indian wood prod share price Directors report


FY2022 represents the fiscal year 2021-22, from 1 April 2021 to 31 March 2022, and analogously for 2021 and FY previously such labelled years.

Dear Shareholders,

The Board of Directors are pleased to present the 102nd Annual Report of The Indian Wood Products Co. Ltd (IWP / the Company), together with Audited Financial Statements for the Financial Year ended 31st March 2022.

1. FINANCIAL HIGHLIGHTS/PERFORMANCE OF THE COMPANY

Key fiinancial performances of the Company for the FY2022 are as under: (Rs in Lakhs)

Standalone Consolidated
Particulars FY2022 FY2021 FY2022 FY2021
Revenue From Operations 17789.63 15790.36 17789.63 15790.36
Proit Before Tax (PBT) (118.19) 50.77 (72.93) 226.23
Tax Expenses (14.46) 18.03 (14.46) 18.03
Proit After Tax (PAT) (103.73) 32.74 (58.47) 208.20
Earnings Per Share (0.16) 0.05 (0.09) 0.33
Equity Share Capital 1279.75 1279.75 1279.75 1279.75
Other Equity / Reserves And Surplus 34028.25 34156.58 33845.37 33923.88

FY2022 came with a wave of incidents including the effect of the COVID-19 pandemic. The year began positive manner in April 2022, but as we moved ahead through the month, the second wave of COVID-19 hit us. It was more challenging as the pandemic in India claimed innumerable lives and overwhelmed the nations health infrastructure owing to the surge in infection caseload. While the situation eased from the second quarter onward in the 4th quarter, the world encountered war between Ukraine and Russia. Due to this, businesses encountered high inlationary pressures including higher input costs.

3. DIVIDEND

The Board of Directors recommends a of Re.0.05 per equity share, i.e., 2.5% on the paid-up value of the equity shares for the Financial Year ended 31 March 2022, out of free reserves / retained earnings. Dividend is subject to the approval of shareholders at the ensuing Annual General Meeting (AGM)and shall be subject to deduction of income tax at source. The dividend, if approved at the ensuing 102nd AGM, will bea paid to those shareholders whose names appear on the register of members of the Company as on 19 September 2022.

4. SHARE CAPITAL

There is no change in the Share Capital of the Company during FY2022. The paid-up Share Capital of the Company as on 31 March 2022 comprises of 6,39,72,720 Equity shares of Rs. 2/- each. During the year under review, the Company has not issued any shares.

5. TRANSFER TO RESERVES

Your director does not propose to transfer any amount to Reserves. dividend

6. REVIEW OF OPERATIONS AND STATE OF AFFAIRS

The global economy recovered strongly in FY2022 even as new variants of the COVID-19 virus fulled additional waves of the pandemic. Your Company has been able to perform well. IWP Katha division has witnessed significant challenges in terms of the increased cost of raw materials, production results and revenue growth during the FY2022.

During the year under review, the Company has achieved a sales volume of 3443.88 MT Katha in FY2022 as compared to 3210.85 MT in FY 2021 during the turbulence time. The sales of Cutch (by-product) increased from 802.08 MT in FY2021 to 1236.33 MT in FY2022, thereby registering a growth of 54.14 %.

The Company has recorded a turnover of Rs 17789.63 Lakhs in FY2022, as compared with Rs.15790.36. Lakhs in FY2021.IWP, with its focus and continuous monitoring of the situation, has been able to achieve desired results coupled with sustained production levels. The trend is likely to continue and we are hopeful to have a better operational and fiinancial performance with the revival the overall economy further FY2023.

The Spice Division has recorded a turnover of Rs. 1,230.29 lakhs in FY2022 as compared to Rs. 1,283.46 lakhs in FY2021. Spice Division due to a higher focus on brand awareness and with more expenditure on retailer-level schemes this division continues to incur cash losses. We are taking aggressive steps to achieve better performance by using specific Software with AI to expand our B to C outreach and through online sales to retailers.

Our Company is committed to a clean environment and, thus, always thrives to ensure the best measures are implanted to ensure environmental safety. The best of environment, safety and pollution control measures are implemented across all our manufacturing units and the measures adopted are adequate. The management continuously reviews the measures adopted and their eiciency to ensure environmental safety.

