Your Directors have pleasure in presenting the management discussion and analysis report for the year ended on March 31, 2025.
GLOBAL MODULAR KITCHEN INDUSTRY
Global Modular Kitchen Market will be US$ 28.6 Billion by 2027, from US$ 20.7 Billion in 2020. Global Modular Kitchen Industry will grow at a healthy CAGR of 4.73% during 2020-2027.
In recent years, global phenomena have changed about Kitchen, as this reflects style and personality. Around the globe, the most common grievance everyone has about kitchens doesnt have enough space and to overcome these types of grievances, key players play a crucial role and have Modular kitchens in the houses.
The kitchen is probably the warmest part of every home. Worldwide, with shrinking homes and surging modernization, modular kitchen have become basic necessity of every house nowadays. The kind of space available would play a significant role in determining the types of modular kitchen.
In addition, around the globe, the online distribution channel is playing a vital role in the growth of the modular kitchen market. The factor driving this market is a growing number of partnerships between real estates project developers and modular kitchen manufacturers, rising middle-class population, declining household square feet size, and global surge in the residential construction industry project.
INDIAN MODULAR KITCHEN INDUSTRY
Introduction
The Indian modular kitchen market stood at $206 million in 2018 and is projected to grow at a CAGR of over 27% during 2019-2024 to reach $862 million in future. The projected figure accounts for 8-10% of organised market for modular kitchen. Rest 90% is still untapped. So there will be a huge boom in the modular kitchen industry in INDIA in the coming future. This is the reason big MNCs like Century Ply, Samsung, Panasonic, Asian Paints, Nilkamal Plastics, Johnson & Johnson, Reliance, etc are entering this industry for big exposure.
Market Overview
A modular kitchen encompasses a range of fixtures and cabinets assembled in a planned manner to facilitate effective usage of kitchen space. A modular kitchen normally consists of wooden cabinets, countertops, internal accessories including built-in covered baskets, and household and kitchen appliances such as a washbasin, dishwasher, chimney, cooking range/stove, and microwave oven. It is custom designed, and customers can choose from a variety of options, features, colors, and patterns.
Kitchens are gaining recognition in the home improvement category to augment both its functionality and decor. Either for homemakers or working professionals, restructuring and remodeling the kitchen to a more attractive one has become a trend.
The modular kitchen market is driven by a rising middle-class population, decreasing household size, growing demand for premiumization, changing customer preference, growing partnerships between contractors and real estate project developers for designing modular kitchens. As many nuclear families are growing preference for small houses and space-saving ideas are giving growth to the modular kitchen market.
Over the last few years, kitchen market in India witnessed an inclination towards modern designs and comfort. Among Indian consumers, kitchen is no longer considered as a separate unit, but a regular space for socializing, relaxation, and imaginativeness.
With consumers showcasing inclination to experiment with design, textures, and adolescent color combinations, manufacturers have been set free to offer consumers with world class products. Consumers are progressively looking at premium designs and features such as magic corners and kitchen island concepts to add more luxury touch to the cooking space.
Key Market Trends
Online Distribution Channel is Expected to Grow Fast
• People are shifting on online marketing and shopping, with the growing internet user base. The online distribution channels have a platform where the people can select and buy kitchen accessories and design as per their choice, need and budget.
• However, due to the lack of touch and feel concept, the offline channel still holds the major market share.
• With the business expansion strategy of companies including Panasonic, TTK Prestige, and Johnson into modular kitchen space, the number of branded stores in the nation are increasing. For instance, Panasonic had announced the launch of its first exclusive L-Class Modular Kitchen experiential and franchise store in Bengaluru in 2019. Also, the company aims rapid expansion in the modular kitchen business by tapping metro and other small cities.
Residential Segment is Expected to Grow Fast
• The growing middle class is also propelling the modular kitchen market, with rising income levels and improving living standards.
• Significant growth of residential construction industry is expected to be a key driver for the market.
