To the Members of Bhagyanagar India Limited
The Directors have pleasure in presenting the 38th Annual
Report of your Company and the Audited financial statements for the financial year ended
31st March, 2023 together with Auditors Report thereon.
FINANCIAL RESULTS:
The performance of the Company during the year has been as under:
(Amount in lakhs)
Particulars |
Standalone
Results |
Consolidated
Results |
| 2022-23 |
2021-22 |
2022-23 |
2021-22 |
Sales and other Income |
138872.52 |
109338.48 |
184752.32 |
157440.97 |
EBIDTA |
2039.41 |
1724.07 |
3562.76 |
3096.72 |
LESS : |
|
|
|
|
Depreciation |
361.59 |
367.97 |
592.79 |
572.46 |
Interest |
870.94 |
685.79 |
1522.02 |
1182.74 |
Profit before Taxation |
806.87 |
670.31 |
1447.95 |
1341.52 |
Provision for Taxation:
Current Tax |
255.58 |
221.63 |
362.58 |
333.67 |
Deferred Tax |
-58.66 |
-67.52 |
23.92 |
-67.52 |
MAT Credit |
- |
63.32 |
48.40 |
-48.72 |
Excess MAT Credit Reversed |
- |
15.90 |
- |
15.90 |
Profit after Tax |
609.96 |
436.99 |
1013.05 |
1108.19 |
Surplus brought forward from
previous year |
9348.99 |
8912.00 |
9747.76 |
8639.57 |
Balance available for
appropriation |
9958.95 |
9348.99 |
10760.81 |
9747.76 |
Transfer to General Reserves |
- |
- |
- |
- |
Balance c/f to Balance Sheet |
9958.95 |
9348.99 |
10760.81 |
9747.76 |
PERFORMANCE AND OPERATIONS:
During the year 2022-23, the Companys consolidated turnover is
increased by 17% as that of previous year. EBIDTA is 3562.76 lakhs as compared to that
of last year 3096.72 Lakhs. PBT increased by 8% as compared to that of last year. But
PAT Decreased by 8% as compared to that of previous year.
SUBSIDIARIES/ ASSOCIATES:
Your Company has only one wholly owned (100%) subsidiary company viz.,
Bhagyanagar Copper Private Limited, engaged in the same line of business i.e., manufacture
of copper products. There has been no material change in the nature of its business.
In terms of proviso to sub section (3) of Section 129 of the Act, 2013
read with Companies (Accounts) Rules, 2014, the salient features of the financial
statement of the subsidiaries and Associates is set out in the prescribed Form AOC-1,
which forms part of the annual report.
CONSOLIDATED FINANCIAL STATEMENTS:
The Consolidated Financial Statements are prepared in accordance with
Indian Accounting Standards (Ind-AS) as per the Companies (Indian Accounting Standards)
Rules, 2015 notified under Section 133 of the Companies Act, 2013 and other relevant
provisions of the Companies Act, 2013.
The Consolidated Financial Statements for the financial year ended 31st
March, 2023 forms part of the Annual Report. As per the provisions of Section 136 of the
Companies Act, 2013, the Company has placed separate audited accounts of its Subsidiary on
its website www.bhagyanagarindia.com and a copy of separate audited financial statements
of its subsidiary will be provided to shareholders upon their request.
SECRETARIAL STANDARDS:
The Directors state that applicable Secretarial Standards, i.e., SS-1
and SS-2, relating to ‘Meetings of the Board of Directors and ‘General
Meetings, respectively, have been duly followed by the Company.
SHARE CAPITAL:
The paid-up Share Capital of the Company as on 31 st March,
2023 is 6,39,90,000 divided into 3,19,95,000 equity shares of Rs. 2/- each.
TRANSFER TO RESERVES:
The Board of Directors of the Company has not recommended for transfer
of any amount to the General Reserve for the Financial Year ended 31st March,
2023.
DIVIDEND:
The Board of Directors has not recommended dividend for the financial
year 2022-23 to retain the maximum possible cash in the system. The Company is constrained
to skip the dividend in view of the proposed expansion plans.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report as required under
schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
forms an integral part of this Report and gives details of the overall industry structure,
developments, performance and state of affairs of the Companys business, internal
controls and their adequacy, risk management systems and other material developments
during the financial year.
