DIRECTORS REPORT
Dear members,
Your Board of Directors hereby submits the report of the business and operations of
your Company ("the Company" or "Sarthak") along with the audited
Financial Statements, for the financial year ended 31st March, 2023.
1. FINANCIAL SUMMARY AND HIGHLIGHTS:
|
|
|
(Rs. In Lakhs) |
| Particulars |
For the year ended 31st March |
YoY Growth (%) |
|
2023 |
2022 |
|
| Revenue from operations |
40842.59 |
45729.80 |
(10.70) |
| Other income, net |
380.47 |
95.90 |
296.74 |
| Total income |
41223.06 |
45825.71 |
(10.04) |
| Expenses |
(37121.63) |
(42507.66) |
(12.67) |
| Exceptional Items |
(78.88) |
266.61 |
(129.59) |
| Profit Before Tax |
4022.55 |
3584.66 |
12.22 |
| Less: Tax (Including deferred tax and current tax relating to earlier years) |
1046.21 |
836.55 |
25.06 |
| Total Other Comprehensive Income (Net of Tax) |
2979.38 |
2742.04 |
8.66 |
| Profit After Tax |
2979.38 |
2742.04 |
8.66 |
| Earnings Per Share of f 10 each Basic: |
21.74 |
20.07 |
8.32 |
| Diluted: |
21.74 |
20.07 |
|
Points to be noted:
The Company reported healthy financial performance in FY23 despite facing significant
challenges in the external environment vis-a-vis steel industry, throughout the year. Post
the announcement of Export Duty on the steel industry in May 2023, the industry had a
noticeable impact on its performance, as the industry took time to adapt to the new
dynamics, drop in price realizations, etcetera. This, in turn, affected the ancillary
suppliers such as the Company. Thus, our Revenue from Operations for the year stood at f
408.43 Crores, as compared to f 457.30 Crores in FY22, a decrease of 11% YoY
In response to these challenges, our focus during the year was to maximize the
value-added products wherever possible, aiming to mitigate the impact of lower volumes and
lower average realization, thus we have been able to clock higher margins and higher
profits despite our lower sales. EBITDA Margins stood at 9.8% in FY23, compared to 8.3% in
FY22. Subsequently, Net Profit stood at f 29.8 Crores in FY23, compared to f 27.48 Crores
in FY22 an increase of 8% YoY.
Further, Q4 also witnessed slower off-take due to some clients undergoing maintenance
shutdowns at their plants, resulting in lower volumes. Despite these temporary setbacks,
we remain optimistic about the future and are confident of getting back on our growth
path. Our clients, who are among the largest steel players in India, continue to expand
their capacities thus promising a good outlook for metallurgical solution providers &
industry. Furthermore, in order to accelerate our growth trajectory, we have decided to
enter an adjacent product category - Flux Cored Wires, which find applications in welding
for commercial fabrication units. This category aligns perfectly with our technical
expertise, and we are confident in our technological capabilities and product prowess to
establish a footing in this industry. To initiate this venture, we will set up a pilot
manufacturing line within our existing facility. We will scale up the facility based on
the customer response and offtake.
Despite the challenges faced in FY23, we remain optimistic about the prospects of the
Company. Our strategic focus on value added products, exploration of export markets, and
expansion into adjacent product categories will position us well for growth and enable us
to capitalize on emerging opportunities.
2. AMOUNT, IF ANY, WHICH THE BOARD PROPOSES TO CARRY TO ANY RESERVES:
The Board of Directors of your Company has decided not to transfer any amount to the
Reserves for the year under review.
3. DIVIDEND:
Considering the constant growth in earnings and profits of the Company your directors
have in the Financial Year declared an Interim Dividend and the recommended the final
dividend for the year under review. The Board of Directors of your Company is pleased to
recommend a final dividend of f 1 per equity share of the face value of f 10 each (@10%).
