Dear Members,
Your Directors are pleased to present herewith the 28th Annual Report
on the Operations of your Company along with the Audited Standalone and Consolidated
Financial Statements for the Financial Year ended March 31, 2023 together with AuditorsRs.
Report thereon.
FINANCIAL HIGHLIGHTS:
The CompanyRs.s financial performance for the year ended March 31,
2023, and the comparative figures for the previous year are summarised below:
|
Standalone |
Consolidated |
| Particulars |
For the year ended March 31, 2023 |
For the year ended March 31, 2022 |
For the year ended March 31, 2023 |
| Revenue from Operations |
1,47,166.84 |
1,45,480.10 |
1,47,618.09 |
| Other Income |
425.33 |
463.17 |
427.28 |
| TOTAL REVENUE |
1,47,592.17 |
1,45,943.27 |
1,48,045.37 |
| Profit Before Depreciation, Interest and Tax (PBDIT) |
8,266.12 |
8,178.63 |
11,037.74 |
| Depreciation and Interest |
1,690.45 |
1,742.98 |
1,793.42 |
| PROFIT BEFORE TAX (PBT) |
6,575.67 |
6,435.65 |
9,244.32 |
| Tax |
1,655.55 |
1,610.89 |
1,682.48 |
| Profit for the year |
4,920.12 |
4,824.76 |
7,561.84 |
| Other Comprehensive Income |
(4.60) |
11.27 |
(4.60) |
| TOTAL INCOME |
4,915.52 |
4,836.03 |
7,557.24 |
The Comparison on Consolidated Financial highlights of the Company is
not presented in the above table as the CompanyRs.s Wholly Owned Subsidiaries namely, M/s.
POCL Future Tech Private Limited and M/s. Harsha Exito Engineering Private Limited were
incorporated and acquired, respectively, during the financial year 2022-23.
OPERATIONS AND PERFORMANCE OVERVIEW:
As you are aware that during the year under review, there were several
macro-economic uncertainties, as the economy faces severe inflation, disruption in the
overall supply chain network. However, the Company dealt with these uncertainties by
continuing to focus on operational excellence, marketing strategies, and keeping its
Stakeholders at the core of it. Also, of smelting,there has been a significant refining
along with the cost of utility such as power, fuel, which has further added to the overall
cost of production.
Despite the abovementioned macro-economic and geopolitical issues, the
Company was able to maintain a slightly higher margin with a net profit of Rs. 49.20 Crore
as against Rs. 48.25 Crore in the previous year. On the similar note, the CompanyRs.s
revenue from Operations was Rs. 1,471.66 Crore as against Rs. 1,454.80 Crore in the
previous year.
TRANSFER TO RESERVES:
The Board of Directors have decided to retain the entire amount of
profit amount of Rs. 4.90 Crore, which has been transferred to
General Reserve as at March 31, 2023.
MATERIAL CHANGES & COMMITMENTS AFFECTING THE
FINANCIAL POSITION OF THE COMPANY:
There have been no material changes and commitments affecting the
financial position of the Company between the end of the financial year to which the
financial statements relate and the date of this report.
BUSINESS DEVELOPMENTS PROPOSED
During the Financial year 2022-23, Your company has recognised an
opportunity to recycle Aluminum and has set up Aluminum Recycling / Melting Facility at
our existing premises located in Sriperumbudur, Tamil Nadu with a view to enhance the
portfolio of other non-ferrous metals apart from Lead and Copper. The Company has
completed the installation of Plant and Machineries and obtained the necessary regulatory
approvals and commenced its commercial production on December 14, 2022.
Further, on March 6, 2023, the Equity Shares of the Company was listed
and traded in National Stock Exchange of India for Limited (NSE) under Capital Market
Segment vide NSE Financial Year 2022-23, except an
Circular Ref no. 0268/2023 in addition to the existing listing of
Equity Shares of the Company in BSE.
Also, during the FY 2022-23, the Company had acquired two subsidiaries
and the details of the same mentioned in this BoardRs.s Report under the heading “Subsidiaries,
Associates and Joint Venture Companies”
Your Company is constantly striving to emphasise Circular Economy and
the importance of Environmental Responsibility and will continue to introduce more
environment friendly projects and further contribute to circular economy.