Management Discussion and Analysis Report is presented in a separate
section forms part of the Annual Report as Annexure-II.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(5) of the Companies Act,
2013, with respect to the Directors Responsibility Statement, the Board of Directors of
the Company hereby confirms:
(a) That the preparation of the annual accounts for the financial year
ended 31 st March, 2023, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
(b) That the directors have 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 31st March, 2023 and of the profit and loss of the company
for that period;
(c) That the directors have 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) That the directors have prepared the annual accounts for the
financial year 31 st March, 2023 on a going concern basis;
(e) That the directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively; and
(f) That 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.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
The independent directors have submitted the declaration of
independence, as required pursuant to sub-section (7) of section 149 of the Companies Act,
2013 and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirement)
Regulations, 2015 stating that they meet the criteria of independence as provided in
sub-section (6) of Section 149 and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
38th Annual Report 2022-23 M
NOMINATION AND REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination &
Remuneration Committee, framed a policy, which lays down a framework in relation to
selection, appointment and remuneration to Directors, Key Managerial Personnel, Senior
Management and other employees of the Company. The details of Nomination and Remuneration
Committee and Policy are stated in the Corporate Governance Report.
PARTICULARS OF LOANS, GUARANTEES, SECURITIES OR INVESTMENTS:
The details of Loans, Guarantees, Securities and Investments made
during the financial year ended 31st March, 2023 are given in the notes to the
Financial Statements in compliance with the provisions of Section 186 of the Companies
Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014.
RELATED PARTY TRANSACTIONS:
All transactions entered with Related Parties for the year under review
were on arms length basis and in the ordinary course of business. There are no materially
significant related party transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a potential conflict with
the interest of the Company at large. All Related Party Transactions are placed before the
Audit Committee as also the Board for approval, wherever required. Prior omnibus approval
of the Audit Committee is obtained for the transactions which are of a foreseeable and
repetitive nature. A statement giving details of all related party transactions entered
into pursuant to the omnibus approval so granted are placed before the Audit Committee and
the Board of Directors on a quarterly basis. The Company has developed a Policy on Related
Party Transactions for the purpose of identification and monitoring of such transactions.
The policy on Related Party Transactions as approved by the Board is uploaded on the
Companys website www.bhagyanagarindia.com.
The particulars of contracts or arrangements with related parties
referred to in sub-section (1) of section 188 is prepared in Form AOC-2 pursuant to clause
(h) of the Companies (Accounts) Rules, 2014 and the same is annexed herewith as
"Annexure-III" to this Report.
AUDIT COMMITTEE:
The Audit Committee, as on 31.03.2023, consists of Independent
Directors Shri Kamlesh Gandhi as Chairman, Shri R. Surender Reddy, Smt. Sanjana Jain and
the Managing Director, Shri Devendra Surana as Members. The Committee inter alia reviews
the Internal Control System, Reports of Internal Auditors and compliance of various
Regulations. The Committee also reviews the financial statements before they are placed
before the Board.
The recommendations made by the Audit Committee to the Board, from time
to time during the year under review, have been accepted by the Board. Other details with
respect to the Audit Committee such as its terms of reference, the meetings of the Audit
Committee and attendance thereat of the members of the Committee, are separately provided
in this Annual Report, as a part of the Report on Corporate Governance.
ANNUAL RETURN:
The Annual Return of the Company as on 31st March, 2023 is
available on the website of Company at http://www.
bhagyanagarindia.com/investor-relations.php.
PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and outgo required to be disclosed under Section 134(3)(m) of
the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 are
provided in the Annexure-I forming part of this Report.
RISK MANAGEMENT POLICY:
In terms of the requirements under Section 134(3)(n) of the Companies
Act, 2013 and Regulation 21 of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company has developed and implemented
the Risk Management Policy. The Audit Committee has additional oversight in the area of
financial risks and controls. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. The development
and implementation of risk management policy has been covered in the management discussion
and analysis, which forms part of this report. At present, the Company has not identified
any element of risk which may threaten the existence of the company.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Corporate Social Responsibility reflects the strong commitment of the
Company to improve the quality of life of the workforce and their families and also the
community and society at large. The Company believes in undertaking business in a way that
will lead to overall development of all stakeholders and society.
During the year 2022-23, the Company is covered under the criteria of
Section 135(5) of Companies Act, 2013. The CSR activities of the Surana Group are guided
by the vision and philosophy of its founding father, Shri G.M. Surana, who embodied the
value of trusteeship in business and laid the Foundation for its ethical and value-based
functioning. The core elements of CSR activities include ethical functioning, respect for
all stake-holders, protection of human rights, and care for the environment. The G.M.
Surana Foundation is established purely for the purpose of providing medical relief to the
people who are in below poverty line. It is being run by qualified and registered doctors.
During the year, the Company has spent Rs. 7,00,000/- on CSR
activities.
A report on Corporate Social Responsibility as per Rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed to this Boards
Report as Annexure-IV.
