Dear Shareholders,
Your Directors are pleased to present their Thirty Fourth Annual Report together with
the Audited Financial Statements of your Company for the financial year ended March 31,
2023.
| Particulars |
Current Year 2022-23 |
Previous Year 2021-22 |
| Revenue from operations |
33,467.86 |
38,034.44 |
| Other Income |
15.17 |
65.34 |
| Total Income |
33,483.03 |
38,099.78 |
| Profit for the year before Finance Costs, Depreciation, Exceptional Items and Tax
Expenses |
1,556.44 |
3,237.01 |
| Less: Finance Costs |
321.50 |
220.55 |
| Profit for the year before Depreciation, Exceptional Items and Tax Expenses |
1234.94 |
3,016.46 |
| Less: Depreciation |
1,284.84 |
1,221.78 |
| Profit for the year before Exceptional Items and Tax Expenses |
(49.90) |
1,794.68 |
| Add(Less): Exceptional Items |
Nil |
Nil |
| Profit for the year before Tax Expenses |
(49.90) |
1,794.68 |
| Less: Current Tax |
- |
202.00 |
| Less: Deferred Tax |
44.31 |
136.55 |
| Less: Adjustment of tax for earlier years (Net) |
- |
(135.35) |
| Net Profit for the year |
(94.21) |
1,591.48 |
| Add: Balance brought forward from last year |
18,550.10 |
17,456.97 |
| Depreciation Adjustment |
Nil |
Nil |
| Deferred tax on Depreciation Adjustment |
Nil |
Nil |
| Surplus available for Appropriation |
18,455.89 |
19,048.44 |
| Appropriation |
|
|
| Other Comprehensive Income |
16.98 |
17.76 |
| Transfer to General Reserve |
Nil |
Nil |
| Final Dividend of Rs. 0.5 per Equity Share (P. Y. Rs. 3.5 per Equity Share) |
(40.17) |
(287.09) |
| Tax on buy-back |
- |
(229.02) |
| Balance carried over to Balance Sheet |
18,432.70 |
18,550.10 |
DIVIDEND
After considering the profitability, cash flow and overall financial performance of the
Company, Board of Directors of the Company are pleased to recommend a final dividend of
Rs. 0.50 per equity share (5% on the face value of Rs. 10/- each) for the year ended March
31, 2023 subject to approval of the members at the forthcoming Annual General Meeting.
During the previous financial year, the Company has paid final dividend of Rs. 0.50 per
equity share (5% on face value of Rs. 10 each), and the total outgo was Rs. 40.17 Lakhs
towards dividend.
The final dividend, if declared as above would involve a total outgo of Rs. 40.17 Lakhs
towards dividend for the year.
TRANSFER OF UNCLAIMED SHARES & DIVIDEND AMOUNT TO INVESTOR EDUCATION AND PROTECTION
FUND
Section 124(6) of the Companies Act, 2013, requires a Company to transfer in the name
of Investors Education and Protection Fund (EPF) Authority all shares in respect of which
dividend has not been paid or claimed for 7 (seven) consecutive years or more. In
accordance with the said provisions read with the Investors Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the Company is
in the process to transfer all shares in respect of which dividends declared for the year
2016-2017 has not been paid or claimed by members for 7 (seven) consecutive years or more.
TRANSFER TO RESERVES
Your Company has not transferred any amount to General Reserve (Also in Previous Year
the Company has not transferred any amount to General Reserve). Your company has incurred
net loss of Rs. 94.21 Lakhs in the Statement of Profit and Loss.
STATE OF COMPANYS AFFAIRS
The highlights of the Companys performance are as under:
Financial Performance
During the year under review the Company has reported 12.01% YoY decrease in revenue
from operations to Rs. 33,467.86 Lakhs and incurred a net loss of Rs. 94.21 Lakhs. The
financial performance of the year 2022-23 was quite subdued due to global scenario which
affected the second half of the financial year. Overall weakness in demand impacted the
profitability of the Company.
Exports
The export turnover has decreased from Rs. 28,001.76 Lakhs to Rs. 20,237.65 Lakhs
compared to previous year. Dumping/selling at lower rate by China in the current scenario
makes it difficult for the Company to improve margins. Company along with other players of
the same industry contemplating on this issue.
INTELLECTUAL PROPERTY RIGHTS
The Company is having the certificate for registration of trademark from the Registrar
of Trade Marks, Trade Marks Registry, Gujarat for its logo i.e. Aksharchem and its
products Pigment Green 7 and Precipitated Silica i.e. Asaflow and Aksil respectively.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There was no change in the nature of business of the Company during the financial year
ended March 31, 2023.
