Dear Shareholders,
The Board of Directors hereby submits the report of the business and
operations of your Company ("the Company") along with the audited financial
statements, for the financial year ended March 31, 2024.
01. Financial Highlights:
( Rs. In Lakhs)
| Particulars |
2023-24 |
2022-23 |
| Revenue from Operations |
10,642.80 |
6365.33 |
| Other Income |
125.32 |
95.28 |
| Total Revenue |
10,768.12 |
6460.61 |
| Expenses: |
|
|
| Cost of materials consumed |
4,630.82 |
1803.65 |
| Purchases of Stock-in-Trade |
832.89 |
2643.95 |
| Changes in inventories of finished goods work-in-progress and
Stock-in-Trade |
175.80 |
(1130.94) |
| Employee benefit expenses |
1,233.56 |
918.35 |
| Finance costs |
135.71 |
110.26 |
| Depreciation and amortization expenses |
215.69 |
196.81 |
| Other expenses |
2,225.94 |
1245.36 |
| Total expenses |
9,450.42 |
5787.44 |
| Profit /(Loss) before Tax |
1,317.70 |
673.17 |
| Less: Tax Expenses |
|
|
| Current Tax |
362.30 |
145.11 |
| Tax of earlier years (Net) |
0.68 |
5.42 |
| Deferred Tax Liability |
(24.24) |
(6.95) |
| Profit for the period |
978.96 |
529.59 |
02. Company's Performance
The revenue from operations during the year 2023-24 has increased to
Rs. 10,642.80 Lakhs as compared to Rs. 6,365.33 Lakhs in the last financial year. The
Profit before tax is Rs. 1317.70 Lakhs for FY 2023-24 as compared to Rs. 673.17 Lakhs in
the last financial year. The company has made profit of Rs. 978.96 Lakhs for FY 23-24 as
compared to Rs. 529.59 Lakhs in the last financial year.
03. Management Discussion & Analysis
A detailed review of the operations, performance and future outlooks of
the Company and its businesses is given in the Management Discussion and Analysis Report
which forms part of this Report as Annexure I.
04. Directors and Key Managerial Personnel
In accordance with the requirements of the Act and the Company's
Articles of Association, Mrs. Preyal Ankur Shah DIN
The List of Directors as on 31st March, 2024 are as under:
(06966962) retires by rotation and being eligible, offers herself for re-appointment.
Relevant resolutions (Ordinary and Special, as applicable) seeking shareholders'
approval forms part of the Notice.
Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company as on March 31, 2024 are:
• Mr. Ankur Ashwin Shah – Managing Director
• Mr. Piyush Patel- Chief Financial Officer
• Ms. Charmy Shah- Company Secretary and Compliance Officer*
*Ms. Charmy Shah has resigned as Company Secretary of the Company
w.e.f. 07.03.2024 and Ms. Gunjan Bhagtani was appointed as Company Secretary of the
Company from 01.06.2024.
| Name of Director |
Category Cum Designation |
Date of Appointment |
No. of Shares held as on March 31, 2023 |
| Mr. Ankur Ashwin Shah |
Managing Director |
10/09/2013 |
52,53,890 |
| Mr. Divyakant Ramniklal Zaveri |
Independent Director |
23/08/2021 |
- |
| Mr. Jaykumar Toshniwal |
Independent Director |
23/08/2021 |
- |
| Mrs. Preyal Ankur Shah* |
Chairman & Non-Executive Director |
11/01/2022 |
3,36,000 |
| Mr. Sandeep Ramrao Kadam |
Whole-time Director |
25/05/2024 |
- |
*Mrs. Preyal Ankur Shah was allotted 2,52,000 Shares on 25.05.2024
which are pending trading approval as on the date of this report.
In the opinion of the Board, all the aforesaid Directors possess the
integrity, expertise and experience (including proficiency) required for appointment as
Independent Directors of the Company.
05. Transfer to General Reserve
The Company does not propose to transfer any amount to the general
reserve out of the amount available for appropriation.
06. Dividend
In view of requirement of financial resources and considering the
future requirements of funds, your directors do not recommend any dividend on equity
shares of the Company.
07. Change in Nature of Business:
During the year, the Company has not changed its business or object and
continues to be in the same line of business as per the main object of the Company.
08. Transfer of Unclaimed Dividend to Investor Education and Protection
Fund
The provision of Section 125 does not apply to the Company as the
Company has not declared any dividend for the period under review.
