Your Directors have pleasure in presenting their 29tf1Annual Report of the Companytogether with the Audited Accounts of the Company for the financial year ended as on31.03.2021.
The financial results of the Company for the year under review are summarized as under.Item
(Rs in Lacs)
| ||As on 31.03.2021 ||As on 31.03.2020 |
|Turnover ||466.92 ||488.88 |
|Other Income ||0.04 ||0.13 |
|Profit (Loss) before taxations ||-19.03 ||7.17 |
|Balance b/f from last year. ||-59.63 ||-65.76 |
|Provisions / Prior period adjustments. ||-.45 ||-1.05 |
|Carried to Balance Sheet ||-79.12 ||-59.63 |
Results of Operations and the State of Affairs:
The highlights of the company's performance are tabulated herein above. The performanceof the key metrics of the company has varied as above.
Material Changes and Commitments:
There are no material changes and commitments affecting the financial position of thecompany which have occurred between the end of the financial year of the company to whichthe financial statements relates and the date of report.
No dividend was considered by the Director for the year.
No major changes were reported in the line of business of the company for the lastreported period. However company had experienced COVID-19 impact during the closedfinancial years.
The Company has not accepted any deposits from public in the year under review.
Management Discussions and analysis forming part of Director's Report:
Factors effecting demand and supply of mineral processing and stone industry:
The demand during the year remains more or less stable after incorporating the effectof COVID-19. The material of the company is used by the soap paint and varnishindustries. And the demand of the company is related is aligned with the demand of theseproducts. During the year the performance of the company is impacted due to COVID-19.Inconsistency in the availability of various production factors has impacted the overallperformance. Throughout the year their remains mismatch among these factors and behaviorof both demand and supply remained unpredictable. In continuation of COVID-19 the companyis not in position to predict anything for the running year either.
The Director's Confirm:
a) That in the preparation of the annual accounts the applicable accounting standardshave been followed and that no material departures have been made from the same.
b) That they have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give true and fairview of the state of affairs of the Company at the end of the financial year and of theprofit or loss of the Company for that period;
c) That they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the Companies Act 2013 for safeguarding the assetsof the Company and for preventing and detecting frauds and other irregularities;
d) That they have prepared the annual accounts on a going concern basis.
The Company is using modern technology available for the entire manufacturing process.The management has full attention to get the maximum yield and fine quality with minimumenergy requirement.
Foreign Exchange Earnings and Outgo:
There is no inflow or outflow of foreign exchange during the year.
Details of Directors and Key managerial Persons:
In accordance with the provisions of the Act and in terms of Articles of Association ofthe Company Mrs. Akshita Sundrawat (DIN 08285675)Director of the Company retires at theensuring Annual General Meeting and is being eligible for re-appointment offers herselffor re-appointment.Your Directors recommended the above re-appointment.
The following policies of the Company are attached herewith marked as Annexure I andAnnexure II-
(a) Policy of selection of Directors and determining Directors Independence; and
(b) Remuneration Policy for directors Key Managerial Personnel and other employees.
Key Managerial Personnel:
During the year under review Miss Deepali Totawat ACS worked as the CompanySecretary of the company.
The Company has established vigil mechanism and adopted whistle blower policy fordirectors and employees to report concerns about unethical behavior actual or suspectedfraud or violation of the company's code of conduct or ethics policy. The policy on Vigilmechanism and Whistle blower policy of the company are attached herewith marked asAnnexure III.
Particulars of Employees:
As per provision of section 197(2) read with 5(1) of the companies (Appointment andRemuneration of Managerial Personnel)Rules 2014 the payment of remuneration to Directorsare as follows:
1) Shri Mahaveer Sundrawat:Rs.9.60 Lacs
2) Shri Mayur Sundrawat:Rs.6.60 Lacs
No employee employed throughout the financial year and in receipt of remuneration of Rs60.00 lacs or more or employed for part of the year and in receipt of Rs. 5.00 lacs ormore a month under Section 5(2) of the companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.
Extract of Annual Return:
Extract of Annual Return as provided under sub-section (3) of section 92 of CompaniesAct 2013 is attached herewith (Annexure IV)
Annual Return in Form MGT-7 is available on the website of the company athttp://mayurfloorings.com/Financials.php
Number of Meetings of the Board:
Numbers of Meetings of the Board during the year were 4 which were held on20.06.202025.07.2020 31.10.2020 30.01.2021
Particulars of Loans guarantees or investments u/s 186:
No loan or guarantee is extended by the company so as to attract the provision of abovementioned section.
Related Party Contracts or arrangements:
During the year under review the company has not entered into any related partycontracts.
Corporate Governance: The Corporate Governance report for the year ended as on31.03.2021 as per requirement of Clause 49 of Listing Agreement has been given separatelyin the Annexure V.
The Company has appointed M/s. B.L. Harawat and Associates Company Secretaries asSecretarial Auditors to conduct the audit of secretarial and related records of theCompany for the FY ended 31st March 2021. The Secretarial Audit report as received fromabove named auditor is attached herewith marked as Annexure-VI.
Auditors and Auditors Report:
M/s Surendera Kumar Jain and Company will hold office and continue to work as theAuditor of the company.The Auditors report received from above named Auditor is attachedherewith marked as Annexure-VIII.
The component of the risk in the activities of the company is very minimal. In theopinion of the Board there is no element of risk that may threaten the existence of theCompany. During the year your company has however constituted a Risk ManagementCommittee and has been entrusted with the responsibility to assist the Board in (a)Overseeing and approving the company's enterprise wide risk management framework; and (b)Overseeing that all the risks that the organization faces such as strategic financialcredit market liquidity security property IT legal regulatory reputational andother risks have been identified and assessed and there is an adequate risk managementinfrastructure in place capable of addressing those risks. A Risk Management Policy wasreviewed and approved by the committee.The Company manage monitor and report on theprincipal risks and uncertainties that can impact its ability to achieve its strategicobjectives.
Internal Financial Controls:
The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weaknesses in the design or operation were observed.
Material Changes & Commitments affecting financial position of the Companyoccurring after Balance Sheet Date:
There remains no material change(s) affected after the date of Balance Sheet whichneeds to be mentioned specifically except discontinuation of marble processing activities.
Energy Conservation Technology absorption FOREX earnings &outgo:
No Forex Transaction took place during the year by the company.
|A. Power Consumptions: ||As on 31.03.21 ||As On 31.03.20 |
|Item || || |
|Units ||770388 ||370177 |
|Total Amount ||7145469 ||3125611 |
|Rate/Unit ||9.27 ||8.44 |
Corporate Social Responsibility:
Provision for section 135 of the Companies Act 2013 read with Companies (CorporateSocial Responsibility Policy) Rules 2014 are not applicable to the company being notfalls under threshold limit.
Relations between the management and employees remain cordial during the year underreview. The Director's place on records their appreciations of the efficient and loyalservices rendered by the employee's at all levels.
Insider Trading Regulations:
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations1992 as amended from time to time the Company has adopted Code of Conduct for Preventionof Insider Trading and the same is in force.
The Director's wish to express their deep appreciations and gratitude's to itsBanker's Financial Institutions all Central and State level departments for their valuedsupports.
|For & on behalf of the Board |
|(Mahavir N Sundrawat) Managing Director |
|Place: Banswara Date: 15.05.2021 |