To,
The Members,
Your Directors have pleasure in presenting the 59th Annual Report and
Accounts for the financial year ended 31st March, 2023.
FINANCIAL RESULTS
The highlights of the financial results are as follows:
Particulars |
Standalone |
Consolidated |
|
Year ended |
Year ended |
Year ended |
Year ended |
|
March 2023 |
March 2022 |
March 2023 |
March 2022 |
| Revenue from operations |
189,216.59 |
1,50,936.23 |
198,960.93 |
1,57,686.77 |
| Other Income |
4,679.85 |
4,612.70 |
4,106.84 |
4,169.58 |
| Earnings before interest, taxes, depreciation |
27,970.70 |
24,309.06 |
29,605.52 |
25,490.31 |
| Finance Cost |
636.38 |
757.26 |
919.98 |
994.66 |
| Depreciation and amortization expenses |
2,796.52 |
2,678.23 |
2,908.67 |
2,804.27 |
Profit before taxation |
24,537.80 |
20,873.57 |
25,776.87 |
21,691.38 |
| Add: Share of profit/(loss) of equity accounted |
|
- |
93.43 |
41.67 |
| investee (net of income tax) |
|
|
|
|
| Less: Provision for taxation: |
|
|
|
|
| Current tax |
6,203.98 |
5,807.03 |
6,467.63 |
5,887.47 |
| Deferred tax |
(137.86) |
(354.31) |
(93.96) |
(323.19) |
Profit after tax |
18,471.68 |
15,420.85 |
19,496.63 |
16,168.77 |
| Other comprehensive income (Net of Taxes) |
(235.38) |
(147.33) |
(166.29) |
(100.33) |
Total Comprehensive income |
18,236.30 |
15,273.52 |
19,330.34 |
16,068.44 |
OPERATIONS
During the financial year ended 31st March, 2023, the net profit after tax of the
company on standalone basis has increased to INR 18,471.68 Lacs as compared to previous
years net profit after tax of INR 15,420.85 Lacs showing an improvement of 19.8 percent
over the previous year on standalone basis. The Company has achieved a turnover of INR
1,892.17 crores as compared to INR 1,509.36 crores of the previous year.
DIVIDEND
At the Board Meeting held on May 26, 2023, the Board of Directors recommended dividend
of INR 12.50 (125%) per equity share of face value of INR 10 each for the financial year
ended March 31, 2023. Subsequently pursuant to the Shareholders approval, the Company
sub-divided its equity shares from the face value of INR 10 per share to INR 1 per share
w.e.f 12th June, 2023 i.e. record date. Accordingly, the dividend per share stands
adjusted to INR 1.25 (125%) per equity share to reflect post-split face value of INR 1
each. FUTURE OUTLOOK robust Balance The overall outlook for the Indian Economy
remains positive. However, geopolitical crisis slowing world demand, supply-chain
re-orientation, global inflation and tight monetary policy conditions create downside risk
to Indias growth projections of 6.5 percent.
Against these headwinds optimism is in order on the domestic inflation front which has
already started softening and is expected to moderate to 5 percent from 6.8 percent in the
previous year. A good rabbi harvest would help cool food inflation. However, the risk to
this optimism are tilted upwards, given the world meteorological organizations prediction
that El Nino warming effect is likely in the next couple of months affecting countrys
rainfall and in turn hurt farm output. However, IMDs prediction presents a better picture
with respect to adequacy and spread of rainfall. Global growth is expected to remain
generally subdued. The slowing demand will likely push down the global commodity prices
and improve Indias current account deficit in FY 2024 (<3 percent of GDP). The
headwinds to Indias export linked sectors (both goods and services) will be due to global
demand slow down, particularly the US and the European Union (EU) which dominate global
trade and account for 42 percent of the global GDP. In a recent study of CRISIL, 19
sectors such as Automobiles and Components, Hospitality, Food & Beverages, Dairy all
driven by domestic demand are expected to invest in capex aided by already favourable
Cash-flows, and capacity utilization. As many as 25 other sectors also showed favourable
trends in their operating profit. These include some infrastructure sectors such as
Renewable and Construction. Steel, Cement will continue to benefit from Central Government
spending which is expected to increase by 30 percent in fiscal year 2024. Going forward,
the drivers for pick-up in capex in the private sector will be strong domestic demand and
the Production Linked Incentive (PLI) Scheme in sectors such as Auto, Pharma, Textiles,
Chemicals, Electronics, Renewables, Health Care and China-Plus-One derisking strategy of
global measures. Softening of crude prices and critical raw materials like Copper,
Aluminum, Steel is expected to increase the operating profit, reduction in working capital