09. Share Capital
Authorised Capital:
During the period under review, the Company had Authorized Share
Capital of Rs. 15,00,00,000 divided into 1,50,00,000 (One Crore Fifty Lakhs) Equity Shares
of Rs. 10 (Ten) Each.
Issued, Subscribed & Paid-Up Capital:
At the beginning of the financial year the paid up share capital of the
Company was 1,14,48,000 shares of 10/- each amount to Rs. 11,44,80,000
During the period under review, the Company converted warrants into
equity shares amounting to 8,46,000 each convertible into one fully paid up equity share
of the Company on 05.09.2023 and thereafter, further allotted 14,11,026 equity shares on a
preferential basis vide special resolution passed at the Extra-Ordinary General Meeting
dated 08th January, 2024.
Therefore, on 31st March, 2024, the paid-up equity capital
was 13,70,50,260 and the listed capital was 12,29,40,000. The Company received trading
approval for 14,11,026 equity shares on 15.05.2024.
During the period under review, your Company has not bought back any of
its securities / has not issued any Sweat Equity Shares / has not issued shares with
Differential Voting rights / has not issued any shares under Employee stock option plan
and there has been no change in the voting rights of the shareholder
10. Preferential Issue
(a) Pursuant to 62 (1) (c) read with Section 42 of Companies Act, 2013
and Chapter V of the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 and Special Resolution passed in Extra-Ordinary
General Meeting dated 08th January, 2024, the Company had issued 8,60,000
(Eight lakhs and Sixty Thousand only) Convertible Warrants of the company, at a price of
Rs. 304.00/- per Warrant each convertible into, or exchangeable for, 1 (one) fully paid-up
equity share of the Company having face value of 10/- (Rupee Ten Only) at a premium of Rs.
294.00/- aggregating upto Rs. 24,14,40,000/- (Rupees Twenty Six Crores and Fourteen Lakhs
and Forty Thousand only) ("Total Issue Size") on a preferential basis to persons
/ entity listed below.
| Sr. No. |
Names of allottees |
Category |
Nos. of Warrants Allotted |
| A |
|
|
|
| 1 |
Ankur Ashwin Shah |
Promoter Group |
2,00,000 |
| B |
|
|
|
| 2 |
Arun Kumar Ganeriwala |
Non-Promoter -Public |
1,50,000 |
| 3 |
Shlok Savjani |
Non-Promoter -Public |
1,00,000 |
| 4 |
Shaurya Jagesh Savjani |
Non-Promoter -Public |
1,00,000 |
| 5 |
Bhagyoday Oil Industries |
Non-Promoter -Public |
1,00,000 |
| 6 |
Vivekkumar Mahesh Jalan |
Non-Promoter -Public |
1,00,000 |
| 7 |
Zyana Developers LLP |
Non-Promoter -Public |
1,00,000 |
| 8 |
Jay Mukesh Shah |
Non-Promoter -Public |
10,000 |
(b) Pursuant to provisions of Sections 23, 42, 62 of the Companies Act,
2013 and Chapter V of the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 and Special Resolution passed in Extra-Ordinary
General Meeting dated 08th January, 2024, the Company had issued 14,11,026
(Fourteen Lakh and Eleven Thousand and Twenty Six Only) equity shares of the Company
304.00/- per share each having face value of 10/- (Rupee Ten Only) at a premium of Rs.
294.00/- aggregating upto Rs. 42,89,51,904/- (Rupees Forty Two Crores and Eighty Nine
Lakhs and Fifty One Thousand and Nine Hundred and Four only) ("Total Issue
Size") on a preferential basis to persons / entity listed below.
