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Artemis Electricals Ltd.

BSE: 542670 Sector: Engineering
NSE: N.A. ISIN Code: INE757T01017
BSE 13:57 | 30 Oct 53.55 -1.35
(-2.46%)
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NSE 05:30 | 01 Jan Artemis Electricals Ltd
OPEN 56.95
PREVIOUS CLOSE 54.90
VOLUME 451
52-Week high 189.00
52-Week low 52.40
P/E 10.22
Mkt Cap.(Rs cr) 132
Buy Price 53.60
Buy Qty 12.00
Sell Price 54.50
Sell Qty 25.00
OPEN 56.95
CLOSE 54.90
VOLUME 451
52-Week high 189.00
52-Week low 52.40
P/E 10.22
Mkt Cap.(Rs cr) 132
Buy Price 53.60
Buy Qty 12.00
Sell Price 54.50
Sell Qty 25.00

Artemis Electricals Ltd. (ARTEMISELECTRI) - Director Report

Company director report

To

The Members

Artemis Electricals Limited

Your Directors present the 10th Annual Report together with the Audited Financial Statements of the Company for the Financial Year ended on March 312019.

Financial Highlights

ParticularsFor the Financial Year Ended 31.03.2019For the Financial Year Ended 31.03.2018
Amount in RsAmount in Rs
Revenue from Operations1017713016894762678
Other Income-367927
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense1017713016895130605
Less: Depreciation/ Amortisation/ Impairment178539915182812
Profit /loss before Finance Costs Exceptional items and Tax Expense999859025889947793
Less: Finance Costs96644713690538
Less: Cost of material consumed806287070740348877
Less: Changes in inventories of finished goods(29392473)(51077974)
Less: Employee benefit Expenses1903896414317051
Less: Other Expenses5092941840870001
Profit /loss before Exceptional items and Tax Expense143331576141799300
Add/(less): Exceptional items1219008-
Profit /loss before Tax Expense142112568141799300
Less: Tax Expense (Current & Deferred)3999165646178292
Profit /loss for the year (1)10212091295621008
Total Comprehensive Income/loss (2)--
Total (1+2)10212091295621008

THE STATE OF THE COMPANY'S AFFAIRS:

During the year under review the company has earned total revenue and other income of Rs 1017713016/- as against Rs. 895130605/- in previous year. The profit before tax is Rs. 142112568/- as against profit of Rs 141799300/- in previous year. The profit after tax is Rs. 102120912/- as against profit of Rs 95621008/- in previous year. Your directors expect better performance in future years.

TRANSFER TO RESERVE:

During the year under review the surplus of Rs. 102120912 /- is transferred to Reserve & Surplus Account. Total Amount lying in the Reserve and Surplus account at the end on the year is Rs.106039526/-

DIVIDEND:

The Board of Directors of your company after considering holistically the relevant circumstances and keeping in view the company's future plans and explosion has decided that it would be prudent not to recommend any Dividend for the year under review.

TRANSFER OF UNCLAIMED/UNPAID DIVIDEND TO INVESTOR EDUCATION AND POTECTION FUND:

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there was no dividend declared and paid last year.

CHANGE TN THE NATURE OF BUSINESS:

There was no change in the nature of business during the year under review.

MATERIAL CHANGES AND COMMITMENT. IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT:

There have been no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year 2018-19 to which this financial statements relate and the date of this report.

PUBLIC DEPOSITS:

During the year under review the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act 2013 read with Companies (Acceptance of Deposits) Rules 2014.

