Dear Shareholders,
Your Directors are pleased to present 21st Annual Report on the affairs
of the Company together with the Audited Statement of Accounts for the year ended March
31, 2023.
1. PERFORMANCE OF THE COMPANY
The Company's performance is summarized below:
FINANCIAL RESULTS
(Rs in Lakhs)
| Particulars |
2022-2023 (in Rs.) |
2021-2022 (in Rs.) |
| Revenue from Operations |
14,035.57 |
11,855.51 |
| Other Income |
98.41 |
5.92 |
| Total Income |
14,133.98 |
11,861.43 |
| Total Expenses* |
13,873.73 |
11,569.04 |
| Profit/(Loss) for the year before taxation |
260.25 |
292.39 |
| Tax Expenses |
|
|
| (a) Current Tax |
- |
- |
| (b) Deferred Tax |
(17.76) |
(32.51) |
| Profit/(Loss) after Tax |
242.48 |
259.88 |
| Earnings Per Share |
|
|
| Basic |
1.62 |
1.73 |
| Diluted |
1.62 |
1.73 |
*Total Expenses includes the exceptional item of Rs. 47.73 Lakhs.
PERFORMANCE
Your Company's total income during the year under review was Rs.
14,133.98 Lakhs as compared to Rs. 11,861.43 Lakhs in the previous year. The Profit after
tax was Rs. 242.48 Lakhs as compared to Rs. 259.88 Lakhs in the previous year.
2. STATE OF COMPANY'S AFFAIRS
Operating revenue is at Rs. 14,133.98 Lakhs in the Financial Year ended
2022-23 as compared to Rs. 11,861.43 Lakhs in Financial Year 2021-22. The Net profit after
tax and depreciation during the FY 2022-23 is Rs. 242.48 Lakhs as compared to profits of
Rs. 259.88 Lakhs during the last financial year.
3. DIVIDEND
Your Directors wish to conserve resources for future expansion and
growth of the Company. Hence, no Dividend has been declared by the Directors during the
Financial Year 2022-23.
4. SHARE CAPITAL
During the share capital of the Company is as follows:
The Authorized Share Capital of Company Rs. 160,00,00,000/-.
The paid-up Equity Share Capital of the Company as on 31st March, 2023
is Rs. 14,98,86,840/- divided into 1,49,88,684 shares of Rs. 10/- each.
5. TRANSFER TO RESERVES
During the year under review, your Company has no amount that is
proposed to be transferred to the general reserves out of the net profits of the Company
for the financial year 2022-23.
6. PUBLIC DEPOSITS
During the year under review, the Company has not accepted or renewed
any deposits falling within the purview of provisions of Section 73 of the Companies Act,
2013 read with The Companies (Acceptance of Deposits) Rules, 2014.
Pursuant to the Resolution approved by the Hon'ble National Company Law
Tribunal vide its Order dated April 19, 2018, the Company is making the payment of 100% of
the principal amount due to fixed deposits holders who has submitted their claims upto an
amount not exceeding Rs.5,36,00,000/- as originally approved under the approved Resolution
Plan. Further, in compliance with approved resolution plan the outstanding Public Deposits
as on March 31,2023 is Rs. 65,32,262/-
However, there are certain Fixed Deposit holders who are not traceable
and thus the Company has been not able to make payment for those Fixed Deposits Holder.
The Company is in process of filing Petition in NCLT for obtaining clarification for the
same.
7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management discussion and Analysis Report for the year under review, as
required under Regulation 34 read with Schedule V the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements), Regulations, 2015 (SEBI LODR
2015), is forming part of this Annual Report.
8. DIRECTORS' RESPONSIBILITY REPORT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of its knowledge and ability, confirm that:
a) in the preparation of the annual accounts, for the financial year
ended March 31, 2023, the applicable accounting standards have been followed and that no
material departures have been made from the same;
b) they 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 at the end of the
financial year and of the profits of the Company for that period;
c) they have 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;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls for the Company and
such internal financial controls are adequate and operating effectively; and
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems are adequate and operating effectively.
