Dear Members,
The Board of Directors of KJMC Corporate Advisors (India) Limited ("your
Company" or "the Company" or "KCAL") is pleased to present the
25th Annual Report and the Audited Financial Statements (Standalone financial and
Consolidated) of your Company for the year ended March 31, 2023 ("financial year
under review").
FINANCIAL SUMMARY AND HIGHLIGHTS
The highlights of the Standalone and Consolidated Financial Statements are detailed as
under.
Your Company's financial performance for the financial year ended March 31, 2023 as
compared to previous financial year ended on March 31, 2022 is summarized below:
(Rs. in "000")
Particulars |
Standalone |
Consolidated |
|
Year ended March 31, 2023 |
Year ended March 31, 2022 |
FINANCIAL RESULTS |
|
|
|
|
| Revenue from operations |
21,001 |
19,895 |
53,697 |
55,974 |
| Other Income |
4,626 |
2,472 |
15,851 |
6,934 |
Total Revenue |
25,627 |
22,367 |
69,548 |
62,908 |
Total Expenses |
27,459 |
21,758 |
70,853 |
58,840 |
| Profit before Tax |
(1,832) |
609 |
(1,305) |
4,068 |
| Less: Provision for Tax |
|
|
|
|
| -Current Tax |
- |
- |
387 |
949 |
| - Deferred Tax |
(441) |
126 |
(121) |
301 |
| - MAT Credit |
- |
- |
(3,380) |
- |
| - Prior period taxes |
- |
- |
- |
- |
Profit after tax |
(1,391) |
483 |
(1,233) |
2,818 |
| Share in Associate's |
|
NA |
5,114 |
1,265 |
| Profit/(Loss) |
|
|
|
|
Profit for the year |
(1,391) |
483 |
3,881 |
1,553 |
COMPANY'S PERFORMANCE REVIEW
On Standalone Basis, the Company has earned the total revenue of Rs. 256.27 Lakhs as
against Rs. 223.67 Lakhs in the previous year. The total expenditure during the year is
Rs. 274.59 Lakhs as against Rs. 217.58 Lakhs in the previous year. The net loss for the
year under review was Rs. 13.91 Lakhs as against net profit of Rs. 4.83 Lakhs in the
previous year.
On Consolidated Basis, the Company has earned the total revenue of Rs. 695.48 Lakhs as
against Rs. 629.08 Lakhs in the previous year. The total expenditure during the year is
Rs. 708.53 Lakhs as against Rs. 588.40 Lakhs in the previous year. The net profit for the
year under review was Rs. 38.81 Lakhs as against net loss of Rs. 15.53 Lakhs in the
previous year
FINANCIAL PERFORMANCE OF THE SUBSIDIARY COMPANIES Subsidiary Companies:
Pursuant to Section 134 of the Companies Act, 2013 and Rule 8(1) of the Companies
(Accounts) Rules, 2014, the report on performance and financial position of subsidiaries
are included in the Consolidated Financial Statements (CFS) in the Company.
A statement containing the salient features of financial statements of
subsidiaries/associate companies of the Company in the prescribed
Form AOC 1 is annexed herewith and forms part of this Report in compliance with Section
129 (3) and other applicable provisions, if any, of the Act read with Rule 5 of the
Companies (Accounts) Rules, 2014. In accordance with Section 136 of the Act, the financial
statements of the subsidiary and associate companies are available for inspection by the
members at the Registered Office of the Company during business hours on all days except
Saturdays, Sundays and public holidays upto the date of the AGM. Any member desirous of
obtaining a copy of the said financial statements may write to the Company Secretary at
the Registered Office of the Company. The financial statements including the CFS, and all
other documents required to be attached to this report have been uploaded on the website
of the Company at www. kjmcfinserv.com.
MATERIAL SUBSIDIARY
As required under Regulations 16(1)(c) and 46 of the SEBI Listing Regulations, the
Board has approved and adopted the Policy for determining Material Subsidiaries. The
Policy is available on the Company's website at https://www.kjmcfinserv. During the
financial year under review, KJMC Capital Market Services Limited is the Material
Subsidiary of the Company as per Regulation 16(1)(c) of the SEBI Listing Regulations.
Brief Financial and Operation of Subsidiary Companies and Associate Company are given
hereunder:
(i) KJMC Capital Market Services Limited: It earned total income of Rs. 428.01
Lakhs as against Rs. 400.12 Lakhs in the previous year.
