To The Shareholders
Your Directors submit their Report and the Audited Accounts of the Company for the yearended 31st March 2019.
|Financial Results || || |
|Description ||2018 2019 ||2017 2018 |
| ||(in Rs. Lakhs) ||(in Rs. Lakhs) |
|Profit before Depreciation and Interest ||16.36 ||11.72 |
|:- Provision for Depreciation ||04.28 ||07.69 |
|Interest ||00.00 ||00.00 |
|Profit / (Loss) before Tax ||12.08 ||4.04 |
|Profit / (Loss) after Tax ||12.08 ||2.74 |
|Balance brought forward from previous year ||(1171.81) ||(1174.55) |
|Profit / (Loss) carried to Balance Sheet ||(1157.42) ||(1171.81) |
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 substantial business in current the financial year.
The Board of Directors does not recommend any dividend on Equity shares for the yearunder consideration.
Company has not accepted any fixed deposit from the public.
Company has 0 (NIL) subsidiaries as on date.
Company has not carried out any business operation during the current financial year.
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 ongoing legal issues company is not very hopeful doachieve any major gain but company is hopeful to sort out its legal problems in 2018-19.
The Equity Shares of the Company are listed on the Bombay Stock Exchange (BSE). TheCompany has not paid the Annual Listing Fees to the Bombay Stock Exchange for the year2018 - 2019.
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.
Mr. Avinash Bhavri would retire by rotation at the ensuing Annual General Meeting andis eligible for re-appointment.
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) ofSection 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 for that 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.
M/s Dularesh K Jain & Associates Chartered Accountant Mumbai retired at theforthcoming annual general meeting and your directors propose their reappointment to holdthe office until the conclusion of the next Annual General meeting.
The Auditors' Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments.
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.
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.
A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe year five Board Meetings and four 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.
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
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 SexualHarassment of Women at workplace and has set up Committee for implementation of saidpolicy. During the year the Company has not received any complaint of harassment.
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).
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 ||-/sd |
| ||Rachana Pandya |
|Date: 30th June 2019 || |