Dear Members,
Your Directors hereby present the Thirtieth Ninth Annual Report together with the
Audited Accounts for the year ended 31st March, 2023.
FINANCIAL RESULTS
|
2022-2023 |
2021-2022 |
|
(Rs. in Lakhs) |
|
Profit before Interest and |
216.56 |
170.90 |
Depreciation and Tax |
|
|
Less: Finance Cost |
94.99 |
70.91 |
Depreciation |
78.64 |
76.17 |
Current Tax |
11.16 |
6.19 |
Deferred Tax |
-0.21 |
5.36 |
Profit After Tax |
31.98 |
12.26 |
OPERATIONS
During the year under review, the Company has taken steps to improve the operations of
the Company. The Company has achieved revenue of Rs.3672.88 lakhs and net profit of
Rs.31.98 lakhs. The Directors are taking all the steps to improve the performance of the
Company in the years to come.
DIVIDEND
The Board of Directors could not recommend any dividend due to future expansion
activities of the Company.
SHARE CAPITAL
The paid-up Equity Share Capital of the company was Rs.1069.58 Lakhs as on March 31,
2023. During the year under review, the company has not issued any shares and there is no
outstanding instrument pending conversion as on March 31, 2023.
MATERIAL CHANGES AFFECTING FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments occurred, affecting the financial
position of the Company, between the end of the financial year and the date of this
report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate Company.
CORPORATE GOVERNANCE
Your Company has been complying with the provisions of Corporate Governance guidelines
as stipulated in the Listing Agreement/Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). A
separate report on Corporate Governance along with Auditors certificate on
compliance of the Corporate Governance norms with reference to SEBI
Listing Regulations and Management Discussion & Analysis forming part of this
report are provided in this Annual Report.
COMPOSITION AND NUMBER OF MEETING OF THE BOARD
The Board of Directors of the Company comprises of well qualified and experienced
persons having expertise in their respective areas. It has appropriate combination of
Executive and Independent Directors.
During the financial year 2022-23, the Directors met Four times i.e., on 27.05.2022,
12.08.2022 14.11.2022 and 13.02.2023.
DIRECTORS / KEY MANAGERIAL PERSONNEL:
Mr.D.Giridhar (DIN 01777107) is appointed as the Additional Director Independent for a
term of 5 years from 11th Aug 2023 subject to shareholders approval at
the ensuing Annual General Meeting.
Brief resume of the Director being appointed form part of the Notice of the ensuing
Annual General Meeting.
The Board recommends appointment of Mr. D.Giridhar. Item No.2 seeking your approval is
included in the Notice convening the Annual General Meeting.
The director being appointed have given required declaration under the Companies Act,
2013 and SEBI Listing Regulations.
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed both under the Act
and SEBI Listing Regulations and there has been no change in the circumstances which may
affect their status as Independent Directors during the year.
The terms and conditions of the appointment of the Independent Directors and
Directors familiarization programme are placed on the website of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The company has received necessary declaration from each Independent Director of the
company 149(7) of the Companies Act, 2013 and Regulation 16 of the SEBI (LODR)
Regulations, 2015 that the Independent Directors of the company meet the criteria of their
independence laid down in Section 149(6) of the Companies Act, 2013 and the Board confirms
that they are independent of the management.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The statement containing particulars in terms of Section 197(12) of the Companies Act,
2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 forms part of this report and is appended herewith as Annexure to
the Boards report.
The statement containing particulars in terms of Section 197(12) of the Companies Act,
2013 read with rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this report. Considering the first proviso
to Section 136(1) of the
Companies Act, 2013, the Annual Report, excluding the aforesaid information, is being
sent to the members of the Company and others entitled thereto. The said information is
available for inspection at the registered office of the Company during business hours on
working days of the Company up to the date of the ensuing Annual General Meeting. Any
shareholder interested in obtaining a copy thereof, may write to the Company Secretary in
this regard.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out the Annual
Performance Evaluation of the Board, its Committees and of individual directors as
prescribed by the Nomination and Remuneration Committee of the Company.
The performance evaluation of the Directors (without participation of the relevant
Director) was carried out by the entire Board. The Directors expressed their satisfaction
with the evaluation process.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 the Directors
of your Company confirm that: a) in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation relating to material
departures. b) they have 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 at the end of the financial year and of
the profit or loss of the company for that period; c) they have taken proper and
sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities. d) they have prepared the annual accounts on a
going concern basis. e) they have laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and operating properly;
and f ) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively
REMUNERATION POLICY
The remuneration policy of the Company has been so structured in order to match the
market trends of the industry. The Board in consultation with the Nomination and
Remuneration Committee decides the remuneration policy for directors. The Company has made
adequate disclosures to the members on the remuneration paid to directors from time to
time. Remuneration / Commission payable to Directors is determined by the contributions
made by the respective directors for the growth of the Company
RISK MANAGEMENT
The Board of Directors reviewed the risk management framework and overseeing that all
the risks that the organization faces such as strategic, financial, credit, market,
liquidity, regulatory and other risks have been identified and assessed and there is an
adequate risk management infrastructure in place capable of addressing those risks.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to
financial statements. During the year, such controls were tested and no reportable
material weaknesses in the design or operation were observed.
