mangalam cement Directors report

for the year ended 31 st March, 2023

Dear Members,

The Directors have pleasure in presenting the 47th Annual Report of the Company together with the Audited Accounts for the year ended 31 st March, 2023. The summarized Financial Results are given below:

1. FINANCIAL RESULTS (Rs.in Lakhs)

	Current Year ended 31st March, 2023	Previous Year ended 31st March, 2022
Net Sales/ Income from operations	180158.56	156605.49
Profit before interest, Depreciation and Tax and other Amortisation fEBIDTA1)	18280.37	24582.07
Less: Depreciation and Amortisation Expenses Finance Costs	6947.22 6615.99	6229.83 6443.28
Profit/ (Loss) before Exceptional Items and Tax	4717.16	11908.96
Less: Exceptional Item	1945.09	-
Profit/ (Loss) before Tax	2772.07	11908.96
Less: Tax Expenses (net)	1059.77	4138.41
Net Profit for the year	1712.30	7770.55
Other Comprehensive Income (net of tax)	103.87	67.35
Total Comprehensive Income (after tax)	1816.17	7837.90

2. DIVIDEND

We recommend a dividend of Rs.1.50/-(Rupees One and Paisa Fifty Only) per equity share of Rs.10/- each for the year ended 31st March, 2023.

3. TRANSFER TO GENERAL RESERVE

The Directors have not proposed to transfer any amount to the General Reserve.

4. OVERALL PERFORMANCE

Performance of the Company has been comprehensively covered in the Management Discussion and Analysis, which forms a part of Directors Report.

5. MANAGEMENT DISCUSSION & ANALYSIS

Pursuant to the Regulation 34 (2) (e) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, Management Discussion and Analysis Report forms part of this Report.

6. RENEWABLE ENERGY

The Company owns 13 Wind Turbines with a total capacity of 13.65 MW. During the year the aggregate generation was 150.25 lakhs Kwh.

7. CAPTIVE THERMAL POWER PLANT

Your Company has 35MW (17.5x2) of captive Thermal Power Capacity and during the year the total generation was 1048.22 lakhs Kwh from the Captive Power Plant (CPP). It has also secured sufficient longterm sourcing

for its requirement of Thermal Coal for the CPP.

8. WASTE HEAT RECOVERY PLANT

The Waste Heat Recovery (WHR) Power Plant of 11 MW is running at its optimum capacity. This lowers the power costs for the Company and shall help to lower the impact of any fuel and power cost rise in future. The total generation from the Waste Heat Recovery Plant during the year was 695.28 lakhs Kwh.

9. FINANCE

During the period under review, the Company has made repayment/prepayment of term loan of Rs. 144.96 Crores to various banks.

During the period under review, the Company has availed various long term and short term credit facilities from various bankers from time to time as required.

10. RISK MANAGEMENT

In terms of the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has developed a risk management policy and identified risks and taken appropriate steps for their mitigation. Detailed disclosure on risks identified and mitigation steps have been included in the Management Discussion and Analysis set out in this Annual Report.

The Board of Directors have constituted a Risk Management Committee, the details of composition of

the Committee and meetings held during the financial year 2022-23 are provided in the Corporate Governance Report.

11. CREDIT RATINGS

During the year under review, CARE Ratings Limited ("CARE) has reaffirmed the existing rating for long term facilities/instruments of the Company as CARE A+; stable (Single A plus; outlook: stable).

Further, CARE has also reaffirmed its rating for Companys short term facilities as CARE A1+; stable (Single A One plus; outlook: stable).

Further, CARE has also reaffirmed its rating for commercial paper issuance as CARE A1 +; stable (Single A One plus; outlook: stable).

12. INSURANCE

Adequate insurance cover has been taken for the properties of the Company including buildings, plant and machinery and inventories.

13. DETAILS OF BOARD MEETINGS

The Board of Directors of your Company met 4 times in the year 2022-23. The details of the Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.

14. DIRECTORS

During the year under review, there was no change in the composition of the Board of the Directors of the Company.

Smt. Vidula Jalan ceased to be Co-Chairperson and Whole Time Director of the Company w.e.f. 11 th May, 2023 due to her sad demise. She was the Granddaughter of Pujya Syt. Basant Kumar Birla, the founder of the Company and the B. K. Birla group and wife of Shri Anshuman Vikram Jalan, Co-Chairperson of the Company. She was an effective leader and instrumental to the Companys fortune, its transformation and achieving new heights during her tenure. She was a great philanthropist & educationist, who successfully managed schools and various trusts for the benefit of the Society at large. Smt. Vidula Jalans sudden passing away is an irreparable loss to the Company.

