To The Members,
Nupur Recyclers Limited
Your Directors have pleasure in presenting the 06th Annual Report on the business and operations of your Company along with the audited financial statements (standalone as well as consolidated) for the financial year ended March 31, 2024.
Financial Results
The Financial results of your Company for the financial year ended March 31, 2024 is summarized below:
Lakhs)
Particulars |
Year ended March 31, 2024 | Year ended March 31, 2024 | Year ended March 31, 2023 | Year ended March 31, 2023 |
(Consolidated) | (Standalone) | (Consolidated) | (Standalone) | |
Total Income | 2 | 4 | , | 6 |
Total Expenses | 2 | 3 | , | 3 |
Profit/(Loss) Before Tax | 1 , | 2 5 | 7 . | 5 8 |
Profit/(Loss)After Tax | 8 6 | 2 | . 0 | 8 |
Other Comprehensive Income | 5 2 8 . | 7 7 | (378.06) | (343.62) |
Total Comprehensive Income for the year |
1,390.85 | 1 , | 5 6 | 3 . |
Profit for the year attributable to Owners of the company |
720.80 | 1 , | 0 5 | 5 |
Profit for the year attributable to Non-Controlling of the company |
141.26 | - | 2 | 7 6 |
Notes: -
1) The above figures are extracted from the Standalone and Consolidated Financial Statements prepared as per Indian Accounting Standards (Ind AS).
1. FINANCIAL PERFORMANCE a) Consolidated Performance
During the year under review, the consolidated income of the Company is 24,618.81 Lakhs against 19339.78 Lakhs in the previous year. The consolidated net profit after tax is 862.08 Lakhs against 1498.78 Lakhs in the previous year. b) Standalone Performance
During the year under review, the standalone income of the Company is 18,684.04 Lakhs against 10,541.00 Lakhs 7 Lakhs in the previous year. The standalone net profit after tax is 1,055.04 Lakhs against 934.45 Lakhs in the previous year.
2. CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements of your Company for the financial year 2022-23 are prepared in compliance with applicable provisions of the Companies Act, 2013 (the Act), Indian Accounting Standards and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).
The consolidated financial statements have been prepared on the basis of audited financial statements of the Company and its Subsidiary, as approved by its respective Board of Directors.
3. DIVIDEND:
Your Company has a dividend policy that balances the dual objectives of rewarding shareholders through dividends, whilst also ensuring availability of sufficient funds for growth of the Company. During the Financial Year, the Board of Directors has not recommended any dividend.
The Dividend Distribution Policy of the Company is available on the following weblink https://www.nupurrecyclers.com/policies.html
4. RESERVE:
The closing balance of the retained earnings of the Company for FY 2024, after all appropriation and adjustments is 1436.85 Lakhs.
Further, no amount is proposed to be transferred to any Reserve of the Company for the financial year 2023-24.
5. SHARE CAPITAL:
Authorized Share Capital:
The Authorised Share Capital of the Company is 70,00,00,000/- (Rupees Seventy Crore Only) divided into 7,00,00,000 (Seven Crore ) equity shares of 10/- (Rupees Ten) each as on March 31, 2024.
Issued and Paid Up Share Capital:
The Company has paid-up share capital of 68,63,89,950 (Rupees Sixty Eight Crore Sixty Three Lakh Eighty Nine Thousand Nine Hundred Fifty Only) divided into 6,86,38,995 (Six Crore Eighty Six Lakh Thirty Eight Thousand Nine Hundred Ninety Five) equity shares of 10/- (Rupees Ten Only) each, as on March 31, 2024.