The Company recommended/declared dividend as under:
|
Fiscal 2023 |
Fiscal 2022 |
|
Dividend per share (In Rs.) |
Dividend payout (In Rs. Lakhs) |
% of Dividend |
Dividend per share (In Rs.) |
Dividend payout (In Rs. Lakhs) |
% of Dividend |
| Interim dividend |
1.00 |
136.90 |
10 |
1.00 |
136.90 |
10 |
| Final dividend |
1.00 |
136.90(1) |
10 |
1.00 |
136.90 |
10 |
| Total dividend |
2.00 |
273.80 |
20 |
2.00 |
273.80 |
20 |
Note:
• The Company declares and pays dividend in Indian rupees. Companies are required
to pay/distribute dividend after deducting applicable withholding income taxes. The
remittance of dividends outside India is governed by Indian law on foreign exchange and is
also subject to withholding tax at applicable rates.
• (1) Recommended by the Board of Directors, at its meeting held on 26th
May, 2023. The payment is subject to the approval of the shareholders at the ensuing AGM
of the Company to be held on 21st August, 2023. The record date for the
purposes of the final dividend will be 9th August, 2023 and will be paid on or
before 20th September, 2023.
4. CHANGE IN THE NATURE OF BUSINESS:
During the year under review, there was no change in the nature of business carried on
by the Company.
5. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY, HAVING OCCURRED SINCE THE END OF THE YEAR AND TILL THE DATE OF THE REPORT:
There have been no material changes and commitments which affect the financial position
of the Company that have occurred between the end of the financial year to which the
Financial Statements relate and the date of this report.
6. CAPITAL STRUCTURE:
The Paid-up Equity share capital of the Company as on 1st April, 2022 was f
13,68,97,500/- divided into 1,36,89,750 Equity Shares of f 10/- each. No change was made
during the year. The equity share capital thus, as on 31st March 2023 was f
13,68,97,500/-.
During the F.Y. 2022-23 your Company has neither issued shares with differential voting
rights as to dividends, voting or otherwise nor issued shares (including sweat equity
shares) to the employees or directors of the Company under any scheme such as bonus, right
issue, private placement, preferential allotment or by any other mode as per Companies
Act, 2013.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
7.1. Reappointment:
7.1.1. Director liable to retire by rotation
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Sanjay Chamanlal Shah (DIN: 00350967), Whole-Time Director
of your Company retires by rotation in the ensuing Annual General Meeting and being
eligible offered himself for re-appointment.
8. DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each Independent Director under
Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence
laid down in Section 149(6), Code for independent directors of the Companies Act, 2013 and
of the Listing Regulations.
The independent directors, had, in addition to the provisions of Regulation 16(1)(b) of
the Listing Regulations, also confirmed that he/she is not aware of any circumstance or
situation, which exist or may be reasonably anticipated, that could impair or impact his
ability to discharge his duties with an objective independent judgment and without any
external influence and that he/she is independent of the management.
9. STATEMENT ON COMPLIANCE OF CODE OF CONDUCT:
In compliance with the Listing Regulations and the Companies Act, 2013, the Company has
adopted the Code of Conduct for the members of the Board and Senior Executives of the
Company. The Code is also applicable to Non-Executive Directors including Independent
Directors to such extent as may be applicable to them depending on their roles and
responsibilities. The Code gives guidance and support needed for ethical conduct of
business and compliance of law.
A copy of the Code has been put on the Companys website (http://www.sarthakmetals.com/investors-code-of-conduct.
aspx Rs.mpgid=24). The Code has been circulated to Directors and Senior Executives and
its compliance is affirmed by them annually. A declaration signed by the Chief Executive
Officer is given below:
"I hereby confirm that the Company has obtained from all the members of the Board
and senior executives, affirmation that they have complied with the Code of Conduct for
Board of Directors and senior executives in respect of Financial Year 2022-23."
Mr. Mayur Bhatt
Whole-Time Director and CEO
10. BOARD AND THE COMMITTEE MEETINGS:
The Board of Directors met 7 (seven) times during the financial year 2022-23. The
maximum interval between any two meetings did not exceed 120 days, as prescribed by the
Companies Act, 2013.
As on 31st March, 2023, the Board had four committees: the audit committee,
the corporate social responsibility committee, the nomination and remuneration committee
and the stakeholders relationship committee. All committee comprise only independent
directors, one of whom is chosen as the chairperson of the committee.
During the year, all recommendations made by the committees were approved by the Board.
