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Akashdeep Metal Industries Ltd.

BSE: 538778 Sector: Financials
NSE: N.A. ISIN Code: INE149Q01013
BSE 15:32 | 26 May 62.00 0.85
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NSE 05:30 | 01 Jan Akashdeep Metal Industries Ltd
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VOLUME 45585
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OPEN 61.40
CLOSE 61.15
VOLUME 45585
52-Week high 70.25
52-Week low 32.00
P/E
Mkt Cap.(Rs cr) 53
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Akashdeep Metal Industries Ltd. (AKASHDEEPMETAL) - Director Report

Company director report

Dear Members

AKASHDEEP METAL INDUSTRIES LIMITED

14 Dayanand Vihar Backside Ground Floor

Vikas Marg Ext. Delhi-110092

Your Directors have immense pleasure in presenting the 37thAnnual Report of your Company together with the Audited Standalone and ConsolidatedFinancial Statements of your Company for the Financial Year ended March 31 2021.

1. Financial Highlights

The Company's performance for the year under review along with previousyear's figures is given hereunder:

Amount in Rupees

Particulars Standalone (for the Year ended) Consolidated (for the Year ended)
31st March 2021 31st March 2020 31st March 2021 31st March 2020
Revenue from Operations 3925805.05 4675677.00 40697030.11 40586905.00
Other Income 19584.16 - 567402.93 11794524.70
Total Revenue 3945389.21 4675677.00 41264433.03 52381429.72
Less: Employee Benefits Expenses 1592896.00 1448364.00 4790494.00 4062765.80
Less: Other Expenses 767634.12 776224.08 8924838.93 7890629.69
Profit Before Finance Cost Depreciation & Taxes 1584859.09 2451088.92 27549100.1 40428034.20
Less: Finance Cost 637462.00 708.00 12390126.18 11784616.21
Less: Depreciation and Amortization 837003.44 - 1527719.55 1099990.86
Profit/ Loss Before Tax 110393.65 2450380.92 13631254.38 27543427.16
Less: Current Tax 181859.00 657192.16 4490910.00 5 609917.16
Add: Income tax provision written off - - - 85335.00
Less: Deferred Tax (160538.99) (15088.16) (661914.80) (205957.34)
Profit/ Loss After Tax 89073.64 1808276.92 9802259.18 22224802.34
Other Comprehensive Income 5821.79 - 216585.61 132054.25
Total Comprehensive Income 94895.43 1808276.92 10018844.79 22356856.59
Earnings per Share (Basic) (Rs.) 0.01 0.21 1.15 2.63
Earnings per Share (Diluted) (Rs.) 0.01 0.21 1.15 2.63

2. State of Company's Affairs

The Financial Year 2020-21 was a rough year for the Company. The totalincome of the Company was Rs 3945390 (Rupees Thirty Nine Lakhs Forty Five Thousand ThreeHundred Ninety) as against Rs 4675677 (Rupees Forty Six Lakhs Seventy Five Thousand SixHundred Seventy Seven) in the previous year. The Company's earned Net profit of Rs 89074(Rupees Eight Nine Thousand Seventy Four) in the current Financial Year as against aprofit of Rs 1808277 (Rupees Eighteen Lakhs Eight Thousand Two Hundred Seventy Seven) inthe previous Financial Year. Revenues of the Company are affected due to the pandemicprevailing worldwide. However your Directors are hopeful to perform better in the nextyear ahead.

3. Consolidated Financial Performance Review and Analysis

The Company achieved a consolidated turnover of Rs 41264433 (RupeesFour Crores Twelve Lakhs Sixty Four Thousand Four Hundred Thirty Three) in the currentFinancial Year as against Rs52381430 (Rupees Five Crores Twenty Three Lakhs Eight OneThousand Four Hundred Thirty) in the previous Financial Year and Consolidated Net Profitof Rs 9802259 (Rupees Ninety Eight Lakhs Two Thousand Two Hundred Fifty Nine) in thecurrent Financial Year as against Rs 22224802 (Rupees Two Crores Twenty Two LakhsTwenty Four Thousand Eight Hundred Two) in the previous year.

4. Capital Structure

There was no change in the Company's issued subscribed and paid-upequity share capital during the year under review.

The Authorized Share Capital of your Company is Rs 85100000 (RupeesEight Crores Fifty One Lakhs) divided into 8510000 (Eighty Five Lakhs Ten Thousand)Equity Shares of Rs 10 (Rupees Ten) each.

