Dear Members,
The Directors take pleasure in presenting the 13th Annual Report on the business and
operations of Go Fashion (India) Limited ("the Company") together with the
Audited Financial Statements for the financial year ended 31st March 2023.
Financials
The key highlights of the financial results of the Company for the financial year ended
31st March 2023 in comparison with the previous financial year ended 31st March 2022 are
summarised below:
(H In Lakhs)
| Particulars |
Year ended 31st March 2023 |
Year ended 31st March 2022 |
| Revenue from operations |
66,527.95 |
40,131.25 |
| Less: Expenses |
45,299.36 |
28,229.71 |
| EBITDA |
21,228.59 |
11,901.54 |
| Less: |
|
|
| Finance Cost |
2,846.15 |
2,332.67 |
| Depreciation |
8,705.31 |
6,860.67 |
| Add: |
|
|
| Other income |
1,191.48 |
2,079.44 |
| Profit before Tax |
10,868.61 |
4,787.64 |
| Less: Tax expenses |
|
|
| (including deferred Tax) |
|
|
|
2,588.79 |
1,227.56 |
| Profit after Tax |
8,279.82 |
3,560.08 |
| Add: Total Other Comprehensive (loss)/Income |
(92.09) |
17.62 |
| Total Comprehensive Income for the year |
8,187.73 |
3,577.70 |
Overview of Companys Financial Performance
• Revenue from Operations of the Company stood at H66,527.95 lakhs as against
H40131.25 lakhs for the previous year, registering a growth of 65.78% in the revenue.
• Sales volume of the Company stood at 120.69 Lakhs pieces as against 81.57
lakhs pieces for the previous year, registering a growth of 47.96 % in the Sales Volume.
• EBITDA of the Company stood at H21,228.59 lakhs as against H11,901.54 lakhs
for the previous year, registering a growth of 78.37 % in EBITDA.
• Profit after Tax(PAT) of the Company stood at H8279.82 lakhs as against
profit of H3560.08 lakhs for the previous year, registering a growth of 132.57% in PAT.
Dividend
The Board of Directors does not recommend any dividend for the financial year 2022-23.
Dividend Distribution Policy
In terms of Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as
"SEBI Listing Regulations"), the Board of the Company has adopted a Dividend
Distribution Policy, which can be accessed on the website of the company at https://cdn.
shopify.com/s/files/1/0598/8158/6848/files/DIVIDEND_
DISTRIBUTION_POLICY_f2a2be63-1374-403b-a336-10749df845c5.pdf?v=1657891554
Transfer to Reserves
The company does not propose to transfer any amount to the reserves for the financial
year 2022-23.
Change in Nature of Business
There is no change in the nature of the business of the company in the review period.
Utilization of IPO Proceeds
The Company had appointed ICICI Bank Limited as the Monitoring agency in accordance
with Regulation 41(1) of Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (hereinafter referred as "SEBI ICDR
Regulations") to monitor the utilization of IPO proceeds and Company has obtained
monitoring reports from the Monitoring agency and filed the same with both stock exchanges
where equity shares of the Company are listed. The proceeds realized by the Company from
the initial public offering shall be utilized as per objects of the offer as disclosed in
the Prospectus of the Company.
Out of the IPO proceeds of H1250 Lakhs, the Company has utilized the funds as per the
below mentioned table:
(H in Lakhs)
| Sl. No |
Item Head |
Amount to be utilized |
Amount utilized as on March 31, 2023 |
Total unutilized Amount as on March 31, 2023 |
| 1 |
Funding Roll out of new EBOs |
3373.40 |
3176.64 |
196.76 |
| 2 |
Working capital |
6139.80 |
6139.80 |
0 |
| 3 |
General Corporate Purposes |
2391.43 |
2391.43 |
0 |
|
Total* |
11904.63 |
11707.87 |
196.76 |
*net of IPO related expenses
On finalisation of IPO issue expenses, the amount proposed to be utilised for General
Corporate Purposes is revised to H2,391.43 lakhs, compared to the original amount of
H2,364.00 lakhs, considering the savings in certain IPO issue expenses.
