The Directors of your company have pleasure in presenting their Report together with the Annual
Audited Financial Statements for the year ended March 31, 2024.
FINANCIAL RESULTS
The salient features of the Company's financial results for the year under review are summarized
below:
fRunees in Larsl
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Current Year
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Previous Year
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Particulars
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2023-2024
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2022-2023
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(Rs. In Lacs}
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(Rs. In Lacs}
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Total Revenue
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13.62
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20.07
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Total Expenses
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18.26
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16.13
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Profit /(Loss') before Tax
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(4.64}
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3.94
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Less: Tax Expenses
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|
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Current Year Tax
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-
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0.61
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Earlier Year Adjustment
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(0.61}
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0.16
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Profit / (Loss} after Tax
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(4.03}
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3.17
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Add : Other Comprehensive Income
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4.81
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(11.91}
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Profit / (Loss} after Tax
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0.78
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(8.74}
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OPERATIONS:
During the year under review, the Company has incurred loss of Rs.4.03 lacs for the year as
compared to profit of Rs.3.17 lacs in the previous year before Comprehensive Income and earned
Profit of Rs.0.78 lacs for the year after Comprehensive Income as compare to loss of Rs.8.74 lacs in
previous year.
EQUITY: .
A) Equity Share Capital:
As on March 31, 2024 Authorised share capital of the company is Rs.45 lacs divided into
450000 equity shares of Rs.10/- each and Paid up Capital is Rs,40.50 lacs divided into 405000
equity shares of Rs.10/-each. : .
Board of Directors have approved increase authorized equity share capital to Rs.l crore in
their Board meeting subject to approval of Share Holders in this Annual General Meeting,
B) Other Equity:
Other Equity as on 31-03-2024 stands at Rs.161.39 lacs against Rs. 160.62 lacs on 31-03-2023.
DIVIDEND
To strengthen the financial position of the company, your directors have not recommended any
dividend for the year under review. Ý'
DEPOSITS:
Your Company has not accepted any deposits within the meaning of Section 73 of the Companies
Act, 2013 and the Companies (Acceptance of Deposits} Rules, 2014,
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and complexity
of its operations. The scope and authority of the Internal Audit function is defined in the Internal
Audit Manual. To maintain its objectivity and independence, the Internal Audit function reports to
the Chairman of the Audit Committee of the Board & to the Chairman of the Company, The Internal
Auditor appointed by the Company viz. Shri Manish Khandelwal of Om Agarwal & Company,
Chartered Accountants, monitors and evaluates the efficacy and adequacy of internal control
system in the Company, its compliance with operating systems, accounting procedures and
policies at all locations of the Company. The Audit Committee of the Board addresses significant
issues raised by both the Internal Auditors and Statutory Auditors,
DIRECTORS:
• Changes in Directors and Key Managerial Personnel:
i) During the year Smt. Shruti Singh (DIN : 10287690) was appointed as an additional
Director by the Board of Directors w.e.f. 29-08-2023. Her appointment as an Independent
Director for 5 years has been approved by the shareholders in the Annual General
Meeting of the Company held on 30-09-2023. ,
ii) During the year Shri Saurabh Singh (DIN : 06501289) was re-appointed as an independent
director for second term of 5 years in Annual General Meeting dated 30-09-2023.
• Statement of Declaration given by Independent Directors :
All Independent Directors have given declarations that they meet the criteria of independence
as laid down under Section 149(6) of the Companies Act, 2013 and clause 49 of the Listing
Agreement
• Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 'of the Listing
Agreement, the Board has carried out an evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Audit, Appointment &
Remuneration Committees. The manner in which the evaluation has been carried out has
been explained in the Corporate Governance Report.
• Remuneration Policy:
The Board has, on the recommendation of the Appointment & Remuneration Committee,
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the Corporate Governance Report.
• Meetings:
During the year 5 (Five) Board Meetings, 4 (Four) Audit Committee Meetings, 4 Stake Holders
Relationship Committee and 1 (One) Nomination & Remuneration Committee meeting were
convened and held, the details of which are given in the Corporate Governance Report. The
intervening gap between the Meetings was within the period prescribed under the Companies
Act, 2013.
KEY MANAGERIAL PERSONNEL:
Pursuant to the Provisions of Section 203 of the Act read with the rules made thereunder, the
following are the Key Managerial Personnel of the Company:
1. Smt.Lalitha Ranka : Managing Director
2. Shri Aditya Mishra : Chief Financial Officer
PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS:
The company has not given any loans or guarantees covered under the provisions of section 186
of the Companies Act, 2013 but has given Unsecured Loan to one related party, details of the same
is given in the notes to the financial statement. The details of the investments made by company is
given in the notes to the financial'statements.
EXTRACT OF ANNUAL RETURN AS PER SEC 92 IN FORM MGT 9 *
The details forming part of extract of Annual Return in Form No. MGT 9 is enclosed in "Annexure-
r
AUDITORS & AUDIT REPORT
The 2nd Term of office of M/s Chaturvedi Sohan & Co. Chartered Accountants, Mumbai [Firm
Reg.No.ll8424W as Statutory Auditors of the company expires upon conclusion of the ensuing
Annual General Meeting of the Company.
M/s Sanjive Radhey & Co., Chartered Accountants (Firm Registration No.009959C], are
proposed to be appointed as Statutory Auditors of the Company. They have signified their assent
and confirmed their eligibility to be appointed as Auditors in terms of the provisions of Section
141 of the Companies Act, 2013 and Rule 4 of the Companies (Audit and Auditors] Rules, 2014.
