Dear Members,
Your Directors are pleased to present herewith their Report on the business and
Operation of the Company together with the Audited financials and Report of Secretarial
Auditor for the financial year ended on 31st March, 2023.
Financial Highlights
| Details |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
| Revenue from Operations |
6,694.85 |
6,351.14 |
| Other Income |
21.63 |
10.41 |
| Depreciation and amortization expenses |
216.32 |
211.01 |
| Finance Cost |
215.50 |
233.88 |
| Other expenditure |
52.00 |
75.08 |
| Profit/(Loss) before tax |
14.56 |
15.98 |
| Tax Expenses |
|
|
| Current Tax |
2.23 |
3.78 |
| MAT Credit Entitlement |
(2.23) |
(3.78) |
| Earlier Years Tax |
- |
0.06 |
| Deferred Tax (Assets)/Liabilities |
(8.96) |
2.98 |
| Net Profit/(Loss) after tax |
23.52 |
18.89 |
| Total other comprehensive income, net of tax |
13.15 |
5.34 |
| Total Comprehensive income for the year, net of tax |
36.68 |
24.23 |
| Earnings per Share (Basic)/ (Diluted) |
0.26 |
0.21 |
REVIEW OF OPERATIONS AND FUTURE PROSPECTS
During the year under review the Company has recorded total revenue of ?6,716.48 Lakh
as against ? 6,361.56 Lakh in the previous financial year.
Your Company performed better during the year, despite challenging economic conditions,
Your Directors is of the opinion that the Company has the immense potential and adequate
resources to achieve the rapid rate of growth in the coming years. Your Company hopes to
increase its presence in the business in other Geographical Regions in the coming years,
which will significantly increase the top line and also its profitability.
CHANGE IN NATURE OF BUSNIESS
During the period under review, the Company has not changes its nature of business.
BUSINESS STRATEGY
At Kuwer, we are constantly striving to achieve higher goals and have been adding new
machinery and developing new products/ applications with the aim of meeting the
ever-changing needs of the discerning customer. With a team of dedicated qualified
professionals and Total Quality Management, we are able to deliver the right product to
ensure total customer satisfaction. The Company continues to focus on quality and strives
to exceed the customer expectations at all times we have extended its scope of working by
using allied Equipments.
We adhere to stringent quality control norms during all production stages, right from
raw material sourcing till the shipment of goods. The whole procedures of quality control
are perceived by our in-house Quality Assurance and Control (QA & C) department.
CAPITAL EXPENDITURE
Your Company is continuously from past many years has tried and given its best to serve
to its customer, industry and its environment in which its exist and in this regards has
upgraded the Boilers in the plants to CNG engines from Diesel engines by investing 15-20
Lakh to perform its work more efficiently.
INDUSTRIAL RELATIONS
Your Company has always considered its workforce as its valuable asset and continues to
invest in their excellence and development programs. Your Company has taken several
initiatives for enhancing employee engagement and satisfaction.
DIVIDEND
The Board of Directors of your company, after considering holistically the relevant
circumstances, has decided that it would be prudent, not to recommend any Dividend for the
financial year ended March 31, 2023. The Board assures you to present a much strong
financial statements in coming years.
PUBLIC DEPOSITES
During the year under review, the Company has neither accepted nor renewed any deposits
in terms of Chapter V of the Companies Act, 2013 and Rules framed thereunder.
CHANGE IN SHARE CAPITAL
During the year under consideration there was no change in the Authorised Share Capital
of the Company and also there was no change in the Paid up Capital of the Company.
