To,
The Members,
The Directors are pleased to present the Twenty Seventh (28th) Annual
Report of the Company together with the audited financial statements (standalone and
consolidated) for the year ended 31stMarch 2023.
In compliance with the applicable provisions of Companies Act, 2013,
(including any statutory modification(s) or reenactments) thereof, for time being in
force) ("Act") and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations"),
this report covers the financial results and other developments during the financial year
ended 31st March 2023, in respect of M/s, SKM Egg Products Export India Limited
1. FINANCIAL HIGHLIGHTS & STATE OF AFFAIRS:
STANDALONE (Rs. in Lacs)
Particular |
Year Ended |
Year Ended |
|
31.03.2023 |
31.03.2022 |
Operating Income |
65,713.62 |
29,068.21 |
Other Income |
125.43 |
889.20 |
Total Income |
65,839.05 |
29,957.41 |
Earnings before Interest, Taxes, Depreciation and
Amortization |
14,494.01 |
3,883.46 |
Less: Financial Cost |
935.50 |
382.31 |
Depreciation & Amortization |
3,362.14 |
2,421.52 |
Profit Before tax |
10,196.37 |
1,079.62 |
Less: Tax Expenses |
|
|
Current |
2,655.92 |
292.93 |
Deferred Tax |
(1.84) |
0.18 |
Profit /(Loss) for the period |
7,542.29 |
786.51 |
Other Comprehensive Income (net of Tax) |
1.22 |
(0.72) |
Profit after Tax and available for appropriation |
7543.51 |
785.79 |
APPROPRIATIONS |
|
|
Dividend Paid |
131.65 |
263.30 |
Surplus carried to Balance Sheet |
7,411.86 |
522.49 |
CONSOLIDATED (Rs. in Lacs)
Particular |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
Operating Income |
66,177.04 |
30,246.69 |
Other Income |
125.43 |
783.89 |
Total Income |
66,302.46 |
31,030.58 |
Earnings before Interest, Taxes, Depreciation and
Amortization |
14,542.18 |
3,868.99 |
Less: Financial Cost |
941.00 |
383.93 |
Depreciation & Amortization |
3,362.14 |
2,421.52 |
Add: Share of Profit/(Loss) of Associates |
13.91 |
(31.02) |
Profit Before tax |
10,252.97 |
1032.51 |
Less: Tax Expenses |
|
|
Current |
2,655.92 |
292.93 |
Deferred Tax |
(1.84) |
0.18 |
Profit /(Loss) for the period |
7,598.88 |
739.40 |
Less: Net Profit attributable to Non-controlling Interest |
6.40 |
(2.41) |
Other Comprehensive Income (net of Tax) |
6.00 |
59.64 |
Profit after Tax and available for appropriation |
7,598.48 |
801.45 |
APPROPRIATIONS |
|
|
Dividend Paid |
131.65 |
263.30 |
Surplus carried to Balance Sheet |
7,466.83 |
538.15 |
Standalone Financial Results:
During the Financial Year (FY) 2022-23, the Company has achieved
highest ever operating income of 65,713.62 Lakhs as compared to 29,068.21 Lakhs in FY
2021-22. The profit before tax for FY 2022-23 stood at 10,196.37 Lakhs compared to
1,079.62 Lakhs achieved in FY 2021-22. The profit after tax stood at 7,543.51 Lakhs for FY
2022-23 as compared to 785.79 Lakhs for the previous year.
Consolidated Financial Results:
The Company's consolidated revenue for FY 2022-23 was 66,177.04 Lakhs
as compared to 30,246.69 for the previous year. During the year under review, the
consolidated profit after tax stood at 7,598.48 Lakhs as compared to 801.45 Lakhs for the
previous year.
2. DIVIDEND:
For the FY 2022-23, the Company declared an final dividend of Rs 0.50
Paise on equity shares of Rs 10/- each with the total outlay of Rs131.65 Lakhs further the
Company declared an Interim Dividend of Rs.2/- on the equity shares of Rs.10/- each with
total outlay of Rs 526.60 Lakhs.
