rajoo engineers Directors report

Dear Shareholders,

Your Directors are pleased to present the 36th Annual Report along with the audited financial statements of your Company for the financial year ended on March 31,2023

FINANCIAL SUMMARY AND HIGHLIGHTS:

The summarized financial performance highlights are depicted below:

( Rs In Lakhs except EPS )

Particulars	CONSOLIDATED		STANDALONE
	Year Ended 2022-23	Year Ended 2021-22	Year Ended 2022-23	Year Ended 2021-22
1 Revenue from Operations	17,871.08	19,032.55	15,978.57	17,204.41
2 Other Income	293.32	195.46	279.02	273.90
3 Total Revenue	18,164.41	19,228.01	16,257.59	17,478.31
4 Cost of Material Consumed	11,083.62	11,753.51	9,644.03	10,398.91
5 Purchase of Stock in trade	10.62	47.02	10.62	47.02
6 Change in inventories/Work in Progress/ stock-in-trade	89.90	141.85	207.83	79.92
7 Employee Benefits Expense	1,949.06	1,766.31	1,848.26	1,671.36
8 Finance Cost	36.33	33.09	32.64	31.90
9 Depreciation & Amortization Exp.	353.62	350.41	346.69	343.89
10 Other Expenses	3,148.82	3,069.84	2,868.75	2,915.74
11 Total Expenses	16,671.97	17,162.03	14,958.82	15,488.74
12 Profit/ (Loss) Before Tax	1,492.43	2,065.98	1,298.77	1,989.57
13 Current Tax	337.83	599.01	292.85	555.26
14 Deferred Tax	5.73	(43.41)	4.35	(45.39)
15 Profit/ (Loss) After Tax	1,148.88	1,510.38	1,001.57	1,479.71
16 Other Comprehensive Income	12.75	39.89	14.86	37.87
17 Total Comprehensive Income	1,161.63	1,550.27	1,016.43	1,517.57
18 Paid-up eauitv share capital	615.31	615.31	615.31	615.31
19 Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	10,275.24	9 ,267.44	9,628.54	8,765.93
20 Earnings per share (Re.1/- each)
Basic	1.87	2.45	1.63	2.40
Diluted	1.87	2.45	1.63	2.40

SUMMARY/STATEMENT OF BUSINESS OPERATIONS/AFFAIRS

Revenue from operations was Rs. 159.79 Crore in FY 2023 as against Rs. 172.04 Crore in FY 2022. Profit after Tax was at Rs. 10.02 Crore in FY 2023 as against Rs. 14.80 Crore in FY 2022.

TRANSFER TO RESERVES

During the year under review, no amount has transferred to General Reserve.

DIVIDEND

The Board of Directors of your company has recommended a dividend of Rs. 0.35 per equity share of the face value of Rs. 1.00 (35% of face value) for the financial year ended on March 31,2023. The payment of said dividend is subject to your approval at the ensuing 36th Annual General Meeting of the Company.

In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividend paid or distributed by the Company shall be taxable in the hands of the shareholders. Your Company shall, accordingly, make the payment of the dividend after deduction of tax at source.

SHARE CAPITAL

The paid-up Share Capital of the Company as on March 31, 2023 is Rs. 6,15,30,750/- divided into 6,15,30,750 equity shares of Re. 1/- each. During the year under review, the Company has not issued any shares. The Company has not issued shares with differential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company.

LISTING

The Equity Shares of the Company continue to remain listed on the Bombay Stock Exchange Limited.

PUBLIC DEPOSIT

The Company has not accepted any deposit within the meaning of Chapter V of the Companies Act, 2013 and the Rules framed there under.

PARTICULARS OF LOANS, GUARANTEE AND INVESTMENTS

The Particulars of loans, guarantees and Investments have been disclosed in the Financial Statements.

SUBSIDIARY & ASSOCIATE COMPANY

Your Company has a 49:51 joint venture agreement with Bausano Holdings SRL, Italy under the name of Rajoo Bausano Extrusion Private Limited to manufacture and market pipe and profile extrusion machinery lines including for wood composite profiles in India, with a special emphasis on Africa, Gulf and SAARC markets.

Rajoo Bausano Extrusion Private Limited is a combination of Rajoos best in class infrastructure and Bausanos sublime pioneering technology, availability of indigenous raw material and access to the latest technology.

Through this unique Joint Venture, customers are offered world class technological products at affordable price levels.

The Consolidated Financial Statements of the Company along with its Associates (Rajoo Bausano Extrusion Private Limited) prepared for the year 2022-23 forms part of this Annual Report.