DIVIDEND:
The Board of Directors in their meeting held on May 29, 2023 have
recommended a Final Dividend at 50% i.e. Rs. 5/- per share [Previous Year: 50%] on Face
Value of Rs. 10/- each for the Financial Year ended March 31, 2023. The total Dividend
outgo amounts to Rs. 5.81 Crore [Previous Year: Rs. 2.91 Crore].
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
a) Transfer of Unclaimed / Unpaid Dividend to IEPF
In accordance with the provisions of Section 124 of Companies Act, 2013
read with Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund)
Rules, 2016, the Company has transferred unpaid and unclaimed dividends amounting to Rs.
1.38 Lakhs to the Investor Education and Protection Fund (IEPF) during the Financial Year
2022-23.
b) Transfer of Shares to IEPF
In accordance with the provisions of Section 124 of Companies Act, 2013
read with Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund)
Rules, 2016, the Company has transferred 755 equity shares, in respect of which dividend
has not been claimed by the members for seven consecutive years or more, have been
transferred by the Company to the Investor Education and Protection Fund Authority (IEPF)
during the financial year 2022-23. Details of shares transferred to IEPF have been
uploaded on the website of the Company.
ANNUAL RETURN:
In terms of Section 134(3)(a) and Section 92(3) of the Companies Act,
2013, a copy of the annual return in Form
MGT-7 is to be placed on the website of the Company. The same is
available on the website of the Company https:// www.pocl.com/annual-returns/
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In terms of Section 152 of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Anil Kumar
Bansal, Chairman and Whole-time Director, who has been longest in the
office is liable to retire by rotation at the ensuing
Annual General Meeting and being eligible, offers himself for
re-appointment. The Board recommends his re-appointment and the same has been included in
the agenda of the 28th
Annual General Meeting for approval of the Shareholders. During the
Financial Year 2022-23, the following were the changes in the composition of the Board of
Directors and Key Managerial Personnel of the Company:
(a) As informed in the previous Annual Report, Mr. K
Kumaravel who had been appointed as an Additional
Director has been regularised by the Shareholders in the 27th Annual
General Meeting dated September 21, 2022.
(b) Pursuant to the recommendation of Nomination & Remuneration
Committee, the Board of Directors in its Meeting held on August 10, 2022 approved the
appointment of Mr. B Vijay as the Chief Financial Officer and Key Managerial Personnel of
the Company with effect from August 10, 2022 in place of Mrs. Usha Sankar, who retired
from the services of the Company due to Superannuation.
Pursuant to the recommendations of Nomination and Remuneration
Committee and the consent of the Board of Directors, the proposal for re-appointment of
Mr. Ashish Bansal, Managing Director and Mr. Anil Kumar Bansal,
Chairman and Whole-time Director for a period of 3 years with effect
from April 1, 2024 has been placed before the Shareholders in the 28th Annual General
Meeting for their approval.
Brief profile of the Directors seeking appointment/reappointment along
with the disclosures required pursuant to provisions of Listing Regulations and the
Companies Act, 2013 are given in the Notice of the Annual General Meeting, forming part of
the Annual Report.
During the year, four (4) meetings of the Board of Directors were held.
The particulars of the meetings held and attendance by each Director are detailed in the
Corporate Governance Report, which forms a part of this Report. The Company has complied
with the applicable Secretarial Standards as issued by the Institute of Company
Secretaries of India in compliance with Section 118 (10) of the Companies Act, 2013.
INDEPENDENT DIRECTORS AND FAMILIARISATION
PROGRAMME:
In terms of the provisions of Section 149(7) of the Companies
Act, 2013, all the Independent Directors of the Company have furnished
a declaration to the Company stating that they fulfill the criteria of Independence as
prescribed under Section 149(6) of the Companies Act, 2013 and SEBI (ListingObligation and
Disclosure Requirements) Regulations, 2015 and are not disqualified to act as Independent
In compliance with Regulation 16(1)(b) and 25(8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the
Board has adopted a policy on familiarisation programme for Independent Directors of the
Company. The policy familiarises the Independent Directors with the nature of industry in
which the Company operates, business model of the Company, their roles, rights and
responsibilities in the Company.