Changes in Share Capital:
i. Increase in Authorised Share capital:
During the year under review, Company with approval of Shareholders at the Extra Ordinary General Meeting held on March 09, 2024 has increased the Authorised Share Capital from existing 50,00,00,000 (Rupees Fifty Crore) divided into 5,00,00,000 (Five Crore Only) Equity Shares of face value of 10/- each to 70,00,00,000 (Rupees Seventy Crore) divided into 7,00,00,000 (Seven Crore) Equity Shares of 10/- each by creation of additional 2,00,00,000 (Two Crore Only) Equity Shares of 10/- each.
ii. Increase in Paid up Share Capital:
During the year under review, Company has issued 2,28,79,003 (Two Crore Eight Lakh Seventy Nine Thousand Three) Equity Shares out of the Securities Premium of the Company through Bonus Shares to existing shareholders in the ratio of 1:2, thereby increasing paid up capital of the Company to 68,63,89,950 (Rupees Eight Crore Sixty Three Lakh Eighty Nine Thousand Nine Hundred Fifty Only).
6. SUBSIDIARIES
On March 31, 2024, the Company has 4 subsidiaries and there are no associates or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013.
1. Nupur Polymers Private Limited w.e.f May 1, 2023 |
2. Nupur Extrusion Private Limited w.e.f May 27, 2023 |
3. Frank Metals Recyclers Private Limited w.e.f March 16, 2024 |
4. Eligo Business & Advisory Private Limited w.e.f March 16, 2024 |
During the year, the Company incorporated a subsidiary named Nupur Polymers Private Limited on May 1, 2023, in which it initially held a 93% equity stake. Subsequently, on November 21, 2023, the Company approved the acquisition of an additional 500 equity shares of Nupur Polymers Private Limited from existing shareholders Mr. Varun Jain and Mr. Kaushal Pareek. As a result of this transaction, the Companys shareholding in Nupur Polymers Private Limited increased to 98%, up from the previous 93%.
During the year, the Company incorporated a subsidiary named Nupur Extrusion Private Limited on May 27, 2023, in which it holds a 60% equity stake.
During the year under review, the Company acquired 80% of the equity shares in M/s Frank Metals Recyclers Private Limited, thereby establishing it as a subsidiary. Furthermore, M/s Eligo Business & Advisory Private Limited, a wholly-owned subsidiary of M/s Frank Metals Recyclers Private Limited, has consequently become a subsidiary of Nupur Recyclers Limited.
During the year under review, the Company disinvested 51% of its equity shares in M/s Danta LLC, an overseas subsidiary. As a result of this disinvestment, M/s Danta LLC ceased to be a subsidiary of the Company.
A report on the performance and financial position of subsidiary for the financial year ended March 31, 2024 in prescribed Form AOC -1 as per the Companies Act, 2013 is set out Annexure- 1 and forms an integral part of this Annual Report.
The Annual Financial Statements of the subsidiary is available under investors section on the website of the Company at https://www.nupurrecyclers.com/investors.html.
The Company has formulated a policy for determining material subsidiaries. The said policy is also available on the website of the Company at https://www.nupurrecyclers.com/img/ investors/policy/material-subsidiary-policy.pdf.
Further, during the year under review, no Company has become or ceased to a joint venture or associate of the Company.
7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
There were no material changes and commitments affecting the financial position of the company which have occurred between the end of the financial year to which this financial statement relate and date of this report.
8. PUBLIC DEPOSITS
During the year under review, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.
9. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the prescribed format and annexed herewith as Annexure- 2 to this Report.
The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Annual Report. Further, the Report is being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, any shareholder interested in obtaining a copy thereof may write to the Company Secretary of the Company at compliance@nupurrecyclers.com.
None of the Directors of the Company are disqualified as per the provisions of Section 164 of the Act and the Directors have made necessary disclosures under Section 184 and other relevant provisions of the Act.
a) Key Managerial Personnel
In accordance with the provisions of Sections 2(51), 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, following were the Key Managerial Personnel of the Company as on March 31, 2024.
1. Mr. Rajesh Gupta | Managing Director; |
2. Mr. Devender Kumar Poter | Chief Financial Officer; and |
3. Ms. Shilpa Verma | Company Secretary and Compliance Officer. |
10. COMMITTEES OF THE BOARD
As on the date of this report, the Company has the following Board committees: a. Audit Committee b. Nomination & Remuneration Committee c Stakeholders Relationship Committee
The composition and other related information of the above Committees are stated in the Corporate Governance Report, which forms an integral part of this Annual Report.
