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Mewar Hi-Tech Engineering Ltd.

BSE: 540150 Sector: Engineering
NSE: N.A. ISIN Code: INE957U01011
BSE 00:00 | 19 Jul Mewar Hi-Tech Engineering Ltd
NSE 05:30 | 01 Jan Mewar Hi-Tech Engineering Ltd
OPEN 29.50
PREVIOUS CLOSE 29.00
VOLUME 6000
52-Week high 37.55
52-Week low 28.55
P/E 33.33
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 29.50
CLOSE 29.00
VOLUME 6000
52-Week high 37.55
52-Week low 28.55
P/E 33.33
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mewar Hi-Tech Engineering Ltd. (MEWARHITECH) - Director Report

Company director report

To The Members

Your Directors have pleasure in presenting their 14th Annual Report on thebusiness and operations of the Company and the audited accounts for the Financial Yearended on 31st March 2020.

1. FINANCIAL PERFORMANCE

The Company's financial performances for the year under review along with previousyear's figures are given hereunder:

(Amount in

Rs.)

For the financial For the financial
Particulars year ended 31st March 2020 year ended 31st March 2019
(Rs.) (Rs.)
Business Income 527429496 602469947
Other Income 4979406 1643379
Total Income 532408902 604113326
Profit before depreciation taxation 16497440 1728 1921
Less: Depreciation 10185069 12719592
Less: Taxation 2896630 3890687
Profit after taxation 3415741 671642
Balance brought forward from the previous year 30479439 29807797
Total balance carried to Balance Sheet 3415741 671642

2. OPERATION AND STATE OF COMPANY'S AFFIARS:

The company has generated Rs. 527429496/- as revenue from the operations in thecurrent financial year i.e. 2019-2020. The company is engaged in the business ofmanufacturing and

assembling of wide range of crushers screens and customized size reduction equipment.The Board of Directors had evolved and adopted a code of conduct based on the principal ofgood Corporate Governance and best management practices being followed globally.

During the year under review your company did satisfactory. Directors expect that thecompany will achieve new heights in the ensuing year.

3. DIVIDEND:

During the year under review the directors of the company felt prudent to retain theearnings for the year to be ploughed back in the business which shall result in furtheraugmentation of the company's growth and shareholders wealth.

4. CHANGES IN THE NATURE OF BUSINESS:

There is no change in the nature of business in comparison to immediate preceding year.

5. CHANGE IN SHARE CAPITAL:

The Company has 3903600 Equity Shares of Rs. 10/- each amounting to Rs. 39036000.

During the year under review the Company has not issued any shares. Thus there is nochange in the Share Capital of the Company.

6. TRNASFER TO RESERVES:

Any amount carried forward in reserve showing in the financial statements of thecompany.

7. MANAGEMENT DISCUSSION AND ANALYSIS:

Pursuant to SEBI (LODR) Regulations 2015 Report on Management Discussion and Analysisforms an integral part of the Board Report. The Management Discussion and Analysis reportis annexed as Annexure.

8. DIRECTOR'S RESPONSIBILITY STATEMENT:

In pursuance of provisions of Section 134(5) referred to in clause (c) of sub-section(3) of Section 134 of the Companies Act 2013 and based on the information provided bythe management your Directors hereby confirm that:

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

(b) They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the profitand loss of the Company for that period;

(c) They have taken proper and sufficient care 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) They have prepared the annual accounts of the Company on a going concern basis.

(e) They have laid down Internal financial controls to be followed by the Company andsuch internal financial controls are adequate and were operating effectively.

(f) They have devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company the work performed by the internal statutoryand secretarial auditors and external consultants including the audit of internalfinancial controls over financial reporting by the statutory auditors and the reviewsperformed by management and the relevant board committees including the audit committeethe Board is of the opinion that the Company's internal financial controls were adequateand effective during FY 2019-2020.

9. CORPORATE SOCIAL RESPONSIBILTY:

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable. Pursuant to the provisions ofsection 135 and schedule VII of the Companies Act 2013 at present the CSR provisions arenot applicable to the Company.

Further the Company has voluntarily spent certain amounts towards the Society.

10. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OFTHE FINANCIAL YEAR AND DATE OF REPORT:

There are no material changes after the balance sheet date which may materially affectthe financial position of the company or having any material impact on the operations ofthe Company.

11. CHANGES IN SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES

The Company has no subsidiaries joint ventures or associates during the year andtherefore no details are required to be given.

12. CONSOLIDATED FINANCIAL STATEMENTS:

The Company has no Subsidiary or Joint Venture therefore; question of consolidatedfinancial statement does not arise.

13. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

The company has entered into the transaction with its related party on the arm lengthprice in ordinary course of business and same has been reviewed by the Audit committeepursuant the Provision of Regulation 23 of SEBI (LODR) Regulations 2015 and Rule 6A of(Meeting of Board and its power) Rules 2014.

All the related party transactions on arm length price and in ordinary course ofbusiness due to which the provision of section 188 of the companies act 2013 notapplicable on the company and the details of Related Party Transaction disclosed in Notesof Accounts.

14. PARTICULARS OF EMPLOYEES AND REMUNERATION:

The information required pursuant to Section 197 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 with respect of theemployees of the Company is enclosed herewith as Annexure.

15. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant the Provision of Section 160 149 and 152 of the companies act 2013 theRemuneration and Nomination Committee has recommended and propose the name of Mr.Ghanshyam Joshi (DIN: 08490676) to appoint as an Independent Director of the company forthe period of Five years who qualifies for being appointed as an independent director.

During the year the company has appointed to Mr. Ghanshyam Joshi (DIN: 08490676) hasbeen appointed in the annual general meeting of the company held in the financial year2018-2019.

During the financial year Mr. Vaibhav Singh Rathore retires from the post ofdirectorship of the company by rotation and being eligible and offer himself forreappointment.

The brief profile pursuant to Regulation 36 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 of the Director eligible for appointment/re-appointment forms part of the Corporate Governance Report.

The company has Independent Directors on the Board and also one women director as perthe requirements of section 149 of the Companies Act 2013.

16. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Company has received necessary declaration from each Independent Director of thecompany under Section 149(7) of the Companies Act 2013 that the Independent Directors ofthe Company meet with the criteria of their Independence as laid down in Section 149(6).

17. INTERNAL AUDITORS

The company has M/s K Chhabra & Associate Chartered Accountant (Firm RegistrationNumber: 003988C) & K. Chhabra & Associate as an internal Auditors as per provisionof section 138 of the Companies Act 2013 and has completed the internal Audit as per thescope defined by the Audit Committee.

18. STATUTORY AUDITORS

M/S Sagar Golchha & Co. Chartered Accountants (FRN: 007755C) acts as the StatutoryAuditors of the Company and audited the financial statements for the year ended 31 March2019 who was appointed in the Annual General Meeting of the Company which was held on 30thday of September 2017 to hold office for a period of 5 (five) consecutive years till theconclusion of the Annual General Meeting which will be held at the end of F.Y. 2022 atsuch remuneration for each financial year as may be decided by the directors of thecompany in due consultation with the Statutory Auditors of the Company.

19. SECRETARIAL AUDITOR

M/s P. Talesara & Associates Practicing Company Secretary Udaipur was appointedas the Secretarial Auditor of the Company for the financial year 2019-2020 by the Board ofDirectors pursuant to provisions of Companies Act 2013 and rules there under. Secretarialaudit report as provided by M/s P. Talesara & Associates Practicing Company Secretaryis annexed to this Report.

20. AUDIT REPORTS

The statutory auditor's report the secretarial audit report and internal audit reportsfor the year ending 2019-2020 have been obtained by the company. Secretarial audit reportand statutory audit is a part to this report.

21. BOARD MEETINGS

During the Financial Year 2019-2020 the Board of directors met 14 times. The detailsof the Board Meeting and the attendance of the directors are provided in the corporategovernance report.

22. NOMINATION AND REMUNERATION COMMITTEE & AUDIT COMMITTEE:

The Nomination & Remuneration Committee and Audit Committee consist of adequatecomposition of Non Executive Independent Directors of which details are mentioned in theCorporate Governance Report as per the requirement of SEBI (LODR) Regulation 2015.

