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Aarti Drugs Ltd Directors Report

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Jul 19, 2024|09:44:55 AM

Aarti Drugs Ltd Share Price directors Report

To,

The Members of AARTI DRUGS LIMITED

Your Board of Directors ("Board") are pleased to present this 38th (Thirty Eighth) Annual Report on the business and operations of your Company ("the Company" or "Aarti Drugs Limited") together with the Audited Financial Statements of the Company for the Financial Year ended March 31, 2023.

FINANCIAL HIGHLIGHTS

Particulars

Standalone

Consolidated

FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
Revenue from Operations 2,49,797 2,25,117 2,71,605 2,48,865
Other income 223 477 219 1,132
Total Revenue 2,50,020 2,25,595 2,71,825 2,49,996
Total Expenditure 2,29,539 2,00,045 2,49,407 2,23,001
Profit before Depreciation, Amortisation Interest and tax 28,464 32,296 30,780 34,075
Expenses
Finance Cost 3,253 2,006 3,329 2,075
Depreciation & Amortisation 4,729 4,739 5,032 5,005
Profit before Exceptional Items and Tax 20,481 25,550 22,418 26,996
Exceptional Income - - - -
Profit Before Tax 20,481 25,550 22,418 26,996
Less: Total Tax Expenses 5,200 6,050 5,782 6,496
Profit afterTax 15,281 19,500 16,636 20,500
Earnings Per Share (in ) 16.50 21.04 17.97 22.12

SUMMARY

During the year under review, Standalone Revenue from operations of the Company was 2,49,797 lakhs as compared to 2,25,117 lakhs for FY 2021-22 registering a growth of 10.96%.

The Company has achieved Export Sales of 94,339 lakhs as against 83,787 lakhs for the last year, registering a growth of 12.59%. The Companys EBITDA has been

28,464 lakhs as compared to 32,296 lakhs for FY 2021-22. PAT has been 15,281 lakhs as against 19,500 lakhs for FY 2021-22. Likewise, Consolidated Revenue from operations of the Company was 2,71,605 lakhs as compared to 2,48,865 lakhs for FY 2021-22 registering a growth of 9.14%. On Consolidated basis, The Company has achieved Export Sales of 107,141 lakhs as against 92,223 lakhs for the last year, registering a growth of 16.16%. The Companys EBITDA has been 30,780 lakhs as compared to 34,075 lakhs for FY 2021-22. PAT has been 16,636 lakhs as against 20,500 lakhs for FY 2021-22.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of Companies Act, 2013,

Regulation 33 of the Listing Regulations, and applicable Accounting Standards, the Audited Consolidated Financial

Statements of the Company for the FY 2022-23, together with the Auditors Report, form part of this Annual Report.

TRANSFER TO RESERVES

Your Company has transferred 1,528.11 lakhs to the General Reserve (Previous Year 1949.98 lakhs).

DIVIDEND

During the year, the Company has declared and paid an Interim Dividend of 1/- (@ 10%) each per share (of 10/- each) aggregating to 926 lakhs.

The Dividend payout is in accordance with the Dividend Distribution Policy which is available on the website of the Company.

DIVIDEND DISTRIBUTION POLICY

As per Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the top 1000 listed companies shall formulate a Dividend Distribution Policy. Accordingly, the policy was adopted to set out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its shareholders and/or retaining profitsearned by the Company. A policy is available on the website of the Company and the web link thereto is: https:// www.aartidrugs.co.in/policies-and-related%20documents/

SHARE CAPITAL

Your Companys Equity Share Capital as on March 31, 2023 was as follows:

Particulars

No. of Shares Face Value Per Share (in ) Total Amount (in )
Authorised Share Capital 12,00,00,000 10 120,00,00,000
Issued, Subscribed & Paid-up Share Capital 9,26,00,000 10 92,60,00,000

SUBSIDIARY COMPANIES

The Company, has 3 (three) subsidiaries, namely, Pinnacle Life Science Private Limited, Aarti Speciality Chemicals Limited and Pinnacle Chile SpA.

