To, The Members, ALKOSIGN LIMITED
Your directors have pleasure in submitting their 3rd Annual Report of the
Company together with the Audited Statements of Accounts for the year ended 31st March,
2023.
1. FINANCIAL PERFORMANCE:
The Financial performance of the Company during the year was as under:
(Amount In Lakhs.)
PARTICULARS |
Standalone Financials |
|
2022-23 |
2021-22 |
Income from operations |
2137.78 |
1016.02 |
Other Income |
25.03 |
5.86 |
Total revenue |
2162.81 |
1021.88 |
Total Expenses |
2200.72 |
1179.08 |
Profit before tax |
-37.91 |
-157.20 |
Current Tax |
- |
- |
Prior Period Tax Charge |
- |
- |
Deferred Tax Charge |
-7.67 |
-19.57 |
Profit from Continuing Operations after Tax (PAT) |
-45.58 |
-137.93 |
2. BUSINESS OPERATION:
The Gross income from operations of your Company is Rs. 2162.81 Lakhs as against Rs.
1021.88 Lakhs in the previous year. The net profit/(loss) after tax for the year under
review is Rs. (45.58) Lakhs as against loss of Rs. 137.93 Lakhs in the previous year.
3. DIVIDEND
The Board of Directors' do not recommend any dividend for the year under review due to
net loss of Company, however Directors ensure for better performance and good result in
the near future of the Company.
4. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There is no change in its nature of business of Company during the year under review.
5. AMOUNT TRANSFERRED TO RESERVES
The Company has not transferred its profits into Reserves & Surplus Account during
the year under review.
6. ANNUAL RETURN:
As per Section 92(3) of Companies Act, 2013, the draft copy of Annual Return of company
in form MGT - 7 has been uploaded on the website of Company and web link of the same is
https://alkosign.com/shere-holder-corner/index.html
7. NUMBER OF BOARD MEETINGS/ COMMITTEE/SHAREHOLDERS MEETINGS CONDUCTED DURING
THE YEAR:
During the year ended March 31, 2023, the Board met 6 times. The intervening gap
between the Meetings was within the period prescribed under the Companies Act, 2013 (the
“Act”). Required quorum was present throughout each meeting as per the
requirement of the said Act, the details of Board meetings are given below;
Sr. No. |
Date of Board Meeting |
Samir Shah |
Akshay Shah |
Shrenik Shah |
Zeenal Shah |
Parshava Doshi |
Yogesh Gupta |
Seema Javeri |
Priya Kapoor |
|
|
MD |
WTD |
|
NED |
NED |
ID |
ID |
ID |
|
|
|
YES |
YES |
|
YES |
|
|
YES |
1 |
27-05-2022 |
YES |
|
|
YES |
|
NO |
YES |
|
|
|
YES |
YES |
YES |
|
YES |
|
|
NO |
2 |
25-06-2022 |
|
|
|
NO |
|
YES |
YES |
|
|
|
YES |
YES |
YES |
|
YES |
|
|
NO |
3 |
27-08-2022 |
|
|
|
NO |
|
YES |
NO |
|
|
|
YES |
YES |
YES |
|
YES |
|
|
NO |
4 |
08-10-2022 |
|
|
|
NO |
|
NO |
NO |
|
5 |
14-11-2022 |
YES |
YES |
YES |
YES |
YES |
YES |
YES |
NO |
6 |
2 1-03-2022 |
YES |
YES |
|
YES |
NO |
YES |
NO |
NO |
I. AUDIT COMMITTEE
The audit committee of the Company is constituted under the provisions of section 177
of the Companies Act, 2013.
Composition of the Committee:
1. Parshva Vinay Kant Doshi, Non-Executive, Independent Director (Chairman); 2. Shrenik
Kamlesh Shah, Non-Executive, Director (Member); 3. Seema Ashim Jhaveri, Non-Executive,
Independent Director (Member) 4. The Company Secretary of Company is Secretary of the
Committee.
Meeting of Audit Committee and Relevant Quorum:
The audit committee shall meet at least four times in a year and not more than one
hundredand twenty days shall elapse between two meetings. The quorum for audit committee
meeting shall either be two members or one third of the members of the audit committee,
whichever is greater, with at least two independent directors.
The Chairman of the committee has to attend the Annual General Meetings of the Company
to provide clarifications on matters relating to the audit.
During the year under review, the Company held four Audit Committee meetings.
II. NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee of the Company is constituted under the
provisions of section178 of the Companies Act, 2013.
