To,
The Members,
Your Directors have pleasure in presenting the 30th ANNUAL REPORT
together with the Audited Accounts of the company for the financial year ended 31st March,
2024.
1. FINANCIAL HIGHLIGHTS (Rupees in Lakhs)
PARTICULARS |
Year ended 31.03.2024 |
Year ended 31.03.2023 |
| Revenue from Operations |
2483.42 |
2682.93 |
| Other Income |
43.08 |
22.11 |
Total Income |
2526.50 |
2705.04 |
| Expenditure |
2474.69 |
2626.62 |
| Net profit before tax |
51.81 |
78.43 |
| Tax |
10.66 |
19.48 |
Net Profit |
41.15 |
58.95 |
2. STATE OF COMPANY'S AFFAIR
During the year under review, your company has achieved a total income of Rs. 2483.42
lakhs as against previous year's income of Rs. 2682.93 Lakhs and recorded a net profit of
Rs. 41.15 Lakhs for the financial year 2023-24 when compared to a net profit of Rs. 58.95
lakhs during the previous year.
3. TRANSFER OF AMOUNT TO RESERVES
The Board of Directors do not propose to transfer any amount to the General Reserve for
the Financial Year ended March 31, 2024.
4. DIVIDEND
Your Directors do not recommend any Dividend for the Financial Year 2023-2024 as the
profits are planned to be ploughed back into the business operations.
5. DEPOSITS:
Company has neither accepted nor renewed any deposits falling within the provisions of
Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014 from the its member and public during the Financial Year 2023-2024.
6. LISTING OF EQUITY SHARES
The equity shares of the Company are listed on the trading platform of BSE Limited, a
recognized stock exchange having a nationwide trading terminal.
7. SHARE CAPITAL
There is no change in share capital:
s The company has not bought back any of its securities. s The Company has
not issued any Sweat Equity Shares. s No Bonus shares were issued during the year. s
Company has not issued any Preference shares/Debentures. s Has not provided any
Stock Option Scheme
8. SUBSIDIARIES:
The Company does not have any Subsidiaries, Associates and Joint Ventures as on 31st
March, 2024.
9. VARIATIONS IN NETWORTH:
The Standalone Net worth of the Company for the Financial Year ended March 31, 2024, is
Rs. 1182.40 Lakhs as compared to Rs. 1048.01 Lakhs for the previous financial year ended
March 31, 2023.
10. MEETINGS
During the year under review, Five board meetings were held on as follows,
| 26th May 2023 |
11th August 2023 |
29th August 2023 |
| 10th November 2023 |
13th February 2024 |
|
11. BOARD EVALUATION
The Board of Directors evaluated the annual performance of the Board as a whole, its
committee's and the directors individually in accordance with the provisions of the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015 in the following manner:
i. Structured evaluation forms, as recommended by the Nomination and Remuneration
Committee, after taking into consideration inputs received from the Directors, covering
various aspects of the Board's functioning such as adequacy of the composition of the
Board and its Committees, Board culture, execution and performance of specific duties,
obligations and governance, for evaluation of the performance of the Board, its
Committee's and each director were circulated to all the members of the Board along with
the agenda papers.
ii. The members of the Board were requested to evaluate by filling the evaluation forms
and the duly filled in evaluation forms were required to be sent to the Company Secretary
in a sealed envelope or personally submitted to the Chairman at the concerned meeting.
iii. Based on the individual evaluation of the Directors, the Board initiated a
detailed discussion at the concerned meeting on the performance of the Board /
Committee/Individual Director, and formulated a final collective evaluation of the Board.
The Board also provided an individual feedback to the concerned director on areas of
improvement, if any.
A separate meeting of Independent Directors was held on 13th February 2024 to
evaluate the performance evaluation of the Chairman, the Non Independent Directors, the
Board and flow of information from management.
12. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, as required under the Listing Regulations,
forms an integral part of this Report.
