Pursuant to the requirement under Section 3 e and Section 3 of the Companies Act, , the Nomination and Remuneration Committee of the Board of Directors has in place a policy which deals with the manner of selection of Board of Directors and Managing Director and their remuneration. The objectives and key features of this policy are:. The Nomination and Remuneration policy of the Company is available on Company''s website www.
All related party transactions those were entered during the financial year were in the ordinary course of business and on arm''s length basis. All related party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is also obtained from the Audit Committee for the related party transactions which are of repetitive nature and which can be foreseen and accordingly the required disclosures are made to the Audit Committee on quarterly basis in terms of the omnibus approval of the Committee.
Since all the related party transactions entered into by the Company were in ordinary course of business and were on an amr''s length basis during the period under review, therefore Section 1 of Companies Act, is not applicable to the said related party transactions. The policy on materiality of related party transactions and also on dealing with related party transactions as approved by the Audit Committee and the Board of Directors is uploaded on the web-site of the Company www.
There is no loan given or guarantee provided or investment made by the Company during the financial year as per Section of the Companies Act, The shares of your Company are being traded in electronic form and the Company has established connectivity with both the depositories i.
In view of the numerous advantages offered by the Depository system, Members are requested to avail the facility of dematerialization of shares with either of the Depositories as aforesaid. As on 31st March, , The Company does not exceed the threshold limits mentioned in Section 1 of the Companies Act, Therefore the provisions pertaining to Corporate Social Responsibility are not applicable to the Company. Your company is exposed to various business risks. These risks are driven through external factors like economic environment, competition, regulations etc.
The Company has laid down a well defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitor business and non-business risks. During the year, a risk analysis and assessment was conducted and no major risks were noticed, which may threaten the existence of the Company.
Pursuant to the requirements under Section 3 c of the Companies Act, , with respect to Directors Responsibility Statement, it is hereby confirmed that:. During the financial year ended 31st March , there were no frauds reported by the auditors to the Audit Committee or the Board under Section 12 of the Companies Act, Your Company has not accepted any deposits under Section 73 of the Companies Act, during the period under review.
No material changes have occurred and commitments made, affecting the financial position of the Company, between the end of the financial year of the Company and date of this report. There is no order passed by any regulator or court or tribunal against the Company, impacting the going concern concept or future operations of the Company.
The details of contingent liabilities are given in Note No. Your Company believes in engaging human resources as they are the key differentiator for the success of the Company. Keeping the employees engaged and committed can go a long way in attainment of objectives and ensuring sustained business performance.
In line with this, your Company has initiated several interventions that will enhance the engagement of the employees. Being a people centric organisation, your Company recognises the significance of building next generation leadership by developing internal talent to meet the organisational objectives.
Through this, the human resources function continues to align its strategic interventions and processes, while simultaneously addressing the needs of multiple stakeholders and maintaining a competitive employee cost. Your Company continues to have cordial and harmonious industrial relations across all the manufacturing units. The total number of employees of the Company as on 31st March, stood at It continually focuses on improving the effectiveness of system processes, through globally accepted standards.
Your Company develop and manufacture products that are safe, eco-friendly and economical. Your Company reviews its processes and its behaviour on a regular basis and measures its effect on people''s health and on the nature. During the year the Company had cordial relations with workers, staff and officers.
The shop floor management is done through personal touch, using various motivational tools and meeting their training needs requirements. The Company has taken initiative for safety of employees and implemented regular safety, imparted machine safety training, wearing protective equipment etc.
The following is a summary of sexual harassment complaints received and disposed off during the year. The Code of Conduct is available on the Company''s Website www.
In compliance with Regulation 9 of Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, , as amended from time to time, the Company has in place the policy for preservation of document and archival policy. Your Directors are pleased to express their gratitude for all the co-operation and assistance received from bankers, members, customers, vendors, various Government authorities and employees for their support and faith in the Company.
Date: 14th August R. Place: Aurangabad Chairman. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.
Join Us On. Akar Auto Industries Ltd. Please select a Day. Portfolio Watchlist. BSE BSE Live Jan 14, Close Bid Price Qty. NSE Live Dec 27, Volume No Data Available. Close - Open Price -. Annual Report To the Members, The directors have pleasure in presenting the Twenty-Ninth Annual Report on the business and operations of Company and the financial accounts for the year ended 31st March Appointment of Directors: Mr. The Company did not have any outstanding debentures during the year.
In our opinion, the term loans were applied for the purposes for which the loans were obtained. Therefore, the provisions of Clause 3 xv of Companies Auditor''s Report Order, are not applicable to the Company. The Company''s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial Controls over Financial Reporting issued by the institute of Chartered Accountants of India the ICAI.
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of 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, as required under the Companies Act, Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the ICAI and deemed to be prescribed under section 10 of the Companies Act, , to the extent applicable to an audit of internal financial controls over financial reporting, and the guidance note on internal financial controls over financial reporting the guidance Note issued by the ICAI. Those standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the standalone IND AS financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles.
A company''s internal financial control over financial reporting includes those policies and procedures that 1 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; 2 provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and 3 provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the company''s assets that could have a material effect on the standalone financial statements.
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
Dated : 30th May, Membership No. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol. Join Us On. Akar Auto Industries Ltd. Please select a Day. Portfolio Watchlist. BSE BSE Live Jan 14, Close Bid Price Qty. NSE Live Dec 27, Volume No Data Available.
Close - Open Price -. Annual Report For Year : Download Annual Report in PDF format More Annual Report Auditor's Report. Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 5 of the Companies Act, the Act with respect to the preparation of these Standalone IND AS financial statements, that give a true and fair view of the financial position, financial performance including other Comprehensive Income , cash flow and Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies Indian Accounting Standards Rules, as amended under Section of the Act.
Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone IND AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March , and its total comprehensive income comprising of profit and other comprehensive income , its cash flows and Changes in Equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements 1.
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