Dear Members,
Your Directors have pleasure in presenting the 39th Annual Report on the
Business and Operations of the Company along with the Audited Financial Statement for the
Financial year ended March 31,2021.
1. Financial Performance
The financial performance ofyour Company for the Financial Year ended March 31, 2021 is
summarized below:
Particulars |
Audited Financial Results |
Financial Year ended March 31,2021 |
Financial Year ended March 31,2020 |
Total Revenue |
99,294,930 |
41,939,980 |
Total Expenditure |
98,260310 |
43,653,630 |
Profit/(Loss] before tax |
10,34,620 |
-17,13,650 |
Profit/(Loss] after tax |
-7,57,300 |
-19,48,770 |
Paid-up Share Capital |
40,00,000 |
40,00,000 |
2. State of Company's Affairs and Future Outlook
During the financial year 2020-21, total revenue has been increased to Rs. 99,294,930/-
as against Rs. 41,939,980 in the previous year. The company has incurred a net loss of Rs.
(7,57,300/-] as compared to Profit after tax of Rs. (19,48,770]/- in the previous year.
3. Dividend
To maintain the liquidity of funds, the Board of Directors has decided not to declare
any dividend for this financial year 2020-21. The Board assures you to present a much
strong financial statements in the years to come.
4. Reserves
During the year under review, your Company has not transferred any amount to General
Reserve.
5. Change in the Nature of Business, if any
During the year under review, there is no change in the nature of business of the
Company.
6. Public Deposits
During the year under review, your Company has neither invited nor accepted any
deposits from the public falling within the ambit of Section 73 of the Act and the
Companies (Acceptance of Deposits] Rules, 2014.
7. Share Capital
The Authorized Share Capital of the Company is Rs. 21,00,00,000/- (Rupees Twenty-One
Crores Only) divided into 1,90,00,000 (One Crores Ninety Lakhs) Equity Shares of 10/-
(Rupees Ten Only) and 20,00,000 (Twenty Lakhs) Preference shares of 10/- (Rupees Ten Only)
. During the year under review, there was no change in the Authorized Share Capital of the
Company.
The Paid-up Equity Share Capital of the Company is Rs. 40,00,000/-(Rupees Forty Lakhs
Only) divided into 4,00,000 (Four Lakhs) Equity Shares of 10/-(Rupees Ten Only).
During the year under review there is no Change in the Paid-up Share Capital of the
Company.
8. Issue of Equity Shares with Differential Rights
During the year under review, your Company has not issued any equity shares with
differential rights, accordingly your Company does not required to meet the Compliance
Requirement as required as per Rule 4(4) of the Companies (Share Capital and Debentures)
Rules, 2014.
8.1 Issue of Sweat Equity Shares
During the year under review, your Company has not issued sweat equity shares,
accordingly your Company does not required to meet the Compliance Requirement as required
as per Rule 8(13) of the Companies (Share Capital and Debentures) Rules 2014.
8.2. Issue of Employee Stock Options
During the year under review, your Company has not issued employee stock options,
accordingly your Company does not required to meet the Compliance Requirement as required
as per Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014.
8.3 Provision of money by company for purchase of its own share by employees or by
trustee for the benefit of employees
The Company has not made any provision for purchase of its own share by employees or by
trustee for the benefit of employees accordingly your Company does not required to meet
the Compliance Requirement as required per Rule 16(4) of the Companies (Share Capital and
Debentures) Rules 2014.
8.4 Issue of shares on preferential basis
During the year under review, your Company has not issued any share on preferential
basis.
9. Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees, Securities and Investments covered under the provisions
of Section 186 of the Act are given in the Notes to the Financial Statements.
10. Subsidiaries, associates and Joint Ventures
During the year under review, no company became or ceased to be a Subsidiary/Joint
Venture/Associate of the Company.
11. Audited Financial Statements of the Company
The Board of Directors of your Company at its meeting held on June 29, 2021 has
approved the Audited Financial Statements for the FY 2020-21 The Financial Statements of
your Company for the FY 2020-21, have been prepared in compliance with applicable Indian
Accounting Standards (Ind-AS) and SEB1 Listing Regulations, 2015.