EXTRACT OFANNUALRETURN:

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act 2013 read with Rule 12 of the Companies (Management and Administration) Rules 2014 the extracts of the Annual Return as at March 31 2019 is appended to this report as Annexure 1

SHARE CAPITAL:

During the year under review the Authorized Share Capital ofthe Company has been increased two times. The details ofthe same as follows:

Sr NoDate of Increase of Authorized Share CapitalIncrease From in Rs.Increase to in Rs.
1.05.05.201870000000220000000
2.11.03.2019220000000260000000

During the year under review the Company has issued two times Bonus shares to its members. The details ofthe same as follows:

Sr NoDate of issue of Bonus SharesNumber of Bonus Share issued
1.26.06.20188874030
2.12.03.20194392645

Based on the above changes as on 31st March 2019 following is the capital structure

ParticularsNo. of sharesIn Rs.
Authorized Share Capital26000000260000000/-
Issued Subscribed and Paid Up Share Capital17703690177036900/-

LISTING ON STOCK EXCHANGES:

The Equity Shares ofthe company has been listed on Bombay Stock Exchange - SME Platform (B SE SME Platform) on 14*1 May 2019.

The Company came up with the public issue through Initial Public Issue of 7000000 Equity Shares of Face Value of Rs. 10/- Each (Equity Shares) of Artemis Electricals Limited (The Company or The Issuer) For Cash at a Price of Rs. 60 Per Equity Share (The Issue Price) (Including a Premium of Rs 50 Per Equity Share) Aggregating Rs. 4200 Lakhs (The Issue) of Which 356000 Equity Shares of Face Value of Rs. 10.00/- For Cash at a Price of Rs. 60 Each Aggregating Rs. 213.60 Lakhs Reserved for Subscription by Market Maker to the Issue (the Market Maker Reservation Portion)

The issue less market maker reservation portion i.e. issue of6644000 Equity shares of face value of Rs. 10.00 each for cash at a price of Rs. 60 per equity share aggregating to Rs. 3986.40 lakhs is hereinafter referred to as the net issue. The issue and the net issue constituting 28.34% and 26.89% respectively ofthe post issue paid up equity share capital ofthe Company.

HOLDING SUBSIDIARY JOINT VENTURE AND ASSOCIATE COMPANIES:

The Company does not have any Holding Subsidiary Joint Venture or Associate during the year under review.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):

 RESIGNATION OF DIRECTORS

Following directors have tendered their resignation from Directorship ofthe Company:

Sr. No.DINName of DirectorDate of AppointmentDate of Resignation
1.00845329Mr. Sudhir Kumar Agarwal01.12.201516.04.2018
2.02449416Ms. Preeti Sudhir Agarwal30.03.201216.04.2018
3.08126379Mr. Chandrahas Narayan Shetty05.05.201819.11.2018

 APPOINTMENT/CHANGE IN DESIGNATION OF DIRECTORS:

During the year under review following directors were appointed/change in designation:

S.No.DINName of DirectorDesignationDate of Appointment/ Change in designation
1.08122719Ms. Richa SharmaIndependent Woman Director05.05.2018
2.08126379Mr. Chandrahas Narayan ShettyWhole-Time Director05.05.2018
3.00845482Mr. Pravin kumar AgarwalChairman Cum Executive Director28.05.2018
4.07203370Mr. Shivkumar SinghAdditional Director28.12.2018
5.07203370Mr. Shivkumar SinghWhole-Time Director29.12.2018

 APPOINTMENT/RESGINATION OF KEY MANAGERIAL PERSONNEL

During the year under review following are the changes made under position of Key Managerial Personnel other than Whole Time Director:

Sr. No.Membership Number/ PANName of Key Managerial PersonnelDesignationDate of AppointmentDate of Resignation
1.ACS33254Ms. Alheena KhanCompany Secretary01.04.2018-
2.AAJPS9815LMr. Chandrahas Narayan ShettyChief Executive Officer01.04.201819.11.2018
3.DIMPS8905KMr. Shivkumar SinghChief financial Officer16.05.2018-

 DIRECTOR RETIRE BY ROTATION

Mr. Pravinkumar Agarwal (DIN: 00845482) Chairman cum Executive Director of the Company retires by rotation at the ensuing Annual General Meeting (AGM) and being eligible offers himself for re-appointment. The Board recommends the re-appointment of Mr. Pravinkumar Agarwal.

