The Members
Nibe Limited
Pune
Your Directors have the immense pleasure to present the 18th
(Eighteenth) Boards Report on the business and operations of the Company and the
accounts for the Financial Year ended March 31, 2023.
1. FINANCIALRESULTS
The Companys financial performance for the year ended March 31,
2023 is summarised below;
| Particulars |
Standalone |
|
2022-23 |
2021-22 |
| Total Income |
10610.41 |
2,253.69 |
| Less: Expenditure |
9,983.14 |
2,286.95 |
| Profit/(Loss) before Tax |
627.27 |
(33.27) |
| Tax Expense (including Previous Year Tax Adjustment) |
170.08 |
11.29 |
| Profit/(Loss) after Tax |
457.19 |
(44.56) |
2. OPERATIONS & STATE OF COMPANYS AFFAIRS
During the year under review, the standalone Revenue of the Company has
increased to Rs.10610.41 lakhs compared to Rs. 2253.69 lakhs in the previous year,
registering growth of 370.80%. The Standalone Net Profit after tax for the year has stood
at Rs. 457.19 Lakhs as against loss of Rs. 44.56 Lakhs in the previous year.
This year under review was the first year consolidation of the Company
and there was no business operation was carried out by the subsidiaries. During the year
under review, the consolidated revenue of the Company was at Rs.10645.43 lakhs. At
consolidated level Net Profit after tax for the year was stood at Rs. 159.30 Lakhs.
3. DIVIDENDANDRESERVES
Your directors have recommended a dividend of Rs. 0.10/- per equity
share of Rs. 10/- each as dividend for the financial year ended March 31, 2023 for
approval by the shareholders at the ensuing Annual General Meeting ("AGM") of
the Company. The Company does not propose to transfer any amount to reserves.
4. SHARE CAPITAL
The authorised share capital of the Companyis Rs. 30,00,00,000 (Rupees
Thirty crores only) comprising of 30,000,000 equity shares of face value of Rs. 10/- each.
There was no change in the authorized share capital of the Company during the financial
year ended on March 31, 2023.
The paid-up equity share capital as at March 31, 2023 stood at Rs.
11,85,94,850 (Rupees Eleven crores eighty-five lakhs ninety-four thousand eight hundred
fifty only) divided into 11,859,485 equity shares of Rs. 10/ each as against Rs.
10,41,87,060 divided into 1,04,18,706/- equity shares of 10/- each at the end on previous
year.
During the year the Company has issued and allotted 14,40,779 equity
shares of 10/- each at a premium of Rs, 355/- per equity share through preferential issue.
The Company has not issued any equity shares with or without
differential rights during the year under review and hence no information as per
provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is
furnished.
The Company has not issued any sweat equity shares during the year
under review and hence no information as per provisions of Rule 8(13) of the Companies
(Share Capital and Debenture) Rules, 2014 is furnished.
There are no shares held by trustees for the benefit of employees and
hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures)
Rules, 2014 has been furnished.
5. EMPLOYEES STOCK OPTION SCHEME (ESOP)
The Nibe Limited - Employee Stock Options Plan 2022 ("Nibe Limited
ESOP 2022") was approved by the Members of the Company by Special Resolution passed
at the Extra-ordinary General Meeting held on December 26, 2022. The Company has not
granted any stock option to the eligible employee under the Nibe Limited ESOP 2022 during
the year under review.
A certificate from the Secretarial Auditor on the implementation of
Nibe Limited ESOP 2022 will be placed at the ensuing Annual General Meeting for inspection
by the Members. The particulars with regard to stock options as on March 31, 2023, as
required to be disclosed pursuant to the provisions of Companies (Share Capital and
Debentures) Rules, 2014 read with the applicable SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021, are set out at Annexure-1 to this Report.
200,000 (Two Lakhs only) stock options were available for grant to the
eligible employees as on March 31, 2023 under Nibe Limited ESOP 2022.
