Your Directors have pleasure in presenting the 43rd Directors Report of the Company together with the Audited Statements of Accounts for the Financial Year ended March 31,2025.
1. FINANCIAL RESULTS:
| PARTICULARS | Current Year 2024-25 | Previous Year 2023-24 |
| Gross Revenue from operations | 7066.30 | 8981.14 |
| Profit/(Loss) Before Interest, Depreciation & Tax (PBIDT) | (7894.21) | (1764.30) |
| Finance Charges | 4.69 | 4.40 |
| Profit/(Loss) before Depreciation and Tax(PBDT) | (7898.90) | (1768.70) |
| Depreciation | 695.26 | 716.06 |
| Profit/(Loss) Before Tax(PBT) | (8594.16) | (2484.77) |
| Provision for Tax | - | - |
| Profit/(Loss) After Tax (PAT) | (8594.16) | (2484.77) |
| Credit Balances /Earlier Tax provision written back | - | 2526.31 |
| Impairment on Non-Current Investments | (223.25) | (561.87) |
| Profit/(Loss) brought forward from previous year | (18912.74) | (18392.41) |
| Adjustment in Depreciation | - | - |
| Profit/(Loss) carried to Balance Sheet | (27730.15) | (18912.74) |
2. Industry Overview:
During the financial year 2024-25, the Ferro alloys industry navigated a challenging business environment marked by multiple global and domestic headwinds. Weakness in international steel demand, coupled with fluctuating prices of key raw materials such as manganese ore and chrome ore, exerted pressure on margins. Elevated energy costs, logistical disruptions, and geopolitical uncertainties further contributed to market volatility. In addition, increasing regulatory requirements relating to environmental compliance and sustainability added to operating costs for industry participants.
Despite these challenges, India has retained its position as one of the leading producers of Ferro alloys, supported by a robust steel sector and a competitive resource base. The outlook for FY 202526 remains cautiously optimistic. A recovery in global steel consumption, stabilization in raw material supply chains, and the Government of Indias continued focus on infrastructure development are
expected to drive demand growth. Furthermore, the industry is increasingly adopting energy-efficient technologies, backward integration strategies, and export market diversification to strengthen its competitive advantage.
Overall, while near-term volatility may persist, the medium- to long-term fundamentals of the ferro alloys sector remain strong, underpinned by structural demand growth from steel-intensive sectors and ongoing policy support.
3. Affairs of the Company
a) Operational Status of the Company:
Your Company is in the business of manufacturing of Ferro Alloys. Your Company suspended its manufacturing of Ferro Silicon effective from 30th May 2025 due to unfavourable market conditions. Except this. there is no change in nature of business of the Company
Your Directors remains optimistic and is actively monitoring market developments. It is expected that manufacturing operations will resume shortly, subject to improvements market stability.
b) Performance of your Company:
During the financial year under review, the total revenue for the Company was Rs. 7,649.31Lakhs against Rs. 9197.22 Lakhs in the previous year. The Company incurred a net Loss of Rs. 8817.40 Lakhs compared to a net Loss of Rs. 520.33Lakhs incurred in the previous year.
c) Change in the nature of business, if any
Your Company is in the business of manufacturing of Ferro Alloys There is no change in the business activities in the Company.
4. EARNINGS PER SHARE (EPS):
The Basic EPS of our Company stood at Rs.-53.78 at standalone level for the year ended 31st March,2025.
5. Dividend & Reserves:
As the Company incurred loss during the year under review, as a result of this, the Directors could not recommend dividend for the Financial Year 2024-25.
6. Transfer to Reserves:
The Company has not transferred any amount to reserves during the year under review.
7. Liquidity:
The Company continues to be debt-free and maintains sufficient cash reserves to meet its operations and strategic objectives. Your Company had liquid assets of Rs.274.50 Lakhs as at 31 March 2025 as against Rs.303.06 Lakhs at the previous year. These funds have kept in current Accounts with Scheduled Banks.
8. Deposits:
Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and as such, no amount of principal and interest was outstanding as on 31st March, 2025.
9. Share Capital:
The Paid-up Share Capital as on 31st March, 2025 was Rs.16.39 Cr. During the year under review, the Company did not issue any Shares.
