TO,
THE MEMBERS,
AHMEDABAD STEELCRAFT LIMITED (CIN: L27109GJ1972PLC011500)
Your Directors are pleased to present the Fifty-One Annual Report on the business and
operations of the Company along with the Audited Financial Statements for the financial
year ended 31st March, 2023 (FY 2022-2023).
1. FINANCIAL PERFORMANCE
A summary of the Company's Financial Performance for the financial year ended 31st
March, 2023 compared to the previous financial year ended on 31st March, 2022 is given
below: (Rupees in Lakhs)
Particular |
2022-23 |
2021-22 |
Total Revenue from operation |
220.50 |
70.13 |
Other Income |
79.23 |
83.92 |
Total Income |
299.73 |
154.05 |
Less: Total Expenditure |
362.05 |
209.94 |
Profit/(Loss) Before Tax |
(62.31) |
(55.89) |
Provision for taxation |
3.43 |
4.16 |
Profit/(Loss) after Taxation |
(65.74) |
(60.05) |
Other Comprehensive Income reclassified to Profit or loss |
2.46 |
39.35 |
Other Comprehensive Income reclassified to Profit or loss |
(1.23) |
2.63 |
Total Comprehensive Income |
(64.50) |
(18.08) |
Transfer to statutory Reserves |
-- |
-- |
Transfer to General Reserve |
-- |
-- |
2. COMPANY'S PERFORMANCE AND FUTURE OUTLOOK:
? COMPANY'S PERFORMANCE
During the year under review, the Company's revenue from operations stood at Rs 220.50
lacs (previous year Rs. 70.13 lacs) and the other income stood at Rs 79.23 lacs (previous
year Rs. 83.92 lacs) and hence the total income stood at Rs 299.73 lacs (previous year Rs.
154.05 lacs). The company has incurred a net loss of Rs 65.74 lacs (previous year net loss
of Rs. 60.05 lacs). The Other Comprehensive Income (OCI) for the year stood as Rs. 1.24
lacs (previous year Rs. 41.98 lacs). The total comprehensive income for the year stood at
Rs (-)64.50 lacs (previous year Rs. (-)18.08 lacs).
Your Board as usual continues to make its best possible efforts to improve the overall
working and financial performance of your Company.
? FUTURE OUTLOOK
In the current year Company expect to have boost in export and domestic market which
will open up slowly and gradually. The Company also expect to come out of the clouds of
Loss on account of boost in share in the profit of LLP and other partnership firm in which
it is partner. The Management is hopeful about good future in the Current year and the
years to come.
Management due to its stringent efforts was able to sustain the prevailing crisis
having impact on financial positions.
3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and
Analysis Report for the year under review, is presented as Annexure -I, forming part of
the Annual Report.
4. DIVIDEND
Due to loss during the year, No dividend is recommended on equity shares for
F.Y.2022-23.
5. DIVIDEND DISTRIBUTION POLICY
The Board of Directors in their meeting held on 30th May, 2022 adopted this
Dividend Distribution Policy as required by Regulation 43A of the SEBI (Listing Obligation
and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations").
The Policy on Dividend Distribution Policy can be accessed on Company's Website at
http://www.steelcraft.co.in/fin-info/Dividend%20Distribution%20Policy.pdf
6. UNPAID/UNCLAIMED DIVIDEND AND IEPF
Section 124 of the Companies Act, 2013, read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the
Rules"), mandates that companies transfer dividend that has remained unclaimed for a
period of seven years from the unpaid dividend account to the Investor Education and
Protection Fund (IEPF). Further, the Rules mandate that the shares on which dividend has
not been paid or claimed for seven consecutive years or more be transferred to the IEPF.
