Your Dir take immense pleasure in presenting the 28 ectors th Annual Report on the
business and operations of the Company along with the Audited Financial Statements for the
year ended 31st March, 2023.
Financial Results
(RsIn lacs)
|
Standalone |
Consolidated |
Parameters |
|
|
|
|
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from Operations (Net) |
1,06,804.50 |
87,935.76 |
1,11,523.04 |
92,306.26 |
| Add: Other Income |
3,628.74 |
3,872.87 |
3,618.54 |
3,790.25 |
Total Revenue |
1,10,433.24 |
91,808.63 |
1,15,141.58 |
96,096.51 |
| Profit before Interest, Tax, Depreciation and Amortization (EBITDA) |
30,076.46 |
25,086.22 |
30,157.01 |
25,100.46 |
| Less: Depreciation & Amortization Expenses. |
5,563.68 |
5,254.01 |
5,716.68 |
5,395.22 |
| Less: Financial Costs |
830.07 |
360.70 |
883.86 |
425.48 |
Profit Before Tax (PBT) |
23,682.71 |
19,471.51 |
23,556.47 |
19,279.76 |
| Add:Share of Profit from Associates |
|
|
192.67 |
244.73 |
| Profit Before Tax (after Share of Profit from Associates) |
23,682.71 |
19,471.51 |
23,749.14 |
19,524.49 |
| Less: Tax provision |
5778.24 |
4,869.80 |
5,820.89 |
4,873.89 |
Profit afterTax |
17,904.47 |
14,601.71 |
17,928.25 |
14,650.60 |
| Add: Balance brought forward |
39,863.11 |
30,158.41 |
39,904.12 |
30,416.53 |
Profit available for appropriation |
57,767.58 |
44,760.12 |
57,832.37 |
45,067.13 |
Briefly, during the year under report, the Companys consolidated total income
increased to Rs 1,15,141.58 lacs from Rs 96,096.51 lacs in the previous year, registering
a growth of 19.82%. EBIDTA improved to Rs 30,157.01 lacs as from Rs 25,100.46 lacs
in the previous year which translates into a rise of 20.15%. Profit before Tax (PBT) is Rs
23,556.47 lacs as against Rs 19,279.76 lacs in previous year which translates into a rise
of 22.18%.
Highlights of performance are discussed in detail in the Management Discussion and
Analysis Report which forms part of the Directors Report.
Share Capital
During the year under report, the paid-up share capital of your Company has been
increased by Rs 44,000 due to the allotment of 17,750 equity shares of Rs 5 each under the
Employee Stock Options Scheme, 2016 and 26,250 equity shares of 5 each under the Employee
Stock Options Scheme, 2020 on exercise of stock options by the eligible employees.
ESOP issuance
The Company has framed an ESOP Scheme 2016 and ESOP Scheme 2020 for the benefit of its
employees under which it has issued 17,750 and 26,250 equity shares respectively. The
Nomination and Remuneration Committee of the Board of Directors of the Company, inter
alia, administers and monitors the Employees Stock Option Scheme of the Company, in
accordance with the SEBI (Share Based Employee Benefits & Sweat Equity Shares)
Regulations, 2021.
Dividend
In keeping with the Companys tradition of rewarding the Shareholders, your directors
are pleased to recommend a dividend of Rs 3.00/- per equity share of the face value of Rs
5/- each for the financial year ended on 31st March, 2023. The proposal is
subject to the approval of the shareholders at the forthcoming Annual General Meeting. The
final dividend on equity shares, if approved by the members would involve a cash outflow
of Rs 2,878.33 lacs. The dividend would be payable to all Shareholders whose names appear
in the Register of Members and in respect of shares held in dematerialized form, to the
members whose names are furnished by the National Securities Depository Limited and
Central Depository Services (India) Limited on book closure date.
The aforesaid dividend paid 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 https://www.polymedicure.
com/wp-content/uploads/2020/09/Dividend-Distribution-Policy.pdf
Transfer to Reserves
The Board of Directors has proposed to transfer Rs 2,500.00 lacs to General Reserves
out of the profit available for appropriation.
