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Inditalia Refcon Ltd.

BSE: 517526 Sector: Industrials
NSE: N.A. ISIN Code: INE149C01013
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Inditalia Refcon Ltd. (INDITALIAREFCON) - Director Report

Company director report

TO :

THE MEMBERS

INDITALIA REFCON LTD.

Your Directors present the 33rd Annual Report and the Audited Accounts forthe year ended on 31st March 2019.

1. SUMMARY OF FINANCIAL PERFORMANCE DURING YEAR UNDER REPORT:

The financial results for the year ended 31st March 2019 and thecorresponding figures for the last year are as under :

Particulars 2018-2019 2017-2018
Rs. In lacs Rs. In lacs
Gross Income 0.00 0.00
Expenses 10.18 11.19
Extraordinary Items 2.58 0.13
Profit before Interest Depreciation & Tax 7.60 -11.06
Less: Finance Cost 0.02 0.38
Less: Depreciation & Amortization Expense
Less : Tax
Balance Profit/ (Loss) carried to Balance Sheet - 07.62 -11.44

The Company had no manufacturing or trading activities during the period and hasregistered net loss of Rs.762000/- (Rupees Seven Lakh Sixty Two thousand) during theperiod.

2. AMOUNT SET ASIDE FOR TRANSFER TO GENERAL RESERVES & EPS ETC.:

The Company has incurred cash loss of Rs.7.62 Lacs and hence no comment has beenoffered as to Earning Per share. No amount is proposed to be transferred to GeneralReserve.

3. DIVIDENDS:

The Company has not proposed any dividend in view of losses.

4. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'SAFFAIRS :

The Company had no manufacturing or trading activities during the period and has shownnet loss of Rs. 762000/- (Rupees Seven Lakh Sixty Two thousand) during the period.

5. CHANGE IN THE NATURE OF BUSINES :

The Company's proposal to start Biotech Business has not been fruitful despite bestefforts by the Board.

6. EXTRACT OF ANNUAL RETURN :

Pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of the Companies(Management and Administration) Rules 2014 a draft copy of the Annual Return is placedon the website of the Company.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL :

The Board of the Company continues to be led by Ms. Sujata Mital and is well supportedby the Chief Financial Officer and other Board members. Ms. Saachi Madnani also continuesas the Company Secretary and Compliance Officer.

8. DIRECTORS & KMP WHO WERE APPOINTED OR RESIGNED DURING THE YEAR UNDER REPORT :

During the year there was no change in Directors and KMP.

9. APPOINTMENT OF DIRECTORS IN PLACE OF THOSE RETIRING :

Dr. Silvano Sapeco Director of the Company retires by rotation at this Annual GeneralMeeting and being eligible has offered himself for re-election. A resolution isaccordingly recommended for the approval of members for his appointment.

10. AUDITORS:

The Statutory Auditors Mr. Rajendrakumar I. Jain Chartered Accountant were appointedfor 5 years w.e.f 1-04-2017. Members are requested to authorize the Board to fix theirremuneration with the approval of the Audit Committee.

11. MATERIAL CHANGES & EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS :

(a) No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statement relatesand the date of this Report.

(b) Events Subsequent to Date of Financial Statement

(i) Resignation of Director

Mr. Mahesh Sawant Director DIN No. 07782904 has resigned from the Board of Directors ofthe Company w.e.f. 6th April 2019.

12. MEETINGS OF THE BOARD :

The Board meets at regular intervals to discuss and decide on Company / business policyand strategy apart from other Board business. The notice of Board meeting and agenda arecirculated at least a week prior to the date of the meeting and includes detailed notes onthe items to be discussed at the meeting to enable the Directors to take informeddecisions. The Board met on ten (11) occasions during the financial year which are asfollows:

02.04.2018 02.05.2018 28.05.2018 12.07.2018 08.08.2018 03.09.2018 03.10.201831.10.2018 27.11.2018 11.01.2019 28.01.2019.

13. MEETINGS OF VARIOUS COMMITTEES OF THE BOARD :

Your Board has constituted the following Committees :

a) Audit Committee

b) Nomination and Remuneration Committee and

c) Stakeholders' Relationship Committee.