Further, all the recommendations made by the Audit committee were accepted by the Board.
11. BOARDS EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance, Board Committees, and Individual Directors pursuant to the provisions of Companies Act, 2013.
A structured questionnaire was prepared after taking into consideration the inputs received from Nomination and Remuneration Committee, 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. A separate exercise was carried out to evaluate the performance of individual Directors, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of Non-Independent Directors, Board as a whole and the Chairman of the Board was evaluated in a separate meeting of Independent Directors.
The feedback and results of the questionnaire were collated and consolidated report was shared with the Board for improvements of its effectiveness. The Directors expressed their satisfaction with the evaluation process.
Further, the evaluation process confirms that the Board and its Committees continue to operate effectively and the performance of the Directors and Chairman is satisfactory.
12. REMUNERATION POLICY
In compliance with the provisions of Section 178 of the Companies Act, 2013, the Board has, on the recommendation of the Nomination & Remuneration Committee of the Company, framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior Management and their remuneration.
The salient features of the Policy are:
a) It lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment o f a d irector (executive/non-executive/independent) of the Company; b) To recommend to the Board the policy relating to the remuneration of the Directors, KMP and Senior Management/Other Employees of the Company; and c) Reviewing and approving corporate goals and objectives relevant to the compensation of the executive Directors, evaluating their performance in light of those goals and objectives and either as a committee or together with the other independent Directors (as directed by the Board), determine and approve executive Directors compensation based on this evaluation; making recommendations to the Board with respect to KMP and Senior Management compensation and recommending incentive-compensation and equity-based plans that are subject to approval of the Board.
The Nomination and Remuneration Policy of the Company is available on the website of the Company and can be accessed at the following web link : https://nupurrecyclers.com/img/ investors/policy/criteria-of-making-of-payment-to-non-executive-directors.pdf. Throughout the financial year, the Policy remained unchanged, and no amendments were introduced.
13. NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES
The Board met 8 (Eight) times during the financial year 2023-2024. The details of the meetings of the Board and Committees thereof are given in the Corporate Governance Report, which forms an integral part of this Annual Report.
14. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(3) (c) of the Companies Act, 2013, the Directors confirm that: i) In the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same; ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2024 and of the profit of the Company for the Financial Year ended March 31, 2024;
iii) 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; iv) the annual accounts have been prepared on a going concern basis; v) proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and vi) 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.
15. AUDITORS
I. STATUTORY AUDITORS AND THEIR REPORT
Pursuant to the provisions of Section 139 of the Act and the Rules framed thereunder, M/s K R A & Co., Chartered Accountants (Firm Registration No. 020266N), were appointed as Statutory Auditors of the Company from the conclusion of 04th Annual General Meeting (AGM) of the Company till the conclusion of 09th AGM to be held in the FY 2027-28.
The Statutory Auditors M/s. K R A & Co., Chartered Accountants, have confirmed that they have not been disqualified to act as Statutory Auditors of the Company and that their continuation is within the maximum ceiling limit as prescribed under Section 141 of the Act / relevant statute.
The Auditors Report for the financial year ended March 31, 2024, does not contain any qualification, reservation or adverse remark and does not call for any clarification/ comments from the Board of Directors.
The Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) for the time being in force).
II. COST AUDITORS AND COST AUDIT REPORT
M/s Ravi Sahni & Co. (Firm Registration No. 100193) were appointed as the Cost Auditor to conduct the cost audit for the financial year ended March 31, 2024.
Further, pursuant to the provisions of section 148(1) of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended and as per the recommendation of the Audit
Committee, the Board at their meeting held on September 03, 2024 re-appointed M/s Ravi Sahni & Co. (Firm Registration No. 100193) as Cost Auditors of the Company for the financial year 2024-25 to audit the cost records of the Company. A resolution for ratification of the remuneration payable for such cost audit services forms part of the Notice of ensuing 6th Annual General Meeting.