Of the above subsidiaries, Pinnacle Life Science Private Limited and Aarti Speciality Chemicals Limited are wholly owned subsidiaries. Pinnacle Life Science Private Limited has been the criteria given under Regulation 16(1) (c) of the Listing Regulations. Pursuant to Regulation 24A of the Listing Regulations, the Secretarial Audit Report as prescribed in Section 204 of Companies Act, 2013 for the Material Subsidiary Company, Pinnacle Life Science Private Limited for

"Annexure - C2" and forms an integral part of this Report.

The Company has attached along with its financial statements, a separate statement containing the salient features of the financial statements of the said subsidiaries in "Form AOC-1" which is annexed as "Annexure - B" and forms an integral part of this Report.

During the year under review, the Board of Directors reviewed the affairs of the subsidiaries. Also in conformity with Section 134 of the Companies Act, 2013 and Rule 8(1) of the Companies (Accounts) Rules, 2014, Note 33 of Consolidated Financial Statement covers the highlights of performance of subsidiaries and their contribution to the is made available, overall performance of the Company during the year.

The Company does not have any Associate Company or Joint Venture. A policy on material subsidiaries has been formulated and is available on the website of the Company at the web link https://www.aartidrugs.co.in/policies-and-related%20documents/

STATE OF AFFAIRS

The state of your Companys affairs is given in the Management Discussion and Analysis, which forms part of this Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs)

In accordance with the prevailing provisions of the Section

149 of the Companies Act, 2013 read with Regulation 17 of the Listing Regulations, as amended from time to time, as on March 31, 2023, the Board of Directors, comprises Twelve Directors (with Five Executive Directors, One Non-Executive

Director and Six Non-Executive Independent Directors). The

Chairman of the Board is an Executive Director. The Board has highly qualified members and having varied experience in their respective fields.

At 37th AGM held on August 04, 2022, Shri Bhaskar N. Thorat

(DIN: 01293824) and Smt. Neha R. Gada (DIN: 01642373) were appointed as an Independent Directors of the Company for the period of 3 years with effect from May 09, 2022.asthe materialsubsidiaryasitfulfills Shri Rashesh C. Gogri (DIN:00066291) has been reappointed as the Managing Director of the Company for the period of 5 years with effect from October 31, 2022, approval of the members was sought by way of postal ballot for his appointment. Members approved the postal ballot resolution on October 29, 2022. year ended March 31, 2023 is annexed as Except as stated above, there were no changes in the composition of the Board of Directors and KMPs during the year under review.

In accordance with the provisions of Section 152 of Companies Act, 2013, Shri Harit P. Shah (DIN: 00005501)

Executive Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for re-appointment. The Board recommends his re-appointment for consideration of the Members. Pursuant to Regulation 36 of the Listing Regulations read with Secretarial Standard-2 on General

Annexure Meetings, his brief profile to the Notice of the Annual General Meeting.

Pursuant to the provisions of Regulation 34(3) read with Schedule V to the Listing Regulations, the Company has obtained a Certificate from CS Sunil M. Dedhia (COP No.

2031),ofSunilM.Dedhia&Co.CompanySecretaryinPractice and the Secretarial Auditor of the Company, certifying that none of the Directors of the Company have been debarred or disqualified from being appointed or continuing as

Directors of companies by the Securities and Exchange

Board of India or by the Ministry of Corporate Affairs or by any such statutory authority. The said Certificate is annexed to the Corporate Governance Report of the Company for the FY 2022-23.

Key Managerial Personnel

During the year under review, there was no change in the Key Managerial Personnel of the Company.

Independent Directors

Statement on declaration given by Independent Directors under sub-section (6) of section 149

In accordance with Section 149(7) of the Companies Act, 2013, all Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 of the Listing Regulations.

