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TO THE MEMBERS OF UNIMODE OVERSEAS LIMITED AND REDUCED,
The Board of Directors is pleased to present the 26th Annual Report of the business and operations of your Company i.e. M/s Unimode Overseas Limited and Reduced, along with the audited financial statements for the year ended 31st March, 2018.
1. FINANCIAL PERFORMANCE
|Particulars||Year ended March 31, 2018||Year ended March 31, 2017|
|Profit/(Loss) Before Tax||(8,08,352.00)||31,501.00|
|Minimum Alternate Tax||(5830.00)|
|Profit/(Loss) After Tax||(8,12,677.00)||31,501.00|
|Balance brought forward from previous year||(4,93,31,789.00)||(4,93,63,290.00)|
|Capital Reduction during the year||4,50,94,563.00||-|
|Balance Profit/Loss carry forward to the next year.||(50,49,903.00)||(4,93,31,789.00)|
2. FINANCIAL PERSPECTIVE OF THE YEAR
Revenue from operation for the year ended March 31, 2018 was Rs. 61,23,498/- as compared to the revenue for the previous year was Rs. 70,75,729/-. During the year the Company incurred loss amount of Rs. 8,08,352/-. EPS for the year is Rs. (0.16) per share as compared to Rs. 0.001 per share in the previous year.
In view of the brought forward and current year losses, your directors have been unable to recommend any dividend.
4. SHARE CAPITAL
The paid up Equity Share Capital as on March 31, 2018 was Rs. 50,10,507/- During the year the company has done the Capital restructuring by way of Capital Reduction of Paid up Share Capital from Rs. 50,105,070 (Rupees Five Crores One Lac Five Thousand and Seventy) consisting of 50,10,507 (Fifty lacs, Ten Thousands and Five Hundred Seven) Equity Shares of Rs. 10 (Rupees Ten) to Rs. 5,010,507 (Rupees Fifty Lacs Ten Thousand and Five Hundred Seven) consisting of 50,10,507(Fifty Lacs Ten Thousand and Five Hundred Seven) Equity Shares of Rs. 1/-(Rupee One) each.
The loss of Rs. 8,12,677/- incurred during the year has been transferred to the Reserves.
6. NATURE OF BUSINESS
There is no change in nature of business of the Company during the financial year 2017-18.
7. CORPORATE SOCIAL RESPONSIBILITY
Our Company does not attract the provisions of section 135 of the companies Act, 2013. So, the Company has not developed and implemented any Corporate Social Responsibility initiatives.
8. HUMAN RESOURCES
The well disciplined workforce which has served the company for the very foundation of the companys major achievements and shall well continue for the years to come. The management has always carried out systematic appraisal of performance. The company has always recognized talent and has judiciously followed the principle of rewarding performance.
9. DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to Section 134(5) of the Companies Act, 2013, Directors of your Company hereby state and confirm that:
a) in the preparation of the annual accounts for the year ended 31st March, 2018, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) they 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 and loss of the company for the same period;
c) 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;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that are adequate and were operating effectively.
f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.
10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size, scale and nature of its operations. The scope and authority of the Internal Audit function is well defined and to maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board as well as directly to the Chairman & Managing Director. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.
Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Ashish Goel, Director of the Company retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.
Mr. Sanjeev Pahwa was appointed as an Additional Director on the Board with effect from 29th May, 2018. We seek your confirmation for appointment of Mr. Sanjeev Pahwa as an Executive Director. The resolutions seeking approval of the members for the appointment of Mr. Sanjeev Pahwa, Executive Director have been incorporated in the Notice of the Annual General Meeting of the Company along with brief details about them.
The Independent Directors of the Company have submitted a declaration under Section 149(7) of the Companies Act, 2013 that each of them meets the criteria of independence as provided in Section 149(6) of the Act and there has been no change in the circumstances which may affect their status as Independent Director during the year.
The terms and conditions of appointment of the Independent Directors are placed on the website of the Company. During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses(if any) incurred by them for the purpose of attending meetings of the Company.
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company are Mr. D.K. Mahawar, Chief Executive Officer, Ms. Diksha Sharma, Chief Financial Officer and Mrs. Preeti Sharma, Company Secretary. As Ms. Sheetal Chhabra resigned from the post of Chief Financial Officer w.e.f. 14th February, 2018, Board of the company appointed Ms. Diksha Sharma as the Chief Financial Officer of the Company w.e.f. 14th February, 2018.
12. NUMBER OF MEETINGS OF THE BOARD
Six meetings of the board were held during the year. For details of the meetings of the board, please refer to the corporate governance report, which forms part of this report.
13. BOARD EVALUATION
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 Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations").
The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings In addition, the chairman was also evaluated on the key aspects of his role.
In a separate meeting of independent directors, performance of non-independent directors, performance of the board as a whole and performance of the chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent directors, at which the performance of the board, its committees and individual directors was also discussed. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.
14. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Companys policy on directors appointment and remuneration and other matters provided in section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of this report.
15. COMMITTEES OF THE BOARD
The details of all the committees of the Board along with their charters, composition and meetings held during the year, are provided in the report on corporate Governance which forms part of this Annual Report. The Board has accepted all the recommendations of the audit Committee.
16.1 STATUTORY AUDITORS
M/s Sunil Kumar Gupta & Co (Firm Registration No.003645N), Chartered Accountants have been appointed as statutory auditors of the company at 22nd Annual General Meeting held on 29.09.2014 for a period of five years subject to ratification by members at every consequent Annual General Meeting. Therefore, ratification of appointment of Statutory Auditors is being sought from the members of the Company at the ensuing AGM.
The observations made in the Auditors Report are self explanatory and do not call for any further comments u/s 134(3)(f) of the Companies Act,2013. The Auditors have not made any qualifications in their report.
16.2 SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed of Mr. Anurag Sharma, Practicing Company Secretary (Membership No. A49448), Company Secretaries to undertake the secretarial audit of the company. The Secretarial Audit Report is annexed herewith as Annexure 1.
16.3 INTERNAL AUDITORS
M/s Anil Meenu & Company, Chartered Accountants performs the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time.
17. RISK MANAGEMENT FRAMEWORK
The Company recognizes Risk Management as an integrated, forward-looking and process-orientated approach. It has developed a Risk Framework that broadly encompasses: aligning risk appetite and strategy; enhancing risk response and reducing operational surprises. During the year, Risk Management Core Team comprising of representatives of various functions and business had carried out risk assessment exercise to identify the various significant risks associated with the business operations and mitigation plans to address such risks. Material risks and mitigation plans were reviewed by the Risk Management Committee and then presented to the Board.
18. VIGIL MECHANISM / WHISTLE BLOWER POLICY
In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior the company has adopted vigil mechanism policy. This policy is posted on the website of company.
19. RELATED PARTY TRANSACTIONS
None of the transactions with related parties falls under the scope of section 188(1) of the Act. Information on transactions with related parties pursuant to section 134(3) (h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014.
20. DISCLOSURES OF ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL
During the year, no orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companys operations in future.
21. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
The observations made in the Auditors Report are self explanatory and do not call for any further comments u/s 134(3) (f) of the Companies Act, 2013. The Auditors have not made any qualifications in their report.
22. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF FINANCIAL YEAR OF THE COMPANY TO WHICH FINANCIAL STATEMENT RELATE AND THE DATE OF BOARD REPORT
No significant material changes and commitments have occurred between the date of Balance Sheet and the Date of Audit Report.
23. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
Pursuant to Regulation 34 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis, Corporate Governance Report, Auditors Certificate regarding compliance with conditions of Corporate Governance are made a part of this Annual Report. In compliance with the above regulation the CEOs declaration confirming compliance with the Code of Conduct has been made part of this report.
24. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
During the period under review there was no energy conservation, technology absorption and foreign exchange earnings and outgo.
25. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure 2".
26. AUDIT COMMITTEE RECOMMENDATIONS
During the year all the recommendations of the Audit Committee were accepted by the Board. The Composition of the Audit Committee is as described in the Corporate Governance Report.
27. 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 and Companies (Particulars of Employees) Rules, 1975.
The Ratio of Remuneration of Each Director, Chief Financial Officer, Company Secretary of the Company for the FY-2017-18 is annexed at "Annexure-3".
28. FIXED DEPOSITS
Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
29. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The company has not given any loans, guarantees and investment covered under the provisions of section 186 of the Companies Act, 2013.
30. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES AND THEIR PERFORMANCE
There is no Subsidiary company or Joint Venture or Associate Companies of the Company.
31. LISTING OF SHARES
The Securities of the Company are listed on Bombay Stock Exchange. The Listing fee for the Financial Year 2018-19 has been paid to the Bombay Stock Exchanges.
32. PREVENTION OF SEXUAL HARRASMENT
As required by the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013, the Company has formulated and implemented a policy on prevention of sexual harassment at workplace with a mechanism of lodging complaints. Its redressal is placed on the intranet for the benefit of its employees. During the year under review, no complaints were reported to the Board.
Your Directors would like to acknowledge and place on record their sincere appreciation to all stakeholders -Clients, Banks, Central and State Governments, the Companys valued investors and all other business partners for their continued co-operation and excellent support received during the year. Your Directors recognize and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its growth.
|For & On Behalf Of The Board Of Directors|
|M/S Unimode Overseas Limited And Reduced|
|304A/10178, IIIrd Floor, Ravinder Plaza, Abdul|
|Aziz Road, Karol Bagh, New Delhi-110005|
|Vikas Munjal||Ashish Goel|
|Place: New Delhi||Director||Director|
|Date: 01.09.2018||DIN: 01886826||DIN: 00367103|