The following table provides a list of years for which unclaimed dividends and their
corresponding shares would become eligible to be transferred to the IEPF on the dates
mentioned below
Year |
Dividend per share |
Date of declaration |
Due date for transfer |
2015-16 |
0.75 (7.5%) |
08-09-2016 |
13-10-2023 |
2016-17 |
0.50 (5%) |
04-09-2017 |
09-10-2024 |
2017-18 |
0.50 (5%) |
19-09-2018 |
24-10-2025 |
2018-19 |
0.50 (5%) |
22-08-2019 |
02-08-2026 |
2019-20 |
Nil |
Nil |
Nil |
2020-21 |
Nil |
Nil |
Nil |
2021-22 |
Nil |
Nil |
Nil |
In order to educate the shareholders and with an intent to protect their rights, the
Company also sends regular reminders to shareholders to claim their unclaimed dividends /
shares before it is transferred to IEPF. Shareholders may note that both the unclaimed
dividends and corresponding shares transferred to IEPF, including all benefits accruing on
such shares, if any, can be claimed from IEPF following the procedure prescribed in the
Rules. No claim shall lie in respect thereof with the Company.
Dividend remitted to IEPF
Financial Year |
Date of declaration |
Date of transfer to IEPF |
Amount transferred to IEPF |
2010-11 |
28-09-2011 |
26/09/2019 |
152,513 |
2011-12 |
21-09-2012 |
06/11/2019 |
177,973 |
2012-13 |
22-08-2013 |
07/10/2020 |
1,80,997 |
2013-14 |
04-09-2014 |
12/10/2021 |
1,83,748 |
2014-15 |
|
|
|
Shares transferred to IEPF
During the financial year 2014-15, there was no dividend, in accordance with IEPF
rules.
7. SHARE CAPITAL
The paid up Equity Share Capital as at March 31, 2023 stood at 4.09 crore. During the
year under review, the Company has not issued shares or convertible securities or shares
with differential voting rights nor has granted any stock options or sweat equity or
warrants.
8. TRANSFER TO RESERVES:
No amount has been transferred to General Reserve.
9. DETAILS OF ASSOCIATE COMPANY & LLP/PARTNERSHIP
Sr. No. |
Name of Company |
Nature of Relationship |
No. of Share held/Capital Contribution |
1. |
Light Works LLC |
Associate Company |
50.00% |
2. |
Endor Properties LLP |
Partner |
6.22% |
3. |
Tesla Properties LLP |
Partner |
11.72% |
4. |
View Port Properties LLP |
Partner |
2.92% |
5. |
Aavkar Projects (Ambawadi) Aavkar Realty |
Partner |
11.10% |
6. |
Farpoint Properties LLP |
Partner |
46.00% |
7. |
Aavkar Projects Paldi |
Partner |
2.64% |
8. |
Voyager Properties LLP |
Partner |
11.42% |
9. |
|
Partner |
2.08% 3.94 % Profit |
10. |
Crusade Project LLP |
Partner |
4.63 % Loss |
11. |
Travis Properties LLP |
Partner |
6.87% |
12. |
Medusa Properties LLP |
Partner |
12.5% |
Note:
1) There is no Subsidiary of Company hence no such information is provided
2) The Company is presenting the stand alone results due to erosion of entire
capital of Light Works LLC which is defunct.
10. Corporate Governance
Maintaining high standards of Corporate Governance has been fundamental to the business
of your Company since its inception. A separate report on Corporate Governance is provided
together with a Certificate from Mr. Amrish Gandhi, Practicing Company Secretary of the
Company regarding compliance of conditions of Corporate Governance as stipulated under
Listing Regulations. A Certificate of the CEO and CFO of the Company in terms of Listing
Regulations, inter alia, confirming the correctness of the financial statements and cash
flow statements, adequacy of the internal control measures and reporting of matters to the
Audit Committee as Annexure -II.
11. DIRECTORS
The Board comprises of Nine Directors as on March 31, 2023 viz.
