The Directors have great pleasure in presenting the 81st Annual Report
together with the Audited Financial Statements for the financial year ended 31st March,
2023.
(Rs In Crores)
| Particulars |
FY 2022-2023 |
FY 2021-2022 |
| Total Income |
9283.35 |
7840.51 |
| Profit Before Interest, Depreciation & Tax |
1281.84 |
1309.89 |
| Finance Cost |
8.02 |
5.15 |
| Depreciation and Amortization Expenses |
263.39 |
229.52 |
| Profit Before Tax & Exceptional Items |
1010.43 |
1075.22 |
| Tax Expenses |
245.96 |
263.33 |
| Profit After Tax |
764.47 |
811.89 |
| Other Comprehensive Income (Net of Taxes) |
(2.78) |
(0.94) |
| Total Comprehensive Income |
761.69 |
810.95 |
DIVIDEND
R in Crores
| i) Dividend on 12,70,26,870 Equity Shares of R 2/- each
@1300% i.e. R 26/- per share as under:- |
|
| (Previous year @ 1200% i.e. R 24/- per equity share) |
|
| (a) Interim Dividend @ 300% i.e. R 6/- per share (already
paid in November 2022) |
76.22 |
| (b) Final Dividend @ 1000% i.e. R 20/- per share |
254.05 |
|
R 330.27 |
The Board of Directors of the Company had adopted the Dividend
Distribution Policy on 25th January, 2017 in line with the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015. The Policy is uploaded on the Companys
website at www.supreme.co.in
OVERVIEW OF THE FINANCIAL PERFORMANCE
The financial performance highlights for the year ended 31st March,
2023, are as follows -
The Company sold 506501 MT of Plastic goods and achieved net product
turnover of R 9066 Crores during the year under review against sales of 393908 MT and net
product turnover of R 7625 crores in the previous year achieving volume and product value
growth of about 29% and 19%, respectively.
Total Income and Operating Profit for the year under review amounted to
R 9283.35 crores and R 1199.98 crores respectively as compared to R 7840.51 crores and R
1242.19 crores, in the previous financial year.
The Profit before Tax and Profit after Tax for the year under review
amounted to R 1010.43 crores and R 764.47 crores respectively as compared to R 1075.22
crores and R 811.89 crores, in the previous financial year.
MANAGEMENT DISCUSSION AND ANALYSIS
The Managements Discussion and Analysis forms an integral part of this
report and gives detail of the overview, industry structure and developments, different
product groups of the Company, operational performance of its various business segments.
CREDIT RATING
The Companys financial discipline and prudence is reflected in strong
credit rating ascribed by CRISIL as under:-
| Total Bank Loan Facilities Rated |
R 1445.90 crores |
| Long-Term Rating |
CRISIL AA+/Stable (Reaffirmed) |
| Short-Term Rating |
CRISIL A1+ (Reaffirmed) |
| R 200 Crores commercial paper |
CRISIL A1+ (reaffirmed) |
FIXED DEPOSITS
In accordance with the terms and conditions governing the Fixed Deposit
Scheme, the Company had exercised the option to repay on 1st April, 2014, all the Fixed
Deposits with accrued interest as at the end of 31st March, 2014. Accordingly, the Company
is not having any Fixed Deposit as on 31st March, 2023.
DIRECTORS RESPONSIBILITY STATEMENT:
The Board of Directors acknowledge the responsibility for ensuring
compliances with the provisions of Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013 in the preparation of annual accounts for the year ended on 31st
March, 2023 and state that:
• in the preparation of the annual accounts, the applicable
accounting standards had been followed and there is no material departures from the same;
• the Directors have selected such accounting policies and applied
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 31st March, 2023
and of the profit of the Company for the year ended on that date;
• the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
• the Directors have prepared the annual accounts on a going
concern basis;
• the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and are
operating effectively; and
• 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;
CORPORATE GOVERNANCE
The Company has taken the requisite steps to comply with the
recommendations concerning Corporate Governance.
A separate statement on Corporate Governance together with a
certificate from the auditors of the Company regarding compliance of conditions of
Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 forms part of this Annual Report.
