Dear Members,
The Board of Directors ("Board") hereby submits the report on
the business and operations of
Mehai Technology Limited ("the Company") along with audited
financial statements of the Company for the financial year ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS:
The Company's financial performance for the year under review
along with previous year figures is given hereunder: (Amount in Lakhs)
|
Consolidated |
Standalone |
| Particulars |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from Operations |
875.75 |
601.30 |
803.56 |
601.30 |
| Other Income |
13.32 |
3.36 |
13.32 |
3.36 |
Total Revenue |
889.07 |
604.66 |
816.88 |
604.66 |
| Total Expenses |
800.49 |
568.20 |
730.60 |
568.20 |
| Profit Before Tax |
88.58 |
36.46 |
86.28 |
34.46 |
| Provision for Taxation: |
|
|
|
|
| (i)Current Income Tax |
28.59 |
9.48 |
27.99 |
9.48 |
| (ii)Deferred Tax |
8.55 |
-0.61 |
8.55 |
-0.06 |
Profit after Income Tax |
51.44 |
27.04 |
49.74 |
27.04 |
2. FINANCIAL PERFORMANCE REVIEW:
On a Consolidated basis the Company has reported total income of Rs.
889.07 Lakhs for the current year as compared to Rs. 604.66 Lakhs in the
previous year. The Net Profit/Loss for the year under review amounted to Rs. 51.44
Lakhs in the current year as compared to Rs. 27.04 Lakhs in the previous year.
On a Standalone basis the Company has reported total income of Rs.
816.88 Lakhs for the current year as compared to Rs. 604.66 Lakhs in the
previous year. The Net Profit/Loss for the year under review amounted to Rs. 49.74
Lakhs in the current year as compared to Rs. 27.04 Lakhs in the previous year.
3. DIVIDEND AND RESERVES:
Your Directors do not recommend the payment of dividend for the year
ended 31st March, 2023.
An amount of Rs. 49.73 Lakhs was transferred to Reserves and
Surplus during the year 2022-23.
4. CHANGE IN THE NATURE OF BUSINESS:
There were no changes in the nature of the business of your Company
during the year under review.
5. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE
COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There were no material changes and commitments affecting the financial
position of the company which have occurred between the end of the financial year of the
company to which the financial statements relate and the date of the report.
6. CAPITAL STRUCTURE:
During the year under review, there was no change in the Capital
Structure of the Company. The Share Capital of the Company as at 31st March,
2023 is as: Rs. 10,71,00,000/-
Authorized Share Capital
? The authorized share capital of the Company is increased from Rs.
11,00,00,000/- (Rupees Eleven Crore only) divided into 1,10,00,000/- (One crore Ten Lakhs)
equity shares of Rs. 10/- (Rupees Ten only) to Rs. 25,00,00,000/- (Rupees Twenty-Five
Crore) divided into 2,50,00,000/- (two crore Fifty Lakhs) equity shares of Rs. 10/-
(Rupees Ten only).
Issued, Paid-up Share Capital and Subscribed Share Capital
? Issued, Paid-up Share Capital
The issued and paid up share capital of the Company is Rs. 10,71,00,000
/- (Rupees Ten Crore Seventy-One Lakhs only) divided into 1,07,10,000 (One Crore Seven
Lakhs Ten Thousand) Equity Shares of Rs. 10 /- (Rupees Ten only).
No bonus shares were issued during the year under review. The Company
did not make any allotment through ESOPs during the year.
7. CORPORATE OFFICE OF THE COMPANY:
During the year under review, to carry commercial operation in the
state of West Bengal, the Company decided to maintain a corporate office at Unit No. 708,
7th Floor, ECO Centre, Block-EM-4 Sector-V, Salt Lake Kolkata 700091 WB IN with effect
from 14th April, 2021.
8. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
There was no amount liable or due to be transferred to Investor
Education and Protection Fund (IEPF) during the financial year ended March 31, 2023.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENT AND
RESIGNATION:
Sr. No Name |
Designation |
| 1 Mr. Jugal Kishore Bhagat |
Managing Director |
| 2 Mrs. Rekha Bhagat |
Non-Executive Director |
| 3 Mrs. Rekha Devi Bhagat |
Non-Executive Director |
| 4. Mr. Akash Tak |
Non-Executive and Independent Director |
| 5 Mr. Anand Mishra1 |
Non-Executive and Independent Director |
| 6 Mr. Mukul Jain |
Non-Executive and Independent Director |
| 7 Mr. Dipanjan Paul2 |
Non-Executive and Independent Director |
| 8 Mr. Dilip Kumar Duari |
Chief Financial Officer |
| 9 Mrs. Ankita Dutta3 |
Company Secretary |
| 10. Mr. Md Naim4 |
Company Secretary |
1 Mr. Anand Mishra a Non Executive Independent Director of the
Company resigned from the Board due to takeover of the Company with effect from 14th
November, 2022.
