<dhhead>Boards Report</dhhead>
To the members,
Your Directors present the 35th Annual Report on the business and
operations of the Company along with the audited standalone and consolidated financial
statements for the year ended 31st March, 2023.
1. Financial Results
(H in Lakhs)
|
Standalone |
Consolidated |
Particulars |
|
|
|
|
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from operations |
61241 |
53987 |
89537 |
89287 |
Other income |
207 |
122 |
331 |
200 |
Profit before Depreciation, interest and
tax |
12008 |
11005 |
16526 |
18359 |
Interest & financial charges |
1374 |
1194 |
1682 |
1543 |
Profit before depreciation |
10634 |
9811 |
14844 |
16816 |
Less: Depreciation |
976 |
812 |
1809 |
1552 |
Profit before Taxation & exceptional
items |
9658 |
8999 |
13035 |
15264 |
Add: Exceptional Items |
0 |
0 |
0 |
0 |
Profit before taxation |
9658 |
8999 |
13035 |
15264 |
Less : Provision for taxation |
|
|
|
|
- Current Tax |
2361 |
2217 |
2814 |
2922 |
- Deferred Tax |
209 |
(91) |
209 |
(91) |
Total Tax expenses |
2570 |
2126 |
3023 |
2831 |
Profit for the year |
7088 |
6873 |
10012 |
12433 |
Other comprehensive income |
|
|
|
|
(a) items that will not be reclassified to
profit or loss |
1 |
15 |
1 |
15 |
(b) items that will be reclassified to profit
or loss |
|
0 |
843 |
(193) |
Total other comprehensive income for the year |
1 |
15 |
844 |
(178) |
Total comprehensive and other
comprehensive |
7089 |
6888 |
10856 |
12255 |
income for the year |
|
|
|
|
2. Overview of Companys Financial Performance:
The companys performance during Financial Year 2022-23 on a
standalone and consolidated basis were as follows -
A. On standalone basis
The company standalone revenue were H 61241
Lakhs against H 53987Lakhs in the previous year. 13.43% growth from
previous year. The Profit before tax) for the financial year 2022-23 is H 9658 lakhs
against H 8999 Lakhs in the year 2021-22. The profit after tax was H 7088 lakhs to H 6873
lakhs as compared in the previous year.
B. Consolidated revenues
The company consolidated revenue were H 89537 lakhs in FY 23 compared
with H 89287 lakhs in
FY22. The companys profit after tax Decrease from H 12433
lakhs in FY 22 to H10012 lakhs in FY 23. The EBITDA* has Decrease from H 18159 lakhs in
FY22 to H 16195 lakhs in FY 23.
*Other income excluded from EBITDA to show core operating efficiency.
3. Economic scenario
The global economy is showing signs of gradual recovery from the
significant impacts of the pandemic and Russias war on Ukraine. Supply chains are
gradually returning to normal, and the disruptions to energy and food markets caused by
the war are subsiding. At the same time, most central banks synchronized tightening
of monetary policy is starting to control inflation. However, the rapid increase in
interest rates has put some parts of the financial system under strain, leading to
concerns about financial stability. The decrease in fuel and energy prices, especially in
the United States, Euro area, and Latin America, has contributed to the decline in global
inflation rates. The International Monetary Fund (IMF) projects that emerging markets and
developing economies (EMDEs) are expected to grow by 5.3% in 2023, highlighting the
diminishing economic challenges faced by the Asia-Pacific region.
4. Prospects and Outlook
In the fiscal year 2023, your Company dedicated its efforts towards
enhancing capacity utilisation. The Company prioritised upgrading its utility and building
infrastructure to support this objective. This includes a phased increase in Wire Drawing
Capacity. Additionally, the Company inaugurated the TPM Technical Training Centre, which
serves as a hub for enhancing technical expertise.
Recognising the growing prominence of technology and digital tools, the
Company implemented various initiatives to embrace digitalisation and improve operational
efficiency. As the demand for automobiles continues to rise, there is a corresponding
increase in the need for tyres, consequently benefiting the bead wire industry. The
company remains committed to providing high-quality products and services to its
customers, thus maintaining a leadership position in the market.
