vkj infradevelopers ltd share price Directors report


To,

The Members

VKJ Infradevelopers Limited

Your Directors have pleasure in presenting the 13th Annual Report on the business and operations of the Company together with the Audited Statement of Accounts and the Auditors Report of your Company for the financial year ended, 31st March 2022.

FINANCIAL HIGHLIGHTS:

The summarized performance of the Company for the years 2021-22 and 2020-21 is given below:

Particulars

For the Financial Year Ended

March 31, 2022 March 31, 2021
Total Income 20,14,232.00 21,89,586.00
Total Expenditure 18,01,037.00 21,72,331.00
Profit after Depreciation but before Tax 213,195.00 17,255.00
Less: Current Tax 00.00 00.00
Deferred Tax 12,191.00 13,749.00
Profit From continuing Operations 201,004.00 3,506.00
Profit/(Loss) from discontinuing operations 0 0
Profit / (Loss) After Tax 201,004.00 3,506.00

FINANCIAL PERFORMANCE

During the year under review, Your Company has recorded a total income of Rs. 20,14,232.00/- against Rs. 21,89,586.00/- in the previous year. Profit after taxation for the financial year ended on 31st March, 2022 is Rs. 201,004.00/- against Rs. 3,506.00/- in the previous year.

RESERVE AND SURPLUS

Profit of Rs. 2,01,004.00/- is being transferred to the reserve and surplus.

DIVIDEND

To Plough back the profits into the business, the Board of Directors has not declared any dividend during the year.

CHANGE IN THE NATURE OF BUSINESS

During the year, the Company has not changed its nature of business.

DEPOSITS:

The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. No amount of principal or interest was outstanding as on the date of Balance Sheet.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, 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

There have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.

CHANGE OF REGISTERED OFFICE

During the year under Review, there has no change in the registered office of the company.

POSTAL BALLOT

During the year under Review, No Postal Ballot has been conducted.

CHANGE OF REGISTRAR AND SHARE TRANSFER AGENT

During the year under review, the company has not changed the Registrar and Share.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has a formal system of internal control testing which examines both the design effectiveness and operational effectiveness to ensure reliability of financial and operational information and all statutory / regulatory compliances. The Company has a strong monitoring and reporting process resulting in financial discipline and accountability.

RISK MANAGEMENT POLICY

Therefore, in accordance with the provisions of the Companies Act, 2013, the Board members were informed about risk assessment and minimization procedures after which the Board formally adopted steps for framing, implementing and monitoring the risk management plan for the company.

The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.

In todays challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, Business risk, Technology obsolescence, Investments, retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk. As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.

PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE

The prescribed particulars of Employees required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure to this Report. The information required pursuant to Section 197(12) read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Employees of the Company, will be provided on request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees particulars mentioned in rule 5(2) of the said rule which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company upto the date of ensuing Annual General Meeting. If any Member is interest in inspecting the same, such Member may write to the Compliance officer in advance.

NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS SUBSIDIARIES AND ASSOCIATE COMPANIES DURING THE YEAR

Since the Company has no subsidiaries as on 31st March, 2022, provision of section 129 of the Companies Act, 2013 is not applicable.

STATE OF COMPANY AFFAIRS:

The Company is complying with all the applicable laws and provisions and there is no adverse action against the business operations of the Company.

SHARE CAPITAL

During the year under review, there is no change in the capital structure of the company.

STATUTORY AUDITORS

In Terms of the provisions of Section 139 of the Companies Act, 2013, the Board has appointed M/s. Nishant Alok & Co., Chartered Accountants (FRN 029014N), as the Statutory Auditors of the Company, to hold office form the conclusion of this Annual General Meeting until the conclusion of 18th Annual General Meeting. The Board has appointed M/s. Nishant Alok & Co., Chartered Accountants (FRN 029014N) as the statutory auditor of the company as required under Section 139 of the Companies Act, 2013, to the effect that their reappointment if made, will be within the limits as prescribed under the provisions thereof. Your Directors recommend their re-appointment as the Statutory Auditors of the Company.

