The Members,
Laxmi Organic Industries Limited
Your Directors are pleased to present their report on the business and
operations of your Company along with the audited accounts of your Company for the year
ended March 31, 2023.
1. FINANCIAL RESULTS:
(Rs in million)
Particulars |
Year Ended March 2023 |
Year Ended March 2022* |
Revenue from operation |
26,934.11 |
28,817.16 |
Profit before depreciation,
interest and tax |
2,723.47 |
3,546.50 |
Finance Cost |
184.72 |
142.25 |
Depreciation |
704.60 |
468.29 |
Profit before tax (PBT) |
1,834.15 |
2,935.96 |
Tax |
486.76 |
539.82 |
Net profit |
1,347.39 |
2,396.14 |
* The figures of FY 2021-22 are restated numbers to give effect of the
merger of Acetyls Holdings Private Limited (AHPL) and Yellowstone Chemicals Private
Limited (YCPL) w.e.f. October 02, 2021 in accordance with Appendix C of Ind AS 103-
Business Combinations.
2. DIVIDEND:
The Directors are pleased to recommend a Dividend of 25% (Rs 0.50 per
equity share) on the face value of Rs 2/- per share of the Company for the financial year
ended March 31, 2023. The Dividend, if approved by the Members at the ensuing Annual
General Meeting, will result into an outflow of approximately Rs 133.27 million.
The dividend pay-out for the year under review is in accordance with
the Dividend Policy approved and adopted by the Board of Directors of the Company.
3. FINANCIAL PERFORMANCE AND OPERATIONAL REVIEW:
Key financial highlights during the year were as under:
> Total Revenue from operations reduced by 6.5% to Rs 26,934.11
million against Rs 28,817.16 million of the previous year.
> Earnings before interest tax depreciation and amortization
(EBITDA) reduced by 23.2% to Rs 2,723.47 million against Rs 3,546.50 million of the
previous year.
> Profit Before Tax (PBT) reduced by 37.5% to Rs 1,834.15 million
against Rs 2,935.96 million of the previous year.
> Net Profit reduced by 43.8% to Rs 1,347.39 million from Rs
2,396.14 million of the previous year.
4. MANAGEMENTS DISCUSSION AND ANALYSIS
REPORT:
Managements Discussion and Analysis Report for the year under
review, as stipulated under the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations"), is presented in a separate section,
forming part of the Annual Report.
5. TRANSFER TO GENERAL RESERVE:
The Board of Directors of your Company has decided not to transfer any
amount to the General Reserve for the year under review.
6. SHARE CAPITAL:
The authorized share capital of the Company as on March 31, 2023
increased to Rs 76,00,00,000/- (Rupees Seventy Six Crore) divided into 38,00,00,000
(Thirty Eight - Crore) equity shares of Rs 2/- (Two) each after the absorption of Acetyl
Holdings Private Limited and Yellowstone Chemicals Private Limited ("Wholly Owned
Subsidiaries) during the financial year under review.
During the year under review, the Company has issued 15,13,435 Equity
Shares pursuant to the exercise of Options by the employees under Employee Stock Option
Scheme - 2020 ("ESOP-2020") and has granted 2,76,855 stock options as approved
by Nomination and Remuneration Committee on May 04, 2022.
7. EMPLOYEE STOCK OPTION SCHEMES:
The Company has one Employees Stock Option Schemes as under:
Laxmi - Employee Stock Option Plan -2020 (Active employee stock option
scheme):
Pursuant to the resolutions passed by the Shareholders on November 24,
2020, the Company has approved the Laxmi - Employee Stock Option Plan 2020 ("ESOP-2020")
for issue of employee stock options ("ESOPs") or thank you grants or
restricted stock units ("RSUs") to eligible employees up to 6,750,000
options, which may result in issue of not more than 6,750,000 Equity Shares. The primary
objective of ESOP-2020 is to reward and motivate the employees and to retain the employees
of the Company and its Subsidiaries, as the case may be, by way of rewarding their high
performance. ESOP-2020 is in compliance with the SEBI (Share Based Employee Benefits)
Regulations, 2014.