5. Dividend
The Board of Directors at their meeting held on 21st April, 2023, has
recommended dividend payment of H 2/- (Rupees Two Only) per equity share of the face value
of H 2 (Rupee Two Only) each as final dividend for the financial year ended 31st March,
2023. The payment of final dividend is subject to the approval of the shareholders at the
ensuing Annual General Meeting (AGM) of the Company. The total dividend amount for the
financial year 2022-23, including the proposed final dividend, amounts to H 1015 Lakhs.
In view of the changes made under the Income-tax Act, 1961, by the
Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the
hands of the Shareholders. The Company shall, accordingly, make the payment of the final
dividend after deduction of tax at source.
Dividend Distribution Policy
In terms of Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Board of
Directors of your company has approved and adopted, the Dividend Distribution Policy of
the Company and the same is made available on the website of the Company. The same can be
accessed on https://rajratan.co.in/investors/
6. Transfer to Reserves
Consequent to introduction of Companies Act 2013, the requirement of
mandatory transfer of a specified percentage of the net profit to general reserve has been
withdrawn and the Company can optionally transfer any amount from the surplus of profit or
loss account to the General reserves. The Company has transferred H 5000
Lacs to the General Reserve out of the amount available for
appropriation.
7. Share Capital
The paid up share capital of the company as on 31st March, 2023 is H
1015 Lacs. There has been no change in the paid
up capital of the Company during the year under review. Your company
does not hold any instruments convertible into the equity shares of the Company.
8. Subsidiary Companies
The Company has only one foreign wholly-owned subsidiary viz. Rajratan
Thai Wire Co. Ltd. There was no associate company within the meaning of Section 2(6) of
the Companies Act, 2013("Act"). There was no change in the nature of the
business of the subsidiaries.
Pursuant to Section 129(3) of the Act, a statement containing salient
features of the financial statements of the Companys subsidiaries in Form AOC-1 is
attached to the financial statements of the company. Pursuant to section 136 of the Act,
the financial statements of the Company, consolidated financial statements along with
relevant documents and separate audited accounts in respect of the subsidiaries, are
available on the website of the company www.rajratan.co.in. Performance of the Rajratan
Thai Wire Co. Ltd, Thailand the WOS of the Company during the year, was below
Rajratan Thai Wire Co. Limited, Thailand:
Rajratan Thai Wire Co. Limited is a fully-owned subsidiary of the
Company with its manufacturing facility in Ratchaburi, Thailand, and engaged in
manufacturing bead wire. During the year under review, it recorded a decrease of 5800 MT
in sales volume and recorded sales of 29480 MT compared to 35280 MT in the previous year.
Net revenues decreased to THB 12672.39 lakhs as compared to THB 15661.36 Lakhs in the
previous year. Profit after tax stood at THB 1242.76 Lakhs compared to THB 2436.79 Lakhs
in the previous year.
9. Directors responsibility statement
Pursuant to Section 134(5) of the Companies Act, 2013, the board of
directors, to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
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 profit 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 Act 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 to be followed by
the Company and such internal financial controls are adequate and operating effectively;
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
10. Deposits:
The Company has not accepted any fixed deposit from the public during
the financial year ended 31st March, 2023 within the meaning of section 73 and 74 of the
Companies Act, 2013 read with the relevant rules.
11. Listing:
The shares of the Company are listed on the Bombay Stock Exchange
Limited and National stock Exchange, of India Limited and the Company is regular in
payment of the listing fees. There was no suspension of trading during the year under
review.
12. Conservation of Energy, Technology and Foreign Exchange Earnings
and outgo
The particulars as prescribed under Section 134(3)(m) of the Companies
Act, 2013 read with Companies (Accounts of Companies) Rules, 2014 are set out in an "Annexure-I"
to this report.
13. Material changes and commitments occurred, if any, affecting the
financial position of the company, having occurred since the end of the year and till 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.
