Vikram Thermo (India) Ltd
Directors Reports
To,
The MEMBERS,
VIKRAM THERMO (INDIA) LTD
Your Directors have pleasure in presenting their 29TH Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31, 2023.
1. FINANCIAL SUMMARY & HIGHLIGHTS
The summarized Audited Standalone Financial Performance of your Company for the
Financial Year 2022-23 and the previous Financial Year 2021-22 is tabled below:
| PARTICULARS |
2022-23 |
2021-22 |
|
(Rs. in Lakhs) |
(Rs. in Lakhs) |
| Revenue from Operations |
11154.07 |
9257.47 |
| Other income |
135.06 |
75.70 |
| Total Income |
11289.13 |
9333.17 |
| Profit/loss before Depreciation, Finance Costs, Exceptional items and Tax Expense |
2741.2 |
1543.8 |
| Less: Depreciation |
320.76 |
278.93 |
| Profit/loss before Finance Costs, Exceptional items and Tax Expense |
2420.44 |
1264.87 |
| Less: Finance Cost |
116.94 |
88.33 |
| Profit/loss before Exceptional items and Tax Expense |
2303.50 |
1176.54 |
| Less: Exceptional Items |
0.00 |
0.00 |
| Profit / (Loss) Before Tax |
2303.50 |
1176.54 |
| Provision for Tax & Deferred Tax |
612.22 |
307.57 |
| Profit / (Loss) After Tax |
1691.28 |
868.97 |
| Other Comprehensive income (net of tax effect) |
23.42 |
2.99 |
| Total Comprehensive income |
1714.71 |
871.96 |
Key Financial Highlights & Comparison with the Previous Financial Year:
• Total Income increased to Rs. 11289.13 Lakhs in comparison to Rs. 9333.17 Lakhs
of Previous Financial Year 2021-22.
• PBT increased to Rs. 2303.50 Lakhs in comparison to Rs. 1176.54 Lakhs of
Previous Financial Year 2021-22.
• PAT increased to Rs. 1691.28 Lakhs in comparison to Rs. 868.97 Lakhs of Previous
Financial Year 2021-22.
• EPS increased to Rs. 5.39 in comparison to Rs. 2.77 of Previous Financial Year
2021-22.
Further, the Audited Standalone Financial Statements for the Financial Year 2022-23,
forming part of this Annual Report, have been prepared in accordance with the Schedule III
and Indian Accounting Standards (Ind-AS) as notified by the Ministry of Corporate Affairs
(MCA) and The Securities Exchange Board of India (SEBI) read with the provisions of
Section 133 of the Companies Act, 2013 and Companies (Indian Accounting Standard) Rules,
2015.
2. STATE OF AFFAIRS AND REVIEW OF OPERATIONS AND WAY AHEAD
The financial year 2022-23 was marked by continuing all-round growth for your company
and our team continued to push forward with passion. Despite the global uncertainties and
unprecedented challenges that came in our way through the aftershocks of covid-19
pandemic, we remained resilient and steadfast in our commitment to deliver value to all
our stakeholders. Our ability to adapt and embrace change has been a testament to the
dedication and determination of our incredible team.
You will be happy to note that during FY 2023, your company achieved the highest total
income and profits in its history. Our operating income grew to Rs. 112.89 crores, a
growth of 20.95% as compared to the previous FY 2022, Our profits after tax increased by
94.59% from Rs. 8.69 crores, in FY 2022 to Rs. 16.91 crores in FY 2023.
Way ahead as we enter fiscal 2024, we will continue on our journey of transformation by
venturing into new markets where competition is favourable to the company and working on
products that are new and complex. We will leverage our R&D capabilities, domain
expertise, and our customer-centric products to attain newer heights.
3. DIVIDEND:
Despite of the COVID-19 pandemic during the year under review your Company was still
able to deliver a good and considerable Profit After Tax and thus in line with the proven
track record and practice of the Company, your Board of Directors are pleased to recommend
payment of Dividend at 5% on equity shares of Rs. 10/- each, amounting to Rs. 0.50 per
share on post bonus enhanced paid up equity capital of the company to those shareholders
whose names appear on the Register of Member on Record date. With a view to share the
profits of the company with its shareholders, directors feel that recommendation of
dividend is a way of appreciation to them. The dividend payout will result in total
outflow of Rs.1,56,78,925/- (Previous Year Rs.94,07,355/-).
4. THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES;
The company has transferred Rs. 30,00,000/- to General Reserves during the financial
year 2022-23.
5. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2023 was Rs. 313578500. During the
year under review, the Company has not issued any shares with differential voting rights
nor granted stock options nor sweat equity.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Your Company is having dynamic, qualified, experienced, committed and versatile
professionals in the Management of the Company. In pursuance to provisions of Section 203
of the Companies Act, 2013 ("the Act") read with relevant Rules thereunder, the
personnel of the Company who acted as "Key Managerial Personnel" during the year
under review are as appended below:
| Name of Key Managerial Personnel |
Designation |
| MR. DHIRAJLAL KARSANDAS PATEL** |
CHAIRMAN & MANAGING DIRECTOR |
| DR. DINESHKUMAR H. PATEL |
WHOLE TIME DIRECTOR |
| MR. ANKUR D PATEL* |
WHOLE TIME DIRECTOR |
| MR. MAHESHKUMAR KANTILAL SHAH |
COMPANY SECRETARY &COMPLIANCE OFFICER |
| MR. MOTIBHAI DEVABHAI FOSI |
CHIEF FINANCIAL OFFICER |
The Board of Directors of your Company are fully committed to steering the organization
for long-term success through setting of strategies, delegating responsibilities and
providing an overall direction to the business, while effectively managing risks and
ensuring high quality of governance by keeping the Company on the path of Sustainable
growth and development.
The details of size and composition of the Board is provided in Corporate Governance
Report, which forms part of this Annual Report.
During the Financial year 2021-22 due to the sudden demise of Mr. Chimanlal Patel on
16th November, 2022 the composition of Board of Directors changed which led to total
number of Directors as Nine. The board appreciates Mr. Chimanlal Patel for his continuous
dedication and contribution towards the growth of the company. The board has offered and
paid compensation to legal heirs of Mr. Chimanbhai Khodidas Patel of Rs. 200 lakhs as a
mark of tribute to his contribution to the company over the years during his association
with the company.
*In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and in
terms of the Memorandum and Articles of Association of the Company, Mr. ANKUR D. PATEL,
(DIN: 07395218), Whole Time Director of the Company retires by rotation at this ensuing
Annual General Meeting and has offered himself for reappointment.
**In accordance with the pursuant to the provisions of Section 196, 197, 203 of the
Companies Act, 2013 and all other applicable provision and rules, Mr.. DHIRAJLAL PATEL,
(DIN: 00044350) is to be reappointed as the Managing Director of the company at this
ensuing Annual General Meeting.
In accordance with provisions of Sections 149 (10), 152 and other applicable
provisions, if any, of the Companies Act, 2013 read with Companies (Appointment and
Qualification of Directors) Rules, 2014 read with Schedule IV to the Act, as amended from
time to time, Mr. VIPULKUMAR VITTHALBHAI PATEL (DIN: 03056403), an Independent Director of
the Company whose term expires on 15th May, 2024 and approval of members is required for
reappointment at this ensuing Annual General Meeting.
Further, all the Directors of the Company have confirmed that they are not disqualified
from being appointed as Directors in terms of Section 164 of the Companies Act, 2013.
Also, pursuant to Schedule VI(10)(i) of SEBI (LODR) Regulation, 2015 ; the Company has
received a certificate from Practicing Company Secretary stating that the Directors of the
Company are not debarred or disqualified by the SEBI / Ministry of Corporate Affairs or
any such statutory authority.
During the year under review, the non-executive directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses incurred by them for the purpose of attending
meetings of the Board/Committee of the Company.
The Company has received declarations from all the Independent Director of the Company
confirming that they meet with the criteria of independence as prescribed under
sub-section 6 of Section 149 of the Companies Act, 2013 and under Regulation 16(1)(b) of
SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 and complied with
the Code for Independent Directors prescribed in Schedule IV to the Act.
7. MEETINGS OF THE BOARD & COMMITTEE:
During the Financial Year under review, the Board of Directors of the Company met for
8(Eight) times for various agenda items of the Company, the same which were circulated
well in advance to the Board. The details of the meetings are duly mentioned in the
Corporate Governance Report, which forms part of this Annual Report.
