Supreme Petrochem Ltd
Directors Reports
Dear Member(s),
The Board of Directors of the Company are pleased to present the Thirty
Fourth Annual Report of the Company along with its Audited Financial Statements for the
Financial Year ended on March 31, 2023.
1. FINANCIAL HIGHLIGHTS
(Rs in lakhs)
|
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
| Total Revenue (net of GST) |
534614.06 |
506279.78 |
| Profit Before Tax (PBT) |
66688.70 |
88781.81 |
| Less - Tax Expenses |
16874.92 |
22455.32 |
| Profit After Tax (PAT) |
49813.78 |
66326.49 |
| Interim/Final Dividend on equity shares (including corporate
dividend tax) paid during the year |
16923.72 |
15513.41 |
| Transfer to General Reserves |
25000 |
45000 |
| Retained Earnings |
34392.49 |
26502.43 |
2. DIVIDEND
During the year under review, Directors of the Company on October 27,
2022, declared an interim dividend of R 4.00 (Rupees Four Only) per share (with face value
of R 4/- per share) for financial year 2022-2023, involving an outflow of R 3760.83 Lakhs.
Directors have further recommended a final dividend of R 7/- (Rupees
Seven Only) per share (with face value of R 2/- per share) for F.Y 2022-23 which will lead
to an outflow of R 13162.89 lakhs subject to approval of members in the ensuing Annual
General Meeting of the Company.
Pursuant to the provisions of Regulation 43A (1) of SEBI (LODR)
Regulations, 2015, Company has formulated its Dividend Distribution Policy which is
available on the website of the Company www.supremepetrochem. com. Company has transferred
the unpaid or unclaimed dividend amounts to the Unclaimed Dividend Account of the
respective financial years in terms of Section 124 of Companies Act 2013, as applicable.
3. REVIEW OF OPERATIONS
Company's revenue stood at R 5346.14 Crores (net of GST) for the year
under review as compared to R 5062.80 Crores (net of GST) in the previous year. Company
during the year under review earned a net profit of R 498.14 Crores against R 663.26
Crores in the previous year. Shrinking global delta between price of raw material and
Company's products and Company's inability to meet domestic demand due to
delays in startup of its expansion capacities on account of late
receipt of statutory approvals impacted Company's performance during the year.
4. SUB-DIVISION / SPLITTING OF EQUITY SHARES
During the year under review, the Company sub-divided its equity shares
from the paid-up face value of R 4/- per share to R 2/- per share w.e.f. 07.01.2023 (date
of commencement of trading / issue of new share certificate) in terms of shareholders'
approval obtained vide ordinary resolution dated December 02, 2022, however keeping the
paid-up share capital of the Company intact at R 37,60,82,684/-, divided into 18,80,41,342
paid-up equity shares of R 2/- each.
5. MANAGEMENT DISCUSSION AND ANALYSIS REPORT & CORPORATE GOVERNANCE
REPORT
Management Discussion and Analysis Report & Corporate Governance
Report of the Company for the year under review are annexed to the Annual Report
separately forming its integral part. The certificates issued by M/s. Parikh &
Associates, practicing Company Secretaries, pertaining to compliance of 'Corporate
Governance' conditions by Company, as applicable, and no debarment or disqualification of
Directors of the Company by SEBI/ MCA or any other statutory authority from being
appointed or continuing as Director of the Company are annexed to Corporate Governance
Report as Annexure - A & B respectively.
6. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)
Business Responsibility and Sustainability Report for the year under
review in terms of Regulation 34(2) (f) of SEBI (LODR) Regulations, 2015, is annexed
separately forming integral part of the Annual Report.
7. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility Policy (CSR Policy) of the Company in
terms of Section 135 of Companies Act, 2013 and Schedule VII thereto was approved by the
Board post recommendation of CSR Committee and the same is available on the Company's
website at the link: www.supremepetrochem. com.
The Company, during the financial year 2022-23, was obligated to spend
an amount of R 1082.11 lakhs on various CSR activities including set off amount of R 25.28
Lakhs excess CSR expenditure already incurred in F.Y. 202122 resulting into net CSR
obligation amount of R 1056.83 lakhs for F.Y. 2022-23. Thus a net amount of R 580.47 lakhs
was spent during F.Y. 2022-23 and balance unspent amount of R 476.36 lakhs in respect of
four ongoing projects, three in Maharashtra State and one in Rajasthan State, have been
deposited in a separate bank account for spending on these projects in next 3 years. With
this
deposit, total CSR spending of Company amounts to R 1082.11 lakhs
during F. Y 2022-23, including excess CSR expenditure of R 25.28 lakhs incurred in F.Y.