Pursuant to the provisions of SEBI (Share Based Employee Benefits)
Regulations, 2014 as amended from time to time, the details of stock options as on March
31, 2023 are specified in Annexure "A" to this Report.
8. FINANCE:
During the year under review the Company availed various credit
facilities from the existing Bankers as per the business requirements. Your Company has
been regular in paying interest and repayment of principal amount to all lenders.
Your Company runs a large foreign currency portfolio under the guidance
and supervision of its Finance Committee of the Board. It has a foreign currency
management policy approved and reviewed by the Board from time to time.
Versus the USD, during the fiscal under review, Indian Rupee
depreciated by 8.46% from Rs 75.77 on April 04, 2022, to Rs 82.18 on March 31, 2023. The
USD INR pair moved in the range of 83.29 - 75.31 with an annual realized volatility of
4.37% which is in line with the volatility of 4.35% of the previous financial year.
9. CREDIT RATING:
The Company‘s financial prudence, discipline and performance is
also acknowledged by credit rating agencies. Rated since 2018, by India Ratings &
Research Private Limited, your Companys debt facilities are rated as under:
Instrument |
Rating |
Term Loans |
Ind AA-/Positive |
Fund-based working capital
facility |
Ind AA-/Positive/IND A1+ |
Non-fund based working capital
facility |
IND A1 + |
Commercial paper |
IND A1 + |
10. RISK MANAGEMENT & INTERNAL FINANCIAL
CONTROLS:
The Company has well-established, comprehensive and adequate internal
controls commensurate with the size of the operations. These controls are designed to
assist in identification and management of business risks and ensuring high standards of
corporate governance. The internal financial controls have been documented and embedded in
the business processes. During the year, such controls were tested and no reportable
material weakness in the design or operation was observed.
Assurance on the effectiveness of internal financial controls is
obtained through monthly management reviews, control self-assessment, continuous
monitoring by functional experts as well as testing of the internal financial control
systems by the internal auditors during the course of their audits. The Internal Auditors
independently evaluate the adequacy of internal controls and concurrently audit the
majority of the transactions in value terms. Independence of the audit and compliance is
ensured by direct reporting of Internal Auditors to the Audit Committee of the Board.
To further strengthen the compliance processes the Company has an
internal compliance tool for assisting statutory compliances. This process is automated
and generates alerts for proper and timely compliance. We believe that these systems
provide reasonable assurance that our internal financial controls are designed effectively
and are operating as intended.
As per the requirements of SEBI Listing Regulations, 2015, a Risk
Management & ESG Governance Committee has been constituted with responsibility of
preparation of Risk Management Plan. The details of the constitution, authority and terms
of reference of the Risk Management & ESG Governance Committee is captured in the
Corporate Governance Report
11. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
The Companys Policy on Prevention of Sexual Harassment at
Workplace is in line with the requirements of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (Prevention of Sexual Harassment of
Women at Workplace Act) and rules framed thereunder. Internal Complaints Committee have
also been set up to redress complaints received regarding sexual harassment.
During the year under review, no complaints of sexual harassment were
received by the Company. The Company is committed to providing a safe and conducive work
environment to all of its employees and associates.
12. PERSONNEL/HUMAN RESOURCES DEVELOPMENT:
The employees are the most valuable asset for the Company and the
Companys focus remains to attract, develop and retain talent. The Company continues
to provide an environment of open culture and congenial work atmosphere and healthy
industrial relations and is committed to providing the employee with a pragmatic
workplace. During the year under review, the Company has undertaken new initiatives on
Human Resource front. For more details on HR initiatives please refer page no 28.