13. VIGIL MECHANISM
Pursuant to the provisions of section 177 (9) and read with all other applicable
provisions of the Companies Act, 2013 and the Companies (meetings of board and its powers)
Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time
being in force) and SEBI (LODR)Regulations,2015 the Company has a Whistle Blower Policy
framed to deal with instance of fraud and mismanagement, if any in the Group and also
posted on the website of the Company.
14. REMUNERATION POLICY
The Board of Directors, on recommendation of the Nomination and Remuneration Committee
framed a Nomination and Remuneration policy for selection, appointment and remuneration of
Directors, KMP and Senior Management and matters covered u/s 178(3) of the Companies Act
2013.
15. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
There is no change in Directros and KMP's During the year
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Sandeep peeti (DIN- 00751377) retires by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for re-appointment and
16. DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134(3) (c) of the Companies Act, 2013, and
subject to disclosures in the Annual Accounts, as also on the basis of the discussion with
the Statutory Auditors of the Company from time to time, and to the best of their
knowledge and information furnished, the Board of Directors states:
i. That in preparation of the Annual Accounts for the year ended 31st March, 2024; all
the applicable Accounting Standards Prescribed by the Institute of Chartered Accountants
of India have been followed along with proper explanation relating to material departures,
if any.
ii. That the Directors have adopted such accounting policies, as selected in
consultation with Statutory Auditors, 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 of the
Company for the financial year ended 31st March, 2024.
iii. That 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.
iv. That the Annual Accounts for the year ended 31st March, 2024, has been prepared on
a going concern basis.
v. Those proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively.
vi. That system to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
17. STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SECTION 149
The Independent Directors have submitted a declaration of independence, as required
pursuant to subsection (7) of Section 149 of the Companies Act, 2013 stating that they
meet the criteria of independence as provided in sub-section (6) of Section 149.
18. RISK MANAGEMENT
Pursuant to the provisions of section 134 (3) (n) and read with all other applicable
provisions of the Companies Act, 2013 and the Companies (Accounts) Rules, 2014 (including
any statutory modification(s) or re-enactment thereof for the time being in force) and
SEBI (LODR) Regulations, 2015 the Risk management is Not applicable to the company.
19. STATUTORY AUDITORS
Pursuant to the provisions of Section 139(2) of the Companies Act, 2013, M/s. MKPS
& Associates, Chartered Accountants, (Registration No. 302014E) Hyderabad, appointed
as Statutory Auditors of the Company for a period of 5 years to hold office from the
conclusion of 28th Annual General Meeting till the conclusion of 33rd Annual General
Meeting at such remuneration as decided by the Board. The Notes on Financial Statements
referred to in the Auditor's Report are self-explanatory and do not call for any further
comments. There are no qualifications in the report of the statutory auditors for the year
2023-24.
20. INTERNAL AUDITORS:
The Board of Directors based on the recommendation of the Audit Committee has
reappointed MKA Associates, Chartered Accountants, Hyderabad as the Internal Auditors of
your Company. The Internal Auditors are submitting their Reports on quarterly basis
pursuant to the provisions of section 138 and rule 13 of Companies (Accounts) rules, 2014.
21. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on
an arm's length basis and were in the ordinary course of business. There are no materially
significant related party transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a potential conflict with
the interest of the Company at large.
The Policy on Related Party Transactions as approved by the Board is uploaded on the
website of the Company. The particulars of contracts or arrangements with related parties
referred to in sub-section (1) of Section 188 of the Companies Act, 2013 is referred in
Notes to Accounts.
22. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE
COMPANY
There have been no material changes and commitments affecting the financial position of
the Company which have occurred between the end of the financial year of the Company to
which the financial statements relate and the date of the report.
23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The Company has not provided any loan to any person or body corporate or given any
guarantee or provided security in connection with such loan or made any investment in the
securities of anybody corporate pursuant to Section 186 of the Companies Act, 2013. The
Company has given advance against salary to some employees in terms of the applicable
policies of the Company.
