The Members A-1 ACID LIMITED
The Directors present the 16thAnnual report of the Company along with theaudited financial statements for the financial year ended March 31 2020.
The Company's financial performance for the year under review along with previous yearfigures is given hereunder:
(Rs. In Lakhs)
|Particulars || |
|Financial Year ||Financial Year |
|2019-20 ||2018-19 |
|(FY 2020) ||(FY 2019) |
|Revenue from Operations ||12147 ||14099 |
|Other Income ||1212 ||913 |
|Total revenue ||13359 ||15012 |
|Operating Profit (Before Finance Cost and Depreciation & Amortisation) ||785 ||854 |
|Less: Finance Cost ||102 ||117 |
|Profit before Depreciation & Amortisation ||683 ||737 |
|Less: Depreciation & Amortisation ||276 ||176 |
|Profit before Exceptional and Extraordinary item and Tax ||407 ||561 |
|Less: Exceptional items (Impairment Loss) ||0 ||0 |
|Profit before Tax ||407 ||561 |
|Less: Net Current Tax Expense pertaining to current year ||103 ||131 |
|Less/(Add): Tax Adjustments of earlier year ||(3) ||0 |
|Less/(Add): Deferred Tax ||(3) ||12 |
|Profit after Tax ||310 ||418 |
|Earnings per share for continuing operation || || |
|Basic ||3.10 ||4.97 |
|Diluted ||3.10 ||4.97 |
In order to conserve the reserve your directors do not recommend any dividend for thefinancial year ended 31st March 2020.
TRANSFER TO RESERVE& SURPLUS:
The net profit of the company for F.Y. 2019-20 is Rs. 310 Lakhs. The profit of F.Y.2019-20 has been transferred to the surplus account.
COMPANY'S PERFORMANCE REVEIW:
On a standalone basis the revenue from operations for FY 2019- 2020 was Rs.12147.00Lakhs over the previous year's revenue from operations of Rs. 14099.00 Lakhs.
Net Profit after tax for FY 2019- 2020 was Rs. 310.00 Lakhs over the previous year'sNet Profit after tax of Rs. 418.00 Lakhs.
Earnings per Share for FY 2019- 2020 were Rs. 3.10 over the previous year's Earningsper Share of Rs. 4.97.
The Company definitely provide better results to the shareholders in upcoming year viabetter performance.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There have been no material changes and commitments affecting the financial positionof the Company which occurred between the end of the financial year of the Company towhich the financial statements relate and the date of this report.
The novel coronavirus (COVID-19) pandemic is spreading around the globe including Indiarapidly and causing significant disturbance and slowdown of economic activity. The Companyhas made detailed assessment of it's liquidity position for the next year and therecoverability of the Company's assets such as Trade receivables Inventories Advancesetc. as at the Balance Sheet date using reasonably available information estimates andjudgments. The Company as at the date of approval of these financial results has usedinternal and external sources on the expected future performance of the Company and hasdetermined that none of these balances requires a material adjustment to their carryingvalue. The Company believes that impact of COVID-19 on the Company's financial statementis not material.
The impact of COVID-19 may be different from that estimated at the date of approval ofthese financial results and the Company will continue to closely monitor the developments.
During the year under review the Company has not increased it's paid up share capitaland Authorised share capital. The Authorised Share Capital as on 31st March2020 is Rs. 120000000 and Paid up share capital as on 31st March2020 is Rs.100000000.
The Equity Shares in the Company are continued to be listed with BSE SME Platform andin dematerialized form. The ISIN No. of the Company is INE911Z01017.
STATEMENT PURSUANT TO LISTING AGREEMENT:
The Company Equity Shares is listed at Bombay Stock Exchange Limited (SME segment). TheAnnual Listing fee for the year 2020-21 has been paid.
DEPOSITS FROM PUBLIC:
The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet as per section 73 and 76 of the companies Act 2013read with Companies(Acceptance of Deposits) Rules'2014.
PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS:
Loans Guarantees and Investments covered under Section 186 of the Companies Act 2013from the part of the notes to the Financial Statements provided in this Annual Report.
UTILIZATION OF IPO FUND:
The Initial Public Offer fund is utilized for the purpose for which the amount israised as mentioned in the prospectus and there is no deviation or variation in theUtilization of IPO Fund.
CHANGE IN THE NATURE OF BUSINESS:
There is no Change in the nature of the business of the Company done during the year.
INTERNAL CONTROLS AND THEIR ADEQUACY:
The Company implemented suitable controls to ensure its operational compliance andreporting objectives. The Company has adequate policies and procedures in place for itscurrent size as well as the future growing needs. These policies and procedures play apivotal role in the deployment of the internal controls. They are regularly reviewed toensure both relevance and comprehensiveness and compliance is ingrained into themanagement review process.
Adequacy of controls of the key processes is also being reviewed by the Internal Auditteam. Suggestions to further strengthen the process are shared with the process owners andchanges are suitably made. Significant findings along with management response and statusof action plans are also periodically shared with and reviewed by the Audit Committee. Itensures adequate internal financial control exist in design and operation.
M/s. Hemant R. Vora& Co.is the internal auditor of the Company for the F.Y.2019-20 who conducts Internal audit and submit half yearly/yearly reports to the AuditCommittee. The Internal Audit is processed to design to review the adequacy of internalcontrol checks in the system and covers all significant areas of the Company's operations.The Audit Committee reviews the effectiveness of the Company's internal control system.
DETAILS OF HOLDING SUBSIDIARY AND ASSOCIATES:
The Company does not have any holding subsidiary and associate Company during theperiod of Reporting.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
Information in accordance with the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 regardingconservation of energy technology absorption and foreign exchange earnings and outgo areunder:
|Particulars ||Comments |
|(A) Conservation of energy || |
|(i) the steps taken or impact on conservation of energy; ||Energy conservation is very important for the company and therefore energy conservation measures are undertaken wherever practicable in its plant and attached facilities. The Company is making every effort ensure the optimal use of energy avoid waste and conserve energy by using energy efficient equipment's with latest technologies. Impact on conservation of energy was that the electricity load expenses reduced. |
|(ii) the steps taken by the Company for utilizing alternate sources of energy; ||Nil |
|(iii) the capital investment on energy conservation equipment ||Nil |
|(B) Technology absorption || |
|(i) the efforts made towards technology absorption ||Your Company firmly believes that adoption and use of technology is a fundamental business requirement for carrying out business effectively and efficiently. While the industry is labour intensive we believe that mechanization of development through technological innovations is the way to address the huge demand supply gap in the industry. We are |
| ||constantly upgrading our technology to reduce costs and achieve economies of scale. |
|(ii) the benefits derived like product improvement cost reduction product development or import substitution; ||Nil |
|(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year : || |
|(a) the details of technology imported ||Nil |
|(b) the year of import ||N.A. |
|(c) whether the technology been fully absorbed ||N.A. |
|(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; and ||N.A. |
|(iv) the expenditure incurred on Research and Development ||Nil |
|(C) Foreign exchange earnings and Outgo ||Inflow (In Rs.) ||Out Flow (In Rs.) |
|The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows ||Nil ||Nil |
During the year under review your Company enjoyed cordial relationship with workersand employees at all levels.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
As per Provisions of Section 152 of the Companies Act 2013 Mr. Jitendra NaranbhaiPatel and Mrs. Hansa Bharatbhai Patel are liable to retire by rotation and is eligible forre-appointment.
Mr. Urvish Ratilal Patel resigned as Independent Director with effect from February 172020.
Mrs. Krishna Utkarsh Patel and Ms. Helly Harshadkumar Patel were appointed asNonexecutive Additional director w. e. f. February 17 2020.
Mr. Nitin Rikhavbhai Shah was appointed as Non-executive Additional independentdirector w.e.f. February 17 2020.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Act with respect to Director ResponsibilityStatement the Board of Directors to the best of its knowledge and ability confirm 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 have 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 of the Company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act 2013 and Rules madethereunder for safeguarding the assets of the company and for preventing and detectingfraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis;
(e) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
(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.
