A B Infrabuild Ltd
Directors Reports
To,
The Members,
A B Infrabuild Limited,
Your Directors have pleasure in presenting the 12th Annual Report of your company along
with the Audited Financial Statements for the Financial Year ended on 31st March, 2022.
Further, in compliance with the Companies Act, 2013 the company has made all requisite
disclosures in the Board Report with the objective of accountability and transparency in
its operations and to make you aware about its performance and future perspective.
1. FINANCIAL RESULTS:
The Company's performance during the financial year ended March 31, 2022 as compared to
the previous financial year is summarised as below:
(Amount in Lakh)
| Particulars |
2021-22 |
2020-21 |
| Revenue from Operations |
6431.57 |
6178.37 |
| Other Income |
28.22 |
66.90 |
| Total Revenue |
6459.80 |
6245.28 |
| Less: Finance Cost |
393.84 |
363.94 |
| Less: Depreciation & Amortization |
81.76 |
26.01 |
| Less: Other Expenses |
5917.11 |
5788.67 |
| Profit Before Tax & Exceptional Items |
67.08 |
66.65 |
| Exceptional Items |
(45.43) |
365.42 |
| ProfiV (Loss) Before Tax |
112.51 |
(298.77) |
| Current Tax |
17.66 |
11.90 |
| Short/Excess Provision of Taxation |
0.32 |
0.87 |
| Deferred Tax |
8.08 |
(88.67) |
| Profit/ (Loss) After Tax |
86.44 |
(222.87) |
| Other Comprehensive Income |
- |
- |
| Net Profit/ (Loss) |
86.44 |
(222.87) |
2. PERFORMANCE REVIEW:
During the year under review, the revenue from operations were ? 6431.57 Lakhs as
against ? 6178.37 Lakhs in the previous year. The Company reported a profit before tax of
^ 112.51 Lakhs as against loss of ? 298.77 Lakhs in the previous financial year and net
profil for the year was ? 86.44 Lakhs as against loss of ? 222.87 Lakhs in previous
financial year.
• Current Financial has impacted company's operations majorly due to labour
shortage and delay in Debtors Collections coupled with non-availability of working capital
funding. However, there was increase in the turnover of the Company as compared to
previous years as mentioned above.
3. IMPACT OF COVID-19 PANDEMIC:
In the early 2021 the world faced the impact of 2nd Wave of Covid, learning from
experiences of wave-1, the government resorted to a limited lockdown, which ensured that
most of the industries were running, essential activities were open though for a limited
time, supply chains were not disrupted, factory employees were able to go to work etc.
These restrictions are now being gradually being eased by state governments depending on
reduction in active cases and availability of beds, oxygen supplies etc.
The management is of the view that future prospects and growth of your Company will
depend on the overall economic scenario. However, all necessary activities have been
initiated which would give us the lead in future.
4. DIVIDEND:
With a view to provide cushion for any financial contingencies in the future and to
strengthen the financial position of the Company, your Directors have decided not to
recommend any dividend for the period under review.
5. RESERVES:
In the financial year 2021-22, the reserves maintained with the Company is ? 1511.84
Lakhs while in the year 2020-21, reserves was ^ 1417.53 Lakhs.
6. MATERIAL CHANGE 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 STATEMENT RELATE AND THE DATE OF THIS REPORT:
There have been no material changes 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 relate and the date of the report.
7. DEPOSITS:
The Company has neither accepted nor renewed any deposits falling within the purview of
Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules,
2014 as amended from time to time, during the year under review and therefore details
mentioned in Rule 8(5)(v) & (vi) of Companies (Accounts) Rules, 2014 relating to
deposits, covered under Chapter V of the Act is not required to be given.
8. CHANGES IN NATURE OF BUSINESS:
There is no significant change made in the nature of the Company during the financial
year under review
9. SHARE CAPITAL:
The Capital Structure of the Company as on 31st March, 2021 are as follows: -
The Authorized Share Capital of the Company is ^ 15,00,00,000 (Rupees Fifteen Crore)
divided into 1,50,00,000 (One Crore Fifty Lakh) Equity Shares of 10/- each.
