REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS FOR THE YEAR ENDED
MARCH 31, 2023.
Dear Members,
Your Directors are pleased to present the 37th Annual
Report and the Audited Statement of Accounts for the financial year ended March 31,
2023.
FINANCIAL PERFORMANCE:
The financial performance of the Company for the financial year ended
March 31, 2023 is summarised below:-
| Particulars |
2022-2023 |
2021-2022 |
| Revenue and Other Income |
3,09,115.92 |
2,67,461.81 |
| Profit before Depreciation, Amortisation and Tax |
27,559.73 |
20,792.08 |
| Less: Depreciation and Amortisation charges |
11,230.53 |
9,960.15 |
| Profit before Tax |
16,329.20 |
10,831.93 |
| Less: Taxes |
4,137.34 |
2,600.67 |
| Profit after Tax |
12,191.86 |
8,231.26 |
| Add : Other Comprehensive Income |
74.82 |
215.30 |
| Total Comprehensive Income |
12,266.68 |
8,446.56 |
| Opening balance in Retained Earnings |
72,261.36 |
65,351.38 |
| Amount available for appropriation |
84,528.04 |
73,797.94 |
| Final Dividend |
2,238.38 |
1,492.25 |
| Closing balance in Retained Earnings |
82,238.89 |
72,261.36 |
| Earnings Per Share () |
81.70 |
55.16 |
| Cash Earnings Per Share () |
156.96 |
121.91 |
| Book Value per Share () |
838.89 |
771.69 |
YEAR IN RETROSPECT
On a consolidated basis, the revenue from operations for FY 2022-23,
stood at 3,13,087.69 Lakhs registering a growth of 15 % as compared to the previous year
( 2,73,008.93 Lakhs in FY 2021-22). The Consolidated EBITDA increased to 31,923.76
Lakhs for FY 2022-23, which was 37 % higher than that of the previous year ( 23,320.11
Lakhs in FY 2021-22).
On a standalone basis, revenue from operations for FY 2022-23 stood at
3,07,931.23 Lakhs, registering a growth of 16 % as compared to the previous year (
2,65,579.88 Lakhs in FY 2021-22). The standalone EBITDA is 31,217.19 Lakhs for FY
2022-23 which was 32 % higher than that of the previous year ( 23,631.48 Lakhs in FY
2021-22). The Profit After Tax for the year stood at 12,191.86 Lakhs against 8,231.26
Lakhs in the previous Financial Year.
RESERVES
The Board of Directors of your Company have decided not to transfer any
amount to the General Reserves, for the year ended March 31, 2023.
DIVIDEND
Your Directors are pleased to recommend a Final Dividend of 20/-
(i.e. 200%) per share of 10/- each for the Financial Year 2022-23. The dividend, if
approved at the 37th Annual General Meeting (AGM), will be paid to those
members whose names appear in the register of members of the company as of end of the day
on June 30, 2023.
The aforesaid dividend pay-out for year under review is in accordance
with the Companys policy on Dividend Distribution which is linked to long term
growth objectives of your Company to be met by internal cash accruals. The Dividend
Distribution Policy of the Company can be viewed on the Companys website at the
following
weblink:https://nilkamal.com/wp-content/uploads/2019/11/Dividend-Distribution-Policy.pdf
The total outflow on account of the proposed final Dividend shall be 2,984.50 lakhs.
SHARE CAPITAL
Pursuant to the Scheme of Amalgamation between Nilkamal Storage Systems
Private Limited and the Company, as on the Appointed Date i.e. October 1, 2022 the
Authorised Equity Share Capital of the Company has increased from 2,200.00 Lakhs
(2,20,00,000 equity shares of 10/- each) to 2,700.00 Lakhs (2,70,00,000 equity shares
of
10/- each).
Accordingly, as on March 31, 2023, the Authorised Share Capital of the
Company stood at 3,000.00 Lakhs comprising of 2,70,00,000 equity shares of 10/- each
and 30,00,000 preference shares of 10/- each. Whereas, the Issued, subscribed and
paid-up capital of the Company remained unchanged at 1,492.25 Lakhs comprising of
1,49,22,525 Equity Shares of face value of 10/- each.
MEETINGS
During the year, four Board meetings were convened and held in
accordance with the provisions of the Companies Act, 2013 and as per Secretarial Standards
-1, the details of which are given in the Corporate Governance Report.
Amalgamation of Nilkamal Storage Systems Private Limited with the
Company and its shareholders.
