TO THE SHAREHOLDERS
To The Members
Ganesh Foundry & Castings Limited
Your Directors take pleasure in presenting the Thirty Second (32nd) Annual
Report on the business and operations of the Company together with the Standalone Audited
Financial Statements for the financial year ended 31st March, 2020.
Pursuant to notification dated 16th February, 2015 issued by the Ministry of
Corporate Affairs, the Company has adopted the Indian Accounting Standards (“Ind
AS”) notified under the Companies (Indian Accounting Standards) Rule, 2015 prescribed
under section 133 of the Companies Act, 2013 (as amended form time to time) with effect
from 1st April, 2017 and the accounts are prepared under Ind AS.
FINANCIAL RESULTS
The Companys financial performance for the year ended March 31st, 2020 is
summarized below:- Amount in (Lakhs)
| PARTICULARS |
STANDALONE |
|
2019-20 |
2018-2019 |
| Revenue from operations ((Including other Income) |
5887.01 |
6778.87 |
| Profit before finance cost, depreciation, exceptional items and taxes |
136.34 |
219.48 |
| Less : Finance costs |
- |
- |
| Less- Depreciation and amortisation expenses |
83.14 |
112.28 |
| Less: Provision for Taxation (including Deferred Tax) |
0.09 |
39.87 |
| Net profit for the Year |
53.11 |
67.33 |
| Earnings Per Share (Face Value of Rs. 10/- each) Basic & Diluted |
1.21 |
1.53 |
1. STATE OF COMPANYS AFFAIR AND FUTURE OUTLOOK
The Main Object of the Company is to set up steel furnace, casting re-rolling mill,
steel plant and foundry for manufacturing and to carry on the business of its products of
all kinds and sizes including ingot, billet, rod, pipe, tubes scraps and to carry on the
business of all metals & metal compounds whether ferrous or non-ferrous, iron &
Steel converters & manufacturing all alloy of iron & steel products by any process
e.g. casting forging. The Company recorded operational revenue of 5887.01 Lakhs as
compared to 6778.87 Lakhs during the previous financial year.
2. DIVIDEND
Considering the financial requirements towards the funding of the ongoing expansion
plan, which we believe will enhance the Shareholders value in the long term, no dividend
is recommend by the Directors of your Company for the year ended 31st March, 2020.
3. CAPITAL STRUCTURE
There was no change in the issued and subscribed capital of the Company. During the
year under review, the Authorized Capital of the Company stood at Rs. 6,00,00,000/-
(Rupees Six Crores), divided into 60,00,000 (Sixty Lakhs) Equity Shares of Rs. 10/-
(Rupees Ten) each and the issued, subscribed and paid-up Equity share capital of the
Company as on 31st March, 2020 stands at Rs. 4,40,20,000/- (Rupees Four Crores
Forty Lakhs Twenty Thousand), divided into 4,40,2000 (Forty Four lakh Two Thousand) Equity
Shares of Rs. 10/- (Rupees Ten) each.
The Company has neither issued shares with differential voting rights nor issued sweat
equity or granted stock options during the Financial Year ended 31st March,
2020.
4. TRANSFER TO RESERVES
The Company has not transferred any amount to the General Reserve for the financial
year ended 31st March, 2020.
5. BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
6. NATURE OF BUSINESS ACTIVITIES AND CHANGES THEREOF
During the Financial Year ended 31st March, 2020, the Board of Directors,
though exploring addition to existing business and commercial activities, had neither been
explored any change in nature of business and commercial activities for the Company nor
there is a change in nature of business and commercial activities of the Company. As such,
no specific details regarding change in nature of business activities are required to be
given or provided.
7. PUBLIC DEPOSITS
During the period under report, the Company has neither invited nor accepted any public
deposits within the meaning of Section 73 and 74 of the Companies Act, 2013 read with the
Companies (Acceptance of Deposits) Rules, 2014 (as amended).As such, no specific details
prescribed in Rule 8(1) of the Companies (Accounts) Rules, 2014 (as amended) are required
to be given or provided.