In the opinion of the Board of Directors, the Independent Directors fulfill the conditions specified in Companies Act,

2013 read with the Schedules and Rules issued thereunder as well as Listing Regulations and are independent from Management and hold the highest degree of integrity and are individuals who are experts in their respective fields with enormous experience. The terms and conditions of appointment of the Independent Directors are placed on the website of the Company at the weblink https://www. aartidrugs.co.in/independent-directors/

All the Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the

Companies Act, 2013.

All the Independent Directors of the Company have enrolled their names in the ‘Independent Directors Data Bank maintained by Indian Institute of Corporate Affairs ("IICA").

Familiarisation Programme for Independent Directors

The Company has a Familiarisation programme for its

Independent Director which is imparted at the time of appointment of an Independent Director on Board as well as annually. During the year, the Independent Directors of the Company were familiarised and the details of familiarisation programmes imparted to them are placed on the website of the Company and the web link thereto is: https://www.aartidrugs.co.in/independent-directors/

DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013: a. in the preparation of the annual financial for the year ended March 31, 2023, the applicable accounting standards have been followed. There are no material departures from the applicable accounting standards; 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 c. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the Assets of the Company and for preventing and detecting fraud and other irregularities; d. the Directors have prepared the annual accounts on a going concern basis; e. the Directors 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.

MEETINGS

The Board of Directors met Six (6) times during the Financial Year under review. The details of the number of meetings of the Board and its Committees held during the FY 2022-23 and the attendance of each Director/Member at these meetings are provided in the Corporate Governance Report forming part of the Annual Report. The intervening gap between the Board meetings was within the period prescribed under the Companies Act, 2013 and the Listing Regulations.

CORPORATE SOCIAL RESPONSIBILITY

Your Company through, Aarti Foundation and other Trusts/ NGOs – Our CSR arms undertake community interventions to enhance the lives of the communities. Besides our direct involvement, we partner with numerous implementing agencies to carry out need assessment and make impactful interventions. Our Focus areas during the year has been;

Cluster & Rural Development

Education & Skill Development

Childcare & Healthcare Facilities

Women Empowerment & Livelihood Opportunities

Disaster Relief & Rehabilitation

Eradication of Hunger & Poverty

Water Conservation & Environment

Research & Development work for upliftment of Society The detailed policy on Corporate Social Responsibility is available on the website of the Company on the web link thereto is: https://www.aartidrugs.co.in/policies-and-relat-ed%20documents/

A brief note on various CSR initiatives undertaken during the year including the composition of the CSR Committee is presented in this Annual report. The CSR annual report is annexed as Annexure-A and forms an integral part of the Report.

AUDIT COMMITTEE

The details of the composition of the Audit Committee, terms of reference, meetings held, etc. are provided in the Corporate Governance Report, which forms part of this Report. During the year there were no cases where the Board had not accepted any recommendation of the Audit Committee.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism and Whistle Blower Policy for its Directors and Employees to report concerns about unethical behaviour, actual or suspected fraud, actual or suspected leak of UPSI or violation of Companys Code of Conduct. It also provides for adequate safeguards against the victimisation of employees and allows direct access to the chairperson of the audit committee in exceptional cases. The said policy has been posted on the website of the Company and the web link thereto is: https://www.aartidrugs.co.in/policies-and-related%20documents/

The Company affirms that no person has been denied access to the Audit Committee Chairman.

RELATED PARTY TRANSACTIONS

The Company has a Policy on Materiality of Related Party Transaction and dealing with Related Party Transaction which is uploaded on the Companys website at the web- link: https://www.aartidrugs.co.in/policies-and-related%20 documents/ All related party transactions that were entered into during the FY 2022-23 were on arms length basis and were carried out in the ordinary course of the business. There are no bymaterially significant the Company with Promoters, Key Managerial Personnel or other Designated Persons which may have potential conflict with interest of the Company at large.

