To
The Members,
M/s. SNEHAA ORGANICS PRIVATE LIMITED
The Directors are pleased to present the 2nd Annual Report together with the
audited accounts for the year ended 31st March 2024. The summarized finandal
results of the Company are given hereunder:
FINANCIAL RESULTS
| Particulars |
As at 31.03.2024 |
As at 31.03.2023 |
|
Rs. |
Rs. |
| Total Revenue |
23,78,83,174 |
13,69,32,606 |
| Total Expenditure |
19,08,03,025 |
9,57,15,662 |
| Profit befo re Tax |
4,70,80,149 |
4,12,16,944 |
| Tax Expenses |
1,13,21,059 |
99,00,198 |
| Deferred Tax |
7,24,687 |
3,78,359 |
| Profit/Loss after Tax |
3,50,34,403 |
3,09,38,387 |
| Net Profit/Loss |
3,50,34,403 |
3,09,38,387 |
OPERATIONAL REVIEW/STATE OF COMPANY S AFFAIR;
During the year, the Company reported total revenue of Rs. 23,78,83,174/- as against
the previous year total revenue of Rs. 13,69,32,606/-. The net profit after tax was Rs.
3,50,34,403/- as at end of the year as against the previous year of net profit after tax
of Rs. 3,09,38,387/-.
Your Company is implementing the appropriate cost control measures and putting
continuous efforts for ?ncrease of business and profits and your directors are planning
to ?mplement the strategy to increase the turnover and profits of the Company. To achieve
this task, the management is implementing the strategy ?n improving the efficiency in
production process, in the area of marketing and controlling expenditure.
DIVIDEND
The Directors have not declared any dividend for the year under review.
TRANSFER TO RESERVES
During the year the net profit of Rs. 3,50,34,403/- was transferred to reserves &
surplus.
CHANGE IN THE NATURE OF BUSINESS
There was no change ?n the nature of the business of the Company during the year under
review.
DEPOSIT
Your Company has not accepted any public deposits under Section 73&76 of the
Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the
year under review.
DIRECTORS
A) Changes in Directors and Key Managerial Personnel
During the year under review, Mr. Venkata Sai Kiran Nandigala, Mr. Venkata Sai Harish
Nandigala, and Mrs. Venkata Lakshmi Nandigala are the Directors of the Company from the
date of its incorporation on July 05, 2022.
There were no changes in the directors or key managerial personnel by way of
appointment, re - designation, resignation, death or disqualification, variation made
orwithdrawn etc.
B) Declararon by an Independent Director(s) and re- appointment, if any - Not
Applicable
C) Formal Annual Evaluation - Not Applicable CORPORATE SOCIAL RESPONSIBILITY fCSR1
During the year under review, the Company does not fall under the purview of provisions
of section 135 read with Schedule Vil of the Companies Act, 2013. Henee the Company has
not made any contributions towards CSR Activities.
RISK MANAGEMENT
The development and implementation of risk management policy and various risks,
including the risks associated with the economy; regulations, competition, foreign
exchange, interest rate etc., are documented, monitored and managed efficiently.
NUMBER OF MEETINGS OF THE BOARD MEETINGS
The Board of Directors met 5 times during this financial year.
They met on 13.05.2023, 19.06.2023, 03.09.2023, 23.12.2023 and 30.03.2024 during the
finandal year.
| ?ame of the Director |
No. of Meetings attended |
| Mr. Venkata Sai Kiran Nandigala |
5 |
| Mr. Venkata Sai Harish Nandigala |
5 |
| Mrs. Venkata Lakshmi Nandigala |
5 |
Audit Committee - Not Applicable
Details of establishment of vigil mechanism for directors and employees- Not Applicable
Nomination and Remuneraron Committee- Not Applicable DIRECTOR S RESPONSIBILITY
STATEMENT
Pursuant to the requirement of Section 134(5) of the Companies Act, 2013, with respect
to Directors' Responsibility Statement, it is hereby confirmed:
(a) The applicable accounting standards had been followed along with proper explanaron
relating to material departures in the prepararon of the annual accounts;
(b) 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 at the end of the financial year and of
the profit and loss of the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) 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.
PARTICULARS OF EMPLOYEES/ DIRECTORS
Since the Company is a Pr?vate Limited Company, the disclosures under Section 197(12)
are not applicable to the Company.