SR. NO |
DIN |
NAME |
DESIGNATION |
1. |
00022507 |
Mr. Ashok Chandrakant Gandhi |
Chairman & Independent Director |
2. |
00009350 |
Mr. Shreyas Chinubhai Sheth |
Independent Director |
3. |
02087840 |
Mr. Shrujal Sudhirbhai Patel |
Independent Director |
4. |
00017452 |
Mr. Anand Vipinchandra Shah |
Managing Director |
5. |
00489773 |
Mr. Darshan Ashokbhai Jhaveri |
Managing Director |
6. |
00489833 |
Mr. Anand Navinchandra Jhaveri |
Whole time Director |
7. |
03225876 |
Mrs. Nitaben Girishchandra Shah |
Whole time Director |
8. |
01988972 |
Mr. Kartikeya Shashankbhai Shah |
Whole time Director |
9. |
08076497 |
Mr. Aniruddh Darshanbhai Jhaveri |
Non-Executive & Non- Independent Director |
The term of appointment of Independent Directors namely Mr. Shrujal Sudhirbhai Patel,
(DIN: 02087840) and Mr. Shreyas Chinubhai Sheth, (DIN: 00009350) of the Company will
expire on 18th September, 2023. Taking into consideration the devotion of time
for the development of business of the Company, the Nomination and Remuneration Committee
and Audit Committee had suggested the Board to recommend their appointments at the ensuing
Annual General Meeting for further five years commencing from 19th September, 2023 to 18th
September, 2028. Accordingly. The Board recommends their appointments at ensuing Annual
General Meeting. The details of the Qualification, Experience and Remuneration are annexed
to the Notice of Annual General Meeting which is as per Schedule V Companies Act,
201, SEBI Guidelines and SEBI (LODR), 2015.
All the appointees referred herein above have concern or interest in the resolution set
out in Item No. 4 of Notice convening Annual General Meeting.
(a) INDEPENDENT NON EXECUTIVE DIRECTORS
(i) Mr. Ashok Chandrakant Gandhi (DIN: 00022507)
(ii) Mr. Shreyas Chinubhai Sheth (DIN: 00009350)
(iii) Mr. Shrujal Sudhirbhai Patel (DIN: 02087840)
(b) WOMAN DIRECTOR
In terms of the provisions of Section 149 of the Companies Act, 2013 and the Listing
Regulations, specified Companies are required to have at least one Woman Director in their
Board Mrs. Nita Girishchandra Shah (DIN: 03225876) was appointed as on 22nd
January, 2015 as Woman Whole Time Director on Board.
(c) CHAIRMAN OF THE BOARD
Mr. Ashok Chandrakant Gandhi (DIN 00022507) has been Chairman and Independent Director
of the Company.
(d) MANAGING DIRECTOR, CEO & CFO
? Mr. Anand Vipinchandra Shah (DIN 00017452) has been appointed as Managing Director
for period of five years from 1st October, 2022 to 30th September,
2027.
? Mr. Darshan Ashokbhai Jhaveri (DIN 00489773) has been appointed as Managing
Director for period of five years from 1st October, 2022 to 30th
September 2027.
? Mr. Viral Anil Jhaveri (PAN: ABTPJ5487E) is appointed as CEO of the Company w.e.f.
13/08/2022.
? Mr. Arjun Anand Shah (PAN: FLHPS1548J) is appointed as CFO of the Company w.e.f.
13/08/2022.
(e) APPOINTMENT/ RE-APPOINTMENT/ RESIGNATION/ RETIREMENT OF DIRECTORS
In order to ensure compliance with Section 152 (6) of the Act, the Board has considered
Mr. Kartikeya Shashankbhai Shah (DIN: 01988972) and Mr. Aniruddh Darshanbhai
Jhaveri (DIN: 08076497) who are liable to retire by rotation and being eligible offer
themselves for reappointment.
(f) CHANGE IN DIRECTORS:
The following changes has taken place in Directors during the financial year 2022-23
? Mr. Anand Vipinchandra Shah (DIN 00017452) has been appointed as Managing Director
for period of five years from 1st October, 2022 to 30th September,
2027.