The operational performance and results are provided in the "Management Discussion and Analysis Report" as a separate section in this Annual Report.

7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

No significant and material orders have been passed by the Regulators, Courts, or Tribunals impacting the going concern status of the Company and its operation in the future.

For further details on Indirect Tax Cases, please refer

Note No. 50 to the notes to the accounts.

8. ALTERATION OF MEMORANDUM AND ARTICLES OF ASSOCIATION

During the FY2022, the Company had not altered any of its clauses in the Memorandum and Article of Association.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THIS REPORT

Material changes and commitments afecting the fiinancial position of the Company between the end of the fiinancial year and the date of this report are given below:

The FY2022 was challenging year for the Company, and with the second wave of Covid-19, the operations of the Company has witnessed significant challenges.

However, the Company has been able to control the damages to a minimal level with the help of proactive measures and reactive safety measure in the workplace. The Company also adheres to the guidelines issued by the Central and State Governments from time to time to ight the Covid-19.

Except as stated above there are no significant material changes and commitments afecting the fiinancial position of the Company, which have occurred between the end of the Financial Year of the Company to which the fiinancial statements relate and the date of this Report.

10. HOLDING, SUBSIDIARIES, ASSOCIATES & JOINT VENTURE

Your Company has no holding, subsidiary or associates company as on 31st March 2022.

The Company has one (1) overseas joint venture namely M/s. Agro and Spice Trading Pte Limited, Singapore, as on 31st March 2022, which is engaged in the business of trading of spices. PT Sumatra Resources International & Pt. Thea Universal Trade are subsidiaries of the said joint venture M/s. Agro and Spice Trading Pte Limited. PT Sumatra Resources International is incorporated and engaged in the business of manufacturing Catechins from Gambier with the use of innovative technology.

A statement containing the salient features of the fiinancial statement of the joint venture Company in the prescribed format AOC-1 is annexed herewith as "Annexure - 1".

Further, pursuant to the provisions of Section 136 of the

Companies Act, 2013, the standalone fiinancial statements of the Company, consolidated fiinancial statements along with relevant documents and separate audited accounts in respect of the joint venture, are available on the website of the Company at www.iwpkatha.com under investors section. These documents will also be available for inspection till the date of the AGM during business hours at the Registered Office of the Company

11. INDIAN ACCOUNTING STANDARD

Pursuant to the Companies (Indian Accounting Standard) Rules 2015, the Company has adopted INDAS from April 1,2017. The Companys Audited Financial Statements for FY2021-22 are Indian Accounting Standard (INDAS) complied.

12. INTERNAL FINANCIAL CONTROL SYSTEMS

AND THEIR ADEQUECY

The Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee of the Board.

Internal Audit is conducted by an Independent Professional Firm of Chartered Accountants. The Internal Audit Reports are reviewed and discussed with the senior management team. The representative of Statutory Auditors and the Internal Auditors are permanent invitees to the Audit Committee meetings. The measures as suggested by the Audit Committee are implemented as per the direction of the Audit Committee.

The controls comprise of: a) Oicials of the Company have deined authority and responsibilities within which they perform their duty;

b) All the Banking transactions are under joint authority and no individual authorization is given;

c) Maker-checker system is in place.

d) Any deviations from the previously approved matter require fresh prior approval.

M/s. P Suman & Co., Chartered Accountants, appointed to carry out Internal Audit of the Company for the FY2022-23.

13. LISTING STATUS

The Companys equity shares are listed on BSE Limited under Script Code 540954 and ISIN No. INE586E01020.

The Company has paid the Annual Listing Fees for FY2022-23.

14. FIXED DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review. Further, the Company does not have any outstanding amount

. qualiied as a deposit as on 31st March 2022.

15. MANAGEMENT DISCUSSION & ANALYSIS REPORT

In term of requirements of Regulation 34(2)(e) of SEBI (LODR) Regulation 2015, a "Management Discussion and Analysis Report" are set out as a separate section in this Annual Report which forms an integral part of this report.

16. REPORT ON CORPORATE GOVERNANCE

In terms of Regulation 34(3) of the SEBI (LODR) Regulation 2015, a "Report on Corporate Governance" together with a certiicate from the Practicing Company

Secretary regarding compliance with the requirements of Corporate Governance is included as a separate section and form an integral part of this report.

17. DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, your Directors hereby conirm and state that: i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to materials departures;

ii) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of afairs of the company at the end of the fiinancial year and the Proit of the Company for that period; iii) The Directors had taken proper and suicient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) That the Directors had prepared the annual accounts on a going concern basis; v) That the Directors had laid down internal controls in the Company that are adequate and were operating effectively; and vi) The Directors have devised proper systems to ensure Compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

18. CORPORATE SOCIAL RESPONSIBILITY

Your Company is conscious of its Social Responsibility and the environment in which it operates. Over the years, the Company aimed towards improving the lives of the people.

The Companys CSR policy covers activities in the ield of eradication of extreme hunger and poverty, promotion of education, promotion of gender equality, empowerment of women, improvement of mental health, slum area development and rural development projects, employment enhancing vocational skills, ensuring environmental sustainability, animal welfare, sanitation including contribution to Swachh Bharat Kosh set up by the Central Government, contribution to the Prime Ministers National Relief Fund or any other project set up by the Central Government.

During FY2021-22, in compliance with Section 135 of the Act, an amount of Rs.24.42 Lakhs is required to be spent by the Company on CSR activities. The Company has spent Rs.24.42 Lakhs as CSR activities towards Animal Welfare, Women Empowerment and Upliftment of People with disability through IWP CSR Trust. There is no unspent CSR amount as on 31st March 2022.

The CSR Policy may be accessed on the Companys website at: z://www.iwpkatha.com/iles/IWP_CSR_

Policy.pdf

The Annual Report on CSR activities is annexed herewith as Annexure - 2 and forms a part of this Annual Report.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 and as per provisions of Articles of Association of the Company Mr. Bharat Mohta

(DIN:00392090), Director of the Company, retire rotation and is eligible ofer himself for re-

Mr. Krishna Kumar Damani (Din 01385252) Whole

Time Director of the Company designated as Executive Director retired on 14th April 2021.He was relieved from the post of Executive Director of the Company. The Board places on record appreciation for the contribution made by Mr. Krishna Kumar Damani during his tenure as an Executive Director. He was instrumental in supervising the operations of the Company.

A brief proile of Mr. Bharat Mohta is given in the Chapter on Corporate Governance and the Notice convening the 102nd AGM for reference of the shareholders.

The criteria for selection of Directors and remuneration policy are disclosed in the Corporate Governance section which forms part of this Annual Report.

Pursuant to the provisions of Section 203 of the Act,the Key Managerial Personnel of the Company as on 31st March 2022 are Mr. Anup Gupta, Company Secretary and Mr. Raj Kumar Agarwal, Executive Vice President and Chief Financial Officer. There is no change in the

KMPs during the year under review.

20. DECLARATIONS BY INDEPENDENT DIRECTORS

In accordance with the provisions of Section 149(7) of the Companies Act, 2013, each of the Independent

Directors has conirmed to the Company that he or she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 read with Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (the Listing Regulations) as emended.

In the opinion of the Board, the independent directors on the Board of the Company are persons with integrity, expertise and experience relevant to the operation of the Company and they all have qualiied in the online proiciency self-assessment test conducted by the prescribed institute.

In the opinion of the Board of Directors, all Independent

Directors of the Company fulills the conditions speciied in the Act and Rules made thereunder.

21. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, Regulationby 17(10) of the Listing Regulations and in line. with our corporate governance guidelines, peer evaluation of all Board members, annual performance evaluation of its own performance, as well as the evaluation of the working of Boards Committees was undertaken. This evaluation is led by the Chairman of the

Nomination and Remuneration Committee with a specific focus on the performance and effective functioning of the Board and its Committees. The evaluation process, inter alia, considers attendance of Directors at Board and committee meetings, acquaintance with business, communication inter se board members, the time spent by each of the Board members, core competencies, personal characteristics, accomplishment of specific responsibilities and expertise.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee Members on the basis of the criteria such as the composition of

Committees, effectiveness of committee meetings, etc.

The report on the performance evaluation of the Individual Directors was reviewed by the Chairman of the Board and feedback was given to the Directors.

