The Directors have immense pleasure in presenting the 34th Annual Report of your Company together with the Audited Financial Statements for the financial year ended 31st March 2018.
1. Financial Highlights
The financial performance of your Company for the year ended 31st March 2018 is summarized below:-
Particulars
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For the Year ended 31st March 2018
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For the Year ended 31st March 2017
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Revenue from Operations
|
423,090,850
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409,624,809
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Other Income
|
-
|
-
|
Total Revenue
|
423,090,850
|
409,624,809
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Less: Purchases
|
418,805,310
|
405,628,864
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Less: Employee Benefits Expenses
|
1,030,225
|
1,008,545
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Less: Other Expenses
|
16,00,572
|
605,773
|
Profit Before Finance Cost, Depreciation & Taxes
|
16,54,743
|
23,81,627
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Less: Finance Cost
|
119,420
|
302,000
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Less: Depreciation and Amortization
|
21,386
|
45,608
|
Profit/ Loss Before Tax
|
1,513,937
|
2,034,019
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Less: Current Tax
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545,014
|
635,443
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Less: Deferred Tax
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(130,436)
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1,365
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Profit/ Loss After Tax
|
1,099,359
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1,397,211
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Earnings per Share (Basic) (Rs.)
|
0.31
|
0.45
|
Earnings per Share(Diluted) (Rs.)
|
0.31
|
0.45
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2. State of Company’s Affairs
During the year under review, the total income of the Company was Rs. 4,230.91 Lakhs as against Rs. 4,096.25 Lakhs in the previous year. The Company earned Net profit of Rs. 10.99 Lakhs in the current financial year as against a profit of Rs. 13.97 Lakhs in the financial year 2016-17. Your Directors are putting in their best efforts to improve the performance of the Company.
3. Consolidated Financial Performance Review and Analysis
The Company achieved a consolidated turnover of Rs 4,594.51 Lakhs for the year ended 31st March, 2018 and Consolidated Net Profit of Rs 135.78 Lakhs.
4. Capital Structure
During the year under review, Authorised Share Capital of your Company was increased from Rs 3,25,00,000 (Rupees Three Crores Twenty Five Lakhs only) divided into 32,50,000 (Thirty Two Lakhs Fifty Thousands) Equity Shares of Rs 10 (Rupees Ten) each to Rs 8,51,00,000 (Rupees Eight Crores Fifty One Lakhs) divided into 85,10,000 (Eighty Five Lakhs Ten Thousands) Equity Shares of Rs 10 (Rupees Ten) each on 23rd September, 2017.
During the Year under review, your Company has make Preferential allotment of Rs 5,40,41,210 ( Rupees Five Crores Forty Lakhs Forty One Thousand Two Hundred and Ten only) divided into 54,04,121 ( Fifty Four Lakhs Four Thousands One Hundred and Twenty One) Equity Shares of Rs 10 (Rupees Ten) each on 27th February, 2018.
Upon Preferential Allotment, Paid up Share Capital of your Company was increased from Rs 3,09,85,000 (Rupees Three Crores Nine Lakhs Eighty Five Thousands only) divided into 30,98,500 (Thirty Lakhs Ninety Eight Thousands Five Hundred) Equity Shares of Rs 10 (Ten each) to Rs 8,50,26,210 ( Rupees Eight Crores Fifty Lakhs Twenty Six Thousand Two Hundred and Ten only) divided in to 85,02,621 (Rupees Eight Five Lakhs Two Thousands Six Hundred Twenty One) Equity Shares of Rs 10 (Rupees Ten) each.
5. Reserves & Surplus
Your Company has transferred the following sum to the Reserves for the financial Year ended March 31, 2018:
Statutory Reserve Fund (SRF) @ 20 % of Net profit under Section 45 -IC of the RBI Act, 1934:
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Rs.2,19,872/- provided towards Statutory Reserve Fund
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Transfer to Reserves
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Rs. 8,79,487/-
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6. Public Deposits
Your Company has neither invited nor accepted any deposits from public within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules 2014 during the financial year ended 31st March, 2018.
