To
The Members
Prism Medico and Pharmacy Limited
Your Directors have pleasure in presenting their 22nd Annual
Report covering the operational and financial performance of your Company along with the
Audited Financial Statements for the financial year ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
The Standalone Financial results are briefly indicated below:
| Particulars |
2023-2024 |
2022-2023 |
| Revenue from Operations |
292.52 |
127.07 |
| Other Income |
12.22 |
0.17 |
| Profit/loss before Depreciation, Finance Costs, Exceptional
items and Tax Expense. |
(1.56) |
(9.53) |
| Less: Depreciation/ Amortisation /Impairment |
0.53 |
0.66 |
| Profit /loss before Finance Costs, Exceptional items and Tax
Expense |
(2.09) |
(10.19) |
| Less: Finance Costs |
0.71 |
0.03 |
| Profit /loss before Exceptional items and Tax Expense |
(2.80) |
(10.22) |
| Add/(less): Exceptional items |
0.00 |
0.00 |
| Profit /Loss before Tax Expense |
(2.80) |
(10.22) |
| Less: Tax Expense Current Tax |
0.00 |
0.00 |
| Deferred Tax |
0.66 |
2.59 |
| MAT Credit Entitlement |
0.00 |
0.00 |
| Profit /Loss for the year |
(2.14) |
(7.63) |
2. STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK
Your management has prepared the financial statements for the financial
year ended March 31, 2024 in terms of Sections 129, 133 and Schedule III of the Companies
Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
The company has incurred loss of Rs. 2.14 lakh during the financial year under review.
Your Directors expect to achieve better performance in the future taking maximum efforts
to control the costs and optimize the results in the coming years.
3. CHANGE IN NATURE OF BUSINESS
During the financial year 2023-2024, there has been no change in nature
of business of the company.
4. TRANSFER TO RESERVES
The debit balance of profit and loss account for the financial year
ended 31st March, 2024 amounting to Rs. 2.14 lakh has been transferred to
reserves and surplus.
5. DIVIDEND
The directors do not recommend any dividend due to losses incurred
during the previous financial year.
6. SHARE CAPITAL
The Authorized Share Capital of the company was increased from Rs. 10
crore divided into 1,00,00,000 equity shares of Rs. 10/- each to Rs. 25 crore divided into
2,50,00,000 equity shares of Rs. 10/- during the financial year ended March 31, 2024. The
issued, subscribed and paid up capital share capital of the company remains at Rs.
6,06,34,280 divided into 60,63,428 equity shares of Rs. 10/- each. There was no change in
the share capital of the company during the financial year 2023-2024.
7. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION
BETWEEN END OF THE FINANCIAL YEAR AND THE DATE OF THIS REPORT
There are no material changes and commitments in the business
operations affecting the financial position of the company from the financial year ended
31st March, 2024 to the date of signing of the Director's Report.
8. ADOPTION OF INDIAN ACCOUNTING STANDARD (INDAS)
The Ministry of Corporate Affairs vide notification dated 16th
February, 2015 made it mandatory in a phased manner for adoption and applicability of
Indian Accounting Standards (Ind AS) for companies other than Banking, Insurance and
Non-Banking Finance Companies. Rule 4 of the Companies (Indian Accounting Standards)
Rules, 2015 specifies the classes of companies which shall comply with the Ind AS in
preparation of the financial statements. In accordance with clause (iii) of sub rule (1)
of the Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015, the compliance
of Indian Accounting Standards was applicable and mandatory to the company for the
accounting period beginning from 1st April, 2017. The financial statements for
the year under review have been prepared in accordance with the Ind AS.
9. DEPOSITS
During the period under review the company has neither accepted nor
invited any Public deposits. Hence, the provisions of Section 76 of the Companies Act,
2013 read with the Companies (Acceptance of Deposits) Rules, 2014 are not applicable.
10. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions of Section 135 of the Companies Act, 2013 relating to
Corporate Social Responsibility are not applicable as the company is having net worth of
less than rupees five hundred crore, turnover of less than rupees one thousand crore and
net profit less than rupees five crore.
