To,
The Members,
MADHUR INDUSTRIES LIMITED (CIN: L51909GJ1973PLC002252)
Your Directors have pleasure in presenting herewith their 50TH Annual Report
on the business and operation of the Company together with the Audited Statements of
Accounts of the Company for the financial year ended on 31st March, 2023.
1. FINANCIAL RESULTS-STANDALONE AND HIGHLIGHT:
(Rs. in lacs)
PARTICULARS |
2022-23 |
2021-22 |
| Revenue from Operations |
0.00 |
37.58 |
| Other income |
0.00 |
0.00 |
Total Income |
0.00 |
37.58 |
Profit/loss before Depreciation, Finance Costs, |
-38.64 |
-20.77 |
Exceptional items and Tax Expense |
|
|
| Less: Depreciation |
9.71 |
10.59 |
Profit/loss before Finance Costs, Exceptional items and Tax Expense |
-48.35 |
-31.36 |
| Less: Finance Cost |
0.00 |
0.00 |
Profit/loss before Exceptional items and Tax Expense |
-48.35 |
-31.36 |
| Less: Exceptional Items |
0.00 |
0.00 |
Profit / (Loss) Before Tax |
-48.35 |
-31.36 |
| Provision for Tax & Deferred Tax |
0.00 |
0.00 |
Profit / (Loss) After Tax |
-48.35 |
-31.36 |
| Other Comprehensive income (net of tax effect) |
0.00 |
0.00 |
Total Comprehensive income |
-48.35 |
-31.36 |
Add : Balance as per last Financial Statement |
168.54 |
199.9 |
| Disposable Surplus |
0.00 |
0.00 |
Less : Transfer to General Reserve |
0.00 |
0.00 |
| Dividend Paid (20-21) |
0.00 |
0.00 |
| Dividend Paid (19-20) |
0.00 |
0.00 |
| Dividend Distribution Tax (20-21) |
0.00 |
0.00 |
| Dividend Distribution Tax (19-20) |
0.00 |
0.00 |
Balance carried forward |
120.19 |
168.54 |
2. STATE OF COMPANYS AFFAIRS AND OPERATIONS:
Madhur Industries Limited (CIN: L51909GJ1973PLC002252) is a leading
manufacturing Company in food products. Madhur is a well-known name in the Indian food
industry since 1975. It has achieved great reputation in the market because of the unique
taste of its products, which it has maintained since it came into business.
• SEGMENT-WISE POSITION OF BUSINESS AND ITS OPERATIONS:
The Company is engaged in only one business i.e. manufacturing of food products.
Accordingly there are no segments of business activity of the Company
• CHANGE IN STATUS OF THE COMPANY:
The status of the company has not been changed during the financial year 2022-23.
•KEY BUSINESS DEVELOPMENTS:
The company owns a well-equipped laboratory where all the products are examined in
detail. The laboratory has modern equipments like Gas-chromatography, HPLC,
Spectrophotometer and it is also equipped for conducting microbiological test & other
routine tests. As a result of which, Madhur is able to meet all National and International
Standards like ASTA, EEC, BIS, PFA, CODEX or whatever an individual buyers requirements
may be. Madhur is an ISO 9001-2000 and HACCP certified company.
• CHANGE IN THE FINANCIAL YEAR:
The company has not changed its financial year during the year.
• CAPITAL EXPENDITURE PROGRAMMES: Not Applicable
• DETAILS AND STATUS OF ACQUISITION, MERGER, EXPANSION MODERNIZATION AND
DIVERSIFICATION: Not Applicable
• DEVELOPMENTS, ACQUISITION AND ASSIGNMENT OF MATERIAL INTELLECTUAL PROPERTY
RIGHTS: Not Applicable
• ANY OTHER MATERIAL EVENT HAVING AN IMPACT ON THE AFFAIRS OF THE COMPANY:
No material events have occurred during the financial year 2022-23 which impact on the
affairs of the Company.
3. MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:
No material changes and commitment have occurred during the financial year 2022-23
which impact on the financial position of the Company.
4. NUMBER OF THE BOARD MEETINGS CONDUCTED DURING THE FINANCIAL YEAR SPECIFYING
THE DATES OF THE BOARD MEETINGS:
During the year, (8) Eight Board Meetings and (4) Four Audit Committee Meetings were
duly convened and held. The following are the dates on which the said Board Meetings held:
Sr. no. |
Board Meeting |
Audit Committee Meeting |
| 1 |
30/05/2022 |
30/05/2022 |
| 2 |
21/06/2022 |
10/08/2022 |
| 3 |
10/08/2022 |
14/11/2022 |
| 4 |
14/11/2022 |
13/02/2023 |
| 5 |
01/09/2022 |
- |
| 6 |
15/10/2022 |
- |
| 7. |
14/11/2022 |
- |
| 8. |
13/02/2023 |
- |
The intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
•COMMITTEES:
The company has several committees which have been established as a part of best
corporate governance practices and are in compliance with the requirements of the relevant
provisions of applicable laws and statues. The Board has constituted following Committees:
•Audit Committee
•Nomination and Remuneration Committee
• Stakeholders Relationship Committee
The details with respect to the compositions, powers, roles, terms of reference etc. of
relevant committees are given in detail in the ‘Report on Corporate Governance of
the company which forms part of this Annual Report.
5. DETAILS OF DIRECTOR WHO WERE APPOINTED OR RESIGNED DURING THE FINANCIAL YEAR:
There was following changes took place in the composition of the Board of Directors of
the Company during the financial year under review:
The Board Of Directors of the company had Change the designation of MR. VINIT
RAMESHCHANDRA PARIKH (DIN: 00494521) from Non Executive Additional Director to Executive
Managing Director and MR. SHALIN VINITBHAI PARIKH (DIN: 00494506) from Executive Managing
Director to Executive Director by way of Board Resolution dated 01/09/2022 and
subsequently approved by the Members of the Company in the Annual General Meeting dated
30/09/2022.
MR. SUBHASH SHERSING YADAV (DIN: 08064166) resigned from the Non-Executive Director
post with effect from 14/10/2022.
There was no change took place in the composition of the Key Managerial Persons (KMP)
of the Company during the financial year under review.
6. DIRECTOR RESPONSIBILITY STATEMENT:
Pursuant to requirement under 134 (3) (c) and Section 134(5) of the Companies Act, 2013
(Act), Directors, confirm that:
• In the preparation of the annual accounts for the financial year ended on 31st
March, 2023 the applicable accounting standards read with requirement set out under
Schedule III to the Act, have been followed and there are no material departures from the
same;
• The Directors have 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 as at March 31, 2023 and
of the profit of the company for the financial year ended on that date;
• The Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the company and for preventing and detecting fraud and other irregularities;
•The Directors had prepared the annual accounts on a going concern basis;
• The Directors, had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are operating
effectively and;
• The Directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
7. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS/COURTS/ TRIBUNALS
AGAINST THE GOING CONCERN STATUS OF THE COMPANY:
No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Companys operation in future.
8. DETAILS OF FRAUD REPORTED BY THE AUDITOR UNDER SUB SECTION (12) OF SEC 143 OF
COMPANIES ACT:
During the financial year 2022-23, the Statutory Auditor has not reported to the audit
committee any instance of fraud committed against the Company by its employees or officers
under section 143(12), the details of which need to be reported in Boards Report.
9. EXTRACTS OF ANNUAL RETURN:
Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the
Companies Act 2013, read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 the extracts of the Annual Return as at March 31, 2023 forms part of this
report as ‘Annexure: I.
10. COMMENTS BY THE BOARD ON QUALIFICATION AND ADVERSE REMARK BY
THE SECRETARIAL AUDITORS IN THEIR SECRETARIAL AUDIT REPORT:
Pursuant to Section 204 of the Companies Act, 2013, your company had appointed
M/S. HARISH P. JAIN AND ASSOCIATES, Practicing Company Secretaries, Ahmedabad, as
its Secretarial Auditors to conduct the Secretarial Audit of the company for F.Y.2022-23.