The Board on the recommendations of the Audit Committee have resolved to place proposal of
appointment of M/s Sanjive Radhey & Co., Chartered Accountants as Statutory Auditors for a
term of five consecutive years i.e. from conclusion of ensuing Annual General Meeting until the
conclusion of 47th Annual General Meeting to be held in the year 2029.
The Notes of Financial Statements referred to in the Auditor's Report are self-explanatory and do
not call for any further comments.
SECRETARIAL AUDIT:
Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies
' (Appointment and Remuneration of Managerial Personnel] Rules, 2014 the company has
appointed Pankaj & Associates, a firm of company Secretaries in practice to undertake the
Secretarial Audit of the Company.
As required under section 204 (1] of the Companies Act, 2013 the Company has obtained a
secretarial audit report and the Secretarial Audit report is annexed herewith as "Annexure- II".
It has no major observations made by the Auditor in the Report except the following:
1. Rule 20 (3] (v] of Companies (Management and Administration] Rules, 2014 was not
complied by the Company which requires the Company to publish the Notice of E-voting in
at least one vernacular newspaper in the principal vernacular language of the district in
which the registered office of the company is situated and at least once in English language
in an English Newspaper having a wide circulation in that district.
2. Rule 10 of Companies (Management and Administration] Rules, 2014 was not complied by
the Company which requires every listed company to give advertisement for Closure of
register of members in at least one vernacular newspaper in the principal vernacular
language of the district and having a wide circulation in the place where the registered -
office of the company is situated, and at least one- in English language in an English
newspaper circulating in that district and having wide circulation in the place where the
. registered office of the company is situated.
3. Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015
require Company to give advertisement in Newspaper for intimation of Board Meeting in
which the financial results will be considered and approved along with the Publication of
financial results in newspapers, which was not complied by the Company. ‘ Ý
4. As per the requirement of Amendment provisions of Rule 6 of the Companies (Appointment
and qualification of Directors] Rules, 2014, the individuals who have been appointed as an
independent director in the company have not applied for inclusion of their name in the
Independent Director's Data Bank.
INTERNAL FINANCE CONTROL:
The Company has in place adequate internal financial controls with reference to financial
statements. It has established an integrated framework in managing risks and internal controls.
The internal financial controls have been documented, digitized and embedded in the business
processes. Such controls have been assessed during the year under review and were operating
effectively.
PARTICULARS OF ENERGY CONSERVATION:
The Company's operations are not energy intensive and as such involve low energy consumption.
However adequate measures have been taken to conserve the consumption of energy. !
FOREIGN EXCHANGE EARNINGS AND OUT-GO :
During the period under review there was no foreign exchange earnings or out flow.
HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS
Your Company continues to take new initiatives to further align its HR policies to meet the
growing needs of its business. People development continues to be a key focus area of the
Company. The industrial relations in all the units of the Company remained cordial and peaceful
throughout the year. Ý
DIRECTOR RESPONSIBILITY STATEMENT .
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
i] In the preparation of the annual accounts, the applicable accounting standards have been
:: followed. :
' ii) , 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 or loss of
: the Company for the year under review.
iii) The directors have 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,
iv] The directors have prepared the annual accounts on a going concern basis. .
v) The directors had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively.
vi] The directors had devised proper system to ensure compliance with the provisions of all
applicable laws and that such system were adequate and operating effectively.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the financial year were on arm's
length basis and were in the ordinary course of the business. There are no materially significant
related party transactions made by the company with Promoters, Key Managerial Personnel or
other designated persons which may have potential conflict with interest of the company at large.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary.
VIGIL MECHANISM :
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 the high
standards of Corporate Governance and stakeholder responsibility.
PREVENTION OF INSIDER TRADING: '
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to
regulate trading in securities by the Directors and designated employees of the Company. The
Board is responsible for implementation of the Code. All Board Directors and the designated
employees have confirmed compliance with the Code.
CODE OF CONDUCT:
The Board of Directors has approved a Code of Conduct which is applicable to the Members of the
Board and all employees in the course of day to day business operations of the company,
All the Board Members and the Senior Management personnel have confirmed compliance with
' the Code. All Management Staff were given appropriate training in this regard.
FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS
Pursuant to requirements of Clause 49 of the Listing Agreement, the Company has a
familiarization program for Independent Directors with regard to their role, rights,
responsibilities in the Company, nature of the industry in which the Company operates, business
model of the Company etc. The Board Members are provided with all necessary documents/
reports and internal policies to enable them to familiarize with the Company's procedures and
practices. Periodic presentations are made at the Board and Board constituted Committee
Meetings pertaining to business and performance updates of the Company, global business
environment, business strategies and risks involved. Directors attend training programs/
conferences on relevant subject matters and keep themselves abreast of the latest corporate,
regulatory and industry developments. :
The same has been posted on website of the Company viz; http://www.ganeshholdings.com
CORPORATE GOVERNANCE
The Company is making all efforts to comply with the provisions relating to Corporate Governance
pursuant to clause 49 of the Listing Agreement with Stock Exchange. A Report on Corporate
Governance forming part of directors' report is annexed herewith.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the assistance and co-operation
received from employees at all levels performed their duties and responsibilities and for close
received from them during the year. Your Directors also record their sincere appreciation of the
continued support; assistance and co-operation extend by the Company's Bankers and also
Shareholders of the Company who put their confidence in the company.
• FOR AND ON BEHALF OF THE BOARD '
(Lalitha Ranka)
Date : 9th September, 2024 . Chairperson & Managing Director
Place : Mumbai DIN : 01166049
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