BOARD EVALUATION:
During the year under review, pursuant to the provisions of the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the
evaluation of performance of all Directors is undertaken annually. The
company has implemented a system of evaluating performance of the Board of Directors and
of its Committees and individual Directors on the basis of a structured questionnaire
which comprise evaluation criteria taking into consideration various performance related
aspects. The Board of Directors have expressed their satisfaction with the evaluation
process.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Shri Narender Surana, Managing Director of the Company will retire by
rotation at the ensuing Annual General Meeting and being eligible, offers himself for
re-appointment.
The brief particulars of Directors seeking appointment/re- appointment
at this Annual General Meeting are annexed to the Notice.
As on 31st March, 2023, Shri Devendra Surana and Shri
Narender Surana, Managing Directors, Shri N.C. Bhardwaj, Whole-time Director, Shri
Surendra Bhutoria, Chief Financial Officer and Shri Lalit Kumar Thanvi, Company Secretary
are the Key Managerial Personnel (KMPs) of the Company as per the provisions of Companies
Act, 2013.
During the period under review, Shri. Srinivas Dudam, the Company
Secretary of the Company had tendered his resignation w.e.f. 20th August, 2022
and Shri. Lalit Kumar Thanvi had been appointed as the Company Secretary w.e.f. 14th
February, 2023. Further during the period under review, Shri. Naresh Chand Bhardwaj was
re-appointment as Whole-time Director of the Company with effect from 23rd June,
2023 in the last Annual General Meeting held on 28th September, 2022.
MEETINGS OF THE BOARD:
During the financial year under review, 6 (Six) Board Meetings were
convened and held, the details of which are given in the Corporate Governance Report. The
intervening gap between the meetings was within the period of 120 days as prescribed under
the Companies Act, 2013 and Regulation 17 of SEBI Listing Regulations, 2015.
DEPOSITS:
The Company has not accepted any deposits in terms of Section 73 or 76
of the Companies Act, 2013 and as such, no amount on account of principal or interest on
public deposits was outstanding as on the date of the balance sheet.
LISTING OF EQUITY SHARES:
The Companys equity shares are listed on the following Stock
Exchanges:
(i) BSE Limited, Phiroze JeeJeebhoy Towers, Dalal Street, Mumbai - 400
001, Maharashtra, India; and
(ii) National Stock Exchange of India Ltd, Exchange Plaza, Floor 5,
Plot No. C/1, G Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051,
Maharashtra, India.
The Company has paid the annual listing fees to the said stock
exchanges for the financial year 2023-24.
STATUTORY AUDITORS:
The Statutory Auditors Report for the Financial year 2022-23 does not
contain any qualifications, reservations, adverse remarks or disclaimer and no frauds were
reported by the Auditors under sub-section (12) of Section 143 of the Act.
M/s. Luharuka & Associates, Chartered Accountants, Hyderabad
(Registration No. 01882S) were Re-appointed as the Statutory Auditors of the Company in
the 37th Annual General Meeting, who shall hold office till the conclusion of the 42nd
Annual General Meeting to be held in the year 2027. The independence of the external
auditors is effectively maintained by the Company.
INTERNAL AUDITORS:
The Board of Directors based on the recommendation of the Audit
Committee has appointed M/s. Sekhar & Co., Chartered Accountants as the Internal
Auditors of your Company. The Internal Auditors are submitting their reports on quarterly
basis to the Audit Committee and Board of Directors.
The Board of Directors of the Company has re-appointed M/s. Sekhar
& Co., Chartered Accountants as Internal Auditors to conduct Internal Audit for the
financial year ended 31st March, 2023.
COST AUDITORS:
The Company has maintained cost records as specified by Central
Government under Section 148(1) of Companies Act, 2013 and such records have been audited
by the Cost Auditor pursuant to Companies (Cost Records and Audit) Rules, 2014.
M/s Lavanya & Associates, Cost Accountants, Hyderabad, has been
appointed by the Board, on recommendations of Audit Committee, as Cost Auditor for
conducting audit of the cost accounts maintained by the Company relating to Base Metals
and Electricity for the financial year 2022-23.
The Cost Auditors Report of financial year 2022-23 did not contain any
qualifications, reservations, adverse remarks or disclaimers and no frauds were reported
by the Cost Auditors to the Company under sub-section (12) of Section 143 of the Act.
SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
your Company had appointed Mrs. Rakhi Agarwal, Company Secretary in Practice, Hyderabad,
as its Secretarial Auditor to conduct the Secretarial Audit of your Company for financial
year 2022-23.
The Report of the Secretarial Auditor for the financial year 2022-23 is
annexed to this report as Annexure-V.
