FY2023 represents the iscal year 2022-23, from 1 April 2022 to 31 March 2023, and analogously for FY 2022 and previously such labelled years.
Your Board of Directors is delighted to present the 103rd Annual Report on the business and results of operations of The Indian Wood Products Co. Ltd (‘IWP or ‘the Company), together with Audited Financial Statement s (Standalone and Consolidated) for the FY2023.
This Boards Report is prepared in compliance with the provisions of the Companies Act, 2013, ("the Act") and the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Re gulations, 2015 ("Listing Regulations").
1. FINANCIAL HIGHLIGHTS/PERFORMANCE OF THE COMPANY
Key highlights of standalone and consolidated inancial performance for the year ended March 31, 2023, are summarized as under: (Rs in Lakhs)
|Revenue From Operations
|Proit Before Tax (PBT)
|Proit After Tax (PAT)
|Earnings Per Share
|Equity Share Capital
|Other Equity / Reserves And Surplus
In FY2023, your Company has made steady progress and has delivered good inancial results as compared to FY2022. Despite the challenges due to inlation and scarcity of quality raw materials, the company posted a well-rounded performance across key metrics and revenue growth. Importantly, your company has taken signiicant steps towards becoming building strong organizational capabilities.
• FINANCIAL PERFORMANCE – STANDALONE
The Company achieved total revenue from operations of Rs. 18,369.37 lakhs for the year ended 31 March 2023 as against Rs. 17,789.63 lakhs for the year ended 31 March 2022 representing an increase of 3.26% because of an increase in volume, average realization and change in product mix. The Proit Before Tax (PBT) for the year, was Rs. 180.99 lakhs as compared to the loss of Rs.
118.19 lakhs for the previous year due to the increase in volume, average realization and operational eiciencies. During the inancial year 2022-23, the Company earned a Proit After Tax of Rs 138.01 lakhs as compared to the loss of Rs. 103.73 lakhs in the previous year.
• FINANCIAL PERFORMANCE – CONSOLIDATED
Our Company has one (1) overseas joint venture namely M/s. Agro and Spice Trading Pte Limited, Singapore, as on 31 March 2023, whose accounts were consolidated with the inancials of the Company after the PBT level in accordance with the IndAS.
The Proit Before Tax (PBT) for the year, was Rs. 226.61 lakhs as compared to the loss of Rs. 72.93 lakhs for the previous year due to the increase in volume, average realization and operational eiciencies. During the inancial year 2022-23, the Company earned a proit after tax of Rs. 183.63 lakhs as compared to the loss of Rs. 58.47 lakhs in the previous year.
The Board of Directors is pleased to dividend of Re. 0.05 per equity share of Rs. 2 each, i.e., 2.5% on the paid-up value shares for the Financial Year ended 31 of free reserves / retained earnings. The subject to the approval of shareholders at Annual General Meeting (AGM) scheduled to 27th September 2023. The dividend would outlow of Rs. 31.99 Lakhs.
The dividend, if approved by the Shareholders will be paid on or from 28 September 2023 October 2023.
3. BOOK CLOSURE AND RECORD DATE
In order to determine the eligibility of shareholders to receive the dividend for the FY2023, the Register of Members and Share Transfer Books of the Company will be closed from Thursday, 21 September 2023, to Wednesday, 27 September 2023 (both days inclusive). According to the Finance Act, 2020, dividend income will be taxable in the hands of the Members w.e.f. 1 April 2020, and the Company is required to deduct tax at source from the dividend paid to the Members at prescribed rates as per the Income Tax Act, 1961.
4. SHARE CAPITAL
There is no change in the Share Capital of the Company during FY2023. The paid-up Share Capital of the Company as on 31 March 2023 comprises 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
As permitted under the Act, the Board does not propose to transfer any amount to general reserve and has decided to retain the entire amount of proit for FY 23 in the proit and loss account.
6. REVIEW OF OPERATIONS AND STATE OF AFFAIRS
With the continuous efect on cost control operational leverage, the Katha division has recorded good production results and revenue growth during the FY2023 despite of challenges posed by inlation and scarcity of quality raw materials.
