Dear Members,
Your Directors are pleased to present the 18th Annual Report on the business
and operation of the Company together with the Audited Financial Accounts for the year
ended 31st March, 2023.
1. Financial Summary (Consolidated)
Rs. In Lacs
| Particulars |
Financial Statement |
|
2022-23 |
2021-22 |
| Income from Operations |
14328.95 |
21594.31 |
| Other Income |
143.11 |
135.78 |
| Total revenue |
14472.06 |
21730.09 |
| Operating Costs |
14830.40 |
20628.09 |
| Profit before depreciation |
(358.34) |
1102.00 |
| Depreciation |
326.20 |
323.28 |
| Profit before exceptional item and Tax |
(684.53) |
778.72 |
| Extra-Ordinary Item |
0.34 |
30.05 |
| Profit before Tax (PBT) |
(684.19) |
808.77 |
| Tax expense |
(98.30) |
263.86 |
| Profit for the year (PAT) |
(585.89) |
544.91 |
| Compressive income |
3.04 |
(1.57) |
| Total Profit for the year |
(582.84) |
543.34 |
| Basic EPS |
(3.40) |
3.17 |
During the year under review our company has achieved sales Turnover of Rs.14472.06
lakhs as against Rs. 21730.09 lakhs, achieved in the previous year. In the FY 2022-23,
Company has incurred loss of Rs (582.84) lakhs as against the profit in the previous year
amounting to Rs. 543.34 lakhs.
2. Change in the nature of Business, if any,
There has not been any change in the nature of business of the company during financial
year 2022-2023.
3. Share Capital
There is no change in Share Capital of the company during financial year 2022-2023.
4. Transfer to Reserve
Company has not declared any dividend and transferred loss of Rs. (582.84) lac to
general reserve.
5. Change of Name
The Company has not changed its name during financial year 2022-2023.
6. Capital Structure
The capital structure of the company as on 31.03.2023 is as follows:
The Authorized capital share capital of the company is Rs. 40,00,00,000 (Rupees Forty
Crore) divided into 4,00,00,000 (Four Crore) Equity shares of Rs. 10 Each.
The issued, subscribed and paid-up share capital of the company is Rs 17,14,76,700
(Rupees Seventeen Crore Fourteen Lakhs Seventeen Thousand Seven Hundred) divided into
1,71,47,670 (One Crore Seventy-One Lakhs Forty-Seven Thousand Six Hundred Seventy) Equity
shares of Rs. 10 Each.
During the year under review the company has not issued and shares. The company has not
issued any shares with differential voting rights or sweat equity or granted stock
options.
7. Dividend
In order to plough back the profits for the activities of the company and strategy of
growth in the business through enhancing manufacturing capacity, your directors do not
recommend any dividend for the financial year.
8. Details of Directors or Key Managerial Personnel who were appointed or have resigned
during the year:
Director Retiring by Rotation
Pursuant to Section 152 of the Companies Act, 2013 and in accordance with the Article
of Association of the Company, Mr. Shivratan Mundada, Director of the Company retires by
rotation at the ensuing Annual General Meeting and being eligible offers himself for
re-appointment. The Board of Directors recommends his re-appointment.
Resignation of Director
During the Financial year 2022-23 no director resigned from Board of Director.
After closing the financial year till the date of AGM following directors were resigned
from the Board of Directors. i. Mr. Rajesh Puranmal Bansal Director w.e.f. 1st
April, 2023 ii. Mr. Piyush Ramesh Agrawal Independent Director w.e.f. 1st May,
2023.
Appointment of Director
During the Financial year 2022-23 following directors have appointed to the Board as an
additional Director and all director were normalised in last Annual General Meeting.
i.Mr. Shivratan Shrigopal Mundada (DIN - 00349668) as on 5th April 2022
ii. Mr. Ramesh Mundada (DIN -00153255) as on 1st July 2022,
iii. Mr. Vijaykumar Jainarayan Zanwer (DIN- 00893718), on 8th August, 2022
independent director,
iv. Mr. Ketankumar Shankarlal Shah (DIN - 09699742) on 8th August, 2022
independent director,
Company Secretary & Compliance Officer
During the Financial year 2022-23 there is no change in Company Secretary and
compliance officer. After closing of financial year there were changes of Company
Secretary & Compliance officer of the company w.e.f 1st April, 2023. i.