The Issued, subscribed and Paid up Share Capital of the Company is ^ 12,66,94,470
(Rupees Twelve Crore Sixty-Six Lakh Ninety Four Thousand Four Hundred Seventy) divided
into 1,26,69,447 (One Crore Twenty-Six Lakh Sixty-Nine Thousand Four Hundred Forty Seven)
Equity Shares of ^ 10/- each.
During the year under review the Company has not issued any shares. The Company has not
issued any shares with differential voting rights or sweat equity or granted stock
options.
10. DETAILS OF SUBSIDIARY/JOINT VENTURE/ ASSOCIATES COMPANIES:
As on 31st March 2022, the Company does not have any subsidiary or joint venture and
associate company.
11. LISTING OF SHARES:
The Company's shares are listed on NSE emerge SME platform with ISESJ INE00YB01017&
Symbol ABINFRA.
12 DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Composition of the Board and Key Managerial Persons (KMP) of the Company as on 31st
March, 2022 were as follow:
| Sr. Name of Director No. |
Designation/ Appointment |
Change in designatio n |
Date of change in designation / Date of Appointment |
Date of Resignation |
| 1 Mr. Amit Mishra |
Managing Director |
- |
07/06/2018 |
— |
| 2 Mr. Shreeprakash Singh |
Whole Time Director |
- |
07/06/2018 |
__ |
| 3 Mr. Bharatkumar Parmar |
Whole Time Director |
- |
07/06/2018 |
_ |
| 4 Mr. Mukesh Pandey |
Whole Time Director |
- |
07/06/2018 |
— |
| 5 Mr. Udayan Chindarkar |
Independent Director |
- |
07/06/2018 |
— |
| 6 Ms. Vanita Bhuva |
Independent Director |
- |
07/06/2018 |
_ |
| 7 Mrs. Khushbu Luthra |
Company Secretary |
- |
15/02/2021 |
14/02/2022 |
| 8 Mr. Kanti Mohan Mishra |
Chief Financial Officer |
- |
02/04/2021 |
01/12/2021 |
| 9 Mr. Danish Salmani |
Chief Financial Officer |
- |
01/12/2021 |
— |
Note: Mr. Danish Salmani has been appointed as Chief Financial Officer w.e.f.
01/12/2021. Mr. Pawan Prajapati has been appoited as Company Secretary w.e.f. 25/06/2022
Directors Retiring by Rotation:
Pursuant to Section 152 of the Companies Act, 2013 and in accordance with the Article
of Association of the Company, Mr. Mukesh Pandey, Director of the Company retires by
rotation at the ensuing Annual General Meeting and being eligible offers himself for
reappointment. The Board of Directors recommends his re-appointment (s).
Declaration by Independent Directors:
Pursuant to the provisions of sub-section (7) of Section 149 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. The Independent Director have complied with the Code of
Conduct for Independent Directors prescribed in Schedule IV of the Act. In view of the
available time limit, those Independent Director who are required to undertake the online
proficiency self assessment test as contemplated under Rule 6(4) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, are yet to undertake such test.
The Company has received declarations from all Independent Directors of the Company
confirming that they continue to meet the criteria of independence as prescribed under
Section 149 of the Companies Act 2013.
13. BOARD AND COMMITTEE MEETING:
Number of Board Meetings
The Board of Directors met 8 times during the financial year ended March 31, 2022 on
02nd April 2021, June 01, 2021, June 29, 2021, September 02, 2021, October 27,2021,
December 01, 2021, December 28, 2021 and February 14, 2022 in accordance with the
provisions of the Companies Act, 2013 and rules made there under. The intervening gap
between two board was within the period prescribed under the Companies Act, 2013 and as
per Secretarial Standard-1. The prescribed quorum was presented for all the Meetings and
Directors of the Company actively participated in the meetings and contributed valuable
inputs on the matters brought before the Board of Directors from time to time.