8. DIRECTORS AND KEY MANGERIAL PERSONNEL (KMP) a. DIRECTORS
The Company is well supported by the knowledge and experience of its Directors and
Executives. The Board of Directors is duly constituted in compliance with the applicable
provisions of the Companies Act, 2013 and relevant rules made thereunder. Mr. Ashok kumar
Bajoria, is Managing Director of the Company. whose term has expired, the board is of view
to reappoint him as Managing Director at the ensuing AGM subject to the approval of
members. Mr. Shyam Sundar Bajoria (DIN: 01066593) Director of the Company, who retires by
rotation in accordance with the provisions of the Companies Act, 2013,and being eligible,
offers himself for re-appointment at the ensuing AGM
Mr. Anand Kumar Bajoria (DIN: 00713620) and Mr. Shyam Sundar Bajoria (DIN: 01066593)
are the Whole Time Directors of the company. Mr. Dipendra Kumar Agarwal (DIN: 07121280),
Mrs. Lakshmi Agarwal (DIN: 07014396) and Mr. Yugal Kisor Agrwal (DIN: 03104124) are the
Independent directors of the company.
During the year Mr. Ashok kumar Yadav (DIN: 07074299) Independent Director resigned on
15/01/2020 and Mr. Yugal Kisor Agrwal (DIN: 03104124) was appointed as Independent
Director with effect from 15/01/2020 subject to approval of Members at the ensuing Annual
General Meeting of the Company.
Further, the Nomination and Remuneration Committee and Board of Directors at their
respective meetings held on 15th January, 2020, have recommended and approved the
re-appointment of Mrs. Lakshmi Agarwal (DIN: 07014396), whose first term as Independent
Director of the Company has expired on 31st March, 2020 and proposed to re-appoint as
Independent Director for second consecutive term for period of 5 (five) years w.e.f. 1st
April, 2020 to 31st March, 2025, subject to approval of Members at the ensuing Annual
General Meeting of the Company.
Due notices under Section 160 of the Companies Act, 2013 has been received from Members
of the Company proposing the appointment and re-appointment of Mr. Yugal Kisor Agrwal and
Mrs Lakshmi Agarwal as Independent Directors of the Company at the ensuing Annual General
Meeting. Necessary information pursuant to SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, in respect of directors to be appointed and re-appointed
at the ensuing Annual General Meeting are given in the Annexure to the Notice convening
the Annual General Meeting scheduled to be held on 30th December, 2020.
All the Directors of the Company have confirmed that they are not disqualified for
being appointed as directors in terms of Section 164 of the Companies Act, 2013 and Rule
14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014 and not
debarred or disqualified by the SEBI/ Ministry of Corporate Affairs or any such statutory
authority form being appointed or continuing as Directors of the Company or any other
Company where Directors hold such position in terms of Regulation (10) (i) of Part C of
Schedule V of Listing Regulations. A Certificate to this effect, duly signed by Ms Rupa
Gupta, Practicing Company Secretary is annexed as Annexure-A to this report.
b. KEY MANAGERIAL PERSONNEL
Pursuant to the provision of Section 2(51) and 203 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended
from time to time), the following are the Key Managerial Personnel of the Company:
Mr. Ashok Kumar Bajoria, Managing Director Mr. Anand Kumar Bajoria, Whole time Director
Mr. Shyam Sundar Bajoria, Whole-time director Mr. Aditya Apoorva, Chief Financial Officer
Mrs. Monika Rathi, Company Secretary
9. MATERIAL CHANGES AND COMMITMENTS
There is no material changes and commitments between the end of the financial year of
the Company to which the Financial Statements relates and date of Directors Report
affecting the financial position of the Company.
10. SIGNIFICANT /MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
There are no significant/ material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status of the company and its operations in future.
11. MAINTAENANCE OF COST RECORD
The Company is required to maintain cost records as specified by the Central Government
under sub section (1) of Section 148 of the Companies Act 2013, and accordingly such
accounts and records are made and maintained by the Company.
12. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Company does not have any subsidiary/Joint Ventures/ Associate Companies as on 31st
March, 2020. Hence, requirement of consolidated financial statement is not applicable to
the Company. Further pursuant to provisions of Section 129(3) o the Companies Act, 2013
read with Rule 5 of Companies (Accounts) Rules, 2014, the statement containing salient
features of the financial statement of the Companys subsidiary/Joint Ventures/ Associate
in Form AOC-1 is not required to be attached.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
Particulars of loans given / taken, 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 in compliance of Section 186 of the Companies Act, 2013
and the same are provided in the notes to standalone financial statement.
