Risk Assessment and
its Minimization on the 16th May, 2015 which has been amended, and the same is
available on the Companys website i.e. https://swastikpipes.com/policies/=
The Audit Committee/ Board of Directors review the efficacy of the Enterprise Risk
Management process, the key risks associated with the business of your Company and the
measures in place to mitigate the same.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
In compliance with the provisions of the Section 177 of the Companies Act, 2013 and
Regulation 22 of Listing Regulations, the Board of Directors have approved the Vigil
Mechanism/ Whistle Blower Policy at their meeting held on the 12th August,
2014. The said Policy has been duly amended and approved by the Board of Directors at
their meeting held on the 11th August 2022.
In exceptional cases, where a whistle blower, due to the gravity and seriousness of the
concern or grievance or due to his/her being not satisfied with the outcome of the
investigation and the decision, he/she can have personal and direct access to the
Chairperson of the Audit Committee.
The status of the complaints under the Vigil Mechanism, if any, is placed before the
Audit Committee and Board, on a quarterly basis. During the year under review, no
complaint was received by the Company under Vigil Mechanism/ Whistle Blower Policy.
The Policy on Vigil mechanism/ Whistle blower, (duly reviewed), is available on the
Companys website i.e https://swastikpipes.com/policies/=
COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate mix of executive and non-executive
directors to maintain the independence of the Board, and separate its functions of
governance and management. As on March 31, 2023, the Board consists of 4 members, two of
whom are executive or whole-time directors and two are non-executive directors.
The Policy of the Company on Directors appointment and remuneration including criteria
for determining qualifications, positive attributes, independence of a Director and other
matters provided under sub-section (3) of section 178, adopted by the Board is appended as
Annexure II to this Report.
We affirm that the remuneration paid to the directors is as per the terms laid out in
the nomination and remuneration policy of the Company.
DECLARATION BY INDEPENDENT DIRECTOR
The Company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013, that he meets the criteria of independence laid
down in Section 149(6) of the Companies Act, 2013. Further, the Board is of the Opinion
that independent Director appointed during the year posses necessary experience have
integrity,
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the regulators/courts which would
impact the going concern status of the Company and its future operations.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
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
13, 14, 19 & 39 to the financial statement).
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in the ordinary course of business. All related party
transactions are negotiated an arms length basis and are intended to further the
Companys interests.
There are no materially significant related party transactions made by the Company
which may have a potential conflict with the interest of the Company at large and thus
disclosure in Form AOC-2 is not required. Your Directors draw attention of the members to
Note 40 to the financial statement which sets out related party disclosures.
RISK MANAGEMENT AND INTERNAL CONTROL
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. These are
discussed at the meetings of the Audit Committee and the Board of Directors of the
Company. Further your directors are of the view that the elements of risk threatening the
Companys existence are very minimal as the company is being managed and closely
supervised by its directors. The Company has not identified any element of risk which may
threaten the existence of the Company.
The Companys internal control systems are commensurate with the nature of its business
and the size and complexity of its operations. These are routinely tested and certified by
Internal Auditors. Significant audit observations and follow up actions thereon are
reported to the Audit Committee.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has constituted a Corporate Social Responsibility (CSR) Committee in
accordance with Section 135 of the Companies Act, 2013. Shri. Vishal Dugar (DIN:
00444076), Independent Director (Chairman), Mr. Sandeep Bansal (DIN: 00165391), Managing
Director (Member), Shri Dinesh Kumar Dhanda (DIN: 02421177) Whole Time Director (Member)
as on 31/03/2023 were members for planning, implementing and monitoring of CSR activities
of the Company. The quorum is two persons including chairman of committee. Half yearly
report is submitted to the Board.
Since the Company has incurred losses in previous financial years, The Company was not
required to spent any amount under Section 135 of Companies Act 2013 for the financial
year ended on 31st March 2023.However, the Company shall endeavor to contribute to the
Society as and when needed. The policy is available on the website of the Company.
LISTING INFORMATION
Equity shares of your Company are listed on the National Stock Exchange of India Ltd.
(NSE). Listing fee has been duly paid to NSE for the Financial Years 2023-24.
DISCLOSURES
Conservation of energy and technology absorption
The information relating to Conservation of Energy and Technology Absorption as
required to be disclosed under Clause (m) of sub-section (3) of the Section 134 of the
Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, is not
applicable to your Company.
Foreign Exchange Earnings and outgo
Information about the foreign exchange earnings and outgo, as required to be given
under Clause (m) of sub-section (3) of the Section 134 of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014, is given as follows:
(Rs in Lakhs) |
|
|
Particulars |
For the Financial Year ended on 31.03.2023 |
For the Financial Year ended on 31.03.2022 |
(i) Expenditure in Foreign Currency Travelling expenses |
- |
- |
| Imported Materials |
- |
- |
| Purchase of Material |
- |
- |
Total |
|
|
Total |
NIL |
NIL |
| (ii) Earnings in Foreign Currency |
Nil |
Nil |
| Sale of Flats/Plots/Farms etc. |
Nil |
Nil |
CORPORATE GOVERNANCE
Your Company believes that Corporate Governance is a system of rules, guidelines,
practices and processes which not only enables it to operate in a manner that meets the
ethical legal and business expectations, but also helps it to maximise stakeholders value
on a sustainable basis. The Company has always placed thrust on managing its affairs with
diligence, transparency, responsibility and accountability.
