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KKRRAFTON Developers Ltd.

BSE: 521238 Sector: Consumer
NSE: N.A. ISIN Code: INE893C01032
BSE 00:00 | 05 Apr KKRRAFTON Developers Ltd
NSE 05:30 | 01 Jan KKRRAFTON Developers Ltd
OPEN 14.75
PREVIOUS CLOSE 15.00
VOLUME 200
52-Week high 25.40
52-Week low 14.05
P/E 83.33
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.75
CLOSE 15.00
VOLUME 200
52-Week high 25.40
52-Week low 14.05
P/E 83.33
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KKRRAFTON Developers Ltd. (KKRRAFTONDEVELO) - Director Report

Company director report

To

The Members of

M/s. KKRRAFTON DEVELOPERS LIMITED

(Formerly known as Sequel E-Routers Limited)

Your Directors have pleasure in presenting the Board's Report of your Company togetherwith the Audited Statement of Accounts and the Auditors' Report of your company for thefinancial year ended 31st March 2017.

FINANCIAL HIGHLIGHTS

(Rs. In Lacs)

DIVIDEND

However with the view to conserve the resources of company the directors are notrecommending any dividend.

AMOUNTS TRANSFERRED TO RESERVES

The Board of the company has decided to carry the current year profit to its reserves.

INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

Company does not have any Subsidiary Joint venture or Associate Company.

CHANGES IN SHARE CAPITAL IF ANY

During the Financial Year 2016-17 there is no change in the face value of thecompany's shares.

Particulars

Standalone

Particulars 2016-2017 2015-2016
Gross Income 64.72 36.38
Profit Before Interest and Depreciation 1.00 0.60
Finance Charges 0.00 0.02
Gross Profit 1.00 0.60
Provision for Depreciation 0.00 0.00
Net Profit Before Tax 1.00 0.60
Provision for Tax 0.31 0.19
Net Profit After Tax 0.69 0.41
Balance Carried to Profit and Loss Account 0.69 0.41

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year.

MATERIAL CHANGES AND COMMITMENTS

The following material changes and commitments affecting the financial position of theCompany:

a) For the purpose of development and enhancement in the upcoming future the companyhas changed its object as purchase of land plot (immovable properties) sale and resaleof properties construction and developments of building roads complex etc.

b) With regard to change in the object the name of the company has been changed fromSequel E-Routers Limited to KKRRAFTON DEVELOPERS LIMITED with effect from 09.03.2017.

EXTRACT OF ANNUAL RETURN

The Extract of Annual Return as required under section 92(3) of the Companies Act 2013and rule 12(1) of the Companies (Management and Administration) Rules 2014 in Form MGT-9is annexed herewith for your kind perusal and information.

MEETINGS OF THE BOARD OF DIRECTORS

During the Financial Year 2016-17 the Company held Nine board meetings of the Board ofDirectors as per Section 173 of Companies Act 2013 which is summarized below. Theprovisions of Companies Act 2013 and SEBI (LODR) Regulations 2015 were adhered to whileconsidering the time gap between two meetings.

S No. Date of Meeting Board Strength No. of Directors Present
1 30/05/2016 4 4
2 11/06/2016 4 4
3 14/08/2016 4 4
4 14/11/2016 4 4
5 16/01/2017 5 5
6 18/01/2017 5 5
7 31/01/2017 5 5
8 03/02/2017 5 5
9 09/03/2017 5 5

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors of theCompany confirms that-

(a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

(b) The directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are 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 of the profit and loss of the company forthat period;

(c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

(d) The directors had prepared the annual accounts on a going concern basis; and

(e) The directors in the case of a listed company had 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 systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

AUDITORS and REPORT thereon

The Auditors M/s. Gaurang Vora & Associates Chartered Accountants retiring atthe ensuring Annual General Meeting and being eligible offer themselves forreappointment. Their continuance of appointment and payment of remuneration are to beconfirmed and approved in the ensuring Annual General Meeting.

There are no qualifications or adverse remarks in the Auditors' Report which requireany clarification/ explanation. The Notes on financial statements are self-explanatoryand needs no further explanation.