All the recommendations of the Audit committee were accepted by the Board during the FY2019-2020.

23. PARTICULARS OF LOANS GAURANTEES OR INVESTMENTS

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 if any apart from the loans made guarantee given orsecurity provided by the Company in the ordinary course of business if any are given inthe Notes to accounts forming part of the Audited Financial Statements for the year endedMarch 31 2020.

24. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

(a) Conservation of Energy: The Company's operations are not energy-intensiveand

involve low energy consumption. However adequate measures have been taken to conservethe consumption of energy.

(b) Technology Absorption: Operations of the company do not involve any kind ofspecial technology and there was no expenditure on research & development during thisfinancial year. However your company continuously upgrading its technology (computertechnology and telecom infrastructure) to ensure it is connection with its clients acrossthe global.

(c) Foreign Exchange Earnings and outgo: During the year the company has notreceived any foreign exchange earnings and also there is no foreign exchange outgo duringthe year.

(d) Human Resource Development & Industrial Relations: Your Companycontinues to take new initiatives to further align its HR policies to meet the growingneeds of its business. People development continues to be a key focus area of the Company.The industrial relations in all the units of the Company remained cordial and peacefulthroughout the year.

25. EXTRACT OF ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) read with Section 134(3)(a) of theCompanies Act 2013 the Annual Return is set out as an Annexure to this Board Report inprescribed Form MGT-9 which forms part of this Annual Report. We are hosting the AnnualReturn on the web link of the company i.e. www.mewarhitech.com.

26. BUSINESS RISK MANAGEMENT

The Board of Directors of the Company identifies & evaluates the business risks andopportunities. The directors of the Company take pro-active steps to minimize adverseimpact on the business objectives and enhance the Company's competitive advantage.Presently no material risk has been identified by the directors except of general businessrisks for which the Company is leveraging on their expertise and experience.

27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS

There are no significant material orders passed by the Regulators / Courts / Tribunalswhich would impact the going concern status of the Company and its future operations.

28. NUMBER OF CASES FILED IF ANY AND THEIR DISPOSAL U/S 22 OF THE SEXUAL HARASSMENTOF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013

The Company has zero tolerance for sexual harassment at work place and has a policy onprevention prohibition and redressal of sexual harassment at work place in the line ofprovisions of Sexual Harassment of women at work place (Prevention Prohibition andRedressal) Act 2013 and the rules framed there under. Internal Complaints Committee(ICC) has been set up to redress complaints received regarding sexual harassment. Nocomplaint of sexual harassment was received during the financial year 2019-20

29. EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There were no qualifications reservations or adverse remarks made either by theAuditors in their respective Audit Reports or by the company secretary in theirsecretarial report.

30. SHARES

(a) Buy Back of Securities

The Company has not bought back any of its securities during the year under review.

(b) Sweat Equity

The Company has not issued any Sweat Equity Shares during the year under review.

(c) Bonus Shares

The company has not issued bonus shares during the year under review.

(d) Employees Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees.

31. LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fees for the year 2019-20 toBSE SME where the Company's shares are listed.

32. INVESTOR COMPLAINTS AND COMPLIANCE:

During the year Company has not received any investor complaints and as on date nocomplaints are pending.

33. EARNINGS PER SHARE (EPS):

The earnings per share (EPS) is Rs.0.88 per share as at March 31st 2020 asagainst Rs.0.17 per share as at March 31st 2019.

34. ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation for the assistance andcooperation received from the financial institutions Government Authorities customersvendors and members during the year under review. Your directors also wish to place onrecord their deep sense of appreciation for the committed services by the Company'sexecutives staff and workers.

Date: 5/09/2020
Place: Udaipur

 

For & on Behalf of Board of Directors
Mewar Hi-Tech Engineering Limited
CIN: L29299RJ2006PLC022625

 

Sd/- Sd/-
Smt. Reena Rathore (Chattarsingh Rathore)
Whole Time Director Managing Director
DIN: 01748907 DIN: 01748904
Annexure-I

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