Your Directors are pleased to present the Annual Report of your
Company, along with Audited Financial Statements for the financial year ended 31st
March, 2023.
Financial Performance
|
Year Ended 31-Mar-23 |
31-Mar-22 |
Year Ended 31-Mar-23 |
31-Mar-22 |
|
Standalone |
|
Consolidated |
|
| Sales |
9,538 |
7,918 |
14,520 |
11,853 |
| Other Operating Income |
80 |
114 |
125 |
130 |
| Revenue from Operations |
9,618 |
8,032 |
14,645 |
11,983 |
| Operating Profit (EBITDA excluding Other Income) |
775 |
701 |
1,297 |
1,072 |
| Other Income |
32 |
30 |
37 |
37 |
| Less: Finance Costs |
258 |
230 |
454 |
419 |
| Less: Depreciation and Amortisation Expense |
243 |
241 |
407 |
385 |
| Profit before Exceptional Items and Tax |
306 |
260 |
473 |
305 |
| Add: Exceptional Items |
(36) |
4 |
(62) |
4 |
| Profit before Tax |
270 |
264 |
411 |
309 |
| Less: Provision for Tax |
86 |
81 |
146 |
109 |
| Profit after Tax |
184 |
183 |
265 |
200 |
| Add: Share in Profit / (Loss) of Associates |
- |
- |
(2) |
1 |
| Profit for the year |
184 |
183 |
263 |
201 |
Your Directors are pleased to report a year of highly successful
operations. JK Tyres, both top line and bottom line continued on growth trajectory,
despite high input costs during the first half of the year. Focus on sales growth enabled
a jump of 22% resulting in the highest ever turnover of Rs. 14,681 crores by JK Tyre.
Strategic interventions, higher operating efficiencies and good performance of
subsidiaries helped operating profit increase by 21% and a higher net profit, which grew
by 32%.
Operations
Post Covid-19 pandemic, world economies started recovering fast.
However, unfortunate geopolitical developments impacted the recovery and the world
economies hit inflationary conditions, resulting in tightening of money supply. To check
this, interest rates were raised across the globe, which curbed consumer spending. This
impacted global trade, thereby lowering the economic growth forecast. However, there was
respite in the second half of 2022, as commodity prices stabilised and indications of
softening were noticed.
The Indian economy withstood the turbulence well and remained as one of
the fastest growing economies in the world.
The Indian Tyre Industry too, was affected by the volatile business
environment. However a nimble footed approach, implementation of well thought out business
strategies across all functions coupled with prudent situational management, enabled JK
Tyre to emerge stronger and remained one of the fastest growing tyre companies in India
while sustaining its green ethos.
JK Tyre launched several innovative products, Fuel Saver TBR Tyres
- JUH XF & JDH XF in the truck/bus radial range and Ultra high
Performance passenger radials more particularly for high end cars, to meet the growing
needs for EV tyre, the range was vastly expanded across various categories. Strategic
market penetration supported by efficient supply chain, revamped fleet management
programme with focused customer centric approach, higher participation in the OEMs also
helped to achieve robust growth. Prudent financial management on the one hand and improved
plant efficiencies on the other hand, helped to attain higher profitability.
Key Highlights - FY 2022-23
During the year, the Company crossed several new milestones, a few of
which are given hereunder:
1. Highest ever revenue Rs. 14,681 crores, a growth of 22% on a
consolidated basis.
2. JK Tornel, Mexico and Cavendish Industries Ltd. (subsidiaries), also
achieved highest turnover individually.
3. Secured $30 Million (Rs. 240 crores) funding from the International
Finance Corporation (IFC), a member of the World Bank
Group and the largest global development institution, by way of
Compulsorily Convertible Debentures, further improved leveraging.
4. ESG Rating - In recognition of its superior environment, social and
governance practices, JK Tyre has been rated as the best among peers, in the industry
category of tyre by CareEdge.
5. All plants operated at capacity utilization of ~90%.
6. Channel expansion resulting in increased market reach and
penetration.
7. Lead player in Green Manufacturing - enhanced the share of power
through renewable sources to 55% and use of biomass in place of coal to 28%.
8. Lowest in the tyre industry globally for water consumption &
amongst top 3 tyre companies, in lowest energy consumption among the global manufacturers.
