Dear Members,
The Directors are pleased to present the 31st Annual Report along with the Audited Financial Statements of your Company for the Financial Year ended March 31, 2025.
COMPANY PERFORMANCE
A. Financial Highlights
The standalone and consolidated financial highlights of the Company for the financial year ended March 31,2025 is summerised as follows:
(Rs. in 000)
Particulars |
Standalone | Consolidated | ||
2024-25 | 2023-24 | 2024-25 | 2023-24 | |
Revenue from operations | 439,592 | 280,146 | 439,592 | 280,146 |
Other Income | 25,964 | 46,141 | 23,408 | 72,641 |
Profit before Interest, Depreciation, Tax and Exceptional items | 335,559 | 210,909 | 333,835 | 237,045 |
Less: Finance Cost | 6,446 | 6,969 | 7,088 | 6,969 |
Depreciation and Amortisation expense | 10,025 | 7,970 | 10,093 | 8,038 |
Add: Exceptional items | - | - | - | - |
Profit/(Loss) before Tax | 319,088 | 195,970 | 316,654 | 222,038 |
Less: Tax expense | 85,718 | 34,026 | 82,865 | 39,807 |
Profit/(Loss) after Tax | 233,370 | - | 233,788 | 182,231 |
Other comprehensive income (net of tax) | (4,554) | 12,776 | (4,307) | 12,776 |
Total comprehensive income of the year (net of tax) | 228,816 | 174,720 | 229,482 | 195,007 |
Earnings per share | - | - | - | - |
Basic | 12.09 | 8.39 | 12.12 | 9.44 |
Diluted | 12.09 | 8.39 | 12.12 | 9.44 |
Performance review for the year and Outlook
Please refer to the Management Discussion and Analysis section which forms a part of this Annual Report for details of the performance and operations review and the Companys strategies for growth.
Business Highlights
Business Model & Strategy
Ecorecos integrated business model covers every stage of the e-waste value chain-collection, secure data destruction, refurbishment, material recovery, and remarketing. This model unlocks multiple value streams from end-of-life electronics and lithium-ion batteries.
Our state-of-the-art recycling facilities, certified by the CPCB/MPCB and aligned with R2v3 international standards, have an installed capacity of 31,200 MT per annum. This positions Ecoreco to meet Indias rapidly increasing demand for environmentally responsible recycling, while ensuring compliance, transparency, and operational scalability.
Market & Industry Outlook
Indias e-waste generation is projected to grow at doubledigit rates, fuelled by rapid digitalisation, shorter product life cycles, and stricter enforcement of the E-Waste Management Rules, 2022 and EPR Guidelines. On a global scale, demand for critical and precious metals is intensifying as industries seek secure, sustainable supply chains. Ecorecos technology-driven, compliant, and scalable operations make it a natural partner for governments, OEMs, and corporates navigating this evolving landscape.
Report on performance of Subsidiaries
The performance and financial position of each subsidiary for the year ended March 31, 2025, in the prescribed Form AOC-1 is appended as Annexure I to this report.
In accordance with Section 136 of the Companies Act, 2013, the audited Financial Statement, including the Consolidated Financial Statement and related information of the Company and audited accounts of each of its subsidiaries, are available on the Companys website www.ecoreco.com.
These documents will also be available for inspection during business hours at the Registered Office of the Company.
The Policy for determining Material Subsidiaries may be accessed on the Companys website www.ecoreco.com.
B. SUSTAINABILITY AND SOCIAL RESPONSIBILITY
Corporate Social Responsibility Policy
Your Company has committed itself towards reaching out and giving back to its communities. Creating an ecosystem of development through planned interventions. The Company is ensuring that its vision for the development of the nation reaches the farthest geographies.
With a consistent focus on bringing a transformational change in its communities, Ecoreco is implementing sustainable and inclusive growth and has reached out to 3000 plus beneficiaries across Mumbai in FY 2024-25.
Furthermore, to accelerate social growth and development, with a well-defined roadmap and a commitment to invest Rs. 19.07 lakhs into Ecoreco Foundation, the philanthropic arm of the Company aims to take the mission of creating an ecosystem free of e-waste.