The Honble NCLT, Ahmedabad Bench and Honble NCLT, Mumbai
Bench vide their respective orders have accorded its approval to the Scheme of
Amalgamation between Nilkamal Storage Systems Private Limited (‘NSSPL)
(wholly-owned subsidiary of your Company) and the Company and their respective
shareholders (‘Scheme) under Sections 230 to 232 of the Companies Act, 2013
(‘the Act). The copy of the said orders have been filed with the Registrar of
Companies (‘ROC), Ahmedabad and ROC, Maharashtra, Mumbai on April 22,
2023. The Appointed Date for the amalgamation is October 1, 2022.
AWARDS AND CERTIFICATIONS
Your Company has received the following awards/ certifications during
the year under review:
- The Company was awarded the India Manufacturing excellence award
(Silver category) by Frost & Sullivan for its unit at Barjora.
- The Company has also been awarded with GreenCo Gold award by CII,
Sohrabji Godrej Green Business Centre for its unit at Puducherry.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is committed to Corporate Social Responsibility and
strongly believes that the business objectives of the Company must be in congruence with
the legitimate development needs of the society in which it operates. Pursuant to the
provisions of the Section 135 of the Companies Act, 2013 (the Act), your Company has
constituted a CSR Committee to monitor the CSR activities of the Company. The
Companys CSR policy is placed on the Companys website at
https://nilkamal.com/wp-content/uploads/2019/01/CSR-Policy.pdf Your Company has undertaken
various CSR initiatives directly/through its implementing agency viz. Nilkamal Foundation
by contributing to NGOs/trust for various projects. The said activities were carried
out in the areas of promotion of education, healthcare including sanitisation and
preventive healthcare, enhancing vocational skills & rural development alongwith
undertaking other activities in terms of Schedule VII of the Companies Act, 2013. A report
on CSR activities as required under Rule 8 of the Companies (Corporate Social
Responsibility) Rules, 2014 is annexed as "Annexure A".
MATERIAL CHANGES AND COMMITMENTS
There were no Material changes and commitments affecting the financial
position of the Company between the end of the financial year and date of this report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
As required pursuant to the Regulation 34 (2) (f) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 your Company has prepared a Business Responsibility and Sustainability Report (BRSR)
for the financial year 2022-23, which forms part of this Annual Report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
A separate section on corporate governance practices followed by the
Company, together with a certificate from the auditors confirming its compliance, forms a
part of this Annual Report, as per Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. Further, as per Regulation 34
(2) (e) read with Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and
Analysis report also forms a part of this report.
ANNUAL RETURN
Pursuant to Section 92 and Section 134 of the Act, read with Rule 12 of
the Companies (Management and Administration) Rules, 2014, the Annual Return of your
Company as on March 31, 2023 will be available on Companys website at www.nilkamal
.com.
CREDIT RATING
The Credit Ratings of the Company for all the debt instruments as on
March 31, 2023 is as below: -
| Total Bank Loan Facilities Rated |
524.59 Crore |
| Long-Term Rating |
CARE AA; Stable |
|
(Reaffirmed) |
| Short-Term Rating |
CARE A1+ |
|
(Reaffirmed) |
| 200 Crores Non-convertible debentures |
CARE AA; Stable |
|
(Reaffirmed) |
| 200 Crores Commercial paper (Carved out)* |
CARE A1+ |
|
(Reaffirmed) |
SUBSIDIARIES AND JOINT VENTURES
During the year under review, your Company has four direct
subsidiaries: Nilkamal Foundation in India, Nilkamal Storage Systems Private Limited
(NSSPL) in India, Nilkamal Eswaran Plastics Private Limited (NEMPL) in Sri Lanka and
Nilkamal Crates and Bins – FZE(NCB – FZE) in UAE and one step-down subsidiary:
Nilkamal Eswaran Marketing Private Limited in Sri Lanka; and one Joint Venture Company
which is Cambro Nilkamal Private Limited in India, which is the Indo-US Joint Venture.
NSSPL is the material unlisted subsidiary Companies of your Company.
The Audit Committee and the Board reviews the financial statements, significant
transactions and working of all subsidiary Companies, and the minutes of unlisted
subsidiary Companies are placed before the Board.
Your Company has in accordance with the Listing Regulations adopted the
Policy for determining material subsidiaries. The said Policy is available on your
Companys website at https://nilkamal.com/wp-content/
uploads/2019/01/Policy-on-determining-Material-subsidiaries.pdf As on the date of this
report, NSSPL has amalgamated with the Company.
