Your Directors are elated in presenting the 34th Annual Report of theCompany along with the Audited Statement of Accounts for the year ended as on 31st March2019.
2. HIGHLIGHTS/PERFORMANCE OF THE COMPANY (STANDALONE)
(Amount in Rs)
|Particulars ||Current Financial Year ||Previous Financial Year |
| ||(2018-2019) ||(2017-2018) |
|Net Profit/(Loss) Before Depreciation and Tax ||1203619 ||20866 |
|Depreciation ||Nil ||Nil |
|Profit /(Loss) before Tax ||1203619 ||20866 |
|Provision for Tax ||309932 ||5389 |
|Profit/ (loss) after Tax ||893688 ||15477 |
|Balance Brought forward ||3431966 ||3469853 |
|Balance Carried to Balance Sheet ||4325654 ||3431966 |
3. BUSINESS OVERVIEW:
The Company is involved in the business of trading of textiles. The company is planningfor expansion of its business. The company wishes to expand and grow its business inimports exports and manufacturing unit also. The Net profit of the Company has increasedfrom Rs. 15477/-. to Rs. 893687/-. The Company's policy of management has providedcushion effect to the adversities of the market on the performance of Company. During theyear company office has shifted from Delhi to Mumbai.
Your Directors feel that it is prudent to plough back the profits for future growth ofthe Company and with a view to conserve the resources they do not recommend any dividendfor the year ended 31st March 2019.
5. CORPORATE SOCIAL RESPONSIBILITY:
The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the provisions of Section 135 of the Companies Act 2013 are notapplicable.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
As required under clause (c) of sub-section (3) of section 134 of the Companies Act2013 directors to the best of their knowledge and belief state that:
|(a) in the preparation of the Annual Accounts the applicable Accounting Standards had been followed along with proper explanation relating to material departures; |
|(b) the Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit and Loss of the Company for that period; |
|(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; |
|(d) the Directors had prepared the Annual Accounts on a going concern basis; and |
|(e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and |
|(f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. |
7. EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Report in form MGT-9 as requiredunder Section 92(3) of the Companies Act 2013 read with rule 12(1) of the Companies(Management and Administration ) Rules 2014 are included in this Report as Annexure-Iand forms an integral part of this report.
8. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
There was no contract or arrangements made with related parties as defined underSection 188 of the Companies Act 2013 during the year under review.
9. DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTMENTS / RESIGNATIONS DURING THEYEAR:
During the year under review Mr. Sureshchandra Rameshwarlal Modi was appointed as theNon Executive Independent Director of the Company w.e.f 23rd April 2019.
10. NUMBER OF MEETINGS OF BOARD DURING THE YEAR:
During the financial year under review the Board of Directors met Six times. i.e 21stMay 2018 25th May 2018 10th July 2018 14thAugust 2018 14th January 2018 and14th February 2019.
11. COMPOSITION OF AUDIT COMMITTEE:
Composition of Audit Committee as on March 31 2019 as required under section 177(8) ofthe Companies Act 2013 read with Regulation 18 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.
|1. Mr. Indrajeet Kumar Kuwar |
|2. Mr. Sureshchandra Rameshwarlal Modi |
|3. Mr. Bhavin Hemendra Nagda |
12. DECLARATION BY THE INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.
13. CASH FLOW STATEMENT:
As required under Regulation 34 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 with the Stock Exchanges the Cash Flow Statement isattached to the Balance Sheet.
14. STATUTORY AUDITORS:
At the Annual General Meeting held on August 12 2018 M/s. Jain Anil and AssociatesChartered Accountants (FRN: 115987W) Mumbai were appointed as statutory auditors of theCompany to hold office till the conclusion of the Annual General Meeting to be held in theFinancial Year 2022-23. The report given by the auditors on the financial statement of theCompany is a part of the Annual Report. There has been no qualification reservationadverse remarks or disclaimer given by the auditors in their report.