14. Corporate Social Responsibility
As a part of CSR initiative under the Corporate Social
Responsibility drive, the Company has undertaken projects mainly in the areas
education, women empowerment, health care and plantation. The Company works primarily
through its CSR trust, the Rajratan Foundation. The Companys CSR policy is available
on our website, at www.rajratan.co.in/investors/. The annual report on our CSR activities
is appended as Annexure II to the Boards Report.
15. Business Responsibility and Sustainability Report
A Business Responsibility and Sustainability Report as required under
Regulation 34(2) (f) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 has been given in "Annexure-VIII.
16. Directors and key managerial personnel
During the year under review the Mr. Shiv Singh Mehta and Mrs. Aparna
Sharma completed their term as independent directors of the Company. Mr. Rajesh Mittal who
completed his first terms as independent director of the Company was of re appointed as
Independent Director for second term, the board considered that the continued association
of Mr. Rajesh Mittal would benefit the Company. Mr. Sanjeev Sood and Mrs. Alka Arora Misra
were appointed as Independent Directors on the Board of the Company during the year and
their appointment was duly approved by the shareholders.
On the recommendation of Nomination and remuneration committee, the
Board at its meeting held on 21st April, 2023 has appointed Yashovardhan Chordia (DIN:
08488886) as executive director for a period of three years, effective from 21st April,
2023, subject to approval of the members at the ensuing Annual General Meeting. The
resolution for confirming the appointment of Mr. Yashovardhan Chordia as executive
director of the Company forms part of the Notice convening the Annual General Meeting
AGM) scheduled to be held on 3rd August 2023.
In accordance with the provisions of Section 152 and other applicable
provisions, if any, of the Act and the Articles of Association of the Company, Mr.
Abhishek Dalmia (DIN: 00011958) Non-Executive Director of the Company, is liable to retire
by rotation at the ensuing AGM and being eligible have offered themselves for
re-appointment. The necessary resolution for re-appointment of Mr. Abhishek Dalmia forms
part of the Notice convening the Annual General Meeting (AGM) scheduled to be
held on 3rd August 2023. The Company has received declarations from all
the Independent Directors of the Company confirming that: a) they meet the criteria of
independence prescribed under the Act and the Listing Regulations and b) they have
registered their names in the Independent Directors Databank.
In the Opinion of the Board, all the independent directors fulfills the
criteria of the independency as required under the Companies Act, 2013 and the SEBI (LODR)
Regulations, 2015.
In terms of Section 203 of Companies Act, 2013, Mr. Sunil Chordia, Mr.
Hitesh Jain and Mr. Shubham Jain are key managerial personnels of the Company. During the
year under review, there were no other changes to the Key Managerial Personnels of the
Company.
17. Number of meetings of the board
Four meetings of the Board were held during the year. The details of
the meetings of the Board of Directors and its committees, convened during the financial
year 2022-23 are given in the Corporate Governance Report, which forms part of this Annual
Report.
18. Board evaluation
GN='JUSTIFY'>In compliance with the Companies Act, 2013 and Regulation 17(10) of
SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance
evaluation of the Independent Directors was carried out during the year under review. More
details on the same are given in the Corporate Governance Report.
The performance of the Board was evaluated after seeking inputs from
all the directors on the basis of the criteria such as the Board composition and
structure, effectiveness of board processes, information and functioning, etc. The
performance of the committees was evaluated by the board after seeking inputs from the
committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee
("NRC") reviewed the performance of the individual directors on the basis of the
criteria such as the contribution of the individual director to the Board and committee
meetings like preparedness on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on
the key aspects of his role.
In a separate meeting of independent Directors, performance of
non-independent directors, performance of the Board as a whole was evaluated.
19. Board Committees
Your Company has in place the Committee(s) as mandated under the
provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. There are currently Five committees of the Board, namely:
Audit Committee
Nomination & Remuneration Committee
Stakeholders Relationship Committee
Corporate Social Responsibility Committee
Risk Management Committee
Details of the Committees along with their composition and meetings
held during the year, are provided in the Corporate Governance Report, which forms part of
this report.