Attendance of Directors in the Board Meeting:
| Sr. No. Name of Directors |
No. of Board Meetings |
|
Entitle to attend |
Attended |
| 1 Mr. Amit Mishra |
8 |
8 |
| 2 Mr. Bharatkumar Parmar |
8 |
8 |
| 3 Mr.Shreeprakash Singh |
8 |
8 |
| 4 Mr. Mukesh Pandey |
8 |
8 |
| 5 Mr. Udayan Chindarkar |
8 |
7 |
| 6 Ms. Vanita Bhuva |
8 |
7 |
Number of Committees Meeting
The Audit Committee met 6 times during the Financial Year ended March 31, 2022. The
Stakeholders Relationship Committee met 1 times during the Financial Year ended March 31,
2022. The Nomination and Remuneration Committee met 4 times during the Financial Year
ended March 31, 2022. Members of the Committees discussed the matter placed and
contributed their valuable inputs on the matters brought before the meetings.
14. COMMITTEES OF THE BOARD:
The Company has three committees viz; Audit Committee, Nomination and Remuneration
Committee, Stakeholders Relationship Committee which has been established as a part of the
better corporate governance practices and is in compliance with the requirements of the
relevant provisions of applicable laws and statutes.
I. Audit Committee:
During the year under review, meeting of Audit Committee were held on April 02, 2021,
June 29, 2021, September 02, 2021, October 27,2021, December 01, 2021 and February 14,
2022 and the attendance records of the members of the Committee are as follows :
|
Designation |
No. of Meetings |
| Sr. Name |
|
Held |
Attended |
| 1 Ms. Vanita Bhuva |
Chairperson & Member |
6 |
6 |
| 2 Mr. Udayan Chindarkar |
Member |
6 |
6 |
| 3 Mr. Amit Mishra |
Member |
6 |
6 |
All the recommendation made by the Audit Committee in the financial year 2021-22 was
approved by the Board.
II. Composition of Nomination &Remuneration Committee:
During the year under review, meeting of Nomination & Remuneration Committee was
held on June 01, 2021, September 02, 2021, December 01, 2021 and February 14, 2022 and the
attendance records of the members for the Committee are as follows :
|
Designation |
No. of Meetings |
| Sr. Name |
|
Held |
Attended |
| 1 Ms. Vanita Bhuva |
Chairperson & Member |
4 |
4 |
| 2 Mr. Udayan Chindarkar |
Member |
4 |
4 |
| 3 Mr. Amit Mishra |
Member |
4 |
4 |
III. Composition of Stakeholder Relationship Committee
During the year under review, meeting of Stakeholder Relationship Committee was held on
18th March 2022 and the attendance records of the members of the Committee are as follows:
| Sr. Name No. |
Designation |
No. of Meetings |
|
|
Held |
Attended |
| 1 Ms. Vanita Bhuva |
Chairperson & Member |
1 |
1 |
| 2 Mr. Udayan Chindarkar |
Member |
1 |
1 |
| 3 Mr. Amit Mishra |
Member |
1 |
1 |
15. PERFORMANCE EVALUATION OF THE BOARD:
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the
Board has carried the evaluation of its own performance, performance of Individual
Directors, Board Committees, including the Chairman of the Board on the basis of
attendance, contribution and various criteria as recommended by the Nomination and
Remuneration Committee of the Company. The evaluation of the working of the Board, its
committee, experience and expertise, performance of specific duties and obligations etc.
were carried out. The Directors expressed their satisfaction with the evaluation process
and outcome.
16. CORPORATE SOCIAL RESPONSIBILITY:
Provisions of Corporate Social Responsibility pursuant to the provisions of the Section
135 of the Companies Act, 2013 is not applicable on our Company.
17. VIGIL MECHANISM FOR THE DIRECTORS AND EMPLOYEES:
The Company has established a vigil mechanism, through a Whistle Blower Policy, where
Directors and employees can voice their genuine concerns or grievances about any unethical
or unacceptable business practice. A whistle-blowing mechanism not only helps the Company
in detection of fraud, but is also used as a corporate governance tool leading to
prevention and deterrence of misconduct.
It provides direct excess to the employees of the Company to approach the Compliance
Officer or the Chairman of the Audit Committee, where necessary. The Company ensures that
genuine Whistle Blowers are accorded complete protection from any kind of unfair treatment
or victimization.
