We are pleased to present the 31st Annual Report of the Company as follows:
UPDATE ON CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP)
Pursuant to order. C.P. No.533/IBC/MB/2023 dated 22nd February 2024, of the Hon'ble
National Company Law Tribunal - Mumbai Bench ("NCLT Order"), Corporate Insolvency
Resolution Process ("CIRP") has been initiated by the Company and in accordance with the
provisions of the Insolvency and Bankruptcy Code, 2016, ("Code") and related rules and
regulations issued thereunder with effect from 22nd February, 2024 (Corporate Insolvency
Resolution Process Commencement Date).
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Particulars
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Year Ended
31-03-2024
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Year Ended
31-03-2023
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Revenue from Operations
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551.99
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746.07
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Expenses
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1,140.64
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1,334.99
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Profit Before Tax
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(588.65)
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(588.91)
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Profit After Tax
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(584.78)
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(567.27)
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Balance carried over to Balance sheet
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(584.78)
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(567.27)
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DIVIDEND
The Board of Directors has not declared any dividend for the year ended 2023.
INDIAN ACCOUNTING STANDARDS
As per the requirements of the Notification dated 16.02.2015 issued by the Ministry
of Corporate Affairs (MCA) Standalone and the Financial Statement of the Company
for the Financial Year 2023-2024 have been approved as per Ind AS.
AMOUNT TRANSFERRED TO RESERVES
The Board has decided to transfer loss of Rs. (584.78) lacs. to its Reserves.
NATURE OF INDUSTRY
The Company is engaged in the business of manufacturing of Drums and Barrels.
STATEMENT ON COMPANY'S AFFAIRS
In view of tough competition from local and international market, the company is
making all efforts to increase the activities.
During the year ended March 31, 2024, your company has made loss after tax of Rs. (584.78)
lacs as against Loss of Rs. (567.27) lacs in the previous year.
MATERIAL CHANGES SINCE END OF FINANCIAL YEAR TILL DATE OF THIS REPORT
There were no material changes since end of financial year till date of this Report.
ASSOCIATE COMPANIES
No Company is an Associate of the Company.
DEPOSITS
The company has not invited or accepted any Deposits as required under section 73 of the
Companies Act from the public during the year under review.
STATUS OF THE COMPANY
Application under Insolvency and Bankruptcy Code, 2016
During the current year 2023-2024, Company has made Application under Voluntarily for
filing Application at NCLT u/s 10 of the Insolvency and Bankruptcy Code, 2016 for Resolution
of debts and revival and Rehabilitation of the Company and the same is beneficial for our
members of the Company.
The matter is actively followed from time to time.
NO FRESH LOAN TAKEN FROM FINANCIAL INSTITUTIONS
The Company has not availed any fresh loan/Working Capital facility during the year 2023¬
2024 and therefore the company has not carried any Valuation Report on the stock /other
assets during the year.
SUBSIDIARY COMPANY
The Company does not have any Subsidiary/Joint Venture/Associate Company as on and for
the year ended March 31, 2024.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
Particulars of the loans given, Investment made or guarantees given or security provided and
the purpose for which the loans or guarantees or security is proposed to be utilized by the
recipient of the loan or security are provided, if any in the Financial Statement.
PARTICULARS OF CHANGE IN BUSINESS
There is no change in the business operations of the Company.
VOLUNTARY REVISION OF FINANCIAL STATEMENTS
We state that, there is no Voluntary Revision of Financial Statements during the Financial
Year 2023-24.
WEB ADDRESS
Our Web address is www.barrelpeople.com and all the data required under the law is
displayed.
ANNUAL RETURN
As required under Section 134(3)(a) and Section 92(3) of the Act, the data on Annual
Return has been uploaded on the Companys' website and can be accessed at
www.barrelpeople.com under Investor Relation.
GLOBAL DEPOSITORY RECEIPT
During the year, the company has not received any Global Depository Receipt or American
Depository Receipt or warrants or any convertible instruments which has impact on our
Share Capital (Equity) of the Company.
COMMODITY PRICE RISK OR FOREIGN EXCHANGE
There is no commodity price risk or foreign exchange risk to the company as our activities
barrels and drums are supplied within the country.
PLANT LOCATION:
Our Plant Location are as under:
Address : Survey No.260/6 &7, Bhimpore
Char Rasta, Bhimpore, Daman 396 210
MATERIAL DEVELOPMENTS ON HUMAN RESOURCES/INDUSTRIAL RELATIONS
There is no Material Development on human resources /industrial relations front, including
number of employees
RELATIONSHIP BETWEEN DIRECTORS INTER-SE
As stated, the Company has three (3) Directors. None of the employees are related with
any Directors of the Company.