9. Over a million people have benefitted over the years from multiple
CSR initiatives targeted towards improvement of health and sanitation, skill development,
education, livelihood and environment as also water conservation.
10. Completed 25 years of acquisition of Vikrant Tyre Plants, Mysuru by
JK Tyre and turned it into a state-of-the-art facility backed by world class research,
innovation and technology.
Subsidiaries
JK Tornel
JK Tornel, Mexicos performance during 2022-23 was at an all-time
high and yielded satisfying results. It recorded its highest ever sales of 6,546 Million
Pesos in 2022-23 which is a growth of 13% over previous year, despite challenging markets
in USA and Latam. Operational efficiencies were enhanced by consolidating production lines
and conversion of dollar loans to Peso loan from Mexican banks. JK Tornel received
"Best Supplier Award" from both Walmart & Soriana, largest Mass Merchandise
Outlets in Mexico, recognized out of > 300 Suppliers in "Home &
Essentials" Category. In addition, JK Tornel achieved the status of being
highest seller of Tyres on "Online Platform" with a share of over 50%. JK Tornel
continued to enjoy the highest Market Share in Passenger Car Radials in Mexico. It also
provided value added services to farm OEM clients in USA.
Cavendish Industries Ltd.
It was yet another year of achieving all-round growth recording highest
Turnover of Rs. 3,869 crores, an increase of 29% over last year. Production was also at
its all-time high across product categories. The Company enhanced its presence in EV 2/3
wheeler market by launching several new products, which were well received in the market.
The Company received several accolades during the year.
It is indeed a matter of great satisfaction that acquisition of
Cavendish has resulted in synergistic benefits for JK Tyre, besides strengthening and
complementing its product portfolio as well as its financials. With capacity utilization
at high levels and with significant improvement in efficiencies backed by stable raw
material prices, Cavendish delivered satisfactory performance during the year.
Raw Material
The year 2022-23 started with very high commodity prices, leading to
higher raw material cost, which prevailed throughout the first half of the year. The
prices started softening during the second half of the year due to shrinkage in global
demand. Also, the international sea freight saw some correction in H2.
Technological Excellence
Keeping in view the customer centric ethos of your Company, wide range
of new products have been developed across the categories and segments, both for domestic
as well as international markets. These are value added products and are future ready to
cater to the new generation of vehicles.
The TBR & LTR product range of tyres are certified for meeting
stringent AIS142 stage-2 requirements in domestic market. The tyres were extensively
tested by Indian test agencies (ARAI, ICAT) for rolling resistance (RRC) & wet grip.
Our fuel efficient tubeless tyre – JETWAY JUM XM has been
certified for 4-star rating by Bureau of Energy Efficiency. The new tyre labelling system
is envisaged to bring a better informed decision making process for the customer while
purchasing the new tyres.
New OEM approvals have been secured across all categories of tyres - be
it commercial, passenger and light truck or O_ High Way Tyres. Focused efforts were made
on enhancing the EV tyre range and developing ultra low RRC tyres.
This has been made possible by continuous pioneering work and journey
of innovation at the Companys global R&D and Tech centre the "Raghupati
Singhania Centre of Excellence" located at Mysuru. The emphasis on Technology and
R&D has lead to many break through achievements which have enabled the Company to stay
ahead of the curve in the rapidly evolving customer and regulatory requirements for
domestic as well as global markets.
Quality Management Systems
JK Tyre has always believed process based Quality Management. The
Company is working TQM journey for Business excellence. There is a continuous drive across
the organisation which has enabled significant gains improvement in the domain of
Productivity, Quality,
Cost & Delivery. Sustainable business growth coupled with
consistent product performance has enhanced the confidence and engagement of all our
stakeholders. Our business partners have also benefitted in several improvement activities
by way of joint projects.
JK Tyre – The Green Tyre Company
India like other major economies today have two major challenges: the
need to create a sustainable growth-oriented economy and the need to be competitive in the
global market. Sustainability has become a critical concern in all industries and tyre
industry being no exception.
JK Tyre has adopted a ‘Cradle-to-grave approach to deal with
sustainability challenges. Keeping this in mind, the Company is focusing on four key
areas: sustainable material usage, sustainable manufacturing practices, In-use tyre
performance (low rolling resistance and high wear resistance) and 6R Strategy (Reduce,
Reuse, Recycle, Renew, Redesign and Remanufacture).
