(SECTION 134 OF THE COMPANIES ACT, 2013)
To The Members
Raunaq EPC International Limited
Your Directors have pleasure in presenting the 58th Annual Report of your
Company together with the Audited Financial Statements and the Auditors Report thereon
for the Year ended 31 March, 2023.
FINANCIAL RESULTS
The highlights of Financial Results of your Company are as follows:
(^/Lakhs)
Financial Results |
|
|
Particulars |
Year ended 31 March, 2023 |
Year ended 31 March, 2022 |
| Revenue from Operations and other income |
778.96 |
1024.28 |
| Profit before Finance Cost and Depreciation |
(224.04) |
(198.17) |
| Finance Cost |
33.38 |
98.04 |
| Depreciation |
25.15 |
39.63 |
| Profit Before Tax |
(282.57) |
(335.84) |
| Less: Tax Expense |
(44.54) |
(4.39) |
Profit for the Year |
(238.03) |
(331.45) |
Other Comprehensive Income |
|
|
Items that will not be reclassified to Profit and Loss (net of tax) |
7.61 |
(0.90) |
Total Comprehensive Income for the year |
(230.42) |
(332.35) |
Surplus in Statement of Profit and Loss |
Year ended 31 March, 2023 |
Year ended 31 March, 2022 |
| Opening balance |
(1035.67) |
(703.32) |
| Add: Profit for the year |
(230.42) |
(332.35) |
| Less: |
|
|
| Proposed Dividend-Equity |
- |
- |
| Tax on distributed profits |
- |
- |
| Transferred to General Reserve |
- |
- |
Closing Balance |
(1266.09) |
(1035.67) |
Dividend
In view of loss for the year, your directors have not recommended any dividend on
equity shares of the Company for the year ended 31 March, 2023.
Business Operations
During the year under review, there is a downturn in the total revenue of the Company
from Rs.1,024.28 Lakhs in FY 2021-22 to Rs.778.96 Lakhs in FY 2022-23. The Company has not
quoted for any tender due to the Companys inability to arrange for Bank Guarantees due to
strict Banking Norms for EPC Industry.
The Company has not been able to bag any order during the year.
Due to lack of banking facilities, the Company was unable to bid for any new jobs
during the year. The Company has only executed the current projects, delayed/disrupted due
to Covid-19 pandemic, which has impacted the revenues and financials of the Company.
In terms of the execution, the Company has completed all the work at following projects
in FY 2022-23:
• Large Dia CW piping system at NUPPL Ghatampur 3x660 MW for GE Power Systems has
been completed.
• Additional ash water re-circulation project at NTPC Ramagundam 2600 MW.
• Work of LP Piping & FOHS at NTPC/BRBCL - Nabinagar has been completed and
closing activities have been started.
Future Outlook
Going forward, Raunaq EPC International intends to tactfully approach new EPC tenders
while leveraging its extensive experience in the field. The company also seeks to explore
opportunities within the trading and machining sectors, particularly in the auto component
industry. Our commitment lies in timely project execution, fueled by top-notch engineering
capabilities. We are equally dedicated to advancing our trading and machining activities
alongside our EPC projects, all within the confines of our available banking facilities.
Indian Accounting Standards ("Ind AS")
The financial statements for the year ended 31 March, 2023 have been prepared in
accordance with the Indian Accounting Standards ("Ind AS") as required under the
provisions of Section 133 of the Companies Act, 2013 read with rules made there under, as
amended.
Management Discussion and Analysis
A detailed analysis of the Companys operations in terms of performance in markets,
business outlook, risk and concerns forms part of the Management Discussion and Analysis,
a separate section of this report.
