SC AGROTECH LIMITED
(Formerly known as Sheet international Ltd
Your Directors have Pleasure in Presenting the 30th Annual Report together with auditedstatement of accounts for the year ended 31st March 2020.
|Financial Perform ance: - || |
(Amount in Rs.)
|Particulars ||As on 31.03.2020 ||As on 31.03.2019 |
|Income || || |
|Revenue from operations (gross) ||- ||- |
|Other Income ||7210000 ||7201357 |
|Total Revenue ||7210000 ||7201357 |
|Expenses || || |
|Purchase ||- ||- |
|Employee benefits expense ||1929194 ||2400066 |
|Finance Cost ||3477 ||3803 |
|Depreciation and amortization expenses ||141068 ||141068 |
|Other expenses ||4626643 ||4260514 |
|Total Expenses ||6701102 ||6805451 |
|Profit (loss) before exceptional and extraordinary items and tax ||508898 ||395906 |
|Less: Exceptional Items & Current Tax || || |
|1 Prior Period Tax Credit ||8045 ||0 |
|2. Current year tax Exp ||78134 ||75440 |
|Less:-MATcredit entitlement ||0 ||(75440) |
|EARLIER YEARS ||(16710) ||20510 |
|DEFFERED TAX ||(118312) ||(124842) |
|Profit/ (loss) after Tax and exceptional Items ||557741 ||500238 |
Change in the Nature of Business if any
During the year under review there was no change in the nature of business of theCompany.
OPERATIONS AND FUTURE PLANS:
The operations for the year under review show Profit before tax of Rs. 508898 andProfit after tax of Rs. 557741.
During the year under review your Company has neither invited nor accepted anydeposits from the public falling within the ambit of Section 73 of the Act and theCompanies (Acceptance of Deposits) Rules 2014.
In view of the past track of the financial position of the company not to earn muchmore profits and its occurred loss since last several year companies is not in theposition is to distribute Dividend to its shareholders.
There is no change in the Authorised Share Capital and paid up Share Capital of theCompany during the previous year.
DIRECTORS AND KMP:
|Name of Director ||Designation ||Category |
|Sh. Nitin Maheshwari ||Executive Director ||Whole Time Director |
|Sh. Shashi Ranjan Kumar ||Director ||Independent Director |
|Sh. Sharad Ratan ||Director ||Independent director |
|Smt. Hemlata Rajora ||Woman director ||Woman Director |
> To re-appointment of Mr. Nitin Maheshwari (Din : 03459767) as whole timedirector.
> Regularization of additional independent director Mr. Sharad Ratan by appointinghim As independent director of the company.
> Regularization of additional woman director Mrs. Hemlata rajora by appointing heras Woman director of the company.
Brief resume and other details of the Directors being re-appointed at the ensuing AGMas stipulated under Secretarial Standard-2 issued by the Institute of Company Secretariesof India and Regulation 36 of the SEBI (LODR) Regulations 2015 is separatelydisclosed in the Notice of the ensuing AGM.
> DIRECTORS' RESPONSIBILITYSTATEMENT:
The Directors responsibility statement pursuant to section 134 (5) of theCompanies Act 2013 is annexed there to
Directors have pleasure to State:
i) That in the preparation of the annual accounts for the financial year ended 31stMarch 2020 the applicable accounting standards has been followed along with properexplanations if any relating to material departures.
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 the Profit/ Loss of the Company for the year under review.
iii) That the Directors have taken proper and sufficient care for the maintenanceof adequate accounting records in accordance with the provisions of the Companies Act2013 for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.
iv) That the Directors have prepared the annual accounts ongoing concern basis.
v) That the Directors have laid down the Internal Financial control to be followedby the Company and that such internal Financial Controls are adequate and were operatingeffectively.
vi) That the Director has devised proper system to ensure compliance withthe pro-vision ofall applicable law that such system wasadequate and operating effectively.
DECLARA TION FROM INDEPENDENT DIRECTOR
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed both undersub-section (6) of Section 149 of the Companies Act 2013 and SEBI (LODR) Regulations2015.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of section 204 of the Companies Act 2013 and the Companies(Appointment and remuneration of managerial persons) rules 2014 the Company hasappointed Mr. Dillip Chandra Maharathi (CP No. 13496) M/s D. Maharathi & Associatescompany Secretaries to undertake the Secretarial Audit of the Company for the financialperiod 2020.
The Secretarial Audit report for the financial period ended 31s march 2020is attached as Annexure- A of this Board's report. The Secretarial Audit report does notcontain any qualification reservation or adverse remark.