Further the Auditors' Report for the financial year ended 31st March 2017 is annexedherewith for your kind perusal and information.

LOANS GUARANTEES AND INVESTMENTS

The Company has given Loans and advances and also made an investment during the year.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were onan arm's length basis and were in the ordinary course of business. There are no materiallysignificant related party transactions made by the Company with Promoters Directors KeyManagerial Personnel or other designated persons which may have a potential conflict withthe interest of the company.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

(A) Conservation of energy and Technology absorption

The particulars as required under the provisions of Section 134(3) (m) of the CompaniesAct 2013 in respect of conservation of energy and technology absorption have not beenfurnished considering the nature of activities undertaken by the company during the yearunder review.

(B) Foreign exchange earnings and Outgo

There were no foreign exchange earnings and outgo during the year under review.

RISK MANAGEMENT

The Company does not have any Risk Management Policy as the element of risk threateningthe Company's existence is very minimal.

DIRECTORS and KMP

The following changes take place in the constitution of Board during the year:

Sr. Name No Designation Date of appointment Date of cessation Mode of Cessation
1. Ritesh Virchand Shah Director 16/01/2017
2. Neha Samir Dadia Director 16/01/2017
3. Harshit Narendra Mehta Director 16/01/2017
4. Raju Bhai Desai Director 22/03/2012 16/01/2017 Resignation
5. Chandubhai Dhanabhai Vaghela Director 10/02/2012 16/01/2017 Resignation

DEPOSITS

The company has not accepted any deposits during the year.

CORPORATE SOCIAL RESPONSIBILITY

The company does not fall into the criteria of Section 135 of Companies Act 2013 readwith the Companies (Corporate Social Responsibility Policy) Rules 2014 so there is norequirement to constitute Corporate Social Responsibility Committee.

RATIO OF REMUNERATION TO EACH DIRECTOR

The Company is not paying any remuneration to the directors.

ANNUAL EVALUATION

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual performance evaluation of its own performance the directors individually as wellas the evaluation of the working of its Audit Nomination & Remuneration andCompliance Committees.

A structured questionnaire was prepared after taking into consideration inputs receivedfrom the Directors covering various aspects of the Board's functioning such as adequacyof the composition of the Board and its Committees Board culture execution andperformance of specific duties obligations and governance.

CORPORATE GOVERNANCE

The company does not fall into the criteria for corporate governance. Hence the reporton Corporate Governance is not applicable to company.

INDEPENDENT DIRECTORS AND DECLARATION

The Board of Directors of the Company hereby confirms that all the Independentdirectors duly appointed by the Company have given the declaration and they meet thecriteria of independence as provided under section 149(6) of the Companies Act 2013.

NOMINATION AND REMUNERATION COMMITTEE

As per the section 178(1) of the Companies Act 2013 the Company's Nomination andRemuneration Committee comprises of three Non-executive Directors. The table sets out thecomposition of the Committee (From 01st April 2016 to 16th January2017):

Name of the Director Position held in the Committee Category of the Director
Mr. Chandubhai Vaghela Chairman Non Executive Independent Director
Mr. Rajubhai Desai Member Non Executive Independent Director
Ms. Ashaben S. Daiji Member Non Executive Independent Director

*As the Members of the committee resign with effect from 16th January 2017the composition of committee members changed by the said date:

Name of the Director Position held in the Committee Category of the Director
Ms. Ashaben S. Darji Chairman Non Executive Independent Director
Mr. Harshit Narendra Mehta Member Non Executive Independent Director
Mr. Sunilkumar Gandhi Member Executive Director

Terms of Reference

The Terms of Reference of the Nomination and Remuneration Committee are as under:

1. To identify persons who are qualified to become Directors and who may be appointedin senior management in accordance with the criteria laid down recommend to the Boardtheir appointment and removal and shall carry out evaluation of every Director'sperformance.

2. To formulate the criteria for determining qualifications positive attributes andindependence of a Director and recommend to the Board a policy relating to theremuneration for the Directors Key Managerial Personnel and other employees.