ENERGY CONSERVATION, TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNING
/ OUTGO
Information on conservation of energy, technology absorption, foreign
exchange earnings and outgo required to be given pursuant to Section 134(3) (m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed
herewith as Annexure - I to this report.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The prescribed particulars of Employees 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 is annexed herewith as Annexure - II to
this Report.
The information 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 and forming part of the Boards Report for the year
ended 31st March, 2023 is given in the separate Annexure of this Report.
The Annual Report excluding the aforesaid Annexure is being sent to the
Members of the Company in terms with the provision of Section 136 of the Companies Act,
2013. Members who are interested in obtaining these particulars may write to the Company
Secretary at the Registered Office of the Company. The aforesaid Annexure is also
available for inspection by Members at the Registered Office of the Company, 21 days
before the 81st Annual General Meeting and up to the date of the ensuing Annual General
Meeting during the business hours on working days.
CONSOLIDATED FINANCIAL STATEMENT
The consolidated financial statements of the company & its
subsidiary & associate which form part of Annual Report have been prepared in
accordance with section 129(3) of the Companies Act, 2013. Further, a statement containing
the salient features of the Financial Statement of Subsidiary Company & Associate
Company in the prescribed format AOC-I is annexed herewith as Annexure - III to this
Report. The statement also provides the details of performance and financial position of
the Subsidiary Company & Associate Company.
In accordance with Section 136 of the Companies Act, 2013 the Audited
Financial Statements, including the consolidated financial statements & related
information of the Company & Audited Accounts of its Subsidiary Company are available
on the website www.supreme.co.in. These documents will also be available for inspection
during business hours at the registered office of the company. Any member desirous of
obtaining a copy of the said financial statement may write to the Company Secretary at the
Registered Office of the company.
The Consolidated net profit of the company and its subsidiary amounted
to R 862.42 crores for the financial year ended 31st March, 2023 as compared to R 967.26
crores for the previous financial year ended 31st March, 2022.
Additional details regarding performance of the Associate Company &
Subsidiary Company have been mentioned in the succeeding paragraphs.
ASSOCIATE COMPANY - SUPREME PETROCHEM LIMITED (SPL)
SUPREME PETROCHEM LIMITED
Net revenue & net profit of that company for the year ended 31st
March 2023 was R 5346.14 Crores and R 498.13 Crores as against R 5062.80 Crores & R
663.23 Crores respectively during previous year.
Pursuant to the sub division of the Equity shares of the Company, each
Equity Share of the Face Value of R 4/- each was sub divided into face value of R 2/- per
share (fully Paid-up). Your company has an investment of 5,78,72,800 no of equity shares
of (face value of R 2/- each) in the SPL (promoted by your company &
R Raheja Group) which constitutes 30.78% as at 31st March 2023.
During the year under review your company received an aggregate amount
of R 52.09 Crores as dividend including R 11.58 Crores of interim dividend for the year
2022-23.
SPLs new line of Polystyrene at Amdoshi and expanded capacities of EPS
at both locations were commissioned in the last quarter of F.Y. 2022-2023. Effective
capacity of Polystyrene now stands at 300,000 tpa and EPS capacity at 110,000 tpa.
SPLs first phase of Mass ABS project with 70,000 tpa capacity is
progressing as per schedule. Detailed engineering and procurement are progressing well.
Discussions on technical licence for second line of Mass ABS with licensor M/s Versalis of
Italy is yet to be concluded.
SPL has proposed final dividend of R 7 per share in its board meeting
held on 26th April, 2023 subject to the approval of shareholders which would entitle the
Company to receive an amount of R 40.51 Crores as dividend during the year 2023-24.
SUBSIDIARY COMPANY
During the financial year 2022-23 raw material prices shown a downward
trend while shipping industry returned to normalcy regarding operation management &
freight resulting in "watch & go" situation for the buyers to obtain optimum
benefits. Despite the inertia in the market, Supremes piping exports moved up the growth
trajectory by scaling the highest turnover as on date contributing 35% to companys
overall exports.
The Supreme Industries Overseas FZE clocked 17th years of successful
operation by achieving exports sales turnover of US$ 10.95 Million (inclusive of
third-party exports in INR), value growth of 10%, weighing 3283 MTON during the financial
year 2022-23. Supreme has established footprints in over thirty plus countries touching
GCC, Africa, USA, UK, Europe & Indian- sub-continent.
