Savita Oil Technologies Ltd
Chairman Speech
DEAR SHAREHOLDERS,
I am delighted to present Savita's Annual Report for the fiscal year 2022-23.
Despite facing challenges from an unfavourable external environment, your Company has
delivered another robust financial performance clocking our highest ever revenue during
this fiscal. Leveraging innovation, maintaining our steadfast focus on sustainability, and
delivering superior products has resulted in our exceptional performance, reaffirming
Savita's positioning as one of the fastest growing lubricant brands in India.
ECONOMIC LANDSCAPE
This fiscal witnessed the global economy grappling with several headwinds in the form
of inflationary pressures, high input costs, fluctuating forex and geo-political crisis,
to name a few. These factors collectively led to an economic slowdown worldwide,
particularly evident across developed markets.
In contrast, the Indian economy continued to grow and was the fastest growing major
economy in the world during FY 2022-2023. Underscoring its economic resilience amid global
uncertainties, India reported a stable GDP growth of 7.2% reaching $3.75 trillion during
FY 2022-2023. In comparison, global GDP growth was lower at 2.8% down from the 3.4% growth
observed during the previous year. Growing domestic demand, industrialisation, rapid
digitalisation, and massive spending on infrastructure development as well as supportive
government measures were key drivers that helped build the Indian economy during the
fiscal. These factors collectively have solidified India's position as a significant
player in the global economic ecosystem.
INDUSTRY OUTLOOK
The favourable conditions in India coupled with the gradual decline of the pandemic,
created a positive impact on industries in general and in many cases industries which are
significant consumers of our products.
Things looked up for the automotive sector which started witnessing growth after its
lacklustre performance during the pandemic years. Demand picked up across heavy commercial
vehicles, cars and two-wheeler segments among others. The growth across the lubricant
segment was driven by India's large population strata, favourable demographics, moderate
vehicle penetration levels, infrastructure development and government support.
India is expected to emerge as a major contributor to the growth of non-OECD
(Organisation for Economic Cooperation and Development) petroleum consumption globally.
During FY 2022-2023, India's consumption of petroleum products stood at 222.3 MMT.
However, during the year, the oil sector witnessed significant price volatility as well as
supply demand challenges due to the Russia-Ukraine crisis.
Though we expect the external environment to continue to be challenging due to
volatility and a highly competitive environment, we are very confident of our capabilities
to rise beyond these challenges due to our renewed focus on brand building, increased
distribution and superior product offerings.
DELIVERING VALUE
During the year, the challenges notwithstanding, we have delivered excellent double
digit volume growth across two of our Lubricating verticals viz. Industrial and OEM
primarily driven by robust growth in Industrial demand and strong performance of our OEM
Partners. On a standalone basis, our revenue from operations stood Rs. 3,653 Crore in FY
2022-2023 compared to Rs. 2,969 Crore reported in FY 2021-2022, a growth of 23%. This
growth was primarily driven by a rise in oil prices. However, our EBITDA and PAT at Rs.
359 Crore and Rs. 226 Crore respectively were lower due to an increase in raw material
costs.
SETTING STRATEGIC PRIORITIES
During the year, we continued our focus on innovation to offer a diverse range of
superior products and drive growth while reinforcing our brand positioning. With the
Indian lubricant segment poised for rapid growth, we maintained our sharp focus on
industrial lubricants by introducing a separate distribution network for industrial
lubricants during the year. Our acquisition of Savita Polymers Limited last fiscal has
helped us add an exciting new range of very high value specialty products to our existing
portfolio while opening high growth potential opportunities in the segment.
DRIVING SUSTAINABLE GROWTH
Our commitment to sustainability began over two decades ago with our investment in
renewable wind energy. In 2017, we were the first Indian Company to manufacture a 100%
bio-based transformer fluid, which is fully bio-degradable as well as from a renewable
source. This product has been well accepted and is showing steady growth in volumes.
During the year, we continued to align our sustainability vision with the government's
ambitious roadmap for a circular economy. We also continue to actively pursue strategic
endeavours aimed at promoting environmental and climate change requirements.
