The Directors have pleasure in presenting the 29th Annual Report for the
year ended 31st March 2022 along with the Audited Statement of Accounts with
the Report of the Auditors thereon:
FINANCIAL RESULTS
(Rs. In Lakhs)
| Particulars |
FY 2021-2022 |
FY 2020-2021 |
| Sales |
21191.21 |
16973.77 |
| Other Incomes |
108.00 |
94.59 |
| Total Revenue |
21299.21 |
17068.36 |
| Expenses |
20830.95 |
16400.32 |
| Profit before Interest, Tax, Depreciation & Amortization, finance cost and
exceptional items |
468.26 |
668.04 |
| Less: Financial Costs |
790.42 |
778.12 |
| Less: Depreciation& amortization expense |
506.96 |
501.42 |
| Profit / (Loss) before taxation |
(828.75) |
(611.50) |
| Less: Provision For Taxation |
(202.53) |
(34.43) |
| Profit/(Loss) After Tax |
(626.22) |
(577.07) |
| Other Comprehensive Income (net) |
9.48 |
(9.91) |
| Total Comprehensive income for the year |
(616.64) |
(586.98) |
KEY HIGHLIGHTS OF THE FINANCIAL PERFORMANCE:
The Company continues to be engaged in manufacturing and sale of Kraft Papers and
newsprint papers. During the year 2021-22, the Company recorded a turnover of Rs.
2,11,91,20,902/- and net loss of Rs. 6,16,64,465/- compared to the turnover of Rs.
1,69,73,76,757/- and net loss of Rs. 5,86,98,182/- for the previous year 2020-21.
STATE OF AFFAIRS
The company is in the business of Manufacturing Newsprint, Writing & Printing paper
and Kraft Paper. The overall profitability of the Company during the year under review, as
compared to the previous year, has been adversely affected due to the unfavorable economic
and market conditions prevailing throughout the year in all the business segments on
account of disruptions caused by the COVID - 19 pandemic.
The current year witnessed lot of change in the international paper market and these
changes impacted the operations of the Indian paper industry. In the FY 2021-22 the
company produced 55,657 Mt of paper as against 60,243 Mt produced in FY 202021. In FY
2020-21, the company produced 40,523 Mt (67%) of Kraft paper and 19,720 Mt (33%) of
Newsprint & Writing printing paper. In FY 2021-22, the company produced 41,498 Mt
(75%) of Kraft paper and 14159 Mt (25%) of Newsprint & Writing printing paper. There
was a change in the product mix in FY 2021-22 to take advantage of the market scenario.
Malu Paper Mills Ltd has paper mills strategically located in Central India at Nagpur
(Maharashtra). The company is the largest Newsprint manufacturer of Central India with
49,500 TPA capacity and produces quality Newsprint with recycle process. The company has
swing facility wherein it can change to Newsprint and Writing paper production at short
notice. The company is also in the manufacture of the packaging paper of recycle grade
with an annual capacity 49,500 TPA. The positive turn of events in the Indian paper
industry in the current year due to changes in the International and Domestic market,
Environment and Industrial policy of the government has resulted in favourable changes,
which will continue to impact the prospects of the company in years to follow.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There has been no major change in the business of the company during the financial year
ended 31st March, 2022.
NUMBER OF BOARD MEETINGS HELD
The Board of Directors met Five (05) times during the year and the details thereof were
mentioned in the Report of Corporate Governance forming part of this Annual Report.
AUDITORS REPORT AND SECRETARIAL AUDIT REPORT
The statutory auditors report and the secretarial audit report do not contain any
qualifications, reservations, or adverse remarks or disclaimer. Secretarial audit report
is attached to this report.
DETAILS OF FRAUD REPORT BY AUDITOR:
As per auditors report, no fraud u/s 143(12) reported by the auditor.
AUDITORS
M/s. R. A Kuvadia & Co., Chartered Accountants, Mumbai, were the Statutory Auditors
of the Company for FY 2021-22. However, the 5 year tenure of M/s R. A Kuvadia & Co.,
Chartered Accountants gets over with the conclusion of this annual general meeting and the
Board of Directors have approved and recommended M/s Demble Ramani & Co., Chartered
Accountants, Nagpur (Firm Registration No:- 102259W ) as the Statutory Auditors of the
company, for a term of five(5) years commencing from the conclusion of the 29th
Annual General Meeting of the Company till the conclusion of the 34th Annual
General Meeting to be held in the year 2027.
