TO THE MEMBERS OF VIJAY SOLVEX LIMITED
Your Directors have pleased to present the 31st Annual Report on thebusiness & operations of your Company along with the Audited Financial Statements forthe financial year ended 31st March 2019.
SUMMARIZED FINANCIAL RESULTS
| || || || |
(Rs. in Lakhs)
|Particulars ||Year ended 2018-19 ||Year ended 2017-18 ||Year ended 2018-19 ||Year ended 2017-18 |
| || |
|Revenue from operations ||122590.28 ||87882.25 ||122590.28 ||87882.25 |
|Other Income ||179.93 ||9.17 ||179.93 ||9.17 |
|Total Income ||122770.21 ||87891.42 ||122770.21 ||87891.42 |
|Profit before finance cost depreciation and tax ||2752.51 ||2029.93 ||2752.51 ||2029.93 |
|Less: Finance Cost ||672.30 ||267.14 ||672.30 ||267.14 |
|Profit before depreciation and tax ||2080.21 ||1762.79 ||2080.21 ||1762.79 |
|Less: Depreciation ||158.62 ||151.03 ||158.62 ||151.03 |
|Profit before Tax (before share of profit of associates) ||1921.59 ||1611.76 ||1921.59 ||1611.76 |
|Add: Share of Profit / (Loss) of associates ||- ||- ||0.56 ||0.60 |
|Profit before Tax (after share of profit of associates) ||- ||- ||1922.15 ||1612.36 |
|Less: Current Tax ||640.00 ||620.00 ||640.00 ||620.00 |
|Less: Deferred Tax ||25.64 ||(34.60) ||25.64 ||(34.60) |
|Less: Excess Tax provision of earlier year ||(17.18) ||- ||(17.18) ||- |
|Profit after Tax ||1273.13 ||1026.36 ||1273.69 ||1026.96 |
|Add: Other Comprehensive Income ||20.45 ||17.05 ||(478.58) ||877.30 |
|Total Comprehensive Income ||1293.58 ||1043.41 ||795.11 ||1904.26 |
|Add: Balance brought forward from previous year ||11051.73 ||10008.32 ||12333.37 ||10429.11 |
|Surplus carried to Balance Sheet ||12345.31 ||11051.73 ||13128.48 ||12333.37 |
STATE OF COMPANY'S AFFAIRS
During the period under review on standalone basis your Company has achieved a totalTurnover of Rs. 122590.28 Lakhs as against Rs. 87882.25 Lakhs in the previous financialyear. The Profit before finance cost depreciation and tax is Rs. 2752.51 Lakhs Profitafter Tax is Rs. 1273.13 Lakhs and Total Comprehensive Income is Rs. 1293.58 Lakhs ascompare to Rs. 2029.93 Lakhs Rs. 1026.36 Lakhs and Rs. 1043.41 Lakhs respectively in theprevious financial year. During the year the turnover and Profit after Tax of the Companyhas increased by 39.49% and 24.04% respectively.
Further during the period under review on consolidated basis your Company hasachieved Profit before Tax (after share of profit of associates) of Rs. 1922.15 Lakhs asagainst Rs. 1612.36 Lakhs in the previous financial year. The Profit after Tax is Rs.1273.69 Lakhs and Total Comprehensive Income is Rs. 795.11 Lakhs as against Rs. 1026.96Lakhs and Rs. 1904.26 Lakhs respectively in the previous financial year. During the yearthe Profit before Tax (after share of profit of associates) and Profit after Tax of theCompany has increased by 19.21% and 24.03% respectively.
The Company intends to retain internal accrual for funding growth to generate a goodreturn for shareholders both of today and tomorrow. Thus the Board of Directors does notpropose any dividend for the financial year 2018-19.
TRANSFER TO RESERVES
Your Company has not made any transfer to Reserves during the financial year 2018-19.
During the year under review the Company has neither accepted nor renewed any depositsin terms of Chapter V of the Companies Act 2013 and Rules framed thereunder.
The Corporate Social Responsibility Committee comprises of three Independent Directorsnamely Shri G.R. Goyal (Chairman) Shri Ram Babu Jhalani and Shri Ramesh Chand Gupta asother members.
During the year the Company has spent Rs. 25.23 Lakhs (more than 2% of the average netprofits of last three financial years) on CSR activities.
The Corporate Social Responsibility Committee has formulated and recommended to theBoard a Corporate Social Responsibility Policy (CSR Policy) indicating the activities tobe undertaken by the Company which has been approved by the Board.
