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IMEC Services Ltd

BSE Code : 513295 | NSE Symbol : RUCHISTRIP | ISIN:INE611C01012| SECTOR: - |

NSE BSE
 
SMC up arrow

2.35

0.00 0.00 Volume 280564

29-Feb-2000 EOD

Prev. Close

2.35

Open Price

2.95

Bid Price (QTY)

-/-()

Offer Price (QTY)

-/-()

 

Today’s High/Low 3.00 - 3.00

52 wk High/Low 3.00 - 0.00

Key Stats

MARKET CAP (RS CR) 9.35
P/E 0
BOOK VALUE (RS) 0.3411695
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 5.48114646825112
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

02-Dec-2019

IMEC Services Ltd - Compliance Under Regulation 23(9) Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

16-Nov-2019

IMEC Services reports standalone net loss of Rs 0.08 crore in the September 2019 quarter

16-Nov-2019

IMEC Services reports consolidated net loss of Rs 5.90 crore in the September 2019 quarter

15-Nov-2019

IMEC Services Ltd - Announcement under Regulation 30 (LODR)-Newspaper Publication

06-Nov-2019

IMEC Services to announce Quarterly Result

29-Oct-2019

IMEC Services announces resignation of CEO

04-Sep-2019

IMEC Services AGM scheduled

08-Aug-2019

Board of IMEC Services appoints CFO

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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D P Wires Ltd 535012 DPWIRES
Decora Tubes Ltd(wound-up) 526343
Deeps Special Steels Ltd 513570
Denholm Steels Ltd (Wound-up) 513470
Dewan Steels Ltd 513646 DEWANSTEEL
Dhar Industries Ltd 513632
Dhatu Sanskar Ltd (Wound Up) 513322
Dina Iron & Steel Ltd 532003
Do-Max Steel Ltd 513339
Eastcoast Steel Ltd 520081 ESTCSTSTEL
Elango Steels Ltd 13452
Electrosteel Steels Ltd 533264 ELECTROSL
Ellora Steels Ltd 513424
Ensa Steel Industries Ltd 512135
Facor Steels Ltd 532657
Firth (India) Steel Company Ltd 504692
G K Steel & Allied Industries Ltd (Wound-up) 513287
Gallantt Metal Ltd 532726 GALLANTT
Gandhi Special Tubes Ltd 513108 GANDHITUBE
Gangotri Iron and Steel Company Ltd 530945
Garg Furnace Ltd 530615
Garg Steel & Alloys Ltd 40483
Global Arya Industries Ltd 513621
GM Mittal Stainless Steels Ltd 513199
Godawari Power & Ispat Ltd 532734 GPIL
Goodluck India Ltd 530655 GOODLUCK
Gopal Iron & Steels Co.(Gujarat) Ltd 531913
Graham Firth Steel Products (India) Ltd 504707
Grand Foundry Ltd 513343 GFSTEELS
Gujarat Bonanza Auto & Steel Rolling Ltd 523996
Gujarat Intrux Ltd 517372
Gujarat Natural Resources Ltd 513536
Gujarat Steel Tubes Ltd (Wound Up) 504710
Gujarat Wedge Wire Screens Ltd 513129
Gwalior Strips Ltd 513014
Gyscoal Alloys Ltd 533275 GAL
HAMCO Steels & Alloys Ltd 503839
Handum Industries Ltd 40342
Hariyana Metals Ltd 506024
Harpartap Steel Ltd 513689
Haryana Steel & Alloys Ltd 504601
Heera Ispat Ltd 526967
Him Ispat Ltd (Wound-up) 513017
Himachal Tubes & Wires Ltd 517029
Himtubes Ltd 513018
Hind Wire Industries Ltd 504716
Hindustan Wires Ltd 504713
Hisar Metal Industries Ltd 590018 HISARMETAL
Hi-Tech Pipes Ltd 532601 HITECH
Hitek Industries (Bihar) Ltd 513003
India Steel Works Ltd 513361 ISIBARS
Indian Bright Steel Company Ltd 504731
Indian Seamless Metal Tubes Ltd (Merged) 504754 ISMETALTUB
Indian Seamless Steels & Alloys Ltd (Merged) 513385 ISSAL
Indian Steel Rolling Mills Ltd 513275