Your Directors place on record the valuable services rendered by M/s R. A Kuvadia &
Co., Chartered Accountants during their tenure as the Statutory Auditors of the Company.
M/s Demble Ramani & Co., Chartered Accountants, have confirmed their independent
status and eligibility for the said appointment. The Company has received confirmation
from them to the effect that their appointment, if made, will be in accordance with the
limits specified under the Act and that the firm satisfies the criteria specified in
Section 141 of the Act read with Rule 4 of Companies (Audit & Auditors) Rules,2014.
They have also confirmed that they hold a valid certificate issued by the Peer Review
Board of the ICAI.
The Board is of the opinion that appointment of M/s. Demble Ramani & Co., Chartered
Accountants, as Statutory Auditors will be in the best interests of the Company and
recommends to the members to consider their appointment as Statutory Auditors of the
Company, for term of five years, from the conclusion of the ensuing AGM, till the AGM to
be held in the calendar year 2027, at such remuneration mutually agreed and approved by
the Board.
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEE GIVEN OR SECURITY PROVIDED
The loans given, investments made or guarantee given or security provided by the
Company are same as mentioned in notes to the Financial Statements.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All related party transactions that were entered into during the financial year ended
31st March, 2022 were on an arms length basis and were in the ordinary course
of business. The details of the transactions were tabled before the Audit Committee.
Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted.
Further, there are no materially significant related party transactions during the year
under review made by the Company with Promoters, Directors, or other designated persons
which may have a potential conflict with the interest of the Company at large. Thus,
disclosure in Form AOC-2 is not required.
However, the disclosure of transactions with related party for the year, as per
Accounting Standard-18 Related Party Disclosures is given in Note no 27 to the Balance
Sheet as on 31st March, 2022.
TRANSFER TO RESERVES
The Company transferred a sum of Rs (6,16,64,465)/- to Retained Earning Reserve during
the financial year ended 31st March, 2022.
CHANGE IN SHARE CAPITAL
The Paid up Share Capital as on 31st March, 2022 is INR 170,592,500
comprising 17,059,250 Equity Shares of Rs.10/-each. There has been no change in the
capital structure of the Company during the year.
DIVIDEND
The Board of Directors of your company, after considering holistically the relevant
circumstances, has decided that it would be prudent, not to recommend any Dividend for the
year under review.
DISCLOSURE ON ACCOUNTING TREATMENT
The Company has adopted the Indian Accounting Standards (IndAS) from Financial Year
2017-18, as mandated. Accordingly, the financial statements for current year, including
comparative figures of previous year are based on IndAS and in accordance with the
recognition and measurement principles stated therein, as well as other accounting
principles generally accepted in India.
The Company has not used any differential treatment which is not in compliance with
accounting standards and the financials of the Company depict a true and fair view of the
state of affairs of the Company.
MATERIAL CHANGES AND COMMITMENTS
There have been no material changes and commitments, which affect the financial
position of the company which have occurred between the end of the financial year to which
the financial statements relate and the date of this Report.
DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint Venture or Associate Company.
DETAILS OF DIRECTOR / KEY MANAGERIAL PERSONNEL APPOINTED/ RETIRED DURING THE YEAR
Pursuant to Section 152(6) of the Companies Act, 2013 and as per clause 146 of Article
of Association of the Company, the Managing directors of the Company shall be a Director
not liable to retire by rotation.
The Independent Directors hold office for a fixed term of not exceeding five years from
the date of their appointment and are not liable to retire by rotation.
The Act mandates that at least two-third of the total number of Directors (excluding
independent directors) shall be liable to retire by rotation. Accordingly, Shri.
Purshottam Ramlal Malu (DIN: 01720007), Non - Executive Director, liable to retire by
rotation, retires from the Board this year and, being eligible, has offered himself for
re-appointment. The Boards of Directors recommend his re-appointment at Item No. 2 of the
Notice Calling 29th Annual General Meeting for consideration of the
Shareholders.