7. Material Changes and Commitments, if any, affecting the Financial Position of the Company
1) Mr. Rajesh Gupta and his PACs have proposed for Change in Control and to act as Promoter and Promoter Group of Akashdeep Metal Industries Limited by Letter of Offer dated February 22, 2018. However, the final report for Change in Control has been filled by Manager to Offer on 2nd April, 2018. Hence from F.Y 2018-19 on wards Mr. Rajesh Gupta and his PACs shall be categorized as Promoter and Promoter Group.
2) There has been significant change in control and management of the company. Mr. Rajesh Gupta (Managing Director), Mrs. Prachi Gupta and Mr. Yash Pal Gupta (Additional Non Executive Director), Mr. Rajiv Tandon (Chief Financial Officer) and Mr. Ankit (Company Secretary & Compliance Officer) has been appointed for their respective position in the Company. Further, Mr. Surendra Kumar Jain (Managing Director), Mr. Deepak Kumar Jain (Chairman & Director), Mrs. Kavita Jain (Director), Mr. Atul Aggarwal and Mr. Saurabh Madan (Independent Director), Mrs. Nidhi Jain (Chief Financial Officer) and Ms. Sarita Pandey (Company Secretary & Compliance Officer) tendered their resignation from their respective post in the Company w.e.f 2nd May,2018.
3) The Registered Office of the company has been shifted from 100, Vaishali Pitampura , Delhi - 110034 to 14, Dayanand Vihar, Backside Ground Floor , Vikas Marg Extn. , Delhi - 110092 w.e.f 2nd May, 2018.
8. Dividend
The Board of Directors of your Company has decided to retain and plough back the profits into the business of the Company, thus no dividend is being recommended for this year.
9. Subsidiaries/Joint Ventures/Associates
During the year under review, M/s Anmol Financial Services Limited became wholly owned subsidiary of the Company w.e.f 27th February, 2018. Company did not have any Joint Ventures and Associates .Further, a statement containing the salient features of the financial statement of Subsidiary company in the prescribed format AOC-1 is appended as “Annexure I” to the Boards report.
Financial Highlights of Performance of M/s Anmol Financial services Limited, a Wholly Owned Subsidiary of the Company
Particulars
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For the Year ended 31st March 2018
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For the Year ended 31st March 2017
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Revenue from Operations
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36,359,811.42
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24,791,051.98
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Other Income
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10,655,094.51
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16,180,021.83
|
Total Revenue
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47,014,905.93
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40,971,073.81
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Less: Employee Benefits Expenses
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2,195,505.00
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3,633,845.00
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Less: Other Expenses
|
11,703,303.15
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11,507,858.69
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Profit Before Finance Cost, Depreciation & Taxes
|
33,116,097.78
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25,829,370.12
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Less: Finance Cost
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13,759,050.99
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15,214,373.68
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Less: Depreciation and Amortization
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1,009,080.58
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1,202,922.71
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Profit/ Loss Before Tax
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18,347,966.21
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9,412,073.74
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Less: Current Tax
|
4,92,4005.00
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1,311,633.00
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Less: Deferred Tax/ Liabilities
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3,794.88
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702,242.30
|
Profit/ Loss After Tax
|
13,427,756.09
|
7,398,198.44
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Earnings per Share (Basic) (Rs.)
|
2.31
|
1.28
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Earnings per Share(Diluted) (Rs.)
|
2.31
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1.28
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10. Change in the Nature of Business
There have been no changes in the nature of business of your Company during the financial year 2017-18.
11. Details of Directors and KMP appointed/ resigned during the Year
During the year under review, Mr. Ram Pal Kasana who was appointed as an additional Independent Director in the Board meeting dated 14th July, 2017 was regularized as Independent Director of the Company in the AGM held on 26th September, 2017.