A detailed note on the composition of the Board and its committees is provided in the
Corporate Governance Report in Annexure - A
11. NOMINATION & REMUNERATION POLICY OF THE COMPANY:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration.
The Companys remuneration policy is directed towards rewarding performance based on
review of achievements periodically. The remuneration policy is in consonance with the
existing industry practice. Extract of Remuneration Policy from Nomination and
Remuneration policy is annexed to this report as Annexure-B and full policy can
be accessed from website of the Company (http://www.sarthakmetals.com/docs/Nomination-and-Re-
muneration-Policy.pdf).
12. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own performance,
board committees, and individual directors pursuant to the provisions of the Act and SEBI
Listing Regulations.
The performance of the board was evaluated by the Directors after seeking inputs from
all the directors on the basis of criteria such as the board composition and structure,
effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the Board after seeking inputs from
the committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance Note on Board Evaluation issued by
the Securities and Exchange Board of India on 5th January, 2017. In a separate
meeting of independent directors, performance of nonindependent directors, the Board as a
whole and Chairman of the Company was evaluated, taking into account the views of
executive directors and non-executive directors.
The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc.
13. FAMILIARIZATION PROGRAMMES FOR BOARD MEMBERS:
The Board of your Company acknowledges that given the roles and responsibility of the
Independent Directors and
Non-Executive Director of the Company they are from time to time made aware of the
Companys business conduct, the strategy, operations and functions of the Company and also
from time to time the Independent Directors along with the Non-Executive Director visit
the manufacturing facilities of the Company situated at Hathkhoj, Durg, India, to
understand the processes of manufacturing of Cored Wires, this enables them to take part
in the Board and Committee meeting effectively and efficiently as and when a product
related discussion comes before the Board and Committee meetings.
At various Board meetings during the year, the Board members are provided with
information/presentations and are given the opportunity to interact with the Senior
Management of your Company to help them to understand the Companys strategy/policies,
business model, operations, products, markets, organization structure, finance, human
resources, technology, quality, facilities and risk management, changes in the regulatory
environment applicable to the corporate sector and to the industry in which it operates
and such other matters as may arise from time to time.
The policy on familiarization programmes for Independent Directors is posted on the
website of the Company and can be accessed at (http://www.sarthakmetals.com/docs/
Familiarization%20of%20Independent%20Directors.pdf).
14. DIRECTORS RESPONSIBILITY STATEMENT:
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 at the end of the financial year and of
the profit and loss of the Company for that period;
c. the directors had 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 had prepared the annual accounts on a going concern basis;
e. the directors, in the case of a listed Company, had laid down internal financial
controls to be followed by the Company and that such internal financial controls are
adequate and were operating effectively;
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.
15. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY:
The Company has proper and adequate system of internal controls to ensure that all the
assets are safeguarded and protected against losses from unauthorized use or disposition
and that transaction are authorized, recorded and reported correctly. The Company has an
effective system in place for achieving efficiency in operations, optimum and effective
utilization of resources, monitoring thereof and compliance with applicable laws. The
auditors have also expressed their satisfaction on the adequacy of the internal control
systems incorporated by your Company.
16. FRAUDS REPORTED BY THE AUDITOR:
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the audit committee, under Section 143(12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Boards report.
17. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
The Company does not have any Subsidiary Company or Joint Venture Company or Associate
Company and hence this clause of Directors Report is not applicable.
18. DEPOSITS:
During the year under review, your Company has not accepted, invited and/or received
any deposits from public within the meaning of section 73 & 76 of the Companies Act,
2013 and the Companies (Acceptance of Deposit) Rules, 2014, as amended from time to time.
19. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
There are no Loans, Investments or Guarantees/Security given by the Company during the
year under Section 186 of the Companies Act, 2013; hence no particulars are required to be
given.
The Company in the year under review sold the investment held in the form of Equity
Shares of the Sarthak Energy Private Limited for a total consideration of f 1,00,37,500
(Rupees One Crores Thirty-Seven Thousand and Five Hundred Rupees only). It is to be noted
that M/s Sarthak Energy Private Limited was neither subsidiary nor Associate of the
Company.