6. SUBSIDIARYAND ASSOCIATES COMPANIES
As on March 31, 2023 the Company has the following subsidiaries:
• Nibe E-Motor Limited
• Nibe Defence and Aerospace Limited
• Nibe Technologies Private Limited, wholly owned subsidiary
The Company has no associate or joint venture Company during the
financial year and as on March 31, 2023.
7. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Act and implementation requirements of Indian
Accounting Standards (‘IND-AS) on accounting and disclosure requirements and as
prescribed by the SEBI Listing Regulations, the Audited Consolidated Financial Statements
are provided in this Annual Report
Pursuant to Section 129(3) of the Act, a statement containing the
salient features of the Financial Statements of the Subsidiaries, Associates and Joint
Ventures of the Company in the prescribed form AOC-1 is annexed at Annexure - 2 to
this Annual Report.
8. CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements as stipulated by the
Securities and Exchange Board of India (‘the SEBI).The report on Corporate
Governance as prescribed in the SEBI Listing Regulations forms an integral part of this
Annual Report.
The requisite certificate from NKM & Associates, Company
Secretaries, confirming compliance with the conditions of Corporate Governance along with
a declaration signed by CEO of the Company stating that the Members of the Board of
Directors and Senior Management have affirmed the compliance with code of conduct of the
Board of Directors and Senior Management, is attached to the report on Corporate
Governance.
9. ANNUALRETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2023 is available on the website of the Company at www.nibelimited.com
under Investor relations tab.
10. DIRECTORSANDKEYMANAGERIALPERSONNEL
• All Independent Directors have furnished the declarations to the
Company confirming that they meet the criteria of Independence as prescribed under Section
149 of the Act and Regulation 16 (1)(b) read with Regulation 25(8) of the SEBI Listing
Regulations and the Board has taken on record the said declarations after undertaking due
assessment of the veracity of the same.
• The Company has also received Form DIR-8 from all the Directors
pursuant to Section 164(2) and Rule 14(1) of Companies (Appointment and Qualification of
Directors) Rules, 2014.
• Brief profile of the Director seeking re-appointment has been
given as an annexure to the Notice of the ensuing AGM.
• In terms of the provision of Section 152 of the Companies Act,
2013 and of Articles of Association of the Company, Mr. Venkateswara Gowtama Mannava (DIN:
07628039), Non-Executive Director of the Company retires by rotation at the ensuing Annual
General Meeting and being eligible, seeks re-appointment.
• During the year under review;
- Mr. Venkateswara Gowtama Mannava was appointed as a Non-Executive,
Independent Director w.e.f. August 09, 2022 and redesignated as Non-Executive Director,
Non-Independent w.e.f. November 12, 2022.
- Mr. Gaurav Brahmdev Thakur was appointed as a Non-Executive Director,
Independent Director w.e.f. October 01, 2022.
- Mr. Manish P. Kella and Mr. Sanjay Shivajirao Dighe, Non-Executive,
Independent Directors have resigned from the Directorship of the Company w.e.f. October
01, 2022.
• Mr. Dasharath Ram was appointed as Non-Executive, Independent
Director of the Company w.e.f. May 23, 2023.
• Mr. Soonil V Bhokare was appointed as Non-Executive, Independent
Director of the Company w.e.f. August 12, 2023.
• Mr. Aditya Joshi, Non-Executive, Independent Director of the
Company resigned from the Directorship of the Company w.e.f. June 01, 2023.
• Mrs. Manjusha Nibe, Whole-time Director of the Company resigned
from the Directorship of the Company w.e.f. closure of the business hours of August 28,
2023.
• Mrs. Ranjana Mimani was appointed as Non-Executive,
Non-Independent Director of the Company w.e.f. August 28, 2023.
• The following persons are the Key Managerial Personnel (KMP) of
the Company pursuant to Section 2(51) and Section 203 of the Act read with the Rules
framed thereunder:
| • Mr. Ganesh Nibe : |
Chairman & Managing Director |
| • Mr. Sachin Raosaheb Shinde : |
Chief Executive Officer |
| • Mr. Hemant Dilip Wani : |
Chief Financial Officer |
| • Ms. Priya Pandey (w.e.f. June 26, 2023) : |
Company Secretary & Compliance Officer |
11. MEETINGS
A calendar of Board Meetings, Annual General Meeting and Committee
Meetings is prepared and circulated in advance to the Directors of your Company. The Board
of Directors of your Company met 11 (Eleven) times during the financial year 2022-23. The
details of these Meetings are provided in the Corporate Governance Section of the Annual
Report.The maximum time gap between any two consecutive Meetings did not exceed one
hundred and twenty days.