Further the Board of Directors at the meeting held on 27th May, 2023 designated Shri A. V. Jalan (DIN: 01455782), from Co-Chairperson to Chairman of the Company w.e.f. 27th May, 2023.

In accordance with the provision of Section 152 (6) of the Companies Act, 2013 and pursuant to the Articles of Association of the Company, Shri A.V.Jalan (DIN: 01455782), Chairman & Whole Time Director of the Company, liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment. The Board recommends his reappointment. Details of the proposal for his reappointment are given in the Notice of the Annual General Meeting. His re-appointment at the 47th AGM as a Director retiring by rotation would not constitute break in his appointment as Whole Time Director & Chairman of the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 16(l)(b)of SEBI (LODR), 2015 and registered themselves with the Independent Directors database maintained by the Indian Institute of Corporate Affairs, Manesar, pursuant to the Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

The details of programmes for familiarisation of Independent Directors with the Company, their roles, rights, responsibility in the Company, nature of the industry in which the Company operates and other related matters are uploaded on the website of the Company at the link:

httpy/www.m angalamcement.com/pdf/familiarisation _programme.pdf.

15. DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors acknowledge 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 on 31 st March, 2023 and state that:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departures;

b) 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 of the Company for that period;

c) the directors had taken proper and sufficient care 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;

d) 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) the directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

16. KEY MANAGERIAL PERSONNEL

During the year under review, there was no change in the composition of Key Managerial Personnel of the Company.

The following employees were the Key Managerial Personnel of the Company during the year under review;

(i) Smt. Vidula Jalan, Co-Chairperson & Whole Time Director*

(ii) Shri A. V. Jalan, Co-Chairperson & Whole Time Director

(iii) Shri Yaswant Mishra, President (Corporate) & CFO

(iv) Shri Manoj Kumar, GM (Legal) & Company Secretary

* Smt. Vidula Jalan ceased to be Co-Chairperson and Whole Time Director of the Company w.e.f. nth May, 2023 due to sad demise.

17. REMUNERATION TO DIRECTORS & KEY MANAGERIAL PERSONNEL

(i) The Ratio of the remuneration of each Director to the median remuneration of employees of the Company for the year ended 31 st March, 2023, the percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary for the year ended 31 st March, 2023 are as under

Sr No.	Name of Diiector/CEO/CFO/ Company Secretary	Designation	Ratio of remuneration to median remuneration of the employees of the Company	Percentage increase /decrease in the remuneration for the Financial Year 2022-23
1	Smt. Vidula Jalan	Co-Chairperson, Executive Director	58.77	-15.18
2	Shri A V. Jalan	Co-Chairperson, Executive Director	56.75	-18.17
3	Smt. Aruna Makhan	Independent and Non-Executive Director	2.34	-26.19
4	ShriN.G. Khaitan	Independent and Non-Executive Director	2.14	-29.17
5	Shri Gaurav Goel	Independent and Non-Executive Director	1.99	-24.04
6	Shri K. C. Jain	Independent and Non-Executive Director	1.99	-30.70
7	Shri Yaswant Mishra	President (Corporate) & CFO	NA	-2.92
8	Shri Manoj Kumar	GM (Legal) & Company Secretary	NA	0.98

Median remuneration of the Employees of the Company during the financial year: 7 5.96 lakhs.

(ii) Percentage increase in the median remuneration of employees in the financial year 2022- 23 is 3.74%.

(iii) There are 1084 Permanent Employees on the rolls as on 31 st March, 2023 of the Company.

(iv) Average percentile decrease in salaries of the Employees other than Managerial Personnel in financial year 2022- 23 was 1.93% whereas decrease in the Managerial Remuneration for the same period was 13.62%, due to decrease in commission to Managerial Personnel.

(v) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has formulated a CSR Policy pursuant to the Section 135 of the Companies Act, 2013 and rules framed thereunder. The Policy has been framed for undertaking activities as may be found beneficial for upliftment of society, environment protection and economic development for the weaker section with preference to local areas and areas near Companys factory sites.

Pursuant to Section 135 (4) of the Companies Act 2013 and Rule 8 of the Companies (Corporate Social Responsibility Policy), Rules, 2014, a report on CSR containing particulars in the specified format is attached at Annexure-1.

