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Triton Corp. Ltd.

BSE: 523387 Sector: IT
NSE: N.A. ISIN Code: INE982C01033
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NSE 05:30 | 01 Jan Triton Corp. Ltd
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VOLUME 18629
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52-Week low 0.19
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Mkt Cap.(Rs cr) 5
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Sell Price 0.00
Sell Qty 0.00
OPEN 0.27
CLOSE 0.27
VOLUME 18629
52-Week high 0.35
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Triton Corp. Ltd. (TRITONCORP) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting their 30th Annual Report along with thestandalone and consolidated summary financial statements for the financial year endedMarch 31 2020.

FINANCIAL HIGHLIGHTS

Audited Financials Results - Standalone

(Rs. in Lakh)
Particulars Year ended 31 March 2020 Year ended 31 March 2019
Net Sales/Income from Operations
Other Income 0.89 0.81
Total Income 0.89 0.81
Total Expenses 43.44 17.06
Exceptional Items (Sundry Balances and bad and doubtful debts written off after adjusting sundry credit balance written back) - 775.22
Profit/(Loss) Before Taxation (42.54) (791.47)
Provision for Tax
Profit/(Loss) After Taxation (42.54) (791.47)
Surplus/(Deficit) carried to Balance Sheet (42.54) (791.47)
Earning Per Share (0.021) (0.396)

Audited Financials Results - Consolidated

(Rs. in Lakh)
Particulars Year ended 31 March 2020 Year ended 31 March 2019
Net Sales/Income from Operations
Other Income 0.89 0.81
Total Income 0.89 0.81
Total Expenses 44.15 17.70
Exceptional Items (Sundry Balances and bad and doubtful debts written off after adjusting sundry credit balance written back) 40.00 988.19
Profit/Loss Before Taxation (83.25) (1005.07)
Provision for Tax
Profit/Loss After Taxation and before Minority Interest (83.25) (1005.07)
Profit/Loss After Taxation and after Minority Interest (83.25) (1005.07)
Earning Per Share (0.042) (0.503)

OPERATIONS

Company could not be able to commence its operations due to continuing financialdifficulties. As business was suspended since FY 2008-2009on account of global financialrecession that time.

Further there is no secured loan payable to Banks and Financial Institution as on31.03.2020. Loans settled during the Financial Years as follows: (a) Bank of India hassanctioned the combined One Time Settlement (OTS) for company and its subsidiary (i.eMaple e-solution Limited) vide letter dated 08.03.2018 and the paid the same on 23April'2019 and received the "No Dues Certificate" dated 04 May'2019(b) ICICIBank loan settled and "No Dues Certificate" received on 04 July 2019 and (C)Orix Leasing & Financial Services India Ltd loan settled and No Dues Certificatereceived on 26 August 2019. Hence liabilities adjusted accordingly during the year andprofit earned due to decreases in bank liabilities directly transferred to Reserve &Surplus.

CAPITAL STRUCTURE

During the current year there is no change in the Authorised and Paid up Share Capitalof the Company. Company has not received any additional Capital. Total Paid up ShareCapital of the Company as on 31st March 2020 is Rs. 199889650/-.

DIVIDEND

In view of financial losses of the Company during 2019-2020 Your Directors do notrecommend any dividend for the financial year 2019-2020.

RESERVE

The Board of Directors of the Company does not propose any amount to carry to anyreserve for the financial year ended March 31 2020.

PUBLIC DEPOSITS

The Company has not accepted/invited any public deposits during the period under reviewand hence provisions of Section 73 of the Companies Act 2013is not applicable.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance.Your Directors adhere to the requirements set out by the Securities and Exchange Board ofIndia's Corporate Governance practices and have implemented all the stipulationsprescribed.

The detailed Corporate Governance Report forms part of this Director's Report vide "Annexure-I".

CONSOLIDATED FINANCIAL STATEMENTS

The financial statements of the Company for the Financial Year 2019-20 have beenprepared in accordance with the applicable provisions of the Act Indian AccountingStandards (Ind AS) 101 and as prescribes by SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. First Time adoption of the Indian Accounting Standardsnotified under the Companies (Indian Accounting Standards) Rules 2015 was duringfinancial year 2017-2018. These financial statements are the third financial statements ofthe Company under Ind AS.

Pursuant to the provisions of Section 136 of the Companies Act 2013 the FinancialStatements of the Company the Consolidated Financial Statements along with all relevantdocuments and Auditors Report thereon form part of this Annual Report.

MANAGEMENT DISCUSSION & ANALYSIS

A separate report on Management Discussion and Analysis relating to business andeconomic environment surrounding your Company have been appended to this report in termsof the Listing Agreement and marked as"Annexure II".

Particulars of Employees

None of the Employees of the Company draws remuneration exceeding the limits prescribedunder Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 read with Section 197 of the Companies Act 2013 hence the statement required underthe said is not required to be annexed.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINACIAL POSITION OF THE COMPANY

No material changes have occurred and commitments made affecting the FinancialPosition of the Company between the end of the financial year of the company and the dateof this report.