Indore Wire Company Ltd 504784
Innoventive Industries Ltd 533402 INNOIND
ISMT Ltd 532479 ISMTLTD
Ispat Profiles India Ltd 531464 ISPATPROF
J M D Alloys Ltd 531765
Jagan Tubes Ltd 40268
Jalan Ispat Castings Ltd 513301
Jay Iron & Steel Industries Ltd 513542
Jindal Iron & Steel Company Ltd (Merged) 500107 JINDALIRON
JTL Infra Ltd 534600
Kalyani Steels Ltd 500235 KSL
Kamdhenu Ltd 532741 KAMDHENU
Kamini Ispat Ltd 531555
Kamper Concast Ltd 531475 KAMPERCONC
Kanakdhara Steel Ltd 513267 KANAKSTEEL
Kanan Steels Ltd 531476
Kanishk Steel Industries Ltd 513456
Kinjal Metals Ltd 531298
KR Steelunion Ltd (Wound-up) 513181
Kridhan Infra Ltd 533482 KRIDHANINF
Kritika Wires Ltd 535116 KRITIKA
Kusum Ingots & Alloys Ltd 513315 KUSUMINGOT
Kusum Iron & Steel Ltd 513625
Ladam Steels Ltd 513420
Lloyds Steels Industries Ltd 539992 LSIL
Mahalaxmi Seamless Ltd 513460
Mahamaya Steel Industries Ltd 513554 MAHASTEEL
Mahindra Ugine Steel Company Ltd(Merged) 504823 MAHINDUGIN
Majestic Industries Ltd 526857 MAJESTIND
Malhotra Steel Industries Ltd 513601
Mamta Steels Ltd 530051
Manaksia Coated Metals & Industries Ltd 539046 MANAKCOAT
Manaksia Steels Ltd 539044 MANAKSTEEL
Mardia Steel Ltd (Wound-up) 513707 MARDIASTL
Marmagoa Steel Ltd 513355
Mayura Alloy Industries Ltd 530437
MEK Slotted Angles (India) Ltd 513198
Metal Coatings (India) Ltd 531810
Metalman Industries Ltd 513131 METALPIPE
Midfield Industries Ltd 533220
Minhas Steels Ltd 530241
Mishra Dhatu Nigam Ltd 541195 MIDHANI
Modern Steels Ltd 513303
Mohatta & Heckel Ltd 504844
Moira Wires Ltd 513603
Mukand Ltd 500460 MUKANDLTD
Mukat Pipes Ltd 523832 MUKATPIPE
Mukesh Steels Ltd 513265
Mukesh Strips Ltd 517374
Muzaffarnagar Steels Ltd 504855
Narayani Steels Ltd 540080
National General Industries Ltd 531651
National Steel & Agro Industries Ltd 513179 NATNLSTEEL
Nova Steels (India) Ltd 513395 NOVASTEEL
Nova Udyog Ltd 513426
NSL Ltd (Merged) 504778 NSL
OCL Iron & Steel Ltd 533008 OISL
Oil Country Tubular Ltd 500313 OILCOUNTUB
P.M. Telelinnks Ltd 513403
Pact Industries Ltd 538963
Panchmahal Steel Ltd 513511 PANCHMSTEL
Paramount Steels Ltd 513062
Partap Rajastan Special Steels Ltd 504860
Pennar Engineered Building Systems Ltd(Merged) 539333 PENPEBS
Pennar Industries Ltd 513228 PENIND
Pittsburgh Iron & Steels Ltd 531135
Piyush Steels Ltd 530559
Powmex Steels Ltd (Merged) 513311 POWMEXSTL
Prabhu Steel Industries Ltd 506042
Prakash Industries Ltd 506022 PRAKASH
Prakash Steelage Ltd 533239 PRAKASHSTL
Premier Pipes Ltd 513291
Premier Tubes Ltd 506066
Progressive Steels (India) Ltd 531063
Punctual Trading Ltd 512461
Punjab Iron & Steel Co Ltd 513523
Quality Steels & Forgings Ltd 500348
Raajratna Metal Industries Ltd 530507
Raghav Productivity Enhancers Ltd 539837
Rajasthan Ambuja Industries Ltd 513438
Rajasthan Tube Manufacturing Co Ltd 530253
Rajinder Alloys Ltd 513408
Rajinder Pipes Ltd 523341 RAJINPIPE
Rajinder Steels Ltd 500353 RAJINSTEEL
Rajratan Global Wire Ltd 517522
Rakan Steels Ltd 513480
Rama Steel Tubes Ltd 539309 RAMASTEEL
Ramsarup Industries Ltd 532690 RAMSARUP
Ramsunar Rolsteel Ltd 513560
Ranjeev Alloys Ltd 513727
Rathi Alloys & Steel Ltd (Winded) 504895 RATHIALLOY
Rathi Bars Ltd 532918
Rathi Industries Ltd 513568