9. CORPORATE GOVERNANCE
The Report on Corporate Governance as per the requirement of SEBI LODR
2015 forms part of this Annual Report. The requisite certificate from M/s. D Maurya
Associates, Practicing Company Secretary, confirming the compliance with the conditions of
Corporate Governance has been included in the said Report.
A Certificate from the Managing Director and CFO of the Company in
terms of SEBI LODR 2015, inter alia, confirming the correctness of the Financial
Statements and Cash Flow Statements, adequacy of the internal control for financial
reporting, and reporting of matters to the Audit Committee, is also forming part of this
Annual Report.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
In accordance with the provisions of Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, required
information relating to the Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo is given as hereunder:
• Conservation of Energy
Company makes evaluation on a continuous basis to explore new
technologies and techniques to make the operations of crushing and filtration more energy
efficient. This includes regular maintenance of machineries and regular check- up of
energy consuming devices. Total energy consumption and energy consumption per unit of
production is prescribed in Form-A of Annexure-II to this report.
• Technology Absorption
Your Company has continuously adapted latest technology and best
practices from the industry and efforts. Company has made efforts in developing new
packaging and new products to make its products duplicate proof and tamper proof, which
has yielded good response from the customers and will continue in future.
• Foreign Exchange Earnings and Outgo
| Particulars |
31st March, 2023 (in Rs.) |
31st March, 2022 (in Rs.) |
| Foreign Exchange Earnings |
Nil |
Nil |
| Foreign Exchange Outgo |
Nil |
Nil |
11. PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE
Disclosures relating to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are annexed herewith as "Annexure
III".
In terms of Section 136 of the Act, the Annual Report and Accounts are
being sent to the Members, excluding the information on employees' particulars which is
available for inspection by the Members at the Registered Office of the Company during the
business hours on working days of the Company. Any member interested in obtaining such
particulars may write to the Company Secretary at the Registered Office of the Company.
12. DIRECTORS AND KEY MANAGERIAL PERSONNEL
(a) Appointments during the year:
• The Board of Directors on recommendation of Nomination and
Remuneration Committee approved the Appointment of Mrs. Needa Altaf Mukhi (DIN: 07664451)
as the Additional Whole-Time Director of the Company for a period of 5 (five) years w.e.f.
June 30, 2022 and Members have ratified her appointment as the Whole-Time Director in the
Annual General Meeting held on August 02, 2022, for a period of 5 (five) years.
• The Board of Directors on recommendation of Nomination and
Remuneration Committee approved the Appointment of Mr. Arun Dash (DIN: 09657537) as the
Additional Non-Executive Independent Director of the Company for a period of 5 years
w.e.f. June 30, 2022 and Members have ratified his appointment as the Non- Executive
Independent Director in the Annual General Meeting held on August 02, 2022, for a period
of 5 (five) years.
• Ms. Khushbu Bohra was appointed as Company Secretary &
Compliance Officer of the Company w.e.f. May 21, 2022.
(b) Resignations during the year:
• Mr. Mohammed Zahid Abdul Samad Mukhi resigned as Additional
Whole-Time Director of the Company w.e.f. June 30, 2022.
• Mrs. Lucky Kulkarni resigned as Non-Executive Independent
Director of the Company w.e.f. June 30, 2022.
• Mr. Jay Bhansali resigned as Company Secretary & Compliance
Officer of the Company w.e.f. May 20, 2022.
(c) Change in Designations during the year:
• The shareholders in the Annual General Meeting held on August
02, 2022 approved the following appointments:
i) Mr. Atikurraheman Daudbhai Mukhi was appointed as Managing Director
for a period of 3 years w.e.f. November 12, 2021.
ii) Mrs. Needa Altaf Mukhi (DIN: 07664451) as Whole Time Director
(Executive) of the Company for a period of 5 years w.e.f. June 30, 2020.
iii) Mr. Arun Dash (DIN: 09657537) as Non-Executive Independent
Director of the Company for a term of 5 years w.e.f. June 30, 2022.