Supreme is aiming to exports 5000 MTON of piping products during new
financial year 2023-24. Target will be achieved by expanding markets across the
geographies inclusive of acquiring high value project orders. Supreme brand has
established reputation over the decades due to exhaustive range of products, quality &
services. Efforts will be made to enhance the current range of products & obtain
product conformity certifications from international bodies. All these efforts will
improve brand acceptance paving the way for entry into new territories & generating
new business volume.
MATERIAL SUBSIDIARY
The Board of Directors of the Company had adopted a Policy for
determining material subsidiary company in line with the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015. The Policy is uploaded on the Companys
website at www. supreme.co.in. Presently there is no material subsidiary company.
DIRECTORS APPOINTMENT / RE APPOINTMENT Director Retiring by Rotation
Shri V.K. Taparia, Executive Director
Shri V.K.Taparia, Executive Director (DIN: 00112567) of the Company,
retires by rotation at the forthcoming Annual General Meeting in accordance with
provisions of the Companies Act, 2013 and the Articles of Association of the Company and
being eligible, offers himself for re-appointment.
Director Appointments/Re-appointments for Members approval
The Board of the Company, on recommendations of the NRC, inter- alia,
considering the qualification, experience, knowledge, skills possessed and declarations
submitted by each of them approved/ recommended the following
appointments/re-appointments, on the Board, for approval by the Members of the Company at
the ensuing AGM. The Company has received the requisite notices from Member proposing each
of their appointments/re- appointments, as the case maybe, as a Director of the Company.
Shri Sarthak Behuria, Independent Director
Shri Sarthak Behuria, Independent Director, (DIN: 03290288), was
appointed as an Independent Director of the Company for a first term of five consecutive
years commencing from 7th May,
2019 to 6th May, 2024. Accordingly, the first term of office of Shri
Sarthak Behuria as an Independent Director of the Company is due to expire on 6th May
2024.
The Board of the Company, based on the recommendation of the NRC and
result of the performance evaluation carried out by the NRC and the Board, has recommended
the re-appointment of Shri Sarthak Behuria as a Non-Executive Independent Director for a
second term of five consecutive years commencing (prior to expiry of his term) from 7th
May, 2024 to 6th May, 2029, to the Members for their approval through special resolution
at the ensuing AGM. Shri Sarthak Behuria confirms to the criteria of independence
prescribed under the Act and the SEBI Listing Regulations.
The Board on the basis of recommendation of the NRC and considering the
skills, experience and acumen possessed by Shri Sarthak Behuria, is of the opinion that he
possesses the relevant expertise and experience to continue as an Independent Director of
the Company.
Ms. Ameeta Parpia, Independent Director
Ms. Ameeta Parpia, Independent Director, (DIN: 02654277), was appointed
as an Independent Director of the Company for a first term of five consecutive years
commencing from 7th May, 2019 to 6th May 2024. Accordingly, the first term of office of
Ms. Ameeta Parpia as an Independent Director of the Company is due to expire on 6th May
2024.
The Board of the Company, based on the recommendation of the NRC and
result of the performance evaluation carried out by the NRC and the Board, has recommended
the re-appointment of Ms. Ameeta Parpia as Non-Executive Independent Director for a second
term of five consecutive years commencing (prior to expiry of her term) from 7th May, 2024
to 6th May, 2029 to the Members for their approval through special resolution at the
ensuing AGM. Ms. Ameeta Parpia confirms to the criteria of independence prescribed under
the Act and the SEBI Listing Regulations.
The Board on the basis of recommendation of the NRC and considering the
skills, experience and acumen possessed by Ms. Ameeta Parpia, is of the opinion that she
possesses the relevant expertise and experience to continue as an Independent Director of
the Company.
Shri Vipul Shah, Independent Director
Shri Vipul Shah, (DIN: 00174680) is appointed as an Additional and Non-
Executive Independent Director of the Company, not being liable to retire by rotation, for
a first term of five consecutive years commencing from 28th April, 2023 to 27th April,
2028, subject to the approval of the Members through special resolution at the ensuing
AGM.
Shri Vipul Shah confirms to the criteria of independence prescribed
under the Act and the SEBI Listing Regulations. The Board on the basis of recommendation
of the NRC and considering the skills, experience and acumen possessed by Shri Vipul Shah,
is of the opinion that he possesses the relevant expertise and experience to appoint as an
Independent Director of the Company.