Rathi Ispat Ltd 504896
Rathi Steel & Power Ltd 504903
Ratnamani Engineering Ltd (Merged) 513591
Ratnamani Metals & Tubes Ltd 520111 RATNAMANI
Real Strips Ltd 513558
Remi Edelstahl Tubulars Ltd 513043
Riddhi Steel & Tube Ltd 540082
Rishab Concast Ltd 513299
Rishabh Digha Steel & Allied Products Ltd 531539
RMI Steels Ltd 513212
Rohini Strips Ltd 526277
Rudra Global Infra Products Ltd 539226
S K Foils Ltd 40396
SAIL-SCL Kerala Ltd 504953
Salasar Techno Engineering Ltd 540642 SALASAR
Samana Steels Ltd 513462
Sandeep Steels Ltd (Merged) 513432
Sanghvi Steels Ltd 513077
Sarda Energy & Minerals Ltd 504614 SARDAEN
Sarigam Seamless Pipes Ltd 513607
Sarigam Steels Ltd 513324
Scan Steels Ltd 511672
Seemax Industries Ltd 40273
Shah Alloys Ltd 513436 SHAHALLOYS
Sharda Ispat Ltd 513548
Shivalik Loha Mills Ltd 513615 SHIVLOHMIL
Shree Mahavir Ispat ltd 504925
Shree Steel Wire Ropes Ltd 513488
Shri Bajarang Alloys Ltd 526981
Shri Bhagavati Bright Bars Ltd 530913
Shri Ishar Alloy Steel Ltd 513223 SRISARALOY
Siddhartha Tubes Ltd 523728 SIDDHATUBE
Singh Alloys & Steels Ltd (Wound-up) 513697
Singhal Swaroop Ispat Ltd 513391 SSISPAT
Sipta Coated Steels Ltd (Merged) 513079 SIPTACOAT
Sivanandha Pipe Fittings Ltd 40125
SJB Tubes Ltd 517528
Somani Iron & Steels Ltd 504615
Somani Strips Ltd 530823
Somani Swiss Industries Ltd 511722 SOMANISWIS
Southern Iron & Steel Company Ltd(merged) 530491
Spearhead Metals & Alloys Ltd 513556
Splendid Metal Products Ltd 513414 SMPL
Sri Vasavi Industries Ltd 513609
Srikalahasthi Pipes Ltd 513605 SRIPIPES
Srinivasa Smelters Ltd 523814
Steel Strips Ltd 504717
Steel Tubes of India Ltd 506059 STEELTUBES
Steelco Gujarat Ltd 500399 STEELCOGUJ
Stelco Strips Ltd 513530
STI Products India Ltd 517492
Sunflag Iron & Steel Company Ltd 500404 SUNFLAG
Super Forgings & Steels Ltd 513277 SUPERFORGE
Supershakti Metaliks Ltd 541701
Supreme Engineering Ltd 535105 SUPREMEENG
Suraj Ltd 531638
Surana Industries Ltd 513597 SURANAIND
Surani Steel Tubes Ltd 535154 SURANI
Surya Roshni Ltd 500336 SURYAROSNI
Tamilnadu Steel Tubes Ltd 513540
Tata Metals & Strips Ltd (Merged) 502631
Tata SSL Ltd (Merged) 500396 SPECIALSTL
Technocraft Industries (India) Ltd 532804 TIIL
Thapar Concast Ltd 530453
Thapar Ispat Ltd 513285 THAPRISPAT
Titan Alloys Ltd 500417
Trident Steels Ltd (Wound-up) 513486
Tubetec Seamless Ltd 526007
Tulsyan NEC Ltd 513629 TULSYAN
UMI Special Steel Ltd(wound-up) 500435 BIHARALLOY
Umiya Tubes Ltd 539798
Uni-Metal Alloys Ltd 513482
Unison Metals Ltd 538610
United Special Ispat Ltd 40359
United White Metal Ltd 504980
Unity Steels Ltd 513186
Usha Iron & Ferro Metals Corporation Ltd 513464
Usha Martin Industries Ltd (Merged) 504986 USHAMARTIN
Usha Martin Ltd 517146 USHAMART
Uttam Value Steels Ltd 500254 UVSL
Vallabh Steels Ltd 513397
Vardhman Industries Ltd 513534
Vardhman Special Steels Ltd 534392 VSSL
Varun Industries Ltd 532917 VARUN
Vermani Steel Strips Ltd 513587
Vini Metaspin Steels Ltd (Wound-up) 531325
Viraj Alloys Ltd(merged) 513562 VIRAJALLOY
Visa Steel Ltd 532721 VISASTEEL
Vishwas Infocom Industries Ltd 513573
Volvo Steels Ltd 530285
Welspun Specialty Solutions Ltd 500365 REMIMETAL
Western Ministil Ltd 504998
Zenith Birla (India) Ltd 531845 ZENITHBIR