 CURRENT STRUCTURE OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Sr.No.DINName of Director/Key Managerial PersonnelDesignation
1.00845482Mr. Pravin Kumar AgarwalChairman Cum Executive Director
2.DIMPS8905KMr. Shivkumar Chhangur SinghChief Financial Officer
3.01459092Mr. Ramniranjan BhutraNon-Executive Director
4.02082675Mr. Krishnakumar Laxman BangeraNon-Executive Independent Director
5.08122719Ms. Richa SharmaNon-Executive Independent Director - (Women Director)
6.07203370Mr. Shivkumar Chhangur SinghWhole Time Director
7.BULPK2183AMs. Alheena KhanCompany Secretary

MEETINGS OF THE BOARD:

The Board meets at regular intervals to discuss and review the business operations. The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act 2013. The notice of Board meeting including detailed agenda is given well in advance to all the Directors prescribed under the Companies Act 2013.

During the year under the review the Company met 12 times on following dates:

1.16 April 20187.19th November 2018
2.4th May 20188.28th December 2018
3.28*1 April 20189.31st December 2018
4.23rd June 201810.7th March 2019
5.26*1 June 201811.12th March 2019
6.17*1 September 201812.29th March 2019

The details of attendance of the Director at the meetings are held during the year under review is stated herewith:

Sr NoName of DirectorsDesignationNo of meeting attended
1.Mr. Pravinkumar AgarwalChairman cum Executive Director12
2.Mr. Shivkumar SinghChief Financial Officer and Whole Time DirectorAs Whole time director and CFO - 4 As CFO - 7
3.Mr. Ramniranjan BhutraNon Executive Director12
4.Mr. Krishnakumar BangeraIndependent Director12
5.Ms. Richa SharmaIndependent Director10
6.Mr. Chandrahas Narayan ShettyWhole Time Director6
7.Mr. Sudhir Agarwal (Resigned 16.04.2018)Director0
8.Mrs. Priti Agarwal (Resigned 16.04.2018)Director0

DECLARATION OF INDEPENDENT DIRECTORS:

The Company has received declaration from all Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) ofthe Act.

ANNUAL PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act 2013 a formal annual evaluation needs to be made by the Board of its own performance and that of its Committees and individual directors. Schedule IV of the Companies Act 2013 states that the performance evaluation of the independent directors shall be done by the entire Board of Directors excluding the director being evaluated. The Board works with the Nomination and Remuneration Committee to lay down the evaluation criteria. The Board has carried out an evaluation of its own performance the directors individually as well as (including chairman the) the evaluation of the working of its Audit Committee Nomination and Remuneration Committee and Stakeholders' Relationship Committee ofthe Company.

The Board has devised questionnaire to evaluate the performances of each of Executive Non-Executive and Independent Directors. Such questions are prepared considering the business of the Company and the expectations that the Board have from each of the Directors. The evaluation framework for assessing the performance of Directors comprises ofthe following key areas:

i. Attendance at the Board Meetings and Committee Meetings;

ii. Quality of contribution to Board deliberations;

iii. Strategic perspectives or inputs regarding future growth of Company and its performance;

iv. Providing perspectives and feedback going beyond information provided by the management.

SEPARATE MEETINGS OF INDEPENDENT DIRECTORS:

As stipulated by the Code of Independent Directors under Schedule IV of the Companies Act 2013 a separate meeting of the Independent Directors of the Company was held on 19th November 2018 to review the performance of Non- Independent Directors the Board as whole Including the Chairman of the Company and to discuss the matters related to the quality quantity and timeliness of flow of information between the Company management and the Board.

COMMITTEE OF THE BOARD:

As per the provision of the Companies Act 2013 the Company has constituted following Committees of the Boards:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholder Relationship Committee

4. Corporate Social Responsibility Committee

1. Audit Committee

During the financial year 2018-19 the Committee met 4 (Four) times on 26th July 2018 19th November 2018 31st December 2018 and 29th March 2019.