The Composition of the Corporate Social Responsibility Committee (CSR) is as under

Name of the Member	Category
Smt. Vidula Jalan, Chairperson*	Executive Director
Shri A V. Jalan	Executive Director
Shri Gaurav Goel	Independent & Non Executive Director
Smt. Aruna Makhan#	Independent & Non Executive Director

Ceased to be Chairperson of the Committee w.e.f. 11th May, 2023.

appointed as member of Committee w.e.f. 27th May, 2023

The Corporate Social Responsibility (CSR) Policy as approved by the Board is uploaded on the Companys website at the web link: http://www.mangalamcement.com/pdf/policy/ corporate_social_responsibility_policy.pdf

19 . FINANCIAL STATEMENTS AND AUDITORS REPORT

The Financial Statements of the Company have been prepared in terms of provisions of Companies Act, 2013 and Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) by following the applicable Accounting Standards notified by the Ministry of Corporate Affairs and forms part of this Annual Report along with Auditors Report.

The Auditors Report to the shareholders does not contain any qualification, reservation or adverse remark.

20. STATUTORY AUDITORS

M/s. Singhi & Co., Chartered Accountants, (Firm Registration Number 302049E) were appointed as the Statutory Auditors of the Company for second term of 5 years at the 46th Annual

General Meeting of the Company and their term shall expire at ensuing 51 st Annual General Meeting of the Company.

21. COST AUDITOR AND COST AUDIT REPORT

In terms of the provisions of Section 148 of the Companies Act

2013, read with Companies (Cost Records and Audit) Rules,

2014, the Board of Directors of your Company have on the recommendation of the Audit Committee, appointed M/s. J. K. Kabra & Co., Cost Accountants, New Delhi as the Cost Auditors, to conduct the cost audit of your Company for the Financial Year 2023-24. The Company has recommended their remuneration to shareholders for ratification at the ensuing Annual General Meeting.

Your Company has maintained cost audit records pursuant to section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, in respect of the manufacturing activities are required. The cost audit report for the financial year 2021 -22 was filed with the Ministry of Corporate Affairs on 04th September, 2022. The Report does not contain any qualification, reservation or adverse remark.

22. SECRETARIAL AUDIT

Pursuant to Section 204 of the Companies Act 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Company had appointed M/s. Pinchaa & Co., Company Secretaries, Jaipur as Secretarial Auditor of the Company for the Year 2022-23.

The Secretarial Audit Report for the financial year 2022-23 forms part of this report as Annexure - 2. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

The Board has appointed M/s Pinchaa & Co., Practicing Company Secretaries, Jaipur(Firms U.C.N. P2016RJ051800 & Firms PR Certificate No. 832/2020) as Secretarial Auditor of the Company for the financial year 2023-24.

23. LOANS, GUARANTEES OR INVESTMENT

Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes forming part of the financial statements.

24. PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTIES

All the related party transactions are entered into at arms length in the ordinary course of business and are in compliance with the applicable provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There are no material significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel etc. which may have a potential conflict with the interests of the Company.

The Related Party Transaction Policy as approved by the Board is uploaded on the Companys website at the web link: http://www.mangalamcement.com/pdf/policy/ related_party_transactiorLpolicy.pdf

25. PARTICULARS OF EMPLOYEES

The information required under Section 197(12) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, the name and other particulars of employees are to be set out in the Directors Report as an addendum or annexure thereto.

However, in line with the provisions of Section 136(1) of the Companies Act 2013 the Report and Accounts as set out therein, are being sent to all Members of your Company and others entitled thereto, excluding the aforesaid information about the employees. Any Member who is interested in obtaining these particulars may write to the Company Secretary at the Registered Office of the Company. The aforesaid Annexure is also available for inspection by the Members at the Registered Office of the Company, 21 days before the 47th Annual General Meeting and up to the date of the said Annual General Meeting during the business hours on working days.

26. ANNUAL RETURN

The Annual Return of the Company has been placed on the website of the Company and can be accessed at http://www.mangalamcement.com/others.php

27. COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors affirms that the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (SSI and SS2) respectively relating to Meetings of the Board and its Committees and General Meeting which have mandatory application.

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A Statement containing the information required by Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, is set out in the statement at Annexure- 3 hereto and forms part of this Report.

29. CORPORATE GOVERNANCE

Your Directors reaffirm their continued commitment to good Corporate Governance practices. During the year under review, your Company was in compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, relating to Corporate Governance.

