You are here » Home » Companies » Company Overview » Karnimata Cold Storage Ltd

Karnimata Cold Storage Ltd.

BSE: 537784 Sector: Others
NSE: N.A. ISIN Code: INE576P01019
BSE 00:00 | 31 Mar Karnimata Cold Storage Ltd
NSE 05:30 | 01 Jan Karnimata Cold Storage Ltd
OPEN 6.00
PREVIOUS CLOSE 6.00
VOLUME 48000
52-Week high 7.00
52-Week low 6.00
P/E 13.95
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 6000.00
Sell Price 6.65
Sell Qty 6000.00
OPEN 6.00
CLOSE 6.00
VOLUME 48000
52-Week high 7.00
52-Week low 6.00
P/E 13.95
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 6000.00
Sell Price 6.65
Sell Qty 6000.00

Karnimata Cold Storage Ltd. (KARNIMATACOLD) - Director Report

Company director report

To The Members

Karnimata Cold Storage Limited

Your Directors are pleased to present their 10th Annual Report on thebusiness and operations of your Company together with the Audited Accounts for the yearended 31st March 2021. The Financial performance of the Company for the yearended 31st March 2021 is summarized below:-

Particulars 31st March 2021 31st March 2020
(Rs.) (Rs.)
Profit/loss before exceptional & extraordinary item 2970886 1487723
Less: Exceptional item - -
Profit/loss before exceptional item 2970886 1487723
Less: Extraordinary Item - -
Profit before taxation 2970886 1487723
Less: Provision for Taxation (463459) (232220)
Add: MAT credit entitlement 463459 232220
Less: Deferred Tax Liability (776955) (424160)
Profit after tax 2193931 1063563

COMPANY'S PERFORMANCE

During the year under review the Company has generated total revenue from operationsfor FY 2020-21 of Rs. 41789891 as compared to Rs. 47278943 in previous FY 2019-20.Profit before taxation is Rs.2970886 against Rs.1487723 in the previous year. Profitafter tax ("PAT") for the year is 2193931 as compared to Rs. 1063563 forprevious FY 2019-20.

SHARE CAPITAL

The paid up equity capital as on March 31 2021 was Rs.50840000 (Five Crores EightLacs Forty Thousand). The Company does not issued any Shares during the year and neitherissued any bonus shares nor granted stock options nor sweat equity during the year underreview.

DIVIDEND

Your Directors feel that it is prudent to plough back the profits for future growth ofthe Company and do not recommend any dividend for the year ended 31st March2021.

TRANSFER TO RESERVES

The Board of the company has not proposed any amount to carry to its reserves.ANNUAL RETURN

In accordance with the Companies Act 2013 the annual return in the prescribed formatis available on the website of the Company at www.karnimatacoldstorage.com

DETAILS OF SUBSIDIARY JOINT VENTURE OR ASSOCIATES

Companies which has become/ceased to be subsidiaries JVs or Associates during the year:Not Applicable. The provisions of the Rule 8(1) of the Chapter IX Rules are not applicableto the company as the Company does not have any subsidiaries associates and jointventures.

INFORMATION TECHNOLOGY AND COMMUNICATION

The Company continues to adopt and use the latest technologies to improve theproductivity and quality of its services to meet the current and emerging business needs.

ENERGY CONSERVATION MEASURES TECHNOLOGY ABSORPTION AND R & D EFFORTS AND FOREIGNEXCHANGE EARNINGS AND OUTGO

Pursuant to Section 134(3) of the Companies Act 2013 read with Rule 8 (3) ofCompanies (Accounts) Rules 2014 the relevant information is given below:

CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT

The Company has no formal research and development department but the Company iscontinuously making efforts to strength research and development activities to improvequality and reduce cost.

TECHNOLOGY IMPORT ABSORPTION

The Company has not imported any technology. Indigenous technology available iscontinuously upgraded to improve overall performance. The Company has not made anyexpenditure on Research & Development throughout the year.

FOREIGN EXCHANGE EARNINGS AND OUTGO

During the year under review there was no earnings and outgo in foreign exchange.PUBLIC DEPOSIT

Your Company has not accepted any deposits from the public during the year.

DIRECTOR AND KEY MANAGERIAL PERSONNEL

Mrs. Asha Ladia Non-executive director of the Company liable to retire by rotation andbeing eligible offered herself for re-appointment.

