You are here » Home » Companies » Company Overview » Alan Scott Industries Ltd

Alan Scott Industries Ltd.

BSE: 539115 Sector: Industrials
NSE: N.A. ISIN Code: INE273F01022
BSE 00:00 | 01 Jul 133.70 -10.35
(-7.19%)
OPEN

134.00

HIGH

162.70

LOW

122.95

NSE 05:30 | 01 Jan Alan Scott Industries Ltd
OPEN 134.00
PREVIOUS CLOSE 144.05
VOLUME 392
52-Week high 342.30
52-Week low 22.75
P/E
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 134.00
CLOSE 144.05
VOLUME 392
52-Week high 342.30
52-Week low 22.75
P/E
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alan Scott Industries Ltd. (ALANSCOTTINDS) - Director Report

Company director report

To

The Members

Your Directors are pleased to present their 27 th Annual Report on theworking of the Company together with the Audited Statements of Accounts for the year ended31st March 2021.

FINANCIAL HIGHLIGHTS:

(Amt in Rs.)

Particulars 31st March 2021 31st March 2020
Total Income 1131265 463972
Less: Total Expenditure 1087570 1117583
Profit/(Loss) Before Interest Depreciation and Tax 43695 (653611)
Less: Depreciation

-

-

Less: Interest 5285 13176
Profit/(Loss) Before Extraordinary Items and Tax 38410 (666787)
Less: Extra-Ordinary Items

-

-

Profit/(Loss) Before Tax 38410 (666787)
Less: Tax Expense
a) Current Tax

-

-

b) Deferred Tax

-

11020
Profit/(Loss) For The Year 38410 (677807)

Dividend:

Directors have not recommended any dividend.

Directors' Responsibility Statement:

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors to bebest of their knowledge confirm that -

a) in the preparation of the accounts the applicable accounting standards have beenfollowed along with proper explanations relating to material departure;

b) appropriate accounting policies have been selected and applied consistently and havemade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year and of lossof the Company for that period;

c) proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularities;

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

e) they have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and were operating effectively;

f) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.

MANAGEMENT DISCUSSION AND ANALYSIS

To avoid duplication of certain information in Directors' Report and ManagementDiscussion & Analysis the Board of Directors of your Company has presented thecomposite summary of performance and functions of the Company.

Economy

After the first wave of COVID-19 pandemic appeared to be under control revival of theIndian economy was being witnessed during first of the finance year 2020-21. Variousincentive schemes of the government including direct money transfer in accounts of farmerswere showing signs of accelerating growth in demand. However second wave COVID-19 againadversely affected the movement of people creating unemployment and curbing growth indemand. Rumors of expected third wave of COVID has added fuel to the fire and uncertaintyhas prevailed. Various stimulus in form of financial package announced by the financeministry of government of India may help in surviving the small and medium enterpriseswhich are one of the main sources creating jobs and employment.

Industry Structure and development

Your Directors have identified the manufacturing and marketing of disinfectant andother hygiene products as the main area of growth considering utmost importance beinggiven by the government of India to health and hygiene. Your Directors also proposes toenter into the field of manufacturing and marketing of medical equipments/instruments. Forthe purpose a team of professionals and engineers is being created. Your Directors haveco-opted two high qualified and experienced engineers on the Board as Executive Directorsbesides appointing Mr. Suresh Jain Promoter as Managing Director.

Performance:

During the year under review the Company earned an income of Rs.1131265/- as againstRs.463972/- in previous year. The Company made a profit of Rs. 38410/- as against aloss of Rs.677807/-a year ago.

Material Changes and Commitment:

There has been no material change and commitment affecting the financial position ofthe Company between the end of the financial year to which the financial statements relateand the date of this report.

Opportunity and Threats:

Considering the Indian macro-economic factors are in much better shape as also variousfinancial stimulates being provided by the Government it appears that the Company willhave better opportunity to grow though uncertain prevails due to COVID-19 pandemic.