Subsidiaries and Associate
The subsidiary companies performed as follows:
Poly Medicure (Laiyang) Co. Ltd, China - The wholly owned subsidiary Company has
achieved a turnover of Rs 1,391.10 lacs for the year ending 31st March, 2023
against Rs 1,536.69 lacs in the previous year.
Poly Medicure B.V., Amsterdam, Netherlands - During the year under review the
Company has not done any business operations.
Plan1 Health s.r.l., Italy, a step-down Subsidiary The wholly owned subsidiary
Company has achieved a turnover of Rs 4,222.10 lacs for the year ending 31st
December, 2022 against Rs 3,392.22 lacs in the previous year.
Plan1 Health India Pvt. Ltd., India – During the year under review the
Company has not done any business operations.
Poly Health Medical Inc.,(USA), a step-down Subsidiary- During the year under
review the Company has not done any business operations.
The Company has one Associate in Egypt, viz.
Ultra for Medical Products Company (ULTRA MED), Egypt The Associate has achieved
sales of Rs 7,362.00 lacs during the year ending 31st December 2022, as
compared to Rs 9,392.19 lacs in the previous year. The decrease in sales is due to
currency devaluation.
Audited financial statements of the subsidiaries of the Company are available on the
website of the Company. The shareholders, who wish to receive a copy of Annual Accounts of
the Subsidiary Companies, may request the Company Secretary for the same.
Pursuant to Section 129(3) of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014, a statement containing salient features of the financial
statements of the subsidiary companies in prescribed Form AOC-1 is given in the
Consolidated Financial Statements of Company and forms part of this Annual Report.
Transfer of Unpaid/Unclaimed Dividend Amounts to Investor Education and Protection Fund
During the Year under review, the Company has transferred Rs 6,36,192 lying in the
unpaid/unclaimed dividend account, to the Investor Education and Protection fund (IEPF) in
compliance with Section 205C of the Companies Act, 1956, read with Investor Education
& Protection Fund (Awareness and Protection of Investors) Rules, 2001. The said amount
represents the final dividend for the financial year 2014-15 and interim dividend of
2015-16 which remained unclaimed by the shareholders of the Company for a period of seven
years from the due date of payment.
Significant Events After Balance Sheet Date
There are no significant events after the balance sheet date.
Directors and Key Managerial Personnel
In view of the provisions of the Companies Act, 2013, Mrs. Mukulika Baid is liable to
retire by rotation at the ensuing Annual General Meeting, and she offers herself for
re-appointment. The information as required to be disclosed under Regulation 36(3) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, in case of re-appointment of directors is provided in the Notice of the
ensuing Annual General Meeting of the Company.
Pursuant to Section 149(4) of the Companies Act, 2013, every Listed Company is required
to appoint one third of its Directors as Independent Directors. The Board has seven
Independent Directors in terms of the provisions of Regulation 17(b) of the SEBI (LODR)
Regulations, 2015. Necessary details in respect of the directors are given in the
Corporate Governance Report.
The Independent Directors have submitted their respective declarations of Independence,
as required pursuant to Section 149(7) of the Companies Act, 2013 that they meet the
criteria of Independence specified in the Act and the Rules made there under as also under
Regulation 25 of the SEBI (LODR) Regulations, 2015.
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the key
managerial personnel of the Company are Shri Himanshu Baid, Managing Director, Shri Rishi
Baid, Joint Managing Director, Shri Naresh Vijayvergiya, Chief Financial Officer, Shri
Avinash Chandra, Company Secretary and Shri Ravi Prakash, Deputy Company Secretary.
Board Evaluation
Pursuant to the applicable provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an
annual evaluation of its own performance, performance of the Directors as well as the
evaluation of the working of its committees.
The Nomination and Remuneration Committee has defined the evaluation criteria for the
Board, its Committees and Directors.
The Boards functioning was evaluated on various aspects, including inter alia degree
of fulfillment of key responsibilities, Board structure, composition, establishment and
delineation of responsibilities to various Committees, effectiveness of Board processes,
information and functioning.
Directors were evaluated on aspects such as attendance and contribution at
Board/Committee Meetings and guidance/support to the management outside Board/Committee
Meetings. In addition, the Chairman was also evaluated on key aspects of his role,
including setting the strategic agenda of the Board, encouraging active engagement by all
Board members.
