Dear Members,
The Board of Directors has the pleasure in presenting its 59th Report along with the
Audited Accounts for the year ended March 31, 2023.
Performance Review
Favourable market conditions and buoyancy in paper market throughout the year, driven
by higher sales volume and higher sales price realization, the Company posted record
performance in all key parameters during the financial year 2022-23 which are the highest
in the annals of the Companys history The higher sales volume was ably supported by the
production vertical which posted highest production during the year with improved
performance of Pulp mill and recovery operations. The benefits from above factors were
partially neutralised by exorbitant increase in the cost of most input materials such as
Wood, Chemicals, Wastepaper, Imported Pulp, Coal.
Andhra Paper Limited ("the Company", "APL") continued to focus on
important initiatives for improving safety and environmental compliance as well as
improving the customer experience and operational efficiencies.
Summary of Financial Results
(Rs in crores)
|
For the year ended March 31, 2023 |
For the year ended March 31, 2022 |
Revenue from Operations |
2,097.66 |
1,380.23 |
Earnings before interest, depreciation and taxation (EBITDA) |
786.74 |
265.81 |
Finance costs |
7.17 |
5.45 |
Depreciation |
63.20 |
72.01 |
Profit before exceptional items |
716.37 |
188.35 |
Exceptional items |
(15.38) |
- |
Profit before tax |
700.98 |
188.35 |
Tax expense |
178.52 |
48.62 |
Net Profit for the year |
522.46 |
139.73 |
There was no change in the nature of business during the year.
Dividend
The Board of Directors at their Meeting held on May 08, 2023 recommended a dividend of RS.
12.50 per equity share of RS. 10/- each, for approval of the Shareholders at
the forthcoming Annual General Meeting and is incompliance with the Dividend Distribution
Policy of the Company. The said Policy is disclosed on the Companys website:
https://andhrapaper.com/wp-content/themes/andhra
paper/uploads/investors/1645517957Dividend%20 Distribution%20Policy.pdf
Markets, Customers and Commercial Excellence
The Company endures its core belief in "Customer First" and continues
to move in the direction to create value for the customers, "Serving them with
Pride".
The Companys products are preferred by Customers for Printing, Publishing and
Converting applications. With changing market dynamics during the year wherein supply for
a number of products were short in the Industry, the Company was able to use its strength
in changing product mix across machines to meet the need of the hour as per the Customer
preferences thereby bringing in swinging capability from Writing & Printing to
Industrial application products. This resulted in incremental sales of Cup-stock (17%
YoY), High BF Virgin Kraft (85% YoY), Pharma Print (125% YoY) and Copier (5% YoY).
With changing preferences in Customers and Government Regulations, the Company took
timely initiatives on new product development and launched niche products, Carry Bag and
Straw Paper during the year. These products helped meet the requirements of end customer
needs resulting in an incremental product basket offering as well.
APL continues to be focused on delivering high-quality products which are innovative,
sustainable, and recyclable that distinguish it from the competition. In this direction,
the Company developed a Barrier Coated product - Eco Cup-stock which is CIPET Certified
and will meet the regulated requirements for replacing plastic converted cups. In addition
to this, APL constantly endeavours to improve existing products based on periodic feedback
from customers and channel partners.
With the changing demand environment as the year began on account of supply/demand
imbalances and geopolitical issues resulting in logistic nightmares, the Company was able
to swing supplies from Exports to meet the requirements of the Domestic Customers
resulting in a record breaking domestic sales of 2,22,344 MT (14% YoY). The strong
distribution network, high product quality and adherence to delivery schedules helped
Company to overcome volatile Trade Flows.
The Company had put in its best efforts to achieve OTIF delivery rate (On-Time-In-Full)
at 95.40%, forecast accuracy to 93%, and improved complaint closure to 80% which is
considered top tier in the Indian Paper Industry.
The Company achieved the highest-ever sales in a year at 2,50,238 Tons (YoY 4%) with
Zero Stock at the close of the year for second consecutive year.
The Companys core value of "Think Customer" continues to yield desired
results to enhance customer value by way of offering ‘right products for right
applications at
an increased speed to meet customer needs.