The total expenditure during the year under review was Rs. 423.08
Lakhs as against Rs. 359.78 Lakhs in the previous year. The net profit after tax was
Rs. 1.44 Lakhs as against Rs. 28.93 Lakhs in the previous year.
(ii) KJMC Credit Marketing Limited: It earned total income of Rs.18.15 Lakhs as
against Rs. 22.10 Lakhs in the previous year.
The total expenditure during the year under review was Rs. 19.18 Lakhs as against Rs.
25.38 Lakhs in the previous year. The net loss for the year under review was Rs. 1.02
Lakhs as against net loss of Rs. 3.28 Lakhs in the previous year.
(iii) KJMC Shares and Securities Limited: It earned gross income of Rs. 21.41 Lakhs
as against Rs. 21.98 Lakhs in the previous year.
The total expenditure during the year under review was Rs. 20.04 Lakhs as against Rs.
24.47 Lakhs in the previous year. The net profit after tax was Rs. 1.01 Lakhs as against
net loss of Rs. 2.49 Lakhs in the previous year.
DIVIDEND
In order to conserve the resources for operations, your Directors do not recommend any
dividend for the year under review.
TRANSFER TO RESERVES
The Company has not transferred any amount to reserves of the Company due to loss
incurred by the Company during the financial year 2022-23.
INDIAN ACCOUNTING STANDARD (IND AS)
The Company has adopted Indian Accounting Standards ("IND AS") from April 01,
2019 with a transition date of April 01, 2018. Accordingly, the financial statements have
been prepared in accordance with IND AS, prescribed under Section 133 of the Act, read
with the relevant rules issued thereunder and the other recognized accounting practices
and policies to the extent applicable.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) read with Section 92(3) of the Act, the
extract of Annual Return in Form MGT-7 of the Company for the Financial Year 2021-2022 is
available on the Company's website at https://kjmcfinserv.com/investor_relation.
NUMBER OF MEETINGS OF THE BOARD
The Board of Directors held Four (4) meeting during the year. The details of the Board
Meetings and the attendance of the Directors are provided in the Report on Corporate
Governance forming part of this report.
COMMITTEES OF THE BOARD
The Company has constituted/reconstituted various level committees in accordance with
the requirements of Companies Act, 2013 and Listing Regulations. The Board has the
following committees
i. Audit Committee
ii. Nomination and Remuneration Committee
iii. Share Transfer and Stakeholders Relationship Committee iv. Credit and Investment
Committee
Audit Committee
During the year all the recommendations made by the Audit Committee were accepted by
the Board. Four (4) Audit Committee Meetings were convened and held during the financial
year. The details pertaining to composition of Audit Committee and the attendance of the
Audit Committee members are provided in the Corporate Governance Report, which forms part
of the annual report.
Nomination and Remuneration Committee
During the year, (2) Two Nomination and Remuneration Committees Meetings were convened
and held. The details pertaining to composition of Nomination and Remuneration Committee
and the attendance of the Nomination and Remuneration Committee members are provided in
the Corporate Governance Report, which forms part of the annual report.
Share Transfer and Stakeholders Relationship Committee
During the year, (1) One Share Transfer and Stakeholders Relationship Committee
Meetings were convened and held. The details pertaining to composition of Share Transfer
and Stakeholders Relationship Committee and the attendance of the Share Transfer and
Stakeholders Relationship Committee members are provided in the Corporate Governance
Report, which forms part of this report.
Credit and Investment Committee
During the year, (2) Two Credit and Investment Committee Meetings were convened and
held. The details pertaining to composition of Credit and Investment Committee and the
attendance of the Credit and Investment Committee members are provided in the Corporate
Governance Report, which forms part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge and ability, confirm that:
a. In the preparation of the annual financial statements for the year ended March 31,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
b. the Directors 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 loss of the Company for the year ended March 31, 2023;
c. the Directors have 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 have prepared the annual accounts for the financial year ended March
31, 2023 on a going concern basis;
e. the Directors have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and operating effectively;
f. the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on Directors' appointment and remuneration and other matters
provided in Section 178(3) of the Companies Act, 2013 has been disclosed in the Corporate
Governance report, which forms part of the annual report.
FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS
The Board members are provided with necessary documents / brochures, reports and
internal policies to enable them to familiarize with the Company's procedures and
practices. Periodic presentations are made at the Board and Committee meetings on business
and performance updates of the Company, global business environment, business strategy and
risks involved. Detailed presentations on the Company's business segments are made at the
separate meetings of the Independent Directors from time to time.
CODE OF CONDUCT
The Company has adopted a Code of Conduct for all employees including the members of
the Board and Senior Management Personnel.
