Crane Infrastructure Limited
The directors submit 13Ih annual report of Crane Infrastructure Limitedalong with the audited financial statements for the financial year ended March 312021
Standalone Financial Results :
|Particulars ||2020-21 ||2019-20 ||2018-19 |
| ||(Rs.In lacs) ||(Rs.In lacs) ||(Rs.In lacs) |
|Revenue from Operations & Other Income ||54.50 ||99.86 ||82.95 |
|Profit/(Loss) ||38.02 ||74.06 ||66.74 |
|Before Interest & Depreciation || || || |
|Interest ||- ||- ||- |
|Depreciation ||13.07 ||13.07 ||13.07 |
|Profit before exceptional and extraordinary items ||24.95 ||60.99 ||53.67 |
|Profit/ (Loss) before Tax ||24.95 ||60.99 ||53.67 |
|Income Tax-(Current Tax) ||6.29 ||12.38 ||1 1.33 |
|Profit (Loss) after Taxation ||18.65 ||48.61 ||42.34 |
|EPS-Basic ||0.26 ||0.67 ||0.58 |
|EPS-Diluted ||0.26 ||0.67 ||0.58 |
During the Year under review revenue from operations for the financial year 2020-21 isRs.54.49 lakhs and it was decreased by 45.41 % over the previous financial year (Rs 99.85lakhs in 2019-20) due to sever pandemic of covid-19. Profit after tax (PAT) for thefinancial year 2020-21 is Rs. 18.64 Lakhs and it was decreased by 61.65 %over last year(Rs.48.61 Lakhs in 2019-20).
The management wants that the profits earned during the financial year must be retainedand redeployed for the operations of the Company. As the Company needs further funds toenhance its business operations upgrade the efficiency. Hence No dividend is beingrecommended by the Directors for the Financial Year 2020-21
Transfer to Reserves
The Company proposes to retain an amount of Rs. 18.65 lakhs in the profit and lossaccount.
The paid up Equity Share Capital as on 31 st March. 2021 was Rs. 724.20000. TheCompany has not issued shares with differential voting rights nor granted stock optionsnor sweat equity.
Opportunities & Industry out Look
The real estate sector is one of the most effected sectors by the pandemic covid-19 butas said earlier in India real estate is the second largest emploverafteragriculture andis slated to grow at 30% over the next decade. The real estate sector comprises of foursub sectors - housing retail hospitality and commercial. The growth of this sector iswell complemented by the growth of the corporate environment and the demand for officespace as well as urban and semi-urban accommodations. The construction industry ranksthird among the 14 major sectors in terms of direct indirect and induced effects in allsectors of the economy. The global warehousing and storage industry has witnessedsignificant growth during the last five years. The Indian warehousing industry is set togrow at a CAGR of 8%-10% and modem warehousing at 25%- 30% over the next 5 years due tovarious factors including the anticipated increase in global demand growth in oiganizedretail and increasing manufacturing activities presence of extremely affordable anddesirable e-commerce options and growth in international trade. The Government of Indiaalong with the governments of the respective states have taken several initiatives toencourage the development in the sector. The Smart City Project where there is a plan tobuild 100 smart cities is a prime opportunity for the real estate companies. While Goodsand Services Tax (GST) continues to remain in a state where several loose ends still needto be tied up. logistics companies - both domestic and global are not just bullish aboutthe sector but are actively making investment plans for the coming fiscals as well. It mayincrease the demand of hi-tech large modem Warehouses Logistics Parks etc. As Indiaawaits policy reforms to pick up speed your Company firmly believes that the demand forReal Estate & Warehousing in India should remain strong in the medium to long term.
Management Discussion & Analysis
A detailed Management Discussion and Analysis forms part of this annual report whichis attached to this Report in AnnexureV
Extract of Annual Kreturn
As provided under Section 92(3) of the Act the extract of annual return is given in AnnexureI in the prescribed Form MGT-9 which forms part of this report.