14. RELATED PARTY TRANSACTIONS
The transaction entered with the related parties during the FY 2019-20 were on arms
length basis and were in the ordinary course of business and the provision of section 188
of the Companies Act 2013 are not attracted. There have no materially significant related
party transaction with the Companys promoters, directors, the management, their
subsidiaries or relatives which may have potential conflict with the interest of the
Company at large. Thus, disclosure in form AOC-2 is not required. The necessary
disclosures regarding the transactions are given in the notes of accounts. All related
Party Transactions are placed before the Audit Committee for approval. The policy on
Related Party Transactions as approved by the Board is uploaded on the Companys website
www.ganeshsuper.com.
15. DECLARATION BY INDEPENDENT DIRECTORS
Shri Dipendra Kumar Agarwal (DIN: 07121280), Shri Yugal Kisor Agrwal (DIN: 03104124)
and Smt Lakshmi Agrawal (DIN: 07014396) are Independent Directors on the Board of the
Company. The Company has received necessary declarations from each of the Independent
Directors under Section 149(7) of the Companies Act, 2013 that they meet the criteria of
independence laid down in Section 149(6) of the Companies Act, 2013 and Regulations
16(1)(b) & 25 of the Listing Regulations and also in the opinion of the Board and as
confirmed by these Directors, they fulfill the conditions specified in Section 149 of the
Companies Act, 2013 and the Rules made thereunder about their status as Independent
Directors of the Company.
16. AUDITORS a. STATUTORY AUDITORS AND AUDITORS REPORT
M/s. SPSA & CO., Chartered Accountants (Firm Registration No. 019888N), who are
Statutory Auditors of the Company, hold office, in accordance with the provisions of the
Act upto the conclusion of the ensuing Annual General Meeting and are eligible for
reappointment. The Board, on the recommendation of the Audit Committee, recommended for
the approval of the Members, the reappointment of M/S SPSA & co, Chartered
Accountants, as the Auditors of the Company for a period of one year from the conclusion
of the ensuing 32nd AGM till the conclusion of the 33rd AGM. On the recommendation of the
Audit Committee, the Board also recommended for the approval of the Members, the
remuneration of for the financial year 2020-21. Appropriate resolution seeking your
approval to the appointment and remuneration of M/s SPSA as the Statutory Auditors is
appearing in the Notice convening the 32nd AGM of the Company.
In this regard, the Company has obtained a written consent under Section 139 of the
Companies Act, 2013 from the Auditors to such continued appointment and also a certificate
from them to the effect that their appointment, if ratified, would be in accordance with
the conditions prescribed under the Companies Act, 2013 and the rules made thereunder, as
may be applicable. The Statutory Auditors Report does not contain any qualification,
reservation or adverse remark and is self explanatory and unmodified and thus does not
require any further clarification/ comments. The Statutory Auditors have not reported any
incident of fraud to the Audit Committee of the Company during the year under review.
b. COST AUDITOR
The Company had appointed M/s Kalisankar & Co, Cost Accountants, Kolkata (Firm
Registration no. 101353) as Cost Auditors to conduct audit of Cost Records maintained of
the Company for the financial year ending 31st March, 2021. Pursuant to Section
148 of the Companies Act, 2013 read with the Companies (Audit and Auditor Rules) 2014
(including any statutory modification(s) or re- enactment thereof for the time being in
force), the Board of Directors on the recommendation of the Audit Committee in their
respective meetings held on 26TH August, 2020, has approved the appointment of
M/s Kalisankar & Co, Cost Accountants, Kolkata as Cost Auditors to conduct audit of
Cost Records maintained of the Company for the financial year ending 31st
March, 2021. The remuneration proposed to be paid to the Cost Auditors, subject to
ratification of members at the ensuing 32nd Annual General Meeting , would not
exceed Rs. 35000/- (exclusive of Goods and Service Tax & re-imbursement of out of
pocket expenses).