TRANSFER TO RESERVES (OTHER EQUITY)
Addition to the reserve is as follows:
(Amount in Lakhs
|
As at 31st March |
| Particulars |
2023 |
2022 |
| General Reserve |
|
|
| At the beginning of the year |
318.21 |
293.98 |
| Add: Transfer from Statement of Profit & Loss |
36.68 |
24.23 |
| Less: Prior Period Items |
9.98 |
- |
| At the end of the year |
344.90 |
318.21 |
| Security Premium Reserves |
|
|
| At the beginning of the year |
477.73 |
477.23 |
| Add: Additions During The Year |
- |
- |
| At the end of the year |
477.73 |
477.23 |
| Total |
822.63 |
795.94 |
AUDITORS AND AUDITORS REPORT
a. Statutory Auditor:
M/s PVSP & Co., Chartered Accountants (FRN: 008940N), New Delhi, continue as
Statutory Auditor of the Company. In accordance with Section 139 of the Companies Act,
2013, the Board of Directors at their meeting held on September 01, 2022, based on the
recommendation of the Audit Committee, has recommended the appointment of M/s PVSP &
Co., Chartered Accountants (FRN: 008940N), New Delhi, as a Statutory Auditor of the
Company for a period of 5 consecutive years, commencing from conclusion of 30th AGM till
the conclusion of 36th AGM, to be held in the Year 2027.
M/s PVSP & Co. have confirmed their willingness and eligibility for appointment in
accordance with Section 139 read with Section 141of the Act.
The Statutory Auditors of the Company have not reported any fraud as specified under
the second proviso of Section 143(12) of the Companies Act, 2013 (including any statutory
modification(s) or re-enactment(s) for the time being in force). The Auditors Report for
the financial year ended 31st March, 2023, does not contain any qualification, reservation
or adverse remark.
Auditors Report
Statutory Auditor of the Company has submitted Auditors Report on the Accounts of the
Company for the accounting year ended on 31st March, 2023. The Auditors report
is self - explanatory and requires no comments.
b. Secretarial Auditor
The Board has appointed M/s Amit H.V. & Associates (Prop. Mr. Amit Kumar), a
Practicing Company Secretary, to conduct Secretarial Audit under the provisions of Section
204 of the Companies Act, 2013 for the financial year 2022-23.
The Secretarial Auditor of the Company have submitted their Report in form No. MR-3 as
required under Section 204 of the Companies Act, 2013 for the financial year ended 31st
March, 2023. The Secretarial Auditor Repot is annexed herewith and marked as Annexure I
to this Report. Explanation to the observation of Secretarial Auditor is as follows:
1. In terms of Regulation 46 of SEBI (Listing Obligation and Disclosure Requirement)
Regulations, 2015, listed entity is required to maintain a functional website containing
the basic information about the Company. During the year under review it has been observed
that the Companys website is not working, management of the Company trying to resolve the
same at earliest.
2. In terms of Securities and Exchange Board of India Circular No. Cir/ISD/3/2011, the
100 percent Promoters holding is to be in dematerialized form:. During the year under
review it has been observed that Promoter shareholding are not in 100% Demat form.
Management Reply
Management of the Company assure you that Effective and Efficient steps will be taken
by the Company in the Coming Financial Year to resolve and Comply all the above mentioned
Remarks given by the Secretarial Auditor of the Company.
c. Internal Auditor
Your Company appointed M/s A B N K & Co., Chartered Accountants, New Delhi, FRN:
033641N, as the internal auditor for the financial year 2022-23.
DIRECTORS AND KEYMANAGERIAL PERSONEL
APPOINTMENT, RETIREMENTS AND RESIGNATION
During the financial year 2022-23, there has been no change in the Directorship of the
Company.
In accordance with the requirements of the Companies Act, 2013 the Directors liable to
retire by rotation shall not include Independent Directors and Additional Director, hence
the number of Directors whose office is liable to retire at the annual general meeting are
2 namely:
1. Mr. Tarun Aggarwal
2. Mrs. Megha Agarwal
Mrs. Megha Agarwal the Director of the Company retires by rotation and being eligible
offer herself for Re- appointment.
Appointments
During the financial year 2022-23, there has been no change in the Directorship of the
Company.
Resignation
During the financial year 2022-23, there has been no change in the Directorship of the
Company.
Retirements by Rotation:
Pursuant to the provisions of Section 152(6) and other applicable provisions, of the
Companies Act, 2013 and Articles of Association of the Company, Mrs. Megha Agarwal (DIN:
07129138), Director of the Company, retires by rotation at the ensuing Annual General
Meeting and being eligible has offered for her re-appointment.