During the year under review and in the Board Meeting held on November
12, 2021, Mr. Atikurraheman Daudbhai Mukhi has been re-designated and elevated from Whole
Time Director to Managing Director of the Company and Members have ratified his
appointment as the Managing Director of the Company in the Annual General Meeting held on
August 02, 2022 for a period of 3 (three) years w.e.f. November 12, 2021.
None of the Independent Directors had any pecuniary relationship or
transactions with the Company during Financial Year 2022-23. In the opinion of the Board,
they fulfill the conditions of independence as specified in the Companies Act, 2013 and
Listing Regulations and are independent of the management.
In the opinion of the Board, the independent director appointed during
the year possesses the required qualifications, integrity, expertise and experience
(including proficiency) for the position.
They also bring in the required skill, competence and expertise that
allow them to make effective contributions to the Board and its committees.
In terms of Section 203 of the Companies Act, 2013, the following are
the Key Managerial Personnel of the Company:
- Mr. Parvez Shafee Ahmed Shaikh, Chairman & Whole Time Director
- Mr. Atikurraheman Daudbhai Mukhi, Managing Director
- Mr. Tabrez Shafi Ahmed Shaikh, Whole Time Director
- Mr. Humayun Ahmed Shafi Ahmed Shaikh, Whole Time Director
- Mrs. Needa Altaf Mukhi, Whole Time Director
- Mr. Amir Atikurrehman Mukhi, Whole Time Director
- Mr. Sanjay K. Samantaray, Chief Financial Officer
- Ms. Khushbu Bohra, Company Secretary & Compliance Officer
Pursuant to the provisions of Section 152(6) of the Companies Act, 2013
Mr. Humayun Ahmed Shafi Ahmed Shaikh Whole Time Director and Mr. Amir Atikurrehman Mukhi,
Whole Time Director retires by rotation and being eligible, offers himself for
reappointment at the ensuing Annual General Meeting.
As per the information available with the Company, None of the
Directors of the Company are disqualified for being appointed as a Directors as specified
in Section 164(2) of the Companies Act, 2013.
13. RIGHTS ISSUE
The Board of Directors of the Company at its meeting held on September
30, 2021, approved the issuance of fully paid-up equity shares of the Company by way of a
rights issue to the existing equity shareholders of the Company upto an amount worth Rs
44.97 crores. Thereafter, on January 16, 2023, the Company submitted the draft letter of
offer in connection with the proposed rights issue, framed in line with the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,
to the Securities and Exchange Board of India ('SEBI'), BSE and NSE, for requisite
approvals. Further, the Rights Issue was withdrawn by the Rights Issue Committee of the
Company on March 20, 2023 due to not meeting minimum eligibility criteria. The Company has
provided necessary documents and clarification to both the exchanges and RE Holders that
Rights Issue of the Company have been withdrawn due to poor market conditions, and market
volatility and hence had not received minimum subscription during the offer period.
14. DECLARATION OF INDEPENDENCE
All Independent Directors have given declarations affirming that they
meet the criteria of independence as laid down under Section 149(6) of the Companies Act,
2013 and Regulation 16(1)(b) of the SEBI LODR 2015 and there has been no change in the
circumstances which may affect their status as Independent Directors during the year.
Further, all the Independent Directors have complied with the Code for Independent
Directors prescribed in Schedule IV of the Companies Act, 2013 and the Code of Conduct for
Directors and senior management.
15. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES
a. BOARD MEETINGS
The Board met six times during the financial year. The meeting details
are provided in the Corporate governance report that forms part of this Integrated Annual
Report. The maximum interval between any two meetings did not exceed 120 days, as
prescribed by the Companies Act, 2013.
b. PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR
2015, the Nomination and Remuneration and Compensation Committee (NRC) has carried out
Board Evaluation i.e. evaluation of the performance of: (i) the Board as a whole and its
Committees, and (ii) individual directors (including independent directors).