The details of familiarisation programme during the Financial Year
2022-23 are available on the website of the Company at
https://www.pocl.com/wp-content/uploads/2023/03/
Details-of-Familiarisation-programme-imparted-to-independent-directors.pdf
KEY MANAGERIAL PERSONNEL:
Mr. Anil Kumar Bansal - Chairman and Whole Time Director, Mr. Ashish
Bansal - Managing Director, Mr. K. Kumaravel - Director Finance & Company Secretary
and Mr. B. Vijay - Chief Financial Officer are the Key Managerial Personnel (KMP) of the
Company in terms of provisions of Section 203 of the
Companies Act 2013 for the Financial Year ended March 31, 2023.
As informed in the previous Annual Report, in the Board Meeting held on
August 10, 2022, Mr. Vijay Balakrishnan was appointed as Chief Financial Officer of the
Company in place of Mrs. Usha Sankar who retired from services due to superannuation.
BOARD COMMITTEES:
The Company has constituted various Committees of the Board in
compliance with the provisions of the Companies Act, 2013 and the SEBI Listing
Regulations. Details of scope, constitution, terms of reference, number of meetings held
during the year under review along with the attendance of the Committee Members and
re-constitution therein forms part of the Report on Corporate Governance, which is annexed
to this report. Details of the constitution of these Committees is also available on the
website of the Company https://www. pocl.com/composition-of-board-and-committees/
BOARD EVALUATION:
As required under the Companies Act, 2013 and the Listing
Regulations, an annual performance evaluation of the Board is
undertaken where the Board formally assesses its own performance with an aim to improve
the effectiveness of the Board and the Committees. The Company has devised a policy for
performance evaluation of the Board, its Committees and Directors which include criteria
for performance evaluation of Non-executive and Executive Directors.
The Company carried out the evaluation process internally which
included the evaluation of the Board as a whole, its Committees and Peer evaluation of the
Directors. The evaluation process focused on various aspects of the functioning of the
Board and the Committees such as composition of the Board and the Committees, experience
and competencies, performance of specific duties and obligations, governance issues, etc.
The report on performance evaluation of the Individual Directors was reviewed by the
Chairman of the Board and feedback was given to Directors.
Details of performance evaluation of Independent Directors as required
under Schedule IV to the Companies Act, 2013 is provided in the Report on Corporate
Governance. The Directors have expressed their satisfaction with the evaluation process
and its results.
REMUNERATION POLICY OF THE COMPANY:
In terms of the provisions of Section 178 of the Companies Act, 2013
read with Regulation 19 of SEBI Listing Regulations, a policy relating to remuneration of
the Directors, Key Managerial Personnel and other employees has been adopted by the Board
of Directors thereby analyzing the positive attributes and criteriafordetermining
qualifications, independence of a Director. The said policy is available on the website of
the Company at https://pocl.com/wp-content/
uploads/2016/02/4-Nomination-and-Remuneration-Policy. pdf
There has been no change in the policy since the last financial year.
PARTICULARS OF REMUNERATION OF DIRECTORS AND EMPLOYEES:
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 as Annexure -
I.
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.
Having regard to the provisions of the second proviso to
Section 136(1) of the Act, the Annual Report excluding the aforesaid
information is being sent to the members of the Company.
Any member interested in obtaining such information may address their
email to kk@pocl.com.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO: (A) Conservation of Energy -(i) Steps taken on conservation of energy:
The Company continues to use its focused energy conservation efforts,
effective production scheduling and efficient energy equipmentRs.s by the following
measures:
VFD with feedback system wherever possible in equipment
Automatic power control panels with hybrid filters for improving power
quality
Replacement of conventional lights with LED lights
Improving heater control system for lead pots
(ii) Steps taken for utilising alternate source of energy
The company would explore the possibility of usage of Gas instead of
Furnace Oil as a fuel to substantially save the energy cost.
(iii) The capital investment on energy conservation equipmentRs.s
The company has made sizeable investment in capital equipmentRs.s
mainly energy conservation equipment in all its facilities wherever required.
(B) Technology absorption:
As stated in the previous Annual Report, our Company has partnered with
Ace Green Recycling Inc., a Delaware Corporation in the United States, for set up the
worldRs.s largest greenhouse gas (GHG) emission-free battery recycling facility in our
Andhra Plant (SMD – II). This has gone live in terms of the entire commissioning and
being a new technology the company shall ensure that the commercial production which we
realise is concrete, is futuristic which will give us the required output for the years to
come. Currently, itRs.s at the trial stage of production and in the coming months, the
company would go live with commercial production.
