Dear Members,
Your Directors have pleasure in presenting the 17 Annual Report and
audited financial accounts for the year ended 31% March, 2023. The performance of the
Company for the year ended on March 31%, 2023 is summarized below;
1. Financial Highlights (Amt. In Lakhs)
| Particulars |
2022-23 |
2021-22 |
| Total Income |
1,925.83 |
3,174.68 |
| Total Expenditure |
1,658.30 |
3,775.26 |
| Profit/(Loss) Before Exceptional Items, Prior
Period Items and Tax |
267.53 |
(600.58) |
| Exceptional Items |
0.00 |
191.12 |
| Profit/(Loss) Before Prior Period Items and
Tax |
(9.14) |
(409.46) |
| Prior Period Items |
0.00 |
0.00 |
| Profit/(Loss) Before Tax |
(9.14) |
(409.46) |
| Less: Tax Expenses (including deferred tax) |
(0.00) |
(0.00) |
| MAT Credit Availed |
- |
- |
| Tax Adjustments |
- |
- |
| Profit /(Loss) After Tax (PAT) |
(9.14) |
(409.46) |
2. Brief description of the Company's working during the
year/State of Company's affairs:
The Company is carrying out the manufacturing of food products like
different types of ghees, mangodi, Chai Masala, Spice Mixes, Poha Masala, Ready to Mix
product, Ready to eat products and chutneys. Company is also engaged in the marketing of
Saffron, Poha, Pasta, Quinoa Pasta, Groundnut Oil, Papad A2 Ghee and are marketed under
its own brand name “Naman's” and “Godhenu”.
Due to financial year 2022-23, the turnover of the company has
decreased from Rs.3174.68 lakhs to Rs. 1925.83 lakhs. Due to increased raw material prices
and diminition in value of stocks related to previous year, the company recorded a loss of
Rs.9.14 lakhs. The Directors are of the opinion that the Company will take better care of
their stock in future so that it will not come up with such losses and the financials
would give better picture of Company's performance.
3. Board of Directors:
In accordance with the provisions of section 149, 152 and other
applicable provisions of the Companies Act, 2013, one third of such of Directors as are
liable to retire by rotation, shall retire every year and, if eligible, offer themselves
for re-appointment at every AGM.
In accordance with the provisions of section 152 and other applicable
provisions of the Companies Act,2013,Mrs. Jinko Devi Koolwal {DIN: 02531975), who retires
by rotation at this meeting be and being eligible offer herself for re appointment and is
hereby appointed as a Director of the Company, liable to retire by rotation.”
Apart from this, there is no change in the Board of Directors of the
Company.
4. Number of Meetings of the Board:
During the Financial Year 2022-23, the Company held 8 (Eight) Board
meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is
summarized below.
| S.No |
Date of Meeting |
|
22.04.2022 |
| INE |
10.06.2022 |
| Iw |
08.09.2022 |
|
06.10.2022 |
| vip |
31.10.2022 |
| 6. |
14.12.2022 |
| 7. |
25.01.2023 |
|
30.01.2023 |
S.No. |
Name of Director |
No. of Board Meetings
Attended |
Attendance of the last AGM
held on 25.05.2022 |
1. |
RAAKESH B KULWAL DIN:00615150 |
8 |
Present |
2. |
JINKO DEVI KOOLWAL DIN:
02531975 |
8 |
Present |
3. |
MANAN JAIN DIN: 08765552 |
8 |
Present |
4. |
RAJAT KASLIWAL (DIN: 07781908)
(w.e.f 22.04.2022) |
8 |
Present |
The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
5. Key Managerial Personnel:
The following are the Key Managerial Personnel of the Company:
| S. No. |
Name of Person |
Designation |
| 1. |
Raakesh B Kulwal |
Chairman & Managing Director |
| 2. |
Jinko Devi Koolwal |
Director |
| 3. |
Irfan Naqvi |
Chief Financial Officer |
| 4, |
Bhagirathi |
Company Secretary |
Ms. Shilpi Gupta has resigned w.e.f 31.10.2022 and Ms. Bhagirathi has
appointed w.e.f 14.12.2022 in place of Ms. Shilpi Gupta. Apart from that there was no
change in the KMP's of the Company.