12. BOARD COMMITTEES
The Board had constituted/re-constituted various Committees in
compliance with the provisions of the Act and the SEBI Listing Regulations viz. Audit
Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee.
All decisions pertaining to the constitution of Committees, appointment
of Members and fixing of terms of reference/role of the Committees are taken by the Board.
The details of the role and composition of these Committees, including
the number of Meetings held during the financial year and attendance at these Meetings are
provided in the Corporate Governance Section of the Annual Report.
13. PERFORMANCE EVALUATION
Pursuant to the applicable provisions of the Act and the SEBI Listing
Regulations, the Board has carried out an Annual Evaluation of its own performance,
performance of the Independent Directors and the working of its committees based on the
evaluation criteria specified by Nomination and Remuneration Committee for performance
evaluation process of the Board, its Committees and Directors.
The Boards functioning was evaluated on various aspects,
including, inter-alia, the structure of the Board, Meetings of the Board, functions of the
Board, degree of fulfilment of key responsibilities, establishment, and delineation of
responsibilities to various Committees and effectiveness of Board processes, information
and functioning.
The Committees of the Board were assessed on the degree of fulfilment
of key responsibilities, adequacy of Committee composition and effectiveness of Meetings.
The Directors were evaluated on aspects such as attendance, contribution at Board/
Committee Meetings and guidance/support to the management outside Board/Committee
Meetings.
As mentioned earlier, the performance assessment of Non-Independent
Directors, Board as a whole and the Chairman were evaluated in a separate Meeting of
Independent Directors. The same was also discussed in the Board Meeting. Performance
evaluation of Independent Directors was done by the entire Board, excluding the
Independent Director being evaluated.
14. CRITERIA FOR SELECTION OF CANDIDATES FOR APPOINTMENT AS DIRECTORS,
KEY MANAGERIAL PERSONNELAND SENIOR MANAGEMENT PERSONNEL
The Nomination and Remuneration Committee has laid down well-defined
criteria, in the Nomination and Remuneration Policy, for selection of candidates for
appointment as Directors, Key Managerial Personnel and Senior Management Personnel.
The said Policy is available on the Companys website and can be
accessed at www.nibelimited.com.
15. FAMILIARIZATION PROGRAMOFINDEPENDENTDIRECTORS
In compliance with the requirements of the SEBI Listing Regulations,
the Company has put in place a familiarization program for Independent Directors to
familiarize them with their role, rights and responsibility as Directors, the operations
of the Company, business overview etc.
The details of the familiarization program are explained in the
Corporate Governance Report and the same is also available on the website of the Company
and can be accessed at www.nibelimited.com.
16. A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO
INTEGRITY, EXPERTISE, AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT
DIRECTORS APPOINTED DURING THE YEAR
The Company has received declaration from the Independent Directors
that they meet the criteria of independence as prescribed under Section 149 of the Act and
Regulation 16 (1)(b) read with Regulation 25(8) of the SEBI Listing Regulations. In the
opinion of the Board, they fulfil the condition for appointment/re-appointment as
Independent Directors on the Board and possess the attributes of integrity, expertise and
experience as required to be disclosed under Rule 8(5) (ii) (a) of the Companies
(Accounts) Rules, 2014.
17. INDEPENDENTDIRECTORS MEETING
In terms of Schedule IV of the Act and Regulation 25 of the SEBI
Listing Regulations, Independent Directors of the Company are required to hold at least
one meeting in a financial year without the attendance of Non-Independent Directors and
Members of Management. During the year under review, Independent Directors met separately
on February 11, 2023, inter- alia, for
• Evaluation of performance of Non-Independent Directors and the
Board of Directors of the Company as a whole.
