Mar 31, 2018
The Directors have pleasure in presenting the 10th Annual Report on the business and operations of the Company together with the Audited Statement of Accounts and the Auditors'' Report of your Company for the financial year ended, 31st March 2018.
FINANCIAL HIGHLIGHTS:
The summarized performance of the Company for the years 2017-18 and 2016-17 is given below:
Particulars |
For the Financial Year Ended |
|||
March 31, 2018 (in lacs) |
March 31, 2017 (in lacs) |
|||
Total Income |
258.79 |
381.22 |
||
Total Expenditure |
159.03 |
301.95 |
||
Profit after Depreciation but before Tax |
99.75 |
79.28 |
||
Less: Current Tax |
4.72 |
7.13 |
||
Profit / (Loss) After Tax |
95.03 |
72.14 |
||
FINANCIAL PERFORMANCE
During the year under review, Your Company has recorded a total income of Rs. 258.79 Lacs against Rs. 381.22 Lacs in the previous year. Profit after taxation for the financial year ended on 31st March, 2018 increased to Rs. 95.03 Lacs against Rs. 72.14 Lacs in the previous year.
RESERVE AND SURPLUS
Rs. 95.03 Lacs are being transferred to the reserve and surplus.
DIVIDEND
To Plough back the profits into the business, the Board of Directors has not declared any dividend during the year.
CHANGE IN THE NATURE OF BUSINESS
During the year, the Company has not changed its nature of business.
DEPOSITS:
The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. No amount of principal or interest was outstanding as on the date of Balance Sheet.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, 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
There have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.
But during the financial year 2015-2016, SEBI has passed an ad interim Order dated 29th June, 2015 restraining the Company from Security market and Company has not yet received any and Investigation Report and Final order from SEBI.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS
The Company has a formal system of internal control testing which examines both the design effectiveness and operational effectiveness to ensure reliability of financial and operational information and all statutory / regulatory compliances. The Company has a strong monitoring and reporting process resulting in financial discipline and accountability.
RISK MANAGEMENT POLICY
Therefore, in accordance with the provisions of the Companies Act, 2013, the Board members were informed about risk assessment and minimization procedures after which the Board formally adopted steps for framing, implementing and monitoring the risk management plan for the company.
The main objective of this policy is to ensure sustainable business growth with stability and to promote a proactive approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.
In today''s challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, Business risk, Technology obsolescence, Investments, retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk. As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.
PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE
The prescribed particulars of Employees required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure to this Report.
The information required pursuant to Section 197(12) read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Employees of the Company, will be provided on request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees particulars mentioned in rule 5(2) of the said rule which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company upto the date of ensuing Annual General Meeting. If any Member is interest in inspecting the same, such Member may write to the Compliance officer in advance.
NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS SUBSIDIARIES AND ASSOCIATE COMPANIES DURING THE YEAR
Since the Company has no subsidiaries as on 31st March, 2018, provision of section 129 of the Companies Act, 2013 is not applicable.
STATE OF COMPANY AFFAIRS:
The Company is complying with all the applicable laws and provisions and there is no adverse action against the business operations of the Company.
STATUTORY AUDITORS
The Board has recommended the appointment of M/s. Sushil Upadhyay & Associates, Chartered Accountants, having (Firm registration no. 025449N), by the shareholders at the forthcoming Annual General meeting. The Company has received a letter from M/s. Sushil Upadhyay & Associates, Chartered Accountants, confirming their eligibility under Section 141 of the companies Act, 2013.
The Notes on Financial Statements referred to in the Auditors'' Report are self-explanatory and therefore, in the opinion of the Directors, do not call for further comments.
EXTRACT OF THE ANNUAL RETURN
Pursuant to the provisions of Sect ion 134 (3) (a) of the Companies Act, 2013, Extract of the Annual Return for the f financial year ended 31st March, 2017 made under the provisions of Sect ion 92 (3) of the Act in Form MGT -9 is annexed herewith as an Annexure.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 314(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 in respect of Conservation of Energy and Technology Absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review.
There was no foreign exchange earning & outgo during the financial year under review.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
During the year under review, the Company is not required to comply with the provisions related to Corporate Social Responsibility on the basis of its financial statement.
DIRECTORS & COMMITTEES:
a) Changes in Directors and Key Managerial Personnel
During the year under review, Mr. Satender Kumar who retires by rotation and being eligible offer himself for re - appointment offered himself for re-appointment in the last Annual General Meeting held on 26.09.2017.