The Board has laid down separate Codes of Conduct for Directors and Senior Management personnel of the Company and the Independent Directors as per Schedule-IV of the Companies Act, 2013. All Board Members and Senior Management personnel have affirmed compliance with the Code of Conduct.
12. Declaration of Independence by the Independent Directors
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under section149(6) of the Companies Act, 2013. The Independent Directors have also confirmed that they have complied with the code for Independent Directors.
13. Number of Meetings of the Board of Directors and Committee Meetings
I. Board Meetings
There were 9 (Nine) Meetings were held by Board of Directors during the Financial Year 2017-18. Date of the Board meeting is here as under:
Sl. No.
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Date of the Board Meeting
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Sl. No.
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Date of the Board Meeting
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1)
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29/05/2017
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2)
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14/07/2017
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3)
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31/07/2017
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4)
|
10/08/2017
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5)
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28/08/2017
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6)
|
03/11/2017
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7)
|
08/02/2018
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8)
|
21/02/2018
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9)
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27/02/2018
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|
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Number of Meeting attended by the Board of Directors
Sl. No.
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Name of Director
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No. of Board Meetings Attended
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1.
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Mr. Surendra Kumar Jain
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9
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2.
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Mr. Deepak Kumar Jain
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9
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3.
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Mrs. Kavita Jain
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9
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4.
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Mrs. Shallu Jain
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9
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5.
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Mr. Atul Aggarwal
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9
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6.
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Mr. Saurabh Madan
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3
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7.
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Mr. Ram Pal Kasana
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7
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II. Audit Committee Meeting
There were 4 (Four) Meetings were held by the members of Audit Committee during the Financial Year 2017-18. Date of the Audit Committee meeting is here as under:
Sl. No.
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Date of the Meeting
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1)
|
24/05/2017
|
2)
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09/08/2017
|
3)
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02/11/2017
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4)
|
07/02/2018
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Number of Meeting attended by the Members of Audit Committee
Sl. No.
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Name of Director
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Designation
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No. of Board Meetings Attended
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1.
|
Mrs. Shallu Jain
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Chairperson
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4
|
2.
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Mr. Atul Aggarwal
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Member
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4
|
3.
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Mr. Surendra Kumar Jain
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Member
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4
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III. Nomination and Remuneration Committee Meeting
There were 4 (Four) Meetings were held by the members of Nomination and Remuneration Committee during the Financial Year 2017-18. Date of the Nomination and Remuneration Committee meeting is here as under:
Sl. No.
|
Date of the Meeting
|
1)
|
24/05/2017
|
2)
|
14/07/2017
|
3)
|
02/11/2017
|
4)
|
07/02/2018
|
Number of Meeting attended by the Members of Nomination and Remuneration Committee
Sl. No.
|
Name of Director
|
Designation
|
No. of Board Meetings Attended
|
1.
|
Mrs. Shallu Jain
|
Chairperson
|
4
|
2.
|
Mr. Atul Aggarwal
|
Member
|
4
|
3.
|
Mr. Deepak Kumar Jain
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Member
|
4
|
IV. Stakeholders Relationship Committee Meeting
There were 4 (Four) Meetings were held by members of Stakeholders Relationship Committee during the Financial Year 2017-18. Date of the Stakeholders Relationship Committee meeting is here as under:
Sl. No.
|
Date of the Meeting
|
1)
|
10/04/2017
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2)
|
10/07/2017
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3)
|
07/10/2017
|
4)
|
08/01/2018
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Number of Meeting attended by the Members of Stakeholders Relationship Committee
Sl. No.
|
Name of Director
|
Designation
|
No. of Board Meetings Attended
|
1.
|
Mrs. Shallu Jain
|
Chairperson
|
4
|
2.
|
Mr. Atul Aggarwal
|
Member
|
4
|
3.
|
Mr. Surendra Kumar Jain
|
Member
|
4
|
14. Annual Evaluation of Board Performance and Performance of its Committees and Individual Directors
Pursuant to applicable provisions of the Companies Act, 2013 the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the process, format, attributes and criteria for performance evaluation of the entire Board of the Company, its Committees and individual Directors, including Independent Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new compliance requirements.
