SHREE KRISHNA INFRASTRUCTURE LIMITED (CIN: L45201GJ1990PLC013979) 101, 1st
Floor, 36, Rang Residency, Vadia, Rajpipla, Narmada-393145
To,
The Members,
Your Directors have pleasure in presenting their 33rd Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31, 2023.
1. FINANCIAL SUMMARY OR HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:
The Board's Report shall be prepared based on the standalone financial statements of
the company.
(Amount in Lakhs)
Particulars |
For the year ended March 31, 2023 |
For the year ended March 31, 2022 |
| Revenue from operation |
68.74 |
55.67 |
| Other Income |
0.51 |
0.05 |
| Total Revenue |
69.25 |
55.71 |
| Total Expense (excluding |
60.55 |
48.49 |
| Depreciation) |
|
|
Gross Profit before depreciation and tax |
8.70 |
7.23 |
| Depreciation |
5.36 |
5.97 |
| Net Profit before tax |
3.34 |
1.25 |
| Tax Expense |
0.84 |
0.31 |
| Net Profit After Tax |
2.50 |
0.94 |
| Balance of Profit brought forward |
19.07 |
18.14 |
| Balance available for appropriation |
2.50 |
0.94 |
| Proposed Dividend on Equity Shares |
Nil |
Nil |
| Tax on proposed Dividend |
Nil |
Nil |
| Transfer to General Reserve |
Nil |
Nil |
| Surplus carried to Balance Sheet |
21.57 |
19.07 |
| Earning Per Shares (EPS) |
|
|
| Basic |
0.02 |
0.03 |
| Diluted |
0.02 |
0.03 |
2. OPERATING PERFORMANCE:
During the year under review the Company has generated total revenue of Rs 68.74 Lakhs
as compared to Rs. 55.67 Lakhs of the previous financial year 2021-22. The Company
achieved net profit of Rs 2.50 Lakhs as compared to Rs 0.94 Lakhs in previous financial
year 2021-22. The directors are continuously looking for new avenues for future growth of
the Company.
3. ANNUAL RETURN:
As required pursuant to section 92(3) read with Section 134 (3) (a) of the Companies
Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the
Annual return as on March 31, 2023 is available on the Company's website on: www.skifl.com.
4. DIVIDEND:
As the Board of Directors wishes to plough back the profit in the business, No dividend
is being recommended by the Directors for the year ending on 31st March, 2023.
5. AMOUNT TRANSFER TO RESERVE:
No amount is required to be transferred to reserve.
6. CAPITAL STRUCTURE:
During the year 2022-23, Authorized share capital of your company increases from Rs
3,00,00,000/-(Rupees Three Crore) divided into 30,00,000 (Thirty Lakhs) Equity Shares of
Rs 10/- each to Rs 12,50,00,000/- (Rupees Twelve Crore Fifty Lakhs) divided into
1,25,00,000 (One Crore Twenty Five Lakh ) Equity Shares of Rs 10/- each.
Pursuant to the approval accorded by the shareholders in Annual General Meeting held on
25th August, 2022, The company has allotted 80,00,000 Convertible Warrants convertible
into 80,00,000 equity share of Rs. 10/- each to be issued at par to Promoters and Non -
Promoters on preferential basis 03.10.2022. Out of 80,00,000 convertible warrants
75,00,000 warrants of Rs. 10/- each were converted into equity shares in the Board of
Directors meeting held on 06.02.2023. The issue of new shares will rank pari passu with
existing equity shares.
With this allotment, Issued, Subscribed and Paid up capital of company is increased
from Rs. 3,00,00,000 (Rupees Three Crore) divided into 30,00,000 (Thirty Lakhs) equity
shares of Rs. 10/- each to Rs. 10,50,00,000/- (Rupees Ten Crore Fifty Lakhs) divided into
1,05,00,000 (One Crore Five Lakh) equity shares of Rs.10/- each.
7.DISCLOSURE UNDER REGULATION 32(7A) OF SEBI (LODR) REGULATIONS 2018.
The preferential issues of warrants proceeds has been partial utilised upto Rs.