During the year under review, the Companys subsidiaries as well
as Joint Venture Company has exhibited satisfactory performance. Further, Nilkamal
Foundation – a Section 8 Company - is the Companys Implementing Agency for
undertaking the CSR activities of the Company.
In terms of proviso to sub section (3) of Section 129 of the Act, the
salient features of the financial statement of the subsidiaries is set out in the
prescribed form AOC-1, which forms part of the Annual Report.
In accordance with third proviso of Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its standalone and the
consolidated financial statements has been placed on the website of the Company,
www.nilkamal.com. Further, as per fourth proviso of the said section, audited annual
accounts of each of the subsidiary companies have also been placed on the website of the
Company, www.nilkamal.com.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year under review, your Company did not give any other loans
or guarantees, provide any security or make any investments as covered under Section 186
of the Companies Act, 2013.
NOMINATION AND REMUNERATION POLICY OF THE COMPANY
The Board has, on the recommendation of the Nomination &
Remuneration Committee framed a policy relating to remuneration of the Directors, Key
Managerial Personnel, Senior Management Personnel and other employees, alongwith the
criteria for appointment and removal of the Directors, Key Managerial Personnel and Senior
Management Personnel of the Company. The Nomination and Remuneration Committee is fully
empowered to determine /approve and revise, subject to necessary approvals, the
remuneration of managerial personnel, after taking into account the financial position of
the Company, trends in the industry, qualifications, experience, past performance and past
remuneration, etc. The Non-Executive Directors are paid sitting fees for every meeting of
the Board and its Committees attended by them. The Board has also formulated and adopted
the policy on the "Succession policy of Directors" The Nomination and
Remuneration Policy of the Company is available on the website of the Company at
https://nilkamal.com/wp-content/uploads/2019/01/Nomination-and-Remuneration-Policy_11052018.pdf
STATUTORY AUDITORS AND AUDITORS REPORT
Pursuant to provisions of Section 139 of the Companies Act, 2013 read
with the Companies (Audit and Auditors) Rules, 2014, M/s. B S R & Co. LLP, having ICAI
Registration No. 101248W/ W-100022 were re- appointed as the Statutory Auditors for a
second term of five years to hold office from the conclusion of 32nd Annual
General Meeting up to the conclusion of the 37th Annual General Meeting of the
Company. In accordance with the provisions of Section 139(2) of the Act, an auditor can
hold office as statutory auditors of the Company for two consecutive terms of 5 years each
and cannot be re-appointed thereafter for a period of five years. Accordingly, M/s. BSR
& Co. LLP, Chartered Accountants shall retire as the Statutory Auditors of the Company
at the conclusion of the Thirty Seventh Annual General Meeting.
The Board has recommended the appointment of M/s. S R B C & CO LLP,
Chartered Accountants, Mumbai (Firm Registration No: 324982E/E300003) as the statutory
auditors of the Company in the place of the retiring auditors for a first term of five
consecutive years, from the conclusion of the ensuing 37th Annual General
Meeting of the Company till the conclusion of the 42nd Annual General Meeting
to be held in the year 2028, subject to the approval of the Members in the ensuing AGM,
based on the recommendation of the Audit Committee in compliance with the mandatory
rotation of auditors as per provisions of the Companies Act, 2013.
M/s. S R B C & CO LLP, Chartered Accountants have confirmed their
eligibility and qualification required under the Act for holding the office, as Statutory
Auditors of the Company.
Accordingly, an Ordinary Resolution, proposing the appointment of M/s.
S R B C & CO LLP, Chartered Accountants (Firm Registration No: 324982E/E300003), forms
part of the Notice of the 37th AGM of the Company.
The Auditors Report to the Members on the Accounts of the Company
for the year ended March 31, 2023 is a part of the Annual Report. The said Audit Report
does not contain any qualification, reservation or adverse remark. During the financial
year 2022 -23, the Auditors had not reported any matter under Section 143(12) of the Act,
therefore no detail is required to be disclosed under Section 134(3)(ca) of the Act.
COST AUDITOR
Pursuant to the provisions of Section 148 of the Companies Act, 2013
read with Companies (Cost Records and Audit) Rules 2014, M/s. V. B. Modi and Associates,
Cost Accountants, were upon the recommendation of the Audit Committee, appointed as the
Cost Auditors of the Company to carry out audit of the cost records of the Company for the
financial year 2023-2024.
The resolution seeking ratification of the remuneration to the said
cost auditors for the financial year 2023-2024 is set out in the Notice calling the 37th
Annual General Meeting of the Company.