Directors Responsibility Statement
Pursuant to Section 134(3)(c) of the Companies Act, 2013, your Directors confirm
that:-(a) in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures; (b) the
directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at 31 March, 2023 and of the Profit and Loss of
the Company for the period ended on that date; (c) the directors had 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) the directors had prepared the annual accounts on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
(f) the directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
Related Party Contracts and Arrangements
The contracts or arrangements of the Company with related parties during the period
under review referred to in Section 188(1) of the Companies Act, 2013 were in ordinary
course of business and on arms length basis. During the year, the Company had not entered
into any contract/arrangement/transaction with related parties which could be considered
material in accordance with the related party transaction policy of the Company. Thus,
there are no transactions which are required to be reported in the prescribed Form AOC-2
of the Companies (Accounts) Rules, 2014.
Further, during the Financial Year 2022-23, there were no materially significant
related party transactions entered into by your Company with the Promoters, Directors, Key
Managerial Personnel or other designated persons, which might have potential conflict with
the interest of the Company at large.
As all the related party transactions are at arms length price and in the ordinary
course of business, the same are placed before the Audit Committee for its approval. There
was no related party transaction which requires approval of the Board. During the
Financial Year under review, the Audit Committee has approved the related party
transactions through the omnibus mode in accordance with the provisions of the Companies
Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. Related Party Transactions were disclosed to the Board on regular basis as per Ind
AS-24. Details of related party transactions as per Ind AS-24 may be referred to in the
Notes forming part of the Financial Statements.
The policy on Related Party Transactions as approved by the Board in terms of
provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015 is available on the website of the Company
i.e.www.raunaqinternational.com under the link
http://www.raunaqinternational.com/pdf/related_party_ transactions_policy.pdf
Particulars of Loans, Guarantees or Investment
Details of Loans or guarantee given or security provided in terms of the provisions of
Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its
Powers) Rules, 2014 have been adequately disclosed in the financial statements.
Directors
During the period under review, the members of the Company, at their Annual General
Meeting held on 19 September, 2022 approved the:
• Re-appointment of Mr. Surinder Paul Kanwar as Chairman and Managing Director of
the Company for a further period of 5 (Five) years with effect from 01 October, 2022;
• Appointment of Ms. Preeti Goel as a Non-Executive Independent Director of the
Company for a period of 5 (Five) years upto the conclusion of the 62nd Annual
General Meeting (AGM) of the Company in the calendar year 2027 in terms of the provisions
of Section 149 of the Companies Act, 2013;
• Re-appointment of Mr. Naresh Kumar Verma as a Non-Executive Director of the
Company liable to retire by rotation in terms of the provisions of Section 152 of the
Companies Act, 2013.
In terms of the provisions of Section 152 of the Companies Act, 2013 and the Articles
of Association (AOA) of the Company, Mr. Naresh Kumar Verma, Non-Executive Director of the
Company retires by rotation at the ensuing Annual General Meeting and has offered himself
for re-appointment.
Therefore, in terms of the provisions of Section 152 of the Companies Act, 2013, it has
been proposed to re-appoint Mr. Naresh Kumar Verma as a Non-Executive Director liable to
retire by rotation at the ensuing Annual General Meeting (AGM) of the Company.
Boards Opinion Regarding Integrity, Expertise and Experience (Including the
proficiency) of the
Independent Directors appointed/re-appointed during the year
The Board is of the opinion that the Independent Directors appointed/re-appointed
during the year under review are person(s) of integrity and possess core skills/expertise/
competencies (including the proficiency) as identified by the Board of Directors as
required in the context of Companys business(es) and sector(s) for Company to function
effectively.
Number of Meetings of the Board
During the financial year 2022-23, 4 (Four) Board Meetings were held on the following
dates. The gap between any two meetings was not more than one hundred twenty days as
mandated under the provisions of Section 173 of the Companies Act, 2013 and Regulation
17(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:-
• 30 May, 2022;
• 23 July, 2022;
• 08 November, 2022; and
• 13 February, 2023
Independent Directors
In terms of the provisions of Section 149(7) of the Companies Act, 2013 read with
Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, all the Independent Directors of the Company have furnished a
declaration to the Company at the meeting of the Board of Directors held on
29 May, 2023 stating that they fulfill the criteria of Independent Director as
prescribed under Section 149(6) of the Companies Act, 2013 read with Regulation 16(1) (b)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and are
not being disqualified to act as an Independent Director. Further, they have declared that
they are not aware of any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties with an
objective independent judgment and without any external influence.
