| Disclosure in board of directors report explanatory
DIRECTOR’S REPORT
To,
The Members,
Augmont Enterprises Private Limited
Your directors have pleasure in presenting their Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended 31st March, 2023 and on the state of affairs of the Company.
• FINANCIAL PERFORMANCE:
The Company’s Financial Performance for the financial year ended on 31st March, 2023 under review along with previous year figures are given hereunder:
(Amount in Rs.)
|
Standalone | |
Consolidated | |
Particulars |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Total Revenue |
3,00,24,78,44,877 |
2,58,72,85,30,894 |
3,07,33,28,93,491 |
2,58,72,85,30,894 |
Less: Total Expenses |
2,99,68,97,19,215 |
2,58,31,52,77,089 |
3,06,73,76,43,869 |
2,58,31,43,44,377 |
Profit/(Loss) before tax |
55,81,25,663 |
41,32,53,805 |
59,52,49,623 |
41,41,86,517 |
Less: Provision for Taxation |
|
|
|
|
Income Tax |
14,89,00,000 |
9,77,00,000 |
16,79,45,000 |
90,00,000 |
Deferred Tax (Asset)/Liability |
(42,90,664) |
1,14,943 |
(43,10,914) |
1,14,943 |
Short/Excess Provision for Tax for earlier year |
(7,71,566) |
1,42,229 |
(7,71,566) |
1,42,229 |
Add: MAT Credit Entitlement |
- |
- |
|
- |
Minority Interest |
- |
- |
(61,97,642) |
(29) |
Share of profit / (loss) in associate |
- |
- |
- |
- |
Profit/(Loss) after tax |
41,42,87,892 |
31,52,96,633 |
42,72,32,924 |
32,39,29,374 |
Balance of Profit/(Loss) as per last Balance Sheet |
86,77,86,693 |
55,24,90,060 |
87,49,96,504 |
55,10,67,131 |
Balance of Profit/(Loss) carried to Balance Sheet |
1,28,20,74,585 |
86,77,86,993 |
1,30,47,78,724 |
87,49,96,504 |
• REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:
Standalone Financial Results:
During the financial year ended March 31, 2023, The Company has achieved a standalone total revenue of Rs. 3,00,24,78,44,877/-as compared to Rs. 2,58,72,85,30,894/- during the previous year Profit before tax is recorded to Rs. 55,81,25,663/- as compared to Rs. 41,32,53,805/- during the previous year and after deducting tax expenses, the remaining balance i.e. profit and loss after tax amounting to Rs. 41,42,87,892/- is transferred to the Profit and Loss Account.
Consolidated Financial Results:
During the financial year ended March 31, 2023, your Company recorded a consolidated total revenue of Rs. 3,07,33,28,93,491/- as compared to the total revenue of Rs. 2,58,72,85,30,894/- in the previous financial year ended March 31, 2022. The consolidated profit before tax is Rs. 59,52,49,623/- as against Rs. 41,41,86,517/- in the previous financial year resulting in the growth of approximately by 43.71 % on the consolidated profit before tax over previous financial year. The consolidated Profit after tax stood at Rs. 42,72,32,924/- as compared to the profit of Rs. 32,39,29,374/- in the previous year.
• CHANGE IN SHARE CAPITAL:
During the year under review, the Authorized Share Capital of the Company has been increased to Rs. 2,04,50,00,000/- (Rupees Two Hundred Four Crore and Fifty Lakhs Only) divided into 45,00,000 (Forty-Five Lakhs) Equity Shares of Rs. 10/-each (Rupees Ten Only) and 20,00,000 (Twenty Lakhs) Preference Shares of Rs. 1000/- each (Rupees One Thousand Only) at the Extra Ordinary General Meeting of the Company held on 15th December, 2022.
The Paid-up Share Capital of the Company is Rs. 1,54,50,00,000/- (Rupees One Hundred and Fifty-Four Crore and Fifty Lakh Only) divided into 45,00,000 (Forty-Five Lakh) Equity Shares of Rs. 10/- each aggregating to Rs. 4,50,00,000/- (Rupees Four Crore and Fifty Lakh Only) and 15,00,000 (Fifteen Lakh) Preference Shares of Rs. 1000/- each aggregating to Rs. 150,00,00,000/- (Rupees One Hundred and Fifty Crore Only).