The Companys R&D efforts are to prioritize sustainability to
reduce the impact on the environment. JK Tyre has taken a target to reduce carbon emission
intensity to 50% by 2030.
Extensive usage of various digital predictive tools is also helping us
to achieve our target. The benefit of these tools is realised in terms of reduction in new
product development time as also prototype making and testing.
The Company is a strong believer in a collaborative approach by
harnessing domain expertise available in the complete rubber value chain. Towards this, we
are working with various stakeholders, such as raw material suppliers, machine &
equipment manufacturers, OEMs, defence, testing agencies, academic institutions and
Government agencies.
JK Tyre has always been a frontrunner in the promotion of green
manufacturing in the country and greatly focuses on the use of green and clean energy,
resulting in the reduction of emission of greenhouse gases and dependence on fossil fuels.
During the financial year 2022-23, the Company achieved a total energy
benchmark level of 8.50 GJ/Ton of production which ranks among the best companies in the
sector worldwide. Reduction of 61.45% in GHG Emission (Scope 1 & 2) has been achieved
over the base year.
JK Tyre is recognized today as a global leader for the lowest water
uses per kg of tyre manufactured. During the financial year 2022-23, 1.62 liters per kg at
JK Tyre is the lowest in the global tyre industry. E_orts are being made to become a water
positive Company.
The Company continues to remain "Zero waste to landfill" in
all the plants, ensuring that no waste went to the landfills and also remains single use
plastic free.
The Companys endeavours on ESG have been captured in a Databook
which forms a part of our Integrated Annual report for the first time ever. This is a best
in class practice and an Industry first in India, another milestone in JK Tyres
journey of sustainability.
Awards
JK Tyre is proud to be recognised with numerous accolades including
the:
E "CII National Award" for Excellence in Water Management
2022
E "National Energy Award" for Excellence in Energy Management
2022 by CII
E "RoSPA Bronze Award" for Health and Safety for 2022 from
the Royal Society for the Prevention of Accidents, U.K.
E "Global Sustainability Leadership Award 2022" by World
Sustainability
E "Most Iconic Manufacturing Industry 2022" from World
Manufacturing Congress
E "Social Impact Award" by Indian Chamber of Commerce
E "UCCI Excellence CSR Award" in the Large Business Category
by Udaipur Chambers of Commerce & Industry
E Recognised as "Superbrand" for 9th consecutive
time
E "ET Iconic Brand" of India
E "JK Tyres Puncture Guard - Editors Choice Innovative Auto
Solution" by BBC Top Gear India
E "Motorsport Award" of the Year by Car-BiKe
Preferential Allotment of Compulsorily Convertible Debentures
During the financial year under review, the Company has raised $ 30
Million (Rs. 240 crores) approximately by issue and allotment of 24,000 fully paid
compulsorily convertible debentures (carrying an interest of 6% per annum compounded
cumulatively on a quarterly basis) of the face value of Rs. 1,00,000/- each (CCDs), by way
of a preferential issue on a private placement basis, to International Finance
Corporation, part of the World Bank Group and a Qualified Institutional Buyer. These CCDs
shall be convertible into equity shares of Rs. 2 each of the Company, within a period up
to 18 months from the date of allotment, at a conversion price of Rs. 180.50 for each
equity share. The allotment of CCDs was completed on 20th March 2023. The
proceeds of this issue will be utilized for financing expansion of capacities. There are
no deviation(s) or variation(s) in the use of proceeds of the preferential issue from the
specified objects of the issue.
Dividend
Your Directors are pleased to recommend a dividend of Rs. 2.00 per
equity share of Rs. 2 each (i.e., 100%) on the equity share capital of Rs. 49.25 crores
for the financial year ended 31st March 2023. The dividend outgo will be Rs.
49.25 crores. The Dividend is subject to approval of the members at the ensuing Annual
General Meeting and also subject to deduction of tax at source, as may be applicable.
Appropriations
The amount available for appropriation, including surplus from the
previous year, stood at Rs. 1,246 crores and the same has been carried forward to Balance
Sheet.
