Your Directors are pleased to present their Annual Report on the Business andoperations of the Company together with the Audited Statement of Accounts for the yearended 31st March 2017.
The financial performance of your Company for the year ended March 31 2017 issummarized below:
| || |
(Rupees in Lacs)
|Particulars ||2016-2017 ||2015-2016 |
|Income from operations (Net) ||9.88 ||(0.01) |
|Other Income ||1.92 ||1.51 |
|Total Income ||11.80 ||1.50 |
|Total Expenses ||9.90 ||6.25 |
|Profit/(Loss) ||1.90 ||(4.75) |
|(-) Exceptional Items ||- || |
|Profit/(Loss)Before Tax ||1.87 ||(4.75) |
|Tax || || |
|(-) Current Tax ||0.36 ||- |
|(+) Deferred Tax ||- ||- |
|Net Profit After Tax ||1.51 ||(4.75) |
|(-) Extraordinary Items ||- || |
|Net Profit ||1.51 ||(4Z51 |
There were no material changes or commitments affecting the financial position of theCompany which have occurred between the end of the financial year of the Company to whichthe Financial Statements relate and the date of report.
Financial Highlights and State Of Company Affairs:
Total income of the company for the year under review is 11.80lacs The Company hasearned Profit of Rs. 1.51 lacs as compared to last year loss of Rs. 4.75 Lacs..
Management Discussion and Analysis Report:
To avoid duplication between the Directors Report and the Management Discussion andAnalysis Report for the year we present below a composite summary of performance of thevarious business & functions of the Company.
The trend in slowdown in global growth continued during the year. India was the fastestgrowing large economy with a stable currency that performed better than the most emergingmarket currencies. If the industry players manage to restructure their operations as perthe new realities success will not be very hard to find now. The Company is in theprocess of changing its main object & diversifying into real estate logistics &its related activities.
New management has started business activities & it can be seen from financialstatements. The present object of the Company is media real estate & its relatedactivities. The present management intends to carry out real estate logistics & itsrelated activities wherein they have the specialization & expertise so the Company isin process of changing its main object. The management is confident of business potentialin the new venture. Initially these activities will be carried in and around Mumbai.
Adequacy of Internal Control:
The Company has robust internal control systems in place which are commensurate withthe size and nature of the business. The internal controls are aligned with statutoryrequirements and designed to safeguard the assets of the Company. The internal controlsystems are complemented by various Management Information System (MIS) reports coveringall areas. Increased attention is given to auto generation of MIS reports as againstmanual reports to take care of possible human errors or alteration of data. The Managementreviews and strengthens the controls periodically.
Human Resource Development:
The Company recognizes the importance of Human Resource as a key asset instrumental inits growth. The Company believes in acquisition retention and betterment of talented teamplayers. With the philosophy of inclusive growth the Company has redefined itsperformance management system. The new system focuses on progression of individualemployees together with organizational goals. Under the new system increased thrust willbe on job rotation and multi- skilling.
The company recognizes the importance of human value and ensures that properencouragement both moral and financial is extended to employees to motivate them.
The Company is into single reportable segment only.
The Compliance function of the Company is responsible for independently ensuring thatoperating and business units comply with regulatory and internal guidelines. TheCompliance Department of the Company is continued to play a pivotal role in ensuringimplementation of compliance functions in accordance with the directives issued byregulators the Company's Board of Directors and the Company's Compliance Policy. TheAudit Committee of the Board reviews the performance of the Compliance Department and thestatus of compliance with regulatory / internal guidelines on a periodic basis.
New Instructions/Guidelines issued by the regulatory authorities were disseminatedacross the Company to ensure that the business and functional units operate within theboundaries set by regulators and that compliance risks are suitably monitored andmitigated in course of their activities and processes.
Investors are cautioned that this discussion contains statements that involve risks anduncertainties. Words like anticipate believe estimate intend will expect and othersimilar expressions are intended to identify "Forward Looking Statements". Thecompany assumes no responsibility to amend modify or revise any forward lookingstatements on the basis of any subsequent developments information or events. Actualresults could differ materially from those expressed or implied.
The Board of Directors does not recommend any Dividend for the year under review.
The Company does not have any subsidiary Company.
The Company is going to increase of Authorize Capital from 25 Lacs to 10 crore subjectto approval of the shareholders. The paid-up capital of the Company as on 31st March 2017is Rs. 2000000/-.
The Company has earned profit of Rs. 1.51 lacs & the same has been transferred tothe Reserves.
Acceptance of Fixed Deposits:
The Company has not accepted any Fixed Deposits from general public within the purviewof Section 73 of the Companies Act 2013 read with the Companies (Acceptance of Deposit)Rule 2014 during the year under review.