There has been no deviation in the utilization of the IPO proceeds of the Company. The
Monitoring Agency Reports are available at the Companys website at https://cdn.
shopify.com/s/files/1/0598/8158/6848/files/MONITORING
AGENCY_REPORT_Q4_FY23.pdf?v=1683719361
Further, the details of utilisation of Net IPO Proceeds for the year ended 31st March
2023 has been provided in notes to the accounts.
Share Capital
The paid-up equity share capital of the Company as on 31st March 2023 is H54,00,89,840
comprising of 5,40,08,984 equity shares of H10/- each.
During the year under review, the Company has reclassified its Authorized Share Capital
of H105,00,00,000/-(Rupees One Hundred and Five Crore only) comprising of 5,60,00,000
(Five Crores Sixty Lakhs only) equity shares of face value of H10/- each and 49,00,000
(Forty Nine Lakhs) compulsorily convertible Redeemable Preference Shares of H100/- each to
H105,00,00,000/- (Rupees One Hundred and Five Crores only) comprising of 10,50,00,000 (Ten
Crores Fifty Lakhs only) equity shares of face value of H10/- each vide shareholders
approval dated 12th September, 2022.
The company has not issued any shares including equity shares with differential rights
as to dividend, voting or otherwise. The Company has not issued any sweat equity shares to
its directors or employees.
Credit Rating
The details of credit ratings obtained from CRISIL are as under:
Ratings of CRISIL
| Facilities |
Amount (H) |
Ratings |
Rating Action |
| Long Term Rating |
- |
CRISIL A/ Stable |
Upgraded from CRISIL A-/Stable / Positive |
| Short Term Rating |
H180 Crore |
CRISIL A1 |
Upgraded from CRISIL A2+ |
| Total Facilities |
H180 Crore |
- |
- |
Ratings of ICRA
| Facilities |
Amount (H) |
Ratings |
Rating Action |
| Long Term Rating |
H69 crores |
ICRA A+(Stable) |
Upgraded from ICRA A |
| Short Term Rating |
H156 crores |
ICRA A1+ |
Upgraded from ICRA A1 |
| Total Facilities |
H225 crores |
- |
- |
Directors & Key Managerial Personnel
The appointment and remuneration of Directors are governed by the Policy devised by the
Nomination and Remuneration Committee of the Company. The detailed terms of reference of
Nomination and Remuneration Policy is contained in the Corporate Governance Section of the
Annual Report.
The Companys management consists of the following Directors and Key Managerial
Personnel:
| Sr. No. |
Name of the Director& KMP |
Designation |
| 1. |
Mr.Srinivasan Sridhar |
Chairman & Independent Director |
| 2. |
Mr.Prakash Kumar Saraogi |
Executive Director & Managing Director |
| 3. |
Mr.Gautam Saraogi |
Executive Director &Chief Executive Officer |
| 4. |
Mr.Rahul Saraogi |
Non- Executive Non- Independent Director |
| 5. |
Ms.Rohini Manian |
Independent Director |
| 6. |
Mr.Dinesh Madanlal Gupta |
Independent Director |
| 7. |
Mr.Ravi Shankar Venkataraman Ganapathy Agraharam* |
Non-Executive Non- Independent Nominee Director |
| 8. |
Mr.R.Mohan |
Chief Financial Officer |
| 9. |
Ms.V.Gayathri |
Company Secretary & Compliance Officer |
*resigned w.e.f. 12th June 2023
The constitution of the Board of the Company is in accordance with Section 149 of the
Companies Act, 2013 and Regulation 17 of the SEBI Listing Regulations
The details relating to directors and key managerial personnel who were appointed or
have resigned are reported as under:
During the Financial Year ended 31st March, 2023, there was no change in the
Composition of the Board of Directors. Mr. Ravi Shankar Venkataraman Ganapathy Agraharam
(DIN: 02604007), Non-Executive-Non-Independent Director of the Company (Nominee Director
of Sequoia Capital India Investments IV), has resigned vide letter dated 12th June 2023
with effect from closure of business hours on 12th June, 2023. The Company is thankful for
his contribution during his tenure as a director.
Declaration from Independent Directors
In terms of the regulatory requirements, name of every Independent Director should be
added in the online database of Independent Directors maintained by Indian Institute of
Corporate Affairs ("IICA"). Accordingly, Independent Directors of the Company
have registered themselves with the IICA for the said purpose.