Energy Conservation, Technology Absorption and Foreign Exchange Earnings & Outgo
The information as stipulated under section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption:
Conservation of energy:
Your Company remains committed to sustainable business practices and environmental stewardship. Energy conservation is regarded as a key pillar in our efforts to preserve natural resources and reduce our overall carbon footprint.
While the Company operates a recycling plant, and certain processes involve energy use, overall energy consumption across our operations remains relatively low. Nonetheless, we have adopted several energy-efficient practices within the recycling facility and other areas of operation to reduce usage wherever possible. These initiatives support our broader sustainability goals while also contributing to perational efficiency and long-term cost savings.
Technology absorption:
Your Company remains committed to adopting relevant technologies that enhance operational efficiency and support business growth.
During the year under review, the Company focused on upgrading existing technologies and strengthening internal capabilities to keep pace with evolving industry standards. These efforts were directed toward improving productivity, ensuring compliance, and supporting the long-term sustainability of our operations.
The details of the Foreign Exchange Earnings and Outgo are as follows:
(Rs. in 000)
Particulars |
FY 2024-25 | FY 2023-24 |
Foreign Currency Earnings | 35,699 | 49,546 |
Foreign Exchange Outgo | 1,405 | 5,307 |
C. HUMAN RESOURCE MANAGEMENT
People and Culture
Our people are our greatest asset. We are committed to fostering a workplace culture that upholds the highest standards in safety, environmental stewardship, and sustainability. Our culture is grounded in our core values and reflects our dedication to innovation, inclusivity, and continuous improvement. We prioritise providing a safe, healthy, and supportive environment where all employees can thrive.
Managerial Remuneration, Employee Information and Related Disclosure
The remuneration paid to Directors and Key Managerial Personnel during the FY 2024-25 was in accordance with the NRC Policy of the Company.
Disclosures under section 197 of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, relating to the remuneration and other details as required are appended as Annexure III to this Report.
In terms of the provision of Section 136 of the Act and Rule 5(2), the Report and the Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees as prescribed under Rule 5(2) of the Rules. The said information is available for inspection through electronic mode. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary and the same will be furnished upon such request.
Prevention of Sexual Harassment at Workplace
The Company has zero tolerance for sexual harassment at workplace and 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 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace.
Your Company is an equal opportunity employer and believes in providing opportunity and key positions to women professional. During the year under review, there were no cases hied pursuant to the Sexual Harassment.
D. INVESTOR RELATIONS
Your Company prioritises transparent communication and active engagement with its investor community. Ecoreco maintains a dynamic Investor Relations (IR) function that engages both domestic and international shareholders, actively seeking their insights and feedback. The IR team is committed not only to meeting but exceeding industry best practices, effectively communicating the Companys unique investment proposition and long-term value creation potential to the capital markets. This ensures that Ecorecos shares are fairly valued and well understood.
Shareholders Engagement: Our investor relations team connects with shareholders via diverse channels such as personal meetings, conferences and investor and analyst gatherings, conveying the Companys strategic vision, potential risk and opportunities as well as new microeconomic and company specific developments. Our engagement initiatives span quarterly earnings discussions, Investors/ Analyst meetings, site tour of principal operations, individual and group meetings. These interactions are graced by the Chairman & Managing Director of the Company, earning high regard from the shareholders and analysts alike.
Shareholders Communication: Shareholders are encouraged to reach out to us anytime via the contact details provided on our website for any queries, concerns, inquiries, or feedback for the Company. This continuous dialogue empowers our Board and senior management to deeply understand shareholder perspectives and address their concern effectively.
E. RISK MANAGEMENT
The businesses are exposed to a variety of risks, which are inherent to Companys operations. Your Company has a well-defined risk management framework in place. The risk management framework works at various levels across the enterprise. These levels form the strategic defense cover of the Companys risk management. The Company has a robust organizational structure for managing and reporting on risks.
The Audit Committee aids the Board in the risk management process by identification and assessment of any changes in risk exposure, review of risk control measures and by approval of remedial actions, where appropriate.
Internal Financial Controls and their adequacy
Your Board has devised systems, policies, and procedures/ frameworks, which are currently operational within the Company for ensuring the orderly and efficient conduct of its business, which includes adherence to policies, safeguarding its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial information.