STATUTORY AUDITORS
At the 30th AGM held on August 17, 2023, M/s. Satyaprakash Natani & Company, Chartered
Accountants, (Firm Registration No 115438W) were appointed as Statutory Auditors of the
Company. Accordingly, the Audit Committee has recommended re-appointment of M/s.
Satyaprakash Natani & Company, Chartered Accountants, (Firm Regn. No.115438W)
Mumbai, as the Statutory Auditors for a further period of three years i.e. from 2024-25 up
to the conclusion of the AGM for the Financial Year 2026-27. Further, the Statutory Auditors
have issued an Unmodified Opinion on the Financial Statement for the Financial Year 2023¬
2024 and the Auditors Report forms part of this Annual Report.
None of the Directors including Key Managerial Personnel of the Company or their relatives
are concerned or interested in the Resolution.
COST AUDITOR
As per Sec. 148 of the Companies Act, the Company is not required to maintain the cost Audit
records, as the same is not applicable to our Company.
SECRETARIAL AUDITORS REPORT
As required u/s. 204 of the Act and Reg. 24(A) of SEBI LODR Secretarial Audit was conducted
by M/s. Pranay Mandhana & Associates, Practising Company Secretary, (ACS No.60165 and
CP No.23399). The Secretarial Audit Report dated May 20, 2024, is attached and the same
forms Part of the Board Report .
The Company has appointed M/s. Pranay Mandhana & Associates, to conduct Secretarial
Audit for the FY 2023-24.
The other Qualification/ observation made by Secretarial Auditor in his Report, the contents
of the said Audit Report are self-explanatory and do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Information in accordance with Section 134(3)(m) of the Companies Act, 2013, the disclosure
of particulars with respect to Conservation of Energy is not applicable in the case of your
Company.
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Particular
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Current
year
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Previous
year
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(A) Conservation of energy-
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(i) the steps taken or impact on conservation of energy;
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NIL
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NIL
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(ii) the steps taken by the company for utilising alternate sources of
energy;
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NIL
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NIL
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(iii) the capital investment on energy conservation equipment;
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NIL
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NIL
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(B) Technology absorption-
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(i) the efforts made towards technology absorption;
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NIL
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NIL
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(ii) the benefits derived like product improvement, cost reduction,
product development or import substitution;
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NIL
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NIL
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(iii) in case of imported technology (imported during the last three
years reckoned from the beginning of the financial year)-
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NIL
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NIL
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(a) the details of technology imported;
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NIL
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NIL
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(b) the year of import;
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NIL
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NIL
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(c) whether the technology been fully absorbed;
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NIL
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NIL
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(d) if not fully absorbed, areas where absorption has not taken
place, and the reasons thereof; and
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NIL
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NIL
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(iv) the expenditure incurred on Research and Development.
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NIL
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NIL
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(C) Foreign exchange earnings and Outgo-
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The Foreign Exchange earned in terms of actual inflows during the
year and the Foreign Exchange outgo during the year in terms of
actual outflows.
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NIL
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NIL
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* Due to utilization of solar power, the savings on consumption of electricity will be
continuous.
STOCK EXCHANGE
The Company is listed on the Stock Exchange.
Bombay Stock Exchange Ltd.
DIRECTORS AND KMP
The Company is under Corporate Insolvency Resolution Process (CIRP), hence the Board is
suspended. But the Board consists of :
1) Mr. Jayesh Vinodrai Valia - Whole Time Director cum CFO
2) Mrs. Madhu Nitin Kanadia - Independent (Non Executive - Woman) Director
3) Mr. Sunil Vasantrao Patil - Independent Director
DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION BY DIRECTOR FROM A COMPANY
None of the Directors of the Company are receiving any Commission from the Company;
hence the requirement of disclosure is not applicable.
DISCLOSURE ABOUT RECEIPT OF COMMISSION / REMUNERATION BY WHOLE TIME
DIRECTOR / WHOLE-TIME DIRECTOR FROM ITS HOLDING OR SUBSIDIARY COMPANY
Since the Company does not have any Holding or Subsidiary Company, the requirement
of disclosure is not applicable. None of the Director or Whole-time Directors of the
Company are receiving any Commission or Remuneration from its Holding or Subsidiary
Company or any Group Companies.