The related party transactions are approved by the Audit Committee. Omnibus approval is obtained for the transactions which are foreseen and repetitive in nature. A statement of related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature, value and terms and conditions of transactions.

A report of factual findings arising out of the accepted procedures carried out in regard to transactions with Related Parties is given by the Statutory Auditors on quarterly basis and the same is placed before the Audit Committee. The details of related party transactions are provided in g policies the accompanying financial statements.

Particulars of contracts or arrangements made with related parties

Since all related party transactions entered into by the Company were in ordinary course of business and were on an arms lengths basis, Form AOC–2 is not applicable to Company.

DEPOSITS

The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

The Company does not have any deposits which are not in compliance with the requirements of Chapter V of the Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

Particulars of loans given, investments made, guarantees given and securities provided during the year under review and as covered under the provisions of Section 186 of the Companies Act, 2013 have been disclosed in the notes to the standalone financial statements forming part of the

Annual Report.

PARTICULARS OF EMPLOYEES

The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an Annexure and forms part of this report.

In terms of Section 136(1) of the Companies Act, 2013, the Report and the Accounts are being sent to the Members excluding the aforesaid Annexure. Any Member interested in obtaining a copy of the Annexure may write to the Company Secretary at the Registered Office of the

Company for a copy of it.

HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS

Your Company recognises human resource as one of its prime resources. Your Company enjoyed excellent relationships with workers and staff during the year under review and considers them their most important assets. Your Company cares for its people, customers, suppliers, and community at large which reflects in the Companys policy, programs and development efforts. As on March 31, 2023, the Company had 1006 permanent employees at its manufacturing plants and administrative office. Your

Company is committed to build and strengthen our human that support their growth, goals capitalby and help them achieve excellence.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of financial year of Company to which the financial statements relate and the date of this Directors

Report.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act,

2013 read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules) all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after the completion of seven years. Further, according to the rules, the shares on which Dividend has not been paid or claimed by the Shareholders for seven consecutive years or more shall be transferred to the Demat account of the IEPF

Authority. Accordingly the Company has transferred the unclaimed and unpaid dividends and corresponding shares as per the requirement of the IEPF Rules.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return as on March 31, 2023 is available in prescribed format on the Companys website at the web- link: https://www.aartidrugs.co.in/ annual-return/

CORPORATE GOVERNANCE

Corporate Governance essentially involves balancing the interests of a Companys stakeholders. Corporate

Governance practices of our Company are a reflection of our values, polices and relationship with our stakeholders. Your Company has complied with the mandatory Corporate Governance requirements stipulated under Regulation 34(3) of the Listing Regulations. Report on Corporate Governance is annexed hereto forming part of this report together with certificate from the Statutory Auditor regarding report on

Corporate Governance.

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report with detailed review of operations, performance and future outlook, as stipulated under Regulation 34 read with Schedule V to the Listing Regulations is presented in a separate section forming part of this Annual Report.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING (BRSR)

The Listing Regulations mandate the inclusion of the Business Responsibility & Sustainability Reporting as evaluates and takes part of the Annual Report for top 1000 listed entities based on market capitalisation. BRSR for the year under review, as stipulated under Regulation 34 (f) of Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CMD-2/P/ CIR/2021/562 dated May 10, 2021 is in a separate section forming part of the Annual Report.

ANNUAL BOARD EVALUATION

Pursuant to the provisions of Companies Act, 2013 and the Listing Regulations, a structured questionnaire was prepared after taking into consideration various aspects of the Boards functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and The performance of the Committees and Independent

Directors were evaluated by the entire Board of Directors except for the Director being evaluated. The performance evaluation of the Chairman, Non-Independent Directors and Board as a whole was carried out by the Independent

Directors. The Board of Directors expressed their satisfaction with the outcome of evaluation and the process followed thereof.