Areas on which the Committees of the Board were assessed included degree of fulfillment
of key responsibilities, adequacy of Committee composition and effectiveness of meetings.
The performance evaluation of the Independent Directors was carried out by the entire
Board, excluding the Director being evaluated. The performance evaluation of the Chairman
and the Non-Independent
Directors was carried out by the Independent Directors who also reviewed the
performance of the Board as a whole. The Nomination and Remuneration Committee also
reviewed the performance of the
Board, its committees and of the Directors.
Secretarial Standards
The Company has complied with the provisions of Secretarial Standards on Meetings of
the Board of Directors (SS-1) and on General Meetings (SS-2).
Directors Responsibility Statement
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Board of Directors, to
the best of their knowledge hereby state and confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures.
b) the directors 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) the directors have 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 have prepared the annual accounts on a going concern basis.
e) the directors have laid down internal financial controls to be followed by the
company and such internal financial controls are adequate and are operating effectively.
f) the directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS
As required under regulation 34 (2)(c) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a cash flow statement is part of the Annual Report 2022 -
2023. Further, the Consolidated Financial Statements of the Company for the financial year
2022 - 2023 are prepared in compliance with the applicable provisions of the Act,
Accounting Standards and as prescribed by SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. 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.
Policy on Directors Appointment and Remuneration
The policy of the Company on directors appointment and remuneration, including
criteria for determining qualifications, positive attributes, independence of a director
and other matters provided under section 178(3) of the Companies Act, 2013, adopted by the
Board are covered in Corporate Governance Report as Annexure – 1, which forms
part of this Report.
Further, the policy also indicates the manner of performance evaluation of Independent
Directors, Board committees and other individual directors which include criteria for
performance evaluation of the non-executive and executive directors. The policy of the
Company on directors appointment and remuneration can be viewed on the Companys website
at
https://www.polymedicure.com/wp-content/uploads/2023/02/Criteria-of-making-payments-to-non-executive-directors.pdf
Annual Return
In terms of Section 93(3) of the Companies Act, 2013, as amended the Annual Return of
the Company is placed on the website of the Company on the following link
https://www.polymedicure.com/
annual-return-as-provided-under-section-92-of-the-companies-act-2013/
Auditors and Auditors ReportStatutory Auditors
At the 24th Annual General Meeting held on September 23, 2019 M/s. M. C.
Bhandari & Company, Chartered Accountants (Firm Registration No. 303002E), were
appointed as Statutory Auditors of the Company to hold office till the conclusion of the
29th Annual General Meeting of the Company to be held in the year 2024.
Your Company has received a certificate from M/s. M. C. Bhandari & Company,
Chartered Accountants (Firm Registration No. 303002E) confirming their eligibility to
continue as the Auditors of the Company in terms of the provisions of the Act and the
Rules framed thereunder and a copy of the certificate issued by the Peer Review Board
(ICAI) as required under Regulation 33 of the Listing Regulations.
The observations of the Auditors and the relevant notes on the accounts are
self-explanatory and therefore do not call for any comments. The Auditors Report does not
contain any qualifications, reservations, or adverse remarks.
Further, during the year, in the course of the performance of their duties as auditor,
no frauds were reported by them.
Cost Auditor
Your Company has received a certificate from M/s. M. C. Bhandari & Company,
Chartered Accountants (Firm Registration No. 303002E) confirming their eligibility to
continue as the Auditors of the Company in terms of the provisions of the Act and the
Rules framed thereunder required under Regulation 33 of the Listing Regulations.
Secretarial Auditor
The Board of Directors has appointed M/s. P.K. Mishra & Associates (Certificate of
Practice No.- 16222), Company Secretaries in Practice to conduct Secretarial Audit for the
financial year 2022-23. The Secretarial Audit Report for the financial year ended 31st
March, 2023 is annexed this Report as Annexure – 2.
The Board of Director has appointed M/s. P.K. Mishra & Associates, Company
Secretaries in Practice to conduct Secretarial Audit for the financial year 2023-24.