for most capex projects under execution thereby improving the profitability of the capital
goods sectors. Thus, private capex is likely to pick up in fiscal year 2024, particularly
in the second half in most of the above sectors. The Service sector which has benefitted
from pent up demand, especially for Hospitality & Aviation, Business & Leisure,
Transfer Travel is expected to log double-digit growth in FY 2024. The key drivers to
Indias economic growth (apart from private consumption) being capital investments, both
by the government, the private sector and productivity increases. The later will be
enhanced by digitalization together with efficiency enhancing reforms to increase
productivity. The Indian economy will continue to reap reforms such as GST and Insolvency
and Bankruptcy Code (IBC). Thus Indias GDP growth in FY 2023-24 is expected to be 6
percent and average 6.8 percent between fiscals 2028, a TAD better than the pre-Pandemic
five-year average of 6.7 percent during fiscals 2016-2020
Strategy to ensure Business Continuity & Growth
Your Company has evolved a rational business strategy and activity plans based on macro
and micro economic factors affecting the companys growth with careful analysis of
opportunities and threats in market/geographies it serves. The business continuity plans
assesses risks to its ongoing business and future growth plans with its comprehensive risk
management framework. It includes dynamic risk identification and mitigation through
robust operational and internal controls and frequent reviews at apex levels.
The robustness of the process was never before experienced but during the Pandemic.
Thus key learnings from the Pandemic to maintain business and continuity are integrated in
business processes of the company even in the present vulnerable and uncertain global
environment.
FINANCIAL RESOURCES Deposits
The Company has not accepted any deposits during the year, within the meaning of
Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits)
Rules, 2014.
Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
SUBSIDIARY COMPANIES
Aqua Investments (India) Ltd. and Watercare Investments (India) Ltd.
During the year ended 31st March, 2023, the Subsidiary companies M/s. Aqua Investments
(India) Limited posted profit after tax of INR 31.99 Lacs compared to INR 31.90 Lacs of
the previous year and M/s. Watercare Investments (India) Ltd. posted profit after tax of
INR 24.05 Lacs compared to 23.99 Lacs of the previous year.
Ion Exchange Enviro Farms Limited (IEEFL)
During the year under review, the Companys revenue was INR 157.17 Lacs as against INR
87.94 Lacs in the previous year. Pursuant to the appeal filed in Supreme Court against the
Securities Appellate Tribunal (SAT) order of 19th March 2021 and based on legal advice,
the Company appointed SEBI empaneled auditors to conduct Special Audit. This Special Audit
Report along with additional affidavit was submitted to Supreme Court and after
considering the Audit report and the Companys submissions, Supreme court granted liberty
to Company to approach Securities and Exchange Board of India (SEBI) with additional
material. The Company has accordingly made a detailed representation to SEBI, with a
request for reconsideration of SEBIs earlier directions. The matter is now gains from
past under consideration of SEBI.
Ion Exchange Asia Pacific Pte Ltd., Singapore and Ion Exchange Asia Pacific (Thailand)
Ltd., Thailand and Pt Ion Exchange Asia Pacific, Indonesia 2024 and The Company
achieved consolidated operating income of INR 1808.26 Lacs during the year
under review as compared to INR 4782.97 Lacs in previous year. The Company made
consolidated net profit after tax of INR 15.46 Lacs. the Company had a healthy offer bank,
some of the major orders could not be finalized during the current year due to various
geo-economical factors which ultimately affected the invoices of the Company. However, we
are confident that these orders will get finalized in the current year financial year and
the company will be back on track in the coming year.
IEI Environmental Management [M] SDN.BHD, Malaysia
The Company achieved a turnover of INR 3.38 Lacs during the year under review.
The Companys main activity is trading in water treatment equipments, water chemicals,
resins and taking up projects of installing water treatment plants of any nature.
The process of restructuring the operations has been initiated by the Company and is
progressing well. We are hopeful of completing the same in the coming year.
