To,
The Members,
Your Directors are pleased to present the 6th (Sixth) Annual Report together with the
Audited Financial Statements of the company for the financial year ended on 31st March
2023.
1 FINANCIAL PERFORMANCE
The Audited Standalone and Consolidated Financial Statements of the Company as on 31st
March 2023 are prepared in accordance with the relevant applicable IND AS and provisions
of the Companies Act, 2013.
The summarized financial highlight is depicted below:
( in Lakhs)
|
Standalone |
*Consolidated |
Particulars |
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
Revenue from operations |
41,133.81 |
28,824.16 |
41,133.81 |
28,824.16 |
Other Income |
439.59 |
454.02 |
124.21 |
376.77 |
Total Income |
41,573.40 |
29,278.18 |
41,258.02 |
29,200.93 |
Profit before Finance Cost, Depreciation & Amortization and Tax Expenses |
8,713.23 |
7,454.39 |
8,394.70 |
7,374.59 |
Finance Cost |
139.33 |
103.13 |
140.83 |
103.13 |
Depreciation & Amortization |
1,254.05 |
1,159.22 |
1,254.05 |
1,159.22 |
Profit Before Tax |
7,319.85 |
6,192.02 |
6,999.82 |
6,112.22 |
(i) Provision for Taxation (Current) |
1,815.00 |
1,545.00 |
1,815.00 |
1,545.00 |
(ii) Deferred Tax Charge/(Credit) |
41.82 |
(80.85) |
41.82 |
(80.85) |
(iii) Excess provision of tax for to earlier years written back |
- |
(1,557.37) |
- |
(1,557.37) |
Profit After Tax |
5,463.03 |
6,285.24 |
5,143.00 |
6,205.44 |
Other Comprehensive income |
8.62 |
(4.32) |
8.62 |
(4.32) |
Total Comprehensive Income /(Loss) for the year Net of Tax |
5,471.65 |
6,280.92 |
5,151.62 |
6,201.12 |
* There is negligible impact on consolidated financials as its Subsidiary has not yet
started its operation during the year under review.
2 PERFORMANCE REVIEW AND THE STATE OF COMPANY'S AFFAIRS
On Standalone Basis
The total income of the Company was 41,573.40 Lakhs during the year as against
29,278.18 Lakhs in the previous year. The Company has reported net profit of 5,463.03
Lakhs during the year under review as against profit of 6,285.24 Lakhs in the previous
year.
On Consolidated Basis
The consolidated total income of the Company was 41,258.02 Lakhs during the year as
against 29,200.93 Lakhs in the previous year. The Company has reported consolidated net
profit of 5,143.00 Lakhs during the year under review as against profit of 6,205.44
Lakhs in the previous year.
Order Book
All time high opening order book of 530.00 Crores as on 31st March 2023.
3 DIVIDEND
The Board of Directors at their meeting held on 17th May 2023, have recommended a final
dividend of 15/- (150 %) per equity share of 10/- each for the financial year ended on
31st March 2023. The proposal is subject to the approval of shareholders at the ensuing
Annual General Meeting. The final dividend on equity shares, if approved by the members,
would involve a cash outflow of approximately 15.00 Crores.
4 DIVIDEND DISTRIBUTION POLICY
In terms of Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing
Regulations"), the Board of the Company has adopted a Dividend Distribution Policy,
which is a v a i l a b l e o n t h e w e b s i t e o f t h e C o m p a n y a t
https://www.anupengg.com/policies/.
5 TRANSFER TO RESERVES
As permitted under the provisions of the Companies Act, 2013, the Board does not
propose to transfer any amount to general reserve.
6 MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE
COMPANY
There are no material changes and/or commitments which may affect the financial
position of the Company between the end of the financial period and the date of this
report.
7 SHARE CAPITAL
During the financial year under the review, there has been no change in the Authorised
Capital of the Company. The Authorised share capital of the company as on 31st March 2023
stood at 65,25,00,000/- divided into 6,52,50,000 equity shares of 10/- each.
Change in Share Capital
Particulars |
No. of Equity Shares |
Face Value () |
Paid-up Share Capital () |
Paid up Capital of the Company as on 01 April 2022 |
98,81,150 |
10/- |
9,88,11,500 |
Equity Shares allotted under ESOP during the year under review |
15,000 |
10/- |
1,50,000 |
Paid up Capital of the Company as on 31 March 2023 |
98,96,150 |
10/- |
9,89,61,500 |
During the year under review, the Company has neither issued shares with differential
voting rights nor sweat equity shares.
8 EMPLOYEE STOCK OPTION SCHEMES (ESOS)
The Company has instituted three schemes viz, The Anup Engineering Limited - Employee
Stock Option Scheme - 2018 ("TAEL ESOS - 2018"), The Anup Engineering Limited -
Employee Stock Option Scheme (Demerger) - 2018 ("TAEL ESOS (DEMERGER) - 2018")
and ANUP - Employee Stock Option Scheme - 2019 ("ANUP - ESOS 2019"). The Company
has issued 87,500 options under TAEL ESOS - 2018, 58,371 options under TAEL ESOS
(DEMERGER) - 2018 and 57500 options under Anup - ESOS 2019 up to 31st March 2023. All
these options are convertible into equal number of Equity Shares of face value of 10/-
each.
The disclosures with respect to TAEL ESOS - 2018, TAEL ESOS (Demerger) - 2018 and ANUP
ESOS - 2019 as required by Section 62 of the Companies Act, 2013, Rule 12 of Companies
(Share Capital and Debentures) Rules, 2014 and the Securities and Exchange Board of India
(Share based Employee Benefits) Regulations, 2021 are set out in Annexure-A to the
Board's Report.
9 DISCLOSURE UNDER SECTION 67(3)(C) OF THE COMPANIES ACT, 2013
No disclosure is required under section 67(3)(c) of the Companies Act, 2013 read with
Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 in respect of voting
rights not exercised directly by the employees of the Company as the provisions of the
said section are not applicable.
