GLOBAL ECONOMY
The recent reopening of economies has fuelled a faster-than anticipated
recovery. Global growth is forecast to change from 3.2 percent in 2022 and 2.7 percent in
2023. However, economic activity continues to be affected by the increase in interest
rates aimed at combating inflation and financial market turbulence.
The global economy is gradually recovering from the impact of pandemic
and at the same time facing new challenges emerging from Russias invasion of
Ukraine. Tightening of monetary policy by most Central Banks is expected to have a
positive impact. Despite monetary tightening, inflation is persistent in many key
economies and it is anticipated that global inflation will fall from 8.7% last year to 7%
this year and settle at around 5% in the year 2024
A stronger boost from pent-up demand in numerous economies or a fall in
inflation is expected in the course of 2023. The emerging and developing economies of the
world are likely to play a major role in accelerating global economic growth. Another
silver lining is the fact that global inflation is likely to decline from *8.8% in C.Y.
2022 to 6.6% in C.Y. 2023 and 4.3% in C.Y. 2024.
*Source: IMF Word Economic Outlook January, 2023
INDIAN ECONOMY
The Indian Economy continues to show resilience amid global
uncertainties and experienced a significant surge over the past nine years, elevating it
from the 10th to the 5th position in the global rankings, thereby establishing its
position as a major economic powerhouse on the world stage.
Despite significant challenges in the global environment, India was one
of the fastest growing economies in the world. Indias overall growth remains robust
and is estimated to be 6.9% for the financial year 2022-23. Growth was driven by strong
investment activity augmented by the governments capex push and buoyant private
consumption.
Indias economy primarily thrives on domestic demand, with consumption
and investments accounting for 70% of economic activity. The Union Governments financial
performance in the fiscal year 2022-23 has remained strong due to the revival of economic
activity, an increase in gross tax revenues from direct taxes and Goods & Services Tax
(GST), and realistic assumptions in the Budget. As the economy recovers from the Covid-19
pandemic, investments have been made across various sectors, boosted by government PLI
schemes.
Despite external headwinds, the International Monetary Fund (IMF) has
projected Indias growth at 6.1% for FY 2022-23 and 6.8% for FY 2023-24 in its January
2022 update of the World Economic Outlook. Indias domestic demand has been a key factor
contributing to its resilience. The economic Survey 202223, presented by the Honble Union
Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, forecasts Indias GDP
growth to remain robust in FY24, expected to be in the range of 6.0-6.8%. This growth is
anticipated to create new business opportunities. The Union Budget 2023-24 builds on the
vision set out in previous budgets and provides a blueprint for steering the economy
towards sustained high-growth. The budget allocates increased capital spending on
infrastructure and asset-building projects, which is expected to generate positive growth
multipliers in the medium term.
GLOBAL TEXTILE INDUSTRY
The global textile market grew from about $573 billion in 2022 to about
US$ 610 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-
Ukraine war has led to an increase in commodity prices and supply chain disruptions,
causing inflation across goods and services impacting economies across the globe. The
textile market is however expected to grow to about US$ 755 billion in 2027 at a CAGR of
5.5%.
The textile industry is an ever-growing market, with key competitors
being China, the European Union, the United States, and India. China is the worlds
leading producer and exporter of both raw textiles and garments. India is among the top
five textile manufacturing country and is responsible for more than 6% of the total
textile production, globally.
INDIAN TEXTILE INDUSTRY
India is the 3rd largest exporter of textiles & apparel in the
world and has a share of 4.6% of the global trade in textiles and apparel and is one of
the largest producers of cotton and jute in the world, 2nd largest producer of silk in the
world and 95% of the worlds hand-woven fabric comes from India. The domestic apparel
& textile industry in India contributed to 2.3% to the countrys GDP, 7% of
industry output in value terms and the industry is expected to reach $250 billion business
size by 2025. (Source: Annual Report-Ministry of Textiles and www.investindia.gov.in)
Cut to 2023, the industry continues to contribute immensely to the
exchequer - 4.% to the global trade in textiles and apparel, 2% to the GDP (approx. $70
billion), and constitutes 7% of industry output in terms of value. As India strives to
become Atmanirbhar, textiles assume higher significance in helping the country expand its
global footprint and achieve the mission of Make in India for the world. Indias
textile and apparel exports (including handicrafts) stood at US$ 44.4 billion in FY22, a
41% increase YoY. Total textile exports are expected to reach US$ 65 billion by FY26.