All members of the Board and Senior Management Personnel have affirmed compliance with
the said Code of Conduct for the financial year 2022-23. The declaration to this effect is
signed by Ms. Miti H Shah, Company Secretary and Compliance Officer of the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES
ACT, 2013
The particulars of loans, guarantees and investments have been disclosed in the
financial statements, which forms part of the annual report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The Company has in place the Policy on dealing with Related Party Transactions and
Materiality in terms of requirements of the Act and the SEBI Listing Regulations. The said
Policy is available on the Company's website at https://kjmcfinserv.com/investor_relation.
As per the said Policy, all Related Parties Transactions are pre-approved by the
Independent Directors, Audit Committee and Board, as and when required as per the
requirements under the Act and SEBI Listing Regulations. The details of such transactions
are also reviewed by the Audit Committee on a quarterly/annual basis.
All transaction entered into by the Company with related parties, during the financial
year 2022-23, were in ordinary course of business and on arm's length basis. The details
of the Related Party Transactions are set out in the Notes to Financial Statements forming
part of this Annual Report.
There are no materially significant Related Party Transactions of the Company which
have potential conflict with the interests of the Company at large.
All transactions with related party which are required to be reported in Form AOC- 2
pursuant to Section 134 (3) (h) of the Companies Act, 2013 read with Rule 8(2) of the
Companies (Accounts) Rules, 2014 is not annexed and doest not form part of this report.
The details of the related party transactions as per Indian Accounting Standards (AS) -
24 are set out in Note 32 to the Standalone Financial Statements of the Company which
forms part of this Report.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY
OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT
There were no material changes and commitments affecting the financial position of the
Company occurred between the end of the financial year to which these financial statements
relate and on the date of this report.
There has been no change in the nature of business of the Company.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
No material orders impacting the ‘going concern' status of the Company or its
operations in future were passed by the Regulators or Courts or Tribunals during the year
under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Since the Company is engaged in the business of Merchant Banking Services, the details
required under Section 134 of the Companies Act,
2013 are not applicable to the Company. However Company believes in conserving the
natural resources and uses CFL and LED Lighting in the office premises which has low
energy consumption. The Company has no disclosures to be made in connection with
technology absorption. The total Foreign Exchange Inflow was Rs. 1,592 (Rs. ‘000')
and Outflow was Rs. 207 (Rs. ‘000') during the year under review.
RISK MANAGEMENT
The details in respect of risks and concerns are included in the Management Discussion
& Analysis, which forms part of this report.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL
RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the said provisions are not applicable to the Company.
ANNUAL EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance,
Board Committees and Individual Directors pursuant to the provisions of the Companies Act,
2013 and corporate governance requirements as prescribed by Securities and Exchange Board
of India ("SEBI") under the Listing Regulations. The performance of the Board
was evaluated by the Board after seeking inputs from all the directors on the basis of the
criteria such as the degree of fulfillment of key responsibilities, Board composition and
structure, effectiveness of board processes, information and functioning etc.
In addition, the Chairman was also evaluated on the key aspects of his role. In a
separate meeting of Independent Directors, performance of non- independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated, taking
into account the views of Executive Directors and Non-Executive Directors. The Directors
expressed satisfaction with the evaluation process.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Act and the Articles of Association of the
Company, Mr. Inderchand Jain (DIN: 00178901) Non- Executive Director of the Company will
retire by rotation at the ensuing Annual General Meeting and being eligible, he has
offered himself for re-appointment. The Board of Directors on the recommendation of the
Nomination and Remuneration Committee and based on report of performance evaluation, has
recommended re-appointment of Mr. Inderchand Jain as Non-Executive Director of the Company
liable to retire by rotation, for approval of the Members of the Company at the ensuing
Annual General Meeting.
Brief Profile of Mr. Inderchand Jain is mentioned in the Notes to the Notice of Annual
General Meeting forms part of Annual Report.
Based on the recommendation of the Nomination and Remuneration Committee, the Board has
appointed/recommended Mr. Anil Sampat (DIN: 06735051) as an Independent Director subject
to approval of the members at the ensuing Annual General Meeting of the Company, for a
term of 5 (five) consecutive years. During the year under review, there were no changes to
the Key Managerial Personnel of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received the following declarations from all the Independent Directors
confirming that:
1. They meet the criteria of Independence as prescribed under the provisions of Section
149(7) of Companies Act, 2013 read with
Rules and Schedules issued thereunder and also Regulation 25 of Listing Regulations.