The following are the dates on which the Board Meetings and Committee Meeting held
during the year under review:
| Sr. No. |
Board Meeting |
Audit Committee |
Stakeholder Committee |
NRC Committee |
|
|
Meeting |
Meeting |
Meeting |
| 1. |
01-04-2022 |
01-04-2022 |
30-06-2022 |
01-04-2022 |
| 2. |
14-05-2022 |
30-05-2022 |
30-09-2022 |
|
| 3. |
30-05-2022 |
13-08-2022 |
31-12-2022 |
|
| 4. |
13-08-2022 |
17-09-2022 |
31-03-2023 |
|
| 5. |
17-09-2022 |
14-11-2022 |
|
|
| 6. |
14-11-2022 |
13-02-2023 |
|
|
| 7. |
19-11-2022 |
|
|
|
| 8. |
13-02-2023 |
|
|
|
The intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
8. BOARD DIVERSITY
The Company recognizes and embraces the importance of a diverse board in its success.
The Company believes that a truly diverse board will leverage differences in thought,
perspective, knowledge, skill, regional and industry experience, cultural and geographical
background, age, ethnicity, race and gender, which will help the Company to retain its
competitive advantage. The Board has adopted the Board Diversity Policy which sets out the
approach to diversity of the Board of Directors. The policy is available on our website at
https://www.vikramthermo.com/wp-content/uploads/ 2023/03/board-diversity-policy.pdf.
9. COMMITEES OF BOARD:
The company has several committees which have been established as a part of best
corporate governance practices and are in compliance with the requirements of the relevant
provisions of applicable laws and statues.
The Board has constituted following Committees: Audit Committee Nomination and
Remuneration Committee Stakeholder's Relationship Committee Corporate Social
Responsibility Committee
The details with respect to the compositions, powers, roles, terms of reference etc. of
relevant committees are given in detail in the 'Report on Corporate Governance' of the
company which forms part of this Annual Report.
10. ANNUAL RETURN
The Annual Return of the Company as on March 31, 2023 is available on the Company's
website and can be accessed at (www.vikramthermo.com).
11. STATUTORY AUDITORS &AUDIT REPORT
M/s. J.T. Shah & Co., Chartered Accountants, (firm Registration No.109616W) had
been re-appointed as statutory auditors of the company at the Annual General Meeting held
on 17th September, 2022to hold office for 5 (five) consecutive years upto the end of
financial year 2026-27.
The Report given by the Auditors on the financial statement of the Company is part of
this Report. There has been no qualification, reservation, adverse remark or disclaimer
given by the Auditors in their Report. The Auditors comments on your company's accounts
for year ended March 31, 2023 are self-explanatory in nature and do not require any
explanation as per provisions of Section 134(3)(f) (i) of the Companies Act, 2013.
12. DISCLOSURE OF REPORTING OF FRAUD BY AUDITORS UNDER SECTION 143(12):
During the financial year 2022-23, neither the Statutory Auditor nor the Secretarial
Auditor of the Company has reported to the audit committee any instance of fraud committed
against the Company by its employees or officers under section 143(12), the details of
which need to be reported in Board's Report.
13. INTERNAL AUDIT AND FINANCIAL CONTROL:
The Company has appointed M/S. SAMIR M.SHAH & ASSOCIATES, Chartered Accountants as
an Internal Auditor of the Company. The Board has adopted the policies and procedures for
ensuring the orderly and efficient conduct of its business, including adherence to the
Company's policies, safeguarding of its assets, prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records and the timely preparation
of reliable financial disclosures. The reports of Internal Audit are reviewed by the Audit
Committee of the Board.
14. COST RECORDS AND COST AUDIT:
Company has maintained necessary Cost Records and which are required to be maintained
by Company Pursuant to Section-148 (1) of the Companies Act, 2013, read with Companies
(Cost Records and Audit) Rules, 2014.
As per the requirement of Section 148(3) and rule 6(2) of the Companies (Cost Records
and Audit Rules) 2014, the Company is required to appoint cost auditor to conduct the cost
audit for the Financial year 2023-24. Accordingly, the Board has approved the appointment
of M/S. V. H. Shah & Co., Cost Accountants (Registration No. 100257) and remuneration
to be paid to him in the Board Meeting held on 29th May, 2023 and said agenda for the
ratification of same has been proposed in forthcoming Annual General Meeting.
15. SECRETARIAL AUDIT:
Pursuant to section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014, the company has appointed M/s. A. SHAH
& ASSOCIATES, Practicing Company Secretaries to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is enclosed as Annexure -I to the Board's Report.