A Report on the performance and financial position of each of the subsidiaries, associates and joint venture companies as per the Companies Act, 2013 is provided in Form AOC-1 as Annexure I.

The Company does not have any subsidiary as on reporting date. During the year under review, no company became or ceased to be Companys subsidiaries, joint ventures or associate companies.

DETAILS OF APPOINMENT/RESIGNATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review following changes occurred in Directors and Key Managerial Personnel of the Company:

Name of Directors/ KMP	Date of Event	Nature of Changes
Mr. Raiendra G. Vaia	January 28, 2023	Resignation as Independent Director
Mr. Ramesh A. Shah	February 02, 2023	Resignation as Independent Director
Mr. Pratik R. Kothari	February 13, 2023	Appointment as Additional Director (Independent)
Dr. Shital Badshah	February 13, 2023	Appointment as Additional Director (Independent)
Mr. Darshak B. Thaker	April 22, 2022	Resignation as Company Secretary & Compliance Officer
Mr. Rohit D. Sojitra	July 04, 2022	Appointment as Company Secretary & Compliance Officer
Mr. Jayantilal T. Jhalavadia	September 30, 2022	Resignation as Chief Financial Officer
Mr. Prakash C. Daga	October 01, 2022	Appointment as Chief Financial Officer

In the opinion of the Board, all the Independent Directors appointed during the year, possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company, fulfil the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Companies Act, 2013.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

As of March 31, 2023, your Companys Board has eight members comprising of four executive nonindependent directors and non-executive independent directors. The Board has a woman Director. The Details of the Directors of the Company has been provided in the Corporate Governance Report annexed to Annual Report.

Pursuant to the provisions of Section 149, 152 and other applicable provisions of the Companies Act, 2013, one third of such directors as are liable to retire by rotation, shall every year and if eligible, offer themselves for re-appointment at every AGM. Consequently Mr. Utsav K. Doshi, Executive Director (DIN: 00174486) will retire by rotation and being eligible has offered himself for re-appointment. The Board of Directors on recommendation of Nomination and Remuneration Committee has recommended his re-appointment.

Brief particulars of Mr. Utsav K. Doshi proposed to be re-appointed regarding the nature of his expertise in specific functional areas, names of companies in which he holds Directorships, committee memberships/ chairmanships, their shareholdings etc., are annexed to the notice of the ensuing 36th AGM.

Following are the Directors and Key Managerial Personnel of the Company as on March 31,2023

1. Mr. Rajesh N. Doshi, Chairman & Executive Director

2. Ms. Khushboo C. Doshi, Executive Managing Director

3. Mr. Utsav K. Doshi, Executive Joint Managing Director

4. Mr. Sunil B. Jain, Executive Professional Director

5. Mr. Kirit R. Vachhani, Non-Executive Independent Director

6. Mr. Laxman R. Ajagiya, Non-Executive Independent Director

7. Mr. Pratik R. Kothari, Non-Executive Additional Director (Independent)

8. Dr. Shital B. Badshah, Non-Executive Additional Director (Independent)

9. Mr. Prakash C. Daga, Chief Financial Officer

10. Mr. Rohit D. Sojitra, Company Secretary & Compliance Officer

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF SECTION 149

The Company has received necessary declaration from all the Independent Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as laid down in Section 149(6) of the Companies Act, 2013 and the Listing Regulations.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(3)? of the Act:

(i) that in the preparation of the Annual Accounts for the year ended March 31,2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit of the Company for the year ended on that date;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a going concern basis;

(v) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

(vi) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

NUMBER OF MEETINGS OF THE BOARD

Ten Meetings of the Board were held during the year under review. For details of meetings of the Board, please refer to the Corporate Governance Report, which is a part of this report.

INDEPENDENT DIRECTORS MEETING AND FAMILARISATION PROGRAMME

The Independent Director met on March 23, 2023 without attendance of Non-Independent Directors and members of the Management. The independent Directors reviewed the performance of non-independent directors and the Board as a whole; the performance of the Chairperson of the Company, taking in to account the views of the Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. Non-Executive including Independent Directors plays a crucial role in balancing the functioning of Board by providing independent judgments on various issues raised in the Board Meetings like formulation in business strategies, monitoring of performances etc.,. Their role, inter alia, includes:

• Impart balance to the board by providing Independent Judgments

• Provide feedback on companys strategies and performances

• Provide effective recommendations for further improvements

The Company has no pecuniary relationships with the Independent directors except sitting fees for attending meetings of the Board/committees thereof if any paid.