Shri Pulak Prasad, Non-Executive and Non- Independent Director
Shri Pulak Prasad (DIN: 00003557) is appointed as an Additional
Non-Executive and Non-Independent Director, with effect from 28th April, 2023 and holds
office as an Additional Director up to the date of the ensuing AGM of the Company. The
Board at its meeting held on 28th April, 2023, has recommended the appointment of Shri
Pulak Prasad as a Director (Non-Executive and Non-Independent) of the Company, liable to
retire by rotation.
Shri M.P Taparia, Managing Director
Shri M. P Taparia, Managing Director, (DIN: 00112461), was re-appointed
as Managing Director of the Company at the 76th Annual General Meeting for a term of five
years from 7th January, 2019 to 6th January, 2024. Accordingly, his term of office is due
to expire on 6th January, 2024.
The Board of the Company, based on the recommendation of the NRC and
result of the performance evaluation carried out by the NRC, has recommended the
re-appointment of Shri M. R Taparia, as a Managing Director for a further period
commencing from 7th January, 2024 upto 30th September, 2027, upon the terms and conditions
as set out in the resolution mentioned in this item of the notice
Shri S.I. Taparia, Executive Director
Shri S.J. Taparia, Executive Director, (DIN: 00112513), was
re-appointed as Executive Director of the Company at the 76th Annual General Meeting for a
term of five years from 7th January, 2019 to 6th January, 2024. Accordingly, his term of
office is due to expire on 6th January, 2024.
The Board of the Company, based on the recommendation of the NRC and
result of the performance evaluation carried out by the NRC, has recommended the
re-appointment of Shri S. J. Taparia, as a Executive Director for a further period
commencing from 7th January, 2024 upto 30th September,2027, upon the terms and conditions
as set out in the resolution mentioned in this item of the notice.
Shri VK. Taparia, Executive Director
Shri VK. Taparia, Executive Director, (DIN: 00112567), was re-appointed
as a Executive Director of the Company at the 76th Annual General Meeting for a term of
five years from 7th January, 2019 to 6th January, 2024. Accordingly, his term of office is
due to expire on 6th January, 2024.
The Board of the Company, based on the recommendation of the NRC and
result of the performance evaluation carried out by the NRC, has recommended the
re-appointment of Shri V. K. Taparia, as a Executive Director for a further period
commencing from 7th January, 2024 upto 30th September,2027, upon the terms and conditions
as set out in the resolution mentioned in this item of the notice.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of the independence
as prescribed both under section 149(6) of the Companies Act, 2013 and under Regulation 16
(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In accordance with the provisions of the Companies Act, 2013, none of
the Independent Directors are liable to retire by rotation.
KEY MANAGERIAL PERSONNEL
Shri M R Taparia, Managing Director, Shri R C Somani, Chief Financial
Officer and Shri R J Saboo, VR (Corporate Affairs) & Company Secretary were appointed
as Key Managerial Personnel of your Company, in accordance with the provisions of Section
203 of the Companies Act 2013 and there is no change in the same during the year under
review.
DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES
a. Board Meetings:
The Board of Directors met on 5 occassion virtually/physically during
the year ended 31st March, 2023, in accordance with
the provisions of the Companies Act, 2013 and rules made there under.
The details thereof are given in the Corporate Governance Report.
b. Board Performance Evaluation:
(i) The Board in consultation with Nomination and Remuneration
Committee has devised criteria for performance evaluation of Independent Directors,
Board/Committees, and other individual Directors which includes criteria for performance
evaluation of Non-Executive Directors and Executive Directors. Performance evaluation has
been carried out as per the Nomination & Remuneration Policy.
Pursuant to amendment in section 178 by the Companies (Amendment) Act,
2017, which is effective from 7th May, 2018, the Nomination and Remuneration Committee
noted the amendment and decided to carryout evaluation of performance of Board, its
Committees and individual Director. Accordingly Nomination and Remuneration Committee
conducted the performance evaluation of Board, its Committees and individual Director in
its meeting held on 24th January, 2023.
The performance evaluation of the Independent Directors was also
carried by the entire Board. The performance evaluation of the Chairman, Managing Director
& Executive Directors was carried out by the independent Directors at its separate
meeting held on 24th January, 2023.