AUDITORS REPORT

The Notes on Financial Statements referred to in the Auditors Report are self-explanatory and therefore, in the opinion of the Directors, do not call for further comments.

EXTRACT OF THE ANNUAL RETURN

Pursuant to the provisions of Sect ion 134 (3) (a) of the Companies Act, 2013, Extract of the Annual Return for the financial year ended 31st March, 2022 made under the provisions of Sect ion 92 (3) of the Act in Form MGT -9 is annexed herewith as Annexure I.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 in respect of Conservation of Energy and Technology Absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review. There was no foreign exchange earning & outgo during the financial year under review.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the year under review, the Company is not required to comply with the provisions related to Corporate Social Responsibility on the basis of its financial statement.

DIRECTORS & COMMITTEES:

a) Changes in Directors and Key Managerial Personnel

During the year under review, there has been no change in the composition of Board of Directors. b) Declaration by an Independent Director(s) and re- appointment, if any

All Independent Directors have given declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, and Listing Agreement. c) Formal Annual Evaluation

Pursuant to the provisions of companies Act, 2013 and applicable provisions of Listing Agreement, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder committee. The manner in which the evaluation has been carried out has been explained in Corporate Governance Report.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

a. BOARD MEETINGS

During the year, 07 (Seven) Board Meetings were convened and held. The details of which are given below. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

S.

Date of meeting

Total No. of Directors on No. of Directors
No. the Date of Meeting attended
1. 17th April, 2021 4 4
2. 26th June, 2021 4 4
3. 11th August, 2021 4 4
4. 28th August, 2021 4 4
5. 12th November, 2021 4 4

th

4
6. 10 February, 2022 4
7. 28th March, 2022 4 4

EXTRAORDINARY GENERAL MEETINGS DURING THE FINANCIAL YEAR 2021-22

There is no Extraordinary General Meeting Convened during the Financial Year 2021-22.

AUDIT COMMITTEE

The Board has well-qualified Audit Committee with majority of Independent Directors including Chairman. They possess sound knowledge on Accounts, Audit, Finance, Taxation, Internal Controls etc.

The Audit Committee also advises the Management on the areas where internal control system can be improved. The Terms of reference of the Audit Committee are in accordance with Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 177 of the Companies Act, 2013 as follows: ? Oversight of the Issuers financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible; ? Recommending to the Board, the appointment, re-appointment and, if required, there ? Placement or removal of the statutory auditor and the fixation of audit fees. ? Approval of payment to Statutory Auditors for any other services rendered by the statutory auditors. ? Reviewing, with the management, the annual financial statements before submission to the board for approval, with particular reference to: (i) Matters required to be included in the Directors Responsibility Statement to be included in the Boards report

(ii) Any changes in accounting policies and practices and reasons for the same;

(iii) Major accounting entries involving estimates based on exercise of judgment by management; (iv) Significant adjustments made in the financial statements arising out of audit findings; (v) Compliance with listing and other legal requirements relating to financial statements; (vi) Disclosure to any related party transactions; (vii) Qualifications in the draft audit report.

? Reviewing with the management the half yearly financial statements before submission to the Board for approval. ? Reviewing with the management, performance of statutory and internal auditors, adequacy of internal control systems; ? Reviewing the adequacy of internal audit function, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit. ? Discussion with internal auditors any significant findings and follow up thereon; ? Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matters to the Board; ? Discussion with Statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern; ? Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

COMPOSITION

During the year ended on 31st March, 2022, the composition of Audit Committee has been as under:

a) Ms. Tetar Devi (Chairman)
b) Mr. Vinod Kumar (Member)
d) Mr. Austeen Kachhap (Member)

During the financial year 2021-22, Four (04) meeting of Audit Committee was held i.e. 26.06.2021, 11.08.2021, 12.11.2021 and 10.02.2022.

NOMINATION & REMUNERATION COMMITTEE

The Company has duly constituted Nomination and Remuneration Committee to align with the requirements prescribed under the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements), 2015.