10 DEPOSITS
The Company has not accepted or renewed any deposits in terms of Chapter V of the
Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 and hence
furnishing the details of deposit in terms of Chapter V of the Companies Act, 2013 is not
applicable to the Company. Further there are no outstanding deposits as at 31st March
2023.
11 PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The Particulars of loans given, investments made, guarantees given and securities
provided as per Section 186 of the Companies Act, 2013 by the Company are disclosed in the
financial statements of the company.
12 CORPORATE SOCIAL RESPONSIBILITY
The Anup Engineering Limited Policy on Corporate Social Responsibility (TAELCSR)
emphasizes the underlying value system of the company and a firm belief that only in a
healthy society healthy businesses flourish.
The policy facilitates and formalizes the CSR processes, sets up a guiding structure
and defines broader thematic areas for projects and programs. The Company defines an
annual budget and CSR initiatives and works with like-minded organizations.
Our CSR Policy is in sync with the broader areas of Schedule VII of the Companies Act,
2013 and will always be aligned to the amendments that get incorporated in the schedule.
During the year under review, the company undertook two projects. These included an
ongoing project of "Farmers' Skill Training" under the broad theme Rural
Development and have completed the need assessment study for starting the Rural
Development Project around our proposed area of operation at Kheda.
The brief details of Corporate Social Responsibility Policy, initiatives undertaken and
the amount spent during the financial year 2022-23 is enclosed as Annexure-B to the
Board's Report.
13 HUMAN RESOURCES
A company grows when its people grow. At Anup we believe that talent truly shapes
organizational success and destiny. There is highest commitment to investing in hiring the
right talent, sustainably engaging and developing them, retaining and rewarding them to
deliver organizational results and growth. An important focus area for the organization
has been to respond to trends shaping the future of work that make the company agile,
productive and help improve HR systems, processes and enhance employee experience. The
company has invested efforts in bringing effectiveness in hiring and creating an employer
brand, creating internal mobility, reorganizing structures in line with business plans and
performance and establishing the right rewards and recognition. To ensure that our
employees continue to challenge themselves and grow, the company has brought a significant
focus to internal mobility and to rotating employees across different functional roles in
order to grow into higher roles. On learning our focus shall continue to be towards
digitalization of learning and introduction of various e-learning courses on managerial
& functional competencies. Adoption of digital tools, incorporation of hybrid work
culture, in our new way of working has ensured that our employees are equipped to work
with these through the right skills. While doing so, we have been cognizant of
understanding what motivates and engages our people and how they perceive their work
environment. Therefore, we encourage open and regular dialogue between managers and their
team members and offer hand holding support which ensures our people feel comfortable to
speak up, raise concerns and are empowered to initiate improvements. Our approach to
performance management is a holistic one wherein, while holding people accountable, we
look at continuous development and create opportunities for them to excel in new and or
larger roles. This approach is directly linked to our compensation framework and promotion
process. We also offer a wide range of benefits to our employees.
To ensure we develop future leaders, we provide a number of opportunities to foster
management and leadership skills. The purpose is to equip our people with the necessary
capabilities to lead the organization through change, develop their teams, manage
performance and ensure business success in line with the organizational strategy.
14 RISK MANAGEMENT POLICY
The Company has in place a mechanism to identify, assess, monitor, and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis.
The Company' internal control encompasses various managements systems, structures of
organization, standard and code of conduct which all put together help in managing the
risks associated with the Company. With a view to ensure the internal controls systems are
meeting the required standards, the same are reviewed at periodical intervals. If any
weaknesses are identified in the process of review the same are addressed to strengthen
the internal controls which are also in turn reviewed at frequent intervals.
The Company has a Risk Management Committee of the Board of Directors and Risk
Management Policy consistent with the provisions of the Act and the Listing Regulations.
The Internal Audit Department facilitates the execution of Risk Management Practices in
the Company, in the areas of risk identification, assessment, monitoring, mitigation and
reporting. The Company has laid down procedures to inform the Audit Committee as well as
the Board of Directors about risk assessment and related procedures & status.
The framework defines the process for identification of risks, its assessment,
mitigation measures, monitoring and reporting. While the Company, through its employees
and Executive Management, continuously assess the identified Risks, the Audit Committee
reviews the identified Risks and its mitigation measures annually. The Risk Management
Policy which is available on the website of the Company at
https://www.anupengg.com/policies/.
15 INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The Company has an Internal Audit department with adequate
experience and expertise in internal controls, operating system and procedures. The system
is supported by documented policies, guidelines and procedures to monitor business and
operational performance which are aimed at ensuring business integrity and promoting
operational efficiency. The Internal Audit Department reviews the adequacy of internal
control system in the Company, its compliance with operating systems and laid down
policies and procedures. Based on the report of internal audit function, process owners
undertake corrective actions in their respective areas and thereby strengthen the
controls. Significant audit observations and corrective actions thereon are presented to
the Audit Committee of the Board of Directors from time to time.
16 VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of
fraud and mismanagement, if any. The details of the Whistle Blower Policy are explained in
the Corporate Governance Report and is available on the website of the Company at
https://www.anupengg.com/policies/.
17 SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES/WHOLLY OWNED SUBSIDIARIES
As on 31st March 2023, the Company has a one wholly own subsidiary company namely
"Anup Heavy Engineering Limited". Pursuant to the provisions of Section 129(3)
of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, a statement
containing salient features of financial statements of subsidiaries, associates and joint
venture companies in Form AOC-1 is enclosed as Annexure-C to the Board's Report.
The separate audited financial statements in respect of the subsidiary shall be kept open
for inspection at the Registered Office of the Company. The Company will also make
available these documents upon request by any Member of the Company interested in
obtaining the same. The separate audited financial statements in respect of the subsidiary
are also available on the website of the Company at
https://www.anupengg.com/financial-reports/.
The Company has framed a policy for determining material subsidiaries, which has been
available on the website of the Company at https://www.anupengg.com/policies/.