NUMBER OF BOARD MEETINGS AND ATTENDANCE:
During the Financial year 2019-20 Eighteen (18) board meetings were held. These wereheld on April 08 2019; April 24 2019; April 292019; May 04 2019; May 15 2019; June24 2019; July 06 2019; July 25 2019; August 14 2019; September 05 2019; September 302019; October 03 2019; October 23 2019; November 11 2019; January 31 2020; February17 2020; February 28 2020 and March 20 2020.The interval between any two meetings waswell within the maximum allowed gap of 120 days.
The Composition of Board of directors and the details of meetings attended by themembers during the year are given below.
|Name of the director ||Category ||No. of Board Meetings Held & Entitled to Attend ||No. of Board Meetings Attended |
|Mr. Harshadkumar Naranbhai Patel ||Chairman & Managing Director ||18 ||18 |
|Mr. Jitendra Naranbhai Patel ||Whole-time Director ||18 ||18 |
|Mrs. Lajju Hemang Shah ||Independent Director ||18 ||5 |
|Mr. Chirag Rajnikant Shah ||Independent Director ||18 ||4 |
|Mr. Utkarsh Harshadkumar Patel ||Whole-time Director ||18 ||17 |
|Mrs. Hansa Bharatbhai Patel ||Non-Executive Director ||18 ||7 |
|Mr. Urvish Ratilal Patel ||Independent Director ||15 ||3 |
|Mrs. Krishna Utkarsh Patel ||Non-Executive Director ||2 ||2 |
|Ms. Helly Harshadkumar Patel ||Non-Executive Director ||2 ||2 |
|Mr. Nitin Rikhavbhai Shah ||Independent Director ||2 ||2 |
(1) Resigned as independent director effective February 17 2020;
(2) Appointed as additional director effective February 17 2020;
(3) Appointed as additional Independent director effective February 17 2020
COMMITTEES OF THE BOARD:
Matters of policy and other relevant and significant information are furnishedregularly to the Board. To provide better Corporate Governance & transparencycurrently your Board has four
(4) Committees viz. Audit Committee Remuneration & Nomination CommitteeStakeholder Relationship Committee Corporate Social responsibly committee look intovarious aspects for which they have been constituted. The Board fixes the terms ofreference of Committees and also delegate powers from time to time.
The Audit Committee comprises of non-executive Independent Director and Director as itsMember. The Chairman of the committee is Independent Director.
During the Financial year 2019-20 Eight (8) meeting of audit committee held on April08 2019; April 29 2019; May 15 2019; August 14 2019; September 30 2019; October 232019; November 11 2019 and February 28 2020.
The Composition of Audit Committee and the details of meetings attended by the membersduring the year are given below.
|Name of the Director ||Status in Committee Nature ||Nature of Directorship ||No of Meetings Held & Entitle d to Attend ||No of Meetings attended |
|1 Mr. Chirag Rajnikant Shah ||Chairman of committee ||Non-Executive and Independent ||8 ||8 |
| || ||Director || || |
|2 Mrs. Lajju Hemang Shah ||Member ||Non-Executive and Independent Director ||8 ||8 |
|3 Mrs. Hansa Bharatbhai Patel ||Member ||Non-Executive and Non Independent Director ||8 ||8 |
RECOMMENDATIONS BY THE AUDITCOMMITTEE WHICH WERE NOT ACCEPTED BY THEBOARD ALONG WITHREASONS
All the recommendations made by the Audit Committee are accepted and implemented by theBoard of Directors.
NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee comprises of non-executive IndependentDirector and Director as its members. The Chairman of the Committee is an IndependentDirector.