Evaluation of the Board and its Committees is based on various aspects of their functioning, such as, adequacy of the constitution and composition of the Board and its Committees, matters addressed in the meetings, processes followed at the meeting, Board's focus, regulatory compliances and Corporate Governance, etc., are in place. Similarly, for evaluation of individual Director’s performance, various parameters like Director's profile, contribution in Board and Committee meetings, execution and performance of specific duties, obligations, regulatory compliances and governance, etc., are considered.
Accordingly, the annual performance evaluation of the Board, its Committees and each Director was carried out for the financial year 2017-18 by Nomination and Remuneration Committee in consultation with the Board.
The performance evaluation of all the Independent Directors have been done by the entire Board, excluding the Director being evaluated. On the basis of performance evaluation done by the Board, it determines whether to extend or continue their term of appointment, whenever their respective term expires. The Directors expressed their satisfaction with the evaluation process.
15. Nomination and Remuneration Policy for the Directors, Key Managerial Personnel and other Employees
In accordance with Section 178 of the Companies Act, 2013 read with the rules mentioned there under and the Board of Directors of the Company has formulated the Nomination and Remuneration Policy of your Company on the recommendations of the Nomination and Remuneration Committee. The Policy includes criteria for determining positive attributes, qualifications, independence of a director, Board diversity, remuneration and other matters provided u/s 178(3).
The Nomination and Remuneration Policy, covering the policy on appointment and remuneration of Directors, Key Managerial Personnel etc and other matters is put on the Company’s Website and may be accessed at www.akashdeepmetal.in
16. Committees of the Board
The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority. The following Committees constituted by the Board function according to their respective roles and defined scope:
- Audit Committee
- Stakeholders Relationship Committee
- Nomination and Remuneration Committee
Composition of the Committee of the Board of Directors of the Company is as below:
Audit Committee:
1. Mrs. Shallu Jain- Chairperson
2. Mr. Atul Aggarwal-Member
3. Mr. Surendra Kumar Jain-Member
Stakeholders Relationship Committee:
1. Mrs. Shallu Jain- Chairperson
2. Mr. Atul Aggarwal-Member
3. Mr. Surendra Kumar Jain-Member
Nomination and Remuneration Committee
1. Mrs. Shallu Jain- Chairperson
2. Mr. Atul Aggarwal-Member
3. Mr. Deepak Kumar Jain-Member
* the composition of the Committees mentioned above has been changed w.e.f 02nd May, 2018 due to Change in Management of the Company.
17. Audit Committee Recommendations
During the year all the recommendations of the Audit Committee were accepted by the Board.
18. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
Even though operations of the Company are not energy intensive, the management has been highly conscious of the importance of conservation of energy and technology absorption at all operational levels and efforts are made in this direction on a continuous basis.
In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules, 2014 regarding Conservation of Energy and Technology Absorption are not applicable to the Company and hence have not been provided
The Company has neither incurred any expenditure nor earned any income in foreign exchange during the Financial Year 2017-18.
19. Particulars of Employees and Remuneration
There are no employees who are in receipt of remuneration in excess of the limits prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, details as required Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have not been provided.
The details forming part of top ten employees in terms of remuneration of the Company is annexed herewith as Annexure-II (a).
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out in Annexure-II (b) to this Report.
20. 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 related parties which may have a potential conflict with the interest of the Company. All Related Party Transactions are placed before the Audit Committee for approval .Prior Omnibus approval of Audit committee has been obtained for transactions which are of repetitive nature.
Details of Related Party Transactions prescribed under clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 entered into by the company during the year are annexed in Form AOC-2 as Annexure-III.