2. They have registered themselves with the Independent Director's Database maintained
by IICA.
None of the Directors of the Company are disqualified for being appointed as Directors
as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and
Qualification of Directors) Rules, 2014.
REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
The remuneration paid to the Directors is in accordance with the Nomination and
Remuneration policy formulated in accordance with Section 178 of the Companies Act, 2013
and Regulation 19 of the Listing Regulations (including any statutory modification(s) or
re-enactment (s) thereof for the time being in force) and as per section 197 of the
Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
PUBLIC DEPOSITS
The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest on deposits from public was outstanding as on the date of the
balance sheet.
ADEQUACY OF INTERNAL CONTROL
The Company has in place adequate financial controls commensurate with its size, scale
and complexity of its operations. The company has in place policies and procedures
required and efficiently conduct its business, safeguard its assets, detect frauds and
errors, maintain accuracy and completeness of accounting records in a timely and reliable
manner. For all amendments to Accounting Standards and the new standards notified, the
Company carries out a detailed analysis and presents the impact on accounting policies of
the Group, the impact on financial results, including revised disclosures to the Audit
Committee.
The Company continues to have periodical internal audits conducted of all its functions
and activities to ensure that system and processes are followed across all areas.
SECRETARIAL STANDARDS
The Company complies with the applicable Secretarial Standards issued by the Institute
of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General
Meetings (SS-2).
PARTICULARS OF EMPLOYEES
The information required under Section 197 of the Companies Act, 2013 read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is given below:
(i) the ratio of the remuneration of each director to the median remuneration of the
employees of the company for the financial year;
* Non-Executive and Independent Directors |
Ratio to median remuneration |
| Mr. Inderchand Jain |
3.70% |
| Mr. S.C. Aythora |
4.81% |
| Mr. Nitin Kulkarni |
4.81% |
| Mr. Anil Sampat |
3.70% |
| Mr. Vijay Joshi |
3.70% |
| Mrs. Shraddha Jain |
2.96% |
| Mr. Rajnesh Jain |
3.33% |
| Executive Directors |
|
| Mr. Girish Jain |
1,418.50% |
* Sitting fees been paid to all the Non-Executive Directors and Independent Directors
of the Company.
The median remuneration is calculated based on the salary paid during the financial
year to employees on payroll as on March 31, 2023.
(ii) The percentage increase in remuneration of each Director, Chief
Financial Officer, Company Secretary, if any, in the financial year;
Name |
Designation |
% increase in remuneration in the financial year i.e. 2022-23 |
| Mr. Inderchand Jain |
Non Executive Director |
No increase |
| Mr. S.C. Aythora |
Independent Director |
No increase |
| Mr. Nitin Kulkarni |
Independent Director |
No increase |
| Mr. Anil Sampat |
Independent Director |
No increase |
| Mr. Vijay Joshi |
Independent Director |
No increase |
| Mr. Rajnesh Jain |
Non Executive Director |
No increase |
| Mr. Girish Jain |
Whole Time Director |
No increase |
| Mrs. Shraddha Jain |
Non Executive Director |
No increase |
| Mr. Kartik Konar |
Chief Financial Officer |
14% |
| Ms. Miti H. Shah |
Company Secretary |
10% |
(iii) The percentage increase in the median remuneration of employees in the financial
year: Nil
(iv) The number of permanent employees on the rolls of Company as on March 31, 2023: 6
(Six).
(v) Average percentile increase already made in the salaries of employees other than
the managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in the managerial remuneration: Nil
(vi) Affirmation that the remuneration is as per the remuneration policy of the
Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
(vii) There are no employees falling within the purview of Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, no such details, are
required to be given.
AUDITORS
a. STATUTORY AUDITORS
M/s. Batliboi & Purohit, Chartered Accountants (Firm Registration No. 101048W) were
appointed as Statutory Auditors of the Company at the 22nd Annual General Meeting of the
Company held on December 24, 2020 for a period of 5 consecutive years.
They have confirmed their eligibility and qualification required under Sections 139,
141 and other applicable provisions of the Companies Act, 2013 and the Rules framed there
under for continuation as Auditors of the Company.
The Independent Auditors' Report for the financial year ended March 31, 2023 on the
financial statements of the Company forms part of Annual report.
The Auditors' Report for the financial year ended March 31, 2023 does not contain any
qualification, reservation or adverse remark.
b. INTERNAL AUDITORS
The Board of Directors on the recommendation of the Audit Committee have appointed M/s.