2 Mr. Dipanjan Paul appointed as a Non Executive additional
Independent Director of the Company with effect from 14th November, 2022.
Appointments and Re-appointment:
4 During the year under review, Mr. Md Naim has appointed as a
Company Secretary with effect from 2nd March, 2023.
Brief profile of the Director being re-appointed as required under
Regulations 36(3) of Listing Regulations, 2015 and Secretarial Standard on General
Meetings are provided in the notice for the AGM of the Company.
During the year under review, there were no other appointments of the
Directors in the Company.
Resignations:
1 During the year under review, Mr. Anand Mishra has resigned
from the post of Non-Executive Independent Director on the Board with effect from 14th
November, 2022.
3 During the year under review, Mrs. Ankita Dutta has resigned
from the post of Company Secretary with effect from 29th September, 2022.
10. NUMBER OF BOARD MEETINGS:
Details of Board Meetings
During the year under review, the Board of Directors duly met 17
Seventeen times. The details of Board Meetings are provided in the Corporate Governance
Report forming part of this Annual Report.
11. DEPOSITS:
During the year under review, your Company has not invited nor accepted
any public deposits within the meaning of section 73 of the Companies Act, 2013 read with
Companies (Acceptance of Deposit) Rules, 2014 hence the requirement for furnishing of
details of deposits which are not in Compliance with the Chapter V of the Companies Act,
2013 is not applicable.
12. COMMITTEES OF THE BOARD:
The Board has established the following Committees: -
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders' Grievances and Relationship Committee
The detailed disclosures of all the Committees of the Board of
Directors are provided in the Corporate Governance Report forming part of this Annual
Report.
The compositions of the Committees details are as below:
Sr. No. Name of the Committee
Members |
Audit Committee |
Nomination and Remuneration
Committee |
Stakeholders'
Relationship Committee |
| 1. Mr. Dipanjan Paul |
Chairperson1 |
Chairperson 1 |
Member1 |
| 2. Mr. Akash Tak |
|
Member |
Chairperson |
| 3. Mr. Mukul Jain |
Member |
|
|
| 4. Mr. Jugal Kishore Bhagat |
Member |
|
|
| 5. Mrs. Rekha Bhagat |
|
|
Member |
| 6. Mrs. Rekha Devi Bhagat |
|
Member |
|
| 7. Anand Mishra |
Member2 |
|
|
1 Mr. Dipanjan Paul Non Executive Independent Director of the
Company is appointed as Member and Chairman of Audit Committee and Nomination and
Remuneration Committee with effect from 14th November 2022 and member of the
Stakeholders' Relationship Committee with effect from 14th November 2022
2 Mr. Anand Mishra Non-Executive Independent Director of the
Company appointed as Member of Audit Committee Resign form 14th November 2022.
13. RECOMMENDATIONS OF AUDIT COMMITTEE:
The Audit Committee was constituted by the Board of Directors on
September 15, 2017. All the recommendations made by the Audit Committee were accepted by
the Board.
14. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:
No such order has been passed by the Regulators/Court or Tribunals
which can impact the going concern status and Company's operation in future.
15. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
The Company had started a Wholly owned Subsidiary Momentous Retails
Private Limited from 29th July 2022.
16. PARTICULARS OF LOANS, GURANTEES OR INVESTMENT BY THE COMPANY:
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under review and hence the
said provision is not applicable.
17. CRITERIA FOR APPOINTMENT OF MANAGING DIRECTOR/WHOLE-TIME DIRECTOR:
The appointment is made pursuant an established procedure which
includes assessment of managerial skills, professional behavior, technical skills and
other requirements as may be required and shall take into consideration recommendation, if
any, received from any member of the Board.
18. FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS:
The Company has in place a process for familiarization of newly
appointed directors with respect to their respective duties and departments. The
highlights of the Familiarization
Programme are explained in the Corporate Governance Report forming part
of this Annual Report and are also available on the Company's website
19. MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis Report as required under Regulation
34 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, is presented separately as Annexure II forming
part of the Annual Report attached herewith.
20. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the financial year under review, all contracts / arrangements
entered into by the Company with related parties were in the ordinary course of business
and on an arm's length basis. There are materially significant related party transactions
that may have potential conflict with the interest of the Company, hence disclosure under
Section 134(3)(h) of the Act read with the Rule 8 of Companies (Accounts of Companies)
Rules, 2014, in Form AOC-2 is attached.
21. FORMAL ANNUAL EVALUATION:
The Board of Directors is committed to get carried out an annual
evaluation of its own performance, board committees and individual Directors pursuant to
applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015. Performance evaluation of Independent
Directors was carried out by the entire board, excluding the Independent Director being
evaluated. Based on the criteria the exercise of evaluation was carried out through the
structured process covering various aspects of the Board functioning such as composition
of the Board and committees, experience & expertise, performance of specific duties
& obligations, attendance, contribution at meetings, etc. The performance evaluation
of the Chairman and the Non- Independent Directors was carried out by the Independent
Director.
22. REMUNERATION POLICY:
The Company has in place a policy for remuneration of Directors, Key
Managerial Personnel and Employees of senior management employees. The details of the same
are given on the website of the Company i.e. www.mehaitech.co.in The detailed features of
Remuneration Policy are stated in the Report on Corporate Governance forming part of this
Annual Report.
23. PARTICULARS REGARDING EMPLOYEES REMUNERATION:
The statement containing particulars of employees as required under
Section 197 (12) of the Companies Act, 2013 read with Rule 5 (2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this
Report as Annexure III.
24. DIRECTORS' RESPONSIBILITY STATEMENT:
It is hereby stated that:
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation relating to material
departures;
(ii) The Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the Company at the end of
the financial year and of the profit of the Company for that period;
(iii) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of Companies
Act, 2013 and Rules made there under for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
(iv) The directors had prepared the annual accounts on a going
concern basis;
(v) The directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively and
(vi) 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.
25. CORPORATE SOCIAL RESPONSIBILITY:
Corporate Social Responsibility is not applicable to the Company.
26. EXTRACT OF ANNUAL RETURN:
The Annual Return of the Company as on 31st March, 2023 is available on
the Company's website and can be accessed at www.mehaitech.co.in.
27. THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:
Disclosures regarding activities undertaken by the company in
accordance with the provisions of section 134 of the Companies Act, 2013 read with
Companies (Accounts) rules, 2014 are provided here under:
A. Conservation of energy:
(i) The Steps taken or impact on Conservation of energy:
The Company has adopted strict control system to monitor day to day
power consumption. The Company ensures optimal use of energy with minimum extend of
wastage as far as possible. The day to day consumption is monitored and efforts are made
to save energy.
(ii) Steps taken by company for utilizing alternate source of energy:
The Company is not utilizing any alternate source of energy.
(iii) The Capital Investment on energy conservation equipment:
The Company has not made any Capital Investment on energy conservation
equipments.
B. Technology absorption:
The Company does not undertake any activities relating to technology
absorption.
C. Foreign Exchange earnings and outgo:
(i) Foreign Exchange Earnings: Nil (ii) Foreign Exchange Outgo: Rs. Nil
(iii) Advance to Supplier: NIL
28. CORPORATE GOVERNANCE REPORT:
Pursuant SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ["Listing Regulations"], the provisions relating to Corporate
Governance are applicable to the Company and accordingly, the Corporate Governance Report
is attached as Annexure IV with its Annual Report.
29. DEMATERIALISATION OF SHARES:
The ISIN for the equity shares is INE062Y01012. As on 31st
March, 2023 total paid up Capital i.e Rs.10,71,00,00 equity shares of the Company
is in dematerialized form.
30. MEETING OF INDEPENDENT DIRECTORS:
During the year under review, the Independent Directors met on 2nd
March, 2023 inter alia, to discuss:
? Review of the performance of the Non- Independent Directors and the
Board of Directors as a whole.
? Review of the Chairman of the Company, taking into the account of the
views of the Executive and Non- Executive Directors.
? Assess the quality, content and timeliness of flow of information
between the management and the Board that is necessary for the Board to effectively and
reasonably perform its duties.
