Super Fine Knitters Ltd
Directors Reports
To,
The Members,
Your Directors have pleasure in presenting their 24th Annual Report on the
business and operations of the Company together with the Audited Statement of Accounts for
the year ended 31st March, 2022.
The summarised financial performance of the Company is as under:
(Rs. in Lakhs)
Particulars |
Current Yr. |
Previous Yr. |
Turnover (Including Exports Incentives) |
5468.24 |
4590.39 |
Other Income |
1.24 |
2.72 |
Profit/(loss) before Depreciation and Taxation |
(82.05) |
6.33 |
Provision for Depreciation |
137.15 |
153.47 |
Profit/(Loss) before taxation |
(219.20) |
(147.14) |
Less: Provision for Taxation |
32.22 |
2.75 |
Profit/(Loss) after tax |
(186.99) |
(144.39) |
Balance carried to Balance Sheet |
(186.99) |
(144.39) |
STATE OF COMPANY'S AFFAIRS
During the year under review, the Company's turnover of INR 5468.24 Lakhs as compared
to INR 4590.39 Lakhs for the previous year. The Company has however suffered loss of INR
186.99 Lakhs as compared to loss of INR 144.39 Lakhs for the previous year.
DIVIDEND
The Company has not declared any dividend during the year.
AMOUNTS TRANSFERRED TO RESERVES
During the year the Company does not propose to transfer/carry any amount to the
General Reserve.
CHANGES IN SHARE CAPITAL
There is no change in Share Capital of the Company during the year.
BOARD OF DIRECTORS
The Board of Directors have ultimate responsibility for the management, general
affairs, direction, performance and long term success of business as a whole. The Board
continuously reviews Company's governance, risk and compliance framework, business plans
and organization structure to align with competitive benchmark. The Board represents an
optimum mix of professionalism, knowledge and experience which enables the Board to
discharge its responsibilities and provide effective leadership to the Company.
None of the Directors on the Board hold directorships in more than ten public companies
and member of more than ten committees or chairperson of more than five committees across
all the public companies in which he or she is a Director. The necessary disclosures
regarding Committee positions have been made by all the Directors.
None of the Directors of the Company is disqualified for being appointed as Director as
specified in Section 164 (2) of the Companies Act, 2013.
Composition
The Board of Directors comprises six (6) Directors consisting of three (3) Independent
Directors, two (2) Wholetime Directors and one (1) Managing Director.
Name of Directors |
Category |
No. of Other Directorship held in |
Membership of the Committee |
|
|
Public Ltd. Company |
|
Ajit Kumar Lakra |
Promoter/ExecutiveDirector |
Nil |
0 |
Vivek Lakra |
Promoter/ExecutiveDirector |
Nil |
1 |
Gita Lakra |
Promoter/ExecutiveDirector |
Nil |
0 |
Rohit Malhotra |
Non-Executive/ Independent Director |
Nil |
3 |
Naveen Malhotra |
Non-Executive/ Independent Director |
Nil |
2 |
Chandan Patel |
Non-Executive/ Independent Director |
Nil |
3 |
Retirement By Rotation:
In accordance with the provisions of the Articles of Associations and 152 (6) of
Companies Act, 2013 Mr. Vivek Lakra (DIN - 01067219),Whole Time Director will be retiring
by rotation at the ensuring Annual General Meeting and being eligible, has offered himself
for re-appointment.
The relevant details, as required under the Regulation 36 (3) of Listing Regulations
and Secretarial Standards, of the person seeking re-appointment as Director are also
provided in the Notice convening the 24th Annual General Meeting.
Appointment/Reappointment/Resignation from Board of Directors/Key Managerial Personnel:
Mr. Rohit Malhotra (DIN: 0009071224) appointed as an Independent Director in the 23rd
Annual General Meeting for a period up to 14th February, 2026 not liable to
retire by rotation.
Mr. Naveen Malhotra (DIN: 0009071224) appointed as an Independent Director in the 23rd
Annual General Meeting for a period up to 14th February, 2026 not liable to
retire by rotation.