11. RELATED PARTY TRANSACTIONS
During the financial year ended March 31, 2024, the company has entered
into transactions with the related parties as defined under the Companies Act, 2013 read
with Rules framed thereunder. The company has formulated a policy on related party
transactions and the said policy has been uploaded on the website of the company at
www.prismmedico.com.
Form AOC-2 containing particulars of contracts or arrangements entered
into by the company with related parties referred in Section 188(1) of the Companies Act,
2013 is attached as 'Annexure - A'. The particulars of related parties and related
disclosures are also given in the notes to the financial statements.
12. NUMBER OF BOARD MEETINGS
The Board has met 8 (Eight) times during the financial year, the
details of which are as follows: 16nd May, 2023, 30th May, 2023, 20th
July, 2023, 14th August, 2023, 04th September, 2023, 08th
November, 2023, 04th December, 2023 and 13th February, 2024.
Details of Attendance of Directors:
| S. No. Name of the Director |
Number of Meetings entitled to attend |
Number of Meetings attended |
| 1. Mr. Ramandeep Singh (upto 16th May, 2023) |
1 |
1 |
| 2. Ms. Simmi Chhabra (upto 16th May, 2023) |
1 |
1 |
| 3. Ms. Sakshi Laller (w.e.f. 16th May, 2023) |
7 |
7 |
| 4. Mr. Vishwambhar Dayal Gupta (w.e.f. 16th May,
2023) |
7 |
7 |
| 2. Mr. Davender Singh |
8 |
8 |
| 3. Mr. Pardeep Kumar |
8 |
8 |
| 4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023) |
4 |
4 |
Details of number of meeting attended by Directors:
| S. No. Date of Meeting |
Number of Directors entitled to attend |
Number of Directors attended |
| 1. 16/05/2023 |
4 |
4 |
| 2. 30/05/2023 |
4 |
4 |
| 3. 20/07/2023 |
4 |
4 |
| 4. 14/08/2023 |
4 |
4 |
| 5. 04/09/2023 |
5 |
5 |
| 6. 08/11/2023 |
5 |
5 |
| 7. 04/12/2023 |
5 |
5 |
| 8. 13/02/2024 |
5 |
5 |
13. COMPOSITION OF COMMITTEES
As per the applicable provisions of the Companies Act, 2013 and
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2018, three committees have been constituted in the company which are as
follows:
• Audit Committee
The Board of Directors of the company has duly constituted an Audit
Committee in compliance with the provisions of Section 177 of the Companies Act, 2013, the
Rules framed there under read with Regulation 18 of the Listing Regulations. The terms of
reference of the Audit Committee have been duly approved by the Board of Directors. The
recommendations made by the Audit Committee were accepted by the Board.
The committee met 6 (Six) times during the F.Y. 2023-2024:
| S. No. Date of Meeting |
Number of Members entitled to attend |
Number of Members attended |
| 1. 16/05/2023 |
3 |
3 |
| 2. 30/05/2023 |
2 |
2 |
| 3. 14/08/2023 |
2 |
2 |
| 4. 04/09/2023 |
3 |
3 |
| 5. 08/11/2023 |
3 |
3 |
| 6. 13/02/2024 |
3 |
3 |
The details of composition and attendance of Members of the Audit
Committee as on 31.03.2024 are as follows:
| S. No. Name of the Director |
Category/ Designation |
Number of Committee Meetings entitled to
attend |
Number of Committee Meetings attended |
| 1. Mrs. Simmi Chhabra (upto 16th May, 2023) |
Member and Independent NonExecutive Director. |
1 |
1 |
| 2. Mr. Davinder Singh |
Member and NonExecutive Director. |
6 |
6 |
| 3. Mr. Pardeep Kumar |
Member and Independent NonExecutive Director. |
6 |
6 |
| 4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023) |
Member and Independent NonExecutive Director. |
3 |
3 |
• Nomination and Remuneration Committee
The committee met 5 (Five) times during the F.Y. 2023-2024:
| S. No. Date of Meeting |
Number of Members entitled to attend |
Number of Members attended |
| 1. 16/05/2023 |
3 |
3 |
| 2. 14/08/2023 |
2 |
2 |
| 3. 04/09/2023 |
3 |
3 |
| 4. 04/12/2023 |
3 |
3 |
| 5. 13/02/2024 |
3 |
3 |
The details of composition and attendance of Members of the Nomination
and Remuneration Committee as on 31.03.2024 are as follows:
| S. No. Name of the Director |
Category/ Designation |
Number of Committee Meetings entitled to
attend |
Number of Committee Meetings attended |
| 1. Mrs. Simmi Chhabra (upto 16th May, 2023) |
Member and Independent NonExecutive Director. |
1 |
1 |
| 2. Mr. Davinder Singh |
Member and NonExecutive Director. |
5 |
5 |
| 3. Mr. Pardeep Kumar |
Member and Independent NonExecutive Director. |
5 |
5 |
| 4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023) |
Member and Independent NonExecutive Director. |
3 |
3 |
• Stakeholder Grievance Committee
The Board of Directors of the Company constituted a Stakeholders
Relationship Committee of the Board in terms of the requirements of Section 178 of the
Companies Act, 2013 and Rules framed thereunder read with Regulation 20 of the Listing
Regulations.