To meet the twin objectives of launching more environmentally friendly products as well
as cutting-edge technology, we decided to build our own Synthetic Ester manufacturing
plant. We will be the first oil company in India to set up our own Ester plant, which is
expected to be commissioned in the second quarter of FY 2023-2024. With this
commissioning, Savita will become the only company in the world to manufacture and market
all three classes of insulating fluids viz. mineral oil based, bio-based, and synthetic
ester based. Manufacturing synthetic ester-based oils will offer a quantum leap in terms
of fire safety for transformers apart from the products being more environmentally
friendly as well as offering superior service life.
We have also floated a 100% subsidiary - Savita GreenTec Limited during the year for
the purpose of upscaling and recycling plastics and other allied areas. Our subsidiary,
Savita GreenTec Limited is in an advanced stage of acquiring land. The first phase of the
project is expected to start by December, 2024.
Moreover, we have undertaken various environmental initiatives at our manufacturing
units like energy conservation and rainwater harvesting among others as part of our
circular economy initiatives. Additionally, we also regularly contribute to CSR programmes
to nurture the communities we serve.
Our various sustainable initiatives will help herald a new era for Savita's growth as a
responsible corporate citizen offering futuristic products while strengthening our
portfolio and competitiveness over the long term.
WAY FORWARD
We will continue to invest in unique business building initiatives across our verticals
to unlock growth opportunities within our segment and economy. We will continue our focus
on strengthening our OEM partnerships to drive joint value creation and growth.
As I conclude, I want to express my sincere gratitude to all our stakeholders for their
unwavering trust and support in your Company's endeavour to consistently deliver value.
As a New Financial Year unfolds, we aspire to reach even greater heights, buoyed by
your steadfast support.
Warm Regards,
Gautam N. Mehra
Chairman and Managing Director.
Savita Oil Technologies Ltd
Directors Reports
To the Members
Your Directors have pleasure in presenting the Sixty-second Annual Report, together
with the Audited Accounts for the year ended 31st March, 2023.
1. FINANCIAL RESULTS
|
|
|
|
(Rs. in Lakhs) |
| Particulars |
Standalone |
Consolidated |
|
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| Total Income |
3,65,337 |
2,96,902 |
3,65,337 |
2,96,902 |
| Profit before Depreciation & Tax |
32,336 |
36,972 |
32,336 |
36,972 |
| Depreciation |
2,059 |
2,131 |
2,059 |
2,131 |
| Exceptional Income |
- |
- |
- |
- |
| Profit/(Loss) before Tax |
30,276 |
34,842 |
30,276 |
34,842 |
| Provision for Taxation: |
|
|
|
|
| Current |
7,869 |
8,901 |
7,869 |
8,901 |
| Deferred |
(158) |
(117) |
(158) |
(117) |
| Provision for Taxation no longer required |
(4) |
9 |
(4) |
9 |
| Profit/(Loss) for the year after Tax |
22,570 |
26,049 |
22,570 |
26,049 |
| Other Comprehensive Income |
3 |
(49) |
3 |
(49) |
| Balance brought forward from previous year |
1,24,877 |
1,01,828 |
1,24,877 |
1,01,828 |
| Profit available for appropriation |
1,47,450 |
1,27,828 |
1,47,450 |
1,27,828 |
| Appropriations: |
|
|
|
|
| Dividend |
3,455 |
2,133 |
3,455 |
2,133 |
| Tax on Dividend/Tax on buy-back of equity shares |
- |
819* |
- |
819* |
| General Reserve |
- |
- |
- |
- |
| Balance carried to Balance Sheet |
1,43,995 |
1,24,877 |
1,43,995 |
1,24,877 |
*Tax of Rs.819 Lakhs was paid on buy-back of equity shares
2. SHARE CAPITAL
The paid-up equity share capital of your Company stands at '13,82,00,830/- as on date.
