You are here » Home » Companies » Company Overview » Alka Securities Ltd

Alka Securities Ltd.

BSE: 532166 Sector: Financials
NSE: N.A. ISIN Code: INE921C01031
BSE LIVE 15:21 | 20 Jul 0.35 -0.01
(-2.78%)
OPEN

0.35

HIGH

0.35

LOW

0.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.35
PREVIOUS CLOSE 0.36
VOLUME 3100
52-Week high 0.46
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.35
CLOSE 0.36
VOLUME 3100
52-Week high 0.46
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alka Securities Ltd. (ALKASECURITIES) - Director Report

Company director report

To The Shareholders

Your Directors submit their Report and the Audited Accounts of the Company for the yearended 31stMarch 201 6.

Financial Results

Description 2015 – 2016 2014 – 2015
(in Rs. Lakhs) (in Rs. Lakhs)
Profit before Depreciation and Interest (00.72) 00.00
Provision for Depreciation 00.00 00.00
Interest 00.00 54.00
(Loss) before Tax (00.72) (58.86)
(Loss) after Tax (00.72) (58.86)
Balance brought forward from previous year (1175.21) (1116.35)
(Loss) carried to Balance Sheet (1175.92) (1175.21)

Operation Review

Due to ongoing legal issues and income tax case spending against the Company theIncome Tax Department has frozen all accounts and therefore the company is not able tocarry any business in current the financial year.

Dividend

The Board of Directors does not recommend any dividend on Equity shares for the yearunder consideration.

Fixed Deposit

Company has not accepted any fixed deposit from the public.

Subsidiaries

Company has 3 (Three) subsidiaries as on date. Namely (a) Alka Commodities Limited (b)Skylark Mercantile Pvt. Ltd. and (c) Arcanum Solutions Pvt. Ltd.

Operations

Company has not carried out any business operation during the current financial year.

Financial

Finance is the major hurdle for your company. To overcome this company is planning toraise fund through static investor.

Outlook for the Company

Looking the current financial and on going legal issue company is not very hopeful doachieve any major gain but company is hopeful to sort out its legal problems and hopefullystart a fresh business in 2016-17.

Listing

The Equity Shares of the Company are listed on the Bombay Stock Exchange (BSE). TheCompany has paid the Annual Listing Fees to the Bombay Stock Exchange for the year 2015 -2016.

Board Evaluation

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual performance evaluation of its own performance the directors individually as wellas the evaluation of the working of its Audit Nomination & Remuneration andCompliance Committees.

Directors

Mrs. Rachana Pandya would retire by rotation at the ensuing Annual General Meeting andis eligible for re-appointment.

Remuneration Policy

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration.

Declaration by an Independent Director

A declaration by an Independent Director(s) that he/they meet the criteria ofindependence as provided in sub -section (6) of Section 149 of the Companies Act 2013shall be enclosed as Annexure I.

Directors ’ 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—

(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company forthat period;

(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors in the case of a listed company had laid down internal financialcontrols to be followed by the company and that such internal financial controls areadequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

Auditors

M/s PSV Jain & Associates Chartered Accountant Mumbai retired at the forthcomingannual general meeting and is eligible for reappointment. Your directors propose theappointment of PSV Jain & Associate Chartered Accountant to hold the office until theconclusion of the next Annual General meeting.

Auditor’s Report

The Auditors’ Report does not contain any qualification. Notes to Accounts andAuditors remarks in their report are self-explanatory and do not call for any furthercomments.

Disclosure about Cost Audit

As per the Cost Audit Orders Cost Audit is not applicable to the Company.

Secretarial Audit Report

In terms of Section 204 of the Act and Rules made there under M/s. Sandeep GandhiPracticing Company Secretary have been appointed Secretarial Auditors of the Company. Thereport of the Secretarial Auditors is enclosed as Annexure II to this report. The reportis self-explanatory and do not call for any further comments.

Vigil Mechanism

In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013a Vigil Mechanism for directors and employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company atwww.alkasecurities.com.

Meetings

A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe year five Board Meetings and five Audit Committee Meetings were convened and held. Thedetails of which are given in the Corporate Governance Report. The intervening gap betweenthe Meetings was within the period prescribed under the Companies Act 2013.

Conservation of Energy Technology Absorption Foreign Exchange Earning & Outgo

Company takes adequate steps to avoid wasteful consumption and conservation of energy.The company does not require any technology for its existing business. There were noearning and outgo in foreign exchange.

Corporate Governance

A Report on Corporate Governance in compliance with the Bombay Stock Exchange ListingAgreement is attached and forms part of this Report.

Particulars of Employees.

Pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 there are no employees whose particulars need to be disclosed.

Employee Stock Options Scheme

During the year under consideration no options were granted.

Particulars of Loans Guarantees and Investments u/s. 186

Not Applicable

Particulars of Contracts and Arrangements with Related Parties

No such contracts or arrangements have been entered into by the Company with relatedparties referred to in sub-section (1) of section 188 of the Companies Act 2013

Obligation of Company under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013

In order to prevent sexual harassment of women at work place a new act The SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 hasbeen notified on 9th December 2013. Under the said Act every company is required to setup an Internal Complaints Committee to look into complaints relating to sexual harassmentat work place of any women employee.

Company has adopted a policy for prevention of Sexual Harassment of Women at workplaceand has set up Committee for implementation of said policy. During the year the Companyhas not received any complaint of harassment.

Human Resources

Your Company treats its "human resources" as one of its most importantassets. Your Company continuously invests in attraction retention and development oftalent on an ongoing basis. A number of programs that provide focused people attention arecurrently underway. Your Company thrust is on the promotion of talent internally throughjob rotation and job enlargement.

Transfer of Amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds that were required to be transferred to InvestorEducation and Protection Fund (IEPF).

Acknowledgements

The Directors wish to place on record their deep appreciation for the services renderedby the officers staff and workers at all level and their dedication and loyalty.

FOR AND ON BEHALF OF THE BOARD
Place: Mumbai
Date: 30thAugust 201 6 Mahendra Pandey

Annexure – I(a)

Declaration of Independence of Mr. Gopaldas Choudhary

To

The Board of Directors Alka Securities Limited

Sub: Declaration of independence under clause 49 of the Listing Agreement andsub-section (6) of section 149 of the Companies Act 2013.

I Mr. Gopaldas Choudhary hereby certify that I am a Non-executive IndependentDirector of Alka Securities Limited Mumbai and comply with all the criteria ofindependent director as envisaged in Clause 49 of the Listing Agreement and the CompaniesAct 2013.

I certify that:

I possess relevant expertise and experience to be an independent director in theCompany;

I am/was not a promoter of the company or its holding subsidiary or associate company;

I am not related to promoters / directors / persons occupying management position atthe board level or level below the board in the company its holding subsidiary orassociate company;

Apart from receiving director sitting fees / remuneration I have/had no pecuniaryrelationship / transactions with the company its promoters its directors its seniormanagement or its holding subsidiary or associate company or their promoters ordirectors during the two immediately preceding financial years or during the currentfinancial; none of my relatives has or had any pecuniary relationship or transaction withthe company its holding subsidiary or associate company or their promoters ordirectors amounting to 2% or more of its gross turnover or total income or Rs. 50 Lacs orsuch higher amount as may be prescribed whichever is lower during the two immediatelypreceding financial years or during the current financial year;

Neither me nor any of my relatives:

a) holds or has held the position of a key managerial personnel or is or has beenemployee/executive of the company or its holding subsidiary or associate company in anyof the three financial years immediately preceding the financial year;

b) is or has been an employee or proprietor or a partner in any of the three financialyears immediately preceding the financial year of;

a. a firm of auditors or company secretaries in practice or cost auditors of thecompany or its holding subsidiary or associate company; or

b. any legal or a consulting firm that has or had any transaction with the company itsholding subsidiary or associate company amounting to 10% or more of the gross turnover ofsuch firm;

c) holds together with my relatives 2% or more of the total voting power of thecompany; or

d) is a Chief Executive or director by whatever name called of any nonprofitorganization that receives 25% or more of its receipts from the company any of itspromoters directors or its holding subsidiary or associate company or that holds 2% ormore of the total voting power of the company; or

I am not a material supplier service provider or customer or a lessor or lessee of thecompany;

I am not less than 21 years of age.

Declaration

I undertake that I shall seek prior approval of the Board if and when I have any suchrelationship / transactions whether material or non-material. If I fail to do so I shallcease to be an independent director from the date of entering in to such relationship /transactions. Further I do hereby declare and confirm that the above saidinformation’s are true and correct to the best of my knowledge as on the date of thisdeclaration of independence and I shall take responsibility for its correctness and shallbe liable for fine if any imposed on the Company its directors if the same found wrongor incorrect in future. I further undertake to intimate immediately upon changes if anyto the Company for updating of the same.

Thanking you

Yours faithfully

-/sd

Gopaldas Cho udhary

DIN: 02201514

Annexure – I(b)

Declaration of Independence of Mr. Ajay Patil

To

The Board of Directors Alka Securities Limited

Sub: Declaration of independence under clause 49 of the Listing Agreement andsub-section (6) of section 149 of the Companies Act 2013.