Other Corporate Information:
The Management as approved by the shareholders has changed name of company from"Chankya Investments Limited" to "Antariksh Industries Limited" inrecords of registrar of companies. Further the company is in process to change the same inrecords of Bombay Stock Exchange (and other regulatory bodies if any) where the companyis listed.
Particulars of Contract or Arrangement with Related Party:
There is transaction with Related Party which requires disclosure under Section 134(3)(h) of the Companies Act 2013 and Rule 8 (2) of the Companies (Accounts) Rules 2014. andas defined under Regulation 23 of the SEBI (LODR) Regulations 2015 there is Short TermLoan amounting Rs. 41000 has been taken by the Company from Mr. Bhagwanji Patel Directorof the Company on 31st March 2017 to be disclosed in Form AOC - 2 in that regard. Thepolicy on materiality of related party transactions and also on dealing with related partytransactions as approved by the Board may be accessed on the Company website. All relatedparty transactions which were entered into during the year were on arm's length basis andwere in the ordinary course of business and did not attract provisions of section 188 ofthe Companies Act 2013 and were also not material related party transactions underRegulation 23 of the SEBI (LODR) Regulations 2015. Pursuant to Regulation 26(5) of theSEBI (LODR) Regulations 2015 senior personnel made periodical disclosures to the Boardrelating to all material financial and commercial transactions where they had or weredeemed to have had personal interest that might have been in potential conflict with theinterest of the Company & same is nil
Loans Investment and Guarantees by the Company:
There is no loan given investment made guarantee given or security provided by theCompany to any entity under Section 186 of the Companies Act 2013. Particulars ofInvestment made/loan given under section 186 of the Companies Act 2013 are provided inthe financial statement.
Internal Financial Controls:
The Internal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. During the year under review no material orserious observations has been received from the Auditor of the Company for inefficiency orinadequacy of such controls.
Disclosures under Section 134(3) (l) of the Companies Act 2013:
No material changes and commitments which could affect the Company financial positionhave occurred between the end of the financial year of the Company and the date of thisreport except as disclosed elsewhere in this report.
There is no change in the composition of the Board of Directors of the Company duringthe year under review except appointment of Two Director.
Mr. Bhagwanji Patel and Mr. Utkarsh Goyal have been appointed as Directors of theCompany as on 29th August 2016.
Mr. Narendra Prabhakar Mahajani appointed as Additional Director of the Company as on15th July 2017 and Mr. Pravin Babruvahan Shah Tender his resignation on 30th June 2017.
|DIN/PAN ||Name ||Begin date ||End date |
|00365439 ||PRASHANT VASUDEO VAIDYA ||29/06/2001 ||- |
|00399313 ||RENU SURENDRA GUPTA ||30/06/2015 ||- |
|05019696 ||BHAGWANJI PATEL ||29/08/2016 ||- |
|05292970 ||UTKARSH GOYAL ||29/08/2016 ||- |
|06445736 ||NILESH ASHOK KULKARNI ||12/12/2012 ||- |
|01048676 ||NARENDRA PRABHAKAR MAHAJANI ||15/07/2017 ||- |
Directors Remuneration Policy
The Board on the recommendation of the Nomination and Remuneration Committee has frameda Remuneration policy providing criteria for determining qualifications positiveattributes independence of a Director and a policy on remuneration for Directors keymanagerial personnel and other employees. The detailed Remuneration policy is displayed onthe Company's website.
Consolidated Financial Statement
The Company does not required to prepare the Consolidation financials as the Companydoes not has any subsidiary joint venture and associate Company.
Declarations by Independent Director:
Pursuant to the provisions of Sub-Section (7) of Section 149 of the Companies Act 2013the Company has received individual declarations from all the Independent Directorsconfirming that they fulfill the criteria of independence as specified in Section 149(6)of the Companies Act 2013.
Pursuant to the provisions of section 139 of the Companies Act 2013 and the Rules madethere under the current auditors of the Company M/s. DMKH & Co. CharteredAccountants Mumbai hold office up to the conclusion of the ensuing Annual GeneralMeeting of the Company.
However their appointment as Statutory Auditors of the Company is subject toratification by the members at every Annual General Meeting. The Company has received acertificate from the said Statutory Auditors that they are eligible to hold office as theAuditors of the Company and are not disqualified for being so appointed. Necessaryresolution for ratification of appointment of the said Auditor is included in this Notice.
The observations and comments furnished by the Auditors in their report read togetherwith the notes to Accounts are self-explanatory and hence do not call for any furthercomments under Section 134 of the Companies Act 2013.