The CSR Policy of the Company can be accessed on the Company's website at the link:http://www.viiavsolvex.com/vahoo site admin/assets/docs/Corporate Social ResponsibiityPolicy.208175221. pdf
The key philosophy of all CSR initiatives of the Company is guided by three corecommitments of Scale Impact and Sustainability.
The Company has identified focus areas for CSR engagement details of few such areasare given below:
1) Promoting education including special education.
2) Eradicating hunger poverty and malnutrition promoting preventive health care andsanitation.
3) Promoting gender equality empowering women and setting up old age homes.
4) Ensuring environmental sustainability ecological balance protection of flora andfauna animal welfare.
5) Rural development projects.
6) Promoting rural sports and nationally recognized sports.
The Company would also undertake other need based initiatives in compliance withSchedule VII to the Act. The Annual disclosures as per Rule 9 of Companies (CorporateSocial Responsibility Policy) Rules 2014 shall be made as Annexure-I.
CONSOLIDATED FINANCIAL STATEMENTS
As per Regulation 33 of the Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations 2015 and applicable provisions of the CompaniesAct 2013 read with Rules framed thereunder the Consolidated Financial Statements of theCompany for the financial year 2018-19 have been prepared in compliance with applicableAccounting Standards and on the basis of audited financial statements of the Company andits associates companies (refer Form AOC-1 as attached to the Consolidated FinancialStatements of the Company forming part of this Annual Report) as approved by therespective Board of Directors. The Consolidated Financial Statements together withAuditor's Report form part of this Annual Report.
The Company has complied with the corporate governance requirements as stipulated underthe various regulations of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 and the Companies Act 2013 as amended. A report on CorporateGovernance along with certificate on its compliance forms a part of this Annual Report.
DETAILS OF SUBSIDIARY COMPANIES JOINT VENTURES AND ASSOCIATE COMPANIES AND HTGHLTGHTSOF THEIR PERFORMANCE AND THETR CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY
There is no subsidiary and joint venture of the Company and further there are noCompanies which have become or ceased to be the subsidiary joint venture and associateof the Company during the year.
Detail of associate companies has been specified in form MGT-9 which is attachedherewith as Annexure V.
Pursuant to the provisions of Section 129(3) of the Companies Act 2013 a statementcontaining salient features of the financial statements of the Associate Companies in FormAOC-1 is attached to the Consolidated Financial Statements of the Company forming part ofthis Annual Report. The said form also highlights the financial performance of theAssociate Companies and their contribution to the overall performance of the Companyduring the period under report pursuant to Rule 8(1) of the Companies (Accounts) Rules2014.
PARTICULARS OF LOAN GIVEN INVESTMENT MADE GUARANTEES GIVEN AND SECURITIES PROVIDED
No loan given guarantees given investment made and securities provided during thefinancial year 2018-19. NUMBER OF MEETINGS OF BOARD
The Board duly met at regular intervals to discuss and decide on businessstrategies/policies and review the financial performance of the Company. The notice alongwith agenda and notes on agenda of each Board Meeting was given in writing to eachDirector.
Eleven meetings of Board of Directors were held during the year. The interval betweentwo meetings was well within the maximum period mentioned under section 173 of CompaniesAct 2013 and Regulation 17(2) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. For further details please refer report on CorporateGovernance of this Annual Report.
The Audit Committee comprises of three Independent Directors namely Shri G.R. Goyal(Chairman) Shri Ram Babu Jhalani and Shri Ramesh Chand Gupta as other members.
All the recommendations made by the Audit Committee were accepted by the Board.
Further the Roles and Responsibilities and other related matters of Audit Committeeforms an integral part of Corporate Governance Report as part of this Annual Report.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with all the applicable Secretarial Standards issued by theInstitute of Company Secretaries of India on Meetings of Board of Directors and GeneralMeetings.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to Section 149 152 and other applicable provisions of the Companies Act2013 one-third of such of the Directors as are liable to retire by rotation shall retireevery year and if eligible offer themselves for reappointment at every Annual GeneralMeeting. Consequently Smt. Gayatri Data (DIN: 06960488) NonExecutive Director will retireby rotation at the ensuing Annual General Meeting and being eligible offers herself forre-appointment in accordance with the provisions of the Companies Act 2013.