POLYESTER (MMF) INDUSTRY
India is the second largest producer of manmade fibres after China. The
manmade fibre value chain is vertically integrated with upstream and downstream linkages
from raw materials to finished goods. Globally MMF consumption is dominant whereas India
has been traditionally focusing on Cotton textiles. Hence, in order to move towards higher
Global MMF share, it has become important to focus on manmade textiles along with cotton
textiles. Ministry has set up Textile Advisory Group on MMF- an informal body vide OM
dated 17th January 2023 to deliberate and recommend on the issues pertaining to entire
value chain of manmade fibres. Indias export of MMF textiles and apparel was USD
9.56 bn for FY: 2021-22 and have further potential to grow. MMF segment and technical
textiles is envisaged to enhance Indias manufacturing capabilities and enhancing
exports with a n approved financial outlay of Rs. 10,683 Crore over a five year period.
The demand for MMF products is increasing consistently due to its
versatility and scope for further development. The MMF sector is responsible for 17% of
Indias textile exports, making it the worlds sixth-largest exporter of MMF textiles.
Weavers and spinners in India are increasingly favouring manmade fibres, which are
extensively utilised to produce non-cotton and blended fabrics. The demand is particularly
growing for the millennial generation who prefers light weight fabrics with low cost and
low maintenance. More and more demand for fitness apparel (active wear), requirement of
low cost and high-performance material for automotive and industrial use have increased
the demand for synthetic and MMF products.
The MMF segment is expected to be highly lucrative in the future, as
India has eliminated anti-dumping duty on important raw materials like Purified
Terephthalic Acid, Spandex, and Viscose staple fibres. Furthermore, rationalising GST on
the value chain of man-made fibres will help in stimulating the growth of the manmade
fibre industry. The government has also launched the National Technical Textiles Mission
with a budget of $194 million for implementation over four years, starting from the fiscal
year 2020-21 to 2023-24.
The PLI Scheme for textiles will give a boost to the high-value MMF
segment, creating new employment and trade opportunities. Limited cotton production,
relatively high cotton prices and versatile applications of MMF are other contributors to
increase in demand for MMF textiles.. The Indian government has introduced initiatives
like PM Mitra Park, RoDTEP, RoSCTL, and QCOs on certain textile products to support the
textile industry.
BUSINESS OVERVIEW
The Honble National Company Law Tribunal, ("NCLT),
had vide its order dated December 20, 2022 admitted the application for the initiation of
the corporate insolvency resolution process ("CIRP") against Sumeet Industries
Limited ("Company") ("Admission Order") in terms of the Insolvency and
Bankruptcy Code, 2016 read with the rules and regulations framed thereunder, as amended
from time to time ("Code"). The powers of Board of Directors of the Company
stand suspended effective from the CIR Process commencement date and such powers along
with the management of affairs of the Company are vested with the IRP in accordance with
the provisions of Section 17 and 23 of the Insolvency Code read with Regulation 15(2A)
& (2B) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").
Sumeet Industries Limited has an integrated manufacturing facility at
Karanj (Surat) from Melt to DTY. Our large product comprises of POY, FDY, Texturised Yarn,
Micro Filament Yarn, Dope Dyed Yarn and Textile Grade chips (Pet Chips). The Company has
accelerated its cost optimisation drive across the value chain to further improve its
operational efficiency.
The companys manufacturing unit have a locational advantages
being situated in the Surat area. Its location gives its proximity to both raw material
suppliers as well as end users. The production capacity of the plant is as under:
| Name of the Product |
Production capacity (TPA) |
| C.P. Plant |
1,00,800 |
| POY |
52,500 |
| FDY |
45,500 |
| Texturizing Yarn |
5,400 |
| Recycled Chips |
2,700 |
RESULTS REVIEW Turnover:
Sumeet Industries Limited has achieved a turnover (Standalone) of Rs.
1033.12 Crore in the year 202223 as against Rs.893.50 Crore during the previous year
showing an impressive increase of 15.63 % over previous year. Increase in sales was
effected due to increase in over all demand both domestically and internationally after
covid pandemic coupled with better realisation of prices of the products. During the year
under review the company has produced 97530.090 (P.Y 83168.078) Tons of Pet Chips /
Polyester and Texturized Yarn and dispatched 1005008.860 (P.Y. 84201.469) Tons of Pet
Chips / Polyester and Texturized yarns.