2021-22.
The prescribed amount to be spent by Company for CSR activities during
F.Y. 2023-2024, as per Section 135 of Companies Act, 2013, amounts to R 1422.32 lakhs.
The details of CSR activities undertaken by the Company during the year
under review is annexed to the Board Report vide Annexure 4 forming its integral part.
8. DIRECTORS AND KEY MANAGERIAL PERSONNEL
(A) Change in Directors and Key Managerial Personnel:
(i) Appointment of Directors retiring by Rotation:
Shri Rajan B. Raheja (DIN 00037480) and Shri B. L. Taparia (DIN
00112438), Directors of the Company will retire by rotation at the ensuing Annual General
Meeting of the Company and being eligible, have offered themselves for re-appointment as
NonExecutive and Non-Independent Directors of the Company.
Except above changes, which the Board recommends and are included in
the AGM notice for seeking approval of members, there is no other change in the
composition of the Board of Directors and Key Managerial Personnel (KMPs) of the Company
during the year under review.
(B) Annual evaluation of the Board and Board Committees:
Company has a well-defined system/criterion for evaluation of
performance of the Board and its Committees, Independent Directors, Non-Independent
Directors and Chairperson of the Company as approved by its Nomination and Remuneration
Committee.
Pursuant to the provisions of Section 178(3) of Companies Act, 2013 and
Regulation 17(10) of SEBI (LODR) Regulations, 2015, the Board has carried out the annual
evaluation of Independent Directors of the Company viz. Shri M. S. Ramachandran, Shri R.
Kannan, Ms. Ameeta Parpia, Dr. S. Sivaram and Shri Rajeev Pandia individually and the
Board also carried out evaluation of all the Committees of the Board and found the
performance of the Independent Directors and the Committees upto the mark. They also noted
that all the Independent Directors of the Company are fulfilling the criteria of their
independence as per the provisions of Section 149(6) of Companies Act, 2013 and Regulation
16(1)(b) of SEBI (LODR) Regulations, 2015 and the Directors of the Company do not bear any
debarment / disqualification with respect to their continuance in the Directorship of the
Company as
per their disclosures made to the Company.
Further in terms of the aforesaid Provisions of Companies Act, 2013 and
Regulation 25(4) of SEBI (LODR) Regulations, 2015, the Independent Directors carried out
the annual evaluation of Non- Independent Directors viz. Shri M. P Taparia, Shri Rajan B
Raheja, Shri B. L. Taparia, Shri S. J. Taparia, Shri K.V. Mujumdar and the Board as a
whole and the Chairperson of the Company and were highly contented with their efficient
management of the overall affairs of the Company. They also appreciated the focused and
apt leadership of the Board Chairperson Shri M. P Taparia in operating the business and
maintaining the values, ethos, principles and standards of Corporate Governance.
The Board expressed its contentment with the evaluation results
reflecting the high level of engagement of the Board and its Committees in managing the
overall affairs of the Company and its Management.
The Criteria related to evaluation of Independent Directors are
disclosed in the Corporate Governance Report annexed to the Annual Report separately
forming its integral part.
(C) Remuneration Policy:
The criteria / policies of the Company for selection of Directors and
Remuneration Policy for Directors, Key Managerial Personnel (KMPs) / Sr. Management
Personnel and other employees of the Company is annexed to the Board Report vide Annexure
1 forming integral part thereof.
(D) Familiarization Programme of the Independent Directors:
Pursuant to the provisions of Regulation 25(7) of SEBI (LODR)
Regulations, 2015, the details of the Familiarization Programme conducted for Independent
Directors during the year under review is placed on the website of the Company and can be
accessed at www.supremepetrochem.com
(E) Declaration from Independent Directors:
Pursuant to the provisions of Section 149 of the Act, the Independent
Directors have submitted declarations that each of them meets the criteria of independence
as provided in Section 149(6) of the Companies Act, 2013 and Rules framed thereunder and
Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. There has been no change in the circumstances
affecting their status as Independent Directors of the Company during the year under
review.