3. DIVIDEND
Your Directors at the Board Meeting held on 26th May, 2023 have recommended dividend
@200% (' 4 per equity share of Rs.2/- each), as against 250% dividend for the previous
year, on the paid up Equity Share Capital of Rs.1,382.01 Lakhs, resulting in an outgo of
Rs.2,764.02 Lakhs for your Company (' 3,455.02 Lakhs for previous year).
4. RESERVES
The Reserves of your Company stood increased to Rs.1,435 Crores on standalone basis at
the end of the year under review as against Rs.1,244 Crores for the previous year.
5. OPERATIONS
During the year under review, on standalone basis, your Company achieved sales volume
of 3,86,944 KLs/MTs as against 3,90,740 KLs/MTs achieved during FY 2021-2022. Your
Company's sales turnover increased during the year 2022-2023 at Rs.3,59,457/- Lakhs
against Rs.2,91,399/- Lakhs in the year 2021-2022. Your Company achieved a net profit of
Rs.22,570/- Lakhs during the year 2022-2023 as against Rs.26,049/-Lakhs during the
previous year.
During the Financial Year 2022-2023, your Company's Wind Power Plants situated in the
states of Maharashtra, Karnataka and Tamil Nadu generated a total of 85.64 MU against
83.40 MU generated in the previous year. During the year under review, your Company did
not add any new projects to its Wind Portfolio.
6. SUBSIDIARY COMPANIES, JOINT VENTURES AND ASSOCIATE COMPANIES
As on 31st March, 2023, the Company had two subsidiary companies viz. Savita Polymers
Limited and Savita GreenTec Limited. There has been no material change in the nature of
business of the subsidiary companies during FY 2022-2023.
The report on the financial position of the subsidiary companies as per Section 129 (3)
of the Companies Act, 2013 is provided in Form No.AOC-1, which is enclosed as a separate
annexure to this Report.
7. AMALGAMATION OF SAVITA POLYMERS LIMITED WITH THE COMPANY
Pursuant to the approval granted by the respective Boards of Directors of Savita
Polymers Limited, your Company and the approval granted by The National Company Law
Tribunal, Mumbai (NCLT") vide order dated 8th May, 2023 ("Order") under
Sections 230 to 232 of the Companies Act, 2013, the Companies (Compromises, Arrangements
and Amalgamations) Rules, 2016 and other rules and regulations framed thereunder, Savita
Polymers Limited has amalgamated with Savita Oil Technologies Limited upon filing of the
Order by Savita Oil Technologies Limited with Registrar of Companies, Mumbai
("ROC") on 2nd June, 2023 in line with the provisions of the Companies Act,
2013.
To give effect to the Scheme of Amalgamation with effect from 1st April, 2022 pursuant
to NCLT Order, the Company has restated the financial figures of the previous years.
8. PUBLIC DEPOSITS
Your Company has not accepted any deposits from the public or its employees during the
year under review.
9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
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.
10. CORPORATE GOVERNANCE
Corporate Governance Report along with a Certificate from the Secretarial Auditors of
your Company regarding compliance of the conditions of Corporate Governance pursuant to
requirements as stipulated by Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 is annexed hereto and forms part of this
Report.
11. DIRECTORS
As per provisions of Section 152 of the Companies Act, 2013, Mr. Suhas M. Dixit (DIN:
02359138), Director of the Company retires by rotation at the ensuing Annual General
Meeting of your Company and being eligible offers himself for re-appointment.
Board of your Company in its meeting held on 1st August, 2023, re-appointed Mr. Gautam
N. Mehra (DIN: 00296615) as Managing Director w.e.f. 1st October, 2023 upto 30th
September, 2028 on non-rotational basis, as recommended by Nomination & Remuneration
Committee, subject to your approval at the ensuing Annual General Meeting.
Board of your Company in its meeting held on 1st August, 2023, re-appointed Mr. Suhas
M. Dixit (DIN: 02359138) as Whole-time Director w.e.f. 1st October, 2023 upto 30th
September, 2024 as recommended by Nomination & Remuneration Committee, subject to your
approval at the ensuing Annual General Meeting.