During the year under review the Board of Directors re-constituted the Audit Committee on 28th May 2018. Further on 31st December 2018 the Board re-constituted the Audit Committee as per the requirement.

The composition and attendance of the members of the Audit Committees:

Name of DirectorPosition in CommitteeNo of meeting attended
Mr. Krishnakumar BangeraChairman4
Mr. Pravinkumar AgarwalMemberht>4
Ms. Richa SharmaMember4

The Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee.

2. Nomination and Remuneration Committee

During the financial year 2018-19 the Committee met once on 28th December 2018.

The composition and Attendance of the members of the Nomination and Remuneration Committee for the financial year 201819 is as follows:

Name of DirectorPosition in CommitteeNo of meeting attended
Ms. Richa SharmaChairperson1
Mr. Krishnakumar BangeraMember1
Mr. Ramniranjan BhutraMember1

The Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee.

3. Stakeholder Relationship Committee

During the year under review the Board of Directors re-constituted Stakeholder Relationship Committee on 28th May 2018. Further on 31st December 2018 the Board re-constituted Stakeholders Relationship Committee.

During the financial year 2018-19 the Committee met once on 19th November 2018. The composition and attendance of the members of the Stakeholders' Relationship Committee for the financial year 2018-19 is stated herewith:

Name of DirectorPosition in CommitteeNo of meeting attended
Mr. Ramniranjan BhutraChairman1
Mr. Shivkumar SinghMember1
Mr. Krishnakumar BangeraMember1

The Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee.

4. Corporate Social Responsibility Committee

During the year under review The Board has re-constituted Corporate Social Responsibility Committee on 28th May 2018. Further the Board reconstituted Corporate Social Responsibility Committee on 31st December 2018.

During the financial year 2018-19 the Committee met once on 12th February 2019. The composition and attendance of the members ofthe CSR Committee for the financial year 2018-19 is stated herewith:

Name of DirectorPosition in CommitteeNo of meeting attended
Ms. Richa SharmaChairperson1
Mr. Shivkumar SinghMember1
Mr. Krishnakumar BangeraMember1

The Company Secretary & Compliance Officer of the Company acts as the Secretary to the Committee.

CORPORATE GOVERNANCE

The Company has been exempted from reporting on Corporate Governance as per Regulation 15 of SEBI (Listing Obligation and Disclosure requirements) Regulations 2015.

NOMINATION & REMUNERATION POLICY:

The Board has on the recommendation of the Nomination & Remuneration Committee framed a Policy for selection appointment and remuneration of Directors and Key Managerial Personnel including criteria for determining qualifications positive attributes and Independence of Directors.

The said policy is available on the Company's Website

Website Link: https://www.artemiselectricals.com/assets/pdf/Nomination-and-Remuneration-Policy.

PDF VIGIL MECHANISM / WHISTLE BLOWER POLICY:

In accordance with Section 177 of the Companies Act 2013 the Company has adopted a Vigil mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement if any.

The Company had established a mechanism for directors and employees to report concerns about unethical behavior actual or suspected fraud or violation of our Code of Conduct and Ethics. The mechanism also provides for adequate safeguards against victimization of directors and employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in the exceptional cases.

We affirm that during the financial year 2018-19 no employee or director was denied access to the Audit Committee.

The Vigil mechanism / Whistle Blower Policy is available on the website of the Company at https://www.artemiselectricals.com/assets/pdf/Whistle-Blower-Policy.pdf

RISK MANAGEMENT POLICY :

The Company has laid down a well-defined Risk Management Policy to identify the risk analyze and to undertake risk mitigation actions. The Board of Directors regularly undertakes the detailed exercise for identification and steps to control them through a well- defined procedure. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through properly defined framework.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There was no significant or material order passed by any regulator or court or tribunal which impacts the going concern status of the Company or will have bearing on company's operations in future.

