Your Directors have pleasure in presenting before you the Annual Report of the Company
together with the Audited Statements of Accounts for the year ended 31st March, 2023.
BACKGROUND:
Autumn Builders Limited was established under the Companies Act, 1956, on February 25,
2009 havingits registered office in the state of West Bengal. The Company is prominently
engaged in the development, sale and lease of commercial, residential, retail and
industrial properties, undertakes residential and commercial construction projects but has
during the previous year also carried out business pertaining to embroidery and sale of
cloths/textiles.
FINANCIAL RESULTS:
The summarized financial results of the Company for the year ended 31"March, 2023
are as follows:
Particulars |
Current Year ended 31.03.2023 |
Current Year ended 31.03.2022 |
Profit Before Tax |
(314473.44) |
(598833.85) |
Less: Provisions for Income Tax |
|
|
Less: Provisions for Deferred Tax |
(1410.00) |
(4673.36) |
Profit After Tax |
(315883.44) |
(603507.21) |
Balance of Profit brought forward |
(1287143.92) |
(683636.71) |
Balance Carried to Balance Sheet |
(1603027.36) |
(1287143.92) |
PERFORMANCE:
During the financial year 2022-23 your Company has no turnover. The Company operated
under two different businesses. The Company incurred loss (post tax) during the year of
Rs. 315883.44
DIVIDEND:
The company this year suffered a loss and your directors have decided not to distribute
any dividend and to re-invest available funds.
CONVERSION OF COMPANY INTO PUBLIC LIMITED COMPANY
During the FY 2012-13, the Company was a Private limited Company. Subsequently, our
Company was converted into a Public limited Company under the Companies Act, 1956 and the
name of the Company was changed to "Autumn Builders Limited" pursuant to issue
of fresh Certificate of Incorporation consequent upon change of name on conversion to
public limited Company dated October 15, 2013.
DIRECTORS:
Mr. Deepak Kumar Singh, Managing Director, retires by rotation at the ensuing Annual
General Meeting (AGM) and being eligible, offers himself for re-appointment.
The Companies Act, 2013 provides for appointment of Independent directors. Sub-section
(10) of Section 149 of the Companies Act, 2013 provides that Independent Director shall
hold office for a term of up to five consecutive years on the Board of a company and shall
be eligible for re-appointment on passing a special resolution by the shareholders of the
company. Sub-section 11 states that no Independent director shall be eligible for more
than two consecutive terms of up to five years each. Sub-section (13) states that the
provision in respect of retirement of directors by rotation as defined in sub- sections
(6) and (7) of Section 152 of the Act shall not apply to such Independent directors.
Further, appointment of existing Independent Directors as required by the Companies Act,
2013, also needs to be made as per Sections 149,150 and 152 read with schedule IV thereto
and rules made thereunder.
Accordingly Mr. Sant Lal Goel (holding DU - 019304S 3) the existing Independent
Directors of the company, are not liable to retire by rotation.
KMP CHANGES:
No changes in the key managerial personnel.
AUDITORS:
M/s. Singhal Naveen & Associates, Chanered Accountants, Statutory Auditors of the
Company, will continue as the Statutory Auditors of the company.
The Notes on financial statement referred to in theAuditor's Report are
self-explanatory and do not call for any further comments. The Auditors Report does not
contain qualification reservation or adverse remark.
SECRETARIAL AUDITORS:
M/s S.A. Associates, Company Secretaries have conducted the Secretarial Audit of the
Company. The Auditors* Report is self-explanatory in nature and does not contain ally
adverse remark and qualification. Thu Secretarial Audit Report forms part of this report
in Annexure-A.