FOREIGN EXCHANGE EARNINGS/OUTGO
During the year under review, there was no Foreign Exchange earnings and Outgo from the
operations of the Company as follows:
| Particulars |
As at March 31, 2024 |
|
Amount (USD) |
Amount (in INR) |
| Sales |
— |
— |
| Interest accrued but not due on borrowlnqs |
— |
— |
| Trade payables |
— |
-- |
| Professlonal & Consultaron Fees |
|
-- |
| Guarantee Fees |
|
— |
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION (A) Conservation of energy:
| S. No. Particulars |
|
| 1 The steps taken or impact on conservation of enerqy |
Company's operation does not consume siqnificant amount of enerqy. |
| 2 The steps taken by the Company for utilizinq alt?rnate sources of enerqy. |
Not applicable, in view of comments in clause (i) above. |
| 3 The capital investment on energy conservation equipment's |
Not applicable, in view of comments in clause (i) above. |
(B) Technology absorption/Benefits der?ved/ Imported Technologies:
| Particulars |
|
| 1 The efforts made towards technology absorption |
NIL |
| 2 The benefits derived like product improvement, cost reduction, product development
or import substitution |
NIL |
| 3 In case of imported technology (imported during the last three years reckoned from
the beginninq of the financial year) |
NIL |
| A) the details of technology imported |
NIL |
| B) the year of import |
NIL |
| C) whether the technology been fully absorbed |
NIL |
| D) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof |
NIL |
| E) The expenditure ?ncurred on Research and Development |
NIL |
ANNUAL RETURN
As required under section 134(3)(a) of the Companies Act, 2013 and Rules framed
thereunder, an extract of annual return ?n Form MGT-9 ?s enclosed as "Annexure-I"
which forms part of this Annual Report.
RISK MANAGEMENT POLICY
The existing Risk Management Policy of the Company as monitored by the Board of
Directors and S?nior Managerial Personnel has not identified any element of risk which
may threaten the existence of the company.
DETAILS 1N RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations.
Various Audit Systems in the Company monitors and evaluates the efficacy and adequacy
of internal control system in the Company, its compliance with operating Systems,
accounting procedures and policies of the Company. Based on the audit reports, Company
undertakes corrective actions in respective areas and strengthens the control. Significant
audit observations and corrective actions thereon are presented to the Audit Committee of
the Board periodically.
The Board of Directors of the Company have adopted various procedures for ensuring the
orderly and efficient conduct of its business for safeguarding its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information.
MATERIAL ORDERS
There were no material orders passed by Regulators or Courts affecting the ongoing
concern status and future operations.
MATERIAL CHANGES AND COMMITMENTS. IF ANY. AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURREP BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There were no such occurrences of material changes and commitments affecting the
financial position of the Company.
PARTICULARS OF ASSOCIATE. HOLDING. SUBSIPIARY AND JOINT VENTURE COMPANIES
There are no holding, associate, subsidiary and joint venture companies to the company
during the year under review.
PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARAS. ASSOCIATES AND JOINT
VENTURE COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT
Not Applicable as there are no holding, subsidiarles, associates and joint ventures.
PARTICULARS OF LOANS. GUARANTEE AND INVESTMENTS
The Company has not given any loan, guarantees or made investments during the year.
SHARE CAPITAL
During the year under review, the Company authorized share capital was Rs.
1,00,00,000/- divided in to
10.00. 000 equity shares of Rs. 10/- per share and the paid-up capital was Rs.
1,00,00,000/- divided in to
10.00. 000 equity shares of Rs. 10/- per share. There are no changes in the authorized
and paid-up capital of the Company during the year under review.
A) Issue of equity shares with differential rights. - NIL
B) Issue of sweat equity shares. - NIL
C) Issue of employee stock options. - NIL
D) Provisi?n of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees. NIL
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on
an arms' length basis and were in the ordinary course of business. There were no
materially significant related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons which may have a potential
conflict with the interest of the Company at large except the remuneration paid to the
Directors of the Company.
In line with the provisions of Section 177 of the Companies Act, 2013 read with the
Companies (Meetings of the Board and its Power) Rules, 2014, one time approval for the
estimated valu? of transactions with the related parties for the financial year ahead has
been obtained from the Board of Directors at their meeting. The transactions with the
related parties are routine and repetitive in nature. None of the Directors had any
pecuniary relationship or transactions with the Company, other than to the extent of their
shareholding and except the payments made to them in the form of remuneration/sitting fee.
