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Vikas Multicorp Directors Report, VM Reports by Directors
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Vikas Multicorp

BSE: 542655|NSE: VIKASMCORP|ISIN: INE161L01027|SECTOR: Miscellaneous
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Directors Report Year End : Mar '18   

The Directors have pleasure in presenting their Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended 31st March, 2018 and on the state of affairs of the Company.

FINANCIAL PERFORMANCE:

The Company’s Financial Performance for the financial year ended on 31st March, 2018 under review along with previous year figures are given hereunder:

Particulars

31st March, 2018

31st March, 2017

(In Rs.)

(In Rs.)

Total Income

71,64,13,839

1,02,85,10,993

Less: Expenses

70,88,16,502

1,01,99,98,292

Profit/Loss Before Taxes

75,97,337

85,12,701

Less: Exceptional Items

88,850

8,000

Profit/(Loss) before tax

75,08,487

85,04,701

Less: Taxes (Including Deferred and Fringe Benefit Taxes)

18,36,457

16,49,848

Profit/(Loss) after tax

56,72,030

68,54,853

Add: Balance brought forward from last year

2,90,85,635

2,22,30,782

Less: Surplus utilized for issue of Bonus Shares

2,90,85,635

0

Net Profit Carried to Balance sheet

56,72,030

2,90,85,635

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

The total income is 71,64,13,839.00 as compared to 1,02,85,10,993.00 for the previous year. During the year under review the Company has incurred a profit of Rs. 56,72,030.00/- (previous year profit of Rs. 68,54,853.00/-). Your Directors are expecting to increase profits in the near future.

SHARE CAPITAL

The Authorized Share Capital of the company is Rs. 43,00,00,000 (Rupees Forty Three Crores Only) divided into 43,00,00,000 (Rupees Forty Three Crores) Equity Shares of Re. 1/- each and Paid Up Equity Share Capital as on March 31, 2018 was 42,47,61,960/-

(Rupees Forty Two Crores Forty Seven Lacs Sixty One Thousand Nine Hundred Sixty-Only) divided into 42,47,61,960/- (Rupees Forty Two Crores Forty Seven Lacs Sixty One Thousand Nine Hundred Sixty) Equity Shares of Re. 1/- each. During the year under review, the Company has issued 12,13,60,560 equity shares.

DIVIDEND:

In order to conserve resources, the Board does not recommend any dividend for the financial year ended 31st March, 2018.

CORPORATE SOCIAL RESPONSIBILITY:

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the provisions of Section 135 of the Companies Act, 2013 as the provisions of this section is not applicable on the Company during the year under review.

STATUTORY AUDITORS:

KSMC & Associates, Chartered Accountants (Firm Registration No. 003565N) are proposed to be appointed as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion of the next AGM of the Company to be held in the 2019. Accordingly, their appointment is proposed to be approved in the ensuing AGM. They have given their eligibility & consent for the proposed appointment.

SECRETARIAL AUDITORS:

The Provisions for appointment of Secretarial Auditor does not apply to our Company.

DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THE ACT;

S.No.

Particulars

Remarks

1.

Accepted during the year

Nil

2.

Remained unpaid or unclaimed at the end of the year

Nil

3.

Default in payment of deposits or interest thereon

Nil

4.

Deposits which are not in compliance with requirement of the chapter v of the act

Nil

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualification, reservation or adverse remark made by the Auditors in their report. The provisions of Section 204 of the Companies Act, 2013 relating to submission of Secretarial Audit Report is not applicable to our Company.

DIRECTORS:

There was change in Composition of the Board of Directors during the Financial Year 2017 - 2018. Mr. Kapil Gupta and Mr. Purushottam Das Bhoot was appointed on 26.04.2017.

DECLARATION OF INDEPENDENT DIRECTORS

The Provisions of Section 149(6) related to a statement on declaration by Independent Director are applicable to our Company. The management has appointed requisite number of independent directors.

BOARD MEETING:

During the financial year 2017-18, the Board met six times as against the minimum requirement of four meetings. .

COMPANY’S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES

The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are not applicable to our Company and hence the Company has not devised any policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013.

INFORMATION PURSUANT TO RULE 5 (2) OF COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The Company has not appointed any employee(s) in receipt of remuneration exceeding the limits specified under Rule 5 (2) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, your Directors state that:

a. In the preparation of the annual accounts, the applicable accounting standards have been followed with proper explanation relating to material departures, if any;

b. They have, in the selection of the accounting policies, consulted the Statutory Auditors and have 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, 2018 and of its Profit/Loss for the year ended on that date;

c. They have taken proper and sufficient care to the best of their knowledge and ability 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; and

d. They have prepared the annual accounts for the year ended 31st March, 2018 on a “going concern’ basis; and

e. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The Particulars regarding Loans, Guarantees or Investments under section 186 are not applicable on the Company for the year ended March 31, 2018.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which this financial statement relate on the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished as under:

STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT

The Company does not have any Risk Management Policy as the elements of risk threatening the Company’s existence are very minimal.

SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR

No Companies have become or ceased to be its subsidiaries, Joint Ventures or Associate Companies during the year.

DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY_THE

REGULATORS / COURTS /TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATION IN FUTURE

There are no significant material orders passed by the Regulators / Courts / Tribunal which would impact the going concern status of the Company and its future operations. Hence, disclosure pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules, 2014 is not required.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS PURSUANT TO RULE 8 (5) (viiil OF COMPANIES (ACCOUNTS) RULES, 2014:

The Company has an adequate internal financial control system, commensurate with the size of its business operations.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MIADE WITH RELATED PARTIES MADE PURSUANT TO SECTION 188 OF THE COMPANIES ACT, 2013;

There was related party transactions held pursuant to section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meeting of Board and its Powers) Rules, 2015 at the end of the year and details are annexed herewith in “Annexure A”.

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM

The provisions of Section 177 of the Companies Act, 2013 read with R.ule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is applicable to the Company. Hence, Audit committee was formed appointing Mr. Pankaj Kumar Gupta as Chairman, Mr. P.D. Bhoot and Mr. Kapil Gupta as other member of Audit Committee.

ACKNOWLEDGEMENTS:

The Directors wish to place on record their appreciation to the wholehearted help and co-operation the Company has received from the business associates, partners, vendors, clients, government authorities and bankers of the Company .The relations between the management and the staff was cordial during the period under review.

The Company also wishes to put on record the appreciation of the work done by the staff. Your Directors appreciate and value the trust imposed upon them by the members of the Company.

By the order of the Board of Directors

Vikas Multicorp Limited

Pankaj Kumar Gupta Hari Bhagwan Sharma

Date: 02.09.2018 Director Director

Place: New Delhi DIN: 07003962 DIN: 02543653

Address: D-40, D-Block, Raja Address: 586A, Sri Nagar

Puri New Delhi 110059 Delhi 110034.

Source : Dion Global Solutions Limited
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