In view of the changes made under the Income Tax Act, 1961, by the
Finance Act, 2020, dividend paid or distributed by the Company shall be taxable in the
hands of the shareholders. Your Company shall, accordingly, make the payment of the
dividend after deduction of tax at source.
3. TRANSFER TO RESERVE:
The Company has not transferred any amount to the Reserves for the
financial year ended 31st March, 2023.
4. TRANSFER OF UNCLAIMED DIVIDEND AND SHARES TO THE INVESTOR EDUCATION
AND PROTECTION FUND (IEPF):
In accordance with the provisions of Sections 124 and 125 of the Act
and Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules,
2016 ("IEPF Rules"), dividends of a company which remain unpaid or unclaimed for
a period of seven years from the date of transfer to the Unpaid Dividend Account shall be
transferred by the company to the Investor Education and Protection Fund
("IEPF").
In terms of the foregoing provisions of the Act, the dividend amount of
Rs. 10,62,560 along-with the shares (3,40,665 nos) for the financial year 2014-15 which
remains outstanding transferred to the IEPF by the Company during the year ended 31st
March, 2023
5. SHARE CAPITAL:
During the year under review, the Company has not altered/modified its
authorised share capital and has not issued any shares including equity shares with
differential rights as to dividend, voting or otherwise. The Company has not issued any
sweat equity shares to its directors or employees.
The Paid-up Share Capital of the Company as on 31st March, 2023 is Rs.
26,33,00,000 divided into 2,63,30,000 Equity Shares of Rs10 each fully paid up.
6. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
Eight meetings of the Board were held during the year. For details of
meetings of the Board, please refer to the Corporate Governance Report, which is a part of
this report.
7. BOARD COMMITTEES:
The details of each of the Committees comprising their composition,
charter and details of meetings held during the year are provided in the Corporate
Governance Report, Appendixl to this Report.
8. CORPORATE GOVERNANCE:
Pursuant to Regulation 34(3) of the Listing Regulations a report on
Corporate Governance along with a Certificate from the statutory auditor towards
compliance of the provisions of Corporate Governance, forms an integral part of this
Annual Report and are given in Appendix 1.
9. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE END OF FINANCIAL YEAR
UNDER REVIEW AND THE DATE OF THE REPORT:
There are no material changes and commitments affecting the financial
position of the Company which have occurred between the end of the financial year ended
31st March, 2023 to which the Financial Statements relates and the date of signing of this
report.
10. REPORT ON THE PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARY
INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS:
Details of Foreign wholly owned subsidiaries SKM EUROPE BV
During the year under review, our Wholly Owned Subsidiary has posted a
turnover of Rs.2765.44 lakhs. The profit for the year amounted to Rs.42.68 lakhs.
Pursuant to Section 129 (3) of the Companies Act, 2013 read with Rule 5
of the Companies (Accounts) Rules, 2014, a statement containing salient features of the
financial statements of the Company's Subsidiaries and Associate Company in Form No. AOC-1
is attached to this report as Appendix-2
11. DEMATERIALISATION OF SHARES:
The Company's shares are compulsorily traded in dematerialised form on
NSE and BSE. Under the Depository System, the International Securities Identification
Number (ISIN) allotted to the Company's shares is INE411D01015.
Shareholders were advised to convert their holdings from physical mode
to Demat mode considering overall merits of the depository system and total prohibition on
transfer of shares in physical mode from 01.04.2019. Transposition and Transmission are,
however, exempted from this amendment. No request for Transfer of shares in physical mode
was received during the FY 2022 - 2023.
The details of Dematerialised and physical holding of shares, as on
31st March, 2023:
Type of Holding |
No of Shares |
Percentage |
Physical |
21,30,530 |
08.09 |
Demat |
2,41,99,470 |
91.91 |
Total |
2,63,30,000 |
100.00 |
The Company's Registrar is M/s S.K.D.C. Consultants Ltd., having their
registered Office at "Surya", 35, Mayflower Avenue, Behind Senthil Nagar,
Sowripalayam Road, Coimbatore-641028, Tamil Nadu (RTA).
12. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
Pursuant to Regulation 34(2) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements), Regulations, 2015, a detailed
discussion on the industry structure as well as on the financial and operational
performance is contained in the 'Management Discussion and Analysis Report' that forms an
integral part of this Report - Appendix-3.
13. CORPORATE SOCIAL RESPONSIBILITY ('CSR'):
In accordance with the requirements of Section 135 of the Act, the
Company has constituted a Corporate Social Responsibility (CSR) Committee and also
formulated a Corporate Social Responsibility Policy (CSR Policy) which is available on the
website of the Company at www.skmegg.com. An Annual Report on CSR activities of the
Company during the financial year 2022-23 as required to be given under Section 135 of the
Act read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014
has been provided as an Appendix 4 to this Report
14. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM / WHISTLE BLOWER
POLICY, AND AFFIRMATION THAT NO PERSONNEL HAS BEEN DENIED ACCESS TO THE AUDIT COMMITTEE;
The Company has in place a Vigil Mechanism / Whistle Blower Policy
which facilitates the stakeholders to have direct access to the management and the Audit
Committee, to report concerns about any unethical behaviour, actual or suspected fraud or
violation of the Company's code of conduct or ethics policy. It is hereby affirmed that no
employee has been denied access to the Audit Committee. The said policies are also
available on the website of the Company i.e. https//:skmegg.com
15. RELATED PARTY TRANSACTIONS:
The Board had formulated the policy on Related Party Transactions
(RPTs) in line with Section 188 of the Companies Act, 2013. It further fixed the
materiality threshold under this policy at 10% of the turnover as per the last audited
Annual financial statements. Transactions with a related party individually or taken
together in a financial year crossing this 10% threshold would be material.
The policy on materiality of and dealing with related party
transactions as approved by the Audit Committee and the Board of Directors is uploaded on
the website of the Company and the link for the same is www.skmegg.com there are no
transactions which are not on arm's length basis and material in nature, Particulars of
contracts or arrangements
with related parties referred to in Section 188(1) of the Act and in
compliance with the Listing Regulations, is enclosed to this report as Appendix 5 .
16. BUSINESS RISK MANAGEMENT:
The Risk Management policy has been placed on the website of the
Company and the web link there to is www.skmegg.com
17. INTERNAL FINANCIAL SYSTEM AND THEIR ADEQUACY:
The Company has Internal Control Systems commensurate with the nature
of its business, size and complexities. Audit Committee reviews the adequacy and
effectiveness of internal control system and monitors the implementation of audit
recommendations. During the year under review, the Internal Audit division of the Company
conducted detailed review of control processes in key control areas. No significant
deficiency was reported during the test of IFC.
Further, the Statutory Auditors of the Company also reviewed Internal
Financial Controls over Financial Reporting of the Company as on March 31,2023 and issued
their report which forms part of the Independent Auditor's report
18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information as per Section 134 of the Companies Act, 2013 read with
Rule 8 of the Companies (Accounts) Rules, 2014 relating to conservation of energy,
technology absorption, foreign exchange earnings and outgo is given in Appendix 6
19. EXTRACT OF ANNUAL RETURN:
Pursuant to provisions of Section 92(3) of the Companies Act, 2013 read
with the Companies (Management and Administration) Rules, 2014, a copy of annual return
for FY 2022 - 23 will be placed on the website of the company www.skmegg.com after
conclusion of the 28th AGM
20. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual directors pursuant to the provisions of the
Act and SEBI Listing Regulations. The performance of the board was evaluated by the Board
after seeking inputs from all the directors on the basis of 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 criteria such as the composition of committees,
effectiveness of committee meetings, etc. The above criteria are broadly based on the
Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on
January 5, 2017. In a separate meeting of independent directors, performance of
non-independent directors, the Board as a whole and Chairman of the Company was evaluated,
taking into account the views of executive directors and nonexecutive directors.