In line with best practices, the Audit & Risk Management Committee and the Board reviews these internal control systems to ensure they remain effective and are achieving their intended purpose. Where weaknesses, if any, are identified as a result of the reviews, new procedures are put in place to strengthen controls. These controls are in turn reviewed at regular intervals.
Vigil Mechanism
The Company has in place a robust vigil mechanism for reporting genuine concerns through the Companys WhistleBlower Policy. The Whistle-Blower Policy of your Company is available on the Companys website and can be accessed at www.ecoreco.com.
It enables the Directors, employees and all stakeholders of the Company to report genuine concerns (about unethical behavior, actual or suspected fraud, or violation of the Code) and provides for adequate safeguards against victimization of persons who use such mechanism and makes provision for direct access to the Chairman of the Audit Committee.
Management Discussion and Analysis
The Management Discussion and Analysis Report for the year under review, as specified under Regulation 34 read with Schedule V of Listing Regulations is presented in a separate section, forming part of this Annual Report.
F. CORPORATE GOVERNANCE
Report on Corporate Governance
The essence of Corporate Governance is about maintaining the right balance between economic, social, individual and community goals. Your Company is committed in maintaining the highest standards of corporate governance in the management of its affairs and ensuring its activities reflect the culture we wish to nurture with our stakeholders.
As a Company with a strong sense of values and commitment, we believe that profitability must go hand in hand with a sense of responsibility towards all stakeholders. We believe Corporate Governance is notjust a destination, but ajourney to constantly improve sustainable value creation. Our disclosures seek to attain the best practices in international corporate governance, and we constantly endeavor to enhance longterm shareholder value. Our Corporate Governance Report for FY 2024-25 forms part of this Annual Report.
Directors and Key Managerial Personnel
The Board of Directors is the apex body constituted by shareholders for overseeing the Companys overall functioning. The Board provides strategic direction and leadership and oversees the management policies and their effectiveness looking at long-term interests of shareholders and other stakeholders.
Directors Appointments
Pursuant to the recommendation of the NRC, the Board approved the below appointments during the period:
Dr. Yeshwant Babarao Sontakke (DIN 1 1220800) was appointed as a Non-Executive Independent Director for a term of 5 years effective from May 16, 2025 to May 15, 2030 (both days inclusive).
Dr. Sandip Chatterjee (DIN 11203039) as a Non-Executive Independent Director for a term of 5 years effective from July 19, 2025 to July 18, 2030 (both days inclusive).
Mr. Brijkishor Soni (DIN 01274250) was re-appointed as the Managing Director for a term of five years effective from September 1, 2025 to August 31, 2030 (both days inclusive).
The above appointments forms part of the Notice of the forthcoming AGM, and the Resolutions are recommended or shareholers approval.
Details of re-appointment as required under Listing Regulations, are provided in the AGM Notice.
Cessation
Mr. Dattatarya Devale (DIN 07186290) ceased to be the Independent Director of the Company due to completion of his second tenure as an Independent Director of the Company w.e.f. July 16, 2025.
Mr. Srikrishna Bhamidipati (DIN 02083384) ceased to be an Independent Director of the Company due to his sudden demise on July 1, 2025.
Dr. Yeshwant Baabrao Sontakke (DIN 1 1220800) ceased to be an Independent Director of the Company with effect from July 19, 2025.
Key Managerial Personnel Appointment/ Cessations
Prsuant to the recommendation of the NRC and approval of Board, Mr. Nihal Kare was appointed as the Company Secretary and Compliance Officer and was designated as Key Managerial Personnel with effect from May 30, 2025.
Ms. Maneesha Jena tendered her resignation from the position of Company Secretary & KMP of the Company from the close of business hours on March 1,2025.
Director Retire by Rotation
In accordance with the provisions of the Act and the Articles of Association of the Company Mr. Brijkishor Soni (DIN 01274250) Managing Director of the Company, is liable to retire by rotation at the ensuing AGM, and being eligible, offers himself for re-appointment. Based on the performance evaluation and recommendation of the NRC, Board recommends his re-appointment.
As per the terms of his appointment as approved by the members, his re-appointment at the ensuing AGM as a director retiring by rotation would not constitute break in his appointment as a Managing Director.