A certificate from M/s Ravi Sahni & Co, Cost Accountants, has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits prescribed under Section 141 of the Act and the rules framed thereunder.
The Company has maintained accounts and records as specified under sub-section (1) of section 148 of the Act.
III. SECRETARIAL AUDITORS AND SECRETARIAL REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s. Arun Goel & Associates, Company Secretaries (Secretarial Auditors) (FCS No. 6861 and CP No. 12508) to conduct the Secretarial Audit of your Company for the financial year 2023-24.
The Secretarial Audit Report for the Financial Year ended March 31, 2024 is annexed herewith as Annexure-3 and forms an integral part of this Annual Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
IV. INTERNAL AUDITORS
The Board of Directors of your Company had appointed M/s V Khaitan & Associates, Chartered Accountant, New Delhi as the Internal Auditors of the Company pursuant to the provisions of section 138 of the Act for financial year 2023-2024 and the reports on periodical basis submitted by the auditor were placed before the audit committee and Board of Directors.
16. ANNUAL RETURN
As required under Section 92(3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the Companys website at h ttps://www.nupurrecyclers.com/img/investors/annual-return/form-MGT-7-2024.pdf.
17. RELATED PARTY TRANSACTIONS
In compliance with the requirements of the Companies Act, 2013 and the Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on Companys website at h ttps://www.nupurrecyclers.com/img/investors/policy/related-party-transaction-policy.pdf.
The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its Related Parties. All Related Party Transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is obtained for Related Party Transactions, which are of repetitive nature and / or entered in the Ordinary Course of Business and are at Arms Length.
All Related Party Transactions entered during the year were in the Ordinary Course of Business and on Arms Length basis. In terms of Section 134(3)(h) of the Companies Act, 2013, and Rule 8(2) of the Companies (Accounts) Rules, 2014, the details of the material contracts or arrangements entered into with Related Parties are provided in Form AOC-2 annexed herewith as Annexure- 4 to this Report.
18. LOANS, INVESTMENTS AND GUARANTEE
Details of Investments made by the Company during Financial Year 2023-24 within the meaning of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 and Schedule V of the Listing Regulations, are set out in Note No. 3 & 4 to the Standalone Financial Statements of the Company.
19. RISK MANAGEMENT
The Company has in place a mechanism to identify, assess, monitor and mitigate various risks, to key business objectives on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Director of the Company.
20. WHISTLE BLOWER POLICY AND VIGIL MECHANISM
In Compliance with the provisions of section 177 of the Companies Act, 2013 and Regulation 22 of the Listing Regulations, the Company has in place the Whistle Blower Policy and Vigil Mechanism for Directors, employees and other stakeholders which provides a platform to them for raising their voice about any breach of code of conduct, financial irregularities, illegal or unethical practices, unethical behaviour, actual or suspected fraud. Adequate safeguards are provided against victimization to those who use such mechanism and direct access to the Chairman of the Audit Committee in appropriate cases is provided. The policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination is made against any person. The Whistle Blower Policy and Vigil Mechanism may be accessed on the Companys website at https://www.nupurrecyclers.com/policies.html.
21. CORPORATE SOCIAL RESPONSIBILITY
The prime objective of our Corporate Social Responsibility policy is to develop the required capability and self-reliance of beneficiaries at the grass roots, especially of children and women, in the belief that these are pre-requisites for social and economic development The Board of Directors of your Company has formulated and adopted a policy on Corporate Social Responsibility which o n the Companys website at https://www.nupurrecyclers.com/policies.html
The annual report on corporate social responsibility activities containing composition of CSR committee and disclosure as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached and marked as Annexure 5 and forms part of this report.
22. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report of financial performance and results of operations of the Company, as required under the Listing Regulations is provided in a separate section and forms an integral part of this report. It inter-alia gives details of the overall industry structure, economic developments, performance and state of affairs of your Companys business, risks and concerns and material developments during the financial year under review.
