The Directors are pleased to present 1sl Annual Report on the business and operations of your Company and the audited financial Statement for the period ended 31sl March,2016 and Auditor's report thereon.
OPERATIONAL AND FINANCIAL RESULT
The Financial Result of the Company's for the period from 31 s' December 2015 (Date of incorporation) to 31sl March 2016 are as under:
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(Rs. in Lacs)
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Particulars
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Current Year
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Revenue from operation
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530.33
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Other income
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2.35
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Financial Cost
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(33.92)
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Depreciation and amortization expenses
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(46.26)
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Profit before exceptional and extraordinary items and tax (A-B)
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(55.42)
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Exceptional Items
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0
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Profit before extraordinary items and tax
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(55.42)
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Extraordinary Items
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0
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Profit before tax
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(55.42)
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Tax Expenses :
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(8.04)
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1. Current Tax
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2. Deferred Tax (8.04)
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Profit /Loss from the period from continuing operations
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(63.46)
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Profit / Loss for the Period
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(63.46)
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COMPANY'S PERFORMANCE
During the year under review, the Company's performance from the date of incorporation 31.12.2016 to 31.03.2016 recorded as Net Sales of the Company recorded at Rs. 530.33 Lacs . The Company achieved the Net Loss of Rs. 63.46 Lacs.
Management of the Company is committed to the growth and hopes to improve the performance in coming years.
DIVIDEND
Your Directors are still constrained not to recommend any dividend for the year keeping in view the need of funds for expansion and working capital.
TRANSFER TO RESERVE
The company does not propose to transfer any amount to reserves.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
(a) Structure of the Board
The Board of Directors of the Company is formed in terms of the provisions of the Companies Act, 2013 and consist the following:
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Sr. No.
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Directors & Key Managerial Personnel
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Designation
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1.
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Shri Suresh Upadhyay
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Whole Time Director
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2.
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Shri Abhishek Upadhyay
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Managing Director
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3.
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Shri Vinod Kumar Jain
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Independent Director
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4.
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Ms Asha Upadhyay
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Director
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5.
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Ms Meeta Raina
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Independent Director
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6.
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Shri Abhinav Upadhyay
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Chief Financial Officer
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7.
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Mr. Youdhveer Singh Rathore
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Company Secretary
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(b) Retirement by Rotation
In accordance with the provision of the Act, AshaUpadhyay (DIN:07396269), Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offers herself for reappointment.
AUDITORS
At the Board Meeting held on January 30, 2016 M/s Nenawati& Associates, Chartered Accountants, Udaipur were appointed as Statutory Auditor of the Company to hold office till the conclusion of the lsl Annual General Meeting. Your Directors recommend for their re-appointment.
AUDITOR'S REPORT
The observations made in the Auditor's report read together with the relevant notes thereon are self-explanatory and hence, do not call for any further comments under section 134 of the Companies Act,2013.
EXPLANATION OR COMMENTS ON QUALIFICATIONS. RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
There were no qualifications, reservations or adverse remarks made by the Auditors in their respective reports.
Loan. Guarantees or Investment
The Company has not given any Loan, Guarantee and also not made any Investments incompliance of Section 186 of the Companies Act,2013 during the Financial Year.
NUMBER OF BOARD MEETINGS
The Board of Directors of your Company met 4 (four) times during the period from 31.12.2016 to 31.03.2016 on January 01, 2016 January 15, 2016 January 30, 2016 March 28, 2016 to discuss and approve various matters.
Deposits
The Company has not accepted or renewed any fixed deposits during the year under review and no fixed deposit is outstanding for payment at the year ended 31sl March, 2016.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
There were no materially significant related party transactions entered by the Company with Promoters, Directors, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the Company. All related party transactions have been done at arm's length price and in the ordinary course of the business with the prior approval of the Board of the Company.
Since there were no related party transaction during the year under review except in the ordinary course of business, and Form AOC-2 as prescribed under section 134(3)(h) of the Companies Act, 2013 is
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
A Statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo in accordance with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is enclosed as
No material changes and commitments have occurred between the end of financial year of the company and the date of this report affecting the financial position of the Company as at March 31,
The Company has devised proper system to identify the risks involved in the business of the company. There is system to mitigate the risk involved in the business of the company using the internal controls of the company and necessary steps to reduce the risk factors involved in the business of the company were
DETAILS OI SUBSIDIARY, ASSOCIATE COMPANY SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts which would impact the going
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act 2013, the Board of Directors of the Company hereby state and confirm that
(a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
(b) They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
(c) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act,2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(cl) They have prepared the Annual Accounts on a going concern basis;
(e) They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
(f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
DISCLOSURES UNDER SEXUAL HARASMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION & REDRESSAL) ACT. 2013
The Company has in place an Anti-Sexual harassment Policy, in line with the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.The Company has set up an Internal Complaints Committee to redress complaints received regarding sexual harassment.
No Complaints were received during the year under review.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS
The Company is having adequate Internal Financial Control with reference to the Financial Statements.
ACKNOWLEDGEMENT
Directors wish to express their grateful appreciation for assistance and co-operation received from various Department during the year under review. Your Directors also wish to place on record their appreciation for the committed services of all the associates, vendors of the Company.
For and on Behalf of the Board of Directors
Place: Udaipur Sd/' Sd/
Abhishek Upadhyay Suresh Upadhyay
Date: 23.04.2016 Managjng Director Director
(DIN: 01889928) (DIN: 01858367)
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