Details of re-appointment as required under Listing Regulations, are provided in the AGM Notice.
Board and Committee
The Board is supported by the activities of each of the Board Committees which ensure the right level of attention and consideration are given to specific matters. Accordingly, the Committees focus on specific areas and take informed decisions within the framework designed by the Board and make specific recommendations to the Board on matters in their areas or purview. Each of the Committees has terms of reference under which authority is delegated by the Board. At present, the Company has the following Board Committees which ensures greater focus on specific aspects of Corporate Governance and expeditious resolution of issues of governance as and when they arise.
Statutory Board Committees
a. Audit Committee
b. Nomination & Remuneration Committee
c. Stakeholders Relationship Committee
d. Corporate Social Responsibility Committee
A detailed update on the Board, its committees, terms and reference, meeting held during the year 2024-25 and the attendance of each member is detailed in the Corporate Governance Report.
Board Effectiveness Familiarization Program For Board Members
Your Company has a structured program for the Board members so as to enable them to understand the nature of the industry Company operates, its management and its operations. They are also familiarized with Companys organizational and governance structure, governance philosophy/principles, code of conduct & key policies, Boards way of working & procedures, formal information sharing protocol between the Board and the management, Directors roles and responsibilities and disclosure obligations.
The details of familiarization program and process followed are provided in the Corporate Governance Report forming part of this Annual Report and can also be accessed on the website of the Company at www.ecoreco.com.
Annual Board Evaluation
The Board of your Company is highly committed to ensure transparency in assessing the performance of Directors. Pursuant to the provisions of the Act and the Listing Regulations, the annual evaluation of the performance of the Board of Directors, its Committees, Chairman, Directors, and the governance processes that support the Boards work was conducted. The evaluation parameters and the process have been explained in the Corporate Governance Report.
Policy on Directors Appointment and Remuneration
The Nomination and Remuneration Policy adopted by the Board on the recommendation of NRC enumerates the criteria for assessment and appointment/re-appointment of Directors, KMP and SMP on the basis of their qualifications, knowledge, skill, industrial orientation, independence, professional and functional expertise among other parameters.
With your Company continuing to comply with the Policy in true letter and spirit, the complete Policy is reproduced in full on our website at www.ecoreco.com and a snapshot of the Policy is elucidated in the Corporate Governance Report.
Observance of the Secretarial Standards
The Directors state that proper systems have been devised to ensure compliance with the applicable laws. Pursuant to the provisions of section 118 of the Act, during FY 2024-25, the Company has adhered with the applicable provisions of the Secretarial Standards ("SS-1 and SS-2") relating to Meetings of the Board of Directors and General Meetings issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.
Independent Directors Statement
The Company has received declarations from all the Independent Directors confirming that they continue to meet the criteria of independence as prescribed under the Act and Listing Regulations and comply with the Code for Independent Directors as specified under Schedule IV of the Act.
The Directors have also confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.
In terms of Section 150 of the Act read with Rule 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs.
Annual Return
In terms of provisions of section 92(3), 134(3)(a) of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 for the FY 2024-25 is placed on the website of the Company and can be accessed at www.ecoreco.com.
G AUDIT REPORT AND AUDITORS
Audit Reports:
The Statutory Auditors have issued unmodified opinion on the financial statements of the Company for the year ended March 31, 2025.
The Statutory Auditors Report for FY 2024-25 does not contain any qualification, reservation or adverse remarks which calls for any explanation from the Board of Directors. The Auditors report is enclosed with the financial statements in the annual report.
The Secretarial Auditors Report for FY 2024-25 does not contain any qualification, reservation or adverse remark. The Report in Form MR-3 is enclosed as Annexure II to the Directors Report.
Auditors Certificates:
As per the Listing Regulations, the auditors certificate on corporate governance is enclosed as an Annexure to the Corporate Governance Report forming part of the Annual Report. The Certificate does not contain any other qualification, reservation, or adverse remark except as mentioned in the report.
A certificate from Company Secretary in Practice certifying that none of the directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the SEBI/Ministry of Corporate Affairs or any such statutory authority forms part of the Corporate Governance Report.