The Report of the Secretarial Auditor for the F.Y. 2022-23 is annexed to this report as
‘Annexure: II to the Directors Report.
The Board of Directors of the Company has discussed the remarks as mentioned in
Secretarial Audit Report at arms length. The qualification raised by the Secretarial
Auditor in its report and the justification of Board of Directors on the same are as
follows:
SR.NO QUALIFICATION |
JUSTIFICATION OF BOARD |
1. Not in compliance with the Section 185 of the Companies Act,
2013 with regards the Loans and Advance granted to the Companies in which directors are
interested. |
The company has granted the loan to the related parties in previous
financial years. The Board of Directors undertaken to repay the same at the earliest. |
2 It has been observed that the company has maintained a
website of the company. However it has not been updated by the company as per the
requirement of regulation of 46 SEBI (LODR) Regulation, 2015. |
The company has started uploading data on the website of the company. |
4 Company has yet not installed SDD software as per LODR. |
Company is in the process of installing the required software. |
11. STATEMENT THAT COMPANY COMPLIES WITH SECRETARIAL STANDARDS:
M/S. HARISH P. JAIN AND ASSOCIATES, Practicing Company Secretaries, Ahmedabad, have
examined the books, papers, minute books, forms and returns filed and other records
maintained by M/S. MADHUR INDUSTRIESLIMITED for the financial year ended on 31ST
MARCH, 2023 according to the provisions of The Companies Act, 2013 (the Act) and the rules
made thereunder, Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act) and The Listing Agreements entered into by the
Company with BSE Limited Stock Exchange(s). During the period under review the Company has
complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above subject.
12. THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES:
The company has not transferred any amount to reserves during the financial year under
review.
13. DIVIDEND RECOMMENDATION FOR THE FINANCIAL YEAR 2022-23:
Due to loss in the financial year 2022-23, the Directors did not recommend dividend
during the financial year under review.
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS PROVIDED UNDER
SECTION 186:
In terms of provisions of Section 134(3) (G), the company has not granted any Loans,
guarantee, or made Investment during the year 2022-23. However, the Disclosure as per
Section 134(3) (g) containing the Particulars of Loans, Guarantees or Investments under
Section 186, is annexed hereto as "Annexure: III" and forms part of this
Report.
15. CHANGE IN THE NATURE OF BUSINESS IF ANY:
There has been no change in the nature of business of the company during financial year
under review.
16. STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO
PROFICIENCY, INTEGRITY OF I.D. APPOINTED DURING THE FINANCIAL YEAR:
The existing Independent Directors of the Company are engaged with the Company Since
many years and having vast experience and profound knowledge with respect to workings of
the Company. They also possess industry specific knowledge and skills which is beneficial
for growth of the Company. The Company can reach higher level of growth in terms of
business expansion and turnover under their guidance and leadership.
During the year under review, the non-executive directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses incurred by them for the purpose of attending
meetings of the Board/Committee of the Company.
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed under
sub-section 6 of Section 149 of the Companies Act, 2013 and under Regulation 16 (b) of
SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015.
17. NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE THE SUBSIDIARY, ASSOCIATE,
JOINT VENTURE DURING THE FINANCIAL YEAR. THE DETAILS ABOUT THESE COMPANIES SHALL BE GIVEN
IN FORM AOC-1:
During the financial year under review, The Company has not entered into transactions
with its subsidiaries, associates and joint ventures and not become or ceased to be the
subsidiaries, associates, and joint ventures.
