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Inflame Appliances Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 363.42 Cr. P/BV 34.16 Book Value (Rs.) 14.49
52 Week High/Low (Rs.) 730/346 FV/ML 10/250 P/E(X) 112.26
Bookclosure 29/06/2019 EPS (Rs.) 4.41 Div Yield (%) 0.00
Year End :2018-03 

The Shareholders,

The Directors have pleasure in presenting the 1st (First) Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31, 2018.

1. FINANCIAL RESULTS:

The Company's financial performance for the year ended March 31, 2018 is summarized as below:

(Amount in Rs.)

Particulars

Current Year 201 7-18

Revenue from operations

89,907,038.51

Other income (net)

69,999.00

Total Income

89,977,037.51

Less:

Operating & Administrative expenses

84,653,552.22

Profit Before Depreciation Interest & Tax

5,323,485.29

Less:

Depreciation and amortization expense

1,198,256.00

Finance costs

1 84,004.97

Profit before exceptional item and tax

3,941,224.32

Exceptional item

0.00

Profit before tax (PBT)

3,941,224.32

Tax expense

898,937.00

Profit after tax for the year (PAT)

3,042,287.32

EPS (Rs.)

0.76

Our Company was incorporated on November 14, 2017 by conversion of partnership firm M/s Techno Engineering Corpn. which was formed in the year 2010. The financial performance in total of our Company erstwhile partnership for the year 2017-18 is as under:-

(Amount in Rs.)

Particulars

Current Year 2017-18

Revenue from operations

32,1 2,35,079.00

Other income (net)

12,46,616.00

Total Income

32,24,81,695.00

Less:

Operating & Administrative expenses

30,33,99,241.00

Profit Before Depreciation Interest & Tax

1,90,82,454.00

Less:

Depreciation and amortization expense

22,01,104.00

Finance costs

14,67,028.00

Profit before exceptional item and tax

1,54,14,322.00

Exceptional item

0.00

Profit before tax (PBT)

1,54,14,322.00

Tax expense

30,17,809.00

Profit after tax for the year (PAT)

1,23,96,512.00

EPS (Rs.)

0.76

2. OPERATION & REVIEW

The Company Inflame Appliances Limited, was incorporated by way on Conversion of erstwhile Partnership Firm Techno Engineering Corpn. Company's performance during the Financial Year 2017-18 was partly in the name of Techno Engineering Corpn. and partly in the name of Inflame Appliances Limited.

Revenue from the operations was Rs. 23.13 Crores in the name of Techno Engineering Corpn. & Rs. 8.99 Crores in the name of Inflame Appliances Limited. Aggregating a total of Rs. 32.12 Crores, 77.85% higher than Rs. 18.06 Crores in the previous year. Detailed report on operations of and structure of Business of the Company has been included in Management Discussion and Analysis Report, which forms part of this Annual Report.

3. RISK MANAGEMENT AND INTERNAL CONTROL

Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner. The Company at regular intervals monitors the financial, operational, legal risk to the Company through procedures like audit, inspections etc.

There is no risk, which in the opinion of the Board may threaten the existence of the Company. The internal financial controls are adequate and are monitored at regular intervals.

4. DIVIDEND

The Board thinks that the profits should be retained for the expansion of the Company, which is in pipeline for more growth and value addition to the company and forming a strong business base so that revenue flows from many channels and hence the Directors of your Company do not recommend any dividend for FY 2017-18.

5. SHARE CAPITAL

During the financial year 2017-18, the company has allotted 12,00,000 equity shares of Rs. 10/- each at a premium of Rs. 44/- per share through Initial Public Offer (IPO) on SME Platform of BSE Limited. The Company got listed on BSE SME Platform with effective from March 16, 2018.

During the year under review, Following Allotments were made:

S No.

Date

Type

Particulars

Shares Allotted

01

14/11/2018

Subscription to MOA

14,55,400 Shares allotted pursuant to Pursuant to conversion of partnership firm M/s Techno Engineering Corpn. into Company.

14,55,400

02

05/01/2018

Preferential

Allotment

1,1 8,000 shares to Aditya Kaushik 14,600 shares to Dinesh Kaushik

1,32,600

03

15/01/2018

Preferential

Allotment

1,62,000 shares to Aditya Kaushik

1,62,000

04

17/01/2018

Bonus

Shares

10,50,000 Equity Shares Allotted by way of Bonus Issue to existing Shareholders

10,50,000

6. USE OF PROCEEDS

The proceeds from the Issue of the Company vide prospectus dated February 23, 2018 have been utilized / are in process of utilization for the purpose for which they were raised and there is no deviation in the utilization of proceeds.