In the opinion of the Board, all the Independent Directors fulfill the conditions
specified in the Companies Act, 2013 read with the Rules made there under and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and are independent of
the management.
In terms of Regulation 25(7) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company had adopted a familiarization programme for
the Independent Directors to familiarize them with working of the Company, nature of the
industry in which the Company operates, business model of the Company, their roles,
rights, responsibilities, and other relevant details. During the Financial Year 2022-23,
however the Company was not required to comply with the provisions of Regulation 25 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
familiarization programme for the Directors has been conducted voluntarily. The details of
familiarization programme during the Financial Year 2022-23 are available on the official
website of the Company i.e. www.raunaqinternational.com under the link: http://
raunaqinternational.com/pdf/details-of-familiarization-programme-for-independent-directors-FY-22-23.pdf
Policy on Appointment and Remuneration of Directors, Key Managerial Personnel (KMP) and
Senior Management Personnel
In terms of the provisions of Section 178 of the Companies Act, 2013 read with
Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Nomination and Remuneration
Committee (‘NRC) has formulated a policy relating to appointment and determination
of the remuneration for the Directors, Key Managerial Personnel and Senior Management
Personnel which has been adopted by the Board of Directors of the Company. The NRC has
also developed the criteria for determining the qualifications, positive attributes and
independence of Directors and for making payments to the Executive and Non-Executive
Directors of the Company. Your Directors affirm that the remuneration paid to the
Directors, Key Managerial Personnel, Senior Management and other employees is as per the
Nomination and Remuneration Policy of your Company.
The salient features of the Nomination and Remuneration Policy are as under:
• Formulation of the criteria for determining qualifications, positive attributes
and independence of a Director. ? For every appointment of an Independent Director,
the Nomination and Remuneration Committee evaluates the balance of skills, knowledge and
experience on the Board and on the basis of such evaluation, prepare a description of the
role and capabilities required of an Independent Director. The person recommended to the
Board for appointment as an Independent Director shall have the capabilities identified in
such description. For the purpose of identifying suitable candidates, the Committee may:
a. use the services of an external agencies, if required; b. consider candidates from a
wide range of backgrounds, having due regard to diversity; and c. consider the time
commitments of the candidates.
• Identification of persons who are qualified to become Director and persons who
may be appointed in Key Managerial and Senior Management positions in accordance with the
criteria laid down in the Nomination and Remuneration policy.
• Recommendation to the Board for appointment and removal of Director, KMP and
Senior Management Personnel.
• Formulation of the criteria for evaluation of performance of Independent
Directors and the Board of Directors.
• Formulation of the criteria for devising a policy on diversity of Board of
Directors.
• Deciding that whether to extend or continue the term of appointment of the
Independent Director, on the basis of the report of performance evaluation of Independent
Directors.
• Recommendation to the Board, all remuneration, in whatever form, payable to
senior management.
The said policy is available on the official website of the Company i.e.
www.raunaqinternational.com under the link:
http://www.raunaqinternational.com/pdf/nomination--and-remuneration-policy.pdf
Evaluation Process
The Nomination and Remuneration Committee has established a framework for the
evaluation process of performance of the Board, its Committees and Individual Directors
and the same was adopted by the Board. During the year under review, the Board of
Directors at its meeting held on 13 February, 2023 have carried out the evaluation of the
performance of Independent Directors and their independence criteria and the Independent
Directors in their meeting held on even date have evaluated the performance of the
Chairman and Non-Independent Directors and the Board as a whole and also assessed the
quality, quantity and timeliness of flow of information between the Board and Company
management.