Directors Responsibility Statement:
In accordance with the requirement of Section 134 of the Companies Act 2013 the Boardof Directors of the Company confirms that:
I. In the preparation of the annual accounts for the financial year ended 31st March2017 the applicable accounting standards have been followed along with proper explanationrelating to material departures.
II. 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 and loss of the Company for the year ended 31st March 2017.
III. The Directors have taken sufficient and proper care 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 material fraudand other irregularities.
IV. The Directors have prepared the Annual Accounts on a going concern basis.
V. There are no material changes & commitments if any affecting the financialposition of the company which have occurred between the end of the financial year of theCompany to which the financial statements relate and the date of the report.
VI. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.
VII. Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the internal statutory andsecretarial auditors and external consultants including audit of internal financialcontrols over financial reporting by the statutory auditors and the reviews performed bymanagement and the relevant board committees including the audit committee the board isof the opinion that the Company's internal financial controls were adequate and effectiveduring FY 2016-17.
Annual Evaluation by the Board of Its Own Performance Its Committees and IndividualDirectors:
The Board of Directors of the Company has initiated and put in place evaluation of itsown performance its committees and individual Directors. The result of the evaluation issatisfactory and adequate and meets the requirement of the Company. Information on themanner in which the annual evaluation has been made by the Board of its own performanceand that of its Committee and individual Directors is given below.
Details of Committee of Directors:
Composition of Audit Committee of Directors Nomination and Remuneration Committee ofDirectors and Stakeholders Relationship/Grievance Committee of Directors number ofmeetings held of each Committee during the financial year 2016-17 and meetings attended byeach member of the Committee as required under the Companies Act 2013 are provided inCorporate Governance Report and forming part of the report is given below. Therecommendation by the Audit Committee as and when made to Board has been accepted by it.
During the year Management of the Company evaluated the existing Risk ManagementPolicy of the Company to make it more focused in identifying and prioritizing the risksrole of various executives in monitoring & mitigation of risk and reporting process.Its aim is to enhance shareholders value and provide
an optimum risk-reward tradeoff. The Risk Management Policy has been reviewed and foundadequate to the requirements of the Company and approved by the Board. The Managementevaluated various risks and that there is no element of risk identified that may threatenthe existence of the Company.
Secretarial Audit Report
A Secretarial Audit Report for the year ended 31st March 2017 in prescribed form dulyaudited by the Practicing Company Secretary CS Rajvirendra Singh Rajpurohit Mumbai isannexed herewith and forming part of the report.(Annexure-II)
Extract of Annual Return
Pursuant to Section 134(3)(a) of the Companies Act 2013 read with Rule 12(1) of theCompanies (Management and Administration) Rules 2014 the extract of annual return isannexed herewith and forming part of the report. (Annexure - I)
The report on Corporate Governance as required by SEBI (LODR) Regulations 2015 isnot applicable to the Company as its paid-up capital is below the threshold limitspecified by it. However report on Corporate Governance as required by the Companies Act2013 is given below to the extent it is applicable and the Company has complied with allthe statutory and regulatory requirements as stipulated in the applicable laws.
All Board members and Senior Management personnel have affirmed compliance with theCode of Conduct for the year 2016-17. A declaration to this effect signed by the Directorof the Company is contained in this Annual Report. The Managing Director have certified tothe Board with regard to the financial statements and other matters as required underRegulation 17(8) of the SEBI (LODR) Regulations 2015.
Certificate from the Statutory Auditors of the Company regarding compliance ofconditions of Corporate Governance is annexed to this Report.
Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 andPara C D and E of Schedule V of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 regarding Corporate Governanceis not applicable to the Company as the paid-up capital of the Company was less than Rs.10 crores and net worth of the Company was less than Rs. 25 crore as on 31st March 2017.
Board of Directors
The Company is managed by well- qualified professionals. All directors are suitablyqualified experienced and competent .The members of the Board of Directors are personswith considerable experience and expertise in Audit Accounts Finance Administration andMarketing. The Company is benefited by the experience and skills of the Board ofDirectors. The Independent Directors have made disclosures to the Board confirming thatthere are no material financial and/ or commercial transactions between them and thecompany which could have potential conflict of interest with the company at large. TheCompany has a Code of Conduct for Directors and Senior Management personnel.
Code of Conduct
Regulations 17(5) of the SEBI (LODR) Regulations 2015 requires listed Companies tolay down a Code of Conduct for its Directors and Senior Management incorporating dutiesof a Directors as laid down in the Companies Act 2013. The Board has adopted a Code ofConduct for all Directors and Senior Management of the Company.
