Your Directors hereby present the Twenty Seventh Annual Report together with theAudited Accounts of the company for the financial year ended 31st March 2021.
Financial Summary or Highlights/Performance of the Company:
The financial highlights for the current year in comparison to the previous year are asunder:
(Rupees in Lakhs)
|PARTICULARS ||Current Year (2020-21) ||Previous Year (2019-20) |
|Revenue from Operations ||2750.45 ||1058.03 |
|Other Income ||0.00 ||0.08 |
|Total Revenue ||2750.45 ||1058.11 |
|Total Expenditure (Before Financial Charges Depreciation) ||2530.44 ||859.81 |
|Profit before Finance Charges Tax Expenses Exceptional items and Depreciation ||220.02 ||198.30 |
|Less : Depreciation ||2.79 ||3.50 |
|Profit before Finance Charges Tax Expenses Exceptional items ||217.23 ||194.80 |
|Less : Finance Charges ||27.86 ||25.11 |
|Profit before Tax Expenses and Exceptional items ||189.36 ||169.69 |
|Add : Exceptional Items ||- ||- |
|Profit before Tax ||189.36 ||169.69 |
|Provision for Tax ||48.86 ||50.63 |
|Profit after Tax ||140.50 ||119.06 |
|Total Comprehensive Income ||140.50 ||119.06 |
|Less: Transfer to Reserves ||- ||- |
|Balance ||140.50 ||119.06 |
|Balance of profit of earlier years ||75.18 ||576.98 |
|Less : Dividend Paid on Equity Shares ||75.04 ||100.05 |
|Dividend Distribution Tax ||- ||20.57 |
|Bonus issue ||- ||500.24 |
|Balance Carried Forward ||140.64 ||75.18 |
In the Financial Year 2020-21 even during the crisis of Covid-19 Pandemic yourCompany has made a revenue of Rs. 2750.45 Lacs in the current financial year as comparedto Rs.1058.03 Lacs for the previous financialyear. Your Company has posted net profitafter tax of Rs. 140.50 Lacs in the current year as compared to Rs.119.06 Lacs in theprevious financial year. Your Directors are confident of increasing the top line andbottom line with sustainable growth in the in the years to come.
The Board recommends Final dividend of Re.0.50/- per Equity Share i.e. 5% on face valueof Rs.10/- per equity share to the shareholders for the financial year 2020-21.
TRANSFER TO RESERVES:
Your Company has not transferred any amount to reserves during the financial year.
THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES JOINTVENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:
Till date the Company does not have any Subsidiaries Associates or Joint Ventures.
DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNEDDURING THE YEAR:
During the Financial Year 2020-21 Board of Directors have reappointed Mr G Raghu RamaRaju as Managing Director of the Company on 08.08.2020 and the appointment was ratified bymembers in the 26th AGM held on 14th September 2020 and Smt. GParvathi retires by rotation and being eligible offers herself for reappointment at the27th Annual General Meeting (AGM) of the Company scheduled to be held on 16thSeptember 2021.
Except for the above there has been no changes in the office of directors or keymanagerial personnel during the year.
DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
Every Independent Director at the first meeting of the Board in which he participatesas a Director and thereafter at the first meeting of the Board in every financial yeargives a declaration that he meets the criteria of independence as provided under theCompanies Act 2013.
During the year four meetings of Board of Directors were held as more particularlydisclosed in the attached report of Corporate Governance. The intervening gap between anytwo meetings was within the prescribed period.
The Number and dates of meeting held by the Board and its Committees attendance ofDirectors is given separately in Corporate Governance Report in terms of Section 134(3)(b)of the Companies Act 2013.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act 2013 your Directors confirm that tothe best of their knowledge and belief and according to the information and explanationobtained by them
(i) that in the preparation of Annual Accounts for the financial year ended 31stMarch 2021 the applicable accounting standards have been followed along with the properexplanation relating to material departures if any there from;
(ii) that the directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are 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 that period:
(iii) that the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities
(iv) that the directors have prepared the annual accounts on a going concern basis.
(v) The Directors had laid down Internal Financial Controls to be followed by theCompany and that such Internal Financial Controls are adequate and were operatingefficiently.
(vi) The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and Operating effectively.
CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of business during the FY 2020-21.
MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments affecting the financial position of thecompany occurred between the end of the financial year of the company to which thefinancial statements relate and the date of the report.
The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for selection and appointment of Directors and Senior Management personneland fix their remuneration. The Remuneration Policy is posted on the website of theCompany at the link:www.radixindustries.in
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:
Company has not given any loans or made any investments or provided any guaranteecovered under the provisions of Section 186 of the Companies Act 2013.
The Annual Return of the Company as on 31st March 2021 is available on theCompany's website and can be accessed at www.radixindustries.in
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 of The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employeesof the Company is herewith annexed as "Annexure I" to this report.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS.
The Company has in place proper and adequate internal control systems commensurate withthe nature of its business and size and complexity of its operations. Internal controlsystems comprising of policies and procedures designed to ensure reliability of financialreporting timely feedback on achievement of operational and strategic goals compliancewith policies procedure applicable laws and regulations and that all assets andresources acquired are used economically.
M/s. K.S.Rao &Co. Chartered Accountants (Firm Registration No.003109S) wereappointed as Statutory Auditors of the Company for a period of 5 Years from the Conclusionof 25th Annual General Meeting of the Company till the conclusion of 30thAnnual General Meeting of the Company.