Apart from above change Ms. Sita Devi Appointed as Additional Independent Director with effect from 21/12/2017 subject to approval of Members in ensuing AGM.
b) Declaration by an Independent Director(s) and re- appointment, if any
All Independent Directors have given declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, and Listing Agreement.
c) Formal Annual Evaluation
Pursuant to the provisions of companies Act, 2013, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder committee. The manner in which the evaluation has been carried out has been explained in Corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
a. BOARD MEETINGS
During the year Five Board Meetings were convened and held. The details of which are given below. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
S. No. |
Date of meeting |
Total No. of Directors on |
No. of Directors attended |
the Date of Meeting |
|||
1. |
26.05.2017 |
3 |
3 |
2. |
30.08.2017 |
3 |
3 |
3. |
22.11.2017 |
3 |
3 |
4. |
21.12.2017 |
3 |
3 |
5. |
23.03.2018 |
4 |
4 |
AUDIT COMMITTEE
The Board has well-qualified Audit Committee with majority of Independent Directors including Chairman. They possess sound knowledge on Accounts, Audit, Finance, Taxation, Internal Controls etc.
The Audit Committee also advises the Management on the areas where internal control system can be improved. The Terms of reference of the Audit Committee are in accordance with Section 177 of the Companies Act, 2013 as follows:
- Oversight of the Issuer''s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
- Recommending to the Board, the appointment, re-appointment and, if required, there placement or removal of the statutory auditor and the fixation of audit fees.
- Approval of payment to Statutory Auditors for any other services rendered by the statutory auditors.
- Reviewing, with the management, the annual financial statements before submission to the board for approval, with particular reference to:
(i) Matters required to be included in the Directors'' Responsibility Statement to be included in the Board''s report in terms of clause (2AA) of Section 217 of the Companies Act, 1956;
(ii) Any changes in accounting policies and practices and reasons for the same;
(iii) Major accounting entries involving estimates based on exercise of judgment by management;
(iv) Significant adjustments made in the financial statements arising out of audit findings;
(v) Compliance with listing and other legal requirements relating to financial statements;
(vi) Disclosure to any related party transactions;
(vii) Qualifications in the draft audit report.
- Reviewing with the management the half yearly financial statements before submission to the Board for approval.
- Reviewing with the management, performance of statutory and internal auditors, adequacy of internal control systems;
- Reviewing the adequacy of internal audit function, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.
- Discussion with internal auditors any significant findings and follow up thereon;
- Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matters to the Board;
- Discussion with Statutory auditors before the audit commences, about the nature and scope of audit as
- well as post-audit discussion to ascertain any area of concern;
- Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
COMPOSITION
During the year ended on 31st March, 2018, the composition of Audit Committee has been as under:
COMPOSITION
a) Mr. Sujit Gupta Kumar (Chairman)
b) Mr. Satender Kumar (Member)
d) Ms. Sita Devi (Member)
During the financial year 2017-18, Four (4) meetings of Audit Committee were held i.e. 26.05.2017, 30.08.2017, 22.11.2017 and 23.03.2018.
NOMINATION & REMUNERATION COMMITTEE
The Company has duly constituted Nomination and Remuneration Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.
COMPOSITION
a) Mr. Sujit Gupta Kumar (Chairman)
b) Mr. Satender Kumar (Member)
d) Ms. Sita Devi (Member)
During the financial year 2017-18, Four (4) meetings of Nomination & Remuneration Committee were held on 26.05.2017, 30.08.2017, 22.11.2017 and 23.03.2018.
TERMS OF REFERENCE
The terms of reference of Committee includes the following:
- The committee recommends to the board the compensation terms of the executive directors.
- The committee to carry out evolution of every director''s performance and recommend to the board his/her appointment and removal based on the performance.
- The committee to identify persons who may be appointed in senior management/Director in accordance with the criteria laid down.
- Framing and implementing on behalf of the Board and on behalf of the shareholders, a credible and transparent policy on remuneration of executive directors including ESOP, Pension Rights and any compensation payment.
- Considering approving and recommending to the Board the changes in designation and increase in salary of the executive directors.
- Ensuring the remuneration policy is good enough to attract, retain and motivate directors.
- Bringing about objectivity in deeming the remuneration package while striking a balance between the interest of the Company and the shareholders."