In accordance with Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the
Companies (Accounts) Rules, 2014, the particulars of contract or arrangement entered into,
if any, by the Company with related parties referred to in Section 188(1) in Form AOC-2 is
attached as "Annexure-N" which forms part of this Annual Report. The
details of related party disclosures form part of the notes to the financial statements
provided in this annual report.
INSURANCE
All the properties and insurable interests of the Company ?ncluding buildings have
been fully ?nsured. WHISTLE BLQWER POLICY/VIGIL MECHANISM
In staying true to our val?es of Passion, Result-Oriented, Wellness, Transparent &
Trust, Customer Success, Give back and in line with our visi?n of being one of the most
respected companies, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility. In line with requirement of the Companies Act,
2013, Vigil Mechanism/Whistle Blower Policy has been formulated for Directors and
employees to report concerns about unethical behavior, actual or suspected fraud or
violation of Company's Code of Conduct etc. The said Policy provides for adequate
safeguard against victimization of directors/employees who avail of such mechanism and
provides access to the Chairman of Board of Directors in exceptional cases. It is affirmed
that no person has been denied access to the Chairman. During the year, no Whistle Blower
complaints were received.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE fPREVENTION. PROHIBITION
AND REDRESSA? ACT. 2013
The Company as required under the provisions of "The Sexual Harassment of Women at
Workplace (Prohibition, Prevention and Redressal) Act, 2013" has framed a Policy on
Prohibition, Prevention and Redressal of Sexual Harassment of Women at Workplace and
matters connected therewith or incidental thereto. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
During the year under review, the Company has not received any complaints under this
Policy
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143M21
Nil.
AUDITORS
M/s. Sumalatha & Associates, Chartered Accountants, Firm Reg. No. 016036S,
Hyderabad, was appointed as Statutory Auditors of the Company in the 1st AGM of
the Company held on September 30, 2023 to hold office from the conclusi?n of 1st
Annual General Meeting ("AGM") till the conclusi?n of the 6th AGM of
the company, at remuneration plus GST at applicable rates and reimbursement of out of
pocket expenses as may be decided by the Board of Directors. They have consented to act as
the Statutory Auditors of the company and accordingly have issued the eligibility
certif?cate under Sec. 139 of the Companies Act, 2013.
REPLY TO THE QUALIFICATION IN THE AUDITOR S REPORT
There are no qualifications in the Auditor's report.
COST AUDIT
Cost Audit ?s not applicable as per Sec 148 of the Companies Act 2013, read with
Companies (Cost Records and Audit) Rules.
DETA1LS OF APPLICATION MADE OR ANY PROCEEDING PRENDING UNDER THE INSOLVENCY AND
BANKRUPTCY COPE. 2016
During the year under review, no application was made under the Insolvency and
Bankruptcy Code, 2016 and there were no one time settlement with any of the Banks or
Financial Institutions.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company complied with all applicable mandatory Secretarial Standards issued by the
Institute of Company Secretaries of India.
COMMENTS BY THE BOARD ON QUALIFICATIQN / ADVERSE REMARKS BY THE AUDITOR AND PCS IN
THEIR REPORTS
The Board has taken note of the Statutory Auditors' Report and the same shall be placed
before the members, for their consideration at the ensuing AGM.
There are no qualifications/adverse remarks by the Auditors in their Report.
A STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BY
THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTOR fPAID
UP SHARE CAPITAL >=25 CRORE1
This provisi?n is not applicable to the Company.
ACKNOWLEDGEMENT
The Board of Directors take this opportunity to place on record their appreciation to
all the Stakeholders of the Company, viz., customers, investors, banks, regulators,
suppliers and other business associates for the support received from them during the year
under review. The Directors also wish to place on record their deep sense of gratitude and
appreciation to all the employees for their commitment and contribution towards achieving
the goals of the Company.
|
By order of the Board |
|
| Place: Hyderabad |
For Snehaa Organics Pr?vate Limited |
|
| Date: 02 September, 2024 |
|
|
|
Venkata Sai Kiran Nandigala |
Venkata Sai lHar?sh'Nandigala |
|
Managing Director |
Director |
|
DIN.07986570 |
DIN.07967075 |