Annual Return
The Annual Return referred to in Section 134(3)(a) of the Companies
Act, 2013 is available on the website of the Company:
https://www.jktyre.com/annual-returns.aspx
Related Party Transactions
All the related party transactions entered into during the financial
year ended 31st March 2023 were in the ordinary course of business and on an
arms length basis and were in compliance with the applicable provisions of the
Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), as applicable.
Further, particulars of contracts or arrangements or transactions with
related parties during the financial year ended 31st March 2023 that could be
considered material in accordance with the policy of the Company on materiality of related
party transactions, are disclosed in the prescribed format FORM AOC-2 which is annexed to
this Report as Annexure ‘A and forms a part of it.
The Policy on materiality of Related Party Transactions and on dealing
with Related Party Transactions, as amended and approved by the Board, is available on the
Companys website.
Particulars of Loans, Guarantees and Investments
The particulars of loans, guarantees, securities and investments,
covered under the provisions of Section 186 of the Companies Act 2013, are furnished in
the financial statements.
Directors and Key Managerial Personnel
Shri Arvind Singh Mewar ceased to be a Director upon completion of his
second term as an Independent Director of the Company with effect from 25th
September 2022. Shri Mewar joined the Board of the Company in the year 1975 when the
Company was in the midst of setting up its first tyre plant in the backward area of
Kankroli, Rajasthan. The Board places on record its deep appreciation for the valuable
services rendered by Shri Mewar during his long tenure as a Director.
The Board appointed Shri Subhrakant Panda as an Additional Director of
the Company, effective 2nd November 2022, pursuant to Section 161 of the
Companies Act, 2013, which was subsequently, approved by the members of the Company by
means of a special resolution passed through postal ballot on 30th January
2023. Shri Subhrakant Panda has been appointed as a director liable to retire by rotation
and also as an Independent Director for a term of five consecutive years effective 2nd
November 2022.
Shri Anshuman Singhania retires by rotation and, being eligible, offers
himself for re-appointment at the ensuing Annual General Meeting (AGM). The Board
recommends re-appointment of Shri Anshuman Singhania.
Further, there were no other changes in the Directors/Key Managerial
Personnel of the Company during the year.
Declarations have been received from all the Independent Directors of
the Company that they meet the criteria of independence prescribed under the Companies
Act, 2013 and the SEBI Listing Regulations. All the Independent Directors are registered
on the Independent Directors Data Bank.
Conservation of Energy, etc.
The details, as required under Section 134(3)(m) of the Companies Act,
2013 read with the Companies (Accounts) Rules 2014, are annexed to this Report as Annexure
‘B and forms a part of it.
Consolidated Financial Statements
The consolidated financial statements of your Company for the financial
year ended 31st March 2023 have been prepared in accordance with the provisions
of the Companies Act, 2013, SEBI Listing Regulations and the Accounting Standards. The
audited consolidated financial statements, together with the Auditors Report, form a
part of the Annual Report. A report on each of the subsidiaries and associates together
with highlights of their performances and financial positions including highlights of
their contribution to the overall performance of the Company, is presented in a separate
section in the Annual Report. Please refer to AOC-1 annexed to the financial statements in
the Annual Report and the notes to the consolidated financial statements.
Pursuant to the provisions of Section 136 of the Companies Act, 2013
the financial statements, the consolidated financial statements, along with relevant
documents and separate audited accounts in respect of subsidiaries, are available on the
website of the Company.
During the financial year under review, no Company has become or ceased
to be your Companys subsidiary or associate. The Company does not have any Joint
Venture.
Deposits
Pursuant to the approval of members by means of a special resolution
dated 22nd September 2015, the Company has been accepting public deposits, in
accordance with the provisions of the Companies Act, 2013 and rules thereunder.
The particulars with respect to deposits covered under Chapter V of the
said Act, for the financial year ended 31st March 2023 are:
(a) accepted during the year - Rs. 44.94 crores;
(b) remained unpaid or unclaimed as at the end of the year - Rs.
1.17 crores;
(c) default in repayment of deposits or payment of interest thereon at
the beginning of the year, maximum during the year and at the end of the year - NIL; and
(d) details of deposits which are not in compliance with the requirements of Chapter V of
the said Act - NIL.