(C) Foreign Exchange Earnings and Outgo:
| Foreign Exchange Earnings and Outgo |
(Rs. in Lakhs) |
(Rs. in Lakhs) |
|
2022-23 |
2021-22 |
| Foreign Exchange Earnings |
98,836.90 |
81,286.16 |
| Foreign Exchange Outgo |
85,988.52 |
95,656.40 |
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
Pursuant to the provisions of Section 188 of the Companies
Act 2013 and necessary rules framed thereunder, all contracts /
arrangements / transactions entered by the
Company during the financial year with related parties were in its
ordinary course of business and on armsRs. length basis. All Related Party Transactions
are placed before the
Audit Committee for their review and approval. The Audit Committee has
provided omnibus approval for transactions which are of repetitive nature and/or entered
in the Ordinary
Course of business and are at ArmRs.s Length and the Audit
Committee also reviews the transactions periodically on quarterly
basis. Accordingly, the disclosure required under
Section 134(3)(h) of the Companies Act, 2013, in Form AOC-
2 is annexed to this Report as Annexure - II.
During the year, the Company had not entered into any contract /
arrangement / transaction any person belonging to the Promoter/Promoter group which holds
10% or more shareholding in the listed entity or any other contract / arrangement /
transaction which could be considered material in accordance with the policy of the
Company on materiality of related party transactions and Listing Regulations. The Policy
on Materiality of Related Party Transactions and on dealing with Related Party
Transactions as approved by the Board may be accessed on the CompanyRs.s website at:
https://pocl.com/wp-content/uploads/2021/04/2-Related-Party-Transaction.pdf
PARTICULARS OF LOANS, GUARANTEE AND INVESTMENTS:
The details of the loans, investments and guarantees or securities made
by the Company under the provision of Section 186 of the Act are given under the Note No.
6 (Non-Current Investments) of the financial statements forming part of the Annual Report.
DEPOSITS:
During the year, your Company did not accept any deposits under Chapter
V of the Companies Act, 2013. The Company has however received loans from Directors namely
Mr. Anil
Kumar Bansal and Mr. Ashish Bansal of Rs. 368.00 Lakhs and
Rs. 199.00 Lakhs respectively, which are not considered under the
definition of “Deposits” in accordance with the provisions of Rule 2(c)(viii) of
the Companies (Acceptance of Deposits) Rules, 2014 and the full details of the Loans is
given under
Note No. 44 (Related Party Disclosure) forming part of the financial
statements.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES:
As at March 31, 2023, the Company has not entered into any joint
ventures nor did not have any associate Company. As informed in the previous Annual
Report, During the Financial Year 2022-23, the Company had incorporated a subsidiary
Company on May 27, 2022 in the name “POCL Future
Tech Private Limited” bearing Corporate Identity Number:
U37200TN2022PTC152661 with the object of entering into the business segment of Plastics,
E-waste, Lithium-ion, Rubber, Paper and other forms of forward-looking recycling
businesses. Later, On September 30, 2022, it became the Wholly owned subsidiary of the
Company.
Further, during the financial year 2022-23, the Company has acquired
M/s. Harsha Exito Engineering Private Limited vide HonRs.ble National Company Law Tribunal
(NCLT) Order IA/248/ CHE/2022 dated January 12, 2023 through successful Corporate
Insolvency Resolution Process (CIRP). Post this acquisition, the management of POCL is
planning to carry out complete re-assessment of the existing business of Glass
Manufacturing and in addition to that planning to Recycle various
non-ferrous metals, and Plastics to effectively utilise the available infrastructure
facilities in the unit.
None of the Companies ceased to be Subsidiaries during the year.
PERFORMANCE HIGHLIGHTS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
Financial Statements in respect of each of the subsidiaries shall be
available for inspection at the Registered Office of the Company.
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5
of the Companies (Accounts) Rules, 2014, a statement containing salient features of the
financial statements of subsidiaries is given in Form AOC-1 (enclosed as Annexure III)
and forms integral part of financial statements of the Company.