? Mr. Darshan Ashokbhai Jhaveri (DIN 00489773) has been appointed as Managing
Director for period of five years from 1st October, 2022 to 30th
September 2027.
? Mr. Kartikeya Shashankbhai Shah (01988972) has been appointed as Wholetime
Director for period of five years from 1st October, 2022 to 30th
September, 2027.
? Mr. Shashankbhai Indulal Shah (DIN: 00545449) has been resigned w.e.f. 13th
August, 2022.
12. BOARD MEETINGS:
During the FY 2022-23 the Board of Directors of the Company met 5 times. The maximum
interval between any two meetings did not exceed 120 days, as prescribed in the Companies
Act, 2013.
13. DECLARATION BY INDEPENDENT DIRECTOR:
The Company has received declaration from all the Independent Directors under the
Companies Act, 2013 and rules made there under.
14. STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN
MADE BY THE BOARD OF ITS OWN PERFORMANCE, ITS DIRECTORS, AND THAT OF ITS COMMITTEES:
During the year, the Board adopted a formal mechanism for evaluating its performance
and as well as that of its Committees and individual Directors, including the Chairman of
the Board. The exercise was carried out through a structured evaluation process covering
various aspects of the Boards functioning such as composition of the Board &
committees, experience & competencies, performance of specific duties &
obligations, governance issues etc. Separate exercise was carried out to evaluate the
performance of individual Directors including the Board Chairman who were evaluated on
parameters such as attendance, contribution at the meetings and otherwise, independent
judgment, safeguarding of minority shareholders interest etc. The evaluation of the
Independent Directors was carried out by the entire Board and that of the Chairman and the
Non-Independent Directors were carried out by the Independent Directors. The Directors
were satisfied with the evaluation results, which reflected the overall engagement of the
Board and its Committees with the Company.
15. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act 2013, your
directors confirm that:
a) In the preparation of the annual accounts for the financial year ended 31st
March, 2023, the applicable accounting standards had been followed along with proper
explanation relating to material departures;
b) The directors had selected such accounting policies and 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 the profit /loss of the Company for that period;
c) The directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act 2013
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;
d) The directors had prepared the annual accounts on a going concern basis;
e) 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.
f) The directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively.
16. ANNUAL GENERAL MEETING
In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs
("MCA") has permitted the holding of Annual General Meeting through VC or OAVM
without the physical presence of Members at a common venue. In compliance with the MCA
Circulars the 51st Annual General Meeting is being held through VC/OAVM. The
Company has appointed Link Intime Private Limited (RTA) to provide this facility. Details
are given in the Notice of the 51st Annual General Meeting and members are
requested to read the instructions in the Notice, the same can be accessed on Company's
Website at http://www.steelcraft.co.in/fin-info/Notice%20of%20AGM.pdf
17. WHISTLE BLOWER AND VIGIL MECHANISM POLICY:
The Vigil Mechanism of the Company incorporates Whistle Blower Policy in terms of the
Listing Agreement. Protected disclosures can be made by a Whistle Blower through a mail or
a letter to the Chairman of the Company. The Policy on Vigil Mechanism and Whistle Blower
Policy can be accessed on Company's Website at
http://www.steelcraft.co.in/fin-info/Whistle-blower%20&%20Vigil%20Mechanism%20policy.pdf
18. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:
The Company is not falling within the criteria of Section 135 of the Companies Act,
2013 and hence the Company is not required to form CSR committee.
19. NOMINATION & REMUNERATION COMMITTEE POLICY:
The Board of Directors has framed a policy which lays down a framework in relation to
remuneration of Directors, Key Managerial Personnel and Senior Management of the Company.