CORPORATE SOCIAL RESPONSIBILITY:
The Company is not required to constitute a Corporate Social Responsibility Committeeas it does not fall within the purview of Section 135(1) of the Companies Act 2013 andhence it is not required to formulate policy on Corporate Social responsibility.
RISK MANA GEMENT POLICY:
The Company has in place a dynamic Risk management framework for a systematic approachto control risks as the framework identifies evaluates business risks and opportunitiesand seeks to create transparency and minimize adverse impact on the business The riskmanagement process is appropriately handled by functional heads. As on Date the Companyenvisages risks which could threaten the existence of the company.
During the year under review neither any fixed deposit has been invited nor any fixeddeposit have been renewed by the Company under the provisions of section 73 of theCompanies Act 2013 read with Companies (Acceptance of Deposits) Rules 1975 from thepublic.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO.
Statement pursuant of Section 134 (3) (m) of the Company Act 2013 are annexed heretoand forming part of the report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Details of Loans Guarantees Securities and Investments covered under the provisionsof Section 186 of the Act are given in the Notes to the Financial Statements.
CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE:
The Company has taken adequate steps to adhere to all the stipulations laid down underSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015. A report on Corporate Governance included as a part of this AnnualReport is given in Annexure-B
MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR
There are no material changes and commitments noticed by the Board between the end ofFinancial year of the Company i.e. March 31 2020 and the date of this report.
GLOBAL HEALTH PANDEMIC FROM COVID-19
The World Health Organization declared a global pandemic of the Novel Corona virusdisease (COVID-19) on February 11 2020. In enforcing social distancing to contain thespread of the disease our offices and client offices all over the world have beenoperating with minimal or no staff for extended periods of time. To effectively respond toand manage our operations through this crisis the Company triggered its businesscontinuity management program chaired by the Managing Director. In keeping with itsemployee-safety-first approach the Company quickly instituted measures to trace allemployees and be assured of their well-being. Our teams reacted with speed and efficiencyand quickly leveraged technology to shift the workforce to an entirely newwork-from-home' model. Proactive preparations were done in our work locations duringthis transition to ensure our offices and training centers were safe. Travel immigrationand insurance-related challenges faced by our employees were swiftly handled in line withthe guidelines issued by the local authorities. Policy changes related to working fromhome and IT infrastructure support were rolled out overnight to help our employees shiftto this new work paradigm. Continuous communication on the latest updates played a keyrole in enabling our employees to stay on top of the evolving situation. We have extendedsupport to the employees impacted by this pandemic COVID-19. The Company would implement aphased and safe return-to-work plan as and when lockdown restrictions are relaxed. TheCompany's focus on liquidity supported by a strong balance sheet and acceleration in costoptimization initiatives would help in navigating any Nera-term challenges in the demandenvironment.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177 of the Companies Act 2013 and Regulation 22of SEBI (LODR) Regulations 2015 the Company has adopted a Vigil Mechanism / WhistleBlower Policy to provide a platform to the Directors and employees of the Company to raiseconcerns regarding any irregularity misconduct or unethical matters / dealings within theCompany. The same is detailed in the Corporate Governance Report which forms part of thisreport. The Company has a vigil mechanism named Fraud and Risk Management Policy to dealwith instance of fraud and mismanagement if any in staying true to our values ofStrength Performance and Passion and in line with our vision of being one of the mostrespected companies in India the Company is committed to ensure the high standards ofCorporate Governance and stakeholder responsibility.
The Equity Shares of the Company are listed on the Bombay Stock Exchange Limited (BSE)having nation-wide trading terminals. Annual
listing fee for the Financial Year 2019-20 has been paid to BSE Limited.
The Auditor's Report does not contain any qualifications reservations or adverseremarks.
EXTRACT OF ANNUAL RETURN:
As prescribed under Section 92(3) of the Act the Extract of the Annual return in Formno. MGT-9 is available at Website of the company. www. scagrotech. com
The Board expresses its gratitude to the Government Authorities Financial Institutionsand Bankers for their continued and valuable support and co-operation extended to theCompany. The Board also gratefully acknowledged the support extended by the suppliersInvestors dealers Shareholders of Company. The Board also wish to place on records theirsincere appreciation of the wholehearted co-operation extended and the valuablecontribution made by the employees of all levels. Your directors sincerely thank allmembers for supporting us during the difficult days. We look forward to your continuedsupport and reiterate that we are determined to ensure that the plans are successfullyimplemented.
| ||FOR AND ON BEHALF OF THE BOARD |
| ||For SC AGROTECH LIMITED |
|Place: New Delhi ||(Formerly Known as Sheel International Limited) |
| ||Sd/- |
|Date: 01.08.2020 ||Nitin Maheshwari |
| ||Executive/Whole Time Director |