Key Managerial Personnel
The following Directors/Officials of the Company have been designated as Key Managerial
Personnel (KMP) of the Company by the Board of Directors in terms of the provisions of
Section 203 of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015:
1. Mr. Surinder Paul Kanwar Chairman and Managing Director
2. Mr. Rajan Malhotra Chief Executive Officer
3. Mr. Kailash Chandra Yadav Chief Financial Officer
4. Ms. Neha Patwal Company Secretary
During the period under review, Ms. Ankita Jain has resigned from the post of Company
Secretary and Compliance Officer of the Company with effect from 31 March, 2022 and
Ms. Neha Patwal has been appointed as Company Secretary and Compliance Officer of the
Company with effect from 30 May, 2022.
Disclosure under the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014
Disclosures pertaining to remuneration 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 are enclosed as
Annexure-"A" to this report.
Particulars of Employees
Information regarding employees in accordance with the provisions of Rule 5(2) and Rule
5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
containing particulars of top ten employees in terms of the remuneration drawn and
employees drawing remuneration in excess of the limits set out in Rule 5(2) & (3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as
amended, are provided as part of the Board Report. However, in terms of provisions of
Section 136 of the Companies Act, 2013, the Annual Report is being sent to all the members
of the Company and others entitled thereto, excluding the said statement. Any member
interested in obtaining such particulars may write at secretarial@raunaqintl.com. The said
information is also available for inspection at the Registered Office of the Company
during working hours till the date of Annual General Meeting.
Risk Management
A robust and integrated enterprise risk management framework is in existence under
which the common prevailing risks in the Company are identified, the risks so identified
are reviewed on periodic basis by the Audit Committee and the managements actions to
mitigate the risk exposure in a timely manner are assessed. A risk management policy under
the above said enterprise risk management framework as approved by the Board has been
adopted by the Company.
Corporate Social Responsibility
In terms of the provisions of Section 135 of the Companies Act, 2013, the Corporate
Social Responsibility Committee ("CSR Committee") is in existence to monitor the
Corporate Social Responsibility Policy of the Company as approved by the Board and the
said policy is available on official website of the Company i.e.
www.raunaqinternational.com.
The CSR Committee comprises of Mr. Surinder Paul Kanwar, Mr. Rajiv Chandra Rastogi and
Dr. Sanjeev Kumar. The role of the Corporate Social Responsibility Committee includes: (a)
Formulation and recommendation to the Board, a Corporate Social Responsibility (CSR
Policy) and annual action plan in pursuance of CSR Policy consisting of list of approved
projects or programs to be undertaken within the purview of Schedule VII of the Companies
Act, 2013, manner of execution of such projects, modalities of fund utilization and
implementation schedules, monitoring and reporting mechanism for the projects, and details
of need and impact assessment, if any, for the projects to be undertaken.
(b) Monitoring the Corporate Social Responsibility Policy and annual action plan of the
Company from time to time.
(c) Recommendation of the amount of expenditure to be incurred on the activities
referred to in clause (a) above.
(d) Instituting a transparent monitoring mechanism for implementation of the CSR
projects or programs or activities undertaken by the Company.
As per the provisions of Section 135 of the Companies Act, 2013, the Company was not
required to spend any amount on CSR activities during the Financial Year 2022-23 in
terms of loss incurred during the Financial Year 2021-22.
Audit Committee
The Audit Committee comprises of Dr. Sanjeev Kumar, Mr. Rajiv Chandra Rastogi, Ms.
Preeti Goel and Mr. Naresh Kumar Verma.
During the period under review, Ms. Preeti Goel had been inducted as a member of the
Committee with effect from 19 July, 2022. Accordingly, the Audit Committee has been
reconstituted.
During the year under review, all recommendations of the Audit Committee were accepted
by the Board of Directors of the Company unanimously.
Internal Complaints Committee for Prevention of Sexual Harassment
Pursuant to Section 21 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 read with Rule 14 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Rules, 2013, as the Company doesnt
have adequate women employee, the women employees of the Bharat Gears Limited, a Company
within the group have been nominated as members of the Internal Complaints Committee (ICC)
of the Company to deal with the complaints related to the sexual harassment, where any
grievances of sexual harassment at workplace can be reported.