The details of the program for familiarization of the Independent Directors of the Company are available on the Companys website www.rajoo.com

ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OF DIRECTORS

Pursuant to the applicable provisions of the Companies Act, 2013, Listing Regulations and Governance Guidelines, the Board has carried out an annual evaluation of its own performance, performance of the Directors as well as the evaluation of the working of its Committees.

The Nomination and Remuneration Committee has defined the evaluation criteria, procedure and time schedule for the Performance Evaluation process for the Board, its Committees and Directors.

The performance of the Board and individual Directors was evaluated by the Board after seeking inputs from all the Directors. The performance of the Committees was evaluated by the Board after seeking inputs from the Committee Members. The criteria for performance evaluation of the Board included aspects such as Board composition and structure, effectiveness of Board processes, contribution in the long term strategic planning, etc. The criteria for performance evaluation of the Committees included aspects such as structure and composition of Committees, effectiveness of Committee meetings, etc. The above criteria for evaluation were based on the Guidance Note issued by Securities and Exchange Board of India.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Companys policy on Directors appointment and remuneration and other matters provided in Section 178 (3) of the Companies Act, 2013 is made available on the Companys website www.rajoo.com

BOARD COMMITTEES

Detailed composition of the mandatory Board committees namely Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, Stakeholders Relationship Committee, number of meetings held during the year under review and other related details are set out in the Corporate Governance Report which forms a part of this Report.

There have been no situations where the Board has not accepted any recommendation of the Audit Committee.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted a CSR Committee and has framed a CSR Policy. The brief details of CSR Committee are provided in Corporate Governance Report. The Annual Report on CSR Activities in prescribed format is enclosed in Annexure II of this report. The policy is available on the website of the Company at http://www.rajoo.com/csr.html and https://www.rajoo.com/pdf/Codes_and_Policies/Amended_CSR_Policy.pdf

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT AND CORPORATE GOVERNANCE REPORT

The Management Discussion and Analysis Report and the Report on Corporate Governance, as required under the Listing Regulations, forms part of the Annual Report.

RISK MANAGEMENT

Your Company recognizes that Risk as an integral part of business and is committed to minimizing the risk in a pro-active and efficient manner. More details on risk management are covered in the Management Discussion and Analysis forming part of this Annual Report.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUECY

The details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis, which is a part of this report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

At Rajoo Engineers Limited, all employees are of equal value. There is no discrimination between individuals at any point on the basis of race, colour, gender, religion, political opinion, national extraction, social origin, sexual orientation or age.

At Rajoo Engineers Limited, every individual is expected to treat his/her colleagues with respect and dignity. This is enshrined in values and in the Code of Ethics & Conduct of Rajoo Engineers Limited. The Direct Touch (Whistle-Blower & Protection Policy) Policy provides a platform to all employees for reporting unethical business practices at workplace without the fear of reprisal and help in eliminating any kind of misconduct in the system. The Policy also includes misconduct with respect to discrimination or sexual harassment

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition, and Redressal of Sexual Harassment at workplace as per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act) and Rules made thereunder.

The Company has also constituted an Internal Committee to redress complaints received regarding sexual harassment with the objective of providing a safe working environment; all employees (permanent, contractual, temporary, trainees) are covered under this policy. An Internal Complaints Committee (ICC) is in place to redress complaints received regarding sexual harassment.

The following is a summary of sexual harassment complaints received and disposed off during the year:

• No. of complaints received: Nil

• No. of complaints pending: Nil

• No. of complaints disposed off: Nil

ANNUAL RETURN

Pursuant to Section 134(3) (a) of the Act, the draft annual return as on March 31, 2023, prepared in accordance with Section 92(3) of the Act, is made available on the website of the Company and can be assessed using the link https://www.rajoo.com/investorszone.html#sec1

RELATED PARTY TRANSACTIONS

In line with the requirements of the Companies Act, 2013 and Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on Companys website at http://www.rajoo.com/investorszone.html. The Policy intends to ensure that proper reporting; approval and disclosure processes are in place for all transactions between the Company and 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 on a quarterly basis for transactions which are of repetitive nature and / or entered in the Ordinary Course of Business and are at Arms Length price basis.

All contracts/arrangements/transactions entered by the Company during the financial year with the related parties were in ordinary course of business and on an arms length basis. Your Company had not entered in to any transactions with related parties which could be considered material in terms of Section 188 of the Companies Act, 2013. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.

INSURANCE

Your Company has taken appropriate insurance for all the assets against foreseeable perils.

STATUTORY AUDITOR AND AUDITORS REPORT

M/s. Pankaj K. Shah & Associates, Chartered Accountants, (M. No.: 034603, FRN.: 107352W) vide letter dated June 21,2022 have resigned from the position of Statutory Auditors of the Company, resulting into a casual vacancy in the office of Statutory Auditors of the Company as envisaged by section 139(8) of the Companies Act, 2013.