During the Financial year 2019-20 one meeting of the Nomination and RemunerationCommittee met on February 17 2020.
|Name of the Director ||Status in Committee Nature ||Nature of Directorship ||No of Meetings Held & Entitled to Attend ||No of Meetings atte nded |
|1 Mr. Chirag Rajnikant Shah ||Chairman of committee ||Non-Executive and Independent Director ||1 ||1 |
|2 Mrs. Lajju Hemang Shah ||Member ||Non-Executive and Independent Director ||1 ||1 |
|3 Mrs. Hansa Bharatbhai Patel ||Member ||Non-Executive and Non Independent Director ||1 ||1 |
The Nomination and remuneration policy available on the website of the company atwww.a1acid.com.
STAKEHOLDER RELATIONSHIP COMMITTEE
The stakeholder relationship committee comprises non-executive Independent Director andDirector as its members. The Chairman of the Committee is an Independent Director.
During the Financial year 2019-20 four (4) meeting of Stakeholder RelationshipCommittee were held on April 11 2019; July 12 2019; October 17 2019 and January 092020.
The Composition of Stakeholder and Relationship Committee and the details of meetingsattended by the members during the year are given below:
|Name of the Director ||Status in Committee Nature ||Nature of Directorship ||No. of Meetings Held & Entitled to Attend ||No. of Meetings attended |
|1 Mr. Chirag Rajnikant Shah ||Chairman of committee ||Non-Executive and Independent Director ||4 ||4 |
|2 Mrs. Lajju Hemang Shah ||Member ||Non-Executive and Independent Director ||4 ||4 |
|3 Mrs. Hansa Bharatbhai Patel ||Member ||Non-Executive and Non Independent Director ||4 ||4 |
CORPORATE SOCIAL RESPONSIBILY COMMITTEE:
The Corporate Social Responsibility committee comprises non-executive IndependentDirector and Director as its members. The Chairman of the Committee is an IndependentDirector.
During the Financial year 2019-20 One (1) meeting of Corporate Social ResponsibilityCommittee was held on March 11 2020.
The Composition of Corporate Social Responsibility Committee and the details ofmeetings attended by the members during the year are given below:
|Name of the Director ||Status in Committee Nature ||Nature of Directorship ||No. of Meetings Held & Entitled to Attend ||No. of Meetings attended |
|1 Mr. Chirag Rajnikant Shah ||Chairman of committee ||Non-Executive and Independent Director ||1 ||1 |
|2 Mr. Harshadkumar Naranbhai Patel ||Member ||Managing Director ||1 ||1 |
|3 Mr. Nitin Rikhavbhai Shah ||Member ||Non-Executive and Additional Independent Director ||1 ||1 |
EXTRACTS OF ANNUAL RETURN:
In accordance with section 134(3) (a) of the Companies Act 2013 an extract of AnnualReturn in the prescribed format is appended to this Report as Annexure III and alsoavailable on the website of the company at www.a1acid.com.
CORPORATE GOVERNANCE REPORT:
As per regulation 15(2) of the Listing Regulation the Compliance with the CorporateGovernance provisions shall not apply in respect of the following class of the Companies:
a. Listed entity having paid up equity share capital not exceeding Rs. 10 Crore and Networth not exceeding Rs. 25 Crore as on the last day of the previous financial year;
b. Listed entity which has listed its specified securities on the SME Exchange.
Since our Company falls in the ambit of aforesaid exemption (b); hence compliance withthe provisions of Corporate Governance shall not apply to the Company and it does not formthe part of the Annual Report for the financial year 2019-2020.
1. STATUTORY AUDITORS:
At the fifteenth AGM held on September 19 2019 the Members approved appointment ofM/s. Riddhi P. Sheth & Co. Chartered Accountants (Firm Registration No. 140190W) asStatutory Auditors of the Company to hold office for a period of five years from theconclusion of that AGM till the conclusion of the 20th AGM.
2. SECRETARIAL AUDITOR:
The Board of directors pursuant to Section 204 of the Companies Act 2013 read withRule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 has appointed M/s. Sejal Shah & Associates (CP. No. 21683) Practicing CompanySecretary
Ahmedabad as Secretarial Auditor of the Company to conduct the Secretarial Audit as perthe provisions of the said Act for the Financial Year 2019-20.
