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EQUITY - MARKET SCREENER

Precious Trading & Investments Ltd (Merged)
Industry :  Finance & Investments
BSE Code
ISIN Demat
Book Value()
506107
INE629R01012
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
N.A
EPS(TTM)
Face Value()
Div & Yield %
10
 

As on: Jan 18, 2022 09:11 AM

Dear Members,

Your Directors have pleasure in presenting the Directors' Report on the business and operations of Precious Trading and Investments Limited along with the audited financial statements for the year ended 31st March, 2019.

1. FINANCIAL HIGHLIGHTS

Certain key aspects of your Company's performance during the financial year ended 31st March, 2019, as compared to the previous financial year are summarized below:

(Amount in lakhs)
Particulars Current Year Previous year
2018-19 2017-18
Revenue from Operations - -
Other Income - -
Total Income - -
Less: Other expenses 8.63 5.49
EBITDA (8.63) (5.49)
Less: Tax Expenses
Current Tax - -
Deferred Tax - -
Profit/(Loss) after Tax for the year (8.63) (5.49)

2. DIVIDEND

In view of loss suffered by your Company during the year, the Directors show their inability to declare dividend for the year 201819.

3. STATE OF AFFAIRS OF THE COMPANY

During the year under review, the Company was unable to do any business activities due to lack of resources.

4. TRANSFER TO RESERVES

The Board of Directors has not recommended any amount to be transfer to the reserves.

5. SHARE CAPITAL AND CHANGES THEREIN

There was no change in the share capital of the Company during the year under review.

6. CHANGE IN THE NATURE OF BUSINESS

During the year under review there is no change in the nature of the business of the Company.

7. EXTRACTS OF ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2015, the extracts of the Annual Return for the year ended 31st March, 2019 forms part of this report as Annexure # 1 and is available on the website of the Company at www.ptil.co.in.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Cessation

During the year under review, Mr. Jitendra N. Sheth and Mr. Vallabh N. Sheth, Directors of the Company, have resigned on 11th January, 2019. The Board wishes to place on record its sincere appreciation of services rendered by them during their association with the Company. Mr. Ankush V. Bhoir, Company Secretary of the Company, has resigned on 10th July, 2019.

Retirement by Rotation

In accordance with the Articles of Association and the relevant provisions of the Companies Act, 2013, Mr. Ashwin N. Sheth (DIN: 00002053), Managing Director of the Company, being director liable to retire by rotation shall retire at the ensuing Annual General Meeting and being eligible for re-appointment, offers himself for reappointm - ent. Board of Directors recommends his re-appointment. Brief profile and details of Director seeking reappointment as per the provisions of Section 152 of the Companies act, 2013 and Regulation 36(3) of Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2015 and in compliance with the Secretarial Standards - II (SS-2) issued by the institute of company secretaries of India forms part of the Notice of 36th AGM for approval of members.

Appointment

Ms. Daksha D. Pandya (DIN: 08127491) was appointed as an Additional Director on the Board with effect from 1st October, 2018. An Additional Director shall hold office upto the date of the next Annual General Meeting and be eligible for appointment to the office of a director at any General Meeting in terms of Section 160 of the Companies Act, 2013. The Board, on the recommendation of Nomination, Remuneration and Compensation Committee, has approved and recommend her appointment as Independent Director on the Board for the term of 5 (five) consecutive years commencing from date of this AGM i.e. 26th September, 2019. She meets the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and as per Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During her tenure of appointment, she shall not be liable to retire by rotation as provided under Section 152(6) of the Companies Act, 2013. The resolution for appointment/re-appointment of Ms. Daksha D. Pandya along with her brief profile forms part of the Notice of 36th AGM for approval of members.