MATERIAL CHANGES AND COMMITMENT, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH
HAS OCCURRED BETWEEN THE END OF FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT
There has been no material changes and commitment, affecting the financial position of
the Company which has occurred between the end of financial year to which the financial
statements relate and the date of the report.
AUTHORISED SHARE CAPITAL
During the year under review, there is no change in the Authorized Share Capital of the
Company.
SHARE CAPITAL
During the year under review, the paid-up capital of the Company has remained the same.
Issue of Shares with differential rights
During the year under review, the Company has not issued equity shares with
differential rights.
Issue of Sweat Equity Shares
During the year under review, the Company has not issued Sweat Equity Shares.
Issue of Employee Stock Options
During the year under review, the Company has not issued any shares under Employee
Stock Option.
FINANCE AND INSURANCE
The Company has been financed by State Bank of India and HDFC Bank Limited.
All insurable interests of the Company, including plant and machinery, building,
stocks, vehicles, stores and spares have been adequately insured against various risks and
perils.
PUBLIC DEPOSITS
The Company has not accepted deposit from public during the year and there was no
deposit outstanding on March 31, 2023.
SUBSIDIARY COMPANIES
During the year under review the Company does not have any subsidiary.
CERTIFICATIONS
During the year under review the Company have its quality certifications of ISO
9001:2015, certification for environment management system of ISO 14001:2015 and
certification for occupation, health & safety of ISO 45001:2018.
EXPORT HOUSE STATUS
The Company has the status of "Two Star Export House" by Office of Additional
Director General of Foreign Trade, Ahmedabad, in accordance with provisions of Foreign
Trade Policy 2015-2020. This status is valid till November 8, 2027.
CREDIT RATING
The CARE Ratings Limited has reviewed the ratings on the bank facilities of the Company
and revised the rating as CARE A; Stable/CARE A1 to the long term/short term bank
facilities.
LISTING
The Equity Shares of the Company continue to be listed on BSE Limited (BSE) and
National Stock Exchange of India Limited (NSE) and required Listing Fees for the year
2023-24 has been paid.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as prescribed under Sub-section (3)(m) of Section 134 of the Companies
Act, 2013, read with the Companies (Accounts) Rules, 2014, are enclosed as "Annexure
A" to the Boards report.
RISK MANAGEMENT
We believe that risk management is an integral part of our operations. It is essential
to identify and manage risks in order to reduce uncertainties and ensure continuity of
business. We have a risk management framework and team that implements the processes
specified in the framework. Further details are set out in the Management Discussion and
Analysis Report forming part of the Directors Report.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
In accordance with the provisions of Section 135 of the Companies Act, 2013 and the
rules framed there under the Company has a Corporate Social Responsibility Committee of
Directors.
The composition of the CSR committee, as per the applicable provisions of the Act and
Rules, is as follows:
Mrs. Paru M. Jaykrishna- Chairperson Mr. Gautam Jain- Member Ms. Maitri K. Mehta-
Member
A detailed note on the Board and its committees is provided under the Corporate
Governance Report section in this Annual Report.
Mrs. Paru M. Jaykrishna - Chairperson, Mr. Gautam Jain and Ms. Maitri K. Mehta has
inter alia also formulated a CSR Policy.
The Company is not required to deposit any amount in a separate Bank account opened
with a Scheduled Bank in Compliance with CSR Rules 2021 for the CSR identified projects.
Pursuant to sub-rule (1B) of Rule 12 of Companies (Accounts) Rules, 2014, the Company
has submitted the Report on Corporate Social Responsibility (CSR) through web form CSR 2
for the financial year 2021-22.
The role of the CSR Committee is to review the CSR policy, indicate activities to be
undertaken by the Company towards CSR activities and formulate a transparent monitoring
mechanism to ensure implementation of projects and activities undertaken by the Company
towards CSR initiatives.
The Report on CSR Activities, which forms part of the Directors Report, is annexed as
"Annexure B" to this report.
POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONEL
The Board has on the recommendation of the Nomination and Remuneration Committee framed
a policy on selection and appointment of Directors, Senior Management and their
remuneration. The Nomination and Remuneration Policy is put up on the website of the
Company at: www.aksharchemindia.com.