20. ANALYSIS OF REMUNERATION:
Disclosure/details pursuant to provisions of Section 197(12) of the Companies Act 2013
read with the Companies (Appointment and Remuneration of managerial personnel) Rules, 2014
are given as follows:
| Names and Designation |
[A] Ratio of Directors Remuneration to the median Remuneration of
Employees |
[B] Percentage (%) increase/ decrease in Remuneration |
| Ms. Rama Kohli (Independent Director) |
NIL |
Not Applicable |
| Mr. D. V. Giri (Independent Director) |
NIL |
Not Applicable |
| Mr. Sunil Dutt Bhatt (Independent Director) |
NIL |
Not Applicable |
| Mr. Anoop Kumar Bansal (Managing Director) |
20.68 Times |
No Change |
| Mr. Mayur Bhatt (Whole Time Director & CEO) |
6.89 Times |
No Change |
| Mr. Sunil Kumar Agarwal (Director) |
NIL |
No Change |
| Mr. Sanjay Shah (Whole Time Director) |
20.68 Times |
No Change |
| Mr. Anirudh Singhal (Chief Financial Officer) |
8.96 Times |
No Change |
| Mr. Pratik Jain (Company Secretary) |
2.67 Times |
20% |
The median remuneration of employees of the Company during the financial year was f
1,88,605 p.a. Please note that only those persons who were employees as on 31st
March, 2023 have been considered for the calculation of the median salary.
| [C] Percentage increase in the median Remuneration of Employees |
Increase of 34.44% |
| [D] Number of permanent Employees on the rolls of Company |
138 as on 31st March 2023 |
| [E] Average percentile increases already made in the salaries of employees other
than the managerial personnel in the last financial year and its comparison with the
percentile increase in the managerial remuneration and justification thereof |
Median Salary of non-managerial staff has increased by 34.44%. The average salary of
managerial staff has increase by 28.19% |
| [F] Affirmation that the remuneration is as per the remuneration policy of the
Company |
The Company affirms that the remuneration is as per the remuneration policy of the
Company |
During the year, none of the employees received remuneration in excess of f One Crores
Two Lakhs or more per annum, or f Eight Lakhs per month for the part of the year, in
accordance with the provisions of Section 197 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Therefore,
there is no information to disclose in terms of the provisions of the Companies Act, 2013.
21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the year under review, all related party transactions entered into by the
Company, were approved by the Audit Committee and were at arms length and in the ordinary
course of business to further the business interests of the Company. Prior approval is
obtained for related party transactions which are of repetitive nature and entered in the
ordinary course of business and on an arms length basis.
The Company did not have any contracts or arrangements with related parties in terms of
Section 188(1) of the Act. Also, there were no material related party contracts entered
into by the Company as per the Companies Act, 2013 and rules made thereunder. The
disclosure as required under Section 134(3)(h) of the Act in Form AOC-2 is attached as Annexure
- C. Details of related party transactions entered into by the Company, in terms of
Ind AS-24 have been disclosed in the notes to the Standalone Financial Statements forming
part of this Report.
In line with the requirements of the Act and the SEBI Listing Regulations, the Company
has formulated a Policy on Related Party Transactions and the same can be accessed on the
Companys website - (http://www.sarthakmetals.com/docs /Policy%20 on%2 0Materiality%2
0of%2 0Related%20Party%20 Transactions%20and%20Dealing%20with%20Related%20
Party%20Transactions.pdf).
22. CORPORATE GOVERNANCE REPORT:
Pursuant to Schedule - V of Listing Regulations, Corporate Governance Report along with
the Auditors certificate regarding compliance of conditions of Corporate Governance is
made part of this report as Annexure - A
23. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As required by Regulation 34 read with Schedule - V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 a
Management Discussion & Analysis Report is at the page no. 24 of this report and forms
part of the Annual Report.
24. CORPORATE SOCIAL RESPONSIBILITY (CSR):
At Sarthak Metals, we acknowledge our sincere duty towards the community and the
environment, from which any organisation including Sarthak Metals takes a lot. Your
Company had always taken the responsibility to pay back to the society. In this direction,
the Companys CSR Committee steers us and as per the Annual Action Plan, the said
committee had approved the areas of Health, Education and Environmental Sustainability.
CSR has been an integral part of the way the Bansal Group conducts its business since its
inception.
We focus on our social and environmental responsibilities to fulfil the needs and
expectations of the communities around us. Our CSR is not limited to philanthropy, but
encompasses holistic community development, institutionbuilding and sustainability-related
initiatives. Our CSR Policy aims to provide a dedicated approach to community development
in the areas of education, healthcare and environmental sustainability. We contribute to
serve the development of people by shaping their future with meaningful opportunities,
thereby accelerating the sustainable development of society while preserving the
environment, and making our planet a better place today and for future generations.