The Whistle Blower Policy is disclosed on the website of the Company at
www.abinfrabuild.com
18. RISK MANAGEMENT:
The Board of the Company has evaluated a risk management to monitor the risk management
plan for the company. The Audit Committee has additional oversight in the area of
financial risk and controls. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on continuing basis.
The development and implementation of risk management has been covered in the
Management Discussion and Analysis, which forms part of annual report.
19. PARTICULARS OF LOANS, GURANTEES OR INVESTMENTS UNDER SECTION 186:
The details of loans, guarantees or investments covered under the provision of under
Section 186 of the Companies Act, 2013 are given in the Note to the Financial Statements.
20. COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURES
This clause is not applicable to the Company
21. MATERIAL ORDERS OF JUDICIAL BODIES / REGULATORS
The Hon'ble National National Company Law Tribunal, Mumbai bench has passed order C.P.
(I.B) No. C.P. (IB) - 2916 (MB)/2019 dated August 26, 2021 (received on September 20 2021)
regarding initiation of Corporate Insolvency and Bankruptcy Code, 2016 and appointment of
the Interim Resolution Professional (Namaskar Service Station v/s A B Infrabuild Limited).
However, your Company entered into settlement with the Operational Creditor under which
the Operational Creditor received the claim amount towards full and final settlement of
its claim in the above matter. In view of the same the Hon'ble National Company Law
Tribunal (NCLT), Mumbai Bench passed an order dated 4th October, 2021 under section 12A of
the Code for withdrawing the main company petition No. 2916/2019 hence no COC was
constituted thereafter.
Except above, no other significant or material orders were passed by the Regulators or
Courts or Tribunals impacting the going concern status and Company's operations in future.
22. AUDITORS:
STATUTORY AUDITORS
The Shareholders of the Company had appointed Bhuwania & Agrawal Associates, Chartered
Accountants, Express Zone A-Wing, A/403, Pandit Motilal Nehru Marg, Malad East, Mumbai,
Maharashtra 400097 as Statutory Auditors of the Company for the period of 5 years
commencing from the Financial Year 2017-18 to 2021-22 in 8th Annual General Meeting held
on 29* September 2017.
Since, the tenure of appointment of M/s Bhuwania & Agrawal Associates, Chartered
Accountants is upto 2021-22 therefore the Board at the Board Meeting held on September 03,
2022 proposed to re- appoint M/s Bhuwania & Agrawal Associates, Chartered
Accountants as Statutory Auditor of the Company for a further period of 5 years pursuant
to the provision of section 139 of the Companies Act 2013 subject to approval of
shareholders at the ensuing Annual General Meeting.
The Company has duly received consent and eligibility certificate from M/s Bhuwania
& Agrawal Associates.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed Mr.
Mehul B. Bambhroliya, Proprietor of M/s. BMB & Associates, Practicing Company
Secretary, as Secretarial Auditors of the Company for the year under review. The
Secretarial audit report received from the Secretarial Auditors is annexed to this report
marked as Annexure-7 and forms part of this report.
INTERNAL AUDITORS
The Board of Directors, based on the recommendation of the Audit Committee and pursuant
to the provisions of section 138 of the Act read with the Companies (Accounts) Rules,
2014, has appointed Mr. Rahul Drolia Chartered Accountants having office address at 215,
Neo Corporate Plaza, Ramchandra Extn. Lane, Malad (W), Mumbai 400 064 as the Internal
Auditors of your Company for the year under review. The Internal Auditor conducts the
internal audit of the functions and operations of the Company and reports to the Audit
Committee and Board from time to time.
AUDITOR'S REPORT AND SECRETARIAL AUDIT REPORT
Statutory Auditor's Report: There are no qualifications, reservations or adverse
remarks made by Statutory Auditors in the Auditor's report. The Statutory Auditors have
not reported any incident of fraud to the Audit Committee of the Company under subsection
(12) of section 143 of the Companies Act, 2013, during the year under review. The notes on
accounts referred to the Auditors' Report are self-explanatory and therefore, do not call
for any further explanation.
Secretarial Auditor's Report: There is qualifications, reservations or adverse
remarks made by Secretarial Auditors in their Secretarial Audit Report for the Financial
Year ended March 31, 2022 as mentioned below:
1) Observation: The Company needs to appoint Non-executive Director for the Nomination
and Remuneration Committee.