Future Outlook:

After the second wave of COVID-19 it seems that the country is getting back to ahigher growth trajectory. Jobs are being created in service as also manufacturing sector.Government's expenditure on core infrastructure and initiative such as ‘Make inIndia' are giving the required impetus to urbanization. This will augur well for theeconomy in general and your Company in particular in medium to long term.

Share Capital:

On 26th March 2021 the Company allotted 500000 Equity Shares of Rs.10/-each at a premium of Rs.15/- per share on preferential basis as provided under the ChapterV of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 to thePromoters and Next Orbit Ventures Fund. The total issued subscribed and paid-up capitalof the Company increased to Rs.11853770/-.

Subsidiary:

The Company does not have any subsidiary company.

Consolidated Financial Statement:

Since the Company does not have any subsidiary company or associate or joint ventureconsolidated financial statements are not prepared.

Corporate Governance:

Provisions of para C D and E of Schedule V of the SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 are not applicable to your Company. Hencereport on Corporate Governance is not annexed.

Loans Guarantees and investments

The Company has neither given any loan or guarantee. The Company has invested surplusfund in shares and securities.

Public Deposit:

Your Company has not accepted any deposits from the public its shareholders oremployees during the year under review.

Transaction with Related Parties:

None of the transactions with related parties falls under the scope of Section 188(1)of the Companies Act 2013. Hence information on transactions with related partiespursuant to Section 134 (3)(h) of the Act read with rule 8(2) of the Companies (Accounts)Rules2014 in Form AOC-2 is not provided.

Conservation of Energy etc.

Since your Company was not engaged in any manufacturing activity during the year underreview information as required under the provisions of Section 143(3)(m) of the Act isnot furnished. During the year the Company neither earned nor spent any foreign exchange.

Directors and Key Managerial Personnel

The Board of Directors in its meeting held on 26th March 2021 had appointedMr. Suresh P. Jain Promoter of your Company as Additional Director and then ManagingDirector of the Company subject to necessary approval of the Members of the Company. TheBoard in its meeting held on 30th June 2021 also appointed Dr. Vikal B.Chaurasiya and Mr. Rajeev S. Godkhindi as Additional Directors and subsequently in thesame meeting they were appointed as Whole-time Directors designated as ExecutiveDirectors. All the three Directors will be vacating their respective offices at theforthcoming Annual General Meeting. The Company has received notices from some of theMembers of the Company signifying their intention of proposing appointments of Mr. SureshP. Jain Dr. Vikal B. Chaurasiya and Mr. Rajeev S. Godkhindi as Directors. Directorsrecommend passing of the necessary resolutions as set-out in the Notice of Annual

General Meeting accompanying this report.

To comply with the provisions of the Companies Act 2013 and Articles of AssociationMs. Saloni Jain shall retire by rotation at the forthcoming Annual General Meeting andbeing eligible seek re-appointment.

During the year under review none of the non-executive directors had any pecuniaryrelationship or transactions with the Company.

Mr. Suresh P. Jain is the Managing Director Mr. Mahendra Balkrishan Dave is ChiefFinance Officer and Ms. Yashika Arora is the Company Secretary.

Disclosure by Independent Directors:

All the Independent Directors have furnished declarations that they meet the criteriaof independence as laid down under Section 149 (6) of the Companies Act 2013.

Audit Committee:

The Audit Committee comprises of Mr. Vaibahv P. Bhandari Mr. Srivardhan A. Khemka;both Independent Directors and Ms. Saloni Jain. All the members of the Committee arehaving financial and accounting knowledge. The Committee met four times during thefinancial year 2020-21.

Nomination & Remuneration committee/policy:

The Nomination and Remuneration Committee comprises Mr. Srivardhan A. Khemka Mr.Vaibhav P. Bhandari and Ms. Saloni Joni all are non-executive Directors. The Committeemet twice during the financial year under reivew.

The Nomination and Remuneration Policy recommended by the Nomination & RemunerationCommittee is duly approved and adopted by the Board of Directors. The said policy isannexed to the report as Annexure I.