• THE CHANGE IN THE NATURE OF BUSINESS:
There was no change in the nature of business during the year under review.
• Board meetings:
During the financial year 2022-23, the Board met 10 (Ten) times i.e. 06.04.2022, 13.05.2022, 12.07.2022, 21.09.2022, 14.11.2022, 15.11.2022, 03.01.2023, 12.01.2023, 01.02.2023 and 01.03.2023.
The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
• General Meeting:
The Annual General Meeting (AGM) of the Company was held on 30th September, 2022. During the period under review, the member’s approval has been obtained one time at Extra- Ordinary General Meeting held on 15th December, 2022.
• Director’s Responsibility Statement:
Pursuant to Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 your directors state that:
a. In the preparation of the annual accounts, the applicable Accounting Standards have been followed with proper explanation relating to material departures, if any;
b. They have, in the selection of the accounting policies, consulted the Statutory Auditors and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2023 and of its Profit/Loss for the year ended on that date;
c. They have taken proper and sufficient care to the best of their knowledge and ability 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
d. They have prepared the annual accounts for the year ended 31st March, 2023 on a ‘going concern’ basis; and
e. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
• 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 to the Audit Committee under section 143(12) of the Companies Act 2013.
• Declaration by Independent director:
Since the Company is not required to appoint an Independent Director, the declaration under Section 149(6) of the Companies Act, 2013, is not applicable to your Company.
• COMPANY’S POLICY RELATING TO DIRECTORS’ APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES:
The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are not applicable to the Company and hence the Company has not devised any policy relating to appointment of directors, payment of managerial remuneration, director’s qualifications, positive attributes, independence of directors and other related matters as provided under Section178(3) of the Companies Act, 2013.
• STATUTORY Auditors:
The members of the Company re-appointed M/s SGCO & Co. LLP (Firm Registration No. 112081W), Chartered Accountants as the Statutory Auditors of the Company in the Annual General Meeting of the Company convened on 30th September, 2019 to hold office till the conclusion of the Annual General Meeting of the Company to be held in the Year 2023.
Your directors recommend the re-appointment of M/s. SGCO & Co. LLP (Firm Registration No. 112081W), as a statutory auditor of the Company for a term of 5(Five) from the conclusion of the ensuing Annual General Meeting till the conclusion of the Annual General Meeting of the Company to be held in the year 2028.
The Statutory Audit Report does not contain any qualification, reservation or adverse remarks.
• PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:
Pursuant to Section 186 of Companies Act, 2013 and disclosure on particulars relating to loans, advances, guarantees and investments are provided as part of the financial statements.
• TRANSFER TO RESERVES:
The entire amount of profit for the year under review has been carried forward to the Statement of Profit and Loss Account.
• DIVIDEND:
With a view to conserve the reserves of the Company, your directors do not recommend any Dividend during the period under review.
• 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:
No material changes and commitments affecting the financial position of the Company occurred in the period to which this financial statement relates on the date of this report.
• CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details regarding energy conservation, technology absorption and foreign exchange earnings as required under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are as mentioned below:-
• CONSERVATION OF ENERGY:
• Conservation of Energy: Though the Company has a manufacturing unit, the consumption of energy in the said unit is very less due to the nature of the manufacturing process involved and that the Company, in general, have always strived for optimum utilization of energy
• the steps taken or impact on conservation of energy - NA
• the steps taken by the Company for utilizing alternate source of energy -NA
• the capital investment on energy conservation equipment – NA
• Technology Absorption:
• the efforts made towards technology absorption – NA
ii) the benefits derived like product improvement, cost reduction, product development or
import substitution – NA
• in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) – NA
(a) The details of technology imported - NA
(b) The year of import - NA.
(c) Whether the technology been fully absorbed - NA.
(d) If not fully absorbed, areas where absorption has not taken place, and the reasons
Thereof - NA
• the expenditure incurred on Research and Development- NIL
• FOREIGN EXCHANGE EARNING AND OUTGO:
The Foreign Exchange Earnings from Exports during the year was Rs.0/-
Total expenditure in Foreign Exchange during the year amounted to Rs. 1,40,68,41,60,506/-
• STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT:
Although the company has long been following the principle of risk minimization as is the norm in every industry, it has now become essential to formulate policy for the same. As a part of good corporate governance, the Company had formulated the Risk Management Policy in the Financial Year 2022-23. The Board is responsible for implementing the policy. The policy has laid down the procedures to inform to the Board about the risk assessment and minimization procedures.