| Sr. No. |
Names of allottees |
Category |
Nos. of Warrants Allotted |
| A. |
Non-Promoter Group |
|
|
| 1 |
Monika Garware |
Non-Promoter Group |
3,50,000 |
| 2 |
Vineet Kaul |
Non-Promoter Group |
2,00,000 |
| 3 |
Shalu Aggrawal |
Non-Promoter Group |
1,48,026 |
| 4 |
Rajat Goenka |
Non-Promoter Group |
1,50,000 |
| 5 |
Mehak Finpro India Private Limited |
Non-Promoter Group |
1,00,000 |
| 6 |
Archna Khatri |
Non-Promoter Group |
1,00,000 |
| 7 |
Ruchi Aggarwal |
Non-Promoter Group |
50,000 |
| 8 |
Harit Exports Private Limited |
Non-Promoter Group |
33,000 |
| 9 |
Aruna Nitin Sampat |
Non-Promoter Group |
33,000 |
| 10 |
Punit P Jain |
Non-Promoter Group |
33,000 |
| 11 |
Vinita Kawatra |
Non-Promoter Group |
30,000 |
| 12 |
Raghvendra Singh |
Non-Promoter Group |
29,500 |
| 13 |
Charu Goyal |
Non-Promoter Group |
20,000 |
| 14 |
Gaurav Taneja |
Non-Promoter Group |
16,500 |
| 15 |
Anil Kaul |
Non-Promoter Group |
16,500 |
| 16 |
KAPM Ventures LLP |
Non-Promoter Group |
16,500 |
| 17 |
Anuj Premkumar Agarwal HUF |
Non-Promoter Group |
15,000 |
| 18 |
Kiran Kumar M |
Non-Promoter Group |
10,000 |
| 19 |
Joyal Pinakin Soni |
Non-Promoter Group |
10,000 |
| 20 |
Sharmishtha Tarun Shah |
Non-Promoter Group |
10,000 |
| 21 |
Rohit Ledwani |
Non-Promoter Group |
10,000 |
| 22 |
Anjali Ketan Yadav |
Non-Promoter Group |
10,000 |
| 23 |
SS Corporate Securities Limited |
Non-Promoter Group |
10,000 |
| 24 |
Ankit Jain |
Non-Promoter Group |
10,000 |
|
Total |
|
14,11,026 |
11. General Meetings
During the year under review, the following General Meetings were held,
the details of which are given as under:
| Sr. No. |
Date of Meeting |
Type of Meeting |
| 01 |
30th September, 2023 |
Annual General Meeting |
| 02 |
08th January, 2024 |
Extra-Ordinary General Meeting |
12. Disclosure by Directors
The Directors on the Board have submitted notice of interest under
Section 184(1) i.e. in Form MBP 1, intimation under Section 164(2) i.e. in Form DIR 8 and
declaration as to compliance with the Code of Conduct of the Company.
13. Change in Registered Office
During the year, there was no change in the Registered Office of the
Company.
14. Material Changes and Commitment if any Affecting the Financial
Position of the Company Occurred Between the End of the Financial Year to Which This
Financial Statements Relate and the date of the Report
There have been no material changes and commitments affecting the
financial position of the Company that have occurred between the end of the financial year
of the Company to which the financial statements relate and the date of this Report.
15. Conversation of Energy,Technology Absorption, Foreign Exchange
Earnings And Outgo:
Information as required to be given under Section 134(3)(m) of the Act
read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in the annexure
to this report as Annexure - II.
16. Statement Concerning Development and Implementation of Risk
Management Policy of The Company
The Company has been taking a proactive approach concerning the
development and implementation of a Risk Management Policy after identifying the following
elements of risks which in the opinion of the Board may threaten the very existence of the
Company itself. (a) financial; (b) legal and regulatory;(c) operating; and(d) commercial
risks, including health, safety and environment. The Company does not have any Risk
Management Committee as the Board takes into consideration all the risk factors at regular
intervals at its meetings.
17. Corporate Social Responsibility
During the Financial Year 23-24, the Company carried out CSR activities
as mandated by the law.
The CSR initiatives undertaken during the financial year 2023-24 and
the Annual Report on CSR activities as required by the Companies (Corporate Social
Responsibility Policy) Rules, 2014, are set out in ‘Annexure V' to this
Report.
18. Insurance
The Company has a broad-banded approach towards insurance. Adequate
cover has been taken for all movable and immovable assets against numerous risks and
hazards.
19. Disclosure Under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition And Redressal) Act, 2013.
Your Company has always believed in providing a safe and harassment
free workplace for every women employee working with your Company. Your Company always
endeavours to create and provide an environment that is free from discrimination and
harassment including sexual harassment.
Your Company has a zero tolerance for sexual harassment at workplace
and, therefore, has in place a policy on prevention of sexual harassment at workplace. The
said policy is in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. There was no
complaint outstanding/ received from any employee during the financial year 2023-24 and
hence, no complaint is pending as on March 31, 2024 for redressal.
20. Details of Application Made or any Proceeding Pending Under
Insolvency and Bankruptcy Code, 2016
During the year under Review, neither any application was made nor any
proceedings were pending under Insolvency and Bankruptcy Code, 2016.
21. The 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
Not Applicable
22. Particulars of Loans, Guarantees or Investments Made Under Section
186 of the Companies Act, 2013
The Company has not given any guarantees under section 186 to any
person or body corporate except loan to employees of the Company as per Company's
policy for employees and investment in mutual funds.