Maximum Tenure of Independent Directors
The maximum tenure of Independent Directors is in accordance with the Companies Act2013 and Regulation 25(2) of the SEBI (LODR) Regulations 2015
Formal Letter of Appointment to Independent Directors
The Company issues a formal letter of appointment to Independent Directors in themanner as provided in the Companies Act 2013.
Directors' Interest in the Company
Sometime the Company does enter into contracts with companies in which some of theDirectors of the Company are interested as director or member. However these contractsare in the ordinary course of the Company's business without giving any specific weightage to them. Directors regularly make full disclosures to the Board of Directors regardingthe nature of their interest in the companies in which they are directors or members. Fullparticulars of contracts entered with Companies in which directors are directly orindirectly concerned or interested are entered in the Register of Contracts maintainedunder Section 189 of the Companies Act 2013 and the same is placed in every Board Meetingfor the noting of the Directors.
Responsibilities & Functions of Board of Directors
The Board of Directors of the listed entity shall have the following responsibilities:
(i) Disclosure of information:
(1) Members of Board of Directors and key managerial personnel shall disclose to theBoard of directors whether they directly indirectly or on behalf of third parties havea Material interest in any transaction or matter directly affecting the listed entity.
(2) The Board of Directors and senior management shall conduct themselves so as to meetthe expectations of operational transparency to stakeholders while at the same timemaintaining confidentiality of information in order to foster a culture of good decision-making.
(ii) Key functions of the Board of Directors:
(1) Reviewing and guiding corporate strategy major plans of action risk policyannual budgets and business plans setting performance objectives monitoringimplementation and corporate performance and overseeing major capital expendituresacquisitions and divestments.
(2) Monitoring the effectiveness of the listed entity's governance practices and makingchanges as needed.
(3) Selecting compensating monitoring and when necessary replacing key managerialPersonnel and overseeing succession planning.
(4) Aligning key managerial personnel and remuneration of board of directors with thelonger term interests of the listed entity and its shareholders.
(5) Ensuring a transparent nomination process to the board of directors with thediversity of thought experience knowledge perspective and gender in the board ofDirectors.
(6) Monitoring and managing potential conflicts of interest of management members ofthe Board of Directors and shareholders including misuse of corporate assets and abuse inrelated party transactions.
(7) Ensuring the integrity of the listed entity's accounting and financial reportingsystems including the independent audit and that appropriate systems of control are inplace in particular systems for risk management financial and operational control andcompliance with the law and relevant standards.
(8) Overseeing the process of disclosure and communications.
(9) Monitoring and reviewing Board of Director's evaluation framework.
(iii) Other responsibilities:
1. The Board of Directors shall provide strategic guidance to the listed entity ensureeffective monitoring of the management and shall be accountable to the listed entity andthe shareholders.
2. The Board of Directors shall set a corporate culture and the values by whichexecutives throughout a group shall behave.
3. Members of the Board of Directors shall act on a fully informed basis in goodfaith with due diligence and care and in the best interest of the listed entity and theshareholders.
4. The Board of Directors shall encourage continuing directors training to ensure thatthe members of Board of Directors are kept up-to-date.
5. Where decisions of the Board of Directors may affect different shareholder groupsdifferently the Board of Directors shall treat all shareholders fairly.
6. The Board of Directors shall maintain high ethical standards and shall take intoaccount the interests of stakeholders.
7. The Board of Directors shall exercise objective independent judgment on corporateaffairs.
8. The Board of Directors shall consider assigning a sufficient number of non-executive members of the Board of Directors capable of exercising independent judgment totasks where there is a potential for conflict of interest.
9. The Board of Directors shall ensure that while rightly encouraging positivethinking these do not result in over-optimism that either leads to significant risks notbeing recognized or exposes the listed entity to excessive risk.
10. The Board of Directors shall have ability to 'step back' to assist executivemanagement by challenging the assumptions underlying: strategy strategic initiatives(such as acquisitions) risk appetite exposures and the key areas of the listed entity'sfocus.
11. When committees of the Board of Directors are established their mandatecomposition and working procedures shall be well defined and disclosed by the Board ofDirectors.
12. Members of the Board of Directors shall be able to commit themselves effectively totheir responsibilities.
13. In order to fulfill their responsibilities members of the Board of Directors shallhave access to accurate relevant and timely information.
14. The Board of Directors and senior management shall facilitate the independentDirectors to perform their role effectively as a member of the Board of Directors and alsoa member of a committee of Board of Directors.