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
as laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the
Board, the Independent Directors possess the requisite expertise and experience and they
fulfil the conditions specified in the Act and the Rules made thereunder and are
independent of the management.
Separate Meeting of Independent Directors
The Independent Directors of the Company had met during the year on 24th March 2023 to
review the performance of Non-Independent Directors and the Board as a whole, reviewed the
performance of the Chairperson of the Company and also assessed the quality, quantity and
timelines of flow of information between the Company management and the Board without the
presence of the Non-Independent Directors and members of the Management.
Directors Retiring by Rotation
Pursuant to the provision of section 152 of the Companies Act, 2013, Mr. Rahul Saraogi,
Non-Executive Non-Independent Director, is liable to retire by rotation and being eligible
for re-appointment at the ensuing Annual General Meeting ("AGM") of the Company,
has offered himself for reappointment. His details as required under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards on
General Meetings issued by the Institute of Company Secretaries of India are contained in
the accompanying Notice convening the ensuing AGM of the Company. An appropriate
resolution seeking the shareholders approval to his re-appointment as Director is
included in the Notice of the AGM.
Board and Committee Meetings
The Board of Directors met Four (4) times during the financial year 2022-23. The
details of the meetings and the attendance of the Directors are mentioned in the Corporate
Governance Report.
The Board of Directors of the Company have formed various Committees, as per the
provisions of the Companies Act, 2013 and as per SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and as a part of the best corporate governance practices,
the terms of reference and the constitution of these Committees is in compliance with the
applicable laws. In order to ensure focused attention on business and for better
governance and accountability, the
Board has constituted the following Committees:
a) Audit Committee;
b) Nomination and Remuneration Committee;
c) Stakeholders Relationship Committee;
d) Corporate Social Responsibility Committee;
e) Risk Management Committee;
f) IPO Committee; The details with respect to the composition, terms of reference,
number of meetings held and business transacted by the aforesaid Committees are given in
the "Corporate Governance Report" of the Company which is presented in a
separate section and forms a part of the Annual Report.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out the Annual
Performance Evaluation of the Board, its Committees and of individual directors in the
format (questionnaire) prescribed by the Nomination and Remuneration Committee of the
Company.
The structured questionnaire covers various aspects of the Boards functioning such as
adequacy of the composition of the Board and its Committees, Board culture, execution and
performance of specific duties, obligations and governance. The performance evaluation of
the Directors (without participation of the relevant Director) was carried out by the
entire Board. The Directors expressed their satisfaction with the evaluation process.
Familiarisation Programme
Pursuant to the SEBI Regulations, the Company has worked out a Familiarisation
Programme for the Independent Directors, with a view to familiarise them with their role,
rights and responsibilities in the Company, nature of Industry in which the Company
operates, business model of the Company etc. Through the Familiarisation Programme, the
Company apprises the Independent directors about the business model, corporate strategy,
business plans, finance, human resources, technology, quality, facilities, risk management
strategy, governance policies and operations of the Company. Details of Familiarisation
Programme of Independent Directors with the Company are available on the website of the
company at https://cdn.shopify. com/s/files/1/0598/8158/6848/files/FAMILIARISATION_
PROGRAMME_FOR_INDEPENDENT_DIRECTORS_8412e3e5-30c4-47c5-8c01-28dcc7c0d795.pdf?v=1657891554
Human Resources and Industrial Relations
The Company has a constant focus on attracting, developing and retaining talent. We
believe that our employees are our key strength, and their development and well-being is
crucial to sustain organizational success. The company is constantly engaging in several
initiatives to develop employees holistically to ensure that we have competent employees
in all areas of the business. We are implementing several robust HR practices and
processes to enhance employee experience and engagement to deliver exemplary results. Some
of these initiatives include structured talent management processes, leadership
development, competency development, employee engagement and well-being, rewards and
recognition, performance management and so on.
Right environment and resources are provided to ensure the employees reach their
maximum potential. Leadership development initiatives include providing the necessary
experience, exposure and education to ensure employee readiness to execute critical roles
and responsibilities. We have a robust induction and training process for new talent, to
ensure safety and quality standards are adhered to. All new employees are required to go
through detailed technical and behavioural trainings in their respective domain areas to
ensure productivity is achieved along with safety and quality.