STAKEHOLDER RELATIONSHIP COMMITTEE
Our Company has constituted a Stakeholder Relationship Committee to redress the complaints of the shareholders. The committee currently comprises of three Directors. Mr. Sujit Gupta Kumar is the Chairman of the committee.
a) Mr. Sujit Gupta Kumar (Chairman)
b) Mr. Satender Kumar (Member)
c) Mr. Brij Kishore Sabharwal (Member)
During the financial year 2017-18, Four (4) meetings of Stakeholder Relationship Committee were held on 26.05.2017, 30.08.2017, 22.11.2017 and 23.03.2018.
ROLE OF STAKEHOLDER RELATIONSHIP COMMITTEE
The Stakeholder Relationship Committee of our Board looks into:
- The redressal of investors complaints viz. non-receipt of annual report, dividend payments etc.
- Matters related to share transfer, issue of duplicate share certificate, dematerializations.
- Also delegates powers to the executives of our Company to process transfers etc.
The status on various complaints received / replied is reported to the Board of Directors as an Agenda item.
During the year under review, the Composition of the Stakeholder Relationship Committee has been as under:
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
During the year, as per Section 177(9) read with Rule 7(1) of The Companies (Meeting of Board and its Powers) Rules, 2014, Company is required to establish a Vigil Mechanism for its Directors and employees. In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior the company has adopted a vigil mechanism policy. This policy has been posted on the website of company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
During the year, Company has not provided Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at large. The details of transactions with the Company and related parties are given for information under notes to Accounts.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at workplace; the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 are effective in the Company. Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at workplace of any women employee. The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All women employees (permanent, contractual, temporary and trainee) are covered under this Policy.
The following is a summary of Sexual Harassment complaints received and disposed off during the year:
A. No. of Complaints received: 0
B. No. of Complaints disposed off:
MANAGERIAL REMUNERATION POLICY
Provisions relating to Managerial Remuneration as per Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 The Board have on the recommendation of the Nomination & Remuneration Committee framed a Policy for Selection and appointment of Directors, senior management and their Remuneration.
SECRETARIAL AUDIT REPORT AND EXPLANATION TO THE QUALIFICATIONS REPORTED IN THE REPORT
Provisions relating to Secretarial Audit as per Section 204 read with Rule 9 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Devesh Arora, Proprietor of M/s. Devesh Arora & Associates, Company Secretaries to undertake the Secretarial audit of the Company. The Secretarial Auditor Report provided by the Secretarial Auditor in Form No. MR-3 has been enclosed as Annexure.
OBSERVATIONS BY AUDITOR |
EXPLANATION FROM MANAGEMENT |
The Company has not appointed Company Secretary and Chief Financial Officer under Section 203 of the Companies Act, 2013 read with Rule 8 of the Companies (Appointment of and Remuneration of Managerial Personnel) Rules, 2014. |
The Management is searching the appropriate personal for these positions, who meets the requirement of the Company. |
The Company has not appointed an Internal Auditor under Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014. |
Company is in process to appoint a Internal Auditor. |
During the period under review, there are some instances where the Company has filed delay intimations/Compliances to the Bombay Stock Exchange and Registrar of Companies, NCT of Delhi & Haryana. |
Due to some unavoidable circumstances there are some instances where the Company has filed delay intimations/Compliances to the Bombay Stock Exchange and Registrar of Companies; NCT of Delhi & Haryana. But management of the Company assured about timely and accurate Compliances with the Bombay Stock Exchange and Registrar of Companies; NCT of Delhi & Haryana. |
The company has not submitted to the BSE, its voting results of AGM held for F.Y. ended 31st March, 2017. So this is a contravention of Reg. 44(3) of SEBI (LODR) Reg. 2015. |
Due to some unavoidable circumstances |
Website of the Company is not showing all the |
Company is in process of updating the website. Most of the Informations has been uploaded rest are in |
mandatory information. So, Company is not in compliance of Reg. 46 of SEBI (LODR), 2015. |
process of updation. |
The management of the Company has reported and certified that the Company has obtained requisite approvals for grant of loans and advances to any party and complied with the provisions of Section 186 of the Companies Act, 2013 and any other applicable laws. However company could not produce necessary records during the audit process. |
Company does not fall under the criteria of Section 186 of Companies Act, 2013. |
DIRECTORS'' RESPONSIBILITY STATEMENT
The Directors'' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state 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) 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 at the end of the financial year and of the profit and 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 this Act 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; and
(e) The directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(f 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.
