empire industries ltd Directors report

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MANAGEMENT DISCUSSION AND ANALYSIS

The Directors hereby present their Annual Report together with the Audited Accounts of the Company for the year ended 31^st March, 2023.

1. FINANCIAL RESULTS:

Particulars	Year ended 31.03.2023	Year ended 31.03.2022
	Amount	Amount
	in Lakh	in Lakh
Income:
Revenue from Operations	68158.77	54403.62
Other Income	1446.82	1037.08
Total Revenue	69605.59	55440.70
Expenditure
Cost of Materials	8194.55	6880.40
Consumed
Cost of Project	5340.82	4487.32
Purchase of Stock-in-Trade	19180.06	10108.15
Changes in Inventories of	(221.34)	1033.68
Finished goods and Stock- in-Trade
Employee Benefit	11554.01	9981.32
Finance Costs	3322.49	2705.45
Depreciation and	1716.30	1465.75
Amortization Expenses
Other Expenses	16248.43	16015.51
Total Expenses	65335.32	52677.58
Profit/(Loss) before exceptional and tax	4270.27	2763.12
Exceptional items
Profit / (Loss) before tax	4270.27	2763.12
Tax Expenses
(1) Current Tax	926.80	247.47
(2) Deferred Tax	(208.98)	146.29
	717.82	393.76
Profit after tax	3552.45	2369.36
Other comprehensive income
Items that will not be reclassified to profit or loss	(390.65)	(1111.75)
Total comprehensive income for the period	3161.80	1257.60
Appropriated as under:
Proposed Dividend	1499.99	391.20
General Reserve	1661.81	866.40
Total amount appropriated	3161.80	1257.60
Earnings per equity share (for discontinued & continuing operations)
a) Basic	59.21	39.49
b) Diluted	59.21	39.49

2. DIVIDEND:

Your Directors are pleased to recommend a Dividend of

Rs. 25/- per equity share of face value of Rs.10/- each for the year ended 31^st March, 2023 subject to the approval of the Members at the Annual General Meeting on 22^nd September, 2023. This will be paid on or after 22^nd September, 2023 to the Members whose names appear in the Register of Members, as on the Record Date i.e. Friday, September 15, 2023. The total dividend for the financial year will absorb Rs. 1499.99 Lakh (Previous

Year Rs. 391.20 Lakh) recommended by the members of the Board and to be approved in the General Meeting.

Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members w.e.f. April 1, 2020 and the Company is required to deduct tax at source

(TDS) from dividend paid to the Members at prescribed rates under section 194 of the Income-tax Act, 1961.

The Board has recommended dividend based on the parameters laid down in the Dividend Distribution Policy and dividend will be paid out of the profits for the year. The

Dividend Distribution Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations,

2015 ("SEBI Listing Regulations") is available on the Companys website.

3. OPERATIONS:

The Division-wise details are given below:

1. VITRUM GLASS

This division is in the business of manufacturing and marketing amber glass bottles of international quality for the pharmaceutical industry - both in India and abroad.

The divisions fully automated plant produces more than 1.9 million glass bottles a day with sizes ranging from 5ml to 650ml.

The plant is located at Vikhroli, Mumbai. It boasts of a clientele of the multinational companies in

India such as Glaxo Smith Kline, Pfizer, Abbott

India, Merck India, Cipla, Wardex Pharmaceuticals, Himalaya Drug Co, Aristo, Procter & Gamble, Dabur India, Cadila healthcare, among others.

The division achieved a 14% higher turnover (over the previous year) of Rs. 241.38 crores. Out of the total turnover, exports were Rs. 40.67 crores. The division is expected to do well in the current financial year also.

2. EMPIRE MACHINE TOOLS EMT

The total order in-flow in this division has not been good due to the ban on Global Tenders by the Government establishment under the Aatma Nirbhar Scheme.

Revenue against shipment has been good due to various high revenue orders.

Due to the global economic situation and Ukraine war the current year is challenging.

However, this division has pending orders for shipment in 2023-24.

The current focus for this year is on Automobile, Aerospace, Defense, Railways, Steel & Nuclear power generation including Tier 1 & Tier 2 suppliers.