• Rising demand for space saving, efficient storage that optimize usage of small spaces among consumers is expected to increase the product demand. These kitchen set-ups provide convenient and efficient storage for the essential kitchen commodities such as utensils, appliances, and groceries, in the available space.
Competitive Landscape
The modular kitchen market is fragmented with many small and regional competitors present in the market. Manufacturers are strategically involving in expanding the business by merging and acquiring companies in the market. The market is majorly dominated by several small players holding a market share of more than 80%. The companies in the organized sector are executing strategies to expand their business into Tier II and Tier III cities.
This modular kitchen market analysis report entails exhaustive statistical qualitative and quantitative data on Geography (Europe, North America, APAC, South America, and MEA) and Product (Floor cabinets, Wall cabinets, and Tall storage) and their contribution to the target market. View our sample report to gather market insights on the segmentations.
Government Initiatives
In response to the COVID-19 shock, the government and the Reserve Bank of India took several monetary and fiscal policy measures to support vulnerable firms and households, expand service delivery (with increased spending on health and social protection) and cushion the impact of the crisis on the economy.
The government is also exploring the idea of furniture clusters, on the line of leather clusters, wherein large- scale manufacturing can take place.
The move is crucial as besides China, India also imports furniture from Korea and some ASIAN countries with which it has free trade agreements that limits the scope for duty hikes.
(Source : India Overview: Development news, research, data : World Bank
The Road Ahead
The vision of our company was crystal clear since its inception. The objective is to cater to every socio- economic strata of the society be it the lower middle class / middle class or the upper class. Making durable and cost effective products that are of world class standards will always remain on the cards.
Currently we are present in in almost all states of India with 300+ dealers and 25+ distributors and have customers in Asian, Europe and North American Countries. The aim is to add 1000 dealers Pan-India in the next 5 years and add more customers from developed countries. We also plan to enter the bedroom and living room segments in the future thus making us a company which offers a 360 degree product solution for the entire home needs.
INDUSTRY OVERVIEW
The Indian kitchen basket manufacturing industry is poised for growth, driven by the expanding modular kitchen market and evolving consumer preferences. While competition is intense, opportunities abound for manufacturers who can innovate, maintain high quality, and leverage emerging trends such as sustainability and digital sales channels.
SWOT ANALYSIS
Strengths
Product Range and Variety:
Offering a wide range of kitchen baskets (e.g., stainless steel, plastic, wire, and modular designs) caters to diverse consumer needs.
Established Brand Reputation:
A well-known brand with a history of quality and reliability can command customer loyalty and premium pricing.
Quality Control:
High standards of quality control ensure product durability and customer satisfaction, reducing returns and complaints.
Efficient Manufacturing Processes:
Advanced manufacturing techniques and automation improve production efficiency, reducing costs and increasing profit margins.
Distribution Network:
A strong distribution network, including partnerships with major retailers and a robust e-commerce presence, ensures broad market reach.
Weaknesses
Dependence on Raw Material Prices:
Volatility in the prices of raw materials like metal and plastic can significantly affect production costs and profit margins.
Limited Innovation:
If the company focuses mainly on traditional designs, it may struggle to meet the demand for innovative and space-saving kitchen solutions.
High Production Costs:
High labor or energy costs may reduce competitiveness, especially against manufacturers in low-cost regions.
Environmental Impact:
If the manufacturing process is not environmentally friendly, it could lead to regulatory challenges and negative consumer perceptions.
Overreliance on Key Markets:
Dependence on a few key geographic markets can be risky if economic conditions or consumer preferences change in those regions.
Opportunities
Growing Demand for Sustainable Products:
Increasing consumer interest in eco-friendly products presents an opportunity to innovate with sustainable materials and production methods.
Expansion into Emerging Markets:
Urbanization and rising disposable incomes in emerging markets create opportunities for market expansion.
E-commerce Growth:
The continued growth of online shopping allows for direct-to-consumer sales, which can increase margins and customer reach.
Customization and Personalization:
Offering customizable kitchen basket solutions can meet the rising consumer demand for personalized products.