The Board of Directors of the Company has discussed the remarks as mentioned in
Secretarial Audit Report at arm's length. The qualification raised by the Secretarial
Auditor in its report and the justification of Board of Directors on the same are as
follows:
| SR. NO |
QUALIFICATION |
JUSTIFICATION OF BOARD |
| 1 |
Reg.23(9) of SEBI (LODR) Regulations, 2015 Non submission of XBRL
regarding Reg.23(9) for half year ended September 2022. |
The company has complied with the said regulation later and also made an application
for waiver request which is Awaiting BSE Confirmation. The Company has further ensured not
to repeat the same in future. |
| 2. |
Regulation -17(2A) of SEBI( Listing Obligation &Disclosure
Requirement) Regulations, 2015 The Company has not maintained adequate no. of quorum at
the Board meeting held on 19.11.2022. |
The company has rectified its mistake and taken corrective steps to not repeat the
same. |
| 3. |
The company has made delay of one day in uploading form AOC-4 XBRL for the
Financial Year 2021-22. |
The Board has also undertaken to take care of such qualification and to comply with the
same in future.
16. NOMINATION AND REMUNERATION POLICY:
The Board has on the recommendation of Nomination and Remuneration / Compensation
Committee framed a policy on directors' appointment and remuneration of Directors
including criteria for determining qualification, positive attributes, independence of
directors and remuneration for Directors, Key Managerial Personnel and other employees.
The policy is annexed to this report as 'Annexure:II.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All Related Party Transactions those were entered during the financial year were in
ordinary course of the business of the company and were on arm's length basis. There were
no materially significant related party transactions entered by the Company with
Promoters, Directors, Key Managerial Personnel or other persons which may have a potential
conflict with the interest of the company.
All such Related Party Transactions have been placed before the Audit Committee for
approval.
The policy on materiality of Related Party Transactions and also on dealing with
Related Party Transactions as approved by the Audit Committee and the Board of Directors
has been uploaded on the website of the Company at www.vikramthermo.comunder
investors/policy documents/Related Party Transaction Policy.
The particulars of every contract or arrangements entered into by the Company with
related parties referred to the subsection (1) of section 188 of the Companies Act, 2013,
are disclosed in Form No. AOC-2 'Annexure: III' the same forms part of this report,
pursuant to Section 134 (3) (h) of the Act read with rule 8(2) of the Companies (Accounts)
Rules, 2014.
18. TRANSFER OF UNPAID/UNCLAIMED AMOUNTS TO IEPF
Pursuant to the provisions of Section 125 of Companies Act, 2013 the Unclaimed
Dividend, Fixed Deposits and interest thereon which remained unpaid/unclaimed for a period
of 7 years have been transferred by the Company to the Investor Education and Protection
Fund (IEPF) established by the Central Government pursuant to Section 125 of the Companies
Act, 2013. The company has also transferred the unclaimed shares to IEPF account.
19. 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 Companies Act,
2013 and the corporate governance requirements as prescribed by Securities and Exchange
Board of India ("SEBI") under Regulation 17 to 27 and clauses (b) to (i) of
sub-regulation (2) of regulation 46 and Para C, D and E of Schedule V of SEBI (Listing
Obligation and Disclosure Requirement) Regulation 2015.
The Board and the Nomination and Remuneration Committee ("NRC") reviewed the
performance of the individual directors on the basis of the criteria such as the
contribution of the individual director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects
of his role.
In a separate meeting of independent Directors, performance of non-independent
directors, performance of the board as a whole and performance of the Chairman was
evaluated, taking into account the views of executive directors and non-executive
directors. The same was discussed in the board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its committees and
individual directors was also discussed.
20. DEPOSITS:
Your Company has not accepted any fixed deposits from the public within the provisions
of Section 73 to 76 of the Companies Act, 2013. Hence, the disclosures required as per
Rule 8(5)(v)&(vi) of the Companies (Accounts) Rules, 2014, read with Section 73 to 76
of the Companies Act, 2013 are not applicable to your Company.
21. CORPORATE GOVERNANCE:
The Company believes that good Corporate Governance is a continuous process and it is
our continuous endeavour to achieve good governance, by way of a conscious and continuous
effort whereby ensuring the truth, transparency, accountability and responsibility in all
our dealings with all our stakeholders.
A separate section on Corporate Governance Standards followed by your Company, as
stipulated under Regulation 34(3) read with Schedule V of SEBI (Listing Obligation and
Disclosure Requirement) Regulation 2015 is enclosed as Annexure to this Report. The Report
on Corporate Governance also contains certain disclosures required under Companies Act,
2013.