18. DETAILS OF DEPOSITS ACCEPTED, UNPAID, UNCLAIMED AND DEFAULTED IN
THE REPAYMENT DURING THE FINANCIAL YEAR:
Your Company has not accepted any fixed deposits from the public within the provisions
of Section 73 to 76 of the Companies Act, 2013. The company has accepted the unsecured
Loan from directors of the company in the past which is exempt as per Section 73 of the
Companies Act, 2013. Hence, the disclosures required as per Rule 8(5)(V)&(VI) of the
Companies (Accounts) Rules, 2014, read with Section 73 to 76 of the Companies Act, 2013
are not applicable to your Company.
19. DETAILS OF DEPOSIT NOT IN COMPLIANCE WITH CHAPTER V OF THE ACT:
Your Company has not accepted any deposits from the public which is not in compliance
of Chapter V of the act.
20. FOREIGN EXCHANGE EARNINGS AND OUTGO DURING THE FINANCIAL YEAR:
The Company has not carried out any activities relating to the import and export during
the financial year.
21. DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AS
MENTIONED IN RULE 8 COMPANIES (ACCOUNTS) RULES, 2014:
(a) Conservation Of Energy:
| (i) The steps taken or impact on conservation of energy |
N.A. |
| (ii) The steps taken by the company for utilizing alternate sources of
energy |
N.A. |
| (iii) The capital investment on energy conservation equipments |
N.A. |
(b) Technology absorption:
| (i) the efforts made towards technology absorption |
N.A. |
| (ii) the benefits derived like product improvement, cost reduction,
product development or import substitution |
N.A. |
| (iii) in case of imported technology (imported during the last three
years reckoned from the beginning of the financial year)- |
N.A. |
| (a) the details of technology imported |
N.A. |
| (b) the year of import; |
N.A. |
| (c) whether the technology been fully absorbed |
N.A. |
| (d) if not fully absorbed, areas where absorption has not taken place,
and the reasons thereof |
N.A. |
| (iv) the expenditure incurred on Research and Development |
N.A. |
The efforts are being made for energy conservation to new and innovative means.
Further, the Company did not have any imported technology during the financial year.
22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO THE FINANCIAL STATEMENTS:
During the year, the Company continue to implement suggestions and recommendations to
improve the control environment. Their scope of work includes review of processes for
safeguarding the assets of the Company, review of operational efficiency, effectiveness of
systems and processes, and assessing the internal control strengths in all areas.
23. DISCLOSURE WHETHER THE MAINTENANCE OF COST RECORDS AS SPECIFIED
BY CG SECTION UNDER SECTION 148(1) OF THE COMPANIES ACT, 2013 IS REQUIRED TO BE
MAINTAINED BY THE COMPANY OR NOT:
Pursuant to Section-148 (1) of the Companies Act, 2013 read with Rule 3 of Companies
(Cost Records and Audit) Rules, 2014, Company does not fall under the criteria for
maintaining cost record for the financial year 2022-23.
24. STATEMENT THAT COMPANY HAS COMPLIED PROVISIONS RELATING TO
INTERNAL COMPLAINT COMMITTEE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT 2013:
Disclosure under Section 22 of the Sexual Harassment of Women At Workplace (Prevention,
Prohibition And Redressal) Act, 2013:
Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 every company having 10 or more employees engaged in
the company during the financial year is required to set up an Internal Complaints
Committee to look into complaints relating to sexual harassment at work place received
from any women employee.
There is only one employee working in the Organization. The motive of the company is to
provide the protection against the Sexual Harassment of woman employee at the work place.
However, the company is not required to setup the internal complaints committee in
accordance with the section 22 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. During the year no complaints were received by the
Internal Complaints committee for sexual harassment from any of the women employees of the
company.
25. A STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE
BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTOR:
The Board of Directors has carried out an annual evaluation of its own performance,
Board committees and individual directors pursuant to the provisions of the Companies Act,
2013 and the corporate governance requirements as prescribed by Securities and Exchange
Board of India ("SEBI") under Regulation 17, 18, 19, 20, 21, 22, 23, 24, 25, 26,
27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of
Schedule V of SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015. The
Board and the Nomination and Remuneration Committee ("NRC") reviewed the
performance of the individual directors on the basis of the criteria such as the
contribution of the individual director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects
of his role.