Mr. Sharad N. Doshi (DIN: 06968835) is completing first term of 5 (five) years of his appointment as on Independent Director on 5th September, 2019 and is eligible for reappointment - for another term of 5 (five) consecutive years subject to approval of the members by special resolution. In accordance with the provisions of Section 160 of the Companies Act, 2013, the Board, on the recommendation of Nomination, Remuneration and Compensation Committee has approved and recommended re-appointment of Mr. Sharad N. Doshi as independent Director of the Company, for second term to hold office for 5 (five) consecutive years commencing from 6th September, 2019. He meets the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and as per Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During his tenure of appointment, he shall not be liable to retire by rotation as provided under Section 152(6) of the Companies Act, 2013. The resolution for appointment/re-appointment of Mr. Sharad N. Doshi along with his brief profile forms part of the Notice of 36th AGM for approval of members.

The Board of Directors on recommendation of Nomination, Remuneration and Compensation Committee has appointed Mr. Ankush V. Bhoir as a Company Secretary of the Company w.e.f. 3rd September, 2019.

9. MEETINGS OF THE BOARD AND COMMITTEES OF DIRECTORS

A. Board Meeting

The Board of Directors met eight times during the financial year 2018-19 at Mumbai viz. 30th May, 2018, 29th June, 2018, 14th August, 2018, 4th September, 2018, 1st October, 2018, 14th November, 2018, 11th January, 2019 and 14th February, 2019.

Attendance of Board is as follows:

Sr. No. Name of Director Category No. of Meetings held No. of Meetings Attended
1. Mr. Ashwin N. Sheth Managing Director 8 8
2. Mr. Jitendra N. Sheth* Non-Executive Director 6 6
3. Mr. Vallabh N. Sheth* Non-Executive Director 6 6
4. Ms. Daksha D. Pandya# Independent Director 8 8
5. Mr. Sharad N. Doshi Independent Director 8 8

*resigned as Director on 11th January, 2019

# ceased to be a Director on 29th September, 2018 & again appointed as Director w.e.f. 1st October, 2018

None of the Directors is a member of more than ten Board-level committees or Chairman of more than five such committees as required under Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further none of the Independent Directors are independent director in more than seven listed en and tities none of the whole time directors are independent directors in more than three listed entities as required under Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

B. Audit Committee Meetings

During the financial year, the composition of the Audit Committee was in alignment with the provisions of the Section 177 of Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Company has an Audit Committee comprising of the following Directors:

Name Designation Category
Mr. Sharad N. Doshi Chairman Non Executive & Independent Director
Mr. Ashwin N. Sheth Member Executive Director
Ms. Daksha D. Pandya* Member Non Executive & Independent Director

*appointed w.e.f. 1st October, 2018

No. of Meetings

The members of the Audit Committee met five times during the financial year 2018-19 at Mumbai viz. 30th May, 2018, 14th August, 2018, 4th September, 2018, 14th November, 2018 and 14th February, 2019 and the maximum time gap between two meetings did not exceed one hundred and twenty days.

Attendance of Committee is as follows

Sr. No. Name of the Director No. of Meetings Held No. of Meetings Attended
1. Mr. Sharad N. Doshi 5 5
2. Mr. Ashwin N. Sheth 5 5
3. Ms. Daksha D. Pandya* 5 5

*appointed w.e.f. 1st October, 2018

C. Nomination, Remuneration and Compensation Committee Meetings

The Company has a Nomination, Remuneration and Compensation Committee comprising of the following Directors:

Name Designation Category
Mr. Sharad N. Doshi Chairman Non Executive & Independent Director
Mr. Ashwin N. Sheth Member Executive Director
Ms. Daksha D. Pandya* Member Non Executive & Independent Director
Mr. Vallabh N. Sheth# Member NonExecutive - Director

*appointed w.e.f. 1st October, 2018

# resigned as Director on 11th January, 2019

No. of Meetings

The members of the Nomination and Remuneration Committee met twice during the financial year 2018-19 at Mumbai viz. 30th April, 2018 and 1st October, 2018.

Attendance of Committee is as follows

Sr. No. Name of the Director No. of Meetings Held No. of Meetings Attended
1. Mr. Sharad N. Doshi 2 2
2. Mr. Ashwin N. Sheth 2 2
3. Ms. Daksha D. Pandya* - -
4. Mr. Vallabh N. Sheth# 2 2

*appointed w.e.f. 1st October, 2018

# resigned as Director on 11th January, 2019

10. 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(5) of the Companies Act, 2013 that:

1) In the preparation of the annual accounts for financial year ended 31st March, 2019, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any.