VIGIL MECHANISM

The Company has a Vigil mechanism and Whistle blower policy under which the employeesare free to report violations of applicable laws and regulations and the Code of Conductunder the supervision of Audit Committee. During the year under review no report relatedto the violation received.

ANNUAL ACCOUNTS OF SUBSIDIARY COMPANY

Your Company has one Subsidiary Company namely Maple eSolutions Limited in which yourCompany holds 99.99% of shareholding.

As per the provisions of Sec 129 (3) of the Companies Act 2013 read with rule 5 of theCompanies (Accounts) Rules 2014 a separate statement containing salient features offinancial statements of subsidiary has been attached with Consolidated FinancialStatements for the year 2019-20 and the performance and financial position of theSubsidiary Company is annexed in Form AOC-1 and enclosed as "Annexure III".

The Consolidated Financial Statements have been presented in the Annual Report.

STATUTORY AUDITORS

The Company at its Twenty Ninth AGM held on 30th September 2019 appointed M/s AAAChartered Accountants Delhi having Firm Registration No. 08113C allotted by TheInstitute of Chartered Accountants of India as Statutory Auditors of the Company to holdoffice from the conclusion of the said AGM until the conclusion of Annual General Meetingfor financial year 2023-24. The Company has obtained necessary certificate under Section141 of the Companies Act 2013 from them conveying their eligibility for being statutoryauditors of the Company. The requirement for the annual ratification of auditor'sappointment at the Annual General Meeting has been omitted pursuant to Companies(Amendment) Act 2017 notified on May 7 2018. The Statutory Auditors have confirmed thatthey satisfy the independence criteria as required under the Act.

AUDITORS' REPORT

The observations/qualifications of the Auditors in the Auditors Report are explainedand clarified wherever necessary in the appropriate Notes to the Accounts.

SECRETARIAL AUDITORS

M/s Datt Ganesh & Associates Company Secretaries have been appointed asSecretarial Auditor of the Company for the financial year 2019-20 in line with theprovisions of Section 204 of the Companies Act 2013. The Report of Secretarial Auditor(Form MR-3) for the Financial Year 2019-20 is annexed vides"Annexure IV".

PREVENTION OF INSIDER TRADING:

In compliance with the provisions of Securities Exchange Board of India (Prohibition ofInsider Trading) Regulations 2015 the Board has adopted a code of conduct and code ofpractices and procedures for fair disclosure of unpublished price sensitive information topreserve the confidentiality of price sensitive information to prevent misuse thereof andregulate trading by designated persons. The code of practices and procedures for fairdisclosure of unpublished price sensitive information is also available on the Company'swebsite.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

As our company has 4 directors out of which one is Managing Director whose tenure isfixed and not liable to retire by rotation 2 independent directors who are not liable toretire by rotation as per companies Act 2013. Mrs. Meena Rastogi has been appointed as anAdditional Director - Non Executive on the Board of the Company on September 082020.Since Mr. Sudhish Kumar Rastogi has resigned as on September 15 2020 And Hence none ofthe director is eligible for retire by rotation.

Pursuant to the provisions of Section 149 and other applicable provisions of theCompanies Act 2013 with respect to appointment and tenure of the Independent Directorswhich came into effect from April 1 2014 the Independent Directors shall be appointedfor not more than two terms of five years each and shall not be liable to retire byrotation. The Term shall be effective prospectively.

Mr. Bharat Singh Bisht and Mr. Tushar Rastogi Independent Director of the Company arehaving a independent capacity in the management.

Following are the Key Managerial Personnel of the Company under the provisions ofSection 203 of the Companies Act 2013.

S. No Name Designation
1. Sheetal Jain Managing Director
2. Rajeev Kumar Gupta Chief Financial Officer
3. Tara Rawat Company Secretary (Joined on 24th February 2020)

NUMBER OF MEETINGS OF THE BOARD

During the period commencing from 1st April 2019 and ending on 31st March 2020 theboard of directors of your company met on the following dates on 29th May2019 04thJuly 201913th August2019 30th August 2019 28thSeptember2019 13th November 201922nd January2020 24th February 2020 and19th March 2020.

RISK MANAGEMENT

The Company has a Risk Management process which provides an integrated approach formanaging the risks in various aspects of the business.

PARTICULARS OF LOANS INVESTMENTS OR GUARANTEES UNDER SECTION 186 OF COMPANIES ACT2013

During the year under review the Company has not advanced any loans/ given guarantees/made investments covered under the provisions of Section 186 of the Companies Act 2013hence the said provision is not applicable.

RELATED PARTY TRANSACTIONS UNDER SECTION 188 OF COMPANIES ACT 2013

All the transactions were made in the ordinary course of business. The provisions ofSection 188 of the Companies Act are therefore not attracted.

The disclosure of Related Party Transaction as per AS-24 has provided in the Notes toAccounts to the Financials of the Company vide "Annexure-V".

AUDIT COMMITTEE UNDER SECTION 177 OF COMPANIES ACT 2013

As per the provisions of Section 177 of the Companies Act 2013 the Company is havingthe Audit Committee to oversee internal audit and control procedures final accounts andreporting process. The committee comprises of three Non Executive Directors.