Mr. Chandan Patel (DIN: 0009088843) appointed as an Independent Director in the 23rd
Annual General Meeting for a period up to 02nd March, 2026 not liable to retire
by rotation.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors of the Company have submitted the declaration of
independence, as required pursuant to the provisions of Section 149(7) of the Companies
Act, 2013, stating that they meet the criteria of Independence as provided under Section
149(6). They have also confirmed that they meet the requirements of Independent Director
as mentioned under Regulation 16(1) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Meeting of independent Director:
Separate meeting of Independent Directors was held on, interalia to discuss:
To evaluate the performance of Non-Independent Directors, performance of the
Board as a whole.
Review the performance of the Chairman, taking into account the views of
Executive Directors and NonExecutive Directors. The same was discussed in the Board
Meeting that followed the meeting of the Independent Directors, at which the performance
of the Board, its Committees and Individual 01st May, 2021 Directors was also discussed.
Assess the quality, quantity and timeliness of flow of information between the
Company Management and the Board that is necessary for the Board to effectively and
reasonably perform their duties.
BOARD MEETINGS
The Board regularly meets to discuss and decide on Company, business policy and
strategy apart from conducting other Board related businesses. However, in case of a
special and urgent business need, the Board's approval was taken by passing resolutions
through circulation, as permitted by law, and these were confirmed at the next Board
Meeting.
During the period under review nine (09) Board Meetings were held and the gap between
two meetings did not exceed the prescribed limits. During the year under review, Company
did not passed any resolution by way of Circulation.
The dates on which the Board Meetings were held are as follows:--
01stMay 2021, 10thMay 2021, 30thJune 2021, 07thSeptember
2021, 10th November 2021, 16th November 2021, 20th December,
2021, 05th March,2022 and 23rd March, 2022.
The details of attendance of each director at the Board Meetings are given below:
Name of Directors |
Category |
Number of Board Meetings Eligible to Attend |
No. of Board Meetings attended |
Attendance of Last AGM |
Ajit Kumar Lakra |
Promoter/Executive Director |
9 |
9 |
Yes |
Vivek Lakra |
Promoter/Executive Director |
9 |
9 |
Yes |
Gita Lakra |
Promoter/Executive Director |
9 |
9 |
Yes |
Rohit Malhotra |
Non-Executive/ Independent |
9 |
9 |
Yes |
Naveen Malhotra |
Non-Executive/ Independent |
9 |
9 |
Yes |
Chandan Patel |
Non-Executive/ Independent |
9 |
9 |
Yes |
GENERAL BODY MEETINGS:
The last three Annual General Meetings were held as under:
Financial Year |
Date of A.G.M. |
Time |
Venue |
2019-20 |
21/09/2019 |
10:30A.M. |
269, Industrial Area - A, Ludhiana |
2020-21 |
30/09/2020 |
10:00 A.M. |
Through Video Conferencing |
2021-22 |
30/09/2021 |
10:00 A.M |
269, Industrial Area - A, Ludhiana |
Extra-Ordinary General Meeting (E.G.M.) during period of 2021-22
Financial Year |
Date of E.G.M. |
Time |
Venue |
2021-22 |
02/12/2021 |
10:00 A.M. |
269, Industrial Area - A, Ludhiana |
COMMITTEES OF THE BOARD
The terms of reference of Board Committees are determined by the Board from time to
time. Presently the Company has three committees i.e. Audit Committee, Nomination and
Remuneration Committee and Stakeholders Relationship Committee. All the decisions
pertaining to the constitution of the Committees, appointment of members, and fixing of
terms of reference for committee members are taken by the Board of Directors. Details on
the role and composition of these committees, including the number of meetings held during
the financial year and the related attendance, are provided below:
AUDIT COMMITTEE
The audit committee was re-constituted in accordance with the provisions of Companies
Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015.