15. SECRETARIAL AUDIT REPORT:
In terms of Section 204 of the Companies Act 2013 and Rules made there under M/s.Charu Golash Practicing Company Secretaries have been appointed as Secretarial Auditor ofthe Company. The report of the Secretarial Auditor is enclosed as Annexure II tothis report. The report is self-explanatory however the Company has initiated necessarysteps to comply with various non-compliances as mentioned under the Secretarial AuditReport.
During the year under review the Company has not accepted any deposits within themeaning of Section 73 of Companies Act 2013 read with the Companies (Acceptance ofDeposits) Rules 2014.
17. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIESACT 2013:
During the period under review Company has not given any loans guarantees orinvestments to the Company.
The Equity shares of the Company are listed on BSE Ltd under Scrip Code: 538569 andMSEI Limited under Scrip Code is TRIVENIENT
19. MANAGEMENT DISCUSSION AND ANALYSIS:
As per Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 Management Discussion and Analysis Report is enclosed.
20. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS/ TRIBUNALIMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE:
There are no significant material orders passed by the Regulators / Courts / Tribunalwhich would impact the going concern status of the Company and its future operations.Hence disclosure pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules 2014 is notrequired.
21. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS PURSUANT TO RULE 8 (5) (viii) OF COMPANIES (ACCOUNTS) RULES 2014:
The Company has an adequate internal financial control system commensurate with thesize of its business operations.
22. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO
The particulars as required under the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 in respect ofconservation of energy and technology absorption are not required to be furnishedconsidering the nature of activities undertaken by the Company during the year underreview. Further during the year under review the Company has neither earned nor used anyforeign exchange.
23. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT:
The Company has developed & implemented Risk Management Policy. However Companyhas not come across any element of risk which may threaten the existence of the Company.
24. DISCLOSURES OF AMOUNTS IF ANY TRANSFER TO ANY RESERVES:
It is not proposed to carry any amount to any reserves from the profits of the Company.Hence disclosure under Section 134 (3) (j) of the companies act 2013 is not required.
25. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013
The Company has duly set up an Internal Complaints Committee (ICC) in line with therequirements of The Sexual Harassment of Women at the Workplace (Prevention Prohibition& Redressal) Act 2013 to redress complaints received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and disposed offduring the year 2018-19.
|No of complaints received: ||Nil |
|No of complaints disposed off: ||Nil |
26. CORPORATE GOVERNANCE:
As per the requirement of SEBI Circular No. SEBI/LAD-NRO/GN/2015- 16/013 datedSeptember 2 2015 Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 No. the listed companies having paid up equityshare capital not exceeding Rs.10 Crores and Net Worth not exceeding Rs.25 Crores as onthe last day of the previous financial year is not required to comply with the norms ofthe Corporate Governance Report.: Since the paid up equity share capital of the companyis Rs.57240000/- and Net Worth is not exceeding Rs. 25 Crores as on financial year ending31st March 2019 therefore the provisions relating to the Corporate Governance report arenot applicable the company.
27. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
There are no significant and material orders passed by the Regulators/ Court who wouldimpact the going concern status of the Company and its future operations.
We record our gratitude to the Banks and others for their assistance and co-operationduring the year. We also wish to place on record our appreciation for the dedicatedservices of the employees of the Company. We are equally thankful to our esteemedinvestors for their co-operation extended to and confidence reposed in the management.
| ||By Order of the Board of Directors |
|Registered Office: ||For Triveni Enterprises Limited |
|Office No. 24 Bldg No. 2 || |
|N.G. Park S.V. Road ||Sd/- |
|Rawalpada Dahisar East ||Bhavin Nagda |
|Mumbai 400068 ||Whole Time Director |
|Maharashtra ||DIN: 06727240 |
|Date: September 05 2019 || |
|EXTRACT OF ANNUAL RETURN |
|As on financial year ended on 31st March 2019 |
|[Pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of the Companies (Management and Administration) Rules 2014] |