2) The Directors 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 as the end of the financial year and on the Loss for the year under review.

3) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the 2013 Act and for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4) The Directors have prepared the accounts for the financial year ended 31st March 2019 on a "going concern" basis.

5) The Directors have laid down internal financial control to be followed by the Company and that such internal financial controls are adequate and have been operating efficiently.

6) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

11. DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the provisions of Section 149(7) of the Companies Act, 2013, the Company has received individual declarations from all the Independent Directors confirming that they fulfill the criteria of independence as specified in Section 149(6) of the Companies Act, 2013.

12. FAMILARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details of familiarization programme to Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at the http://www.ptil.co.in

13. ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD

Pursuant to provisions of the Companies Act, 2013, the Board has carried out an annual evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees and that of Chairman.

In a separate meeting of Indep Directors, endent performance of Non Independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non executive directors. Performance evaluation of independent Directors was done by the entire Board, excluding the independent Directors being evaluated.

14. NOMINATION AND REMUNERATION POLICY OF DIRECTORS, KEY MANAGERIAL PERSONNELS (KMPS) AND SENIOR MANAGEMENT

The Board has formulated the Nomination and Remuneration Policy of Directors, Key Managerial Personnel (KMPs) and Senior Management in terms of the provisions of the Companies Act, 2013 is appended as Annexure # 2 to this Report. The said Policy outlines the appointment criteria and qualifications, the term/te of the nure Directors on the Board of the Company and the matters related to remuneration of the Directors, KMPs & Senior Management.

15. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards on Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

16. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

Your Company has in place the Sexual Harassment Policy for Prevention of Sexual Harassment in line with the ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act & Rules, 2013. To create a robust framework for this policy, dissemination, awareness, creation and periodic rei among teration all executives is being done. Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act 2013. During the year, the Company has not received any complaints.

17. LOANS, GUARANTEE OR INVESTMENTS

During the period under review, the Company has not granted any loan to any person or body corporate. The Company has not provided any guarantee but has provided security by way of pledge of its investment i.e. equity shares held in its associate company Sheth Developers & Realtors (India) Ltd. to Axis Trustee Services Limited for securing loan availed by Middle East Exports Pvt. Ltd.

For the details of Loans given by the Company, Directors draw attention of the members to Note 5 to the standalone financial statements which set out ‘Current loans'.

Further, the Company has not made any investments/acquisition in terms of Section 186 of the Companies Act, 2013 during the financial year 2018-19.

18. CONTRACTS/ARRANGEMENTS WITH RELATED PARTIES

During the year, the Company has not entered into any contract/arrangement with related parties which are specified under the provisions of the Section 188(1) of the Companies Act, 2013.

For details of related parties, your Directors draw attention to Note no. 14 of the standalone financial statement which set out ‘Related Party Transactions'.

19. MATERIAL CHANGES & COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, affecting the financial position of the Company which have occurred between after 31st March, 2019 and the date of this report other than those disclosed in this report.

20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

Conservation of Energy

Your Company has taken necessary steps and initiative in respect of conservation of energy to possible extent to conserve the resources as required under Section 134(3)(m) of the Companies Act, 2013 and rules framed thereunder.

Technology Absorption

Your Company is not engaged in any manufacturing activity, the particulars of technology absorption as required under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are not applicable.

Foreign Exchange earnings and Outgo

During the year under review, the Company had not earned any foreign exchange nor incurred any outflows in foreign exchange.

21. STATEMENT INDICATING DEVELOPMENT & IMPLEMENTATION OF THE RISK MANAGEMENT POLICY

The Company is aware of the risks associated with the business. It regularly analyses and takes corrective actions for managing/mitigating the same. Your Company has institutionalized the policy/process for identifying, minimizing and mitigating risk which is periodically reviewed. 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.

22. CORPORATE SOCIAL RESPONSIBILITY POLICY

During the year under review, the provisions of Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility are not applicable to the Company.

