The Board of Directors are pleased to present the Companys Forty Second Annual Report
and the Companys audited financial statements (consolidated and standalone) for the
financial year ended 31st March 2023.
1. OPERATING RESULTS
The operating results of the Company for the year ended 31st March 2023 are
as follows:
(Rs. In Lakhs)
|
Year ended 31st March, 2023 (Standalone) |
Year ended 31st March, 2022 (Standalone) |
Year ended 31st March, 2023 (Consolidated) |
Year ended 31st March, 2022 (Consolidated) |
| Revenue from Operations |
2,75,05.25 |
3,18,66.74 |
2,78,08.08 |
3,17,50.30 |
| Profit before tax from continuing operations |
26,59.98 |
6897.40 |
27,36.20 |
66,59.65 |
| Tax Expenses (Including Deferred Tax) |
(6,48.11) |
(16,72.75) |
(6,86.57) |
(16,69.91) |
| Profit after Tax |
20,11,87 |
52,24.65 |
20,49.63 |
49,89.74 |
| Total Comprehensive Income for the year |
20,03.68 |
52,19.31 |
20,41.24 |
49,84.13 |
2. TRANSFER TO RESERVES
There are no transfers to any specific reserves during the year.
3. THE STATE OF THE COMPANYS AFFAIRS
During the year under review, your company achieved total revenue from operations of
Rs. 2,75,05.25 Lakhs (previous year Rs. 31,866.74 Lakhs) resulting in decrease of 13.69%
over the previous year. The profit after tax (including other comprehensive income) is at
Rs. 20,03.68 Lakhs (previous year Rs. 52,19.31 Lakhs resulting in decrease of 61.61%).
The current year has been challenging one coming up immediately after the end of the
Covid pandemic. In view of lower demand, the turnover has also decreased. Various factors
have affected the demand namely destocking after the higher stock levels during covid,
recessionary trends & foreign exchange scarcities in various economies across the
world have affected the ability to buy for a number of customers. However the Company has
been able to weather these issues by expanding its product portfolio from 22 products to
28 during the current year.
4. SHARE CAPITAL
During the year under review, there has been no change in the Share Capital of the
Company. The authorised share capital of the Company, as on 31st March, 2023
aggregates Rs. 5,00,00,000/- (Rupees Five Crores) which is divided into 1,00,00,000 (One
Crores) Equity Shares of Rs. 5/- each., whereas the issued share capital of the Company
comprises of 61,78,024 equity shares of ? 5/- each aggregating to Rs. 3,08,90,120
/- (Rupees Three Crores Eight Lakhs Ninety Thousand One Hundred and Twenty).
5. DIVIDEND
Your directors recommend dividend of Rs. 1.75 per fully paid up equity share of Rs.
5/- each per fully paid up equity share aggregating to Rs. 108.12 Lakhs.
Further, as per Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing
Regulations"), the top 1000 listed entities based on market capitalisation are
required to formulate a Dividend Distribution Policy. Accordingly, your Company has
formulated its Dividend Distribution Policy, which is available on the Companys website
at https://www.nglfinechem.com/images/pdf/dividend- distribution-p22.pdf
6. CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS
As required under Regulation 34 of the Listing Regulations, a Cash Flow Statement and
consolidated Financial Statement is part of the Annual Report.
7. FUTURE PROSPECTS
The greenfield expansion at Tarapur is under progress though at a slower pace. A
conscious decision was taken to slow it down in view of the reduced demand in the market
and the spare capacity available in the Companys plants. The time line for implementation
is now extended to 2024-25. Civil work has been largely completed for the entire plant
however machinery installation will proceed in planned phases to spread the capital
expenditure over a further two years.
8. THE CHANGE IN THE NATURE OF BUSINESS, IF ANY;
There is no change in the nature of business of the Company.
9. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND.
There was no transfer during the year to the Investor Education and Protection Fund in
terms of Section 125 of the Companies Act, 2013.
10. CONSERVATION OF ENERGY-TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE ETC.
The information pertaining to conservation of energy, technology absorption, foreign
exchange earnings and outgo as required under Section 134 (3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished as Annexure
A to Directors Report.
11. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF
THE COMPANY
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed also discussed at the meetings of the Risk Management
Committee and the Board of Directors of the Company. The Company has constituted Risk
Management Committee and its risk management policy is available on the website of the
Company https://www.nglfinechem.com/images/pdf/risk- management-policy.pdf
12. INTERNAL CONTROL SYSTEM
The Companys internal controls system has been established on values of integrity and
operational excellence and it supports the vision of the Company "To be the most
sustainable and competitive Company in our industry". The Companys internal control
systems are commensurate with the nature of its business and the size and complexity of
its operations. These are routinely tested and certified by Statutory as well as Internal
Auditors and their significant audit observations and follow up actions thereon are
reported to the Audit Committee.
13. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL
RESPONSIBILITY INITIATIVES
The Company has constituted a Corporate Social Responsibility (CSR) Committee in
accordance with Section 135 of the Companies Act, 2013 read with Companies Corporate
Social Responsibility (Policy) Rules, 2014. As per provision of Section 135 of the
Companies Act, 2013 read with Rule 8 of Companies Corporate Social Responsibility (Policy)
Rules, 2014, the Board has approved CSR Policy and the Company
has spent towards CSR activities, details of which are provided in attached Annexure
B to Directors Report.
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
The particulars of investments made and loans given to subsidiaries has been disclosed
in the financial statements in notes 5 and 6 of the standalone financial statements.
15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All the related party transactions are entered on arms length basis, in the ordinary
course of business and are in compliance with the applicable provisions of the Companies
Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. There are no materially significant related party transactions made by the Company
with Promoters, Directors or Key Managerial Personnel etc. which may have potential
conflict with the interest of the Company at large or which warrants the approval of the
shareholders. The transactions are being reported in Form AOC-2 i.e. Annexure C in
terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014.
However, the details of the transactions with Related Party are provided in the Companys
financial statements (note 36) in accordance with the Accounting Standards.
All Related Party Transactions are presented to the Audit Committee and the Board.
Omnibus approval is obtained for the transactions which are foreseen and repetitive in
nature. A statement of all related party transactions is presented before the Audit
Committee on a quarterly basis, specifying the nature, value and terms and conditions of
the transactions.
The Related Party Transactions Policy as approved by the Board is uploaded on the
Companys website at https://www.nglfinechem.com/images/pdf/related-
party-transaction-policy-dec-2021.pdf
16. POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
The Company has zero tolerance towards sexual harassment at the workplace and towards
this end, has adopted a policy in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.
All employees (permanent, contractual, temporary, trainees) are covered under the said
policy. The Company has complied with provisions relating to the constitution of Internal
Complaints Committee
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 which redresses complaints received on sexual harassment. During the
financial year under review, the Company has not received any complaints of sexual
harassment from any of the women employees of the Company.
17. ANNUAL RETURN
Pursuant to the provisions of Section 92(3) of Companies Act, 2013 following is the
link for Annual Return 2022-2023.
www.nglfinechem.com\investors\notices\MGT-7
2023
18. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the financial year, the Board met five times on 02nd May, 2022, 22nd
June, 2022, 10th August, 2022, 28th October, 2022 and 10th
February, 2023.
19. DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013 The Board of Directors of the
Company hereby confirm:
• That in the preparation of the annual accounts, the applicable accounting
standards have been followed and there has been no material departure.
• That the selected accounting policies were applied consistently and the
directors 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 on 31st March
2023, and that of the profit of the Company for the year ended on that date.
• That proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013, for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities.
• That the annual accounts have been prepared on a going concern basis.
• The Board has laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
• The directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
20. DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.
21. PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under section 197 of the Act read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure
D to this report.
In terms of provisions of Section 197(12) of the Companies Act, 2013 read with Rules
5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, a statement showing the names and other particulars of employees drawing
remuneration in excess of the limits set out in the said Rules, if any, forms part of the
Report.
The Nomination and Remuneration Committee of the Company has affirmed at its meeting
held on 15th May 2023 that the remuneration is as per the remuneration policy
of the Company. The policy is available on the Companys website: https://www.nglfinechem.com/
images/pdf/remuneration-nomination-policy.pdf
22. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr K.V Subhramaniam (DIN No: 07842700) resigned from the office of Non-Executive
Independent Director of the Company w.e.f the close of business hours of 10th
August, 2022.