The Company has received certificate form the Cost Auditors for eligibility u/s
141(3)(g) of the Companies Act, 2013 for appointment as Cost Auditors and his/its
independence and arms length relationship with the Company. c. SECRETARIAL AUDITOR
In accordance with provisions of Section 204 of the Companies Act, 2013 read with Rule
9 of the Companies (Appointment and Remuneration o Managerial Personnel) Rules, 2014, the
Board had appointed M/s Rupa Gupta, Practicing Company Secretary (Practice No:11691),
Kolkata as Secretarial Auditors of the Company for the Financial Year ended 31st
March, 2020 to conduct Secretarial Audit and Secretarial Audit Report in Form MR-3 was
furnished by her.
The Secretarial Audit Report is annexed herewith as Annexure B to this report. The
Secretarial Auditors Report does not contain any qualification, reservation or adverse
remark and is self explanatory and thus does not require any further clarification/
comments.
d. INTERNAL AUDITOR AND THEIR REPORT
M/s Singhania Agarwal & Co, Chartered Accountants, Kolkata (Firm Regn No. :
005527C) is appointed as an Internal Auditor of the Company for the Financial Year 2019
-2020 ended on 31st March, 2020, pursuant to provisions of Section 138 and any
other applicable provisions of the Companies Act, 2013 read with Rule 13 of the Companies
(Accounts) Rules, 2014 and relevant SEBI Regulations including the SEBI (LODR)
Regulations, 2015 (as amended). Further, the Board of Directors of the Company, on the
recommendations of Audit Committee of the Company, at its meeting held on 26th
August, 2020 has approved and appointed M/s Singhania Agarwal & Co, Chartered
Accountants, Kolkata (Firm Regn No. : 005527C) as an Internal Auditor of the Company for
the Financial Year 2020 -2021 ending on 31st March, 2021.
17. MEETINGS OF THE BOARD OF DIRECTORS
7 (Seven) meetings of the Board of Directors were held during the F.Y. 2019-2020. The
details of the Board/Committees of the Board, are given in the Report on Corporate
Governance, which forms part of this report.
18. COMMITTEES OF THE BOARD
The Board of Directors has the following Committees:
1. Audit Committee
2. Nomination & Remuneration Committee
3. Stakeholders Relationship Committee
The details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in Corporate Governance Report.
19. ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMNCE AND THAT OF ITS
COMMITTEES AND INDIVIDUAL DIRECTORS
The Nomination and Remuneration Committee has laid down the criteria for performance of
Executive and Non- Executive Directors of the Company as per section 178 of the Companies
Act, 2013, as amended from time to time, and as per Regulation 19 of the Listings
Regulation. The criteria was based on various attributes, inter alia, profile, experience,
contribution, dedication, knowledge, sharing of information with the Board, regularity of
attendance, aptitude & effectiveness, preparedness & participation, team work,
decision making process, their roles, rights, responsibilities in the Company, monitoring
& managing potential conflict of interest of management, providing fair and
constructive feedback & strategic guidance and contribution of each Director to the
growth of the Company.
The Company has devised the Boards performance Evaluation Policy document along with
performance evaluation criteria/form for Independent and Non- Independent Directors of the
Company and criteria for evaluation of Boards / Committees performance along with
remarks and suggestions. The performance of the Committees was evaluated by the Board
after seeking inputs from the Committee Members on the basis of criteria such as the
composition of committees, effectiveness of committee meetings, etc.
Separate meeting of Independent Directors of the Company was held on 20th
March, 2020 and it reviewed the performance of non-independent directors and the Board as
a whole and also reviewed the performance of the Chairman of the Company. The same was
discussed in the meeting of the Independent Directors, at which the performance of the
Board, its committees and individual Directors was also discussed.
20. LISTING OF SHARES
The Equity Shares in the capital of the Company continued to be listed on the BSE
Limited (BSE). The Company has paid the annual listing fee for the financial year 2019-20
to BSE within the normal stipulated time.
21. EXTRACT OF THE ANNUAL RETURN
An extract of Annual Report as on the financial year ended on March 31st,
2020 in Form MGT-9 as required under section 92(3) of the Companies Act, 2013 read with
Rule 12(1) of Companies
(Management and Administration) Rules, 2014 is set out as an “Annexure C ” to
this report, which forms an integral part of the Boards Report of the Company.