NOMINATION AND REMUNERATION COMMITTEE UNDER SECTION 178 OF COMPANIES ACT 2013

As per section 178 of the Companies Act 2013 and rules made there underCompany ishaving the Nomination and Remuneration Committee to look after the appointmentresignations and cessation of the employees of the Company and their remuneration.Nomination and Remuneration Committee comprises of three Non Executive Directors whichrecommend in the Board policy relating to remuneration of Directors Key ManagerialPersonnel and other employees.

STAKEHOLDER RELATIONSHIP COMMITTEE

In compliance of Section 178 of the Companies Act 2013 along with rules made thereunder Company is having the Stakeholders' Relationship Committee by the Board ofDirectors to consider and resolve the grievances of security holders of the Company. TheCommittee comprises of one Independent Director one Executive director and one Non-Executive Director.

DISCLOSURE AS PER THE SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION PROHOBITIONAND REDRESSAL) ACT 2013

The Company has a policy on prohibition prevention and redressal of Sexual Harassmentof women at workplace and matters connected there with or incidental there to covering allthe aspects as contained under "The Sexual Harassment of women at workplace(Prohibition Prevention and Redressal) Act 2013".

During the Financial Year 2019-20 no complaint was received under the policy.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has an Internal Control System commensurate with its size scale andcomplexity of its operations. Audit Committee reviews internal audit reports and overseesthe internal control system of the Company.

REMUNERATION POLICY

The Company has a Nomination and Remuneration Policy for selection and appointment ofDirectors Key Managerial Personnel and their remuneration. A note on Nomination andRemuneration Policy has been made part of the Corporate Governance Report.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 of the Companies Act 2013 with respect of Directors'responsibility it is hereby confirmed:

I. That in the preparation of the annual accounts the applicable accounting standardshad been followed along with proper explanation relating to material departures;

II. That the directors had 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 or loss of the Company for that period;

III. That the directors had 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 had prepared the annual accounts on a going concern basis.

V. The directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

VI. The directors have devised proper system to ensure compliance with the provisionsof all applicable laws and that such system were adequate and operating effectively.

DECLARATION BY INDEPENDENT DIRECTOR

All Independent Directors of the Company have given declarations that they meet thecriteria of independence as laid down under Section 149(6) of the Companies Act 2013 andSEBI (LODR) Regulations 2015.

INTERNAL AUDITOR

The Company has appointed Mr. Sohan Lal Chartered Accountant Proprietor with S. Lal& Co. as an Internal Auditor of the Company for the fY 2019-20 who has conductedinternal audit of the Company.

REPORTING OF FRAUD BY AUDITORS:

During the year under review neither the statutory auditors nor the secretarialauditors has reported to the audit committee under Section 143(12) of the Companies Act2013 any instances of fraud committed against the Company by its officers or employeesthe details of which would need to be mentioned in the Board's Report.

DETAILS OF SUBSIDIARY/JOINT VENTURE/ASSOCIATE COMPANIES

During the year under review no company became Subsidiary/Joint Venture/Associate ofthe Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALIMPACTING THE GOING CONCERN STATUS OF THE COMPANY

There are no such significant and/or material orders passed by the Regulators or Courtsor Tribunal impacting the going concern status and Company's future.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to Section 135 of Companies Act 2013 the Company doesn't have workingstatus. Therefore it is not required to constitute a CSR Committee.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO:

The particulars relating to conservation of energy and technology absorption read withthe Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules1988 is enclosed herewith as Annexure-VI.

EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 92(3) of the Companies Act 2013 read with Rule12(1) of the Companies (Management and Administration) Rules 2014 extract of annualreturn in Form MGT-9 is enclosed herewith as Annexure-VII.

STOCK EXCHANGE LISTING:

The Equity Shares of your Company are listed at:

I. The Stock Exchange Mumbai. (BSE);

II. The Calcutta Stock Exchange (Applied for the delisting of security)

CODE OF CONDUCT

The Company has in place a comprehensive Code of Conduct (the Code) applicable to allthe employees and Non-executive Directors including Independent Directors. The Code isapplicable to Non-executive Directors including Independent Directors to such extent asmay be applicable to them depending on their roles and responsibilities. The Code givesguidance and support needed for ethical conduct of business and compliance of law. TheCode has been circulated to Directors and Management Personnel and its compliance isaffirmed by them annually. A declaration signed by the Company's Directors is published inthis Report.

APPRECIATION & ACKNOWLEDGEMENT

Your Directors appreciate the valuable co-operation extended by the Company's Bankersmonitoring agency & other Central and State Government departments for theircontinued support. Your Directors place on record their wholehearted appreciation of yourCompany's employees at all levels. Your Directors also acknowledge with gratitude thebacking of its shareholders.

By order of the Board of Directors
For Triton Corp Limited
Sd/- Sd/-
Sheetal Jain Sudhish Kumar Rastogi
Date: 29.06.2020 (Managing Director) (Director)
Place: New Delhi DIN: 00269470 DIN: 00688082

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