Further, the Company has adequately qualified and Independent committee, accordance with
the provisions of Companies Act, 2013 and SEBI (Listing Obligation and Disclosure
Requirements) Regulation, 2015. The major tasks performed by the audit committee may be
grouped under the following heads:
Statutory Audit, Internal Audit, reporting and other aspects
i. The Audit Committee of the Company is entrusted with the responsibility to supervise
the Company's internal controls and financial reporting process The Committee acts as a
link between the Management, Auditors and the Board of Directors of the Company and has
full access to the financial Information.
ii Oversight of the Company's financial reporting process and the disclosure of its
financial information to ensure that the financial statement is correct, sufficient and
credible and ensuring timely submission to statutory authorities.
iii. Reviewing the Management Discussion & Analysis of financial and operational
performance.
iv. Reviewing with the management, the quarterly financial statements and annual
financial statements and auditor's report thereon before submission to the board for
approval.
v. Review the adequacy and effectiveness of the company's system and internal control.
vi. Evaluation of internal financial controls and risk management systems.
vii. To review the functioning of the Whistle Blower mechanism.
Audit & other duties
i. 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.
ii. Discussion with internal auditors of any significant findings and follow up there
on.
iii. Review and recommend to the Board the appointment/re-appointment of the Statutory
Auditors and internal Auditors considering their independence and effectiveness and their
replacement and removal.
iv. To recommend to the Board the remuneration of the Statutory Auditors and internal
auditors.
v. To grant approval for related party transactions which are in the ordinary course of
business and on an arm's length pricing basis and to review and approve such transactions
subject to the approval of the Board.
The Composition of Audit Committee is as under:
Sr. No. Name of the Director |
Status |
Nature of Directorship |
1. Mr. Chanten Patel |
Chairman |
Independent Director |
2. Mr. Rohit Malhotra |
Member |
Independent Director |
3. Mr Vivek Lakra |
Member |
Executive Director |
During the year under the review, The Audit Committee met four times on 30th
June 2021, 06th November 2021, 16th November 2021 and 05th
March 2022.
All the members of the Audit Committee have the requisite qualifications for
appointment on the Committee and possess sound knowledge of accounting practices,
taxation, financial and internal controls.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee was re-constituted, accordance with the
Section 178 of Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligation and
Disclosure Requirements) Regulation, 2015.
The terms of reference of the Committee are as follows:
1. Formulation of the criteria for determining qualifications, positive attributes and
independence of a director and recommend to the Board a policy, relating to the
remuneration of the directors, key managerial personnel and other employees;
2. Formulation of criteria for evaluation of Independent Directors and the Board;
3. Devising a policy on Board diversity;
4. Identifying persons who are qualified to become directors and who may be appointed
in senior management in accordance with the criteria laid down, and recommend to the Board
their appointment and removal.
The remuneration policy as adopted by the company envisages payment of remuneration
according to qualification, experience and performance at different levels of the
organization. The workers at the factory as well as those rendering clerical,
administrative and professional services are suitably remunerated according to the
industry norms.
The details of the composition of the Nomination and Remuneration Committee are as
under:
Sr. No. Name of the Director |
Status |
Nature of Directorship |
1. Mr. Chanten Patel |
Chairman |
Independent Director |
2. Mr. Rohit Malhotra |
Member |
Independent Director |
3. Mr Naveen Malhotra |
Member |
Independent Director |
Details of Remuneration paid to Managing Director/Whole-time Director for the year
ended 31st March, 2022 is given below:
Name |
Sitting Fees (Rs.) |
Salary (Rs.) |
Perquisites and allowances etc.(Rs.) |
Commission (paid) (Rs) |
Total (Rs.) |
Mr. Ajit Kumar Lakra |
Nil |
3,00,000 |
Nil |
Nil |
3,00,000 |
Mr. Vivek Lakra |
Nil |
3,00,000 |
Nil |
Nil |
3,00,000 |
Mrs. Gita Lakra |
Nil |
3,00,000 |
Nil |
Nil |
3,00,000 |
Further no sitting fee is paid to any director for attending the Board Meetings of the
Company.
