What is Annual Compliance for Producer Company?
What is a Producer Company?
A Producer Company means a company that is formed with a purpose of engaging in any activity that is connected to or relatable to any primary produce. In other words, a Producer Company is a company that is formed with a primary objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, port of primary produce of the members or import of goods or services for their benefits.
Here, “produce” are the products that have been grown or produced by farming. This means that, a Producer Company primarily is engaged with agriculture and post-harvest processing activities.
Annual Compliance of the Producer Company
- Annual Compliance refers to specific forms that the Companies are required to file with the Registrar of the Companies during a year.
- Be it any type of company, to be adhere to the Annual ROC Compliance is mandatory.
- The Producer Company needs to file the Balance Sheet, P&L Account and other documents with Ministry of Corporate Affairs (MCA).
- Hence, being a Producer Company, you need to file your Annual Compliance Forms correctly on a regular basis in order to ensure that your company gets good legal standing. The Following are the main annual compliance for a Producer Company.
- Hold Annual General Meeting each financial year.
- Audit balance-sheet and profit and loss accounts of the Producer Company.
- File annual Return.
Advantages of Complying with the Annual Compliance for Producer Company
- Credibility and Transparency: Compliance is mandatory for Producer Company. When the company is regular with Annual Compliance, it raises its credibility and transparency of an organization.
- Active Status: Non-filing or defaults in complying with the Annual Filing for Producer Company may result in striking off the name of the Company by the Registrar of Company. Hence, Annual Compliance in helps in maintaining active status.
- Assures Investors and customers: Annual Compliance creates a competitive advantage for the Producer Company in the market. This can be useful to advertise the business and assure the investors and customers about the company’s business.
- Avoiding Penalties: Regularity in filing the Annual Compliance helps the Producer Company to avoid the heavy penalties.
What are the Major Annual Compliance for Producer Company?
- Form MBP 1: Every director shall in its first board meeting disclose about the interest in any company, firm or other AOI (including any shareholding interest) by filing Form MBP 1.
- Form DIR 8: Every Director of the Company has to file the disclosure of non-disqualification in each Financial Year.
- Form MGT 7: The Producer Company requires to file Annual Return in Form MGT-7 regarding the latest information about the directors and shareholders of the Producer Company.
- Form AOC 4: Financial Statements in Form AOC-4 to be filed with the Balance Sheet, Profit and Loss Account, Directors’ Report, Cash Flow Statement, Auditor’s Report, and the Consolidated Financial Statement.
- Form ADT 1: The auditor for the Company shall be appointed by the Board of Directors within a period of 30 (thirty) days from the Date of Incorporation of the Company. The appointment shall be filed in ADT-1.
- DIR-3 KYC: All directors are required to file a form to do the KYC with the RoC in form DIR 3 KYC, if you have already submitted the form then one needs to verify the OTP over email and mobile no. otherwise all new director needs to submit this form.
- Form DPT 3: The Return of Deposit should be filed before the Registrar of Companies in FORM DPT-3.
Documents required for Producer Company Annual Compliance
- Memorandum of association;
- Article of association;
- Directors identity proof;
- PAN cards of the directors;
- Balance sheet;
- Consolidated Financial Statements;
- Director’s Report;
- Profit and Loss Account;
- Details of the Members / Producer.
Why choose Barrister Babu as your service provider for Company Annual Filing?
Barrister Babu is a group of intellectuals. The entire team of Barrister Babu consists of Highly qualified CA, CS, Lawyers and business administrators. Barrister Babu would be a one stop destination for your Producer Company Annual Filing in India. We also provide services like Company registration, Start up advisory, Secretarial compliance services, PAN / TAN application, DIN registration, ESI registration GST registration, Trademark registration, GST / Income tax return filing and many more.