3. EMPIRE INDUSTRIAL EQUIPMENT

Empire Industrial Equipment is in the business of sourcing capital equipment and undertaking related turnkey jobs for the infrastructure sector like Oil & Gas, Steel & Metallurgy, Ports & Shipyards and Construction & Mining.

These services include local supply chain management, inland transportation, site management including civil foundation, electrical cabling, and erection & commissioning.

The overall performance of this division in terms of order booking for the year under review has not been good.

- Refineriesinvestment by EPC contractors slowed down considerably, as not many new projects were awarded during the year.

- Oil India once again had decreasing investment in areas where import of equipment was allowed.

- The Aatmanirbhar policy of GOI has brought in lots of restrictions in direct import below Rs. 200 Cr.

- Other sectors like Ports & Shipyard, Construction & Mining and Steel & Metallurgy – the overall investments were very slow.

EIE has had to look for new avenues where importation was allowed.

Foray into "Reformer Tubes" and "Radiant coils" has provided the much needed opening.

"Refinery Catalyst and chemicals" from Russia is another area that this division is venturing into. Going forward, this division sees investments going up due to Government emphasis on Infrastructure development.

It has also made inroads into trading of commodities like Coal, Coke, billets, etc., which is expected to fetch good revenues.

Overall, this division is expected to do well in the financial year 2023-24.

4. VENDING (GRABBIT+)

GRABBIT+ is a division of the conglomerate, EMPIRE INDUSTRIES LTD., contributing to its legacy of trust.

Its vision is to be carryforward the most preferred vending service provider in India-- by employing modern technology to create superior products, with customer-focused and process-driven operations.

Grabbit+ vending machine range from Snacks, Beverages & Perishable to Sanitary pad vending machines.

Grabbit + Vending Machine are superior quality, user friendly machines with sleek design.

The cornerstone of its business has always been its dedication to providing exceptional and seamless service to our customers. It goes to great lengths to make sure that it keeps this commitment.

Even during covid, when the entire world was shut down, Grabbit+ designed its operations in accordance with the covid guidelines and it provided vending services to those corona warriors involved in essential services such as banks, pharmaceuticals, and manufacturing, ensuring that its commitment was met even during these difficult times.

5. EMPIRE INDUSTRIAL CENTRUM

The Empire Industrial Centrum is being developed on a 35-Acre property in Ambernath.

The project started in the year 2014 -2015 after obtaining all the necessary Government Approvals. It has registered its project with RERA for Phase-1-6. Out of which, it has delivered Phase-1 & 2 after receiving occupation certificates from MIDC for all six buildings (three residential and two industrial buildings from Phase-1 and one residential building from Phase-2).

Phase 3 comprises of two residential buildings which are nearing completion. This division has completed the construction and received the occupation certificate for Phase-4, comprising of one industrial building- in the last quarter of this financial year end.

The registration of Phase 5 & 6 has been done in the current year under consideration, which comprises of two residential buildings and one industrial building, respectively, and they are currently under construction.

This division has received accolades from the SME Boards and Maharashtra Industrial and Economic Development Association for being "The Best Industrial Park in Maharashtra" and "Most Admired Project of the year 2022", respectively, by Ad-Sync and CNBC-Real Estate Excellence Awards.

This is over and above a dozen awards received until 2022, reflecting its commitment towards being amongst the best real estate companies.

The company is planning to venture into property broking and advisory services- to be Indias first-ever Property Concierge company by offering transparent

& ethical services to its customers.

6. THE EMPIRE BUSINESS CENTRE

The Empire Business Centre opened in June 2013.

Catering to office space needs of companies and individuals, which were looking at serviced and furnished office space units. Apart from office it also offers other allied services /products.

These other products encompass Meeting &

Conference rooms, Virtual Offices, Built to Suit office Spaces and Lounge Access /Shared office spaces.

With this array of products-- The Empire Business Centres services a full range of customers—be it startups, established corporates, consultants, agencies of various kinds or people looking for meeting venues. The Empire Business Centre has its presence in the CBD of Lower Parel Mumbai and the IT corridor of Navi Mumbai, Airoli. It has over the years commanded the best in price per workstation and market share in these respective markets.