Auditors:
Statutory Auditors
M/s DMKH & Co., Chartered Accountants (ICAI Registration No.: 1 16886W), were appointed as the Statutory Auditors of the Company in the 30th AGM of the Company to hold office for a period of five (5) years till the conclusion of 35th AGM.
M/s RMR & Co., Chartered Accountants (ICAI Registration No.: 106467W) tendered their resignation due to their pre-occupancy with effect from August 12, 2024.
The Auditors have confirmed that they are not disqualified from being re-appointed as Statutory Auditors of the Company.
The report of the Statutory Auditors along with notes to financial statements is enclosed to this Report. The Notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments.
The auditors have also furnished a declaration confirming their independence as well as their arms length relationship with the Company. The Audit Committee reviews the independence and objectivity of the auditors and the effectiveness of the audit process.
The Statutory Auditors were present at the last AGM of the Company.
Secretarial Auditors
CS Neha Poddar, Practicing Company Secretary had been appointed by the Board to conduct the secretarial audit of the Company for FY 2024-25.
The Company had received a certificate confirming the eligibility and consent to act as the Auditor.
The Secretarial Audit Report for FY 2024-25 forms part of this report and confirms that the Company has complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or noncompliances.
Pursuant to SEBI circular no. CIR/CFD/CMO1/27/2019 dated February 8, 2019, the Company has also undertaken an audit for all applicable compliances as per the Listing Regulations and circular guidelines issued thereunder. The Annual Secretarial Compliance Report for FY 202425 has also been submitted to the Stock Exchanges.
The Secretarial Auditors were also present at the last AGM of the Company.
Internal Auditors
M/s L J Kothari & Co, Chartered Accountants, had been appointed as the Internal Auditors of the Company for FY 2024-25 to conduct the internal Audit on the basis of detailed Internal Audit Plan.
The Company has an in-house team to manage the Groups internal audit activity and that functionally reports to the Audit Committee.
Reporting of Fraud by Auditors
During the reporting year, under Section 143(12) of Act, none of the Auditors of the Company have reported to the Audit Committee of the Board any instances of fraud by the Company or material fraud on the Company by its officers or employees.
H OTHER MATERIAL DISCLOSURES
Qualified Institutional Placement
During the year under review, the Company obtained approval from its shareholders through a special resolution passed on January 22, 2025 through Postal Ballot to raise funds through a Qualified Institutional Placement (QIP) in accordance with applicable laws and regulations.
The QIP process is currently ongoing, and as of the date of this report, no funds have been raised. The Company will proceed with the issuance at an appropriate time, depending on market conditions and business requirements.
This initiative reflects the Companys proactive approach to strengthening its financial position and supporting future strategic growth initiatives.
Share Capital
Authorised Share Capital
As on March 31, 2025, the authorised share capital of the Company was Rs. 30,00,00,000/- comprising of 3,00,00,000 Equity Shares of Rs. 10/- each.
Paid-up Share Capital
As on March 31, 2025, the paid-up share capital of the Company was Rs. 19,29,67,500/- comprising of 1,92,96,750 Equity Shares of Rs. 10/- each.
There was no change in the capital structure of the Company during the period under review.
Transfer to Reserves
The Company proposes Nil transfer to General Reserves out of its total profit of Rs. 23 Crore for the financial year.
Dividend
In line with the principles of financial prudence and capital conservation, the Board has decided not to recommend any dividend for the financial year 2024-25. The Company remains focused on strengthening its operational and financial position in the forthcoming period.
Holding Company
Ecoreco Ventures Private Limited, continues to be the Holding Company pursuant to Section 2(87) of the Companies Act, 2013 and is, inter alia, engaged in the business of developing real estate and properties. The shareholding of Ecoreco Ventures Private Limited in Eco Recycling Ltd as on March 31, 2025 was 52.19% [i.e., 1,00,70,814 (One Crore Seventy Thousand Eight Hundred Fourteen only) Equity Shares of Face Value of Rs. 10/- (Rupees Ten Only) each] of the Paid- up Equity Shares Capital of your Company and there was no change in this position during the Financial Year 2024-25.
Subsidiaries
As on March 31, 2024, the Company has 2 (Two) Subsidiaries viz;
Ecoreco Enviro Education Private Limited (a wholly owned subsidiary of the Company).
