Your Directors have pleasure in presenting the 27th ANNUAL REPORTtogether with the Audited Accounts of the company for the financial year ended 31st March2021.
1. FINANCIAL HIGHLIGHTS (Rupees in Lakhs)
|PARTICULARS ||Year ended ||Year ended |
| ||31.03.2021 ||31.03.2020 |
|Revenue from Operations ||2026.36 ||1854.78 |
|Other Income ||12.79 ||10.88 |
|Total Income ||2039.15 ||1865.66 |
|Expenditure ||1860.83 ||1839.51 |
|Net profit before tax ||178.32 ||26.15 |
|Tax ||50.56 ||7.10 |
|Net Profit ||127.75 ||19.05 |
2. STATE OF COMPANY'S AFFAIR
During the year under review your company has achieved a total income of Rs. 2039.15lakhs as against previous year's income of Rs.1865.66 Lakhs and recorded a net profit ofRs. 127.75 Lakhs for the financial year 2020-21 when compared to a net profit of Rs. 19.05lakhs during the previous year.
Your Directors do not recommend any Dividend for the Financial Year 2020-2021 as theprofits are planned to be ploughed back into the business operations.
Company has neither accepted nor renewed any deposits falling within the provisions ofSection 73 and 76 of the Companies Act 2013 read with the Companies (Acceptance ofDeposits) Rules 2014 from the its member and public during the Financial Year 2020-2021.
During the year under review Five board meetings were held on as follows
|25th Jun 2020 ||14th Aug 2020 ||27th Aug 2021 |
|09th Nov 2020 ||09th Feb 2021 || |
6. BOARD EVALUATION
The Board of Directors evaluated the annual performance of the Board as a whole itscommittee's and the directors individually in accordance with the provisions of theCompanies Act 2013 and SEBI (LODR) Regulations 2015 in the following manner: i.Structured evaluation forms as recommended by the Nomination and Remuneration Committeeafter taking into consideration inputs received from the Directors covering variousaspects of the Board's functioning such as adequacy of the composition of the Board andits Committees Board culture execution and performance of specific duties obligationsand governance for evaluation of the performance of the Board its Committee's and eachdirector were circulated to all the members of the Board along with the agenda papers.
ii. The members of the Board were requested to evaluate by filling the evaluation formsand the duly filled in evaluation forms were required to be sent to the Company Secretaryin a sealed envelope or personally submitted to the Chairman at the concerned meeting.
iii. Based on the individual evaluation of the Directors the Board initiated adetailed discussion at the concerned meeting on the performance of the Board /Committee/Individual Director and formulated a final collective evaluation of the Board.The Board also provided an individual feedback to the concerned director on areas ofimprovement if any.
A separate meeting of Independent Directors was held on 09th February2021 to evaluate the performance evaluation of the Chairman the Non IndependentDirectors the Board and flow of information from management.
7. VIGIL MECHANISM
Pursuant to the provisions of section 177 (9) and read with all other applicableprovisions of the Companies Act 2013 and the Companies (meetings of board and its powers)Rules 2014 (including any statutory modification(s) or re-enactment thereof for the timebeing in force) and SEBI (LODR)Regulations2015 the Company has a Whistle Blower Policyframed to deal with instance of fraud and mismanagement if any in the Group and alsoposted on the website of the Company.
8. REMUNERATION POLICY
The Board of Directors on recommendation of the Nomination and Remuneration Committeeframed a Nomination and Remuneration policy for selection appointment and remuneration ofDirectors KMP and Senior Management and matters covered u/s 178(3) of the Companies Act2013.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the Company Mr. Sandeep Peeti (DIN- 00751377) retires by rotation at theensuing Annual General Meeting and being eligible offers himself for re-appointment.
10. DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134(3) (c) of the Companies Act 2013 andsubject to disclosures in the Annual Accounts as also on the basis of the discussion withthe Statutory Auditors of the Company from time to time and to the best of theirknowledge and information furnished the Board of Directors states:
i. That in preparation of the Annual Accounts for the year ended 31st March2021; all the applicable Accounting Standards Prescribed by the Institute of CharteredAccountants of India have been followed along with proper explanation relating to materialdepartures if any.
ii. That the Directors have adopted such accounting policies as selected inconsultation with Statutory Auditors and applied them consistently and made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company at the end of the financial year and of the profit of theCompany for the financial year ended 31st March 2021. iii. That the Directorshave taken proper and sufficient care for the maintenance of adequate accounting recordsin accordance with the provisions of the Companies Act 2013 for safeguarding the assetsof the Company and for preventing and detecting fraud and other irregularities.
iv. That the Annual Accounts for the year ended 31st March 2021 has been prepared ona going concern basis.
v. Those proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively.
vi. That system to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.
11. RISK MANAGEMENT
Pursuant to the provisions of section 134 (3) (n) and read with all other applicableprovisions of the Companies Act 2013 and the Companies (Accounts) Rules 2014 (includingany statutory modification(s) or re-enactment thereof for the time being in force) andSEBI(LODR)Regulations2015 the Risk management is Not applicable to the company.
12. STATUTORY AUDITORS
Pursuant to the provisions of Section 139(2) of the Companies Act 2013 M/s. MKPS& Associates Chartered Accountants (Registration No. 302014E) Hyderabad appointedas Statutory Auditors of the Company for a period of 5 years to hold office from theconclusion of 23rd Annual General Meeting to till the conclusion of 28thAnnual General Meeting at such remuneration as decided by the Board.