The Web Address if any where Annual return referred to in subsection (3) of section92 is placed:
True the Annual return U/s 92 (3) is placed in www. cranegroup .in
Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act
2013 the board of directors to the best of their knowledge and ability confirm that:
i. in the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures;
ii 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 of the Company forthat period;
iii. The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
iv. The directors had prepared the annual accounts on a going concern basis;
v. The directors had laid down internal financial controls to be followed by theCompany and such internal financial controls are adequate and operating effectively;
vi. The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
Changes among Directors and key managerial personnel
I. Ke appointment of Director
Mr.Venkata Siva Satya Kishore Kumar.CH (DIN 01823606) whose office was liable toretire by rotation at annual general meeting of the company :
Mr. Venkata Siva Satya Kishore Kumar (DIN 01823606). director liable to retire byrotation under the Articles of Association of the Company in 12h AnnualGeneral Meeting and being eligible offer himself for reappointment as Director. TheShareholders approved his re-appointment as Director of the company at 12lh AnnualGeneral Meeting of the company held on 30.09.2020.
ii. Re-Appointment of Executive Director:
Shareholders by way of ordinary resolution in the Annual General Meeting held on 30lhSep 2020 has reappointed Mr. KOTHURI PRAVEEN (Din: 07143744) as an Executive Directorofthecompany fora period of Five years with effect from 31.03.2020 to 30.03.2025.
iii. Reappointment of Independent Directors:
Share holders by way of special resolution in the Annual General Meeting held on30"' Sep 2020 has reappointed Mr.Mattupalli Venkata Subba Rao (Din: 06959568) andMr.Potti Bhaskar Rao (Din : 01846243) as independent directors of the company with effectfrom 01-10-2020 to 30-03-2025.
Directors Liable to Retire by Rotation In the ensuing Annual General Meeting:
Mr. GVSL Kantha Rao (Din: 01846224) director liable to retire by rotation in ensuingAnnual General Meeting under the Articles of Association of the Company and beingeligible offer himself for reappointment as Director. The Board recommends hisre-appointment.
iv. Meetings of the Board
During the Financial year 2020-21 ten meetings of the board were held on the followingdates : 20-04-2020 16-06-2020 27-07-2020 25-08-2020 03-09-2020 12-09-202011-11-2020 24-12-2020 02-01-2021 and 11-02-2021. with a gap between not exceeding theperiod of 120 days between any of the two meetings as prescribed under the Act and all themembers were present at the above meetings so the necessary quorum was present for allthe meetings.
v. Board Evaluation
The board of directors has carried out an annual evaluation of its own performance.Board committees and Individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by Securities and Exchange Board of India("SEBF) under regulation 27 of the SEBI(LODR) Regulations 2015.The performance of theBoard was evaluated by the Board after seeking inputs from all the directors on the basisof the criteria such as the Board composition and structure effectiveness of boardprocesses information and functioning etc. The performance of the committees wasevaluated by the board after seeking inputs from die committee members on the basis of thecriteria such as the composition of committees effectiveness of committee meetings etc.
The Board and the Nomination and Remuneration Committee reviewed the perfonnance of theindividual directors on the basis of the criteria such as the contribution of theindividual director to the Board and committee meetings like preparedness on the issues tobe discussed meaningful and constmctive contribution and inputs in meetings etc. Inaddition the Chainnan was also evaluated on the key aspects ofhis role.
In a separate meeting of independent Directors performance of non-independentdirectors perfonnance of the board as a whole and perfonnance of the Chainnan wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent Directors at w hich the performance of the Board its committees andindividual directors was also discussed.
vi. During the year two separate meetings of the independent directors were held on16-06-2020 and 0201-2021 inter-alia to review the perfonnance of nonindependent directorsand the board as a w hole.
Vii. The Board periodically reviews compliance reports of all laws applicable to theCompany prepared by the Company.