During the financial year 2018-19 Shri Niranjan Lal Data Whole Time Director andExecutive Chairman of the Company left for heavenly abode on 11th September2018. Mr. Niranjan Lal Data was associated with the Company since its incorporation.During his tenure he pioneered to imbibe the best governance standards withentrepreneurship. The Company immensely benefited from his visions and leadership. His saddemise is an irreparable loss to the Company. The Board of Directors of the Companyexpress their deep condolences and pay tribute to Late Shri Niranjan Lal Data.
During the period 2018-19 Shri Shiv Kumar Gupta Independent Director of the Companyhas resigned from the directorship of the Company vide its resignation letter dated08.02.2019. the Board places on record his appreciation for the assistance and guidanceprovided by Shri Shiv Kumar Gupta during his tenure as Independent Director of theCompany.
During the year none of the Director was appointed on the Board of the Company .
Key Managerial Personnel
The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of theCompanies Act 2013 are as follows:-
Mr. Vijay Data Managing Director Mr. Daya Kishan Data Whole Time Director Mr. ShankerKukreja Chief Financial Officer Mr. J.P. Lodha Company Secretary
During the year there was no change (appointment or cessation) in the office of KMPexcept cessation of Shri Niranjan Lal Data due to his demise.
DECLARATION FROM INDEPENDENT DIRECTORS
The Company has received necessary declarations from all the independent directors ofthe Company under Section 149(7) of the Companies Act 2013 confirming that they meet thecriteria of independence in terms of Section 149(6) of the Companies Act 2013 andregulation 16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015.
FAMILIARISATION PROGRAMME AND TRAINING OF INDEPENDENT DIRECTORS
The detail of programmes conducted during the year 2018-19 for familiarization ofIndependent Directors with the Company their roles rights responsibilities in theCompany nature of the industry in which the Company operates business model of theCompany and related matters are put up on the website of the Company at link:http://www.viiavsolvex.com/vahoo site admin/assets/docs/Familiarization Programme forIndependent Direc tors 2018-19.23532627.pdf
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 134(3) & (5) of the Companies Act 2013your Directors state that:
a) In the preparation of the Annual Accounts for the year ended 31st March2019 the applicable accounting standards read with requirements set out under ScheduleIII to the Companies Act 2013 have been followed and there are no material departuresfrom the same;
b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of the affairs of the Company as at 31st March 2019 andof the profit of the company for the year ended on that date;
c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;
d) The Directors have prepared the annual accounts of the Company on a goingconcern' basis;
e) The Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and
f) The Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THETR ADEQUACY
In terms of Section 134 of the Companies Act 2013 and the SEBI (Listing Obligationsand Disclosures Requirements) Regulations 2015 the Company has an Internal ControlSystem commensurate with the size scale and complexity of its operations which ensureproper safeguarding of assets maintaining proper accounting records and providingreliable financial information.
The Internal Auditors of the Company conducted the internal audit of the Company'soperations and report its findings to the Audit Committee on a regular basis. InternalAuditor also evaluates the functioning and quality of internal controls and providesassurance of its adequacy and effectiveness through periodic reporting.
During the year such controls were tested and no reportable material weaknesses in thedesign or operation were observed. Your company has adequate internal financial controlwith reference to its financial statements.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Vigil Mechanism of the Company incorporates a whistle blower policy. Protecteddisclosures can be made by a whistle blower through an e-mail or dedicated telephone lineor a letter to the Company Secretary or Chief Financial Officer of the Company or to theChairman of the Audit Committee. The whistle blower policy may be accessed on theCompany's website at the link:http://www.viiavsolvex.com/vahoo siteadmin/assets/docs/Whistle Blower Policv.23902325.pdf
EVALUATION OF BOARD
Pursuant to the applicable provisions of the Companies Act 2013 and the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board has carried out theannual performance evaluation along with Nomination and Remuneration Committee of its ownperformance the Directors individually as well as the evaluation of its committees.
The performance evaluation criteria of the Board include growth in Business volumes andprofitability compared to earlier periods growth over the previous years through andfairness in Board Decision making processes. The performance of individual directors andcommittees was evaluated on the parameters such as level of engagement and contributionindependence of judgment safeguarding the interest of the Company and its minorityshareholders time devoted awareness to responsibilities duties as director attendancerecord and intensity of participation at meetings etc.
The exclusive meeting of Independent Directors evaluates the performance of the Boardnon-independent Directors & the Chairman.
The performance evaluation of committee's and board as a whole was done on the basis ofquestionnaire which was circulated among the board members and committee members and onreceiving the inputs from them their performance was assessed by the board.
