Your Directors have pleasure in presenting their 28th Annual Report along with thestandalone and consolidated summary financial statements for the financial year endedMarch 31 2018.
Audited Financials Results Standalone
| || ||(Rs. in Lakh) |
|Particulars ||Year ended 31 March 2018 ||Year ended 31 March 2017 |
|Net Sales/Income from Operations || || |
|Other Income ||656.76 ||3.48 |
|Total Income ||656.76 ||3.48 |
|Total Expenses ||23.86 ||62.48 |
|Exceptional Items (Sundry Balances and bad and doubtful debts written off after adjusting sundry credit balance written back) ||642.36 ||885.34 |
|Profit /(Loss) Before Taxation ||(9.46) ||(944.35) |
|Provision for Tax || || |
|Profit /(Loss) After Taxation ||(9.46) ||(944.35) |
|Surplus / (Deficit) carried to Balance Sheet ||(9.46) ||(944.35) |
|Earning Per Share ||(0.005) ||(0.472) |
Audited Financials Results Consolidated
| || ||(Rs. in Lakh) |
|Particulars ||Year ended 31 March 2018 ||Year ended 31 March 2017 |
|Net Sales/Income from Operations || || |
|Other Income ||656.76 ||3.62 |
|Total Income ||656.76 ||3.62 |
|Total Expenses ||24.63 ||62.76 |
|Exceptional Items (Sundry Balances and bad and doubtful debts written off after adjusting sundry credit balance written back) ||642.36 ||914.67 |
|Profit / Loss Before Taxation ||(10.23) ||(973.80) |
|Provision for Tax || || |
|Profit / Loss After Taxation and before Minority Interest ||(10.23) ||(973.80) |
|Profit / Loss After Taxation and after Minority Interest ||(10.23) ||(973.80) |
|Earning Per Share ||(0.005) ||(0.487) |
From the most of the years IT and ITES operations of the Company continued to besuspended due to ongoing Global Crisis and unfavorable market conditions. Non recovery ofBook Debts also resulted in defaults in repayment of loans to the Banks who haveclassifiedour account as NPA and have initiated steps for recovery of their dues. Under acompromise/ settlement with Bank of India one of the property situated at C-1 Sector 57Noida (under Mortgage to the Bank) was sold on 30.11.2011 for part payment of their duesunder the said compromise/ settlement and further Bank of India has sanctioned thecombined One Time Settlement (OTS) for company and its subsidiary (i.e Maple e-solutionLimited) vide letter dated 08.03.2018.
Similarly Karnataka Bank Limited had also taken physical possession of our propertysituated at 113 Udyog Vihar Phase-I Gurgoan (Haryana) on 14.12.2011 and the Company ismaking efforts to reach a Compromise/ Settlement with the Bank for repayment of their duesagainst the sale proceeds of the property whether by way of auction or otherwise. Howeverthey said bank vide their letter No. HO/LRD/GF:178/PF(SU):1261/OR:164/1/2/2013-14dated.03.04.2013 has informed to the company that the total financial assistance grantedby the bank to the company along with the underline security in favour of ARCIL (AssetReconstruction Company India Limited) as the sole trusty under SARFAESI Act 2002. Nowrecently the same has been auctioned by ARCIL on 31.01.2017 for the balance payment ofrecovery company has submitted for One Time Settlement.
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 2018 is Rs. 199889650/-.
In view of financial losses of the Company during 2017-2018 Your Directors do notrecommended any dividend for the financial year 2017-2018.
The Board of Directors of the Company does not propose any amount to carry to anyreserve for the financial year ended March 31 2018.
The Company has not accepted / invited any public deposits during the period underreview and hence provisions of Section 73 of the Companies Act 2013 is not applicable.
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 Statement of the Company for the Financial Year 2017-18 are prepared incompliance with the applicable provisions of the Act Indian Accounting Standards (Ind AS)101 First Time adoption of the Indian Accounting Standards notified under the Companies(Indian Accounting Standards) Rules 2015 and as prescribes by SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015. The Financial Statement has prepared onthe basis of the audited financial statement of the Company as approved by theirrespective Board of Directors.
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.
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
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 2017-18 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.
The Company at its Twenty fourth AGM held on 30th September 2014 appointed M/s KPMR& Associates Chartered Accountants Delhi having Firm Registration No. 002504Nallotted by The Institute of Chartered Accountants of India as Statutory Auditors of theCompany to hold office from the conclusion of the said AGM until the conclusion of 29thAnnual at every AGM. The Company has obtained necessary certificateunder Section 141 ofthe Companies Act 2013 from them conveying their eligibility for being statutory auditorsof the Company for the year 2018-19.
The observations/qualificationsof the Auditors in the Auditors Report are explained andclarifiedwherever necessary in the appropriate
Notes to the Accounts.
M/s Datt Ganesh & Associates Company Secretaries have been appointed asSecretarial Auditor of the Company for the financial year 2017-18 in line with theprovisions of Section 204 of the Companies Act 2013. The Report of Secretarial Auditor(Form MR-3) for the Financial Year 2017-18 is annexed vides "Annexure IV".
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 so Mr. Sudhish Kumar Rastogi Director ofthe Company again retires by rotation and being eligible offer himself for re-appointment.Your Director recommends his reappointment. Appointment of Mr. Sudhish Kumar Rastogi is incompliance with the provisions of Section 164(2) of the Companies Act 2013.
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. ||Kirti Verma ||Company Secretary (Resigned on 09th April 2018) |
NUMBER OF MEETINGS OF THE BOARD
During the period commencing from 1st April 2017 and ending on 31st March 2018 theboard of directors of your company met on the following dates on 30th May2017 20th June 2017 29th August 2017 14th September2017 28th September 2017 14th December 2017 14thFebruary 2018 and 27th March 2018.
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
No related party transaction has been entered into by the Company during the periodunder review.
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 under Company 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 2017-18 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.
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.
The Company has appointed Mr. Sohan Lal Chartered Accountant Proprietor with S. Lal& Co. as an Internal Auditor of the Company for the FY 2017-18 who has conductinternal audit of the Company.
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 orCourts orTribunal 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-V.
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-VI.
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: 30.05.2018 ||(Managing Director) ||(Director) |
|Place: New Delhi ||DIN: 00269470 ||DIN: 00688082 |