The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.
• ANNUAL RETURN:
The Annual Return of the Company for the financial year 2022-23 as required under Section 92(3) of the Companies Act, 2013 is available on the website of the Company and can be accessed on the Company’s website
• DETAILS OF SUBSIDIARY, JOINT VENTURE, OR ASSOCIATE COMPANIES:
The details of subsidiary, associate and joint venture of the company are given as under:
Name of the Company |
CIN |
SUBSIDIARY/ ASSOCIATE/ JOINT VENTURE |
Augmont International Limited |
U51909MH2020PTC337639 |
Subsidiary Company |
*Ideal Fiscal Services Limited |
U65910RJ1995PLC034694 |
Subsidiary Company |
Augmont IFSC Private Limited |
U67190GJ2022PTC128800 |
Wholly Owned Subsidiary |
*During the year under review, the Company additionally acquired 15,500 equity shares of Ideal Fiscal Services Limited aggregating to 76% of the total paid up share capital of Ideal Fiscal Services Limited. Thus, as at the end of Financial Year ended 31st March, 2023, Ideal Fiscal Services Limited was a Subsidiary Company of the Company.
Pursuant to provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Company’s subsidiary in Form AOC-1 is attached as “Annexure– 1”.
• CORPORATE SOCIAL RESPONSIBILITY:
As per Section 135(1) of Companies Act 2013, the Company has constituted CSR committee. Details regarding budget of CSR project and expenditure on CSR activity are given is enclosed with this report as “Annexure – 2”.
• PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIESMADE PURSUANT TO SECTION 188 OF THE COMPANIES ACT, 2013:
All related party transactions done by the Company during the financial year were at Arm’s Length and in ordinary course of business. During the financial year, your Company has not entered into any material transaction with any of its related parties which may have potential conflict with the interest of the Company at large. The disclosures pursuant to Accounting Standards on related party transactions have been made in the notes to the Financial Statements.
Pursuant to provisions of Section 188(1) of the Act, a Disclosure containing salient features of the contracts/arrangements entered into by the company with related parties of the Company in Form AOC-2 is attached as “Annexure– 3”.
• PUBLIC DEPOSITS:
The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 (“the Act”) read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing details of deposits which are not in compliance with the Chapter V of the Act is not applicable.
• DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS/TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATION IN FUTURE:
There are no significant material orders passed by the Regulators/Courts/Tribunal which would impact the going concern status of the Company and its future operations. Hence, disclosure pursuant to Rule 8(5)(vii) of Companies (Accounts) Rules, 2014 is not required.
• DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS PURSUANT TO RULE 8(5)(viii) OF COMPANIES (ACCOUNTS) RULES, 2014:
The Company has an adequate internal financial control system, commensurate with the size of its business operations. These systems and procedures provide reasonable assurance of maintenance of proper accounting records, reliability of financial information, protections of resources and safeguarding of assets against unauthorized use. The management regularly reviews the internal control systems and procedures.
• COST RECORDS AND COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.
• DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has been employing women employees in various cadres within the Office premises. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The composition of Internal Complaints Committee is as under:
Mrs. Sheetal Arute Bhor - Presiding Officer
Mr. Viral Jain - Member
Mr. Bishon Bihari Shivji Singh - Member
Ms. Saily Ambavkar - External Member
There was no complaint received from any employee during the financial year 2022-23 and hence no complaint is outstanding as on 31.03.2023 for redressal.
• DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 (31 OF 2016) ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIALYEAR 2022-23:
As on March 31, 2023, there is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
• 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:
During the year under review, the Company has not made any one-time settlement done with bank or any financial institution.
• TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
The Company does not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).
• DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under review, Mr. Suyash Sumant Sirmokadam (Membership No. ACS 59486) vide his resignation letter dated 08th December, 2022 expressed his desire to resign from the position of Company Secretary of the Company and resigned from the said position with effect from 21st January, 2023. The Board of Directors of the Company in its Board Meeting held on 01st March, 2023 appointed Mrs. Kritika Shah (Membership No. ACS 49125) as a Company Secretary of the Company.