The Company has approved loan of Rs. 5,00,00,000 to its Associate
Company – Waveoptix Defence Solutions Private Limited as per applicable provisions of
section 186 of the Companies Act, 2013.
The Company has approved an investment of Rs. 1,00,00,000 in Planys
Technologies Private Limited as per applicable provisions of section 186 of the Companies
Act, 2013.
The Company has approved an investment of 2,50,00,000 in Techera
Engineering (India) Limited as per applicable provisions of section 186 of the Companies
Act, 2013.
The details of Loans given, Investments made and guarantees given and
securities provided under the Section 186 of the Companies Act, 2013, have been provided
in the notes to the Financial Statements.
23. Details of Significant & Material Orders Passed by the
Regulators or Courts
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and its future
operations.
24. Maintenance of Cost Records and Cost Audit
Maintenance of Cost Records has been specified by the Central
Government, under sub -section (1) of section 148, of the Companies Act, 2013, and records
has been made and maintained for year under review. However, the provisions of cost audit
are not applicable to the Company for the financial year 2023-24.
M/s. Y.S. Thakar & Co., Cost Accountants, were appointed with the
approval of the Board to carry out the cost audit for F.Y. 2024-25. Based on the
recommendation of the Audit Committee, M/s. Y.S. Thakar & Co., Cost Accountants, being
eligible, have also been appointed by the Board of Directors in their meeting held on
25.05.2024 as the Cost Auditors for F.Y. 2024-25. The remuneration to be paid to M/s. Y.S.
Thakar & Co., for F.Y. 2024-25 is subject to ratification by the shareholders at the
ensuing AGM.
25. Company's Policy Relating to Directors Appointment, Payment of
Remuneration and Discharge of their Duties
The Company's policy on Directors' appointment and
remuneration and other matters provided in Section 178(3) of the Companies Act, 2013 is
available on the website of the Company at and have been displayed on website https://www.
krishnaallied.com.
26. Formal Annual Evaluation
Pursuant to the provisions of the Act, and SEBI Listing Regulations,
2015, the Nomination and Remuneration Committee ("NRC") and the Board has
carried out the annual performance evaluation of the Board, its Committees and individual
Directors by way of individual and collective feedback from Directors. The Independent
Directors have also carried out annual performance evaluation of the Chairperson, the
non-independent directors and the Board as a whole.
27. Statutory Auditors
At the 8th Annual General Meeting held on 30.11.2021, M/s.
CNK & Associates LLP, Chartered Accountant (FRN: 101961W), were appointed as Statutory
Auditors of the Company to hold the office till the conclusion of the 13th
Annual General Meeting to be held in relation to the financial year ended on 31.03.2026.
The Report issued by M/s. CNK & Associates LLP, Chartered Accountant (FRN: 101961W),
Statutory Auditor for FY 2023-24 does not contain any qualification, reservation, adverse
remark or disclaimer.
28. Secretarial Audit Report
DRP & Associates., Company Secretaries, Vadodara, were appointed as
Secretarial Auditors of the Company to conduct secretarial audit pursuant to the
provisions of Section 204 of the Companies Act, 2013. The secretarial audit of the Company
has been conducted on a concurrent basis in respect of the matters as set out in the said
rules and Secretarial Audit Report given by DRP & Associates., Company Secretaries,
Vadodara, Secretarial Auditor of the Company forms part of this report and is marked as Annexure-III.
There are no qualifications, reservations or adverse remarks made by
DRP & Associates., Company Secretaries, Vadodara, Secretarial Auditors of the Company,
in their report.
29. Annual Return
In compliance with Section 92(3) and 134(3)(a) of the Act, Annual
Return is uploaded on Company's website and can be accessed at
https://www.krishnaallied.com
30. Disclosure Under Rule-5 of the Companies (Appointment And
Remuneration) Rules, 2014
Disclosure required under Section 197 of the Companies Act, 2013 read
with Rule-5 of the Companies (Appointment and remuneration) Rules, 2014 have been annexed
as Annexure- IV.
31. Particulars of Contracts or Arrangements Made With Related Parties
Contracts or arrangements with related parties referred to under
Section 188 of the Act, entered into during the year under review, were on an arm's
length basis. No material contracts or arrangements with related parties were entered into
during the year under review.
The particulars of contracts or arrangements with related parties given
in "Form AOC-2" are given in Annexure VI forming part of this Report.