The Paid-up Share Capital of your Company is Rs 85026210 (RupeesEight Crores Fifty Lakh Twenty-Six Thousand Two Hundred Ten Only) divided into 8502621(Eighty-Five Lakhs Two Thousand Six Hundred Twenty-One) Equity Shares of Rs 10/- (RupeesTen only) each.

Your Company has not issued equity shares with differential rights asto dividend voting or otherwise. It has neither issued ESOP nor Sweat Equity Shares anddoes not have any scheme to fund its employees to purchase the shares of the Company.

5. Reserves & Surplus

Your Company has transferred the following sum to the Reserves for theFinancial Year ended March 31 2021:

Amount transferred to retained earnings 71258.91/-
Statutory Reserve Fund (SRF) @ 20 % of Net profit under Section 45 -IC the RBI Act 1934: 17814.73/-

6. Public Deposits

Your Company has neither invited nor accepted any deposits from publicwithin the meaning of Section 73 of the Companies Act 2013 read with Companies(Acceptance of Deposits) Rules 2014 during the Financial Year ended 31stMarch 2021. Therefore the details as required under Rule 8(5)(v) and 8(5)(vi) have notbeen provided.

 

Exception: The Company due to ignorance of law had accepted a loan fromLuv Films LLP. However the loan was later on repaid once the default wasdiscovered.

7. Material Changes and Commitments if any affecting theFinancial Position of the Company between the end of the Financial Year and the date ofthe report.

Your company has not made any material changes and commitments if anyaffecting the Financial Position of the Company between the Financial Year ended 31stMarch 2021 and the date of the report.

8. Declaration of Dividend

The Board of Directors of your Company has decided to retain and ploughback the profits into the business of the Company thus no dividend is being recommendedfor this year.

9. Subsidiaries/Joint Ventures/Associates

During the year under review the Company has sold its 1084071 Equityshares held in its wholly-owned subsidiary company i.e. Anmol Financial Services Limited(AFSL) constituting 18.69% of AFSL to the promoters/promoter group of the Company.

Consequently AFSL ceased to be the wholly owned subsidiary of theCompany but continued to be a subsidiary of the Company.

Further a statement containing the salient features of the financialstatement of Subsidiary Company in the prescribed format AOC-1 is appended as Note 49 ofConsolidated Balance Sheet.

Financial Highlights of Performance of M/s Anmol Financial ServicesLimited a Subsidiary Company

Particulars For the Financial Year ended 31st March 2021 For the Financial Year ended 31st March 2020
Revenue from Operations 36771225.06 43148144.98
Other Income 547818.77 1845602.34
Total Revenue 37319043.82 47705752.72
Less: Employee Benefits Expenses 3197598.00 2614401.80
Less: Other Expenses 8157204.80 7114405.27
Profit Before Finance Cost Depreciation & Taxes 25964241.02 37976950.42
Less: Finance Cost 11752664.18 11783908.21
Less: Depreciation and Amortization 690716.55 1099990.86
Profit/Loss Before Tax 13520855.52 25093046.58
Less: Current Tax 4309051 4952725.00
Add: Excess Income tax Provision Written Off - 85335.00
Less: Deferred Tax/ Liabilities (501375.81) (190869.18)
Profit/Loss After Tax 9713180.33 20416525.77
Other Comprehensive Income 210763.82 132054.25
Total Comprehensive Income 9923944.15 20548584.78
Earnings per Share (Basic)(Rs) 1.67 3.52
Earnings per Share (Diluted) (Rs) 1.67 3.52

10. Change in the Nature of Business

There have been no changes in the nature of business of your Companyduring the Financial Year 2020-21.

11. Details of Directors and KMP appointed/ resigned during theFinancial Year 2020-21

During the year under review Mr. Sanjeev Kumar (DIN: 08693790) wasappointed as NonExecutive Additional Independent Director on the Board by the Companyw.e.f. May 27 2020 during the Financial Year 2020-2021 and he had been appointed as Non-Executive Independent Director in the Annual General Meeting held on September 30 2020.

Also in the opinion of the Board the Independent Directors appointedduring the year i.e. Mr. Sanjeev Kumar possess requisite expertise and experience and arethe persons of high integrity and repute. They fulfill the conditions as specified in theCompanies Act 2013 and the Rules made there under and are independent of the management.

