The Directors of your company have pleasure in presenting their Report together withthe Annual Audited Financial Statements for the year ended March 31 2021.
The salient features of the Company's financial results for the year under review aresummarized below :
| ||Current Year ||Previous Year |
|Particulars ||2020-21 ||2019-20 |
| ||(Rs. In Lacs) ||(Rs. In Lacs) |
|Total Revenue ||20.37 ||2.03 |
|Total Expenses ||14.57 ||17.55 |
|Profit /(Loss) before Tax ||5.80 ||(15.52) |
|Add : Other Comprehensive Income ||(7.66) ||10.42 |
|Profit / (Loss) after Tax ||(1.86) ||(5.10) |
During the year under review the Company has incurred Net Profit of Rs.5.80 lac forthe year as compared to Loss of Rs.15.52 lacs in the previous year.
A) Equity Share Capital :
As on March 31 2021 Authorised share capital of the company is Rs.45 lacs divided into450000 equity shares of Rs.10/- each and Paid up Capital is Rs.40.50 lacs divided into405000 equity shares of Rs.10/-each.
B) Other Equity :
Other Equity as on 31-03-2021 stands at Rs.178.57 lacs against Rs.180.43 lacs on31-03-2021.
In view of loss incurred by the company your directors have not recommended anydividend for the year under review.
Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. The scope and authority of the Internal Audit function isdefined in the Internal Audit Manual. To maintain its objectivity and independence theInternal Audit function reports to the Chairman of the Audit Committee of the Board &to the Chairman of the Company. The Internal Auditor appointed by the Company viz. ShriManish Khandelwal of Khandelwal Basu & Associates Chartered Accountants monitors andevaluates the efficacy and adequacy of internal control system in the Company itscompliance with operating systems accounting procedures and policies at all locations ofthe Company. The Audit Committee of the Board addresses significant issues raised by boththe Internal Auditors and Statutory Auditors.
Changes in Directors and Key Managerial Personnel :
During the year there was no change in the Board of Directors and Key ManagerialPersonnel.
Statement of Declaration given by Independent Directors :
All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013 and clause 49 ofthe Listing Agreement.
Board Evaluation: Pursuant to the provisions of the Companies Act 2013and Clause 49 of the Listing Agreement the Board has carried out an evaluation of its ownperformance the directors individually as well as the evaluation of the working of itsAudit Appointment & Remuneration Committees. The manner in which the evaluation hasbeen carried out has been explained in the Corporate Governance Report.
Remuneration Policy: The Board has on the recommendation of theAppointment & Remuneration Committee framed a policy for selection and appointment ofDirectors Senior Management and their remuneration. The Remuneration Policy is stated inthe Corporate Governance Report.
Meetings: During the year 6 (Six) Board Meetings 4 (Four) AuditCommittee Meetings 4 Stake Holders Relationship Committee and 1(One) Nomination &Remuneration Committee meeting were convened and held the details of which are given inthe Corporate Governance Report. The intervening gap between the Meetings was within theperiod prescribed under the Companies Act 2013.
KEY MANAGERIAL PERSONNEL:
Pursuant to the Provisions of Section 203 of the Act read with the rules madethereunder the following are the Key Managerial Personnel of the Company:
|1. Smt.Lalitha Ranka ||: ||Managing Director |
|2. Shri Aditya Mishra ||: ||Chief Financial Officer |
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:
The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013.The details of the investments made by company isgiven in the notes to the financial statements.
EXTRACT OF ANNUAL RETURN AS PER SEC 92 IN FORM MGT 9
The details forming part of extract of Annual Return in Form No. MGT 9 is enclosed in
AUDITORS & AUDIT REPORT
M/s Chaturvedi Sohan & Co.(Firm Regn.No.118424W) Chartered Accountants Mumbaihave been appointed as the auditors of the company to hold office from the conclusion ofThirty Seventh meeting to the conclusion of Forty Second Annual General Meeting on suchremuneration as may be decided by the Board of Directors of the company in the 37thAnnual General Meeting of the company held on 30th September 2019. Onrecommendation of the Audit Committee of the Company the Board proposes theirratification at the ensuing Annual General Meeting.
The Notes of Financial Statements referred to in the Auditor's Report areself-explanatory and do not call for any further comments.