A report on Corporate Governance together with a certificate received from M/s Rishabh
J & Associates, Company Secretaries confirming the compliance with the provisions of
Corporate Governance up to the extent of the Company is complying in respect of the good
corporate governance and as stipulated in Listing Regulations as amended, forms the part
of this Annual Report.
SEXUAL HARASSMENT POLICY
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at Work place (Prevention, Prohibition & Redressal)
Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints
received regarding sexual harassment. All employees of the Company (permanent,
contractual, temporary and trainees) are covered in this Policy.
Following is the summary of sexual harassment complaints received and disposed off
during the calendar year:-
No. of complaints received during the financial year 2022-23 : 01 No. of complaints
disposed of during the financial year 2022-23 : 01 No. of complaints pending as on 31st
March, 2023 : Nil
ANNUAL RETURN
The Annual Return of the Company as on March 31, 2023 is available on the Companys
website and can be accessed at https://swastikpipes.com/.
VARIOUS POLICIES/ CRITERIA/ PROGRAMS etc.
In compliance with Companies Act, 2013 and Rules made there under, Listing Regulations
and other applicable laws, the Board of Directors of your Company and its Committee/s at
its respective meetings held on the 11th August, 2022, have duly reviewed and
amended the following Policies/ Criteria/Programs, and, the same are available on the
website of the Company at i.e. https://swastikpipes.com/= under the head Statutory
Information (APIL Criteria and Policies)Policy for Determination of Materiality of
Events/Information.
1. Policy on Preservation of Documents.
2. Corporate Social Responsibility Policy.
3. Board Diversity Policy.
4. Policy on Related Party Transactions.
5. Policy on Remuneration of Directors, Key Managerial Personnel & Other Employees.
6. Criteria of making payment to Non-Executive Directors of the Company.
7. Policy for Material Subsidiary Companies.
8. Criteria for Performance Evaluation of Board & Independent Directors.
9. Code of Conduct for Directors (Including Independent Directors) and Senior
Management. 10. Vigil Mechanism/ Whistle Blower Policy. 11. Familiarization Program for
Independent Directors. 12. Code of Fair Disclosure and Conduct of Ansal Properties &
Infrastructure Ltd in terms of SEBI (Prohibition of Insider Trading) Regulations 2015. 13.
Enterprise Risk Management. 14. Policy on Archival of Events and Information. 15. Policy
for orderly succession for appointment to the Board of Directors and senior management.
DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF VALUATION
The details of difference between the amount of valuation done at the time of One time
settlement (OTS) and the valuation at the time of taking loan is not applicable on the
Company as no OTS during the financial year 2022-23
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT
This is not applicable to the Company.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &
REDRESSAL) ACT, 2013
The Company is not required to adopt a policy for prevention of Sexual Harassment of
Women at workplace as the Company having less than 10 women Employees at its workplace.
VIGIL MECHANISM
Your Company has adopted a Vigil Mechanism Policy. The purpose of the policy is to
enable employees to raise concerns about unacceptable improper practices and/or any
unethical practices being carried out in the organisation without the knowledge of
management. All employees shall be protected from any adverse action for reporting any
acceptable /improper practice and/or any unethical practice, fraud or violation of any
law, rule, or regulation. This Whistle Blower policy will also be applicable to the
Directors of the Company. The Audit Committee reviews the same from time to time. No
concerns or irregularities have been reported till date.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
During the year under review, no amount was required to be transferred by the Company
to the Investor Education and Protection Fund.
ANNUAL EVALUATION BY THE BOARD
The evaluation framework for assessing the performance of Directors comprises of the
following key areas: i. Attendance of Board Meetings and Board Committee Meetings ii.
Quality of contribution to Board deliberations iii. Strategic perspectives or inputs
regarding future growth of Company and its performance iv. Providing perspectives and
feedback going beyond information provided by the management v. Commitment to shareholder
and other stakeholder interests
The evaluation involves Self-Evaluation by the Board Member and subsequently assessment
by the Board of Directors. A member of the Board will not participate in the discussion of
his / her evaluation.
A formal annual evaluation has been made by the Board of its own performance and that
of its committees and individual directors during the year.
DETAILS OF SUBSIDIARY COMPANIES / JOINT VENTURE
The company does not have any subsidiary company nor any Joint Venture.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards (SS) viz. SS-1 &
SS-2 on Meetings of the Board of Directors and General Meetings respectively.
DIRECTOR RESPONSIBILITY STATEMENT
The Directors Responsibility Statement referred to in clause (c) of sub-section (3) of
Section 134 of the Companies Act, 2013, shall state that— (a) in the preparation of
the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures;
(b) 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 and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) 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.
(f) the directors have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and operating effectively;
Insolvency Proceedings
During the period under the review, the Company has neither made any application
against any other entity nor an application has been made against the Company. One time
Settlement During the period under review, the Company has not applied for any Settlement
of Loan from bank and therefore, no valuation for such purpose was made.
ACKNOWLEDGEMENTS
Employees are our vital and most valuable assets. Your Directors value the
professionalism and commitment of all employees of the Company and place on record their
appreciation of the contribution made by employees of the Company. Your Directors thank
and express their gratitude for the support and co-operation received from the Central and
State Governments and other stakeholders including customers, vendors, financial
institutions, banks, investors and service providers.
For and on behalf of the Board |
For and on behalf of the Board |
Sd/- |
Sd/- |
(DINESH KUMAR DHANDA) |
(SANDEEP BANSAL) |
DIN: 02421177 |
DIN: 00165391 |
PLACE: NEW DELHI |
|
DATED: 01/09/2023 |
|
+91-9892691696