A Secretarial Audit Report for the Financial Year 2019-20 is annexed herewith asAnnexure-IV in Form MR-3. There are no adverse observations in the Secretarial AuditReport which call for explanation.
3. INTERNAL AUDITOR
The Board of directors has appointed M/s. Hemant R. Vora& Co. Chartered Accountantas the internal auditor of the company for F.Y. 2019-20; The Internal Auditor conducts theinternal audit of the functions and operations of the Company and reports to the AuditCommittee and Board from time to time.
4. COST AUDITORS AND THEIR REPORT:
As per provision of section 148(3) of Companies Act 2013 and rule 6(2) of Companies(Cost records and audit) Rules 2014 the company is not required to appoint a costauditor to maintain / audit the cost records of the company for cost audit report.
REVIEW OF AUDITORS REPORT AND SECRETARIAL AUDITORS REPORT:
There are no qualifications reservations or adverse remarks made by Statutory AuditorsM/s. Riddhi P. Sheth& Co. (FRN: 140190W) Chartered Accountants Ahmedabad in theAuditor's report and by Secretarial Auditors M/s. Sejal Shah & Associates AhmedabadPracticing Company Secretary in their Secretarial Audit Report for the Financial Yearended March 31 2020.
REPORTING OF FRAUDS BY AUDITORS:
During the year under review neither the Statutory nor the Secretarial Auditors hasreported to the Audit Committee under Section 143(12) of the Companies Act 2013 anyinstances of fraud committed against the Company by its officers or employees the detailsof which would need to be mentioned in the Board's Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As required under Regulation 34 of the Securities Exchange Board of India (ListingObligations and Disclosure Requirement) Regulations 2015 ("ListingRegulations") the Management Discussion and Analysis of the Company for the yearunder review is presented in a separate section forming the part of the Annual Report isattached here with as Annexure V.
DEMATERIALISATION OF SHARES:
During the year under review all the equity shares were dematerialized throughdepositories viz. National Securities Depository Limited and Central Depository Services(India) Limited
which represents 100% of the total paid-up capital of the Company. The Company ISIN No.is INE911Z01017and Registrar and Share Transfer Agent is CAMEO CORPORATE SERVICES LIMITED.
DIRECTOR REMUNERATION AND SITTING FEES:
Member's attention is drawn to Financial Statements wherein the disclosure ofremuneration paid to Directors is given during the year 2019-20. The remuneration andSitting fees paid to Directors mentioned in Extract of Annual return.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the year under the reviewwere on an arm's length basis and were in the ordinary course of business. There are nomaterially significant related party transactions made by the Company which may have apotential conflict with the interest of the Company at large. Your Directors draw yourattention to related parties' transactions entered as per section 188 of the companiesduring the year as are detailed in Annexure-VI attached to this report.
The company has not obtained any rating from any Credit Rating Agency during the year.
MEETING OF INDEPENDENT DIRECTORS:
During the year under review the Independent Directors met on March 11 2020 interalia to discuss:
1. Review of the performance of the Non- Independent Directors and the Board ofDirectors as a whole.
2. Review of the Chairman of the Company taking into the account of the views of theExecutive and Non- Executive Directors.
3. Assess the quality content and timeliness of flow of information between themanagement and the Board that is necessary for the Board to effectively and reasonablyperform its duties.
All the Independent Directors were present in the meeting.
1. DECLARATION FROM INDEPENDENT DIRECTORS:
All the Independent Directors on the Board have given a declaration of theirindependence to the Company as required under section 149(6) of the Companies Act 2013.
2. CRITERIA FOR APPOINTMENT OF INDEPENDENT DIRECTORS:
An Independent Director shall be a person of integrity and possess appropriate balanceof skills experience and knowledge in one or more fields of finance law managementsales marketing and technical operations or any other discipline related to the Company'sbusiness. The Company did not have any peculiar relationship or transactions withnon-executive Directors during the year ended March 31 2020.