I Mr. Ajay Patil hereby certify that I am a Non-executive Independent Director ofAlka Securities Limited Mumbai and comply with all the criteria of independent directoras envisaged in Clause 49 of the Listing Agreement and the Companies Act 2013.

I cert ify that:

I possess relevant expertise and experience to be an independent director in theCompany;

I am/was not a promoter of the company or its holding subsidiary or associate company;

I am not related to promoters / directors / persons occupying management position atthe board level or level below the board in the company its holding subsidiary orassociate company;

Apart from receiving director sitting fees / remuneration I have/had no pecuniaryrelationship / transactions with the company its promoters its directors its seniormanagement or its holding subsidiary or associate company or their promoters ordirectors during the two immediately preceding financial years or during the currentfinancial; none of my relatives has or had any pecuniary relationship or transaction withthe company its holding subsidiary or associate company or their promoters ordirectors amounting to 2% or more of its gross turnover or total income or Rs. 50 Lacs orsuch higher amount as may be prescribed whichever is lower during the two immediatelypreceding financial years or during the current financial year;

Neither me nor any of my relatives:

a) holds or has held the position of a key managerial personnel or is or has beenemployee/executive of the company or its holding subsidiary or associate company in anyof the three financial years immediately preceding the financial year;

b) is or has been an employee or proprietor or a partner in any of the three financialyears immediately preceding the financial year of;

c. a firm of auditors or company secretaries in practice or cost auditors of thecompany or its holding subsidiary or associate company; or

d. any legal or a consulting firm that has or had any transaction with the company itsholding subsidiary or associate company amounting to 10% or more of the gross turnover ofsuch firm;

c) holds together with my relatives 2% or more of the total voting power of thecompany; or

d) is a Chief Executive or director by whatever name called of any nonprofitorganization that receives 25% or more of its receipts from the company any of itspromoters directors or its holding subsidiary or associate company or that holds 2% ormore of the total voting power of the company; or

I am not a material supplier service provider or customer or a lessor or lessee of thecompany;

I am not less than 21 years of age.

Declaration

I undertake that I shall seek prior approval of the Board if and when I have any suchrelationship / transactions whether material or non-material. If I fail to do so I shallcease to be an independent director from the date of entering in to such relationship /transactions. Further I do hereby declare and confirm that the above saidinformation’s are true and correct to the best of my knowledge as on the date of thisdeclaration of independence and I shall take responsibility for its correctness and shallbe liable for fine if any imposed on the Company its directors if the same found wrongor incorrect in future. I further undertake to intimate immediately upon changes if anyto the Company for updating of the same.

Thanking you

Yours faithfully

-/sd

Ajay Patil

DIN: 03311397

Annexure – I(c)

Declaration of Independence of Mr. Dineshkumar Bohra

To

The Board of Directors Alka Securities Limited

Sub: Declaration of independence under clause 49 of the Listing Agreement andsub-section (6) of section 149 of the Companies Act 2013.

I Mr. Dineshkumar Bohra hereby certify that I am a Non-executive Independent Directorof Alka Securities Limited Mumbai and comply with all the criteria of independentdirector as envisaged in Clause 49 of the Listing Agreement and the Companies Act 2013.

I cert ify that:

I possess relevant expertise and experience to be an independent director in theCompany;

I am/was not a promoter of the company or its holding subsidiary or associate company;

I am not related to promoters / directors / persons occupying management position atthe board level or level below the board in the company its holding subsidiary orassociate company;

Apart from receiving director sitting fees / remuneration I have/had no pecuniaryrelationship / transactions with the company its promoters its directors its seniormanagement or its holding subsidiary or associate company or their promoters ordirectors during the two immediately preceding financial years or during the currentfinancial; none of my relatives has or had any pecuniary relationship or transaction withthe company its holding subsidiary or associate company or their promoters ordirectors amounting to 2% or more of its gross turnover or total income or Rs. 50 Lacs orsuch higher amount as may be prescribed whichever is lower during the two immediatelypreceding financial years or during the current financial year;

Neither me nor any of my relatives:

a) holds or has held the position of a key managerial personnel or is or has beenemployee/executive of the company or its holding subsidiary or associate company in anyof the three financial years immediately preceding the financial year;

b) is or has been an employee or proprietor or a partner in any of the three financialyears immediately preceding the financial year of;

e. a firm of auditors or company secretaries in practice or cost auditors of thecompany or its holding subsidiary or associate company; or

f. any legal or a consulting firm that has or had any transaction with the company itsholding subsidiary or associate company amounting to 10% or more of the gross turnover ofsuch firm;

c) holds together with my relatives 2% or more of the total voting power of thecompany; or

d) is a Chief Executive or director by whatever name called of any nonprofitorganization that receives 25% or more of its receipts from the company any of itspromoters directors or its holding subsidiary or associate company or that holds 2% ormore of the total voting power of the company; or

I am not a material supplier service provider or customer or a lessor or lessee of thecompany;

I am not less than 21 years of age.