The committee met 1 (Once) times during the F.Y. 2023-2024:
| S. No. Date of Meeting |
Number of Members entitled to attend |
Number of Members attended |
| 1. 20/07/2023 |
2 |
2 |
The details of composition and attendance of Members of the Stakeholder
Grievance Committee as on 31.03.2024 are as follows:
| S. No. Name of the Director |
Category/ Designation |
Number of Committee Meetings entitled to
attend |
Number of Committee Meetings attended |
| 1. Mrs. Simmi Chhabra (upto 16th May, 2023) |
Member and Independent NonExecutive Director. |
Nil |
Nil |
| 2. Mr. Davinder Singh |
Member and NonExecutive Director. |
1 |
1 |
| 3. Mr. Pardeep Kumar |
Member and Independent NonExecutive Director. |
1 |
1 |
| 4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023) |
Member and Independent NonExecutive Director. |
Nil |
Nil |
14. DIRECTORS AND KEY MANAGERIALPERSONNEL
• RE-APPOINTMENT OF DIRECTOR:
Mr. Vishwambhar Dayal Gupta (DIN: 00152580), who retires by rotation
being eligible offers himself for re-appointment at the ensuing Annual General Meeting.
• INDEPENDENT DIRECTORS:
The company has received declaration from all the Independent Directors
of the company confirming that they meet with criteria of Independence as prescribed under
sub-section (6) of Section 149 of the Companies Act, 2013 and under Regulation 25 of the
SEBI (LODR) Regulations 2015 with the Stock Exchanges. The Independent Directors have met
once during the financial year 2023-2024 on 13th February, 2024 without the
attendance of non-independent directors and members of the Management.
None of the Directors of your company is disqualified under Section 162
(2) of the Companies Act, 2013. As required by law, this position is also reflected in the
Auditors' Report.
• APPOINTMENT/CESSATION/CHANGE IN DESIGNATION OF DIRECTOR(S) AND
KMP'S:
The details of change in Directors of the company are as follows:
| S. Name of the No. Director/KMP's |
Designation |
Appointment/Cessation /Change in Designation |
Date of Appointment/Cessation /Change in
Designation |
| 1. Mr. Ramandeep Singh |
Wholetime Director |
Cessation |
16th May, 2023 |
| 2. Mrs. Simmi Chhabra |
Director |
Cessation |
16th May, 2023 |
| 3. Mr. Gursimran Singh |
CFO |
Cessation |
16th May, 2023 |
| 4. Ms. Sakshi Laller |
Wholetime Director |
Appointment |
16th May, 2023 |
| 5. Mr. Vishwambhar Dayal Gupta |
Additional Director |
Appointment |
16th May, 2023 |
| 6. Mr. Bharat Singh |
CFO |
Appointment |
16>th May, 2023 |
| 7. Mr. Vishwambhar Dayal Gupta |
Director |
Change in Designation |
14th August, 2023 |
| 8. Mr. Dinesh Kumar |
Additional Director |
Appointment |
14th August, 2023 |
| 9. Mr. Dinesh Kumar |
Director |
Change in Designation |
30th September, 2023 |
• KEY MANAGERIALPERSONNEL:
As on 31st March, 2024 following persons have been
designated as Key Managerial Personnel of the company pursuant to Section 2(51) and
Section 203 of the Act, read with the Rules framed thereunder:
i. Mr. Bharat Singh - Chief Financial Officer.
ii. Mr. Sameer Gupta - Company Secretary
15. SUBSIDIARIES/ ASSOCIATES/JOINT VENTURES
During the year under review, the company has no joint ventures,
subsidiaries and associate companies as per the provisions of Companies Act, 2013.
16. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (5) of the Companies Act,
2013, with respect to Directors Responsibilities Statement, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2024 the applicable Indian accounting standards had been
followed along with proper explanation relating to material departures.
(ii) that the Directors has selected such accounting policies and
applied them consistently and made judgments and estimates that were 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 or loss of the company for the year review.
(iii) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities, and,
(iv) the Directors had prepared the accounts for the financial year
ended 31st March, 2024 on a going concern basis.
(v) 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.
(vi) 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.
17. EXTRACT OF ANNUAL RETURN
The Annual Return of the company for the financial year ended 31st
March, 2024 shall be filed on the Ministry of Corporate Affairs (MCA) portal in the
requisite e-form pursuant to the provisions of Section 92
of the Companies Act, 2013 (as amended from time to time) and the same
shall also be available on the website of the Company at www.prismmedico.com.
18. MANAGEMENT DISCUSSION ANALYSIS REPORT
The details forming part of Management Discussion and Analysis Report
are annexed to the Board Report as Annexure B.
19. PARTICULARS OF EMPLOYEES
The disclosures required under Section 197 of the Companies Act, 2013
read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 as amended up to date are not applicable since the company has no such
employees. However, requisite disclosure is annexed as Annexure C.
20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information in accordance with the provisions of Section 134 (3)(m)
of the Act read with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, regarding Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo is not applicable on the company. However the
information in requisite format is attached as Annexure D.
21. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the rules made there under, the company had appointed M/s. SDK & Associates,
Company Secretaries, Punjab, to undertake the Secretarial Audit of the company for the
year ended March 31, 2024. The Secretarial Audit Report (MR-3) issued in this regard is
annexed as Annexure E. The reply of the management to qualification or reservation or
adverse remarks of the Secretarial Auditor is as follows:
| S. No. Qualification or Reservation or Adverse Remarks |
Reply of the Management |
| 1. During the financial year under review, the company did
not submit the complete financial results for quarter and half year ended September 30,
2023 within the prescribed time as provided in Regulation 33 of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
However, the same were submitted to the stock exchange on the subsequent day of the
meeting. |
The Balance Sheet and Cash Flow Statement for the half year
ended 30th September, 2023 could not be attached with the outcome of Board
Meeting inadvertently and the revised outcome was submitted with the stock exchange on the
subsequent day of the meeting. |
| 2. During the financial year under review, the continual
disclosures as required to be submitted under Regulation 7(2) of Securities and Exchange
Board of India (Prohibition of Insider Trading) Regulations, 2015 were not submitted by
the company with the Stock Exchange(s). |
The management has taken note of the same and shall ensure
that the requisite compliances are made within the prescribed time in the future. |
22. AUDITORS AND AUDITORS REPORT
M/s. Harjeet Parvesh and Company, Chartered Accountants (Firm
Registration No. 017437N) (Peer Review Certificate Number 011668) were appointed as the
Statutory Auditors of the company for a period of 1 (one) year from conclusion of the 21th
AGM held in the year 2023 until conclusion of the 22nd AGM of the company to be
held in the year 2024. Further, they have also expressed their willingness to act as the
Statutory Auditors of the company, if re-appointed and have further confirmed that the
said appointment would be in conformity with the provisions of Section 139, 141 of the
Companies Act, 2013. Based on the eligibility certificate given by the said auditors under
Section 141 of the Companies Act, 2013, the Board of
Directors recommend the re-appointment of M/s. Harjeet Parvesh and
Company, Chartered Accountants, as the Statutory Auditors of the company to hold office
from the conclusion of this Annual General Meeting till the conclusion of next Annual
General Meeting to be held for the Financial year ended 31st March, 2025. The
report given by the Auditors on the financial statement of the Company forms part of this
report as Annexure F.