1,92,10,908 towards financial position, working capital requirements and to augment the
financial resources of the Company.
8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the Notes to Financial Statements.
9. RELATED PARTY TRANSACTIONS:
All contracts/arrangements/transactions entered by the Company during the FY 2022-2023
with related parties were in the ordinary course of business and on an arm's length basis.
During the year under review, the Company has 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.
Since all related party transactions entered into by the Company were in the ordinary
course of business and were on an arm's length basis, Form AOC-2 forms the part of this
Board report in ANNEXURE I. Your Directors draw the attention of the members to the
Financial Statement which sets out related party disclosures.
10. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY
BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS
RELATE AND THE DATE OF REPORT: There have been no material changes and commitments,
affecting the financial position of the company which have occurred during the financial
year of the Company to which the financial year relate and the date of this report.
11. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS:
There were no significant material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status of the Company and its operations in future.
12. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES: There was no
Subsidiary/Joint Ventures/Associate Companies during the FY 2022-2023.
13. PARTICULARS OF EMPLOYEES:
There was no employee drawing remuneration in excess of limits prescribed under section
197 of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.
14. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has in place adequate internal controls commensurate with the size, scale
and complexity of its operations. To maintain its objectivity and independence, the
Internal Auditors report to the Chairman of the Audit Committee of the Board. Internal
Auditors monitor and evaluate the efficacy and adequacy of internal control system in the
Company, its compliance with operating systems, accounting procedures and policies at all
locations of the Company. Based on the report of Internal Auditors, process owners
undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit
Committee of the Board.
15. DIRECTORS & KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Keyur Gandhi, retires by rotation at the
ensuing Annual General Meeting and offers himself for reappointment.
• Re- appointment of Mr. Ravi Rajiv Kotia as Managing Director for 5 years w.e.f.
July 14, 2023 to July 13, 2028.
• Ms. Rupali Maini, " Company Secretary & Compliance Officer" of the
Company has resigned in the company w.e.f. 20.08.2022
• Ms. Anupama Sharma, "Company Secretary & Compliance Officer" of
the Company was appointed on 20.08.2022 and has resigned w.e.f. 29.05.2023 in the Company.
None of the other Director was disqualified under Section 164 of Companies Act 2013
16. MEETINGS OF THE BOARD OF DIRECTORS:
The following Meetings of the Board of Directors were held during the Financial Year
2022-23:
Sr. No. |
Date of Meeting |
Board Strength |
No. Present of Directors |
| 1 |
30.04.2022 |
4 |
4 |
| 2 |
27.05.2022 |
3 |
3 |
| 3 |
25.06.2022 |
3 |
3 |
| 4 |
20.07.2022 |
4 |
4 |
| 5 |
20.08.2022 |
4 |
4 |
| 6 |
03.10.2022 |
4 |
4 |
| 7 |
10.11.2022 |
4 |
4 |
| 8 |
06.02.2023 |
4 |
4 |
| 9 |
23.03.2023 |
4 |
4 |
During the Financial Year 2022-23, No Extra-ordinary General Meeting of Company was
held.
The compositions of the Board, attendance at the Board meetings held during the FY
2022–2023 under review and at the last Annual General Meeting, number of
directorships in other companies, Memberships/Chairmanships of the Committees and their
shareholding as on March 31, 2023 in the Company are as follows: -
Name of Director |
DIN |
Category |
No. of Board Meetings held during the tenure |
No. of Board Meetings attended during the tenure |
Attendance in last AGM dated 25.08.2022 |
*No. of Director ships in other Companies |
**Committee Position Chair person |
Shareho lding Memb er |
(Equity shares of FV of Rs. 10/- each) |
Mr. Ravi Kotia |
01761963 |
Promoter, MD |
9 |
9 |
Yes |
NIL |
- |
2 |
3628763 |
Mr. Keyur Gandhi |
03494183 |
Non Executive Director |
9 |
9 |
Yes |
1 |
1 |
1 |
0 |
Mr. Yogesh Prajapati |
02733610 |
Independ ent Director |
9 |
9 |
Yes |
NIL |
1 |
2 |
0 |
Ms. Arshita Devpura |
09649553 |
Independ ent Director |
6 |
6 |
Yes |
NIL |
1 |
1 |
0 |
* Excludes Directorship in private limited companies, foreign companies and companies
under Section 8 of the Companies Act, 2013.
**Audit Committee, Nomination & Remuneration Committee & Stakeholders
Relationship Committee in all Indian Public Limited Companies (including this listed
entity) have been considered for the Committee positions.
Notes:
There is no inter- se relationship between the directors.
17. MEETING OF INDEPENDENT DIRECTORS:
During the year under review, the Independent Directors met once on January 18, 2023
inter alia, to: i. Evaluate the performance of non-independent directors and the Board as
a whole; ii. Evaluate the performance of chairperson of the Company taking into account
the views of the Executive and Non-Executive Directors of the Company; and iii. Evaluate
the quality, quantity and timelines of flow of information between the management and the
Board. All Independent Directors were present at the meeting.
18. COMMITTEES OF THE BOARD AS ON 31ST MARCH, 2023
Board has constituted the following three Committees in accordance with the
requirements of Companies Act, 2013 and Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
A. Audit Committee
B. Nomination & Remuneration Committee
C. Stakeholders Relationship Committee All three committees are appropriately
constituted.
(A) AUDIT COMMITTEE Composition:
Audit committee of the Board of Directors ["the Audit Committee"] is
entrusted with the responsibility to supervise the Company's internal controls and
financial reporting process. The composition, quorum, powers, role and scope are in
accordance with Section 177 of the Companies Act, 2013 and the provisions of Regulation 18
of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. All members of the Audit Committee are financially
literate and bring in expertise in the fields of Finance, Taxation, Accounts, etc. It
functions in accordance with its terms of reference that defines its authority,
responsibility and reporting function
Meetings and Attendance, Composition, Chairperson and Name of Members as on March 31,
2023:
During the year under review, six (6) meetings of the Audit Committee were held on
April 30, 2022, May 27, 2022, June 25, 2022, August 20, 2022, November 10, 2022 and
February 25, 2023.
During the Financial Year 2022-2023, the Audit Committee met six times. According to
Regulation 18 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 the maximum gap between two meetings shall not
be more than 120 days.
Name of the Members |
Category of Directorship |
Designation Held |
Audit Committee Meeting (S) Attended |
Mr. Yogesh Prajapati |
Non-Executive Independent Director Executive Director (Chairman & Managing |
Chairman |
6 6 |
| Mr. Ravi Kotia |
Director) |
Member |
6 6 |
Ms. Arshita Devpura |
Non-Executive Independent Director |
Member |
3 3 |
Notes:
There is no inter- se relationship between the directors.
The Company Secretary acts as Secretary to the Committee
The Chairman of the Audit Committee was present at the last Annual General Meeting held
on August 25, 2022.
Terms of Reference:
The terms of reference of Audit Committee are wide enough, covering the matters
specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
well as in Section 177 of the Companies Act, 2013, which inter alia includes the
following:
a. Oversee the Company's financial reporting process and disclosure of its financial
information;
b. Recommend appointment, remuneration and terms of appointment of auditors of the
Company;
c. Approve payment to statutory auditors for any other services rendered by them;
d. Review with the management, the annual financial statements before submission to the
Board for approval, focusing particularly on:
(1) Matters to be included in Directors Responsibility Statements to be included in
Board's report;
(2) Any changes in accounting policies and practices;
(3) Major accounting entries involving estimates based on the exercise of judgment by
management;
(4) Significant adjustments resulting from the audit findings;
(5) Compliance with listing and other legal requirements relating to financial
statement;
(6) Disclosure of related party transactions;
(7) Qualification in draft audit report.