In the opinion of the Board, the Independent Directors possess
appropriate balance of skills, experience and knowledge as required for conducting the
affairs of the Company.
9. DIRECTORS? RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of The Companies Act,
2013, Directors confirm that:
(a) in the preparation of the Annual Accounts, for the financial year
ended March 31, 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) proper and sufficient care have been taken 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) the annual accounts have been prepared on a going concern basis;
(e) internal financial controls laid down by the Directors were
followed by the Company and that such internal financial controls are adequate and are
operating effectively;
(f) proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems are adequate and operating
effectively.
10. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
With respect to disclosures pertaining to remuneration of employees and
other details as required under 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 and also having regard to the proviso to Section 136(1) of the
Companies Act, 2013 and as advised, the Annual Report excluding the aforesaid
information(s) is being sent to the members of the Company, however statement showing the
names and other requisite particulars of such employees drawing remuneration in excess of
the threshold limits set out in the aforesaid rules is available for inspection at the
Registered Office of the Company during working hours for a period of 21 days before the
date of AGM and any member interested for obtaining such information may write to the
Company Secretary and the same will be furnished on request.
The Annual Report of the Company is also available on its website
www.supremepetrochem.com
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 Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the financial year:
a. The ratio of the remuneration of Whole Time Director to the median
remuneration of the employees of the Company for the financial year 2022-2023:
| Name of the Executive Director |
Remuneration Ratio |
| Shri K.V Mujumdar |
19.52:1 |
b. The percentage increase in remuneration of Manager, CFO, Whole Time
Director and Company Secretary in the Financial Year 2022-2023:
| Designation |
% Increase in the remuneration 2022-2023 |
| Manager |
13.23 |
| Chief Financial Officer (CFO) |
13.43 |
| Whole Time Director |
21.65 |
| Company Secretary |
9.33 |
c. The Key parameters for any variable component of remuneration
availed by the Whole Time Director is dependent on performance of Company and respective
employees.
d. The percentage increase in the median remuneration of employees in
the Financial Year 2022-2023 - 10%
e. The number of permanent employees on the rolls of Company as on
31.03.2023 - 405
f. The average percentage increase in the salaries of employees other
than the Managerial Personnel was 12.93% as compared to the average % increase of 15.11%
in the Managerial personnel remuneration.
The Company affirms that the remuneration is as per the Remuneration
Policy of the Company.
11. HEALTH, SAFETY & ENVIRONMENT (HSE)
Considering the significance of Health, Safety and Environment to any
petrochemical operations, the Company has established a robust HSE system at both of its
plants situated at Amdoshi, Maharashtra and Manali Chennai.
Both the Environmental Management System and Occupational Health and
Safety Management System continued to be maintained by Company as per the ISO 14001:2015
Standard and ISO 45001:2018 Standard respectively.
The Company continues to implement the HSE Management
Systems under the guiding principles of declared Integrated Management
System Policy (Occupational Health and Safety Policy' and 'Environmental Policy').
HSE Performance Index for the period under review stood to be in
"Excellent" Range.
Company's Amdoshi Plant has completed 8202 accident- free days as on
March 31, 2023, i.e. 21.45 million manhours of accident-free operations.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, CAPITAL INVESTMENT,
FOREIGN EXCHANGE EARNING AND OUTGO
Information(s) required pursuant to the provisions of Section 134(3)(m)
of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, are
stated as hereunder
A CONSERVATION OF ENERGY
Energy Conservation programme at both the plant locations of the
Company resulted in saving of energy to the extent of 744720 KWH.
The energy conservation programme mainly comprised of replacement of
HPSV and HPMV fittings with LED fittings, replacement of existing equipment and induction
motors with energy efficient equipment and induction motors, provision of VFDs and
optimization of equipment utilization in plant.
B TECHNOLOGY ABSORBTION
As far as technology absorption is concerned, all the previously
supplied technologies have fully been absorbed and implemented.
C CAPITAL INVESTMENT
The details w.r.t. Capital Investment of the Company (viz. CAPEX) are
stated in the Management Discussion and Analysis Report of the Company separately annexed
to the Annual Report forming its integral part.