Amalgamation of Anup Heavy Engineering Limited (AHEL')
The Scheme of Amalgamation between The Anup Engineering India Limited (TAEL')
and Anup Heavy Engineering Limited (AHEL') and their respective shareholders
and creditors (Scheme') under Sections 230 to 232 of the Companies Act, 2013
was approved by the Board of Directors of TAEL and AHEL respectively and necessary
application/petitions for amalgamation were filed with Honorable National Company Law
Tribunals (Tribunal'), Bench at Ahmedabad.
The Company had filed a First Motion Petition with the Honorable National Company Law
Tribunal, Ahmedabad (Tribunal') along with relevant annexures through the
online mode on 27th March 2023. The hearing of the petition was held on 21st April 2023
and the Tribunal on its order dated 17th May 2023 had dispensed all the meetings of AHEL (Transferor
Company) and TAEL (Transferee Company'). The Company expects the
completion of Amalgamation in FY 2023-24.
18 DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors:
The Board of Directors consists of 6 members, out of which 3 are Independent Directors
including one women Independent Director and 3 are Non-Executive and Non-Independent
Directors. The composition is in compliance with the Companies Act, 2013 and Listing
Regulation.
As per the provisions of Section 152(6) of the Companies Act, 2013 and the company's
Articles of Association, Mr. Punit S. Lalbhai (holding DIN 05125502) shall retire by
rotation at the ensuing Annual General Meeting and being eligible, has offered himself for
re-appointment as the Director of the Company.
Key Managerial Personnel:
During the year under review Mr. Rishi Roop Kapoor resigned as Chief Executive Officer
of the company as on 8th October 2022 and after close of the financial year Mr. Bhavesh
Shah resigned as Chief Financial Officer of the company as on 10th April 2023. The Board
of Directors, based on the recommendation of the Nomination and Remuneration Committee
(NRC), appointed Mr. Reginaldo Dsouza as Chief Executive officer of the Company as on 8th
October 2022 and Mr. Nilesh Hirapara as Chief Financial Officer of the company as on 10th
April 2023 as per the provisions of Section 203 of the Companies Act, 2013, Hence as on
date this report Mr. Reginaldo Dsouza, Chief Executive Officer, Mr. Nilesh Hirapara, Chief
Financial Officer and Mr. Chintankumar Patel, Company Secretary are the key managerial
personnel of the Company.
19 ANNUAL EVALUATION MADE BY THE BOARD
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board has carried out an annual evaluation of its own performance
as well as that of its Committees and individual directors. The manner in which the
evaluation has been carried out has been explained in the Corporate Governance Report.
20 REMUNERATION POLICY
The Board has, on the recommendation of the Nomination and Remuneration Committee,
framed a policy for selection and appointment of Directors, Key Managerial Personnel and
Senior Management and their remuneration. The Remuneration Policy is a v a i l a b l e o n
t h e w e b s i t e o f t h e C o m p a n y a t https://www.anupengg.com/policies/.
21 FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS
The Independent Directors have been updated with their roles, rights and
responsibilities in the Company by specifying it in their appointment letter along with
necessary documents, reports and internal policies to enable them to familiarize with the
Company's procedures and practices. The Company has through presentations, at regular
intervals, familiarized and updated the Independent Directors with the strategy,
operations and functions of the Company and Engineering Industry as a whole. The details
of such familiarization programs for Independent Directors are explained in the Corporate
Governance Report and is available on t h e w e b s i t e o f t h e C o m p a n y a t
https://www.anupengg.com/disclosures/.
22 DECLARATION OF INDEPENDENCE
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under Section 149(6)
of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and they have complied with the Code for
Independent Directors as prescribed in Schedule IV to the Companies Act, 2013.
23 BOARD AND COMMITTEE MEETINGS
A total 6 Meetings of the Board of Directors, 5 meetings of Audit Committee, 1 meeting
of Nomination and Remuneration committee, 1 meeting of Stakeholder's Relationship
Committee, 2 meetings of Corporate Social Responsibility Committee, 3 meetings of Risk
Management Committee and 1 meeting of Independent director committee and 6 meeting of
Management Committee were held during the financial year ended 31st March 2023. Further
the details of the Board and the Committee meetings are provided in the Corporate
Governance Report forming part of this Report.
24 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 preparation of the annual
accounts for the financial year ended 31st March 2023, the applicable accounting standards
have been followed along with proper explanation relating to material departures, if any;
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
and loss 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 this
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 that
such internal financial controls are adequate and were 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.
25 RELATED PARTY TRANSACTIONS
All the related party transactions are entered on arm's length basis, in the ordinary
course of business and are in compliance with the applicable provisions of the Companies
Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. There are no materially significant related
party transactions made by the Company with Promoters, Directors, Key Managerial
Personnel, etc. which may have potential conflict with the interest of the Company at
large or which warrants the approval of the shareholders. Accordingly, no transactions are
being reported in Form AOC-2 in terms of Section 134 of the Act read with Rule 8 of the
Companies (Accounts) Rules, 2014. However, the details of transactions with Related
Parties are provided in the Company's financial statements in accordance with the
Accounting Standards.
All Related Party Transactions are presented to the Audit Committee and the Board.
Omnibus approval is obtained for the transactions which are foreseen and repetitive in
nature. A statement of all related party transactions is presented before the Audit
Committee on a quarterly basis, specifying the nature, value and terms and conditions of
the transactions.
The policy on Related Party Transactions as approved by the Board is available on
website of the company at https://www.anupengg.com/policies/.
26 SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
No significant or material orders impacting going concern basis were passed by the
regulators or courts or tribunals which impact the going concern status and Company's
operations in future.
27 AUDITORS AND AUDITORS' REPORT Statutory Auditors:
In line with Section 139 of the Companies Act, 2013 and the Rules made thereunder, M/s.