There were no qualifications, reservation or adverse remark or
disclaimer made by the Secretarial Auditor in its report.
SECRETARIAL AUDIT OF MATERIAL UNLISTED INDIAN SUBSIDIARY:
The Secretarial Audit of Bhagyanagar Copper Private Limited (BCPL), a
material subsidiary of the Company was carried out pursuant to Section 204 of the
Companies Act, 2013
38th Annual Report 2022-23 M
and Regulation 24A of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the Financial Year 2022-23. The Secretarial Audit
Report of BCPL submitted by Mrs. Rakhi Agarwal, Company Secretary in Practice, does not
contain any qualification, reservation or adverse remark or disclaimer.
The Report of the Secretarial Auditor of Bhagyanagar Copper Private
Limited for the financial year 2022-23 is annexed to this report as Annexure-VII.
ANNUAL SECRETARIAL COMPLIANCE REPORT:
The Company has undertaken an audit for the financial year 2022-23 for
all applicable compliances as per Securities and Exchange Board of India Regulations and
Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report duly
signed by Mrs. Rakhi Agarwal, Company Secretary in Practice has been submitted to the
Stock Exchanges within 60 days of the end of the Financial Year and is annexed at
Annexure-VIII to this Boards Report.
REPORTING OF FRAUDS BY AUDITORS:
During the year under review, the Statutory Auditors, Internal Auditors
and Secretarial Auditor have not reported any instances of frauds committed in the Company
by its Officers or Employees to the Audit Committee under section 143(12) of the Companies
Act, 2013, details of which needs to be mentioned in this Report.
CORPORATE GOVERNANCE:
The Company has implemented the procedures and adopted practices in
conformity with the Code of Corporate Governance as per the requirements of SEBI (Listing
Obligations and Disclosure Requirements), Regulations, 2015.
A separate report on corporate governance practices followed by the
Company together with a Certificate from the Companys Auditors confirming compliances
forms an integral part of this Report.
VIGIL MECHANISM:
The Company has adopted a Whistle Blower Policy establishing vigil
mechanism, to provide a formal mechanism to the Directors and employees to report concerns
about unethical behavior, actual or suspected fraud or violation of Code of Conduct and
Ethics. It also provides for adequate safeguards against the victimisation of employees
who avail of the mechanism and provides direct access to the Chairperson of the Audit
Committee in exceptional cases. It is affirmed that no personnel of the Company has been
denied access to the Audit Committee. The policy of vigil mechanism is available on the
Companys website. The Whistle Blower Policy aims for conducting the affairs in a fair and
transparent manner by adopting highest standards of professionalism, honesty, integrity
and ethical behavior.
PARTICULARS OF EMPLOYEES:
A. Disclosures with respect to the remuneration of Directors and
employees as required under Section 197(12) of Companies Act, 2013 and Rule 5(1) Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as follows:
(i) The ratio of the remuneration of each director to the median
remuneration of the employees of the company for the financial year;
Name of the Director |
Ratio to Median Remuneration |
Shri Narender Surana, MD |
Nil |
Shri Devendra Surana, MD |
34.09 |
Shri N.C. Bhardwaj, WTD |
6.17 |
(ii) The percentage increase in remuneration of each Director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the
financial year;
Name of Person |
% increase in remuneration |
Shri Devendra Surana, MD |
0.00 |
Shri N.C. Bhardwaj, WTD |
15.60 |
Shri Surendra Bhutoria, CFO |
6.47 |
Shri Lalit Kumar Thanvi CS* |
NA |
Shri Srinivas Dudam CS** |
NA |
* (Appointed as Company Secretary w.e.f. 14.02.2023)
** (Resigned as Company Secretary w.e.f. 20.08.2022)
(iii) The percentage increase in the median remuneration of employees
in the financial year: 4.80%
(iv) The number of permanent employees on the rolls of company: 136
(v) Average percentile increase 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 and point out if there are any exceptional circumstances for increase in the
managerial remuneration;
The average increase in salaries of employees other than managerial
personnel in 2022-23 was 8.20%. Percentage increase in the managerial remuneration for the
year was 2.77%.
(vi) Affirmation that the remuneration is as per the remuneration
policy of the company - Yes.
B. In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of
remuneration drawn and names and other particulars of the employees
drawing remuneration in excess of the limits set out in the said rules
forms part of this Report.
Having regard to the provisions of the second proviso to Section 136(1)
of the Act and as advised, the Annual Report excluding the aforesaid information is being
sent to the members of the Company. The said Annexure is open for inspection at the
registered office of your Company. Any member interested in obtaining copy of the same may
write to Company Secretary.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. To maintain its objectivity and independence, the
Internal Audit function reports to the Chairman of the Audit Committee of the Board.