22. DETAILS RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND
EMPLOYEES
In accordance with section 178 and other applicable provisions, if any, of the
Companies Act, 2013 read with the Rules thereunder (including any statutory
modification(s) or re-enactment(s) thereof, for the time being in force) and pursuant to
amendment notified under Companies (Amendment) Act, 2017 and SEBI (LODR)
(Amendment)Regulations, 2018, the Board of Directors at its meeting held on 25th March,
2019, has approved and adopted a Nomination and Remuneration policy of the Company
relating to the remuneration for the Directors, Key Managerial Personnel (KMPs) and other
employees of the Company, based on recommendations of the NRC, which inter alia, now
includes criteria of quorum, amendment in certain definitions, additional role of the NRC
etc.
The Nomination and Remuneration Policy of the Company is displayed on the website of
the Company.
Disclosure pertaining to remuneration and other details as required under section
197(12) of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 and Companies (Appointment and
Remuneration of Managerial Personnel) Amendment Rules, 2016, as amended form time to time,
in respect to Directors/employees of the Company is marked as “ Annexure D ” to
this report and forms part of the Boards Report of the Company.
23. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has in place adequate internal control system and procedures commensurate
with the nature of its business and the size and complexity of its operations. These
procedures are designed to ensure: a) That all assets and resources are used efficiently
and are adequately protected; b) That all the internal policies and statutory guidelines
are complied with; and c) The accuracy and timing of financial reports and management
information is maintained.
24. DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(3)(c ) of the Companies Act, 2013 (Act), in relation to
Financial Statements of the Company for the year ended 31st March, 2020, the
Board of Directors states that: -
1. In preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanations relating to material departures;
2. The Directors have selected such accounting policies and applied consistently, and
made judgment and estimates that are reasonable and prudent, so as to give a true and fair
view of the state affairs of the company for the financial year ended 31st
March,2020;
3. The Directors have taken proper & sufficient care for the maintenance of
adequate accounting record in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities.
4. The annual accounts / financial statements have been prepared on a “going
concern” basis.
5. proper internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operational effectively.
6. proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
25. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
Ganesh Foundry & Casting Limited (“the Company”) has in place an Anti-
Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Internal Complaints
Committee (ICC) has been set up to redress complaints received regarding sexual
harassment. All employees (permanent, contractual, temporary, trainees, etc.) are covered
under this policy. Pursuant to recent amendment to the Companies (Accounts) Rules, 2014
vide MCAs Notifiaction dated 31st July, 2018, the Board of Directors do
confirm that the Company has complied with provision relating to the constitution of
Internal Complaints Committee (ICC) under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. Your Company is committed to provide
and promote safe, healthy and congenial atmosphere irrespective of gender, caste, creed or
social class of the employees. During the financial year 2018-19, no cases have been filed
under the act as the Company is keeping the working environment healthy.
26. RISK MANAGEMENT
The Company has laid down procedures to inform the Board of Directors about Risk
Assessments and its minimisation procedures. The Board has also framed and implemented the
Risk Management Plan for the Company to the extent it was possible, feasible and
practical. The formation of Risk Management Committee is not applicable to the Company as
the requirement is applicable to only top 500 listed entities on BSE Ltd as per Regulation
21 of SEBI (LODR) Regulations, 2015.
27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING &
OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earning & outgo as stipulated under Section 134 of the Companies Act, 2013 read with
the Companies (Accounts) Rules, 2014 (as amended from time to time), is set out herewith
as “Annexure E” to this report.
28. CORPORATE SOCIAL RESPONSIBILITY
The Company is not required to constitute a Corporate Social Responsibility Committee
as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence
it is not required to formulate policy on corporate social responsibility.
29. CORPORATE GOVERNANCE
The Company files quarterly Corporate Governance Report with BSE Ltd as required under
SEBI (LODR) Regulations 27. In accordance with Regulation 34(3) and Schedule V of SEBI
(LODR) Regulations, 2015, Corporate Governance Report along with Practising Company
Secretary Certificate regarding Compliance of Conditions of Corporate Governance is
annexed to and forms part of this Board Report.