The performance evaluation of the Independent Directors was carried out
by the entire Board excluding the Directors being evaluated.
The performance evaluation of the Chairman, Non-Independent Directors
and the Board as a whole was carried out by the Independent Directors at their separate
meeting.
c. AUDIT COMMITTEE
The Board has well-qualified Audit Committee, the composition of which
is in line with the requirements of Section 177 of the Companies Act, 2013 read with
Regulation 18 of SEBI LODR 2015. All the Members, including the Chairman of the Audit
Committee is Independent. They possess sound knowledge on Accounts, Audit, Finance,
Taxation, Internal Controls etc. The details viz, Composition, number of meetings, dates
of meetings and attendance of Directors at such meeting are included in the Corporate
Governance Report.
The composition of the Committee was re-constituted on June 30, 2022
with the following members:
| Sr. No. 1. Name Mr. Huzefa Dawood
Ghadiali |
Designation Chairman |
| 2. Mrs. Lucky Kulkarni * |
Member |
| 3. Mrs. Kiran Raghavendra Awasthi |
Member |
| 4. Mr. Rishang Sanjay Jain |
Member |
| 5. Mr. Humayun Shafi Ahmed Shaikh |
Member |
| 6. Mr. Arun Dash # |
Member |
* Ceased as a Member w.e.f. June 30, 2022
# Appointed as a Member w.e.f. June 30, 2022
During the year under review, the Board has accepted all the
recommendations of the Audit Committee.
The Company Secretary of the Company acts as the Secretary of the
Committee.
d. NOMINATION AND REMUNERATION COMMITTEE
The Company has duly constituted Nomination and Remuneration Committee
as per the requirements prescribed under the provisions of Section 178 of the Companies
Act, 2013 and Regulation 19 of SEBI LODR 2015.
The composition of the Committee was re-constituted on June 30, 2022
with the following members:
| Sr. No. Name |
Designation |
| 1. Mrs. Kiran Raghavendra Awasthi |
Chairperson |
| 2. Mrs. Lucky Kulkarni * |
Chairperson |
| 3. Mr. Huzefa Dawood Ghadiali |
Member |
| 4. Mr. Siraj Furniturewala |
Member |
| 5. Mr. Unmesh Breed |
Member |
| 6. Mr. Arun Dash # |
Member |
* Ceased as a Chairperson w.e.f. June 30, 2022
# Appointed as a Member w.e.f. June 30, 2022
The Board has framed a Nomination and Remuneration and Compensation
Policy including fixation of criteria for selection and appointment of Directors, Key
Managerial Personnel and Senior Management Personnel. The same has been annexed herewith
as "Annexure IV". The Policy is also uploaded on the web-site of the Company at
link: https:// rajoilmillsltd.com/investor/policies-for-investor/.
The details viz, Composition, number of meetings, dates of meetings and
attendance of Directors at such meeting are given in the Corporate Governance Report.
e. STAKEHOLDERS RELATIONSHIP COMMITTEE
As per the requirements of Section 178 of the Companies Act, 2013 and
Regulation 20 of SEBI LODR 2015, the Company has constituted Stakeholders Relationship
Committee.
The composition of the Committee was re-constituted on June 30, 2022
with the following members:
| Sr. Name No. |
Designation |
| 1. Mr. Siraj Furniturewala |
Chairman |
| 2. Mrs. Lucky Kulkarni * |
Member |
| 3. Mr. Rishang Sanjay Jain |
Member |
| 4. Mr. Parvez Shafee Ahmed Shaikh |
Member |
| 5. Mr. Unmesh Breed |
Member |
| 6. Mr. Arun Dash # |
Member |
* Ceased as a Chairperson w.e.f. June 30, 2022
# Appointed as a Member w.e.f. June 30, 2022
The details viz, Composition, number of meetings, dates of meetings and
attendance of Directors at such meeting are given in the Corporate Governance Report.