Ion Exchange Environment Management (BD) Limited,
Bangladesh
The Company achieved turnover of INR 1213.83 Lacs during the year as compared to INR
1041.17 Lacs in the previous year. The Company made net profit after tax of INR 42.30 Lacs
as compared to net profit after tax of INR 28.11 Lacs. Bangladesh economy is one of the
major growing developing economies. It has seen robust growth after the Pandemic with
macro-economic stability and improvement in infrastructure and trade flows. We are in the
final stage of commissioning the Water Treatment & Waster Water Treatment Plants
supplied to three Power Projects in Bangladesh. Once fully commissioned, the
Company will gain technical references in Power segment of the country. Your Company is
focusing on infrastructure projects of government and municipal authorities with a view to
take advantage of growing investments in these segments. The Company continues its focus
on Textile segment in Bangladesh.
Ion Exchange WTS (Bangladesh) Limited, Bangladesh
The Company is currently not in operation.
Ion Exchange & Co. LLC, Oman
The Company achieved a turnover of INR 2064.41 Lacs during the year under review
compared to INR 1629.49 Lacs in the previous year. The Company made net profit after tax
of INR 33.30 Lacs.
Oman economy is on recovery path after it witnessed slump due to Covid pandemic. This
has helped the Company to show growth during the year under review and are hopeful that
the Company will continue its growth trajectory in the coming years.
Ion Exchange LLC, USA
The Company achieved a turnover of INR 5361.17 Lacs for the year under review as
compared to INR 5312.82 Lacs in the previous year. Net profit after tax improved from INR
377.27 Lacs in previous year to INR 392.58 Lacs in the current year. After normalization
of logistic issues, the Company is able to improve its performance & profitability
during the current year and we are hopeful to continue our growth & profitability in
the coming year.
Ion Exchange Projects and Engineering Limited
The Company achieved a turnover of INR 3978.34 Lacs for the year under review as
against INR 2462.43 Lacs in previous year.
The Company achieved profit after tax of INR 761.90 Lacs for the year as against loss
of INR 13.89 Lacs in the previous year. The Company provides project Management services
and design services to the parent company for its ongoing contracts. Company has shown
improved performance due to revenue growth in the Engineering segment of the Parent
Company.
Commercial closings of the old projects also helped the
Company to improve the margins.
During the year under review, the Board has approved the Scheme of Amalgamation of Ion
Exchange Projects and Engineering Limited (Subsidiary Company) with Ion Exchange (India)
Limited. After SEBI approval the Company will seek NCLT approval for the proposed
Amalgamation.
Global Composites and Structurals Limited
The Company achieved a turnover of INR 454.58 Lacs for the year under review as
compared to INR 668.36 Lacs for the previous year.
The Company is in the business of providing integrated engineering services across the
life cycle of a project and has expertise in the manufacture of RO pressure tubes, FRP
tanks and electrical panels for water treatment industries.
Ion Exchange Environment Management Limited
The Company achieved a turnover of INR 1266.77 Lacs for the year under review, as
against INR 363.32 Lacs for the previous year.
The Company achieved Net Profit after Tax of INR 254.72 Lacs as compared to the
previous year The Company is in the business of providing advanced environmental
solutions and services for industrial, infrastructure and municipal applications.
During the year under review, the Board has approved the scheme of Amalgamation of
Global Composites and Structurals
Limited and Ion Exchange Environment Management Limited
(wholly owned subsidiaries) with Ion Exchange (India) Limited. The Company will seek
NCLT approval for the proposed Amalgamation.
Ion Exchange Safic (Pty) Limited, South Africa
The Company achieved a turnover of INR 2000.89 Lacs during the year under review as
compared to INR 1408.28 Lacs in the previous year registering a growth of 42 percent. The
Company made a net profit after tax of INR 66.77 Lacs for the year as compared INR 131.85
Lacs in the previous year. The Company is a Joint venture Company set up in South Africa
with Safic (Pty) Ltd. Despite of low GDP growth and weakening of South African currency,
your Company has grown by 42% with its continued focus on Engineering, Chemical and
Membrane business. We are confident of continued growth in the coming year as during the
last quarter of F.Y. 2022-23 South African GDP has shown marginal improvement.
Ion Exchange Arabia For Water
The Company achieved a turnover of INR 721.54 Lacs during the year under review
compared to INR 644.46 Lacs in previous year. Relaxation of Covid -19 restrictions has
enable the Company to marginally improve its turnover. The Company is hopeful of improving
its performance in the coming financial year.
