To the Members,
Plada Infotech Services Private Limited
Your Directors have pleasure in presenting the Annual Report on the business and operations ofyour Company together with the audited statement of accounts for the financial year ended on March 31. 2022.
FINANCIAL PERFORMANCE:
The Company has achieved a Turnover of Rs. 48,61,42,486/-during the year under review, and accordingly Net Profit after Tax has decreased to Rs. 1. 12.47.687/- during the year under review against Net Profit after 'fax of Rs. 97,02,831 /- during the previous year. Your Directors are making constant Endeavour to achieve higher turnover and profitability by expanding the market area in different state of the country.
SHARE CAPITAL
The equity share capital of the Company increased from Rs. 1,00,000 divided 10,000 equity shares lo Rs. 20.00,000 divided 2,00,000 equity shares of 10/- each as on March 31, 2022.
DIVIDEND:
In view of the expansion of the business in the near future, your directors have not recommended any dividend for the year under review.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
The provisions of section 125(2) of the Companies Act, 2013 do not apply as there w*as no dividend declared and paid last year.
DETAILS ABOUT DIRECTORS AND KMPS WHO WERE APPOINTED/ RESIGNED DURING THE FINANCIAL YEAR
BOARD OF DIRECTORS:
We are pleased to inform you that your Company has the following Directors:
NUMBER OF MEETINGS OF THE BOARD CONDUCTED DURING THE YEAR UNDER REVIEW:
Your Directors are pleased to inform that Fight Board Meetings were conducted during the Financial Year 2021-22. Board meeting was held in accordance with the provisions of the Companies Act. The Board met and discussed the affairs of the Company.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YF.AR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
No material changes and commitments affecting the financial position of the company occurred during the reporting period.
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY
The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.
In today's challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition. Business risk. Technology obsolescence. Investments, retention of talent and expansion of facilities.
Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk. As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE-COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.
PARTICULARS OF' LOANS, GAURANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
There were no loans and guarantees or investments made by the company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
PARTICULARS OF CONTRACTS OR AGREEMENTS MADE WITH RELATED PARTIES UNDER SECTION 188 OE THE COMPANIES ACT, 2013
All contracts or arrangements (if any) entered into by the company in accordance with provisions of section 188 of the Companies Act, 2013, During the period ending 31st March, 2022, the Company has not entered into any contract/arrangement/transaction of material nature with any of the related parties which are in conflict with the interest of the Company. Related parly disclosures are given in the notes to the financial statement.
EXPLANATION OR COMMETSON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAMERS MADE BY THE AUDITORS ANI) THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
There was no qualifications, reservations or adverse remarks made by the either by the auditors or by the Practicing company Secretary in their respective reports.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENTS, PAYMENT OF REMUNERATION ANI) DISCHARGE OF THEIR DUTIES
The provisions of Section 178( I) relating to constitution of Nomination and Remuneration Committee arc not applicable to the company and hence the company has not devised any policy relating to Appointment of Directors, payment of Managerial Remuneration, Directors Qualification, Positive Attributes, Independence of Directors and other related matters as provided under section 178(31 of the Companies Act, 201 3
DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.
A STATEMENT OF DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
Company being Private Company sub section 4 & 6 of section 149 not applicable to the Company being Private Company sub section 3 of section 178 not applicable to the Company.
STATUTORY AUDITORS:
M/s. S C Mehra and Associates LLP, Firm Registration No. I06I56W/WI00305, Chartered Accountants. Mumbai appointed as auditor for period of 05 years from FY 2019-20 to 2023-24.
HUMAN RESOURCES:
As a Company we believe that employees are the most vital and valuable assets of our organization, as on March 31, 2022, the Company employees all belonged to managing the Company affairs.
CODE OF CONDUCT & WHISTLEBLOWER POLICY:
The Company has adopted a Code of Conduct and Business Ethics (the Code) and Whistleblower Policy (the Policy) and quarterly reports about complaints, if any. received thereunder are submitted to the Board of director.
BOARD EVALUATION
Company being Private Company sub section 3 of section 78 not applicable to the Company AUDITORS' REPORT:
The observations of the statutory auditors in their report, read with the relevant notes to the accounts are self explanatory and do not require any further explanation.
SECRETARIAL AUDIT:
According to the provision of section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company being Private Company section 204 not applicable to the Company.
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AM) RF.DRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. The Company has not received any complaint on sexual harassment during the current financial year.
DIRECTOR'S RESPONS1BILTY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, Directors of your Company hereby state and confirm that:
1. In the preparation of the annual accounts for the year ended 31st March, 2022. the applicable accounting standards have been followed along with proper explanation relating to material departures;
2. They 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 the company at the end of the financial year and of the profit of the company for the same period;
3. 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;
4. They have prepared the annual accounts on a going concern basis;
5. They have laid down internal financial controls in the company that are adequate and were operating effectively.
6. They have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.
AC KNO VV LE DG EM E N TS:
The Directors place on record their gratitude for the Ministry of Finance, Ministry of Coiporate Affairs, other government authorities, investors, banks, and other service providers for their continued co-operation, guidance and support. The Directors also express appreciation for the committed services of employees at all level.