The brief resume and other details relating to Shri Purshottam Ramlal Malu (DIN:
01720007) who is proposed to be re-appointed, as required to be disclosed under Regulation
36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is
incorporated in the annexure to the notice calling 29th Annual General Meeting.
Mr. Vasudeo Malu (DIN 00301313), the Non-Executive Director liable to retire by
rotation and who was re-appointed in the 28th Annual General Meeting of the
company continues to remain on the board of the company.
Mr. Chandrakant Thakar(00784189), Mr. Satyanarayan Rathi(01797378) and FCA. Shrutika
Inani(06937649) were re-appointed as an independent directors for a second term of five
years at the Twenty sixth Annual General Meeting (AGM) held on September 27, 2019
continued to remain on the board of the company.
Mr. Sahil Shankar Agrawal (DIN 02690403) who was appointed as an Independent director
for five years at the Twenty Eighth Annual General Meeting (AGM) held on September 15,
2021 continued to remain on the board of the company.
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of
the Company as on March 31, 2022 are: Mr. Punamchand Malu - Managing Director & CEO,
Mr. Banwarilal Malu - Jt. Managing Director, Mr. Prakash Modi- Chief Financial Officer and
Mayuri Asawa - Company Secretary.
DECLARATION BY INDEPENDENT DIRECTORS
Independent Directors are non-executive directors as defined under Regulation 16(1)(b)
of the Listing Regulations, 2015 read with Section 149(6) of the Act along with rules
framed thereunder. In terms of Regulation 25(8) of SEBI Listing Regulations, they have
confirmed that they are not aware of any circumstance or situation which exists or may be
reasonably anticipated that could impair or impact their ability to discharge their
duties.
The maximum tenure of Independent Directors is in compliance with the Companies Act,
2013 ("the Act") and the Listing Regulations. Based on the declarations received
from the Independent Directors, the Board of Directors has confirmed that they meet the
criteria of independence as mentioned under Regulation 16(1)(b) of the Listing
Regulations, 2015 and that they are independent of the management.
The Independent Directors have also confirmed that they have registered themselves in
the databank of persons offering to become Independent Directors.
Every Independent Director, at the first meeting of the Board in which he participates
as a Director and thereafter at the first meeting of the Board in every financial year,
gives a declaration that he meets the criteria of independence and submits the declaration
regarding the status of holding other directorship and membership as provided under law.
Based on the intimations/disclosures received from the Directors periodically, none of
the Director is a Director in more than 10 public limited companies (as specified in
section 165 of the Act) and Director in more than 8 listed entities (as specified in
Regulation 17A of the Listing Regulations, 2015) or acts as an Independent Director
(including any alternate directorships) in more than 7 listed companies or 3 equity listed
companies in case he/she serves as a Whole-time Director/Managing Director in any listed
company (as specified in Regulation 17A of the Listing Regulations, 2015).
Further, none of the Directors on the Board is a Member of more than 10 Committees and
Chairperson of more than 5 Committees (as specified in Regulation 26 of the Listing
Regulations, 2015), across all the Indian public limited companies in which he / she is a
Director.
EVALUATION OF INDIVIDUAL DIRECTORS, THE BOARD & ITS COMMITTEES:
Pursuant to the provisions of the Companies Act, 2013, and the corporate governance
requirements as prescribed by the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), Regulations 2015(‘SEBI Listing
Regulations); the Board of Directors have carried out an annual evaluation of its own
performance as a whole, the directors individually as well as the evaluation of the
working of its Committees.
The performance of the board was evaluated by the Board after seeking inputs from all
the directors on the basis of criteria such as the board composition and structure,
effectiveness of board processes, information and functioning, etc. Performance evaluation
of independent directors was done by the entire Board, excluding the independent director
being evaluated.
The performance of the committees was evaluated by the Board after seeking inputs from
the committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc.
In a separate meeting of independent directors, performance of non-independent
directors, the Board as a whole was evaluated, taking into account the views of executive
directors and non- executive directors.
The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc.