Sorab S. Engineer & Co., Chartered Accountants, Ahmedabad (ICAI Registration
No.110417W), were appointed as the Statutory Auditor of the Company from the conclusion of
the 1st Annual General Meeting till the conclusion of the ensuing 6th Annual General
Meeting.
M/s. Sorab S. Engineer & Co., Chartered Accountants, Ahmedabad will complete their
first term of 5 consecutive years as the Statutory Auditor of the Company at the ensuing
6th Annual General Meeting. As recommended by the Audit Committee and the Board of
Directors of the Company and in terms of Section 139 of the Companies Act, 2013, it is
proposed to re-appoint M/s. Sorab S. Engineer & Co., Chartered Accountants, Ahmedabad
as the Statutory Auditor of the Company, for second term of 5 years from the conclusion of
the 6th Annual General Meeting till the conclusion of the 11th Annual General Meeting.
The Statutory Auditor has issued Audit Reports with unmodified opinion on the
Standalone and Consolidated Financial Statements of the Company for the year ended 31st
March, 2023. The Notes on the Financials Statement referred to in the Audit Report are
self-explanatory and therefore, do not call for any further explanation or comments from
the Board under Section 134(3) (f) of the Companies Act, 2013.
Cost Auditors:
The Company has made and maintained cost accounts and records as specified by the
Central Government under Section 148(1) of the Companies Act, 2013. For the financial year
2022-23, M/s. Maulin Shah & Associates, Cost Accountants, Ahmedabad (Firm Registration
No. 101527) have conducted the audit of the cost records of the Company.
Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with
Notifications / Circulars issued by the Ministry of Corporate Affairs from time to time,
the Board appointed M/s. Maulin Shah & Associates, Cost Accountants, to conduct the
audit of the cost records of the Company for the financial year 2023-24. The remuneration
payable to the Cost Auditor is subject to ratification by the Members at the Annual
General Meeting. Accordingly, the necessary Resolution for ratification of the
remuneration payable to M/s. Maulin Shah & Associates, Cost Accountants, to conduct
the audit of cost records of the Company for the financial year 2023-24 has been included
in the Notice of the forthcoming 6th Annual General Meeting of the Company. The Directors
recommend the same for approval by the Members.
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 Ms. Ankita Patel, Company Secretary in practice, Ahmedabad to conduct the
Secretarial Audit of the Company for the financial year 2022-23. The Secretarial Audit
Report is annexed herewith as AnnexureD to the Board's Report. There were no
qualifications, observations, reservations, comments or other remarks in the Secretarial
Audit Report, which have any adverse effect on the functioning of the Company.
28 CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS
The Corporate Governance Report and Management Discussion & Analysis, which form
part of this Report, are set out separately together with the Certificate from the
auditors of the Company regarding compliance of conditions of Corporate Governance as
stipulated in Regulation 34(2)(e) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule V of the
Listing Regulations.
29 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
The Business Responsibility and Sustainability Report as required by Regulation
34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, for the year under review is annexed to the Boards'
Report and forms an integral part of this report.
30 SECRETARIAL STANDARDS
During the year under review, the Company has complied with the provisions of
Secretarial Standard -1 and Secretarial Standard - 2 issued by the Institute of Company
Secretaries of India.
31 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of The Companies (Accounts) Rules, 2014 is annexed herewith as Annexure-E to
the Board's Report.
32 EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies Act 2013, the
Annual Return as on 31st March 2023 is a v a i l a b l e o n t h e w e b s i t e o f t h e
C o m p a n y a t https://www.anupengg.com/financial-reports/.
33 PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197(12) of the Companies Act, 2013 read
with Rules 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of the employees of the Company, will be provided upon
request. In terms of Section 136(1) of the Companies Act, 2013, the Report and Accounts
are being sent to the Members and others entitled thereto, excluding the information on
employees' particulars which is available for inspection by the Members at the Registered
Office of the Company during business hours on working days of the Company up to the date
of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy
thereof, such Member may write to the Company Secretary in this regard. Disclosures
pertaining to remuneration and other details as required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(1) of the (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are given in Annexure-F to the Board's Report.
34 DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed
thereunder.
Arvind Internal Complaints Committee (AICC) is formed and its details are declared
across the organization. All AICC members are trained by subject experts on handling the
investigations and proceedings as defined in the policy During the financial year 2022-23,
No complaints of sexual harassment were received by the AICC.
35 ENHANCING SHAREHOLDERS' VALUE
Your Company believes that its members are its most important stakeholders.
Accordingly, your Company's operations are committed to the pursuit of achieving high
levels of operating performance and cost competitiveness, consolidating and building for
growth, enhancing the productive asset and resource base and nurturing overall corporate
reputation. Your Company is also committed to creating value for its other stakeholders by
ensuring that its corporate actions positively impact the socioeconomic and environmental
dimensions and contribute to sustainable growth and development.
36 GENERAL
The Board of Directors state that no disclosure or reporting is required in respect of
the following matters as there were no transactions or applicability pertaining to these
matters during the year under review:
i) Fraud reported by the Auditors to the Audit Committee or the Board of Directors of
the Company.
ii) Payment of remuneration or commission from any of its subsidiary companies to the
Managing Director/ Whole Time Director of the Company.
iii) Voting rights which are not directly exercised by the employees in respect of
shares for the subscription/ purchase of which loan was given by the Company (as there is
no scheme pursuant to which such persons can beneficially hold shares as envisaged under
section 67(3)(c) of the Companies Act, 2013).
iv) Details of any application filed for corporate insolvency under Corporate
Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
v) One time settlement of loan obtained from the banks or financial institutions.
37 ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the assistance and
co-operation received from the Company's customers, vendors, bankers, auditors, investors,
Government authorities and stock exchanges during the year under review. Your Directors
place on record their appreciation of the contributions made by employees at all levels.
Your Company's consistent growth was made possible by their hard work, solidarity,
co-operation and support.