Pursuant to the provisions of Section 139(8) of the Companies Act, 2013, the Board of Directors at its meeting held on July 4, 2022, on the recommendation of the Audit Committee, have appointed M/s. Rushabh R. Shah & Co., Chartered Accountants, (M. No.: 607585, FRN. 156419W), to hold office as the Statutory Auditors of the Company till the conclusion of 35th Annual General Meeting and to fill the casual vacancy caused due to resignation of M/s. Pankaj K. Shah & Associates, Chartered Accountants, (M. No.: 034603, FRN.: 107352W) subject to the approval of the members in the forthcoming general meeting of the Company, on such remuneration including out of pocket and other expenses as may be decided by the shareholders of the Company as may be determined and recommended by the Audit Committee in consultation with the Auditors and duly approved by Board of Directors of the Company.

Pursuant to provisions of Section 139(8) of the Companies Act, 2013, casual vacancy and remuneration of M/s. Rushabh R. Shah & Co., Chartered Accountants, (M. No.: 607585, FRN. 156419W) was confirmed and ratified by the members in 35th Annual General Meeting held on September 24, 2022.

Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed thereunder, M/s. Rushabh R. Shah and Co., Chartered Accountants (M. No.: 607585, FRN. 156419W), were appointed as statutory auditors of the Company for a term of 5 years at the 35th Annual General Meeting held on September 24, 2022 until the conclusion of the 40th Annual General Meeting to be held in the year 2027 on such remuneration plus applicable taxes, and out of pocket expenses, as may be recommended by the Audit Committee and as may be mutually agreed between the Board of Directors of the Company and the Statutory Auditors from time to time.

The statutory Auditors Report does not contain any qualifications, reservations, or adverse remarks or disclaimer.

DETAILS OF FRAUD REPORT BY AUDITOR

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditor have not reported any instances of fraud committed against your Company by its officers or employees to the Audit Committee or the Board, under Section 143(12) of the Act. As per auditors report, no fraud u/s 143(12) reported by the Auditor.

SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder and Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, The Board has appointed CS Nirav D. Vekariya, Practicing Company Secretaries to conduct the Secretarial Audit of the Company for the year ended March 31,2024. Form MR-3 i.e. Secretarial Audit Report for FY 2022-23 is annexed herewith marked as "Annexure -IN".

The Observations of the Secretarial Auditor and the response of the Directors to the same are as follows:

1) Observations : It is observed that, the Company filed some Form late in time with additional fees to Registrar of Companies/Regional Director/Central Government under The Companies Act, 2013.

Response : The Company has adopted good corporate governance practice and standard and forms were filed late inadvertently.

2) Observations : It was observed that, the company has passed an ordinary resolution for grant loan pursuant to regulation Regulations 2(1) (zc), 23(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and under the applicable provisions of the Companies Act, 2013 for granting inter corporate loan to M/s. Essen Speciality Films Private Limited. However, it was required to pass as a special resolution under section 185 of The Companies Act, 2013.

Response : The Company has adopted good corporate plactice and standard. According the Company had obtained the approval of the members by 100 % of votes in favour on votes polled for granting of inter corporate loan to M/s. Essen Speciality Films Limited in 35th Annual General Meeting of the Company which was beyond the requirement of section 185 of the Companies Act, 2013.

3) Observations : It was observed that, there is some minor delay in filing some information to the stock exchange within prescribed time limit.

Response : There were delay in filling of Related Party Transactions for the quarter and year ended March 31,2022 to stock exchange and the fine Rs. 64,900/- was paid to the BSE Limited for the same.

4) Observations : The Company not given prior intimation of Board Meeting held on 14th May, 2022 in which dividend was recommended by the Board.

Response : The item of Recommendation of Final Dividend was not forming part of Agenda of the said Board Meeting. However, the board meeting was held for consideration of Financial Result / Financial Statement for the quarter and year ended on 31st March, 2022. On the Basis of performance and considering allocable surplus Board recommended the final dividend for members approval.

5) Observations : The Company has not publish financial results for the quarter and year ended on 31st March, 2022 in newspaper as required under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and not given any intimation to the stock exchange about publication of the same.

Response : The Company has adequate system to compliant with the said regulation. Inadvertently the advertisement of financial results for the quarter ended on 31st March, 2022 was not published and submitted to BSE Limited.

6) Observations : The Company has not disclose/uploaded the Investor Presentation of analyst/investor meeting held on 26th December, 2022. However, the management has clarified that, no any presentation was presented before the said meeting.

