Dear Members,
Your directors have pleasure in presenting their 38th Annual Report
on the business and operations of the Company together with the Audited Statement of
Accounts for the year ended 31st March, 2023.
OPERATIONS AND STATE OF AFFAIRS OF THE COMPANY:
During the year under review, performance of your Company as under:
| Particulars |
As at March 31, 2023 |
As at March 31, 2022 |
| Revenue from Operations |
3,875.78 |
5356.06 |
| Other Income |
(14.73) |
46.44 |
| Total Income |
3,861.05 |
5402.50 |
| Profit before Finance Cost, Depreciation and Tax |
257.01 |
400.06 |
| Less: Finance Cost |
76.10 |
45.12 |
| Less: Depreciation |
92.28 |
92.78 |
| Profit before Tax |
88.63 |
262.16 |
| Provision for Taxation (Deferred & Current Tax) |
23.22 |
73.99 |
| Profit after Tax |
65.41 |
188.17 |
RESULTS OF OPERATIONS & STATE OF COMPANYS AFFAIRS:
During the year under review, the total revenue from operations was Rs.3875.78 Lacs,
reduced by 27.64% as compared to last years revenue of Rs. 5356.06 Lacs. The Net Profit
of your Company was Rs. 65.41 Lacs reduced by 65.24% as compared to the last financial
years PAT was Rs. 188.17 Lacs.
TRANSFER TO RESERVES:
The Board of Directors has decided to retain the entire amount of profit for Financial
Year 2022-23 in the statement of profit and loss account.
DIVIDEND:
To conserve funds for operations of the Company, the Board does not recommend any
dividend for this financial year.
SHARE CAPITAL:
The paid-up Equity Share Capital of the Company as on March 31, 2023 was Rs. 444.06
Lacs comprising of 44,40,568 equity shares of Rs. 10/- each. During the year under review,
your Company has neither issued any shares with differential voting rights nor has granted
any stock options or sweat equity. The Company has paid Listing Fees for the Financial
Year 2023-24, to the Stock Exchange, where its equity shares are listed.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There is no change in the nature of business during the financial year 2022-23.
CORPORATE GOVERNANCE:
Regulation 27 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 in connection with Corporate Governance are not applicable to the
Company, since the paid–up capital of the Company is less than Rs. 10 Crore and Net
Worth of the Company is below Rs. 25 Crore.
MATERIAL CHANGES AND COMMITMENT – IF ANY, AFFECTING FINANCIAL POSITION OF THE
COMPANY FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT:
There has been no material change and commitment, affecting the financial performance
of the Company which occurred between the end of the Financial Year of the Company to
which the financial statements relate and the date of this Report.
SUBSIDIARIES:
Your Company does not have any subsidiary/subsidiaries within the meaning of the
Companies Act, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of the operations, performance and future outlook of the Company and
its businesses is given in the Management Discussion and Analysis Report which forms part
of this Report as Annexure-"A".
ANNUAL RETURN:
In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return of the Company is available
on the website of the Company http://linkpharmachem.co.in.
BOARD MEETINGS:
During the financial year under review, Eight Board Meetings were held, viz. on May 05,
2022, May 30, 2022, June 13, 2022, August 13, 2022, September 16, 2022, November 11, 2022,
February 09, 2023 and March 23, 2023. The intervening gap between any two meetings was
within the period of 120 days prescribed by the Companies Act, 2013.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013.
(a) that in the preparation of the annual accounts for the year ended March 31, 2023
the applicable accounting standards have been followed along with proper explanation
relating to material departures; if any;
(b) that the Directors had 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 as at March 31, 2023 and
of the profit of the Company for the year ended on that date;
(c) that the Directors had 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;
(d) that the Directors had prepared the annual accounts on a going concern basis;
(e) that the Directors, in the case of a listed Company, had laid down internal
financial controls to be followed by the Company and that such internal financial controls
are adequate and were operating effectively; and
(f) that the Directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
INDEPENDENT DIRECTORS DECLARATION:
The Company has received the necessary declaration from each Independent Director in
accordance with Section 149(7) of the Act that he/she meets the criteria of independence
as laid out in Section 149(6) of the Act and the Listing Regulations.
EVALUATION OF THE BOARDS PERFORMANCE:
The Board has carried out an annual evaluation of its own performance, Committees of
the Board and individual Directors pursuant to the provisions of the Companies Act, 2013
and Listing Regulations. The Board of Directors expressed their satisfaction with the
evaluation process.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Board of your Company is duly constituted in accordance with the requirements of
the Companies Act, 2013 read with the Listing Regulations.
In accordance with the provisions of Companies Act, 2013 and the Articles of
Association of the Company, Mr. Rishikesh Thakur (DIN: 08777265), Director of the Company,
retires by rotation at the ensuing Annual General Meeting and being eligible has offered
himself for re-election.
Mr. Satish G Thakur, Chairman and Whole time Directors tenure is getting expired on
23rd June, 2023 and the board on recommendation of Nomination and Remuneration Committee
has proposed his re- appointment on the same terms and conditions for further period of 3
years with effect from 24th June, 2023. Members are requested to pass special resolution
to reappoint him.
Mr. Rishikesh Thakur, Managing Directors tenure is getting expired on 23rd September,
2023 and the board on recommendation of Nomination and Remuneration Committee has proposed
his re- appointment on the same terms and conditions for further period of 3 years with
effect from 24th September, 2023. Members are requested to pass special resolution to
reappoint him.