12. Related Party Transactions
To comply with the provisions of Section 188 of the Companies Act, 2013 and Rules made
thereunder read with Regulation 23 of SEBI Listing Regulations, 2015 your Company took
necessary prior approval of the Audit Committee before entering into related party
transactions. All contracts/arrangements/transactions entered into by the Company during
the Financial Year ended March 31, 2021 with related parties as defined under the Act and
SEBI Listing Regulations, 2015 were in the ordinary course of business and on arm's length
basis. During the year under review, your Company had not entered into any
contract/arrangement/transaction with related parties which could be considered material
in accordance with the Policy of the Company for Related Party Transactions.
None of the transactions with any of the related parties were in conflict with the
interest of the Company rather; these were synchronized and synergized with the Company's
operations.
Attention of Members is drawn to the disclosure of transactions with the related
parties set out in the Financial Statements, forming part of the Annual Report. Your
Company has framed a Policy on Related Party Transactions in accordance with SEBI Listing
Regulations, 2015. The Policy intends to ensure that proper reporting; approval and
disclosure processes are in place for all transactions between the Company and related
parties. The policy is uploaded on website of the Company at www.pptinvestment.in.
Since all transactions which were entered into during the Financial Year ended March
31, 2021 were on arm's length basis and in the ordinary course of business and there was
no material related party transaction entered by the Company during the Financial Year
ended March 31, 2021 as per Policy on Related Party Transactions. Form AOC-2 is
attached with this report as prescribed under Clause (h) of Sub- section [3] of
Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
13. Directors and Key Managerial Personnel
13.1 Independent Director
During the year under review, Mr. Harshit Agarwal (DIN: 06946506) ceased to be
Non-Executive Independent Director of the company w.e.f. November 24, 2020 and Mrs.
Khushboo Agarwal (DIN: 06792261) have been appointed as Non-Executive Independent Director
of the company on the even date.
13.2 Director retiring by rotation
To comply with the provisions of Section 152 of the Act and in terms of the Articles of
Association of the Company, Mr. Vinod Kumar Bansal (00243709), Managing Director, is
liable to retire by rotation at the ensuing ACM and being eligible, seeks re-appointment.
Based on the Performance Evaluation and on the recommendation of Nomination and
Remuneration Committee, the Board recommends his reappointment.
The Board of the Company was duly constituted in accordance with the provisions of the
Companies Act, 2013 and as per SEBI Listing Regulations, 2015. As on the date of report,
the Board of the Company consists of the following members:
S. No. |
Name of Director |
Designation |
DIN |
Date of Appointment |
1. |
Vinod Kumar Bansal |
Managing Director |
00243709 |
31.05.2012 |
2. |
Santosh Kumar Kushawaha |
Independent Director |
02994228 |
31.08.2017 |
3. |
Khushboo Agarwal |
Additional Independent Director |
06792261 |
24.11.2020 |
4. |
Shweta Gupta |
Non-Executive Director |
07452923 |
30.04.2016 |
5. |
Neeraj Kumar Singh |
Executive Director |
07452949 |
30.04.2016 |
Brief resume and other details of the Directors being re-appointed at the ensuing AGM
as stipulated under Secretarial Standard-2 issued by the Institute of Company Secretaries
of India and Regulation 36 of the SEBI Listing Regulations, 2015 is separately disclosed
in the Notice of the ensuing AGM.
13.3 Declaration from Independent Directors
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
sub-section (6) of Section 149 of the Companies Act, 2013 and SEBI Listing Regulations,
2015.
13.4 Key Managerial Personnel
During the year under review, Ms. Sarita had resigned from the post of Company
Secretary and Compliance Officer of the Company w.e.f July 02, 2020 and consequent upon
her resignation Ms. Kanika Arora was appointed as Company Secretary and Compliance of the
Company (Key Managerial Personnel) of the Company w.e.f. August 12, 2020 in accordance
with the provisions of Section 203 of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
14. Board Diversity
The Company recognizes and embraces the importance of a diverse board in its success.