In a separate meeting of independent Directors, performance of non-independent
directors, performance of the board as a whole and performance of the Chairman was
evaluated, taking into account the views of executive directors and non-executive
directors. The same was discussed in the board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its committees and
individual directors was also discussed.
26. PARTICULARS OF CONTRACT OR ARRANGEMENTS WITH RELATED PARTIES.
THE DETAILS OF SUCH SHALL BE PROVIDED IN ANNEXURE IN FORM AOC-2:
All related party transactions those were entered during the financial year were in
ordinary course of the business of the company and were on arms length basis. All such
Related Party Transactions are placed before the Audit Committee for approval.
The particulars of every contract or arrangements entered into by the Company with
related parties referred to the sub-section (1) of section 188 of the Companies Act, 2013,
are disclosed in Form No. AOC-2 ‘Annexure: IV the same forms part of this
report, pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies
(Accounts) Rules, 2014.
27. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTOR:
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed under
sub-section 6 of Section 149 of the Companies Act, 2013 and under Regulation 16 (b) of
SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015.
28. DISCLOSURE ABOUT THE COMPANYS POLICY ON DIRECTORS APPOINTMENT
AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE
ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED:
The Board has on the recommendation of Nomination and Remuneration/ Compensation
Committee framed a policy on directors appointment and remuneration of Directors
including criteria for determining qualification, positive attributes, independence of
directors and remuneration for Directors, Key Managerial Personnel and other employees.
The policy is annexed to this report as ‘Annexure: V.
29. COMPOSITION OF THE AUDIT COMMITTEE AND IF THE BOARD HAS NOT ACCEPTED ANY
RECOMMENDATION OF THE AUDIT COMMITTEE, THE SAME SHALL ALSO BE DISCLOSED ALONG WITH REASONS
THEREFORE:
The Audit Committee comprises of 3 members out of which 2 are Non-Executive and
Independent Directors. Accordingly, the Company has complied with the requirements of
Regulation 18 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015
relating to composition of Audit Committee. The Audit Committee has reviewed financial
condition and results of operations forming part of the management discussion and
analysis, statement of significant related party transactions as submitted by the
management.
30. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013,
and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations,
2015 a Vigil Mechanism for directors and employees to report genuine concerns has been
established. The Vigil Mechanism Policy has been uploaded on the website of the Company at
www.madhur.co under investors/others/Whistle blower Policy link.
31. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY (ONLY
IF THERE ARE ANY RISK):
The Company has developed and implemented a risk management policy which identifies
major risks which may threaten the existence of the Company. The same has also been
adopted by your Board and is also subject to its review from time to time. Risk mitigation
process and measures have been also formulated and clearly spelled out in the said policy.
32. IF THE FINANCIAL STATEMENTS AND THE BOARD REPORT HAS BEEN REVISED BY THE COMPANY
UNDER SECTION 131 OF THE COMPANIES ACT THEN THE DETAILED REASONS FOR REVISION OF SUCH
FINANCIAL STATEMENT OR REPORT SHALL ALSO BE DISCLOSED:
The company has been not revised financial statement and the board report.
33. DETAILS ABOUT POLICY DEVELOPED BY THE COMPANY ON CSR INITIATIVES
DURING THE YEAR. THE ANNUAL REPORT OF CSR SHALL BE ENCLOSED AS AN ANNEXURE IN THE BOARD
REPORT:
The company does not fall under the purview of the section 135 of the Companies Act,
2013 which requires formulating a Corporate Social Responsibility Committee and adopting
any activities as specified in Schedule VII.
34. DETAILS OF ESOP GRANTED, VESTED, EXERCISED, LAPSED DURING THE
FINANCIAL YEAR ALONG WITH THE DETAILS OF EMPLOYEES TO WHOM SUCH ESOP IS GRANTED,
VESTED, EXERCISED, LAPSED:
The company does not introduce an employee stock option plan (ESOP) during the period
under review.