The Board has laid down separate Codes of Conduct for Directors andSenior Management personnel of the Company and the Independent Directors as perSchedule-IV of the Companies Act 2013. All Board Members and Senior Management personnelhave affirmed compliance with the Code of Conduct.

12. Declaration given by Independent Directors

The Non-Executive Independent Directors of the Company have givendeclaration stating that they continue to confirm the criteria set out for IndependentDirector under Section 149(6) of the Companies Act 2013 and Regulation 16 of SEBI(Listing Obligation and Disclosure Requirements) Regulations 2015.

13. Policy on Director's Appointment and Policy on Remuneration

In adherence to Section 178(1) of the Companies Act 2013 the Board ofDirectors of the Company regularly review the policy on director's appointment andremuneration including criteria for determining qualifications positive attributesindependence of a director and other matter provided under Section 178(3) based on therecommendations of the Nomination and Remuneration Committee.

A copy of relevant policy is placed on the website of the company atwww.akashdeepmetal.in

14. Details of Board and its Committees

I. Board Meetings

Composition of the Board of the Company

Sl. No. Name Designation
1. Mr. Rajesh Gupta Chairman & Managing Director
2. Mr. Yash Pal Gupta Non-Executive Non-Independent Director
3. Mrs. Prachi Gupta Non-Executive Non-Independent Director
4. Mr. Janardan Tiwari Non-Executive Independent Director
5. Mr. Sanjeev Kumar Non-Executive Independent Director

During the year under review there were 9 (Nine) Meetings held byBoard of Directors of the Company. Dates of the Board Meeting are as under:

Sl. No. Date of the Board Meeting
1 21-04-2020
2 27-05-2020
3 21-07-2020
4 01-09-2020
5 05-09-2020
6 12-11-2020
7 22-12-2020
8 11-02-2021
9 11-03-2021

Number of Meetings attended by the Board of Directors:

Sl. No. Name of Director No. of Board Meetings Attended
1 Mr. Rajesh Gupta 9
2 Mr. Yash Pal Gupta 9
3 Mrs. Prachi Gupta 9
4 Mr. Janardan Tiwari 6
5 Mr. Sanjeev Kumar 4

II. Audit Committee Meeting

Composition of the Audit Committee

Sl. No. Name Designation
1. Mr. Janardan Tiwari Chairperson
2. Mr. Rajesh Gupta Member
3. Mr. Sanjeev Kumar Member

There were 6 (Six) Meetings held by the members of Audit Committeeduring the Financial Year 2020-21. Dates of the Audit Committee Meeting are here as under:

Sl. No. Date of the Meeting
1 21-07-2020
2 01-09-2020
3 12-11-2020
4 22-12-2020
5 11-02-2021
6 11-03-2021

Number of Meeting attended by the Members of Audit Committee

Sl.No. Name of Director No. of Meetings Attended
1 Mr. Rajesh Gupta 6
2 Mr. Sanjeev kumar 3
3 Mr. Janardan Tiwari 4

III. Nomination and Remuneration Committee Meeting

Composition of Nomination and Remuneration Committee

Sl. No. Name Designation
1. Mr. Janardan Tiwari Chairperson
2. Mr. Rajesh Gupta Member
3. Mr. Sanjeev Kumar Member

There were 2 (Two) Meetings held by the members of Nomination andRemuneration Committee during the Financial Year 2020-21. Dates of the Nomination andRemuneration Committee Meetings are as under:

Sl. No. Date of the Meeting
1 27-05-2020
2 01-09-2020

Number of Meetings attended by the Members of Nomination andRemuneration Committee:

Sl. No. Name of Director No. of Meetings Attended
1 Mr. Rajesh Gupta 2
2 Mr. Janardan Tiwari 2
3 Mr. Sanjeev Kumar 1

IV. Stakeholders Relationship Committee Meeting

Composition of the Stakeholders Relationship Committee

Sl. No. Name Designation
1. Mr. Yash pal Gupta Chairperson
2. Mr. Rajesh Gupta Member
3. Mr. Janardan Tiwari Member

There were 4 (Four) Meetings were held by members of StakeholdersRelationship Committee during the Financial Year 2020-21. Dates of the StakeholdersRelationship Committee Meetings are as under:

Sl. No. Date of the Meeting
1 21-04-2020
2 21-07-2020
3 12-10-2020
4 11-01-2021

Number of Meeting attended by the Members of Stakeholders RelationshipCommittee:

Sl. No. Name of Director No. of Meetings Attended
1 Mr. Yashpal Gupta 3
2 Mr. Rajesh Gupta 3
3 Mr. Janardan Tiwari 2

V. Independent Director Meeting

Composition of the Independent Director Meeting

Sl. No. Name Designation
1 Mr. Sanjeev Kumar Director
2 Mr. JanardanT iwari Director

There was 1 (One) Meeting held by members of Independent DirectorMeeting during the Financial Year 2020-21. Date of the Independent Director Meeting is asunder:

Sl. No. Date of the Meeting
1 30-11-2020

Number of Meeting attended by the Members of Independent DirectorMeeting:

Sl. No. Name of Director No. of Meetings Attended
1 Mr. Sanjeev Kumar 1
2 Mr. Janardan Tiwari 1

15. Annual Evaluation of Board Performance and Performance of itsCommittees and Individual Directors

Pursuant to applicable provisions of the CompaniesAct2013 the Boardin consultation with its Nomination & Remuneration Committee has formulated aframework containing inter-alia the process format attributes and criteria forperformance evaluation of the entire Board of the Company its Committees and individualDirectors including Independent Directors. The framework is monitored reviewed andupdated by the Board in consultation with the Nomination and Remuneration Committeebased on need and new compliance requirements.

Evaluation of the Board and its Committees is based on various aspectsof their functioning such as adequacy of the constitution and composition of the Boardand its Committees matters addressed in the meetings processes followed at the meetingBoard's focus regulatory compliances and Corporate Governance etc. are in place.Similarly for evaluation of individual Director's performance various parameters likeDirector's profile contribution in Board and Committee meetings execution andperformance of specific duties obligations regulatory compliances and governance etc.are considered.

Accordingly the annual performance evaluation of the Board itsCommittee s and each Director was carried out for the financial year 2020-21 by Nominationand Remuneration Committee in consultation with the Board.

The performance evaluation of all the Independent Directors have beendone by the entire Board excluding the Director being evaluated. On the basis ofperformance evaluation done by the Board it determines whether to extend or continuetheir term of appointment whenever their respective term expires. The Directors expressedtheir satisfaction with the evaluation process.

16. Audit Committee Recommendations

During the year all the recommendations of the Audit Committee wereaccepted by the Board.

17. Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo

Even though operations of the Company are not energy intensive themanagement has been highly conscious of the importance of conservation of energy andtechnology absorption at all operational levels and efforts are made in this direction ona continuous basis.

In view of the nature of activities which are being carried on by theCompany the particulars as prescribed under Section 134(3)(m) of the Companies Act 2013read with Rule 8 of the Companies (Accounts) Rules 2014 regarding Conservation of Energyand Technology Absorption are not applicable on your Company and hence have not beenprovided.

The Company has neither incurred any expenditure nor earned any incomein foreign exchange during the Financial Year 2020-21.

18. Particulars of Employees and Remuneration

There are no employees who are in receipt of remuneration in excess ofthe limits prescribed under Rule5 (2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.

Accordingly details as required Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 have not been provided.

The details forming part of top ten employees in terms of remunerationof the Company is annexed here with as Annexure-I (a).

Disclosures pertaining to remuneration and other details as requiredunder Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014is set out in Annexure-I (b) tothis Report.

19. Related Party Transactions

All related party transactions that were entered into during theFinancial Year were on an arm's length basis and were in the ordinary course of business.There are no materially significant related party transactions made by the Company withrelated parties which may have a potential conflict with the interest of the Company. AllRelated Party Transactions are placed before the Audit Committee for approval. PriorOmnibus approval of Audit committee has been obtained for transactions which are ofrepetitive nature.

There are no Related Party Transactions as prescribed under clause (h)of sub-section (3) of Section 134 of the Companies Act 2013 and Rule 8(2) of theCompanies (Accounts) Rules 2014. Accordingly details of Related Party Transactions havenot been provided.

For Further Details your attention is drawn to the Related Partydisclosures set out in Note no.

35 of the Financial Statements.

20. Particulars of Loans Guarantees and Investments

The full Particulars of the loans given investment made or guaranteegiven or security provided and the purpose for which the loan or guarantee or security isproposed to be utilized if any as per the provisions of Section 186 of the Companies Act2013 are provided in the notes of accompanying Standalone Financial Statement.