The Board of Directors of Company is a balanced one with an optimum mix
of Executive and Non Executive Directors. They show active participation at the board and
committee meetings, which enhances the transparency and adds value to their decision
making.
6. Committees of the Board:
The Board of Directors have the following committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholder/Investor Grievance Committee
The details of the Committees along with their composition, number of
meetings and attendance at the meetings are provided as under:
a) Audit committee:
The Audit Committee comprised of 3 members:
| Name of Director |
Designation |
| Mr.Manan Jain (w.e.f 14.08.2020) |
Non-Executive & Independent Director |
| Mr.Raakesh B. Kulwal |
Executive & Non-Independent Director |
| Mr. Rajat Kasliwal (w.e.f 22.04.2022) |
Chairman and Non-Executive |
|
Independent Director |
Mr. Rajat Kasliwal has been appointed as a Non-Executive &
Independent Director w.e.f 22nd April 2022.
b) Nomination and Remuneration Committee: The Committee comprised of 3
members.
| Name of Director |
Designation |
| Mr. Rajat Kasliwal (w.e.f.22.04.2022) |
Chairman & Independent Director |
| Mr.Manan Jain (w.e.f 14.08.2020) |
Non-Executive & Independent Director |
| Mrs.Jinko Devi Koolwal |
Non-Executive Director |
c) Stakeholder committee:
The Committee comprised of 3 members. Meeting of the Members of
Stakeholder Committee 25 August, 2022.
The details of composition of the stakeholder committee along with
their meetings held/attended as follows:
Name of Director |
Designation |
No. of Meetings Attended |
Rajat Kasliwal (w.e.f 22"
April 2022) |
Chairman & Independent
Director |
1 |
| Jinko devi Koolwal |
Non-Executive Director |
1 |
| Raakesh B. Kulwal |
Executive & Non-Independent Director |
|
| Manan Jain |
Non-Executive Director |
|
7. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried
out an annual performance evaluation of its own performance, the directors individually as
well as the evaluation of the working of its Audit, Nomination & Remuneration
Compensation and Stakeholder/ Investor's Grievance Committees. During the year, in terms
of the requirements of the Companies Act, 2013 and Listing Regulations, Board Evaluation
cycle was completed by the Company internally which included the Evaluation of the Board
as a whole, Board Committees and Directors. The exercise was led by the Independent
Director of the Company. The Evaluation process focused on various aspects of the
functioning of the Board and Committees such as composition of the Board and Committees,
experience, performance of specific duties and obligations, governance issues etc. There
results of the Evaluation were shared with the Board, Chairman of respective Committees
and individual Directors. Based on the outcome of the Evaluation, the Board and Committees
have agreed on an action to further improve the effectiveness and functioning of the Board
and Committees. The Chairman of respective Board Committees also shared the results of
evaluation with the respective Committee Members Declaration by an Independent Director(s)
and re- appointment, if any: All Independent Directors have given declarations that they
meet the criteria of independence as provided in sub-section (6) of Section 149 of the
Companies Act, 2013 and Regulation 16(b) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Finance & Accounts Your Company prepares its
Financial Statements in compliance with the requirements of the Companies Act, 2013 and
Accounting Standards. The estimates and judgments relating to the Financial Statements are
made on a going concern basis, so as to reflect in a true and fair manner. The form and
substance of transactions reasonably present the Company's state of affairs, profits/ loss
and cash flows for the year ended March 31, 2023.