EVALUATION OF BOARD, COMMITTEES & DIRECTORS
Pursuant to the provisions of the Act and the Listing Regulations, the Board had carried
out performance, evaluation of its own and it is satisfactory.
REPORTING OF FRAUD
The Auditors of the Company have not reported any instances of Fraud Committed
against the Company by its officers or employees as specified Under Section 143(12) of
the Companies Act, 2013.
SHARES BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year under review,
hence the requirement of disclosure is not applicable.
BONUS SHARES
No Bonus Shares were issued during the year under review, hence the requirement of
disclosure is not applicable.
EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees; hence
the requirement of disclosure is not applicable.
EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS
The Company has not issued any Equity Shares with Differential Voting Rights during the
year under review hence the requirement of disclosure is not applicable.
FAMILIARIZATION PROGRAMME
The details of programs for familiarization of Independent Directors with 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 on the
website of the company at the link: www.barrelpeople.com
RISK MANAGEMENT
Pursuant to Section 134(3) (n) of the Companies, Act, 2013 and relevant Regulation of
Listing Regulation 2015, the Company has adopted a Risk Management Policy for the
identification and implementation of a Risk Mitigation Plan for the Company. The
company has included appropriate procedures to inform the Board about the Risk
Assessment and minimization procedures. The Board periodically revisit and reviews the
overall Risk Management Plan for making desired changes in response to the dynamics of
the business.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY
Details in respect of Vigil Mechanism and Whistle Blower Policy are provided in the
Corporate Governance report forming Part of this Report
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORY/JUDICIAL AUTHORITY
There are no significant materials orders passed by The Regulatory or Courts or Tribunal,
which would impact the going concern status of the company and in its future except
approval of the Resolution Plan vide order NCLT order dated February 22, 2024, as stated
above.
SEBI has passed an Order and the same are clarified in the Secretarial Auditor's Report i.e.
Pranay Mandhana & Associates, in his Report dated May 20, 2024, and the same are
self-explanatory barring the above, there are no significant materials orders passed by the
Regulatory, which could impact the going concern status of the company and in its future.
There are no significant materials orders passed by The Regulatory or Courts or Tribunal,
which would impact the going concern status of the company and in its future. BSE has
levied a penalty for Non-Appointment of Company Secretary and it has been paid. The
matter is under consideration.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable to our Company.
INTERNAL CONTROL SYSTEMS
The Company has got internal control system commensurate to the size and the systems
and operations. It is supplemented by extensive internal audit procedures, reviewed by
Management and Audit Committee. The internal audit covers all the activities of the
company. Company reviews findings of internal audit system on regular basis and they
are upgraded based on internal audit recommendations. Your company's statutory
Auditors' have confirmed the adequacy of internal control systems.
DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 134 (5)
The Board of Directors of the Company confirm that:
1. The preparation of the Annual Account, the applicable accounting standards
have been
followed and wherever required, proper explanations relating to material departures
have been given.
2. Selected such accounting policies and applied them consistently and made judgements
and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company at the end of the financial year and of the profit or loss
of the Company for that period.
3. Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.
4. The Accounts have been prepared on a going concern basis.
5. The Company had laid down internal financial controls and such internal financial
controls are adequate and were operating efficiently.
6. The Company had devised proper system to ensure compliance with the provisions of
all applicable laws and such systems were adequate and operating efficiently.
PARTICULARS OF REMUNERATION OF DIRECTORS/KMP/ EMPLOYEES
The details as required under Sec.197 of the Companies Act, 2013, and Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel),
None of the Directors/KMP/Employees are drawing remuneration in excess of the limits
during the year under review.
1. The number of permanent employees on the rolls of Company as on March 31, 2024: 52
2. Affirmation that the remuneration is as per the Remuneration Policy of the Company:
It is affirmed that the remuneration paid is as per the Remuneration Policy applicable for
Directors, Key Managerial Personnel and other employees, adopted by the Company.
DIRECTORS SEEKING APPOINTMENTS & RE-APPOINTMENT
As stated, Pursuant to Regulation 36 of SEBI (LODR) Regulation 2015, the Directors to be re¬
appointed at this AGM and the same are annexed herewith.
All the Independent Directors of the Company have been appointed as per the provisions of
the Act and the SEBI Listing Regulations.