30. VIGIL MECHANISM/ WHISTLE-BLOWER POLICY
Your Company has a Whistle-Blower Policy that offers a formal mechanism to its
directors, employees and stakeholders to report genuine concerns about unethical behavior,
actual or suspected, fraud and violation of the Companys Code of conduct and Business
Ethics in accordance with the provisions of the Companies Act, 2013 read with the
Companies (Meeting of Board and its Powers) Rules 2014 and SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015. The Audit
Committee of Board is entrusted with the responsibility to oversee the vigil mechanism.
Further, SEBI vide its notification dated 31st December, 2018, has amended the
provision under the SEBI (Prohibition of Insider Trading) Regulations, 2015, by issuance
of SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, to be effective
from 1st April, 2019 which, inter alia, provides for the “Written Policies
and Procedures” for inquiry in case of leak of unpublished price sensitive
information (“UPSI”) or suspected leak of UPSI and to have a
“Whistle-Blower Policy” and to make Directors and employees aware of such policy
to enable them to report instances of leak of UPSI. Pursuant to above and in order to
effect the amendments as notified in the above Amendment Regulations, the Board of
Directors of the Company has approved and adopted the revised “Vigil Mechanism /
Whistle-Blower Policy” on 25th March, 2019. The Policy is displayed on the
website of the Company.
31. MANAGEMENT DISCUSSION & ANALSIS REPORT
In accordance with Regulation 34 and Schedule V of SEBI (LODR) Regulations, 2015, a
statement on management discussion and analysis with detailed highlights of performance of
different divisions / segments of the Company is forming part of this report.
32. HEALTH, SAFETY AND ENVIRONMENT
The safety excellence journey is a continuing process of the Company. The safety of the
people working for and behalf of your company, visitors to the premises of the Company and
the communities we operate in, is an integral part of business. Structured monitoring
& review and a system of positive compliance reporting are in place. There is a strong
focus on safety with adequate thrust on employees safety. The Company is implementing
programmes to eliminate fatalities and injuries at work place. Quarterly reports on
health, safety and environment for each plants/units of the Company are received by the
Company and the same are placed before the Board of Directors for their review.
The Company has been achieving continuous improvement in safety performance through a
combination of systems and processes as well as co-operation and support of all employees.
Each and every safety incidents at plants/units, if any, are recorded and investigated.
33. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
Human Resources are vital and most valuable assets for the Company. They play a
significant role in your Companys growth strategy. Your Company emphasizes on talent
nurturing, retention and engaging in a cordial, amicable and constructive relationship
with employees with a focus on productivity and efficiency and underlining safe working
practices. Your Directors also value the professionalism and commitment of all employees
of the Company and place on record their appreciation and acknowledgement of the efforts,
dedication and contribution made by the employees at all levels that have contributed to
Companys success and remain in the forefront of Iron and steel Industry business. Your
Directors wish to place on record the Co-operation received from all the valuable
employees, staff workers at all and at all plants/units.
34. ENHANCING SHAREHOLDERS VALUE
The Company accords top priority for creating and enhancing shareholders value. All the
Companys operations are guided and aligned towards maximizing shareholders value.
35. BUSINESS RESPONSIBILTY REPORT
In terms of SEBI (LODR) Regulations 2015, top 500 listed entities are required to
submit as part of their
Annual Reports, Business Responsibility Reports, describing the initiatives taken by
them from an environmental, Social and Corporate perspective. Your Company does not fall
under this category. However, BR Report on environment, human resources and principle wise
performance in short forms part of the Management discussion and analysis report.
36. ACKNOWLEDGEMENTS
Your Directors would like to record their appreciation for the enormous personal
efforts as well as the collective contribution of all the employees to the Companys
performance The directors would also like to thank its customers, employee unions,
shareholders, dealers, suppliers, bankers, government agencies and all stakeholders for
their co-operation and support to the Company and the confidence reposed on the
management.
|
For and on Behalf of the Board |
|
Ganesh foundry & Castings ltd |
| Place: Bihar |
|
|
Sd/- |
| Date: 26/08/2020 |
Ashok Kumar Bajoria |
|
Managing director |
|
DIN:00713573 |
+91-9892691696