e. Review with the management, the half yearly financial statement before submission to
the board for their approval;
f. Recommend appointment, remuneration and terms of appointment of internal auditors,
tax auditors, secretarial auditor and any matters of resignation or dismissal;
g. Discuss with the statutory auditors before the audit committee, the nature and scope
of the audit as well as post audit discussion to ascertain areas of concern;
h. Review the internal audit program, ensuring co-ordination between the internal and
statutory auditors, ensuring that the internal audit function is adequately resourced and
has appropriate standing within the Company, and to request internal auditor to undertake
specific audit projects, having informed the management of their intentions;
i. Consider the major findings of internal investigations by the internal auditors into
matters where there is suspected fraud or irregularity or failure of internal control
systems of a material nature and reporting the matter to the Board;
j. Consider any material breaches or exposure; breaches of regulatory requirements or
of ethical codes of practice to which the Company subscribes, or of any related codes,
policies and procedures, which could have a material effect on the financial position or
contingent liabilities of the Company;
k. Discuss significant findings with internal auditors and initiate follow-up action
thereon;
l. Look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors;
m. Review performance of statutory and internal auditors and adequacy of internal
control systems;
n. Approve transaction with related parties and subsequent modification to terms of
contract/transaction;
o. Scrutinize inter-corporate loans and investments;
p. Valuation of any of the undertakings or assets as and when necessary;
q. Evaluate adequacy of internal financial control and risk management system;
r. Review with management, the statement of uses /application of funds raised through
an issue (public issue, rights issue, preferential issue, etc.), the statement of funds
utilized for purposes other than those stated in the offer document/ prospectus/notice and
the report submitted by the monitoring agency monitoring the utilization of proceeds of a
public or rights issue, and making recommendation to the Board for taking steps in
relation thereto;
s. Approve appointment of CFO (i.e. the Whole time Finance Director or any other person
heading the finance function or discharging that function) after assessing the
qualification, experience and background of the candidate;
t. View functioning of the Whistle Blower Policy;
u. Carry out any other functions as may be falling within the terms of reference of the
Audit Committee or as may be delegated to the Committee from time to time.
NOMINATION & REMUNERATION COMMITTEE: Composition:
The Nomination and Remuneration Committee is constituted in compliance with the
requirements of Regulation 19 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Section 178 of the
Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its
Powers) Rules, 2014.
Meetings and Attendance, Composition, Chairperson and name of members as on March 31,
2023:
During the year under review, Four (4) meeting of the Nomination and Remuneration
Committee were held on April 30, 2022, May, 27, 2022, June, 25, 2022, August, 20, 2022.
Name of the Members |
Category of Directorship |
Designation |
Nomination and Remuneration Committee Meeting (s) Held Attended |
Ms. Arshita Devpura |
Non-Executive Independent Director |
Chairperson |
1 1 |
Mr. Keyur Gandhi |
Non- Executive Director |
Member |
4 4 |
Mr. Yogesh Prajapati |
Non-Executive Independent Director |
Member |
4 4 |
Terms of reference:
i. Review& recommend to the Board on the structure and composition of the Board of
Directors of the Company;
ii. Formulation of the criteria for determining qualification, positive attributes and
independence of a director and recommend to the Board of directors a policy relating to,
remuneration of directors, key managerial personnel and other employees of the Company;
iii. Formulation of the criteria for evaluation of performance of independent directors
and the board of directors;
iv. Devising a policy on diversity of Board of directors;
v. Formulate appropriate policies, institute processes which enable the identification
of individuals who are qualified to become Directors and who may be appointed in Senior
Management and recommend the same to the Board;
vi. Review and implement succession and development plans for Managing Director,
Executive Directors and Senior Management.
vii. To supervise and monitor the process of issuance/ grant/vesting/ cancellation of
ESOPs and such other instruments as may be decided to be granted to the employees of the
Company/ Subsidiary Company, from time to time, as per the provisions of the applicable
laws, more particularly in terms of Securities and Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014.