The Board and the Nomination and Remuneration Committee reviewed the
performance of individual directors on the basis of 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.
The Performance Evaluation of the Independent Directors was carried out
by the entire Board. The policy is available on the website of the company
atwww.skmegg.com.
21. Policy for Remuneration to Directors:
I) Non-Executive Directors including Independent Directors:
The Nomination and Remuneration Committee (NRC) shall decide the basis
for determining the compensation, both Fixed and Variable, payable to the Non-Executive
Directors, including Independent Directors, whether as commission or otherwise. The NRC
shall take into consideration various factors such as Director's participation in Board
and Committee meetings during the year, other responsibilities undertaken, such as
membership or chairmanship of committees, time spent in carrying out their duties, role
and functions as envisaged in Schedule IV of the Companies Act, 2013 ("the Act")
and the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations") and such other factors
as the NRC may deem fit for determining the compensation.
II) Whole Time Director(s) / Executive Director(s) Key Managerial
Personnel and other employees
The compensation paid to the executive directors (including the
Managing Director) will be within the scale approved by the shareholders. The elements of
the total compensation, approved by the Nomination and Remuneration Committee will be
within the overall limits specified under the Act
The Company's total compensation for Key Managerial Personnel as
defined under the Act / other employees will consist of:
? fixed compensation
? variable compensation in the form of annual incentive
? benefits
? work related facilities and, perquisites
III) Performance Evaluation by the Board of its own performance and its
Committees
The performance of the Board is evaluated by the Board in the overall
context of understanding by the Board of the Company's principle and values, philosophy
and mission statement, strategic and business plans and demonstrating this through its
action on important matters, the effectiveness of the Board and the respective Committees
in providing guidance to the Management of the Company and keeping them informed, open
communication, the constructive participation of members and prompt decision making, level
of attendance in the Board meetings, constructive participation in the discussion on the
Agenda items, monitoring cash flow profitability, income & expenses, productivity
& other financial indicators, so as to ensure that the Company achieves its planned
results, effective discharge of the functions and roles of the Board, etc
22. INDEPENDENT DIRECTOR MEETING:
As per Schedule IV of the Companies Act, 2013, Secretarial Standards-1
on Board Meetings ('SS-1') and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, during FY23, a meeting of the Independent Directors was held on 9th
February, 2023, to discuss inter-alia the performance evaluation of the Board, its
Committees, Chairman and the individual Directors, assessment of information flow from
Management to the Board and evaluation and self-assessment of the training requirements of
Independent Directors.
23. DECLARATION BY INDEPENDENT DIRECTOR:
The Company has received declarations from each Independent Director of
the Company under Section 149(7) of the Act and Regulation 25(8) of the Listing
Regulations confirming compliance with the criteria of independence as stipulated under
Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and there has
been no change in the circumstances which may affect their status as Independent Directors
during the year 2022-23. All Independent Directors of the Company have affirmed compliance
with the Schedule IV of the Act and Company's Code of Conduct for Directors and Employees
for the Financial Year 2022-23.
All the Independent Directors of the Company have registered themselves
with the Indian Institute of Corporate Affairs ('IICA') towards the inclusion of their
names in the data bank maintained with it and they meet the requirements of proficiency
self-assessment test.
24. DEPOSITS:
The company has not accepted deposits from the public.
25. POLICY ON PREVENTION OF SEXUAL HARASSMENT:
The Company has put in place anti sexual harassment policy in line with
the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013. The policy is gender neutral. Internal Complaints Committee has
been set up to redress the complaints received, if any, regarding sexual harassment. No
complaint on sexual harassment was received during FY 2022-2023
26. DIRECTORS & KEY MANAGERIAL PERSONNEL:
During Financial year 2022-23, the Board of Directors at its meeting
held on 8th February 2023 accepted Nominee Director Mrs AR Rajalakshmi resignation vide
letter from TIDCO dated 24th January, 2023.