Auditors
(a) Statutory Auditors and their Report
In accordance with the provisions of the Companies Act, 2013 and rules
thereunder, M/s S S Kothari Mehta & Company,
Chartered Accountants, were re-appointed Auditors of the Company to
hold office from the conclusion of the 67th Annual General Meeting (AGM) held
on 22nd September 2020 until the conclusion of the 72nd AGM to be
held in the year 2025. The observations of the auditors in their report on accounts and
the financial statements read with the relevant notes are self-explanatory. The
Auditors Report does not contain any qualification, reservation, adverse remark or
disclaimer. Further, no fraud has been reported by the Auditors to the Audit Committee or
the Board.
(b) Secretarial Auditor and Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
the Board of Directors appointed Shri Namo Narain Agarwal, Company Secretary in Practice,
as Secretarial Auditor to carry out the secretarial audit of the Company for the FY
2022-23. The Report, given by him for the said financial year in the prescribed format, is
annexed to this Report as Annexure ‘C.1. The secretarial audit report does not
contain any qualification, reservation, adverse remark or disclaimer. The Company has one
material unlisted subsidiary incorporated in India, namely - Cavendish Industries Ltd.
(CIL). The Secretarial Audit Report of Shri Namo Narain Agarwal, the Secretarial Auditor,
for the FY 2022-23 of CIL in the prescribed format is annexed as Annexure ‘C.2.
(c) Cost Auditor and Cost Audit Report
The Company is required to maintain the cost records as specified by
the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 and
accordingly such accounts and records are made and maintained by the Company. The Cost
Audit for the financial year ended 31st March 2022 was conducted by M/s R.J.
Goel & Co., Cost Accountants, Delhi and as required, the Cost Audit Report was duly
filed with the Ministry of Corporate Affairs, Government of India. The Audit of the cost
accounts of the Company for the financial year ended 31st March 2023 is also
being conducted by the said firm.
Particulars of Remuneration
Details as required under the provisions of Section 197(12) of the
Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, are placed on the Companys website www.jktyre.com
as an annexure to the Boards Report. A physical copy of the same will be made
available to any shareholder on request, as per provisions of Section 136(1) of the said
Act.
Details as required under the provisions of Section 197(12) of the
Companies Act, 2013, read with Rule 5(2) and 5(3) of the said Rules, which form part of
the Boards Report, will be made available to any shareholder on request, as per
provisions of Section 136(1) of the said Act.
Corporate Social Responsibility
As a responsible corporate citizen, the Company has been undertaking
and participating in the socially important projects in the fields of health, education,
adult literacy, livelihood enhancement, environment conservation, rural development,
renewable energy, among others - ever since it commenced operations i.e., even before
Corporate Social Responsibility (CSR) was mandated by law.
The Company has also framed a CSR Policy in accordance with the
provisions of the Companies Act, 2013 and rules made thereunder. The CSR Policy of the
Company, the Projects approved by the Board, the composition of the CSR Committee and
other relevant details are disclosed on the website of the Company.
The annual report on the CSR activities undertaken by the Company
during the financial year under review, in the prescribed format is annexed to this Report
as Annexure ‘D.
Internal Financial Controls
With a view to have a robust Internal Financial Control system, the
Company has put in place budgetary controls, internal reporting policies and procedures.
The key financial controls to the extent possible have been documented for respective
business processes. These systems, policies, procedures and key financial controls are
reviewed from time to time for necessary updation. This ensures accuracy and completeness
of the accounting records, safeguarding of the assets and resources of the Company and
also helps in prevention and detection of frauds and errors. The policies and procedures
are also adequate for orderly and efficient conduct of the business of the Company. The
Company also has a robust management information system commensurate with the size and
nature of its operations, which not only facilitates speedy business decisions but also
helps in sharing reliable information across various levels in the Company. No reportable
material weaknesses were observed in the system during the year.
Significant and Material Orders Passed by the Regulators or Courts or
Tribunals
The Competition Commission of India ("CCI") on 2nd
February 2022 published an Order dated 31st August 2018 for alleged
contravention of Section 3 of the Competition Act, 2002 against the Company and certain
other domestic tyre manufacturing companies and had imposed a penalty of Rs. 309.95 crores
on the Company. The Company filed an Appeal before the Honble National Company Law
Appellate Tribunal (NCLAT) against the said CCI Order. Shri Arun K. Bajoria, Director
& President - International and one executive (former Sales
Marketing Head) of the Company, also filed appeal(s) before the said
Tribunal since they had also been imposed a penalty of 16.45 Lakh and Rs. 4.65 Lakh,
respectively by CCI vide its said Order dated 31st August 2018.