All the Independent Directors were present in the meeting.
31. DECLARATION FROM INDEPENDENT DIRECTORS:
The Independent Directors of the Company have submitted the declaration
of independence, as required pursuant to the provisions of Section 149(7) of the Companies
Act, 2013, stating that they meet the criteria of Independence as provided under Section
149(6). They have also confirmed that they meet the requirements of Independent Director
as mentioned under Regulation 16(1) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and their Declarations have been taken on record.
32. CRITERIA FOR APPOINTMENT OF INDEPENDENT DIRECTORS:
An Independent Director shall be a person of integrity and possess
appropriate balance of skills, experience and knowledge in one or more fields of finance,
law, management, sales, marketing and technical operations or any other discipline related
to the Company's business. The Company did not have any peculiar relationship or
transactions with non-executive Directors during the year ended 31st March,
2023.
33. RISK MANAGEMENT POLICY OF THE COMPANY:
In terms of the provisions of Regulation 17 of the Listing Regulations,
the Company has in place a proper system for Risk Management, assessment and minimization
of risk. Risk Management is the identification and identification and assessment of risk.
Major risks identified by the business and functions are systematically addressed through
mitigating actions on a continuing basis.
The Board members are 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
34. AUDITORS
Statutory Auditors and their Report:
In terms of the provisions of Section 139 of the Companies Act, 2013
read with the Companies (Audit and Auditors) Rules, 2014, Bijan Ghosh & Associates,
Chartered Accountants, Firm Registration No. 323214E was appointed as Statutory Auditors
of the Company to hold office for one term of 5 years commenced from conclusion of the 8th
Annual General Meeting upto the 13th Annual General Meeting of the Company to be held in
calendar year 2026. The Company has received a certificate from the proposed Statutory
Auditors to the effect that their appointment, shall be in compliance with the provisions
of Section 139 and 141 of the Companies Act, 2013.
The Auditors have issued their report on the financial statements for
the financial year ended 31st March, 2023, with an unmodified opinion and do not contain
any qualification, observation or adverse remarks or disclaimer that may call for any
explanation from the Board of Directors. The Auditors have not reported any matter under
Section 143(12) of the Companies Act, 2013 and therefore no detail is required to be
disclosed under Section 134 (3)(ca) of the Companies Act, 2013.
The Auditors' Report for the financial year 2022-23 is unmodified
i.e. it does not contain any qualification(s), reservation(s) or adverse remark(s) and
forms part of this Annual Report
Internal Auditor:
The Company has appointed M/s. S. K. Dhar & Co, Chartered
Accountants as the Internal Auditor of the Company for the F.Y. 2023-2024 to conduct the
Internal Audit of the Company in their Board Meeting held on 24th May, 2023.
Secretarial Auditor and their Report:
Pursuant to provisions of section 204 of the Companies Act, 2013 and
Rules made thereunder, the Board of Directors of your Company has appointed M/s. Ankita
Dey & Associates, Company Secretary as Secretarial Auditor of the Company to undertake
the Secretarial Audit for the financial year 2022-23 in accordance with the provisions of
Section 204 of the Companies Act, 2013. The Secretarial Audit report for the financial
year 2022-23 issued by M/s. Ankita Dey & Associates, Company Secretary is enclosed as Annexure
VII to this report.
The explanations /comments made by the Board relating to the
qualifications, reservations or adverse remarks made by the Secretarial Auditor are as
follows:
No adverse remarks made by the Secretarial Auditor
35. REPORTING OF FRAUDS BY AUDITORS:
During the year under review, the Auditors have not reported any
instances of frauds committed in the Company by its Officers or Employees to the Audit
Committee under Section 143(12) of the Companies Act, 2013
36. DIRECTORS' QUALIFICATION CERTIFICATE:
In terms of SEBI (LODR) Regulation 2015, a Certificate from M/s. Ankita
Dey & Associates, Company Secretary stating that none of the directors on the board of
the Company have been debarred or disqualified from being appointed or continuing as
director of Companies by the Board/Ministry of Corporate Affairs or any such statutory
authority, appear as Annexure VI to this report.
37. INTERNAL FINANCIAL CONTROLS:
The Company has adequate systems of internal control meant to ensure
proper accounting controls, monitoring cost cutting measures, efficiency of operation and
protecting assets from their unauthorized use. The Company also ensures that internal
controls are operating effectively. The Company has also in place adequate internal
financial controls with reference to financial statement. Such controls are tested from
time to time to have an internal control system in place.
38. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Board of Directors affirms that the Company has complied with the
applicable Secretarial Standards issued by the Institute of Companies Secretaries of India
(SS1 and SS2) respectively relating to Meetings of the Board and its Committees which have
mandatory application.
39. VIGIL MECHANISM/WHISTLE BLOWER MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015
["Listing Regulations"], a Vigil Mechanism of the Company which also incorporate
a whistle blower policy deals with instances of fraud and mismanagement, if any for
directors and employees to report genuine concerns has been established. The Policy on
vigil mechanism and whistle blower policy may be accessed on the Company's website of
the Company at www.mehaitech.co.in
40. COST AUDITORS:
The provisions of Cost Audit as prescribed under Section 148 of the Act
and the rules framed thereunder are not applicable to the Company.
41. PREVENTION OF INSIDER TRADING:
During the year, the Company amended the Insider Trading Policy in line
with the SEBI (Prohibition of Insider Trading) (Amendment) Regulations,2018. The Corporate
Policy on Investor Relations was amended to make generic language updates. The amended
policy is available on our website www.mehaitech.co.in
42. POLICY OF CODE OF CONDUCT FOR DIRECTOR AND SENIOR MANAGEMENT:
Your Company has adopted the policy of code of Conduct to maintain
standard of business conduct and ensure compliance with legal requirements. Details of the
same are given in the website of the Company i.e. www.mehaitech.co.in
43. INDUSTRIAL RELATIONS:
Your Company lays emphasis on commitment towards its human capital and
recognizing its pivotal role for organization growth. During the year, the Company
maintained a record of peaceful employee relations.
Your Directors wish to place on record their appreciation for the
commitment shown by the employees throughout the year.
44. HEALTH AND SAFETY:
The operations of the Company are conducted in such a manner that it
ensures safety of all concerned and a pleasant working environment. The Company strives to
maintain and use efficiently limited natural resources as well as focus on maintaining the
health and well-being of every person.
45. LISTING OF SHARES:
The Equity Shares of the Company are listed on the main Board of Bombay
Stock Exchange Limited. The Annual Listing fees for the year 2022-23 have been paid.
46. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL
HARASSMENT OF
WOMEN AT WORK PLACE:
Your Company has framed a Policy of prevention, prohibition and
redressal of sexual harassment at workplace in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has zero tolerance for sexual harassment for women at
workplace and has adopted a policy against sexual harassment in line with Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the
rules framed thereunder. All women who are associated with the Company either as permanent
employees or temporary employees or contractual persons including service providers at
Company sites are covered under the above policy. During the financial year 2022-23, the
Company has not received any complaints on sexual harassment and hence no compliant
remains pending as on 31st March, 2023. Details of the same are given in the
website of the Company i.e. www.mehaitech.co.in
47. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR
STATUS AT THE END OF THE FINANCIAL YEAR:
The details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 are not applicable to the Company.
48. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF
ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE
BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:
The details of difference between amount of the valuation done at the
time of one-time settlement and the valuation done while taking loan from the banks or
financial institutions along with the reasons are not applicable to the Company.
49. ACKNOWLEDGEMENT:
Your Directors wishes to express its gratitude and places on record its
sincere appreciation for the commitment and efforts put in by all the employees. And also
record their sincere thanks to bankers, business associates, consultants, and various
Government Authorities for their continued support extended to your Companies activities
during the year under review. Your Directors also acknowledges gratefully the shareholders
for their support and confidence reposed on your Company.