ACKNOWLEDGEMENT
The board wishes to express and place on records its gratitude for the faith reposed in and cooperation extended to the company by the shareholders of the company. Your directors wish to place on record their deep sense of appreciation for the devoted and sincere services of the executives, staff and workers of the company for its success.
FOR AND ON BEHALF OF THE BOARD
ECO FRIENDLY FOOD PROCESSING PARK LIMITED
Date: 03/08/2018
Place: New Delhi
Sd/- Sd/-
Brij Kishore Sabharwal Satender Kumar
Director Director
DIN: 01303907 DIN: 06985603
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the 7th Annual Report on the
business and operations of the Company together with the Audited
Statement of Accounts and the Auditors' Report of your Company for the
financial year ended, 31st March 2015.
FINANCIAL HIGHLIGHTS:
The summarized performance of the Company for the years 2014-15 and
2013-2014 is given below:
Particulars For the Financial Year Ended
March 31, March 31,
2015 2014
(in lacs) (in lacs)
Total Income 330.26 292.29
Total Expenditure 203.89 153.30
Profit after Depreciation but before Tax 126.37 138.99
Less: Current Tax 3.92 3.81
Profit / (Loss) After Tax 122.45 135.19
FINANCIAL PERFORMANCE
During the year under review, Your Company has recorded a total income
of Rs. 330.26 Lacs against Rs.292.29 Lacs in the previous year. Profit
after taxation for the financial year ended on 31st March, 2015
decreased to Rs. 122.45 Lacs against Rs. 135.19 Lacs in the previous
year.
RESERVE AND SURPLUS
Rs. 122.45 lacs is being transferred to the reserve and surplus.
DIVIDEND
To Plough back the profits into the business, the Board of Directors
has not declared any dividend during the year.
SHARE CAPITAL
Right Issue:
During the year under review, the Board of Directors of Company fixed
the 02nd April, 2014 as the record date for the right issue of
1,48,59,000 equity shares of Rs. 10/- each in the ratio of 3 (Three)
Equity Shares for every 2 (two) Equity Shares through rights issue. The
BSE accorded its Listing and Trading approval to the same.
Sub-Division
The Authorized Share Capital as on March 31, 2015 was Rs. 25 crores
(2,50,00,000 shares of The Company has also split up its share capital
from Rs.10 per share into the shares of Rs. 1/- each w.e.f. 09.01.2015.
divided into 25,00,00,000 (Rupees Twenty Five Crore )Equity Shares of
Rs.1/- (Rupess One Only) each.
CHANGE IN THE NATURE OF BUSINESS
During the year, the Company has not changed its nature of business.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Clause 52 of the Listing Agreement with the Stock
Exchanges, the Management Discussion and Analysis of the financial
condition and results of consolidated operations of the Company under
review, is annexed to Directors' Report.
DEPOSITS:
The Company has not accepted deposit from the public falling within the
ambit of Section 73 of the Companies Act, 2013 and The Companies
(Acceptance of Deposits) Rules, 2014. No amount of principal or
interest was outstanding as on the date of Balance Sheet.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, 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
There have been no material changes and commitments which can affect
the financial position of the Company occurred between the end of the
financial year of the Company and date of this report.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has a formal system of internal control testing which
examines both the design effectiveness and operational effectiveness to
ensure reliability of financial and operational information and all
statutory / regulatory compliances. The Company has a strong monitoring
and reporting process resulting in financial discipline and
accountability.
RISK MANAGEMENT POLICY
Therefore, in accordance with the provisions of the Companies Act,
2013, the Board members were informed about risk assessment and
minimization procedures after which the Board formally adopted steps
for framing, implementing and monitoring the risk management plan for
the company.
The main objective of this policy is to ensure sustainable business
growth with stability and to promote a pro-active approach in
reporting, evaluating and resolving risks associated with the business.
In order to achieve the key objective, the policy establishes a
structured and disciplined approach to Risk Management, in order to
guide decisions on risk related issues.
In today's challenging and competitive environment, strategies for
mitigating inherent risks in accomplishing the growth plans of the
Company are imperative. The common risks inter alia are: Regulations,
competition, Business risk, Technology obsolescence, Investments,
retention of talent and expansion of facilities. Business risk,
inter-alia, further includes financial risk, political risk, fidelity
risk, legal risk. As a matter of policy, these risks are assessed and
steps as appropriate are taken to mitigate the same.
PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE
The prescribed particulars of Employees required under Section 197(12)
of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
annexed herewith as Annexure to this Report.
The information required pursuant to Section 197(12) read with Rule
5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of Employees of the Company, will be
provided on request. In terms of Section 136 of the Act, the reports
and accounts are being sent to the members and others entitled thereto,
excluding the information on employees particulars mentioned in rule
5(2) of the said rule which is available for inspection by the Members
at the Registered Office of the Company during the business hours on
working days of the Company upto the date of ensuing Annual General
Meeting. If any Member is interest in inspecting the same, such Member
may write to the Compliance officer in advance.
NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS
SUBSIDIARIES AND ASSOCIATE COMPANIES DURING THE YEAR
Since the Company has no subsidiaries as on 31st March, 2015, provision
of section 129 of the Companies Act, 2013 is not applicable.
STATE OF COMPANY AFFAIRS:
The Company is complying with all the applicable laws and provisions
and there is no adverse action against the business operations of the
Company.
STATUTORY AUDITORS
In Terms of the provisions of Section 139 of the Companies Act, 2013,
M/s. Sushil Upadhyay & Associates, Chartered Accountants, having (Firm
registration no. 025449N), were appointed as Statutory Auditors of the
Company by the shareholders through Postal Ballot dated 28th April,2015
to hold office till conclusion of ensuing Annual General Meeting. The
said appointment is subject to ratification by the members at every
Annual General Meeting.
The Board has recommended the appointment of M/s. Sushil Upadhyay &
Associates, Chartered Accountants, having (Firm registration no.
025449N), by the shareholders at the forthcoming Annual General
meeting. The Company has received a letter from M/s. Sushil Upadhyay &
Associates, Chartered Accountants, confirming their eligibility under
Section 141 of the companies Act, 2013.
AUDITORS' REPORT
The Notes on Financial Statements referred to in the Auditors' Report
are self-explanatory and therefore, in the opinion of the Directors, do
not call for further comments.
EXTRACT OF THE ANNUAL RETURN
Pursuant to the provisions of Sect ion 134 (3) (a) of the Companies
Act, 2013, Extract of the Annual Return for the f financial year ended
31st March, 2015 made under the provisions of Sect ion 92 (3) of the
Act in Form MGT -9 is annexed herewith as Annexure.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of Section 314(3)(m)
of the Companies Act, 2013 read with Rule 8(3) of The Companies
(Accounts) Rules, 2014 in respect of Conservation of Energy and
Technology Absorption have not been furnished considering the nature of
activities undertaken by the Company during the year under review.
There was no foreign exchange earning & outgo during the financial year
under review.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
During the year under review, the Company is not required to comply
with the provisions related to Corporate Social Responsibility on the
basis of its financial statement.
DIRECTORS & COMMITTEES:
a) Changes in Directors and Key Managerial Personnel
During the year under review, Mr. Vinod Kumar Garg and Mr. Amar Singh
Bisht resigned from the post of director w.e.f. 19/03/2015 &
27/12/2014.
Appointment of Mr. Satender Kumar as an Additional Director w.e.f.
30/12/2014 and Mrs. Deepika Garg w.e.f. 19/03/2015.
Mr. Brij Kishore Sabharwal, Director of the Company was designated as
Whole Time Director of the Company.
b) Declaration by an Independent Director(s) and re- appointment, if
any
All Independent Directors have given declaration that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, and Listing Agreement.
c) Formal Annual Evaluation
Pursuant to the provisions of companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration
and Stakeholder committee. The manner in which the evaluation has been
carried out has been explained in Corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
a. BOARD MEETINGS
During the year Thirteen Board Meetings were convened and held. The
details of which are given below. The intervening gap between the
Meetings was within the period prescribed under the Companies Act,
2013.