Auditors
(@ Statutory Auditor
The Statutory Auditors of the Company M/s M S G & Associates,
Chartered Accountants, (FRN. 010254C) has discontinued from the office due to completion
of their tenure and in place of them new statutory auditor namely M/s Jain Chowdhary &
Co., Chartered Accountant, (Firm Registration No. 0113267W), appointed in this Annual
General Meeting for period of 5 years 2023-2028 subject to ratification from the
conclusion of this AGM to the next AGM. REPORTING OF FRAUDS BY AUDITORS
For the Financial year 2022-23, the Statutory Auditor has not reported
any instances of frauds committed in the Company by its Officers or Employees.
(b) Secretarial Auditor In terms of Section 204 of Companies Act, 2013
and rules made there under, the Company has made appointment of M/s Sidhi Maheshwari &
Associates, a firm of Company Secretaries in Practice as a Secretarial Auditor of the
Company. The Secretarial Audit Report submitted by them in the prescribed form MR-3 is
enclosed as ANNEXURE ‘B' and forms part of this report.
(c) Internal Audit Our company's Internal Auditor is M/s J Nitin
& Associates.
(d) Cost Auditor In accordance with the provisions of Section 148 of
the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014 as
amended from time to time, our Company was not required to appoint Cost Auditors for the
previous Financial Year.
10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY : During the year, the
Company continued to implement their suggestions and recommendations to improve the
control environment. Their scope of work includes review of processes for safeguarding the
assets of the Company, review of operational efficiency, effectiveness of systems and
processes, and assessing the internal control strengths in all areas All the transactions
are properly authorized, recorded and reported to the Management. The Company is following
all the applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements.
11. Vigil Mechanism/Whistle Blower Policy In pursuant to the provisions
of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors
and employees to report genuine concerns has been established. The Vigil Mechanism Policy
has been uploaded on the website of the Company http:// www.namans.co.in.
12. Extract of Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1)of the Companies(Management and Administration) Rules, 2014, an extract of
Annual Return in MGT 9 as a part of this Annual Report as ANNEXUREA'.
13. Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's operations in
future: There are no significant and material orders passed by the Regulators/courts that
would impact the going concern status of the Company and its future operations except:
Bombay stock exchange vide its notice 20220208-55 dated 08 February 2022 has suspended the
trading of shares of the company due to non-filing of financials for half year ended March
2021 and September 2021 under Regulation 33 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and now, the company
has complied with the aforesaid. Further, the Company is in process to revoke the
suspension complying with the norms for revocation as prescribed.
14. Acceptance of 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.
15. Particulars of loans, guarantees or investments The provisions of
Section 186 of the Companies Act, 2013 does not apply to the Company during the period
under review.
16. Particulars of contracts or arrangements with related parties All
transactions entered with the Related Parties during the financial year were in the
ordinary course of business and on arm's length basis and do not attract the
provisions of section 188 of the Companies Act, 2013 and rules made there under
ANNEXURE-E. Related party transactions have been disclosed under the Note No. 08 -
significant accounting policies and notes forming part of the financial statements in
accordance with “Accounting Standard 18”. A statement in summary form of
transactions with related parties in the ordinary course of business and on arm's
length basis is placed before the Audit committee for review and recommendation to the
Board for their approval. None of the transactions with related parties were in conflict
with the interest of the Company. All the transactions are in the normal course of
business and have no potential conflict with the interest of the Company at large and are
carried out on an arm's length basis or fair value. The policy on Related Party
Transactions and materiality dealing with related party transactions as approved by the
Board of Directors has uploaded on the website of the company athttp://www.namans.co.in.
17. Corporate Governance The provision as per Regulation 34(3) read
with schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, is not applicable to Company.
18. Environment and Safety
The Company is conscious of the importance of environmentally clean and
safe operations. The Company Policy requires conduct of operations in such a manner, so as
to ensure of all concerned, compliances, environmental regulations and preservation of
natural resources. In order to prevent sexual harassment of women at work place a new act
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 has been notified. Under the said Act every company is required to set up an Internal
Complaints Committee to look into complaints relating to sexual harassment at work place
of any women employee. The Company has been employing women employees in various cadres
within the factory premises. Your Company has set up Internal Complaints Committee for
implementation of said policy. Complaints received, if any are regularly monitored by
women line supervisors who directly report to the Chairman & Managing Director. During
the financial year 2022-23, company has not received any complaint of harassment and hence
no compliant is outstanding as on March 31, 2023 for redressal.