20. Policy on Directors appointment and remuneration and other
details
The Company has in place policy for directors appointment and
remuneration and other matters provided in Section 178(3) of the Act which is available on
the website of the company at www.rajratan.co.in/ investors.
21. Managerial Remuneration and particulars of employees
Pursuant to Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 a disclosure on remuneration related information of
employees, Key Managerial Personnel and directors is annexed herewith and forming part of
the report as " Annexure-III ." The Chairman and Managing Director of
your Company does not receive remuneration from any of the subsidiary of your Company.
22. Transactions with related parties
During the Financial Year 2022-23, all contracts/
arrangements/transactions entered into by your Company with related parties under Section
188(1) of the Act were in the ordinary course of business and at arms length basis.
During the Financial Year 2022-23, your Company has not entered into any contracts/
arrangements/transactions with related parties which could be considered
material. Thus, there are no transactions required to be reported in form
AOC-2. The Board has taken on record all transaction with related parties.
Further, during Financial Year 2022-23, there were no materially
significant related party transactions made by your Company with the Promoters, Directors,
Key Managerial Personnel or other designated persons, which might have potential conflict
with the interest of the Company at large. All related party transactions are placed
before the Audit Committee and approved through the Omnibus mode in accordance with the
provisions of the Companies Act, 2013 and Listing Regulations. The policy on Related Party
Transactions is uploaded on the Companys website www.rajratan.co.in/ investors/.
The details of RPTs during FY 2022-23 are provided in the accompanying
financial statements. During the FY 2022-23, the Non-Executive Directors of the Company
had no pecuniary relationship or transactions with the Company other than sitting fees,
commission and reimbursement of expenses, as applicable.
23. Annual return
The Annual Return of the Company as on 31st March, 2023 in Form MGT - 7
in accordance with Section 92(3) of the Act read with the Companies (Management and
Administration) Rules, 2014, is available on the website of the Company at
www.rajratan.co.in/investors/.
24. Loans, Guarantees and Investment
The company has given loans and issued guarantee in favor of its
wholly- owned subsidiary viz. Rajratan Thai Wire Limited, Thailand which is exempted under
the provisions of section 186 of the Companies Act, 2013 read with Rule 11 of the
Companies (Meetings of Board and its Powers) Rules, 2014. Details of Loans, Guarantees and
Investments covered under the provisions of Section 186 of the Companies Act, 2013 are
given in the notes to the Financial Statements.
25. Auditors:
a. Statutory Auditors:
At the 34th AGM held on 21st June, 2022 the Members approved
appointment of M/s Fadnis
& Gupte LLP, Chartered Accountants, Indore as Statutory Auditors of
the Company to hold office for a period of five years from the conclusion of that AGM till
the conclusion of the 39th AGM, subject to ratification of their appointment by Members at
every AGM, if so required under the Act. The requirement to place the matter relating to
appointment of auditors for ratification by Members at every AGM has been done away by the
Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution
is being proposed for ratification of appointment of statutory auditors at the 35th
AGM.
There is no audit qualification, reservation or adverse remark for the
year under review. b. Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed Palash Jain, Company Secretary in Practice (CP No. 19754) to conduct
the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed
herewith as "Annexure-IV" The secretarial audit report does not contain
any qualification, adverse observations/remarks. c. Cost Auditors:
As per the requirement of Section 148 of the Companies Act, 2013 read
with the Companies (Cost Records and Audit), Amendment Rules 2014, your Company is
required to get its cost accounting records audited by a Cost Auditor.