S. Date of meeting Total No. of Directors No. of Directors
No. on the Date of attended
Meeting
1. 02/04/2014 4 4
2. 04/04/2014 4 4
3. 21/05/2014 4 4
4. 28/05/2014 4 4
5. 01/06/2014 4 4
6. 21/08/2014 4 4
7. 13/11/2014 4 4
8. 21/11/2014 4 4
9. 24/12/2014 4 4
10. 30/12/2014 4 4
11. 02/02/2015 4 4
12. 19/03/2015 4 4
13. 30/03/2015 4 4
AUDIT COMMITTEE
The Board has well-qualified Audit Committee with majority of
Independent Directors including Chairman. They possess sound knowledge
on Accounts, Audit, Finance, Taxation, Internal Controls etc. The
details of the Composition of the Audit Committee are given in the
Corporate Governance Report.
During the year, there are no instances where the Board had not
accepted the recommendations of the Audit Committee.
NOMINATION & REMUNERATION AND COMPENSATION COMMITTEE & ITS POLICY
The Company has duly constituted Nomination and Remuneration Committee
to align with the requirements prescribed under the provisions of the
Companies Act, 2013 and Clause 52 of the Listing Agreement.
The details of the Composition of the Nomination and Remuneration
Committee are given in the Corporate Governance Report.
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
During the year, as per Section 177(9) read with Rule 7(1) of The
Companies (Meeting of Board and its Powers) Rules, 2014, Company is
required to establish a Vigil Mechanism for its Directors and
employees. In order to ensure that the activities of the Company and
its employees are conducted in a fair and transparent manner by
adoption of highest standards of professionalism, honesty, integrity
and ethical behavior the company has adopted a vigil mechanism policy.
This policy is explained in corporate governance report and also posted
on the website of company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
During the year, Company has not provided Loans, Guarantees and
Investments covered under the provisions of Section 186 of the
Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The Company has no material significant transactions with its related
parties which may have a potential conflict with the interest of the
Company at large. The details of transactions with the Company and
related parties are given for information under notes to Accounts.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at workplace; the
provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 are effective in the Company.
Under the said Act every company is required to set up an Internal
Complaints Committee to look into complaints relating to sexual
harassment at workplace of any women employee. The Company has in place
an Anti Sexual Harassment Policy in line with the requirements of the
Sexual Harassment of Woman at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. All women employees (permanent, contractual,
temporary and trainee) are covered under this Policy.
The following is a summary of Sexual Harassment complaints received and
disposed off during the year:
a. No. of Complaints received: 0
b. No. of Complaints disposed off : 0
MANAGERIAL REMUNERATION POLICY
Provisions relating to Managerial Remuneration as per Section 197 read
with Rule 5 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 The Board have on the recommendation
of the Nomination & Remuneration Committee framed a Policy for
Selection and appointment of Directors, Senior management and their
Remuneration.
SECRETARIAL AUDIT REPORT AND EXPLANATION TO THE QUALIFICATIONS REPORTED
IN THE REPORT
Provisions relating to Secretarial Audit as per Section 204 read with
Rule 9 of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mr. Sumit Gupta,
Proprietor of Sumit Gupta & Associates, Company Secretaries to
undertake the Secretarial audit of the Company. The Secretarial Auditor
Report provided By the Secretarial Auditor in Form No. MR-3 has been
enclosed as Annexure.
Explanation to the observations as notice in the Audit Report: The
Management is searching the best person for the position and the
Company will strive to complete the pending efiling with Registrar of
Companies, NCT of Delhi & Haryana.
CORPORATE GOVERNANCE
A report on Corporate Governance along with a certificate from the
Auditors regarding the compliances with conditions of Corporate
Governance in terms of Clause 52 of the Listing Agreement is annexed to
this report.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
No significant and material orders have been passed by the regulators
or courts or tribunals, impacting the going concern status and
company's operations in future. However, the Company has received a
Show Cause Notice from the BSE Limited dated 5th February, 2015.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
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) 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 at the end of the financial year and of the profit and
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 this Act 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; and
(e) The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
f) 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.
ACKNOWLEDGEMENT
The board wishes to express and place on records its gratitude for the
faith reposed in and cooperation extended to the company by the
shareholders of the company. Your directors wish to place on record
their deep sense of appreciation for the devoted and sincere services
of the executives, staff and workers of the company for its success.