For and on behalf of the Board of Directors Place: Ahmedabad Date: 17th May 2023
Sanjay S. Lalbhai
Chairman DIN: 00008329
Annexure A to the Directors' Report
Disclosures under Regulation 14 of the SEBI (Share based Employee Benefits and Sweat
Equity) Regulations, 2021
1 |
Description of ESOS |
ESOS 2018 |
ESOS DEMERGER 2018 |
Anup - ESOS 2019 |
(a) |
Date of shareholder's approval |
12th May 2018 |
07th Aug 2019 |
|
|
Date of approval to the Composite Scheme of Arrangement involving
De-merger, amalgamation and restructure of Capital amongst Arvind Limited, Arvind Fashions
Limited, Anveshan Heavy Engineering Limited and The Anup Engineering Limited and their
respective Shareholders and creditors ("the Scheme") |
|
(b) |
Total number of shares approved |
3,50,000 |
3,53,667 |
5,00,000 |
(c) |
Vesting requirements |
Options vest over a period of 1 to 5 years based on continued service and
certain performance parameters. |
(d) |
Exercise price or pricing formula |
As decided by the Board/Committee at its own discretion. However, this exercise price
shall not be less than the face value of the shares. |
Market price of the equity shares being latest avai lab l e closing price
on the Stock Exchange. |
The exercise price shall be the Market Price for options to be granted
under this scheme. However, it can be such other price as may be decided by the
Board/Committee for grant of options not exceeding 0.5% of the paid up equity shares as on
31st March 2019 i.e. not exceeding 50,969 shares or such other price as may be required to
be arrived in ac co rd an c e wi t h t h e applicable laws. |
|
|
|
|
Further, Board/Committee shall grant such options not exceeding 0.5% of
paid up capital as mentioned above to employees in lieu of cash compensation based on
achievement of key performance indicators and such options shall not exceed 0.15% ofthe
paid-up capital i.e. not exceeding 15,290 shares to any one employee. |
(e) |
Maximum term of options granted |
5 years from the date of grant |
(f) |
Source of shares |
Primary |
(g) |
Variation of terms of options |
None |
2 |
Method used to account for ESOS |
Fair Value Method |
3 |
Where the Company opts for expensing of the options using the intrinsic value of the
options, the difference between the employee compensation cost so computed and the
employee compensation cost that shall have been recognized if it had used the fair value
of the options shall be disclosed. The impact of this difference on the profits and EPS of
the Company shall also be disclosed. |
Not applicable |
|
(i) Difference between Intrinsic value and Fair value compensation cost (T) |
|
|
(ii) Impact on the Profits ofthe Company (T) |
|
|
(iii) Impact on Basic Earnings Per Share of the Company O |
|
|
(iv) Impact on Diluted Earnings Per Share of the Company (T) |
|
4 |
Option movement during the year: |
|
|
|
(a) |
Options Outstanding at the beginning ofthe year |
37,500 |
33,333 |
57,500 |
(b) |
Options issued during the year (pursuant to the Scheme) |
0 |
0 |
20,000 |
(c) |
Options forfeited/ lapsed during the year |
0 |
0 |
0 |
(d) |
Options vested during the year |
0 |
0 |
0 |
(e) |
Options exercised during the year |
15,000 |
0 |
0 |
(f) |
Number of shares arising as a result of exercise of option |
15,000 |
0 |
0 |
(g) |
Money realised by exercise of options (T) |
22,71,450/- |
0 |
0 |
(h) |
Loan repaid by the Trust during the year from exercise price received (T) |
NA |
NA |
NA |
(i) |
Options Outstanding at the end of the year |
22,500 |
33,333 |
57,500 |
0) |
Options Exercisable at the end of the year |
22,500 |
33,333 |
15,000 |
5A |
Weighted average exercise prices of outstanding options whose: |
|
|
|
|
Exercise price equals market price of stock (T) |
151.43 |
38529 |
650.62 |
|
Exercise price exceeds market price of stock (T) |
- |
- |
- |
|
Exercise price is less than market price of stock (T) |
- |
- |
10.00 |
5B |
Weighted average fair value of outstanding options whose: |
|
|
|
|
Exercise price equals market price of stock (T) |
412.44 |
156.08 |
266.44 |
|
Exercise price exceeds market price of stock (T) |
- |
- |
- |
|
Exercise price is less than market price of stock (T) |
- |
- |
468.11 |
6 |
Grantee wise details of options granted to: |
|
|
|
|
(i) Key managerial personnel ; |
No grants made |
No grants made |
No grants made during the |
|
(ii) any other grantee who receives a grant in any one year of options amounting to
five per cent or more of options granted during that year; |
during the year. |
duringthe year. |
year. |
|
(iii) identified employees who were granted options, during any one year, equal to or
exceeding one per cent of the issued capital (excluding outstanding warrants and
conversions) of the issuer at the time of grant. |
|
|
|
7 |
A description of the method and significant assumptions used during the year to
estimate the fair values of options, including following weighted average information: |
No grants made during the year. |
No grants made during the year. |
No grants made during the year. |
|
(i) Share price ( ' |
|
|
|
|
(ii) Exercise price (' |
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|
|
(iii) Expected volatility |
|
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|
(iv) Expected dividends |
|
|
|
|
(v) Risk-free interest rate |
|
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|
|
(vi) Any other inputs to the model |
|
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|
(vii) Method used and the assumptions made to incorporate effects of expected early
exercise |
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(viii) How expected volatility was determined, including an explanation of the extent
of to which expected volatility was based on historical volatility |
|
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(ix) Whether any or how any other features of option grant were incorporated into the
measurement of fair value, such as market condition |
|
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Annexure C to the Directors' Report
Form AOC - 1
(Pursuant to first proviso to sub - section (3) of section 129 read with rule 5 of
Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of
subsidiaries/associate companies/joint ventures
Part "A": Subsidiaries
in Lakhs
1. |
Sr. |
1 |
2 |
Name of the subsidiary |
Anup Heavy Engineering Limited |
3 |
The date since when subsidiary was Acquired |
20.12.2019 |
4 |
Reporting period for the subsidiary concerned, if different from the holding company's
reporting period |
01.04.2022 to 31.03.2023 |
5 |