COMPANY SECRETARY CUM COMPLIANCE OFFICER
The Board of Directors pursuant to Section 203 of the Companies Act, 2013, and as per
Articles of Association of the Company, have appointed Mr. Uday A. Sawant ACS No.30251),
as Company Secretary cum Compliance Officer of the Company with effect from May 10,
2024.
TAXATION
The Companies Income Tax Assessment have been completed upto the Financial Year 2019-
2020
INDUSTRY STRUCTURE, DEVELOPMENTS, OPPORTUNITIES AND OUTLOOK
Steel Drums are utilized for safe packaging and transportation of liquid/semi
liquid/pulp/greases/powders etc.
The main drivers of rigid Industrial Packaging are:
1. Growth of underlying custom Industries Rigid Industrial packaging demand is closely
correlated with the underlying growth of customer Industries (Chemical Industry with
largest influence).
2) Substitution across Packaging segment shift between different materials due to changing
customer needs.
3) Standardization increases comparability between packaging products.
INDUSTRY OUTLOOK
The year 2023 has continued to see bouts of uncertainty that have tested the growth
conditions across the world. Headline inflation continues to remain elevated exceeding
the comfort zone of the monetary authorities and it would result in continued
uncertainty in the financial market and a carry-on impact of the economic conditions. The
Indian economy too encountered head wings during the year. Following the sharp
rebound in domestic economic activity during the Financial Year 2023-2024 was a year of
normalization with demand in many Sectors gradually moderated, yet remaining robust.
INDUSTRIAL RELATIONS
Industrial Relations with all the employees of the Company were cordial during the year
under review.
SEXUAL HARASSMENT ON WOMEN (PREVENTION, PROHIBITION AND REDRESSAL) ACT,
2013
The Company has formed an Internal Complaints Committee (ICC) which is responsible for
Redressal of complaints related to Sexual Harassment as per the policy.
During the year under review, there was no complaint of Sexual Harassment on
women/employees.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT OVERALL (MD&A)
During the year 2023-2024 the Global economy has shown positive results and that also
helped in the revival of Asian Economic Growth. However the same are given separately
forming Part of the Board of Directors' Report.
CORPORATE GOVERNANCE
A Report on Corporate Governance along with a Certificate from Auditors of the Company
regarding the compliance with the conditions of Corporate Governance as stipulated under
Part E of Schedule V of SEBI LODR forms Part of this Annual Report.
COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD
The applicable Secretarial Standard i.e. SS-1 and SS-2 relating to the meetings of the Board
of Directors' and General Meetings have been duly complied by the company.
INSIDER TRADING REGULATIONS & CODE OF DISCLOSURE
The Board of Directors have adopted the Code of Practice and procedures for fair disclosure
of Unpublished Price Sensitive Information and Code of Internal Procedures and conduct for
Regulating Monitoring and Reporting of Trading by Insiders in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation 2015.
RELATED PARTY TRANSACTIONS
All the Related Party Transactions (RPT) entered into by the Company during the year under
Review were at arms' length basis in the Ordinary course of business.
There were no materially significant Related Party Transactions made by the Company with
the Promoters/Directors/KMP or other designated persons which could have potential
conflict with the interest of the Company at large. All the Related Party Transactions (RPT)
are placed before the Audit Committee for its approval. As such, no particulars of such
contracts or arrangements are furnished. The same has been enumerated in Note No 31 of
the Balance- Sheet.
In accordance with the requirement of SEBI, LODR the Company has formulated and
adopted policy for determining materiality of and dealing with RPTs. Those policies have
been amended from time to time with the amendment of SEBI, LODR. These codes and
policies are already displayed on Company's website at www.barrelpeople.com.
ENVIRONMENT PROTECTION AND POLLUTION CONTROL
The Company has always been socially conscious corporate and has always carried forward all
its operations and procedures for Environment friendly norms with all necessary clearances.
GREEN INITIATIVES
Electronic copies of the Annual Report 2023-2024 and the Notice of the AGM are sent to all
the members whose email addresses are registered with the R&T Agents i.e. M/s. Link
Intime (I) Pvt. Ltd.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to the State and Central Government for
their co-operation and dedicated and devoted services rendered by the employees of the
Group of Company at all levels. Your Directors also thank the Bankers, customers,
shareholders and the suppliers of your Company for their co-operation and valuable support.
For Yashraj Containerus Ltd.
Sd/- Sd/-
Place: Mumbai Jayesh V. Valia Uday Sawant
Director Company Secretary
Dt: 30.05.2024 DIN:01117247 Mem. No. 30251
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