R.V. Luharuka & Co. LLP, Chartered Accountants as an Internal Auditor sof the Company
for the Financial Year 2023-24.
c. SECRETARIAL AUDITOR AND SECRETARIAL COMPLIANCE REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of
Directors of the Company in its Meeting held on February 04, 2023 have appointed M/s.
Rathi & Associates, Practicing Company Secretaries to conduct Secretarial Audit for
the Financial Year 2023-24. The Report of the Secretarial Auditors issued by M/s. Aabid
& Co. for the FY 2022-23 is annexed and forms part of this Report. The Secretarial
Audit Report issued by M/s. Aabid & Co. for the FY 2022-23 does not contain any
qualifications, reservations, or adverse remarks or disclaimer.
d. COST RECORDS AND COST AUDITORS
The provisions of Cost Records and Cost Audit as prescribed under Section 148 of the
Act are not applicable to the Company.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the Statutory Auditors nor the Internal Auditors
have reported to the Audit Committee under Section 143(12) of the Companies Act, 2013, any
instances or fraud committed against the Company by its Officers or Employees, the details
of which needs to be mentioned in the Board's Report.
PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading as amended
from time to time with a view to regulates trading in securities by the Directors and
designated employees of the Company. The Code requires pre-clearance for dealing in the
Company's shares and prohibits the purchase or sale of Company shares by the Directors and
the designated employees while in possession of unpublished price sensitive information in
relation to the Company and during the period when the Trading Window is closed. The Board
is responsible for implementation of the Code. All Board Directors and the designated
employees have confirmed compliance with the Code.
WHISTLE BLOWER/VIGIL MECHANISM
In compliance with the provisions of Section 177(9) of the Act read with Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI
Listing Regulations, the Company has formulated a Whistle blower policy/ vigil mechanism
for Directors and Employees to report concerns, details of which are covered in the
Corporate Governance Report, which forms part of this Annual Report. The said policy is
available on the Company's website at http:// kjmcfinserv.com/investor_relation.
During the financial year, no cases under this mechanism were reported to the Company
and/or to any of its subsidiaries/associate.
POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company is not required to place policy on Prevention of Sexual Harassment at
Workplace as it is not applicable to the Company.
SHARE CAPITAL
The Authorized Share Capital of the Company as on March 31, 2023, stood at INR
5,00,00,000/- divided into 50,00,000 Equity Shares of INR. 10/- each.
The Issued, Subscribed and Paid-up Equity Share Capital of the Company as on March 31,
2023, stood at INR. 3,92,64,400/- divided into 39,26,440 Equity Shares of INR. 10/- each,
fully paid-up.
REPORT ON CORPORATE GOVERNANCE
In compliance with Regulation 34 of the Listing Regulations, a separate report on
Corporate Governance along with a Certificate from Practicing Company Secretary on its
compliance is annexed and forms an integral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Schedule V of Listing Regulations "Management Discussion and
Analysis" is annexed and forms part of this Report.
INSURANCE
The assets/properties of the Company are adequately insured against loss due to fire,
riots, earthquake, terrorism, etc., and against other perils that are considered necessary
by the management.
WHOLE TIME DIRECTOR AND CHIEF FINANCIAL OFFICER CERTIFICATION
Certificate from Mr. Girish Jain, Whole Time Director and Mr. Kartik Konar, Chief
Financial Officer, as specified in Part B of Schedule II of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 for the financial year ended March 31, 2023
was placed before the Board of Directors of the Company at its meeting held on May 16,
2023.
OTHER DISCLOSURES
1. None of the Directors of the Company have resigned during the year under review; 2.
The Company has not issued equity shares with differential rights as to dividend, voting
or otherwise; 3. The Company has not issued any sweat equity shares to its directors or
employees;
4. 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 (31 of 2016) during the year alongwith their
status as at the end of the financial year is not applicable; 5. There was no revision of
financial statements and Board's Report of the Company during the year under review; 6.
There has not been any instance of one - time settlement done with banks / Financial
Institution during the Financial Year.
APPRECIATION
The Board of Directors place on record sincere gratitude and appreciation for all the
employees at all levels for their hard work, solidarity, cooperation and dedication during
the year. The Board conveys its appreciation for its customers, shareholders, suppliers as
well as vendors, bankers, business associates, regulatory and government authorities for
their continued support.
|
For and on behalf of the Board of Directors |
|
KJMC Corporate Advisors (India) Limited |
|
Inderchand Jain |
|
Chairman |
|
DIN: 00178901 |
| Place: Mumbai |
|
| Date: August 14, 2023 |
|