Ecoreco Park Private Limited (a subsidiary w.e.f. January 12, 2023).
During the year under review, ELV Recycling Private Limited ceased to be the Associate of the Company.
Related Party Transactions
Your Company has in place a policy on materiality of related party transactions and on dealing with related party transactions (RPT Policy) in line with the provisions of the Act and Listing regulations. The Policy may be accessed at www.ecoreco.com.
The Policy sets out the philosophy and processes to be followed for approval and review of transactions with Related Party and intends to ensure that proper reporting, approval and disclosure processes are in place for all the transactions with Related Parties.
All related party transactions entered during the year were in ordinary course of the business and at arms length basis and were in compliance with the provisions of the Act and Listing Regulations.
The Company has not entered into Material Related Party Transactions as per the provisions of the Act and a confirmation to this effect is annexed in Form AOC-2 as Annexure II, which forms part of this Annual Report.
Particulars of Loans, Guarantee or Investments
Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient, are provided in the Standalone Financial Statement. (Please refer to Notes to the Standalone Financial Statements forming part of this Annual Report).
Public Deposit
The Company has not accepted any deposits falling under the ambit of section 73 of the Act and the Rules framed thereunder during the year review.
Material changes affecting the Financial Position of the Company
No material changes and commitments have occurred between the end of the financial year to which the financial statements relate and the date of this Report which may affect the financial position of the Company.
Change in nature of Business of Company
There is no change in the nature of business of the Company during the year under review.
Failure to Implement any Corporate Action
There were no instances where the Company failed to implement any corporate action within the specified time limit.
I GENERAL DISCLOSURES
(a) There was no issue of equity shares with differential rights as to dividend, voting or otherwise.
(b) There was no issue of shares to employees of the Company under any Scheme.
(c) There was no significant or material order passed by the Regulators or Courts or T ribunals which impact the going concern status and the Companys operation in future.
(d) There are no pending legal proceedings against the Company under Insolvency and Bankruptcy Code, 2016.
(e) There were no instances of one-time settlement with any bank or financial institution during FY 2024-25.
(f) There was no revision of financial statements and Boards Report of the Company during the year under review.
J DIRECTORS RESPONSIBILITY STATEMENT
As stipulated in section 134 of the Act, the Directors subscribe to the "Directors Responsibility Statement" and to the best of their knowledge and ability, hereby confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures from the same;
(b) They 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, i.e., March 31, 2024 and of the profit and loss of the Company for that period;
(c) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the Companys assets and for preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) They 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) Proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
K AWARDS AND RECOGNITION
The Company continues to be recognised for its commitment to excellence, sustainability, and responsible business practices. These recognitions serve as a testament to our ongoing efforts in delivering value to our stakeholders and driving industry standards.
During the year under review, the Company was honoured with the 2024 HURUN Industry Achievement Award - Champion of Sustainable E-waste Management. This prestigious award, instituted by HURUN under its initiative "Promoting Entrepreneurship Through Quality Lists and Research," recognises the Companys continued commitment to sustainability and leadership in the e-waste management sector.
The award was conferred upon the Chairman & Managing Director, Shri B K Soni, in recognition of his pioneering contribution to establishing and promoting organised e-waste recycling in India.
The Board places on record its appreciation for this recognition and reaffirms its commitment to advancing sustainable and responsible business practices.
L ACKNOWLEDGMENT AND APPRECIATION
The Companys ability to operate efficiently and deliver sustained performance is driven by a strong culture of professionalism, integrity, innovation, and continuous improvement across all functions. This, combined with the effective utilisation of resources, has contributed to the Companys sustainable and profitable growth.
The Board of Directors places on record its sincere appreciation for the dedication, commitment, and contribution of every employee. Their efforts have been instrumental in achieving the Companys performance and upholding its core values.
The Directors also wish to thank all stakeholders, including shareholders, customers, business partners, suppliers, regulatory authorities, and financial institutions, for their continued support and trust in the Company.
The Board looks to the future with optimism and confidence, as Ecoreco continues on its path of responsible growth and value creation.
For and on behalf of the Board of Directors of |
Eco Recycling Limited |
B K Soni |
Chairman & Managing Director |
DIN 01274250 |
Mumbai, August 26, 2025 |
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