Business Responsibility & Sustainability Report (BRSR)
A detailed Business Responsibility & Sustainability Report (BRSR) has been
prepared. As a green initiative the BRSR is placed on website of your Company and can be
accessed at the website of the Company
www.polymedicure.com/wp-content/uploads/2023/09/BRSR-1.pdf
Particulars of Loans, Guarantees or Investments under Section 186
The Particulars of Loans, Investments and guarantees made/given by the Company, under
Section 186 of the Companies Act, 2013, are furnished in Annexure - 3 and forms
part of the Report.
Particulars of Contracts or Arrangements with Related Parties The particulars of
every contract and arrangement entered into by the Company with related parties referred
to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms
length transactions under third proviso thereto are disclosed in Form No. AOC - 2 in Annexure
- 4 and form part of this Report. The Related Party
Transaction Policy can be accessed at the website of the Company
https://www.polymedicure.com/wp-content/uploads/2023/02/
policy-on-dealing-with-related-party-transactions.pdf
Fixed Deposits
Your Company has not accepted/or invited any Fixed Deposits within the meaning of
Section 58A of the Companies Act, 1956 and Section 73 or 76 of the Companies Act, 2013.
Corporate Social Responsibility
As per the Companies Act, 2013, all companies having a net worth of Rs 500 Crore or
more, or a turnover of Rs 1,000 Crore or more or a net profit of Rs 5 Crore or more during
any financial year are required to constitute a CSR Committee of the Board of Directors
comprising three or more directors, at least one of whom should be an independent
director. All such Companies are required to spend at least 2% of the average net profits
of their immediately preceding three financial years on CSR related activities.
Accordingly, the Company was required to spend Rs 315.34 lacs towards CSR activities. The
Company overall spends Rs 315.34 lacs for activities specified in schedule VII of the
Companies Act, 2013. Details of CSR policy and the initiatives adopted by the Company on
CSR during the year are available on the website of the Company at
http://www.polymedicure.com/wp-content/uploads/2015/03/CSR_Policy_2015.pdf. The Annual
Report on CSR as per Companies (Corporate Social Responsibility Policy) Rules, 2014 is
annexed herewith as Annexure 5 to this Report in the prescribed format.
Vigil Mechanism/ Whistle Blower Policy:
The Company has a "Policy on Whistle Blower and Vigil Mechanism" to deal with
instances of fraud and mismanagement, if any. In staying true to our values of Strength,
Performance and Passion, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility. The whistle blower Policy is displayed on the
Companys Website viz, https://www.polymedicure.com/
wp-content/uploads/2023/02/vigil-mechanism-and-whistle-blower-policy.pdf.
Prevention of Sexual Harassment at Workplace
The Company has a detailed Policy on Prevention of Sexual Harassment (POSH Policy) in
place in line with the requirements of The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (Act). Internal Complaints Committees
(ICC) have been set up to redress complaints received regarding sexual harassment and the
Company has complied with provisions relating to the constitution of ICC under the Act.
All employees (permanent, contractual, temporary, trainees) are covered under this Policy.
The POSH Policy is gender inclusive, and the framework ensures complete anonymity and
confidentiality.
During the year under review, no complaints were received by the Committee for
Redressal.
Details in respect of Adequacy of Internal Financial Controls with reference to the
financial statements
The Company has an internal financial control system commensurate with the size and
scale of its operations and the same has been operating effectively. The Internal Auditor
evaluates the efficacy and adequacy of internal control system, accounting procedures and
policies adopted by the Company for efficient conduct of its business, adherence to
Companys policies, safeguarding of Companys assets, prevention and detection of frauds
and errors and timely preparation of reliable financial information etc. Audit Committee
of the Board reviews reports submitted by the independent internal auditors and monitors
follow-up and corrective actions.
Particulars of Employees pursuant to Section 197(12)
Details pursuant to Section 197(12) of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of this
Report and are annexed herewith as Annexure-6.
Particulars of Employees and Related Disclosures in terms of the provisions of Section
197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of the
top ten employees in terms of remuneration drawn and names and other particulars of the
employees drawing remuneration in excess of the limits set out in the said rules forms
part of this Report.
Disclosures relating to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report.