Declaration

I undertake that I shall seek prior approval of the Board if and when I have any suchrelationship / transactions whether material or non-material. If I fail to do so I shallcease to be an independent director from the date of entering in to such relationship /transactions. Further I do hereby declare and confirm that the above saidinformation’s are true and correct to the best of my knowledge as on the date of thisdeclaration of independence and I shall take responsibility for its correctness and shallbe liable for fine if any imposed on the Company its directors if the same found wrongor incorrect in future. I further undertake to intimate immediately upon changes if anyto the Company for updating of the same.

Thanking you

Yours faithfully

-/sd

Dineshkumar Bohra

DIN: 02352022

Annexure – I(d)

Declaration of Independence of Mr s. Rachana Pandya

To

The Board of Directors Alka Securities Limited

Sub: Declaration of independence under clause 49 of the Listing Agreement andsub-section (6) of section 149 of the Companies Act 2013.

I Mrs. Rachana Pandya hereby certify that I am a Non-executive Independent Directorof Alka Securities Limited Mumbai and comply with all the criteria of independentdirector as envisaged in Clause 49 of the Listing Agreement and the Companies Act 2013.

I cert ify that:

I possess relevant expertise and experience to be an independent director in theCompany;

I am/was not a promoter of the company or its holding subsidiary or associate company;

I am not related to promoters / directors / persons occupying management position atthe board level or level below the board in the company its holding subsidiary orassociate company;

Apart from receiving director sitting fees / remuneration I have/had no pecuniaryrelationship / transactions with the company its promoters its directors its seniormanagement or its holding subsidiary or associate company or their promoters ordirectors during the two immediately preceding financial years or during the currentfinancial; none of my relatives has or had any pecuniary relationship or transaction withthe company its holding subsidiary or associate company or their promoters ordirectors amounting to 2% or more of its gross turnover or total income or Rs. 50 Lacs orsuch higher amount as may be prescribed whichever is lower during the two immediatelypreceding financial years or during the current financial year;

Neither me nor any of my relatives:

a) holds or has held the position of a key managerial personnel or is or has beenemployee/executive of the company or its holding subsidiary or associate company in anyof the three financial years immediately preceding the financial year;

b) is or has been an employee or proprietor or a partner in any of the three financialyears immediately preceding the financial year of; g. a firm of auditors or companysecretaries in practice or cost auditors of the company or its holding subsidiary orassociate company; or h. any legal or a consulting firm that has or had any transactionwith the company its holding subsidiary or associate company amounting to 10% or more ofthe gross turnover of such firm;

c) holds together with my relatives 2% or more of the total voting power of thecompany; or

d) is a Chief Executive or director by whatever name called of any nonprofitorganization that receives 25% or more of its receipts from the company any of itspromoters directors or its holding subsidiary or associate company or that holds 2% ormore of the total voting power of the company; or

I am not a material supplier service provider or customer or a lessor or lessee of thecompany;

I am not less than 21 years of age.

Declaration

I undertake that I shall seek prior approval of the Board if and when I have any suchrelationship / transactions whether material or non-material. If I fail to do so I shallcease to be an independent director from the date of entering in to such relationship /transactions. Further I do hereby declare and confirm that the above saidinformation’s are true and correct to the best of my knowledge as on the date of thisdeclaration of independence and I shall take responsibility for its correctness and shallbe liable for fine if any imposed on the Company its directors if the same found wrongor incorrect in future. I further undertake to intimate immediately upon changes if anyto the Company for updating of the same.

Thanking you

Yours faithfully

-/sd

Rachana Pandya

DIN: 03135038

ANNEXURE - A

To the Members Alka Securities Limited

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of thecompany. Our responsibility is to express an opinion on these secretarial records based onour audit.

2. We have followed the audit practices and processes as were appropriate to obtainreasonable assurance about the correctness of the contents of the Secretarial records. Theverification was done on test basis to ensure that correct facts are reflected insecretarial records. We believe that the processes and practices we followed provide areasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records andBooks of Accounts of the company.

4. Wherever required we have obtained the Management representation about thecompliance of laws rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws rulesregulations standards is the responsibility of management. Our examination was limited tothe verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability ofthe company nor of the efficacy or effectiveness with which the management has conductedthe affairs of the company.

Date: 30thAugust 2016

Place: Mumbai