DISCLOSURE ON MAINTENANCE OF COST RECORDS:

Pursuant to the Rules made by the Central Government of India the Company is required to Maintain cost records as specified under section 148(1) of the Act in respect of its products.

DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

Pursuant to the provisions of Section 135 of the Act and the Rules made there under the Company had duly constituted the Corporate Social Responsibility Committee (CSR Committee) in the Company. Further it was duly reconstituted during the year on 31st December 2018. As part of its initiatives under CSR the Company has identified various projects. These projects are in accordance with Schedule VII to the Act.

The details as per the provisions are annexed herewith asAnnexure-II

STATUTORY AUDITORS:

The Statutory Auditors ofthe Company M/s. Mittal Agarwal & Co. Chartered Accountant [ICAI Registration No. 131025W] had

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The Company has not given any loans or guarantees during the year under review within the purview of Section 186 of the Companies Act 2013. The details of the investments made by Company are given in the notes to investments in the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All transactions with related parties that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business and are listed in Form AOC 2 annexed to this report as Annexure III.

The policy on Related Party Transactions as approved by the Board is uploaded on the Company's website at https://www.artemiselectricals.com/assets/pdf/Related-Party-Transactions-Policy.pdf

PARTICULARS OF THE EMPLOYEES AND REMUNERATION:

Pursuant to Section 197 of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 details of ratio of remuneration of each director to the median employee's remuneration are appended to this report as Annexure IV - Part A

Further the information as required under the provisions of Section 197 of the Companies Act 2013 read with Rule 5(2) and of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appended to this report as Annexure IV - Part B

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Pursuant to Section 134(3)(m) of the Companies Act 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 details regarding Conservation of Energy Technology Absorption F oreign Exchange earnings and outgo for the year under review are as follows:

A. Conservation of Energy

a. Steps taken or impact on conservation of energy - The Operations ofthe Company are not energy intensive. However Company continues to implement prudent practices for saving electricity and other energy resources in day-to-day activities.

b. Steps taken by the Company for utilizing alternate sources of energy - Though the activities undertaken by the Company are not energy intensive the Company shall explore alternative sources of energy as and when the necessity arises.

c. The capital investment on energy conservation equipment - Nil

B. Technology Absorption

a. The efforts made towards technology absorption - the minimum technology required for the business has been absorbed.

b. The benefits derived like product improvement cost reduction product development or import substitution - Not Applicable

c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - Not Applicable

d. The expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and Outgo -

During the year under review Foreign Exchange earnings and outgo is given below:

ParticularsAmount in Rs. 2018-19Amount in Rs. 2017-18
Foreign Exchange earnings877215Nil
Foreign Exchange Outgo (CIF Basis)282156013065419

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has devised proper systems to ensure compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and the Company complies with all the applicable provisions ofthe same during the year under review.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013:

The Company has adopted a Policy on prevention prohibition and Redressal of sexual harassment at workplace in line with the been appointed at the Annual General Meeting held on 30*1 September 2014 for a term of five consecutive years i.e. upto the conclusion of Annual General Meeting for the financial year 2018-19 The term of Statutory auditor is expiring on ensuring Annual General Meeting.

The Board of Director recommends re-appointment of M/s. Mittal Agarwal & Co. Chartered Accountant [ICAI Registration No. 131025W] for term of four (4) consecutive years i.e commencing from Financial Year 2019-20 to 2022-23. The proposed statutory auditor confirmed that they satisfy the eligibility criteria to be appointed as Statutory Auditor in the Company.