Having regard to the provisions of the second proviso to Section 136(1) of the Act and
as advised, the Annual Report excluding the aforesaid information is being sent to the
members of the Company. Any member interested in obtaining such information may send their
email to cs@polymedicure.com.
Quality and Certification
At POLYMED, our utmost priority is delivering products that adhere to stringent global
quality standards. Our Quality Management system forms the foundation of our commitment to
excellence. All our products comply with international standards and regulatory
requirements, reflecting our dedication to meeting the highest industry benchmarks.
We strive for continuous learning and improvement and adopt and implement world-class
processes to enhance the quality of our offerings. Our products undergo rigorous quality
tests, and our dedicated quality assurance team diligently monitors each stage of the
manufacturing process. Additionally, we conduct thorough inspections to ensure that the
products meet the standards. This unwavering focus on quality enables us to provide our
customers with products that are reliable, safe, and of the highest quality fulfilling our
purpose of "We Care as We Cure". Our associates are committed to a culture of
quality inspired by all our stakeholders.
All our products are manufactured in strict adherence to the current Good Manufacturing
Practices (GMP). To ensure compliance with these high-quality standards, we undergo
regular internal and external quality audits. These audits verify that our quality systems
align with the latest international standards, providing customers with products of
superior quality.
Furthermore, our various manufacturing facilities have been certified from esteemed
independent external agencies. These certifications include the ISO 9001:2015 for quality
management system by DNV GL Business Assurance, EN ISO 13485:2016, and CE Certification by
TUV SUD Product Service GmbH, Germany. POLYMED has also been granted USFDA 510K
certification for some of its products for sale in the USA market.
Human Resources
Polymed acknowledges the pivotal role its employees play as a key asset, understanding
that investing in them directly contributes to creating value for all stakeholders. With
the companys expansion and execution of new projects, recruitment receives significant
attention, successfully attracting skilled professionals at various levels.
The Management of Polymed is dedicated to fostering a supportive, nurturing and
rewarding work environment. They achieve this through a range of employee engagement
programs, empowering individuals to excel in their respective fields. Together, we strive
to exceed expectations and make a positive impact in the lives of our stakeholders.
We are committed to maintaining a diverse, healthy and thriving workforce that imbibes
our culture of empowerment, innovation, safety and well being. Our associates play a key
role in decision making and providing impactful solutions in transformation of the
organization.
The Human Resources department organizes training and development programs to
continually enhance the skills and knowledge of the employees, ensuring their growth and
success within the organization. Polymed takes immense pride in its diverse talent pool,
comprising of approximately 28% female workforce.
Credit Rating
CRISILcontinuetoaccordtheCompany,theratingsonthebankfacilities of the Company as under:
| Long-Term Rating |
CRISIL AA-/ Stable |
| Short Term Rating |
CRISIL A1+ |
Global Economic Volatility Risk
We take pride in our extensive geographical presence, which contributes to a diverse
revenue mix for our company. Approximately one-third of our revenue is generated within
India, reflecting our strong domestic market presence. The remaining two-thirds of our
revenue comes from exports, indicating our success in serving international markets and
reaching customers across the globe.
However, this exposes us to the uncertainties in the global economic, political, and
financial landscape which has the potential to cause significant disruptions in supply
chains.
Our procurement of raw materials relies on purchase orders, with suppliers sourced from
both domestic and international markets. We maintain adequate stocks of raw materials to
ensure continuity in manufacturing processes.
Regulatory Risk
The medical devices industry is one of the highly regulated industries worldwide.
Governments and regulatory agencies around the globe impose strict standards and
requirements on medical device manufacturers to ensure the safety, efficacy, and quality
of medical devices being used by healthcare providers and patients. The regulations for
medical devices vary from country to country. Compliance with these regulations is
critical to gain and maintain market access and uphold the trust of healthcare
professionals and consumers.
The company maintains a robust quality assurance and regulatory control mechanism,
which ensures strict compliance at every level of its operations. To stay up-to-date with
the latest developments in the regulatory landscape, regular regulatory trainings are
organized for employees. These training sessions equip the staff with the necessary
knowledge and understanding to adhere to the ever-changing regulations and guidelines in
the industry. By prioritizing quality and regulatory compliance, the company demonstrates
its commitment to delivering safe and reliable products and services to its customers
while meeting all necessary regulatory requirements.