The Board has, on the recommendation, of the Nomination &
Remuneration Committee, framed a Nomination & Remuneration policy and Policy on
fixation of criteria for selection & appointment, removal of Directors & Senior
Management Personnel. The Nomination & Remuneration Policy and Policy on fixation of
criteria for selection & appointment of Directors & Senior Management Personnel
are annexed herewith as Annexure IV (A) & Annexure IV (B) to this Report.
AUDITORS Statutory Auditors:-
The Statutory Auditors M/S Lodha & Co., Chartered Accountants
having Registration No 301051 E, was re-appointed in 79th Annual General Meeting to hold
office from the conclusion of 79th Annual General Meeting for a term of consecutive five
years till conclusion of 84th Annual General Meeting.
The Statutory Auditors have given a confirmation that they are eligible
to continue with their appointment and that they have not been disqualified in any manner
from continuing as Statutory Auditors.
AUDITORS REPORT
Note on financial statement referred in the Auditors Report are
self-explanatory and do not call for any further comments. The Auditors Report does not
contain any qualification, reservation or adverse remark.
COST AUDITORS
In terms of the provisions of Section 148 of the Act read with the
Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Board of
Directors, on the recommendation of the Audit Committee, has appointed M/s. Kishore Bhatia
& Associates, Cost Accountants (Registration No: 00294) as Cost
Auditor of the Company, for the financial year ending 31st March, 2024,
on a remuneration as mentioned in the Notice convening the 81st Annual General Meeting for
conducting the audit of the cost records maintained by the Company.
A Certificate from M/s. Kishore Bhatia & Associates, Cost
Accountants has been received to the effect that their appointment as Cost Auditor of the
Company, if made, would be in accordance with the limits specified under Section 141 of
the Act and Rules framed thereunder.
A resolution seeking Members approval for remuneration payable to Cost
Auditors forms part of the Notice of the 81st Annual General Meeting of the Company and
same is recommended for your consideration.
Cost Audit Report for the year ended 31st March 2022 was filed with the
Registrar of Companies, within the prescribed time limit and for the year ended 31st March
2023 the same shall be filed within prescribed time after completion of Cost Audit by Cost
Auditors.
The Company has made and maintained requisite Cost accounts and records
as required to be maintained as specified by the Central Government under sub-section (1)
of section 148 of the Companies Act, 2013.
SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED 31st MARCH, 2023
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board has appointed M/s V. Laxman & Co., Company Secretaries (C.P No. 744), to conduct
Secretarial Audit for the financial year ended on 31st March, 2023.
Secretarial Audit Report for the financial year ended 31st March, 2023
issued by M/s. V. Laxman & Co, Company Secretaries in Form MR-3 forms part to this
report - as Annexure V. The said report does not contain any observation or qualification
requiring explanation or adverse remark.
AUDIT COMMITTEE
The details pertaining to composition of the Audit Committee and terms
of reference are included in the Corporate Governance Report, which forms part of this
Report.
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE
COMPANY
There are no other material changes or commitments occurring after 31st
March 2023, which may affect the financial position of the company or may require
disclosure.
INTERNAL FINANCIAL CONTROLS
The company has in place Internal Financial Control system,
commensurate with size & complexity of its operations to ensure proper recording of
financial and operational information & compliance of various internal controls &
other regulatory & statutory compliances. During the year under review, no material or
serious observation has been received from the Internal Auditors of the Company for
inefficiency or inadequacy of such controls.
Internal Auditors comprising of professional Chartered Accountants
monitor & evaluate the efficacy of Internal Financial Control system in the company,
its compliance with operating system, accounting procedures & policies at all the
locations of the company. Based on their report of Internal Audit function, corrective
actions in the respective area are undertaken & controls are strengthened. Significant
audit observations & corrective action suggested are presented to the Audit Committee.
PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES
All the transactions with Related Parties are placed before the Audit
Committee as also placed before the Board for approval. Prior omnibus approval of the
Audit Committee and the Board is obtained for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the omnibus approval so
granted are audited and a statement giving details of all related party transactions is
placed before the Audit Committee and the Board of Directors for their approval on a
quarterly basis.