19. RESERVES
For the period under review the Board is not transferring any amount to
General Reserve Account of the Company.
20. DIVIDEND
In view of loss incurred during the year, your Directors do not
recommend any dividend during the Financial Year 2022-23.
21. CAPITAL STRUCTURE
During financial year, there was no change in the capital structure of
Company.
22. RISK MANAGEMENT POLICY
Your Company has an elaborate Risk Management procedure, which is based
on the three pillars: Business Risk Assessment, Operational Controls Assessment and Policy
Compliance processes. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. Some of the
identified risks relate to competitive intensity and cost volatility. To sustain and grow
in global market one must be ready for some level of uncertainty. Greater the uncertainty,
higher the risk. The risk management function is integral to the Company and its
objectives include ensuring that critical risks are identified, continuously monitored and
managed effectively in order to protect the Company's business. The Company operates
in an environment which is affected by various factors some of which are controllable
while some are outside the control of the company. The Company proactively takes
reasonable steps to identify and monitor the risk and makes efforts to mitigate
significant risks that may affect it. Some of the risks that are potentially significant
in nature and need careful monitoring are listed hereunder: Macroeconomic Factors,
Political Factors, Product portfolio, Competition from product launches, Talent
acquisition & retention, Continuance and growth of channel partners, High dependence
on suppliers, Geographic concentration, Changes in government policy and legislation, Raw
Material Price Increase, Foreign Exchange Fluctuation.
23. Corporate Social Responsibility The provisions of Corporate Social
Responsibility are not applicable to the Company for the FY 2022-23.
24. PROHIBITION OF INSIDER TRADING
With a view to regulate trading in securities by the directors and
designated employees, the Company has adopted a Code of Conduct for Prohibition of Insider
Trading.
25. INVESTOR GRIEVANCE REDRESSAL
The number of complaints received and resolved to the satisfaction of
investors during the year under review. There were no pending complaint or share transfer
cases as on 31st March 2023, as per the certificate given by RTA.
26. MEETINGS OF INDEPENDENT DIRECTORS
The Company's Independent Directors meet at least once in every
financial year without the presence of Executive Directors or management personnel. Such
meetings are conducted informally to enable Independent Directors to discuss matters
pertaining to the Company's affairs and put forth their views to the Lead Independent
Director. During the year under review, the independent directors met on 13.11.2022 inter
alia, to discuss:
1. Evaluation of the performance of Non-independent Directors and the
Board of Directors as a whole.
2. Evaluation of the performance of the chairman of the Company, taking
into account the views of the Executive and Non- Executive directors.
3. Evaluation of 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.
27. Director's Responsibility Statement The Directors'
Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of
the Companies Act, 2013, shall state that- in the preparation of the annual accounts, the
applicable accounting standards had been followed along with proper explanation relating
to material departures; (iy the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the company at the end of
the financial year and of the profit and loss of the company for that period;
(i) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;
(ii) the directors had prepared the annual accounts on a going concern
basis and
(iv) that 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.
(v) that 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.
28. Transfer of Amounts to Investor Education and Protection Fund Your
Company did not have any funds lying unpaid or unclaimed for a period of seven years.
Therefore, there were no funds which were required to be transferred to Investor Education
and Protection Fund (IEPF).
29. Management Discussion and Analysis Report The Management Discussion
and Analysis Report as required under regulation 34(3) read with Schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in the
separate section forming part of this Annual Report. 30. Statutory Information As per
section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the
Companies(Accounts)Rules,2014, the information on conservation of energy, technology
absorption and foreign exchange earnings and outgo is annexed in ANNEXURE ‘C' an
integral part of this report. In terms of provisions of section 197(12) of the Companies
Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 a statement showing the names and other particulars of
the employees drawing remuneration in excess of the limits set out in the said rules are
provided hereunder. Further, the disclosures pertaining to remuneration and other details
as 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 in
ANNEXURE ‘D' an integral part of this report. The Business Responsibility
Reporting as required under Regulation 34(2) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is not applicable to your company for the
financial year 2022-23.
31. GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
2. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme.
3. The Company has complied with Secretarial Standards issued by the
Institute of Company Secretaries of India on Board and General Meetings.
4. There were no frauds found which have been reported to the Audit
Committee/ Board members as well as to the Central Government. Further, there was no fraud
reported by auditors under section 143(12) of the Companies Act, 2013.
5. There is no proceeding pending under the Insolvency and Bankruptcy
Code, 2016.
32. LISTING OF SHARES
Your Company's shares are listed at SME platform of BSE Limited and the
annual listing fees for the year 2022-23 has been duly paid.
33. EXPLANATIONS OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION,
RESERVATION OR ADVERSE REMARKS OR DISCLAIMER MADE BY AUDITOR IN HIS REPORT:
During the year under review, there were following remarks given by
statutory auditor:
Qualification 1: The Accumulated losses of the Company is Rs. 5329.07
Lakhs (Previous period Loss Rs. 5320.07 Lakhs) and its net worth is negative
Rs.2980.64Lakhs (Previous period positive Rs. 2971.50 Lakhs) as at the end of the
reporting period which indicates erosion of Net worth of the Company.
Reply by board: The Company has incurred heavy losses on account of
decline in bulk sale which used to come from Institutional Sales/ Supplies to religious
places/Restaurants/ Marriages due to shortage of Working Capital, though demand in market
have improved after Covid effect.The Company is also stuck into many statutory obligations
and blockage of funds leading to shortage of working capital Funds.
ii) Qualification 2: Company has not made any Provision for Interest on
Cash Credit Facility availed from State Bank of India, Axis Bank and Acme Resources Pvt.
Ltd. Refer Note 3(a) to the financial statement after one time settlement with SBI, bank
statement is not available for verification and interest amount also not quantified. This
is because of classification of its account by the concerned State Bank of India as
Non-performing Assets (NPA). SBI, and Axis Bank has filed suit against recovery of
outstanding with Debt Recovery Tribunal, (DRT) Jaipur.
Reply by board: The Company has signed OTS dt.12.08.22 with State Bank
of India in view of same Interest provision on Cash Credit Facility was not made and due
to legal dispute with ACME Resources provision for interest is not done. We are also in
talk with Axis Bank for OTS, for which reply from there end is awaited.
Qualification 3: Company has signed OTS dt.25.06.2022 with Kotak
Mahindra Bank Limited as per it an amount of Rs.6,00,00,000/- to be paid in 10 Trenches
till 28.02.2023, as on date Company has already paid an amount of Rs.4,00,00,000/- till
31.03..2023 and now an amount of Rs.2,00,00,000/- is outstanding as at 31.03.2023 and got
No dues certificate vide letter No. COPS/AF/NDC/2023-24/30698 dated 05th May, 2023. The
status of suit by Axis Bank and SBI is still pending in DRT.
Reply by board :In view of the above mentioned qualification the
company has paid all the Dues of Kotak Mahindra Bank as per OTS and got the No Dues
certificate on 05.05.23. As far as OTS with State Bank of India is concerned the company
has made all efforts to honour the same and we have paid Rs.3.5 Cr out of the OTS amount
of Rs.12.75 Cr and for balance amount we have requested the bank Management to allow us
further time which is under consideration.
Qualification 4: One time compromise settlement arrangement with SBI
has been cancelled by the bank vide letter No. SAMB-II/CL-IV/SKR/22 due absolute failing
on the terms and conditions of the compromise settlement vide sanction letter no.
SAMB-II/CL-IV/SKR/717 dated 12-08-2022. Still the company has not made any provision for
penalty and interest in concurrence with the stand that the classification of account by
the concerned State Bank of India as Non-performing Assets (NPA) and guantum of the same
is not ascertainable.