The NCLAT, through an Order dated 1st December 2022, has
disposed of the aforementioned appeals, after taking note of the multiple errors in the
said CCI Order dated 31st August 2018 and remanded the matter back to the CCl,
to re-examine the matter on merits and also to consider reviewing the penalty (if
violation is established) in accordance with the provisions of the Competition Act. The
Company understands that the CCI has filed an appeal against the NCLAT Order dated 1st
December 2022, however, no notice has been received by the Company till date. Based on
legal advice, the Company continues to believe that it has a strong case and accordingly,
no provision has been made in the accounts. It is strongly reiterated that there has been
no wrongdoing on the part of the Company and that the Company never indulged in or was
part of any cartel or undertook any anti-competitive practices.
There were no significant and material orders passed by the regulators
or courts or tribunals that could impact the going concern status of the Company and its
future operations.
General
During the year under review – (i) there was no change in the
nature of business; (ii) there was no instance of onetime settlement with any bank or
financial institution; and (iii) no application has been made nor any proceedings are
pending under the Insolvency and Bankruptcy Code, 2016.
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year of the Company and the date of this report.
Business Responsibility and Sustainability Report
Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Business Responsibility and Sustainability
Report of the Company for the financial year ended 31st March 2023 in the
prescribed format, giving an overview of the initiatives taken by the Company from an
environmental, social and governance perspective is given in a separate section of the
Annual Report and forms part of it.
Corporate Governance - including details pertaining to Board
Meetings, Nomination and Remuneration Policy, Performance Evaluation, Risk Management,
Audit Committee And Vigil Mechanism, etc.
Your Company reafirms its commitment to the highest standards of
corporate governance practices. Pursuant to the SEBI Listing
Regulations, a Management Discussion and Analysis, Corporate Governance
Report and Auditors Certificate regarding compliance of conditions of Corporate
Governance are made a part of this Report as Annexures - ‘E &
‘F.
The Corporate Governance Report which forms part of this Report also
covers the following: (a) Particulars of the four Board Meetings held during the financial
year under review.
(b) Policy on Nomination and Remuneration of Directors, Key Managerial
Personnel and Senior Management including, inter alia, the criteria for performance
evaluation of Directors. The Policy is also available on the website of the Company at www.jktyre.com
(c) The manner in which formal annual evaluation of the performance of the Board, its
Committees and of individual Directors has been made.
(d) The details with respect to composition of the Audit Committee and
establishment of Vigil Mechanism.
(e) Details regarding development and implementation of Risk Management
Policy including identification therein of elements of risks, etc.
(f) Dividend Distribution Policy.
(g) Compliance with provisions under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
(h) Details regarding credit ratings.
(i) The details of utilization of funds raised through preferential
allotment of CCDs.
Directors Responsibility Statement
As required under Section 134(3)(c) of the Companies Act, 2013, your
Directors state that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation relating to material
departures, if any;
(b) the accounting policies have been selected and applied consistently
and judgments and estimates made 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 has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the said 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) the internal financial controls to be followed by the Company have
been laid down and that such internal financial controls are adequate and operating
effectively; and
(f) the proper systems to ensure compliance with the provisions of all
applicable laws have been devised and that such systems are adequate and operating
effectively.
Your Directors further state that applicable Secretarial Standards
issued under Section 118 of the Companies Act, 2013 have been complied with.
Acknowledgements
Your Directors wish to place on record their appreciation for the
continued support and cooperation received from various State Governments including those
of Rajasthan, Madhya Pradesh, Karnataka, Tamil Nadu, Uttarakhand as well as the
Governments of India and Mexico. The Directors also thank the banks, shareholders and all
value chain partners. We are grateful to our esteemed customers for their trust and
patronage.
Your Directors record their appreciation for the dedication and hard
work put in by Teams - JK Tyre, CIL & JK Tornel in challenging business conditions,
which has enabled the Company to continue to grow stronger.
|
On behalf of the Board of Directors |
| 17th May, 2023 |
Dr. Raghupati Singhania |
| New Delhi |
Chairman & Managing Director |
+91-9892691696