Collaborations and Partnerships:
Forming strategic alliances with designers, retailers, or technology companies can enhance product offerings and market reach.
Threats
Intense Competition:
The kitchen basket market is highly competitive, with many low-cost manufacturers, particularly from Asia, which can drive down prices and profit margins.
Economic Downturns:
Economic recessions or slowdowns in key markets could reduce consumer spending on non-essential goods like kitchen baskets.
Supply Chain Disruptions:
Global supply chain challenges, such as delays or increased costs, can impact the availability of materials and the ability to meet production schedules.
Regulatory Changes:
Changes in environmental regulations could increase production costs, especially if new investments in sustainable practices are required.
Technological Obsolescence:
Rapid technological advancements could render current manufacturing processes or materials obsolete, requiring significant investment to stay competitive.
AUDIT AND INTERNAL CONTROL SYSTEM
One of the key requirements of the Companies Act, 2013 is that companies should have adequate Internal Financial Controls (IFC) and that such controls should operate effectively. Internal Financial Controls means the policies and procedures adopted by the Company for ensuring orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information. Your Company process of assessment ensures that not only does adequate controls exist, but it can also be evidenced by unambiguous documentation. The process involves scoping and planning to identify and map significant accounts and processes based on materiality. Thereafter, risk is identified and their associated controls are mapped, else remediation is implemented. These controls are tested to assess operating effectiveness. The auditor performs independent testing of controls. The Auditors Report is required to comment on whether the Company has adequate IFC system in place and such controls are operating effectively. Your Companys Internal Control System is robust and well established. It includes documented rules and guidelines for conducting business. The environment and controls are periodically monitored through procedures/ processes set by the management, covering critical and important areas. These controls are periodically reviewed and updated to reflect the changes in the business and environment.
RAW MATERIAL PRICES
The prices of basic major raw materials used in our manufacturing process viz. stainless steel scrap /flats of various grades doesnt affect much, as we are working in open market scenario.
FINANCIAL PERFORMANCE
During the year under review on the basis of Standalone and Consolidated Financial Statement the Companys total revenue from operations during the financial year ended 31st March, 2025 were Rs.4368.11 Lacs as against Rs.3771.06 Lacs of the previous year. The Company has made Net Profit of Rs.481.72 Lacs as against Rs.342.96 Lacs of the previous year. The EPS of the Company for the year 2024-25 is Rs.3.19 as against Rs.2.27 of previous year
MATERIAL DEVELOPMENTS IN HR / INDUSTRIAL RELATION / NUMBER OF PERSON EMPLOYED
Our Company believes that the human capital is key to bring in progress. The Company believes in maintaining cordial relation with its employees, which is one of the key pillars of the Companys business. The Companys HR policies and practices are built on core values of Integrity, Passion, Speed, and Commitment. The Companys focus is on recruitment of good talent and retention of the talent pool. The Company is hopeful and confident of achieving the same to be able to deliver results and value for our shareholders. As on 31stMarch, 2025, the total employees on the Companys rolls stood at 88.
ACCOUNTING POLICIES
The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The financial statements have been prepared under the historical cost convention on an accrual basis. The management accepts responsibility for the integrity and objectivity of the financial statements, as well as for the various estimates and judgment used therein.
DISCLOSURE OF ACCOUNTING TREATMENT IN PREPARATION OF FINANCIAL STATEMENT
The Company has followed all relevant Accounting Standards laid down by the Institute of Chartered Accountants of India (ICAI) while preparing Financial Statements.
DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS
The Company has identified the following ratios as key financial ratios:
Sr. No. |
Particulars | 2024-25 | 2023-24 | Changes |
| 1. | Debtors Turnover | 4.75 | 5.42 | -12.45% |
| 2. | Interest Coverage | 12.35 | 12.91 | -4.39% |
| Ratio | ||||
| 3. | Current Ratio | 1.97 | 2.36 | -16.64% |
| 4. | Debt Equity Ratio | 0.39 | 0.32 | 24.96% |
CAUTIONERY STATEMENT
Statements in this report on Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.