Composition of the Committee:
1. Seema Ashim Jhaveri, Non-Executive, Independent Director (Chairman); 2. Parshva
Vinaykant Doshi, Non-Executive, Independent Director (Member); 3. Yogesh Ramgopal Gupta,
Non-Executive Director (Member) 4. The Company Secretary of Company is Secretary of the
Committee
Meeting of Nomination and Remuneration Committee and Relevant Quorum:
The quorum necessary for a meeting of the Nomination and Remuneration Committee shall
be two members or one third of the members, whichever is greater. The Committee is
required to meet at least once a year.
During the year under review, the Company held Three Nomination and Remuneration
Committee meetings.
III. STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee of the Company is constituted u nder the
provisions of section 178 of the Companies Act, 2013.
Composition of the Committee:
1. Shrenik Kamlesh Shah, Non-Executive, Director (Member); (Chairman)
2. Parshva Vinaykant Doshi, Non-Executive, Independent Director (Member)
3. Seema Ashim Jhaveri, Non-Executive, Independent Director (Member)
4. The Company Secretary of Company is Secretary of the Committee
Meeting of Stakeholder's Relationship Committee and Relevant Quorum:
The stakeholder's Relationship committee shall meet once in a year. The quorum for a
meeting of the Stakeholder's Relationship Committee shall be two members present.
During the year under review, the Company held OneStakeholder's Relationship Committee
meetings.
IV. SHAREHOLDER'S MEETING:
Sr. No. |
General Meeting Date |
Business Transacted in the Meeting |
Type of Meeting |
1. |
29/07/2022 |
1. Alteration in Object clause of Company |
Postal Ballot |
2. |
24/09/2022 |
1. Approval of Annual Accounts of Company. |
AGM |
|
|
2. Re-appointment of Mr. Shrenik Kamlesh Shah (DIN: 03572426) who
retires by rotation and re-appointment. |
|
|
|
3. Appointment of Statutory Auditor of the Company for the period
of 5 years i.e., from F.Y. 2022-23 to 2026-27. |
|
|
|
4. Appointment of Akshay Narendra Shah (DIN: 03572358)
as Whole-Time Company. |
|
|
5. Related Party Transactions with M/s Senate Office System
(Proprietorship Firm) for the financial year 2022- 23. |
|
V. INTERNAL COMPLAINT COMMITTEE:
Pursuant to the provision Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (“Act”), the Company has constituted
Internal Complaint Committee. Further Company has zero tolerance for sexual harassment for
women at workplace.
During the financial year 2022-23, the Company has not received any complaints on
sexual harassment and hence no compliant remains pending as on 31 st March,
2023.
VI. MEETING OF INDEPENDENT DIRECTOR:
The Meeting of the Independent Director held on 14th November, 2022.
8. DECLARATION OF THE INDEPENDENT DIRECTORS:
All Independent Directors have also given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013.
9. DETAILS OF SUBSIDIARY/JOINT VENTURE/HOLDING COMPANY:
The Company has No Subsidiary and, there is no any Joint Venture or Holding Company of
our Company.
10. CHANGES IN SHARE CAPITAL:
During the year under review, the Company did not change in its Capital Structure.
The Company has, during the year under review, neither issued any Equity shares with
differential voting rights nor any shares (including sweat equity shares) to its employees
under any scheme.
11. DIRECTORS'S RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the
Board of Directors of the company confirms that-
(i) In the preparation of the annual accounts for the year ended 31st March, 2023, the
Company has followed the applicable accounting standards and there are no material
departures from the same.
(ii) Accounting policies were adopted and applied consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the
affairs of the Company as at 31st March 2023 and of the Profit of the Company for year
ended on that date.
(iii) The Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act of safeguarding
the assets of the Company and for preventing/ detecting fraud and irregularities have been
taken.
(iv) The Directors have prepared Annual Accounts on a “Going Concern” basis.
(v) They have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and 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.
12. PERFORMANCE EVALUATION:
The Board of Directors carried out an annual evaluation of the Board itself, its
committees and individual Directors. The entire Board carried out performance evaluation
of each Independent Director excluding the Independent Director being evaluated. The
Nomination Remuneration Committee also carried out evaluation of every director's
performance.