21. Annual Return

In accordance with Section 92(3) of the Companies Act 2013 the AnnualReturn of the Company as on March 31 2021 is available on the Company's website and canbe accessed at https://www.akashdeepmetal.in/annual return.php.

22. Auditors and Auditor's Report

At the 35th Annual General Meeting of the Company M/s T.K.Gupta & Associates Chartered Accountants (FRN: 011604N) were appointed as StatutoryAuditors of the Company for a period of 5 years.

Auditors' report is without any qualification. Further theobservations of the Auditors in their report read together with the Notes on Accounts areself-explanatory and therefore in the opinion of the Directors do not call for anyfurther explanation.

Further since the Auditors have not reported any instances involvingFraud in their Audit Report the particulars as prescribed under Section 134(3) (ca) ofthe Companies Act 2013 have not been provided.

23. Secretarial Audit Report

As per provisions of Section 204 of the Companies Act 2013 the Boardof Directors of the Company have appointed Ms. Monika Chanana Practising CompanySecretary(M. No.: A54621 COP: 22212) as the Secretarial Auditor of the Company to conductthe Secretarial Audit for the Financial Year 2020-21. The Secretarial Audit Report for theFinancial Year ended March 31 2021 is annexed to this Report as "Annexure-II".

The Secretarial Auditor's Report for the Financial Year 2020-21 doesnot contain any qualification observation or adverse remarks and therefore in theopinion of the Directors do not call for any further explanation.

24. Internal Control Systems and adequacy of Internal FinancialControls

The Company has a proper and adequate system of internal controls. Thisensures that all transactions are authorized recorded and reported correctly and assetsare safeguarded and protected against loss from unauthorized use or disposition. TheCompany has an Internal Control System commensurate with the size scale and complexityof its operations.

In terms of Section 138 of the Companies Act 2013 M/s Sunil KVarshney & Associates Chartered Accountants (FRN. 061031N) has been appointed as theInternal Auditors of your Company. The Internal Auditor monitors the compliance with theobjective of providing to the Board of Directors an independent and reasonable assuranceon the adequacy and effectiveness of the organization's governance processes. InternalAuditors directly reports to the Audit Committee or Board of Directors of the Company. TheAudit Committee of the Board actively reviews the adequacy and effectiveness of theinternal control systems and suggests improvements to strengthen the same. During the yearunder review no material or serious observation has been received from the InternalAuditors of the Company for inefficiency or inadequacy of such controls.

25. Business Risk Management

Your Company recognizes that risk is an integral part of business andis committed to managing the risks in a proactive and efficient manner. Your Companyperiodically assesses risks in the internal and external environment. Your Companythrough its risk management process strives to contain impact and likelihood of the riskswithin the risk appetite as decided by the management.

There are no risks which in the opinion of the Board threaten theexistence of your Company.

26. Cost Records and Cost Audit Report

In terms with the provisions of Section 148 of the Companies act 2013read with the Companies (Cost Records and Audit) Rules 2014 maintenance of cost recordsand appointment of Cost Auditors are not applicable on your Company.

27. Vigil Mechanism

The Company believes in the conduct of the affairs of its constituentsin a fair and transparent manner by adopting highest standards of professionalismhonesty integrity and ethical behavior.

The Company has adopted a Vigil Mechanism Policy to provide a formalmechanism to the Directors and employees to report their concerns about unethicalbehavior actual or suspected fraud or violation of the Company's Code of Conduct orethics policy. The copy of vigil mechanism policy is uploaded on the website of yourcompany on www.akashdeepmetal.in

28. The Management Discussion and Analysis Report

The Management Discussion and Analysis Report under Regulation 34 readwith Schedule V of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 is presented as forming part of this Report as Annexure-III.

29. Corporate Governance Report and Compliance certificate from eitherthe auditors or practicing company secretaries regarding compliance of conditions ofcorporate governance

As per provisions of Regulation 15(2) of the SEBI (Listing Obligation& Disclosure Requirements) Regulations 2015 Compliance with the corporate governanceprovisions as specified in regulations 17 17(A) 18 19 20 21 22 23 24(24A) 2526 27 and clauses (b) to (i) of subregulation (2) of regulation 46 and Para C D and E ofSchedule V shall not apply in respect of-

(a) the listed entity having paid up equity share capital not exceedingrupees ten crore and net worth not exceeding rupees twenty-five crore as on the last dayof the previous Financial Year.

(b) The listed entity which has listed its specified securities on theSME Exchange.

