To,
The Members of
SUNTECH INFRA SOLUTIONS PRIVATE LIMITED
F-10, SECOND FLOOR,
GREEN PARK MAIN,
NEW DELHI DL 110016
Your Directors are pleased to present their 14th Annual Report on the
business and operations of the company together with the Audited Statement of Accounts for
the financial year ended 31st March, 2023,
1. FINANCIAL RESULTS
The financial performance of the Company for the year ended 31st March, 2023
is summarized as under:
Particulars |
Year ended on March 31, 2023 (Amt in Rs) |
Year Ended on March 31, 2022 (Amt in Rs) |
Total Revenue |
856,756,873 |
701,711,960 |
Other income |
4,951,685 |
5,127,113 |
Total Income |
861,708,558 |
706,839,073 |
Total Expenditure |
779,644,839 |
659,637,169 |
Profit / Loss before tax |
8,2,063,719 |
44,639,041 |
Prior period expenses net |
- |
(2,562,863) |
(l)Current Tax |
2,47,00,000 |
15,230,500 |
(2) Earlier Years |
89,330 |
- |
(3) Deferred tax |
623,417 |
(832,025) |
Net Profit/(Loss) for the period |
56,650,972 |
30,240,566 |
2. STATE OF COMPANY'S AFFAIR
The Company had earned a profit of Rs. 56,650,972/- as compared to previous year's
profit ol Rs. 30,240,566/- from its operation during the year. The Board of the Directors
has the view that the Company will earn more profits in the upcoming years.
3. AMOUNT PROPOSED TO BE CARRIED TO RESERVE
The Board of Directors of your Company has decided to transfer the amount (i.e. balance
in statement of profit and loss account) to its Reserves for the year under review.
4. CHANGE IN NATURE OF BUSINESS
There is no change in the nature of the business of the Company during the year.
5. DIVIDEND
As a principle of prudent planning, the directors are of opinion not to recommend any
dividend for the year under consideration.
6. CHANGES IN SHARE CAPITAL. IF ANY
There is no change in share capital of the Company during the year.
7. DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS
The Company has not issued any equity shares with differential rights during the
financial year.
8. DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTIONS
The Company has not issued any shares under Employee Stock option during the year.
9. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES
The Company has not issued any Sweat Equity Shares during the year.
10. ISSUE OF DEBENTURES. BONDS OR NON CONVERTIBLE SECURITIES
The Company has not issued any debentures, bonds or non-convertible securities during
the year under review.
11. NUMBER OF MEETINGS OF THE BOARD
The Board of Directors duly met 8 (Eight) times 27.06.2022, 16.08.2023, 21.09.2022,
12:10.2022, 14.11.2022, 03.12.2022, 16.01.2022 and 05.02.2023 on in respect of which
notices were given and the proceedings were recorded and signed in the Minutes Books
maintained for the purpose.
12. PARTICULARS OF LOANS. GUARANTEE OR INVESTMENT'S UNDER SECTION 1R6
The Company has not given any loans, or given any guarantee or provided any securities
in connection with any loan to any other body corporate or person, the Company has not
made any investments during the financial year.
13. PARTICULARS OF CONTRACT OR ARRANGEMENTS WITH THF RELATED PARTY
The Company has entered few contract or arrangement witn related parties referred to in
Section 188(1) of the Companies Act, 2013 during the financial year 2022- 23 at arm's
length. Hence, AOC - 2 is attached.
14. RESERVATION AND QUALIFICATION ON AUDITORS' REPORT
The observations of the Auditors on the Accounts for the period under report have been
suitably explained in the notes on Accounts and did not require any further clarification.
15. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments affecting the financial position of the
Company during the financial year.
16. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING AND OUTGO:
Particulars |
Remarks |
(a) Conservation of the energy: |
The Provisions of Section
134(3) (m) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014
regarding Conservation of Energy and Technology Absorption do not apply to your company
for the period under review. However, the management has taken all the necessary steps to
conserve the resources to the extent possible. |
Steps taken to impact on conservation |
Steps taken for utilization of alternate
sources of energy |
Capital investment on the Conservation
Equipments |
(b) Technology absorption: |
Efforts made for technology absorption |
Benefit derived |
Expenditure on Research & Development,
if any |
Details of technology imported, if any |
Year of Import |
Whether imported technology fully Absorbed |
Areas where absorption of imported
technology has not taken place, if any |
(c) Foreign Exchange Earning/Outgo: |
|
Earning |
Nil |
Outgo |
Rs. 179,668 |
17. DETAIL OF SUBSIDIARY. JOINT VENTURE OR ASSOCIATED
There are no subsidiaries/Joint ventures/Associate Companies as per the provisions of
Companies Act, 2013
18. RISK MANAGEMENT POLICY
The Company has laid down sufficient procedures about risk assessment in the previous
years and its elimination and/or its minimization. Since March 2020 the spread of COVID
-10 has severely impacted the liquidity position and profitability of the Company. Still
company is looking for risk management policy in the coming years in the interest of the
stakeholders.
19. MANAGEMENT OF THE COMPANY
There is no change in the Management of the Company during the period under review. Mr.
Gaurav Guptha, Mr. Praveen Kumar Gupta, Mr. Vishesh Gupta, Ms. Sneh Lata Gupta and Ms.
Shikha Gupta continue as the Directors of the Company.
20. DETAIL OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNAL
There are no such significant & material orders passed by the
regulators/courts/tribunal during the financial year.
21. STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERECNE TO
THE FINANCIAL STATEMENTS
There are adequate systems of internal financial controls in the Company.
22. DETAILS IN RESPECT OF~ FRAUD REPORTED BY AUDITORS UNDER SECTION 143112) OTHER THAN
THOSE WHICH ARE REPORTABLE TO GQVT
There is no fraud reported by Auditors under Section 143(12) of the Companies Act
during the year under review.
23. DEPOSITS FROM PUBLIC
The company has not accepted any deposits in terms of Section 73 of Companies-Act, 2013
and as such, no amount on account of principal or interest on deposits from public was
outstanding as on the date of the balance sheet.
24. RECEIPT OF ANY COMMISSION BY MANAGING DIRECTOR/WHOLE TIME DIRECTOR FROM A COMPANY
OR FOR RECEIPT OF COMMISSION/REMUDERATION FROM ITS HOLDING OR SUBSIDIARY
There is no such transaction in the Company during the financial year.
25. STATUTORY AUDITORS .
M/s MOHIT K DIXIT & ASSOCIATES, Chartered Accountant, are being appointed as
statututoy auditor of the Company till the conclusion of 15th Annual General
Meeting of the Company for a period of one year, for the financial year 2023-204 at such
remuneration as may be fixed between them and the Board.
26. COST AUDITORS
The Cost Audit of the Company has not been conducted for the financial year 2022-23 as
provisions of Section 148 of the Companies Act, 2013 are not applicable on the Company.
27. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
and that such systems are adequate and operating effectively.
28. CORPORATE SOCIAL RESPONSIBILITY
The provisions of the corporate social responsibility do not apply to the company.
29. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
None of the employees of the Company were in receipt of remuneration in excess of
limits as prescribed under Rule 5 (2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
30. DISCLOSURES UNDER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE fPREVENTION- PROHIBITION
& REDRESSAL1 ACT, 2013
During the period under review, no complaints were received under the policy for
prohibition, prevention and redressal of sexual harassment of the women at work place.
31. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to provisions of Section 134 (3) of the Companies Act, 2013, the directors of
your company state, except as stated otherwise, that:-
i. In the preparation of the annual accounts for the financial year ended 31st March,
2023 the applicable accounting standards have been followed and there have been no
material departures.
ii. The Directors have selected such accounting policies and applied them consistently
and made judgment 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 of the Company for the year under review.
iii. The Directors have taken proper and sufficient care for the maintenance of
adequate accounting records for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.
iv. The directors had prepared the annual accounts on a going concern basis.
v. The Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that system were adequate and operating effectively.
32. MAINTENANCE OF COST RECORDS
The Company is NOT required to maintain cost records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act, 2013, therefore, no
such accounts and records are made and maintainedfCompanies (Accounts) Amendment Rules,
2018
33. ACKNOWLEDGMENT
Your Directors place on record their appreciation for the overwhelming co-operation and
assistance received from customers, employees, vendors, as well as regulatory and
government authorities.
Your Directors propose to drive the business endeavours with greater optimism and
confidence.
PLACE: DELHI
DATE: 25.09.2023