Appointment of Mrs. Soni Shailesh Karwa (M.No.: A69381) ii. Resignation of Mr. Sagar
Pagariya (M.No 62781)
9. Material Changes Between the Date of The Board Report and End of Financial Year
Following material changes occurred between the end of the financial year of the
Company to which the financial statements relate and the date of the report.
i. Resignation of Mr. Rajesh Puranmal Bansal Non-Executive Director w.e.f. 1st
April, 2023
ii. Resignation of Mr. Piyush Ramesh Agrawal from the post of Independent Director
w.e.f 1st May, 2023.
iii. Also there were resignation of Mr. Sagar Pagariya from the post of Company
Secretary & Compliance Officer of the company and appointment of Mrs. Soni Shailesh
Karwa as a Company Secretary & Compliance Officer of the company w.e.f 1st April,
2023
10.Particulate of Employees-
As required, no employee of the company was in receipt of remuneration exceeding the
limit prescribe under rule 5 (2) of the companies (Appointment and Remuneration of
managerial Personnel) Rules, 2014.
11.Meetings of Board of Director and Shareholders.
Twelve board meetings and Two shareholders meeting, were held during the Year 2022-23.
Five Audit Committee Meetings and Four Nomination and Remuneration Committee Meetings and
Three Stakeholders Relationship Committee Meetings and Three Corporate Social
Responsibility Committee Meetings were also held during the year. The intervening gap
between meetings was within the period prescribed under Secretarial Standards applicable
to the company.
12.Board Evaluation
Pursuant to the provision of the companies Act, 2013, Listing regulation along with
other rules and regulation applicable, if any, the company has carried out the annual
performance evaluation of its own performance, the director individually as well as the
evaluation of the working of its committees, A structured questionnaire was prepared after
taking into consideration inputs received from the Directors, covering various aspect of
the board functioning such as adequacy of the composition of the board and its committees,
board culture, execution and performance of specific duties, obligation and governance.
A separate exercise was carried out to evaluate the performance of the individual
director including the Chairman of the Board, who were evaluated on parameter such as
level of engagement and contribution, independence of judgment, Safeguarding interest of
the company and its minority shareholders, etc.
The performance evolution of Independent Director was carried out by entire board. The
performance evolution of the chairman and non-Independent Director was carried out by the
Independent Director who also reviewed the performance of the secretarial Department. The
Director expresses their satisfaction with the evaluation process.
13.Company Policy on Directors Appointment and remuneration
The policy of the company on Directors appointment and remuneration including criteria
for determining qualification, positive attributes, independence of Director and other
matters provided under Sub section (3) 178, is explained in the corporate governance
report.
14.Details Of Remuneration to Directors: -
The remuneration paid to the Directors is in accordance with the recommendations of
Nomination and Remuneration Committee formulated in accordance with Section 178 of the
Companies Act, 2013 and any other re-enactment(s) for the time being in force.
The information relating to remuneration of Directors and details of the ratio of the
remuneration of each Director to the median employees remuneration and other details as
required pursuant to section 197(12) of the Act read along with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure.
15.Disclosure Of Composition of Audit Committee and Providing Vigil Mechanism:
The Audit Committee consists of the following members
| Names |
Designation |
| Mr. Piyush Agrawal (ID) |
Chairman |
| Mr. Sanjay Kachrulal Rathi (MD) |
Member |
| Mr. Kailash Biyani (ID) |
Member |
The above composition of the Audit Committee consists of independent Directors.
Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013
read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI
(LODR) Regulations, 2015, the Company has in place a Whistle Blower Policy, which provides
for a vigil mechanism, that encourages and supports its Directors and employees to report
instances of illegal activities, unethical behaviour, actual or suspected, fraud or
violation of the Companys Code of Conduct or Ethics Policy. It also, provides for
adequate safeguards against victimization of persons, who use this mechanism and direct
access to the Chairman of the Audit Committee in exceptional cases. The details of the
Vigil Mechanism Policy have posted on the website of the Company.