DIRECTOR AND KEY MANAGERIAL PERSONNEL (KMPs)
Pursuant to provisions of Section 2(51) and 203 of the Companies Act, 2013, the Key
Managerial Personnel (KMP) of the Company during the year are as follows:-
| Mr. Tarun Aggarwal |
Managing Director |
| Mrs. Megha Aggarwal |
Whole Time Director |
| Mrs. Usha Aggarwal |
Non-Executive Director |
| Mr. Rahul Agarwal |
Non-Executive Independent Directors |
| Mrs. Anjali Garg |
Non-Executive Independent Directors |
| Mr. Pranav Gupta |
Non-Executive Independent Directors |
| Mr. Hanuman Kumar |
Chief Financial Officer |
| Mr. Jagdish Chandra* |
Company Secretary |
| Ms. Kalpana Sharma** |
Company Secretary |
None of the Directors of the Company are disqualified as per section 164(2) of the
Companies Act, 2013 and Rules made thereunder or any other provisions of the Companies
Act, 2013. The Directors have also made necessary disclosures to the extent as required
under provisions of section 184(1) of the Companies Act, 2013. All members of the Board of
Directors and senior management personnel affirmed compliance with the Companys Code of
Conduct policy for the FY 2022-23.
* Mr. Jagdish Chandra, Company Secretary had resigned from the post of Compliance
officer of the Company w.e.f. 10th January, 2023.
** Ms. Kalpana Sharma, has appointed as Compliance Officer being Company Secretary of
the Company w.e.f. 12th January, 2023. Further, she has resigned w.e.f. 04th
August, 2023 i.e. after closing of reporting FY.
Declaration by Independent Directors:
The Company has received declarations from all the Independent Directors of the Company
confirming that:
a) they meet the criteria of independence as prescribed under section 149 of the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015; and
b) they have registered their names in the Independent Directors Data bank pursuant to
Sub-rule (1) and (2) of Rule 6 of the Companies (Appointment and Qualifications of
Directors) Rules, 2014 and amendments thereto.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015, the Board has carried out an annual
evaluation of its own performance, as well as the evaluation of the working of its
Committees and individual Directors, including Chairman of the Board. The performance
evaluation of all the Directors was carried out by the Nomination and Remuneration
Committee. The performance evaluation of the Board as a Whole and the Non-Independent
Directors was carried out by the Independent Director While evaluating the performance and
effectiveness of the Board, various aspects of the Boards functioning such as adequacy of
the composition and quality of the Board, time devoted by the Board to Companys long-term
strategic issues, quality and transparency of Board discussions, execution and performance
of specific duties, obligations and governance were taken into consideration. Committee
performance was evaluated on the basis of their effectiveness in carrying out respective
mandates. A separate exercise was carried out to evaluate the performance of Directors,
who were evaluated on parameters such as level of engagement and contribution to Board
deliberations, independence of judgments, safeguarding the interest of the Company and
focus on creation of shareholders value, ability to guide the Company in key matters,
attendance at meetings, etc. The Executive Directors were evaluated on parameters such as
strategy implementation, leadership skills, quality, quantity and timeliness of the
information flow to the Board
The Directors expressed their satisfaction with the evaluation process.
EFFICIENT INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
Adequate internal controls have been laid down by the Company to safeguard and protect
its assets as well as to improve the overall productivity of its operations. All the
transactions are properly authorized, recorded and reported to the management. The Company
is following all the applicable Accounting Standards for properly maintaining the books of
accounts and reporting financial statements. Te detailed process of review not only
ensures reliability of control systems and legal compliances with applicable legislation,
defined policies and processes but also reviews efficiency of systems and ensures
safeguarding of tangible and intangible assets.
NOMINATION & REMUNERATION POLICY
The Board of Directors, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors, Key Managerial
Personnel, Senior Management and their remuneration as required under Section 178 of the
Companies Act, 2013. The Nomination & Remuneration Policy of the Company is annexed
herewith and marked as Annexure II to this Report.