Other Income:
Other income consisting receipt of Dividend, Discounts and Interest on
Fixed Deposits, Exchange difference income & Others. Other income for the year 2022-23
is amounting of Rs. 1022.58 Lacs against Rs. 2099.88 Lacs in the previous year. Other
Income includes of Rs. 988.71 Lacs for claim amounts adjusted as per note given in Auditor
Report under Key Audit Matters.
Consumption of Raw material:
Consumption of raw material was increased from Rs. 80201.68 Lacs to Rs.
98637.79 Lacs due to enhanced quantities of despatch in comparison to previous year. The
prices of raw materials were also increased substantially in comparison to previous year.
Employee Cost:
Employees cost were increased from Rs. 2442.14 Lacs to Rs. 2532.28 Lacs
being some new employees has been appointed and increments were given to present
employees.
Interest Cost:
Interest costs were decreased from Rs. 2654.51 Lacs to Rs. 705.57 Lacs
being the company has booked interest amount of Rs. 5.75 Crores in the books of accounts
for three months (01.04.2022 to 30.06.2022) shown under Finance cost on the basis of
interest paid\provided as per plan approved in JLM meeting. From 01.07.2022 onwards, the
company has not made any provision for interest being NPA status of the company.
FINANCIAL PERFORMANCE
a) The report of the Board of Directors may be referred to for
financial performance.
b) As per provisions of SEBI Listing Regulations, 2015, the significant
financial ratios (calculated on standalone basis) are given below:
| Particulars |
31/03/2023 |
31/03/2022 |
Change |
Reasons for deviation (More than 25%) |
| Current Ratio |
0.57 |
0.72 |
20% |
- |
| Debt Equity Ratio |
-9.99 |
19.12 |
-152% |
Due to Loss in Current Year 2022-23, total Equity becomes
negative |
| Debt Service Coverage Ratio |
-5.53 |
2.08 |
-365% |
Debt Service Coverage Ratio is decreased by 365% due to
decrease in EAT of Rs. 3 Crores to Rs. -68 Crores |
| Return on Equity Ratio |
1.61 |
0.12 |
1276% |
Return on equity ratio has been increased because of due to
loss in current year of Rs. 68 Crores instead of profit in Previous Year of Rs. 3 Crores |
| Inventory Turnover |
7.63 |
5.15 |
48% |
Inventory Turnover Ratio is increased due to increase in cost
of material consumed by 23%- |
| Trade Receivables turnover ratio |
8.97 |
14.77 |
-39% |
Trade receivable turnover ratio is increased due to Increase
in Sales by 16% and increase in receivable from 10% as compared to previous year |
| Trade payables turnover ratio |
27.24 |
36.20 |
-25% |
Trade payable turnover ratio has been decreased by 25% due to
increase in Purchases by 27% |
| Net capital turnover ratio |
-5.52 |
-6.13 |
-10% |
- |
| Net profit ratio |
-0.0663 |
0.0033 |
-2113% |
Net Profit Ratio has been decreased by 2113% due to loss in
current year of Rs. 68 Crores instead of profit in Previous Year of Rs. 3 Crores |
| Return on Capital employed |
-1.85 |
0.21 |
-974% |
Return on capital employed has been decreased due to loss in
current year of Rs. 68 Crores instead of profit in Previous Year of Rs. 3 Crores |
| Return on investment |
1.61 |
0.12 |
1276% |
Return on investment has been increased only due to loss in
current year and total equity also become negative which makes the result of this ratio
positive |
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The companys well defined organizational structure, documented
policy guidelines, defined authority matrix and internal controls ensure efficiency of
operations, compliance with internal policies & applicable laws and regulations and
optimal use of compan ys resources, safeguard of all assets, proper authorization
and recording of transactions and compliances with applicable laws.
The Companys internal control policies are in line with its size
and nature of operations and they provide assurance that all assets are safeguarded,
transactions are authorised, recorded and reported properly following all applicable
statutes, General Accepted Accounting Principles, Companys Code of Conduct and
Corporate Policies
The Company uses Enterprise Resource Planning (ERP) supported by
in-built controls that ensures reliable and timely financial reporting. Well-established
& robust internal audit processes, both at the Corporate and the Business levels,
continuously monitor the adequacy and effectiveness of the Internal Controls and status of
compliance with operating systems, internal policies and regulatory requirements. All
Internal Audit findings and financial and audit control systems are periodically reviewed
by the Audit Committee of the Board of Directors which provides strategic guidance on
Internal Controls. The review of reports, statements, reconciliation and other information
required by the management are well documented in application system to provide reasonable
assurance regarding effectiveness and efficiency of operations, reliability of financial
reporting and compliance with applicable laws and regulations. Additional modules in ERP
like Production planning, Costing, Quality management has added additional advantages in
improving product costing. The Company also has a robust & comprehensive framework of
Control Self-Assessment which continuously verifies compliance with laid down policies
& procedures and help plug control gaps.