FY 2023 Highlights:
• Highest Sales of 2,50,238 MT
• Highest Domestic Sales of 2,22,344 MT
• Substantial growth in Niche Application products like Cup Stock (17%), Pharma
Print (125%) & Hi BF Virgin Kraft (85%)
• OTIF Score - 95.40%, one of the best in the Paper Industry
• Launched Carry Bag, Straw Paper and Eco Cup- stock (Barrier Coated)
Raw Material Security
The Company continues its focus on forestry Research & Development (R&D)
program for development of high yielding virgin fibre clones with a goal to increase yield
of clones, thereby, increasing farmer income per unit
area. The Company believes that farmers will continue growing trees only if their
income increases per unit land. In this direction, the Company, in collaboration with
Institute of Forest Genetics & Tree Breeding, Coimbatore (IFGTB), has given impetus to
the whole farm forestry program taken up by the Company as the new generation clones are
yielding better than old clones and are disease resistant. The Company remains focussed on
capacity building of local community in the designated catchment area, sharing of best
practices and execution of R&D program for enhancing productivity of farmers land for
production and distribution of high yielding, disease resistant clones. Towards capacity
building of local community, the Company had tied up witRs. 24 partner nurseries, imparted
training and shared best practices for production and distribution of these clones at
lower cost to make the production and distribution program self-reliant. The Company
understands that the long term sustainability of paper industry depends on sustainable
supply of virgin fibre and accordingly, the Company is committed for stronger backward
integration for development of virgin fibre plantation in the catchment area of the mill.
The Company has facilitated distribution of 80 lakhs of Casuarina clones and 593 lakhs
Casuarina seedlings covering 8,029 hectares of land and generated 40.15 lakhs man-days of
employment to the farmers under the farm-forestry program within the catchment area.
Mill Development and upgradation
During the year, the Board of Directors approved a capital expenditure amounting to
?400 Crores to rebuild and upgrade the existing Pulp plant to improve the reliability and
efficiency of the Pulp Mill. This will help sustain the current levels of production,
improve efficiency in Pulp Mill processes and lend flexibility in operations, augment pulp
production capacity and the average capacity utilisation. The proposal was funded through
mix of debt and internal accruals.
The Mill development was undertaken in phases with critical areas of upgradation works
on recovery boiler, lime kiln, Fibre line, Evaporation, Ash leaching, recausticizer,
Auxilliary systems, modification of KA3 Machine, modern automated film press for RJ5
machine to produce Surface sized premium paper grades. Additional capital equipment was
installed in place of obsolete machinery to improve efficiency in production processes.
This helped the Company achieve higher net sales realisations. The capacity utilisation
for FY 202223 at unit- Rajahmundry stood at 102.3% and at unit: Kadiyam the same was
107.8%
Green Field Expansion Project
The Board at its Meeting held on January 31, 2023 accorded an in-principle approval to
the pre-feasibility report to exploit opportunities in Paper Board Segment through
expansion and capacity addition by setting up an integrated Green Field Project at Unit:
Kadiyam, East Godavari District, Andhra Pradesh. It is proposed to install approximately
175,000 Ton per annum Board machine (KA#4) along with ancillary and support infrastructure
concerning the project. The existing production capacity is 87,000 TPA. The proposed
capacity addition is 2,21,000 TPA (Pulp) and 1,56,000 TPA (Paper Board).
In this regard, the Company will file necessary applications with the Ministry of
Environment & Forest for Climate Change (MOEF) for Environment Clearance and further
approvals concerning the project shall be sought from concerned regulatory authorities
including local, state and central authorities as may be necessary for the proposed
project. The final approval for the project shall be granted by the Board subject to the
Company obtaining the requisite approvals from concerned authorities.
Memorandum of Agreement
The Company has signed a Memorandum of Agreement (MOA) with the Government of Andhra
Pradesh (GOAP) on March 4, 2023 to facilitate investment in the state of Andhra Pradesh by
setting up an integrated Green Field Project at Unit Kadiyam, East Godavari District,
Andhra Pradesh. This will boost the economic growth of the region. The GOAP will
facilitate and extend necessary support for implementation of the proposed project through
single window clearances.
Employee Development and Engagement
The Companys agenda for engaging and developing its employees includes initiatives to
attract, develop and retain talent. The key focus areas include diversity and inclusion,
succession planning, developing a talent pool for critical positions, quality of life
programs and leadership development.