RISK MANAGEMENT
The Company has adopted the Risk Management policy that defines and lays out the
strategies and methodology to decide on the risk taking ability of the organization. The
Company constantly reviews its exposure to various types of risk, whether it be
regulatory, operational, environmental, financial or political. The Company has in place
adequate systems to ensure compliance with all regulatory and statutory matters reviews
the same on a periodic basis and takes appropriate corrective action when necessary.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors acknowledges the responsibility for ensuring compliance with the
provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 in the
preparation of the annual accounts for the year ended 31st March, 2023 and
state that:
a. In the preparation of the Annual Accounts for the year ended 31st March, 2023, the
applicable accounting standards read with requirements set out under Schedule III to the
Companies Act, 2013, have been followed and there are no material departures from the
same;
b. That 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 affairs of the company at the end of the
financial year and of the profit and loss of the company for that period;
c. That the directors had taken proper and sufficient care 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;
d. That the directors had prepared the annual accounts on a going concern basis;
e. The directors, had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively; and
f. That the directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
Based on the internal financial control framework, audit procedure and compliance
system as established and maintained by the Company, the Board is of the opinion that the
Companys internal financial controls were adequate and effective during the financial
year 2022-23.
PARTICULARS OF EMPLOYEES
During the year under review no employee is covered as per rules 5(2) & (3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, therefore no
statement is required be given showing the names and other particulars of the employees
drawing remuneration in excess of the limits set out in the said rules are not applicable.
PARTICULARS OF REMUNERATION
The information required under Section 197(12) of the Companies Act, 2013 read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014.
i. The ratio of the remuneration of each Director to the median remuneration of the
employees of the Company for the financial year 2022-23:
| Sr. No. |
Name of Director |
Remuneration Paid during F.Y. 2022-2023 |
Ratio |
| 1 |
Tarun Aggarwal |
9,00,000/- |
42.78 |
ii. The percentage increase in remuneration of each Director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager, if any, in the financial year
2019-20:
| Sr. No. |
Name of Director |
Remuneration Paid during F.Y. 2022-23 |
Remuneration Paid during F.Y. 2021-22 |
Percentage Change |
| 1 |
Tarun Aggarwal |
9,00,000/- |
9,00,000 |
Nil |
| 2 |
Hanuman Kumar (CFO) |
4,20,000 |
4,20,000 |
Nil |
| 3 |
CS Jagdish Chandra |
2,33,065 |
3,00,000 |
Nil |
| 4 |
CS Kalpana Sharma |
66,129 |
N.A. |
N.A. |
iii. The percentage increase in the median remuneration of employees in the financial
year 2022-23: There has been no change in the median remuneration to the employees.
iv. The number of permanent employees on the rolls of company: 45
v. Average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in the managerial remuneration: N.A.
vi. The key parameters for any variable component of remuneration availed by the
Directors: variable component of remuneration is availed by Directors.
vii. Affirmation that the remuneration is as per the remuneration policy of the
Company:
It is hereby affirmed that the remuneration paid is as per the Nomination and
Remuneration Policy of the Company.
LISTING ON THE STOCK EXCHANGE
The Equity shares of the Company are listed at BSE Limited. The trading in to the
equity shares of the Company is active on the BSE Limited under XD Group.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
There were no contracts or arrangements entered into by the Company in accordance with
the Section 188 of the Companies Act, 2013. However, there were related party
transactions. All related party transactions that were entered by the Company during the
financial year were in the ordinary course of business and on an arms length basis. All
related party transactions are presented to the Audit Committee and the Board for
approval.
Pursuant to Clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and
Rules 8(2) of the Companies (Accounts) Rules, 2014, the particulars of contracts or
arrangements or transactions entered into by the Company with related parties has
disclosed in Form No. AOC- 2 which is attached as Annexure-IV.
The policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board can be accessed on the Companys website at the link
www.kuwer.com.
The details of the transactions with related party are provided in the accompanying
financial statements.