Subsidiary Companies, Associates & Joint Ventures
The Company does not have any Subsidiaries, Associates and Joint ventures.
Related-Party Transactions
All related party transactions that were entered during the financial year were at
arms length basis and were in the ordinary course of business. There was no materially
significant related party transaction made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons, which may have a potential conflict with
the interest of the Company at large.
In accordance with the requirements of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) 2015, the Company has a Policy on Related Party
Transactions which can be viewed at https://cdn.
shopify.com/s/files/1/0598/8158/6848/files/RELATED_
PARTY_TRANSACTIONS_POLICY_0e38f2fa-659c-4719-b2bc-ccd1f0d43a18.pdf?v=1657891554 There were
no material transactions with related parties.
Accordingly, the disclosure of transactions entered into with related parties pursuant
to the provisions of Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the
Companies (Accounts), Rules 2014 in Form AOC-2 is not applicable. Related party
transactions pursuant to the SEBI(LODR) Regulations 2015 and the Companies Act, 2013 are
provided in notes to the financial statements.
Public Deposits
The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest on deposits from public was outstanding as on the date of the
Balance Sheet.
Particulars of Loans, Guarantees or Investments
No Loans, Guarantees or Investments were made by the company during the financial year
2022-23.
Accounting Treatment
The Accounting Treatment is in line with the applicable Indian Accounting Standards
(IND-AS) recommended by the Institute of Chartered Accountants of India (ICAI) and
prescribed by the Central Government.
Auditors
(a) Statutory Auditors:
In accordance with the provisions of section 139 of the Companies Act 2013 and the
rules made thereunder Deloitte Haskins & Sells LLP, Chartered Accountants (Firm
Registration Number 117366W), the Statutory Auditors of the company shall hold office from
the conclusion of the 10th Annual General Meeting till the conclusion of the 14th Annual
General Meeting of the company at a remuneration fixed by the Board of Directors of the
Company in consultation with the Auditors, as recommended by the Audit Committee.
The Independent Auditors Report(s) to the Members of the Company in respect of the
Financial Statements for the Financial Year ended 31st March 2023 form part of this Annual
Report and does not contain any qualification(s), remarks or adverse observations.
(b) Cost Auditors:
The Company is not engaged in the business of production of goods or providing of
Services. Accordingly, the Company is not required to maintain cost records as specified
under Section 148(1) of the Companies Act, 2013, and hence, no cost auditors have been
appointed.
(c) Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of SEBI Listing Regulations, R.Sridharan &Associates, Company
Secretaries had been appointed as Secretarial Auditor, to undertake Secretarial Audit of
the Company for the FY 2022-23 . The report of the Secretarial Auditor in the prescribed
Form MR-3 is annexed to this report as Annexure III.
There are no qualifications, reservations, adverse remarks or disclaimers given by the
Secretarial Auditors in their report.
(d) Internal Auditors:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 and the Companies
(Accounts) Rules, 2014, ASA & Associates LLP, Chartered Accountants was appointed by
the Board of Directors to conduct internal audit of the Company for the financial year
2022-23.
Instances of Fraud, if any, Reported by the Auditors
During the year under review, the Statutory Auditors, Secretarial Auditors, Internal
Auditors have not reported any instances of fraud committed in the Company by its officers
or employees to the Audit Committee under section 143(12) and Rule 13 of the Companies
(Audit and Auditors) Rules, 2014 of the Companies Act, 2013.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2023, the Board of Directors, to the
best of its knowledge and ability, confirm that: The Annual Accounts have been
prepared in conformity with the applicable Accounting Standards and there is no material
departure; They have selected such Accounting Policies and applied them
consistently, and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the affairs of the Company at the end of financial year
2022-23 and of the profit for that period; Proper and sufficient care has been
taken and that adequate accounting records have been maintained in accordance with the
provisions of the Act for safeguarding the assets of the Company and for prevention and
detection of fraud and other irregularities; The Annual Accounts have been prepared
on a going concern basis; The internal financial controls laid down by the Company
were adequate and operating effectively; and The systems have been devised to
ensure compliance with the provisions of all applicable laws were adequate and operating
effectively.
Risk and Control
Through the Risk Management Committee, the Board of Directors oversees the Companys
Risk Management.