The Company believes that a truly diverse board will leverage differences in thought,
perspective, knowledge, skill, regional and industry experience, cultural and geographical
background, age, ethnicity, race and gender, which will help the Company to retain its
competitive advantage. The Board has adopted the Board Diversity Policy which sets out the
approach to diversity of the Board of Directors.
15. Performance Evaluation
To comply with the provisions of Section 134(3)(p) of the Companies Act, 2013 and Rules
made thereunder and Regulation 17(10) of SEBI Listing Regulations, 2015 the Board has
carried out the annual performance evaluation of the Directors individually including the
Independent Directors (wherein the concerned Director being evaluated did not
participate), Board as a whole and following Committees of the Board of Directors:
(i) Audit Committee;
(ii) Nominations and Remuneration Committee; and
(iii) Stakeholders' Relationship Committee.
The manner in which the annual performance evaluation has been carried out is explained
in the Corporate Governance Report which forms part of this report Board is responsible to
monitor and review the evaluation framework.
Further, to comply with Regulation 25(4) of SEBI Listing Regulations, 2015 Independent
Directors also evaluated the performance of Non-Independent Directors, Chairperson and
Board as a whole at a separate meeting of Independent Directors.
16. Board and Committees of the Board
The number of meetings of the Board and various Committees of the Board including
composition are set out in the Corporate Governance Report which forms part of this
report. The intervening gap between the meetings was within the period prescribed under
the provisions of Section 173 of the Companies Act, 2013 and SEBI Listing Regulations,
2015.
17. Nomination & Remuneration Policy
To comply with the provisions of Section 178 of the Companies Act, 2013 and Rules made
thereunder and Regulation 19 of SEBI Listing Regulations, 2015 the Company's updated
Remuneration Policy for Directors, Key Managerial Personnel, Senior Management and other
Employees of the Company is attached with the corporate governance report and also
uploaded on website of the Company at www.pptinvestment.in. The Policy includes,
inter- alia, the criteria for appointment and remuneration of Directors, KMPs, Senior
Management Personnel and other employees of the Company.
18. Dividend Distribution Policy
Pursuant to Regulation 43A of the SEBI Listing Regulations, 2015, top 1000 listed
entities based on their market capitalization shall formulate a Dividend Distribution
Policy which shall be disclosed in their annual reports and on their websites, accordingly
your Company does not required to meet the Compliance Requirement stipulated as per
Regulation 43A of the SEBI Listing Regulations, 2015 as the Company does not fall in the
list of top 1000 Listed Entities based on their market capitalization which are required
to formulate a Dividend Distribution Policy.
19. Remuneration of Directors, Key Managerial Personnel and Particulars of Employees
The information required to be disclosed in the Board's Report pursuant to Section 197
(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules,
2014 is attached to this report as Annexure -1.
20. Auditors
20.1 Statutory Auditors
Members of the Company in their 36th AGM held on September 28, 2018
appointed M/s V.N. Purohit & Co., Chartered Accountants (Firm Registration Number
304040E] as the Statutory Auditors of the Company to hold office for a period of up to 5
(Five] years i.e. till the conclusion of 41st AGM of the Company to be held in
the Financial Year 2023, at such remuneration and out of pocket expenses, as may be
decided by the Board of Directors of the Company.
The Statutory Auditors' Report for the Financial Year March 31, 2021 does not contain
any qualification, reservation or adverse remark. The Statutory Auditors have not reported
any frauds under Section 143(12] of the Act
20.2 Internal Auditor
Pursuant to provisions of Section 138 of the Companies Act, 2013 and the Companies
(Accounts] rules, 2014, during the year under review the Internal Audit of the functions
& activities of the Company was undertaken by the Internal Auditors of the Company M/s
Anil Hariram Gupta & Co., Chartered Accountants.
The Report does not contain any qualification, observation, reservation, adverse remark
or disclaimer.