Lastly performance evaluation of individual directors was done on the basis ofself-evaluation forms which were circulated among the directors and on receiving the dulyfilled forms their performance was assessed.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on an arm's lengthbasis. Detail of related party transactions have been disclosed in notes to the financialstatements.
During the year the Company had entered into contract/arrangement/transaction with M/sDeepak Vegpro (P) Ltd. and M/s Data Oils (Partnership Firm) related parties which couldbe considered material in accordance with the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and company's policy on related party transactions andapproval for these material transactions entered with the above mentioned parties hasalready been taken from the shareholders of the company.
Pursuant to Clause (h) of sub-section (3) of section 134 of the Companies Act 2013 andRules 8(2) of the Companies (Accounts) Rules 2014 the particulars of contracts orarrangements or transactions entered into by the Company with related parties hasdisclosed in Form No. AOC- 2 which is attached as Annexure-II.
The policy on related party transactions as approved by the Board may be accessed onthe Company's website at the link:http://www.viiavsolvex.com/vahoo siteadmin/assets/docs/Related Party Transaction Policy.23902123.pdf
RISK MANAGEMENT POLICY
The Company's Risk Management Policy is well defined to identify and evaluate businessrisks across all businesses. It assesses all risks at both pre and post-mitigation levelsand looks at the actual or potential impact that a risk may have on the business togetherwith an evaluation of the probability of the same occurring. Risk mapping exercises arecarried out with a view to regularly monitor and review the risks identity ownership ofthe risk assessing monetary value of such risk and methods to mitigate the same. As perview of the Board there is no risk in operation of the Company which may impact theexistence of the Company.
Pursuant to the provisions of sub-section (1) of section 148 of the Companies Act2013 the Central Government has specified preparation and maintenance of cost records isrequired by the Company and accordingly such accounts and records are made and maintainedby the Company.
AUDITORS AND AUDITOR'S REPORT
M/s Anil Mukesh & Associates Chartered Accountants New Delhi (Firm RegistrationNo. 014787N) was appointed as Statutory Auditor of the Company at the 29thAnnual General Meeting of the Company held on 29th September 2017 to holdoffice for a term of five consecutive years from the conclusion of the 29thAnnual General Meeting till the conclusion of 34th Annual General Meeting ofthe Company to be held in the Calendar year 2022.
M/s Anil Mukesh & Associates Chartered Accountants New Delhi (Firm RegistrationNo. 014787N) have confirmed that they are not disqualified from continuing as Auditors ofthe Company.
The notes on accounts referred to in the Auditor's Report are self explanatory andthere are no qualifications reservations or adverse remarks in the Report and thereforedo not need any further comment.
Pursuant to the provisions of Section 148 of the Companies Act 2013 read with theCompanies (Audit and Auditors) Rules 2014 the Board upon a recommendation from theAudit Committee has appointed M/s Rajesh & Company Cost Accountants (FirmRegistration Number 000031) as the Cost Auditor of the Company to conduct the audit of thecost records of the Company for the financial year ending March 31 2020 at aremuneration as specified in the notice of 31st Annual General Meeting of theCompany which is subject to approval by the members of the company.
Pursuant to provisions of Section 204 of the Companies Act 2013 and rules made thereunder the Board has appointed Mr. Arun Jain Company Secretary in Practice (Certificateof Practice No: 13932) to conduct Secretarial Audit of the company for the financial year2018-19. The Secretarial Audit Report for the financial year ended 31st March2019 is annexed herewith marked as Annexure-III.
Qualifications in Secretarial Audit Report and Management Response to the same
The Secretarial Auditor has made certain qualifications in his report date 26.08.2019for the financial year ended March 31 2019. The management responses to thesequalifications are as under:-
Management response to the qualification set out in Point No. 3(a) of the SecretarialAudit Report
The Company following up with the promoters for dematerialization of their holding andas per the shareholding patterns filed by the Company during the review period the holdingof promoters in dematerialization form has been increased by 35.83%.
As on the date of the report out of 2175150 equity shares 1956925 (89.97% of totalpromoter holding) equity shares are held in dematerialized form. It means holding ofPromoter and Promoter Group further dematerialized by 18.13% during the period from01.04.2019 to reporting date i.e. 26.08.2019. Further as on date 28505 equity shares outof 56205 (issued under a Scheme of Amalgamation) equity shares held under the Promoterand Promoter Group are unlisted. The Company has already applied to get listed the abovesaid 56205 equity shares with BSE Ltd. and after getting the Listing Approval from BSEthe holding of promoters will be dematerialized by the Promoters.