Response : It was a just conference call meet and no presentation was made at the meeting. Therefore, the presentation was not required to disclose/upload on the website of the Company under said regulation.

COST AUDIT REPORT

Your Company has appointed M/s. Shailesh Thaker & Associates, Practicing Cost Accountants to conduct audit of the cost records of the Company for the year ended March 31,2024. The Cost Audit Report for the year 2021-22 was filed before the due date with the Ministry of Corporate Affairs.

Your Company has maintained the cost accounts and records in accordance with Section 148 of the Act and rules made thereunder.

PARTICULARS OF EMPLOYEES

The Disclosure as required under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and 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 are given in Annexure-IV and forms a part of this report.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company has established a robust Human Resources (HR) system that nurtures a conducive and productive work culture. It emphasises on the freedom to express views, competitive pay structure, performance-based reward system and growth opportunities, and internal job postings within the organisation for career options for the employees. It has well-documented and disseminated employee- friendly policies to enhance transparency, create a sense of teamwork and trust among employees and align employee interests with organisational strategic goals. These policies assist in holistic HR development and play a key role in right talent on-boarding, talent retention, and leadership development.

The Company ensures equal access to opportunities in the areas of recruitment, training and up gradation, professional development and advancement, regardless of gender, age, racial/ethnic background, religion or social status. The Company adheres to the Rajoos Code of Conduct to strengthen core Rajoos values of excellence and leadership.

SECRETARIAL STANDARDS

The applicable Secretarial Standards, i.e. SS-1 relating to Meetings of the Board of Directors and SS-2 relating to General Meetings, respectively, have been duly followed by the Company.

OTHER DISCLOSURES

• There are no material changes and commitments affecting the financial position of the company between the end of the financial year and the date of this report.

• There has been no change in the nature of business of the Company.

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

• There are no proceedings initiated/ pending against the company under the Insolvency and Bankruptcy Code, 2016 which materially impact the business of the company.

• There were no instances where the Company required the valuation for one time settlement or while taking the loan from the Banks or Financial institutions.

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

1. CONSERVATION OF ENERGY

(a) Energy conservation measures taken:

The Company has continued its efforts to improve energy efficiency with more vigor and depth. Your Company continually took necessary steps to absorb and adopt the latest technologies and innovations in the Plastic Manufacturing Machines Industry. All machinery and equipment are continuously serviced, updated and overhauled in order to maintain them in good condition. This resulted in consumption of lesser energy consumption. Energy audits and Inter unit studies are carried out on a regular basis for taking steps for reduction of the energy consumption.

(b) Steps taken by the Company for utilizing alternate sources of Energy:

As part of its long term sustainability plan, the Company has initiated various steps towards utilizing alternate source/ renewable source of energy:

• The company has installed and commissioned 304.64 KW (DC) capacity Solar Power Plant in the state of Gujarat at Village Hadamtala, Taluka Kotda-Sangani, District Rajkot.

• All efforts are made to use more natural lights in offices/Factory/stores premises to optimize the consumption of energy.

(c) The capital investment on energy conservation equipment: NIL

2. TECHNOLOGY ABSORPTION

(a) Efforts made towards Technology Absorption:

• The Company continues to adopt and use the latest technologies to improve the productivity and quality of its products.

• The Company has technical collaboration with Commodore LLC., USA, Bausano & Figli, Italy and MEAF Machines B.V of Netherlands are strategic partners.

(b) Benefits derived like product improvement, cost reduction, product development or import substitution:

Due to integrated facility and infusion of new technology, the Company is in position to offer most energy efficient products to consumers.

(c) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year):

No Technology was imported for conservation of energy.

(d) The expenditure incurred on Research and Development

Particulars	F.Y. 2022-23	F.Y. 2021-22
Capital Expenditure	0.00	0.00
Revenue Expenditure	157.77	144.12
Total	157.77	144.12

3. FOREIGN EXCHANGE EARNINGS AND OUTGO:

(Rs. In lacs)

Particulars	F.Y. 2022-23	F.Y. 2021-22
Foreign Exchange earned	5183.08	8942.48
Foreign Exchange used	1679.11	1341.16

APPRECIATION

Your Directors wish to place on record their appreciation, for the contribution made by the employees at all levels but for whose hard work, and support, your Companys achievements would not have been possible. Your Directors also wish to thank its customers, vendors, suppliers, investors and bankers for their continued support and faith reposed in the Company.

Date: 27/08/2023	For and on behalf of the Board of Directors
Place: Veraval (Shapar)	Rajoo Engineers Limited
	Rajesh N. Doshi
	Chairman & Director
	DIN:00026140