The Policy broadly lays down the guiding principles, philosophy and the basis for payment
of remuneration to Executive and Non-executive Directors (by way of sitting fees and
commission), Key Managerial Personnel, Senior Management and other employees. The policy
also provides the criteria for determining qualifications, positive attributes and
Independence of Director and criteria for appointment of Key Managerial Personnel /Senior
Management and performance evaluation which are considered by the Nomination and
Remuneration Committee and the Board of Directors while making selection of the
candidates. Remuneration Committee consists of Ashok C. Gandhi (DIN: 00022507), Shrujal
Patel (DIN: 02087840) and Shreyas Chinubhai Sheth DIN (00009350). All of them are
independent Directors. The above policy has been posted on the website of the Company at
http://www.steelcraft.co.in/fin-info/The%20Nomination%20&%20Remuneration%20Policy.pdf
20. RISK MANAGEMENT POLICY:
The Company has developed a very comprehensive risk management policy and the same is
reviewed by the Audit Committee at periodical intervals, which in turn, informs the Board
about the risk assessment and minimization procedures adopted by the management.
Suggestions or guidance given by the audit committee members are immediately implemented.
At the corporate level major risks are reviewed by the Managing Directors and directions
in this regard are issued accordingly. The policy on Risk Management Policy can be
accessed on Company's Website at
http://www.steelcraft.co.in/fin-info/Risk%20Management%20Policy.pdf
21. DECLARATION OF FINANCIAL PERFORMANCE
Yearly/half yearly/Quarterly Declaration of financial performance including
summary of significant events in the last six months is currently not being send to each
household of shareholders. However, the Company publishes its results in national and
state level newspapers having wide circulation. The results are also posted on the website
of the Company i.e. www.steelcraft.co.in
22. COMPOSITION OF AUDIT COMMITTEE
The company has constituted an audit committee in terms of the requirement of the Act
and regulation 18 of SEBI (LODR) Regulations. The composition of Audit Committee as per
SEBI (LODR), 2015.
23. STATUTORY AUDITORS
Under Section 139 of the Companies Act, 2013 and Rules made there under, it is
mandatory to rotate the Statutory Auditors on completion of the maximum term permitted
under the provisions of Companies Act, 2013. In line with the requirement of the Companies
Act, 2013 , accordingly as per the suggestion of Audit Committee & recommendation of
Board of Director M/s. Dhiren Shah & Co. (Firm Reg No: 114633W) Chartered Accountant
was appointed as Statutory Auditor for five years for the Financial Year 2022-23 to
2026-27 with the confirmation of shareholders. The Company has received confirmation from
M/s. Dhiren Shah & Co. about their eligibility to act as Statutory Auditor. The
requirement for the Annual ratification of Auditor's appointment at the AGM has been
omitted pursuant to Companies (Amendment) Act, 2017 notified on May 7, 2018.
24. SECRETARIAL AUDIT REPORT:
In terms of Section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Amrish
Gandhi & Associates to undertake Secretarial Audit. The Secretarial Audit Report
submitted by M/s Amrish Gandhi & Associates is furnished as Annexure-III.
25. EXPLANATION TO AUDITOR'S REMARKS
The remarks made by the Auditors in their Report have been suitably dealt with in the
schedules and notes and therefore, do not call for any further clarification.
26. SYSTEM FOR INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY
The Financial Statements are prepared based on Computer system outputs. Responsibility
of preparation of Financial Statements is entrusted to a dedicated unit which is
completely independent of business, risk, audit or other functions. This unit does not
originate accounting entries except for limited matters such as Share Capital, Taxes, and
Transfers to Reserves. The Company has implemented adequate procedures and internal
controls which provide reasonable assurance regarding reliability of financial reporting
and preparation of Financial Statements and that such internal financial controls were
adequate and were operating effectively during the year.
27. PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186:
During the financial year 2022-23, the Company has not given any loan to any other
Company.
The investment in other securities is within the authority given to the Board by the
shareholders under Section 186 of the Companies Act, 2013.
