Your Directors have pleasure in presenting their 13th Annual Report and the audited financial statements for the financial year ended 31st March 2024
1 Financial Results
The summarized financial results for the financial year ended 31st March 2024 are presented below:
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Rs. In Lakhs
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Details
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Financial year ended 31st March 2024 (stand alone)
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Financial year ended 31st March 2023 (stand alone)
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Revenue from Operation
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-
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--
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Other Income
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37.96
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--
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Profit before tax
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0.99
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0.05
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Taxation
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-
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--
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Tax Adjusted for earlier years
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3.54
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--
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Profit /Loss for the year carried to Balance Sheet
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4.54
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0.05
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• Performance Highlights
The Total Income during the financial year ended 31st March 2024 is Rs. 37.96 compared to Rs. 0.00 in the previous year. The profit for the year for the financial year ended 31st March 2024 is Rs 4.54 compared to loss of Rs. 0.05 in the previous year.
• Dividend and Reserves
Board of Directors of the Company does not recommend any dividend for the year under consideration. No amount is transferred to General reserves for the financial year 2023 - 2024.
• Share Capital Authorized Share Capital:
The Authorized Share Capital of the Company as at 31st March 2024 was Rs. 19,00,00,000 /- (Rupees Nineteen Crores only) divided into 1,90,00,000 Equity Shares of Rs. 10/- each.
Issued & Subscribed Share Capital:
As on the 31st March 2024, the Issued & Subscribed Capital of the Company stands at Rs. 13,92,58,560/-divided into 1,39,25,856 Equity Shares of Rs. 10/- each.
2. Change In Nature Of Business, If Any:
During the year under review there is no change in nature of business.
3. Finance & Accounts
The Company prepares its financial statements in accordance with the requirements of the Companies Act 2013(hereinafter referred as "the Act" or "Act") and the Generally Accepted Accounting Principles (GAPP) as applicable in India. The financial statements have been prepared on historical cost basis in conformity with the Indian Accounting Standards ("Ind AS"). The estimates and judgments relating to the financial statements are made on a prudent basis so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Company's state of affairs, profits and cash flows for the financial year ended 31st March 2024.
4. Subsidiaries and Associate Company
During the year under review, the company does not have any subsidiary /Joint Venture/ Associate Company.
5. Statement On Annual Evaluation Of Board, Committee And Its Directors
Pursuant to the provisions of the Companies Act, 2013 and provisions of Regulations of the SEBI (Listing Obligation & Disclosure Requirements) Regulation, 2015, 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, Stakeholder Relationship and Nomination & Remuneration Committees. A separate exercise was carried out to evaluate the performance of individual Directors who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of Non-Independent Directors was carried out by Independent Directors. The Directors expressed their satisfaction with the evaluation process
6. 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. Remuneration Policy is available on company's website www.indrenewable.com
7. Board of Directors
The Board of Directors of the Company is duly constituted.
Mr. Abhay Gupta retires by rotation and being eligible offers himself for reappointment. Appropriate resolution for his re-appointment is being placed for the approval of the shareholders of the Company at the ensuring AGM
8. Meetings of Board of Directors
The Meetings of the Board of Directors are scheduled well in advance and held at the Registered Office of the Company. The notice confirming the meeting and the detailed agenda is sent well in advance to all the Directors.
During the year under report, the Board met 7 (Seven) times on 26.05.2023, 14.06.2023, 05.08.2023,
10.08.2023, 18.10.2023, 26.10.2023 and 04.01.2024.
9. Audit Committee
The Audit Committee consists of two independent directors and the CFO, namely:
1) Mr. Mehul shah - Chairman
2) Mr. Nikhil Kumar shah - Member
3) Mr. Nirmal Shah - Member / CFO
During the year, the Audit Committee met 07 times on 26.05.2023, 14.06.2023, 05.08.2023, 10.08.2023,
18.10.2023, 26.10.2023 and 04.01.2024.
10. Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of two independent directors and the CFO, namely:
1) Mr. Mehul shah - Chairman
2) Mr. Nikhil Kumar shah - Member
3) Mr. Nirmal Shah - Member
During the year, the Nomination and Remuneration met Two times on 26.05.2023 and 04.01.2024.
11. Internal Financial Controls:
The Company has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of fraud and errors, the accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.
13. Listing of shares on BSE
During the financial year under report, the equity shares issued by the company continue to be listed on BSE.