32. Corporate Governance
As per regulation 15(2) of the Listing Regulation, the Compliance with
the Corporate Governance provisions shall not apply in respect of the following class of
the Companies:
a) Listed entity having paid up equity share capital not exceeding Rs.
10 Crore and Net worth not exceeding Rs. 25 Crore, as on the last day of the previous
financial year;
b) Listed entity which has listed its specified securities on the SME
Exchange.
Since, our Company falls in the ambit of aforesaid exemption (b); hence
compliance with the provisions of Corporate Governance shall not apply to the Company and
it does not form the part of the Annual Report for the financial year 2023-24.
33. Number of Board Meetings Conducted During the Year Under Review
The Board of the Company regularly meets to discuss various Business
opportunities. Additional Board meetings are convened, as and when required to discuss and
decide on various business policies, strategies and other businesses.
The Company had seven Board meetings during the financial year under review:
| Sr. No. |
Date of Meeting |
Number of Directors entitled to Attended
Meeting |
No. of Directors Attended Meeting |
| 1. |
22.05.2023 |
6 |
6 |
| 2. |
29.07.2023 |
6 |
5 |
| 3. |
05.09.2023 |
6 |
6 |
| 4. |
08.11.2023 |
6 |
6 |
| 5. |
13.12.2023 |
6 |
6 |
| 6. |
01.02.2024 |
6 |
6 |
| 7. |
31.03.2024 |
6 |
6 |
34. Audit Committee
The Audit Committee is duly constituted in accordance Section 177 of
the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its
Powers) Rules, 2014 & Regulation 18 of Listing Regulations as amended from time to
time. It adheres to the terms of reference which is prepared in compliance with Section
177 of the Companies Act, 2013.
The Company Secretary acts as the Secretary to the committee and the
Committee Members are:
| Name of Members |
Chairman/Member |
Nature of Directorship |
No. of Meeting Held |
No. of Meeting Attended |
| Mr. Divyakant RamniklalZaveri |
Chairman |
Independent Director |
7 |
7 |
| Mr. Jaykumar Toshniwal |
Member |
Independent Director |
7 |
7 |
| Mr. Ankur Ashwin Shah |
Member |
Managing Director |
7 |
7 |
Two third of the members are Independent Directors and all the members
are financially literate. The composition, role, functions and powers of the Audit
Committee are in line with the requirements of applicable laws and regulations. The Audit
Committee shall oversee financial reporting process and disclosures, review financial
statements, internal audit reports, related party transactions, financial and risk
management policies, auditors' qualifications, compliance with Accounting Standards
etc. and oversee compliance with Stock Exchanges and legal requirements concerning
financial statements and fixation of audit fee as well as payment for other services etc.
During the year under review eight Audit Committee Meetings were held
on 22.05.2023, 29.07.2023, 05.09.2023, 08.11.2023, 13.12.2023, 01.02.2024 and 31.03.2024.
35. Nomination and Remuneration Committee
The Nomination and Remuneration Committee is constituted in accordance
with Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of
the Board and its Powers) Rules, 2014 & Regulation 19 of Listing Regulations as
amended from time to time.
The Company Secretary acts as the Secretary to the committee and the
Committee Members are:
| Name of Members |
Chairman/Member |
Nature of Directorship |
No. of Meeting Held |
No. of Meeting Attended |
| Mr. Divyakant RamniklalZaveri |
Chairman |
Independent Director |
3 |
3 |
| Mr. Jaykumar Toshniwal |
Member |
Independent Director |
3 |
3 |
| Mr. Preyal Ankur Shah |
Member |
Chairperson & Non Executive Director |
3 |
3 |
During the year under review two Nomination and Remuneration Committee
Meetings were held on 29.07.2023, 05.09.2023 & 31.03.2024.
36. Stakeholders Relationship Committee
The Stakeholders Relationship Committee was duly constituted and is in
compliance with the requirements of Section 178 of the Companies Act, 2013 &
Regulation 20 of Listing Regulations.
Company Secretary is the Compliance Officer, who acts as the Secretary
to the Committee and the Members of the Committee are:
| Name of Members |
Chairman/Member |
Nature of Directorship |
No. of Meeting Held |
No. of Meeting Attended |
| Mr. Jaykumar Toshniwal |
Chairman |
Independent Director |
1 |
1 |
| Mr. Divyakant Ramniklal Zaveri |
Member |
Independent Director |
1 |
1 |
| Mr. Sandeep Kadam Ramrao |
Member |
Whole-Time Director |
1 |
1 |
The Stakeholders Relationship Committee looks into shareholders'
complaints related to transfer of shares, non-receipts of balance sheet besides complaints
from SEBI, Stock Exchanges, Court and various Investor Forums. It oversees the performance
of the Registrars and Transfer Agent, and recommends measures for overall improvement in
the quality of investor services. The Company is in compliance with the SEBI SCORES, which
has initiated by SEBI for processing the investor complaints in a centralized web-based
redress system and online redressal of all the shareholders complaints.