7. TRANSFER TO RESERVES

The Company has not transferred any amount to the General Reserve account during the reporting period.

8. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

During the period under review, there is no unpaid/unclaimed dividend which is required to transfer in IEPF (Investor Education and Protection Fund) as per the provisions of the Companies Act, 2013.

9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Separate report on Management Discussion and Analysis Report as required under regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been presented in a separate section forming part of this Annual Report.

10. CHANGE IN NATURE OF THE BUSINESS

There was no change in the nature of business of the Company during the year under review.

11. HUMAN RESOURCE DEVELOPMENT

The Company sees its employees as critical to the future and believes that every employee needs to possess apart from competence, capacity and capabilities, sustainable values, current and contemporary which would make them useful and relevant and competitive in managing the change constructively for overall growth of the organization. To this end the company's approach and efforts are directed towards creating a congenial work atmosphere for individual growth, creativity and greater dedicated participation in organizational development. The Company believes that the success of an organization largely depends on the quality of its workforce. Employee relations remained cordial and peaceful throughout the year.

12. QUALITY INITIATIVES

The Company is committed to the highest level of quality and continuous improvement programme are organized at all the level. We are having Quality Approval from the department of BIS (Bureau of Indian Standard) and our products are per specification and standards set by the Department. Our Company is IS 4246:2002 certified company by the independent originations.

13. SUBSIDIARY COMPANIES

The Company does not have any subsidiary companies. Hence, Your Company is not required to present the consolidated financial statement as per the requirement of the provision of Section 136 of the Companies Act, 2013.

14. MATERIAL CHANGES AND COMMITMENTS

There is no material change and commitments affecting the Financial Position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relates and the date of the report.

15. PROGRAMME FOR FAMILIARISATION OF INDEPENDENT DIRECTORS

The details of programme for familiarization of independent directors of 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's website www.inflameindia.com

16. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mrs. Anita Kaushik, Whole Time Director is liable to retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer herself for re- appointment.

Mrs. Smita Bhandari is appointed as additional Non-Executive Director on the Board w.e.f. August 28, 2018 and regularization as Non-Executive Independent Director for five years in the forthcoming Annual General Meeting, not liable to retire by rotation.

Dr. Bindu Bhardwaj who has resigned from the post of Non-Executive Independent Director w.e.f. April 13, 2018 as approved by board of Directors via resignation letter dated March 31, 2018.

A Statement on declaration given by Independent Directors under section 149 sub-section (6) is given by Independent Director of the Company

There was no change in any Key Managerial Personnel of the Company during the year.

17. NUMBER OF MEETINGS OF THE BOARD

Nine (9) meetings of the board were held during the year. For details of the meetings of the board, please refer to the Corporate Governance Report, which forms part of this report.

18. BOARD EVALUATION

The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/Committee Governance. The evaluation covered functioning and composition of the Board and its committees, understanding of the roles and responsibilities, experience, competencies, participation at the Board and Committee meetings, corporate governance practices etc.

Evaluation of the Board and its compositions was carried out through a defined process covering the areas of the Boards functioning viz. composition of the Board and Committees, understanding of roles and responsibilities, experience and competencies, contribution at the meetings etc.

19. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

Pursuant to the requirement of Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy on appointment of Directors including criteria for determining qualifications, positive attributes, independence of a Director and the policy on remuneration of Directors, KMP and other senior management has been disclosed in the corporate governance report, which forms part of this report.

20. AUDIT COMMITTEE

During the year under review, the Company constituted the Audit Committee and the primary objective is to monitor and supervise the financial reporting, to ensure accurate and timely disclosures, transparency, integrity and quality of financial reporting. As of the date of this report, the audit committee is comprised of Mr. Akshay Kumar Vats (Chairman), Dr. Bindu Bhardwaj (Member) and Mr. Aditya Kaushik (Member).

21. STATUTORY AUDITORS

Deepak Jhanwar & Co., Chartered Accountants, who are the statutory auditors of the Company, hold office till the August 10, 2018 and resigned from the post of Statutory Auditor of the Company w.e.f. August 11, 2018. The appointment of M/s Gandhi Minocha & Co., Delhi as the Statutory Auditors for a period of five years from the conclusion of this Annual General Meeting held on September 28, 2018 till the conclusion of AnnualGeneral Meeting of the Company to be held in calendar year 2023. Accordingly, requisite resolution forms part of the notice convening the AGM. The auditors' report does not contain any qualifications, reservations or adverse remarks.

22. SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Kamiya, Company Secretary in practice to undertake the Secretarial Audit of the Company for the year under review. The Board has duly reviewed the Secretarial Auditor's Report and the comments, appearing in the report are self-explanatory and do not call for any further explanation by the Board of Directors as provided under section 134 of the Act. The Secretarial Audit Report is annexed herewith as "Annexure-IV”.

23. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The particulars of loans, guarantees and investments have been disclosed in the financial statements.

24. VIGIL MECHANISM /WHISTLE BLOWER POLICY

As per the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Regulation 22 of Securities and Exchange Board Of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has a Whistle Blower Policy with a view to provide vigil mechanism to Directors, employees and other stakeholders to disclose instances of wrong doing in the workplace and report instances of unethical behavior, actual or suspected fraud or violation of the Company's code of conduct or ethics policy. The Whistle Blower Policy also states that this mechanism should also provide for adequate safeguards against victimization of Director(s)/ Employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in exceptional cases.

25. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013

The Company has zero tolerance towards sexual harassment at the 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.

During the Financial Year 2017-18, the Company has not received any complaints of sexual harassment.

26. TRANSACTIONS WITH RELATED PARTIES

Pursuant to the provisions of Section 134 (3) read with Section 188 (2) of the Companies Act, 2013, details of transaction for the year under review are given in Form AOC-2 as Annexure-III to this report and in the section on Related Party Transactions in Corporate Governance Report.

27. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT 9 as per provisions of Companies Act, 2013 and rules there to be annexed to this report as "Annexure - II”.

28. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014 in respect of employees of the Company will be provide upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto excluding the information on employee's particulars which is available for inspection by members at the registered office of the Company during the business hours on all working days of the Company up to the date of ensuing Annual General Meeting of the Company. If any member is interested in inspection the same, the member may write to the Company Secretary in advance.

29. DEPOSITS FROM PUBLIC

Your Company has not accepted any Fixed Deposits as defined under Section 73 of the Companies Act, 2013 and rules framed thereunder.

30. DIRECTORS’ RESPONSIBILITY STATEMENT

As required by Section 134 (5) of the Companies Act, 2013, the Directors hereby confirm:

(i) in the preparation of the annual financial statements, applicable accounting standards have been followed and there are no material departures from the said standards;

(ii) such accounting policies have been selected and applied consistently and judgments and estimates made 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, 2018 and of the profit of the company for the year ended on that date;

(iii) proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for prevention and detection of fraud and other irregularities;

(iv) the annual financial statements have been prepared on a going concern basis;

(v) proper internal financial controls are in place and are adequate and are operating effectively; and

(vi) the systems to ensure compliance with the provisions of all applicable laws are in place and are adequate and operating effectively.

31. CORPORATE SOCIAL RESPONSIBILITY

The Company is not falling under the criteria as mentioned in the Section 135 of the Companies Act, 2013 and rules made thereof which specifies the requirement of forming the Corporate Social Responsibility Committee.

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

Details of the energy conservation, technology absorption and foreign exchange earnings and outgo are annexed to this report as "Annexure - I”.

33. THINK GREEN. GO GREEN’ INITIATIVE

The Companies Act, 2013 permits companies to send documents like Notice of Annual General Meeting, Annual Report and other documents through electronic means to its members at their registered email addresses, besides sending the same in physical form.

As a responsible Corporate Citizen, the Company has actively supported the implementation of 'Green Initiative' of Ministry of Corporate Affairs (mCa) and effected electronic delivery of Notices and Annual Reports to those shareholders whose email ids were already registered with the respective Depository Participants (DPs) and who have not opted for receiving such documents in physical form. The intimation of dividends (interim/final) is also being sent electronically to those shareholders whose email ids are registered.

Members, who have not registered their e-mail addresses so far, are requested to register their e-mail address with the Registrar and Share Transfer agent (R&TA) of the Company/Depository participant (DP) of respective member and take part in the Green Initiative of the Company, for receiving electronic communications and support the “THINK GREEN, GO GREEN” initiative.

Further, pursuant to Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014, the Company is providing e-voting facility to all members to enable them to cast their votes electronically in respect of resolutions set forth in the Notice of Annual General Meeting (AGM). The detailed instructions for e-voting are provided in the Notice of AGM.

34. ACKNOWLEDGEMENT

We thank our customers, vendors, dealers, investors, business associates and bankers for their continued support during the year. We place on record our appreciation of the contribution made by employees at all levels.

For and on behalf of the Board

Inflame Appliances Limited

Sd/-

Mr. Aditya Kaushik

Chairman & Managing Director

DIN -06790052

Sd/-

Mr. Dinesh Kaushik

Place - Baddi, Solan, Himachai pradesh. Whole time Director

Date - 28/08/2018 DIN - 07971536


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