Pursuant to the provisions of the Companies Act 2013 and SEBI Listing Regulations2015 the Board has carried out an annual evaluation of its own performance and that ofits Committees and individual directors. Manner in which such formal annual evaluation wasmade by the Board is given below:
Performance evaluation criteria for Board Committees of the Board and Directorswere approved by the Board at its meeting.
Under law as per the report of performance evaluation the Board shall determineinter alia whether to continue the term of appointment of the independent director.During the year under review there was no occasion to decide on the continuance of theterm of appointment of any of the independent directors and hence the question of takinga decision on their re-appointment did not arise.
Details of Remuneration To Directors
The Company has no stock option plans for the directors and hence it does not formpart of the remuneration package payable to any executive and/or non-executive director.During the year under review none of the directors was paid any performance-linkedincentive.
In 2016-17 the Company did not advance any loans to any of the directors of theCompany.
Compliances Regarding Insider Trading
The Company had in place a 'Code of Conduct for Prevention of Insider Trading andCorporate Disclosure Practices' in accordance with the SEBI (Prohibition of InsiderTrading) Regulations 1992 as amended. These regulations have been substituted by SEBIwith a new set of Regulations which have come into effect from 15 May 2015.
Familiarization of Independent Directors
The details of familiarization programme for Independent Directors have been disclosedon website of the Company. In addition to the extensive induction and training provided aspart of the familiarization programme the Independent Directors are also taken throughvarious business and functional sessions in the Board meetings including the Boardmeetings to discuss strategy. The details of Directors' induction and familiarization areavailable on the Company's website.
Composition of Board
The Board of Directors of the Company is composed of committed persons withconsiderable experience in various fields. The Board is properly constituted as perRegulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015.
As on the date of this report the Board Strength consists of in all 6 directors. Outof them 3 Director is Non Independent Non-Executive & 3 Directors are executiveDirector. All Independent Non-Executive Directors comply with the legal requirements ofbeing "Independent".
Further none of the Directors on the Board is a Member of more than 10 Committees orChairman of more than 5 Committees across all the Companies in which he is a Director.Also necessary disclosures regarding Committee positions in other public Companies havebeen made to the Company by the Directors at regular intervals. The number ofDirectorships Committee Membership/Chairmanship of all Directors is within respectivelimits prescribed under the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.
Meetings of The Board Of Director
The Board meets at regular intervals to discuss and decide on Company/business policyand strategy apart from the other Board business. The Board meetings are pre-scheduled& Agenda is circulated well in advance to facilitate the Directors to ensuremeaningful participation in the meetings. However in case of special and urgent businessneed the Committee of Board of Directors met at a short notice and its minutes is notedand confirmed in the subsequent Board meeting. The Agenda for the Board/ Committeemeetings cover items set out as per guidelines in Listing Regulations & it includesdetailed notes on the items to be discussed at the meeting to enable the Directors to takean informed decision.
During the Financial Year 2016-17 Five Board Meetings were held on the followingdates:
1. 25th May 2016.
2. 05th August 2016.
3. 29th August 2016.
4. 10th November 2016.
5. 10th February 2017.
Details of the Board of Directors and External Directorships
Particulars of the Board's Composition Director's Attendance at Board Meetings and atthe previous Annual General Meeting number of other Directorships and Board-Committeememberships held as on 31st March 2017 are given below:
| || || || || |
Number of other Board Committee positions (@)
|Name of the Director Designation and Category \ ||Attendance of Board Meetings ||Attendance at previous AGM ||No. of other Director- ships(*) ||As Chairman ||As Member |
|1 Pravin Abruvahan Shah ||5 ||YES ||NIL ||None ||None |
|2 Renu Surendra Gupta ||5 ||YES ||1 ||None ||None |
|3 Prashant Vasudeo Vaidya ||5 ||YES ||Nil ||None ||None |
|4 Nilesh Ashok Kulkarni ||5 ||YES ||Nil ||None ||None |
|5 Bhagwanji Patel ||2 ||No ||Nil ||None ||None |
|6 Utkarsh Goyal ||2 ||No ||Nil ||None ||None |
(*) Includes directorships held in public limited Companies only.
Directorships held in Private Companies Foreign Companies and Companies registeredunder Section 8 of the Companies Act 2013 are excluded.
Includes only positions held in Audit Committee and Shareholders'/Investor GrievanceCommittee of the Board of Directors.
Committees of the Board
The Board Committee plays a crucial role in the governance structure of the Company andhas been constituted to deal with specific areas/activities which concern the Company andneed a closer review. The Board Committee are set up under the formal approval of theBoard to carry out clearly defined roles which
are considered to be performed by members of the Board as a part of good governancepractice. The Board supervises the execution of its responsibilities by the Committees andis responsible for their action. The Chairman of the respective Committee informs theBoard about the summary of the discussions held in the Committee meetings.