There is no qualification, reservation, adverse remark or disclaimer
given by the Auditors in their Report. During the year under review, the Auditors had not
reported any matter under Section 143 (12) of the Companies Act, 2013.
23. CASH FLOW ANALYSIS
In conformity with the provisions of Clause 34(2) of SEBI (LODR)
Regulations, 2015, the Cash Flow Statement for the year ended on 31st March,
2024 forms an integral part of the Financial Statements.
24. MECHANISM FOR EVALUATION OF BOARD
Pursuant to the provisions of the Companies Act, 2013 and Regulation
17(10) of SEBI (LODR) Regulation 2015, a structured procedure was adopted after taking
into consideration of the various aspects of the Board's functioning composition of the
Board and its committees, execution and performance of specific duties, obligations and
governance.
The performance evaluation of the independent Directors was completed
in time. The performance evaluation of the Chairman and the Non-independent Directors was
carried out by the Independent Directors. The Board of Directors expresses their
satisfaction with the evaluation process. The performance of each committee has been
evaluated by its members and found to be highly satisfactory. On the basis of this
exercise, the Board has decided that all Independent Directors should continue to be on
the Board.
25. IMPLEMENTATION OF RISK MANAGEMENT POLICY
The company has formulated a policy and process for risk management.
The company has set up a core group of leadership team, which identifies, assesses the
risks and the trends, exposure and potential impact analysis at different level and lays
down the procedure for minimization of risks. Risk management forms an integral part of
management policy and is an ongoing process integrated with the operations.
The company has identified various strategic, operational and financial
risks which may impact company adversely. However management believes that the mitigation
plans for identified risks are in place and may not threaten the existence of the company.
26. PARTICULARS OF LOANS, GUARANTEES ORINVESTMENTS
The company has not given any loan/guarantee or provided any security
under the provisions of Section 186 of the Companies Act, 2013 during the financial year
under review.
27. WHISTLE BLOWER POLICY AND VIGILMECHANISM
The company has formulated and communicated the Whistle Blower Policy
to all its directors and employees and the same is posted on the company's website
www.prismmedico.com (http://prismmedico.in/policy-whit.pdf)
The company recognizes the value of transparency and accountability in
its administrative and management practices. The company promotes the ethical behavior in
all its business activities. The company has adopted the Whistle blower Policy and Vigil
Mechanism in view to provide a mechanism for the Directors and employees of the company to
approach Audit Committee of the company to report existing/probable violations of laws,
rules, regulations or unethical conduct.
28. DISCLOSURES UNDER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder.
Further, the company has Internal Complaint Committees in compliance with the above
mentioned Act and Rules. During the financial year 2023-2024, no such complaint has been
received by the company.
29. STOCK EXCHANGES
The company's shares are listed on the following Stock Exchanges:
Bombay Stock Exchange Limited (BSE Limited)
Metropolitan Stock Exchange of India Limited (MSEI Limited)
30. LISTING FEES
The Annual Listing Fee for the financial year 2023-2024 had been paid
to those Stock Exchanges where the company's shares are listed.
31. CORPORATE GOVERNANCE
As per Regulation 15(2) of Securities and Exchange Board of India
(Listing Obligation and Disclosures requirement) Regulation, 2015, report on Corporate
Governance is not applicable, as the company is does not fall within the prescribed ambit
as mentioned there in.
32. NOMINATION AND REMUNERATION POLICY
The appointment and remuneration of Directors is governed by the
recommendation of Nomination and Remuneration Committee and then decided by the Board
subject to approval of the shareholders. The company had made a policy on it and the same
is available on the website of the company https://www.prismmedico. in.
The remuneration payable to the Directors is decided keeping into
consideration long term goals of the company apart from the individual performance
expected from a director(s) in pursuit of the overall objectives of the company.
The remuneration of Executive Director(s) including Managing
Director(s) and Whole-time Director(s) is governed by the recommendation of Nomination and
Remuneration Committee as per the criteria recommended by it and then approved by the
Board subject to approval of the shareholders.