NOMINATION AND REMUNERATION POLICY

Pursuant to Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations, your Company has in place a Nomination and Remuneration Policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. The policy also lays down criteria for selection and appointment of Board Members. The said policy has been posted on the website of the Company and the web link thereto is: https://www.aartidrugs.co.in/policies-and-related-documents/ The details of this policy are given in the Corporate Governance Report.

RISK MANAGEMENT

Your Company recognises that risk is an integral and unavoidable component of business and is committed to managing the risk in a proactive and effective manner. The Company aims to use risk management to take better informed decisions and improve the probability of achieving its strategic and operational objectives.

In compliance with Regulation 21 of Listing Regulations, your Company has a Risk Management Committee consisting of Shri Prakash M. Patil (Chairman), Shri Rashesh C. Gogri, Shri Harit P. Shah, Shri Harshit M. Savla, Shri Uday M. Patil, Shri Krishnacharya G. Akamanchi, Shri Adhish P. Patil and Shri Dhanaji L. Kakade. The Committee through its dynamic risk management framework continuously identi-appropriate measures to mitigate/ fies, minimise various elements of risks. The Risk Management Committee meets at least 2 times in a year, to ensure that appropriate methodologies, processes and systems are in place to monitor and evaluate risks associated with the business of the Company and also to monitor and oversee the implementation of the Risk Management Policy.

COMPLIANCE MANAGEMENT SYSTEM

The Company with its sheer focus committed to achieve 100% compliance. We have adopted a third-party managed IT-based Compliance Management System. It has a repository of all applicable regulations and requisite compliances. It has an in-built alert system that sends alerts to the users and intimates concerned personnel about upcoming compliances.

SAFETY, HEALTH AND ENVIRONMENT

Your Company is committed to ensure a sound Safety, Health and Environment (SHE) performance related to its activities, products and services. Your Company has been continuously taking various steps to develop and adopt Safer Process technologies and unit operations. Your Company is making continuous efforts for adoption of safe & environmental friendly production processes. Monitoring and periodic review of the designed SHE Management System are done on a continuous basis.

STATUTORY AUDITORS & AUDITORS REPORT

In accordance with the provisions of Section 139 of the

Companies Act, 2013, the members at the 34th Annual General Meeting held on August 06, 2019 had approved the appointment of Kirtane & Pandit LLP, Chartered Accountants (Firm Registration No: 105215W/ W100057) for a term of 4 years, to hold office till the conclusion of 38 th Annual General Meeting to be held in 2023.

In view of the above, the Board on the recommendation of the Audit Committee appointed Gokhale & Sathe, Chartered Accountants (Firm Registration. No. 103264W) as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of 43rd Annual General Meeting to be held in 2028. At the request of the Company, Gokhale & Sathe have communicated their eligibility and willingness to accept the office, if appointed. Members Auditors and to fix their remuneration as mentioned in the notice convening the AGM.

There are no qualifications, reservations or or disclaimer made by the Auditor in their report. The Auditors of the Company have not reported any instances of fraud committed against the Company by its officers or employees as specified under Section 143(12) of the

Companies Act, 2013.

COST AUDITORS & RECORDS

In terms of the Section 148 of the Companies Act, 2013 read with the Companies (Cost Record and Audit) Rules, 2014, the Company is required to maintain cost accounting records and have them audited every year.

The Board has appointed GMVP & Associates LLP as Cost Auditor of the Company for FY 2023-24 under Section 148 and all other applicable provisions of the Act. Shareholders approval is being sought for ratification of the proposed to be paid to GMVP & Associates LLP, Cost Auditor of the Company in respect of Cost Audit for the financial year ending March 31, 2024 as mentioned in the

Notice convening the AGM.

The Company has maintained cost records as specified under section 148(1) of the Act.

SECRETARIAL AUDITOR & REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company had appointed CS Sunil M. Dedhia (COP No. 2031), Proprietor of Sunil M. Dedhia & Co., Company Secretary in Practice to undertake the Secretarial Audit of the Company.