Form No. MR-3
SECRETARIAL AUDIT REPORT
For The Financial Year Ended 31st March 2025
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
MARUTI INTERIOR PRODUCTS LIMITED
Veraval (Shapar) 360024
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
Maruti Interior Products Limited (Formerly Known As Maruti Interior Products Private Limited)[CIN: L36998GJ1997PLC031719](hereinafter called "the Company"). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Companys books, papers, minute books, forms and returns filed and other records maintained by the Company and also information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the explanations and clarifications given to me and the representations made by the management, I hereby report that in my opinion, the company has, during the audit period covering the financial year ended on 31stMarch, 2025, generally complied with the statutory provisions listed hereunder and also that the Company -has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31stMarch, 2025 and made available to me according to the provisions of:
(i) The Companies Act, 2013 ("the Act") and the rules made there under as applicable; (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA) and the rules made there under; (iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings(Not applicable to the Company during the audit period);
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act):
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended from time to time
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and 2015, as amended from time to time (c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations (d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations. 2008;-Not applicable to the company for the financial year ended March 31, 2025
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client (Not applicable as the Company is not registered as a Registrars to an Issue or Share Transfer Agent during the financial year under review);
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;-Not applicable to the company for the financial year ended March 31, 2025
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; Not applicable to the company for the financial year ended March 31, 2025
(i) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (w.e.f. December 1, 2015): and (vi) The other laws, as informed and certified by the management of the Company which are specifically applicable to the Company are: The Standards of Weights and Measures Act, 1976, The Legal Metrology Act, 2009 and The Legal Metrology (Packaged Commodities)Rules, 2011, Local tax law
We relied on the representation made by the Company and its Officers in respect of systems and mechanism formed / followed by the Company for the compliance of the above laws applicable specifically to the Company.
I have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards issued by The Institute of Company Secretaries of India (ii) The Listing Agreements entered into by the Company with the BSE Limited.
During the period under review the Company has generally complied with the all material aspects of applicable provisions of the Acts, Rules, Regulations, Guidelines, Standards, etc. mentioned above:
I further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the year, under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance pursuant to clause no. 1.3.7 of Secretarial Standard 1 ("SS 1"), circulated separately or placed at the Meetings of the Board and the Committees, after due compliance with the SS 1 and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting
All decisions at Board Meetings and Committee Meetings are carried unanimously as recorded in the minutes of the Meetings of the Board of Directors or Committee of the Board, as the case may be. Decisions at the Meetings, as represented by the management and recorded in minutes.
That the company has not filed/filed some form late in time with additional fees to Registrar of Companies/Regional Director/Central Government under The Companies Act, 2013. The Management clarified that it is a procedural lapse only.
There is still scope to improve the systems and processes in the company and operations of the company to commensurate with the size and operations of the Company to monitor and ensure Compliance with applicable laws, rules, regulations and guidelines.
I, further report that the compliance by the Company of applicable financial laws, rules, regulations, guidelines, notifications, circulars, directives including but not limited to direct and indirect tax laws, Accounting Standards etc. has not been reviewed in my Audit, since the same is subject to review by designated professional/s during the course of statutory financial audit
To,
MARUTI INTERIOR PRODUCTS LIMITED
Veraval (Shapar) 360024
My Secretarial audit report for the financial year 31st March, 2025 is to be read along with this letter.
Managements Responsibility
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
Auditors Responsibility
2. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibly of the management. Our examination was limited to the verification of the procedures on test basis. My Responsibility is to express an opinion on these secretarial records, standards and procedures followed by the company with respect to secretarial compliances.
3. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial Records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. I believe that Audit evidence and information obtained from the companys management is adequate and appropriate for us to provide a basis for our opinion.
4. Wherever required, I have obtained the Managements representation about the compliance of laws, rules and regulations and happening of events etc.
Disclaimer
5. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
6. I have not verified the correctness and appropriateness of financial records and books of account of the company.
ANNEXURE IV
FORM NO. AOC -2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.