D FOREIGN EXCHANGE EARNINGS AND OUTGO (ON ACTUAL BASIS)
(Rs in lakhs)
| Foreign exchange earnings and outgo (Actuals) |
F.Y. 2022-2023 |
| a. Inflow in Foreign Currency |
29115.00 |
| b. Outflow in Foreign Currency |
397710.00 |
13. TRANSFER OF UNCLAIMED SHARES AND DIVIDEND TO INVESTOR EDUCATION AND
PROTECTION FUND
Pursuant to the provisions of Section 124(5) of the Companies Act,
2013, all unpaid or unclaimed dividends for a period of seven years are required to be
transferred by the Company to the Investor Education and Protection
Fund (IEPF) established by the Central Government.
Company transferred an aggregate amount of R 37.47 Lakhs during the
year under review to the Investor Education and Protection Fund Account. The aggregate
amount transferred to the fund since January 2002 is R 567.06 Lakhs.
Further Section 124(6) of the Companies Act, 2013 requires that all
shares in respect of which unpaid or unclaimed dividend has been transferred to IEPF,
shall also be transferred to IEPF.
In view of above provisions, Company transferred 67537 equity shares
belonging to 426 shareholders between 28/11/2022 to 09/12/2022 to the Investor Education
and Protection Fund Account. Company transfers the shares to IEPF Account as per the IEPF
Regulations, the aggregate whereof stands at 3475900 shares as on 31.03.2023 (viz. paid-up
share capital of R 2/- per share).
The unclaimed dividends on equity shares paid in March 2016 are in
process for transfer to IEPF in April 2023 and unclaimed dividends on equity shares paid
in October 2016 will be due for transfer to the IEPF in November 2023. Investors who have
not yet claimed these dividends are requested to contact the Company or the RTA of the
Company for any support required in this regard.
The Company will upload full details of such shareholders and shares
due for transfer to IEPF Account on its website at
www.supremepetrochem.com/investorrelations. Members are requested to complete formalities
for claiming unpaid dividend, if any, to avoid transfer of such shares to IEPF. Please
refer to the section Shareholders' Assistance in the Corporate Governance Report for
further details.
14. AUDITORS AND AUDIT REPORTS Statutory Auditors
M/s. G M Kapadia & Co. is the Statutory Auditors of the Company and
their Audit Report forms integral part of the Annual Report. They were appointed for 5
years period in AGM held on 18.07.2018, therefore their term as an Statutory Auditor will
terminate at the conclusion of this 34th AGM.
During the year under review, the Audit Report does not contain any
qualification, reservation, adverse remark or disclaimer and no fraud was noticed by the
Auditors of the Company during Financial Year 2022-2023 which is reportable under Section
143(12) of the Companies Act, 2013.
On expiry of the term of M/s. G. M. Kapadia & Co. as Statutory
auditors, M/s. Kalyaniwalla & Mistry LLP, a Chartered Accountants Firm (Firm Regn. No.
104607W/ W100166), has been recommended for appointment as Statutory Auditors of the
Company for a period of 5 years
(F.Y 2023-24 to 2027-28) by the Audit Committee of the Company and the
Board and the same is being placed before members for seeking their approval.
Cost Auditors
M/s. Kishore Bhatia & Associates has been appointed by the Board as
Cost Auditors of the Company to conduct audit of its cost accounting records for the
financial year 2023-2024.
In accordance with the requirement of the Central Government and
pursuant to the provisions of Section 148 of the Act, the Company has maintained the cost
records for Financial Year 2022-2023 as applicable. Annual Audit of the cost accounting
records of the Company is also carried out by the Cost Auditors.
The remuneration payable to the Cost Auditors is required to be
ratified by the members. Accordingly, a resolution for the remuneration of said cost
auditor is included in the AGM notice of the Company vide Item No. 6 annexed to the Annual
Report.
Secretarial Auditors
The Company has devised proper systems to ensure compliance with the
provisions of Secretarial Standards issued by the Institute of Company Secretaries of
India as applicable to the Company and that such systems are adequate and operating
effectively.
Pursuant to the provisions of Section 204 of Companies Act, 2013 and
rules thereto, M/s. Parikh & Associates, Practicing Company Secretaries, have been
appointed by the Board as Secretarial Auditors of the Company to conduct its Secretarial
Audit for the Financial Year 2023- 2024.