Relationships between directors inter-se Except the Two Independent Directors all theother directors of the company are having relationship with each other.i.e relatives.
i. Observations of Board evaluation carried out for the year: Nil
ii. Previous Years observations and actions taken: Nil
iii. Proposed actions based current year Observations: Nil
Policy on directors' appointment and remuneration and other details:
The current policy is to have an appropriate mix of executive and independent directorsto maintain the independence of the Board and separate its functions of governance andmanagement. As on March 312021 the Board consists of six members two of them areindependent directors. The Board periodically evaluates the need for change in itscomposition and size.
The policy of the Company on directors' appointment and remuneration includingcriteria for detennining qualifications positive attributes independence of a directorand other matters provided under Sub-section (3) of section 178 of the Companies Act2013 adopted by the Board is recommended by the Nomination and Remuneration Committee. Weaffirm that the remuneration paid to the directors is as per the terms laid out in thenomination and remuneration policy of the Company.
A. Nomination and Remuneration Committee:
(a) Terms of Reference:
The Company had constituted the Nomination and Remuneration Committee under Section 178of the Companies Act 2013.
The broad terms of reference are to detennine and recommend to Board Compensationpayable to Executive Directors appraisal of the performance of the Managing Directors /Whole-time Directors and to determine and advise the Board for the payment of annualcommission/compensation to the Non-Executive Director and to recommend to the Boardappointment/ reappointment and removal of Directors. To frame criteriafordeterminingqualifications positive attributes and Independence of Directors and to create anevaluation framework for Independent Directors and the Board. The scope of the Committeealso includes matters which are set out in SEBI (LODR) Regulations 2015 and the rules madethere under as amended from time to time.
(b) Composition Meetings and Attendance during the year :
The Nomination and Remuneration Committee comprises of total three Non-ExecutiveDirectors in which two are Independent Directors and one director is non executive nonindependent director (woman director).
The committee comprises as follows:
1. Mr. M.V. SubbaRao (Chairman)
2. Mr.R BhaskaraRao -Member
3. Mrs.M. Himaja- Member
The composition of the nomination and remuneration committee and the details ofmeetings and attendance of i to mam hamama iimbfllaw:
|Name ||Category || |
Number of meetings during the financial year 2020-21
| || ||Held ||Attended |
|MV Subbarao ||l&NED ||4 ||4 |
|P. BhaskaraRao ||l&NED ||4 ||4 |
|M.Himaja ||NED ||4 ||4 |
Four Nomination and Remuneration Committee meetings were held during the year and thegap between two meetings did not exceed 120 days. The dates on which the said meetingswere held on 16-06-2020
12.09.2020 11.11.2020 and 11.02.2021.The necessary quorum was presentforall themeetings.
(c) Selection and Evaluation of Directors:
The Board has based on recommendations of the Nomination and Remuneration Committeelaid down following policies:
1. Policy for Determining Qualifications Positive Attributes and Independence of a Director
2. Policy for Board & Independent Directors'Evaluation
(d) Performance Evaluation of Board Committees and Directors:
Based on the criteria laid down in the Policy for evaluation of Board and IndependentDirectors the Board carried out the annual perfonnance evaluation of Board Committees andthe Independent Directors whereas at a separate meeting. Independent Directors evaluatedthe perfonnance of Executive Directors Board as a whole and of the Chairman. Nominationand Remuneration Committee also evaluated individual directors'performance.
i) As per the said Policy evaluation criteria for evaluation Board inter alia covers:Composition in light of business complexities and statutory requirements: establishment ofvision mission objectives and values for the Company; laving down strategic road map forthe Company & annual plans; growth attained by the Company; providing leadership anddirections to the Company and employees; effectiveness in ensuring statutory compliancesand dischaiging its duties / responsibilities towards all stakeholders; Identificationmonitoring & mitigation of significant corporate risks; composition of variouscommittees laying down tenns of reference and reviewing committee's working etc.