Share Holding

Category No. of shares Percentage
Total Foreign 104767 0.21
Total Institutions 79500 0.16
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 22304857 44.61
Total Promoters 17965592 35.94
Total Public & others 9540985 19.09
Total 49995701 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About IMEC Services Ltd

Incorporated in Jun.'87 as Ruchi Metals, Ruchi Strips & Alloys changed its name to the present in 1989. It was promoted by Ruchi Soya Industries, the Madhya Pradesh Audyogik Vikas Nigam and others. The company manufactures cold-rolled steel coils/strips with thickness in the range of 0.18 - 0.65 mm, and widths ranging from 650-1000 mm in both full hard and CRCA grades of ordinary drawing/deep drawing/extra deep drawing as per ISI specifications. The installed capacity is 50,000 tpa. The company's products are among the raw materials used for galvanised plain / corrugated coils. It is used in the manufacture of automobile accessories and in consumer durables like refrigerators, cupboards, washing machines, etc. The company made a public issue in Apr.'90 to part-finance the above projects. It has installed additional equipment for quality control facilities and line balancing. This is expected to improve production and add value. Ruchi Strips is identifying further areas of activity to generate earnings without a gestation period, for which a subsidiary is being formed.

IMEC Services Ltd Chairman Speech

IMEC Services Ltd Company History

Incorporated in Jun.'87 as Ruchi Metals, Ruchi Strips & Alloys changed its name to the present in 1989. It was promoted by Ruchi Soya Industries, the Madhya Pradesh Audyogik Vikas Nigam and others. The company manufactures cold-rolled steel coils/strips with thickness in the range of 0.18 - 0.65 mm, and widths ranging from 650-1000 mm in both full hard and CRCA grades of ordinary drawing/deep drawing/extra deep drawing as per ISI specifications. The installed capacity is 50,000 tpa. The company's products are among the raw materials used for galvanised plain / corrugated coils. It is used in the manufacture of automobile accessories and in consumer durables like refrigerators, cupboards, washing machines, etc. The company made a public issue in Apr.'90 to part-finance the above projects. It has installed additional equipment for quality control facilities and line balancing. This is expected to improve production and add value. Ruchi Strips is identifying further areas of activity to generate earnings without a gestation period, for which a subsidiary is being formed.

IMEC Services Ltd Directors Reports

To,

The Members of IMEC Services Limited

(formerly known as Ruchi Strips and Alloys Limited)

Your Directors have pleasure in presenting the 31 Annual Report together with Audited Financial Statements of the Company for the year ended March 31, 2019.

1. FINANCIAL PERFORMANCE AND STATE OF COMPANY'S AFFAIRS: (Rs. in Lac)
Particulars 31.03.2019 31.03.2018
Sales & Other Income 120.73 52.65
Earning before finance cost and depreciation 57.65 (24.03)
Depreciation and Financial Charges - 0.18
Profit/(Loss) before exceptional items & Tax 57.65 (24.21)
Exceptional items - -
Profit/(Loss) before Tax 57.65 (24.21)
Provision for Tax - -
Current Tax 11.09 -
Deferred Tax 41.63 (0.26)
Profit/(Loss) After Tax 4.93 (23.95)
Other Comprehensive Income/(Loss) (118.46) 0.60
Total Comprehensive Income/(Loss) (113.53) (23.35)

The Company is engaged in providing management and consultancy services inter-alia engineering, information technology & technical. The Company's turnover stood at Rs. 120.73 Lac for the year ended March 31, 2019 as compared to Rs. 52.65 Lac in the previous year. The Company reported net profit of Rs. 4.93 Lac as compared to loss of Rs. 23.95 Lac in the previous year. Management is evaluating various propositions to improve the financial situation and is hopeful of arriving out of the distressed financial position.

2. DIVIDEND:

Considering the continued weak performance of the Company and the losses incurred by the Company during the financial year under review, the Board of Directors of your Company expresses their inability to recommend any dividend for the year under report.

3. AMOUNT TRANSFERRED TO RESERVES:

The Company has not transferred any amount to its reserves during the year.

4. DEPOSITS:

The Company has not accepted any Deposits within the meaning of Section 73 of the Companies Act, 2013 ("the Act") and the Rules framed thereunder. As on March 31, 2019, there were no deposits lying unpaid or unclaimed.

5. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANY:

The Company has one Subsidiary i.e. RSAL Steel Private Limited (RSPL).

RSPL is engaged in manufacturing of Cold Rolled Close Annealed and other steel products and trading of Hot Rolled Coils, Cold Rolled Close Annealed, other steel products and Agro Commodities. The Consolidated Financial Statements presented by the Company includes the Financial Statements of its subsidiary company as well. The Gross Revenue of the subsidiary company stood at Rs. 5,851.58 Lac as compared to Rs. 8,780.92 Lac in the previous year. The Net Loss after tax for the year stood at Rs. (3,239.63) Lac as compared to Rs. (6,242.80) Lac in the previous year.