The year further cemented this aspect.

With its presence in these two key markets its continue to scout for profitable market locations in

Mumbai and other key CBD areas of India.

The entity has enjoyed considerable amount longstanding clients and has a very good working relationship with the broker channel partners.

The Year 2022 -23 marked the return to offices for many companies and increased stable revenues for the division.

7. EMPIRE COMMERCIAL PROPERTY

This division manages Empire Industries Ltd.s owned properties comprising 10 lakh Sq. Ft of

Commercial and IT space.

It boasts of an excellent clientele such as, HDFC Bank, Zee Entertainment, ICICI Bank, CNBC TV18, TCPL and others.

Its IT Park at Vikhroli, Mumbai, consists of 2 buildings – Empire Plaza 1 and Empire Plaza 2. Both buildings are 100% occupied.

Its Commercial space at Empire Complex located in Lower Parel, Mumbai, is currently 65% occupied.

8. EMPIRE FOODS

The Empire foods division imports various types of frozen food from all over the world and sells to leading hotels, restaurants, and caterers in the country.

It has nine offices located throughout the country and is the largest importer and distributor of frozen and chilled food in India.

The year under review proved to be an important growth year in terms of addition of new products for distribution. spaces The division began importing Parmesan cheese products from Italy and Lithuania, Cheddar cheese products from United Kingdom and Emmental, Gouda and Edam ball cheese products from Netherlands.

The cheese products have been well received by the market and the division shall continue to grow further in importing different type of cheese products from other countries as well.

This division is also working on locally made cheese and other frozen food products that it will procure under its own private label and distribute throughout the country.

It has got a very good market response for frozen peas, sweet corn and frozen pastries and shall add more products in the current year.

The division expects to perform even better in the current year.

4. CAPITAL EXPENDITURE

The major Capital Expenditure is on account of Plant & Machinery (Rs.232.61 Lakh), Vehicles (Rs. 241.92 Lakh), Office Equipment (Rs.123.17 Lakh), Furniture & fixtures (Rs. 15.59 Lakh) and Software (Rs. 8.49 Lakh).

5. EXTRACT OF THE ANNUAL RETURN

Pursuant to Section 134 (3) (a) of the Companies Act 2013 read with the Companies (Management and Administration) Amendment Rules 2020 vide notification dated 28.08.2020, the draft annual return prepared in accordance with Section 92(3) of the Companies Act, 2013 is made available on the website of the Company and can be accessed at http://www.empiremumbai.com/ AnnualReport.zip.

6. NUMBER OF MEETINGS OF THE BOARD

During the year Four Board Meetings and Four Audit Committee Meetings were convened and held. The details of Board and Committee meetings are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

7. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) of the Companies Act, 2013, with respect to Directors

Responsibility Statement, it is hereby confirmed that:

(a) in the preparation of the annual accounts for the year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures.

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2023 and of the profit and loss of the company for that period;

(c ) the directors had taken proper and 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 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 were operating effectively.

"Internal Financial Controls" means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including the adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

(f) the directors had devised proper systems to ensure compliances with the provisions of the applicable laws and that such systems were adequate and operating

8. STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.

9. COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration including criteria for determining qualifications, positive attributes, independence of a

Director and other matters provided under sub-section (3) of section 178 relating to the remuneration for the Directors, key managerial personnel, and other employees.

As required by the rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the prescribed details are annexed to this report.

10. EXPLANATIONSORCOMMENTSBYTHEBOARD

ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK

There is no qualification, reservation or adverse remark or disclaimer made – care

(i) by the auditor in his report; and

(ii) by the Company Secretary in practice in her secretarial audit report.

11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT

There are no loans given, guarantees issued or investments made to which provisions of Section 186 are applicable to the Company.

12. CORPORATE GOVERNANCE

As per Regulation 34(3) and 53(f) of SEBI (Listing

Obligations and Disclosure Requirements) Regulations,

2015 and the Listing Agreement with the Stock Exchange, a separate section on corporate governance practices followed by the Company, together with a certificate from the Companys Secretarial Auditor confirming compliance forms an integral part of this Report.