During the year, the Nomination and Remuneration Committee Meeting was held on
30-06-2021 and all members were duly present in the meeting.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The Stakeholders Relationship Committee was re-constituted, accordance with the Section
178 of Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligation and Disclosure
Requirements) Regulation, 2015. The Company look after the grievances of the Stakeholders
and Redressal of Investor's complaints related to transfer of Shares, non-receipt of
Balance Sheet etc.
The Committee performs following functions:
look into the redressal of grievances of shareholders, debenture holders and
other security holders;
To investigate complaints relating to allotment of shares, approval of transfer
or transmission of shares;
To consider and resolve the grievances of the security holders of the company
including complaints related to transfer of shares, non-receipt of balance sheet,
non-receipt of declared dividends; and
Issue of Duplicate Share Certificates.
Review of Share dematerialization and rematerialisation.
Monitoring the expeditious Redressal of Investor Grievances.
Monitoring the performance of Company's Registrar & Transfer Agent.
All other matters related to the shares.
The Composition of the 'Stakeholders' Relationship Committee is as under:-
Sr. No. Name of the Director |
Status |
Nature of Directorship |
1. Mr. Chanten Patel |
Chairman |
Independent Director |
2. Mr. Rohit Malhotra |
Member |
Independent Director |
3. Mr Naveen Malhotra |
Member |
Independent Director |
The Company has an investor base of over 129 shareholders as on 31st March, 2022.
During the year under review, no complaints remained pending. There is no valid request
pending for share transfer as at the year end. The Stakeholders' Relationship Committee
met two times on 01st May, 2021 and 16th November, 2021 during the
year.
PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015 the Nomination and Remuneration Committee has
carried out an Annual Performance Evaluation of the Board and of the Individual Directors
has been made. During the year, the Evaluation cycle was completed by the Company
internally which included the evaluation of the Board as a whole, Board Committees and
Directors. The Evaluation process focused on various aspects of the Board and Committees
functioning such as composition of the Board and Committees, experience, performance of
duties and governance issues etc. Separate exercise was carried out to evaluate the
performance of individual Directors on parameters such as contribution, independent
judgment and guidance and support provided to the Management. The results of the
evaluation were shared with the Board, Chairman of respective Committees and individual
Directors.
CORPORATE GOVERNANCE
The Company strives to incorporate the appropriate standards for corporate governance.
However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Company is not obligated to mandatorily comply with
the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and therefore the Company has not provide a separate
report on Corporate Governance, although few of the information are provided in this
report under relevant heading.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:
a) That in the preparation of the annual financial statements for the year ended 31stMarch,
2020; the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
b) That such accounting policies as mentioned in Notes to the Financial Statements have
been selected and applied consistently and judgment and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at 31 stMarch, 2020.
c) That proper and sufficient care has been taken 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) That the annual financial statements have been prepared on a going concern basis;
e) That proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively.
f) That systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
AUDITORS
Statutory Auditors
M/s. R.K. Deepak & Co., Chartered Accountants (Registration No. 003145N), had been
appointed as Statutory Auditors of the Company at the 23rd Annual General
Meeting held on 30th September, 2021 to hold office from the conclusion of this
Annual General Meeting till conclusion of 27th Annual General Meeting of the
Company.
Secretarial Auditors
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 had
appointed Narang G and Associates (CP No.: 16383, ACS: 43779), Company Secretaries for the
financial year 2021-2022 to undertake the Secretarial Audit of the Company.
The Secretarial Audit Report for the financial year ended 31st March, 2022
is annexed.
Internal Auditors
M/s. Budh Kumar & Associates, Chartered Accountant has been re-appointed as
Internal Auditor in the Board meeting held on 30th June, 2022 for the year
2022-2023.
Cost Auditor
In terms of Section 148 of the Companies Act, 2013 and rules made there under, Cost
Audit is not applicable to the Company and its products/business.