A report on Corporate Governance is enclosed at Annexure-4 hereto and forms part of this Annual Report. The Auditors certificate on compliance with the provision of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 relating to Corporate Governance is annexed to the Report on Corporate Governance.

30. COMPOSITION OF AUDIT COMMITTEE

In line with the provisions of Section 177 (8) of the Companies Act, 2013, the composition of the Committee is as below:

Name of Member	Category
Shri N. G. Khaitan -	Independent & Non-
Chairman	Executive Director
Smt. Aruna Makhan	Independent & Non- Executive Director
Shri Gaurav Goel	Independent & Non- Executive Director
Shri K. C. Jain	Independent & Non- Executive Director

The recommendation of Audit Committee as and when made to Board, have been accepted by it.

31. VIGIL MECHANISM

The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for Directors and employees of the Company to report concerns about unethical behavior, actual or suspected fraud or violation of the Com pan/s code of conduct or ethics policy. The mechanism under the policy has been appropriately communicated within the organization. The Whistle Blower Policy is available on the website of the Company.

32. PERFORAMCE EVALUATION

The Board has carried out an evaluation of its own performance as well as its Committees and individual Directors. The evaluation criteria, inter-alia, covered various aspects of the Boards functioning including its composition, execution and performance of specific duties, obligations and governance. A structured questionnaire, each in line with the circular issued by SEBI, for evaluation of the Board, its various Committees and individual Directors, was prepared and recommended to the Board by the Nomination & Remuneration Committee, for doing the required evaluation, after taking into consideration the inputs received from the Directors, covering various aspects of the Boards functioning, such as adequacy of the composition of the Board and its Committees, execution and performance of specific duties, obligations and governance, etc.

The performance of individual directors was evaluated on parameters such as level of engagement and contribution, independence of judgement, safeguarding the interest of the Company and its minority shareholders, time devoted, etc. The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. Independent Directors fulfil the criteria of independence and they are independent of managemenL The Directors expressed their satisfaction with the evaluation process.

The Independent Directors met on 30th March, 2023 to review the performance evaluation of the Non - Independent Directors and the entire Board of Directors and the Co-Chairpersons. The Independent Directors were well satisfied with the functioning of the Board, its various committees and of the performance of the Executive Directors.

33. KEY PARAMETERS FOR APPOINTMENT OF DIRECTORS & KEY MANAGERIAL PERSONNEL

The Nomination and Remuneration Committee has formulated a detailed policy for appointment of directors, key managerial personnel and senior management personnel, which is designed to attract motivate and retain best talent.

This policy applies to directors, senior management including its Key Managerial Personnel (KMP) and other employees of the Company. The compensation strategy revolves around getting the "best talent in the market". The remuneration of the Executive Directors and KMPs including the senior management personnel of the Company is recommended by the Nomination and Remuneration Committee based on the Companys remuneration structure taking into account factors such as level of experience, qualification and suitability etc. The Company generally pays remuneration by way of salary, perquisites and allowances (fixed component), incentive remuneration and/or commission (variable components).

Remuneration by way of commission to the Non-Executive Directors is decided by the Board on the recommendation of Nomination and Remuneration Committee as permitted by the Companies Act, 2013 in line with the approval granted by shareholders.

34. NOMINATION AND REMUNERATION POLICY

The Company has in place a formal Nomination and Remuneration Policy formulated as per the provisions of Section 178(3) of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The extract of the policy is attached at Annexure-5 to this Report. Further the above said policy is available at website of the Company at http://www.mangalamcement.com/ pdf/policy/nomination_ remuneration_policy.pdf

35. INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial control systems, commensurate with the size and complexity of its operations, to ensure proper recording of financial and monitoring of operational effectiveness and compliance of various regulatory and statutory requirements.

36. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORK PLACE

During the year under review, the Company has not received any complaint under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. The Company under the said Act has constituted Internal Complaint Committee for complaints.

37. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

A separate section of Business Responsibility And Sustainability Report forms part of this Annual Report as required under Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

38. ENVIROMENT, HEALTH AND SAFETY

Environment Health and Safety (EHS) is one of the primary focus areas for your Company. Your Companys EHS policy is to consider compliance to statutory EHS requirements as the minimum performance standard and is committed to go beyond and adopt stricter standards wherever appropriate.

Your Company have planted over 7779 saplings to ensure a dense green belt around the plant and mine areas. Company encourages its employees and their families to actively participate in its plantation drives.