10. Details of Subsidiary/Joint Ventures/Associate Companies:
Information pursuant to sub-section (3) of section 129 of the Act, i.e., the statement containing the salient features of the financial statement of a companys subsidiary or subsidiaries, associate company or companies and joint venture or ventures is not applicable during the year, as there are no Subsidiary/ Joint Venture Companies.
However, your Company has promoted the following two power companies by way of Equity Investments:
Investment in KGPL 445 MW Gas Based Power Plant:
Konaseema Gas Power Limited (KGPL) (Associate Company), in which your Company has invested in equity. KGPL suspended its manufacturing operations due to non-availability of Gas (i.e., raw material) and as a result of this, the KGPL could not service its debts to the Financial Institutions/Banks. IDBI Bank, one of the Term Loan Lenders of KGPL, filed a petition U/s 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against KGPL before Honble National Company Law Tribunal (NCLT), Hyderabad. Honble NCI-T admitted said petition and initiated Corporate Insolvency Resolution Process(CIRP) against KGPL vide its Order dated 18.12.2018. However, the Honble NCLT passed orders for liquidation of the Company due to the non-approval of the Resolution Plan by Committee of Creditors. The Liquidation of KGPL is under process.
Investment in OPCL 20 MW Dam Based Hydel Power Plant:
20 MW Dam Based Hydro Electric Power Project by Orissa Power Consortium Limited (OPCL), in which your Company has invested in equity, has generated 90.03 MU million units during the financial year 2024-25. OPCL established 3.42 MW Solar Power Project generated 3.92 MU during the financial year under review. Your Company is holding Equity Share Capital of about 7.49% in OPCL.
11. Corporate Social Responsibility Policy:
Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not applicable under review and hence the Company has not adopted any Corporate Social Responsibility Policy
12. Board of Directors and Key Managerial Personnel:
a) Re-appointment of Directors: Board recommended the re-appointment of Mrs. M.Sri Mani Director, who is liable to retire by rotation, offer herself for re-appointment.
b) Appointment/Change in designation of Directors:
There are no fresh appointment or change in designation of Director during the year under review.
As required under regulation 36 (3) of the SEBI (LODR), Regulations, 2015, brief particulars of the Directors seeking appointment/re-appointment have annexed to the explanatory statement to the Notice of Annual General Meeting.
13. Policy on Directors Appointment and Remuneration and Other Details:
The Companys policy on directors appointment and remuneration and other matters provided in section 178(3) of the Act have been disclosed in the report on Corporate Governance, which forms part of the directors report.
The Board, on recommendation of Nomination & Remuneration Committee, has framed a policy for
selection and appointment of Directors, Senior Management and their remuneration. The Policy is also available on the website of the Company i.e., www.chromesilicon.com
14. BOARD OF DIRECTORS & KMP:
• Board of Directors:
The Board of the Company is duly constituted. None of the directors of the Company is disqualified under the provisions of the Act or under the SEBI Listing Regulations.
• Board Diversity:
The Company has a truly diverse Board that includes and makes good use of diversity in the skills, regional and industry experience, background, gender, ethnicity and other distinctions among directors. This diversity is considered in determining the optimum composition of the Board. All Board appointments are made on merit, in the context of the skills, experience, independence and knowledge which the Board as a whole requires to be effective.
• Independent Directors:
As a policy, the Company believes that independent directors comprise at least 50% of the board strength. Mr. Hirak Kumar Basu has been nominated as Lead Independent Director. He acts as a liaison between the non-executive directors and the management and performs such other duties as the Board/ Independent Directors may decide from time to time.
• 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 25 of the SEBI Listing Regulations.
• Certificate from company secretary in practice:
The Certificate on Non- Disqualification of Directors pursuant to Regulation 34(3) and Schedule V Para C clause 10 (i) of the SEBI Listing Regulations has been obtained.
• Registration of Independent Directors in Independent Directors Databank:
All the Independent Directors of your Company have been registered and are members of Independent Directors Databank maintained by the Indian Institute of Corporate Affairs (IICA).