Your Company has always believed in providing a safe and harassment free workplace for
every individual working in the Company through various interventions and practices.The
Company always endeavors to create and provide an environment that is free from
discrimination and harassment including sexual harassment.
During the year ended 31 March, 2023, no complaint pertaining to sexual harassment was
received by ICC.
Subsidiaries/Joint Ventures/Associate Companies
During the year under review, no Company has become or ceased to be subsidiary, joint
venture or associate of the Company.
Deposits
During the year under review, the Company did not accept any deposits.
Investor Education and Protection Fund (IEPF)
In terms of the provisions of Section 124(5) of the Companies Act, 2013 read with the
lnvestor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016 and further amendments thereto, the Unclaimed Final Dividend
pertaining to the Financial Year 2014-15 amount aggregating to Rs.1,82,128/- (Rupees One
Lakh Eighty Two Thousand One Hundred and Twenty Eight Only) and 11,180 (Eleven Thousand
One Hundred Eighty) Equity Shares had been transferred to the "Investor Education and
Protection Fund" established by the Central Government. For further information,
please refer the Notice calling the ensuing Annual General Meeting.
Auditors
The Statutory Auditors, M/s B.R. Maheswari & Co. LLP, Chartered Accountants (ICAI
Registration No. 001035N/ N500050) had been re-appointed as the Statutory Auditors of the
Company in the 57th Annual General Meeting held on 19 September, 2022 for a
period of 5 (Five) years in terms of the provisions of Section 139 of the Companies Act,
2013 to hold office from the 57th AGM till 62nd AGM in the calendar
year 2027.
Report on Financial Statements
The report of M/s B.R. Maheswari & Co. LLP, Chartered Accountants (ICAI
Registration No. 001035N/N500050), the Statutory Auditors of the Company on the financial
statements of the Company for the year ended 31 March, 2023 is annexed to the financial
statements in terms of the provisions of Section 134(2) of the Companies Act, 2013. The
observations of the Auditors in their report are self-explanatory and/or explained
suitably in the Notes forming part of the Financial Statements. The report of the
Statutory Auditors does not contain any qualification, reservation or adverse remark which
needs any explanation or comment of the Board.
Secretarial Audit
The Board has appointed M/s Etika Aggarwal & Associates, Practicing Company
Secretaries, Delhi as Secretarial Auditor for the Financial Year 2022-23 in terms of the
provisions of Section 204 of the Companies Act, 2013. The Secretarial Audit Report of the
Company for the Financial Year ended 31 March, 2023 in the prescribed Form MR-3 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed
as Annexure-"B" to this report. The Secretarial Audit Report does not
contain any qualification, reservation or adverse remark which needs any explanation or
comment of the Board.
Internal Financial Controls and their Adequacy
The Company has a proper and adequate system of internal financial controls which
includes the policies and procedures for ensuring the orderly and efficient conduct of its
business, including adherence to Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records and the timely preparation of reliable financial information. During
the year, such controls were tested and no material weakness in the design or operations
were observed.
Maintenance of Cost Records
During the year under review, the Company had not been mandatorily required to maintain
Cost Records in terms of the provisions of Section 148 of the Companies Act, 2013 read
with the Companies (Cost Records and Audit) Rules, 2014.
Corporate Governance
The Company is committed to maintain the highest standards of Corporate Governance. The
provisions of Regulation 15(2) of the Regulations w.r.t. Corporate Governance requirements
are not applicable to the Company for the Financial Year 2022-23 as the paid up equity
share capital and net worth of the Company as on
31 March, 2022 stood at Rs.334.32 Lakhs and Rs.987.02 Lakhs respectively, which are
below the prescribed threshold limits for applicability of the aforesaid Regulation.