1. Details of contracts or arrangements or transactions not at Arms length basis.
Maruti Interior Products Limited (Formerly Known As Maruti Interior Products Private Limited) (the Company) has not entered into any contract/ arrangement/ transaction with its related parties, which is not in ordinary course of business or at arms length during the financial year 2021. The Company has laid down policies and processes/ procedures so as to ensure compliance to the subject section in the Companies Act, 2013 (Act) and the corresponding Rules. In addition, the process goes through internal and external checking, followed by quarterly reporting to the Board of Directors. (a) Name(s) of the related party and nature of relationship: Not Applicable (b) Nature of contracts/ arrangements/ transactions: Not Applicable (c) Duration of the contracts/arrangements/transactions: Not Applicable (d) Salient terms of the contracts or arrangements or transactions including the value, if any: Not Applicable (e) Justification for entering into such contracts or arrangements or transactions: Not Applicable (f) Date(s) of approval by the Board: Not Applicable (g) Amount paid as advances, if any: Not Applicable (h) Date on which the special resolution was passed in general meeting as required under first proviso to Section 188: Not Applicable
2. Details of contracts or arrangements or transactions at Arms length basis.
ANNEXURE V
PARTICULARS OF THE EMPLOYEES RECEIVING REMUNERATION EXCEEDING THE LIMIT AS STATED IN RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
Sr. |
Remuneration | ||||||||
| Qualification | |||||||||
No |
Name of Employee |
Designation |
PAN No. |
||||||
| and | |||||||||
1 |
Paresh Purushotam |
Managing Director |
AAMPL3854B |
Under | 24.00 Lakh | ||||
Lunagaria |
Graduate | ||||||||
2 |
Purushotam Rudabhai |
Director |
AANPL4955E |
B.Sc. with | 18.00 Lakh | ||||
Lunagaria |
Physics | ||||||||
3 |
Nirmal Paresh Lunagaria |
Director & CFO |
AJVPL4259N |
Integrated BBA 21.00 Lakh |
|||||
4 |
Nirbhay Paresh Lunagaria |
Import/Export & |
AJVPL4243Q |
Diploma | 21.00 Lakh | ||||
Product Sourcing |
Mechanical | ||||||||
Director |
Engineering | ||||||||
5 |
Parul Paresh Lunagariya |
Hr Head & |
ABOPL5851F |
Under | 12.00 Lakh | ||||
Director |
Graduate | ||||||||
Last |
Date of | Age of |
The percentage |
Weather any such employee is a relative |
|||||
Employm |
Commence | Employee |
of equity shares |
of any director or manager of the |
|||||
ent before |
ment of | held by the |
Company and if so, name of such |
||||||
Joining |
Employment |
employee in the |
director or manager |
||||||
Company |
Company within |
||||||||
the meaning of |
|||||||||
clause (iii) of |
|||||||||
sub-rule (2) |
|||||||||
- |
01/03/1999 | 57 Years |
19.66% |
Purushotam Rudabhai Lunagaria, Parul |
|||||
Paresh Lunagariya, Nirmal Paresh |
|||||||||
Lunagaria, Nirbhay Paresh Lunagaria |
|||||||||
- |
27/03/2015 | 82 Years |
9.83% |
Paresh Purushotam Lunagaria, Parul |
|||||
Paresh Lunagariya |
|||||||||
- |
01/01/2021 | 31Years |
7.77% |
Paresh Purushotam Lunagaria, Parul |
|||||
Paresh Lunagariya, Nirbhay Paresh |
|||||||||
Lunagaria, |
|||||||||
- |
01/01/2021 | 31Years |
7.75% |
Paresh Purushotam Lunagaria, Parul |
|||||
Paresh Lunagariya, Nirmal Paresh |
|||||||||
Lunagaria, |
|||||||||
- |
01/04/2021 | 55 Years |
10.11% |
Paresh Purushotam Lunagaria, Nirbhay |
|||||
Paresh Lunagaria, Nirmal Paresh |
|||||||||
Lunagaria, |
|||||||||
ANNEXURE VI
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS / OUTGO
Additional particulars required under the Companies (Disclosure of Particulars in reports of Directors) Rules, 1988 forming part of the Directors report for the year ended 31st March 2025.