Management response to the qualification set out in Point No. 3(b) of the SecretarialAudit Report
Pursuant to the Regulation 47(1) and 47(3) of the SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 the Company has published the notice of boardmeetings in which the audited / un-audited financial results of the Company were approvedand audited / un-audited financial results of the Company in the newspapers butinadvertently the Notice of Board Meeting held on 14.08.2018 & 14.02.2019 andFinancial Results of the Company for all the quarters were not submitted with the StockExchange. However the copies of the Newspaper Publications of the Board Meeting Noticesand Financial Results are available on the website of the Company.
SALIENT FEATURES OF THE POLICY FOR DIRECTORS' APPOINTMENT AND REMUNERATION
The nomination and remuneration committee has recommended to the Board the followingpolicies:-
a) Policy for selection of Directors and determining Directors Independence; and
b) Remuneration Policy for Directors Key Managerial Personnel and senior management.
The salient features of the above mentioned policies are attached herewith and markedas Annexure-IV(i) and IV(ii).
Further these policies may be accessed on the Company's website at the link:
a) The Policy for selection of Directors and determining Directors Independence can beeasily accessed on: http://www.viiavsolvex.com/vahoo site admin/assets/docs/Policy forSelection of Directors Determini ng of Directors Independence.23571314.pdf
b) The Remuneration Policy for Directors Key Managerial Personnel and seniormanagement may be easily accessed on:http://www.viiavsolvex.com/vahoo siteadmin/assets/docs/REMUNERATION POLICY.23902247.pdf
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies(Management and Administration) Rules 2014 the extract of Annual Return of the Companyin Form MGT-9 is annexed herewith as Annexure-V to this Report. Further the samemay be accessed on the Company's website at the link: http://www.viiavsolvex.com/vahoosite admin/assets/docs/MGT-9 EXTRACT OF ANNUAL RETURN 31032019.24134757.pdf
LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND NATIONAL COMPANY LAW TRIBUNAL
Order dated 14.03.2012 passed by Hon'ble High Court of Judicature of Rajasthan Benchat Jaipur inter alia in S.B. Civil Misc. Appeal No. 2218 of 2011 in respect of partitionsuit was set aside by the Hon'ble Supreme Court vide order dated 04.08.2014 and the matterwas remitted back to Hon'ble High Court of Judicature of Rajasthan for its freshconsideration after hearing the parties. Hon'ble High Court of Judicature of RajasthanBench at Jaipur after hearing the parties passed an order dated 06.04.2015 partiallysetting aside Order dated 10.02.2011 passed by the Court of Ld. ADJ Jaipur. The orderdated 06.04.2015 passed by Hon'ble High Court of Judicature of Rajasthan was challengedbefore the Hon'ble Supreme Court of India by the original Plaintiffs by filing SLP (C)No.11870 of 2015 and Hon'ble Supreme Court of India dismissed the SLP vide order dated29.01.2019. After dismissal of the SLP filed by Original Plaintiffs there is no restraintorder against the Company for transferring or alienating its properties or creating chargeover the properties of the Company.
The cases filed against the Company under Section 397-398 of the Companies Act 1956are still sub-judice before the Hon'ble National Company Law Tribunal (erstwhile CompanyLaw Board) Jaipur/Kolkata which are yet to be heard finally by the NCLT.
The company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd. which wasillegally transferred. This illegality has been challenged by the Company before theNational Company Law Tribunal (NCLT) under Section 111 of the Companies Act 1956. Sincethe case is sub-judice before NCLT and Hon'ble High Court of Judicature of RajasthanBench at Jaipur the holding of such investment is continued to be shown in the books ofthe company.
Presently the Company is registered owner of SCOOTER trademark/device/logo andcopyright holder for the artwork of SCOOTER Wavy device which is registered with Registrarof Trade Mark and Copyright. The Company is taking appropriate legal action against allthe persons who are infringing its trademark and copyright. The Company is also defendingits right before the Hon'ble Courts and Tribunals wherever the challenges against use ofScooter' and /or any other intellectual property rights of the Company have beenmade.