The Corporate Social Responsibility CSR) Policy of the Sarthak Metals is aligned with
its overall commitment to maintaining the highest standards of business performance. We
recognize that our business activities have direct and indirect impact on the society. The
Company strives to integrate its business values and operations in an ethical and
transparent manner to demonstrate its commitment to sustainable development and to meet
the interests of its stakeholders.
Members are requested to refer the Corporate Governance Report forming part of this
annual report for the composition of the CSR Committee. The CSR policy of the Company is
available on the website of the Company at (http://www.sarthakmetals.com/docs/Corporate-Social-
Responsibility-Policy.pdf).
The annual report on the CSR activities is annexed as Annexure - D to this
report.
25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
A. Particulars relating to conservation of energy and technology absorption stipulated
in the Companies (Accounts) Rules, 2014 are not applicable. The Company is not energy
intensive. However, keeping in view the alternative sources of energy available to the
Company and for achieving the sustainability goals of the Company, the Board of Directors
of your Company at their Board Meeting held on 11th November, 2022 approved the
installation of roof-top solar power plant. Further, the Companys technology is
indigenously developed and being constantly upgraded.
B. Foreign exchange earnings and Outgo:
| Particulars |
As on 31.03.2023 (In Rs.) |
As on 31.03.2022 (In Rs.) |
| Foreign Exchange Earnings (Export) |
67,59,28,492 |
59,12,64,330 |
| Foreign Exchange Outgo (Import) |
73,06,32,609 |
1,02,17,35,527 |
26. RISK MANAGEMENT:
During the year, the Company reviewed and strengthened its risk management policy and
the risk management framework which ensures that the Company is able to carry out
identification therein of elements of risk, if any, which in the opinion of the Board may
threaten the existence of the Company.
27. DETAILS OF ESTABLISHMENT OF WHISTLE BLOWER POLICY FOR VIGIL MECHANISM:
Pursuant to the Section 177 (9) and (10) of the Companies Act, 2013 and Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Company has formulated Whistle Blower Policy for vigil mechanism for
Stakeholders, Individual Employees and their representative bodies, to report to the audit
committee about the illegal or unethical practices or frauds, or violation of the
Companys Code of Conduct.
It gives a platform to the whistle blower to report any unethical or improper practice
(not necessarily violation of law) and to define processes for receiving and investigating
complaints. The mechanism also provides adequate safeguards against victimization of
employees and directors who use such mechanism and makes provision for direct access to
the Chairman of the Audit Committee in appropriate and exceptional cases.
The full policy on whistle blower is available at (http://www.sarthakmetals.com/docs/SML-Whistle-
Blower-Policy.pdf).
28. MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS:
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and the Companys operations in future.
29. AUDITORS:
29.1. Statutory Auditors:
At the twenty-seventh AGM held on 5th September, 2022, the Members approved
the re-appointment of Begani and Begani, Chartered Accountants (Firm Registration 010779C)
as Statutory Auditors of the Company to hold office for a period of five years from the
conclusion of that AGM till the conclusion of the thirty-second AGM to be held in the year
2027.
29.2. Secretarial Auditors:
Pursuant to the provisions of Section 204 of Companies Act, 2013 and the rules made
thereunder, the Company has appointed M/s Nilesh A. Pradhan & Co. LLP, Company
Secretaries (COP. No. 3659) to undertake the Secretarial Audit of the Company for the
Financial Year ended 31st March, 2023.
29.3. Cost Auditors:
Pursuant to the provisions of Section 148 of Companies Act, 2013 and the rules made
thereunder, the Company has appointed Mr. Gajadhar Prasad, Cost Accountants (Membership
No. 39559) to undertake the Cost Audit of the Company for the Financial Year ended 31st
March, 2023.