3. FORMAL ANNUAL EVALUATION:
Pursuant to the provisions of the Companies Act 2013 the nomination and remunerationcommittee has laid down the evaluation of the performance of Individual Directors and theBoard as a whole. Based on the criteria the exercise of evaluation was carried out throughthe structured process covering various aspects of the Board functioning such ascomposition of the Board and committees experience & expertise performance ofspecific duties & obligations attendance contribution at meetings etc. Theperformance evaluation of the Chairman and the Non- Independent Directors was carried outby the Independent Director. The performance of the Independent Directors was carried outby the entire Board (excluding the Director being evaluated). The Director expressed theirsatisfaction with the evaluation process.
POLICIES OF THE COMPANY:
REMUNERATION AND APPOINTMENT POLICY:
The Company follows a policy on remuneration of Directors and senior managementemployees details of the same are given in the website of the Company www.a1acid.com.
The committee must ensure that:
a. The level and composition of remuneration is reasonable and sufficient to attractretain and motivate directors and key managerial personnel of the quality required to runthe company successfully.
b. relationship of remuneration to performance is clear and meets appropriateperformance benchmarks and
c. remuneration to directors key managerial personnel and senior management involves abalance between fixed and incentive pay reflecting short and long-term performanceobjectives appropriate to the working of the company and its goals.
POLICY ON MATERIALITY OF RELATED PARTY TRANSACTION:
Your Company has adopted the policy on Materiality of Related Party Transaction to setout the dealing with the transaction between the Company and its related parties. ThePolicy on Materiality of Related Party Transaction has been available on the website ofthe Company www.a1acid.com.
POLICY OF CODE OF CONDUCT FOR DIRECTOR AND SENIOR MANAGEMENT:
Your Company has adopted the policy of code of Conduct to maintain standard of businessconduct and ensure compliance with legal requirements. The Policy on Code of Conduct forDirector and Senior Management has been available on the website of the Companywww.a1acid.com.
PREVENTION OF INSIDER TRADING:
Pursuant to provisions of the regulations the Board has formulated and implemented aCode of Conduct to regulate monitor and report trading by employees and other connectedpersons and code of practices and procedure for fair disclosure of unpublished priceSensitive Information. The same has been available on the website of the Companywww.a1acid.com.
POLICY ON THE PRESERVATION OF DOCUMENTS AND ARCHIVE POLICY:
Pursuant to provision of the regulations the board has formulated the policy on thePreservation of Documents & Archive policy. The same has been available at the websiteof company at www.a1acid.com.
BUSINESS RISK MANAGEMENT:
The Company has taken various steps in connection with the implementation of RiskManagement measures in terms of provisions contained in the Companies Act 2013 afteridentifying the elements of risks which in the opinion of the Board may threaten the veryexistence of the Company. The Company has laid down a comprehensive Risk Assessment andMinimization Procedure which is reviewed by Board from time to time. Key risks identifiedare methodically addressed through mitigating actions on a continuing basis.The policy ofrisk management is made available on the website of the company at www.a1acid.com.
CORPORATE SOCIAL RESPONSIBILITY:
The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company asadopted by the Board and the initiatives undertaken by the Company on CSR activitiesduring the year under review are set out in Annexure VII of this report in the formatprescribed in the Companies (Corporate Social Responsibility Policy) Rules 2014. Thepolicy of Corporate Social Responsibility is made available on the website of the companyat www.a1acid.com.
VIGIL MECHANISM/WHISTLE BLOWER MECHANISM:
Your Company has framed a Whistle Blower Policy to deal with instances of fraud andmismanagement if any. The Vigil Mechanism has been available on the website of theCompany at www.a1acid.com.
POLICY ON IDENTIFICATION OF GROUP COMPANIES MATERIAL CREDITORS AND MATERIALLITIGATIONS:
Your Company has adopted a policy on identification of group companies materialcreditors and material litigations. The policy on identification of group companiesmaterial creditors and material litigations has been available on the website of theCompany at www.a1acid.com.