• Evaluation of performance of the Chairman of the Company, taking
into views of Executive and Non-Executive Directors; and
• Evaluation of the quality, content, and timelines of flow of
information between the Management and the Board that is necessary for the Board to
effectively and reasonably perform its duties.
18. REMUNERATION POLICY FOR DIRECTORS, KEY MANAGERIAL PERSONNELAND
SENIOR MANAGEMENT EMPLOYEES
The Nomination and Remuneration Committee has laid down the framework
for remuneration of Directors, Key Managerial Personnel and Senior Management Personnel in
the Nomination and Remuneration Policy recommended by it and approved by the Board of
Directors. The Policy, inter-alia, defines Key Managerial Personnel and Senior Management
Personnel of the Company and prescribes the role of the Nomination and Remuneration
Committee. The Policy lays down the criteria for identification, appointment and
retirement of Directors and Senior Management. The Policy broadly lays down the framework
in relation to remuneration of Directors, Key Managerial Personnel and Senior Management
Personnel. The Policy also provides for the criteria for determining qualifications,
positive attributes and independence of Director and lays down the framework on Board
diversity.
The said Policy is available on the Companys website and can be
accessed at www.nibelimited.com.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY
Particulars of Loans, Guarantees and Investments made during the year
as required under the provisions of Section 186 of the Act are given in the notes to the
Financial Statements forming part of Annual Report.
Also, pursuant to Paragraph A (2) of Schedule V of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, (‘SEBI Listing Regulations) particulars of Loans/Advances given to
subsidiaries have been disclosed in the notes to the Financial Statements forming part of
Annual Report.
20. WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy to provide a formal
mechanism to the Directors and employees to report their concerns about unethical
behaviour, actual or suspected fraud or violation of the Companys Code of Conduct or
Ethics Policy. The Policy provides for adequate safeguards against victimization of
employees who avail of the mechanism and provides for direct access to the Chairman of the
Audit Committee. It is affirmed that no person has been denied access to the Audit
Committee.
The said Policy is available on the Company website and can be accessed
at www.nibelimited.com.
21. RELATED PARTY TRANSACTIONS AND POLICY
The related party transactions attracting the compliance under the
Companies Act, 2013 and/or the SEBI Listing Regulations were placed before the Audit
Committee and/or Board and/or Members for necessary review/approval.
The routine related party transactions were placed before the Audit
Committee for its omnibus approval. A statement of all related party transactions entered
was presented before the Audit Committee on a quarterly basis, specifying the nature,
value and any other related terms and conditions of the transactions.
Transactions to be reported in Form AOC-2 in terms of Section 134 of
the Act read with Companies (Accounts) Rules, 2014, with related parties are annexed as Annexure
- 3.
The Related Party Transactions Policy in line with the requirements of
Regulation 23 of the SEBI Listing Regulations is available on the Company website and can
be accessed at www.nibelimited.com.
There are no significant and material orders passed by the
Regulators/Courts that would impact the going concern status of the Company and its future
operations.
22. SIGNIFICANTAND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the
Regulators/Courts that would impact the going concern status of the Company and its future
operations.
23. MATERIAL CHANGES AND COMMITMENT IF ANY, AFFECTINGFINANCIALPOSITION
OF THE COMPANYFROM THE END OF FINANCIAL YEAR TILL THE DATE OF THE REPORT
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year to which the Financial Statements relate and the date of this Report.
24. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of section 134(5) of the Companies Act,
2013, the Directors confirm that;
i. in the preparation of the Annual Accounts for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to departures, if any;
ii. appropriate accounting policies have been selected and applied
consistently and such judgments and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs ofthe Company as at
March 31, 2023 and of the profit of the Company for the year ended on that date
iii. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. the annual accounts have been prepared on a "going
concern" basis;
v. proper internal financial controls are laid down and such internal
financial controls are adequate and operating effectively;
vi. proper systems to ensure compliance with the provisions of all
applicable laws have been devised and such systems were adequate and operating
effectively.
Your Auditors have opined that the Company has in, all material
respects, maintained adequate internal financial controls over financial reporting and
that they were operating effectively.