• Changes in the composition of Board of Directors:
Your Company has reorganized Executive Leadership to Accelerate Technology Led Growth and made certain changes to the Board composition as follows:
Appointments/Re-appointments and Change in Designation (Including those made after the end of financial year and the date of this report): Not Applicable Re-Appointments (Director liable to retire by rotation):
A) Mrs. M. Sri Mani (DIN No. 01229624), a director retire by rotation and being eligible, offer themselves for re-appointment in the ensuing AGM
B) KMP as at the end of the financial year:
Following are the KMP of the Company in accordance with the provisions of Section 2(51), and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as at 31st March 2025:
| SL. No Name of the KMP | Designation |
| 1 Mr. PV.Rao, | Whole-Time Director and CEO |
| 2 Ms. Shivangi Tibrewala | Company Secretary & Compliance Officer |
| 3 Mr. R. Dharmender | CFO |
• Changes in composition of KMP:
There was no change in the composition of the KMP during the Financial Year 2024-25.
• Changes in composition of KMP after the end of financial year and the date of this report: There was no change in the composition of the KMP
The details about the composition of board, KMP and the committees of the board can be found at the Report of Corporate Governance, which forms part of this report.
15. Number of Meetings of Board:
During the year, Five meetings of the Board of Directors were held, the details of which forms part of the report on Corporate Governance.
16. Annual Evaluation of the Board, Committees and Individual Directors:
The Board of Directors has carried out an annual evaluation of its own performance, Board Committees and individual Directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by SEBI Listing Regulations. The performance of the Board was evaluated by the board after seeking inputs from all the Directors based on the criteria such as the Board composition and structure, effectiveness of the board processes, information and functioning etc. In a separate meeting of Independent Directors, performance of NonIndependent Directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and Non-Executive Directors. The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and Individual Directors was also discussed. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.
17. Disclosure of Composition of Audit Committee:
The details of composition of Audit Committee is disclosed in the report on Corporate Governance.
18. Policy on Directors Appointment and Remuneration and other details:
The Companys policy Directors appointment and remuneration and other matters provided in Section 178(3) of the Act have been disclosed in the report on Corporate Governance Reports, which forms part of Directors Report.
VI. Stakeholders Relationship committee
The Composition of Stakeholders Relationship Committee and details of its meetings have been disclosed in the report on Corporate Governance Reports, which forms part of Directors Report.
The Company has designated an exclusive e-mail ID called vbcfalhyd@gmail.com for complaints/ grievances.
VII. Risk Management Committee A.) Composition:
The Details of composition of the Committee are given below:
| Name of the Director | Designation | Category |
| Shri Hirak Kumar Basu | Chairman | Independent Non-Executive Director |
| Shri P. Raju | Member | Independent Non-Executive Director |
| Shri. P.V. Rao | Member | Whole-Time Director |
B) Risk Management Policy:
The Company follows a comprehensive system of Risk Management. The Company has adopted a procedure for assessment and minimization of probable risks. It ensures that all the risks are timely defined and mitigated in accordance with the well-structured risk management process.
18. Unpaid / Unclaimed Dividend:
In terms of the provisions of the Companies Act, the Company is obliged to transfer dividends which remain unpaid or unclaimed for a period of seven years from the declaration to the credit of the Investor education and Protection Fund established by the Central Government. Company has not required to transfer the unclaimed dividends to the IEPF.
19. Details of Adequacy of Internal Financial Controls:
Your Company has well established procedures for internal control across its various locations, commensurate with its size and operations. The organization is adequately staffed with qualified and experienced personnel for implementing and monitoring the internal control environment. The internal audit function is adequately resourced commensurate with the operations of the Company and reports to the Audit Committee of the Board.
M/s Bhavani & Co., Chartered Accountant, Hyderabad as Internal Auditors for the year 2024-25. Deviations are reviewed periodically and due compliances are ensured. Summary of significant Audit observations along with recommendations and its implementations are reviewed by the Audit committee and concerns, if any, are reported to Board.
20. Auditors:
• In terms of the provisions of the Companies Amendment Act, 2017 read with Notification S.O. 1833(E) dated 7th May 2018 deletes provision of annual ratification of the appointment of auditor. Now during a single term of 5 years, there shall be no requirement for ratification of the appointment of auditor. A company sending notices for Annual General Meeting on or after 7th May 2018 is not required to include ratification of the auditor as its agenda item.
The Auditors, M/s Pavuluri & Associates, Chartered Accountants were appointed as Statutory Auditors to hold office till the conclusion of AGM to be held in the year 2026, since there is no requirement of annual ratification of appointment of Statutory Auditors, the Board has not recommended for ratification of Statutory Auditors in the Notice of 43rd AGM.
• Secretarial Auditors:
The Board appointed B S S & Associates (Firm Reg. No.: 3744) as the Secretarial Auditors for the Financial Year ended 31st March, 2025.