The Board of Directors expressed their satisfaction with the evaluation process. PUBLIC
DEPOSITS
During the year, the Company has not accepted deposits from the public falling within
the ambit of Section 73 of the Companies Act, 2013 ("Act") and the Companies
(Acceptance of Deposits) Rules,2014.
CREDIT RATINGS
During the year under review CRISIL Ratings has reaffirmed its ‘CRISIL BB / Stable
/ CRISIL A4+ ratings on the bank facilities of Malu Paper Mills Ltd (MPML). The ratings
continue to reflect MPMLs strong track record in the kraft paper and newsprint segments
and stable business risk profile.
INTERNAL FINANCIAL CONTROL
The Company has put in place adequate internal financial control procedures
commensurate with its size, complexity and nature of business. The Company has identified
and documented all key financial controls, which impact the financial statements as part
of its Standard Operating Procedures (SOP). The financial controls are tested for
operating effectiveness through ongoing monitoring and review process by the management
and also independently by the Internal Auditor.
The Internal Auditor of the Company reports functionally to the Audit Committee of
Board, which reviews and approves risk based annual internal audit plan. The Audit
Committee periodically reviews the performance of internal audit function.
During the year, such controls were tested and no reportable material weakness in the
design or operation was observed.
INTERNAL AUDITORS
Pursuant to the provisions of 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 approved and appointed M/s.
Samria & Co. Chartered accountants, Chartered Accountants, Nagpur, as the Internal
Auditors of the Company, for the FY 2021-22.
The Internal Audit Finding/s and Report/s submitted by the said Internal Auditors, from
time to time, during the FY 2021-22, to the Audit Committee and Board of Directors of the
Company, do not contain any adverse remarks and qualifications, is self-explanatory and do
not call for any further explanation/s by the Company.
Further, the Company has appointed M/s. Samria & Co. Chartered accountants as the
Internal Auditors of the Company of FY 2022-23.
COST RECORDS& COST AUDIT
The provision of Cost audit as per section 148 applicable on the Company and company
has maintained proper records and account of the same as required under the act.
Pursuant to the provisions of the Companies Act, 2013, the Board of Directors had
appointed M/s. Khanuja Patra& Associates, Cost Accountants, as Cost Auditors of the
Company for conducting the audit of Cost records for the financial year ended on 31st
March 2022. The audit report will be filed within prescribed period.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND
TRIBUNALS
No significant and material order has been passed by the regulators, courts, tribunals
impacting the going concern status and Companys operations in future.
CONSTITUTION OF COMMITTEE - SEXUAL HARASSMENT AT WORKPLACE
The Company has constituted committee under the sexual harassment of women at workplace
(prevention, prohibition and Redressal) Act, 2013 and company has complied with the
provisions of the same.
During the year, no complaint of sexual harassment was received to the company.
CONSOLIDATED FINANCIAL STATEMENTS
Company doesnt have any subsidiaries so there is no need to prepare consolidated
financial statement for the F. Y. 2021-22.
COMPLIANCE WITH SECRETARIAL STANDARD
The Board of Directors confirms that the Company, has duly complied and is in
compliance, with the applicable Secretarial Standard/s, namely Secretarial Standard - 1
(‘SS-1) on Meetings of the Board of Directors and Secretarial Standard - 2
(‘SS- 2) on General Meetings, during the FY 2021-22.
CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (IBC)
During the FY 2021-22 under review, no such event occurred by which Corporate
Insolvency Resolution Process can be initiated under the Insolvency and Bankruptcy Code,
2016 (IBC).
As such, no specific details are required to be given or provided.
FAILURE TO IMPLEMENT ANY CORPORATE ACTION
During the FY 2021-22 under review, there is no occasion wherein the Company failed to
implement any Corporate Action. As such, no specific details are required to be given or
provided.
DIRECTORS RESPONSBILITY STATEMENT FORMING PART OF BOARDS REPORT
As required under Section 134(5) of the Companies Act, 2013, the Directors confirm
that:
1 In the preparation of the annual accounts, the applicable accounting standards have
been followed.
2 The Directors had selected such accounting policies and applied them consistently and
made judgments and estimate that are reasonable and prudent so as to give a true and fair
view of the state of affairs of Company as on 31st March 2022 and of the profit
of the company for that period.