Risk Management Policy
The Company has adopted a Risk Management Policy wherein all material risks faced by
the Company are identified and assessed. The Company has formed a Risk Management
Committee which defines the risk management approach of the Company and includes
collective identification of risks impacting the Companys business their process of
identification, mitigation and optimisation of such risks. The Risk Management Policy is
uploaded on the website of the Company and can be accessed through the following weblink:
https://cdn.shopify.com/s/files/1/0598/8158/6848/
files/RISK_MANAGEMENT_POLICY_d32dc83b-a4f9-422e-a4f8-46973ad67d81.pdf?v=1657891554
Internal Control Systems
The Company is committed to maintaining the highest standards of internal controls. We
have deployed controls through appropriate policies, procedures and implemented a robust
Internal Financial Control system that encompasses the following:
- Key processes affecting the reliability of the Companys financial reporting together
with the required controls
- Periodic testing of controls to check their operational effectiveness
- Prompt implementation of remedial action plans arising out of tests conducted
- Regular follow-up of these action plans by senior management In addition, the
Internal Auditor performs periodic audits in accordance with the pre-approved plan. They
report on the adequacy and effectiveness of the internal control systems and provide
recommendations for improvements.
Audit findings along with management response are shared with the Audit Committee.
Status of action plans are also presented to the Audit Committee which reviews the steps
taken by the management to ensure that there are adequate controls in design and
operation.
The Certificate provided by Managing Director and Chief Financial Officer in the
Certification Section of the Annual Report discusses the adequacy of the internal control
systems and procedures.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo
As required by the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014,
the relevant data pertaining to conservation of energy, technology absorption and foreign
exchange earnings and outgo is given as below:
A. Energy conservation measures taken:
The Company has always been on the lookout for energy efficient measures of operation
and values energy conservation through efficient utilization of the latest technologies.
Efforts have been made to ensure optimal usage of energy, avoid wastage and conserve
energy. As an ongoing process the Company continues to undertake energy conservation
measures to minimize the usage of energy. Below are some of our conscious efforts in
energy conservation:
All the lighting systems in the company have been changed to 15W, 22W and 40W LED
lights which reduces electricity consumption.
Continuous monitoring of floor areas after normal working hours and switching off
lights.
Periodic UPS and AC maintenance to ensure efficient working of equipment.
All machinery and equipment are being continuously serviced, updated and overhauled to
maintain them in good and energy efficient condition Cost of energy consumed by your
Company forms an insignificant portion of the total costs and the financial impact of
these measures is not material.
B. Technology Absorption:
There is no material action on technology absorption under Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014.
C. Expenditure incurred on Research & Development: NIL
D. The foreign exchange earnings and outgo during the reporting period is as under:
FOREIGN EXCHANGE EARNINGS AND OUTGO (in Rupees lakhs)
Foreign exchange inflows NIL Foreign exchange outflows H9453.56 Lakhs
Corporate Social Responsibility (CSR)
The Companys CSR Policy statement and annual report on the CSR activities undertaken
during the financial year ended 31st March 2023, in accordance with Section 135 of the
Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 are
annexed to this report as Annexure I. The policy on Corporate Social Responsibility is
available on the Companys website at: https://cdn.shopify.
com/s/files/1/0598/8158/6848/files/CORPORATE_SOCIAL
RESPONSIBILITY_POLICY_f1347889-b54d-4ea7-aedc-21483bc44f6e.pdf?v=1657891554
Prevention of Insider Trading
The Company has adopted a Code of Conduct to Regulate, Monitor and Report Trading by
Insiders including Specified Persons and Designated Persons, in accordance with the
requirements of Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, as amended from time to time.
Ms. V. Gayathri, Company Secretary is the Compliance Officer for monitoring adherence
to the said Regulations The Code is displayed on the Companys website at
https://cdn.shopify.com/s/files/1/0598/8158/6848/files/
INSIDER_TRADING_POLICY_6cff27da-cd9b-4476-b763-d76b8647946a.pdf?v=1657891554
Material Changes and Commitments affecting Financial Position of the Company
There were no material changes which have occurred between the end of the financial
year of the company to which the financial statements relate and the date of the report
affecting financial position of the Company.
Material Orders of Regulators/Courts/ Tribunals
No significant or material orders were passed by the Regulators or Courts or Tribunals
which impact the going concern status and Companys operations in the future.