POLICY ON DETERMINATION AND DISCLOSURE OF MATERIALITY OF EVENTS AND INFORMATION:
Your Company has adopted a Policy on Determination and Disclosure of Materiality ofEvents and Information. The policy on Policy on Determination and Disclosure ofMateriality of Events and Information has been available on the website of the Company atwww.a1acid.com.
PARTICULARS REGARDING EMPLOYEES REMUNERATION:
During the year under review there are no employees drawing remuneration which is inexcess of the limit as prescribed under Section 197 of the Companies Act 2013 read withrule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014. The information pertaining to section 197 read with rules 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) 2014 is annexed herewith asAnnexure-VIII.
DISCLOSURES BY DIRECTORS:
The Board of Directors have submitted notice of interest in Form MBP 1 under Section184(1) as well as information by directors in Form DIR 8 under Section 164(2) anddeclarations as to compliance with the Companies Act 2013.
DISQUALIFICATIONS OF DIRECTORS:
During the financial year 2019-2020 under review the Company has received Form DIR-8from all Directors as required under the provisions of Section 164(2) of the CompaniesAct 2013 read with Companies (Appointment and Qualification of Directors) Rules 2014that none of the Directors of your Company is disqualified; to hold office as directordisqualified as per provision of Section 164(2) of the Companies Act 2013 and debarredfrom holding the office of a Director pursuant to any order of the SEBI or any suchauthority in terms of SEBI's Circular No. LIST/COMP/14/2018-19 dated 20th June2018 on the subject "Enforcement of SEBI orders regarding appointment of Directors byListed Companies".
The Directors of the Company have made necessary disclosures as required under variousprovisions of the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.
Your Directors states that they have devised proper systems to ensure compliance withthe Secretarial Standards and that such system are adequate and operating effectively.
OTHER REGULATORY REQUIREMENT:
The Company has been complied with all regulatory requirements of central governmentand state government and there were no significant and material orders passed by theRegulators or Courts or Tribunals during the year impacting the going concern status andthe Company's operations in future.
SEBI COMPLAINTS REDRESS SYSTEM (SCORES):
The investor complaints are processed in a centralized web based complaints redresssystem. The salient features of this system are centralized database of all complaintsonline upload of Action Taken Reports (ATRs) by the concerned companies and online viewingby investors of actions taken on the complaint and its current status. Your Company hasbeen registered on SCORES and makes every effort to resolve all investor complaintsreceived through SCORES or otherwise within the statutory time limit from the receipt ofthe complaint. The Company has not received any complaint on the SCORES during financialyear 2019-20.
INVESTOR GRIEVANCES REDRESSAL STATUS:
During the Financial Year 2019-20 there were no complaints or queries received fromthe shareholders of the Company. Company Secretary acts as the Compliance Officer of theCompany is responsible for complying with the provisions of the Listing Regulationsrequirements of securities laws and SEBI Insider Trading Regulations. The Investor can besent their query at firstname.lastname@example.org or email@example.com.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013:
During the year under review there were no cases filed pursuant to the SexualHarassment of Women at the Workplace (Prevention Prohibition & Redressal) Act 2013and Rules there under.
The Directors thank the Company's employees customers vendors investors and academicpartners for their continuous support.
The Directors also thank the Government of India Governments of various states inIndia concerned Government departments and agencies for their co-operation.
The Directors regret the loss of life due to COVID-19 pandemic and are deeply gratefuland have immense respect for every person who risked their life and safety to fight thispandemic.
|Registered Office: || ||For and on behalf of the Board |
|Corporate House No. A-1 || ||A-1 ACID LIMITED |
|Shivalik Business Centre || || |
|B/h. Rajpath Club || || |
|S. G. Highway Bodakdev || || |
|Ahmedabad- 380059 || || |
|Date: 02/09/2020 ||Sd/- ||Sd/- |
|Place: Ahmedabad ||Harshadbhai N. Patel ||Jitendra N. Patel |
| ||Chairman & Managing ||Whole-Time Director |
| ||Director ||DIN:00164229 |
| ||DIN: 00302819 || |