28. PARTICULARS OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/ASSOCIATE COMPANIES/JOINT
VENTURES
The information on the financial statement of Subsidiaries/associate companies/joint
ventures pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of
Companies (Accounts) Rules, 2014 are given in Annexure IV in Form No. AOC-1 and the same
forms part of this report.
29. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
None of the transactions with related parties falls under the scope of Section 188(1)
of the Act. The information on transactions with related parties pursuant to Section
134(3)(h) of the Act read with Rule 8(2) of the Companies(Accounts) Rules, 2014 are given
in Annexure V in Form No. AOC-2 and the same forms part of this report.
30. EXTRACT OF ANNUAL RETURN
The extract of annual return in Form MGT-9 as required under Section 92(3) of the
Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules,
2014 is available on the website of the Company at www.steelcraft.co.in.
31. MATERIAL CHANGES AND FINANCIAL COMMITMENTS, IF ANY,
No material changes and financial commitments have occurred between the end of the
financial year of the Company to which the balance sheet relates and the date of this
Report. There is no change in the list of Directors as stated of the notice convening the
meeting.
32. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo are
as under: A. Conservation of Energy: Particulars with respect to Conversation of
Energy are not applicable as the Company has not done any manufacturing activities. B.
(1) Research and Development: Not Applicable
(2) Technology absorption : Not Applicable C. Foreign Exchange earnings and
outgo:
(1) Activities relating the export: Company exports steel related items. (2)
Foreign Exchange earned : Rs 61.40 Lacs (FOB Value) (3) Foreign Exchange used :
Nil
33. POLICY ON APPOINTMENT AND REMUNERATION FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND
OTHER EMPLOYEES
The Company has devised a policy for selection, appointment and remuneration of
Directors, Key Managerial Personnel and Senior Management Employees and also has
formulated the criteria for determining qualifications, positive attributes and
independence of Directors. The policy on Appointment and Remuneration for Directors, Key
Managerial Personnel and Other Employees can be accessed on Company's Website at
http://www.steelcraft.co.in/fin-info/Policy%20on%20App%20and%20Rem%20of%20Directors%20,%20KMP%20&
%20other%20Employees.pdf
34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASEED BY THE REGULATORS OR
COURTS OR TRIBUNALS
No orders has been passed by the Court/Tribunal during the financial year 2022-23.
35. PARTICULARS OF EMPLOYEES
None of the employees who have worked throughout the year or a part of the Financial
Year 2022-23, were getting remuneration in excess of the threshold mentioned under Section
197(12) of the Act read with rule 5(2) of Companies (Appointment and Remuneration) Rules,
2014.
36. WEBLINK OF ANNUAL RETURN
The web link of Annual Return has been put up on the Company's website at
www.steelcraft.co.in.
37. REPORTING OF FRAUDS
The Auditors of the company have not reported any fraud as specified under Section
143(12) of the Companies Act, 2013. Further, no case of Fraud has been reported to the
Management from any other sources.
38. APPLICATION MADE OR PROCEEDING PENDING UNDER THE INSLOVENCY AND BANKRUPTCY CODE,
2016
No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of application made or any proceeding pending under
the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the
end of the financial year is not applicable.
39. PARTICLUARS OF VALUATION AT THE TIME OF ONE-TIME SETTLEMENT AND VALUATION AT THE
TIME OF TAKING LOAN FROM THE BANKS OR FIANACIAL INSTITUTIONS
No loan has been taken from the banks or financial institutions and no one-time
settlement has been done, hence the requirement to disclose the details of valuation at
the time of one-time settlement and valuation at the time of taking loan from the banks or
financial intuitions is not applicable.
40. CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of business of the Company.
41. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India.