14. Extract of Annual Return
The extract of Annual Return in Form MGT 9, as required in section 92 of the Companies Act, 2013, as at 31st March 2023, can be accessed by clicking at the following linkwww.indrenewable.com
15. Vigil Mechanism / Whistle Blower Policy
The Company is committed to the high standards of Corporate Governance and stakeholder responsibility. The Company has established a vigil mechanism to be known as the 'Whistle Blower Policy' for its Directors and employees to report instances of unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct. The aim of the policy is to provide adequate safeguards against victimization of whistle blower who avails of the mechanism and also provide direct access to the Chairman of the Audit Committee, in appropriate or exceptional cases. Accordingly, 'Whistle Blower Policy' has been formulated with a view to provide a mechanism for the Directors and employees of the Company to approach Chairman of the Audit Committee of the Company. The purpose of this policy is to provide a framework to promote responsible and secure whistle blowing. It protects employees willing to raise concerns about serious irregularities within the Company.
16. 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 Code requires preclearance for dealing in the Company's shares and prohibits the purchase or sale of Company's shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.All Board Directors and the designated employees have confirmed compliance with the Code. The Companies Code of Conduct is available on companies Website.
17. Particulars of loans, guarantees or investments by the Company
The Company has not given any Loans or provided Guarantee and Security within the meaning of section 186 of Companies Act, 2013.
18. Significant and material orders passed by the Regulators or Courts
There are no significant and material orders passed by the regulators or courts against the Company during the year.
19. Material Changes Affecting The Financial Position Of The Company:
There have not been any material changes and commitment affecting the financial position of the Company during the financial year 2023-24.
20. Directors responsibility statement
To the best of knowledge and belief and according to the information and explanation obtained by them, your directors make the following statement in terms of section 134 (3) (c) read with section 134(5) of the Companies Act, 2013 in preparation of the Annual Accounts for the year ended on March 31, 2024 and state that:
(i) That in preparation of annual accounts for the year ended 31st March 2024 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
(ii) 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 as at 31st March 2024 and of the profit of the Company for the year ended on that date;
(iii) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) That the annual accounts have been prepared on a going concern basis
(v) That the directors have devised proper systems to ensure compliance with the provisions of all applicable law and that such systems were adequate and operating effectively
21. Statement On Declaration By Independent Director:
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of Companies Act, 2013 read with Rules and Regulation 16(1) (b) of SEBI (Listing Obligation and disclosure requirements) Regulation, 2015 with the Stock Exchanges.
22. Statutory auditors
M/s. J D SHAH ASSCIATES having ICAI Firm Registration No. 109601W is appointed as the statutory auditor of the company to hold office from the conclusion of 10th Annual General meeting till the conclusion of 15th Annual General Meeting of the Company.
23. Cost Audit
The provisions of the Companies (Cost Records and Audit) Rules 2014 are not applicable to the company's operations.
24. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules made there under, the Company has appointed M/s. SCP & Co, Practicing Company Secretary, to undertake the Secretarial Audit of the Company for the financial year 2023-24. The Secretarial Audit Report for the financial year 2023-24 has been annexed to this Report.
25. Internal control system and their adequacy
The Company has an effective internal control system commensurate with its size and scale of its operations. The Audit Committee reviews the adequacy and effectiveness of the internal control systems and suggests improvements, wherever required.
26. Environment and safety
The Company's operations do not pose any environmental hazards.
27. Statutory Information
(A) Conservation of energy: Not applicable
(B) Technology Absorption: Not applicable
(C) Foreign exchange earnings and expenses: Not applicable
28. Corporate Social Responsibility
The provisions of Section 135 are not applicable to the Company.
29. Related party transactions
All transactions entered with related parties for the financial year ended 31st March 2024 were on arm's length basis and in the ordinary course of business. Hence provisions of Section 188 of the Companies Act, 2013 are not attracted and disclosure in Form AOC 2 is not required. All related party transactions are placed before the Audit Committee and the Board of Directors for approval. The related party transactions during the year are disclosed in the Notes to the Accounts at appropriate place.
30. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company has in place a Policy with respect to Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013 and has framed a Committee for implementation and periodical review of such policy.
31. In terms of Regulation 15(2) of SEBI (LODR) Regulation Relating to Corporate Goveranance are not applicable to the company and hence the details are not given.
32. Acknowledgement
Your Directors would like to place on record their sincere appreciation to Shareholders, Bankers, Institutions and Employees for their co-operation and support.
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