Reporting currency and Exchange rate as on the last date of the relevant Financial
year in the case of foreign subsidiaries. |
INR |
6 |
Share capital |
3.02 |
7 |
Reserves & surplus |
1,994.18 |
8 |
Total assets |
10,069.21 |
9 |
Total Liabilities |
3,483.70 |
10 |
Details of Investment |
Nil |
11 |
Turnover |
Nil |
12 |
Profit/(Loss) before Taxation |
(4.64) |
13 |
Provision for Taxation |
Nil |
14 |
Profit/(Loss) after Taxation |
(4.64) |
15 |
Proposed Divided |
Nil |
16 |
% of Shareholding |
100% |
The following information shall be furnished at the end of the statement:
1 Names of subsidiaries which are yet to commence operations: None
2 Names of subsidiaries which have been liquidated or sold during the year: None
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate
Companies and Joint Ventures
Part "B": Associates and Joint Ventures
There are no associate companies and joint ventures during the current financial year
The following information shall be furnished at the end of the statement:
1 Names of Associates or Joint Ventures which are yet to commence operations: None
2 Names of Associates or Joint Ventures which have been liquidated or sold during the
year: None
For and on behalf of Board of Directors of the Anup Engineering Limited
Sanjay S Lalbhai |
Punit S. Lalbhai |
Reginaldo Dsouza |
Chairman |
Director |
Chief Executive Officer |
DIN:00008329 |
DIN : 05125502 |
|
Nilesh Hirapara |
Chintankumar Patel |
|
Chief Financial Officer |
Company Secretary |
|
|
Membership No. A29326 |
|
Place: Ahmedabad |
|
|
Date: 17th May 2023 |
|
|
Annexure E to the Directors' Report
Information on Conversation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo stipulated under section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of The Companies (Accounts) Rules, 2014.
A CONSERVATION OF ENERGY:
The Company's operations involve low energy consumption. Energy conservation is first
priority at all levels. All efforts are made to conserve and optimize use of energy with
continuous monitoring, improvement in maintenance and distribution systems and through
improved operational techniques. Uses of natural lights are resorted at factory premises
to save energy. Wherever possible, energy conservation measures have been implemented.
Efforts to conserve and optimize the use of energy will continue.
Power and fuel consumption:
|
2022-23 |
2021-22 |
1. (a) Electricity : |
|
|
Unit |
37,33,390 |
33,50,855 |
Total Amount ( in Lakhs) |
285.14 |
224.98 |
Rate/Unit () |
7.64 |
6.71 |
(a1) Wind mill generation units : |
|
|
Unit |
5,45,480 |
5,84,080 |
Total Amount ( in Lakhs) |
24.27 |
21.27 |
Rate/Unit () |
4.45 |
3.64 |
(b) Own Generation : |
|
|
(Through Diesel Generator) |
|
|
Units |
130 |
90 |
Total Amount () |
3,120 |
2,070 |
Rate/Unit () |
24.00 |
23.00 |
2. Furnace Gas : |
|
|
Quantity (MMBTU) |
3,437.86 |
2,853.31 |
Cost ( in Lakhs) |
70.88 |
45.20 |
Rate/MMBTU () |
2,062.00 |
1,584.08 |
B TECHNOLOGY ABSORPTION:
Technology absorption, adaption and innovation:
a) The Company is continuously endeavouring to upgrade its technology from time to time
in all aspects through in-house R&D primarily aiming at reduction of cost of
production and improving the quality of the product.
b) The company has adopted a technology to fabricate and supply Helical Baffle Heat
Exchanger for global markets.
c) The company has signed a technology partnership who are the inventors and leaders in
Embaffle Heat Exchangers technology. This technology had made us the only fabricator in
India, with such capability.
Research & Development:
a) Specific areas in which R & D carried out by the Company: The Company has a
research & development Laboratory recognized by the Department of Science and
Technology. It is engaged in process improvement, product improvement, development of
analytical methods and technical services for development of improved control.
b) Benefit derived as a result of R & D: As a result of Company's research and
Development Laboratory, Company is benefited by process and product improvement.
c) Future plan of action: The Company will continues to lay emphasis on the main areas
of R & D set out under Para (a) above.
d) R & D Expenditure:
1 Capital |
- |
Nil |
2 Recurring |
- |
Nil |
3 Total |
- |
Nil |
4 Total R & D expenditure as percentage |
|
|
of total turnover |
- |
Nil |
C FOREIGN EXCHANGE EARNINGS AND OUTGO:
( in Lakhs)
Particulars |
2022-23 |
2021-22 |
Total foreign exchange used |
6,618.52 |
2,254.99 |
Total foreign exchange earned |
3,406.45 |
4,741.14 |
Annexure F to the Directors' Report
Information required under Section 197(12) of the Companies Act, 2013 read with Rule
5(1) of Chapter XIII, Companies (Appointment and Remuneration of Managerial Personnel),
Rules, 2014
Sr. No. |
Particulars |
Name of Director |
Ratio |
i |
The ratio of the remuneration of each director to median remuneration of the employees
of the Company for the financial year 2022-23 |
Mr. Sanjay S. Lalbhai |
0.70 |
|
|
Mr. Punit S. Lalbhai |
1.08 |
|
|
Mr. Samvegbhai Lalbhai |
0.70 |
|
|
Mr. Arpit Patel |
1.76 |
|
|
Mr. Ganpatraj Chowdhary |
1.12 |
|
|
Ms. Reena Bhagwati |
1.33 |
ii |
The percentage increase in remuneration of each Director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager, if any, in the financial year
2022-23 |
Director |
% change |
|
|
Mr. Sanjay S. Lalbhai |
0 |
|
|
Mr. Punit S. Lalbhai |
6 |
|
|
Mr. Samvegbhai Lalbhai |
0 |
|
|
Mr. Arpit Patel |
4 |
|
|
Mr. Ganpatraj Chowdhary |
(2) |
|
|
Ms. Reena Bhagwati |
7 |
|
|
*Chief Executive Officer |
|
|
|
Mr. Rishi Roop Kapoor |
(62) |
|
|
Resigned as on 8th October 2022 |
|
|
|
Reginaldo Dsouza |
- |
|
|
Appointed as on 8th October 202 |
|
|
|
Chief Financial Officer |
|
|
|
Mr. Bhavesh Shah |
5 |
|
|
Company Secretary |
|
|
|
Mr. Chintankumar Patel |
14 |
iii |
The percentage increase in the median remuneration of employees the financial year
2022-23 |
15.00 |
iv |
The number of permanent employees on the rolls of Company |
205 Employees as on 31st March 2023 |
v |
Average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in the managerial remuneration |
Average increase for Key Managerial Personnel is employees was about
13.62%. *(68.43%) and for other |
|
|
There is no exceptional increase in remuneration of key Managerial
Personnel. |
vi |
Affirmation that the remuneration is as per the remuneration policy of the Company |
It is affirmed that the remuneration is as per the Remuneration Policy of
the Company. |
Remuneration for Directors includes only commission and sitting fees paid during the
financial year.