Share Registrar & Transfer Agent (R&T) Kfin Technologies Limited (formerly Kfin
Technologies Private Limited) is the Registrar and Share Transfer Agent of the company.
Remuneration of Directors and Employees
Two (2) employees are in receipt of remuneration of not less than H1,02,00,000/-
(Rupees One crore and two Lakhs) who is employed throughout the year. No such employee was
employed for part of the year.
Disclosures concerning the remuneration of Directors, KMPs and employees as per Section
197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, forms part of the Report as Annexure
II.
However, as per the provisions of Section 136 of the Companies Act, 2013, the Annual
Report is being sent to the Members and others entitled thereto, excluding the information
on employees remuneration particulars as required under Rule 5 (2) & (3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
disclosure is available for inspection by the Members at the Registered Office of your
Company during business hours on all working days of the Company up to the date of the
ensuing AGM. Any Member interested in obtaining _a copy thereof, may write an email to
companysecretary@ gocolors.com
The Directors affirm that the remuneration is as per the remuneration policy of the
Company.
Management Discussion and Analysis Report
The Management Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements),
Regulations, 2015 is presented in a separate section forming part of the Annual Report of
the Company.
Corporate Governance
Report on Corporate Governance and Certificate by the Secretarial Auditors of the
Company regarding compliance of the conditions of Corporate Governance as stipulated in
Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, are provided in a separate section and forms part of the Annual Report
of the Company.
Business Responsibility and Sustainability Report
A Business Responsibility and Sustainability Report as per Regulation 34(2) (f) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, detailing the various initiatives taken by the Company on the
environmental, social and governance front forms an integral part of this report.
Statement under Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013
The Company has in place a Prevention of Sexual Harassment Policy in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. An Internal Complaints Committee(ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this Policy.
During the year under review, the Company has not received any complaints on sexual
harassment.
Vigil Mechanism
The Company has formulated a Vigil Mechanism and Whistle Blower Policy intending to
provide a mechanism for employees to report violations. It also assures them of the
process that will be observed to address the reported violation. The Policy also lays down
the procedures to be followed for tracking complaints, giving feedback, conducting
investigations and taking disciplinary actions. It also provides assurances and guidelines
on confidentiality of the reporting process and protection from reprisal to complainants.
Any incident that is reported is investigated and suitable action is taken in line with
the Policy.
The Whistle Blower Policy of the Company is posted on the website of the Company and
can be accessed at the weblink: https://cdn.shopify.com/s/files/1/0598/8158/6848/files/
VIGIL_MECHANISM_POLICY_430ba70d-4385-4e86-b407-aa16b8610e2b.pdf?v=1657891554 The Company
had not received any complaint under the Whistle Blower Policy during the year under
review.
Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return of the Company is available
on the website of the Company https://cdn.shopify.com/s/
files/1/0598/8158/6848/files/FORM_MGT-7_FY22-23. pdf?v=1689760022
Secretarial Standards
The Directors state that applicable Secretarial Standards, i.e., SS-1 and SS-2,
relating to ‘Meetings of the Board of Directors and ‘General Meetings,
respectively, have been duly followed by the Company.
Proceedings under Insolvency and Bankruptcy Code
Not applicable.
Details of one-time settlement with Bank
Not applicable.
Cautionary Statement
Statements in the Boards Report and the Management Discussion & Analysis Report
describing the Companys objectives, expectations or forecasts may be forward-looking
within the meaning of applicable laws and regulations. Actual results may differ from
those expressed in the statements.
Acknowledgements
The Directors wish to convey their gratitude and appreciation to all the employees of
the Company posted at all its locations for their tremendous personal efforts as well as
collective dedication and contribution to the Companys performance.
The Directors would also like to thank the shareholders, customers, dealers, suppliers,
bankers, Government and all other business associates, consultants and stakeholders for
their continued support extended to the Company and the Management.
On behalf of the Board of Directors
For Go Fashion (India) Limited
(formerly known as Go Fashion (India) Private Limited)
| Mr. Prakash Kumar Saraogi |
Mr. Gautam Saraogi |
| Managing Director |
CEO and Executive Director |
| DIN: 00496255 |
DIN: 03209296 |
Place: Chennai
Date:31st July 2023
+91-9892691696