Key Managerial Personnel:
During the year under review, the Board of Directors of the Company in its Board Meeting held on 14th November, 2022 appointed Mr. Dipay Uttam Savla (PAN: ABYPS6132Q) as a Chief Executive Officer of the Company.
Changes after the end of the financial Year:
Mr. Dipay Uttam Savla, vide his resignation letter dated 09th June, 2023 expressed his desire to resign from the position of Chief Executive Officer of the Company and resigned from the said position with effect from 09th June, 2023.
The Company in its Board Meeting held on 02nd September, 2023 appointed Mr. Bishon Bihari Shivji Singh (PAN: BANPS6007H) as a Chief Executive Officer of the Company.
• DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM:
The provisions of Section 177 of the Companies Act, 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is not applicable to the Company. Hence, disclosure pursuant to Section 177(8) & (9) of the Companies Act, 2013 is not required.
• SECRETARIAL STANDARDS:
The Company has in place proper systems to ensure compliance with the provisions of the applicable Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI) and such systems are adequate and operating effectively.
• INFORMATION PURSUANT TO RULE 5(2) OF COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
There were no employees drawing salary exceeding the limits prescribed under Section 197 of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
• ACKNOWLEDGEMENTS:
The directors wish to place on record their appreciation to the wholehearted help and co-operation the Company has received from the business associates, partners, vendors, clients, government authorities and bankers of the Company.
The relations between the management and the staff were cordial during the period under review. The Company also wishes to put on record the appreciation of the work done by the staff. Your Directors appreciate and value the trust imposed upon them by the members of the Company.
FOR AND ON BEHALF OF THE BOARD
PLACE: Mumbai Mahendrakumar Bafna Ketan Kothari
DATE: 02.09.2023 Wholetime Director Wholetime Director
DIN: 00328300 DIN: 00230725
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of
Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries / associate companies
Part “A”: Subsidiaries-
(Information in respect of each subsidiary presented with amounts in ‘000)
Sr No |
Particulars |
Augmont International Limited |
*Augmont IFSC Private Limited |
**Ideal Fiscal Services Limited |
1 |
Reporting period for the subsidiary concerned, if different from the holding company’s reporting period
|
01/04/2022 to 31/03/2023
|
24/01/2022 to
31/03/2023 |
01/04/2022 to 31/03/2023
|
2 |
Reporting currency and Exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries |
INR |
INR |
INR |
3 |
Share Capital
|
500 |
15,000 |
500 |
4 |
Reserves & Surplus
|
(190.37) |
14,990 |
29,392 |
5 |
Total assets
|
208.40 |
17,089 |
26,61,655 |
6 |
Total Liabilities
|
208.40 |
17,089 |
26,61,655 |
7 |
Investments
|
0 |
0 |
0 |
8 |
Turnover
|
0 |
0 |
71,90,424 |
9 |
Profit/ (Loss) before taxation
|
(37.79) |
(10) |
39,467 |
10 |
Provision for taxation
|
0 |
0 |
11,325 |
11 |
Profit/ (Loss) after taxation
|
(37.79) |
(10) |
28,142 |
12 |
Proposed Dividend
|
- |
- |
- |
13 |
% of shareholding |
99.98% |
100% |
76.00% |
*M/s. Augmont IFSC Private Limited was incorporated as a wholly owned subsidiary of the Company with effect from 24th January, 2022. The Company has prepared its audited financial statements for the first time for the period commencing from 24th January, 2022 upto 31st March, 2023.
*During the year under review, the Company additionally acquired 15,500 equity shares of Ideal Fiscal Services Limited aggregating to 76% of the total paid up share capital of Ideal Fiscal Services Limited.
“Annexure-2”
• Brief outline on CSR Policy of the Company.
The CSR Committee framed and recommended a CSR policy to the Board and instituted a transparent mechanism for ensuring implementation of the projects/activities undertaken by the Company. The Company’s CSR policy focuses on addressing critical, social, environmental and economic needs of the marginalized/underprivileged sections of the society. The Company had proposed to undertake programs or projects or Donation which are in the areas of Education, Health Care, Animal welfare and Environmental Sustainability.
Further the Company has disclosed the CSR Policy on its website.