13. SUBSIDIARIES & JOINT VENTURE:
The details of the subsidiaries and the joint ventures as on March 31,
2023 is given as under:
Sr. No. |
Name & Country of
Incorporation |
Category |
1. |
Laxmi Organic Industries
(Europe) BV, Netherlands (LOBV) |
|
2. |
Cellbion Lifesciences Private
Limited, India (CLPL) |
|
3. |
Laxmi Lifesciences Private
Limited, India (LLPL) |
|
4.
5. |
Viva Lifesciences Private
Limited, India (VLPL)
Laxmi Speciality Chemicals (Shanghai) Co. Limited, China (LSCSCL) |
Wholly Owned Subsidiary |
6. |
Yellowstone Fine Chemicals
Private Limited, India (YFCPL) |
|
7. |
Yellowstone Speciality
Chemicals Private Limited, India (YSCPL) |
|
8. |
Laxmi USA LLC |
|
9. |
Saideep Traders, India (ST) |
Step Down Partnership firm |
10. |
Laxmi Italy Srl |
Step Down Subsidiary |
11. |
Cleanwin Energy One LLP, India
(CEOLLP) |
Associate Company |
12. |
Radiance MH Sunrise Seven
Private Limited |
Associate Company |
The financial information of the Subsidiary Companies as required
pursuant to Section 129(3) of the Companies Act, 2013 read with applicable provision of
the Companies (Accounts) Rules, 2014 is set out in Form No. AOC-1 is annexed as an Annexure
"B" to this report.
During the year under review, the scheme of merger of wholly owned
subsidiary namely, Acetyls Holding Private Limited (‘AHPL) and its step-down
subsidiary namely, Yellowstone Chemicals Private Limited (‘YCPL), with the
Company with the appointed date as of October 02, 2021 was approved by NCLT by passing a
Final Order dated August 28, 2022 (‘Final Order). As specified in the Final
Order the Company has filed Form INC-28 on September 30, 2022 and made the Final Order
effective. Consequently, the Company has merged the financials of AHPL and YCPL in these
Unaudited Standalone Financial Result.
During the year under review, Laxmi Petrochem Middle East FZE, a Wholly
Owned Overseas Subsidiary of the Company, incorporated in Dubai, has been dissolved with
effect from December 08, 2022 vide termination certificate issued by Hamriyah Free Zone
Authority, Government of Sharjah. The Company is also in the process of striking-off of
the name of the two other wholly owned subsidiaries namely, Laxmi Lifesicences Private
Limited and Yellowstone Specialty Chemicals Private Limited.
During the year under review, your Company has infused 26% equity
capital stake in Radiance MH Sunrise Seven Private Limited in order to avail benefits
under solar power energy schemes.
The annual accounts of Subsidiary Companies are available for
inspection by any Shareholder at the registered office of the Company and interested
Shareholder may obtain it by writing to the Company Secretary of the Company. The same are
also placed on the website at https://www.laxmi.com/investors/financials.
The Policy for determining material subsidiaries can be downloaded from
the website of the Company using following link: https://www.laxmi.com/investors/policies.
As per the materiality Policy, LOBV is a material subsidiary of the Company.
14. DIRECTORS:
a. Appointment/re-appointment/resignation:
Mr. Harshvardhan Goenka (DIN: 08239696) retires by rotation at the
ensuing Annual General Meeting and being eligible offer himself for reappointment. Based
on the performance evaluation and recommendation of the Nomination and Remuneration
Committee, the Board recommends his reappointment.
Further, during the year Mr. Satej Nabar (DIN: 06931190), the Executive
Director & Chief Executive Officer (ED & CEO) of the Company, resigned and decided
to move on from the Company to pursue his personal interests outside the organization. His
resignation has been effective from the closing business hours of April 02, 2023, and
consequently, Mr. Satej shall also cease to be the Key Managerial Personnel of the Company
effective closing business hours of April 02, 2023. The Board noted and accepted his
resignation at its meeting held on February 27, 2023 and places on record its immense
appreciation for his contribution during his tenure as an ED & CEO of the Company.