• Cost Auditors
Members have ratified the appointment of M/s. Nageshwara Rao & Co (Firm Registration No. 00332) as Cost Auditors of the Financial Year 2024-25.
• Internal Auditors:
M/s Bhavani & Co, Chartered Accountants are the internal auditors of the Company for the Financial Year ended 31st March 2025.
21. Auditors Report:
a) Independent Auditors Report:
The report of the Independent Auditors for the Financial Year 2024-25 is enclosed with the Financial Statements in this Annual Report. The following is the reply of the Board on the qualifications made by the Auditors in their Report:
b) Cost Audit Report:
M/s Nageswara Rao & Co as the Cost Auditors of the Company for the Financial Year 2024-25. They have conducted the cost audit of the company for the Financial Year 2024-25.
Company is not required to conduct a Cost Audit for the financial year 2025-26, as the turnover for the preceding financial year (2024-25) falls below the statutory threshold prescribed under the Companies (Cost Records and Audit) Rules, 2014, as amended.
Accordingly, the provisions of Rule 4 relating to mandatory cost audit are not applicable for the next financial year.
c) Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Company has appointed M/s. B S S & Associates, (Firm Reg. No.: 3744), Practicing Company Secretary to conduct the Secretarial Audit and give a Secretarial Audit Report for the Financial Year 2024-25 to be annexed to the Report of Board of Directors.
The Board has gone through the report of the secretarial auditor and decided to address all the issues in an appropriate manner and while specifically authorizing the Whole-Time Director to take all such steps as may be required in this regard in order to ensure proper compliance of all the applicable/provisions and laws.
In terms of section 204 of the Act read with Regulation 24A(1) of SEBI (LODR) Regulations, and based on the recommendation of the Audit Committee, the Board of Directors have approved and recommends the appointment of M/s. B S S & Associates, a peer reviewed firm of Practicing Company Secretaries (Firm Reg. No.: 3744) as the Secretarial Auditors of the Company at the ensuing AGM for a term of 5 (five) consecutive years commencing from the conclusion of this 43rd (Forty Third) Annual General Meeting until the conclusion of 48th (Forty Eighth) Annual General Meeting to be held in the year 2030.
d) Instances of fraud reported by the Auditors:
During the FY 2024-2025, the statutory auditors and the secretarial auditor have not reported any instances of frauds committed in the Company by its Officers or Employees under section 143(12) of the Act to the Central Government or the Audit Committee under section 143(12) of the Companies Act, 2013.
e) Annual Secretarial Compliance Report:
The Annual Secretarial Compliance Report for the Financial Year 2024-2025 for all applicable compliance as per the Securities and Exchange Board of India Regulations and Circulars/ Guidelines issued thereunder has been duly obtained by the Company.
The Annual Secretarial Compliance Report issued by Mr. Jameel Babu K, practicing company secretary (CP No. 21932) has been submitted to the Stock Exchanges within 60 days of the end of the Financial Year.
22. Vigil Policy
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Company empowered the victimized Employees or Director to approach directly the Chairman of the Audit Committee for a solution to the issue so that the victimized Employee/Director is rescued. The said policy is available on the website of the Company www.chromesilicon.com
23. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:
The details of conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are as follows:
• Conservation of Energy
The information in accordance with the provision of Section 134 of the Companies Act, 2013, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 2014, regarding conservation of Energy a separate Annexure has been provided in this annual report.
• Technology Absorption
No expenditure is incurred by the Company attributable to Technology absorption during the year under review.
(c) Foreign exchange earnings and outgo.
During the year, there are no foreign exchange inflows/earnings or outflows/investments.
(d) Expenditure on Research and Development
No expenditure is incurred by the Company attributable to Expenditure on Research and Development during the year under review.
24. Management Discussion & Analysis
Pursuant to SEBI (LODR), Regulations, 2015, a Report on Management Discussion & Analysis is provided in this Annual Report.
25. Particulars of Loans, Guarantees or Investments under Section 186:
The particulars of loans given, guarantees given, securities provided and investments made along with the purpose for which the loan, guarantee, or security is proposed to be utilized by the recipient are have been disclosed in the Financial Statements.