The Board of directors of the Company has appointed M/s Anil Hariram & Co.,
Chartered Accountants as an Internal Auditor of the Company to conduct Internal Audit
for the Financial Year 2020-21 as per Rule 13 of the Companies (Accounts] Rules, 2014
prescribed under section 138 of the Companies Act,
2013.
20.3 Cost Audit
In terms of Section 148 of the Companies Act, 2013 and the Companies (Cost Records and
Audit] Rules,
2014, Cost Audit is not applicable to the Company for the Financial Year ended March
31, 2021.
20.4 Secretarial Auditors
The Board of Directors on the recommendation of the Audit Committee has appointed M/s
VMS & Co., Practicing Company Secretaries to conduct Secretarial Audit of your
Company. The Secretarial Audit Report for the Financial Year ended March 31, 2021 is
attached to this report as Annexure-2.
The Secretarial Audit Report for the financial year ended March 31, 2021 does not
contain any qualification, reservation or adverse remark.
21. Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal] act, 2013
To comply with the provisions of Section 134 of the Companies Act, 2013 and Rules made
thereunder, your Company has complied with the provisions relating to constitution of
Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal] Act, 2013.
During the year under review, no complaint was filed under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal] Act, 2013 and no complaint was
pending at the beginning and end of Financial Year March 31, 2021.
22. Vigil Mechanism / Whistle Blower Policy
Pursuant to the provisions of Section 177 of the Companies Act, 2013 and Regulation 22
of SEBI Listing Regulations, 2015, the Company has adopted a Vigil Mechanism/Whistle
Blower Policy to provide a platform to the Directors and employees of the Company to raise
concerns regarding any irregularity, misconduct or unethical matters/dealings within the
Company. The same is detailed in the Corporate Governance Report which forms part of this
report. The Company has a vigil mechanism named Fraud and Risk Management Policy to deal
with instance of fraud and mismanagement, if any, in staying true to our values of
Strength, Performance and Passion and in line with our vision of being one of the most
respected companies in India, the Company is committed to ensure the high standards of
Corporate Governance and stakeholder responsibility.
The FRM Policy ensures that strict confidentiality is maintained whilst dealing with
concerns and that no discrimination will be meted out to any person for a genuinely raised
concern.
23. Corporate Social Responsibility (CSR)
Pursuant to provisions of Section 135 of the Companies Act, 2013, every company having
a Net Worth of Rupees Five Hundred Crore (Rs. 500 Crore) or more or Turnover of Rupees
Thousand Crore (Rs. 1000 Crore) or more or Net Profit is Rupees Five Crore (Rs. 5 Crore)
or more during any financial year, is required to constitute a Corporate Social
Responsibility Committee ("CSR Committee") of the Board.
During the year under review, your Company does not touches the threshold limit as per
the provisions of Section 135 of the Companies Act,2013, accordingly the Company does not
required to meet out the Compliance requirement as stipulated under Section 135 of the
Companies Act, 2013.
24. Business Responsibility Report
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, 2015, top 1000 listed
entities based on their market capitalization shall include Business Responsibility Report
in their Annual Report. Your Company does not fall under top 1000 listed Companies based
on market capitalization; therefore, this regulation is not applicable to the Company.
25. Conservation of Energy, Technology absorption and Foreign Exchange Earnings and
Outgo
The details of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo are
as under:
a) Conservation of Energy:
Since the company is not engaged in any manufacturing activity, issues relating to
conservation of energy are not quite relevant to its functioning.
b) Technology Absorption:
Since the company is not engaged in any manufacturing activity, issues relating to
Technology Absorption are not quite relevant to its functioning.
c) Foreign Exchange Earnings/Outgo:
26. Corporate Governance
Your Company is committed to maintain the highest standards of Corporate Governance and
adhere to the Corporate Governance requirements set out by Securities and Exchange Board
of India. The report on Corporate Governance as stipulated under the SEBI Listing
Regulations, 2015 is attached to this report The certificate from M/s VMS & Co.,
Company Secretaries confirming compliance with the conditions of Corporate Governance
is also attached to the Corporate Governance Report.