Brief details of all the Committees along with their charters composition andfunctioning are provided in the "Report on Corporate Governance" a part of thisAnnual Report.

The Committees held following meetings during the year:

Name of the Committee Date of the Meeting:
Audit Committee 28th May 2018 3rd September 2018 31st October 2018 and 28th January 2019
Nomination and Remuneration Committee 02nd May 2018.
Stakeholders' Relationship Committee Not required to meet during the year.

14. DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 134(3)(C ) OF THE CO.'S ACT2013.

The Directors state that :

a. In the preparation of Annual Accounts the applicable accounting standards have beenfollowed along with proper explanation relating to material departures if any

b. Appropriate accounting policies have been selected and applied consistently and thejudgment and estimates made by them are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of financial year and of theProfit or Loss of the Company for the year

c. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities

d. The annual accounts have been prepared on a going concern basis

e. The Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively

f. The Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

15. FRAUD REPORTING :

No frauds have been reported by the Auditors u/s 12 of 143(12) of Companies Act 2013.

16. BOARD INDEPENDENCE AND DECLARATION BY INDEPENDENT DIRECTORS :

The Independent Directors of the Company Mr. Dattatraya S.S. Amonkar DIN No 07132214and Mr. Abhay Ganpat Dadarkar DIN No 06957764 have made the prescribed "Declarationof Independence" as required under Section 149(7) of the Companies Act 2013.

17. SECRETARIAL AUDIT REPORT :

The Secretarial Audit Report provided by CS Mr. J. K. Dangre Practising CompanySecretary (PCS) is appended as required under the Provisions of Sec.204(1) of theCompanies Act 2013.

18. COMMENTS/CLARIFICATIONS ON AUDITORS' REMARKS IN THE AUDIT REPORT/SECRETARIAL AUDITREPORT :

i) There are no qualifications reservations or adverse remarks or disclaimers made byM/s. Rajendra Jain Statutory Auditors in their report made under Sec.143(3) of theCompanies Act 2013.

ii) The Auditors have not reported any incidence of fraud to the Audit Committee of theCompany in the year under review.

iii) The board comments in response to the remarks of the Secretarial Auditor are givenin

Annexure I. The Company could not fulfil some of the requirement due to extremefinancial hardship.

19 COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT REMUNERATION AND EVALUATIONCRITERIA :

The Co.'s has formulated a Policy for Director's appointment remuneration includingcriteria for determining qualifications positive attributes independence of a Directorand other matters provided under Section 178(3) of the Companies Act 2013. The Nominationand Remuneration committee is entrusted with the task of identifying selection andrecommending to the Board as regards tenure terms remuneration etc. It is detailed inCorporate Governance Report.

20 PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:

The Company had not extended any loans made any investments or given guarantees orprovided any security for loans extended to third parties covered by the provisions ofsubsection (2) of Section 186 of the Companies Act 2013.

21 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The details of contracts or arrangements with related parties referred to in Section188(1) entered into by the Company during the period under report are furnished in FormAOC - 2 forming part of the Report.

22 TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND :

There are no dividends lying unpaid or unclaimed for a period of seven years which arerequired to be transferred to Investor Education and Protection Fund (IEPF).

23 CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREGIN EXCHANGE EARNING AND OUTGO:

Conservation of energy The Co.'s business is not energy intensive.
Technology absorption The Co.'s business is not technology intensive.
Foreign exchange earnings and outgo. NIL The Company had no transactions involving foreign currency during the year.

24. RISK MANAGEMENT POLICY :

The company had no business activity during the past financial year under report.

The main business activities of the company in the new year are Distribution ofBiotechnology Products such as Diagnostic Tests Antigens antibodies Reagents PeptidesEnzymes Toxins Resins Unusual Amino acids etc. relating to medical and pharma industryand Leasing of Refrigerated Containers.

The Company has developed and implemented a risk management policy which identifiesassess monitor and mitigate major risks which may threaten the existence of the Company.The same has also been adopted and discussed by the Audit Committee and Board of Directorsof the Company and is also subject to its review from time to time. Risk mitigationprocess and measures have been also formulated and clearly spelt out in the said policy.