ii) Perfonnance evaluation criteria for Executive Directors inter alia include: levelof skill knowledge and core competence; perfonnance and achievement vis-avis budget andoperating plans; Effectiveness towards ensuring statutory compliances; discharging duties/responsibilities towards all stakeholders; reviewing/monitoring Executive managementperformance adherence to ethical standards of integrity & probity; employment ofstrategic perception and business acumen in critical matters etc.
iii) Perfonnance of Independent Directors is evaluated based on: objectivity &constructively while exercising duties; providing independent judgment on strategyperformance risk management and Board's deliberations; devotion of sufficient time forinformed decision making; exercising duties in bona fide manner; safeguarding interests ofall stakeholders particularly minority shareholders; upholding ethical standards ofintegrity & probity; updating knowledge of the Company & its external environmentetc
iv) Committees of the Board are evaluated for their perfonnance based on: effectivenessin discharging duties and functions conferred; setting up and implementation of variouspolicies procedures and plans effective use of Committee's powers as per tenns ofreference periodicity of meetings attendance and participation of committee members;providing strategic guidance to the Board on various matters coming under committee'spurview etc
(e) Remuneration Policy for Directors:
The Committee has formulated Policy for Remuneration of Directors. KMP & otheremployees. As perthe Policy remuneration to Non-executive Independent Directors includes:
a. Sitting Fees for attending meetings of the Board as well as Committees of the Boardas decided by the Board within the limits prescribed under the Companies Act.
b. Travelling and other expenses they incur for attending to the Company's affairsincluding attending Committee and Board Meetings of the Company.
Remuneration to Executive Directors:
The appointment and remuneration of Executive Directors including Managing Director.Joint Managing Director and Whole Time Director is governed by the recommendation of theRemuneration and Nomination Committee resolutions passed by the Board of Directors andShareholders of the Company. The remuneration package of Managing Director. Joint ManagingDirector and Whole Time Director comprises of salary perquisites allowances and otherretirement benefits as approved by the shareholders at the General Meetings of theCompany.
Remuneration to Non-Executive Directors:
The Non-Executive Directors are paid remuneration by way of Sitting Fees. The NonExecutive Directors are paid sitting fees for each meeting of the Board and Committee ofDirectors attended by them.
B. Audit committee :
A. Brief description of terms of reference
The Terms of Reference of this committee cover the matters specified for AuditCommittee under Section 177 of the Companies Act 2013SEB1(LODR) Regulations 2015 and asfollows:
a. Oversight of the Company's financial reporting process and the disclosure of itsfinancial information to ensure that the financial statement is correct sufficient andcredible.
b. Recommending the appointment and removal of external auditor fixation of audit feeand also approv al for payment for any other services.
c. Reviewing with management the annual financial statements before submission to theBoard focusing primarily on:
? Any changes in accounting policies and practices
? Major accounting entries based on exercise of judgment by management
? Qualifications in draft Auditors' Report
? Significant ad justments arising out of audit
? The going concern assumption
? Compliance with stock exchange and legal requirements concerning financial statements
? Any related party transactions i.e. transactions of the company of material naturewith promoters or the management their subsidiaries or relatives etc. that may havepotential conflict with the interests of the Company at large.
d. Reviewing the adequacy of internal audit function including the structure of theinternal audit department staffing and seniority of the official heading the departmentreporting structure coverage and frequency of internal audit.
e. Discussion with internal auditors of any significant findings and follow up thereon.
f. Reviewing the findings of any internal investigations by the internal auditors intomatters w here is suspected fraud or irregularity or a failure of internal control systemsof a material nature and reporting the matter to the board
g. Discussion with external auditors before the audit commences the nature and scopeof audit as well as have post audit discussion to ascertain any area of concern.
h. Reviewing the Company's financial and risk management policies.
i. Reviewing with the management external and internal auditors and the adequacy ofinternal control systems.
j. Other matters as assigned/specified by the Board from time to time.
k. The scope of the Audit Committee also includes matters which are set out in SEB1(LODR) Regulations 2015 read w ith Section 177 of the Companies Act 2013 and the rulesmade there under as amended from time to time.