The Secretarial Audit Report for the Financial Year ended March 31,
2023 in form No. MR-3 is annexed to the Board Report vide Annexure-2 forming integral part
thereof. The Secretarial Auditors' Report does not contain any qualification, reservation
or adverse remark except for delay of 11 days in holding meeting of Risk Management
Committee of Company on 16.09.2022 due to non-availability of requisite quorum.
15. RELATED PARTY TRANSACTIONS
Transactions with related parties during the year under review were in
compliance with the provisions of Regulation 23(1) of SEBI (LODR) Regulations, 2015 and
Section 188 of Companies Act, 2013. These transactions were in the ordinary course of
business and on an arm's length basis. During the year under review, Company did not enter
into any contract or arrangement which could be considered material as per the policy of
Company on materiality of Related Party Transactions.
The said Policy on materiality of Related Party Transactions,
as approved by the Board, is available on the Company's website at the
link: www.supremepetrochem.com. Information with respect to Related Party Transactions
taken place during financial year 2022-23 is annexed to the Board Report in form AOC-2,
vide Annexure 3, forming its integral part.
16. RISK MANAGEMENT
Risk evaluation of the business of the Company and the Management
thereof is a consistent process within the Company. In terms of the provisions of
Regulation 17(9) of SEBI (LODR) Regulations, 2015, the Company has a robust risk
management framework to inform the Board members about risk assessment and minimisation
procedures. As a process, the risks associated with the business are prioritised based on
probability, severity, nature and effectiveness of current detection.
Each risk factor is monitored periodically by the Management and any
risk-associated event arising from these factors which are likely to impact the operations
of the Company significantly are reported to the Risk Management Committee and the Board.
The risk management framework is aimed at efficiently mitigating the Company's various
business and operational risk through strategic actions.
In terms of Regulation 21 of SEBI (LODR) Regulations, 2015, the Company
has constituted a Risk Management Committee on July 18, 2018, which met twice during the
year to review the risks associated with the operations of the Company. During the year
under review, management has not come across any element of risk which can threaten its
existence or disrupt / impact business operations significantly.
17. INTERNAL FINANCIAL CONTROLS
Company has adequate internal financial control system in place
commensurating with its size, scale, complexity and the nature of business with an
objective to ensure that its financial and operational informations are duly recorded,
authorised and reported apart from protecting its assets against any major misuse or loss.
The Company's Internal Auditors carry out regular checks on the adequacy of the internal
financial controls and has not come out with any material or serious observation(s) for
inefficiency or inadequacy of such controls. The Internal Audit System is reviewed
periodically to ensure its adequacy and compliances in conformity with the policies of the
Company and its operating system.
The Internal Audit Reports are submitted periodically to the Audit
Committee. The Audit Committee members review these reports and discuss with the executive
management, wherever required and requisite corrective actions are taken up by the process
owners in their respective areas, thereby strengthening the financial controls.
18. VIGIL MECHANISM / WHISTLE BLOWER
POLICY
Company has formulated a Whistle Blower Policy and has also established
an effective vigil / whistle blower mechanism for its Stakeholders including its Employees
& Directors and provides them a channel to report to the Management their concerns
about unethical behaviour, actual or suspected fraud, mismanagement or violation of code
of conduct or policy of the Company, if any. The mechanism provides for adequate
protection against victimization of the whistle blower and provides for direct access to
the Chairperson of the Audit Committee in exceptional cases.
19. POLICY FOR PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL
HARASSMENT OF WOMEN AT THE WORKPLACE
Company has zero tolerance for sexual harassment at workplace and has
adopted, in line with the provisions of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act 2013 (POSH), a documented policy for
prevention, prohibition and redressal of sexual harassment of women at workplace, under
the guiding principle that no woman shall be subjected to sexual harassment at
workplace(s) in the Company's location(s).
Company has formed the Internal Complaints Committee (ICC) comprised of
internal and external members, to hear, inquire, investigate and suitably address the
matter of complaints of sexual harassment, if any, and to recommend punitive / corrective
action to the Management. Easy access has been provided to the ICC for woman employees of
the Company.