At the Board Meeting held on February 27, 2023, based on the
recommendation of the Nomination & Remuneration Committee, Dr. Rajan Venkatesh (DIN:
10057058), has been appointed by the Board as the Managing Director & Chief Executive
Officer (MD & CEO) of the Company for a period of five years with effect from April
03, 2023, till March 31, 2028. Dr. Rajan is also appointed as Key Managerial Personnel of
the Company with effect from April 03, 2023. Consequently, Mr. Ravi Goenka (DIN:
00059267), the current Chairman and Managing Director of the Company has stepped down from
the role of the Managing Director with effect from April 03, 2023, and he was appointed by
the Board as Whole-Time Director designated as Executive Chairman of the Company w.e.f.
April 03, 2023, for the remaining tenure of this appointment. The Company is in the
process of seeking Members approval for the aforesaid appointments/ change in
designation through postal ballot.
During the year under review, the non-executive directors of the
Company had no material pecuniary relationship or transactions with the Company, other
than sitting fees, commission, if any and reimbursement of expenses incurred by them for
the purpose of attending meetings of the Board/ Committee of the Company.
Details of the Directors seeking appointment/reappointment including
profile of these Directors, are given in the Notice convening the 34th Annual General
Meeting of the Company.
Based on the confirmations received, none of the Directors are
disqualified for appointment under Section 164(2) of Companies Act, 2013.
b. Key Managerial Personnel:
In accordance with the provisions of Section 2 03 of th e Companies
Act, 2013, and rules made thereunder, following are the Key Managerial Personnel of the
Company for the year ended March 31, 2023:
a. Mr. Ravi Goenka - Executive Chairman
b. Mr. Satej Nabar - Executive Director & CEO
c. Ms. Tanushree Bagrodia - CFO
d. Mr. Aniket Hirpara - Company Secretary &
Vice President - Legal and Secretarial
c. Declarations by Independent Directors:
Pursuant to the provisions of Section 149 of the Act, the Independent
Directors have submitted declarations that each of them meets the criteria of independence
as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation
16(1)(b) of the SEBI Listing Regulations, 2015. There has been no change in the
circumstances affecting their status of Independent Directors of the Company.
The Board is of the opinion that all the Independent Directors
appointed are of integrity and possess the requisite expertise and experience (including
the proficiency). In terms of Regulation 25(8) of the Listing Regulations, they have
confirmed that they are not aware of any circumstances or situation which exists or may be
reasonably anticipated that could impair or impact their ability to discharge their
duties. Based on the declarations received from the Independent Directors, the Board has
confirmed that they meet the criteria of independence as mentioned under Regulation
16(1)(b) of the Listing Regulations and that they are independent of the management.
d. Board Evaluation:
The details relating to the Boards Performance evaluation are in
the Corporate Governance Report.
14. FIXED DEPOSITS
During the year under review, the Company has not accepted any fixed
deposits from public pursuant to Section 73 and Section 76 of the Companies Act, 2013 read
with the Companies (Acceptance of Deposits) Rules, 2014, as amended from time to time.
15. INSURANCE:
All the assets of the Company, including the building, plant &
machinery and stocks at all locations, have been adequately insured.
16. CONTRACTS & ARRANGEMENTS WITH RELATED
PARTY:
All related party transactions that were entered into during the
financial year were on an arms length basis and were in the ordinary course of
business. There are no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.
All Related Party Transactions are placed before the Audit Committee
for approval and also before the Board for its noting and approval, if required as per the
policy on Materiality of Related Party Transaction of the Company. Prior omnibus approval
of the Audit Committee and Board is being obtained on a yearly basis for the transactions
which are foreseen and repetitive nature. The transactions entered into pursuant to the
omnibus approval so granted are reviewed periodically and a statement giving details of
all related party transactions along with the Arms Length Certificate obtained by
Independent Chartered Accountant, is placed before the Audit Committee and the Board of
Directors for their noting on a quarterly basis. The particulars of contracts entered
during the year as per Form AOC-2 are enclosed as Annexure "C". Members
may also refer to Annexure 1 to the standalone financial statement which sets out
related party disclosures pursuant to Ind AS.