Reply by board: In view of the above mentioned qualification the
company has paid all the Dues of Kotak Mahindra Bank as per OTS and got the No Dues
certificate on 05.05.23. As far as OTS with State Bank of India is concerned the company
has made all efforts to honour the same and we have paid Rs.3.5 Cr out of the OTS amount
of Rs.12.75 Cr and for balance amount we have requested the bank Management to allow us
further time which is under consideration.
Qualification 5: During the previous year State Bank of India, Stressed
Assets Management Branch (“SAMB”), New Delhi vide their letter no.
SAMB-II/CL/VI-2019-20/3342 dated 06/03/2020 have absolutely assigned all the rights, title
and interest in financial assistance in favor of SAMB, New Delhi”, in response to
this action, SAMB has published an advertisement for sale of primary collateral security
entire fixed assets including factory building, situated at Plot No. 551-B, Road No. 6,
V.K.I.A,, RIICO Industrial Area, Sikar Road, Jaipur.
Reply by board: Further to Point No.3, State Bank of India has further
moved the case related to Company under SARFAESI Act to their Stressed asset Management
Branch, New Delhi where the status of case is same as above.
Qualification 6: Company has received Notice u/s. 13(2) and Section
13(4) of Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (No.3 of 2002) dated 25/11/2019 from State Bank of India, as the
operation of and conduct of the financial assistance / credit facilities have become
irregular and company's debt with its bankers has been classified as Non- Performing Asset
(NPA) as per the guidelines issued by RBI. The current status is pending with the
respective authority.
Reply by board: State Bank of India has issued the notice to Company
under the SARFAESI Act as per their process and at present, the order for implementation
and taking of possession is pending with District Collector / DRT, Jaipur.
Qualification 7: Balances of Loans, Sundry Debtors, Loans and Advances
and Current Liabilities, are subject to confirmation and reconciliation from the
respective parties.
Reply by board: The Company has taken Balance confirmation from stake
owners. Suitable system is in place for reconciliation.
Qualification 8: Listing of the company has been suspended due to penal
reason and the company has paid a penalty of Rs. 1440780.00.
Reply by board: Listing of the company has suspended due to non-filing
of financials for half year ended March 2021 and September 2021 under Regulation 33 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and now, the company has complied with the aforesaid. Further, the
company filed revocation application to the BSE and company has paid the penalty of Rs
14,40,780/-.
Other than the above, there was no qualification, reservation or
adverse remarks or disclaimer made by Statutory Auditor in his report. Further, the
Secretarial Auditor has given the following opinions in her report:
1. We cannot comment on formation and holding of the Committee's
Meetings during the year under review, as we were not provided with the Signed Copy of
Minutes or Attendance Register of the Meetings.
2. As per information received from MSME 1 creditor is registered as
per MSME Act out of which three parties amounting to Rs. 2,64,36,300/- is due more than 45
days. Liability for interest on the same has not been provided for. Director's
Explanation on the Secretarial Auditor's Observation: Your Directors have taken note of
the opinions given by the Secretarial Auditor and giving assurance to make the
shortcomings good in the upcoming year and we have instructed the secretarial department
to provide adequate records to the auditors in future in order to conduct audit in an
efficient and effective manner.
34. Appreciation and Acknowledgments Your Directors place on record
their deep appreciation to employees at all levels for their hard work, dedication and
commitment. The Board places on record its appreciation for the support and co- operation
your company has been receiving from its Suppliers, Retailers, and Dealers &
Distributors and other associated with the Company. The Directors also take this
opportunity to thank all Investors, Clients, Vendors, Banks, Government & Regulatory
Authorities and Stock Exchange for their continued support.
For Jhandewalas Foods Limited
Sd/-
Raakesh B Kulwal
DIN: 00615150
Chairman & Managing Director
Date: 12" July 2023
Place :Jaipur
|