Total Water Management Services (India) Ltd.
The Company achieved a turnover of INR 31.15 Lacs for the year under review, as against
INR 67.22 Lacs for the previous year.
The Company is in the business of providing total water management consultancy across
the spectrum.
Ion Exchange Purified Drinking
The Company achieved a turnover of INR 1874.45 Lacs for the year under review, as
against INR 1094.37 Lacs for the previous year.
The Company achieved Net Profit after Tax of INR 238.53 Lacs as compared to the
previous years Profit after Tax of INR 3.09 Lacs.
The Company is set-up as a special purpose vehicle to implement PPP (Public Private
Partnership) project for bottle water supply to Indian Railway Catering and Tourism
Corporation Limited (IRCTC).
Ion Exchange Europe, LDA
The Company achieved a turnover of INR 1188.68 Lacs for the year under review. The
Company achieved Net Profit after of INR 97.87 Lacs.
During the year under review, the name of the Company was changed from IEI Total Water
Management LDA to Ion Exchange Europe, LDA.
To cater to the needs of the European Market, your Company has incorporated a
Subsidiary company in Portugal
AMALGAMATION:
Amalgamation of Global Composites and Structurals Limited and Ion Exchange Environment
Management Limited with Ion Exchange (India) Limited
During the year under review, the Board of Directors of the Company (‘Board), at
its meeting held on February 3, 2023, approved the Scheme of Amalgamation of Global
Composites and Structurals Limited (‘GCSL) and Ion Exchange Environment Management
Limited (‘IEEML) with Ion Exchange (India) Limited (‘IEIL). GCSL & IEEML
are wholly owned subsidiaries of the Company and upon the Scheme coming into effect, the
entire paid-up share capital of GCSL and IEEML shall stand cancelled. The Scheme is
pending approval before the Honble National Company Law Tribunal, Mumbai Bench. The
amalgamation is also subject to approval from other regulatory/ governmental authorities.
Amalgamation of Ion Exchange Projects and Engineering Limited with Ion Exchange (India)
Limited
During the year under review, the Board of Directors of the Company (‘Board), at
its meeting held on March 23, 2023, approved the Scheme of Amalgamation of Ion Exchange
Projects and Engineering Limited (‘IEPEL) with Ion Exchange (India) Limited
(‘IEIL). IEPEL is an unlisted subsidiary of the Company. The Board has recommended a
share exchange ratio of 214 fully paid-up equity shares of nominal value of INR 1/- each
of the Company for every 6,360 fully paid-up equity shares of nominal value of INR 10/-
each held by the shareholders of IEPEL. As part of the Scheme, the equity shareholding of
the Company in IEPEL shall stand cancelled. The Company has filed the application with the
National Stock Exchange of India Limited and BSE Limited for obtaining their No Objection.
The amalgamation is subject to approval of the shareholders, NCLT and other
regulatory/governmental approvals
ASSOCIATE AND JOINT VENTURE COMPANIES
A statement as required under Section 129 of the Companies Act, 2013, is attached to
the Annual Report in form AOC 1.
DIRECTORS
Pursuant to the recommendation of Nomination and Remuneration Committee, the Board of
Director have, on July 26, 2023, approved the appointment of Mr. Sanjay Joshi (DIN :
01656787) as an Additional Director in the capacity of
Independent Director, subject to the approval of the shareholders of the company.
Necessary Resolution for his appointment is being placed for the approval of shareholders
as part of the notice of the 59th AGM.
Mr. M.P. Patni, Director of the company, retires by rotation and .
beingeligiblehasoffered himselfforre-appointment All Independent Directors have given
declarations that they Tax meet the criteria of independence as laid down under Section
149(6) of the Companies Act, 2013 and Regulations 16(1)(b) & 25 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
In the opinion of the Board, the Independent Directors possess the requisite expertise
and experience and are persons of high integrity and repute. They fulfill the conditions
specified in the Act as well as the Rules made thereunder and are independent of the
management.