The Cost Auditors have certified that their appointment is within the
limits of Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified
from appointment within the meaning of the said Act.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s.
N. L. Bhatia & Associates, Practising Company Secretaries were appointed as the
Secretarial Auditor of the Company to undertake the Secretarial Audit in the prescribed
form MR- 3 for the financial year 2022-2023. The Secretarial Auditors report to the
members is annexed to this report as "Annexure B".
A Secretarial Compliance Report for the financial year ended March 31,
2023 on compliance of all applicable SEBI regulations and circulars/guidelines issued
thereunder, was obtained from M/s. N. L. Bhatia & Associates, Practising Company
Secretary, and submitted to both the stock exchanges.
During the FY 2022 -23, your Company has complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of your Company is duly constituted in accordance with the
requirements of the Companies Act, 2013 read with the Securities and Exchange Board of
India (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Further, the Company has received declarations from all the Independent
Directors stating that they meet the criteria of independence as given under Section 149
of the Companies Act, 2013 and the relevant provisions of the Securities and Exchange
Board of India (Listing Obligations & Disclosure Regulations) Requirements, 2015. In
the opinion of the Board, they fulfil the condition for appointment/re-appointment as
Independent Directors on the Board.
The Independent Directors of the Company have registered themselves
with the Indian Institute of Corporate Affairs, Manesar (‘IICA) as required
under Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014.
Further, in accordance with the provisions of Companies Act, 2013 and
the Articles of Association of the Company, Mr. Manish V. Parekh (DIN: 00037724) & Mr.
Mihir H. Parekh (DIN: 07308466), Directors of the Company, retires by rotation at the
ensuing Annual General Meeting and being eligible has offered themselves for re-election.
The required information of the Directors being appointed/re-appointed, pursuant to the
provisions of the Listing Regulations, forms part of the Annual Report.
During the year under review, Mr. Mihir H. Parekh (DIN: 07308466)
stepped down from the designation of Executive Director of the Company w.e.f. June 15,
2022 in order to pursue higher studies and continues to contribute as a Non - Executive
Director of the Company w.e.f. June 16, 2022.
There was no change in the composition of the Board of Directors and
the Key Managerial Personnel, except as stated above. As on March 31, 2023 the Company has
following Key Managerial Personnel:
| 1. Mr. Hiten V. Parekh |
- Managing Director |
| 2. Mr. Manish V. Parekh |
- Jt. Managing Director |
| 3. Mr. Nayan S. Parekh |
- Executive Director |
| 4. Mr. Paresh B. Mehta |
- Chief Financial Officer |
| 5. Ms. Priti P. Dave |
- Company Secretary |
DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors confirm the following
statements in terms of Section 134(3) (c) of the Companies Act, 2013: (a) that in the
preparation of the annual accounts, the applicable accounting standards have been followed
and that no material departures have been made from the same; (b) that they have selected
such accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of the Company for that
period; (c) that they have taken proper and sufficient care for the maintenance of
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; (d) that the annual financial statements have been prepared on a
going concern basis; (e) that they have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; (f) that they have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS
As required under the regulation 34 2(c) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Regulations) Requirements, 2015, a cash
flow statement is part of the Annual Report 2022-23. Further, the Consolidated Financial
Statements of the Company for the financial year 2022-23 are prepared in compliance with
the applicable provisions of the Act, Accounting Standards and as prescribed by Listing
Regulations. The said Financial Statements have been prepared on the basis of the audited
financial statements of the Company, its subsidiaries and joint venture companies as
approved by their respective Boards of Directors.
ADEQUACY OF RISK MANAGEMENT SYSTEMS
The Board of Directors have adopted an Enterprise Risk Management
Policy framed by the Company, which identifies the risk and lays down the risk
minimization procedures. These procedures are periodically reviewed to ensure that
executive management controls risk through means of a properly defined framework.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has in place a Whistle Blower Policy with a view to provide
a mechanism for its Directors/ employees to approach the Chairman of the Audit Committee,
in case of any grievances or concerns related to fraud and mismanagement, if any. The
details of the said Policy are explained in the Corporate Governance Report and also
posted on the website of the Company www.nilkamal.com .
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
An Internal Complaints Committee has been constituted by the Company in
line with the provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder to redress complaints
received on sexual harassment. During the financial year under review, the Company has not
received any complaints of sexual harassment.