ENERGY CONSERVATION
The Conservation of energy in all the possible areas is undertaken as
an important means of achieving cost reduction. Saving in electricity, fuel and power
consumption receive due attention of the management on a continuous basis. Various
measures have been taken to reduce fuel consumption, reducing leakages, improving power
factor optimizing process controls etc. resulting in energy savings.
OPPORTUNITIES AND STRENGTH
Indias man-made fiber (MMF) products are known for their
workmanship, colors and durability. Globally, the textile trade is dominated by MMF. For
India to increase its share in the global textile trade, the country will have to increase
its competitiveness in MMF value chain, in terms of price as well as diversification in
products. There is increasing trend in USA and Europe towards shifting textile business
from China to other Asian countries and India is a clear choice.
Indias self-sufficiency in raw materials across entire value
chain and manufacturing capacity are factors favouring India over other countries. India
has large indigenous raw material base - it is the second largest producer of Polyester
Filament Yarn and Polyester Staple Fibre and third largest producer of Viscose Staple
Fibre in the world. Due to large working population, human resource availability is an
advantage for MMF industry. After Covid, garment trends is shifting to sustainable MMF in
place of cotton due to climate constraints and cost reduction final garment. India is the
world leader in spinning & processing recycled polyester which will work to our
advantage.
THREAT, RISKS AND CONCERNS
The rapid deterioration of the global economic outlook following the
Russia -Ukraine war and mass layoffs of employees by global corporations, has severely
impacted demand and margins. Lack of modern technical know-how, non-availability of
skilled manpower near factories, volatile raw material prices, infrastructure bottlenecks,
are other factors that may pose a threat to progress of MMF industry. However, through
investing in people, digitalisation, research & development, reaching out to untapped
global markets, green energy and supply chain diversification, margins can be improved.
The objective of risk management frame work is to identify events that
may affect the company and manage risk in order to provide reasonable assurance regarding
achieving the companys objective. The company is operating in an environment that is
becoming more and more competitive. The company seeks to ensure that the risks if
undertakes are commensurate with returns. Successful risk management implies not avoidance
of risk, but anticipation of the same, and formulation and implementation of relevant
mitigation strategies.
Managing risk assists us in discovering, assessing, and controlling
risk to the capital and earnings of our Company. Financial uncertainties, legal
liabilities, technical challenges, strategic management failures, and accidents are all
potential sources of risk. To address the complete range of risks that we face, we use a
proper risk management methodology and structure.
a) RISK AGAINST FIRE, FLOOD AND ACCIDENTS
Risk against fire, flood, accident, health related problems and
accidents of workforce are common risks attached to the working of any plant/company.
Management has taken reasonable steps to counter the risk.
The company has taken Comprehensive All Risk Insurance Policy, which
covers companys assets against all risks. Accidents due to human failure are being
tackled through the continuous training to our technical and other staffs and through
regular monitoring and supervision. All the employees of the company are also insured
under Group Insurance Policy of Life Insurance Corp. of India.
b) ECONOMIC RISK
Domestic sales contribute to a major part of the revenue of the company
so, the factors that may adversely affect the Indian economy and in turn companys
business includes rising in interest rate, deprecation of rupees, inflation, change in tax
structure, fiscal and monetary policies, scarcity of credits, global trade slowdown etc.
Over capacity in the POY and Chips industry can also affect margins. India is witnessing
improving macroeconomic fundamentals-moderating inflation, stabilising currency and
improving consumer demand.
c) COMPETITION RISK
We face competition from existing players and potential entrants in the
Indian textile industry. The Indian textile industry is highly competitive both in the Pet
Chips segment and in the POY/ FDY segment. Our company is in medium size as compared to
the market leaders like Reliance Industries Limited. Domestic production is dominated by
few organized players who have integrated facilities and large economies of scale and the
unorganized sector is virtually absent.