Since your company falls in the ambit of aforesaid exemption (a); hencecompliance with the provisions of Corporate Governance shall not apply on the Company andit does not form part of this Report for the Financial Year 2020-21 and Certification fromauditors or practicing company secretaries regarding compliance of conditions of corporategovernance are also not required to be annexed with this Report.

30. Code of Conduct for Prevention of Insider Trading

Your Company's Code of Conduct for Prevention of Insider Trading coversall the Directors senior management personnel persons forming part ofpromoter(s)/promoter group(s) and such other designated employees of the Company who areexpected to have access to unpublished price sensitive information relating to theCompany. The Directors their relatives senior management personnel persons forming partof promoter(s) /promoter group(s) designated employees etc. are restricted in purchasingselling and dealing in the shares of the Company while in possession of unpublished pricesensitive information about the Company as well as during the closure of trading window.

The Board of Directors has approved and adopted the Code of Conduct toRegulate Monitor and Report Trading by Insiders. The Board has also approved the Code forFair Disclosure in line with SEBI (Prohibition of Insider Trading) Regulation 2015 andthe same can be accessed on company's website at www.akashdeepmetal.in.

31. Corporate Social Responsibility

Provisions of Section 135 of the Companies Act 2013 regardingCorporate Social Responsibility are not applicable on the Company for the Financial Yearended 31st March 2021.

32. Significant/Material orders Passed by the Regulators

There are no significant/material orders passed by the Regulators orCourts or Tribunals impacting the going concern status of your Company and its operationsin future.

33. Disclosures required under the Non-Systemically ImportantNon-Banking Financial (NonDeposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions 2015

There was no auction conducted by the Company during the Financial Yearin respect of defaulter in any loan accounts.

34. Directors' Responsibility Statement

Pursuant to the provisions of the Section 134(3) (C) and 134(5) of theCompanies Act 2013 the Directors to the best of their knowledge and belief confirm that:

 

a. in the preparation of the annual accounts for the Financial Yearended 31stMarch 2021 the applicable accounting standards and Schedule-III ofthe Companies Act 2013 have been followed and there are no material departures from thesame;

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 your Company as at 31stMarch 2021 and of the profit and loss of the Company for the Financial Year ended 31stMarch2021;

c. proper and sufficient care has been taken for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

d. the annual accounts have been prepared on a 'going concern' basis;

e. proper internal financial controls laid down by the Directors werefollowed by the Company and that such internal financial controls are adequate and wereoperating effectively;

f. and Proper systems to ensure compliance with the provisions of allapplicable laws were in place and that such systems were adequate and operatingeffectively.

35. Stock Exchange Listing

Your Company has paid the annual listing fees for the Financial Year2020-21 to BSE where the shares of the Company are listed.

36. Policy on Prevention of Sexual Harassment of Women at Workplace

Your Company is committed to provide a safe and secure environment toits women employees across its functions as they are integral and important part of theorganization. Your Company has in place an Anti-Sexual Harassment Policy in line with therequirements of the Sexual Harassment of Women at the Workplace (Prevention Prohibition& Redressal) Act 2013. Also adequate workshops and awareness programmes againstsexual harassment are conducted across the organization to ensure that secure workingenvironment is provide to the female staff.

An Internal Complaints Committee (ICC) with requisite number ofrepresentatives has been set up to redress complaints relating to sexual harassment ifany received from women employees and other women associates. The following is a summaryof sexual harassment complaints received and disposed off during the Financial Year2020-2021:

No. of Complaints received: Nil No. of Complaints disposed off: Nil

37. Secretarial Standard

Your Company is in compliance with the Secretarial Standards onMeetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings(SS-2) issued by the Institute of Company Secretaries of India (ICSI).

38. Acknowledgement

Your Directors take this opportunity to place on record their sincereappreciation for the cooperation and assistance the Company has received from Banks andvarious Government Departments. The Board also places on record its appreciation of thedevoted services of the employees support and co-operation extended by the valuedbusiness associates and the continuous patronage of the customers of the Company.

By the Order of the Board For AKASHDEEP METAL INDUSTRIES LIMITED

Rajesh Gupta Yash Pal Gupta
Managing Director Director
DIN:00006056 DIN:00013872
Date: 01.09.2021 Add: 25 Hargobind Enclave Add: 306 Jagriti Enclave
Place: Delhi Delhi-110092 Delhi-110092

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