16. AUDITORS AND REPORTS
The matters related to Auditors and their Reports are as under:
Statutory Auditor
M/s. Kailash Chand Jain & Co., Chartered Accountants, Mumbai (Firm
Regn. No.112318W) were appointed as the Statutory Auditors of the Company at the Annual
General Meeting held on 04th May, 2019 for a period of 5 years i.e. from the conclusion of
the said Annual General Meeting until the conclusion of Twenty First Annual General
Meeting.
The Auditor's Report do not contain any qualifications, reservations,
adverse remarks or disclaimer.
Secretarial Auditor
M/s. D Maurya & Associates, Practicing Company Secretary, was
appointed to conduct Secretarial Audit of the Company for the financial year 2022 - 2023
as required under Section 204 of the Companies Act, 2013 and the rules thereunder. The
Secretarial Audit Report for the financial year ended March 31, 2023 is annexed herewith
as "Annexure V" to this Report. The Secretarial Auditor's Report do not contain
any qualifications, reservations, adverse remark or disclaimer.
Cost Auditor
During the year, M/s. Vinod C. Subramaniam & Co., Cost Accountants
was appointed as the Cost Auditor of the Company for the financial year 2022 - 2023 as
required under Section 148(3) of the Companies Act, 2013 read with Rules of the Companies
(Cost Records and Audit) Rules, 2014. Further, the Board hereby confirms that the cost
records specified by the Central Government as per Section 148(1) of the Companies Act,
2013, and rules made thereunder, have been made and maintained.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
As per the provision of Section 177 (9) of the Companies Act, 2013, the
Company is required to establish an effective Vigil Mechanism for Directors and Employees
to report genuine concerns. In line with this, the Company has framed a Vigil Mechanism
/Whistle Blower Policy through which the Directors and Employees, Franchisees, Business
Partners, Vendors or any other third parties making a Protected Disclosure under this
Policy may report concerns about unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct & Ethics without fear of reprisal. The
Policy provides for adequate safeguards against victimization of employees who avail of
the mechanism and also provides for direct access to the Chairman of the Audit Committee.
It is affirmed that no personnel of the Company have been denied access to the
Audit Committee. The Whistle Blower Policy is placed on the website of
the Company at https://rajoilmillsltd.com/investor/ policies-for-investor/.
17. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
As per the requirement of The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 ('Act') and rules made there under,
your Company has adopted a Sexual Harassment Policy for women to ensure healthy working
environment without fear of prejudice, gender bias and sexual harassment.
There were no incidences of sexual harassment reported during the year
under review, in terms of the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
18. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSTION OF THE COMPANY
No material changes and commitments affecting the financial position of
the Company 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 was no change in
company's nature of business during the FY 2022 - 23.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the Related Party Transactions entered into during the financial
year were on arm's length basis and were in ordinary course of business. The Detail of the
related party entered between the Company and the related party are given in the Form
AOC-2 as Annexure I, which is the part of this report, as required under Section 134(3)
(h) of the Companies Act, 2013. The Board has approved a policy for related party
transactions which has been uploaded on the Company's website. The web- link as required
under SEBI Listing Regulations, 2015 is at
https://rajoilmillsltd.com/investor/policies-for-investor/.
20. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR
SECURITIES PROVIDED BY THE COMPANY
Particulars of Loans, Guarantees and Investments covered under
provisions of section 186 of the Act, if any, are given in the notes to the Financial
Statements.
21. INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The internal control systems, comprising of
policies and procedures are designed to ensure sound management of your Company's
operations, safekeeping of its assets, optimal utilization of resources, reliability of
its financial information and compliance. Based on the report of Internal Audit function,
corrective actions are undertaken in the respective areas and thereby strengthen the
controls.