The Companys efforts is to create a safe and comfortable work
environment for everyone. When employers and employees know the rules and regulations
regarding sexual harassment, they are better equipped to identify and prevent it. To
ensure this, at the Organisation level the Company is doing the following:
1. Providing awareness trainings to employees (through Bandhan - our
partners for employee wellness)
2. New employees are sensitized and educated in matters of Prevention
of Sexual Harassment during their Induction.
3. Taking appropriate action to address any instances of sexual
harassment.
RELATED PARTY TRANSACTIONS
Your Company has formulated a Policy on materiality of dealing with
related party transactions and the same has been hosted on its website at
https://nilkamal.com/wp-content/uploads/2019/03/
Policyonmaterialityofanddealingwithrelatedparty_290120191.pdf All the related party
transactions are placed before the Audit Committee for their review and approval. Further,
prior omnibus approval of the Audit Committee is obtained for related party transactions
of repetitive nature and entered into in the ordinary course of business at an arms
length basis.
Further, the Company has not entered into any material related party
transaction during the year under review. Accordingly, the disclosure of related party
transactions as required under Section 134(3)(h) of the Act, in Form AOC-2 is not
applicable to your Company, since there were no material transactions with related
parties.
PERFORMANCE EVALUATION
Pursuant to the provisions of Section 134 (2) (p) of the Companies Act,
2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has undertaken an annual
evaluation of its own performance, performance of its various Committees and individual
Directors. The details of the said evaluations have been mentioned in the Report on
Corporate Governance.
TRANSFER TO IEPF
Pursuant to the provisions of the Companies Act, 2013 read with the
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016 ("The Rules"), the Company had sent individual notices and also
advertised in the newspapers seeking action from the shareholders who have not claimed
their dividends for past seven consecutive years i.e for final dividend for the financial
year ended 2014-2015, 1st Interim dividend for the FY 2015-16 & 2nd
Interim dividend for the FY 2015-16 and thereafter, had transferred such unpaid or
unclaimed dividends and corresponding 1,859 equity shares held by 17 shareholders to the
IEPF Authority on September 22, 2022, 1,362 equity shares held by 11 shareholders to the
IEPF Authority on December 27, 2022 and 1,012 equity shares held by 10 shareholders to the
IEPF Authority on April 27, 2023 respectively. Shareholders /claimants whose shares,
unclaimed dividend, have been transferred to the aforestated IEPF Suspense Account or the
Fund, as the case may be, may claim the shares or apply for refund by making an
application to the IEPF Authority in Form IEPF-5 (available on
https://www.iepf.gov.in/IEPF/corporates.html) along with requisite fee as decided by the
IEPF Authority from time to time.
Further, the Company shall be transferring the unclaimed Dividend for
the financial year 2016-2017 (Interim) to the IEPF Account on or before January 2, 2024.
The Company shall also be transferring the shares, on which the dividend has remained
unclaimed for a period of seven consecutive years, to the IEPF Account simultaneously on
the same date. The Company will send individual letters to the shareholders for claiming
the said dividend and will also advertise the same in the newspapers in accordance to the
Rules. Members are therefore requested to ensure that they claim the dividends referred
above, before they are transferred to the said Fund.
Details of shares /shareholders in respect of which dividend has not
been claimed, are provided on our website at
https://nilkamal.com/shares-transferred-to-iepf-suspense-account/. The shareholders are
therefore encouraged to verify their records and claim their dividends of all the earlier
seven years, if not claimed.
STATUTORY INFORMATION
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith
as "Annexure C".
In terms of the provisions of Section 197(12) of the Companies Act,
2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of
the employees drawing remuneration in excess of the limits set out in the said Rules forms
a part of the Annual Report.
Further, the disclosures pertaining to remuneration and other details
as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed
herewith as "Annexure D" to this Report.
However, having regard to the provisions of Section 136(1) read with
its relevant provision of the Companies Act, 2013, the Annual Report excluding the
aforesaid information is being sent to the members of the Company. The said information is
available for inspection at the Registered Office of the Company during working hours and
any member interested in obtaining such information may write to the Company Secretary and
the same will be furnished without any fee.
DEPOSITS
Your Company has not accepted Deposits from public falling within the
ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014 during the year under review.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Companys operations in
future.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their sincere appreciation for
the encouragement and co-operation received by the Company from the Bankers, State
Government Authorities, Local Authorities, Shareholders and its Employees during the year.
|
For and on behalf of the Board |
| Place: Mumbai |
Sharad V. Parekh |
| Date: May 20, 2023 |
Chairman |
+91-9892691696