16.Declaration by an Independent director(s)
All the Independent Directors have given their declaration of Independence stating that
they meet the criteria of independence as prescribed under section 149(6) of the Companies
Act 2013. Further that the Board is of the opinion that all the independent directors
fulfil the criteria as laid down under the Companies Act 2013 and the SEBI (LODR)
Regulations 2015 during the year 2022-23, same is enclosed herewith as Annexure.
17.Separate Meeting of Independent Directors:
As stipulated by the Code of Independent Directors under the Companies Act 2013 a
separate meeting of the Independent Directors of the Company was held on 27th
December, 2022 to review the performance of Non-Independent Directors (including the
Chairman) and the entire Board. The Independent Directors also reviewed the quality
content and timeliness of the flow of information between the Management and the Board and
its Committees which is necessary to effectively and reasonably perform and discharge
their duties.
18.Board Independence
Our definition of Independence of Directors is derived from Regulation 16 of SEBI
(LODR) Regulations 2015 and Section 149(6) of the Companies Act 2013. The Company is
having following independent directors:
| (i) Piyush Ramesh Agrawal |
| (ii) Kailash Shrikisan Biyani |
| (iii) Gopal Satyanarayan Mundada |
| (iv) Vijaykumar Jainarayan Zanwer |
| (v)Ketankumar Shankarlal Shah |
As per provisions of the Companies Act 2013 Independent Directors were appointed for a
term of 5 (five) consecutive years and shall not be liable to retire by rotation.
19.Vigil Mechanism for Directors and Employees:
Your Company is committed to highest standards of ethical, moral and legal business
conduct. Accordingly, the Board of Directors has formulated a Whistle Blower Policy which
is in compliance with the provisions of Section 177 (9) & (10) of the Companies Act,
2013 read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI
(LODR) Regulations, 2015 Employees can raise concerns regarding any discrimination,
harassment, victimization, any other unfair practice being adopted against them or any
instances of fraud by or against your Company. Any incidents that are reported are
investigated and suitable action taken in line with the Whistle Blower Policy.
20.Extracts of Annual Return in Form MGT-9 U/s 92 (3) of Companies Act, 2013
In accordance with Section 134(3)(a) of the Companies Act, 2013, an Extract of the
Annual Return as per Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014 in the prescribed Format MGT-9 will
be made available on the website of the company after conclusion of the AGM.
21.Deposits:
The company has neither accepted any deposit from the public nor from its members.
22.Particulars of Loans, Guarantees and Investments:
The company has not given any loans or provided guarantees or made investments to third
parties in which directors are interested as specified in section 185 of the Companies
Act, 2013 during the year under review.
23.Reply to Adverse Remark Made by Statutory Auditor:
There are no adverse remarks made by the auditor of the company.
24. Internal Control Systems and Their Adequacy:
The Company has a proper and adequate system of internal controls, commensurate with
the size scale and complexity of its operations. This ensures that, all transactions are
authorized, recorded and reported correctly, and assets are safeguarded and protected
against loss from unauthorized use
or disposition. In addition, there are operational controls and fraud risk controls,
covering the entire spectrum of internal financial controls.
To maintain its objectivity and independence, the Internal Audit function reports to
the Chairman of the audit committee of the Board and to the Chairman and Managing
Director. The internal Audit department monitors and evaluate the efficiency and adequacy
of the internal control system in the Company, its compliance with operating systems,
accounting procedures and policies at all locations of the Company. Based on the report of
internal audit functions, process owner undertakes corrective actions in their respective
areas and thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to the audit committee
of the Board.
Adequacy of internal financial controls with reference to the financial statements
The Company has internal Auditors and the Audit Committee constituted are in place to
take care of the same. During the year, the Company continued to implement their
suggestions and recommendations to improve the control environment. Their scope of work
includes review of processes for safeguarding the assets of the Company, review of
operational efficiency, effectiveness of systems and processes, and assessing the internal
control strengths in all areas. Internal Auditors findings are discussed with the process
owners and suitable corrective actions taken as per the directions of Audit Committee on
an ongoing basis to improve efficiency in operations.