During the year under review, Mr. Bhushan Joshi, (ICSI Membership no.40085) has
tendered his resignation from the position of Company Secretary and Compliance Officer of
the Company with effect from 17th September, 2022 and Ms. Khushbu Patel, (ICSI Membership
No. 65182) on recommendation of Nomination and Remuneration Committee, was appointed as
Company Secretary and Compliance officer of the Company with effect from 19th September,
2022 at the meeting of Board of Directors held on 16th September, 2022.
RELATED PARTY TRANSACTIONS:
None of the transactions with related parties fall under the scope of Section 188(1) of
the Act. Accordingly, the disclosure of related party transactions as required under
Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY 2022-23
and hence does not form part of this report.
PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule
8 of the Companies Accounts) Rules, 2014, is given in the Annexure "B" to this
report.
PARTICULARS OF EMPLOYEES:
Disclosures required under Act, 2013 read with Rule 5 of the Companies (Appointment
& Remuneration) Rules, 2014 have been annexed as Annexure "C".
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013,
a Vigil Mechanism for directors and employees to report genuine concerns has been
established.
AUDITORS:
(A) Statutory Auditors:
In line with the requirements of the Companies Act, 2013, M/s. CNK & Associates
LLP, Chartered Accountants (Firm Registration No. 101961W/W-100036), was appointed as the
statutory auditors of the Company to hold office for a period of five consecutive years
from the conclusion of the 37th AGM of the Company, till the conclusion of the 42nd AGM to
be held in the year 2027. The requirement for the annual ratification of auditors
appointment at the AGM has been omitted pursuant to Companies (Amendment) Act, 2017
notified on May 7, 2018. Hence, the resolution seeking ratification of the members for
their appointment is not being placed at the ensuing Annual General Meeting.
The Report given by M/s. CNK & Associates LLP, Chartered Accountants Statutory
Auditors on the financial statements of the Company for the financial year 2022-23 is part
of Annual Report. The Notes on financial statements referred to in Auditors Report are
self-explanatory and do not call for any further comments. There has been no
qualification, reservation or adverse remark or disclaimer in their Report on Financial
Statement for F.Y 2022-23.
(B) Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Act and rules made there under, the
Company has appointed M/s. Vijay Bhatt & Co, Practicing Company Secretaries (C.P. No.
2265) to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is
annexed as Annexure "D" and forms an integral part of this Report. There is no
secretarial audit qualification for the year under review.
COMMITTEES OF THE BOARD:
The Board of Directors has the following Committees:
Audit Committee:
The Audit Committee comprises of Mr. Suresh Dhatrak (Chairman), Mr. Devang Shah and Mr.
Satish Thakur as members. During the year, all the recommendations made by the Audit
Committee were accepted by the Board.
Nomination and Remuneration Committee:
The Nomination and Remuneration Committee comprises of Mr. Suresh Dhatrak (Chairman),
Mr. Devang Shah and Mrs. Rachna Ghai as members.
Stakeholders Relationship Committee:
The Stakeholders Relationship Committee comprises of Mr. Suresh Dhatrak (Chairman), Mr.
Satish Thakur and Mr. Rishikesh Thakur as members.
SECRETARIAL STANDARDS:
The Company complies with the all the applicable mandatory secretarial standards issued
by the Institute of Company Secretaries of India.
CORPORATE SOCIAL RESPONSIBILITY:
Your Company does not fall within the purview of Section 135 of the Companies Act,
2013.
DEPOSITS:
Your Company has neither invited nor accepted public deposits within the meaning of
Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
There are no loans, guarantees or investments falling under Section 186 of the
Companies Act, 2013. However, investments not falling under purview of this, made by the
Company are given in the Notes to the financial statements.
RISK MANAGEMENT POLICY AND INTERNAL FINANCE CONTROL ADEQUACY:
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks in achieving key objectives of the Company. The Company has developed and
implemented Risk Management Policy of the Company to identify & evaluate business
risks and opportunities. This framework seeks to create transparency, minimize adverse
impact on the business objectives and enhance the Companys competitive advantage.
The internal control systems are commensurate with the nature, size and complexity of
the business of the Company. The Audit Committee quarterly reviews adequacy and
effectiveness of Companys Internal Controls and monitors the implementation of audit
recommendations, if any.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT, 2013:
The Company has safe and healthy work environment that enables its employees to work
without fear, prejudices, gender bias and sexual harassment and also set up guideline in
line with the requirement of The Sexual Harassment of Women at workplace (Prevention,
Prohibition & Redressal) Act, 2013. During the financial year 2022-23, no complaint
was received under the policy.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
There are no significant or material orders which were passed by the Regulators or
Courts or Tribunals which impact the going concern status and the Companys Operations in
future.
ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record its deep sense of appreciation for the
committed services by all the employees of the Company. The Board of Directors would also
like to express their sincere appreciation for the assistance and co-operation received
from the banks, government and regulatory authorities, stock exchange, customers, vendors
and members during the year under review.
|
For and on behalf of the Board |
|
Satish G. Thakur |
| Date : 29.05.2023 |
Chairman & Whole-time Director |
| Place : Vadodara |
(DIN: 00292129) |
+91-9892691696