For Further Details, your attention is drawn to the Related Party disclosures set out in Note no.23 of the Financial Statements.
21. Particulars of Loans, Guarantees and Investments
The full Particulars of the loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilized, if any as per the provisions of sec 186 of the Companies Act, 2013 are provided in the notes of accompanying Standalone Financial Statement.
22. Extract of Annual Return
As required pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 (1) of the Companies (Management and Administration) Rules, 2014 an extract of the Annual Return in MGT 9 are placed on the website of the Company www.akashdeepmetal.in.
23. Auditors and Auditor’s Report
Auditors’ report is without any qualification. Further, the observations of the Auditors in their report read together with the Notes on Accounts are self-explanatory and therefore, in the opinion of the Directors, do not call for any further explanation.
Further, since the Auditors have not reported any instances involving Fraud in their Audit Report, the particulars as prescribed under Section 134(3) (ca) of the Companies Act, 2013 have not been provided.
* Ratification of the appointment of Auditor in every Annual General Meeting as per first proviso to sec 139 of the Companies Act, 2013 has been omitted as per the notification of Companies (Amendment) Act, 2017 w.e.f 7th May, 2018.*
24. Secretarial Audit Report
As per provisions of Section 204 of the Companies Act, 2013, the Board of Directors of the Company have appointed M/s Jaiswal & Associates as the Secretarial Auditor of the Company to conduct the Secretarial Audit. The Secretarial Audit Report for the financial year ended March 31, 2018, is annexed to this Report as “Annexure-IV”
The Secretarial Auditor’s Report for the financial year 2017-18, does not contain any qualification, observation or adverse remarks and therefore, in the opinion of the Directors, do not call for any further explanation.
25. Internal Control Systems and adequacy of Internal Financial Controls
The Company has a proper and adequate system of internal controls. This ensures that all transactions are authorized, recorded and reported correctly, and assets are safeguarded and protected against loss from unauthorized use or disposition. The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations.
In terms of section 138 of the Companies Act, 2013, M/s Shiv Saroj & Associates, Chartered Accountants has been appointed as the Internal Auditors of your Company. The Internal Auditor monitors the compliance with the objective of providing to the Board of Directors an independent and reasonable assurance on the adequacy and effectiveness of the organization’s governance processes.
26. Risk Management
Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner. Your Company periodically assesses risks in the internal and external environment. Your Company, through its risk management process, strives to contain impact and likelihood of the risks within the risk appetite as decided by the management.
There are no risks which in the opinion of the Board threaten the existence of your Company.
27. Cost Records and Cost Audit Report
In terms with the provisions of section 148 of the Companies act, 2013 read with the Companies (Cost Records and Audit) Rules 2014, maintenance of cost records and appointment of Cost Auditors are not applicable on your Company.
28. Vigil Mechanism
The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior.
Pursuant to Section 177(9) of the Companies Act, 2013 a vigil mechanism was established for directors and employees to report to the management instances of unethical behavior, actual or suspected, fraud or violation of the Company’s code of conduct or ethics policy. The copy of vigil mechanism policy is uploaded on the website of your company on www.akashdeepmetal.in.
29. The Management Discussion and Analysis Report
The Management Discussion and Analysis Report under Regulation 34 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented as forming part of this Annual Report as Annexure -V
30. Corporate Governance Report and Compliance certificate from either the auditors or practicing company secretaries regarding compliance of conditions of corporate governance in terms of Clause C and E of Schedule-V of the SEBI (LODR) Regulations, 2015
As per provisions of Regulation 15(2) of the SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015, Compliance with the corporate governance provisions as specified in 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 and E of Schedule V shall not apply, in respect
(a) the listed entity having paid up equity share capital not exceeding rupees ten crore and net worth not exceeding rupees twenty five crore, as on the last day of the previous financial year.
(b) the listed entity which has listed its specified securities on the SME Exchange.