Profiles of Mr. Gautam N. Mehra and Mr. Suhas M. Dixit have been detailed below
Explanatory Statement annexed to the Notice of the ensuing Annual General Meeting. Your
Directors recommend re-appointment of Mr. Gautam N. Mehra as Managing Director and Mr.
Suhas M. Dixit as Whole-time Director of your Company.
Your Company has received declarations from all the Independent Directors of your
Company confirming that they meet with the criteria of Independence as prescribed under
the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
12. KEY MANAGERIAL PERSONNEL
During the year under review, Mr. Gautam N. Mehra, Managing Director of your Company,
Mr. Suhas M. Dixit, Chief Financial Officer & Director, Mr. Siddharth G. Mehra,
Whole-time Director and Mr. Uday C. Rege, Company Secretary and Executive VP - Legal
continued to be the Key Managerial Personnel of your Company.
Remuneration and other details of the said Key Managerial Personnel for the financial
year ended 31st March, 2023 are attached to the Board's Report.
13. BOARD COMMITTEES
All decisions pertaining to the constitution of Committees, appointment of Members and
fixing of terms of reference/role of the Committees are taken by the Board of Directors of
your Company.
Details of the role and composition of the Committees of the Company, including the
number of meetings held during the financial year and attendance at meetings, are provided
in the Corporate Governance Section of the Annual Report.
14. NUMBER OF MEETINGS
The Board of Directors of your Company met five times during FY 2022-2023. The Board
Meetings were held on 30th May, 2022, 21st June, 2022, 2nd August, 2022, 11th November,
2022 and 30th January, 2023. The maximum time gap between any two consecutive meetings did
not exceed one hundred and twenty days.
Audit Committee of your Company met four times on 30th May, 2022, 2nd August, 2022,
11th November, 2022 and 30th January, 2023 during the FY 2022-2023.
Stakeholders' Relationship Committee of your Company met four times on 30th May, 2022,
2nd August, 2022, 11th November, 2022 and 30th January, 2023 during the FY 2022-2023.
Nomination and Remuneration Committee of your Company met once on 2nd August, 2022
during the FY 2022-2023.
Risk Management Committee of your Company met two times on 2nd August, 2022 and 30th
January, 2023 during the FY 2022-2023.
CSR Committee of your Company met once on 30th May, 2022 during the FY 2022-2023.
15. DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134 (5) of the Companies Act, 2013, your
Directors confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;
b) the selected accounting policies were applied consistently and the Directors made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of your Company as at 31st March, 2023 and of statement of profit
and loss of your Company for the year ended on that date;
c) proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of your Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) the internal financial controls have been laid down to be followed by your Company
and such controls are adequate and are operating effectively;
f) proper systems to ensure compliance with the provisions of all applicable laws have
been devised and such systems are adequate and are operating effectively.
16. PERFORMANCE EVALUATION
Pursuant to the provisions of Section 134(3)(p), 149(8) and Schedule IV of the
Companies Act, 2013 and relevant provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, annual performance evaluation of the Directors as well as
of the Audit Committee, Nomination and Remuneration Committee and Stakeholders'
Relationship Committee for the year 2022-2023 was carried out by your Company.
For the year 2022-2023, the performance evaluation of the Independent Directors was
carried out by the entire Board and the performance evaluation of the Chairman and
Non-Independent Directors was carried out separately by the Independent Directors.
The Directors expressed their satisfcation with the evaluation process.
17. INDEPENDENT DIRECTORS' MEETING
During the year under review, the Independent Directors of your Company met on 31st
March, 2023, interalia, to discuss:
i) Evaluation of performance of Non-Independent Directors and the Board of Directors of
your Company as a whole,
ii) Evaluation of performance of the Chairman of your Company, taking into views of
Executive and Non-Executive Directors,
iii) Evaluation of the quality, content and timelines of flow of information between
the Management and the Board that is necessary for the Board to effectively and reasonably
perform its duties.