B. Composition Meetings and Attendance during the year:
The Audit Committee comprises of total three NonExecutive Directors in which two areIndependent Directors and One Non-Executive non independent Director (Woman Director). Thecommittee comprises as follows:
1. Mr.P. Bhaskara Rao (Chairman)
2. Mr.M.V. Subba Rao (Member)
3. Mrs. M.Himaja (Member)
Attendance of members of Audit committee to its meetings is given below:
|Name ||Category || |
Number of meetings during the financial year 2020-21
| || ||Held ||Attended |
|P. BhaskaraRao ||l&NED ||4 ||4 |
|M.V.SubbaRao ||l&NED ||4 ||4 |
|M.Himaja ||NED ||4 ||4 |
Fouraudit committee meetings were held during the year and the gap between two meetingsdid not exceed 120 days. The dates on which the said meetings were held on 16.06.202012.09.2020 11-11-2020 and
11.02.2021. The necessary quorum was present for all the meetings.
Stakeholders' relationship committee:
The Company had a stakeholders' relationship committee of directors to look into theredressal of complaints of investors.
1. The stakeholder'srelationship committee of the Company is constituted in line withthe provisions of read with Section 178 of the Companies Act and Regulation 20 of the SEBI(LODR) Regulations 2015.
Composition Meetings and Attendance during the
The Stakeholders' relationship Committee comprises of One Independent cum Non-ExecutiveDirector and two non executive non independent directors. The committee Comprises asFollows:
1 .Mr. GVSLKanthaRao(Chaiman)
2. Mr. P. BhaskarRao (Member)
3. Mrs. Himaja (Member)
The necessary quorum was present for all the meetings.
|Name ||Category || |
Number of meetings during the financial year 2020-21
| || ||Held ||Attended |
|GVSL Kantha Rao ||NED ||4 ||4 |
|P.Bhaskar Rao ||l&NED ||4 ||4 |
|M.Himaja ||NED ||4 ||4 |
Four stakeholder'srelationship committee meetings were held during the year and the gapbetween two meetings did not exceed 120 days. The dates on which the said meetings wereheld on 16-06-2020.12.09.2020 11.11.2020. and 11.02.2021
Particulars Of Employees And Related Disclosures
The information required under Section 197 of the Act read with rule 5(1) of theCompanies (Appointment and
Remuneration of Managerial Personnel) Rules 2014 are given below'
A.The ratio of the remuneration of each director to the median remuneration of theemployees of the Company forthe financial year: NIL
During the financial year 2020-21 The Company has not paid any remuneration to Non-Executive Directors
b. The percentage increase in remuneration of each director chief executive officerchief financial officer company secretary in the financial year: Nil
c. The percentage increase in the median remuneration of employees in the financialyear: Nil
d. The number of permanent employ ees on the rolls of Company: 3
e. Average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration: Nil
Revenue Rs.54.50 Lakhs
Remuneration of KMPs as a percentage of revenue: 4.84%
f. Variations in the market capitalization of the Company price earnings ratio as atthe closing date of the current financial year and previous financial year:
|Particulars ||March 31 2021 ||March 31 2020 ||% Change |
|Market Capitalization ||31140600 ||26071200 ||19.4 |
|Price Earnings Ratio ||16.5 ||5.37 ||210 |
Increase in the managerial remuneration forthe year was : Nil
There was no exceptional circumstances for increase in the managerial remuneration g.Comparison of each
remuneration of the key managerial personnel against the performance of the Company:
|Remuneration in FY 2020-21 ||Rs. 2.64 Lakhs |
|Revenue ||Rs.54.50 Lakhs |
|Remuneration (% of Revenue) ||4.84 |
|Profit before Tax ||Rs. 24.94Lakhs |
|Remuneration (as % of PBT) ||10.58 |
h. Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy ofthe Company.
i. The statement containing particulars of employees as required under Section197(12)of the Act read with Rule 5(2) of the Companies (Appointment and RemunerationofManagerial Personnel) Rules 2014: NA.