A Certificate from M/S. A. SHAH & ASSOCIATES., Practicing Company Secretaries,
conforming compliance to the conditions of Corporate Governance as stipulated under
Regulations 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and clauses (b) to (i) of
sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of SEBI (Listing
Obligation and Disclosure Requirement) Regulation 2015, is annexed to this Report.
22. GRATUITY
The Company has already established a Group Gratuity Fund for the benefit of the
employees of the company. The
Group policy has been taken with Life Insurance Corporation of India (Pension and
Gratuity Fund Scheme). During the year no contribution was made towards this fund.
(Previous year Rs. 45,00,000).
23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
During the year under review there were no loans, guarantees or investments under
section 186 made by the company. However, in terms of provisions of Section 134(3)(g) of
the Companies Act 2013, the Particulars of Loans, Guarantees or Investments under Section
186, is annexed hereto as 'Annexure: IV' and forms part of this Report.
24. PARTICULARS OF EMPLOYEES REMUNERATION:
A. The ratio of the remuneration of each director to the median employee's remuneration
and other details in terms of sub-section 12 of Section 197, of the Companies Act, 2013
read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are forming part of this report as 'Annexure: V' to the Directors'
Report.
B. The statement containing particulars of employees as required under Section 197(12)
of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is not provided as no employee is paid
remuneration of Rs. 8.5 Lac Per month and Rs. 1.02 Cr. Per Annum if employed for the whole
year.
25. FOREIGN EXCHANGE EARNINGS / OUTGO:
Particulars regarding the foreign exchange earnings and outgo during the year 2022-23
is as Annexed hereto as
"ANNEXURE VI".
26. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION:
Pursuant to Sub-section 3(m) of the Section 134 of Companies Act, 2013, read with Rule
8(3) of the companies (Accounts) Rules, 2014. Every company is required to disclose about
the steps taken for conservation of energy & Technology Absorption during the year in
the board report of the company.
(a) Conservation of energy:
| (i) |
the steps taken or impact on conservation of energy |
The company ensures that the manufacturing operations are conducted in the manner
whereby optimum utilization and maximum saving of energy is achieved. |
| (ii) |
the steps taken by the company for utilizing alternate sources of energy |
No alternate source of energy is available at present. However, the company is
exploring various alternatives in this direction. |
| (iii) |
the capital investment on energy conservation equipment's |
No specific investment has been made in energy conservation areas. |
As the impact of measures taken for conservation and optimum utilization of energy are
not quantitative, its impact on cost cannot be stated accurately.
(b) Technology absorption:
| (i) |
the efforts made towards technology absorption |
N.A. |
| (ii) |
the benefits derived like product improvement, cost reduction, product
development or import substitution |
N.A. |
| (iii) |
in case of imported technology (imported during the last three years
reckoned from the beginning of the financial year) |
N.A. |
|
(a) the details of technology imported |
N.A. |
|
(b) the year of import; |
N.A. |
|
(c) whether the technology been fully absorbed |
N.A. |
|
(d) if not fully absorbed, areas where absorption has not taken place,
and the reasons thereof |
N.A. |
| (iv) |
the expenditure incurred on Research and Development |
Capital Expenditure - Nil |
|
|
Revenue Expenditure - Rs. 7,32,855.82 |
|
|
Total - Rs. 7,32,855.82 |
|
|
R&D Expenditure as % of total revenue 0.07% |
The efforts are being made for energy conservation to new and innovative means.
Further, the Company did not have any imported technology during the financial year.
27. RISK MANAGEMENT
Your Company has developed and implemented a Risk Management Policy which includes
identification of elements of risk, if any, which in the opinion of the Board, may
threaten the existence of the Company. Your Company has a risk identification and
management framework appropriate to the size of your Company and the environment under
which it operates. The process involves identifying both external and internal risks and
the readiness to respond to extreme risks like calamities and disasters. Risks are being
continuously identified in relation to business strategy, business continuity/contingency
plans, operations and transactions, statutory / legal compliance, financial reporting,
information technology system, cyber security and overall internal control framework.