30. SECRETARIAL AUDIT REPORT:
The Secretarial Audit Report for the financial year ended 31st March, 2022
is annexed to this report as Annexure - E and forms an integral part of this report
31. EXPLANATIONS IN RESPONSE TO AUDITORS QUALIFICATIONS:
The Board has duly reviewed the Statutory Auditors Report on the Financial Statements
of the Company. The observations, comments and notes of Auditor are self-explanatory and
do not call for any further explanation/clarification
32. DISCLOSURE REQUIREMENTS:
32.1. As per SEBI Listing Regulations, the Corporate Governance Report with the
Auditors Certificate thereon, and the Management Discussion and Analysis form part of the
Directors Report.
32.2. The Company properly complies with the provision of all applicable
Secretarial Standards on Meetings of Board of Directors (SS-1) and Secretarial Standard on
General Meetings (SS-2), respectively issued by the Institute of Company Secretaries of
India
33. DIVIDENDS LYING IN THE UNPAID DIVIDEND ACCOUNT:
The Company in compliance with Section 124 of Companies Act, 2013 has transferred to
the Unpaid Dividend Account the following amounts to the Unpaid Dividend Accounts:
| S. No. |
Type of Dividend and Year |
Amount (In Rs.) |
Year in which it will get transferred to IEPF |
| 1. |
Final Dividend 2016-17 |
6,000 |
2024 |
| 2. |
Final Dividend 2018-19 |
26,000 |
2026 |
| 3. |
Final Dividend 2019-20 |
32,450 |
2027 |
| 4. |
Final Dividend 2020-21 |
76,600 |
2028 |
33. DIVIDENDS LYING IN THE UNPAID DIVIDEND ACCOUNT: (Contd.)
The Company in compliance with Section 124 of Companies Act, 2013 has transferred to
the Unpaid Dividend Account the following amounts to the Unpaid Dividend Accounts:
| S. No. Type of Dividend and Year |
Amount (In Rs.) |
Year in which it will get transferred to IEPF |
| 5. Interim Dividend 2021-22 |
3,683 |
2029 |
| 6. Final Dividend 2021-22 |
7,775 |
2029 |
| 7. Interim Dividend 2022-23 |
19,826 |
2030 |
More details are available at the website of the Company at (http://www.sarthakmetals.com/investors-unpaid-dividend.aspx
Rs.mpgid=24)
34. ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual return as
on 31st March, 2023 is available on the Companys website on
http://www.sarthakmetals.com/investors-annual-returns.aspx Rs.mpgid=24
35. A STATEMENT AS TO WHETHER COST RECORDS IS REQUIRED TO BE MAINTAINED BY THE COMPANY
PURSUANT TO AN ORDER OF THE CENTRAL GOVERNMENT AND ACCORDINGLY SUCH RECORDS AND ACCOUNTS
ARE MAINTAINED:
The Company is required to maintain cost records as specified by the Central Government
under sub-section (1) of Section 148 of the Companies Act, 2013 and such accounts and
records are made and maintained.
36. APPLICATIONS MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016:
The Company has not made any application nor any proceeding under the Insolvency and
Bankruptcy Code, 2016 is pending, hence this disclosure is not applicable to the Company.
37. 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 ALONG WITH THE REASONS THEREOF:
During the year under review, the Company has not entered into one-time settlement with
any Banks or Financial Institutions, hence this disclosure is not applicable to the
Company.
38. DISCLOSURES PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
At Sarthak, our goal has been to create an open and safe workplace where each and every
employee feels empowered to contribute to the best of their abilities, irrespective of
gender, sexual preferences or any other classification that has no bearing on the
employees work output. Towards this, the Company has already set up the Internal
Complaints Committee to consider and resolve all sexual harassment complaints reported by
women. The constitution of the IC is as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The committee is chaired by Ms.
Pratibha Prasad, Manager, Human Resource, Sarthak Metals Limited. No compliant was
received during the year.
39. ACKNOWLEDGEMENTS:
The Directors thank the Companys shareholders for their trust reposed on the Board of
Directors, the Directors also thank employees, customers, vendors and all the stakeholders
for their continuous support. The Directors also thank the Government of India,
Governments of various states in India and concerned Government departments and agencies
for their co-operation.
| Sd/- |
Sd/- |
| Mayur Bhatt |
Anoop Kumar Bansal |
| Whole-Time Director & Chief Executive Officer |
Managing Director |
| DIN: 07586457 |
DIN:01661844 |
| Date: 6th July, 2023 |
|
| Place: Bhilai (C.G.) |
|
+91-9892691696