A. CONSERVATION OF ENERGY:
Energy conservation measures taken:
The Company has adopted the system of shutting down the electrical machinery and appliances when not in use to avoid unnecessary waste of energy and has put latest design of electrical equipment. New investments in machines are being considered with an idea to have reduction of consumption of energy. The impact of these measures on the cost of production of goods are not precisely ascertainable.
B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION:
1. The efforts made towards technology absorption: Nil
2. The benefits derived like product improvement, cost reduction, product development or import substitution: Nil
3. In case of imported technology (imported during the last three years reckoned from the beginning of the 4. financial year)- a) The details of technology imported: Nil b) The year of import: Nil c) Whether the technology been fully absorbed: Nil d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof: Nil
5. The expenditure incurred on Research and Development: Nil
C. FOREIGN EXCHANGE EARNING AND OUTGO:
The Details of Foreign Exchange Earnings and out-go are as under.
REIGN EXCHANGE EARNINGS AND OUTGO |
2025 | 2024 | |
| a. | Foreign exchange earnings | 657.63 | 288.48 |
| b. | CIF Value of imports | - | - |
| c. | Expenditure in foreign currency | 16.58 | 30.10 |
DECLARATION
DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT UNDER REGULATION 26(3) OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
Pursuant to Regulation 26(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchange, all the Board Members and the Senior Management Group have confirmed compliance with the Code of Conduct Maruti Interior Products Limited(Formerly Known As Maruti Interior Products Private Limited)for the financial year ended on March 31, 2025.
Annexure VII
CEO / CFO CERTIFICATION
To,
The Board of Directors,
MARUTI INTERIOR PRODUCTS LIMITED
Plot No 13 Survey No 236 Krishna Ind Estate Veraval, Tal.Kotda Sangani Veraval 360024.
We hereby certify to the Board that:
A. We have reviewed financial statements and the cash flow statement for the financial year ended on March 31, 2025 and that to the best of our knowledge and belief:
1. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
2. These statements together present a true and fair view of the Companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the financial year which are fraudulent, illegal or volatile of the Companys Code of Conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
D. We have indicated to the Auditors and the Audit committee:
1. Significant changes in internal control over financial reporting during the financial year;
2. Significant changes in accounting policies during the financial year and that the same have been disclosed in the notes to the financial statements; and
3. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Companys internal control system over financial reporting.
"ANNEXURE VIII- CSR"
Format for the Annual Report on CSR Activities to be Included in the Boards Report for Financial Year Commencing on or After 1st Day of April, 2020
[Annexure – II]
1. Brief outline on CSR Policy of the Company.
The Company has framed Corporate Social Responsibility (CSR) Policy in accordance with the provisions of the Companies Act, 2013 read with schedule VII to the Companies Act, 2013 which encompasses its philosophy and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare & sustainable development of the society.The CSR Policy aims at implementing its CSR activities in accordance with Section 135 of the Companies Act, 2013 and rules made there under read with Schedule VII. The CSR committee shall periodically review the implementation of CSR Policy.
The Company will primarily promote various initiatives to support health and preventive health care including medical aid in the community & Eradicating hunger, poverty and malnutrition, gender equality, environment sustainability more particularly in local areas. The Companys CSR projects or programs or activities will be identified and implemented according to the Boards approved CSR policy.