25.Related Party Transactions:
All transactions entered into with the related parties, as defined under the Companies
Act, 2013, during the financial year, were in the ordinary course of business and on arms
length pricing basis, as per the management representation certificate provided to auditor
of the company and do not attract the provisions of Section 188 of the Companies Act,
2013. There are no materially significant transactions with the related parties during the
financial year which were in conflict with the interest of the Company and hence,
enclosing of form AOC- 2 is required, Suitable disclosure as required by the Accounting
Standards (AS 18) has been made in the notes to the Financial Statements.
A policy on the related party transactions was framed & approved by the Board and
posted on the Companys website.
26.Investors Education and Protection Fund
During the financial year 2022-23 ended 31st March 2023 under review there were no
amount/s which is required to be transferred to the Investor Education and Protection Fund
by the Company. As such no specific details are required to be given or provided.
27. Prevention Of Insider Trading
In view of the SEBI (Prohibition of Insider Trading) Regulation 2015 the Company has
adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate
trading in securities by the Directors and designated employees of the Company. The
details of the Insider Trading Policy have posted on the website of the Company.
The Code requires Trading Plan pre-clearance for dealing in the Companys shares and
prohibits the purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive information in relation to
the Company and during the period when the Trading Window is closed. However, there were
no such instances in the Company during the year 2022-23.
28. Holding, Subsidiary and Associate Relationship:
The Company does have Two wholly Owned subsidiaries.
1) Laxmi Spintex Private Limited (CIN: U17299MH2021PTC362557)
2) Laxmi Surgical Healthcare Private Limited (CIN: U33100MH2021PTC364930)
29.Risk Management Policy
The Company has formulated a Risk Management Policy for dealing with different kinds of
risks which it faces in day-to-day operations of the Company. Risk Management Policy of
the Company outlines different kinds of risks and risk mitigating measures to be adopted
by the Board. The Company has adequate internal control systems and procedures to combat
the risk. The Risk management procedure will be reviewed by the Audit Committee and Board
of Directors on time-to-time basis.
30.Policy On Preservation of The Documents
The Company has formulated a Policy pursuant to Regulation 9 of the Securities Exchange
Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015
(“Regulations”) on Preservation of the Documents to ensure safekeeping of the
records and safeguard the Documents from getting manhandled, while at the same time
avoiding superfluous inventory of Documents.
31.Policy On Criteria for Determining Materiality of Events
The Policy is framed in accordance with the requirements of the Regulation 30 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Regulations).
The objective of the Policy is to determine materiality of events or information of the
Company and to ensure that such information is adequately disseminated in pursuance with
the Regulations and to provide an overall governance framework for such determination of
materiality.
32.Statutory Auditors& Auditor Reports
The Board of Director of the Company had appointed M/s. DMKH AND CO, Chartered
Accountants (Firms Registration No.: 116886w), Mumbai as Statutory Auditors in the 17thAnnual
General Meeting held in year 2022.
Accordingly, proposal for their re-appointment as Statutory Auditors is being placed
before the shareholders for approval at the 18thAnnual General Meeting to hold
office from Financial Year 2022-23 to 2026-27.
33.Secretarial Audit report
In terms of Section 204 of the Companies Act, 2013 and rules made there under and on
the recommendations of the Audit Committee of the Company, The Board of Directors has
appointed M/s A. R Joshi and Associates, Practicing Company Secretary, Aurangabad as a
Secretarial Auditor for conducting the Secretarial Audit for the FY 2022-23.
The reports of secretarial are enclosed as Annexure to this report.
34.Appointment of Cost Auditor:
As per the requirement of the Central Government and pursuant to section 148 of the
Companies Act, 2013 read with Companies (Cost Records and Audit) Rules 2014 as amended
from time to time your directors have appointed M/s Cheena & Associates, Practicing
Cost Accountant for Conducting cost audit for a period 2022-23.
35.Internal Auditor
Pursuant to Section 138 of the Companies Act 2013 read with the Companies (Accounts)
Rules 2014 (as amended) the Board of Directors on the recommendations of the Audit
Committee of the Company has appointed M/s Mohini Malpani & Associates, Chartered
Accountants, as an internal Auditor of the company for FY 2022-23.