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
A. Conservation of Energy: The present operation of the Company does not involve
High-energy consumption. However steps being taken to minimize energy consumption
where-ever possible.
B. Research & Development: The Research and Development division of Spices oils
And Oleoresins department continues to focus on introducing of new brands.
C. Technology Absorption - Not Applicable
D. Foreign Exchange Earnings & Outgo: (Figures in Rs.)
|
2023-24 |
2022-23 |
| Foreign Exchange Earnings |
Nil |
Nil |
| Foreign Exchange Outgo |
Nil |
Nil |
26. MANAGEMENT DISCUSSION AND ANALYSIS:
Aspects of Management Discussion and Analysis are enclosed as "Annexure-I"
to this report.
27. CORPORATE GOVERNANCE:
Since the paid up capital of the Company is less than Rs.10 Crores and the net worth of
the Company is less than Rs. 25 Crores, the provisions of Regulations 17, 18,19, 20, 21,
22, 23, 24, 25, 26, 27 and clauses (b) to (i) of sub-regulation 2 of Regulation 46 and
para C, D & E of Schedule V of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, are not applicable to the
Company.
28. CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the provisions of section 135 (1) and read with all other applicable
provisions of the Companies Act, 2013 and the Companies (Corporate social responsibility
policy) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for
the time being in force), Corporate Social Responsibility is Not applicable to the
Company.
29. SECRETARIAL AUDIT
Pursuant to the provisions 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. P.S. Rao & Associates, Company Secretaries to undertake the Secretarial
Audit of the Company for the FY 2023-24, is given in the FORM NO: MR - 3 is
herewith annexed as "Annexure (II)" attached hereto and forms part of
this Report.
30. ANNUAL RETURN
The accordance with Section 134 (3) (a) of the Companies Act, 2013, a copy of Annual
Return in the prescribed format i.e., Form MGT -7 is placed on the website of the Company
i.e., https:// peetisecuritieslimited.com.
31. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 (12) read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect
of employees of the Company is herewith annexed as Annexure-III. In terms of Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
the Company does not have any employee who is employed throughout the financial year and
in receipt of remuneration of 102 Lakhs or more, or employees who are employed for part of
the year and in receipt of 8.5 Lakhs or more per month.
32. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK
PLACE:
Your Company strongly supports the rights of all its employees to work in an
environment, free from all forms of harassment. The Company has adopted a Policy on
Prevention, Prohibition and Redressal of Sexual Harassment at workplace as per 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 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, where employees feel secure. The Company has also constituted an
Internal Committee, known as Anti Sexual Harassment Committee to address the concerns and
complaints of sexual harassment and to recommend appropriate action.
The Company has not received any complaint on sexual harassment during the year.
33. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL
MEETINGS
During the year under review, the Company has complied with Secretarial Standards
issued by the Institute of Company Secretaries of India on Board Meetings and Annual
General Meetings.
34. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT
THE END OF THE FINANCIAL YEAR:
No application was made or any proceedings pending under the IBC, 2016 during the year
ended on 31st March, 2024.
35. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF
ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF.
Not Applicable
36. ACKNOWLEDGEMENTS:
Your Directors place on record, their appreciation for the co-operation and support
from the Bankers, Financial institutions, the Stockiest and Distributors, Supplier, and
Customers. Your Directors would also like to place on record their sincere appreciation
and gratitude to the Shareholders, Central and State Government Agencies etc for their
support and co-operation. Your Directors express their heartfelt gratitude to the
employees for their exceptional commitment and loyalty to the company.
|
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BY THE ORDER OF THE BOARD |
|
|
PEETI SECURITIES LIMITED |
|
Sd/- |
Sd/- |
|
SANDEEP PEETI |
RAJESH PITTY |
|
Chairman & Managing Director |
Wholetime Director & CFO |
|
DIN: 00751377 |
DIN: 00488722 |
| Place: Hyderabad |
|
|
| Date : 05.09.2024 |
|
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