DECLARATION BY INDEPENDENT DIRECTOR

Mrs. Venus Kedia & Ms. Shalini Kumari Agarwal independent directors of the Companyhave given declarations that they meet the criteria of independence as laid down undersection 149(6) of the Companies Act 2013.

BOARD EVALUATION

The board of directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI ListingRegulations"). The performance of the board was evaluated by the board after seekinginputs from all the directors on the basis of the criteria such as the board compositionand structure effectiveness of board processes information and functioning etc. Theperformance of the committees was evaluated by the board after seeking inputs from thecommittee members on the basis of the criteria such as the composition of committeeseffectiveness of committee meetings etc. The Board and the Nomination and RemunerationCommittee reviewed the performance of individual directors on the basis of criteria suchas the contribution of the individual director to the board and committee meetings likepreparedness on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In a separate meeting of independent directors performance ofnon-independent directors and the board as a whole was evaluated taking into account theviews of executive directors and non-executive directors. The same was discussed in theboard meeting that followed the meeting of the independent directors at which theperformance of the board its committees and individual directors was also discussed.Performance evaluation of independent directors was done by the entire board excludingthe independent director being evaluated.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Company's policy on directors' appointment and remuneration provided in Section178(3) of the Act has been disclosed in the Corporate Governance Report which is a partof this report.

MEETINGS

Four meetings of the board were held during the year. For details of meetings of theboard please refer to the Corporate Governance Report which is a part of this report.

AUDIT COMMITTEE

The details pertaining to the composition of the audit committee are included in theCorporate Governance Report which is a part of this report.

DIRECTOR'S RESPONSIBILY STATEMENT

In terms of Section 134 (5) of the Companies Act 2013 with respect to Directors'Responsibility Statement it is hereby confirmed: a) That in the preparation of theaccounts for the financial year ended 31st March 2021; the applicableaccounting standards have been followed along with proper explanation relating to materialdeparture. b) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for the year under review. c) That theDirectors have taken proper and sufficient care 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)That the Directors have prepared the accounts for the financial year ended 31stMarch 2021 on a going concern basis. e) The Directors have laid down internal financialcontrols to be followed by the Company and that such internal financial controls areadequate and were operating effectively. f) The directors had devised proper system toensure compliance with the provisions of all applicable laws and that such system wereadequate and operating effectively.

PARTICULARS OF EMPLOYEES

The information required under section 197 of the Companies Act 2013 read with rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are given below: a. ratio of the remuneration of each Director to the medianremuneration of the employees of the Company for the financial year 2020-21:

Name of the directors Ratio to median
remuneration
Executive directors
Pradip Lodha 0.13

b. The percentage increase in remuneration of each director chief executive officerchief financial officer company secretary in the financial year 2020-21:

Directors Chief Executive Officer Chief Financial % increase in
Officer and Company Secretary remuneration
in the financial
year
Mr. Pradip Lodha Managing Director -
Mr. Sourav Lodha Chief Financial Officer -
Ms. Varsha Gupta Company Secretary -

c. The percentage increase/ (decrease) in the median remuneration of employees in thefinancial year: -(7.30)%

d. The number of permanent employees on the rolls of Company: 14

e. Average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year: There is no increase in theremuneration of managerial personnel and in the salaries of employees.

f. Affirmation that the remuneration is as per the remuneration policy of the Company:

It is hereby affirmed that the remuneration paid is as per the Remuneration Policy forDirectors Key Managerial Personnel and other employees.

Notes

The Non-Executive directors are entitled for sitting fees as per the statutoryprovisions. The details of remuneration paid to Non-Executive directors are disclosed inthe corporate governance Report's point no.6. Hence the ratio of remuneration andpercentage increase for Non-Executive director's remuneration is therefore not consideredfor the above purpose.

PARTICULARS OF LOAN GUARANTEES AND INVESTMENTS

The particulars of loans guarantees and investments have been disclosed in thefinancial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There was no contract or arrangements made with related parties as defined underSection 188 (1) of the Companies Act 2013 during the year under review. There are notransactions to be reported in Form AOC 2.

CODE OF CONDUCT

The details in respect of code of conduct is included in the Corporate Governancereport which is a part of this report.