BOARD PERFORMANCE EVALUATION
Pursuant to the provisions of the Section 149 of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations),
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 Committees. The
evaluation was done after taking into consideration the criteria laid down by Nomination
and Remuneration committee. The criteria for evaluation included participation in
deliberations, specific contributions made, compliance with companys code of conduct,
carrying out assigned tasks in timely and efficient manner and planning and formulating
the companys strategies. The performance evaluation of Independent Directors was carried
out by the entire Board. The performance evaluation of the Chairman, non- independent
Directors and the Board and its Committees was carried out by Independent Directors. The
Board of Directors expressed satisfaction with the evaluation process.
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. The Remuneration Policy is stated in the Corporate Governance Report.
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:
- In the preparation of the annual accounts for the year ended 31st March, 2023, the
applicable accounting standards have been followed along with proper explanation given
relating to material departures, if any;
- Appropriate accounting policies have been selected and applied consistently and
judgments and estimates were made that were 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 of the Company for that
- Proper and sufficient adequate accounting records in accordance with the provisions
of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities have been taken to the best of their
knowledge;
- The annual accounts have been prepared for the financial year ended 31st March, 2023
on a going concern basis.
- Proper internal financial controls were in place and that the financialcontrols were
adequate and were operating effectively.
- The directors have devised proper systems to ensure compliance with the provisions of
all applicable laws were in place and were adequate and operating effectively.
KEY MANAGERIAL PERSONNEL
The Company has following persons as Key Managerial Personnel.
Sr. |
Name of the |
Designation |
No. |
Person |
|
| 1 |
Mr. Rajesh Sharma |
Chairman & Managing Director |
| 2 |
Mr. Vasant Naik |
Chief Financial Officer |
| 3 |
Mr. Milind Puranik |
Company Secretary |
The details of number of meetings of the Board held during the financial year 2022-23
forms part of the Corporate Governance Report.
WHISTLE BLOWER POLICY
The Company has a whistle blower policy to report genuine concerns or grievances. The
Whistle Blower Policy has been posted on the website of the Company
(www.ionexchangeglobal. com)
RELATED PARTY TRANSACTIONS
All transactions entered with related parties for the year under review were on arms
length basis and in the ordinary course of business and that the provisions of section 188
of the Companies Act, 2013 are not attracted. Further, there are no material related party
transactions under review with the promoters, directors or key managerial personnel. The
Company has developed a related party transactions framework through standard operating
procedures for the purpose of identification and monitoring of such transactions. As per
the policy on Related Party Transactions, the Audit
Committee granted omnibus approval for the transactions which are repetitive in nature.
The related party transactions were placed before the Audit Committee and the Board on
quarterly basis for review, pursuant to omnibus approval. The policy on related party
transactions as approved by the board of directors has been uploaded on the website of the
company. The web link of the same has been provided in the corporate governance report.
None of the directors has any pecuniary relationship vis-a-vis the Company
PARTICULARS OF EMPLOYEESfor ISO 45001:2018 The information required pursuant to
Section 197 of the Companies Act, 2013 read with Rule 5 of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company,
will be provided upon request. In terms of Section 136 of the Companies Act, 2013 the
Report and Accounts are being sent to the Members and others entitled thereto, excluding
the information on employees particulars which is available for inspection by the Members
at the Registered Office of the Company during business hours on working days of the
Company up to the date of the ensuing Annual General Meeting. If any Member is interested
in obtaining a copy thereof, such Member may write to the Company Secretary in this
regard.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders Regulators/Courts which would impact the going
concern status of the Company and its future operations.
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has complied with the provisions relating to the constitution of the
Internal Complaints Committee as per the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.
QUALITY INITIATIVES
Your company places quality at the forefront of its products & services. All of
your Companys manufacturing and service divisions including support functions like
technology and corporate communications are certified for ISO 9001:2015 Quality Management
System. The internal quality norms are constantly reviewed to ensure that our products
meet the required standards. The quality of material received is also regularly monitored
to ensure that it meets the quality standards as per the requirements of your Companys
products. The focus on process excellence through ‘Lean Six Sigma is aimed to
deliver high quality solutions to customers and create new benchmark. Your Companys
manufacturing facilities i.e. Resins at Ankleshwar, Gujarat; Chemicals at Patancheru,
Telangana and Membrane at Goa are certified for ISO 14001:2015 Environmental Management
System. In addition, the Resins manufacturing facility has obtained renewed certificates
for WHOGMP, WQA-Gold seal; Kosher, Halal, EU and Canadian Health, GMP (Good Manufacturing
Practice), GLP (Good Laboratory Practice). The Chemical manufacturing facility at
Patancheru is also certified for ISO 45001:2018 Occupational Health and Safety Management
System. The chemical facility has also obtained renewed certificates for Kosher, Halal and
NSF/ANSI 60. The membrane manufacturing facility at Goa is also NSF certified.
