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Innovative Ideals and Services India Ltd.

BSE: 541983 Sector: Others
NSE: N.A. ISIN Code: INE492Y01011
BSE 00:00 | 04 Oct 4.52 0.07
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NSE 05:30 | 01 Jan Innovative Ideals and Services India Ltd
OPEN 4.67
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OPEN 4.67
CLOSE 4.45
VOLUME 23000
52-Week high 16.12
52-Week low 4.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Innovative Ideals and Services India Ltd. (INNOVATIVEIDEAL) - Director Report

Company director report

To

The Members

INNOVATIVE IDEALS AND SERVICES (INDIA) LIMITED

Dear Shareholders

Your directors have pleasure in presenting herewith the 21st Annual Reportalong with its Audited Financial Statements for the year ended on 31st March2021 of your Company.

SUMMARISED FINANCIAL RESULTS

The Financial performance of the company during the year is as under:

(Rs. in Lakhs)
Particulars FY 2020-2021 FY 2019-2020
Revenue From operations 349.27 1253.26
Other Income 90.33 29.99
Total Income 439.60 1283.25
Total Expenses 1220.33 1677.53
Profit/(Loss) for the year before Exceptional Items and Tax (780.73) (394.28)
Add/(Less) Exceptional Items - -
Profit before Extraordinary items and Tax (780.73) (394.28)
Extraordinary Items - -
Profit before Tax (780.73) (394.28)
Tax Expense:
Current Tax -
Deferred Tax (193.30) (98.07)
Profit for the year (587.43) (296.21)

Notes:

1. There are no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and the date of this report.

OPERATIONAL OVERVIEW

During the year your company has earned total income of Rs. 439.60 Lakhs (Previous yearRs. 1283.25 Lakhs). The Company continues to operate only in one segment i.e. SecuritySystem and Mobile Phones and there is no change in the nature of Business of the Company.After all the financial adjustments the company has suffered a net loss after tax of Rs.587.43 Lakhs.

In accordance with Section 136 of the Companies Act 2013 the audited financialstatements are available on www.innovative.in. These documents will also be available forinspection during working hours at the registered office of your Company at MumbaiMaharashtra. Any member interested in obtaining such document may write to the CompanySecretary and the same shall be furnished on request.

ORGANISATIONAL INITIATIVES IN RESPONSE TO COVID-19 SITUATION

The COVID-19 pandemic has emerged as a global challenge creating disruption across theworld. The outbreak of deadly COVID-19 virus and the ensuing lockdowns and restrictionsimposed across the country affected operations of the Company. With work from homeinitiative for office staff the Company continued to operate on remote basis foradministrative regulatory payments and other legal compliances.

During this difficult year the Company ensured sufficient liquidity on hand unusedbank lines and strong support from promoters to meet its liabilities as and when they falldue. The company also conducted its first virtual AGM as permitted under relevantregulations with seamless attendance and voting facilities.

India has experienced a massive second wave of Covid-19 infections with partiallockdowns and restrictions compared to the first wave. As the nation is gearing up withmajor vaccination drive we expect normalcy to return sooner. The ongoing COVID-19 crisiscalls for the entire nation to fight as one collective force your company is committed totake all the necessary steps for providing relief to the society.

DIVIDEND

In view of the planned business growth your Directors deem it proper to preserve theresources of the Company for its activities and therefore do not propose any dividend forthe Financial Year ended March 31 2021.

RESERVES

The amount of loss of Rs. 587.43 Lakhs is transferred from the Reserve and SurplusAccount for the year under review.

DETAILS OF THE ASSOCIATES/ JOINT VENTURE/SUBSIDIARIES COMAPANIES

Your company does not have holding or subsidiary companies during the year and no othercompany has become holding/subsidiary/ joint venture.

SHARE CAPITAL STRUCTURE

The Issued Subscribed and Paid-up equity share capital as on 31st March2021 was Rs. 113801690/- (divided into 11380169 equity shares of Rs.10/- each.)

MEETINGS OF THE BOARD

The Board met 12 (Twelve) times during the financial year. Details of meetings aregiven in the Corporate Governance Report annexed herewith and forms part of this report.The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

CORPORATE GOVERNANCE

Corporate Governance Report prepared pursuant to SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 forms part of this Directors' Report.

During the year under review your company has complied with the applicable SecretarialStandards.

PUBLIC DEPOSIT

The Company has not accepted any public deposit during the year under review and noamount against the same was outstanding at the end of the year.