The company has a well defined TQM system of control points,
comprehensive budgetary controls and review system to monitor its operations to remain
cost competitive than its peer group. The company also widened the value added product
portfolio to address a broader client base and offer wide range of products.
Our product mix spread over six important Polyester products: Pet
chips, POY, FDY, Dope Dyed, Micro Filament and Texturised Yarn. The company is continuing
putting its thrust on re-engineering of its existing operations. With an expanded value
based product portfolio, we now can address a broader client base.
Creating value for customers, meeting their ever-increasing
expectations and responsibility towards the environment sets the foundation for the
company to invest its resources to create new and enriched products, services and
solutions, which not only provide enhanced benefits to the consumer but also reduce the
negative impact on the environment.
d) PRICE /COST RISK
Crude oil and Petroleum products are globally traded commodities and
therefore, the prices are influenced by the international market forces of demand supply
and other geo political uncertainties etc. The price of raw material and finished goods
move in tandem with international prices, which in turn, have correlation with the prices
of petrochemical products.
The prices of raw material, mainly PTA and MEG which are by products of
the crude oil. Falling of crude oil prices in the international market has affected the
carrying cost of inventory. To lower the raw material cost, renegotiation with vendors and
alternative raw material procurement are done from to time. Our pricing policy is aligned
with public raw materials price indexes.
e) TECHNOLOGY RISK
Obsolescence of technology may affect the production process and
technical support from original equipment manufacturers. The Company monitors such issues
and makes investment in technology up-gradation on regular basis to ensure stability.
This, in turn, helps the Company to stay at par with the global practices. The Company
also does process re-engineering and improvisation to enhance efficiency and also helps in
optimisation.
The company has restrained its position in the industry due to
proactive planning, efficient use of resources, capitalising on emerging opportunity,
striving on cutting edge technology and reengineering of its existing operations by adding
more value added and speciality products. The company has a strong technology back up
which helps in maintaining the quality and monitoring to ensure that everything runs
smoothly.
f) REGULATORY RISK
There is a regulatory risk due changes in international and domestic
laws, rules, policies, tax regulations, technical standards and trade policies etc.
Mitigating risks through regular review of legal compliances as well as
external compliance audit, implementing an enterprise-wide compliance management system
and monitoring of regulatory and legal compliances fro time to time
Risk is an integral and unavoidable component of business and given the
Challenging and dynamic environment of the Companys operations, it is committed to
proactively managing risk and accomplishing its goals. The Company has formulated a risk
management policy and has in place a mechanism to update the Board Members about risk
assessment. Some of the key business risks identified by the management include risks
related to economic environment and market position, cost of production, legal and
compliance with applicable laws, environment and sustainability, information technology
and talent management.
Sumeets Risk Management Framework is designed to avoid incidents
and maximise business outcomes by enabling the management to:
• Understand the risk environment and assess the potential
exposure.
• Manage overall potential exposure and determine risk mitigation
strategies.
• Monitor the effectiveness of the risk management.
• Enhance controls and strict inventory management.
• Report across the management chain all the way up to the Board
on a periodic basis.
• Offering value added products for better realizations and
focussing on high margin yarns.
WASTE MANAGEMENT
Reduction of waste has direct implications on cost optimisation. At the
same time, waste management helps us derive significant value. We have identified several
opportunities in our operations for minimising and managing waste.
We have adopted various methods and practices for solid and hazardous
waste management. Solid waste like polymers are sold to authorized parties for re-use.
Fibre waste are used as captive material through waste re-cycling plant set up by the
company. The company has setup a state of art an ETP plant for treating polluted water of
the plant. Hazardous wastes are handled through registered recyclers, who are authorized
by the concerned Pollution Control Boards.
ENVIRONMENT, HEALTH AND SAFETY (EHS)
In keeping with the environment-conscious tenor of the times, your
company has taken effective steps in creating an aesthetic, environment-friendly
industrial habitat in its factory units, mobilizing support and generating interest among
staffs and labours for maintaining hygienic and green surroundings. Being providing
continual efforts and stress on fire and safety, no major incident was noted in the year
202223.
Safeguarding the health and safety of our people is integral to our
commitment to remain a responsible organisation. Contractors and contractual workers also
come under the purview of the Companys health and safety endeavours. Personnel are
trained with advanced safety and security standards to minimise hazards and ensure high
performance. No fire or other incidence of such nature took place in the reporting year.