The Company has taken a professional approach to industrial relations. The Company
continued to treat people with dignity and respect as well as upheld important principles
of labour relations.
Leveraging the power of Information Technology
During the year under review, the Company achieved significant efficiency in IT
effectiveness in business areas by replacing the previous applications with new
applications Keeping cost effectiveness and optimised use of technology.
IT division achieved economy in operational costs through innovations and consolidation
with implementation of new applications replacing high-cost applications and introducing
efficient vendors without compromising quality of service.
The following projects were implemented and successfully rolled out during the year:
• Success factors replaced with SAP HCM module without any subscription cost and
recurring cost.
• Sales force application replaced with SAP custom application without any
subscription cost and recurring cost.
• New Reel stretch wrapping machine was integrated with SAP and discontinued
existing reel wrapping system without any AMC cost and recurring cost.
• Self-adhesive ream and bundle label printing application developed in SAP for
all manufacturing units to replace external label printing Software application without
any subscription cost and recurring cost.
• SAP data base size reduced from 1.5 TB to 950 GB by analysing and removing
obsolete and redundant data thereby achieving 20% reduction on cost.
• AV conference system implemented in place of existing telepresence system
resulting 75% saving in cost.
• Surveillance system installed at critical areas of river water pump house and
paper machine areas for better control and monitor.
• Centralised file server system established at RAJAHMUNDRY location where all the
corporate functions are situated
• MS-Teams added to reduce the costs, time and network bandwidth.
• Andhra Paper Limited www.andhrapaper.com web site migrated from HTML to
WordPress for benefit of cost reduction.
• PF trust application migrated from on premise to cloud as per the Vendor
initiation.
Community Service and Engagement
The Company is committed to the cause of communities where it operates, by supporting
Education, Health & Wellness and other genuine requirements of the less privileged
sections of the society.
The Company considers community as its key stakeholder and is one of the foremost
proponents of inclusive growth and has continued to undertake projects for overall
development and welfare of the nearby village communities in the fields of health and
preventive health care, education, rural development, community engagement and livelihood
interventions and is sensitive to its needs.
During the year, the Company completed major projects relating to Water pipeline at
Kadiyam which will benefit around 5,000 families and constructed skill development centre
which will help the youth of the nearby villages in upskilling themselves with employment
related skills.
The Company has adopted a CSR Policy which is placed on the Companys website:
https://andhrapaper. com/wp-content/themes/andhra paper/uploads/
investors/1645611255CSR%20Policy.pdf. The Members of Corporate Social Responsibility
Committee as on March 31, 2023 comprised of:
Mr. Virendraa Bangur |
- Chairman |
Mr. Saurabh Bangur |
- Member |
Mr. Sudarshan V. Somani |
- Member |
Mr. Rajendra Jain |
- Member |
The Annual Report on CSR activities is attached as Annexure - 1 to this report.
Awards
During the year, the Company:
• was awarded "Best Safety Performer for the year 2022" by
Confederation of Indian Industry for Unit: Rajahmundry.
• secured SILVER AWARD as Industrial Best Safety Performer for the year
2022 by Confederation of Indian Industry for Unit: Kadiyam.
Related Party Transactions
All related party transactions that were entered into during the financial year under
review were at arms- length basis and also in the ordinary course of business. There were
no material significant related party transactions entered into by the Company with the
Promoters, Directors, Key Managerial Personnel which may have a potential conflict with
the interests of the Company at large.
The Board of Directors approved a Policy on Related Party Transactions which is placed
on the Companys website: https://andhrapaper.com/wp-
content/uploads/2023/04/Policy-on-related-party- transactions-1.pdf. The disclosures on
related party transactions are given in Notes to the financial statements.
Remuneration Policy
The Company has adopted the Nomination and Remuneration Committee Charter which
contains, inter alia, framework for Directors appointment and remuneration, criteria for
determining the qualifications, positive attributes, independence of a director and other
matters provided under Section 178(3) of the Companies Act, 2013 ("The Act").
Pursuant to Section 178(4) of the Act, the Company also adopted Remuneration Policy
relating to remuneration for the Directors, Key Managerial Personnel and Senior Executives
in the rank of Vice President and above. The Remuneration Policy is placed on Companys
website: https://andhrapaper. com/wp-content/themes/andhra paper/uploads/
investors/1599824266Remuneration%20Policy.pdf
Energy Conservation, Technology Absorption & Foreign Exchange earnings and outgo
Particulars of conservation of energy, technology absorption and foreign exchange
earnings and outgo as required under Section 134(3)(m) of the Act read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 are given in Annexure - 2 attached to this Report.
Risk Management
The Company has a robust business risk management framework to identify and evaluate
business risks and opportunities. This framework aims to create transparency, minimize
adverse impact of risks on the business objectives and enhance the Companys competitive
advantage. Some of the critical risks that have been identified are Fibre Procurement,
Competition risk, Occupational Health & Safety, environmental etc.
Directors
a. During the year under review, Mr. Mukesh Jain, Director - Commercial & CFO has
been re-designated as Director - Commercial on his resignation as CFO of the Company and
subsequently the Board approved change in the nomenclature of designation as Executive
Director.
Mr. Shree Kumar Bangur has been reappointed as Chairman & Managing Director of the
Company for a period of 3 (three) years effective October 30, 2022 with the approval of
Shareholders through Postal Ballot.
Mr. Saurabh Bangur has been reappointed as Joint Managing Director of the Company for a
period from June 1, 2023 to September 30, 2026 subject to the approval of shareholders at
the ensuing Annual General Meeting.
b. Independent Directors
During the year, the Company appointed Mr. Virendra Sinha and Mr. Sitaram Sharma as
Independent Directors of the Company for a period of 3 years effective April 1, 2022.
During the year under review, Mrs. Papia Sengupta has been appointed as an Independent
Director of the Company for a period of 3 years effective September 1, 2022 and Mr.
Sudarshan V. Somani and Mr. Arun Kumar Surekha have been reappointed as Independent
Directors of the Company for a period of 3 years effective October 30, 2022 with the
approval of shareholders through Postal Ballot.
Ms. Veni Mocherla, Independent Director completed her term on December 29, 2022 and
ceased to be Director of the Company. The Board placed on record its warm appreciation for
the excellent contributions made by Ms. Veni Mocherla during her tenure as Independent
Director of the Company.
The Board opines that the Independent Directors appointed during the year possess
integrity and have requisite expertise, experience and proficiency.
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149 (6) of the Act and Regulations 16(1)(b) and
25(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("the SEBI Listing Regulations") and that they
are independent from the Management of the Company and they are not aware of any
circumstance or situation, which exist or may be reasonably anticipated, that could impair
or impact their ability to discharge their duties with an objective independent judgment
and without any external influence. Further, all the Independent Directors have given
declarations that they complied with the provisions of Companies (Appointment and
Qualifications of Directors) Rules, 2014 and are in compliance with the Code for
Independent Directors prescribed in Schedule IV to the Act and the Code of Business
Conduct and Ethics of the Company.
A separate Meeting of Independent Directors was held on January 31, 2023. All the
Independent Directors of the Company except Mr. Sitaram Sharma attended the said Meeting.
c. Rotational Directors
Mr. Saurabh Bangur, Director, is liable to retire by rotation at the ensuing Annual
General Meeting, as per the provisions of the Companies Act, 2013 and being eligible,
offered himself for reappointment.
d. Details of Key Managerial Personnel
Mr. Mukesh Jain resigned as Chief Financial Officer of the Company effective February
1, 2023 and continues as Whole-time Director (designated as Executive Director) and Mr.
Rajesh Bothra has been appointed as Chief Financial Officer of the Company effective
February 2, 2023.
As on March 31, 2023, Mr. Shree Kumar Bangur, Chairman & Managing Director, Mr.
Saurabh Bangur, Joint Managing Director, Mr. Mukesh Jain, Executive Director, Mr. Rajesh
Bothra, Chief Financial Officer and Mr. Bijay Kumar Sanku, Company Secretary are the Key
Managerial Personnel of the Company.
e. Meetings of the Board
During the year under review, four Board Meetings and four Audit Committee Meetings
were held. The maximum interval between any two Meetings did not exceed 120 days, as
prescribed by the Companies Act, 2013. The details of the Meetings held are given in the
Corporate Governance Report forming part of this Report.
f. Performance Evaluation
Pursuant to the provisions of the Act and SEBI Listing Regulations, the Annual
performance evaluation of Board, its Committees, Chairman & Managing Director, Joint
Managing Director and Executive Director has been carried out based on various parameters.
A separate exercise for the financial year 2022-23 was carried out to evaluate the
performance of all individual Directors including Independent Directors who were evaluated
on parameters such as level of engagement and contribution, independence of judgment,
safeguarding the interests of the Company and its minority shareholders etc.
g. Board Training and Induction
At the time of appointing a Director, a formal letter of appointment is given to
him/her, which inter alia explains the role, function, duties and responsibilities
expected of him/her as a Director of the Company. The Director is also explained in detail
the compliances required from him/her under the Act, the SEBI Listing Regulations and
other relevant Laws and Regulations. Details of Familiarization of Directors are disclosed
on the Companys website:
https://andhrapaper.com/wp-content/themes/andhrapaper/uploads/
investors/1676347976Familiarization%20 Programme%20for%20website%20and%20
Annual%20Report.pdf
h. Audit Committee
Mr. Praveen P. Kadle and Mr. Adhiraj Sarin completed their second term of office as
Independent Directors of the Company on March 31, 2022 and ceased to be Members of Audit
Committee. The Audit Committee has accordingly been reconstituted with effect from April
1, 2022 by appointing Mr. Virendra Sinha and Mr. Sudarshan V. Somani.
The Audit Committee as on March 31, 2023 comprised of Mr. Sudarshan V. Somani as
Chairman and Mr. Virendra Sinha, Mr. Arun Kumar Sureka and Mr. Saurabh Bangur as other
Members. All the recommendations made by the Audit Committee were accepted by the Board.
Particulars of Employees
The information required pursuant to Section 197 read with Rule 5 (1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees
of the Company, is provided in Annexure-3. Having regard to the provisions of the second
proviso to Section 136(1) of the Act, the Annual Report excluding the information under on
Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is being sent to the members of the Company. If any Member is interested in
obtaining the above information may write to the Company Secretary at the Registered
Office in this regard or can inspect the related documents/information at the Registered
Office of the Company.
Vigil/Whistle Mechanism
The Company has adopted Whistle Blower Policy to deal with instance of fraud or any
unethical or improper practices. A copy of this Policy is placed on the Companys website:
https://andhrapaper.com/wpcontent/themes/andhrapaper/uploads/investors/1658382966Whistle%20Blower%20
Policy%20modified%20on%2021.07.2022.
Internal Financial Controls
The Company established internal financial control(s) commensurate with the size, scale
and complexity of the operations. Internal audit function is being handled by a
professional firm of chartered accountants. The main function of Internal Audit is to
monitor and evaluate adequacy of internal control system in the Company, its compliance
with the operating systems, accounting procedures and policies at all locations of the
Company. Based on the report of internal audit function, process owners take corrective
action in their respective areas and thereby strengthen the controls. Significant audit
observations and corrective actions are reported to the Audit Committee.
Statutory Auditors audited the Internal Financial Controls (IFC) over financial
reporting of the Company as of March 31, 2023 in conjunction with audit of the financial
statements of the Company for the year ended on that date. Unmodified opinion on IFC was
given by them.
Statutory Auditors
The Report of Auditors for the fiscal year 2023 does not have any qualifications,
reservations or adverse remarks. The Report is enclosed with the financial statements in
this Annual Report.
Messrs MSKA & Associates, Chartered Accountants, Statutory Auditors of the Company
have been appointed, for a term of five years, to hold office from the conclusion of 58th
Annual General Meeting till the conclusion of 63rd Annual General Meeting corresponding to
the financial years from 2022-23 to 2026-27.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Messrs D.
Hanumanta Raju & Co., a firm of Company Secretaries to undertake the secretarial audit
of the Company for the financial year 2022-23. Secretarial Audit Report under Section
204(1) of the Act issued by Messrs D. Hanumanta Raju & Co., Practicing Company
Secretaries, in respect of financial year 202223 is attached as Annexure - 4 to this
Report.
The Report of Secretarial Auditors does not have any qualifications, reservations or
adverse remarks.
Cost Auditors
In terms of Section 148 of the Act read with the Companies (Audit & Auditors)
Rules, 2014, the Board at their Meeting held on May 8, 2023, on the recommendation of
Audit Committee, appointed Messrs Narasimha Murthy & Co., Cost Accountants as Cost
Auditors of the Company for the financial year 2023-24, at a remuneration of RS. 4.00
lakhs (excluding applicable taxes) plus reimbursement of out-of-pocket expenses and their
remuneration is being submitted for ratification by the Members at the forthcoming Annual
General Meeting.