3 The Directors 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.
4 The annual accounts for the year ended March 31, 2022have been prepared on a going
concern basis.
5 The directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively.
6 The Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and these were adequate and operating effectively.
LISTING OF SHARES
Equity Shares of Company are listed on The Bombay Stock Exchange, Mumbai (BSE) and The
National Stock Exchange (NSE). The Company has duly paid listing fees to stock exchanges.
DIRECTORS APPOINTMENT AND REMUNERATION POLICY:
The Companys policy on directors appointment and remuneration and other matters
provided in Section 178(3) of the Act has been disclosed in the Corporate Governance
Report, which is a part of this report and detailed policy is available on http: /
/www.malupaper.com/investors/
RISK MANAGEMENT POLICY
Risks are inherent to our business as our operating environment is complex, highly
regulated, and dynamic. To attain our strategic growth objectives, protect the interests
of all our stakeholders and meeting legal requirements we have an established process of
identifying, analysing, and responding appropriately to all business risks. We have a
well-embedded Risk Management Framework to ensure that we are well-placed to manage any
adverse effect posed by financial, operational, strategic or regulatory related risks. Our
framework adopts appropriate risk mitigation measures for identified risks across
functions. The process ensures that new risks, which might arise, or the impact of
existing risks which might have increased, are identified and a strategy is put in place
for mitigating such risks. The major risks identified by the management are Raw Material
Risk, Quality Risk, Technological Risk, Competition Risk, Cost Risk, Financial Risk, and
Legal/Regulatory Risk along with economic and political risks.
A review of the risk management policy is carried out annually by the Audit Committee
and the Board of Directors.
AUDIT COMMITTEE
As per the provisions of the Listing Agreement and pursuant to Section 177 of the
Companies Act, 2013, the Audit committee constituted to review compliances with internal
control systems and other various functions of the Company. FCA Shrutika Inani,
Independent Director was the Chairman of the Audit Committee.
CORPORATE GOVERNANCE
In terms of the Listing Regulations, a report on Corporate Governance along with
Auditors Report on its compliance is annexed, forming part of the Annual Report.
Further all the Board members and Senior Management personnel have affirmed compliance
with the Code of Conduct for the financial year 2021-22. A declaration to this effect
signed by the Managing Director& CEO of the Company also forms part of this Annual
Report.
Additionally, CEO/CFO Certification as required by SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms part of this Annual Report.
A Certificate from Practicing Chartered accountant regarding the compliance with the
conditions of Corporate Governance as stipulated under Regulation 34 read with Schedule V
of the SEBI Listing Regulations is annexed to this Report.
In line with the requirements of Companies Act, 2013, your Company has constituted the
Board Committees and has in place all the statutory Committees required under the law.
Details of Board Committees along with their terms of reference, composition and meetings
of the Board and Board Committees held during the year, are provided in the Corporate
Governance Report.
SUSPENSION OF TRADING
The equity shares of the Company have been listed and actively traded on Main Board of
Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE).
There was no occasion wherein the equity shares of the Company have been suspended for
trading during the FY 2021-22.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report in accordance with Regulation 34 read
with Schedule V of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") forms
part of this Annual Report as Annexure A.
SECRETARIAL AUDIT REPORT
CS. Yugandhara Kothalkar, Company Secretary has been appointed to conduct the
Secretarial Audit of the Company as required under the provisions of Section 204 of the
Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and Regulation 24Aof the SEBI (LODR) Regulations, 2015
and also to provide the Secretarial Compliance Report for the financial year 2021-22. Copy
of the Secretarial Audit Report in Form MR-3 is given as an Annexure B to this
Boards Report.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
The information pertaining to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required under the Companies Act, 2013, read with the
Companies (Accounts) Rules 2014 is given as per Annexure C and forms part of the
Boards Report.
As regards disclosure of particulars relating to conservation of energy, great emphasis
has been given for reduction of energy consumption to reduce cost per unit of goods.
Details are attached herewith as per Annexure C.