Further the Board of Directors on the recommendation of Audit
Committee, has appointed M/s Dhananjay V. Joshi & Associates, Cost and Management
Accountants (Firm Registration No. 000030), Practicing Cost Accountants to conduct the
audit of the cost accounting records of the Company for Financial year 2023-24. As
required under the Companies Act, 2013 resolution seeking members approval for the
remuneration payable to Cost Auditor form part of the notice convening the AGM for their
ratification. The Cost Audit Report of the Company for the financial year ended 31st
March, 2023, was filed with the Ministry of Corporate Affairs, New Delhi. d. Internal
Auditor
The Company has appointed M/s Mehta Garg & Agrawal, Chartered
Accountants (Firm Registration No 019648C) as Internal Auditors to conduct internal audit
of the function and activities of the Company. The Audit Committee of the Board of
Directors in consultation with the Internal Auditors, formulate the scope, functioning,
periodicity and methodology for conducting the internal audit.
26. Internal Control System and their Adequacy, Internal Financial
Controls
Your Companys internal control system is commensurate with its
scale of operations designed to effectively control the operations. The internal control
systems are designed to ensure that the financial and other records are reliable for the
preparation of financial statements and for maintaining assets. Independent Internal
Auditors conduct audit covering a wide range of operational matters and ensure compliance
with specified standards. Planned periodic reviews are carried out by Internal Audit. The
findings of Internal Audit are reviewed by the top management and by the Audit Committee
of the Board of Directors. The Audit Committee reviews the adequacy and effectiveness of
internal control systems and suggests ways of further strengthening them, from time to
time.
As per Section 134(5)(e) of the Companies Act 2013, the Directors have
an overall responsibility for ensuring that the Company has implemented robust system and
framework of Internal Financial Controls. This provides the Directors with reasonable
assurance regarding the adequacy and operating effectiveness of controls with regards to
reporting, operational and compliance risks. The Company has devised appropriate systems
and framework including proper delegation of authority, policies and procedures, effective
IT systems aligned to business requirements, risk based internal audits, risk management
framework and whistle blower mechanism.
27. Risk management
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 and non-business risks. The Audit Committee and the Board periodically review
the risks and suggest steps to be taken to manage/ mitigate the same through a properly
defined framework. During the year, a risk analysis and assessment was conducted and no
major risks were noticed, which may threaten the existence of the company.
28. Disclosure requirements
a) Corporate Governance:
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the stipulations set out in the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
A separate report of the Board of Directors of the Company on Corporate
Governance is an integral part of the Annual Report and included as Annexure
V and the Certificate from M/s Fadnis
& Gupte LLP, Chartered Accountants, Indore (ICAI Firm Registration
No. 021781C), Statutory Auditors of the Company, confirming compliance with the
requirements of Corporate Governance as stipulated in Regulation 34 read with Schedule V
of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 is annexed as Annexure
VI. b) Familiarization Program for Independent Directors
Your Company has in place a Familiarization Program for independent
Directors to provide insights into the Companys Business to enable them contribute
significantly to its success. The Senior Management makes presentations periodically to
familiarize the Independent Directors with the strategy operations and functions of the
Company. The details of the familiarization program of the independent directors are
available on the website of the Company www. rajratan.co.in/investor/. c)
Dematerialisation of Shares
The shares of your Company are being traded in electronic form and the
Company has established connectivity with both the depositories i.e. National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). 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, 2023, 99.14% of the share capital stands dematerialized.
d) Policy on determining material subsidiary of the Company is
available on the website of the Company www.rajratan.co.in/investor/.
e) Policy on dealing with related party transactions is available on
the website of the Company www. rajratan.co.in/investor/.
f) The Company has formulated and published a Whistle Blower Policy to
provide Vigil Mechanism for employees including directors of the Company to report genuine
concerns. The provisions are in line with the provisions of the section 177(9) of the
Companies Act, 2013 read with regulation 22 of the Listing Regulations.
g) As required under section 134(q) there are no significant and
material orders passed by the regulators or courts or tribunals impacting the going
concern status and companys operations in future.
h) The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course of day to day
business operations of the company.