Foreign Exchange Risk
The Company engages in various operational transactions, including anticipated sales,
purchases, and borrowings, that are denominated in foreign currencies. As a result, we are
exposed to exchange rate fluctuations. Although we dont have a significant currency risk
as were an export driven company, however, these fluctuations can have an impact on our
financial results and overall performance, and therefore, managing these exposures is
crucial to mitigate any potential risks and uncertainties associated with currency
fluctuations.
To manage the risks arising from currency, our Company has implemented robust risk
management policies, namely the Foreign Exchange Risk Management Policy and the Commodity
Risk
Management Policy. By adhering to these policies, we actively engage in hedging
activities to mitigate the potential impacts of adverse movements in foreign exchange
rates and commodity prices.
Through a systematic and well-structured approach, we aim to safeguard our financial
position and ensure stability and predictability in our operations.
Corporate Governance
Corporate governance for us is pivotal to drive our growth and development. It acts as
catalyst to realise our vision and mission across the organisation and implement set of
process and procedures of achieving our goals. Since our inception, we believed in
adopting good governance practices for fulfilling our vision and mission. The Corporate
Governance Report forms an integral Part of this Report and is set out separately in this
Annual Report.
All Board Members and Senior Management Personnel have affirmed compliance with Code of
Conduct as applicable to them for the year ending on 31st Mar 2023 as per
Regulation 26(3) of SEBI (LODR) ch, Regulations, 2015. A declaration to this effect as
signed by the Managing Director is annexed with this Report.
Management Discussion and Analysis Report
The Management Discussion and Analysis Report on the operations of the Company, as
required under the provision of Regulation 34 of the Listing Regulation is provided in Annexure-7
forming part of Directors Report.
Listing
The Shares of your Company are listed on the BSE Limited (BSE), Mumbai and National
Stock Exchange of India Limited, (NSE), Mumbai. The Listing fees to the Stock Exchanges
for the year 2023-24 have been paid.
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
The information pertaining to conservation of energy, technology absorption, foreign
exchange earnings and outgo as required under Section 134(3) (m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are given in
"Annexure - 8" and forming an integral part of this Report.
Green Initiatives
As part of the Green Initiative, we propose to send documents such as Notices of
General Meeting(s), Annual Reports and other shareholders communications for the year
ended 31st March 2023 in electronic form, to the email addresses provided by
you and/or made available to the Company by the Depositories. A copy of annual report
shall be available on the website of the Company and for inspection at the registered
office of the Company, during office hours. In case any member wishes to get Annual Report
and other communication in physical form, he may write to the company and the same will be
provided free of cost.
Electronic copies of the Annual Report 2022-23 and Notice of the 28th Annual General
Meeting would be sent to all members whose email addresses are registered with the
Company/Depository Participant(s).
For members who have not registered their email addresses, physical copies of the same
would be sent in the permitted mode.
Significant and material or ders 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.
Other Disclosures
The Company does not have any scheme of provision of money for the purchase of its
own shares by employees or by trustees for the benefit of employees.
Neither the Managing Directors nor the Whole-time Directors of the Company have
received any remuneration or commission from any of its subsidiaries.
No fraud has been reported by the Auditors to the Audit Committee or the Board.
Neither application was made nor any proceeding is pending under the Insolvency and
Bankruptcy Code, 2016.
No settlements have been done with banks or financial institutions.
Acknowledgements & Appreciation
The Directors take this opportunity to express their deep sense of gratitude to its
Central and State Governments and local authorities for their continued co-operation and
support.
They also would like to place on record their sincere appreciation for the commitment,
hard work, and high engagement level of every employee of the Company.
The Directors would also like to thank various stakeholders of the Company including
customers, dealers, suppliers, lenders,
Annual Report 2022-23 transporters, advisors, local community, etc. for their continued
committed engagement with the Company.
The Directors would also like to thank the shareholders of the Company for their
confidence and trust reposed in the management team of the Company.
For and on behalf of Board of Directors
| 7th August, 2023 |
D. R. Mehta |
Himanshu Baid |
| New Delhi |
Chairman |
Managing Director |
+91-9892691696