The statutory auditors of the Company has audited the financial
statements included in this annual report and has issued a report on our internal
financial controls over financial reporting as defined in Section 143 of the Act.
22. ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) of the Companies Act,
2013, the Annual Return for the financial year ended March 31,2023 made under the
provisions of Section 92(3) of the Companies Act, 2013 is placed at Company's website on
www.rajoilmillsltd.com.
23. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
During the year under review, no significant and material orders were
passed by the Regulators, Securities Exchange Board of India, Stock Exchanges, Tribunal or
Courts which impact the going concern status and the Company's operations in future.
24. HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS
The Company takes pride in the commitment, competence and dedication
shown by its employees in all areas of Business. The Company is committed to nurturing,
enhancing and retaining top talent through superior Learning and Organizational
Development. This is a part of Corporate HR function and is a critical pillar to support
the Organisation's growth and its sustainability in the long run.
25. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Social Welfare Activities has been an integral part of the Company
since inception. The Company is committed to fulfill its social responsibility as a good
corporate person. Section 135 of the Companies Act, 2013, has laid down the requirement
for constitution of Corporate Social Responsibility Committee, which shall be responsible
for laying down the CSR Policy, to a certain class or classes of Companies.
The compliance with Section 135 is applicable to specific class or
classes of the Companies falling under the threshold mentioned under the Act and rules
framed there under. However, our Company does not fall under the requisite threshold as
mentioned under Section 135 during the financial year under review and thus the compliance
with the relevant provision of the Companies Act, 2013 is not applicable.
26. AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS
The Company hereby affirms that during the year under review, the
Company has complied with all the applicable Secretarial Standards i.e. SS-1 and SS-2,
relating to 'Meetings of the Board of Directors' and 'General Meetings' respectively
(including any modifications or amendments thereto) issued by the Institute of Company
Secretaries of India.
27. REPORTING OF FRAUDS
There was no instance of fraud during the year under review, which
required the Statutory Auditors to report to the Audit Committee and / or Board under
Section 143(12) of the Act and the rules made thereunder.
28. DISCLOSURE WITH RESPECT TO MAINTENANCE OF COST RECORDS
As per Section 148 of the Companies Act, 2013, read with the Companies
(Cost Records and Audit) Rules, 2014, your Company is required to maintain cost records
and accordingly, such accounts and records are maintained.
29. RISK MANAGEMENT
The Company has a well-defined process to ensure the risks are
identified and mitigation steps are put in place. The Company's Risk Management process
focuses on ensuring that these risks are identified on a timely basis and reasonably
addressed. The Audit Committee oversees financial risks and controls. Major risks are
identified by the businesses and functions and these are systematically addressed through
mitigating actions on continuing basis.
30. ACKNOWLEDGEMENTS
The members of the Board of Directors wish to place on record their
sincere appreciation for the devoted services rendered by all the employees and the
continued co-operation and confidence of shareholders. The Board expresses their sincere
thanks to the Bankers, Government and Semi-Government Authorities, Esteemed Customers,
Suppliers, Business Associates and all other well-wishers for their consistent
contribution at all levels to ensure that the Company continues to grow and excel.
31. CAUTIONARY STATEMENT
The Board's Report and Management Discussion & Analysis may contain
certain statements describing the Company's objectives, expectations or forecasts that
appear to be forward-looking within the meaning of applicable securities laws and
regulations while actual outcomes may differ materially from what is expressed herein. The
Company is not obliged to update
any such forward-looking statements. Some important factors that could
influence the Company's operations comprise economic developments, pricing and demand and
supply conditions in global and domestic markets, changes in government regulations, tax
laws, litigation and industrial relations.
|
For and on behalf of the Board of
Directors |
|
Of Raj Oil Mills Limited |
|
Sd/- |
|
Parvez Shafee Ahmed Shaikh |
| Mumbai, September 06, 2023 |
Chairman |
|