25. STATUTORYAUDITORS
M/s. RT Jain & Co LLP, Chartered Accountants (Firm Registration No.
131092W) have tendered their resignation as the Statutory Auditor of the Company w.e.f.
August 12, 2023.
To fill up the casual vacancy, the Board of Directors of the Company at
its Meeting held on August 28, 2023, appointed M/ s Bhatter & Co., Chartered
Accountants on the recommendation of Audit Committee, subject to the approval of the
Members at the ensuing Annual General Meeting.
Necessary resolution to appoint M/s Bhatter & Co., Chartered
Accountants, as Statutory Auditors has been incorporated in the notice of the ensuing 18th
Annual General Meeting.
The Auditors Report for the Financial Year ended March 31, 2023
submitted by the M/s. RT Jain & Co LLP, Chartered Accountants does not contain any
qualification, reservation or adverse remark.
26. REPORTTNGOF FRAUD
There was no instance of fraud during the year under review, which
required the Statutory Auditors to report under Section 143(12) of the Act and the Rules
made thereunder.
27. COST AUDIT AND COST RECORDS
Provision of Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014 are not applicable to the Company during
the financial year under review.
28. SECRETARIALAUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and rules made thereunder, the Company has appointed NKM & Associates, Company
Secretaries ("Secretarial Auditors") to undertake the Secretarial Audit of the
Companyfor the financial year 2022-23 and the same was conducted by them in accordance
with the provisions of Section 204 of the Act. The Secretarial Auditors Report is
attached to this Annual Report at Annexure - 4.
The Secretarial Auditors observations are self-explanatory.
29. SECRETARIAL STANDARDS
The Company has complied with the applicable SS-1 (Secretarial Standard
on Meetings of the Board of Directors) and SS- 2 (Secretarial Standard on General
Meetings) issued by the Institute of Company Secretaries of India and approved by the
Central Government under Section 118(10) of the Companies Act, 2013.
30. TRANSFER OF UNCLAIMED DIVIDENDAND EQUITY SHARES TO INVESTOR
EDUCATIONAND PROTECTION FUND (IEPF)
Pursuant to Section 124 of the Act read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund Rules), 2016 (‘the
IEPF Rules), during the year under review, no amount of Unclaimed dividend and
corresponding equity shares were due to be transferred to IEPF account.
31. INTERNAL CONTROL SYSTEMSAND THEIRADEQUACY
The Company has an adequate system of internal control to ensure that
the resources are used efficiently and effectively so that:
• assets are safeguarded and protected against loss from
unauthorized use or disposition.
• all significant transactions are authorised, recorded and
reported correctly.
• financial and other data are reliable for preparing financial
information.
• other data are appropriate for maintaining accountability of
assets.
The internal control is supplemented by an extensive internal audits
programme, review by management along with documented policies, guidelines and procedures.
32. INTERNALFINANCIALCONTROLS AND THEIR ADEQUACY
The Company has in place adequate internal financial controls
commensurate with the size, scale and complexity of its operations. The Company has
policies and procedures in place for ensuring proper and efficient conduct of its
business, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records and the timely preparation
of reliable financial information. The Company has adopted accounting policies, which are
in line with the Accounting Standards and the Act.
33. RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner. Your Company
periodically assesses risk elements in the internal and external environment, along with
the cost of treating such risk elements and incorporates risk treatment plans in its
strategy, business and operational plans. As on the date of this report, the Company does
not foresee any critical risk, which threatens its existence.
34. PREVENTION OF SEXUAL HARASSMENT POLICY
The Company has always believed in providing a conducive work
environment devoid of discrimination and harassment including sexual harassment. The
Company has a well formulated Policy on Prevention and Redressal of Sexual Harassment. The
objective of the Policy is to prohibit, prevent and address issues of sexual harassment at
the workplace. This Policy has striven to prescribe a code of conduct for the employees
and all employees have access to the Policy document and are required to strictly abide by
it. The Policy covers all employees, irrespective of their nature of employment and is
also applicable in respect of all allegations of sexual harassment made by an outsider
against an employee.