The Internal Auditors team carries out extensive audit and evaluates
the efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations of the Company and
its subsidiaries. Based on the report of internal audit function, process owners undertake
corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit
Committee of the Board.
CHANGE IN NATURE OF BUSINESS:
There is no change in nature of business of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT:
The GST authorities conducted an investigation and on the insistence of
the authorities, the company has deposited an amount of Rs.800 lakhs with GST Department
under protest and shown in financial statements under the head "Current Assets".
The company has not received any show cause notice till date of this report. The company
has been advised by the legal experts that it has fair chance of ultimately succeeding in
the matter and accordingly no provision has been made in the books of accounts.
There are no significant and material orders passed by the Regulators
or Courts or Tribunals which would impact the going concern status of the Company and its
future operations.
MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments, affecting the financial
position of the Company which occurred between the end of the financial year 31st
March, 2023 to which the financial statements relates and the date of signing of this
report.
HUMAN RESOURCES:
The industrial relations of the Company continued to be harmonious
during the year under review.
ISO 9001-2008 CERTIFICATION:
Your Company continues to hold ISO 9001-2008 Certification by meeting
all the requirements of Certification from time to time.
POLICY ON SEXUAL HARRASSEMENT:
The Company has adopted policy on Prevention of Sexual Harassment of
Women at Workplace in accordance with The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
The Internal Complaints Committee (ICC) has been setup to redress
complaints received regarding sexual harassment. During the period under review, no
complaints were received by the ICC.
CAUTIONARY STATEMENT:
Statements in the Boards Report and the Management Discussion &
Analysis describing the Companys objectives, expectations or forecasts may be
forward-looking within the meaning of applicable securities laws and regulations. Actual
results may differ materially from those expressed in the statement. Important factors
that could influence the Companys operations include global and domestic demand and
supply conditions affecting selling prices of finished goods, input availability and
prices, changes in government
regulations, tax laws, economic developments within the country and
other factors such as litigation and industrial relations.
ACKNOWLEDGEMENTS:
The Directors take this opportunity to place on record their sincere
thanks to the suppliers, customers, strategic partners, Banks and Financial Institutions,
Insurance Companies, Central and State Government Departments and the shareholders for
their support and co-operation extended to the Company from time to time. Directors are
pleased to record their appreciation of the sincere and dedicated services of the
employees and workmen at all levels.
For and on behalf of the Board of Directors
NARENDER SURANA DEVENDRA SURANA
MANAGING DIRECTOR MANAGING DIRECTOR
DIN: 00075086 DIN: 00077296
Place: Secunderabad Date: 10.08.2023
PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO
(Information Under Section 134(3)(m) of the Companies Act, 2013, read
with Rule 8(3) of the Companies (Accounts) Rules, 2014)
FORM - A
1. CONSERVATION OF ENERGY:
The Company has a well-structured energy management system in place and
regular efforts are made to optimize process parameters and conserve energy. Additionally,
while undertaking modernization and technological upgradation of production facilities,
due consideration is also given in selection of plant and equipment which conforms to the
best in class energy conservation parameters.
(i) Energy Conservation measures : More introduction of Variable
Frequency Drive
(VFD) to reduce the Power Consumption
(ii) Total energy consumption : N.A.
2. TECHNOLOGY ABSORPTION : Efforts made in technology absorption as per
Form-B
FORM - B
(Disclosure of particulars with respect to Technology Absorption)
A. Research and Development (R & D) :
1. Specific areas in which R
& D : is carried out by the Company |
NIL |
2. Benefits derived as a
result of the : above R & D |
NIL |
3. Future plan of action : Copper
foils and commentator segments |
The Company plans to develop
thinner |
4. Expenditure on R & D :
same has not being shown separately. |
As no significant amount has
been spent, the |
B. Technology absorption, adaptation and innovation:
The Company absorbs and adapts the technologies on a continuous basis
to develop specific products for the domestic and global market. The design and process
parameters are optimized to customize products in line with specific customer and
application needs.
3. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Activities relating to exports and initiatives taken to increase export
products and services and export plans: NIL During the year the total Foreign Exchange
used and earned are as follows:
Used : Nil
Earned : 1387.53 Lakhs
For and on behalf of the Board of Directors
Place: Secunderabad Date: 10.08.2023
NARENDER SURANA MANAGING DIRECTOR DIN: 00075086
DEVENDRA SURANA MANAGING DIRECTOR DIN: 00077296
+91-9892691696
