AIRCON SYSTEMS (INDIA) PRIVATE LIMITED

A-2/40,F.F.,SAFDARJUNG DEVELOPMENT AREA,NEW DELHI-110016

CIN: U74899DL1994PTC061298
Email Id: HARSH.GUPTA@SUNDREAMGROP.COM
CONTACT NO.9310136466

Dear Shareholders

Your Directors are pleased to present the 25thAnnual Report together with the Audited
Financial statements for the year ended 31 st March, 2019

Financial Results

31ST March 31ST March

PARTICULARS
2019(Rupees) 2018(Rupees)

Sales and Other Income 647,247.00 61,29,369.00

Operating Profit (PBIDT) 536,177.00 55,74,504.33

Interest Cost - -

Profit before Depreciation (PBDT) 536,177.00 55,74,504.33

Less: Depreciation 49,450.00 0

Less: Profit before Tax 486,727.00 55,74,504.33

Provision for Taxation 154,616.00 11,05,235.00

Profit after Tax 332,111.00 44,69,269.33

Operations and State of Company’s affairs

During the year under review your company has started work for the Development of Shops,
Offices, Food Court etc. at the Land situated at Sector 73, Noida owned by the company.
Company earned Rs. 647,247/- as Interest during the year as compared to Rs 61,29,369/-
earned on account of sale of the securities in the previous year. Your directors expect that the
company will achieve new heights in the ensuing year.
Deposit
During the year under review the company has borrowed Rs 7,44,28,000/- from the Directors.
There was no default in repayment of deposits or interest thereon during the current year.not
accepted any deposit.

Reserves
There was no amount proposed by the Board that has been transferred to Reserves. Commented [R1]: Change this according to your balance sheet
Formatted: Highlight
Dividend
Based on the company’s performance, the directors do not recommend any dividend.The Board
of Directors of your Company has not recommended any dividend and decided to retain the
profit for the future growth.

Change in the nature of business

During the year under review your company has started work for the Development of Shops ,
Offices, Food Court etc. at the Land situated at Sector 73, Noida owned by the company. During
the year the company earned interest on Deposits andDeposits and there was no income
earned on the sale of securities during the year as was the case in the previous year.

Material changes and commitments, if any, affecting the financial position of the company Formatted: Font: Bold

which have occurred between the end of the financial year of the company and the date of
report:

There have been no material changes and commitments, which affect the financial position of
the company which have occurred between the end of the financial year to which the financial
statements relate and the date of this Report.

Extract of Annual Return Formatted: Font: Bold

The extract of Annual Return pursuant to the provisions of section 92 read with Rule 12 of the
Companies (Management and Administration) Rules, 2014, in format MGT-9, for the financial
year 2018-19 has been enclosed with this report herewith as Annexure No. 1.

Industrial Relation
The company is maintaining good and harmonious relations with its staff.

Meetings of the Board

6meetings of the Board of Directors were held during the year. Details of the same are as
follows:
Date Board Strength No. of directors present
31.05.2018 4 4
04.07.2018 5 5
31.08.2018 5 5
04.10.2018 5 5
16.01.2019 5 5
23.03.2019 5 5

Directors' Responsibility Statement

Pursuant to requirement under sub-section (3) and (5) of Section 134 of the Companies Act,
2013, with respect to Directors’ Responsibility Statement, your directors state that:

1. In the preparation of the Annual Accounts for the financial year 2018-19, the applicable
accounting standards read with requirements set out under Schedule III to the Act, have
been followed and there are no material departures from the same;
2. The Directors have selected such accounting policies and applied them consistently and
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 at 31st March 2019 and of the profit of
the company for that period;

 3. The Directors have taken proper and sufficient care for the maintenance of adequate Formatted: Indent: Left: 0.36", No bullets or numbering

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 Directors have prepared the annual accounts on a ‘going concern’ basis.