The Company has duly constituted an Internal Complaints Committee in
line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder.
During the year 2022-23, no case of Sexual Harassment was reported.
35. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Provision of Schedule VII of the Companies Act, 2013 read with
Companies Corporate Social Responsibility Policy Rules, 2014 are not applicable to the
Company during the year under review.
36. ENVIRONMENTAL SAFETY
Your Company is committed to ensure sound Safety, Health and
Environmental (SHE) performance related to its activities, products and services. Your
Company is taking continuous steps to develop Safer Process Technologies and Unit
Operations and has been investing heavily in areas such as Process Automation for
increased safety and reduction of human error element.
The Company is committed to continuously take further steps to provide
a safe and healthy environment.
37. INDUSTRIAL RELATIONS
The industrial relations continued to be generally peaceful and cordial
during the year under review.
38. CONSERVATION OFENERGY, TECHNOLOGYABSORPTIONAND FOREIGN EXCHANGE
EARNINGS AND OUTGO
(A) Conservation of Energy
Your company is taking continuously taking initiatives to ensure
optimum utilization of energy available in day-to-day operations. Your company uses energy
efficient lighting devices, light fittings to save energy, capacitor bank/devices to
maintain power factor which are environment and power efficient.
(B) TechnologyAbsorption
Your company is doing its business by ensuring optimum utilisation of
its available resources. Your company has not taken any research & development
activity so far.
(C) Foreign Exchange Earnings and Outgo
The Company has foreign earning of Rs. 624.54 lakhs and and outgo of
Rs. 12.99 lakhs during the financial year 202223.
39. PUBLIC DEPOSITS
Your Company has not accepted any deposit falling under Chapter V of
the Act during the year under review. There were no such deposits outstanding at the
beginning and end of the FY 2022-23.
40. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION
Disclosure pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed to the Report as Annexure - 5
and 6. In terms of proviso to Section 136(1) of the Act, the Report and Accounts are being
sent to the Members, excluding statement containing particulars of top 10 employees and
the employees, drawing remuneration in excess of limits prescribed under Rule 5(2) and (3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The
said Statement is also open for inspection. Any member interested in obtaining a copy of
the same may write to the Company Secretary
41. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
The Business Responsibility Reporting as required under SEBI (LODR),
2015 and is not applicable to your Company for the financial year under review.
42. MANAGEMENTDISCUSSIONANDANALYSIS
Management Discussion and Analysis Report for the year 2022-23 as
stipulated under SEBI (LODR), Regulations, 2015 has annexed and forming the part of this
Report.
43. DISCLOSURE OFAGREEMENTS
As on date of the notification i.e., June 14, 2023, there was no
agreement are subsisting as specified in clause 5A of para-A of part A of Schedule III of
SEBI LODR Second Amendment Regulations, 2023.
44. CAUTIONARY STATEMENT
Statements in this Report, Management Discussion and Analysis,
Corporate Governance, notice to the Shareholders or elsewhere in this Annual Report,
describing the Companys objectives, projections, estimates and expectations may
constitute ‘forward looking statement within the meaning of applicable laws and
regulations. Actual results might differ materially from those either expressed or implied
in the statement depending on the Market conditions and circumstances.
45. ACKNOWLEDGEMENTANDAPPRECTATTON
Your directors would like to acknowledge and place on record their
sincere appreciation to all Stakeholders, Clients, Financial Institutions, Banks, Central
and State Governments, the Companys valued Investors and all other Business
Partners, for their continued co-operation and support extended during the year.
Your Directors recognize and appreciate the efforts and hard work of
all the employees of the Company and their continued contribution to promote its
development.
| On behalf of the Board |
| For Nibe Limited |
| Ganesh Ramesh Nibe |
| (Chairman & Managing Director) |
| DIN: 02932622 |
| Place: Pune |
| Dated: August 28, 2023 |
| Registered office |
| Plot No. A-3/B in the Chakan Industrial Area Phase- II, |
| Village: Khalumbre, Taluka - Khed, Pune 410501 |
+91-9892691696