Details of Remuneration to all Directors
The details of remuneration paid to the Directors for the year ended March 31, 2023 are
as under:
Name |
Designation |
Salary |
Perquisites |
Sitting Fees |
Total |
Mr. Ravi Kotia |
Chairman & Managing Director |
9,57,600 |
- |
- |
9,57,600 |
Mr. Keyur Gandhi |
Non-Executive Director Non-Executive |
- |
- |
14,000 |
14,000 |
Mr. Yogesh Prajapati |
Independent Director Non-Executive |
- |
- |
21,000 |
21,000 |
Ms. Arshita Devpura |
Independent Director |
- |
- |
10,000 |
10,000 |
Disclosure pursuant to Part-ll, Section-ll, 3rd Provision, Point No-IV of Schedule-V
under Section 196 and 197 of all the Directors:
• All elements of remuneration package such as salary, benefits, bonuses, pension
etc of all the Directors- As stated above
• Details of fixed component and performance linked incentives along with
performance criteria - Nil
• Service Contracts, notice period, severance fees- Not Applicable
• Stock options details, if any and whether the same has been issued at a discount
as well as the period over which accrued and over which exercisable- Not Applicable
Performance Evaluation of Board, its Committees and Directors:
Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of
Directors has carried out an annual evaluation of its own performance and that of its
Committees and Individual Directors.
The performance of the Board and Individual Directors was evaluated by the Board
seeking inputs from all the Directors. The performance of the Committees was evaluated by
the Board seeking inputs from the Committee members. The Nomination and Remuneration
Committee reviewed the performance of the Individual Directors.
A separate meeting of Independent Directors was also held to review the performance of
the Board, Non-Independent Directors and Chairman of the Company taking into account the
views of Executive Directors and Non-Executive Directors.
The criteria for performance evaluation of the Board include aspects like Board
composition and structure, effectiveness of Board processes, information and functioning,
etc. The criteria for performance evaluation of committees of the Board include aspects
like composition of committees, effectiveness of committee meetings, etc. The criteria for
performance evaluation of the Individual Directors include aspects like contribution to
the Board and Committee Meetings, professional conduct, roles and functions, etc. In
addition, the performance of Chairman is also evaluated on the key aspects of his roles
and responsibilities.
(C) STAKEHOLDERS RELATIONSHIP COMMITTEE: COMPOSITION:
The composition of the Stakeholders Relationship Committee is in compliance with the
provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
Meetings and Attendance, Composition, Chairperson and name of members as on March 31,
2023:
During the year under review, one (1) meeting of the Stakeholders Relationship
Committee were held on May 27, 2022.
Name of the Members |
Category of Directorship |
Designation |
Stakeholders Relationship Committee Meeting (S) Held Attended |
| Mr. Keyur Gandhi |
Non- Executive Director |
Chairman |
1 1 |
|
Executive Director (Managing Director) |
Member |
1 1 |
| Mr. Ravi Kotia |
Non- Executive |
|
|
| Mr. Yogesh Prajapati |
Independent Director |
Member |
1 1 |
Stakeholders Relationship Committee ensures quick redressal of security holder and
investor's complaints/grievances pertaining to transfers, no receipt of annual reports,
dividend payments, issue of duplicate certificates, transmission of securities and other
miscellaneous complaints;
In addition, the Committee also monitors other issues including status of
Dematerialization/ Rematerialisation of shares issued by the Company. Oversee the
performance and service standards of the Registrar and Share Transfer Agent, and
recommends measures to improve level of investor services. The Company is in compliance
with the SCORES, which has initiated by SEBI for processing the investor complaints in a
centralized web-based redress system and online redressal of all the shareholders
complaints.
Name and designation of Compliance Officer:
Ms. Rupali Maini was the Company Secretary & Compliance Officer of the Company upto
August 20, 2022. Ms. Anupama Sharma, is the Company Secretary and Compliance officer of
the Company was appointed on August 20, 2022 and resigned on May 29, 2023.
During the year under review no complaint was received. There were no instruments for
transfer pending as on March 31, 2023.