In accordance with the provisions of Section 152(6) of the Companies Act, 2013, the
members of the Company at the 41st Annual General Meeting reappointed Mr Rajesh
Lawande (DIN: 00327301) Whole -Time Director, who was subject to retire by rotation.
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 Mrs.
Ajita Nachane (00279241) Non-Executive Director is liable to retire by rotation in this
ensuing Annual General Meeting and being eligible she has offered herself for
reappointment. Your Directors recommend her re-appointment.
23. ATTRIBUTES, QUALIFICATIONS & INDEPENDENCE OF DIRECTORS, THEIR APPOINTMENT AND
REMUNERATION
The Nomination & Remuneration Committee of Directors have approved a Policy https://www.
nglfinechem.com/images/pdf/terms-and-condition- of-appointment-of-independent-director.pdf
for Selection, Appointment and Remuneration of
Directors which inter-alia requires that composition and remuneration is reasonable and
sufficient to attract, retain and motivate Directors, KMP and senior management employees
and the Directors appointed shall be of high integrity with relevant expertise and
experience so as to have diverse Board and the Policy also lays down the positive
attributes/criteria while recommending the candidature for the appointment as Director.
24. DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board that they
fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013
and Regulation 16(1)(b) of SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 so as to qualify themselves to be appointed as Independent Directors
under the provisions of the Companies Act, 2013 and the relevant SEBI Listing Regulations.
25. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The familiarisation Programme aims to provide Independent Directors with the
pharmaceutical industry scenario, the socio-economic environment in which the Company
operates, the business model, the operational and financial performance of the Company,
significant developments so as to enable them to take well informed decisions in a timely
manner. The familiarisation Programme also seeks to update the Directors on the roles,
responsibilities, rights and duties under the Act and other statutes. The policy on
Companys familiarisation Programme for Independent Directors is posted on Companys
website at https://www.nglfinechem.com/images/
pdf/details-familarisation-Programmeme-2023.pdf
26. CREDIT RATING
The Company has been rated by Crisil Limited for SME and bank rating. The SME rating
has been awarded "SME 1" indicating highest level of credit worthiness adjudged
in relation to other SMEs. The long-term rating is Crisil BBB+ / Stable (outlook revised
to stable) and short-term rating is Crisil A2 (Reaffirmed). The Company has also been
rated by ICRA Limited for bank borrowing and long-term rating has been reaffirmed as
BBB+/Stable and has reaffirmed the short-term rating as A2.
27. STATUTORY AUDITORS
The Members of the Company at their 41 st Annual General Meeting held on
Thursday, 30th June, 2022 on the recommendation of Audit Committee re-appointed
M/s. Manek & Associates, Chartered Accountants (FRN: 0126679W) as Statutory
Auditors of your Company for a period of 5 consecutive years from the conclusion of 41st
Annual General Meeting till the conclusion of 46th Annual General Meeting to be
held in the year 2027. The Company has not proposed an Ordinary Resolution for
ratification of appointment of Statutory Auditor for the FY 2023-2024 because pursuant to
the Companies (Amendment) Act, 2017, the same is omitted with effect from 07th
May 2018.
28. INTERNAL AUDITORS
On recommendation of Audit Committee, the Board of Directors of the Company at its
meeting held on 15th May, 2023 has appointed M/s. Rach & Associates,
Chartered Accountants, Mumbai, (ICAI firm registration number 102415W) as internal
auditors for FY 2023-24.
29. SECRETARIAL AUDITORS
On recommendation of the Audit Committee, the Board of Directors of the Company at its
meeting held on 15th May, 2023 have appointed M/s. HSPN & Associates LLP,
Company Secretaries, as Secretarial Auditors of the Company to carry out the Secretarial
Audit for the FY 2023-24 and to issue Secretarial Audit Report as per the prescribed
format under rules in terms of Section 204(1) of the Companies Act, 2013 and Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further, the Secretarial Audit issued by M/s. HSPN & Associates LLP, Company
Secretaries for the FY 20222023 is annexed herewith and forms part of this report as Annexure
E.
Secretarial Audit Report is not applicable to the Subsidiary, not being a material
subsidiary.
30. Cost Auditors
For the FY 2023-24, cost audit is not applicable to the Company as the export turnover
is more than 75% of the total turnover. Hence the Company has not appointed Cost Auditor.
31. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR
DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
The Auditors Report does not contain any qualifications, reservations or adverse
remarks. Report of the secretarial auditor is given as an Annexure E which forms
part of this report.
32. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Managements Discussion and Analysis Report for
the year under review, as stipulated under regulation 34 (3) and Part B of schedule V
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed
to this Annual Report.
33. CORPORATE GOVERNANCE
The Company is committed towards maintaining the highest standards of Corporate
Governance and adhering to the Corporate Governance requirements as set out by Securities
and Exchange Board of India. The Report on Corporate Governance as stipulated under
regulation 34 (3) and Part C of schedule V of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 forms part of the Annual Report. The Certificate from the
practicing Company Secretary confirming compliance with the conditions of Corporate
Governance as stipulated under regulation 34 (3) and Part E of schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 is also published in
this Annual Report as Annexure G.
34. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES
Macrotech Polychem Private Limited is a wholly owned subsidiary of the Company. The
Consolidated Financial Statements of your Company form part of this Annual Report. Annual
Report of your Company does not contain the Financial Statements of its Subsidiary. The
Audited Annual Accounts and related information of the Companys Subsidiary will be made
available upon request. These documents will be available for inspection during all days
expect Saturdays, Sundays and public holidays from 10.00 a.m. to 4 p.m. at the Companys
Registered Office. The Subsidiary Companies Audited Accounts are available on the
Companys Website: https://www.nglfinechem. com/images/pdf/audited financia report
31st -march-2023.pdf
35. VIGIL MECHANISM
The Company has established a vigil mechanism policy to oversee the genuine concerns
expressed by the employees and other Directors. The Company has also provided adequate
safeguards against victimisation of employees and Directors who express their concerns.
The Company has also provided direct access to Mr Rahul Nachane, Chief Ethics Counsellor
on reporting issues concerning the interests of co-employees and the Company. The Vigil
Mechanism Policy is available at the website of the Company: https://www.
nglfinechem.com/images/pdf/vigil-mechanism- policy.pdf
36. REPORTING OF FRAUD BY AUDITORS
During the year under review, the Internal Auditors, Statutory Auditors and Secretarial
Auditor have not reported any instances of frauds committed in the Company by its Officers
or Employees to the Audit Committee under section 143(12) of the Act, details of which
needs to be mentioned in this Report.
37. PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations,
your Company has devised a policy containing criteria for evaluating the performance of
the Executive, Non-Executive and Independent Non-Executive Directors, Key Managerial
Personnel, Board and its Committees based on the recommendation of the Nomination &
Remuneration Committee. Feedback was sought by way of a structured questionnaire covering
various aspects of the Boards functioning, such as adequacy of the composition of the
Board and its Committees, Board culture, execution and performance of specific duties,
obligations, and governance. The manner in which the evaluation has been carried out is
explained in the Corporate Governance Report, forming part of this Annual Report.
The Board of Directors of your Company expressed satisfaction about the transparency in
terms of disclosures, maintaining higher governance standards and updating the Independent
Directors on key topics impacting the Company.
38. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
During the period under review the Company received approval from National Stock
Exchange of India Limited ("NSE") for listing of its 6178024 Equity Shares of ?
5 each fully paid-up on the main board of NSE vide its letter no. NSE/LIST/83 dated 06th
July, 2022. Accordingly, the Equity Shares of the Company are listed and admitted to
dealings on the NSE w.e.f. 08th July, 2022 with symbol NGLFINE.
39. THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
During the year there has been no significant material orders passed by the Regulators
or Courts or Tribunals impacting the going concern status and companys operations in
future.
The Company has received mails from SEBI on 25th November, 2022, 23rd
February, 2023 and 23rd March, 2023 seeking clarification with regard to
variation in Shareholding Pattern of the Company of June 2019 and September 2019. The
Company have replied that PCI Ferrmone Chemicals (India) Private Limited.
("PCI") is a promoter group company of NGL since 1997 whose shareholding in NGL
was erroneously disclosed under the public shareholder category. The unintentional error
was rectified by disclosing PCI under the promoter and promoter group category of NGL
for the quarter ended September 2019. Post which the Shareholding Pattern is correctly
showing PCI Ferrmone Chemicals (India) Private Limited under the promoter and promoter
group category. As on signing of this report there was no further action from SEBI.