Pursuant to provisions of Section 204(1) of the Companies Act, 2013 and Regulation 24A of the Listing Regulations, the Secretarial Audit Report for the Financial year ended March 31, 2023 issued by CS Sunil M. Dedhia (COP No. 2031), of Sunil M. Dedhia & Co., Company Secretary in Practice and the Secretarial Auditor of the Company is annexed as Annexure-C1 and forms an integral part of this Report. During the year under review, the Secretarial Auditor had not reported any fraud under Section 143(12) of the Act.

There is no qualification, reservation or adverse remark or disclaimer made by the Auditor in their report. As regards the observations of the Secretarial Auditor in their Report, the same is self-explanatory and need no further clarifications.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has clearly laid down policies, guidelines and procedures that form part of internal control systems, which provide for automatic checks and balances. Your Company has maintained a proper and adequate system of internal requestedtoappoint controls. The Company has appointed Shri Raman S. Shah

& Associates, Chartered Accountants as an Internal Auditor who periodically audits the adequacy and effectiveness of remarks the internal controls laid down by the Management and suggests improvements. This ensures that all Assets are safeguarded and protected against loss from unauthorised use or disposition and that the transactions are authorised, recorded and reported diligently. Your Companys internal control systems commensurate with the nature and size of its business operations. Internal Financial Controls are evaluated and Internal Auditors Reports are regularly reviewed by the Audit Committee of the Board.

Statutory Auditors Report on Internal Financial Controls as required under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 is annexed with the Independent

Auditors Report. material orders passed

SECRETARIAL STANDARDS COMPLIANCE

During the year under review, the Company has complied with all the applicable Secretarial Standards issued by the

Institute of Company Secretaries of India and approved by the Central Government pursuant to Section 118 of the Companies Act, 2013.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Your Company is fully committed to uphold and maintain the dignity of every woman working with the Company. The Company has Zero tolerance towards any action on the part of any one which may fall under the ambit of ‘Sexual Harassment at workplace. The Policy framed by the Company in this regard provides for protection against sexual harassment of women at workplace and for prevention and redressal of such complaints. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee ("ICC") under the Sexual Harassment of Women at Workplace

(Prevention, Prohibition and Redressal) Act, 2013. ICC have been set up to redress complaints received regarding sexual harassment.

The status of the Complaints during the FY 2022-23 is as follows:

Particulars

No. of Complaints

Number of Complaints pending as on beginning of the Financial Year

0

Number of Complaints filedand resolved during the Financial Year

0

Number of Complaints pending as on the end of the Financial Year

0

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo required under Section 134(3)(m) of the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014, as amended from time to time, are provided in Annexure–D to this report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS

There were no significant

Regulators/Courts/Tribunals which would impact the going concern status of the Company and its future operations.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE FINANCIAL YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the Financial Year 2022-23, there was no application made and proceeding initiated / pending by any Financial and/or Operational Creditors against your Company under the Insolvency and Bankruptcy Code, 2016 ("the Code").

Further, there is no application or proceeding pending against your Company under the Code.

DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF VALUATION AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE AT THE TIME OF TAKING A LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

During the Financial Year 2022-23, the Company has not made any settlement with its bankers for any loan/facility availed or/and still in existence.

ACKNOWLEDGEMENT

The Board of Directors places on record its sincere appreciation for the dedicated services rendered by the employees of the Company at all levels and the constructive cooperation extended by them. Your Directors would like to express their grateful appreciation for the assistance and support by all Shareholders, Government Authorities,

Auditors, Financial Institutions, Customers, Employees,

Suppliers, other business associates and various other stakeholders.

For and on behalf of the Board
Sd/-
Prakash M. Patil
Place: Mumbai Chairman, Managing Director & CEO
Date: April 29, 2023 DIN: 00005618

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