28. VIGIL MECHANISM:
Pursuant to the provisions of section 177 (9) & (10) of the Companies Act, 2013,
and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations,
2015,your Company believes in conducting business affairs in a fair and transparent manner
to foster professionalism, honesty, integrity and ethical behaviour via Vigil Mechanism/
Whistle Blower Policy. Through this Policy, the Company seeks to provide a procedure for
all the employees, Directors and other stakeholders of the Company to report concerns
about unethical behaviour, misconduct, violation of Company's Code of Conduct and
implementation of improper practice staking place in the Company and provide for adequate
safeguards in that regard and also provide for direct access to the Chairman of the Audit
Committee, in exceptional cases The Vigil Mechanism Policy has been uploaded on the
website of the Company at www.vikramthermo.com under investors / policy documents / Vigil
Mechanism Policy link.
29. BRIEF OF SHAREHOLDING PATTERN:
The shareholding pattern as on 31stMarch, 2023 is as follows:
| SR NO |
|
No. of Shares held at the beginning of the year: 31/03/2022 |
No. of Shares held at the end of the year :31/03/2023 |
|
Category of Shareholder |
Demat |
Physical |
Total Shares |
Total % |
Demat |
Physical |
Total Shares |
Total % |
% |
Change |
|
|
(Shareholding of Promoter and Promoter Group |
|
|
|
Indian |
|
|
|
|
|
|
|
|
|
| 1. |
INDIVIDUAL / HUF |
4112727 |
0 |
4112727 |
65.58 |
20563635 |
0 |
20563635 |
65.58 |
0.00 |
|
Total Shareholding |
4112727 |
0 |
4112727 |
65.58 |
20563635 |
0 |
20563635 |
65.58 |
0.00 |
|
|
|
|
(B) Public shareholding |
|
|
|
|
| 2. |
BODIES CORPORATE |
34030 |
0 |
34030 |
0.54 |
273594 |
0 |
273594 |
0.87 |
0.33 |
| 3. |
INDIVIDUAL |
|
|
|
|
|
|
|
|
|
| 4. |
(CAPITAL UPTO TO |
1429112 |
103405 |
1532517 |
24.44 |
5950793 |
496125 |
6446918 |
20.56 |
(3.88) |
|
Rs. 2 Lakh) |
|
|
|
|
|
|
|
|
|
| 5. |
(CAPITAL GREATER |
248146 |
0 |
248146 |
3.96 |
2455924 |
0 |
2455924 |
7.83 |
3.87 |
|
THAN Rs. 2 Lakh) |
|
|
|
|
|
|
|
|
|
| 6. |
ANY OTHERS |
|
|
|
|
|
|
|
|
|
|
(Specify) |
|
|
|
|
|
|
|
|
|
| 7. |
HINDU UNDIVIDED |
117747 |
0 |
117747 |
1.88 |
701198 |
0 |
701198 |
2.24 |
0.36 |
|
FAMILY |
|
|
|
|
|
|
|
|
|
| 8. |
CLEARING MEMBER |
23999 |
0 |
23999 |
0.38 |
25158 |
0 |
25158 |
0.08 |
(0.3) |
| 9. |
NON RESIDENT |
89153 |
33400 |
122553 |
1.95 |
325643 |
167000 |
492643 |
1.57 |
(0.38) |
|
INDIANS (NRI) |
|
|
|
|
|
|
|
|
|
| 10. |
IEPF |
79851 |
0 |
79851 |
1.27 |
398755 |
0 |
398755 |
1.27 |
0.00 |
| 11. |
KEY MANAGERIAL |
- |
- |
- |
- |
25 |
0 |
25 |
0.0 |
0.00 |
|
PERSONNEL |
|
|
|
|
|
|
|
|
|
|
Total Public |
2022038 |
136805 |
2158843 |
34.42 |
10131090 |
663125 |
10794215 |
34.42 |
0.00 |
|
Shareholding |
|
|
|
|
|
|
|
|
|
|
GRAND TOTAL |
6134765 |
136805 |
6271570 |
100.00 |
30694725 |
663125 |
31357850 |
100.00 |
0.00 |
30. DETAILS OF SUBSIDIARY JOINT VENTURE AND ASSOCIATES COMPANY
The company does not have any Subsidiaries, joint ventures or associate companies.
31. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Corporate Social Responsibility Committee (CSR Committee) has formulated and
recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating
the activities to be undertaken by the company which has been approved by the Board.
The CSR Policy can be accessed from the investors section on the company's website at
the link http:// www.vikramthermo.com. This being the Seventh year of implementation of
the CSR Policy, The company is pleased to inform the members that an amount of Rs.