The evaluation was done after taking into consideration inputs received from the
Directors, setting out parameters of evaluation. Evaluation parameters of the Board and
Committees were mainly based on Disclosure of Information, Key functions of the Board and
Committees, Responsibilities of the Board and Committees, etc. Evaluation parameters of
Individual Directors including the Chairman of the Board and Independent Directors were
based on Knowledge to Perform the Role, Time and Level of Participation, Performance of
Duties and Level of Oversight and Professional Conduct etc.
Independent Directors in their separate meeting evaluated the performance of
Non-Independent Directors, Chairman of the Board and the Board as a whole.
13. CORPORATE GOVERNANCE:
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
exempts companies which have listed their specified securities on SME Exchange from
compliance with corporate governance provisions.
Since the equity share capital of your Company is listed exclusively on the SME
Platform of BSE, the Company is exempted from compliance with Corporate Governance
requirements, and accordingly the reporting requirements like Corporate Governance Report,
Business Responsibility Report etc. are not applicable to the Company. However, the
Company is in compliance to the extent of applicable sections of Companies Act, 2013 with
regard to Corporate Governance.
14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis report has been separately furnishedas Annexure
- I in the Annual Report and forms a part of the Annual Report.
15. POLICIES AND DISCLOSURE REQUIREMENTS:
In terms o f provisions of the Companies Act, 2013 the Company h as adopted following
policies which are available on its websitehttps://alkosign.com/ Whistle Blower Policy
Archival & Preservation Policy
Code of conduct for Board & Shareholders Meeting Policy for disclosure of Material
Events Criteria for making payment to non-Executive director Policy on determination of
Material Related Party Transactions Risk Management Policy Code of Conduct for prevention
of Insider Trading Code for Independent Directors Nomination and Remuneration Policy
16. COMPANY'S POLICY RELATING TO APPOINTMENT, PAYMENT OF
REMUNERATION TO DIRECTORS AND DISCHARGE OF THEIR DUTIES:
Pursuant to the provision of Section 178 of the Companies Act, 2013 and at the
recommendation of Nomination and Remuneration Committee has devised Nomination and
Remuneration Policy relating to appointment of Key Managerial Personnel and Directors,
Director's qualifications, positive attributes, independence of Directors and their
remuneration and other related matters as provided under Section 178(3) of the Companies
Act, 2013.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER
SECTION 186 OF THE COMPANIES ACT, 2013:
The details of the loans, guarantees or investments made under section 186 of the
Companies Act, 2013, by the Company is mentioned in the financial statements of the
Company.
18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH
RELATED PARTIES:
All related party transactions that were entered during the financial year were onarm's
length basis and were in the ordinary course of business. There are significant related o
party transactions made by the Company with Promoters, Directors, Key Managerial Personnel
or other designated persons which may have a potential conflict with the interest of the
Company at large.
19. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India while organizing the Board and Annual General Meetings.
20. MATERIAL CHANGES AND COMMITMENT:
The Company has added new objects regarding manufacturing of plastic Raw materials,
Packaging products, Auto parts, laggauge products, bags etc. in the Memorandum of
Associations (MOA) of Company vide shareholder resolutions passed on July 29, 2022 through
postal ballot.
Apart from above, no material changes and commitments affecting the financial position
of the Company occurred during the year and between the end of the financial year to which
these financial statements relate and on the date of this report.
21. 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:
There was no any application filed or any proceeding pending under Insolvency and
Bankruptcy Code, 2016 (31 Of 2016) during the year under review. Hence the same is not
applicable to Company.
22. 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.
The Company did not settle any loan amount with Bank or Financial Institutions during
the period under review. Hence the same is not applicable to Company.
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:
(A) CONSERVATION OF ENERGY:
The Company has been continuously making efforts to reduce energy consumption.The
management is striving to achieve cost reduction by economical usage of energy.
(i) The steps taken or impact on conservation of energy:
The Company has been continuously making efforts to reduce energy consumption and the
management is striving to achieve cost reduction by economical usage of energy.
(ii) The steps taken by the company for utilising alternate source of energy:
As the Company needs only minimum level of energy, it has not looked in to an
alternative source of energy.
(iii) The capital investment on energy conservation equipment:
The Company has not made any capital investment as it is not required at this stage.
(B) TECHNOLOGY ABSORPTION:
The Company is not utilizing any alternate source of energy.
(C) FOREIGN EXCHANGE EARNINGS AND OUT GO:
During the period under review, the company had earned the foreign exchange of Rs.
23,70,872.08 and expenditure due to foreign E xchange rate d ifference was Rs.
7,38,237.85.
24. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF
RISK MANAGEMENT POLICY OF THE COMPANY:
Risk Management is the process of identification, assessment and prioritization of
risks followed by coordinated efforts to minimize, monitor and mitigate/control the
probability and/or impact of unfortunate events or to maximize the realization of
opportunities. The Company has laid down a comprehensive Risk Assessment and Minimization
Procedure which is reviewed by the Board from time to time. These procedures are reviewed
to ensure that executive management controls risk through means of a properly defined
framework. The major risks have been identified by the Company and its mitigation
process/measures have been formulated in the areas such as business, project execution,
event, financial, human, environment and statutory compliance.
25. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE
COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate
Social Responsibility Policy) Rules, 2014 are not applicable to the Company as on March
31, 2023. Hence, your Company is not required to adopt the CSR Policy or constitute CSR
Committee during the year under review.
26. DEPOSITS:
The Company has not accepted/renewed any deposits during the year under review.
27. VIGIL MECHANISM FOR THE DIRECTORS AND EMPLOYEES:
The Company has established a vigil mechanism, through a Whistle Blower Policy, where
Directors and employees can voice their genuine concerns or grievances about any unethical
or unacceptable business practice. A whistle-blowing mechanism not only helps the Company
in detection of fraud, but is also used as a corporate governance tool leading to
prevention and deterrence of misconduct. It provides direct excess to the employees of the
Company to approach the Compliance Officer or the Chairman of the Audit Committee, where
necessary. The Company ensures that genuine Whistle Blowers are accorded complete
protection from any kind of unfair treatment or victimization. The Whistle Blower Policy
is disclosed on the website of the Company at www.alkosign.com
28. DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL:
The Board is duly constituted according to the provisions of the Company Act.
The Directors on the Board have submitted notice of interest under Section 184(1),
intimation under Section 164(2) of the Companies Act, 2013 and declaration as to
compliance with the Code of Conduct of the Company.
The present Directors of the Company are Mr. Samir Narendra Shah, Mr. Akshay Narendra
Shah, Mr. Shrenik Kamlesh Shah, Ms. Zeenal Shrenik Shah, Mr. Yogesh Ramgopal Gupta, Mr.
Parshva Vinaykant Doshi, Ms. Seema Ashim Jhaveri.
Further during the year u nder review, following changes regarding
appointment/reappointment has been done in Management of Company:
S. No. |
Name of Director/KMP |
Designation |
Promoter/ Independent /KMP/ Professional |
Executive/ Non- Executive |
Date of Appointment/ Cessation/ Change in Designation |
1. |
Mr. Samir Narendra Shah |
Managing Director |
Promoter & KMP |
Executive Director & Chairman |
20/03/2020 |
2. |
Mr. Akshay Narendra Shah |
Whole Time Director |
Promoter & KMP |
Executive Director |
01/10/2020 |
3. |
Mr. Shrenik Kamlesh Shah |
Director |
Promoter Group |
Non Executive |
20/03/2020 |
4. |
Ms. Zeenal Shrenik |
Non- executivePromoter |
Non |
|
Shah |
Director |
Group |
Executive |
01/10/2020 |
5. |
Mr. Yogesh |
Director |
Independent |
Non |
|
|
Ramgopal |
|
|
Executive |
22/12/2021 |
6. |
Mr. Parshva |
Director |
Independent |
Non |
|
|
Vinaykant Doshi |
|
|
Executive |
22/12/2021 |
7. |
Ms. Seema Ashim |
Director |
Independent |
Non |
|
|
Jhaveri |
|
|
Executive |
22/12/2021 |
8. |
Mrs. Priya Kapoor |
Director |
Independent |
Non Executive |
Resigned w.e.f. 08/09/2022 |
9 |
Mr. Ajay Prahlad Vishwakarma |
CFO |
KMP |
NA |
Appointed on - 25/06/2022 |
10 |
Ms. Poorvi Gattani |
Company Secretary |
KMP |
NA |
Resigned w.e.f. 14/06/2022 |
11 |
Mrs. Pratiksha Prasad Naik |
CFO |
KMP |
NA |
Resigned w.e.f. 11/06/2022 |
12 |
Ms. Karishma Laddha |
Company Secretary |
KMP |
NA |
(Appointed w.e.f. 27th August, 2022) |
In accordance with the provisions of the Companies Act, 2013, and the Articles of
Association of the Company, Mr. Shrenik Kamlesh Shah retires by rotation at the
forthcoming Annual General Meeting and being eligible, offers herself for re- appointment.