• The Composition of the CSR Committee:
Sl. No. |
Name of Director |
Designation / Nature of Directorship |
Number of meetings of CSR Committee held during the year |
Number of meetings of CSR Committee attended during the year |
1. |
Ketan Bhawarlal Kothari |
Chairman |
2 (Two) |
2 (Two) |
2. |
Mahendra Kumar Nemichand Bafna |
Member |
2 (Two) |
2 (Two) |
• Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company: www.augmont.com
• Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report)- Not Applicable
• Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. No. |
Financial Year |
Amount available for set-off from preceding financial years (in Rs) |
Amount required to be set-off for the financial year, if any (in Rs) |
1 |
2021-22 |
9,56,726/- |
9,56,726/- |
|
Total |
9,56,726/- |
9,56,726/- |
• Average net profit of the company as per section 135(5).
Description of financial year |
FY 2021-22 |
FY 2020-21 |
FY 2019-20 |
Profit before tax of financial year |
4,13,253,805 |
25,55,16,680 |
18,02,89,105 |
Net Profit computed u/s 198 and adjusted as per rule 2(1)(f) of Companies (CSR Policy) Rules, 2014 |
36,68,64,509 |
25,55,16,680 |
18,02,89,105 |
Average net profit of the Company for last three financial years is Rs. 26,75,56,765/-
• (a) Two percent of average net profit of the company as per section 135(5): Rs. 53,51,135/-
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: 9,56,726
(d) Total CSR obligation for the financial year (7a+7b-7c): Rs. 43,94,409/-
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Spent for the Financial Year. (in Rs.) |
Amount Unspent (in Rs.) | | | | |
Total Amount transferred to Unspent CSR Account as per section 135(6). | |
Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5). | | |
|
Amount. |
Date of transfer. |
Name of the Fund |
Amount. |
Date of transfer. |
44,08,000 |
Nil |
Not Applicable |
Not Applicable |
Nil |
Not Applicable |
(b) Details of CSR amount spent against ongoing projects for the financial year: Nil
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) |
(2) |
(3) |
(4) |
(5) | |
(6) |
(7) |
(8) | |
Sl. No. |
Name of the Project |
Item from the list of activities in schedule VII to the Act. |
Local area (Yes/ No). |
Location of the project. | |
Amount spent for the project (in Rs.). |
Mode of implementation - Direct (Yes/No). |
Mode of implementation - Through implementing agency. | |
State. |
District. |
Name. |
CSR registration number. |
1. |
Animal Welfare |
Animal Welfare |
Yes |
Maharashtra | |
31,00,000 |
No |
Sherry And Diya Foundation |
CSR00048327 |
2. |
Health care |
Health care |
Yes |
Maharashtra | |
11,00,000 |
No |
Ahimsa Vishwa Bharti |
CSR00026199
|
3. |
Health care |
Health care |
Yes |
Maharashtra | |
1,24,000 |
No |
Shree Aadi Jin Yuvak Charitable Trust |
CSR00025528 |
4. |
Animal Welfare |
Animal Welfare |
Yes |
Maharashtra | |
63,000 |
No |
Shree Oswal Gau Seva Sadan |
CSR00030141 |
5. |
Animal Welfare |
Animal Welfare |
Yes |
Maharashtra | |
21,000 |
No |
People For Animal Siroh |
CSR00039621 |
Total | | | | | |
44,08,000 |
|
|
|
(d) Amount spent in Administrative Overheads: Nil
(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 44,08,000/-
(g) Excess amount for set off, if any: 13,591/-
9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-wise details): Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): Not Applicable
FOR AND ON BEHALF OF THE BOARD
PLACE: Mumbai Mahendrakumar Bafna Ketan Kothari
DATE: 02.09.2023 Whole Time Director Whole Time Director
DIN: 00328300 DIN: 00230725
Annexure-3
FORM NO. AOC -2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transaction under third proviso thereto.
• Details of contracts or arrangements or transactions not at Arm’s length basis. NIL
• Details of contracts or arrangements or transactions at Arm’s length basis.