i) The Company has adopted a Code of Conduct for Prevention of Insider
Trading in accordance with the requirements of the SEBI (Prohibition of Insider Trading)
Regulation, 2015 with a view to regulate trading in securities by the Directors and
designated employees of the Company. The Code requires pre-clearance for dealing in the
Companys shares and prohibits the purchase or sale of Company shares by the
Directors and the designated employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the Trading Window is
closed. The Board is responsible for implementation of the Code. All Board Directors and
the designated employees have confirmed compliance with the Code. The Insider Trading
Policy of the Company covering code of practices and procedure for fair disclosure of
unpublished price sensitive information and code of conduct for the prevention of insider
trading is available on the website of the Company at www. rajratan.co.in/investor.
j) As required by the Sexual Harassment of Women at Work Place
(Prevention, Prohibition & Redressal) Act, 2013,theCompanyhasformulatedandimplemented
a policy on prevention of sexual harassment at the workplace with a mechanism of lodging
complaints and has formed required committee. During the year under review, no complaints
were reported.
k) The details of the Committees of Board are provided in the Corporate
Governance Report section of this Annual Report.
l) The details of credit ratings are disclosed in the Corporate
Governance Report, which forms part of the Annual Report.
m) In accordance with the provisions of the Act and Listing Regulations
read with relevant accounting standards, the consolidated audited financial statement
forms part of this Annual Report.
n) The Company has followed applicable Secretarial Standards, issued by
the Institute of Companies Secretaries of India.
o) As required under Section 134(3)(a) of the Act, the Annual Return is
put up on the Companys website i.e. www.rajratan.co.in/investors
p) As per the provisions of Companies (Acceptance of Deposits) Rules,
2014 the company has taken unsecured loan from directors during the year and the details
of such loans have been disclosed in the Notes to Account.
29. Management Discussion and Analysis
A detailed report on Management Discussion and Analysis is provided as
a separate section in the Annual Report.
30. Cautionary Note:
The management discussion and analysis report containing your
Companys objectives, projections, estimates and expectation may constitute certain
statements,whichareforwardlookingwithinthemeaning of applicable laws and regulations. The
statements in this management discussion and analysis report could differ materially from
those expressed or implied. Important factors that could make a difference to the
Companys operation include raw material availability and prices, cyclical demand and
pricing in the Companys principal markets, changes in the governmental regulations,
tax regimes, forex markets, economic developments within India and the countries with
which the Company conducts business and other incidental factors.
31. ANNEXURES FORMING A PART OF DIRECTORS REPORT
The Annexures referred to in this Report and other information which
are required to be disclosed are annexed herewith and form a part of this Report:
Annexure Particulars
I |
Particulars of Conservation of Energy, |
|
Technology and Foreign Exchange |
II |
Report on Corporate Social Responsibility |
III |
Managerial Remuneration and
Particulars of Employees |
IV |
Secretarial Audit Report |
V |
Corporate Governance Report |
VI |
Certificate on Corporate Governance Report |
VII |
AOC-1 |
VIII |
Business Responsibility & Sustainability |
|
Report |
32. Human Resources and Industrial Relations:
Your Company has been able to operate efficiently because of a culture
of professionalism, integrity, dedication, competence, commitments, high level of people
engagement and continuous improvement shown by its employees in all functions and areas of
business. Our basic objective is to ensure that a robust talent pipeline and a
high-performance culture, centered around accountability is in place. We feel this is
critical to enable us retain our competitive edge.
During the year measures for training, development, safety of the
employees and environmental awareness received top priority of Management. The Directors
wish to place on record their appreciation for the efficient and loyal services rendered
by all staff and work force of the Company, without whose wholehearted effort, the
satisfactory performance would not have been possible.
33. Appreciation:
Your Board of Directors would like to convey their sincere appreciation
for the wholehearted support and contributions made by all the employees at all levels of
the Company for their hard work, solidarity, cooperation and dedication during the year.
Your Directors sincerely convey their appreciation to customers,
shareholders, vendors, bankers, business associates, regulatory and government authorities
for their continued support.
For and on behalf of the Board
|
Sunil Chordia |
Yashovardhan Chordia |
Place: Indore |
Chairman & Managing Director |
Director |
Dated: 21st April, 2023 |
DIN 00144786 |
DIN 08488886 |
|