Pursuant to Section 203 of the Companies Act, 2013, the following
persons have been designated as the Key Managerial Personnel of the Company
i) Shri. SKM.Maeilanandhan, Executive Chairman,
ii) Shri. SKM Shree Shivkumar, Managing Director,
iii) Shri. K.S. Venkatachalapathy, Chief Financial officer and
iv) Shri. P Sekar, Company Secretary.
27. DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors' Responsibility Statement referred to in Section 134 (3)
(c) of the Companies Act, 2013, shall state that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation relating to material
departures;
(b) the directors had 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 profit of the Company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of Companies
Act, 2013 for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis;
(e) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
28. SIGNIFICANT AND MATERIAL ORDERS PASSEDBY THE REGULATORS OR COURTS:
There have been no significant and material orders passed by the
Regulators, Courts or Tribunals which would impact the going concern status and Company's
operations in future.
29. CHANGE IN THE NATURE OF THE BUSINESS, IF ANY:
There was no change in the nature of business of the Company during the
financial year ended 31st March2023.
30. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE FINANCIAL YEAR:
There is no application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year 2022-2023.
31. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT
THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF DURING THE FINANCIAL YEAR:
Not applicable during the financial year.
32. AUDITORS
A) STATUTORY AUDITOR
The Company obtained the approval of Shareholders at the 27th AGM held
on 16th September, 2022 for the appointment of M/s. N.C. Rajagopal& Co., Chartered
Accountants, Erode (Firm Registration No 003398S) as Statutory Auditors of the Company for
a term of Five years to hold office from the conclusion of the 27thAnnual General Meeting
till the conclusion of 32ndAnnual General Meeting.
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 Mr. V Ramkumar, Company Secretary in Practice, Coimbatore. (CP
No.:3832, Membership No: F 8304), to undertake the secretarial audit of the company for
the FY2022-23. The report of the secretarial audit of the company is annexed herewith
Appendix-7
The Company has undertaken an audit for the Financial Year ended 31st
March, 2023 for all applicable compliances as per the Regulation 24A of the Listing
Regulations and Circulars/ Guidelines issued thereunder. The Annual Secretarial Compliance
Report, issued by Mr. Saiprasath, Company Secretary in Practice, Coimbatore. (CP
No.:16979, Membership No: F 11555), have confirmed compliance with securities laws
applicable to the Company and the same has been taken on record by the Board of Directors
at its meeting held on 24th May, 2023. The compliance report does
not contain any qualification, reservation, adverse remark and the
Board has approved filing of the same with the stock exchanges.
C) INTERNAL AUDITOR
The Company has appointed Mr.R.Muralidharan, B.Com, FCA., Chartered
Accountant as the Internal Auditor of the Company and their report is reviewed by the
audit committee and board from time to time.
D) COST AUDITOR
The requirement of cost audit as prescribed under the provisions of
Section 148(1) of the Companies Act, 2013 are not applicable for the business activities
carried out by the Company.
33. REPORTING OF FRAUD BY STATUTORY AUDITORS
During the year under review, the Statutory Auditors, Internal Auditors
have not reported any instance of fraud committed in the Company by its Officers or
Employees to the Audit Committee under Section 143(12) of the Act and the rules made
thereunder.
34. COMMENTS ON AUDITORS' REPORT:
There was no qualification, reservations or adverse remarks made by the
Statutory Auditor and the Secretarial auditor in their respective reports. In respect of
the observations made by the secretarial auditor, the same is self-explanatory.
35. PARTICULARS OF LOANS/GUARANTEE/INVESTMENTS:
During the year, the Company did not give any loan or provided any
Security or Guarantee or make investment, which are covered under Section 186 of the
Companies Act, 2013.
36. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
As prescribed under Section 197(12) of the Companies Act, 2013
("Act") and Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the details are given in Appendix-8
37. INSIDER TRADING CODE:
The Board has formulated code of conduct for regulating, monitoring and
reporting of trading of shares by Insiders. This code lays down guidelines, procedures to
be followed and disclosures to be made by the insiders while dealing with shares of the
Company and cautioning them on consequences of non-compliances. Mr. P Sekar, Company
Secretary has been designated as Compliance Officer for this purpose. Senior Management of
the Company has affirmed compliance with the Code of Conduct applicable as on 31.03.2023.
The Company has duly complied with all the mandatory listing agreement. The copy of the
same is available on the website of the Companywww.skmegg.com.
38. SECRETARIAL STANDARDS & SECRETARIAL AUDIT:
Pursuant to Section 118 (10) of the Companies Act, 2013 every company
shall observe secretarial standards with respect to general and Board meetings as
specified by the Institute of Company Secretaries of India. The company had complied with
all applicable Secretarial Standards during the year.
39. CEO/CFO CERTIFICATION:
CEO certification by Shri SKM Shree Shivkumar, Managing Director and
CFO certification by Mr. K S Venkatachalapathy, Chief Financial Officer as required under
Regulation 17 (8) of the Listing Regulations were placed before the Board at its meeting
on 24.05.2023. The certificationhas been annexed as Appendix - 9.
40. INDUSTRIAL RELATIONS:
The Industrial Relations between the Management and Employees were
cordial during the year.
41. STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY,
EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS
APPOINTED DURING THE YEAR:
In the opinion of Board of Directors of the Company, Independent
Directors on the Board of Company hold highest standards of integrity and are highly
qualified, recognized and respected individuals in their respective fields. It's an
optimum mix of expertise (including financial expertise), leadership and professionalism.
42. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:
In practice, all new Directors (including Independent Directors)
inducted to the Board are given a formal orientation. The Directors are usually encouraged
to visit the manufacturing facility and resorts of the Company and interact with members
of Senior Management as part of the induction programme. The Senior Management make
presentations giving an overview of the Company's strategy, operations, products, markets,
group structure and subsidiaries, Board constitution and guidelines, matters reserved for
the Board and the major risks and risk management strategy. This enables the Directors to
get a deep understanding of the Company, its people, values and culture and facilitates
their active participation in overseeing the performance of the Management. The details of
the familiarization programme undertaken have been uploaded on the Company's website.
43. CREDIT RATING:
FaciNties/Instruments |
Rating |
Long term Bank Facilities |
CARE A-; Stable |
Long Term /Short term Bank Facilities |
CARE A-; Stable / CARE A2+ |
Short-term Bank Facilities |
CAREA2+ |
44. GREEN INITIATIVE:
As a socially responsible corporate entity, the Company embraces and
endorses the 'Green Initiative' initiated by the Ministry of Corporate Affairs, Government
of India, which allows for electronic delivery of documents, such as the Annual Report,
quarterly and half-yearly results, and other relevant documents, to Shareholders via their
registered email addresses with DPs and RTAs. Shareholders who haven't registered their
email addresses are kindly requested to do so. Those who hold shares in demat form may
register their email addresses with their respective DPs, while those with physical shares
may register their email addresses with the RTA by sending a signed letter from the
first/sole holder, specifying their Folio No.
45. CAUTIONERY STATEMENT:
The Annual Report including those which relate to the Directors'
Report, Management Discussion and Analysis Report may contain certain statements on the
Company's intent 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 bears no obligations to update any
such forward looking statement. Some of the factors that could affect the Company's
performance could be the demand and supply for Company's product and services, changes in
Government regulations, tax laws and other factors.
46. ACKNOWLEDGEMENT:
The Directors take this opportunity to thank the shareholders, bankers
and the financial institutions for their cooperation and support to the operations and
look forward for their continued support in future. The Directors also thank all the
customers, vendor partners, and other business associates for their continued support
during the year. The Directors place on record their appreciation for the hard work put in
by all employees of the Company.
|
For and on behalf of the Board of Directors |
|
Sd/- |
|
SKM Maeilanandhan |
Place: Erode |
Chairman |
Date: 02.08.2023 |
DIN: 00002380 |
|