The last few financial years have been very turbulent years for RSPL and it had suffered heavy losses, which had accumulated to Rs. 255 Crore as at March 31, 2019. Due to current losses and losses incurred in the earlier years, RSPL had defaulted in repayment of borrowing (term loan and working capital facilities) to the

Banks and the account of RSPL with Banks had turned into a Non Performing Asset (NPA). Since then, RSPL is in the process of settlement of dues to Banks and to come out of NPA. At present the discussions with the banks for settlement are in process and the Management of RSPL is hopeful that it will be able to settle the dues with the Banks in due course.

The performance of RSPL was primarily impacted due to stretched working capital cycle, lower level of liquidity impacting capacity utilization and business operations. Since last few years Low utilization of capacity of plant had adversely affected the fixed cost absorption for RSPL and had affected its profitability. RSPL had taken various steps to cut down the expenses in manpower cost and in other expenses as well. RSPL is also exploring various other opportunities of getting more Job Work and approaching various other manufacturers in the steel segment. RSPL is confident to continue its manufacturing operation in foreseeable future and hopeful to continue its going concern status and is exploring various other opportunities and also constantly coordinating with the Lenders to arrive at the best possible outcome for the revival of the outstanding dues. Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, the statement containing salient features of the Financial Statement of the Company's subsidiary i.e. RSPL in Form AOC-1 is attached to the Financial Statements. The Company has no joint venture or associate company.

Further, pursuant to the provisions of Section 136 of the Act, the Financial Statements of the Company, Consolidated Financial Statements along with relevant documents and separate Audited Financial Statements in respect of subsidiary of the Company, are available on the website of the Company viz, www.imecservices.in. None of the companies which have become/ceased to be subsidiary(ies), joint ventures or associate companies during the year.

6. MATERIAL CHANGES BETWEEN THE DATE OF THE BOARDS' REPORT AND END OF FINANCIAL YEAR:

There have been no material changes and commitments, if any, 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 relate and the date of the report.

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

Your Directors have nothing to report on the aforesaid matters as your Company is not engaged in manufacturing activities and has no foreign collaboration and has not exported or imported any goods or services during the year.

8. BUSINESS RISK MANAGEMENT:

Pursuant to Section 134(3)(n) of the Act and Listing Regulations, the Company has framed a detailed Risk Management Policy for assessment of risk and determine the responses to these risks so as to minimize their adverse impact on the organization. The functional head of the Company is responsible for implementation of the risk management system as may be applicable to their respective areas of functioning and report to the Board/Audit Committee.

9. DIRECTORS & KEY MANAGERIAL PERSONNEL: A. DIRECTORS:

The Board of Directors has subject to approval of the Members in the ensuing Annual General Meeting of the Company, appointed Mrs. Shivani Gupta (DIN: 08275256) as an Additional and Woman Independent Director (Non-Executive) of the Company for a period of five consecutive years w.e.f. November 14, 2018.

Further, the Board of Directors had at its Meeting held on February 19, 2019 appointed Mr. Saket Barodia (DIN: 00683938) as an Additional Director (Non-Executive) of the Company who holds office as a Director up to the date of the this Annual General Meeting of the Company.

The Board has recommended to the Members to appoint/confirm the above Directors at the ensuing Annual General Meeting of the Company. During the year under review, Mr. Navin Khandelwal, Ms. Ishita Khandelwal and Mr. Umesh Shahra have resigned from the Directorship of the Company w.e.f. July 10, 2018, November 14, 2018 and February 20, 2019 respectively.

As on March 31, 2019 the Board of Directors of the Company consists of Mr. Saket Barodia (DIN: 00683938) - Non Executive Director, Mr. Ashutosh Mishra - (DIN: 00038320) - Independent Director (Non-Executive) and Mrs. Shivani Gupta (DIN: 08275256) - Woman Independent Director (Non-Executive). In compliance with Regulation 36(3) of the Listing Regulations, brief resume, expertise and other details of the Director proposed to be appointed/reappointed is given in the Notice convening the ensuing Annual General Meeting.

Pursuant to provisions of sub-section (6) of Section 149 of the Act and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), each of the Independent

Directors of the Company have submitted a declaration that each of them continue to meet the criteria of independence as provided in the Act and Listing Regulations.

During the year under review, there was no re-appointment of any of the Independent Directors in the Company.