26. Particulars of Contracts or Arrangements with Related Parties:
All transactions entered into with Related Parties as defined under the Companies Act, 2013 and Regulation 23 of SEBI Listing Regulations, 2015 during the financial year were in the ordinary course of business and on an arms length pricing basis. There were no materially significant transactions with related parties during the financial year, which were in conflict with the interest of the Company.
A statement, in summary form, of all the transactions entered into with the related parties in the ordinary course of business, details of individual transactions with related parties are placed before the audit committee for the review from time to time.
Your Company has formulated a policy on related party transactions which has been placed on the website of the company i.e. www.chromesilicon.com. There are no related party transactions except mentioned in the Financial Statements.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the financial statements. Accordingly, the details of Related Party Transactions are annexed in Form AOC-2 is not applicable.
27. Annual Return
As required by Section 92(3) of the Act read with Section 134(3)(a) of the Act the Annual Return in Form MGT-7 is placed at the company website www.chromesilicon.com.
28. Particulars of Employees:
The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:
(i) the ratio of the remuneration of each Director to the median remuneration of the employees of the company for the financial year;
Our Non-executive Directors draw remuneration only by way of sitting fee. The details of the same are provided in the Corporate Governance Report which forms Annexure to this report. Hence, the ratio of remuneration of each Non-executive Director to the median remuneration could not be given.
(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 the Person | % increase in remuneration in the financial year |
| MSP Rama Rao | Nil |
| P.V. Rao | Nil |
| R. Dharmender | Nil |
| Shivangi Tibrewala | Nil |
(iii) the percentage increase in the median remuneration of employees in the financial year: Nil
(iv) the number of permanent employees on the rolls of company: 10.
(v) the explanation on the relationship between average increase in remuneration and company performance; There is no increase of the salary of the employees during the year under review.
(vi) comparison of the remuneration of the Key Managerial Personnel against the performance of the company;
The Remuneration to Key Managerial Personnel is below the norms being practiced in Comparable Industries for such experienced persons.
(vii) 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: There is no increase of salaries to the employees.
(viii) the key parameters for any variable component of remuneration availed by the Directors:
There is no variable component of remuneration availed by Directors
(ix) the ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: Not Applicable as Company paid only sitting fees to Non-executive Directors.
(x) Affirmation that the remuneration is as per the remuneration policy of the company. The Company affirms remuneration is as per the remuneration policy of the Company. None of the employees are drawing Rs. 8,50,000/- and above per month or Rs.1,02,00,000/- and above in aggregate per annum, the limits prescribed 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.
29. Prevention of Sexual Harassment of Women at Workplace:
In order to prevent sexual harassment of women at workplace as per provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up Committee for implementation of said policy. During the year under review, the company has not received any complaints.
30. Risk Management Policy
The Company has an adequate risk management policy in place. The risk management process is reliable and broad based, ensuring that the Company is well guarded against foreseeable risks and aptly prepared for future contingencies. Risk management encompasses risk identification, evaluation, reporting and resolution to ensure the smooth functioning of operations and business sustainability. Risk Management has become an integral part of business decision making.
31. Loans and Advances in the nature of Loans to Firms/Companies in which Directors are interested:
The information as required to be provided under Schedule V Para C clause 10(n) of the SEBI (LODR) Regulations forms part of the report on Corporate Governance Enclosed to the Annual Report.
32. Corporate Governance and Shareholders Information:
A separate section on Corporate Governance for fiscal 2022 forms part of this Annual Report as Annexure-IV. Pursuant to Reg. 27 of SEBI (LODR), Regulations, 2015 Report on Corporate Governance together with the Certificate issued by Practicing Company Secretary regarding compliance of the conditions of Corporate Governance forms part of this Report.
33. Material Orders, if any, Passed by the Regulators, Courts Etc.:
There are no orders passed by Regulators/Courts/Tribunals which have impact on the going concern status and Companys operations in future.
34. Material Changes and Commitments:
No material changes occurred subsequent to the close of the financial year of the Company to which the balance sheet relates and the date of this report which affecting Financial position of the Company as on 31.03.2025. The Company suspended its manufacturing activities effective from
30.05.2025.
35. Maintenance of Cost Records
The Company has properly maintained cost records and accounts during the financial year ended
31.03.2025.
36. Application under Insolvency and Bankruptcy Code, 2016:
The Company has not made any application under the Insolvency and Bankruptcy Code, 2016 during the FY 2024-2025.