27. Listing
The Equity Shares of the Company are listed on the Bombay Stock Exchange Limited (BSE)
having nationwide trading terminals. Annual listing fee for the Financial Year 2020-21 has
been paid to BSE Limited.
28. Extract annual Return
Extract of the Annual Return in Form No. MGT-9 for the Financial Year 2020-21 in
accordance with the provisions of Section 92 of the Companies Act, 2013 read with the
Companies (Management and Administration) Rules, 2014, is attached as Annexure-4 and is
uploaded on the website of the Company at www.pptinvestment.in.
29. Research and Development
During the year under review, no Research and Development was carried out.
30. Material changes and commitments after the end of Financial Year
There are no material changes and commitments noticed by the Board between the end of
Financial Year of the Company i.e. March 31,2021 and the date of this report
31. Significant and material orders passed by regulators or courts
To the best of management knowledge, no significant and material orders were passed by
regulators or courts or tribunals which could impact the going concern status and
Company's operation in future.
32. Secretarial Standards
The Institute of Company Secretaries of India had Secretarial Standards on Meetings of
the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2) with
effect from 1st October 2017. The Company is in compliance with the revised
secretarial standard.
33. Management Discussion & Analysis Report
The detailed Management Discussion & Analysis Report for the year under review, as
stipulated under Regulation 34(2)(e) of SEBI Listing Regulations, 2015 is presented in a
separate section &forms part of the Annual Report.
34. Risk Management
Your Company has a robust Risk Management Policy which identifies and evaluates
business risks and opportunities. The Company recognizes that these risks need to be
managed and mitigated to protect the interest of the stakeholders and to achieve business
objectives. The risk management framework is aimed at effectively mitigating the Company's
various business and operational risks, through strategic actions.
35. Internal Financial Controls
The Company maintains appropriate systems of internal controls, including monitoring
procedures, to ensure that all assets and investments are safeguard against loss from
unauthorized use or disposition. Company policies, guidelines and procedures provide for
adequate checks and balances and are meant to ensure that all transactions authorized,
recorded and reported correctly. The board of Directors has appointed M/s Anil Hariram
& Co., Chartered Accountants, as the Internal Auditors of the Company to report on the
Internal Financial Controls of the Company.
36. Directors' Responsibility Statement
Pursuant to Section 134(3)(c) read with Section 134(5) of the Act, the Directors state
that:
(a) In the preparation of the annual accounts for the Financial Year ended March 31,
2021, the applicable accounting standards have 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 your Company as at March 31, 2021 and of the profits of the
Company for the period ended on that date;
(c) Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of Act for safeguarding the assets of
your Company and for preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) Proper internal financial controls laid down by the Directors were followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
(f) Proper systems to ensure compliance with the provisions of all applicable laws were
in place and that such systems were adequate and operating effectively.
Cautionary Statement
Statements in the Board's Report and the Management Discussion and Analysis Report
describing the Company's objectives, expectations or forecasts may be forward looking
within the meaning of applicable laws and regulations. Actual results may differ from
those expressed in the statements.
Acknowledgement
Your Company's organizational culture upholds professionalism, integrity and continuous
improvement across all functions, as well as efficient utilization of the Company's
resources for sustainable and profitable growth.
Your Directors wish to place on record their appreciation for the sincere services
rendered by employees of the Company at all levels. Your Directors also wish to place on
record their appreciation for the valuable co-operation and support received from various
Government Authorities, Banks / Financial Institutions and other stakeholders such as
members, customers and suppliers, among others. Your Directors also commend the continuing
commitment and dedication of employees at all levels, which has been vital for the
Company's success. Your Directors look forward to their continued support in future.
|
For and on behalf of the Board of Directors |
|
For Pankaj Piyush and Trade Investment Limited |
|
Sd/- |
Sd/- |
|
Vinod Kumar Bansal |
Shweta Gupta |
Place: New Delhi |
Managing Director |
Director |
Date: 12th August, 2021 |
DIN:00243709 |
DIN:07452923 |