18. MANAGERIAL REMUNERATION
The information required under Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is provided as a separate annexure. The information
as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 will be provided upon request by any Member of your Company. In
terms of Section 136(1) of the Companies Act, 2013, the Report and the Accounts are being
sent to the Members excluding the aforesaid Annexure. Any Member interested in obtaining
copy of the same may write to the Company Secretary at the Registered Office of your
Company.
19. NOMINATION AND REMUNERATION POLICY
The Nomination and Remuneration Policy
recommended by the Nomination and Remuneration Committee and approved by the Board of
Directors of your Company in its Meeting held on 29th May, 2014 continues to be adopted by
your Company. The Remuneration Policy of your Company is attached to this Report as a
separate annexure and the same can be accessed by clicking on the weblink http://
www.savita.com/about/remuneration-policy.php
20. CSR POLICY
The Corporate Social Responsibility Policy recommended by the CSR Committee and
approved by the Board of Directors of your Company in its Meeting held on 29th May, 2014
continues to be adopted by your Company. The same can be accessed by clicking on the
weblink http://www.savita.com/ about/corporate-social-responsibility.php
The disclosure relating to the amount spent on Corporate Social Responsibility
activities for the financial year ended 31st March, 2023 is attached to this Report as a
separate annexure.
21. LISTING AND OTHER REGULATORY ORDERS AGAINST YOUR COMPANY, IF ANY
Your Company's shares continue to be listed on BSE Limited and National Stock Exchange
of India Limited. The Listing Fees to these two Stock Exchanges for the FY 2023-2024 have
been paid by your Company on time.
There were no significant or material orders passed by any of the regulators or courts
or tribunals impacting the going concern status and your Company's operations in future.
22. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
During the year, your Company has transferred Rs.2.70 Lakhs towards unclaimed Dividend
as against Rs.13.01 Lakhs towards unclaimed Dividend in the previous year to the Investor
Education and Protection Fund, which amount was due and payable for the FY 2014-2015 and
remained unclaimed and unpaid for a period of 7 years, as provided in Section 125 of the
Companies Act, 2013.
Your Company has intimated to the shareholders who had not claimed dividends for the
past 7 years to claim the dividends forthwith failing which their shares would stand
transferred to the IEPF Authority after 17th April, 2023.
23. KEY FINANCIAL RATIOS
Key Financial Ratios for the financial year ended 31st March, 2023, are provided in the
Management Discussion and Analysis Report which is annexed hereto and forms part of the
Board's Report.
24. STATUTORY AUDITORS
The Members of your Company, at the 61st Annual General Meeting held on 29th September,
2022 had re-appointed G. D. Apte & Company, Chartered Accountants (Firm Registration
No. 100515W) as the Statutory Auditors of the Company for the second term of 5 years to
hold office from the conclusion of the 61st Annual General Meeting until the conclusion of
the 66th Annual General Meeting of the Company.
25. AUDITORS' REPORT
The Auditors' Report to the Members on the Accounts of your Company for the financial
year ended 31st March, 2023 is attached to this Report and does not contain any
qualification, reservation or adverse remark. No fraud has been reported by the Auditors
to the Audit Committee or Board.
26. SECRETARIAL AUDIT REPORT
Secretarial Audit for the FY 2022-2023 was conducted by MP & Associates, Company
Secretaries in Practice in accordance with the provisions of Section 204 of the Companies
Act, 2013. The Secretarial Audit Report is attached as a separate annexure to this Report
and does not contain any qualification, reservation or adverse remark. The Company has
complied with the applicable provisions of Secretarial Standards.
27. COST AUDIT
In compliance with the provisions of Section 148 of the Companies Act, 2013, the Board
of Directors of your Company at its meeting held on 26th May, 2023 has appointed Kale
& Associates, Cost Accountants as Cost Auditors of your Company for the FY 2023-2024.
In terms of the provisions of Section 148(3) of the Companies Act, 2013 read with Rule
14(a)(ii) of The Companies (Audit and Auditors) Rules, 2014, the remuneration of the Cost
Auditors has to be ratified by the Members. Accordingly, necessary resolution is proposed
at the ensuing Annual General Meeting for ratification of the remuneration payable to the
Cost Auditors for the FY 2023-2024. The Company has prepared and maintained the cost
records as specified by the Central Government under Section 148(1) of the Companies Act,
2013.