All transactions entered into with related parties during the year were
on arms length basis, in the ordinary course of business and in line with the threshold
of materiality defined in the Companys policy on Related Party Transactions & are in
accordance with the provisions of the Companies Act, 2013, Rules issued thereunder &
Regulation 23 of (SEBI Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the financial year ended on 31st March, 2023, there were no transactions with
related parties which qualify as material transactions.
The details of the related party transactions are set out in Note 39 to
the standalone financial statements forming part of this Annual Report.
The Form AOC-2 pursuant to section 134(3)(h) of the Companies Act read
with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out as Annexure VI to this
Report.
The Policy on Related Party Transactions as approved by the Board is
also uploaded on the Companys website at the Link: www.supreme.co.in
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES
The company has complied with the provisions of section 185 & 186
of the Act to the extent applicable, with respect to the loans and investments made.
VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES
A "Vigil Mechanism Policy" for Directors and employees of the
Company is constituted, to provide a mechanism which ensures adequate safeguards to
employees and Directors from any victimization on raising of concerns by them of any
violations of legal or regulatory requirements, incorrect or misrepresentation of any,
financial statements and reports, etc.
RISK MANAGEMENT POLICY
Your Company has an elaborate risk Management procedure and adopted a
systematic approach to mitigate risk associated with accomplishment of objectives,
operations, revenues and regulations. Your Company believes that this would ensure
mitigating steps proactively and help to achieve stated objectives. The entitys
objectives can be viewed in the context of four categories Strategic, Operations,
Reporting and Compliance. The Company consider activities at all levels of the
organization, viz Enterprise level, Division level, Business unit level and Subsidiary
level, in Risk Management framework. The Risk Management process of the Company focuses on
three elements, viz. (1) Risk Assessment; (2) Risk Management; (3) Risk Monitoring.
A Risk Management Committee is constituted which has been entrusted
with the responsibility to assist the Board in
(a) Overseeing and approving the Companys enterprise risk management
framework; and (b) Overseeing that all the risk that the organization faces.
The key risks and mitigating actions are also placed before the Audit
Committee of the Company. Significant audit observations and follow up actions thereon are
reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of
the Companys internal control environment and monitors the implementation of audit
recommendations, including those relating to strengthening of the Companys risk
management policies and systems.
CORPORATE SOCIAL RESPONSIBILITY POLICY
The brief outline of the Corporate Social Responsibility (CSR) Policy
of the company and the initiatives undertaken by the company on CSR activities during the
year are set out in Annexure of this Report in the format prescribed in the Companies
(Corporate Social Responsibility Policy) Rules 2014. Annexure VII (A), (B) & (C).
The Policy is available on the website of the Company i.e. www.
supreme.co.in.
BUSINESS RESPONSIBILITY AND SUSTANIBILITY REPORT
The Business Responsibility and Sustainability Report (BRSR) as
approved by the Business Responsibility and Sustainability Committee and Board of
Directors for F.Y. 2022-23, forms part of this Annual Report.
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at the
workplace and have a policy on prevention, prohibition and redressal of sexual harassment
at workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. As required
under law, an Internal Complaints Committee has been constituted for reporting and
conducting inquiry into the complaints made by the victim on the harassments at the work
place. During the year under review, there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of
the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014,
the extract of the Annual Return of the Company for the Financial Year 31st March, 2023 is
uploaded on the website of the Company and can be accessed at www.supreme.co.in.
GENERAL DISCLOSURE
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (sweat equity shares) to employees of the Company
under ESOS.
4. Neither the Managing Director nor the Whole Time Directors of the
Company received any remuneration or commission from its subsidiary.
5. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Companys operations in
future.
ACKNOWLEDGEMENT
The Board of Directors wishes to express its gratitude and record its
sincere appreciation for the commitment and dedicated efforts put in by all the employees
at all the levels during the year. Your Directors take this opportunity to express their
grateful appreciation for the encouragement, co-operation and support received by the
Company from the local authorities, bankers, customers, suppliers and business associates.
The directors are thankful to the esteemed shareholders for their continued support and
the confidence reposed in the Company and its management.
| For and on behalf of the Board of Directors |
B. L. Taparia |
| Place: Mumbai |
Chairman |
| Date: 28th April, 2023 |
|
+91-9892691696