22. MEETING OF THE BOARD OF DIRECTORS

During the year under review, the Board met 5(Five) times. The details of the Board meetings are provided in the Report on Corporate Governance, which forms a part of this Annual Report.

The intervening gap between two consecutive meetings was within the limit prescribed under the Companies Act, 2013.

23. MEETING OF THE INDEPENDENT DIRECTORS

During FY2021-22, one meeting of Independent Directors was held without the presence of the Executive Directors or Management Personnel on 18th March 2022. At such meeting, the Independent Directors have discussed, among other matters, the challenges faced by the Company, growth strategies, low of information to the Board, strategy, leadership strengths, compliance, governance, HR related matters and performance of Executive Directors.

24. AUDIT COMMITTEE

The Audit Committee of the Board comprises of:

Name of Directors Category

Mr. Sanjay Kumar Maheswary Independent Director Mr.VinodKumarMaheshwary Independent Director Mr. Rajendra Prasad Chetani Non-Executive Non-Independent Director

During the year under review, there has been no instance where the recommendations of the Audit Committee have not been accepted by the Board. The details of the Audit Committee meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

25. DISCLOSURE UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016)

During the year under review, neither any application was made nor any proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016

26. MAINTENANCE OF COST RECORDS AND COST AUDIT

During the year under review the requirement of maintenance of cost records as speciied by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, and audit of cost records were not applicable to the Company.

27. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION:

There was no one-time settlement by the Company with the Banks or Financial Institutions during the year under review, thus, the details of the diference between the amount of the valuation done at the time of one-time settlement and the valuation done while taking a loan from the Banks or Financial Institutions along with the reasons thereof are not applicable.

28. VIGIL MECHANISM

To meet the requirement under Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations the Company has adopted a vigil mechanism named Whistle Blower Policy for directors and employees to report genuine concerns, which shall provide adequate safeguards against victimization of persons who use such mechanism. Under this policy, we encourage our employees to report any reporting of fraudulent fiinancial or other information to stakeholders, any conduct that results in violation of the Companys Code of Business Conduct, to management (on an anonymous basis, if employees so desire).

Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employee who, based on the employees reasonable belief that such conduct or practice have occurred or are occurring, reports that information or participates in the said investigation.

No individual in the Company has been denied access to the Audit Committee or its Chairman during the FY2021-22.

29. AUDITOR AND AUDITORS REPORT

The term of Our Statutory Auditors of the Company M/s. Agrawal Tondon & Co, expiring in upcoming AGM i.e., 102nd AGM of the Company. Further M/s. S K Agrawal

& Co Chartered Accountants LLP (Firm Registration

Number: 306033E), Suite Nos: 606-608, The Chambers, opp. Gitanjali Stadium, 1865, Rajdanga Main Road, Kasba, Kolkata- 700 107 has given their consent to act as Statutory Auditor of the Company and has conirmed that they are eligible for appointment if made, would be within the prescribed limit under the Companies Act, 2013. for appointment as Statutory Auditor.

The Audit Committee and the Board of Directors recommended the appointment of M/s. S K Agrawal & Co Chartered Accountants LLP (Firm Registration Number: 306033E) as Statutory Auditor in place of retiring auditor M/s. Agrawal Tondon & Co, Chartered Accountant (Firm Registration No. 329088E) as statutory Auditors of the Company for a period of 5 years i.e., from the conclusion of the 102nd AGM until the conclusion of the 107th Annual General Meeting to be held in the year 2027.

The Statutory Audit Report does not contain any qualiication reservation or adverse remark or made by Statutory Auditors. The notes to the accounts referred to in the Auditors Report are self-explanatory and, therefore, do not call for any further comments.

30. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the

Companies Act, 2013 and Rules made thereunder, the Company had appointed CS Md. Shahnawaz (Membership No. 21427 CP No. 15076), Practicing Company Secretary, to carry out the Secretarial Audit of the Company for the FY2022-23. The Secretarial Audit Report submitted by him, for FY2021-22 is annexed herewith marked as Annexure – 3 to this Report.

The Secretarial Audit Report does not contain any qualiication, reservation or adverse remark, and, therefore, does not call for any further comments.

31. SECRETARIAL STANDARDS

During the year under review, the Company has duly complied with the applicable provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).