During the year under review, the Company has achieved a sales volume of 3487.67 MT Katha in FY2023 as compared to 3443.88 MT in FY 2022 thereby registering a inal a Companygrowth of of 1.27%. The sales of Cutch (by-product) decreased from 1236.33 MT in FY2022 to 990.23 MT in of the equity FY2023. 2023, out dividend is the The ensuing good inancial performance is the combined result beof heldan increaseon in volume, average realization and operationalin cash eiciencies. The management is focused on achieving desired results coupled with sustained production levels. The trend is likely to continue and we at are the hopefulAGM, to have a better operational and inancial performanceand before in23FY2024.
The Spice Division has recorded a turnover of Rs.582.82 lakhs in FY2023 as compared to Rs. 1230.29 lakhs in FY2022. Due to a focus on brand awareness and with more expenditure on retailer-level schemes, this division continued to incur cash losses and no near-term turnaround was visible. Accordingly, the Board of Directors had decided to discontinue the Spice Division. The closure of full operations of Spice Division is expected by the end of FY2024. 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 signiicant 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 to and Note No. 51 to the notes to the accounts.
8. ALTERATION OF MEMORANDUM AND ARTICLES OF ASSOCIATION
During FY2023, 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 inancial position of the Company between the end of the inancial year and the date of this report are given below: Due to a focus on brand awareness and with more expenditure on retailer-level schemes, spice division continued to incur cash losses and no near-term turnaround was visible. Accordingly, the Board of Directors had decided to discontinue the Spice Division. The closure of full operations of the Spice Division is expected by the end of FY2024. The turnover of the Spice Division in FY2023 was Rs. 582.82 lacs.
Except as stated above there are no signiicant material changes and commitments afecting the inancial position of the Company, which have occurred between the end of the Financial Year of the Company to which the inancial 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 31 March 2023.
The Company has one (1) overseas joint venture namely M/s. Agro and Spice Trading Pte Limited, Singapore, as on 31 March 2023, 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 engaged in the business of manufacturing Catechins from Gambier with the use of innovative technology.
A statement containing the salient features of the inancial 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 and Consolidated inancial statements of the Company, along with relevant documents and separate audited accounts in respect of the joint venture, are available on the website of the Company at https://www.iwpkatha.com/inancial_ performance.html. These documents will also be available for inspection till the date of the AGM during business hours at the Registered Oice of the Company.
11. INDIAN ACCOUNTING STANDARD (IndAS)
Pursuant to the Companies (Indian Accounting Standard) Rules 2015, the Companys Audited Financial Statements for FY2023 are Indian Accounting Standard (INDAS) compliant.
12. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
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 FY2023-24.
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 FY2023-24.
ANNUAL REPORT 2022 - 23 3
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 31 March 2023.
15. MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with Regulation 34(2)(e) of SEBI (LODR) Regulation 2015, the "Management Discussion and Analysis Report" section in this Annual Report forms an integral part of this report.
16. REPORT ON CORPORATE GOVERNANCE
In terms of Regulation 34(3) of the SEBI (LODR) Regulation 2015, the "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 in this Annual Report 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 inancial 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 Companies Act, 2013 for safeguarding the assets 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 inancial controls in the Company that are adequate and were operating efectively; 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 efectively.
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 by the Central Government, contribution to the Ministers National Relief Fund or any other project set by the Central Government.
During FY2023, in compliance with Section 135 of Act, an amount of Rs. 6.53 Lakhs is required to by the Company on CSR activities. The Company spent Rs. 6.53 Lakhs as CSR activities towards Welfare, Women Empowerment and the Upliftment of People with disability through IWP CSR Trust. There no unspent CSR amount as on 31st March 2023. The CSR Policy may be accessed on the website at: https://www.iwpkatha.com/iles/IWP_CSR_
The Annual Report on CSR activities is annexed as Annexure - 2 and forms a part of this Annual
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of
Companies Act, 2013 and as per provisions of Association of the Company Mr. Chetani (DIN: 00392215), Director retire by rotation and is eligible to appointment.
A brief proile of Mr. Rajendra Prasad Chetani is given in the Chapter on Corporate Governance and the Notice convening the 103rd AGM for the 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 2023 are: - Mr. Anup Gupta, Company Secretary - Mr. Raj Kumar Agarwal, Chief Financial Oicer. There was 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 fulil the conditions speciied in the Act and Rules made thereunder.
21. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013, Regulation 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 speciic focus on the performance and efective 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 speciic 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, efectiveness 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, efectiveness 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 4 (Four) 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 FY2023, one (1) meeting of Independent Directors was held without the presence of the Executive Directors or Management Personnel on 17 March 2023. 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
|Mr. Sanjay Kumar Maheswary
|Mr. Vinod Kumar Maheshwary
|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 THE 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 THE 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 we encourage our employees to report any of fraudulent inancial 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 has occurred or is 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 FY2023.
29. AUDITORS AND AUDITORS REPORT
M/s. S K Agrawal & Co Chartered Accountant LLP, Chartered Accountants, (Firm Registration Number: 306033E / E300272) were appointed as Statutory Auditor of the Company by the members at the 102nd Annual General Meeting held on 26 September 2022 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 Audit Report of the Statutory Auditors does not contain any qualiication reservation or adverse remark or disclaimer. 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 FY2024. The Secretarial Audit Report submitted by him, for FY2023 is annexed herewith marked as Annexure 3 to this Report.
Explanation or comments by the Board on the qualiication, reservation or adverse remark or disclaimer made by the Secretarial Auditors - The Secretarial Audit Report does not contain any qualiication, reservation or adverse remark, and, therefore, does not call for any further comments.
The Company has undertaken an Annual Secretarial Compliance Audit for FY2023 pursuant to Regulation 24A(2) of the SEBI Listing Regulations. The Annual Secretarial Compliance Report for FY2023 has been submitted to the Stock Exchanges and the said report may be accessed on the Companys website at https:// www.iwpkatha.com/sh_pattern.html
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 at https://www.iwpkatha.com/iles/codes-policies/Policy_ Remuneration%20for%20Director %20&%20KMP.pdf
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, 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 impacts 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 https://www.iwpkatha.com/iles/codes-policies/Code_of_ Conduct_Policy_2019.pdf
36. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31st March 2023 is available on the Companys website https://www. iwpkatha.com/inancial_ performance.html
37. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not given any Loan or Guarantee covered under the provisions of Section 186 of the Companies Act, 2013. The details of Investments are disclosed in Note No. 4 to the standalone inancial statements, which are within the prescribed statutory limits.
38. CREDIT RATING
During the year under review, ICRA Limited (ICRA) has airmed the long-term rating of [ICRA]BB+ (pronounced ICRA double B plus) and the short-term rating of [ICRA] A4+ (pronounced ICRA A four plus). The outlook in the long term is Stable.
39. TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO THE 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. 1,68,279/-. Further, 22,940 corresponding equity shares on which dividends 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 https:// www.iwpkatha.com/un_dividend.html
40. PARTICULAR OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
Pursuant to Section 134(3)(h) of the 2013 read with Rule 8(2) of the Rules, 2014, the particulars of contractual with related parties referred to in section Companies Act, 2013, in the prescribed appended as ‘Annexure 6 to the The details of related party transactions the notes to the inancial statements. During the FY2023, there was no material Transactions as deined in Regulation 23 Listing Regulations.
The policy on Related Party Transactions by the Board is uploaded on the https://www.iwpkatha.com/iles/codes-policies/Policy_ Related% 20 Party%20Transaction.pdf
41. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, 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 policy on Prevention on Sexual Harassment at Work Place as approved by the Board is uploaded on the Companys website at https://www.iwpkatha.com/iles/ PREVENTION_ ON_SEXUAL_HARASSMENT.pdf The Committee met once during the FY2023 on February 07, 2023 There was no complaint pending at the beginning and at the end of FY2023. No complaints have been received by the Committee during FY2023.
42. PARTICULARS OF ENERGY, TECHNOLOGY ABSORPTION,FOREIGNEXCHANGEEARNINGS
Information in accordance with the provisions of Section Act, 134(3)(m) of the Companies Act, 2013 read with Rule (Accounts) 8 of the Companies (Accounts) Rules 2014 is given in arrangement Annexure - 7 to this Report.
188(1) of the
43. HUMAN RESOURCES AOC-2 is
Our employees are our core resource and the Company Report. hasdisclosed continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the Related Party same can be felt in the past growth of the Company. of the SEBI
Company is constantly working on providing the best working environment to its Human Resources with a as view approved to inculcate leadership, autonomy and towards this objective;website your at company makes all eforts on training. 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.
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 to 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.
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 cooperation and assistance extended.
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 cooperation and support received from the shareholders.
|For and on behalf of the Board Directors of The Indian Wood Products Co. Ltd.
|K K Mohta
|Chairman & Managing Director
|30 May, 2023
|Din No : 00702306