PUBLIC ISSUE

During the year under review the Company has not issued any securities to the public.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Board of Directors of the Company framed a policy to provide a channel to theemployees and directors to report to the management concerns about unethical behavioractual or suspected fraud or violation of the Codes of Conduct or legal or regulatoryrequirements incorrect or mis-representation of any financial statements and reports etc.This Policy intends to cover serious concerns that could have serious impact on theoperations and performances of the Company and malpractices and events which have takenplace or suspected to have taken place misuse or abuse of authority fraud or suspectedfraud violation of company rules manipulations negligence causing danger to publichealth and safety misappropriation of monies and other matters or activity on account ofwhich the interest of the Company is affected and formally reported by whistle blowersconcerning its employees.

RISK MANAGEMENT POLICY

The board of directors of the Company has formed a risk management committee to frameimplement and monitor the risk management plan for the Company. The committee isresponsible for reviewing the risk management plan and ensuring its effectiveness. Majorrisks identified by the businesses and functions are systematically addressed throughmitigating actions on a continual basis. This Policy intends to cover concerns that couldhave serious impacts on the operational and financial performance of the Company. Thescope of the policy is to identify assess and treat the risk associated with the Companyand building framework and risk management programs reviewing of the effectiveness ofsuch programs and collectively to achieve the target of the Company.

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of theCompanies (Corporate Social Responsibility) Rules 2014]: The Company has not developedand implemented any Corporate Social Responsibility initiatives as the said provisions arenot applicable.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNAL

No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and Company's operations in future.

INTERNAL FINANCIAL CONTROL SYSTEMS AND ITS ADEQUACY

The details in respect of internal financial control and their adequacy are included inthe Management Discussion and Analysis which is a part of this report.

STATUTORY AUDITORS

The Board of Directors on the basis of recommendations of the Audit Committee and inaccordance with the provisions of Section 139(1) of the Companies Act 2013 haveappointed M/s Bidasaria & Associates to act as the Statutory Auditors of your Companyfor a term of three years i.e. till the conclusion of the 11th Annual General Meeting.The Company has received certificate from the Auditors to the effect that the appointmentis in accordance with the limits specified under Section 139(9) of the Companies Act2013.

The Auditors Report for the financial year 2020-21 does not contain any qualificationreservation or adverse remark.

AUDITORS' REPORT

The observations of the auditors in their report are self-explanatory and therefore inthe opinion of the Directors do not call for further comments. The Auditor's report forfiscal 2020-2021 does not contain any qualification reservation or adverse remark.

SECRETARIAL AUDITOR

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 Ms. Dipika Jain a whole time Company Secretary in practice having MembershipNo. 50343 & C.P. No.18466 to undertake the Secretarial Audit of the Company for theFinancial Year 2020-21.

SECRETARIAL AUDIT REPORT

As required under section 204(1) of the Companies Act 2013 the Company has obtained aSecretarial Audit Report. The Secretarial Audit report for financial year 2020- 2021 doesnot contain any qualification reservation or adverse remark. The Secretarial Audit reportis annexed herewith as "Annexure I" to the Board's report in this Annualreport.

DISCLOSURE REQUIREMENTS

As per SEBI Listing Regulations corporate governance report with auditors' certificatethereon and management discussion and analysis are attached which form part of thisreport.

INVESTOR COMPLAINTS AND COMPLIANCE

There were no complaints received during the year.

LISTING OF SHARES

The equity shares of your Company are listed on the SME Platform of BSE Limited 25thFloor P.J. Towers Dalal Street Mumbai 400001 and listing fees for the year 2020-21 hasbeen paid.

ACKNOWLEDGEMENT

Your directors place on record their appreciation for co-operation and support extendedby the Banks SEBI Shareholders Bankers to the Issue RTA and farmers and Traders fortheir continued support extended to the Company at all times. The Directors furtherexpress their deep appreciation to all employees for high degree of professionalism andenthusiastic effort displayed by them during the year.

For and on behalf of the Board of Director
Sd/-
Date: 30.06.2021 ASHA LADIA
Place: Paschim Medinipur (CHAIRPERSON)
Registered office:
Village - Chekuasole P.O. - Jogerdanga P.S.- Goaltore
Dist Paschim Medinipur PIN 721121 West Bengal

.