SL. No. |
Name (s) of the related party & nature of relationship |
Nature of contracts/arrangements/ transaction |
Duration of the contracts/ arrangements/ transaction |
Salient terms of the contracts or arrangements or transaction including the value, if any |
Amount paid as advances, if any |
1. |
Riddisiddhi Bullions Limited
Relative of Director is Key Managarial Person |
Purchase of Gold/Silver
Sales of Gold/Silver
|
Ongoing |
Rs. 1,15,00,28,662-
Rs. 11,15,02,62,224/- |
0 |
2. |
RSBL Builders LLP
Director is Partner |
Rent Paid
|
Annually |
Rs. 57,76,800/- |
0 |
3. |
Krish Dreams Home Private Limited
Relative of Director is Key Managarial Person |
Rent Paid |
Annually |
Rs. 10,08,000/- |
0 |
4. |
Supama Commodities Ltd
Enterprises Having Same Key Managarial Person |
Purchase of Gold/Silver/Platinium
Purchase of MEIS license |
Ongoing |
Rs. 97,06,59,508/-
Rs. 1,67,76,602/- |
0 |
5. |
Augmont Goldtech Private Limited
Enterprises Having Same Key Managarial Person |
Purchase of Gold/Silver
Sales of Gold/Silver |
Ongoing |
Rs. 47,51,24,221/-
Rs. 99,29,11,545/- |
0 |
6. |
Badami Investments
Director is a Partner |
Rent Paid |
Annually |
Rs. 1,80,000/-
|
0
|
7. |
Supama Realtors LLP
Director is a Partner |
Rent Paid |
Annually |
Rs. 6,00,000/- |
0 |
FOR AND ON BEHALF OF THE BOARD
PLACE: Mumbai Mahendrakumar Bafna Ketan Kothari
DATE: 02.09.2023 Director Director
DIN: 00328300 DIN: 00230725
Description of state of companies affairREVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS: Standalone Financial Results: During the financial year ended March 31, 2023, The Company has achieved a standalone total revenue of Rs. 3,00,24,78,44,877/-as compared to Rs. 2,58,72,85,30,894/- during the previous year Profit before tax is recorded to Rs. 55,81,25,663/- as compared to Rs. 41,32,53,805/- during the previous year and after deducting tax expenses, the remaining balance i.e. profit and loss after tax amounting to Rs. 41,42,87,892/- is transferred to the Profit and Loss Account. Consolidated Financial Results: During the financial year ended March 31, 2023, your Company recorded a consolidated total revenue of Rs. 3,07,33,28,93,491/- as compared to the total revenue of Rs. 2,58,72,85,30,894/- in the previous financial year ended March 31, 2022. The consolidated profit before tax is Rs. 59,52,49,623/- as against Rs. 41,41,86,517/- in the previous financial year resulting in the growth of approximately by 43.71 % on the consolidated profit before tax over previous financial year. The consolidated Profit after tax stood at Rs. 42,72,32,924/- as compared to the profit of Rs. 32,39,29,374/- in the previous year. Details regarding energy conservationCONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: The details regarding energy conservation, technology absorption and foreign exchange earnings as required under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are as mentioned below:- CONSERVATION OF ENERGY: Conservation of Energy: Though the Company has a manufacturing unit, the consumption of energy in the said unit is very less due to the nature of the manufacturing process involved and that the Company, in general, have always strived for optimum utilization of energy. the steps taken or impact on conservation of energy - NA the steps taken by the Company for utilizing alternate source of energy -NA the capital investment on energy conservation equipment – NA Details regarding technology absorptionTechnology Absorption: the efforts made towards technology absorption – NA ii) the benefits derived like product improvement, cost reduction, product development or import substitution – NA in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) – NA (a) The details of technology imported - NA (b) The year of import - NA. (c) Whether the technology been fully absorbed - NA. (d) If not fully absorbed, areas where absorption has not taken place, and the reasons Thereof - NA the expenditure incurred on Research and Development- NIL Details regarding foreign exchange earnings and outgoFOREIGN EXCHANGE EARNING AND OUTGO: The Foreign Exchange Earnings from Exports during the year was Rs.0/- Total expenditure in Foreign Exchange during the year amounted to Rs. 1,40,68,41,60,506/- Disclosures in director’s responsibility statementDirector’s Responsibility Statement: Pursuant to Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 your directors state that: a. In the preparation of the annual accounts, the applicable Accounting Standards have been followed with proper explanation relating to material departures, if any; b. They have, in the selection of the accounting policies, consulted the Statutory Auditors and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2023 and of its Profit/Loss for the year ended on that date; c. They have taken proper and sufficient care to the best of their knowledge and ability 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 d. They have prepared the annual accounts for the year ended 31st March, 2023 on a ‘going concern’ basis; and e. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively |