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)
|
Standalone |
Consolidated |
| Particulars |
FY2023 |
FY2022 |
FY2023 |
FY2022 |
| Revenue From Operations |
18369.37 |
17789.63 |
18369.37 |
17789.63 |
| Proit Before Tax (PBT) |
180.99 |
(118.19) |
226.61 |
(72.93) |
| Tax Expenses |
42.98 |
(14.46) |
42.98 |
(14.46) |
| Proit After Tax (PAT) |
138.01 |
(103.73) |
183.63 |
(58.47) |
| Earnings Per Share |
0.22 |
(0.16) |
0.29 |
(0.09) |
| Equity Share Capital |
1279.75 |
1279.75 |
1279.75 |
1279.75 |
| Other Equity / Reserves And Surplus |
34143.85 |
34028.25 |
33998.34 |
33845.37 |
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.
2. DIVIDEND
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
2022-
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_
Policy.pdf
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 |
Category |
| Mr. Sanjay Kumar Maheswary |
Independent Director |
| Mr. Vinod Kumar Maheshwary |
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 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
AND OUTGO.
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.
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 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.
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 cooperation and assistance extended.
Statutory Report
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 |
| Kolkata |
Chairman & Managing Director |
| 30 May, 2023 |
Din No : 00702306 |
+91-9892691696