* Excluding the perquisite value being the difference between exercise price and market
price on exercise date in respect of ESOPs and Employment is for part of the period,
either in current year or in previous year.
Management Discussion and Analysis
(a) Industry structure and developments:
The Company caters to wide range of process industries including Oil & Gas,
Petrochemicals, LNG, Fertilizers, Chemicals, Power, Water, Paper & Pulp and Aerospace
with its extensive product range of Heat Exchangers, Reactors, Pressure Vessels, Columns
& Towers, Industrial Centrifuges & Formed Components. We are witnessing a strong
Capex cycle in the Capital goods, both domestic and International, which works well for
manufacturers in this space. India is surely playing a very dominant role in the
manufacture and supply of critical process equipment globally through its improved
capacities, capabilities and a strong reputation on Quality. Hydrogen as an energy source
is also witnessing a strong push on the energy transition road map. Sizeable number of
projects are being announced which presents multiple opportunities for manufacturers like
us.
(b) Opportunities and Threats:
Opportunities: The buoyant Capex cycle across the Capital goods segment presents
ample Opportunities in this space. Post pandemic, over dependence on a country flagged as
a big risk for most buyers globally. That's where India emerges as one of the best
choices. This is manifesting into good number of orders being bagged by Indian
manufacturers like us in this space, providing a good opportunity to improve exports
share. The timely expansion at our new state of the art facility at Kheda provides us that
added opportunity to take a larger pie. The growth in the specialty chemical segment also
means higher possibilities in the exotic/ finer grade material segment which narrows down
the competition.
Threats: Being largely steel intensive, the volatile nature of the dependent
commodities influence our raw- material cost, thus impacting profitability. It is
important to have a robust predictive model to be able to forecast and thereby time the
raw material purchasing. Also being into a customized business where every product is
designed and made to order, labor skills play an important role especially skilled Fitters
& Welders. The availability of skilled workforce to fuel the growth aspirations is
always going to be a challenge. Hence high focus on Automation & Productivity
improvements, both on the shop floor and office, is the key.
(c) Segmentwise or product-wise performance:
Historically, we have been dominant in the Shell & Tube heat exchangers which
formed almost 75% of our annual revenue. Now with our new manufacturing plant at Kheda
with close proximity to the National highway provides us that opportunity to address
larger sized equipment. Therefore our product range would improve more on Reactors,
Vessels, Columns and other larger sized equipment's in future. But Heat exchanger will
still continue to be the dominant product. In FY 2023, the Heat exchanger formed 76% of
our revenue.
Our customer focus helps us in our endeavour in innovation and also strengthen our
capabilities for providing customer satisfaction through differentiated offering. On our
Product enhancement, we made good inroads, some memorable first's like our 1st
Polymerization reactor successfully delivered, Our highest thickness Reactor supplied, Our
1st Secondary reformer order, are few examples of enhanced product offering. Our
breakthrough order in the Floating LNG segment (FLNG) signifies our presence in the
offshore opportunities as well. Our impeccable record on ONTIME DELIVERY performance in
line with the benchmark sets us apart as a Reliable & Trusted supplier, globally.
(d) Outlook:
The return to normalcy post Covid pandemic meant an increase in the crude Oil
requirement back to around the 100mbpd mark. This coupled with the sustained level of
crude price over the break- even point meant feasibility of new projects into this space.
Also the focus on self-sufficiency, post the pandemic and the current geopolitical
uncertainties, have led to countries announcing new green field & brown field projects
into the Refining & Petrochemical space. Also The GDP growth aspirations announced by
developing countries meant Oil & Gas and Petroleum products will continue to be an
important part of their energy mix driving the growth.
In India, we have seen through many announcements that India wants to double the
refining capacity by 2030 and also sees a big opportunity to take lead in Petrochemical
products. This has manifested into many projects hitting the ground like the Petrochemical
expansions, PVC & PTA plants to name a few. Announcement of new coal/ lignite
gasification plants also provides new opportunities in this segment.
On sustainability, the journey towards newer energy mix, especially Green Hydrogen
storage & transmission, brings about huge opportunities for critical process
equipment. As the new energy mix picks up, Natural gas will continue to be seen as an
important part during the transition phase. We are well placed to be a part of this
opportunity.
A good Capex cycle in the capital goods industry provides a strong tailwind to continue
our growth momentum, providing opportunity both in domestic and also improving our
Exports.
(e) Risks and concerns:
The Company has in place a mechanism to identify, assess, monitor, and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis.