COMMITTEES OF THE BOARD
The Committees of the Board focus on certain specific areas and make informed decisions
in line with the delegated authority. The following substantive Committees constituted by
the Board function according to their respective roles and defined scope:
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholder Relationship Committee
DISCLOSURES:
A) EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Rule 12 of the Companies (Management and
Administration) Rules, 2014 and Section 134(3)(a) of the Companies Act, 2013, the copy of
Annual Report in form MGT-7 is available at the official website of the Company
www.kuwer.com.
B) MEETINGS OF THE BOARD
The Board duly met at regular intervals to discuss and decide on business
strategies/policies and review the financial performance of the Company. The notice along
with agenda and notes on agenda of each Board Meeting was given in writing to each
Director.
During the financial year ended March 31, 2023, 6 meetings of the Board of Directors
were held as against the statutory minimum requirement of 4 times. None of the two Board
Meetings have a gap of more than 120 days between them. The dates of meetings are
mentioned below:
| Sr. No. |
Date |
Sr. No. |
Date |
| 1. |
30.05.2022 |
4. |
12.11.2022 |
| 2. |
13.08.2022 |
5. |
12.01.2023 |
| 3. |
03.09.2022 |
6. |
13.02.2023 |
C) COMPOSITION OF AUDIT COMMITTEE
The Board has constituted the Audit Committee under the applicable provisions of the
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Recommendation by Audit Committee: There were no such instances where the
recommendation of Audit Committee has not been accepted by the Board during the financial
year under review.
The Audit Committee presently comprises of three members, including one Executive
Director viz. Tarun Aggarwal, and two Non-executive Independent director viz. Mr. Pranav
Gupta, and Mr. Rahul Aggarwal who is Chairperson of the Committee. All the members are
well versed in corporate finance and related areas.
The representative(s) of Statutory Auditors are permanent invitees of Audit committee
meetings.
During the financial year under review, 4 (Four) Audit Committee Meetings were held.
The details of Meetings are as below:
| Date of Meeting |
Member Strength |
No. of Members present |
| 30.05.2022 |
3 |
3 |
| 13.08.2022 |
3 |
3 |
| 12.11.2022 |
3 |
3 |
| 13.02.2023 |
3 |
3 |
D) COMPOSITION OF NOMINATION AND REMUNERATION COMMITTEE
The Board has constituted the Nomination & Remuneration Committee under the
applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
The Nomination and Remuneration Committee as on date comprises of three members, Mr.
Pranav Gupta, Mrs. Anjali Garg, and Mr. Rahul Aggarwal, Mr. Pranav Gupta is Chairperson of
the Committee.
E) COMPOSITION OF STAKEHOLDER RELATIONSHIP COMMITTEE
The Board has constituted the Stakeholders & Relationship Committee under the
applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
The Stakeholder Relationship Committee as on date comprises of three members, including
one Executive Director viz. Tarun Aggarwal, and two Non-executive Independent director
viz. Mr. Pranav Gupta and Mr. Rahul Aggarwal.
F) VIGIL MACHANISM/WHISTLE BLOWER POLICY
The Company has established a Vigil Mechanism for its Directors and employees to report
their genuine concerns or grievances. The policy provides a framework for directors and
employees to report genuine concerns about unethical behavior, actual or suspected fraud
or violation of the Companys code of conduct or ethics policy. Protected disclosures can
be made by a whistle blower through an email or to the Chairman of the Audit Committee.
The vigil mechanism/whistle blower policy can be accessed on the Companys website at the
link: www.kuwer.com.
G) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at workplace. The Board of
Directors has constituted an Internal Complaints Committee to consider and redress
complaints of sexual harassment & also adopted a policy on prevention, prohibition and
redressal of sexual harassment at workplace in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the
rules framed thereunder.
During the financial year 2022-23, the Company has received no complaints on sexual
harassment.
H) PATICULARS OF LOANS GIVEN, INVESTMENT MADE, GUARANTEES GIVEN AND SECURITY PROVIDED
Particulars of loans given, investments made, guarantees given and securities provided
in the financial statements.
I) CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provision of Section 135 of Companies Act, 2013 Corporate Social Responsibility not
applicable on the Company.