28. RISK MANAGEMENT
In accordance with the provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, your Company has Risk Management Committee in operation
to oversee the Risk Management of your Company in line with your Company's Risk Framework
and a detailed Policy to cover risk assessments, identification of various significant
risks and mitigation plans to address the identified risks. Your Company's Risk Management
Policy continues to be displayed on the website and the same can be accessed by clicking
on the weblink http://www.savita.com/about/ risk-management-policy.php
29. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The internal control systems adopted and implemented by your Company justify the size,
scale and complexity of your Company's operations. The Internal Audit function of your
Company is constantly supervised by the Audit Committee. Services of external agency are
hired by your Company for periodically carrying out internal audit in areas identified by
the Audit Committee from time to time, as is prescribed under the law. Such internal audit
reports are considered at each of the Audit Committee Meetings where significant audit
observations are discussed in detail and action plans narrating corrective actions are
then suggested to be taken thereon by the concerned departments. The actions taken are
reviewed by the Audit Committee at their subsequent meetings.
30. VIGIL MECHANISM
Your Company has a vigil mechanism policy to deal with instances of fraud and
mismanagement, if any. The Whistle Blower Policy framed for the purpose is uploaded on the
website and the same can be accessed by clicking on the weblink http://
www.savita.com/about/whistle-blower-policy.php
31. DIVIDEND DISTRIBUTION POLICY
In accordance with the provisions of Regulation 43A of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, your Company has formulated a Dividend
Distribution Policy of your Company. The Dividend Distribution Policy is uploaded on the
website and the same can be accessed by clicking on the weblink http://www.savita.com/
uploads/Dividend-Distribution-Policy.pdf
32. RELATED PARTY TRANSACTIONS
The Audit Committee scrutinises and approves all related party transactions attracting
compliance under Section 188 and/or Regulation 23 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 before placing them for Board's approval. Prior
omnibus approval of the Audit Committee is also sought for transactions which are of a
foreseen and repetitive nature.
The Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board of Directors of your Company is uploaded on the
website and the same can be accessed by clicking on the weblink http://
www.savita.com/about/policy-for-dealing-with- related-party.php
The disclosures on related party transactions too are made in the Financial Statements
of your Company from time to time.
33. EXTRACT OF ANNUAL RETURN
The web link for the Annual Return in prescribed Form MGT-7 is uploaded on the website
www.savita. com of your Company. The same can be accessed by clicking on the web link
http://www.savita.com/ investors/pdfs/Draft-Form-MGT-7-Annual-Return-
for-FY-2022-23.pdf
34. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In compliance with the relevant provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Business Responsibility and Sustainability Report
describing the initiatives taken by your Company from an environmental, social and
governance perspective is attached herewith as a separate annexure.
35. SEXUAL HARASSMENT GRIEVANCES
During the year under review, there were no grievances reported under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
36. INDUSTRIAL RELATIONS
The industrial relations in your Company continued to be generally peaceful and cordial
during the year.
37. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The information relating to the Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo as required to be disclosed under the Companies
(Accounts) Rules, 2014, is given as an annexure forming part of this Report.
38. MATERIAL CHANGES
There have been no material changes and commitments affecting the financial position of
your Company since the close of the financial year i.e., 31st March, 2023. Further, it is
hereby confirmed that there has been no change in the nature of the business of your
Company.
39. ACKNOWLEDGEMENTS
Your Directors are grateful for the encouragement, support and co-operation received
from all stakeholders of your Company including members, customers, suppliers, government
authorities, banks and all other associates and also wish to thank them for the trust
reposed in the Management. Your Directors are also grateful to all the employees for their
commitment and contribution to the welfare of your Company.
|
For and on behalf of the Board |
|
Gautam N. Mehra |
|
Managing Director |
|
(DIN:00296615) |
| Mumbai |
|
| 1st August, 2023 |
|