B. KEY MANAGERIAL PERSONNEL:

As on March 31, 2019, the office of Key Managerial Personnel's comprised of Mr. Arvind Mishra-Chief Executive Officer, Mr. Ravi Deshmukh-Chief Financial Officer and Mr. Parag Gupta-Company Secretary and Compliance Officer.

Further, the Board of Directors at its Meeting held on August 8, 2019 appointed Mr. Nilesh Nagar as the Chief Financial Officer of the Company w.e.f. August 8, 2019 in place of Mr. Ravi Deshmukh who resigned from the office of Chief Financial officer of the Company w.e.f. closure of business hours on July 20, 2019.

10. BOARD EVALUATION:

Pursuant to the provisions of the Act and corporate governance requirements as prescribed by the Listing Regulations, the Board of Directors had on the basis of manner specified by the Nomination and Remuneration Committee carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Board Committees. The manner in which the evaluation has been carried out, is explained in the Corporate Governance Report.

The performance evaluation of Independent Directors has been done by the Board of Directors excluding the directors being evaluated.

A meeting of Independent Directors was held to review the performance of the Chairman, Non-Independent Directors of the Company and the performance of the Board as a whole as mandated by Schedule IV of the Act and Listing Regulations. The Directors also discussed the quality, quantity and timeliness of flow of information between the Company management and the Board, which is necessary for the Board to effectively and reasonably perform their duties. The feedback of the meeting was shared with the Chairman of the Company.

11. MEETINGS:

A calendar of Meetings is prepared and circulated in advance to the Directors. During the year, five Board Meetings, four Audit Committee Meetings, four Stakeholders' Relationship Committee Meetings and four Nomination and Remuneration Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report to this Annual Report of the Company. The intervening gap between the two Meetings was within the period prescribed under the Act/Listing Regulations.

The details of composition of the Board of Directors and its Committees is given in the Corporate Governance Report to this Annual Report of the Company.

12. POLICY FOR APPOINTMENT OF DIRECTORs, KMPs AND SENIOR MANAGEMENT AND THEIR

REMUNERATION:

The Board has adopted a policy for appointment of Directors, Key Managerial Personnel's and Senior Management and their remuneration. The extract of the said Policy is reproduced in the Corporate Governance Report.

13. DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5) of the Act, the Board of Directors of the Company hereby state and confirm that: i) In the preparation of the annual accounts for the financial year ended on March 31, 2018, the applicable accounting standards have been followed and no material departures have been made from the same; ii) we have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the Company for the year under review; iii) we have 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; iv) we have prepared the annual accounts/financial statements on a going concern basis; v) we have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and vi) we have devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

14. STATUTORY AUDITORS:

To conduct the Statutory Audit of the Company for the financial year ended March 31, 2019, M/s. M.S. Singhatwadia & Co. Chartered Accountants, Indore, the Statutory Auditors of the Company were appointed vide Special Resolution passed by the Members of the Company through Postal Ballot the results of the same was declared on February 19, 2019 in order to fill the casual vacancy caused by the resignation of M/s.

A. Gattani & Associates, Chartered Accountants, Indore. M/s. M.S. Singhatwadia & Co. holds the office as the Statutory Auditors of the Company till the conclusion of the this Annual General Meeting of the Company.

Further, the Company had received confirmation from M/s. M.S. Singhatwadia & Co., Chartered Accountants, Indore, regarding their consent and eligibility under Section 139 and 141 of the Act read with the Companies (Accounts) Rules, 2014 for re-appointment as Statutory Auditors of the Company for a period of five consecutive years from the conclusion of the ensuing Annual General Meeting. Your Board recommends their appointment as the Statutory Auditors at the ensuing Annual General Meeting of the Company. The Standalone and Consolidated Auditors' Report issued by M/s. M.S. Singhatwadia & Co., Chartered Accountants, Indore for the financial year ended March 31, 2019, does not contain any qualifications, reservations or adverse remarks.

15. SECRETARIALAUDITOR:

Pursuant to the provisions of Section 204 of the Act, Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the Listing Regulations, the Board of Directors of the Company at its meeting held on February 19, 2019, had appointed Ms. Neha Jain, Practicing Company Secretary, Indore as the Secretarial Auditor of the Company to undertake the Secretarial Audit of the Company for the financial year 2018-19. The Secretarial Audit Report in the prescribed Form MR-3 is annexed to this report as "Annexure-A". The said Secretarial Audit Report does not contain any qualifications or reservations except for the remarks as specified below on which the opinion of the Board is also mentioned: i) As per provision of Rule 8 of Companies (Accounts) Rules 2018, company has not made a disclosure in its Director's Report for the Financial Year 2017-18, as to whether maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is required by the Company: The provisions of Section 148 of the Companies Act, 2013 regarding appointment of Cost Auditor is not applicable to the Company, hence the Company did not made any disclosure in the Director's Report for the Financial Year 2017-18. The Company has from the Financial Year 2018-19 onwards started giving disclosure in its Director's Report about the non-applicability of appointment of Cost Auditor. ii) As per Regulation 7(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company intimated to stock exchange about execution of tripartite agreement via mail, which was not a proper means of intimation, it shall be intimated through BSE Listing Centre: Due to some technical issues the said intimation could not be sent through BSE Listing Centre.