Statement on Declaration Given By Independent Directors:
In terms with Section 149 (7) of the Companies Act 2013. All the Independent Directorsof the Company have declared that they meet the criteria of Independence in terms ofSection 149(6) of the Companies Act 2013 and SEB1 (LODR) regulations.2015. Hence thatthere is no change in status of Independence.
It is confirmed that Independent Directors have complied with the Code for IndependentDirectors prescribed in Schedule IV to the Act web link where details of familiarisationprogrammes imparted to independent directors is disclosed: www.crancgroup.in
Meetings of the Independent Directors:
During the year two separate meetings of the independent directors were held on16-06-2020 and 0201-2021 inter-alia to review the performance of nonindependent directorsand the board as a whole.
Pursuant to the provisions of Section 139(2) of the Act and the rules made there underthe Members at their Eighth AGM held on September 29.2016. had appointed M/s. UmamaheswaraRao & Co. Chartered Accountants. Guntur as the Statutory Auditors of the Company fora term of five years i.e. from the conclusion of Eighth AGM till the conclusion of theThirteenth AGM. In view of the aforesaid Umamaheswara Rao & Co. CharteredAccountants would cease to be the Statutory Auditors of the Company at the conclusionofthe ensuing AGM.
In view of the aforesaid the Board on the recommendation of the Audit Committee("AC") recommended the appointment of M/s Pundrikakshyam &AssociatesChartered Accountants (ICAI Registration No. 0011330S) as the Statutory*Auditors oftheCompany for a term of five years in accordance with the requirements under the CompaniesAct.2013 the Company's regulator to hold office from the conclusion of the ensuing AGMi.e. Thirteenth AGM till the conclusion of the 18'" AGM. subject to the approval ofthe Members at the ensuing AGM of the Company.
M/s Pundrikakshyam & Associates Chartered Accountants (ICAI Registration No.0011330S). have confirmed that their appointment if made will comply with theeligibility criteria in terms of Section 141 (3) of the Act and RBI regulations. Furtherthe Auditors have confirmed that they have subjected themselves to Peer Review process bythe Institute of Chartered Accountants of India ("ICAI") and hold validcertificate issued by the Peer Review Board of ICAI.
The Auditors' Report to the Members for the year under review is unmodified/ clean. TheNotes to the Accounts referred to in the Auditors' Report are self-explanatory andtherefore do not call for any further clarifications under Section 134(3 )(f) ofthe Act.
There has been no qualification reservation adverse remark or disclaimer given by theAuditors in their Report.
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.
Pursuant to the provisions of Section 204 of the Act. the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 and Regulation 24A of the SEB1 ListingRegulations the Company had appointed M/s K..Srinivasa Rao & Nagaraju AssociatesPracticing Company Secretaries did undertake the Secretarial Audit of the Company for FY2020-21.
Secretarial Audit Report:
The detailed reports on the Secretarial Audit in Form MR- 3 are appended as an AnnexureIII to this Report. There were no qualifications reservations or adverse remarks given bySecretarial Auditors of the Company.
Further circular dated February 8.2019 issued by SEB1 M/s K..Srinivasa Rao &Nagaraju Associates. Practicing Company Secretaries has issued the Annual SecretarialCompliance Report confirming compliance by the Company of the applicable SEB1 Regulationsand circulars / guidelines issued there under. The Secretarial Audit Report is appended asAnnexure to this Report.
There is no adverse remark qualification reservation or disclaimer in the SecretarialAudit Report.
