Aditya Forge Ltd.
|BSE: 522150||Sector: Engineering|
|NSE: N.A.||ISIN Code: INE281H01013|
|BSE 00:00 | 04 Mar||Aditya Forge Ltd|
|NSE 05:30 | 01 Jan||Aditya Forge Ltd|
Aditya Forge Ltd. (ADITYAFORGE) - Director Report
Company director report
ADITYA FORGE LIMITED
415 GIDC RAMANGANDI POR N H 8 VADODARA GJ IN
Your Directors have pleasure in submitting their Annual report on thebusiness and operations of the Company along with the Audited Balance Sheet and Profit& Loss Accounts for the year ended March 31 2020.
1. FINANCIAL RESULTS:
The Company's financial performance for the year ended March 31 2019:
2. STATE OF AFFAIRS:
The Company is engaged in the business of Manufacturing of forging.There has been no change in the business of the Company during the financial year ended31st March 2021.
The highlights of the Company's performance are as under: -
There is decreased in revenue from Rs. 180498683 to Rs. 94227400There has been drastic effect of the COVID -19 Pandemic and therefore the business has notbeen possible. The losses have increased due t reduction in revenue.
3. WEB LINK OF ANNUAL RETURN
Web Link has been provided on Company's Website: www.adityaforge.com
4. MEETINGS OF BOARD OF DIRECTORS
Four Board Meetings were held during the Financial Year ended March 312021 i.e. (18.05.202027.07.202028.10.202025.01.2021). The maximum gap between any twoBoard Meetings was less than one Hundred and Twenty days and Audit Committee Meetings wereconvened. And held for 04(Four) times on 18.05.2020 27.07.2020 28.10.2020 25.01.2021.The details of which are given in the Corporate Governance Report. The intervening gapbetween the Meetings was within the period prescribed under the Companies Act 2013.
The names of members of the Board their attendance at the BoardMeetings is as under:
5. DETAILS OF FRAUD REPORT BY AUDITOR:
As per auditors' report no fraud u/s 143(12) reported by the auditor.
The Notes on financial statement referred to in the Auditors' Reportare self-explanatory and do not call for any further comments. The Auditors' Report doesnot contain any qualification reservation or adverse remark.
There is no fraud in the Company during the year ended 31stMarch2020. This is also being supported by the report of the auditors of the Company asno fraud has been reported in their audit report for the year ended 31st March 2021.
The Shareholders in their meeting held on 31st December 2020appointed MS. HARSHA NIKHILCHANDA BHATT Chartered Accountants having (Firm RegistrationNo. 155589) as the Statutory Auditors of the Company to hold office till the conclusionof Next Annual General Meeting of the Company.
BOARD'S COMMENT ON THE AUDITORS' REPORT:
The observations of the Statutory Auditors when read together with therelevant notes to the accounts and accounting policies are self-explanatory and does notcall for any further comment.
7. PARTICULARS OF LOANS AND INVESTMENT
The company has not made any investment during the year under review.The Company has also not taken any secured loan from Bank / Financial Institute during theyear under review.
8. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All related party transactions that were entered into during thefinancial year ended 31st March 2021 were on an arm's length basis and were in theordinary course of business. Further there are no materially significant related partytransactions during the year under review made by the Company with Promoters Directorsor other designated persons which may have a potential conflict with the interest of theCompany at large.
Particulars of contracts or arrangements with related parties referredto in Section 188 of the Companies Act 2013 in the prescribe Form AOC- 2 has beenannexed herewith to this report.
9. TRANSFER TO RESERVE:
The Board of Directors have decided to transfer the net profit/lossafter tax and adjustment for FY 2020-21 in the General Reserve Account.
11. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND
In terms of Section 125 of the Companies Act 2013 there is nounclaimed dividend due for remittance to the Investor Education and Protection Fundestablished by the Central Government.
12. SECRETARIAL STANDARDS OF ICSI
The Directors have devised proper systems and processes for complyingwith the requirements of applicable Secretarial Standards issued by the Institute ofCompany Secretaries of India and that such systems were adequate and operatingeffectively.