Disclosures pursuant to the provisions of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and SEBI - Listing Regulations
are as under:
| No of complaints filed during the financial year 2022-2023 |
NIL |
| No of complaints filed / disposed of during the financial
year 2022-2023 |
NIL |
| No of complaints pending as on the end of financial year
2022-2023 |
NIL |
20. MEETINGS OF THE BOARD AND COMMITTEES OF THE BOARD
The number of meetings of the Board and various committees including
their composition are set out in the Corporate Governance Report which forms integral part
of this report. The intervening gap between the meetings was within the period prescribed
under provisions of the Companies Act 2013 and SEBI (LODR) Regulations except delay of 11
days in holding Risk Management Committee Meeting due to non-availability of requisite
quorum.
21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT
No loans or guarantees or direct investment in the securities of the
Company were made by the Company, pursuant to the provisions of Section 186 of the
Companies Act, 2013, during the Financial Year 2022-2023.
22. ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of
the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014,
Annual Return of the Company as at 31st March, 2023 is uploaded on the website of the
Company www.supremepetrochem.com
23. DETAILS OF SUBSIDIARIES / JOINT VENTURES/ ASSOCIATES ENTITY
The Company does not have any Subsidiary/ Joint Venture /Associate
entity.
24. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING
Company has in place a Code of Conduct for prohibition of Insider
Trading, which stipulates the process of trading in the securities of the Company by the
persons having direct or indirect access to the Unpublished Price Sensitive Information(s)
of the Company (UPSIs) including the designated persons. The said code is aimed to
regulate, monitor and report the trading in the securities of the Company by the Insiders
as per prevailing law and regulation(s).
The said Code of Conduct is available at the website of the Company
www.supremepetrochem.com.
The Company has also put in place requisite Structured Digital Database
(SDD) system for the Designated Persons (DPs) to protect the confidentiality of
Unpublished Price Sensitive Information (UPSI) of the Company.
25. CREDIT RATING
During the year under review, the Company has not issued any debt
instrument or fixed deposit receipts etc. in India or abroad.
CRISIL Ratings Ltd has reaffirmed long term rating at CRISIL AA-/Stable
and short term rating at CRISIL A1 + for Company's fund and non fund based working capital
facilities from Banks.
India Ratings and Research (IND-Ra) has assigned Company's long term
rating at IND AA- with positive outlook and short term rating at IND A1+ for Company's
fund and non fund based working capital facilities from Banks.
The above ratings reflects financial discipline and resilience of the
Company.
26. ACCREDITATIONS
Company has following accreditations:
1. ISO 9001:2015 (Quality Management System), ISO 14001:2015
(Environment Management System) and ISO 45001:2018 (Occupational Health and Safety
Management System) certified from Bureau Veritas and valid up to 09-04-2024.
2. Authorized Economic Operator (AEO) under T2 category by Directorate
of International Customs, for its import and exports, valid upto 30-01-2025.
3. Recognized as Three Star Export House by Ministry of Commerce and
Industry (DGFT), valid till 07-06-2026.
27. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE END OF THE FINANCIAL
YEAR AND THE DATE OF THE BOARD REPORT
No material changes and commitments have occurred after the closure of
the financial year ended 31st March 2023 till the date of this Report, which would affect
the financial position of the Company significantly.
28. GENERAL DISCLOSURES
(A) No disclosure or reporting is required of the following items as
there were no transactions with respect to following activities / matters during the year
under review.
i. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
ii. Issue of shares (including sweat equity shares) to employees of the
Company under any Scheme.
iii. Details relating to deposits covered under Chapter V of the
Companies Act, 2013.
iv. No significant or material orders were passed by the Regulators or
Courts or Tribunals against the Company or its Directors which may impact the going
concern status of the Company or its operations in future or the Directors of the Company
in any manner.
v. No change in the nature of business of the Company.
vi. No Fund based Borrowing (viz. term loan) availed/ utilised.
(B) Other Disclosures:
The details of Directorship, meetings held and committee membership of
the Directors of the Company are stated in the Corporate Governance Report annexed
separately to the Annual Report forming its integral part.
ACKNOWLEDGEMENT
Directors record their deep gratitude for the unstinted & valuable
support and co-operation provided by the stakeholders of the Company all across including
its Shareholders, Bankers, Customers, Suppliers, Business Associates etc. and last but not
the least by the employees of the Company for their constant, devoted, outstanding
services and contribution to the Company.
|
For and on behalf of the Board |
| Place: Mumbai |
M. P. Taparia |
| Date: April 26, 2023. |
Chairperson |