The Internal Audit Finding/s and Report/s submitted by the said Internal Auditors
during the financial year to the Audit Committee and Board of Directors of the Company do
not contain any adverse remarks and qualifications hence do not call for any further
explanation/s by the Company.
36.Recognition to company as an Export House:
The directors have pleasure to inform you that our company LAXMI COTSPIN LIMITED has
been recently recognized as a STAR EXPORT HOUSE BY MINISTRY OF COMMERCE, GOVERNMENT OF
INDIA.
37.Certification
1) Laxmi Cotspin Ltd has accredited as a training provider under National Skill
Development corporation.
2) Udyam Registration Certificate (MSME).
3) Ginning & Spinning unit certified by control union, for Organic processing and
trading
4) Ginning & Pressing unit, 4 Star rating certified by Textiles Committee.
5) Organic Cotton Production Certified by NOCA.
6) Recognized as a Star Export House by Ministry of Commerce, Government India
7) Recognized as BCI Membership (BETTER COTTON INITIATIVE) by BCI Council
38.Membership:
Membership of Cotton Association of India Membership of Texprocil of India
39.Corporate Social Responsibility
As part of its initiatives under “Corporate Social Responsibility (CSR)”, the
Company has undertaken projects in the areas of Education, Livelihood, Health, Water and
Sanitation. These projects are largely in accordance with Schedule VII of the Companies
Act, 2013.
A brief outline of the Companys CSR policy, including overview of projects or
programmes proposed to be undertaken and a reference to the web-link to the CSR policy and
projects or programmes. (Annexure)
40.Corporate governance:
The Company being listed on the EMERGE Platform of National Stock Exchange of India
Limited therefore pursuant to Regulation 15(2)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015 Regulation 27 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015 and Part C of Schedule V relating to compliance
of Corporate Governance shall not applicable to the Company. Further The Company need not
require complying with requirements as specified in Part E of Schedule II pursuant to
Regulation 27(1) SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015and submitting Compliance
Report on Corporate Governance on quarterly basis pursuant to Regulation 27(2) SEBI
(Listing Obligations and Disclosure Requirements) Regulations 2015.Hence no Corporate
Governance Report is required to be disclosed with Annual Report. It impertinent to
mention that the Company follows majority of the provisions of the corporate governance
voluntarily as a part of Good Corporate Governance.
41.Board Diversity
The Company recognizes and embraces the importance of a diverse board in its success.
We believe that a truly diverse board will leverage differences in thought, perspective,
knowledge, skill, regional and industry experience, cultural and geographical background,
age, ethnicity, race and gender, which will help us, retain our competitive advantage.
42.Employee relations
The relationship with the staff and workers continued to be cordial during the entire
year. The Directors wish to place on record their appreciation of the valuable work done
and co-operation extended by them at all levels. Further, the Company is taking necessary
steps to recruit the required personnel from time to time.
43.Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo: -
The particulars as prescribed under Sub Section (3)(m) of Section 134 of the Companies
Act, 2013, read with the Companies (Accounts) Rules, 2014.
A. Conservation of Energy:
The Company ensures that the manufacturing operations are conducted in the manner
whereby optimum utilization and maximum possible savings of energy is achieved.
A comparative Statement showing consumption of electricity per kg of yarn manufactured
during the current and previous year is appended here with as Annexure. The Company
ensures that the manufacturing operations are conducted in the manner whereby optimum
utilization and maximum possible savings of energy is achieved.
B. Technology Absorption (R&D, Adaptation and Innovation):
1. Efforts, in brief, made towards technology absorption, adaptation and innovation: i)
Continuous research to upgrade existing products and to develop new products and services.
ii)To enhance its capability and customer service the Company continues to carry out R
& D activities in house.
2. Benefits derived as a result of the above efforts: i) Introduction of new and
qualitative products. ii) Upgrade of existing products.
3. Future plan of action:
Company will continue to invest in and adopt the best processes and methodologies
suited to its line of business and long-term strategy. Training employees in the latest
appropriate technologies will remain a focus area. The Company will continue to leverage
new technologies and also on the expertise available.