AUDIT REPORT:

There is no qualification reservation adverse remark or disclaimer given by the Auditors in their Report except following remarks mentioned in sub-para's mentioned below of paragraph 1 under `Report on Other Legal and Regulatory Requirements' section of Auditor report)

1. Sub-Para- 1aThe Company has maintained a fixed assets register during the year; however the same needs to be improved to include identification number quantitative details and location of fixed assets.
Board reply :The Company has indentified the term of professionals to update the fixed assets register as per the requirement which shall be updated in due course.
2. Para 6The Company has not maintained cost records as specified by the Central Government under section 148(1) of the Companies Act 2013 for the business activities carried out by the Company.
Board reply:The Company has appointed expert to supervise the maintenance of Cost record as per rules .
3. Para 7There were no undisputed amounts payable in respect of providentfund employee state insurance sales tax wealth tax duty of customs Goods andService tax duty of excise value added tax cess andother material statutory dues in arrears as at 31st March 2019 for a period of more than six months from the date they became payable except in respect of Income Tax of Rs. 608.83 lakhs (including current year's advance tax of Rs. 176.57 lakhs).
Board reply:The Company has cleared the Income tax dues pertaining to Assessment year 2018-19 and the Company is in the process of filing Income tax Return for Assessment year 2019-20.

REPORTING OF FRAUD BY AUDITORS:

During the year under review Statutory auditor has not reported any instances of Fraud committed against the Company by its officers or employee the details of which need to report to the Board under Section 143(12) of the Companies Act 2013.

INTERNAL AUDITOR:

For the financial year 2018-19 the Company was not falling under the criteria of Section 138 of the Companies Act 2013 read with rule 13 of Companies (Accounts) Rules 2014 so the requirement to appoint an Internal Auditor of the company for the year 2018-19 is not applicable.

SECRETARIAL AUDIT:

As per Section 204 of the Companies Act 2013 every listed company and Unlisted Public Company having paid up share capital of Rupees Fifty Crore or more or Turnover of Rupees Two Fifty Crore or more is required to annex a Secretarial Audit Report with its Board Report given by a Practicing Company Secretary.

As on the financial year ended on 31st March 2019 The company is not falling under the requirement of Section 204 of the Companies Act 2013 so the requirement of Secretarial Audit is not applicable for the financial year 2018-19.

COST AUDITOR

For the financial year 2018-19 the Company was not falling under the criteria of Section 148 of the Companies Act 2013 read with rule of Companies (Accounts) Rules 2014 so the requirement to appoint a Cost Auditor of the company for the year 2018-19 is not applicable.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has clearly defined organization structure and lines of authority and sufficient Control is exercised through business review by the Management. The Company has adopted a well-defined system to ensure adequacy and efficiency of the Internal Financial Control Function.

Provisions of the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 and the Rules made there under. There was no complaint received by committee on sexual harassment during the year under review.

MANAGEMENT DISCUSSION ANALYSIS

Management Discussion and Analysis Report for the year under review is presented in a separate section forming part of the Annual Report and is annexed herewith as Annexure- V.

INSIDER TRADING

The Company has formulated Code for Prevention of Insider Trading.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(3)(C) ofthe Companies Act 2013 your Directors confirm that:

a. in the preparation ofthe annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departures; if any;

b. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs ofthe company at the end ofthe financial year and of the loss ofthe company for that period;

c. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets ofthe company and for preventing and detecting fraud and other irregularities;

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

e. the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to place on record their warm appreciation and acknowledge with gratitude the assistance cooperation and support extended to your Company by bankers clients employees as well as the investing community and look forward to their continued support.

For and on behalf of the Board of Directors
Artemis Electricals Limited
Sd/-Sd/-
Pravinkumar Brijendrakumar AgarwalShiv kumar Singh
DirectorCFO and Whole Time Director
DIN:00845482DIN:07203370
Address: 1105 Tower A RahejaAdd- Garuda House Atlanta Bldg.
Place: MumbaiSherwood Western Express Highway102 to 110 Vitbhatti. Off Goregaon
Dated: 31.08.2019Goregaon (East) Mumbai 400063.Mulund Link Road Mumbai 400063

   

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