Company Reply: Designation of Mr. Mukesh Pandey has been changed from Whole Time
Director to Non-Executive Director at the Board Meeting held on September 03, 2022. In
view of the same it is proposed to add Mr. Mukesh Pandey as member of the Nomination and
Remuneration Committee (NRC). Consequently, there will be 3 Non Executive Director and 1
Executive Director in NRC which is in compliance with the provision of Section 178(1) of
the Companies Act 2013.
2) Observation: Independent Director's need to pass an online proficiency
self-assessment test conducted by the institute within period of two year from the date of
inclusion of his name in the data bank.
Reply: Independent Director is making an attempt to pass an online proficiency self-
assessment test conducted by the institute.
3) The Company has appointed Internal Auditor but failed to file concerned Form with
the ROC.
Reply: Necessary action has been taken by the Board to rectify the same
4) The Company failed to file concerned Form with MCA regarding initiation of Corporate
Insolvency and Bankruptcy Code, 2016 and appointment of the Interim Resolution
Professional.
Reply: The Company entered into settlement with the Operational Creditor under which
the Operational Creditor received the claim amount towards full and final settlement of
its claim in the above matter. In view of the same the Hon'ble National Company Law
Tribunal (NCLT), Mumbai Bench passed an order dated 4th October, 2021 under section 12A of
the Code for withdrawing the main company petition No. 2916/2019. In view of the same MCA
filing was not done for appointment of Interim Resolution Preofessional.
23. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has complied with all the applicable Secretarial Standards in the Financial
Year 2020-21.
24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
In order to prevent sexual harassment of women at work place an act "The Sexual
Harassment of Women at Workplace" (Prevention, Prohibition and Redressal) Act, 2013
has been notified on 9th December, 2013. Under the said Act every company is required to
set up an Internal Complaints Committee to look into complaints relating to sexual
harassment at work place of any women employee.
Your Company has adopted a policy for prevention of Sexual Harassment of Women at
workplace and has set up a Committee for implementation of said policy. During the year
Company has not received any complaint of harassment.
25. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Company is well equipped with adequate internal financial controls. The Company has
a continuous monitoring mechanism which enables the organization to maintain the same
standards of the control systems and help them in managing defaults, if any, on timely
basis because of strong reporting mechanisms followed by the Company.
26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis report has been separately furnished in the
Annual Report and forms a part of the Annual Report is annexed as Annexure-3.
27. EXTRACT OF THE ANNUAL RETURN:
The extract of the annual return in Form No. MGT-9 in compliance with the requirement
of Section 92(3), Section 134(3) of the Companies Act 2013 is annexed with the Board's
Report as Annexure-1.
28. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH THE RELATED PARTIESREFFERRED TO IN
SUB SECTION 1 OF SECTION 188
Related party transactions entered during the financial year under review are disclosed
in the Financial Statements of the Company for the financial year ended March 31, 2021 as
required under Accounting Standard-18. These transactions entered were at an arm's length
basis and in the ordinary course of business. There were no materially significant related
party transactions with the Company's Promoters, Directors, Management or their relatives,
which could have had a potential conflict with the interests of the Company. Form AOC-2,
containing the details of contracts and arrangements with related parties is enclosed
herewith as Annexure-2 as per applicable provisions of the Companies Act, 2013.
29. REMUNERATION RECEIVED BY MANAGING DIRECTOR AND WHOLETIME DIRECTOR FROM HOLDING AND
SUBSIDIARY COMPANY
The Company has no Holding and Subsidiary Company hence, this clause is not applicable
to the Company.
30. PARTICULARS OF EMPLOYEES AND REMUNERATION:
The Company has no employee, who is in receipt of remuneration of ? 8,50,000/- per
month or ^ 1,02,00,000/- per annum and hence the Company is not required to give
information under Sub rule 2 and 3 of Rule 5 of the companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
Further, the following details form part of Annexure-4 and Annexure-5 to
the Board Report;
- Pursuant to Rule 5(2)of Companies (Appointment and Remuneration of Managerial
Personnel) Rule, 2014 statement containing the names and other particulars of top ten
employees in terms of Remuneration drawn by them in Annexure-4.