SECRETARIAL STANDARDS:

The Institute of Company Secretaries of India has mandated compliance with the Secretarial Standards on Board Meetings and General Meetings. During the year under review, the Company has complied with the applicable Secretarial Standards.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons who may have a potential conflict with the interest of the Company at large. All Related Party Transactions are placed before the Audit Committee, which has been reviewed by it and approved by the Board. Prior omnibus approval of the Audit Committee is obtained on an annual basis for the transactions which are of a foreseen and repetitive nature and also been done at arms length basis. The transactions entered into pursuant to the omnibus approval so granted are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis. None of the Directors has any pecuniary relationships or transactions vis-?-vis the Company. The report of the Board in respect of the particulars of contracts or arrangements with related parties referred to sub-section (1) of section 188 in Form AOC-2 is annexed to this report as Annexure D.

14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information pursuant to Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, relating to the foregoing matters is given in the Annexure - A forming part of this report.

15. REPORT ON RISK MANAGEMENT POLICY

The Risk Management Committee with its members performs its activities according to the Risk Management

Policy finalized by the Board indicating the development and implementation of Risk Management.

16. CORPORATE SOCIAL RESPONSIBILITY (CSR)

INITIATIVES

The Company has developed and implemented the CSR policy to carry out activities in health and education and also formed KARO Trust which has been registered on 12.03.2015 with Charity Commissioner, Mumbai for this purpose. The policy is put up on Companys website. CSR report as per the provision of section 135 of the Companies Act, 2013 is annexed to this report as

Annexure -B.

17. ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (LODR) Regulations 2015 as amended from time to time, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and other committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

18. TRANSFER OF SHARES/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.

As per provisions of Section 125(6) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)

Rules, 2016 ("the Rules") notified by the Ministry of Corporate Affairs effective from September 7, 2016, the Company is required to transfer all shares in respect of which dividend has not been paid or claimed by the shareholders for seven consecutive years or more in the name of Investor Education and Protection Fund (IEPF) Suspense Account established by the Central Government. Accordingly, the Company has transferred shares to IEPF Authority.

19. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any. The details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the website of the Company.

20. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (‘Act) and Rules made thereunder, the Company has constituted Internal Committees (IC). While maintaining the highest governance norms, the

Company has appointed external independent persons, who have done work in this area and have requisite experience in handling such matters. During the year, no complaint with allegations of sexual harassment was received by the Company. In order to build awareness in this area, the Company has been conducting programmes in the organisation on a continuous basis.

21. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this report marked as Annexure -C.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the

Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and Any Member interested in obtaining a copy of the same may write to the Company Secretary.

22. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Deepa Gupta, Practicing Company Secretary, to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report is annexed to this report.

23. DIRECTORS

With deep sense of grief we inform you that Late Mr. Chandrakant Poonamchand Shah (DIN : 00450394), Non-Executive Independent Director of the company passed away on 27^th January, 2023, who was re-appointed as an Independent Director of the company in annual general meeting held on 26^th July, 2019. Late Mr. Chandrakant Poonamchand Shah had been a valued member of our team and his crucial leadership and rich knowledge base through which the company immensely benefitted.

It was noted that directorship of Late Mr. Chandrakant Poonamchand Shah and his membership in Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee of the Board of Directors stand vacated on account of his death and new members of the said committees were appointed on board meeting held on 8^th February, 2023.

Mr. Satish Chandra Malhotra expressed his intention to the board to discontinue from the executive position of the Company upon expiry of his present term of office on October 31, 2023. Accordingly, the Board of Directors of the Company ("the Board") at its meeting held on May 22, 2023 has changed the designation of Mr. Satish Chandra Malhotra (DIN: 00026704) from Chairman cum Whole–time Director to Chairman cum Non-Executive and Non-Independent Director of the Company w.e.f. November 1, 2023 as recommended by the Nomination and Remuneration Committee of the Board subject to the approval of members at ensuing annual general meeting. At the meeting of board of directors held on May 22, 2023, based on the recommendation of Nomination & Remuneration Committee approved the re-appointment of Mr. Ranjit Malhotra (DIN: 00026933) as Managing Director designated as Vice Chairman of the Company, for a further period of 5 (five) years from the expiry of his present term of office, that is, with effect from October

1, 2023 subject to the approval of members at ensuing annual general meeting.