The Company imports some portion of its raw material requirement. The foreign exchange
earnings and outgo are as mentioned in the reports of the auditor of the Company. Details
are attached herewith as per Annexure C
CORPORATE SOCIAL RESPONSIBILITY
As per the provisions of the Companies Act, 2013, a company meeting the specified
criteria shall spend at least 2% of its average net profits for three immediately
preceding financial years towards CSR activities.
The CSR Committee reviews and monitors the CSR projects and expenditure undertaken by
the Company on a regular basis and apprises the Board of the same. Company has spent over
2% of the average net profits during the three preceding financial years in accordance
with the CSR Policy and Annual Action Plan of the Company. CSR activities were carried out
in the field of animal welfare.
The contents of the CSR policy and CSR Report for the year 2021-22 are attached as Annexure
D to this report. Contents of the CSR policy are also available on the Companys
website and can be accessed through the web link http: / /www.malupaper.com/investors/
VIGIL MECHANISM/WHISTLE BLOWER POLICY
As per the provisions of Section 177(10) of the Companies Act 2013 and Regulation 22 of
the Listing Regulations, a Vigil Mechanism for Directors and employees to report genuine
concerns has been established. The practice of the Whistleblower Policy is overseen by the
Audit Committee and no employee has been denied access to the Committee. The same has been
uploaded on companys website at http: / /www.malupaper.com/investors/
Web Address of the Annual Return
Pursuant to the provisions of Section 92(3) read with Section 134(3) (a) of the
Companies Act, 2013, a copy of the Annual Return of the Company is available at the
Companys website http: //www.malupaper.com/investors/
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT
(a) The outstanding shares in the suspense account held with Sharekhan Limited lying at
the beginning of the year is 3,019 shares;
(b) none of shareholders approached listed entity for transfer of shares from suspense
account during the year;
(c) no shares were transferred from suspense account during the year;
(d) the outstanding shares in the suspense account held with Sharekhan Limited lying at
the end of the year is 3,019 shares;
(e) that the voting rights on these shares shall remain frozen till the rightful owner
of such shares claims the shares.
DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND
PARTICULARS OFEMPLOYEES:
None of the employee, including Key Managerial Personnel, was drawing in excess of the
limits prescribed by Section 197(12) read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees
Rules, 1975, which needs to be disclosed in the Boards report.
The ratio of the remuneration of each director to the median remuneration of the
employees of the Company and percentage increase in remuneration of each Director, Chief
Financial Officer and Company Secretary in the financial year-
| S.No Name of the Director |
Remuneration |
Median Remuneration |
Ratio (Remuneration of Director to Median Remuneration)
times |
|
Per Annum |
Per Annum |
|
|
(INR) |
(INR) |
|
| Executive Directors |
|
|
|
| 1 Mr. Punamchand Malu |
24,00,000 |
204,194 |
11.75 |
| 2 Mr.Banwarilal Malu |
24,00,000 |
204,194 |
11.75 |
| Non Executive Directors/Independent Directors |
|
|
|
| 3 Mr.DamodarlalMalu |
NIL |
- |
- |
| 4 Mr.VasudeoMalu |
NIL |
- |
- |
| 5 Mr.ChandrakantThakar |
NIL |
- |
- |
| 6 FCA. Shrutikalnani |
NIL |
- |
- |
| 7 Mr. SatyanarayanRathi |
NIL |
- |
- |
| 8 Mr.ShyamsunderSarda |
NIL |
- |
- |
| Key Managerial Person |
|
|
|
| 9 Mr. Prakash Modi, CFO |
10,15,200 |
N.A |
N.A |
| 10 CS. MayuriAsawa |
2,68,500 |
N.A |
N.A |
a) There is no increase in the remuneration of Executive directors & Chief
Financial Officer in the financial year.
b) There is 35% increase in the remuneration of Company Secretary during the financial
year.
c) The percentage increase in the median remuneration of employees in the financial
year: 19.34%
d) The number of permanent employees on the rolls of Company: 217
Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms that the remuneration is as per the remuneration policy of the
Company.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their gratitude to Bankers, Customers, Business
Associates for the co-operation and support and to the Shareholders, dealers and
suppliers, staff and workers for their contribution to the companys growth.
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