DIRECTORS RESPONISBILITY STATEMENT:
Pursuant to the requirement clause of Section 1 34(5) of the Companies Act, 2013 with
respect to Directors' Responsibility Statement, your Directors hereby confirm that:-
i) In the preparation of the annual accounts for the year ended 31ST March, 2023, the
applicable accounting standards read with requirements set out under Schedule III lo the
Companies Act, 2013 have been followed and there are no material departures from the same;
ii) The Directors have selected such accounting policies and applied them consistently
and madejudgments and esthetes that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at the end of the financial year and
of the profit of the Company for the period;
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provision of the Companies Act,2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities; and
iv) The Directors have prepared the annual accounts of the Company on a going concern
basis.
v) They have devised proper systems to ensure compliance with the precisions of all
applicable laws and that such systems are adequate and operating effectively
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As required under the Listing Agreement for Institutional Trading Platform of the SME
Exchange, Born bay Stock Exchange Limited, Management Discussion and Analysis Report is
presented in the separate section und forms an integral part of the Directors Report.
CORPORATE GOVERNANCE:
Your Company has taken adequate steps to adhere to all the stipulations laid down in
Listing Agreement. A detailed report on the Corporate Governance in compliance with
Listing Agreement is presented as a part of the Annual Report. A Certificate from the
Auditor on the compliance with Corporate Governance requirements by your Company is
attached to the Report on Corporate Governance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) or the Companies Act, 2013 read with
Rule 8 of the Coin ponies (Accounts) Rules, 2014 is not applicable to the Company.
Therefore the information related to those aspects is not given. Further, since the
Company has not entered into any foreign contracts, the company neither has any foreign
exchange earnings nor they had any long term contingencies.
NUMBER OF BOARD MEETINGS:
The number of Board Meetings held during the year stands at 4.
The provisions of Section 135 of the Companies Act, 2013 are not applicable to the
Company.
EXTRACT OF ANNUAL REPORT
As required under Section 92 of the Companies Act, 2013, the extract of Annual Return
in Form MGT-9 is presented in the separate section of this Report in Annexure-B and forms
an integral part of this report.
LOANS, GUARANTEES & INVESTMENTS
The Company has not given any loan to or provided any guarantee or security in favor of
any other parties.
The Company has also not made any investment of its fund with any other party.
INTERNAL FINANCIAL CONTROLS
The Company has put in place an adequate system of intema1 financial controls with
respect to the financial statements and commensurate with its size and nature of business
which helps in ensuring the orderly and efficient conduct of business. No reportable
material weakness in operation was observed.
RISK MANAGEMENT POLICY
The Company has robust systems for Risk Assessment and mitigation which is reviewed
periodically. Flue Company's risk identification and assessment process is dynamic and
hence it has been able to identity, monitor and mitigate the most relevant strategic and
operational risks.
HUMAN RESOURCES:
There are no employees as on date on the rolls of the Company who are in receipt of
Remuneration which requires disclosures under the provisions of Section 197(12) of the Act
read with Rules 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel ) Rules, 2014.
LISTING ON SME PLARTFORM
Your Directors are pleased to inform you that the Company's securities have now been
listed on the ITP Platform of BSE Limited on April 14, 2014 and the Company has paid
listing fee to the Exchange forthe year 2014-15.
COSOLIDATED FINANCIAL STATEMENTS
Since there is no subsidiary of the Company at present, hence no consolidated financial
statements have been prepared.
PUBLIC DEPOSITS
During the year tinder review, the Company has not accepted or renewed any fixed
deposits from the public.
ANNEXTURES TO THIS REPORT:
Annexure |
Particulars |
A |
Secretarial Audit |
B |
Extract of Annual Return |
C |
Corporate Governance Report |
D |
Management Discussion and Analysis Report |
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the support extended by its
Employees, Bankers, Customers and various Government Agencies. The Board also wishes to
thank the shareholders for their unstinted support.
By order of life Board of Directors For Autumn Builders Limited
Deepak Kumar Singh (Director)
DIN:03053786
Sant Lal Goel
(Director)
DIN:019930453
Date:08.09.2023 Place: Kolkata |
|