J) CORPORATE GOVERNANCE REPORT
Regulation 27 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations,
2015 shall be applicable those companies having paid up equity share capital exceeding ?10
crore and Net Worth exceeding ? 25 crore, as on the last day of the previous financial
year. The paid up share capital and net worth of your Company do not come under the
purview of applicability of Regulation 27 of Listing Regulations i.e. Corporate
Governance. Therefore separate report of corporate governance is not attached herewith.
In spite of above exemption, Your Company adopts best practices for corporate
governance, disclosure standard and enhanced shareholder value while protecting the
interest of all other stakeholders including clients, its employee. This has enabled your
Company to earn the trust and goodwill of its investors, business partners, employees and
the communities in which it operates.
The certification by CFO as per regulation 15(2)(b) of SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015 is attached and marked as Annexure -‘C.
K) COST RECORDS
The provisions of Section 148 are not applicable on the Company. Consequently, the
company is not liable to maintain such cost records.
L) INTERNAL COMPLAINT COMMITTEE
The Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
M) DISCLOSURE RELATING TO MATERIAL VARIATION
As per Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015, there is no significant material variances noted in the Company.
N) SECRETARIAL STANDARDS
Secretarial Standards, i.e. SS-I, SS-II and SS-III relating to ‘Meetings of the
Board of Directors, ‘General Meetings and ‘Dividend respectively to the
extent as applicable have been duly followed by the Company.
O) TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
During the year under review, the Company has not transferred any amount in investor
Education and Protection Fund.
P) GENERAL
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Companies Act, 2013.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under
any scheme.
4. The Managing Directors of the Company did not receive any remuneration or commission
from subsidiary.
5. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Companys operations in future.
SUBSIDIARY & ASSOCIATE COMPANY
The Company does not have any subsidiary and associate Company.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO.
Information required to be given pursuant to section 134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 and forming part of the
Directors report for the year ended 31st March, 2023 are given below:
A. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
The provisions related conservation of energy does not apply to the Company, therefore,
the information as provided in Performa given in Form A under the Companies (Accounts)
Rules, 2014 is not given. However, the Company is conscious about its responsibility to
conserve energy, power and other energy sources wherever possible. We emphasis towards a
safe and clean environment and continue to adhere to all regulatory requirements and
guidelines.
The Company has been taking energy saving measures viz., Use of energy saver electrical
Equipments, CFL fittings are provided inside the building for common area lighting in the
projects of the Company, Efficient ventilation system in offices and the projects of the
Company.
Moreover, your company emphasis towards a safe and clean environment and continue to
adhere to all regulatory requirements and guidelines.
B. RESEARCH & DEVELOPMENT
Your company has not undertaken any research and development work during the year
2020-21. However, in order to minimize its cost and increase the quality of its projects,
your Company is trying to maintain highest standard of quality.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Details of Foreign Exchange, earnings and Outgo are given as below:-
| Particulars |
Year 2023 (Amount) |
Year 2022 (Amount) |
| Foreign Exchange Earning |
Nil |
Nil |
| Foreign Exchange Outgoing |
Nil |
Nil |
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and State Government as well as their respective Departments and
Development Authorities connected with the business of the Company, Bankers of the
Company, Housing Finance as well as other Institutions for their co-operation and
continued support.
b) The Shareholders, Depositors, Suppliers and Contractors for the trust and confidence
reposed and to the Customers for their valued patronage.
i) The Board also takes this opportunity to express its sincere appreciation for the
efforts put in by the officers and employees at all levels in achieving the results and
hopes that they would continue their sincere and dedicated Endeavour towards attainment of
better working results during the current year.
By order of the Board For Kuwer Industries Limited
|
Sd/- |
Sd/- |
|
Tarun Aggarwal |
Megha Aggarwal |
|
(Managing Director) |
(Whole Time Director) |
|
DIN:01320462 |
DIN:07129138 |
| Place: New Delhi |
D-1004, New Friends Colony, |
D-1004, New Friends Colony, |
| Date: 31.08.2023 |
New Delhi-110025 |
New Delhi-110025 |
+91-9892691696