19 . POLICY ON DIRECTORS'APPOINTMENT AND REMUNERATION:
The current policy is to have an appropriate mix of executive, non-executive and
independent directors to maintain the independence of the Board, and separate its
functions of governance and management. As on 31st March, 2023, the Board consists of 4
Members, 1 is Executive Director and 1 is a Non-Executive Director and 2 of who are
Non-Executive Independent Directors. The Board periodically evaluates the need for change
in its composition and size. The Policy of the Company on Director's appointment and
remuneration, including criteria for determining qualifications, positive attributes,
independence of director and other matters provided under Section 178(3) of the Companies
Act, 2013, adopted by the Board can be viewed on our website viz www.skifl.com. We
affirm that the remuneration paid to the director is as per the terms laid out in the said
policy.
20. WHISTLE BLOWER POLICY/VIGIL MECHANISM:
Company has established a Vigil Mechanism for enabling the Directors and Employees to
report genuine concerns. The Vigil Mechanism provides for: -
(a) Adequate safeguards against victimization of persons who use the Vigil Mechanism;
and
(b) Direct access to the Chairperson of the Audit Committee of the Board of Directors
of the Company in appropriate or exceptional cases. The Audit Committee of the Board has
been entrusted with the responsibility of overseeing the Vigil Mechanism. The Whistle
Blower Policy is available on the website of the Company viz www.skifl.com.
21 . BOARD EVALUATION:
The Company has devised a policy for performance evaluation of Independent Directors,
Board, Committees and other individual Directors. The Nomination and Remuneration
Committee of the Board is entrusted with the responsibility in respect of the same. The
Committee studies the practices prevalent in the industry and advises the Board with
respect to evaluation of Board members. On the basis of the recommendations of the
Committee, the Board carries an evaluation of its own performance and that of its
committees and individual Directors.
22. PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE:
The Company as an organization is committed to provide a healthy environment to all
employees and thus does not tolerate any discrimination and/or harassment in any form. The
Company has in place Prevention of Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at work place (Prevention, Prohibition and Redressal)
Act, 2013. This Policy is available on the website of the Company viz www.skifl.com.
No complaints were received during the financial year 2022-2023.
23. DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND
EMPLOYEES:
A statement containing the details of the Remuneration of Directors, Key Managerial
personnel (KMP) and Employees as required under Section 197(12) of the Companies Act, 2013
read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is annexed herewith as [Annexure-III] to this Report.
The Company have no employee working throughout the Financial year drawing a
remuneration more than as per terms of the provisions of Section 197(12) of the Companies
Act, 2013 read with Rules 5(2) and 5[3] of the Companies (Appointment and Remuneration of
Managerial] Personnel) Rules, 2014.
24. CORPORATE GOVERNANCE:
The Company being listed on the Small and Medium Enterprise platform is exempted from
provisions of corporate governance as per Regulation 15 of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hence no
corporate governance report is disclosed in this Annual Report. It is pertinent to mention
that the Company follows majority of the provisions of the corporate governance
voluntarily.
25. MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis Report on the operations of the Company as
required under Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is annexed herewith as part to this Report.
26. RISK AND MITIGATING STEPS:
The Company has identified various risks faced by the Company from different areas.
Appropriate Structures are present so that risks are inherently monitored and controlled
inter alia through strict quality assurance measures.
The Company has adequate internal control system and procedures to combat risks. The
risk management procedure is reviewed by the Audit Committee and Board of Directors on
regular basis as and when required.
27. DIRECTORS RESPONSIBILITY STATEMENT:
To the best of knowledge and belief and according to the information and explanation
obtained by them, your Directors make the following statements in terms of Section 134(5)
of the Act.
a. That in the preparation of the annual financial statements, the applicable
accounting standards have been followed along with proper explanation relating to material
departures, if any;
b. That such accounting policies as mentioned in Notes to the Financial Statements have
been selected and applied consistently and judgments have been made that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company as
at 31st March, 2023 and profit or loss of the Company for the Financial Year
ended on that date;
c. That proper and sufficient care has been taken 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. That the annual Financial Statements have been prepared on a going concern basis;
e. That system to ensure compliance with the provisions of all applicable laws and that
such system was adequate and operating effectively.