FOR AND ON BEHALF OF THE BOARD
ECO FRIENDLY FOOD PROCESSING PARK LIMITED
Date: 18/08/2015
Place: New Delhi Sd/- Sd/-
Brij Kishore Sabharwal Satender Kumar
Director Director
DIN: 01303907 DIN: 06985603
Mar 31, 2014
The Members
Eco Friendly Food Processing Park Limited
The Directors have pleasure in presenting the 6th Annual Report on the
business and operations of the Company together with the Audited
Accounts for the year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS:
The summarized performance of the Company for the years 2013-2014 and
2012-13 is given below:
(in lacs)
Particulars For Financial Year Ended
March 31, 2014 March 31, 2013
Total Income 292.29 274.31
Total Expenditure 153.30 96.57
Profit after Depreciation but
before Tax 138.99 177.74
Less: Current Tax 3.92 2.96
Add: Excess Provision of Income
Tax of Previous years 0.00 0.00
Profit / (Loss) After Tax 135.07 174.78
Proposed Dividend 0.00 0.00
Tax on Dividend 0.00 0.00
Transferred to Statutory Reserves 0.00 0.00
FINANCIAL PERFORMANCE
During the year under review, Your Company has recorded a total income
of Rs. 292.29 against Rs. 274.31 in the previous year. Profit after
taxation for the financial year ended on 31st March, 2014 decreased to
Rs. 135.07 against Rs. 174.78 in the previous year.
RIGHT ISSUE:
During the year under review, the Board of Directors of Company in its
meeting held on 30th August, 2013 approved the right issue of equity
shares 1,48,59,000 equity shares of Rs. 10/- each in the ratio of 3
(Three) Equity Shares for every 2 (two) Equity Shares through rights
issue.
Further, the BSE Limited has accorded its in principle approval vide
its letter dated 4th October, 2013.
DIVIDEND
To Plough back the profits into the business, the Board of Directors
has not declared any dividend during the year.
DEPOSITS:
During the year under review, Your Company has not accepted the
deposits under section 58A of the Companies Act, 1956 and Companies
(Acceptance of deposits) Rules 1975 as amended upto date.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Clause 52 of the Listing Agreement with the Stock
Exchanges, the Management Discussion and Analysis of the financial
condition and results of consolidated operations of the Company under
review, is annexed to Directors'' Report.
PUBLIC DEPOSIT
Your Company has not accepted any deposits from the public during the
year under review.
RE-APPOINTMENT OF DIRECTORS
In accordance with Section 152 of the Companies Act, 2013
[corresponding section 255 & 256 of Companies Act 1956] read with the
Articles of Association of the Company, Mr. Brij Kishore Sabharwal,
Non-Executive Director of the Company, retire by rotation and are being
eligible offer themselves for re-appointment at the ensuing Annual
General Meeting.
PARTICULARS OF EMPLOYEES
As required by the provision of section 217(2A) of the Companies Act,
1956.Read with the Companies (particulars of employee) rules, 1975 as
amended, no employee was in receipt of remuneration exceeding Rs. 60,
00,000/- per annum or 5, 00,000/- per month for any part thereof.
ENERGY, TECHNOLOGY & FOREIGN EXCHANGE
Information in accordance with the provision of Section 217 (I) (e) of
the Companies Act, 1956, read with Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules 1988 being not
relevant/significant, are not given. There were no foreign exchange
earnings or outgo during the year under review.
CORPORATE GOVERNANCE
A report on Corporate Governance along with a certificate from the
Auditors regarding the compliances with conditions of Corporate
Governance in terms of Clause 52 of the Listing Agreement is annexed to
this report.
SHIFTING OF REGISTERED OFFICE
During the year under review, your company has shifted its registered
office from S-520, Greater Kailash, Part-I, New Delhi-110048 to 49,
Gujrawala Town, part  II, New Delhi  110009 w.e.f May 13, 2013.
DIRECTORS RESPONSIBILITY STATEMENTS
Pursuant to section 217 (2AA) of the companies ACT, 1956, it is hereby
confirmed:- (i) That in the preparation of the accounts for the
financial year ended 31st March 2014 the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 year under review.
(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, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
That the Directors have prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis
ACKNOWLEDGEMENT
The board wishes to express and place on records its gratitude for the
faith reposed in and cooperation extended to the company by the
shareholders of the company. Your directors wish to place on record
their deep sense of appreciation for the devoted and sincere services
of the executives, staff and workers of the company for its success.
Date: 21/08/2014
Place: New Delhi
By Order of the Board
For Eco Friendly Food Processing Park Limited
Sd/- Sd/-
Amar Singh Bisht Brij Kishore Sabharwal
DIN: 06402669 DIN: 01303907
Executive Director Director