Your Directors have the pleasure in presenting their 29th Annual Report of the Companyand the Audited Accounts for the period ended 31st March 2020.
The COVID-19 pandemic has caused a huge disruption creating an unprecedented impact onthe financial well-being of nations corporations and individuals.
Circulation of Annual Reports in electronic form
In view of the prevailing COVID-19 situation and consequent lockdown across thecountry the Ministry of Corporate Affairs (MCA) has exempted companies from circulationof physical copies of Annual Report for FY2020. Accordingly the Annual Report of theCompany for FY2020 is being sent only by email to the members and all otherpersons/entities entitled to receive the same. This Annual Report along with otherdocuments is also available on the Company's website at https://www.jagsonpal.co.in.
| || |
|Gross Income ||(53.87) ||30.76 |
|Gross Profit/(Loss) ||(65.67) ||17.79 |
|Depreciation & Impairment ||0.00 ||0.00 |
|Profit/(Loss)before tax ||(65.67) ||17.79 |
|Profit/(Loss) after tax ||(65.67) ||14.62 |
|Brought forward from the previous year ||(430.59) ||(445.20) |
|Profit available for Appropriation ||(496.26) ||(430.59) |
REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS
During the year the Company have suffered a loss of Rs. 65.67 lacs as against theprofit of Rs. 17.79 lacs in the previous year. Efforts are also being made to improve theperformance by exploring new avenues of business which are likely to arise with thepassage of time.
In order to conserve the resources of the Company no dividend has been considered forthe year.
During the year the Company has neither accepted nor invited any deposits and thereare no deposits which are either overdue or unclaimed as on March 31st 2020.
PARTICULARS OF LOAN GUARANTEES OR INVESTMENTS
The Company has neither given any loans nor provided any guarantee to entities as perprovisions of Section 186 of the Act.
Saranjeet Singh Director (DIN: 07990469) retires by rotation at the ensuing AGM beingeligible offers himself for re-appointment. Necessary details for re-appointment asrequired under the Act and the SEBI Listing Regulations is given in the notice of 29thAGM.
AUDITORS & AUDITORS' REPORT
As per the provisions of Section 139 of the Companies Act 2013. Mr. Ashutosh Shukla Prop. Ashutosh Shukla & Co. Regn. No. 027437N Chartered Accountants were appointedas the Statutory Auditors of the Company for the period of five years. The Auditors Reportfor fiscal 2020 does not contain any Qualification reservation or adverse remarks.Auditors' Report is enclosed with the financial Statements in this Annual Report..
Pursuant to Provisions of section 204 of the Companies Act 2013 The Company isrequired to appoint Secretarial Auditors. Mr. Prasant Kumar Sarkar Practicing CompanySecretary is appointed as Secretarial Auditor of the Company.
The secretarial auditors' report for the Year 2019-20 has been received from theSecretarial Auditors. The report does not contain any qualification reservation oradverse remark. The report is annexed herewith as Annexure-A.
PARTICULARS OF ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGSAND OUTGOING
Particulars required by the section 134( 3 ) (m) of the Companies Act 2013 ("theAct") read with rule 8 (3) of the companies (Accounts) rules 2014 and forming partof the Director's Report for the year ended March 31 2020. (Disclosure of Particulars)are not applicable since there is no such activity being followed by the Company.
Conservation of Energy
I. Your Company being engaged in financing business and does not have any activityrelating to conservation of energy.
II. Research & Development (R&D)
Specific R&D Activities: There is no Research and Development activity in theCompany.
|Benefits derived as a result of above R&D: N.A. |
|Future Plan of Action: NIL |
|Expenditure on R & D : NIL |
|III. Technology Absorption Adaptation and Innovation: |
|Efforts in brief made towards Technology absorption etc.: NIL |
|Benefits derived as a result of above: N.A. |
Technology imported years of Import Has technology been fully absorbed? If not fullyabsorbed areas where this has not taken place reasons therefore and future plans ofaction: N.A.
IV. Foreign exchange earnings and outgo
During the period under review there was no foreign exchange outflow from your Companyand it had no foreign exchange earnings.
PARTICULARS OF EMPLOYEES
None of the Employees of your Company is in receipt of remuneration requiringdisclosure pursuant to the provisions of Section 197(12) of the Companies Act 2013 readwith the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014;hence no such particulars are annexed.
The Company is committed to good corporate governance in line with the ListingAgreement. The Company is in compliance with the provisions on corporate governancespecified in the Listing Agreement with the Stock Exchanges the Corporate GovernanceReport and Auditors' Certificate regarding compliance of conditions of CorporateGovernance are enclosed as Annexure B. A certificate of compliance from M/s P K S& Associates. Practicing Company Secretary and the report on Corporate Governanceforms part of this Director's Report.
Directors Responsibility Statement
Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:
a In the preparation of the annual accounts for the year ended 31st March 2020 theapplicable accounting standards read with requirements set out under Schedule III to theAct have been followed and there are no material departures from the same;
b the Directors have selected such accounting policies and applied them consistentlyand have made judgements and estimates that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at March 31 2020 and of theloss of the Company for the year ended on that date;
c the Directors have 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;
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 theCompany and that such internal financial controls are adequate and are operatingeffectively; and
f the Directors have devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems are adequate and operating effectively.
Internal control Systems and Risk Management
The Company has devised and implemented a mechanism for risk management and hasdeveloped a Risk Management Policy. The committee will on quarterly basis provide statusupdates to the Board of Directors of the Company.
Corporate Social Responsibility
The provisions of the Companies Act 2013 with respect to corporate responsibilities arenot applicable on the Company.
Extract of Annual Return
In terms of provisions of Section 134(3) (a) of the Companies Act 2013 an extract ofthe annual return in the prescribed is appended as Annexure C and forms an integralpart of this Report.
Contracts And Arrangements With Related Parties
During the year the Company have not entered into any contract / arrangement /transaction with related parties which could be considered material in accordance with thepolicy of the Company on materiality of related party transaction.
Your Directors would like to express their grateful appreciation for the assistance andco-operation received from the Banks Government authorities and our Valued customers. TheDirectors also wish to convey their deep appreciation for the contribution made by theemployees to the operations of the Company in particular those who continued with theCompany and extended their full support during this difficult period. We also convey ourthanks to our esteemed shareholders for their continued support and encouragement.
| ||for and on behalf of the |
| ||Board of Directors |
|Place : New Delhi ||(K. P.S. KOCHHAR) |
|Date : 13.08.2020 ||CMD (DIN 00529230) |