EXPLANATION ON STATUTORY AUDITOR'S REPORT/SECRETARIAL AUDITOR'S REPORT
Neither the Statutory Auditor nor Secretarial Auditor of the Company, in their
respective reports have made any qualification, reservation, adverse marks or disclaimers.
Accordingly, no Explanations thereon are required to be furnished.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo
stipulated under section 134(3)(m) of the Companies act, 2013 read with rule 8 of the
Companies (Accounts) Rules , 2014, is annexed.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule 5, of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees
of the Company is as follows:
The Company has one Managing Director and the remuneration paid to him is Rs. 0.25 Lakh
per month only.
The Remuneration paid to all Key management Personnel was in accordance with
remuneration policy adopted by the Company.
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination & Remuneration committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration.
I. In determining the remuneration of the Senior Management Employees (i.e. KMPs
and senior officers just below the board level) the Committee shall ensure / consider the
following:
i. the relationship of remuneration and performance benchmark is clear
ii. the balance between fixed and incentive pay reflecting short-term and long-term
performance objectives, appropriate to the working of the Company and its goals;
iii. the remuneration is divided into two components viz. fixed component comprising
salaries, perquisites and retirement benefits and a variable component comprising
performance bonus; the remuneration including annual increment and performance bonus is
decided based on the criticality of the roles and responsibilities, the Company's
performance vis-a-vis the annual budget achievement, individuals performance and current
compensation trends in the market.
II. The Managing Director or Whole Time Director will carry out the individual
performance review based on the standard appraisal matrix and shall take into account the
appraisal score card and other factors and thereafter shall recommend the annual increment
and performance incentive to the Committee for its review and approval.
REMUNERATION TO DIRECTORS/EMPLOYEES AND RELATED ANALYSIS
During the year under review, no employee of the Company received salary in excess of
the limits as prescribed under the Act. Accordingly, no particulars of employees are being
given pursuant to Section 134 of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The details
pertaining to the ratio of the remuneration of each director to the median employee's
remuneration and other prescribed details as 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 are annexed herewith and forms part of this report.
RELATED PARTY TRANSACTIONS
There were no contracts or arrangements entered into by the company in accordance with
provisions of section 188 of the Companies Act, 2013.
However, there were certain related party transactions in terms of regulation 23 of the
SEBI (listing obligations and disclosure requirements) regulations, 2015 which were
entered into 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.
DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATES
The Company has no Subsidiary, Joint Ventures or Associates.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form MGT-9, as required
under Section 92 of the Act, is annexed which forms an integral part of this Report and is
also available on the Company's website viz. www.superfineknitters.com.
PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186
The Company has not given any loan or given guarantee for loans taken by others from
banks or financial institutions during the year.
Further, during the year, a sum of Rs. 39.99 lakh has been taken as unsecured loan from
Mrs. Gita Lakra, Director of the Company, making a total unsecured loan of Rs 272.68 lakhs
and declarations pursuant to Rule 2(c)(viii) of the Companies (Acceptance of Deposits)
Rules, 2014 have been received for the same.
DEPOSITS
The Company has not accepted any deposits during the year and no deposits remained
unpaid or unclaimed as at the end of the year under review and there has been no default
in the repayments of deposits.
CORPORATE SOCIAL RESPONSIBILITY
Though the provisions of Companies Act, 2013 regarding Corporate Social Responsibility
are not attracted to the Company yet the Company has been, over the years, pursuing as
part of its corporate philosophy, an unwritten CSR policy voluntarily which goes much
beyond mere philanthropic gestures and integrates interest, welfare and aspirations of the
community with those of the Company itself in an environment of partnership for inclusive
development.
CHANGE IN NATURE OF BUSINESS
During the year under review, there was no change in the nature of business.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
During the year under review, No Order has been passed by Regulators or Court or
Tribunals.
HUMAN RESOURCES
The well discipline workforce which has served the Company for three decades lies at
the very foundation of the Company's major achievements and shall well continue for the
years to come. The management has always carried out systematic appraisal of performance
and imparted training at periodic intervals. The Company has always recognized talent and
has judiciously followed the principle of rewarding performance.