The Independent Auditors report given by M/s. K.S.Rao & Co. Chartered Accountantsthe Statutory Auditors of the Company on Financial Statements of the Company does notcontain any qualification reservation or adverse remark.
REPORTING OF FRAUDS:
During the year under review there was no instance of fraud which required theStatutory Auditors to report to the Audit Committee and/or Board under Section143(12) ofthe Companies Act 2013 and the rules made thereunder.
The Board of Directors based on the recommendation of the Audit Committee havere-appointed Sri. Papolu Anjaneyulu Chartered Accountants as internal Auditors of theCompany. The Internal Auditors are submitting their reports on quarterly basis.
SECRETARIAL AUDITORS & SECRETARIAL AUDIT REPORT:
Pursuant to provisions of Section 204 of the Companies Act 2013 read with Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board has appointedM/s. P. S. Rao & Associates Practicing Company Secretaries to conduct SecretarialAudit for 2020-21. The Secretarial Audit Report pursuant to Section 204(1) of theCompanies Act 2013 for the financial year ended 31st March 2021 is given in'Annexure II' attached hereto and forms part of this Report.
The Secretarial Audit Report does not contain any qualification reservation or adverseremark on the Company
The Annual Secretarial Compliance Report issued by M/s. PS. Rao & AssociatesCompany Secretaries pursuant to SEBI circular dated February 8 2019 is forming part ofthe Corporate Governance Report.
MAINTENANCE OF COST RECORDS:
Company is not required to maintain cost records as specified by the Central Governmentunder subsection (1) of section 148 of the Companies Act 2013
VIGIL MECHANISM/ WHISTLE BLOWER POLICY:
The Company has a Whistle Blower Policy framed to deal with instance of fraud andmismanagement if any in the group. The details of the Policy are explained in theCorporate Governance Report and also posted on the website of the Companywww.radixindustries.in
ENERGY CONSERVATION TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details regarding Energy Conservation Technology Absorption Foreign ExchangeEarnings and Outgo as required by section 134 (3)(m) of the Companies Act 2013 read withthe Companies (Accounts) Rules 2014 are given as "Annexure-III" andforms part of this report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
Company has entered into transaction with related party as per the provisions ofsection 188 of the Act. The details of the same are provided in AOC-2 as Annexure -IV tothis report.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY FOR THE COMPANY INCLUDINGIDENTIFICATION THEREIN OF ELEMENTS OF RISK IF ANY WHICH IN THE OPINION OF THE BOARD MAYTHREATEN THE EXISTENCE OF THE COMPANY:
The Company has risk management mechanism in place which mitigates the risk atappropriate situations and there are no elements of risk which in the opinion of Board ofDirectors may threaten the existence of the Company.
DETAILS ABOUT THE CORPORATE SOCIAL RESPONSIBILITY POLICY DEVELOPED AND IMPLEMENTED BYTHE COMPANY:
The Company does not meet the Criteria as specified in Section 135 of the CompaniesAct 2013 regarding Corporate Social Responsibility.
Your Company has not accepted any fixed deposits and as such no principal or interestwas outstanding as on the date of the Balance sheet.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts which wouldimpact the going concern status of the Company and its future operations.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Pursuant to the provisions of Schedule V to SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 a report on Management Discussion & Analysis is herewith annexed as "Annexure V" to this report.
COMPLIANCE WITH SECRETARIAL STANDARDS:
During the year under review your Company has complied with the respective SecretarialStandards issued by the Institute of Company Secretaries of India on Board MeetingsGeneral Meetings and Dividend.
The Company has implemented the procedures and adopted practices in conformity with theCode of Corporate Governance under SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015. A separate report on Corporate Governance is annexed as "Annexure-VI"here with as a part of the Annual Report along with the certificate on itscompliance.
Your Company considers its Human Resources as the key to achieve its objectives.Keeping this in view your Company takes utmost care to attract and retain qualityemployees. The employees are sufficiently empowered and such work environment propels themto achieve higher levels of performance. The unflinching commitment of the employees isthe driving force behind the Company's vision. Your Company appreciates the spirit of itsdedicated employees.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) 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 setup to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy.
The following is a summary o f sexual harassment complaints received and disposed offduring the year:
No. of complaints received: Nil
No. of complaints disposed off: Nil LISTING:
Your Company's shares are presently listed on The BSE Limited Mumbai and the listingfees for F.Y 2021-22 is paid.
Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 the Board has carried out the annualperformance evaluation of its own performance the Directors individually as well as theevaluation of the working of its Audit Nomination and Remuneration and Share holdersGrievance 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.
A separate exercise was carried out to evaluate the performance of individual Directorsincluding the Chairman of the Board who were evaluated on parameters such as level ofengagement and contribution independence of judgments safeguarding the interest of theCompany and its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out by the entireBoard. The performance evaluation of the Chairman and the Non Independent Directors wascarried out by the Independent Directors who also reviewed the performance of theSecretarial Department. The Directors expressed their satisfaction with the evaluationprocess.
Your Directors express their sincere appreciation to the customers members dealersemployees bankers State and Central Government Stock Exchanges and all stakeholders fortheir co-operation and confidence reposed in the Company.
| ||BY THE ORDER OF THE BOARD For Radix Industries (India) Limited |
| ||Sd/- |
| ||G Raghu Rama Raju |
|Place: Tanuku ||Chairman & Managing Director |
|Date : 19.07.2021 ||(DIN: 00453895) |