37. Valuations:
Details of difference between amount of the Valuation done at the time of One Time Settlement and the Valuation Done While Taking Loan from the Banks or Financial Institutions along with the Reasons thereof:
The Company has not made any such valuation during the FY 2024-2025.
38. Various Policies at website:
All the required policies of the Company has been placed on website of the Company (www. chromesilicon.com).
39. Declaration by Independent Director(s):
All Independent Directors of the Company have given declarations as required under the provisions of Section 149(7) of the Companies Act, 2013 and Regulations 16(1 )(b) and 25(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, stating that they meet the eligibility criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1 )(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").
In the opinion of the Board all, our Independent Directors possess requisite qualifications experience expertise and hold high standards of integrity for the purpose of Rule 8(5) (iiia) of the Companies (Accounts) Rules 2014.
40. Separate Meeting of Independent Directors
During the year under review, the Independent Directors held their separate meeting on February 14th February 2025 inter alia, to discuss:
- Review the performance of the Non-Independent Directors. Review the performance of the committees and Board as a whole.
- Review the performance of the Chairman of the Company, taking into account the views of Executive Directors and Non- Executive Directors.
- Assess the quality, quantity and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.
41. Presentation of Financial Statements:
The Financial Statements for the year ended 31st March,2025 are prepared in due compliance of the Indian Accounting Standards.
42. Internal Audit & Controls:
The Company appointed M/s Bhavani & Co., Chartered Accountants, Hyderabad, as its Internal Auditors. Their scope of work includes review of Records, Ledgers, voucher checking and the internal controls applied and practiced by the Company to ensure the Assets are safeguarded and payments are made only for the benefits received and also review of operational expenditure, effectiveness of internal control procedures and systems, and assessing the internal control strengths in all areas.
The internal control procedures and systems are adequate commensurate with the nature and size of the operations of the Company. Internal Auditors findings are discussed, and suitable corrective actions are taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.
43. Cash Flow Statement:
A Cash Flow Statement for the year 2024-25 is annexed to the Statement of Accounts.
44. Familiarization Programmes:
The Company familiarizes its Independent Directors on their appointment as such on the Board with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, etc. through familiarization programme. The Company also conducts orientation programme upon induction of new Directors, as well as other initiatives to update the Directors on a continuing basis. The familiarization programme for Independent Directors is disclosed on the Companys website www.chromesilicon.com.
45. Secretarial Standards
The Company is in compliance with the applicable secretarial standards.
46. Human Resources:
The company has maintained cordial relations with the employees. Your Directors and Management express their appreciation for the commitment and devotion shown by the employees.
47. Declaration by the CEO:
Pursuant to the provisions of Regulation 17 of the SEBI Listing Regulations, a declaration by the CEO of the company declaring that all the members of the board and the senior management personnel of the company have affirmed compliance with the Code of Conduct of the company. The CEO/CFO certification to the board pursuant to Regulation 17 of the SEBI Listing Regulations is enclosed to this report.
48. Directors Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, the best of their knowledge and ability confirm that:
(a) in the preparation of the annual accounts for the year ended 31st March 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March 2025 and of the profit and loss of the company for the year ended on that date;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) the Directors 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; and
(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.
49. Cyber Security Incidents
There were no such incidents during the FY 2025.
50. Maternity Benefit Act 1961:
Company is compiled with respect to the compliance of the provisions relating to the Maternity Benefit Act 1961 during the year under review
51. Key Ratios:
The details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefor, including in the notes to account Note .No.2.32
52. Change in the Net Worth of the Company:
While the Companys net worth declined this financial year due to losses amid market and operational challenges, management remains confident in the Companys resilience and long-term prospects. Proactive measures are underway to streamline operations, drive growth, and restore net worth in the coming periods. The leadership team is committed to navigating current headwinds and delivering sustainable value to all stakeholders.
53. Accounting Standards:
In the preparation of the financial statements for the year under review, the Company has followed all the applicable Accounting Standards prescribed under the Companies Act, 2013, and the relevant rules issued thereunder. There has been no deviation from the prescribed Accounting Standards, and all disclosures have been made in accordance with the applicable laws.
54. Acknowledgements
Your Directors thank the Government of India and Government of Telangana for their support. They also place on record their appreciation for the help and encouragement received from Bank of India, and other Financial Institutions.
Your Directors sincerely thank Customers, Vendors and Members for their sustained support and co- operation.
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