23. CORPORATE GOVERNANCE REPORT
Your Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by Securities and Exchange Board of India. Separate report on Corporate Governance, forms an integral part of this Annual Report.
A certificate from M/s. Arun Goel & Associates, Company Secretaries confirming compliance with the conditions of corporate governance is also attached to the Corporate Governance Report.
24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT W ORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in compliance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has complied with the provisions relating to the constitution of Internal Complaints Committee (ICC) as specified under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company conducts sessions for employees to build awareness amongst employees about the Policy and the provisions of Prevention of Sexual Harassment of Women at Workplace Act. During the period under review, no complaint was received by the ICC.
25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is given below:
A. Conservation of energy:
(i) The steps taken or impact on conservation of energy:
We continue to strengthen our energy conservation efforts. We are always in lookout for energy efficient measures for operation, and value conservation of energy through usage of latest technologies for quality of services.
(ii) The steps taken by the company for utilizing alternate sources of energy;
Although the equipments used by the Company are not energy sensitive by their very nature, still the Company is making best possible efforts for conservation of energy, which assures that the computers and all other equipments purchased by the Company strictly adhere to environmental standards, and they make optimum utilization of energy.
(iii) The capital investment on energy conservation equipments;
There is no capital investment on energy conservation equipment during the FY 2023-24.
B. Absorption of Technology:
In this era of competition, in order to maintain and increase the clients and customers, we need to provide best quality services to our clients and customers at minimum cost, which is not possible without innovation, and adapting to the latest technology available in the market for providing the services.
i. The efforts made towards technology absorption: Nil ii. The benefits derived like product improvement, cost reduction, product development or import substitution: Nil iii. In case of imported technology (imported during the last three years reckoned from the beginning of the 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; and
C. Foreign Exchange Earnings and Outgo:
Foreign Exchange Earnings - Nil
Foreign Exchange Outgo - 10891.20 Lakhs
D. Research & Development:
The Company believes that in order to improve the quality and standards of services, the Company should have a progressive Research and Development Process, which should keep on increasing along with the scale of operations of the Company.
26. INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
Your Company has in place an adequate internal financial control framework with reference to financial and operating controls thereby ensuring orderly and efficient conduct of its business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
During Financial Year 2023-24, such controls were tested and no reportable material weakness in the design or operation was observed.
27. DISCLOSURE RELATED TO INSOLVENCY AND BANKRUPTCY:
No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the financial year is not applicable.
28. NO DIFFERENCE IN VALUATION:
The requirement to disclose 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, is not applicable.
29. SIGNIFICANT/ MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/ material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
30. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has duly complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and Shareholders (SS-2).
31. GENERAL
The Directors state that no disclosure or reporting in respect of the following items is required as there were no transactions/events relating to these items during the financial year under review:
(a) Issue of equity shares with differential rights as to dividend, voting or otherwise. (b) Issue of shares (including sweat equity shares) to employees of the Company under any scheme. (c) Neither Managing Director nor the Whole Time Directors of the Company received any Remuneration or commission from any of its subsidiaries.
32. CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of the business of the Company during the financial year under review.
33. ACCOUNTING TREATMENT IN PREPARATION OF FINANCIAL STATEMENTS
In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. Financial Statements of the Company for the FY 2023-24 have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as per the Companies (Indian Accounting Standards) Rules 2015 as amended from time to time and notified under section 133 of the Companies Act, 2013 ("the Act"), and in conformity with the accounting principles generally accepted in India and other relevant provisions of the Act. Any application guidance/ clarifications/ directions issued by the RBI or other regulators are implemented as and when they become applicable.
34. ACKNOWLEDGEMENT & APPRECIATION
Your Directors express their sincere appreciation for the assistance and co-operation received from the Government authorities, financial institutions, banks, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the employees.
By order of the Board of Directors |
For Nupur Recyclers Limited |
RAJESH GUPTA | DEVENDER KUMAR POTER |
Managing Director | Director & CFO |
DIN: 01941985 | DIN: 086796 |
Place: New Delhi |
Date: 06.09.2024 |
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