During the period under review the Company and its Officers received a notice from
Honble National Lok Adalat to answer to a charge for the offence punishable under Section
148 of the Companies Act, 2013 regarding non- submission of Cost Audit Report for the FY
2014-15. The management is of the opinion that their is no non-compliance, as the said
provisions are not applicable. The management is seeking suitable legal re-course. As on
date of signing of this report, there is no further action from the concerned authority.
40. COMMITTEES OF THE BOARD
In accordance with the Companies Act, 2013, the Board has formed a Risk Management
Committee. There are currently seven Committees of the Board, as follows:
• Audit Committee
• Corporate Social Responsibility Committee
• Nomination and Remuneration Committee
• Stakeholders Relationship Committee
• Risk Management Committee
• Administrative Committee
• Internal Complaint Committee
Details of all the Committees along with their charters, composition and meetings held
during the year, are provided in the "Report on Corporate Governance", a part of
this Annual Report.
41. BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
Regulation 34(2) of the SEBI Listing Regulations, inter alia, provides that the Annual
Report of the top 1000 listed entities based on market capitalisation, should mandatorily
include a Business Responsibility & Sustainability Report ("BRSR") from FY
2022-23 onwards.
Further, in line with the SEBI listing requirements, your Company has included BRSR as
part of this Report for the FY 2022-23, as Annexure H, describing the initiatives
taken by the Company from an environmental, social and governance perspective.
The BRSR for the FY 2022-2023 has also been hosted on the Companys website, which can
be accessed at https://www.nglfinechem.com/disclosures-under- regulation.html#7
42. OTHER DISCLOSURES
The Company does not have any Employees Stock Option Scheme in force and hence
particulars are not furnished, as the same are not applicable.
No proceedings against the Company is initiated or pending under the Insolvency and
Bankruptcy Code, 2016.
The details of difference between amount of the valuation done at the time of onetime
settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereof - Not Applicable.
43. COST RECORDS AND COST AUDIT
Maintenance of cost records as prescribed under the provisions of Section 148(1) of the
Companies Act, 2013 was not applicable for the business activities carried out by the
Company for the financial 2022-23. Accordingly, such accounts and records are not made and
maintained by the Company for the said period. The requirement for cost audit was not
applicable for the said period as the export turnover was greater than 75% for the prior
year.
44. POLICIES
The Company seeks to promote highest levels of ethical standards in the normal business
transactions guided by the value system. The SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 mandates formulation of certain policies for listed
companies. The Policies are reviewed periodically by the Board and are updated based on
the need and compliance as per the applicable laws and rules and as amended from time to
time. The policies are available on the website of the Company at https://www.nglfinechem.com/
disclosures-under-regulation.html#7
45. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS
Your Directors hereby confirm that the Company has complied with the necessary
provisions of the revised Secretarial Standard 1 and Secretarial Standard 2 to the extent
applicable to the Company.
46. ENHANCING SHAREHOLDER VALUE
Your company firmly believes that its success, the marketplace and a good reputation
are among the primary determinants of value to the shareholder. The organisational vision
is founded on the principles of good governance and delivering leading-edge products
backed with dependable after sales services. Following the vision your Company is
committed to creating and maximising long-term value for shareholders.
47. CAUTIONARY STATEMENT
Statements in the Boards Report and the Management Discussion & Analysis
describing the Companys objectives, expectations or forecasts may be forward looking
within the meaning of applicable securities laws and regulations. Actual results may
differ materially from those expressed in the statement. Important factors that could
influence the Companys operation include global and domestic demand and supply conditions
affecting selling prices of raw materials, finished goods, input availability and prices,
changes in government regulations, tax laws, economic
developments within and outside the country and various other factors.
48. ACKNOWLEDGEMENTS
Your Directors take this opportunity to express their sincere appreciation and
gratitude for the continued co-operation extended by shareholders, employees, customers,
banks, suppliers and other business associates.
For and on behalf of the Board of Directors
| Sd/- |
Sd/- |
| Rahul Nachane |
Rajesh Lawande |
| Managing Director |
Whole-Time Director & CFO |
| DIN: 00223346 |
DIN: 00327301 |
Mumbai, 15th May, 2023
+91-9892691696