The Company' internal control encompasses various managements systems, structures of
organization, standard and code of conduct which all put together help in managing the
risks associated with the Company. With a view to ensure the internal controls systems are
meeting the required standards, the same are reviewed at periodical intervals. If any
weaknesses are identified in the process of review the same are addressed to strengthen
the internal controls which are also in turn reviewed at frequent intervals.
The Company has a Risk Management Committee of the Board of Directors and Risk
Management Policy consistent with the provisions of the Act and the Listing Regulations.
The Internal Audit Department facilitates the execution of Risk Management Practices in
the Company, in the areas of risk identification, assessment, monitoring, mitigation and
reporting. The Company has laid down procedures to inform the Audit Committee as well as
the Board of Directors about risk assessment and related procedures & status.
The framework defines the process for identification of risks, its assessment,
mitigation measures, monitoring and reporting. While the Company, through its employees
and Executive Management, continuously assess the identified Risks, the Audit Committee
reviews the identified Risks and its mitigation measures annually.
The Risk Management Policy which is available on the website of the Company at
https://www.anupengg.com/policies/
(f) Internal control systems and their adequacy:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The Company has an Internal Audit department with adequate
experience and expertise in internal controls, operating system and procedures.
The system is supported by documented policies, guidelines and procedures to monitor
business and operational performance which are aimed at ensuring business integrity and
promoting operational efficiency.
The Internal Audit Department reviews the adequacy of internal control system in the
Company, its compliance with operating systems and laid down policies and procedures.
Based on the report of internal audit function, process owners undertake corrective
actions in their respective areas and thereby strengthen the controls. Significant audit
observations and corrective actions thereon are presented to the Audit Committee of the
Board of Directors from time to time.
(g) Discussion on financial performance with respect to operational performance:
This discussion covers the financial results and other developments during the
Financial Year 2022-23 in respect of the Company. Published result is as prepared on
Indian Accounting Standards (IND AS). Highlights below given only for comparison.
Financial Highlights for operating performance of FY 2022-23:
( in Lakhs)
Particulars |
FY 2022-23 |
FY 2021-22 |
Revenue from Operation |
41,133.81 |
28,824.16 |
EBITDA |
8,273.64 |
7,000.35 |
MARGIN |
20.11% |
24.29% |
PAT |
5,463.03 |
6,285.24 |
Overall revenues for the year grew 42.71% and stood at 41,133.81 Lakhs. Sales and
Other income for the year ended 31st March 2023 were 41,573.4 Lakhs as compared to
29,278.18 Lakhs on 31st
March 2022. The net profit stood at 5,463.03 Lakhs (previous year
6,285.24 Lakhs).
Strong order pipeline of 530.00 Crores as on Q4 end to provide good execution
visibility.
(h) Material developments in Human Resources / Industrial Relations front, including
number of people employed:
A company grows when its people grow. At Anup we believe that talent truly shapes
organizational success and destiny. There is highest commitment to investing in hiring the
right talent, sustainably engaging and developing them, retaining and rewarding them to
deliver organizational results and growth.
An important focus area for the organization has been to respond to trends shaping the
future of work that make the company agile, productive and help improve HR systems,
processes and enhance employee experience.
The company has invested efforts in bringing effectiveness in hiring and creating an
employer brand, creating internal mobility, reorganizing structures in line with business
plans and performance and establishing the right rewards and recognition.
To ensure that our employees continue to challenge themselves and grow, the company has
brought a significant focus to internal mobility and to rotating employees across
different functional roles in order to grow into higher roles.
On learning our focus shall continue to be towards digitalization of learning and
introduction of various e-learning courses on managerial & functional competencies.
Adoption of digital tools, incorporation of hybrid work culture, in our new way of working
has ensured that our employees are equipped to work with these through the right skills.
While doing so, we have been cognizant of understanding what motivates and engages our
people and how they perceive their work environment. Therefore, we encourage open and
regular dialogue between managers and their team members and offer hand holding support
which ensures our people feel comfortable to speak up, raise concerns and are empowered to
initiate improvements. Our approach to performance management is a holistic one
wherein, while holding people accountable, we look at continuous development and create
opportunities for them to excel in new and or larger roles. This approach is directly
linked to our compensation framework and promotion process. We also offer a wide range of
benefits to our employees.
To ensure we develop future leaders, we provide a number of opportunities to foster
management and leadership skills. The purpose is to equip our people with the necessary
capabilities to lead the organization through change, develop their teams, manage
performance and ensure business success in line with the organizational strategy.
As on 31st March 2023 there were 205 permanent employees of Management Staff on role of
the Company.
(i) Details of significant changes (i.e. change of 25% or more as compared to the
immediately previous financial year) in key financial ratios, along with detailed
explanations thereof, including:
Parameters |
Numerator |
Denominator |
2022-23 |
2021-22 |
Debtors Turnover Ratio (times) |
Revenue from Operations |
Average Debtors |
3.0 |
2.4 |
Inventory Turnover Ratio (times) |
Revenue from Operations |
Average Inventory |
3.8 |
3.6 |
Interest Coverage Ratio (times) |
EBIT |
Finance Costs |
50.4 |
56.6 |
Current Ratio (times) |
Current Assets |
Current Liabilities |
2.3 |
2.3 |
Debt Equity Ratio (times) |
Total Debt |
Equity |
0.0 |
0.0 |
Operating Profit Margin (%) |
EBIT |
Revenue from Operations |
18 |
20 |
Net Profit Margin (%) |
Net Profit after Tax |
Revenue from Operations |
13.3 |
22 |
Return on Net Worth (%) |
Net Profit after Tax |
Net worth |
12.4 |
16 |
(j) Cautionary Statement:
Statements in this report on describing the Company's objectives, expectations or
predictions may be forward looking statements within the meaning of applicable security
laws or regulations. These statements are based on certain assumptions and expectations of
future events. Actual results could however differ materially from those expressed or
implied.
The Company assumes no responsibility in respect of the forward looking statements
herein which may undergo changes in future on the basis of subsequent developments,
information or events.
|