Except Mr. Ravi Goenka, Mr. Harshvardhan Goenka and Mr. Rajeev Goenka,
none of the other Directors have any pecuniary relationships or transactions vis-a-vis the
Company.
17. AUDITORS AND AUDITORS REPORT:
Pursuant to the provisions of Section 139 of the Act read with
Companies (Audit and Auditors) Rules, 2014, as amended from time to time, Deloitte Haskins
& Sells LLP, Chartered Accountants (Firm Registration No. 117366W/W-100018), be and is
hereby appointed as Auditors of the Company in place of the retiring auditors, M/s.
Natvarlal Vepari & Co., Chartered
Accountants (Firm Registration No: 106971W) to hold office from the
conclusion of this 34th Annual General Meeting till the conclusion of the 39th Annual
General Meeting to be held in financial year 2027-28, at such remuneration, as may be
mutually agreed between the Board of Directors of the Company and the Auditors.
The notes on the financial statement referred to in the Auditors
Report are self-explanatory and do not call for any further comments. The Auditors
Report does not contain any qualification(s), reservation(s), adverse remark(s) or
disclaimer(s).
During the year under review, the Statutory Auditors have not reported
to the Audit Committee under Section 143(12) of the Companies Act, 2013, any instance of
fraud committee against the Company by its officers or employees, the details of which
would need to be mentioned in the Board Report.
18. SECRETARIAL AUDIT AND SERETARIAL STANDARDS:
The Board of Directors has on the recommendation of the Audit
Committee, appointed M/s GMJ & Associates, Practicing Company Secretary, to conduct
Secretarial Audit for the financial year 2023-24.
The Secretarial Audit Report for the financial year ended March 31,
2023 is annexed herewith marked as Annexure "D" to this Report. The
Secretarial Audit Report does not contain any qualification(s), reservation(s), adverse
remark(s) or disclaimer(s).
Additionally, in line with SEBI Circular dated February 08, 2019, an
Annual Secretarial Compliance Report confirming compliance of all applicable SEBI
Regulations, Circulars and Guidelines by the Company was issued by the Secretarial
Auditors and filed with the Stock Exchanges, is annexed to this report as Annexure
"E" The remarks provided in the report are self-explanatory.
The Directors state that applicable Secretarial Standards relating to
‘Meetings of the Board of Directors and ‘General Meetings, have been
duly complied with by the Company.
19. COST AUDITORS:
Pursuant to Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014, as amended, the cost audit record
maintained by the Company is required to be audited. The Board of Directors has on the
recommendation of the Audit Committee, appointed M/s. B.J.D. Nanabhoy & Company, a
firm of Cost Auditors for conducting the audit of such records and for preparing
Compliance Report for the Financial Year 2023-24.
M/s. B.J.D. Nanabhoy & Company have confirmed that their
appointment is within the limits of Section 141(3)(g) of the Companies Act, 2013, and
Rules made thereunder, and have also certified that they are free from any
disqualifications specified under Section 141(3) and proviso to Section 148(3) read with
Section 141(4) of the Act.
As required under the Companies Act, 2013, the remuneration payable to
the Cost Auditors is required to
be ratified by the members of the Company. Accordingly, resolution
seeking members ratification for remuneration to be paid to Cost Auditors is
included in the Notice convening Annual General Meeting.
Further, the Board hereby confirms that the maintenance of cost records
specified by the Central Government as per Section 148(1) of the Companies Act, 2013, and
rules made thereunder, is required and accordingly, such accounts/ records have been made
and maintained.
20. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Company is committed to contribute towards the local communities
through CSR initiatives under defined thematic areas like Health, Education, Water, and
Waste Management. During the year, various CSR initiatives have been undertaken. For more
details on CSR please refer page no 36. The Annual Report on CSR Activities as on March
31, 2023, is annexed herewith as Annexure "F".