- Disclosure under Rule 5 of Companies (Appointment and Remuneration of Managerial
Personnel) Rule, 2014- Annexure 5.
31. FRAUD REPORTING:
There was no fraud disclosed during the current Financial Year.
32. CODE OF CONDUCT:
The Board has laid down a Code of Conduct ("Code") for Board Members,
Managerial Personnel and for Senior Management Employees of the Company. This Code has
been posted on the Company's website at www.abinfrabuild.com All the Board Members and
Senior Management Personnel have affirmed compliance with this code.
The Board has also laid down a Code of Conduct for Independent Directors pursuant to
Section 149(8) and Schedule IV to the Companies Act, 2013 via terms and conditions for
appointment of Independent Directors, which is a guide to professional conduct for
Independent Directors and has been uploaded on the website of the Company.
33. CORPORATE GOVERNANCE:
Your Company practices a culture that is built on core values and ethical governance
practices and is committed to transparency in all its dealings. However the Company is
listed on Emerge SME platform of National Stock Exchange, by virtue of Regulation 15 of
SEBI (Listing Obligation & Disclosure Requirements), Regulation, 2015, the compliance
with the Corporate Governance provisions as specified in Regulation 17 to 27 and clause
(b) to (i) of sub regulation (2) of regulation 46 and para C, D and E of Schedule V are
not applicable to the Company. Hence Corporate Governance Report does not form part of
this Board Report.
34. NON -DISQUALIFICATION OF DIRECTORS:
All the directors of the Company are non-disqualified and certificate for the same from
the Practicing Company Secretary is annexed as Armexure-6.
35. POLICY FOR PRESERVATION OF DOCUMENTS:
Pursuant to the Regulation 9 of SEBI (LODR), 2015 the Company has maintained the policy
of preservation of documents to keep the documents preserve as per Regulation 9(a) &
9(b) of SEBI (LODR), 2015 and the same has been uploaded on the website of the Company on
www.abinfrabuild.com
36. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
The disclosures required to be made under the provisions of Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of
conservation of energy, technology absorption are not applicable to the Company as the
Company being engaged in the service sector of Entertainment Business neither involved in
any manufacturing processing and foreign exchange earnings of the Company are ? NIL/ - and
Outgo are ? NIL/-.
37. DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited
financial statements of the company for the year ended March 31, 2022, the Board of
Directors hereby confirms that:
- In the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
- The Directors had selected such accounting policies have been selected and applied
consistently and the Directors 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 on
March 31,2022 and of the profits of the company for the year ended on that date;
- The Directors has taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
- The Directors has prepared annual accounts of the Company have been prepared on a
going concern basis;
- The Directors have laid down the internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively;
- The Directors had devised proper systems have been devised to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
38. CORPORATE INSOLVENCY REOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANRUPTCY
CODE, 2016 (IBC)
During the year under review, an application was made under IBC by Namaskar Service
Station as mentioned in point no. 21 against your Company. However the matter has been
resolved and there is no existing proceeding against your Company.
39. COST RECORDS
Cost Record as required to be maintained by the Company pursuant to an order of the
Central Government has been duly maintained by the Company
40. REGISTRAR AND SHARE TRANSFER AGENT INFORMATION:
Bigshare Services Private Limited
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri
East, Mumbai - 400059.
Telephone No.: 022-62638200, Fax No.: 91-22-2847 5207
Emaill d:marketing@bigshar eonline. com / investor@bigshareonline. com. Website:
http:/ / www.bigshareonline.com.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors take this opportunity to express their deep and sincere gratitude to the
Clients, Customers and Shareholders of the Company for their trust and patronage, as well
as to the Bankers, Securities and Exchange Board of India, National Stock Exchange,
Government of India and other Regulatory Authorities for their continued co-operation,
support and guidance.
| By Order of Board of Directors |
| For A B INFRABUILD LIMITED |
| Amit Mishra |
| Chairman & Managing Director |
| DIN-03388129 |
| Date: September 03, 2022 |
| Place: Mumbai |