Deputy Director Directorate of Enforcement Patna filed a complaint on 06.12.2018under Section 5(5) of the Prevention of Money Laundering Act 2002 (PMLA) beforeAdjudicating Authority against the Company on the basis of provisional attachment OC No.1064/2018. The Hon'ble Adjudicating Authority (PMLA) vide its order dated 02.05.2019confirmed the provisional attachment order and allowed the complaint filed by DeputyDirector Directorate of Enforcement Patna. As per the order an Appeal against the abovesaid order lies to Hon'ble Appellate Tribunal PMLA New Delhi under section 26 to thePMLA Act. The Appeal may be filed within a period of 45 days from the date of receipt ofthe order.
The Company filed an Appeal before Appellate Authority PMLA Delhi titled Vijay SolvexLimited Vs. Deputy Director Enforcement of Directorate against order dated 02.05.2019passed by the Adjudicating Authority PMLA and also filed an application for de-freezingthe bank account of the Company held in State Bank of India. The Appellate Authority videorder dated 24.07.2019 has directed ED to defreeze the account of the Company and the saidaccount is now operational. The matter is next listed for final arguments on 27.11.2019.
The Board is hopeful that the pending matters would be disposed of in favour of theCompany.
MATERIAL CHANGES AND COMMITMENTS AFTER THE DATE OF CLOSE OF FINANCIAL YEAR 2018-19
There are no material changes and commitments affecting the financial position ofcompany which have occurred between the end of the financial year to which the financialstatement relates and the date of this report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars relating to conservation of energy technology absorption foreign exchangeearnings and outgo as required to be disclosed under Section 134(3)(m) of the Act readwith Rule 8 of the Companies (Accounts) Rules. 2014 as amended from time to time areprovided in the Annexure-VI to this report.
PARTICULARS OF EMPLOYEES
The details of top 10 employees in terms of remuneration drawn as per provisions ofSection 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 and Disclosure pertaining toremuneration and other details as required under section 197(12) of the Companies Act2013 read with rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is annexed herewith as Annexure-VII to this Report.
Further In terms of the provisions of Section 197(12) of the Act read with Rules 5(2)and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 there is no employee of the company except managing director and whole timedirector which draws the remuneration in excess of the limits set out in the said rules.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review as stipulatedunder the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 isannexed herewith as Annexure-VIII to this Report.
INFORMATION REQUIRED UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORK PLACE(PREVENTION PROHIBITION & REDRESSAL) ACT 2013
The Company has an effective system to redress complaints received regarding sexualharassment in line with the requirements of the Sexual Harassment of women at workplace(Prevention Prohibition and Redressal) Act 2013. All employees (permanent contractualtemporary apprentices and trainees) are covered under this policy.
The Company has not received any complaint of sexual harassment during the financialyear 2018-19.
Further the Company has complied with provisions relating to the constitution ofInternal Complaints Committee under the Sexual Harassment of women at workplace(Prevention Prohibition and Redressal) Act 2013.
Your Director states that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year underreview:-
a) Change in share capital of the Company.
b) Issue of the equity shares with differential rights as to dividend voting orotherwise.
c) Issue of shares (including sweat equity shares) to employees of the Company.
d) As there is no subsidiary or holding company of your company so Managing Directorand Whole Time Directors of the company does not receive any remuneration or commissionfrom any of such companies.
e) No significant or material orders were passed by the regulators or courts ortribunals which impact the going concern status and Company's operations in future.
f) The Company does not have any scheme of provision of money for the purchase of itsown shares by employees or by trustees for the benefit of employees.
g) There is no subsidiary of company so no policy on material subsidiary is requiredto be adopted.
h) No fraud has been reported by the Auditors to the Audit Committee or the Board whichwere committed against the company by officers or employees of the company.
i) Issue of Employee Stock Option Scheme to employees of the company.
Your Directors further state that:-
There is no change in the nature of business of the Company during the financial year.
Your Directors would like to place on record their sincere appreciation for assistanceand co-operation received from the Bankers Vendors Government Authorities Customers andMember during the year under review. Your Directors also wish to place on record theirdeep sense of appreciation for committed services by the executive staff & workers ofthe Company and gratitude to the members for their continued support and confidence.
|Place: Alwar || ||By order of the Board of Directors |
|Date: 27.08.2019 || ||For Vijay Solvex Limited |
| ||(Daya Kishan Data) ||(Vijay Data) |
| ||Whole Time Director ||Managing Director |
| ||DIN:01504570 ||DIN:00286492 |
| ||Neelanchal 7 Shubham Enclave ||Bhagwati Sadan |
| ||Jamna Lal Bajaj Marg C-Scheme ||Swami Dayanand Marg |
| ||Jaipur-302001 (Rajasthan) ||Alwar-301001 (Rajasthan) |