REGULATORY STATEMENT

In conformity with provision of Regulation 34 of SEBI (LODR) Regulations 2015 therequired disclosures for the year ended 31st March 2021 are annexed hereto.The equity shares of the Company are listed on the BSE Ltd on SME platform.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declarations from each Independent Director of theCompany confirming that he/she met with the criteria of independence as laid out insub-section (6) of Section 149 of the Companies Act 2013 and under Regulation 16(1)(b) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

BOARD EVALUATION

As per the provisions of the Companies Act 2013 and SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 The Board adopted a formal mechanism forevaluating its performance and as well as that of its Committees and individual Directorsincluding the Chairman of the Board. The exercise was carried out through a structuredevaluation process covering various aspects of the Boards functioning such as compositionof the Board & committees experience & competencies performance of specificduties & obligations contribution at the meetings and otherwise independentjudgment governance issues etc.

CHANGES IN KEY MANAGERIAL PERSONNEL

During the Financial year 2020-21

1. Mr. Zafar Inamdar Chief Financial Officer and Key Managerial Personnel of theCompany has resigned from his position w.e.f. 06th January 2021.

2. Mr. Dabir Ahmed Shamsuddin Shaikh (DIN: 00643164) Whole Time Director cum Chairmanof the Company has resigned from his position w.e.f. 01st June 2020.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

As required under Section 134 (3) (m) of the Act read with Rule 8 of The Companies(Accounts) Rules 2014 particulars relating to conservation of Energy R & DTechnology absorption and Foreign Exchange earnings/outgo are separately provided in theannexure to the Directors' Report as Annexure - 1.

HEALTH SAFETY AND ENVIRONMENT

Safety and occupational health responsibilities are integral to your Company's businessprocess. Safety is a key performance indicator and your Company is committed to ensuringzero harm to its employees to any person in the Company premises and to the community.The Company is continuously focusing on improved training new initiatives andcommunications enhancing safety in the work place. Apart from safety initiatives yourCompany is also focusing on environment protection policy.

The Company has obtained necessary approvals from concerned GovernmentDepartment/Pollution Control Board.

DIRECTORS

Pursuant to Section 152 of Companies Act 2013 Mr. Maqsood Dabir Shaikh shall retire byrotation at the ensuing Annual General Meeting being eligible offers himself forreappointment for directorship of the company.

Mr. Sunny Narwani (DIN:09107162) and Mr. Bhavesh Sonesara (DIN: 09104502) were onrecommendation of Nomination and Remuneration Committee appointed by the Board ofDirectors as additional directors (Independent) under section 161 of the Companies Act2013 w.e.f. June 01 2021 they shall hold office upto the date of ensuing Annual GeneralMeeting. The Company has received a notice as per the provisions of Section 160 of theCompanies Act 2013 from a member proposing their candidature for appointment as Director.They are proposed to be appointed as an Independent Director for a period of five yearsi.e. to hold office upto May 31 2026.

The requisite particulars in respect of Director seeking appointment/re-appointment aregiven in Notice convening the Annual General Meeting.

Mr. Dabir Ahmed Shamsuddin Shaikh (DIN: 00643164) Whole Time Director cum Chairman ofthe Company has resigned from his position w.e.f. 01st June 2020.

Mrs. Preethi Ramesh (DIN: 01124749) Independent Director of the Company has resignedfrom her position w.e.f. 04th January 2021.

Mr. Shashikumar Atul Vaidya (DIN: 07897588) Independent Director of the Company hasresigned from his position w.e.f. 01st June 2021

The Company has received necessary declaration from each independent director undersection149(7) of the Companies Act 2013 that they meet the criteria of independence aslaid down in section149(6) of the Companies Act 2013.

All the directors of the Company have confirmed that they are not disqualified frombeing appointed as director's in terms of Section164 of the Companies Act 2013.

Details of policy of appointment and remuneration of directors have been provided inthe Corporate Governance Report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors to thebest of their knowledge and ability state the following:

a) That in the preparation of the annual financial statements the applicableaccounting standards have been followed along with proper explanation relating to materialdepartures if any;

b) that such accounting policies have been selected and applied consistently andjudgement and estimates have been made that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at 31st March2021 and of the loss of the Company for the year ended on that date;

c) that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively;

f) that proper systems to ensure compliance with the provisions of all applicable lawswere in place and were adequate and operating effectively.

POLICIES

The updated policies adopted by the Company as per statutory and governancerequirements are uploaded on website of the Company at www.innovative. in

PARTICULARS OF EMPLOYEES

A statement containing the names and other particulars of employees in accordance withthe provisions of section 197(12) of the Companies Act 2013 read with rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appendedas Annexure - 2 to this report.

No employee has received remuneration in excess of the limits set out in rules 5(2) and5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014during FY 2020-21.