3. The Nomination and Remuneration Committee shall while formulating the policy ensurethat:

a. the level and composition of remuneration is reasonable and sufficient to attractretain and motivate Directors of the quality required to run the Company successfully;

b. relationship of remuneration to performance is clear and meets appropriateperformance benchmarks; and

c. remuneration to Directors Key Managerial Personnel and senior management involves abalance between fixed and incentive pay reflecting short and long-term performanceobjectives appropriate to the working of the company and its goals:

4. Regularly review the Human Resource function of the Company

5. Discharge such other function(s) or exercise such power(s) as may be delegated tothe Committee by the Board from time to time.

6. Make reports to the Board as appropriate.

7. Review and reassess the adequacy of this charter periodically and recommend anyproposed changes to the Board for approval from time to time.

8. Any other work and policy related and incidental to the objectives of the committeeas per provisions of the Act and rules made there under.

REMUNERATION POLICY

Remuneration to Executive Directors:

The remuneration paid to Executive Directors is recommended by the Nomination andRemuneration Committee and approved by Board in Board meeting subject to the subsequentapproval of the shareholders at the General Meeting and such other authorities as may berequired. The remuneration is decided after considering various factors such asqualification experience performance responsibilities shouldered industry standards aswell as financial position of the Company. However no remuneration pai to the ExecutiveDirectors.

Remuneration to Non Executive Directors:

The Non Executive Directors are not paid remuneration by way of Sitting Fees andCommission. The Non Executive Directors are not paid sitting fees for each meeting of theBoard and Committee of Directors attended by them.

AUDIT COMMITTEE

According to Section 177 of the Companies Act 2013 the company's Audit Committeecomprised of three directors. The board has accepted the recommendations of the AuditCommittee. The table sets out the composition of the Committee (From 01st April2016 to 16th January 2017):

Name of the Director Position held in the Committee Category of the Director
Mr. Rajubhai Desai Chairman Non Executive Independent Director
Mr. Chandubhai Vaghela Member Non Executive Independent Director
Mr. Sunilkumar Gandhi Member Executive Director

*As the Members of the committee resign with effect from 16th January 2017the composition of committee members changed by the said date:

Name of the Director Position held in the Committee Category of the Director
Ms. Ashaben S. Daiji Chairman Non Executive Independent Director
Mr. Harshit Narendra Mehta Member Non Executive Independent Director
Mr. Sunilkumar Gandhi Member Executive Director

SECRETARIAL AUDIT REPORT

There is a qualification or adverse remark in the Secretarial Audit Report for theappointment of CS/ CFO in the company.

- The company is in the process for the appointment of CFO and Company Secretary.

Further the Secretarial Audit Report as provided by Mr. Ketul Jagdishbhai ShahPracticing Company Secretary for the financial year ended 31st March 2017

COST AUDIT

Cost Audit is not applicable to the company.

VIGIL MECHANISM

As per Section 177(9) and (10) of the Companies Act 2013 and SEBI (LODR) Regulations2015 the company has established Vigil Mechanism for directors and employees to reportgenuine concerns and made provisions for direct access to the chairperson of the AuditCommittee. Company has formulated the present policy for establishing the vigil mechanism/Whistle Blower Policy to safeguard the interest of its stakeholders Directors andemployees to freely communicate and address to the Company their genuine concerns inrelation to any illegal or unethical practice being carried out in the Company.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITIONAND REPRESSED ACT 2013:

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (Permanent contractualtemporary trainees) are covered under this policy.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your company has established adequate internal financial control systems to ensurereliable financial reporting and compliance with laws and regulations

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The management discussion and analysis report as required has been attached and formspart of this report.

ACKNOWLEDGEMENT

Your Directors wish to express their grateful appreciation to the continuedco-operation received from the Banks Government Authorities Customers Vendors andShareholders during the year under review. Your Directors also wish to place on recordtheir deep sense of appreciation for the committed service of the Executives staff andWorkers of the Company.

FOR & ON BEHALF OF THE BOARD OF DIRECTORS

Date: 25.08.2017 Place: Ahmedabad Sd/-

(RITESH VIRCHAND SHAH) DIN : 00680265

Sd/-

(NEHA SAMIR DADIA) DIN : 02742915