33,69,000 towards its CSR obligation for 2022-23 has been spent which is over and above
the requirement as specified by the Government and it is committed to further spend
appropriate amount towards its obligation of the current financial year during 2022-23 as
well. The Report on CSR activity is annexed as Annexure VII.
32. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013:
1. Disclosure under Section 22 of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013:
Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 the company has setup the Internal complaints
committee and the said committee has framed the policy "Prevention of Sexual
Harassment" on prevention, prohibition and redressal of complaints related to sexual
harassment of women at the workplace. All women employees whether permanent, temporary or
contractual are covered under the above policy. However, during the year no complaints
were received by the Internal Complaints committee for sexual harassment from any of the
women employees of the company.
33. HUMAN RESOURCES DEVELOPMENTAND INDUSTRIAL RELATIONS:
Your Company treats its "Human Resources" as one of its most significant
assets. The people are the backbone of its business. The Company believes that human
resources are the most significant element responsible for any organization's growth. The
Company continues to focus on attracting, retaining and developing the best in class
talent to deliver on its goals of Growth, Profitability and Sustainability. The Company
has systems and procedures in place to provide avenues to employees for their all-round
development, enhancement of skills on professional and personal levels. It operates its
business affairs in a fair and transparent manner, and adheres to the highest standards of
ethical behaviour and integrates practices that support environment, human right sand
labour laws. All these measures aid employee satisfaction and involvement, resulting in
maintenance of harmonious and cordial Industrial Relations.
34. CHANGE IN NATURE OF THE BUSINESS:
There has been no change in the nature of business of the company during the year under
review.
35. MANAGEMENT DISCUSSION AND ANALYSIS:
As per corporate governance norms, a separate section on Management Discussion and
Analysis outlining the business of the Company is set out in Annexure forming part of this
Report.
36. SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:
No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Company's operation in future.
37. SIGNIFICANT OR MATERIAL EVENTS OCCURRED DURING THE YEAR:
During the year under review the company has declared issue of bonus shares to the
shareholders in the ratio of 4 Equity shares for every 1 equity shares held. The company
has made allotment of 25086280 bonus shares of Rs.10 each in the Board Meeting held on
14th May, 2022. The listing approval of the same was received on 18th May, 2022 and
trading approval was received on 27th May, 2022.
The company has announced through its Board Meeting held on17th September, 2022 the
Approval of the Scheme of Arrangement and demerger whereby Aromatic Chemical Business
(hereinafter referred to as 'Demerged Business' or Unit II) of M/s Vikram Thermo (India)
Limited will be demerged into M/s Vikram Aroma Limited.
38. SIGNIFICANT OR MATERIAL EVENTS OCCURING AFTER THE BALANCE SHEETDATE:
As the company has applied for the scheme of Arrangement and demerger during the
financial year 2022-23, the company has received observation letter from Bombay Stock
Exchange (BSE) on 31st May, 2023 and the company has made an application to National
Company Law Tribunal (NCLT) on 21stJuly, 2023.
39. STATEMENT OF DIRECTORS' RESPONSIBILITY:
Pursuant to requirement under Section 134(3)(c) and Section 134(5) of the Companies
Act, 2013 (Act), Directors, confirm that: (a) in the preparation of the annual accounts
for the year ended on 31st March, 2023, the applicable accounting standards read with
requirement set out under Schedule III to the Act, have been followed and there are no
material departures from the same; (b) the Directors 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 as at March 31, 2023 and of the profit of the company for the year ended on that
date; (c) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the company and for preventing and detecting fraud and other irregularities;
(d) the Directors had prepared the annual accounts on a going concern basis; (e) the
Directors, had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and are operating effectively and; (f)
The Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
40. ACKNOWLEDGEMENT:
Your Directors wish to place on record their gratitude and sincere appreciation for the
assistance and co-operation received from the financial institutions, banks, Government
authorities, customers, vendors and members during the year under review.
Your Directors would like to express a profound sense of appreciation for the
commitment shown by the employees in supporting the Company in its continued robust
performance on all fronts.
| PLACE : AHMEDABAD |
BY THE ORDER OF THE BOARD OF DIRECTORS, |
| DATE : 11/08/2023 |
FOR, VIKRAM THERMO (INDIA) LIMITED |
|
Sd/- |
|
MR. DHIRAJLAL K PATEL |
|
CHAIRMAN &MD |
|
(DIN:00044350) |