iii) As per Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has not submitted the newspaper publications of financial results and notice of the Board meetings held for the quarter ended 31st March 2018 and 30th June 2018 to the stock exchange: The Company has started submitting the copy of newspaper publications from the quarter June 30, 2018 onwards with the Stock Exchange. iv) As per Regulation 33(3)(a) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has submitted quarterly and year-to-date standalone financial results to the stock exchange for the quarter ended 31st December 2018, on 19th February 2019, which was due to be submitted on or before 14th February 2019. Therefore BSE has imposed fine during the year through letter dated 05.03.2019, for late submission of financial results for the quarter ended December 2018 of Rs. 5000 per day till the date of compliance i.e. Rs. 25000+ 4500(18% GST) = 29500/-:

The Company was in process of appointment of new Statutory Auditors of the Company due to the casual vacancy caused in the office of Statutory Auditors; through Postal Ballot and e-voting Process for which the last date of receiving the ballot forms / e-voting was February 18, 2019 and the results of the same were declared and intimated to the Stock Exchange on February 19, 2019. Accordingly the Financial Results for the quarter ended December 2018 were submitted to the Stock Exchange on February 19, 2019 instead of the due date i.e. on or before February 14, 2019 on which the Company was supposed to submit to the Stock Exchange. Hence a penalty (Rs. 5,000/- per day for delay till the date of submission of Results) for an amount of Rs. 29,500/- (inclusive of GST at 18%) was imposed on the Company and the same had been paid by the Company. The Company had also requested to BSE to waive off the penalty imposed due to the reasons which were beyond the control of the Company.

v) The Company has not intimated Securities and Exchange Board of India after change of its name and update new name of listed entity on SCORES website till 31st March 2019: Inadvertently the said intimation was missed by the Company and the same had been complied with.

vi) As per provision of Section 7(3) of Payment of Gratuity Act 1972, the company has delayed payment of Gratuity to an employee (Director) which is required to be paid within 30 days from the date it becomes payable: Due the some technical issue the payment was delayed in this case.

Further, in accordance with provisions of SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 8, 2019 and the Listing Regulations, the Board of Directors of the Company had authorized Ms. Neha Jain Secretarial Auditor of the Company to issue the Secretarial Compliance Report for the financial year 2018-19.

In accordance with the provisions of the Listing Regulations, the Secretarial Compliance Report for the financial year 2018-19 issued by Ms. Neha Jain Practicing Company Secretary had been sent to the Stock Exchange within the statutory time limit.

16. INTERNALAUDITOR:

Pursuant to the provisions of Section 138 of the Act and rules made thereunder, the Board of Directors at its meeting held on August 4, 2018, had appointed M/s. Nahata Mahajan & Co., Chartered Accountants as the Internal Auditor of the Company for the Financial Year 2018-19. The respective reports of the Internal Auditor were placed before the Audit Committee Meeting of the Board of Directors of the Company for their review and necessary action. Further, the Board of Directors at its meeting held on May 30, 2019 re-appointed M/s. Nahata Mahajan & Co., Chartered Accountants as the Internal Auditor of the Company for the financial year 2019-20.

17. MAINTENANCE OF COST RECORDS:

Maintenance of cost records as specified by the Central Government under sub section (1) of Section 148 of the Companies Act, 2013, is not applicable to the Company.

18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY:

During the year under review, the Company has not made any loans or investments or given any guarantees or provided any securities under the provisions of Section 186 of the Act. The existing loans given, investments made, guarantees given and/or securities provided are in compliance with the provisions of the Act and Rules made thereunder and details thereof are given in the Notes to the Financial Statements of the Company.

19. RELATED PARTY TRANSACTIONS:

All transactions entered during the financial year into by the Company with the related party were in the ordinary course of the business and at arm's length basis. The Audit Committee grants omnibus approval for the transactions that are in the ordinary course of the business and repetitive in nature. For other transactions, the Company obtains specific approval of the Audit Committee before entering into any such transactions. Disclosures about the related party transactions which were in the ordinary course of business and at arm's length basis have been made in Note No. 23 to the Financial Statement. There are no materially significant related party transactions entered into by the Company. The policy on related party transactions as approved by the Board of Directors is available on the website of the Company viz. www.imecservices.in.

20. CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to constitute a Corporate Social Responsibility Committee, as it does not fall within purview of Section 135(1) of the Act and hence it is not required to formulate policy on corporate social responsibility.

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

IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

During the year under review, there has been no such significant and material orders passed by any Regulators or Courts or Tribunals impacting the going concern status of the Company or its operations in future.

22. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined in the Internal Audit Manual. To maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee of the Board.

The Internal Auditor 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 report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board. The Internal financial controls with reference to the financial statements were adequate and operating effectively.

23. WHISTLE BLOWER POLICY/ VIGIL MECHANISM:

The Company has a mechanism called the 'Vigil Mechanism' and a policy to facilitate its employees and Directors to voice their concerns or observations without fear or raise reports of instance of any unethical or unacceptable business practice or event of misconduct/ unethical behavior, actual or suspected fraud and violation of Company's Code of Conduct etc. to the Committee. The said Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern. The Whistle Blower Policy is disclosed on the website of the Company viz. www.imecservices.in.

24. PARTICULARS OF EMPLOYEES:

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in "Annexure-B" forming part of the Board's Report.

25. CORPORATE GOVERNANCE:

Your Company is committed to maintaining the standards of Corporate Governance and adhering to the Corporate Governance requirements as set out by the Securities and Exchange Board of India. The Report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report.

26. SECRETARIAL STANDARDS:

The Company complies with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

27. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report for the year under review, as stipulated under the Listing Regulations, is provided in a separate section forming part of the Annual Report.

28. DETAILS OF SEXUAL HARASSMENT COMPLAINTS:

In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (Sexual Harassment Act), the Company has formed a Policy for prevention, prohibition and redressal of sexual harassment of women at workplace. The provisions relating to the constitution of the Internal Complaints Committee are not applicable to the Company. The status of complaints as on March 31, 2019 under the Sexual Harassment Act is as under:

1. Number of complaints pending as at the beginning of the year: NIL

2. Number of complaint received in the year: NIL

3. Number of complaint disposed off during the year: NIL

4. Number of complaints pending as at the end of the year: NIL

29. EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in the prescribed Form MGT-9 is enclosed as

"Annexure-C".

30. LISTING AT STOCK EXCHANGE:

The Company's Equity Shares are continued to be listed on BSE Limited.

31. SHARE CAPITAL:

The paid up Equity Share Capital of the Company as on March 31, 2019 was Rs. 49.99 Crore. There was no change in the share capital during the year under review.

32. CERTIFICATION BY CHIEF EXECUTIVE OFFICER & CHIEF FINANCIAL OFFICER:

The Board of Directors have received a certificate from Chief Executive Officer and Chief Financial Officer of the Company as specified in Part B of Schedule II of Regulation 17 (8) of the Listing Regulations.

33. INDUSTRIAL RELATIONS:

Relations with the employees continued to remain cordial throughout the year. Your Directors wish to place on record their appreciation for sincere and dedicated services rendered by the executives and staff at all levels.

34. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the sincere cooperation extended by the Members, Bankers, Employees of the Company and all other Government Agencies in carrying out the business of the Company.

By order of the Board of Directors For IMEC Services Limited

(formerly known as Ruchi Strips And Alloys Limited)

Saket Barodia Ashutosh Mishra
Director Director
DIN : 00683938 DIN: 00038320

Date: August 8, 2019

Place: Indore

   

IMEC Services Ltd Company Background

Incorporation Year1987
Registered Office611 Tulsiani Chambers,Nariman Point
Mumbai,Maharashtra-400021
Telephone91-22-22851303/22873890,Managing Director
Fax91-22-22823177
Company SecretaryParag Gupta
AuditorM S Singhatwadia & Co/A Gattani & Associates
Face Value10
Market Lot1
ListingBSE,
RegistrarBigshare Services Pvt Ltd
1st Flr Bharat Tin W,Makwana Road Marol ,Andheri (East) ,Mumbai - 400059

IMEC Services Ltd Company Management

Director NameDirector DesignationYear
Ishita Khandelwal Independent Director 2018
Parag Gupta Company Secretary 2018
Ashutosh Mishra Independent Director 2018
Shivani Gupta Addtnl Independent Director 2018
Saket Barodia Addtnl Non-Executive Director 2018

IMEC Services Ltd Listing Information

IMEC Services Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of ServicesNA0001.1938
OthersNA0000
SKOMT0000
Other Operating RevenueNA0000
Scrap & WasteMT0000
DOC-OthersMT0000
GrainsMT0000
OilsMT0000
H R CoilsMT0000
CR Strips & SheetsMT0000
GPGC - Sheet/CoilsMT0000
Job WorkMT0000

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