During the year under review no grievances were received based on the
reports from Big share Services Private Limited. The Committee meeting was held on
31.03.2024.
37. CSR Committee
The details of members of CSR Committee is as under:
| Sr. No. |
Name of Director/ Member |
Designation in Committee |
No. of Meeting Held |
No. of Meeting Attended |
| 1. |
Mr Ankur Ashwin Shah |
Chairman |
2 |
2 |
| 2. |
Mr Divyakant Ramniklal Zaveri |
Member |
2 |
2 |
| 3. |
Mr Sandeep Ramrao Kadam |
Member |
2 |
2 |
The CSR Committee meetings were held on 01.02.2024 and 31.03.2024.
38. Subsidiaries, Joint Ventures and Associate Companies
The Company does not have any Subsidiary or Joint venture.
However, the Company has one Associate Company i.e, Waveoptix Defence
Solution Private Limited. Your Company has a stake of 25% in the aforementioned Associate
Company.
Further, pursuant to provisions of Section 129(3) of the Companies Act,
2013 read with Companies (Accounts) Rules, 2014, a statement containing salient features
of the financial statements of the Company's Joint venture in Form AOC-1 is attached
as Annexure VII to the Board's Report.
39. Compliance Officer
The Compliance Officer cum designated Company Secretary of the Company
up to March 2024 the financial year 2023-24 was Mrs. Charmy Shah who has resigned w.e.f.
07.03.2024.
Mrs. Gunjan Bhagtani is the Compliance Officer and designated Company
Secretary of the Company w.e.f. 01.06.2024.
40. Registrar and Share Transfer Agent
The Company has appointed Big share Services Private Limited as its
Registrar and Share Transfer Agent.
41. Internal Auditor
M/s Shilmi J Patel & Co. Chartered Accountants, Vadodara,
FRN-154683W, Internal Auditor of the Company has conducted periodic audit of operations of
the Company. The Audit Committee of the Board of Directors has reviewed the findings of
Internal Auditors regularly.
42. Internal Control Systems & Their Adequacy
Internal controls encompass a set of rules, policies and procedures to
provide reasonable assurance for achievement of the organizational objectives in
operational effectiveness and efficiency, reliable financial reporting and compliance with
laws, regulations and policies. Your Company's internal control systems are
commensurate with the size and nature of its operations, which records transactions and
operations; ensures protection against misuse or loss of the Company's assets;
ensures efficiency in operations of the plant and facilitates transparency and accuracy of
financial reporting.
The reports of the Internal Auditor are reviewed by the Audit
Committee. The Audit Committee also reviews adequacy of internal controls, system and
procedures, insurance coverage of assets from various risks and steps are taken to manage
foreign currency exposures. The Audit Committee also interacts with Internal Auditors and
Statutory Auditors of the Company to ensure compliance of various observations made during
the conduct of audits and adequacy of various controls.
43. Deposits
The Company has not invited deposit from members or public. Therefore,
the details relating to deposits, covered under Chapter V of the Act is not applicable.
44. Website
The corporate website is https://www.krishnaallied.com reflecting the
details and business of the company. Also, the website displays financial & corporate
information.
45. Declaration of Independent Directors
The Company has received the necessary declaration from each
Independent Director in accordance with Section 149(7) of the Act and Regulations 16(1)
(b) and 25(8) of the SEBI Listing Regulations, that he/she meets the criteria of
independence as laid out in Section 149(6) of the Act and Regulations 16(1)(b) of the SEBI
Listing Regulations. In the opinion of the Board, there has been no change in the
circumstances which may affect their status as Independent Directors of the Company and
the Board is satisfied of the integrity, expertise, and experience (including proficiency
in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent
Directors on the Board.
Further, in terms of Section 150 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, as amended, Independent
Directors of the Company have included their names in the data bank of Independent
Directors maintained with the Indian Institute of Corporate Affairs.
The Board of directors of the Company has taken on record the
declaration and confirmation submitted by the independent directors after undertaking due
assessment of the veracity of the same. There has been no change in the circumstances
affecting their status as Independent Directors of the Company.
46. Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that-