INTERNAL CONTROL SYSTEM AND THEIR AQEQUACY
Your Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The scope and authority of the Internal Audit (IA) function
is defined by the Audit Committee. The Internal Audit Department monitors and evaluates
the efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations of the Company.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
During the financial year, your Company entered into related party transactions which
were on arms length basis and in the ordinary course of business. There are no
material transactions with any related party as defined under Section 188 of the Act read
with Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI (Listing
Obligations and Disclosures Requirement) Regulations, 2015. The related party transactions
have been approved by the Audit Committee and Board of your Company, as required under the
Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirement) Regulations
2015.
AUDITORS
Karpagam Krishnan & Natarajan., Chartered Accountants, Chennai, Firm Registration
No. 001748S as the Statutory Auditors of the Company, to hold office from the conclusion
of the 29th Annual General Meeting until the conclusion of the 34th Annual
General Meeting of the Company to be held in the year 2027.
AUDIT COMMITTEE RECOMMENDATION
During the year all the recommendations of the Audit Committee were accepted by the
Board. The Composition of the Audit Committee is as described in the Corporate Governance
Report.
LISTING ARRANGEMENTS
The companys shares are listed in the BSE Ltd. and the annual listing fee has
been paid to the stock exchange. The Company has complied with the mandatory requirement
as stipulated by the regulations under SEBI (LODR) Regulations, 2015.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has established a whistle blower policy and also established a mechanism
for directors and employees to report their concerns. The detail of the same is explained
in the Corporate Governance Report.
Your company hereby affirms that no Director / Employee have been denied access to the
Chairman of the Audit Committee and that no complaints were received during the year.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is earning lesser profits and there are no last three years average profits
for spending on CSR activities. Hence, the company could not spend the amount on CSR
during the financial year 2022-23. Further the details of composition of the CSR Committee
and other details are provided in the Corporate Governance Report which forms part of this
report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The company has put in place an anti - sexual harassment mechanism in line with the
requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition
& Redressal) Act, 2013. Internal Complaints Committee has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. The Company has not received any
complaint of sexual harassment during the year 2022-23.
PUBLIC DEPOSITS
The Company did not accept any deposits within the meaning of provisions of Chapter V
Acceptance of Deposits by Companies of the Companies Act, 2013 read with the
Companies (Acceptance of Deposits) Rules, 2014.
SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with Rule 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your
Company engaged the services of HPN & Associates (COP No.17698), Company Secretary in
Practice, Chennai, to conduct the Secretarial Audit of the Company for the financial year
ended March 31, 2023. The Secretarial Audit Report for the financial year ended March 31,
2023 in Form MR-3 is attached to this report. The Secretarial Audit report does not
contain any qualification, reservation or adverse report.
The Board confirms the compliance of the Secretarial Standards notified by the
Institute of Company Secretaries of India, New Delhi.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Under Section 186 of the Companies Act, 2013 the Company has neither given any Loan,
Guarantee nor provided any Security in connection with a loan, directly or indirectly, to
any person or other body corporate. The company has also not made any investments by way
of subscription, purchase or otherwise, in the securities of any other body corporate
during the financial year ended 31st March, 2023.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed Dividend declared and paid last year, the
provisions of Section 125 of the Companies Act, 2013 do not apply.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
There are no significant and material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status of the Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The foreign exchange inflow or outflow during the financial year ended March 31, 2023
are disclosed in the Annexure.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8
of the Companies (Accounts) Rules, 2014 relating to Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo is furnished in the Annexure.
ANNUAL RETURN
The Annual Return of the Company as on March 31, 2023, in Form MGT-7 in accordance with
Section 92(3) of the Companies Act, 2013 is available on the website of the Company and
can be accessed on the Companys website at the link
"https://www.cybele.co.in"
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the dedication and
excellent contribution made by all the concerned. The Directors would like to thank the
Suppliers and above all the Shareholders and valued Customers for their continued support
and patronage.
|
|
(By Order of the Board) |
|
|
for CYBELE INDUSTRIES LIMITED |
Place |
Chennai |
Thomas P. Joy |
Date |
26.05.2023 |
Managing Director |