35. SHARE CAPITAL OF THE COMPANY AND THE DETAILS OF ISSUE OF SECURITIES MADE DURING THE
FINANCIAL YEAR:
As on 31st March, 2023, the Authorized Share Capital of the Company is Rs.
5,00,00,000/- (Rupees Five Crore Only) Comprising of 50,00,000 (Fifty Lakh only) Equity
Shares of Rs. 10/-(Rupee Ten only). As on 31st March, 2023, the Paid-up Shares
Capital of the Company is Rs. 4,09,00,000/- (Rupees Four Crore Nine Lakh Only) Comprising
of 40,90,000 (Forty Lakh Ninety Thousand only) Equity Shares of Rs. 10/-(Rupee Ten only).
The company has not issued any securities during the period under review.
36. NAME OF THE STATUTORY AUDITOR OF THE COMPANY AND THE CHANGES IN THE APPOINTMENT OF
THE AUDITOR DURING THE FINANCIAL YEAR:
Pursuant to the provisions of Section 139 of the Companies Act, 2013, M/S. RAHUL
KAKANI & ASSOCIATES (FIRM REG. NO: 130198W), Chartered Accountants, have been
appointed as Statutory Auditors of the company at the Annual General Meeting held on
September 28, 2018 to hold the office till the conclusion of Annual General Meeting of the
Company for the financial year 2022-2023. Auditors comments on your companys accounts for
year ended March 31, 2023 are self-explanatory in nature and do not require any
explanation as per provisions of Section 134 (3) (f) of the Companies Act, 2013. Notes to
the accounts referred to in Auditors report are self explanatory and therefore do not
call for any further comments.
37. NAME OF THE SECRETARIAL AUDITOR AND THE STATEMENT THAT THE SECRETARIAL AUDIT REPORT
IS ATTACHED AS AN ANNEXURE TO THE REPORT IN FORM MR-3:
Pursuant to Section 204 of the Companies Act, 2013, your company had appointed
M/S. HARISH P. JAIN AND ASSOCIATES, Practicing Company Secretaries, Ahmedabad, as
its Secretarial Auditors to conduct the Secretarial Audit of the company for F.Y. 2022-23.
The Report of the Secretarial Auditor for the F.Y. 2022-23 is annexed to this report as
‘Annexure: II to the Directors Report.
38. DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION AND REMUNERATION BY MD, WTD FROM A
COMPANY AND PARTICULARS OF EMPLOYEES REMUNERATION AS PER SECTION 197:
The ratio of the remuneration of each director to the median employees remuneration
and other details in terms of sub-section 12 of Section 197, of the Companies Act, 2013
read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, are forming part of this report as "Annexure
VI".
The statement containing particulars of employees as required under Section 197(12) of
the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is not provided as no employees is paid remuneration
of Rs. 8.5 Lac Per Month and Rs. 1.02 Cr. Per Annum.
40. DISCLOSURE ABOUT INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the year, no application was made or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016) before the regulators or courts, or tribunals
impacting the going concern status and the Companys operation in the future.
41. DISCLOSURE REGARDING VALUATION:
Declaration regarding valuation disclosure is not applicable to the company during year
under review.
42. ACKNOWLEDGEMENT:
Your Directors wish to place on record their gratitude and sincere appreciation for the
assistance and co-operation received from the financial institutions, banks, Government
authorities, customers, vendors and members during the year under review. Your Directors
would like to express a profound sense of appreciation for the commitment shown by the
employees in supporting the Company in its continued robust performance on all fronts.
BY ORDER OF THE BOARD OF DIRECTORS |
|
FOR MADHUR INDUSTRIES LIMITED |
|
SD/- |
|
VINIT PARIKH |
|
MANAGING DIRECTOR |
DATE: 05TH SEPTEMBER, 2023 |
(DIN: 00494521) |
PLACE: AHMEDABAD |
+91-9892691696