2. Composition of CSR Committee:
Sl. No. Name of Director |
Designation / Nature of Directorship | Number of meetings of CSR Committee held during the year | Number of meetings of CSR Committee attended during the year |
1. Shashikant Devjibhai Patel |
Independent Director& Chairman | 4 | 4 |
2. Nirmal Paresh Lunagaria |
Director - member | 4 | 4 |
3. Paresh PurushotamLunagaria |
Managing Director - member | 4 | 4 |
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company.www.everyday-india.com
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any – Not
Applicable
Sl. No. Financial Year |
Amount available for set-off from preceding financial years (in Rs) | Amount required to be set-off for the financial year, if any (in Rs) |
| 1 | ||
| 2 | ||
| 3 | ||
| NIL |
6. Average net profit of the company as per section 135(5). 4,82,40,355/-
7. (a) Two percent of average net profit of the company as per section 135(5) - 9,64,807/-
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years. NIL
(c) Amount required to be set off for the financial year, if any – Rs.1,198/-
(d) Total CSR obligation for the financial year (7a+7b-7c).Rs.9,63,609/-
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Spent for |
Amount Unspent (in Rs.) |
||||
the Financial Year. (in Rs.) |
Total Amount transferred to Unspent CSR Account as per section 135(6). |
Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5). |
|||
| Amount. | Date of transfer. | Name of the Fund | Amount. | Date of transfer. | |
9,70,000/- |
NIL | NIL | NIL | NIL | NIL |
(b) Details of CSR amount spent against ongoing projects for the financial year : NIL
(1) (2) |
(3) | (4) | (5) |
(6) | (7) | (8) | (9) | (10) | (11) |
||
Sl. No. Name of the Project. |
Item from the list of activities in | Local area (Yes/No). | Location of the project. |
Project duration. | Amount allocated for the project (in | Amount spent in the current financial | Amount transferred to Unspent CSR | Mode of Implementation - Direct (Yes/No). | Mode of Implementation - Through Implementing Agency |
||
| Schedule VII to the Act. | State. | District. | Rs.). | Year (in Rs.). | Account for the project as per Section 135(6) (in Rs.). | Name | CSR Registration number. | ||||
| 1. | |||||||||||
| 2. | |||||||||||
| 3. | NIL | ||||||||||
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) |
(3) | (4) | (5) |
(6) | (7) | (8) |
||
Sl. No. Name of the Project |
Item from the list of activities in schedule VII | Local area (Yes/ No). | Location of the project. |
Amount spent for the project (in Rs.). | Mode of implementation - Direct (Yes/No). | Mode of implementation - Through implementing agency. |
||
| to the Act. | State. | District. | Name | CSR registration number. | ||||
1. Donation given to registered Public Trust |
Animal Welfare | Yes | Gujarat - Ahmedabad |
9,70,000/- | No | - | - | |
Total |
9,70,000/- | |||||||
(d) Amount spent in Administrative Overheads - NIL
(e) Amount spent on Impact Assessment, if applicable – N.A.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) – Rs.9,70,000/-
(g) Excess amount for set off, if any –
Sl. No. Particular |
Amount (in Rs.) |
| (i) Two percent of average net profit of the company as per section 135(5) | 9,64,807/- |
| (ii) Total amount spent for the Financial Year | 9,70,000/- |
| (iii) Excess amount spent for the financial year [(ii)-(i)] | 6,391/- |
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any |
N.A. |
| (v) Amount available for set off in succeeding financial years [(iii)-(iv)] | NIL |
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. No. Preceding Financial Year. |
Amount transferred to Unspent CSR Account under section 135 (6) (in Rs.) | Amount spent in the reporting Financial Year (in Rs.). | Amount transferred to any fund specified under Schedule VII as per section 135(6), if any. |
Amount remaining to be spent in succeeding financial years. | ||
| Name of the Fund | Amount (in Rs). | Date of transfer. | (inRs.) | |||
| 1. | ||||||
| 2. | ||||||
| 3. | ||||||
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):N.A.
(1) (2) |
(3) | (4) | (5) | (6) | (7) | (8) | (9) |
Sl. No. Project ID. |
Name of the Project. | Financial Year in which the project was commenced. | Project duration. | Total amount allocated for the project (in Rs.). | Amount spent on the project in the reporting Financial Year (in Rs). | Cumulative amount spent at the end of reporting Financial Year. (in Rs.) | Status of the project - Completed /Ongoing. |
| 1 | |||||||
| 2 | |||||||
| Total | NIL |
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year. – N.A.
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
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+91 9892691696
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