CORPORATE SOCIAL RESPONSIBILITY:
The Company has constituted Corporate Social Responsibility Committee
with the following Committee Members:
(a) Mr. A Vijay Anand as the Chairman of the Committee,
(b) Mr. Ashish Bansal, Member and (c) Dr. Shoba Ramakrishnan, Member
The CSR policy of the Company is available on the CompanyRs.s website
https://pocl.com/wp-content/uploads/2021/04/7-CSR_Policy.pdf
As part of its initiatives under “Corporate Social
Responsibility”
(CSR), the company has contributed funds for the schemes which are
detailed in the prescribed format in Annexure IV of this Report.
SHARE CAPITAL AND STATEMENT PURSUANT TO LISTING
AGREEMENT:
The Paid-up Equity Share Capital of the Company as on March 31, 2023
was Rs. 11.62/- Crore comprising of 1,16,24,780 equity shares of Rs. 10/- each.
As informed in the previous Annual Report, at the Board of Directors
meeting held on August 10, 2022, has recommended issue of bonus shares subject to the
approval of Shareholders at the forthcoming 27th Annual General Meeting. The Bonus Shares
were approved by the Members in the 27th AGM and were issued in the ratio of 1:1.
Therefore, the post-paid-up equity share capital of the Company has increased to Rs.
1,16,24,780/- Equity Shares of Rs. 10/- each.
During the year under review, your Company has neither issued any
shares with differential voting rights nor granted any stock options or sweat equity. Your
CompanyRs.s shares are listed with the BSE Limited and National Stock Exchange of India
Limited (NSE). The Company has paid the Annual Listing fees and there are no arrears.
WHISTLE BLOWER POLICY / VIGIL MECHANISM:
POCL has adopted a Whistle Blower Policy establishing vigil mechanism,
to provide a formal mechanism to the
Directors and employees to report their concerns about unethical
behavior, actual or suspected fraud or violation of the CompanyRs.s Code of Conduct or
Ethics Policy. The Policy provides for adequate safeguards against victimisation of
employees who avail of the mechanism.
The Vigil Mechanism is supervised by the Audit Committee and the
whistle blower has direct access to the Chairman of the Audit Committee. The vigil
mechanism and whistle blower policy is available on the CompanyRs.s website at
https://pocl.com/wp-content/uploads/2021/04/5-Whistle-Blower-Policy.pdf
RISK MANAGEMENT POLICY:
The Board has adopted and implemented a suitable Risk
Management Policy for the company which identifies, assesses and
mitigates therein different elements of risk which may threaten the existence of the
company viz. strategic, financial, liquidity, security, regulatory, legal, reputational
and other risks.
SECRETARIAL STANDARDS:
The Company is in compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central
Government under Section 118 (10) of the Act.
INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY :
The Company has Internal Control Systems commensurate with the size,
scale and complexity of its operations. The
Board has devised systems, policies, procedures and frameworks for the
internal control which includes adherence to companyRs.s policy, safeguarding assets,
prevention and detection of frauds and errors, accuracy and completeness of the accounting
records and timely preparation of reliable financial information. In line with best
practices, the Audit Committee and the Board reviews these internal control systems to
ensure they remain effective and are achieving their intended purpose.
The Auditors of the Company have verified financial control systems
prevailing in the organisation and confirmed the effectiveness of the same in their report
for the Financial Year 2022-23.
MAINTENANCE OF COST RECORDS:
The Company is duly maintaining the cost records as specified by the
Central Government under sub-section (1) of section
148 of the Companies Act, 2013 read with the Companies (Cost Records
and Audit) Rules, 2014, such accounts and records are made available for the Cost Auditors
of the Company for Audit purposes.
AUDIT COMMITTEE:
All the recommendations of the Audit Committee during the Financial
Year 2022-23 have been accepted by the Board of Directors. The details of composition of
Audit Committee as material orders passed by required under Section 177 to the Companies
Act, 2013 is mentioned in the Report on Corporate Governance (as a part of this Annual
Report).
AUDITORS AND AUDITORSRs. REPORT:
Statutory Auditors:
The Report given by M/s. L Mukundan & Associates, Statutory
Auditors, on the Financial Statements of the Company for the Financial Year 2022-23 is
part of this Report. There are no qualifications, given by the Auditors in their said
Report.