23. REPORT ON PERFORMANCE OF THE SUBSIDIARIES, JOINT VENTURES & ASSOCIATE COMPANIES

Associate Company

The Gross revenue of Sheth Developers & Realtors (India) Limited for Financial Year 2018-19 stood at Rs. 18779.29 Lakhs (Previous Year: Rs. 16224.18 Lakhs) and has earned profit of Rs. 5376.13 Lakhs (Previous Year profit of Rs. 3418.40 Lakhs)

The Company does not have any subsidiary and joint venture Company.

As required under Section 129 of the Companies Act, 2013 the Consolidated Financial Statements have been prepared by the Company in accordance with the applicable Accounting Standards and forms part of the Report. A statement containing the salient features of the Financial Statements of Subsidiaries, Joint Ventures and Associate Companies in Form AOC-1 as required under Rule 5 of the Companies (Accounts) Rules, 2014 form part of the notes to the financial statements.

24. DETAILS RELATING TO DEPOSITS, COVERED UNDER CHAPTER V OF THE COMPANIES ACT 2013

The Company has not accepted Public Deposits and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet within the purview of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2015.

25. INTERNAL FINANCIAL CONTROL WITH RESPECT TO FINANCIAL STATEMENTS AND ITS ADEQUACY

Your Company has an internal financial control system commensurate with respect to its financial statements which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. The Audit Committee has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. The Audit Committee has a process for timely check for compliance with the operating systems, accounting procedures and policies. Major risks identified by the businesses and functions are systematically addressed through mitigating action on continuing basis.

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company.

27. AUDITORS AND AUDITORS' REPORT

A. Statutory Auditors

M/s. S. M. Gupta & Co., Chartered Accountants (Firm Registration No. 310015E), were appointed as Statutory Auditors of the Company at the 34th AGM held on 29th September, 2017 for the term of five years to hold office till the conclusion of the 39th AGM of the Company subject to ratification of their appointment by members at every AGM.

The Companies Amendment Act, 2017 has with effect from 7th May, 2018 omitted the requirement of ratification of appointment of Statutory Auditors at every intervening AGM and accordingly the same is not required to be placed before the members at AGM.

The Statutory Auditors report for the financial year 2018-19 forms part of this Annual Report and does not con tain any qualifications, reservations or adverse remarks or disclaimers. Auditors' Report is self explanatory and do not call for any further comments.

B. Internal Auditors

M/s. Rakchamps & Co., Chartered Accountants, performs the duties of Internal Auditors of the Company and their report is reviewed by the audit committee from time to time.

C. Secretarial Auditor

The Board of Directors of the Company has appointed Ms. Khushboo Bakul Gopani, Practicing Company Secretaries, Mumbai, (ICSI Membership No. 29194 and Certificate of Practice No. 10560) to conduct the Secretarial Audit as required under provisions of Section 204 of the Companies Act, 2013, the report in respect of the Secretarial Audit carried out by Ms. Khushboo Bakul Gopani, Practicing Company Secretary, in Form MR-3 for the Financial Year 2018-19 forms part to this report is appended as Annexure # 3.

With regard to Observations/remarks contained in the Secretarial Auditors' Report your directors' wish to respond/state as under:

I. The Company has not filed E-form DIR-12 for vacation of Office by Director and for appointment of additional Director at Board meeting held on 01st October, 2018.

Management Reply: The Company inadvertently not filed the E-forms however the Company is in process of filing forms.

II. The Company has not filed E-form MGT-14 for approval of Director Report and consolidated financial statement at Board meeting held on 04th September, 2018 and approval of the limits for the loans/guarantee/security by the Company in terms of the provisions of Section 185 of the Companies Act, 2013 at Annual General meeting held on 29th September, 2018

Management Reply: The Company inadvertently not filed the Eforms - however company is in process of filing forms.

III. Composition of Nomination, Remuneration and Compensation Committee is not in compliance with the provisions of Section 178 of Companies Act, 2013 for last quarter.