The details of programmes for familiarisation of Independent Directors with the
Company, their roles, rights, responsibilities in the Company, nature of the industry in
which the Company operates, business model of the Company and related matters are put up
on the website of the Company at: www.aksharchemindia.com
DIVERSITY OF THE BOARD
The Company recognises and embraces the benefit of having a diverse Board of Directors
and views increasing diversity at the Board level as an essential element in maintaining
competitive advantage in the Business in which it operates. This Policy is put up on the
website of the Company at: www.aksharchemindia.com
DISCLOSURES ON MANAGERIAL REMUNERATION
Details of Managerial Remuneration as required under Section 197 (12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is given as per "Annexure C" to this report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment of CFO
Mr. Hardik Shah has been appointed as Chief Financial Officer of the Company w.e.f. May
20, 2022.
Retirement by Rotation
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Munjal M. Jaykrishna (DIN: 00671693) Joint Managing
Director & CEO of the Company, retire by rotation at the ensuing Annual General
Meeting and being eligible have offered himself for reappointment. The Nomination and
Remuneration Committee and Board recommends his reappointment.
Brief profile of the Director being re-appointed as required under Regulations 36(3) of
Listing Regulations, 2015 and Secretarial Standard on General Meetings is provided in the
Notice of the forthcoming AGM of the Company.
Key Managerial Personnel
The following persons are the Key Managerial Personnel:
Mr. Munjal M. Jaykrishna, Joint Managing Director & CEO Mr. Hardik S. Shah, Chief
Financial Officer (CFO)
Mr. Meet J. Joshi, Company Secretary (CS)
Women Director
The Board of Directors of the Company includes women director viz. Mrs. Paru M.
Jaykrishna and Ms. Maitri K. Mehta. Accordingly, the Company is in compliance with the
requirement of section 149(1) of the Companies Act, 2013 read with Rule 3 of the Companies
(Appointment and Qualification of Directors) Rules, 2014.
Independent Directors
Mr. Gautam M. Jain and Dr. Pradeep Jha, Independent directors have been reappointed for
the period of five years w.e.f. August 12, 2019, Mr. Jigar M. Patel have been reappointed
as an independent director of the Company for a second term of five consecutive years with
effect from August 09, 2022 and Ms. Maitri K, Mehta was appointed as an independent
director of the Company for the period of five years w.e.f. March 28, 2019.
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) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.
BOARD EVALUATION
The Board of Directors of the Company is committed to assess its own performance as a
Board in order to identify its strengths and areas in which it may improve its
functioning. To that end, the Nomination and Remuneration Committee has established
processes for performance evaluation of Independent Directors, the Board and Committees of
the Board.
Pursuant to the provisions of the Act and the Listing Regulations, the Board has
carried out an annual evaluation of its own performance, performance of its Committees as
well as the Directors individually. Details of the evaluation mechanism are provided in
the Corporate Governance Report.
PARTICULARS OF EMPLOYEES
The statement containing particulars of employees as required under Section 197(12) of
the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided as "Annexure D" to this report.
MEETINGS OF THE BOARD
During the financial year 2022-2023, the Board of Directors of the Company, met 4
(Four) times on May 20, 2022, August 09, 2022, November 11, 2022 and February 09, 2023.
The compositions of the board and its attendance have been given in the Corporate
Governance Report section in this Annual Report.
INDEPENDENT DIRECTORS MEETING
A separate Meeting of the Independent Directors of the Company was also held on
February 09, 2023, whereat the prescribed items enumerated under Schedule IV to the
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, were discussed.
AUDIT COMMITTEE
The composition of the Audit committee, as per the applicable provisions of the Act and
Rules, is as follows:
Dr. Pradeep Jha - Chairman
Mr. Jigar M. Patel- Member
Ms. Maitri K. Mehta- Member
A detailed note on the Board and its committees is provided under the Corporate
Governance Report section in this Annual Report.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Your Company is committed to highest standards of ethical, moral and legal business
conduct. Accordingly, the Board of Directors have adopted the vigil mechanism/whistle
blower policy which is in compliance with the provisions of Section 177(10) of the
Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Employees can raise concerns regarding any
discrimination, harassment, victimization, any other unfair practice being adopted against
them or any instances of fraud by or against your Company. The Audit Committee oversees
the vigil mechanism.
INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Board has adopted policies and procedures to ensure the orderly and efficient
conduct of its business, including but not limited to the prevention and detection of
frauds and errors, the safeguarding of its assets, the accuracy and completeness of the
accounting records, adherence to the companys policies, periodical review of financial
performance of Company and review of the accounts every quarter by Statutory Auditors. The
Company has appointed Independent Internal Auditors who periodically audit the adequacy
and effectiveness of the internal controls and suggest improvements.
Internal Control Systems are reviewed by Audit Committee headed by a Non- Executive
Independent Director on a regular basis for its effectiveness and the necessary changes
suggested are interpreted into the system. Every quarter the Audit Committee reviews the
adequacy and effectiveness of internal control systems and monitors the implementation of
improvement actions.
STATUTORY AUDITORS
M/s. Talati & Talati LLP, Chartered Accountants (Firm Registration No.
110758W/W100377), Ahmedabad, were appointed as the Statutory Auditors of the Company for a
term of five years up to the conclusion of the 38th Annual General Meeting of the Company
to be held in 2027.
M/s. Talati & Talati LLP, Chartered Accountants has expressed their willingness to
be appointed as Statutory Auditors of the Company. They further confirmed that the said
appointment, if made, would be within prescribed limits under Section 141 of the Companies
Act, 2013 and that they are not disqualified for appointment.
Pursuant to Section 139 and 141 of the Companies Act, 2013 and relevant Rules
prescribed there under, the Company has received certificate from the Auditors to the
effect, inter-alia, that their appointment would be within the limits laid down by the
Act, shall be as per the term provided under the Act, that they are not disqualified for
such appointment under the provisions of applicable laws and also that there are no
pending proceedings against them or any of their partners with respect to professional
matters of conduct.
As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the statutory auditors have also confirmed that they hold a valid certificate issued
by the Peer Review Board of the Institute of Chartered Accountants of India.
M/s. Talati & Talati LLP, Chartered Accountants, have submitted their Report on the
Financial Statements of the Company for the Financial Year 2022-23, which forms part of
the Annual Report 2022-23. There are no observations (including any qualification,
reservation, adverse remark or disclaimer) of the Auditors in their Audit Reports that may
call for any explanation from the Directors.
SECRETARIAL AUDITORS
Mr. Bipin L. Makwana, Practicing Company Secretary (Membership No. A15650), was
appointed to conduct the secretarial audit of the Company for the financial year 2022-23,
as required under Section 204 of the Companies Act, 2013 and Rules there under.
Secretarial Audit Report for F.Y. 2022-23 forms part of the Annual Report as
"Annexure E" to the Boards report.
The Secretarial Auditor has not made any comments or given any qualification,
reservation or adverse remarks or disclaimer in their Audit Report.
COST AUDITOR
During the year under review, the provision regarding Cost Audit is not applicable to
the Company. M/s. M. I. Prajapati & Associates, Cost Accountants (Membership No.
32354), was appointed to conduct the cost audit of the Company for the financial year
2023-24, as required under Section 148 of the Companies Act, 2013 and Rules there under.
CASH FLOW STATEMENT
As required under Regulation 34(2)(c) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, a Cash Flow Statement prepared in accordance with the
Indian Accounting Standard 7 (IND AS-7) is attached to the Financial Statement.
ANNUAL RETURN
Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copy
of the Annual Return of the Company prepared in accordance with Section 92(1) of the Act
read with Rule 11 of the Companies
(Management and Administration) Rules, 2014 may be accessed on the Companys website
at: https://aksharchemindia.com/uploads/report/398169365 1443MGT-7.pdf
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE
During the year under review the Company has not given loans, provided any guarantees
or made investments covered under section 186 of the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS ENTERED INTO WITH RELATED PARTIES
All Related Party transactions that were entered into during the year under review were
in ordinary course of business and were on arms length basis. There were no materially
significant related party
transactions made by the Company which may have potential conflict of interest.
Further, there were no material related party transactions which were not in ordinary
course of business and were not on arms length basis and hence there was no information
required to be provided under Section 134(3)(h) of the Companies Act, 2013 read with rule
8(2) of the Companies (Accounts) Rules, 2014 in form AOC-2 and under Section 188(2) of the
Companies Act, 2013.
SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND / OR THE COMPANYS OPERATIONS IN
FUTURE
There were no significant or material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status of the Company and / or the Companys
operations in future.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a Management Discussion and Analysis Report is appended as
"Annexure F" to this Report.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of Corporate Governance. A
separate Corporate Governance Report as stipulated under Chapter IV read with Schedule V
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished
as "Annexure G" to this Report together with certificate from Mr. Bipin L.