During the year ended on 31st March, 2022, the composition of Nomination and Remuneration Committee has been as under:

a) Ms. Tetar Devi (Chairman)
b) Mr. Vinod Kumar (Member)
d) Mr. Austeen Kachhap (Member)

During the financial year 2021-22, Four (04) meeting of Nomination and Remuneration Committee was held i.e. 26.06.2021, 11.08.2021, 12.11.2021 and 10.02.2022.

The terms of reference of Remuneration Committee includes the following:

The remuneration committee recommends to the board the compensation terms of the executive directors.

The committee to carry out evolution of every directors performance and recommend to the board his/her appointment and removal based on the performance.

The committee to identify persons who may be appointed in senior management/Director in accordance with the criteria laid down. Framing and implementing on behalf of the Board and on behalf of the shareholders, a credible and transparent policy on remuneration of executive directors including ESOP, Pension Rights and any compensation payment.

Considering approving and recommending to the Board the changes in designation and increase in salary of the executive directors.

Ensuring the remuneration policy is good enough to attract, retain and motivate directors.

Bringing about objectivity in deeming the remuneration package while striking a balance between the interest of the Company and the shareholders."

STAKEHOLDER RELATIONSHIP COMMITTEE

The Company has duly constituted Stakeholder Relationship Committee to align with the requirements prescribed under the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements), 2015.

Our Company has constituted a Stakeholder Relationship Committee to redress the complaints of the shareholders. The committee currently comprises of three Directors. Ms. Tetar Devi is the Chairperson of the committee.

a) Ms. Tetar Devi (Chairman)
b) Mr. Vinod Kumar (Member)
c) Mr. Austeen Kchhap (Member)

During the financial year 2021-22, Four (04) meeting of Stakeholder Relationship Committee was held i.e. 26.06.2021, 11.08.2021, 12.11.2021 and 10.02.2022.

ROLE OF STAKEHOLDER RELATIONSHIP COMMITTEE

The Stakeholder Relationship Committee of our Board look into:

The redressal of investors complaints viz. non-receipt of annual report, dividend payments etc.

Matters related to share transfer, issue of duplicate share certificate, dematerializations. Also delegates powers to the executives of our Company to process transfers etc.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

During the year, as per Section 177(9) read with Rule 7(1) of The Companies (Meeting of Board and its Powers) Rules, 2014, Company is required to establish a Vigil Mechanism for its Directors and employees. 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 a vigil mechanism policy. This policy is explained in corporate governance report and also posted on the website of company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

During the year, Company has provided Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013, details of the same has been provided in the financial statement of the company.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at large. The details of transactions with the Company and related parties are given for information under notes to Accounts.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In order to prevent sexual harassment of women at workplace; the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 are effective in the Company. Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at workplace of any women employee. The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All women employees (permanent, contractual, temporary and trainee) are covered under this Policy.

The following is a summary of Sexual Harassment complaints received and disposed off during the year: a. No. of Complaints received: 0 b. No. of Complaints disposed off : 0

MANAGERIAL REMUNERATION POLICY

Provisions relating to Managerial Remuneration as per Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 The Board have on the recommendation of the Nomination & Remuneration Committee framed a Policy for Selection and appointment of Directors, senior management and their Remuneration.

SECRETARIAL AUDIT REPORT AND EXPLANATION TO THE QUALIFICATIONS REPORTED IN THE REPORT

Provisions relating to Secretarial Audit as per Section 204 read with Rule 9 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Shashank Kumar , Proprietor of Sharma Kumar & Associates, Company Secretaries to undertake the Secretarial audit of the Company. The Secretarial Auditor Report provided By the Secretarial Auditor in Form No. MR-3 has been enclosed as Annexure II. We have also attached the Secretarial Audit Report of the Financial Year 2021-22 as addendum.

Explanation to the observations as notice in the Audit Report: The Management is searching the best person for the position and the Company will strive to complete the pending e - filing with Registrar of Companies, NCT of Delhi & Haryana.