Pursuant to provisions of section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the company hasappointed Pankaj & Associates a firm of company Secretaries in practice to undertakethe Secretarial Audit of the Company. As required under section 204 (1) of the CompaniesAct 2013 the Company has obtained a secretarial audit report and the Secretarial Auditreport is annexed herewith as "Annexure- II". It has no majorobservations made by the Auditor in the Report except the following :
1. Rules 20(3)(v) of Companies Rules 2014 was not complied by the Company whichrequires to publish the Notice of E-voting in at least one vernacular newspaper in locallanguage and in at least one English Newspaper in English language.
2. Rule 10 of Companies Rules 2014 has not complied by the company which requiresevery listed company to give advertisement for closure of register of members in at leastone English as well as at least one vernacular language newspaper.
3. Regulation 47 of SEBI Regulations 2015 not complied by the company which requirecompany to give advertisement in Newspaper for intimation of Board Meeting in which thefinancial results will be considered and approved along with financial results.
INTERNAL FINANCE CONTROL:
The Company has in place adequate internal financial controls with reference tofinancial statements. It has established an integrated framework in managing risks andinternal controls. The internal financial controls have been documented digitized andembedded in the business processes. Such controls have been assessed during the year underreview and were operating effectively.
PARTICULARS OF ENERGY CONSERVATION:
The Company's operations are not energy intensive and as such involve low energyconsumption. However adequate measures have been taken to conserve the consumption ofenergy.
FOREIGN EXCHANGE EARNINGS AND OUT-GO :
During the period under review there was no foreign exchange earnings or out flow.
HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS
Your Company continues to take new initiatives to further align its HR policies to meetthe growing needs of its business. People development continues to be a key focus area ofthe Company. The industrial relations in all the units of the Company remained cordial andpeaceful throughout the year.
DIRECTOR RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act 2013 the directors would like tostate that:
i) In the preparation of the annual accounts the applicable accounting standards havebeen followed.
ii) The directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were 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 or loss of the Company for the year under review.
iii) The directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities.
iv) The directors have prepared the annual accounts on a going concern basis.
v) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
vi) The directors had devised proper system to ensure compliance with the provisions ofall applicable laws and that such system were adequate and operating effectively.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of the business. There are nomaterially significant related party transactions made by the company with Promoters KeyManagerial Personnel or other designated persons which may have potential conflict withinterest of the company at large.
The Company does not have any subsidiary.
VIGIL MECHANISM :
The Company has a vigil mechanism named Fraud and Risk Management Policy to deal withinstance of fraud and mismanagement if any. In staying true to our values of StrengthPerformance and Passion and in line with our vision of being one of the most respectedcompanies in India the Company is committed to the high standards of Corporate Governanceand stakeholder responsibility.
PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Board is responsible for implementation of the Code. All Board Directors andthe designated employees have confirmed compliance with the Code.
CODE OF CONDUCT:
The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day to day business operations ofthe company. All the Board Members and the Senior Management personnel have confirmedcompliance with the Code. All Management Staff were given appropriate training in thisregard.
FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS
Pursuant to requirements of Clause 49 of the Listing Agreement the Company has afamiliarization program for Independent Directors with regard to their role rightsresponsibilities in the Company nature of the industry in which the Company operatesbusiness model of the Company etc. The Board Members are provided with all necessarydocuments/ reports and internal policies to enable them to familiarize with the Company'sprocedures and practices. Periodic presentations are made at the Board and Boardconstituted Committee Meetings pertaining to business and performance updates of theCompany global business environment business strategies and risks involved. Directorsattend training programs/ conferences on relevant subject matters and keep themselvesabreast of the latest corporate regulatory and industry developments. The same has beenposted on website of the Company viz; http://www.ganeshholdings.com
The Company is making all efforts to comply with the provisions relating to CorporateGovernance pursuant to clause 49 of the Listing Agreement with Stock Exchange. A Report on
Corporate Governance forming part of directors' report is annexed herewith.
Your Directors would like to express their appreciation for the assistance andco-operation received from employees at all levels performed their duties andresponsibilities and for close received from them during the year. Your Directors alsorecord their sincere appreciation of the continued support; assistance and co-operationextend by the Company's Bankers and also Shareholders of the Company who put theirconfidence in the company.
| ||FOR AND ON BEHALF OF THE BOARD |
| ||Sd/- |
| ||(Lalitha Ranka) |
|Date : 31st August 2021 ||Chairperson & Managing Director |
|Place : Mumbai ||DIN : 01166049 |