Cost Auditors:
M/s. K. R. Vivekanandan Unni & Associates, Cost Accountants (having
Firm Registration Number: 102179) were appointed as the Cost Auditors of the Company for
the Financial Year 2022-23 for conducting audit of the cost accounts maintained by the
Company relating to inorganic chemicals and base metals.
The Board of Directors, on the recommendation of the Audit Committee
has approved a remuneration of Rs. 40,000/-
(Rupees Forty Thousand Only) in addition to the applicable taxes and
out of pocket expenses. As per the provisions of Section 148 of the Companies Act, 2013,
the remuneration of the Cost Auditors is required to be ratified by the shareholders of
the Company.
In respect of the cost audit for FY 2021-22 which was duly submitted in
the Financial Year 2022-23, the Cost Audit Report does not contain any qualification,
reservation or adverse remark.
A resolution seeking Shareholders ratification for the remuneration
payable to the Cost Auditor forms part of the Notice of this 28th Annual General Meeting
and the same is recommended for your consideration and ratification.
Secretarial Auditors: the internal
The Board had appointed M/s. KSM Associates, Practicing Company
Secretaries (Firm Registration No: P2006TN058500), to conduct Secretarial Audit for the
Financial Year 2022-23. The Secretarial Audit Report is annexed
herewith marked as Annexure V to this Report. The Secretarial Audit Report does not
contain any qualifications, reservations, adverse remarks or disclaimers.
REPORTING OF FRAUD(S) BY THE AUDITORS:
During the Financial Year 2022-23, the Statutory Auditors, Cost
Auditors or Secretarial Auditors have not reported any fraud to the Audit Committee under
Section 143(12) of the Companies Act, 2013.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS: theThere are no significant
Regulators or Courts which would impact the going concern status of the
Company and its future operations.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as
stipulated under Regulation 34(3) of the
Listing Regulations, is presented in a separate section forming part of
the Annual Report.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out by SEBI. The report
on Corporate Governance as stipulated under the Listing Regulations forms an integral part
of this Report. The requisite certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance is attached to the report on
Corporate Governance.
DISCLOSURE UNDER THE SEXUAL HARASSMENT AT WORKPLACE:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirement of the Sexual Harassment of Women at the Workplace (Prevention,
Prohibition & Redressal) Act, 2013 (Rs.POSH ActRs.). Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees of the Company are covered under this policy.
During the year, there were no complaints received pursuant to the provisions of the POSH
Act.
DIRECTORSRs. RESPONSIBILITY STATEMENT:
Pursuant to provisions of Section 134 of the Companies Act, 2013, with
respect to DirectorsRs. responsibility statement it is hereby confirmed that:
1. in the preparation of the annual accounts applicable accounting
standards has been followed and there is no material departure from the same; 2. the
Directors 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 i.e., March 31,
2023 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 Act, for safeguarding the CompanyRs.s assets and for preventing and
detecting fraud and other irregularities;
4. the Directors have prepared the annual accounts 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 are
operating effectively; and 6. the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and such systems were adequate and
operating effectively.
AWARDS AND RECOGNITION:
During the year, Mr. Ashish Bansal, Managing Director received an award
on behalf of the Company with the
Certificate of recognition as “Three Star Export House” from
Director General of Foreign Trade, Ministry of Commerce &
Industry, Govt. of India based on an exceptional performance in
international trade and successful achievement of desired export performance.
ANY APPLICATION MADE OR PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE FINANCIAL YEAR ENDED 31ST MARCH 2023:
There was no such direct application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) in respect of the Company
during the financial year ended March 31, 2023.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS:
There were no such instances of One-time Settlement with any Bank or
Financial Institutions during the Financial Year ended March 31, 2023.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to place on record their sincere
appreciation for the continued trust and confidence reposed in the Company by the bankers,
business associates, regulatory authorities, customers, dealers, vendors, shareholders and
other stakeholders. Your Directors recognise and appreciate the services rendered by the
officers, staff and employees of the Company at all levels for their dedicated efforts to
improve the performance of the
Company.
|
For and on behalf of the Board of
Directors |
|
|
Anil Kumar Bansal |
Ashish Bansal |
| Date: August 11,2023 |
Chairman & Whole-Time Director |
Managing Director |
| Place: Chennai |
DIN: 00232223 |
DIN: 01543967 |
+91-9892691696