Makawana, Practicing Company Secretary (Membership No. A15650) confirming compliance with
the conditions of Corporate Governance.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) of the Companies Act, 2013 and
based on the information provided by the management, your directors state that:
(a) in the preparation of the annual accounts for the year ended March 31, 2023, the
applicable accounting standards read with requirements set out under Schedule XIII to the
Act, have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistently
and made judgements and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at March 31, 2023 and of the loss of
the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
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 have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143
OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
During the year under review there were no frauds reported by Auditors under section
143 (12).
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013
Your Company has zero tolerance for sexual harassment at workplace. The Company has
adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the rules framed
thereunder. It is the continuous endeavor of the Management of the Company to create and
provide an environment to all its employees that is free from discrimination and
harassment, including sexual harassment. During the year under review, the Committee had
not received any complaint.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Meetings of the Board of Directors and General Meetings.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
Our human capital contributes significantly to our business operations and we believe
that employees are our valuable asset and core strength. To further support that strength,
we have identified skill set building as one of key business drivers, and have focused our
employee initiatives in that direction. We periodically organize various trainings for our
employees to enhance their knowledge and skills. Our learning and development training
programs are governed by quality business management principles adopted by us, which
include a principle of in-depth identification of development needs and comprehensive
structure of learning and development.
We believe that our human resources initiatives led to positive trends in the
production, quality, cost, delivery, safety and morale parameters in manufacturing, a
higher level of engagement in workers, better working relationships between sales managers
and reportees. We also engage contract labour depending on our requirements from time to
time, particularly at our manufacturing facilities. The attrition rate of the Company is
quite low as compare to other companies in the concerned sector. Industrial relations
remained harmonious with a focus on productivity, quality and safety throughout the year.
Your directors wish to place on record their sincere appreciation for the devoted services
of all the employees and workers of the Company.
GREEN INITIATIVE
The Ministry of Corporate Affairs had taken the Green Initiative in Report on Corporate
Governance by allowing paperless compliances by Companies through electronic mode. Your
Company supports the Green Initiative and has accordingly decided to send necessary
communications to its Shareholders to their respective registered E-mail addresses.
ENVIRONMENT SAFETY AND HEALTH
Your Company continues to exercise persistent and meticulous efforts towards greener
earth and environment conservation. The Company preserves in its efforts to teach safe and
environmentally accountable behavior in every employee, as well as its vendors. The
Company is committed towards safety, not only of its own men and plant, but also of the
society at large.
Solid waste generated at the Works, after treatment of its liquid effluent is shifted
to a Gujarat Pollution Control Board (GPCB) approved site.
The Company continues to demonstrate its commitment to a clean and safe environment.
The State of the art effluent treatment plant continues to run satisfactorily, so that the
treated waste water discharged is well within the stipulated norms set by GPCB.
Your Company has ISO 14001:2015, ISO 9001:2015 and ISO 45001:2018 certification for its
unit.
APPRECIATION AND ACKNOWLEDGEMENTS
Your Directors are grateful and pleased to place on record their thanks to Government
of India, Government of Gujarat, Electricity supply companies and Bankers for their
excellent support, guidance and continued cooperation.
The Company is thankful to the shareholders for reposing trust in the Company and their
unflinching enthusiasm and patronage.
CAUTIONARY STATEMENT
The Boards Report and Management Discussion & Analysis may contain certain
statements describing the Companys objectives, expectations or forecasts that appear to
be forward-looking within the meaning of applicable securities laws and regulations while
actual outcomes may differ materially from what is expressed herein. The Company is not
obliged to update any such forward-looking statement. Some important factors that could
influence the Companys operations comprise of economic developments, pricing and demand
& supply conditions in global and domestic markets, changes in government regulations,
tax laws, litigation and industrial relations.
| For and or |
i behalf of Board of Directors |
| Place : Ahmedabad |
PARU M. JAYKRISHNA |
| Date : August 10, 2023 |
Chairperson & Mg. Director |
|
DIN: 00671721 |
| Registered Office: |
|
| "Akshar House", |
|
| Chhatral Kadi Road, |
|
| Indrad - 382 715, |
|
| Mehsana, Gujarat (India) |
|
| CIN : L24110GJ1989PLC012441 |
|
| Phone: +91 2764 233007 |
|
| Fax: +91 2764 233550 |
|
| Website: www.aksharchemindia.com |
|
| Email id: cs@aksharchemindia.com |
|
+91-9892691696