Since the aforesaid provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are not applicable on the Company for the Financial Year
2022-23, the report on Corporate Governance as stipulated under Schedule V(C) of the SEBI
(Listing Obligations and Disclosure Requirement) Regulations, 2015 has not been annexed to
this Report.
Vigil Mechanism/Whistle Blower Mechanism
In terms of the provisions of Section 177 of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has
established an effective mechanism called Vigil Mechanism (Whistle Blower Mechanism). The
mechanism under the Policy has been appropriately communicated within the organisation.
The purpose of this policy is to provide a framework to promote responsible whistle
blowing by employees or by any other person who avails such mechanism. It protects
employees or any other person who avails such mechanism wishing to raise a concern about
serious irregularities, unethical behavior, actual or suspected fraud within the Company
by reporting the same to the Audit Committee.
Protected Disclosure can be made by the whistle blower in a closed and secured envelope
or sent through e-mail to the Compliance Officer.
During the year under review, no compliant has been received and no employee was denied
access to the Audit Committee.
The functioning of the Whistle Blower Mechanism/Vigil Mechanism existing in the Company
is reviewed by the Audit Committee on Annual basis.
The policy on vigil mechanism is available on the official website of the Company i.e.
www.rauanqinternational. com under the link: http://www.raunaqinternational.com/
pdf/policy_on_vigil_mechanism.pdf
Reconciliation of Share Capital Audit
In terms of Regulation 76 of the SEBI (Depositories and Participants) Regulations,
2018, the Reconciliation of Share Capital Audit is undertaken by a firm of Practicing
Company Secretaries on quarterly basis. The Audit is aimed at reconciliation of total
shares held in CDSL, NSDL and in physical form with the admitted, issued and listed
capital of the Company.
The Reconciliation of Share Capital Audit Reports as submitted by the Auditor on
quarterly basis were filed with the BSE Limited (BSE) through BSE Listing Centre, where
the original shares of the Company are listed.
Listing of Shares
The Equity shares of the Company are listed on the BSE Limited (BSE), Mumbai.
Disclosures under Section 134 of the Companies Act, 2013
Except as disclosed elsewhere in the Annual Report, there have been no material changes
and commitments, which can affect the financial position of the Company between the end of
financial year and the date of this report.
Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings & Outgo
The information in accordance with the provisions of Section 134(3)(m) of the Companies
Act, 2013 read with the Rule 8 of the Companies (Accounts) Rules, 2014:
The Company organizes the workshops/lectures on regular basis for its employees to
promote, motivate and encourage them how to conserve the energy. The Company is in process
to adopt the latest technologies for conservation of energy.
The particulars with respect to foreign exchange earnings and outgo during the year
underreview are as follows:
|
|
(A/Lakhs) |
Particulars |
2022-23 |
2021-22 |
| Foreign Exchange Earned |
- |
- |
| Foreign Exchange Used |
- |
- |
Annual Return
In terms of the provisions of Section 134(3)(a) read with 92(3) of the Companies Act,
2013 and the relevant rules made thereunder, a copy of the Annual return as prescribed
under Section 92 of the Companies Act, 2013, as amended shall be made available on the
official website of the Company www.raunaqinternational.com under the link:
https://www.raunaqinternational.com/pdf/ annual-return-for-2022-23.pdf
Compliance of Secretarial Standards
During the period under review, the Company has duly complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
Court/Tribunal Orders
There were no instances of any significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Companys operations in
future.
Details of Application/Proceeding pending under the Insolvency and Bankruptcy Code,
2016
Neither any application has been made nor any proceeding is pending against the Company
under the Insolvency and Bankruptcy Code, 2016 during the year under review.
Instances of Difference in Valuation
There is no such instance where there is 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.
Acknowledgements
The Board of Directors gratefully acknowledge the continued co-operation, trust and
support of the shareholders and would like to place on record its appreciation for the
dedicated services rendered by the Employees at all levels. The Directors further express
their gratitude to the Bankers, Customers and Sub-vendors and other associates for
co-operation and confidence reposed by them in the Company.
+91-9892691696