The Notes on Financial Statements referred to in the Auditor's Report areself-explanatory and do not call for any further comments. There are no qualifications inthe report of the statutory auditors for the year 2020-21.
13. INTERNAL AUDITORS:
The Board of Directors based on the recommendation of the Audit Committee hasreappointed Mr. Sandeep Chowdhury Prop. Chowdhury & Associates CharteredAccountants Hyderabad as the Internal Auditors of your Company. The Internal Auditors aresubmitting their Reports on quarterly basis pursuant to the provisions of section 138 andrule 13 of Companies (Accounts) rules 2014.
14. 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 at large.
The Policy on Related Party Transactions as approved by the Board is uploaded on thewebsite of the Company. The particulars of contracts or arrangements with related partiesreferred to in sub-section (1) of Section 188 of the Companies Act 2013 is referred inNotes to Accounts.
15. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE
There have been no material changes and commitments affecting the financial position ofthe Company which have occurred between the end of the financial year of the Company towhich the financial statements relate and the date of the report.
16. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
The Company has not provided any loan to any person or body corporate or given anyguarantee or provided security in connection with such loan or made any investment in thesecurities of anybody corporate pursuant to Section 186 of the Companies Act 2013. TheCompany has given advance against salary to some employees in terms of the applicablepolicies of the Company.
17. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS
A. Conservation of Energy: The present operation of the Company does not involveHigh-energy consumption. However steps being taken to minimize energy consumptionwhere-ever possible.
B. Research & Development: The Research and Development division of Spices oilsAnd Oleoresins department continues to focus on introducing of new brands.
C. Technology Absorption - Not Applicable
D. Foreign Exchange Earnings & Outgo:
(Figures in Rs.)
| ||2020-21 ||2019-20 |
|Foreign Exchange Earnings ||Nil ||Nil |
|Foreign Exchange Outgo ||Nil ||Nil |
18. MANAGEMENT DISCUSSION AND ANALYSIS:
Aspects of Management Discussion and Analysis are enclosed as "Annexure-I"to this report.
19. CORPORATE GOVERNANCE:
Since the paid up capital of the Company is less than Rs.10 Crores and the net worth ofthe Company is less than Rs. 25 Crores the provisions of Regulations 17 1819 20 2122 23 24 25 26 27 and clauses (b) to (i) of sub-regulation 2 of Regulation 46 andpara C D & E of Schedule V of the Securities Exchange Board of India(ListingObligations and Disclosure Requirements)Regulations 2015 are not applicable to theCompany.
20. CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the provisions of section 135 (1) and read with all other applicableprovisions of the Companies Act 2013 and the Companies (Corporate social responsibilitypolicy) Rules 2014 (including any statutory modification(s) or re-enactment thereof forthe time being in force) Corporate Social Responsibility is Not applicable to theCompany.
21. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s. P.S. Rao & Associates Company Secretaries to undertake the SecretarialAudit of the Company for the FY 2020-21 is given in the FORM NO: MR - 3 isherewith annexed as "Annexure (II)" attached hereto and forms part ofthis Report.
22. ANNUAL RETURN
The accordance with Section 134 (3) (a) of the Companies Act 2013 a copy of AnnualReturn in the prescribed format i.e. Form MGT -7 is placed on the website of the Companyi.e. https:// peetisecuritieslimited.com
23. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 (12) read with Rule 5 (1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respectof employees of the Company is herewith annexed as Annexure-III. In terms of Rule5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014the Company does not have any employee who is employed throughout the financial year andin receipt of remuneration of 102 Lakhs or more or employees who are employed for part ofthe year and in receipt of 8.5 Lakhs or more per month.
24. POLICY ON PREVENTION PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK
Your Company strongly supports the rights of all its employees to work in anenvironment free from all forms of harassment. The Company has adopted a Policy onPrevention Prohibition and Redressal of Sexual Harassment at workplace as per theprovisions of the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 and the Rules made thereunder. The policy aims to provide protectionto employees at the workplace and prevent and redress complaints of sexual harassment andfor matters connected or incidental thereto with the objective of providing a safeworking environment where employees feel secure. The Company has also constituted anInternal Committee known as Anti Sexual Harassment Committee to address the concerns andcomplaints of sexual harassment and to recommend appropriate action.
The Company has not received any complaint on sexual harassment during the year.
25. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL
During the year under review the Company has complied with Secretarial Standardsissued by the Institute of Company Secretaries of India on Board Meetings and AnnualGeneral Meetings.
Your Directors place on record their appreciation for the co-operation and supportfrom the Bankers Financial institutions the Stockiest and Distributors Supplier andCustomers. Your Directors would also like to place on record their sincere appreciationand gratitude to the Shareholders Central and State Government Agencies etc for theirsupport and co-operation. Your Directors express their heartfelt gratitude to theemployees for their exceptional commitment and loyalty to the company.
| ||BY THE ORDER OF THE BOARD |
| ||PEETI SECURITIES LIMITED |
|Sd/- ||Sd/- |
|SANDEEP PEETI ||RAJESH PITTY |
|Chairman & Managing Director ||Wholetime Director |
|DIN: 00751377 ||DIN: 00488722 |
|Place: Hyderabad || |
|Date : 31.08.2021 || |