5. The directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.

.Risk Management Policy

The Company manages monitors and reports on the principal risks and uncertainties that can
impact its abilities to achieve its strategic objectives. The Board of Directors is overall
responsible for identifying, evaluating and managing all significant risks faced by the Company.
The risk management Policy includes identifying types of risks and its assessment, risk handling
and monitoring and reporting. The operations and working of the Company can be affected on
account of any of the following risk factors;

 Policy of Government
 Policy of competitors
 Market conditions

Internal Financial Controls

The Company has in place adequate internal financial controls with reference to financial
statements. During the year, such controls were tested and no reportable material weakness in
the design or operation was observed.

Contracts and arrangements with related parties

All contracts/arrangements/transactions entered by the Company during the financial year with
related parties were in the ordinary course of business and on an arm’s length basis.

Corporate Social Responsibility

The provisions of corporate social responsibility are not applicable.

Declaration by independent directors:

The company is not required to appoint independent director as per the provisions of section
149(4) of the Companies Act, 2013.

Particulars of loans, guarantees or investments

There are no loans, guarantees or investments in excess of the limits prescribed u/s 186 of the
Companies Act, 2013Act.

Auditors

Statutory auditors

At the Annual General Meeting to be held on 30th September 2019, the present auditors M/s G
R KESWANI & CO. Chartered Accountants, 305A Pal Mohan Plaza, D B Gupta Road, Karol Bagh,
New Delhi-110005,are eligible to be appointed as Statutory auditors of the Company to hold
office till the conclusion of the Annual General Meeting to be held in the calendar year 2024 In
terms of the provisions of the Companies Act 2013, the term of the auditors does not require
ratification every year. In this regard, the Company has received a certificate from the auditors
of eligibility in accordance with Sections 139, 141 and other applicable provisions of the
Companies Act, 2013 and Rules issued there under.

They have confirmed their eligibility to the effect that their reappointment if made would be
within the prescribed limits under the Act and that they are not disqualified for reappointment.

Boards Comment on the Auditor’s Report Formatted: Font: Bold

The Notes to Accounts referred to in the Auditors’ Report are self-explanatory and therefore do
not call for any further comments. The Auditors’ report does not contain any qualification,
reservation or adverse remark.

They have confirmed their eligibility to the effect that their reappointment if made would be
within the prescribed limits under the Act and that they are not disqualified for reappointment.
Instances of fraud, if any reported by the auditors
There have been no instances of any fraud reported by the statutory auditors under section
143(12) of Companies Act 2013

Explanation or comments on qualifications, reservations or adverse remarks or disclaimers

made by the practicing company secretary in their reports
The provisions of Section 204 of the Companies Act, 2013 relating to submission of Secretarial
Audit Report is not applicable to the Company.

Cost Audit
The provisions of section 148 are not applicable to the company.

Material changes and commitments affecting financial position between the end of the
financial year and date of report
There is no material changes and commitments affecting finanacialfinancial positon of the
company between the end of the financial year and the date of report.

Details of significant & material order passed by the regulators, court & tribunals
No significant and material orders were passed by the regulators or courts or tribunals which
affect the going concern status and future operation of the company.

Subsidiaries, joint ventures or associate companies

The Company does not have any Subsidiary, Joint venture or Associate Company.

Disclosure under Sexual Harassment of Women at Workplace

The Company is committed to provide and promote a safe, healthy and congenial atmosphere
irrespective of gender, cast, creed or social class of the employees. The Company has in place
the requisites Internal Committee as envisaged in the Sexual Harassment of Women at
workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints, if any,
received regarding sexual harassment.

Conservation of energy
In the opinion of the directors there is no need to take any measure in this regard. The
company does not have any proposal for additional investment in this regard. Thus the details
of energy consumption are not required to be given.

Technology absorption
The research and experiments are not applicable.

Acknowledgement
Your Directors would like to express their sincere appreciation for the assistance and co-
operation received from the financial institutions, Government Authorities, customers, vendors
and members during the year under review. Your directors also wish to place on record their
deep sense of appreciation for the committed services by the Company’s executives, staff and
workers.

For and on Behalf of the Board of Directors Formatted: Font: Bold

(HARSH GUPTA) Formatted: Space After: 0 pt

Director Formatted: Line spacing: single

DIN: 0002942201
Add:

Date:23.09.2019