To achieve the environment, health & safety visions, various objectives have been set
forth. These are as follows:
- Compliance with environment, health & safety laws and regular
assessment of the compliance of operations against the requirement.
- Ensuring safety related practices to enable employees and others to
eliminate work related injury and illness.
- There is a well-defined Emergency management plan to tackle any major
emergency inside and outside plant premises.
- First Aid training camps organized.
- State-of-the-art fire and safety installations to meet emergencies
within the company, as well as nearby areas.
- Training and counselling of employees, contractors, sub-contractors
and transporters to ensure effects of environment, health and safety.
- Training and motivating employees to understand their EHS
responsibilities and to participate actively in EHS program.
- Imparting fire fighting training to personnel and mock drills to
ensure safety preparedness.
- Toilets and drinking water facility, Sanitizers facility provided and
they are being regularly inspected for cleanness.
- Proactive measures to increase usage of recycled water.
- To abide by all statutory compliance as per Factories Act, 1948.
HUMAN RESOURCES
The company firmly believes that success of any organization largely
depends upon availability of human assets within the organization as it is one of the most
valuable assets because revenue and profit growth cannot take place without the right
equality of people. To that effect, company has taken a series of measures that ensures
that the most appropriate people are recruited in to the organization.
a) RECRUITMENT POLICY
The Company has been able to attract a team of dedicated professionals
with appropriate expertise and experience, leaders who are passionate, eager to learn and
succeed.
Recruitment based on merit by following well defined and systematic
selection procedures eliminating discrimination, sustain motivated and quality work force
through appropriate and fair performance evaluation to retain the best talent.
Various training programs, with internal and external experts are
organized regularly for skill up- gradation. The sincere efforts of the employees have
resulted in major administrative expense savings.
b) PERFORMANCE APPRAISAL SYSTEM
A competency based performance appraisal system has been devised and
implemented the same across the organization. The best performers get recognized and
rewarded by the management with the objective of motivating them for further improved
performance. Employees are promoted to higher positions on the basis of their performance,
attitude and potential to motivate them for further improvement in their work.
c) PERSONNEL TRAINING
The company from time to time fosters a culture of training, people
development and meritocracy to ensure that the maximum efficiencies are derived from its
human capital. The newly recruited employees undergo a comprehensive induction program
i.e. on-the-job training, up-skilling programmes, including safety at workplace, stress
management, conflict management, and teambuilding activities. The employees underwent both
functional/technical and behavioural training that would eventually result in improved
productivity. Safety training is given on regular basis to all employees including
temporary employees.
d) LABOUR RELATIONS
On the labour front, during the year, there were no incidents of labour
unrest or stoppage of work on account of labour issues and relationship with them
continues to be cordial. To increase team spirit inter department tournaments are
organized and various festivals are celebrated in the company.
STATUTORY COMPLIANCE
The Whole-time Directors and CFO makes a declaration in the Board
Meetings from time to time regarding the compliance with the provisions of various
statutes, after obtaining confirmation from all the units of the Company. The Company
Secretary ensures compliance accordance to SEBI regulations and provisions of the Listing
Agreement.
CORPORATE SOCIAL SERVICE
The company is committed to its corporate social responsibility and
undertakes programs that are sustainable and relevant to local needs. The Company works
for sustainable development by achieving excellence in its key functional areas including
safety, business operations, process management, business results, climate change, carbon
footprint reduction, energy and water management, medical aid, community development,
customer promise and engagement, governance and compliance, human capital, and innovation
under its CSR program.
The Company contributes to the development of its community near the
plant at Karanj (Kim) Village as well as through employee volunteerism as a part of its
Corporate Social Responsibility in the areas of education, training, health care and
self-employment.
CAUTIONARY STATEMENT
Statement in the Management Discussion and Analysis (MDA) describing
the companys objectives, projections, estimates, expectations may be
"forward-looking statements" within the meaning of applicable securities laws
and regulations. Actual results could differ materially from those expressed or implied.
Several factors could make significant impact on the companys operation. These
include geo political uncertainties affecting demand and supply and Government
regulations, tax laws and other factors such as litigations and industrial relations.
| Identified as having been approved by the Board of Directors of Sumeet
Industries Limited (under CIRP) |
| Anil Kumar Jain |
| Company Secretary |
| Place: Surat |
| Date: 10/08/2023 |
+91-9892691696