Stakeholders' Relationship Committee

The Stakeholders' Relationship Committee comprises of Ms. Saloni Jain Mr. SrivardhanA. Khemka and Mr. Vaibhav P. Bhandari. The Committee met once during the financial year.

Board Meetings:

Six meetings of the board were held during the year under review. One meeting of theindependent directors was also held during the year.

Board Evaluation

Pursuant to the provisions of the Companies Act 2013 the Board of Directors had donethe annual evaluation of its own performance its committees and individual directors. TheNomination and Remuneration Committee reviewed the performance of the individual directorson the basis of criteria such as the contribution of the individual director to the Boardand committee meetings.

CSR Committee

The Company does not fulfill any of the three criteria specified in Section 135(1) ofthe Companies Act 2013 and as such is not required to comply with the provisions ofSection 135 of the Companies Act 2013 and Companies (Corporate Social ResponsibilityPolicy) Rules 2014.

Internal Control System

Adequate internal control systems are in place to maintain quality of product properaccounting as per norms and standards prescribed asset maintenance and its proper use.The Company has an independent internal auditor who periodically reviews the accounts andreports to the Audit Committee.

Risk Management:

The management continuously access the risk involved in the business and all outefforts are made to mitigate the risk with appropriate action.

Employee:

The Company had only one employee during the year under review.

No remuneration was paid to any of the directors. Hence the particulars of employeesrequired under Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are not provided.

Since the Company had no employee during the year under review information requiredunder Section 197(12) of the Companies Act 2013 read with Rule 5 (2) and 5(3) of theCompanies (Appointment and Remuneration of Management Personnel) Rule 2014 is notfurnished.

Auditors:

According to Directors there are no adverse remarks made by Statutory Auditors intheir report. Notes to the accounts are self explanatory to comments/observation made bythe auditors in their report. Hence no separate explanation is given.

M/s. Pravin Chandak & Associates Chartered Accountants were appointed asStatutory Auditors of the Company in the 26th Annual General Meeting for aperiod of five years. M/s. Pravin Chandak & Associates Chartered Accountants haveconfirmed that they are not disqualified to continue to act as Statutory Auditors of theCompany.

Secretarial Audit Report

During the year under review Secretarial Audit was carried out by M/s. DDB &Company Practicing Company Secretaries for the financial year 2020-21. The report on theSecretarial Audit is appended as Annexure II to this report.

Details of significant & material orders Passed by the regulators or Courts orTribunal:

No such order was passed by any of the authorities which impacts the going concernstatus and company's operations in future.

Annual Return

Pursuant to the provisions of Section 92(3) and Section 134(3)(a) of the Companies Act2013 a copy of the Annual Return of the Company for the year ended 31st March2021 is placed on the Company's website.

Vigil Mechanism:

The Company has a vigil mechanism policy to deal with instances of fraud andmismanagement. The whistle blower policy is adopted by the Board of Directors and ishosted on the website of the Company.

Fraud reporting:

No fraud whether actual suspected or alleged was reported to the Board of Directorsduring the year under review.

Prevention of sexual harassment at workplace:

Since the Company does not have any woman employee the provisions of the ‘SexualHarassment of Women at Workplace (Prevention Prohibition & Redressal) Act are notapplicable.

Cautionary statement:

Statements in the Annual Report particularly those which relate to ManagementDiscussion and Analysis may constitute forward looking statements within the meaning ofapplicable laws and regulations. Although the expectations are based on the reasonableassumptions the actual results might differ.

Acknowledgement:

The Directors wish to place on record their deep sense of appreciation to the Company'sBankers for their unstinted support. Your directors also wish to thank the shareholdersfor confidence reposed in the management of the Company.

For & On Behalf of Board of Directors
ALAN SCOTT INDUSTRIESS LTD.
Sd/-
SURESH PUKHRAJ JAIN
CHAIRMAN &MANAGING DIRECTOR
DIN: 00048463
Place: Mumbai
Dated: 30/06/2021

.