The Company's internal control systems are commensurate with the nature of its proposedbusinesses and the size and complexity of its operations. These are routinely tested andcertified by Statutory as well as Internal Auditors.

Significant audit observations and follow up actions thereon are reported to the AuditCommittee.

25. COMPANY'S POLICY ON ITS CORPORATE SOCIAL RESPONSIBILITY :

The provisions of Section 135 of the Companies Act 2013 relating to Corporate SocialResponsibility are not applicable to the company.

26. MANNER OF FORMAL ANNUAL EVALUATION POLICY FOR BOARD ITS COMMITTEES AND INDIVIDUALDIRECTORS :

The evaluation framework for assessing the performance of Directors comprises of thefollowing key areas:

i) Attendance of Board Meetings and Board Committee Meetings

ii) Quality of contribution to Board deliberations

iii) Strategic perspectives or inputs regarding future growth of Company and itsperformance

iv) Providing perspectives and feedback going beyond information provided by themanagement

v) Commitment to shareholder and other stakeholder interests

The evaluation involves Self-Evaluation by the Board Member and subsequent assessmentby the Board of Directors. A member of the Board is not allowed to participate in thediscussion of his / her evaluation.

27. CHANGES IN SHARES CAPITAL ETC.:

There were no changes in the Authorized or Issued capital of the Company. Neither hasthe Company bought back any of its securities or issued any Sweat Equity Shares Bonusshares or provided any Stock Option Scheme to the employees during the year.

28. DEPOSITS :

The Company has neither accepted nor renewed any deposits during the year.

29. VIGIL MECHANISM :

The Company has established a vigil mechanism for Directors and employees to reporttheir genuine concerns. The Company has also provided adequate safeguards againstvictimization of employees and Directors who express their concerns. The Company has alsoprovided direct access to the Chairman of the Audit Committee on reporting issuesconcerning the interests of co employees and the Company.

30. DISCLOSURE UNDER REGULATION 34(3):

The disclosures required to be made under regulation 34(3) of LODR 2015[ Schedule V]forms part of this report as Annexure II.

31. PARTICULARS OF ISSUE OF SHARE WITH DIFFERENTIAL RIGHTS SWEAT EQUITY OR UNDEREMPLOYEE STOCK OPTION SCHEME ETC. :

The Company has not made any issue of equity share with differential rights or of sweatequity including under the Employee Stock Option Scheme.

32. COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARY JOINT VENTURE AND ASSOCIATECOMPANIES AND THEIR PERFORMANCE :

The Company has no Subsidiaries Joint Ventures or Associates companies neither has anycompany ceased to be so during the year.

33. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT :

The Management's Discussion and Analysis Report for the year under review stipulatedunder LODR 2015 forms Para B of Annexure II to the report.

34. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:

During the year NO orders were passed by the regulators or courts or tribunalsimpacting the going concern status and company's operations.

35. DETAILS OF DIRECTORS AND EMPLOYEES SALARIES UNDER SEC.197(12) OF THE ACT :

The details prescribed under Sec.197(12) and Rule 5(1) of the Co.'s (Appt. andRemuneration of Managerial Personnel) Rules are given in "Annexure III.

36. CEO & CFO CERTIFICATION :

Ms. Sujata Mital Managing Director has provided the Certificate pursuant to provisionsof Regulation 17(8) of the Listing Obligations Disclosure Requirements 2015 to the Boardwhich met on 29th May 2019 for considering the financial statements of the Co.relating to financial year ended 31st March 2019 and is appended to AnnexureIV.

37. DISCLOSURE UNDER SEC. 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013 :

Since the company has less than 10 workers the provisions relating to constitution ofan Internal Complaints Committee under the above Act are not applicable to the Company.

38. ACKNOWLEDGEMENTS:

The Board of Directors thanks the Investors for their patience and faith shown by themduring the period of extreme hardship for the Company.

For and on behalf of the Board

Sd/- Sd/-
Place : Mumbai Managing Director Chief Financial Officer
Date : 03/09/2019 DIN 01826116 DIN 02501231