In accordance with the provisions of the Companies Act, 2013, and the Articles of Association of the Company,

Mr. Ranjit Malhotra having Director Identification

Number 00026933, retire by rotation at this Annual

General Meeting and being eligible offer himself for reappointment.

24. SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES

There are no companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during the year.

25. DETAILS RELATING TO FIXED DEPOSITS

The details relating to deposits covered under Chapter V of the Act –(a) Accepted during the year: Rs. 889.92 Lakh.

(b) Remained unpaid or unclaimed as at the end of the year: Rs. 132.75 Lakh.

(c) Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved-(i) At the beginning of the year: Nil (ii) Maximum during the year: Nil (iii) At the end of the year: Nil

Deposits received from Directors amounting to Rs. 30.00 Lakhs, which are exempted borrowings and not covered under sections 73 to 76 of the Companies Act, 2013 as amended from time to time.

26. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS and material Therearenosignificant orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

No proceeding was initiated or pending at NCLT under

IBC during the financial year 2022-2023.

27. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL CONTROLS

The Company conducts its business with integrity and high standards of ethical behavior and in compliance with the laws and regulations that govern its business. The Company has a well-established framework of internal controls in operation, supported by standard operating procedures, policies and guidelines, including suitable monitoring procedures and self-assessment exercises.

In addition to external audit, the financial and operating controls of the Company at various locations are reviewed by the Audit Committee of the Board. The Audit

Committee reviews the adequacy and effectiveness of the implementation of audit recommendations including those relating to strengthening Companys management policies and systems.

As required by the Companies Act 2013, the Company has implemented an Internal Financial Control (IFC)

Framework. Section 134(5)(e) requires the Directors to make an assertion in the Directors Responsibility Statement that the Company has laid down internal financial controls, which are in existence, adequate and operate effectively. Under Section 177(4)(vii), the Audit Committee evaluates the internal financial controls and makes a representation to the Board. The purpose of the IFC is to ensure that policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business are implemented, including policies for and the safeguarding its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

28. AUDITORS

Members of the Company at the 121^st AGM held on September 21, 2022, approved the re-appointment M/s. A. T. Jain & Co., Chartered Accountants (Firm Registration No.103886W), as the Auditors of the Company for a further period of five years from the conclusion of the ensuing 121^st AGM till the conclusion of the 126^th AGM.

In terms of the provisions relating to statutory auditors forming part of the Companies Amendment Act, 2017, notified on May 7, 2018, ratification of appointment of Statutory Auditors at every AGM is no more a legal requirement. Accordingly, the Notice convening the ensuing AGM does not carry any resolution on ratification of appointment of Statutory Auditors.

The report of the Statutory Auditor forms part of the

Integrated Report and Annual Accounts for financial year 2022-23. The said report does not contain any qualification, reservation, adverse remark or disclaimer.

During the year under review, the Statutory Auditors did not report any matter under Section 143(12) of the

Act, therefore no detail is required to be disclosed under

Section 134(3)(ca) of the Act.

29. COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its Construction activity is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed M/s. Vinay Mulay & Co. to audit the cost accounts of the Company for the financial year 2023-2024 on a remuneration of Rs. 1,50,000/-. As required under the

Companies Act, 2013, the remuneration payable to the cost auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Members approval for the remuneration payable to M/s. Vinay Mulay & Co., Cost Auditors is included at Item No. 4 of the Notice convening the Annual General Meeting.

30. ACKNOWLEDGEMENT

Your Directors would like to express their gratitude for the abundant assistance and co-operation received by the

Company from its workers, staff, officers, Consortium

Banks, members and other Government Bodies during the year under review.

The Directors also recognize and appreciate all the employees for their commitment, commendable efforts, teamwork, professionalism and continued contribution to the growth of the Company.

	On Behalf of the Board of Directors
	S. C. MALHOTRA
Place: Mumbai	Chairman
Date: 22/05/2023	DIN: 00026704

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