Cost Accounting Records and Cost Audit
Cost accounting records for the financial year under review were maintained as per the
Companies (Cost Records and Audit) Rules, 2014. M/s. Narasimha Murthy & Co., Cost
Accountants were appointed as Cost
Auditors of the Company to audit the Cost Records for the year ended March 31, 2023.
The Cost Audit Report for the financial year ended March 31, 2022 was filed with the
Ministry of Corporate Affairs in August, 2022.
The Cost Audit Report for the year ended March 31, 2023 will be filed within the due
date.
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, security or investments
The particulars of loans, guarantees, and investments covered under the provisions of
Section 186 of the Act have been disclosed in the financial statements.
Subsidiary Company
The Company made an investment of H5.00 lakhs by way of share capital in Andhra Paper
Foundation ("Foundation"), incorporated under Section 25 of the Companies Act,
1956, wherein the excess of income over expenditure will be applied for promoting its
objectives. Accordingly, the accounts of Andhra Paper Foundation were not consolidated,
since the holding Company will not derive any economic benefit from its investment in
Foundation.
The Company undertakes that annual accounts of Foundation and the related information
will be made available to the members of holding Company seeking such information at any
point of time. The annual accounts of Foundation are placed on the Companys website:
https://andhrapaper.com/wp-content/uploads/2023/05/Signed-copies-of-
Financial-Statements-for-the-financial-year-ended- March. .pdf and are also available for
inspection by any member at the Registered Office of the Company during business hours on
all working days of the Company. A statement containing salient features of the financial
statement of Foundation for the financial year ended March 31, 2023 is attached as
Annexure - 5 to this Report.
Annual Return
In terms of Section 92(3) of the Act, the Annual Return for the financial year ended
March 31, 2023 is displayed on the website of the Company https://andhrapaper.
com/wp-content/uploads/2023/06/Annual-Return-
for-the-financial-year-ended-March-31-2023.pdf
Business Responsibility and Sustainability Report (‘BRSR)
Pursuant to Regulation 34 of the SEBI Listing Regulations, Business Responsibility and
Sustainability Report forms part of this Report as Annexure - 6, which describes the
initiatives taken by the Company from an environmental, social and governance perspective.
Material changes and commitments affecting the financial position of the Company which
occurred between end of financial year and date of the Report
There were no material changes and commitments affecting the financial position of the
Company which occurred between end of financial year and date of the Report.
Directors Responsibility Statement
The Board of Directors hereby confirms and declares that:
• in the preparation of final accounts for the year ended March 31, 2023 the
applicable accounting standards had been followed;
• they had 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 state of affairs of the Company at the financial year end March 31, 2023
and of the profit and loss of the Company for that period;
• they had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
• they had prepared the accounts for the year ended March 31, 2023 on a going
concern basis;
• they had laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively;
• they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
General
• There were no significant material orders passed by the regulators or courts or
tribunals which would impact the going concern status of the Company and its future
operations.
• During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the audit committee, under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees.
• The Company has zero tolerance for sexual harassment at workplace and has
adopted a policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention
and redressal of complaints of sexual harassment at workplace. Internal Complaints
Committee (ICC) has been set up to redress complaints received regarding sexual
harassment. All women employees (permanent, contractual, temporary, trainees) are covered
under this policy. During the year, no complaints were received by the Company under
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
• The Company has complied with all the applicable laws, rules, regulations and
secretarial standards
• All Policies as required under the Act or the SEBI Listing Regulations are
available on the website of the company https://andhrapaper.com/investors- policies/
Acknowledgement
The Board of Directors wish to place on record their gratitude to the Central
Government, Government of Andhra Pradesh, Government of Telangana and Banks for their
continued support during the year.
The Board of Directors wish to convey their thanks to the valued customers and dealers
for their continued patronage and place on record their appreciation of the contribution
made by all the employees during the year under review.
|
For and on behalf of the Board |
Place: Rajahmundry |
Shree Kumar Bangur |
Date: May 8, 2023 |
Chairman & Managing Director |
+91-9892691696