Management Reply: Mr. Jitendra N. Sheth and Mr. Vallabh N. Sheth, Non-Executive Directors of the Company, have resigned on 11th January, 2019. Due to cessation of both the Directors and in the absence of Nonexecutive - Director, the composition of the Committee is not in compliance with the provisions of Section 178 of Companies Act, 2013 for the last quarter.

IV. The Company has submitted Annual Report under Reg. 34 of the SEBI (Listing obligations and Disclosures Requirements) Regulations, 2015 by delay.

Management Reply: The Company inadvertently not filed the Annual report within the prescribed time period.

V. The Company has made delay in disseminating of Disclosure of information with respect to execution of Pledge Agreement under regulation 30 of The SEBI (Listing obligations and Disclosures Requirements) Regulations, 2015

Management Reply: The Company Inadvertently has submitted disclosure of information to BSE after filing of Form CHG-1 with Registrar of Companies.

D. Cost Auditors

The Cost audit of the Company has not been conducted for the financial year 201819 - as provisions of Section 148 of the Companies Act, 2013 are not applicable on the Company.

28. INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS

There have been no instances of fraud reported by the Statutory and Secretarial Auditors under Section 143(12) of the Companies Act, 2013.

29. ESTABLISHMENT OF VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company promotes ethical behaviour in the business organisation and has put in place a mechanism of reporting illegal or unethical behaviour. The Company has a whistle blower policy wherein the employees are free to report violations of laws, rules, regulations or unethical conduct to their immediate supervisor or such other person as may be notified by the management to the workgroups. The confidentiality of those reporting violations is maintained and they are not subjected to any discriminatory practice.

The Company has a Whistle Blower Policy in line with the provisions of the Section 17 of the 7 Companies Act, 2013. This policy establishes a vigil mechanism for directors and employees to report their genuine concerns actual or suspected fraud or violation of the Company's code of conduct.

The said mechanism also provides for adequate safeguards against victimisation of the persons who use such mechanism and mak provision es for direct access to the chairperson of the Audit Committee. We confirm that during the financial year 2018-19, no employee of the Company was denied access to the Audit Committee.

The said Whistle Blower Policy is available on the website of the Company at http://ptil.co.in/policiesandcode/vigilmechanismpolicy.pdf.

30. CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 15(2)(a) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the compliance with provisions of Regulations 27 of the listing regulations is not mandatory for the time being, in respect of following class of Companies:

a. Listed Companies having paid up equity share capital not exceeding Rs. 10 Crores and Networth not exceeding Rs. 25 Crores as on the last day of the previous financial year;

Provided that where the provisions of above regulations becomes applicable to a company at a later date, such Company shall comply with the requirements of Regulation 27 within six months from the date of which the provisions become applicable to the company.

b. Listed entities whose specified securities are listed on the SME Exchange.

Our Company is within the ambit and exempted on the basis of the conditions prescribed in the regulation 15(2)(a) and therefore compliances with the Regulation 27 of the Listing Regulations are not applicable to the Company for the time being.

As a consequence, Corporate Governance Report under Regulations 27 of the Listing Regulations does not form part of the Annual Report for the Financial Year 2018-19.

31. MANAGEMENT DISCUSSION AND ANALYSIS

The Management's Discussion and Analysis Report for the year under review, as stipulated under Regulations 34(2) of the Listing Regulations is Appended as Annexure # 4.

32. PARTICULARS OF REMUNERATION

Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of the Companies Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not applicable, as there were no Directors, Key Managerial Personnels and/or employees of the Company for which the information is required to be disclosed under the provisions of Section 197 of the Companies Act, 2013 read with Rules of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The Company has not paid any remuneration to any of its Directors. None of the Director takes sitting fee for attending the meetings of the Board and Committees of the Board.

33. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT

The Company does not have any shares lying in its Demat Suspense Account/Unclaimed Suspense Account.

34. ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation and sincere thanks to all stakeholders who through their continued support and co-operation have helped, as partners in your Company's progress.

For and on behalf of Board of Directors
For Precious Trading and Investments Limited
Place : Mumbai Ashwin N. Sheth
Date : 3rd September, 2019 Chairman
DIN: 00002053