21. OTHER DISCLOSURES:
a. Meetings:
The details of various meetings of the Board and its committees are
given in the Corporate Governance Report.
b. Committees of the Board:
The details of the various Committees constituted by the Board are
given in the Corporate Governance Report.
c. Material changes and commitments if any,
affecting the financial position of the Company:
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 and the date of this report.
d. Consolidated Financial Statements:
Your Companys Board of Directors is responsible for the
preparation of the Consolidated Financial Statements of your Company & its
Subsidiaries (‘the Group), in terms of the requirements of the Companies Act,
2013 and in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards specified under Section 133 of the Act. The
respective Board of Directors of the Companies included in the Group are responsible for
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets and for preventing and detecting frauds and other
irregularities, the selection and application of appropriate accounting policies, making
judgments and estimates that are reasonable and prudent, and the design, implementation
and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which have been
used for the purpose of preparation of the Consolidated Financial Statements by the
Directors of your Company, as aforestated. The Consolidated Financial Statements of the
Company and its subsidiaries is provided separately and forms part of the Annual Report.
e. Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo:
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is
annexed herewith as Annexure "G" and forms part of this Report.
f. Annual Return:
The copy of the annual return for financial year under review will be
uploaded on the website of the Company.
g. Loans, Guarantees and Investments:
Details of loans, guarantees and investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the notes to the
Financial Statements.
h. Particulars of Employees:
The information required pursuant to Section 197(12) of the Companies
Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, has been provided as Annexure "H"
The requisite details relating to the remuneration of the specified
employees under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 form part of this Report. Further, this report and
accounts are being sent to Members excluding the aforesaid annexure. In terms of Section
136 of the Act, the said annexure will be open for inspection by any Member. Interested
Members may write to the Company Secretary.
i. Disclosure pursuant to Section 197(14) of the
Companies Act, 2013, and Rules made thereunder:
The Managing Director and Whole Time Director of the Company are not in
receipt of any remuneration and/or commission from any Holding/Subsidiary Company, as the
case may be.
j. Significant and Material Orders passed by the
Regulators or Courts:
There are no significant material orders passed by regulators or courts
which would impact the going concern status of the Company and its future operations.
k. Statement of Deviation(s) or Variation(s):
During the year under review, there was no instance to report
containing Statement of Deviation(s) or Variation(s) as per Regulation 32 of SEBI Listing
Regulations, 2015.
22. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT:
Securities Exchange Board of India (SEBI) through a notification dated
May 05, 2021 has made amendments to certain provisions of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (LODR). As per the amendment, the listed
entities are required to submit a new report on ESG parameters, namely Business
Responsibility and Sustainability Report (BRSR) in the prescribed format. Since your
Company is one of the top 1000 listed entities as on March 31, 2023, we have prepared BRSR
for the Financial Year 2022-23, which is presented in a separate section, forming part of
the Annual Report.
23. CORPORATE GOVERNANCE REPORT:
The Corporate Governance Report relating to the year under review is
presented in a separate section, forming part of the Annual Report.
24. DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the following
statements in terms of Section 134(3)(c) of the Companies Act, 2013:
1. that in the preparation of the annual financial statements for the
year ended March 31, 2023, the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any;
2. that such accounting policies as mentioned in the Notes to the
Financial Statements have been selected and applied consistently and judgment and
estimates have been made that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at March 31, 2023 and of the profit of the
Company for the year ended on that date;
3. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
4. that the annual financial statements have been prepared on a going
concern basis;
5. that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively;
6. that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
25. ACKNOWLEDGEMENT:
Your Directors wish to place on record their sincere appreciation for
the continued cooperation and support of the customers, suppliers, bankers and Government
authorities. Your Directors also wish to place on record their deep appreciation for the
dedicated services rendered by the Companys executives, staff and workers.
|
By Order of the Board of
Directors |
|
For LAXMI ORGANIC INDUSTRIES
LIMITED |
Date: May 12, 2023 |
Ravi Goenka |
Place: Mumbai |
Executive Chairman |
+91-9892691696