32. NOMINATIONS AND REMUNERATION COMMITTEE

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for the selection and appointment of Directors and Senior Management Personnel and their remuneration. The Remuneration Policy is available on the Website of the Company at www.iwpkatha.com.

33. REMUNERATION RATIO OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES

Disclosures relating to remuneration and other details as required under section 197(12) of the Companies Act, the

2013 read with rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as ‘Annexure -4 and forms part of this Boards report.

The particulars of Managerial remuneration as stated in section 197(12) of the Companies Act, 2013 read with rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014, is annexed herewith as ‘Annexure- 5and forms part of this Boards report

34. RISK MANAGEMENT POLICY

Your Companys Risk Management Framework is designed to enable risks to be identiied, assessed and mitigated appropriately. The Risk Management framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Companys competitive advantage.

The Company has constituted a Risk Management Committee. The details of the Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Boards Report.

35. INSIDER TRADING POLICY

The Companys Insider Trading Policy provides the framework for in dealing with securities of the Company by the insider. The Companys Policy in line with SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, is available on the website of the Company at www.iwpkatha.com

36. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31 March 2022 is available on the Companys website at www.iwpkatha. com.

37. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

TheCompanyhasnotgivenanyLoanorGuaranteecovered under the provisions of Section 186 of the Companies Act, 2013. The details of Investments are disclosed in the Note

No. 4 to the standalone fiinancial statements, which are within the prescribed statutory limits.

38. CREDIT RATING

During the year under review, ICRA Limited (ICRA) has airmed the long-term Credit Rating of BBB- (Negative) and a short-term rating of [ICRA]

(pronounced ICRA A three).

39. TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion of seven years. Further, according to the Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years are also to be transferred to the Demat account of the IEPF Authority.

During the year, the Company has transferred the unclaimed and unpaid dividend of Rs.1,27,217/-. Further, 16,525 corresponding equity shares on which dividend were unclaimed for seven consecutive years were also transferred as per the requirement of the IEPF Rules. The details are provided in the Shareholder Information section available on our website, at www.iwpkatha.com.

40. PARTICULARS OF CONTRACTS OR ARRANGEMENT MADE WITH RELATED PARTIES

Pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the particulars of contractual arrangement with related parties referred to in section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is appended as ‘Annexure – 6 to the Boards Report.

The details of related party transaction are disclosed in the notes to the fiinancial statements.

Pursuant to SEBI Listing Regulations, the resolution for seeking approval of the shareholders on material-related party transactions is being placed at the AGM.

The policy on Related Party Transactions as approved by the Board is uploaded on the Companys website www.iwpkatha.com

41. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, A3 PROHIBITION AND REDRESS) ACT, 2013

The Company has zero-tolerance for sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at the workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The Company has set up Internal Complaint Committee (ICC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 along with its relevant Rules.

The Committee met once during the FY2022 on February 14, 2022

There was no complaint pending at the beginning and at the end of FY2021-22. No complaints have been received by the Committee during the FY2021-22.

42. PARTICULARS OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 is given in the Annexure - 7 to this Report.

43. HUMAN RESOURCES

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company makes all efforts on

Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "Great People create Great Organization" has been at the core of the Companys approach to its people.

44. GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review: ? Issue of equity shares with diferential rights as dividend, voting or otherwise. ? Issue of shares (including sweat equity shares) to employees of the Company under any scheme. ? The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the beneit of employees. ? No fraud has been reported by the Auditors to the Audit Committee or the Board.

45. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their sincere thanks to the Central Government and Governments of various states, Financial Institutions, Bankers and Customers for their co-operation and assistance extended.

The Directors regret the loss of lives due to COVID-19 pandemic and are deeply grateful and have immense respect for every person who risked his life and safety to ight this pandemic.

Your Directors also wish to express their deep appreciation for the integrity and hard work of all the employees of the Company at all levels to cope-up the challenging scenario and strive for the growth of our Company.

The. Board also takes this opportunity to express their deep gratitude for the continued co-operation and support received from the shareholders.

For and on behalf of the Board Directors of
to The Indian Wood Products Co. Ltd.
K K Mohta
Kolkata Chairman & Managing Director
30 May, 2022 Din No : 00702306