Cost Audit is not applicable to the Company for the Financial Year 2020-21.
The Board of the Company has formed a risk management committee to frame implement andmonitor the risk management plan for the Company. The committee is responsible forreviewing the risk management plan and ensuring its effectiveness. The audit committee hasadditional oversight in the area of financial risks and controls. Major risks identifiedby the businesses and functions are systematically addressed through mitigating actions ona continuing basis. The development and implementation of risk management policy has beencovered in the management discussion and analysis which forms part of this report.
Particulars of loans guarantees and investments
The particulars of loans guarantees and investments have been disclosed in thefinancial statements.
Transactions with related parties
None of the transactions with related parties falls under the scope of Section 188(1)of the Act. Information on transactions with related parties pursuant to Section I34(3)(h)of the Act read with mle 8(2) of the Companies(Accounts) Rules 2014 are given in AnnexureII in Form AOC-2 and the same forms part of this report.
Corporate social responsibility
Your Directors are pleased to inform that the provisions of section 135 of the Actread with Companies (Corporate Social Responsibility Policy) Rules 2014 are notapplicable to the Company.
Deposits from public
The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet.
Un secured loans taken from the Directors
During the year the company has not received any of the un secured loans from thedirectors.
Internal financial control systems and their adequacy
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 and the reviews performed by management andthe relevant board committees including the audit committee the board is of the opinionthat the Company's internal financial controls were adequate and effective during thefinancial year 2020-21
Conservation of energy technology absorption foreign exchange earnings and outgoConservation of Energy:
CIL continues to work on reducing carbon footprint in all its areas of operationsthrough initiatives like
(a) green infrastructure
(b) Procurement of renewable eneigy through onsite solar power generating units. CILcontinues to add LEED certified green buildings to its real estate portfolio.
Technology absorption adaption and innovation :
The Company continues to use the latest technologies for improving the productivity andquality of its services
Foreign exchange earnings and outgo
Foreign exchange earnings and outgo Export in financial year 2020-21: Nil
Material changes and commitments if any 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 the report:
No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statements relateon the date of this report
Significant and material orders passed by the regulators or courts or tribunalsimpacting the going concern status of the company.
There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status of the Company
Prevention of Sexual Harassment Of Women At Workplace
Your directors confirm that the company has adopted a policy regarding the preventionof sexual harassment of women at work place and has constituted Internal ComplaintsCommittees (ICC) asperthe requirement of The Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013 ('Act') and Rules made there underyour Company.
(i) number of complaints filed during the financial year: Nil
(ii) number of complaints disposed of during the financial year: Nil
(iii) number of complaints pending as at the end of the financial year: Nil
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.
Report on Corporate Governance
Your Directors are pleased to inform that as per SEBI Amended CircularNo.CIR/CFD/POLICY CELL/7/2014 dated September 15 2014 compliance with the prov isions ofCorporate Governance w as not be mandatory for the Company for the financial year 202021.
The company had set up vigil mechanism to enable the employees and directors to reportgenuine concerns and irregularities if any in the company noticed by them .The WhistleBlow er Policy/ vigil mechanism (as amended) has been posted on the Website of the Company(w ww.cranegroup .in)
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 which were required to be transferred to InvestorEducation and Protection Fund (IEPF).
The directors thank the Company's employees customers vendors investors and academicinstitutions for their Continuous support. The directors also thank the government ofvarious countries government of India the governments of various states in India andconcerned government departments / agencies for their cooperation. The directorsappreciate and value the contributions made by every member of the Crane InfrastructureLimited
|For and on behalf of the board |
|For Crane Infrastructure Ltd || |
|Sd/- ||Sd/- |
|(P. Bhaskara Rao) ||(K. Praveen) |
|Director ||Executive Director |
|(DIN:01846243) ||(Din:07143744) |
| ||Place ; Guntur |
| ||Date : 01-09-2021 |