Your Companys R&D Laboratories at Patancheru and Vashi are certified by DSIR and
the Laboratory at Bangalore by NABL. Further, one of your Companys service site at
Bhatinda has also got its certificate Health and Safety Management System renewed. Your
Company remains focused on enhancing the quality, efficiency and best-in-class
performance.
AUDITORS Statutory Auditors
Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the rules
framed thereunder, M/s. B S R & Co. LLP, Chartered Accountants (Reg No.
101248W/W-100022), were appointed as statutory auditors of the Company for a period of
four years from the conclusion of the Fifty-Sixth Annual General Meeting (AGM) of the
Company held on September 22, 2020 till the conclusion of the Sixtieth AGM to be held in
the year 2024. Consequent to amendment to Companies Act, 2013, ratification of Statutory
Auditors appointment is not required at every Annual General Meeting.
Branch Auditors
The Branch Auditors, M/s. Angadi & Co., appointed to conduct Audit of Ion Exchange
Services [A division of Ion Exchange (India) Limited], Bengaluru, hold office until the
conclusion this meeting and are eligible for appointment. Pursuant to the provisions of
section 139 and 143(8) of the Companies Act 2013 and rules framed there under, it is
proposed to appoint M/s. Angadi & Co., as branch auditors of the Company from the
conclusion of forthcoming AGM till the conclusion of next AGM.
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 Chemicals, Membranes and Standard water treatment plants manufacturing
activity are required to be audited. Your Directors on the recommendation of the Audit
Committee, appointed M/s. Kishore Bhatia & Associates to audit the cost accounts of
the Company for the financial year ending 31st March, 2023. 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 ratification for the remuneration payable to M/s. Kishore Bhatia &
Associates, Cost Auditors is included in the Notice convening the Annual General Meeting.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Companies Act, 2013 (The Act), read with the Companies
(Accounts) Rules, 2014, SEBI (Listing Regulations) and Ind AS 110 Consolidated Financial
Statements and Ind AS 28 Investment in Associates and Joint Venture the audited
consolidated financial statements are provided in this report.
The consolidated financial statements have been prepared on the basis of the audited
financial statements of the company, its Subsidiaries, Joint Venture and Associate
companies, as approved by their Board of Directors.
The Company will make available the Annual Accounts of the subsidiary companies and the
related detailed information to any member of the Company who may be interested in
obtaining the same. The annual accounts of the subsidiary companies are placed on
Companys website and the same are open for inspection at the Registered Office of the
Company
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Regulation 34 of Listing Regulations
read with Schedule V (Part C) forms part of this annual report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Report on Management discussion and analysis as required under Regulation 34 of Listing
Regulations forms part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Business Responsibility and Sustainability Report as required under Regulation 34 of
Listing Regulations read with Schedule V (Part B) forms part of this Annual Report.
ANNUAL RETURN
The annual return of the Company as required under the Companies Act, 2013 will be
available on the website of the Company (www.ionexchangeglobal.com).
SECRETARIAL AUDIT
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 M/s. GMJ & Associates, a firm Secretaries in Practice to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as
"Annexure I".
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As a part of its initiative under the "Corporate Social Responsibility" (CSR)
drive, the Company has undertaken projects in the areas of environment, education and safe
drinking water. These projects are in accordance with Schedule VII of the Companies Act,
2013 and the Companys CSR Policy. The Report on CSR activities as required under
Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as
"Annexure II" forming part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO
Information in accordance with Section 134(3)(m) of the Companies Act 2013 read with
the Companies (Accounts) Rules, 2014 and forming part of this Report for the year ended
31st March, 2023 is given in "Annexure III".
ACKNOWLEDGEMENTS
Your Board conveys its deep appreciation of the co-operation extended by customers,
suppliers, banks, financial institutions, contribution made by employees for the companys
growth, shareholders and deposit holders.
|
On behalf of the Board of Directors |
|
Rajesh Sharma |
|
Chairman & Managing Director |
| Mumbai |
|
| Date: 26th July, 2023 |
|
+91-9892691696
