Annual Report: 2021
Rathi Industries Ltd. 29th Annual Report Summary
The document is the 29th Annual Report for Rathi Industries Limited for the financial year ended March 31, 2021. It includes the director's report, financial statements, management discussion and analysis, corporate governance report, and other compliance-related information. The company's CIN is L74899DL1991PLC046570, and its registered office is located at A-24/6, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110044. The Annual General Meeting is scheduled for September 30, 2021.
Financial Results (Rs. in Lacs):
The company's sales turnover decreased compared to the previous year due to the impact of COVID-19. However, the profit before tax increased. No dividend is recommended for the current financial year to preserve resources. No amount will be transferred to General Reserves, with the entire surplus carried forward.
Directors Report: The Board met six times during FY21. Vikas Rathi is retiring by rotation and is eligible for re-appointment. Sangeeta Garg ceased to be an Independent Director, and Mona Garg was appointed as a Non-Executive Independent Director. The Board has conducted an annual evaluation of its performance and that of its committees and individual directors. The company has provided a corporate guarantee of Rs. 24,21,00,000/- to Satvik Logistics LLP. The directors confirm the preparation of the annual accounts follows applicable accounting standards, maintains adequate records, operates on a going concern basis, and ensures compliance with applicable laws and effective internal financial controls. The company has a dedicated technical team focused on energy conservation, implementing energy conservation schemes, awareness programs, tree plantation campaigns, and promoting the use of alternative fuels. There was no foreign exchange earnings or outgo during the year. The Board has implemented a risk management policy. No complaints regarding sexual harassment at the workplace were received.
Corporate Social Responsibility (CSR):
The company has constituted a CSR Committee. The CSR policy focuses on economic development, embracing responsibility for its actions, and focusing on areas like hunger, poverty, malnutrition, education, rural development, gender equality, environmental sustainability, and national heritage. The report includes details of CSR activities, committee composition, and expenditure. Total CSR spent for the Financial Year was 17.01 Lacs.
Secretarial Audit:
Preeti Gupta conducted the secretarial audit. There were non-compliances of SEBI (LODR) Regulations 2015, for which fines were levied by the Metropolitan Stock Exchange of India (Exchange) for non-filing of financial results and non-compliance of regulations which were later waived off or under process due to unavoidable circumstances.
Corporate Governance:
The Board comprises six directors, including one Whole Time Director, two Executive Directors, and three Non-Executive Independent Directors. The Board met 6 times during the financial year. The report details the names and categories of directors, their attendance at meetings, and their directorships and committee memberships in other companies.
The company has constituted an Audit Committee, a Stakeholders' Relationship Committee, a Nomination and Remuneration Committee, and a CSR Committee. The report provides details on the composition and attendance of these committees.
General Shareholders Information:
The 29th Annual General Meeting (AGM) will be held on September 30, 2021, at 3.00 P.M. at the registered office. The financial year is from April 1, 2020, to March 31, 2021. The company is listed on the Metropolitan Stock Exchange of India. Skyline Financial Services Pvt. Ltd. is the Registrar and Transfer Agent. Market Price Data (Rs.) is 95.35.
Financial Statements and Independent Auditor's Report:
The report includes the Balance Sheet as at 31st March 2021, the Statement of Profit and Loss for the period ended 31st March 2021, and the Cash Flow Statement for the year ended 31st March 2021. Gupta Verma & Sethi, Chartered Accountants, have provided an Independent Auditor's Report, expressing an opinion that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India. The audit report notes the uncertainties related to the COVID-19 pandemic's financial impact.
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