Your Company also provided financial assistance to several hospitals and also adopted CHC Morak under a scheme of the Government of Rajasthan and assisted its maintenance and refurbishment.

Activities	No. of Patient(s)
OPD	24454
Periodical Health Check Up 6 monthly	753
Guest house Worker Health Check Up	13
Canteen Worker Health Check Up	20
Silicosis Camp on Date 1.7.2022	58

In your Company, safety is of utmost importance and a culture of safety is brought in, not just for the Companys staff but also for contract workers, raw material suppliers and transporters etc. through training programs/communications.

39. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

The Company has transferred a sum of Rs. 5,47,722/-during the financial year 2022-23 to the Investor Education and Protection Fund established by the Central Government in compliance with section 125 of the Companies Act, 2013. The said amount represents unclaimed dividends which were lying with the Company for a period of 7 years from their respective due dates of payment.

Further, in terms of Section 125(6) of the Companies Act 2013 read with Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (as amended from time to time), the Company has transferred 17,630 equity shares in respect of which dividends have remained unclaimed for a period of seven consecutive years to the IEPF Account established by the Central Government.

During the financial year 2022-23, pursuant to the Scheme of Amalgamation of Mangalam Timber Products Limited with your Company, the Company has transferred Rs. 8,59,303.76/-(net of tax) to the Investor Education and Protection Fund established by the Central Government against the fractional entitlement of shares of Mangalam Timber Products Limited lying with Investor Education Protection Fund.

40. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, an application was filed by a Creditor with Honble NCLT Jaipur Bench under section 9 of the Insolvency and Bankruptcy Code; 2016 and same was withdrawn by Creditor.

41. MATERIAL CHANGES AFTER THE CLOSE OF FINANCIAL YEAR

There has been no material changes and commitments which have occurred after the close of the year till the date of this Report affecting the financial position of the Company.

42. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

No significant and material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

43. SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANIES

Your Company does not have any Subsidiary, Associates and Joint Venture Company.

44. CHANGES IN NATURE OF BUSINESS

During the year under review, there were no changes in the nature of business.

45. REPORTING OF FRAUD BY THE AUDITORS

No fraud has been reported by the Auditors under Section 143(12) of the Act. Therefore, no further disclosures are required under Section 134(3)(ca) of the Act.

46. ONE-TIME SETTLEMENT WITH THE BANKS OR FINANCIAL INSTITUTIONS

No one-time settlement with Banks or Financial Institutions were entered into during the year.

47. PUBLIC DEPOSITS

Your Company has neither invited nor accepted any deposits from the public within the meaning of section 2(31) and 74 of the Companies Act 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 during the year and as such, no amount of principal or interest on deposit was outstanding as of the balance sheet date.

48. CASH FLOW ANALYSIS

In conformity with the provision of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a cash flow statement for the financial year ended 31 st March, 2023 forms part of the audited accounts.

49. AWARDS

Your Directors are pleased to inform you that your Company has received the following awards during the year 2022-23:

• FIVE STAR RATING AWARD 2022-2023: Ministry of Mines, Govt, of India had awarded Companys Morak Limestone Mines by Five Star Rating Award for Exemplary Performance in Implementation of Sustainable Development Framework" at Nagpur on dated 01.03.2023 by Mines Minister & Mines Secretary, Govt, of India.

• VARKSH VARDHAK AWARD 2022-2023: Forest Department, Govt, of Rajasthan awarded Company by Varksh Vardhak Award 2022-23"for the efforts made for Wildlife and Plantation in the area at Kota by Forest Department Authorities and Kota Collector.

• 33rd MINES ENVIRONMENT AND MINERAL CONSERVATION WEEK- 2022-2023: Indian Bureau of Mines, Govt of India has awarded Morak Limestone Mines of the Company by following Awards for the year 2022-2023.

S. No.	Description of Area	Award
1.	Reclamation & Rehabilitation Award	First
2.	Mineral Conservation Award	Second
3.	Waste Dump Management Award	Second
4.	Overall Category Award	Third
5.	Gagrana Motivational Award	Third

• Rajasthan Energy Conservation Award (RECA), 2022: During the year under review, your Company has received third prize in category of Industry-Cement from the Department of Energy, Government of Rajasthan for its efforts for Energy Conservation for the Year 2021 -22.

50. ACKNOWLEDGEMENTS

Your Directors wish to convey their gratitude and place on record their appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year.

Your Directors sincerely convey their appreciation to customers, shareholders, vendors, bankers, business associates, regulatory and government authorities for their continued support.