Part "A": Subsidiaries
(Information in respect of each subsidiary to be presented with amounts
in Rs)
SL. No. Particulars |
Details |
1. Name of the subsidiary |
MOMENTOUS RETAILS PVT. LTD |
2. Reporting period for the
subsidiary concerned, if different from the holding company's reporting period |
01/04/2022 TO 31/03/2023 |
3. Reporting currency and
Exchange rate as on the last date of the relevant financial year in the case of foreign
subsidiaries. |
N/A |
| 4. Share capital |
2,00,000.00 |
| 5. Reserves & surplus |
1,70,230.70 |
| 6. Total Assets |
1,00,09,655.88 |
| 7. Total Liabilities |
1,00,09,655.88 |
| 8. Investments |
0.00 |
| 9. Turnover |
72,18,819.20 |
| 10. Profit before taxation |
2,30,041.49 |
| 11. Provision for taxation |
59,810.79 |
| 12. Profit after taxation |
1,70,230.70 |
| 13. Proposed Dividend |
0.00 |
| 14. % of shareholding |
100% |
Notes: The following information shall be furnished at the end of
the statement:
1. Names of subsidiaries which are yet to commence operations - NIL
2. Names of subsidiaries which have been liquidated or sold during the
year. - NIL
Part "B": Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013
related to Associate Companies and Joint Ventures
Name of Associates/Joint Ventures |
Name 1 |
Name 2 |
Name 3 |
1. Latest audited Balance Sheet Date |
|
|
|
2. Shares of
Associate/Joint Ventures held by the company on the year end |
|
|
|
| No. |
|
NIL |
|
| Amount of Investment in Associates/Joint |
| Venture |
| Extend of Holding % |
Name of Associates/Joint Ventures |
Name 1 |
Name 2 |
Name 3 |
3. Description of how there
is significant influence |
|
|
|
4. Reason why the
associate/joint venture is not consolidated |
|
|
|
5. Net worth attributable
to Shareholding as per latest audited Balance Sheet |
|
N I L |
|
6. Profit / Loss for the year |
|
|
|
| i. Considered in Consolidation |
|
|
|
| i. Not Considered in Consolidation |
|
|
|
1. Names of associates or joint ventures which are yet to commence
operations.
2. Names of associates or joint ventures which have been liquidated or
sold during the year.
Note: This Form is to be certified in the same manner in which the
Balance Sheet is to be certified.
FORM NO. AOC -2
{Pursuant to section134 (3)(h) of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014}.
Form for Disclosure of particulars of contracts/arrangements entered
into by the company with related parties referred to in sub section (1) of section 188 of
the Companies Act, 2013 including certain arms length transaction under third proviso
thereto.
1. Details of contracts or arrangements or transactions not at
Arm's length basis.
SL. No. Particulars |
Details |
| a) Name (s) of the related party & nature
of relationship |
|
| b) Nature of
contracts/arrangements/transaction |
|
| c) Duration of the
contracts/arrangements/transaction |
|
d) Salient terms of the
contracts or arrangements or transaction including the value, if any |
NIL |
e) Justification for entering
into such contracts or arrangements or transactions' |
|
| f) Date of approval by the Board |
|
| g) Amount paid as advances, if any |
|
h) Date on which the special
resolution was passed in General meeting as required under first proviso to section 188 |
|
2. Details of contracts or arrangements or transactions at
Arm's length basis.
SL. No. Particulars |
Details |
| a) Name (s) of the related party & nature
of relationship |
Momentous Retails Private Limited |
|
Entities in which relative of KMP has
influence |
| b) Nature of
contracts/arrangements/transaction |
Purchase |
| c) Duration of the
contracts/arrangements/transaction |
Not Defined |
d) Salient terms of the
contracts or arrangements or transaction including the value, if any |
Value of Transaction- Rs.
62,87,418.00 |
| e) Date of approval by the Board |
25.07.2022 |
| f) Amount paid as advances, if any |
Rs.71,98,011.00 |
Massage from Managing Director
To our valued shareholders and customers First and foremost, I would
like to express our sincerest appreciation for your enduring trust and support for to our
company. Furthermore, we have made a significant progress in market position and brand
value as well as in our preparations for the future. In the electronics business, we were
able to deliver brand new customer value by leveraging superior technologies and
attractive product offerings. We also enhanced business competitiveness in growth
businesses. The performance of our business has greatly improved thanks in large part to
strong cost and product competitiveness as well as to robust growth in high value-added
business.
CORPORATE GOVERNANCE
Good Corporate Governance is an integral part of our work culture and
best followed industrial practice lies at the foundation of our company's business
ethos. The Company believes that the management carries fiduciary responsibility towards
all the investors and stake holders and is responsible for protection of their interest in
the company and increase in their wealth. It is committed to high levels of ethics and
integrity in all its business dealings that avoids all conflicts of interest. In order to
conduct business with these principles, the company creates simple corporate structures
based on business needs and maintains a high degree of transparency through regular
disclosures and a focus on adequate control systems. The report of Corporate Governance is
prepared in accordance with SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015
(hereinafter referred to as ‘SEBI LODR'). A report on
Corporate Governance is annexed to this Report
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