The Non-executive Director(s) may be paid remuneration by way of
commission either by way of monthly payments or specified percentage of net profits of the
company or partly by one way and partly by the other, as may be recommended by Nomination
and Remuneration Committee and then decided by the Board subject to approval of the
shareholders.
In accordance with the provisions of the Articles of Association of the
company and the Companies Act, 2013, a sitting fees is paid to the Non-executive Directors
of the company who are not drawing any remuneration described hereinabove, for attending
any meeting of the Board or of any Committee thereof.
The remuneration payable to Directors shall be governed by the ceiling
limits specified under section 197 of the Companies Act, 2013. The remuneration policy for
other senior management employees including key managerial personnel aims at attracting,
retaining and motivating high caliber talent and ensures equity, fairness and consistency
in rewarding the employees. The remuneration to management grade
employees involves a blend of fixed and variable component with
performance forming the core.
The components of total remuneration vary for different employee grades
and are governed by industry practices, qualifications and experience of the employees,
responsibilities handled by them, their potentials, etc.
33. INTERNAL AUDITORS AND AUDITORS REPORT
As required under Section 138 of the Companies Act, 2013 read with Rule
13 of the Companies (Accounts) Rules, 2014 made there under, the company has appointed
Internal Auditors to assess the risk management and to ensure that risk management
processes are efficient, effective, secure and compliant. It is the basic check of
internal control of the organization. An internal audit is an organizational move to
check, ensure, monitor and analyze its own business operations in order to determine how
well it conforms to a set of specific criteria.
34. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
Your company's internal financial control ensures that all assets of
the company are properly safeguarded and protected, proper prevention and detection of
frauds and errors and all transactions are authorized, recorded and reported
appropriately. The company has an adequate system of internal financial controls
commensurate with its size and scale of operations, procedures and policies, ensuring
orderly and efficient conduct of its business, including adherence to the company's
policies, safeguarding of its assets, prevention and detection of frauds and errors,
accuracy and completeness of accounting records, and timely preparation of reliable
financial information.
35. DEMATERILISATION OF SHARES
The company has connectivity with NSDL and CDSL for dematerialization
of its equity shares. The ISIN Number INE730E01016 has been allotted for the company.
Further the company does not have any Equity shares lying in the Suspense Account.
36. MAINTENANCE OF COST RECORDS
The Central Government has not prescribed the maintenance of cost
records under Section 148(1) of the Companies Act, 2013 and Rules framed there under with
respect to the company's nature of business.
37. TRANSFER TO INVESTOR PROTECTION AND EDUCATION FUND (IEPF)
There are no unclaimed funds or shares to be deposited to the Investor
Protection and Education Fund as on 31st March, 2024.
38. TRADE RELATIONS
The Board wishes to place on record its appreciation for the support
and co-operation that the company received from its suppliers, distributors, retailers and
other associates. The company has always looked upon them as partners in its progress and
has happily shared with them rewards of growth. It will be company's endeavour to build
and nurture strong links based on mutuality, respect and co-operation with each other and
consistent with customer interest.
39. COMPLIANCE WITH SECRETARIAL STANDARDs ON BOARD AND GENERAL MEETINGS
During the year under review, the company has duly complied with the
applicable provisions of the Secretarial Standards on Meetings of the Board of Directors
(SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of
India(ICSI).
40. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS
There were no significant and material orders passed by the Regulators,
Courts or Tribunals, during the year under review, which would impact the going concern
status of the company and its operations in future.
41. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS
AS AT THE END OF THE FINANCIAL YEAR
The company has not filed any application and no proceeding was pending
against the company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the
financial year under review.
42. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
There was no such instance during the Financial Year under review.
41. VOLUNTARY REVISION OF FINANCIAL STATEMENTS OR BOARD'S REPORT
There is no voluntary revision of Financial Statements or Board's
Report in last three preceding financial years.
42. ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for assistance
and co-operation received from the financial institutions, banks, Government authorities,
customers, vendors and members during the year under review. Your Directors also wish to
place on record their deep sense of appreciation for the committed services by the
executives, staff and workers of the company and the shareholders for their support and
confidence reposed on the company.