13. SECRETARIAL AUDITORS
M/s. KH & Associates Practicing Company Secretaries was appointedto conduct secretarial audit of the Company for the year ended on March 31 2021 asrequired under Section 204 of the Companies Act 2013 and Rules thereunder. TheSecretarial Audit Report given by Secretarial Auditors in Form No. MR-3 has been annexedherewith to this report.
14. CORPORATE SOCIAL RESPONSIBILITY
The company is not required to formulate CSR policy as it is not fallunder section 135 of the companies Act2013.
15. MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position ofthe Company occurred between the end of the financial year to which this financialstatement relates and the date of this report
16. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS & OUTGO:
A. Conservation of Energy Technology Absorption
The particulars as required under the provisions of Section 134(3) (m)of the Companies Act 2013 in respect of conservation of energy and technology absorptionhave not been furnished considering the nature of activities undertaken by the companyduring the year under review.
B. Foreign Exchange earnings and Outgo
17. RISK MANAGEMENT POLICY:
Risk Management is the process of identification assessment andprioritization of risks followed by coordinated efforts to minimize monitor andmitigate/control the probability and/or impact of unfortunate events or to maximise therealization of opportunities. The Company has laid down a comprehensive Risk Assessmentand Minimization Procedure which is reviewed by the Board from time to time. Theseprocedures are reviewed to ensure that executive management controls risk through means ofa properly defined framework. The major risks have been identified by the Company and itsmitigation process/measures have been formulated in the areas such as business projectexecution event financial human environment and statutory compliance.
18. DETAILS OF SUBSIDIARY JOINT VENTURE OR ASSOCIATE COMPANIES:
The Company does not have any Subsidiary Joint Venture or AssociateCompany.
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):
There has been no change in the Directors or KMP during the year.
In accordance with the provisions of Section 152(6) of the CompaniesAct 2013 read with rules Companies (Appointment and Qualification of Directors)Rules2014 Mr. VISHNUBHAI INDUBHAI PATEL (DIN: 00070985) retires by rotation and beingeligible offers himself for re-appointment.
20. The Company has not accepted any public deposits during the yearunder review.
21. INTERNAL FINANCIAL CONTROL
The Company has in place adequate internal financial controls withreference to financial statements. During the year such controls were tested and noreportable material weakness in the design or operation was observed.
22. COST RECORD
The provision of Cost audit as per section 148 doesn't applicable onthe Company.
23. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THEREGULATORS COURTS AND TRIBUNALS
No significant and material order has been passed by the regulatorscourts tribunals impacting the going concern status and Company's operations in future.
24. CONSTITUTION OF COMMITTEE - SEXUAL HARASSMENT AT WORKPLACE
The Company has constituted committee under the sexual harassment ofwomen at workplace (prevention prohibition and Redressal) Act 2013 and However companyhas complied with the provisions of the same.
25. CONSOLIDATED FINANCIAL STATEMENTS
Company doesn't have any subsidiaries so there is no need to prepareconsolidated financial statement for the F. Y. 2020-21.
26. DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to Section 134(3) (c) of the Companies Act 2013 the Board ofDirectors of the Company confirms that-
a) In the preparation of the annual accounts for the year ended March312021 the applicable accounting standards read with requirements set out under ScheduleIII to the Act have been followed and there are no material departures from the same.
b) The Directors have selected such accounting policies and appliedthem consistently and made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the Company as at March 312021and of the profit of the Company for the year ended on that date.
c) The Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.
d) The Directors have prepared the annual accounts on a 'going concern'basis.
e) The Company being unlisted sub clause (e) of section 134(3) of theCompanies Act 2013 pertaining to laying down internal financial controls is notapplicable to the Company.
f) The Directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and that such system is adequate and operatingeffectively.
Your Directors would like to express their sincere appreciation for theassistance and co-operation received from the banks Government authorities customersvendors and members during the year under review. Your Directors also wish to place onrecord their deep sense of appreciation for the committed services by the Company'sexecutives staff and workers.