DETAILS OF RELATED PARTIES TRANSACTIONS PURUSANT TO SECTION 188(1) OF THE COMPANIESACT 2013

Pursuant to the provisions of section 188 of Companies Act 2013. All the related partytransactions entered into during the financial year under review were in ordinary courseof business and on an arm's length basis. There were no materially significanttransactions with related parties during the financial year which were in conflict withthe interest of the Company. Accordingly information in form AOC-2 is not annexed.

All Related Party Transactions are placed before the Audit Committee and the Board forapproval. Prior omnibus approval of the Audit Committee is obtained for the transactionswhich are of a foreseen and repetitive nature. The transactions entered into pursuant tothe omnibus approval so granted are placed before the Audit Committee and the Board ofDirectors for their review and approval on a quarterly basis.

Other details for inter corporate financial transactions or remuneration and otherbenefits paid to directors their relatives key managerial personnel etc. are given asper requirements of AS 18.

DETAILS OF LOANS GUARANTEES AND INVESTMENTS U/S 186 OF THE COMPANIES ACT 2013

During the year under review the Company has not made any inter corporate loansinvestments given any corporate guarantee to any other body corporate subsidiaryassociate or any other company.

AUDITORS

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act 2013 read with rulesmade thereunder the Board of Directors has appointed M/s Vishal Thawani & AssociatesPracticing Company Secretaries as Secretarial Auditor to conduct Secretarial Audit of theCompany for the Financial Year 2020-21. The report submitted by the Secretarial Auditor inForm MR-3 is attached to this report as Annexure - 3. The Secretarial AuditorReport contain qualifications reservations or adverse remarks which are self-explanatoryin nature:

Statutory Auditors

M/s Keyur Shah & Co Chartered Accountants an Auditors firm was appointed asStatutory auditors of the company for the term of 5 (five) consecutive years at the 19thAnnual General Meeting held on 27th September 2019. As per Rule 6(3) ofthe Companies (Audit and Auditors) Rules 2014 they are eligible to continue as thestatutory auditors. They have confirmed that they are not disqualified from continuing asAuditors of the Company.

The Notes on financial statement referred to in the Auditors' Report areself-explanatory and do not call for any further comments. The Auditors' Report does notcontain any qualification reservation adverse remark or disclaimer.

ANNUAL RETURN

The Annual Return of the Company as on 31st March 2021 is available on thewebsite of the Company at www.innovative.in

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report prepared pursuant to SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 forms part this Directors'Report is attached as Annexure - 4.

CORPORATE GOVERNANCE

Corporate Governance Report prepared pursuant to SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 forms part of this Directors' Report.

During the year under review your company has complied with the applicable SecretarialStandards.

INSURANCE

The Fixed Assets and Stocks of your Company are adequately insured.

RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM

Your Company has an Internal Financial Control System commensurate with the size scaleand complexity of its operations. Your Company has adopted proper system of InternalControl and Risk Management to ensure that all assets are safeguarded and protectedagainst loss from unauthorized use or disposition and that the transactions areauthorized recorded and reported quickly.

The effectiveness of internal controls is reviewed through the internal audit process.Reports of internal auditors are reviewed by Audit Committee of the Company from time totime and desired actions are initiated to strengthen the control and effectiveness of thesystem.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

During the year the company has constituted the CSR Committee and framed CSR Policy.But the company has not spent any amount in CSR activities and is still identifying CSRActivities for amount to be spent.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company is committed to provide a safe and conducive work environment to itsemployees.

As per the requirements of The Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 and rules made there under your Company hasconstituted Internal Complaints Committee (ICC) which is responsible for redressal ofcomplaints related to sexual harassment. During the year under review there were nocomplaints pertaining to sexual harassment.

GREEN INITIATIVE

As the Act permits paperless compliances and as a measure of green initiative weappeal to all those members who have not registered their e-mail addresses so far arerequested to register their e-mail address in respect of electronic holding with theirconcerned Depository Participants and/or with the Company.

APPRECIATION

Your Directors place on record their sincere appreciation for the valuable support andco-operation received from government authorities Financial Institutions and Banks duringthe year. Your Directors thank all shareholders esteemed customers suppliers andbusiness associates for their faith trust and confidence reposed in the Company.

Your Directors also wish to place on record their sincere appreciation for thededicated efforts and consistent contribution made by the employees at all levels toensure that the Company continues to grow and excel even during the challenging times ofCOVID- 19 pandemic.

BY ORDER OF THE BOARD OF DIRECTORS

FOR INNOVATIVE IDEALS AND SERVICES (INDIA) LIMITED

Maqsood Shaikh

Managing Director

(DIN 00834754)

Date: August 23 2021

Place: Mumbai

.