42. DEPOSITS (AS PER THE DEFINITION SECTION 2(31) OF THE COMPANIES ACT, 2013)
The following details of deposits, covered under Chapter V of the act: I. Deposits
Accepted during the year: Nil
II. Remained unpaid or unclaimed as at the end of the year: Nil
III. Whether there has been any default in repayment of deposits or payment of
interest thereon during the year and if so, number of such cases and the total amount
involved- N.A. A. At the beginning of the year: Nil
B. Maximum during the year: Nil C. At the end of the year: Nil
IV. The details of deposits which are not in compliance with the requirements of
Chapter: There is no such Deposit held by the Company.
43. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE
The Company has zero tolerance for sexual harassment at the Workplace and has adopted a
Policy on Prevention, Prohibition and Redressal of Sexual Harassment of Women at
Work Place', in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder.
The Policy aims to provide protection to women employees at the workplace and prevent
and redress complaints of sexual harassment and for matters connected or incidental
thereto with the objective of providing a safe working environment. However no complaint
was registered with regard to the same.
The policy on Prevention, Prohibition And Redressal Of Sexual Harassment Of Women at
Workplace can be accessed on Company's Website at
http://www.steelcraft.co.in/fin-info/Policy%20on%20prevention,%20prohibition%20and%20redressal%20of%20Sex
ual%20Harrassment%20of%20Women%20at%20Workplace.pdf
44. GREEN INITIATIVES
During fiscal 2011, we started a sustainability initiative with the aim of going green
and minimizing our impact on the environment. Like the previous years, this year too, we
are publishing only the statutory disclosures in the print version of the Annual Report.
Additional information is available on our website, www.steelcraft.co.in.
Electronic copies of Annual Report 2022-23 and Notice of 51st Annual General
Meeting are sent to all members whose email addresses are registered with the Company /
Depository Participant(s). For members who have not registered their email addresses, can
get their Email ID registered as follows:
? Members holding shares in electronic/demat form, please update your email address
with your Depository Participant. However, Members may temporarily register the same with
the Company's Registrar and Share Transfer Agent i.e. M/s Link Intime India Private
Limited at https://linkintime.co.in/EmailReg/Email_Register.html on their website
www.linkintime.co.in in the Investor Services tab by providing details such as Name, DP
ID, Client ID, PAN, Mobile No. and Email Address.
? Members holding shares in physical form and who have not registered their email
address may register the same with the Company's Registrar and Share Transfer Agent i.e.
M/s Link Intime India Private Limited at
https://linkintime.co.in/EmailReg/Email_Register.html on their website
www.linkintime.co.in in the Investor Services tab by providing details such as Name, Folio
No., Certificate No., PAN, Mobile No. and Email Address and also upload the image of share
certificate in PDF or JPEG format. (Up to 1 MB).
On submission of the shareholders details an OTP will be received by the shareholder
which needs to be entered in the link for verification.
The Company is providing remote e-voting facility ("remote e-voting") to all
its Members to cast their votes on all resolutions set out in the Notice of the Annual
General Meeting.
Additionally, the Company is providing the facility of voting through e-voting system
during the Annual General Meeting ("e-voting"). Detailed procedure for remote e-
voting/e-voting is provided in the Notice of the Annual General Meeting.
45. DEPOSITORY SYSTEM
As the Members are aware, the Company's equity are tradable in electronic form. As on
March 31, 2023, out of the Company's total paid up share capital comprising of 40,92,000
equity shares, only 1,70,653 equity shares were in physical form and the remaining shares
were in electronic form. In view of the numerous advantages offered by the depository
system, the Members holding shares in physical form are advised to avail themselves of the
facility of dematerialization.
46. ACKNOWLEDGMENT
The Directors express their sincere appreciation to the valued shareholders, bankers,
employees, vendors, and clients for their support.
The Directors also thank the Government of India, Governments of various states in
India, Governments of various countries and concerned Government departments and agencies
for their co-operation.
For, Ahmedabad Steelcraft Limited
Date: 30.05.2023 |
Darshan A. Jhaveri |
Anand N. Jhaveri |
Place: Ahmedabad |
Managing Director |
Whole-time Director |
|
DIN: 00489773 |
DIN: 00489833 |