The Board has constituted following Committees of Directors:
a) Audit Committee
b) Nomination and Remuneration Committee and
c) Stakeholder's Relationship Committee
The Audit Committee consists of three Independent Directors. All members of the AuditCommittee are financially literate and they have accounting or related financialmanagement expertise. The primary purpose of the Audit Committee is to assist the Board ofDirectors (the "Board") of Antariksh Industries Limited (formerly Known asChanakya Investments Limited). (the "Company") in fulfilling its oversight
Responsibilities with respect to;
(a) The accounting and financial reporting processes of the Company including theintegrity of the audited financial results and other financial information provided by theCompany to its stockholders the public any stock exchange and others
(b) The Company's compliances with legal and regulatory requirements
(c) The Company's independent auditors' qualification and independence
(d) The audit of the Company's financial statements and the performance of theCompany's internal audit function and its Independent Auditors.
1. To evaluate internal financial controls and risk management systems;
2. To do the valuation of undertakings or assets of the Company wherever it isnecessary.
3. To review the findings of any internal investigations by the internal auditors intomatters where there is suspected fraud or irregularity or a failure of internal controlsystems of a material nature and reporting the matter to the Board.
4. To review the functioning of the Whistle blower mechanism.
5. To review the Company's financial and risk management policies.
6. To look into the reasons for substantial defaults in the payment to the depositorsdebenture holders creditors & shareholders (in case of non-payment of declareddividends).
7. To review the statement of uses/application of funds raised through an issue (publicissue; rights issue preferential issue etc) the statement of funds utilized forpurposes other than those stated in the offer document/prospectus/notice and makingappropriate recommendations to the Board to take steps in the matter.
8. To carry out any other function as mentioned in the terms of reference of the auditcommittee.
9. To review management letters/ letters of internal control weakness issued by theStatutory Auditors.
10. To review Statement of deviations in terms of Regulation 32(1) & 32(7);including report of monitoring agency if applicable.
The periodic review ensures that all areas within the scope of the Committee arereviewed.
Constitution of the Committee:
The Constitution of the Audit Committee is in conformity with the Listing Regulations.The Chairman of the Audit Committee is an Independent Director and is financially literateand has accounting related financial management expertise.
The Composition of the Committee together with the details of the attendance of eachmember as at 31st March 2017 is given below:
|. Name of the Director ||Designation ||Meetings attended ||Category |
|1. Pravin B. Shah ||Chairman ||4 ||Non-Executive Independent Director |
|2. Renu Surendra Gupta ||Member ||3 ||Non-Executive Independent Director |
|3. Prashant V. Vaidya ||Member ||4 ||Non-Executive Non- Independent Director |
Meetings of the Committee:
The Committee met Four times during the financial year 2016-17.
Stakeholders Relationship Committee Terms of the Committee:
1. To consider and resolve the grievances of shareholders of the Company with respectto transfer of shares non-receipt of annual report non-receipt of dividendstransmission split consolidation of share certificates and matters related thereto.
2. To ensure expeditious share transfer process.
3. To evaluate performance and service standards of the Registrar and Share TransferAgent of the Company.
4. To provide guidance and make recommendations to improve investors service level tothe investors.
5. Attending to complaints of Investor routed by SEBI/Stock Exchanges/ RBI.
Composition & Meeting
The Committee comprises of 2 Non-Executive Independent Directors namely Mrs. Renu S.Gupta & Pravin B. Shah and 1 Non-Executive Director Mr. Nilesh A. Kulkarni as memberof the committee.
Responsibilities of Compliance Officer
The compliance officer of the listed entity shall be responsible for-
(a) Ensuring conformity with the regulatory provisions applicable to the listed entityin letter and spirit.
(b) Co-ordination with and reporting to the Board recognized stock Exchange anddepositories with respect to compliance with rules regulations and other directives ofthese authorities in manner as specified from time to time.
(c) Ensuring that the correct procedures have been followed that would result in thecorrectness Authenticity and comprehensiveness of the information statements and reportsfiled by the listed entity under these regulations.
(d) Monitoring email address of grievance redressal division as designated by thelisted entity for the purpose of registering complaints by investors.
Role of Nomination and Remuneration Committee Terms of the Committee
The Committee was renamed as Nomination & Remuneration Committee and the terms ofreference of the said committee has been revised in order to align with the provisions ofCompanies Act 2013 and SEBI (LODR) Regulations 2015 as amended from time to time.However none of the Directors has been given any remuneration during the year underreview. The Committee has devised a policy on Board Diversity. The objective of the policyis to ensure that the Board comprises adequate number of members with diverse experienceand skills such that it best serves the governance and strategic needs of the Company.
No Stock option has been allotted to any of the Directors during the financial year2016-2017. The terms of reference of Committee broadly includes identifying &selection of candidates for appointment as Directors/Independent Director based on certainlaid down criteria; performing all such functions as are required to be performed by theCommittee with regard to such matters as specified under SEBI (LODR) Regulations 2015 andrequirements of section 178 of the Companies Act 2013. It formulate the criteria fordetermining qualifications positive attributes and independence of a director andrecommend to the Board a policy relating to the remuneration for the Directors keymanagerial personnel and other employees. While reviewing the Company's remunerationpolicies and deciding on the remuneration the Board and the Committee considers theperformance of the Company the current trends in the industry the qualifications of theappointee their experience past performance responsibilities shouldered by them thestatutory provisions and other relevant factors.
The Committee also ensures that the level & composition of remuneration isreasonable and sufficient to attract retain and motivate directors of the qualityrequired to run the Company successfully. The Committee also ensures that the relationshipof remuneration to performance is clear and meets appropriate performance benchmark. TheCommittee also ensures that the remuneration to directors key managerial personnel &senior management involves a balance between fixed & incentive pay reflecting short& long term performance objectives appropriate to the working of the Company & itsgoals.
Role of committees shall inter-alia include the following:
1. To determine/recommend the criteria for determining appointment qualificationspositive attributes and independence of a director and recommend to the Board a policyrelating to remunerations of directors Key Managerial personal and other employees.
2. To formulate the criteria for evaluation of performance of independent directors andthe board of directors.
3. To devise a policy on desired age and diversity of board of directors.
4. To identify persons who are qualified to become directors and who may be appointedin senior management in accordance with the criteria laid down and recommend to the boardof directors their appointment and removal.
5. To review and determine all elements of remuneration package of all the ExecutiveDirectors i.e. salary benefits bonus stock options etc.
The composition of the Remuneration Committee is Mr. Pravin B. Shah (Chairman)Mrs.Renu S. Gupta and Mr. Prashant V. Vaidya as members of the committee.
During the financial year ended 31stMarch 2017 one Remuneration Committee meeting washeld.
During the financial year 2016-17 there was Related Party Transaction with theManaging Directors not having potential conflict with the interests of the Company.Further as a matter of policy all the transactions with related parties as perrequirements of Accounting Standard 18 are disclosed in the Annual Report of the Companyon a regular basis.
There was a related party transaction during the year with the Director of theCompany Amounting Rs. 41000 regarded as short term loan on 31st March 2017 which may nothave potential conflict with the interests of Company at large.
The Company has followed the Accounting Standards issued by the Institute ofChartered Accountants of India to the extent applicable.
The Company has adopted the Code of Ethics and Business principles for themembers of Board and senior management personnel.
The Company has adopted a 'Code of Conduct for Prevention of Insider Trading("the Code") in accordance with the requirements of Securities and ExchangeBoard of India (Prohibition of Insider Trading) Regulations 1992 and its subsequentamendment. The code expressly lays down the guidelines and the procedure to be followedand disclosures to be made while dealing with shares of the Company and cautioning themon the consequences of non-compliance thereof. Further we affirm that no personnel havebeen denied access to the Audit Committee. Employees can report to the Managementconcerned regarding unethical behavior act or suspected fraud or violation of theCompany's Code of Conduct Policy.
The Company is in compliance with all mandatory requirements of ListingRegulations.
The Company has ensured that the person who is being appointed as an IndependentDirector has the requisite qualifications and experience which would be of use to theCompany and which in the opinion of the Company would enable him to contribute effectivelyto the Company in his capacity as an Independent Director.
Extra - Ordinary General Meeting & Postal Ballot
During the year under review One EGM was held during the Year. The Company hasconducted Postal Ballot voting during the year on 21st October 2016.
Means of Communication
The Quarterly Half-Yearly and Annual Financial Results of the Company are forwarded tothe Bombay Stock Exchange immediately upon its approval by the Board of Directors and aresimultaneously published in leading newspapers in English and Marathi (regional language).
In accordance with the Listing Regulations requirements data pertaining toShareholding Pattern Quarterly Financial Results and Other Details are forwarded to theStock Exchange.
During the year under review no presentation was made to the institutional investorsor analysts.
Market Share Price Data:
There has been no trading at BSE Limited during the year under review.
Share Transfer System:
Presently the Share Transfer documents received by the Company's Registrar and TransferAgents in physical form are processed approved and dispatched with in a period of 10 to15 days from the date of receipt provided the documents received are complete and theshares under transfer are not under dispute.
For expeditious processing of share transfers the Board of Directors of the Companyhas authorized the Compliance Officer to decide on various issues liketransfers/transmission of securities in physical form change in status of shareholdersand confirmation of dematerialization.
SEBI Complaints Redress System (SCORES)
SEBI vide circular dated 3rd June 2011 introduced SCORES i.e. SEBI ComplaintsRedress System the system of processing of investors complaints in a centralized web basedcomplaints redress portal known as
'SCORES'. The salient features of this system are: centralized database of allComplaints online upload Action Taken Reports (ATRs) by concerned Companies and onlineviewing by investors of action taken on the complaints and its current status.
The Company is registered with SEBI under the SCORES system.
The Company's Demat International Security Identification Number (ISIN) for its equityshares in NSDL and CDSL is INE825M01017
Outstanding GDRs /ADRs:
The Company has not issued any GDRs/ ADRs.
Reconciliation of Share Capital Audit
A practicing Company Secretary carries out reconciliation of share capital audit onhalf-yearly basis to reconcile the total admitted capital with NSDL & CDSL and totalissued and listed capital. The audit confirms that the total issued/paid up capital is inagreement with the total number of shares in physical form and the total number ofdematerialized shares held with NSDL & CDSL.
There are no Audit qualifications in the Company's financial statement for the yearunder review.
Whistle Blower Policy
The Company has established a vigil mechanism by adopting a Whistle Blower Policy forDirectors and employees to report genuine concerns in the prescribed manner. The WhistleBlower policy/vigil mechanism provides a mechanism for the Directors/employees to reportviolations without fear of victimization any unethical behavior suspected or actualfraud violation of the Code of Conduct etc. which are detrimental to the organization'sinterest. The mechanism protects whistle blower from any kind of discriminationharassment victimization or any other unfair employment practice. It provides a mechanismfor employees to approach the Chairman of Audit Committee. During the year no suchincidence was reported and no personnel were denied access to the Chairman of the AuditCommittee. The Whistle Blower Policy of the Company is available on its website.
Corporate Social Responsibility
The Section 135 of the Companies Act 2013 regarding Corporate Social ResponsibilityCommittee is not applicable to the Company as the Net Profit of the Company is below thethreshold limit prescribed by the Companies Act 2013.
Conservation Of Energy Technology Absorptions and Foreign Exchange Earnings and Outgo
The information relating to the conservation of energy technology absorption foreignexchange earnings and outgo under provisions of 134 of the Companies Act 2013 is notapplicable to the Company considering the nature of its business activities. Further theCompany has not earned nor spends foreign exchange during the year under review.
Significant and Material Orders Passed By the Regulators or Courts
During the year under review there were no significant and material orders passed bythe regulators or courts or tribunals which may impact the going concern status of theCompany and its operations in future.
Presentation of Financial Statements
The financial statements of the Company for the year ended 31st March 2017 have beendisclosed as per Schedule III to the Companies Act 2013.
A copy of audited financial statements of the said Company will be made available tothe members of the Company seeking such information at any point of time. A cash flowstatement for the year 2016-2017 is attached to the Balance Sheet. Pursuant to thelegislation 'Prevention Prohibition and Redressal of Sexual Harassment of Women atWorkplace Act 2013' introduced by the Government of India the Company has a policy onPrevention of Sexual Harassment at workplace. There was no case reported during the yearunder review under the said policy.
Details as required under the provisions of section 197 (12) of the Companies Act 2013read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 are placed on the Company's website i.e. www.antarikshindustries.com as anAnnexure to the Director Report. Details as required under the provisions of section 197(12) of the Companies Act 2013 read with Rule 5 (2) and 5(3) of Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 are placed on the Company'swebsite i.e. www.antarikshindustries.com as an Annexure to the Director Report. Aphysical copy of the same will be made available to any shareholders on request. A cashflow statement for the year 2016-17 is attached with the Balance-Sheet.
The Directors take this opportunity to thank the Financial Institutions BanksBusiness Associates Central and State Government authorities Regulatory authoritiesStock Exchanges and all the various stakeholders for their continued co-operation andsupport to the Company and look forward to their continued support in future.
By Order of the Board
For Antariksh Industries Limited
(Formerly Known as Chanakya Investments Limited)
|Sd/- ||Sd/- |
|Bhagwanji Patel ||Utkarsh Goyal |
|Director ||Director |
|DIN: 05019696 ||DIN: 05292970 |
Place: Mumbai Date: 30/05/2017