29. AUDITORS:
A. STATUTORY AUDITORS AND THEIR REPORT:
As per the provisions of Section 139 of the Act read with the Companies (Audit and
Auditors) Rules, 2014, M/s K.S. Shah & Co., Chartered Accountants (Firm Registration
No. 109644W) is a Statutory Auditor of Company upto financial year 2026-27.
There is no qualifications, reservations or adverse remarks made by the M/s K.S. Shah
& Co., Statutory Auditor of Company in their Audit Report for the year under review.
B. INTERNAL AUDITOR:
The Company has appointed M/s. L G Da's & Co., Chartered Accountants (Firm Reg. No.
115995W) as an Internal Auditor in the Board Meeting held on 27th May, 2022 for
conducting the Internal Audit of the Company for F.Y. 2022-23.
C. SECRETARIAL AUDITOR AND THEIR REPORT:
In accordance with the provisions of Section 204 of the Companies Act, 2013 read with
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board in the meeting held on 21st March, 2023 has appointed M/s. Dilip Swarnkar
& Associates, Company Secretaries, as Secretarial Auditors for the financial year
2022-23. The Secretarial Audit Report for the financial year ended March 31, 2023 is set
out inAnnexure II to this Report. There is no qualifications, reservations or adverse
remarks made by the Secretarial Auditor of Company in their Audit Report for the year
under review.
30. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Board has laid down standards, processes and procedures for implementingthe
internal financial controls across the organization. After considering the framework of
existing internal financial controls and compliance systems; work performed by the
Statutory Auditors, Secretarial Auditors and External Consultants; reviews performed by
the Management and relevant Board Committees including the Audit Committee, the Board is
of the opinion that the Company's internal financial controls with reference to the
financial statements were adequate and effective during the financial year 2022-23.
31. INTERNAL CONTROL SYSTEMS:
Adequate internal control systems commensurate with the nature of the Company's
business and size and complexity of its operations are in place and have been operating
satisfactorily. Internal control systems comprising of policies and procedures are
designed to ensure reliability of financial reporting, timely feedback on achievement of
operational and strategic goals, compliance with policies, procedure, applicable laws and
regulations and that all assets and resources are acquired economically, used efficiently
and adequately protected.
32. COST AUDITOR:
As per provision of section 148(3) of Companies Act, 2013 and rule 6(2) of Companies
(Cost records and audit) Rules, 2014, the Company is not required to appoint a cost
auditor to audit the cost records of the Company.
33. PARTICULARS OF EMPLOYEES AND REMUNERATION
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is provided in this Report as Annexure - III which forms
part of this Report.
34. EXPLANATION OF BOARD OF DIRECTOR'S ON AUDITOR'S REPORTS:
A. Auditors Report
There are no qualifications or reservation or adverse remarks made by the Auditors in
their report for the year under review.
Hence there is no Explanation required for the same.
B. Secretarial Audit Report
There are no qualifications or reservation or adverse remarks made by the Secretarial
Auditors in their report for the year under review.
Hence there is no Explanation required for the same.
35. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditors have not reported any instances of
frauds committed in the Company by its Officers or Employees under Section 143(12) of the
Companies Act, 2013
36. GENERAL:
Your directors state that no disclosure or reporting is required in respect of the
following items as there were no transaction on these items during the year under review.
1. Details relating to Deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend, voting or
otherwise.
3. Issue of equity shares (including sweat equity shares) and ESOS to employees
of the Company under any scheme.
4. Except order passed by Ministry of Corporate Affairs on February 03, 2022 for
condonation of delay under section 460(b) of the Companies Act, 2013, No significant or
material orders were passed by the Regulators or Courts or Tribunals which impact the
going concern status and Company's operations in future.
5. There were no instance of non-exercising of voting rights in respect of
shares purchased directly by the employees under a scheme pursuant to section 67(3) of the
Act read with Rule 16(4) of Companies (Share Capital and Debenture) Rules, 2014 and hence
no information has been furnished.
37. ACKNOWLEDGEMENTS:
Your Directors would like to express their sincere appreciation of the co-operation and
assistance received from Shareholders, Bankers, regulatory bodies and other business
constituents during the year under review.
Your Directors also wish to place on record their deep sense of appreciation for the
commitment displayed by all executives, officers and staff, resulting in successful
performance of the Company during the year. Your Directors look forward to the continued
support of all stakeholders in the future.
|