C. Foreign Exchange Earnings and Outgo
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign
Exchange outgo during the year in terms of actual Outflows (Amount In Rs)
| Particulars |
2022-23 |
2021-22 |
| Foreign Exchange Earnings |
NIL |
34,31,398.00 |
| Foreign Exchange Outgo |
13,81,166.00 |
4,33,20,188.00 |
44. Disclosure Under Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013
During the year under review, there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
45. Management Discussion and Analysis
The Management Discussion and Analysis forms part of this Annual report is annexed with
Annexure.
46. Registrar and share transfer agent:
The Company has appointed Link Intime India Private Limited as its Registrar and Share
Transfer Agent. The Corporate Office of Link Intime India Private Limited situated
at"C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West) Mumbai MH
400083 IN”
47. Significant and Material Orders Passed by The Regulators or Courts or Tribunals
Impacting the Going Concern Status and Companys Operations in Future
No significant or material orders were passed by the any Regulators or Courts or
Tribunals which impact the going concern status and Companys operations in future.
48. Enhancing shareholders value:
Your Company believes that its members are among its most important stakeholders.
Accordingly, your Companys operations are committed to the pursuit of achieving high
levels of operating performance and cost competitiveness, consolidating and building or
growth, enhancing the productive asset and resource base and nurturing overall corporate
reputation. Your Company is also committed to creating value for its other stakeholders by
ensuring that its corporate actions positively impact the socio-economic and environmental
dimensions and contribute to sustainable growth and development.
49.Dematerialisation of Securities:
The Company equity shares are admitted in the system of Dematerialisation by both the
Depositories namely NSDL and CDSL. As on 31st March, 2023, all 1,71,47,670
equity share dematerialized viz. National Securities Depository Limited and Central
Depository Services (India) Limited which represents whole 100% of the total issued
subscribed and paid-up capital of the company as on that date. The ISIN allotted to your
Company is INE801V01019. Status of the securities as on 31st March, 2023
hereunder:
|
CDSL |
NSDL |
TOTAL |
| Share in DEMAT |
2554032 |
14593638 |
17147670 |
| Physical Shares |
NIL |
NIL |
NIL |
50. Compliances of Secretarial Standards:
The Board of Directors confirm that the Company has duly complied and is in compliance,
with the applicable secretarial Standard/s, namely Secretarial Standard-1 (SS-1) on
Meeting of the Board of Directors and Secretarial Standard-2 (SS-2) on General Meetings,
during the financial year 2022-2023 ended 31st March 2023.
51. Suspension of Trading:
The equity shares of the company have been listed and actively traded on Main Board of
National Stock Exchange of India Limited. There was no occasion wherein the equity shares
of the Company have been suspended for trading during the FY 2022-2023.
52.Details of Application made or any proceeding pending under the IBC 2016:
During the year under review no application was made further no any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) against of the company.
53.Our Vision:
To be a most adorable global partner to all the stake holders in every aspect of
textile manufacturing.
54.Our Mission:
By offering quality bales & premium yarns and timely service embedded with value
driven culture resulting in finding new avenues to surpass global standards in every
activity that needs to nurture the society to the better tomorrow.
55. Directors Responsibility Statement as Per Section 134(5)
(a) In the preparation of the annual accounts, 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 at the end of the financial year and of
the profit and loss of the company for that period;
(c) The directors had taken proper and sufficient care 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 for financial year ended on March
31, 2023 on a going concern;
(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; and
(f) The directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively
56. Acknowledgement
The Board of Directors acknowledges with gratitude for the co-operation and assistance
received from National Stock Exchange of India Limited (NSE), Securities Exchange Board of
India (SEBI), Auditors, advisors & consultants, other Intermediary service provider
and other investor for their continuous support for the working of the company.
|
For and on behalf of the Board of Directors |
|
Laxmi Cotspin Limited |
|
Sd/- |
| Date: 05/09/2023 |
CS Soni Shailesh Karwa |
| Place: Jalna |
Company Secretary & Compliance Officer |
+91-9892691696