Since, Your Company falls in the ambit of aforesaid exemption (a); hence compliance with the provisions of Corporate Governance shall not apply on the Company and it does not form part of the Annual Report for the Financial Year-2017-18 and Certification from auditors or practicing company secretaries regarding compliance of conditions of corporate governance are also not required to be annexed with the Annual Report.
31. Code of Conduct for Prevention of Insider Trading
Your Company’s Code of Conduct for Prevention of Insider Trading covers all the Directors, senior management personnel, persons forming part of promoter(s)/promoter group(s) and such other designated employees of the Company, who are expected to have access to unpublished price sensitive information relating to the Company. The Directors, their relatives, senior management personnel, persons forming part of promoter(s)/promoter group(s), designated employees etc. are restricted in purchasing, selling and dealing in the shares of the Company while in possession of unpublished price sensitive information about the Company as well as during the closure of trading window.
The Board of Directors has approved and adopted the Code of Conduct to Regulate, Monitor and Report Trading by Insiders. The Board has also approved the Code for Fair Disclosure in line with SEBI (Prohibition of Insider Trading) Regulation, 2015 and the same can be accessed on company’s website-www.akashdeepmetal.in.
32. Corporate Social Responsibility
Provisions of Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility are not applicable on the Company for the financial year ended 31st March 2018.
33. Significant/Material orders Passed by the Regulators
There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
34. Disclosures required under the Non-Systemically Important Non-Banking Financial (NonDeposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015
There was no auction conducted by the Company during the financial year in respect of defaulter in any loan accounts.
35. General
Your Board of Directors confirms that-
a) Your Company has not issued equity shares with differential rights as to dividend, voting or otherwise;
b) Your Company does not have any ESOP scheme for its employees/Directors; and
c) There is no scheme in your Company to finance any employee to purchase shares of your Company.
36. Directors’ Responsibility Statement
Pursuant to the provisions of the Section 134(3) (c) and 134(5) of the Companies Act, 2013, the Directors to the best of their knowledge and belief confirm that:
a. in the preparation of the annual accounts for the financial year ended 31st March 2018, the applicable accounting standards and Schedule-III of the Companies Act, 2013, have been followed and there are no material departures from the same;
b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at 31st March 2018 and of the profit and loss of the Company for the financial year ended 31st March 2018;
c. 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. the annual accounts have been prepared on a ‘going concern’ basis;
e. proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f. Proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
37. Stock Exchange Listing
During the Year under review, your Company has make Preferential allotment of 54,04,121 ( Fifty Four Lakhs Four Thousands One Hundred and Twenty One) number Equity Shares of Rs 10 (Rupees Ten) each on 27th February, 2018 and listed these securities on BSE on 21st May, 2018 and got the trading approval on 20th June, 2018.
The annual listing fees for the financial year 2017-18 have been paid to BSE where the shares of the Company are listed.
38. Policy on Prevention of Sexual Harassment of Women at Workplace
Your Company is committed to provide a safe and secure environment to its women employees across its functions, as they are integral and important part of the organization. Your Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) with requisite number of representatives has been set up to redress complaints relating to sexual harassment, if any, received from women employees and other women associates. The following is a summary of sexual harassment complaints received and disposed off during the financial year 2017-2018:
No. of Complaints received : Nil
No. of Complaints disposed off : Nil
39. Acknowledgement
Your Directors take this opportunity to place on record their sincere appreciation for the co- operation and assistance the Company has received from Banks and various Government Departments. The Board also places on record its appreciation of the devoted services of the employees, support and co-operation extended by the valued business associates and the continuous patronage of the customers of the Company.
By the Order of the Board
For Akashdeep Metal Industries Limited
Rajesh Gupta Yash Pal Gupta
Managing Director Director
DIN: 00006056 DIN: 00013872
Date: September 01, 2018 Add: 25, Hargovind Enclave, Add: 306 Jagriti Enclave,
Place: Delhi Delhi-110092 Delhi-110092
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