RISK MANAGEMENT POLICY
Although the Company has long been following the principle of risk minimization as is
the norm in every industry, it has now become a compulsion. Therefore, in accordance
applicable provisions of SEBI (Listing Regulation and Disclosure Requirements) Regulations
2015 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.
POLICY ON PRESERVATION OF THE DOCUMENTS
The Company has formulated a Policy pursuant to Regulation 9 of the Securities Exchange
Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015
("Regulations") on Preservation of the Documents to ensure safekeeping of the
records and safeguard the Documents from getting manhandled, while at the same in time
avoiding superfluous inventory of Documents.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has adequate system of internal control to safeguard and protect from loss,
unauthorized use or disposition of its assets. All the transactions are properly
authorized, recorded and reported to the Management. The Company is following all the
applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements. The Internal Auditor of the Company checks and verifies
the internal control and monitors them in accordance with policy adopted by the Company.
Even through this non-production period the Company continues to ensure proper and
adequate systems and procedures commensurate with its size and nature of its business.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
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.
SEXUAL HARASSMENT PREVENTION
The Company has in place a policy for prevention of sexual harassment at the workplace
in line with the requirement of the Sexual Harassment of Women at the workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under.
The Internal Complaints Committee (ICC) has been set up to redress complaints received
regarding sexual harassments. All the employees of the Company (permanent, temporary,
contractual and trainees) are covered under this policy.
The Company has zero tolerance for sexual harassment at the workplace and has adopted a
policy on prevention, prohibition and redressal of sexual harassment in line with the
provisions of the Sexual Harassment of Women at the workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules there under.
During the year Committee has not received any complaints of harassment.
FINANCIAL VIABILITY OF COMPANY
The Company has not defaulted in repayment of dues to financial institutions, banks and
not given any guarantee for loans taken by others from banks or financial institutions
during the year.
DETAILS OF APPLICATION / ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016
Neither any application was made nor any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the financial year.
FRAUDS REPORTED BY AUDITORS UNDER SECTION 143(12), OTHER THAN THOSE WHICH ARE
REPORTABLE TO THE CENTRAL GOVERNMENT.
The Statutory Auditors have not reported any incident of fraud to the Board of
Directors of the Company.
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.
As Company has not done any one time settlement during the year under review hence no
disclosure is required.
COMPLIANCES WITH SECRETARIAL STANDARD ON BOARD AND GENERAL MEETINGS
During the year under review, your company has duly complied with the applicable
provisions of Secretarial Standards.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34 and schedule V of SEBI (Listing Obligations and Disclosure
Requirements) regulations, 2015 a review of the performance of the company, for the year
under review, Management Discussion and Analysis Report, are annexed herewith and forms
part of this report.
GENERAL DISCLOSURES
Directors state that no disclosure or reporting is required in respect of the following
items as there were no transactions on these items during the year under review:
1. Issue of Equity Shares with differential rights as to dividend, right issue.
2. Issue of Sweat Equity Shares to Employees of the Company.
3. Issue of Employee Stock Options to Employees of the Company.
4. Purchase of its own shares either directly or indirectly.
ACKNOWLEDGEMENTS
The Company has been very well supported from all quarters and therefore your directors
wish to place on record their sincere appreciation for the support and co-operation
received from Employees, Dealers, Suppliers, Central and State Governments, Bankers and
others associated with the Company. Your Directors wish to thank the banks, financial
institutions, shareholders and business associates for their continued support and
cooperation. We look forward to receiving the continued patronage from all quarters in the
years to come.
|
|
For and on behalf of the Board Super Fine Knitters Limited |
Place: Ludhiana |
Ajit Kumar Lakra |
Vivek Lakra |
Date: 07th September, 2022 |
Managing Director |
Whole Time Director |
|
DIN: 01067195 |
DIN: 01067219 |
|
C-5, Phase V, Focal Point, |
C-5, Phase V, Focal Point, |
|
Ludhiana, 141010 |
Ludhiana, 141010 |