28. AUDITORS AND AUDIT REPORT:
At the 32nd AGM, the Members approved appointment of M/s Bharat Gupta &
Company, Chartered Accountants (FRN: 131010W and Membership No. 136055), as Statutory
Auditor of the Company to hold office for a period of five years commencing from the
conclusion of the ensuing 32nd Annual General Meeting upto the conclusion of 37th
Annual General Meeting of the Company to be held in the year 2026.
The Statutory Auditors' Report for FY 2022-23, does not contain any qualification,
reservation or adverse remark or disclaimer, the same forms part of this Annual Report.
The Statutory Auditors of the Company have not reported any matter under Section 143(12)
of the Companies Act, 2013.
29 . SECRETARIAL AUDITOR:
In terms of section 204 of Companies Act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, M/s. Pooja Gandhi & Co., Practicing
Company Secretary, (Membership No. 22838) & (Certificate of Practice No. 20135)
resigned as the Secretarial Auditor of the Company for the Financial Year 2022-2023
thereafter M/s. Vineeta Patel & Co., Practicing Company Secretary, (Membership No.
37699) & (Certificate of Practice No. 19111) is appointed as the Secretarial Auditor
of the Company. The Secretarial Audit Report for the Financial Year ended March 31, 2023
is annexed herewith as Annexure-II to this report.
30 .CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
(A) Conservation of energy and technology absorption:
Conservation of energy continues to receive increased emphasis and steps are being
taken to reduce the consumption of energy at all levels. The Company has taken steps to
conserve energy in its office use, consequent to which energy consumption had been
minimized. No additional Proposals/ Investments were made to conserve energy. Since the
Company has not carried on industrial activities, disclosure regarding impact of measures
on cost of production of goods, total energy consumption, etc, is not applicable Therefore
provision of section 134(m) is not applicable to the company.
(B) Foreign Exchange Earnings and Outgo:
There was no foreign exchange outgoing for the year ended as on 31st March,
2023.
31. DEPOSITS (Section 73 of the Companies act 2013):
During the year under review, company has not accepted any deposits from the public and
therefore no information is required to be furnished in respect of outstanding deposits.
32 . STATEMENT ON MATERIAL SUBSIDIARY:
The Company currently does not have any Material Subsidiary. The Policy on
Identification of Material Subsidiaries can be viewed on our website: www.skifl.com.
33 . SECRETARIAL STANDARDS:
The Directors state that applicable Secretarial Standards with regard to Meeting of
Board of Directors (SS-1) and General Meetings (SS-2)as well as the Report on Board of
Directors(SS-4) issued by The Institute of Company Secretaries of India, have been duly
followed by the Company.
34 . DISCLOSURE ABOUT COST AUDIT:
Maintenance of Cost Records and requirement of Cost audit as prescribed under
provisions of Section 148(1) of the Act, are not applicable for business activities
carried out by the Company.
35. INSIDER TRADING:
In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, your
Company has constituted a comprehensive Code titled as "Code of Conduct for Internal
Procedures and to Regulate, Monitor and Report Trading by Insiders", which lays down
guide lines and advises the Directors and Employees of the Company on procedures to be
followed and disclosures to be made while dealing in securities of the Company. The said
policy can be viewed on our website: www.skifl.com.
36. CHANGE IN SITUATION OF THE REGISTERED OFFICE OF THE COMPANY:
During the year under 2022-2023, the Company has shifted its registered office within
the local limits of city only. On 23.03.2023, Company shifted its registered office from
Bungalow No. 36, Rang Residency, Vadia, Rajpipla, Narmada, Gujarat – 393145 to 101, 1st
Floor, 36, Shri Rang Residency, Vadia, Rajpipla, Narmada, Gujarat – 393145.
37 . ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record their appreciation for the support
extended by the bankers, business associates, clients, consultants, advisors,
shareholders, investors and the employees of the Company for their continued co-operation
and support.
The Board of Directors would also like to place on record their sincere appreciation
for the co-operation received from the other statutory and/or regulatory bodies.
For and on behalf of The Board of Directors of the Company
Place: Rajpipla Sd/- Date: July 01, 2023 Ravi Kotia Chairman & Managing Director
DIN: 01761963
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