Your directors have the pleasure of presenting their 48th Annual Report along with the
Audited Financial Statements for the year ended March 31, 2023.
FINANCIAL & OPERATIONAL PERFORMANCE HIGHLIGHTS
In compliance with the provisions of the Companies Act, 2013 (Act), and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) the
Company has prepared its financial statements as per Indian Accounting Standards (Ind AS)
for the FY 2022-23. The highlights of the financial results of the Company, extracted from
the audited financial statements for the FY 2022-23 and FY 2021-22, are as under:
(Rs. in Crores)
| Particulars |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| Net Revenue from Operations |
303.79 |
150.58 |
| Other Income |
1.53 |
1.54 |
| Total Revenue |
305.32 |
152.12 |
| Profit before Depreciation, Finance Charges and Tax |
11.91 |
0.27 |
| Finance Costs |
2.64 |
1.14 |
| Depreciation & Amortization Expense |
3.08 |
2.12 |
| Exceptional Items |
– |
-- |
| Profit Before Tax |
6.19 |
(2.99) |
| Tax Provision |
|
|
| – Current |
0.17 |
– |
| – Deferred |
1.32 |
(0.66) |
| Profit After Tax |
4.70 |
(2.33) |
| Other Comprehensive Income |
(0.09) |
(0.04) |
| Total Comprehensive Income |
4.61 |
(2.37) |
In 2022-23, the overall Indian economy performed well, and this positive trend extended
to the automotive and agriculture sectors in which your company operates.
In the automotive segment, SAL achieved a significant increase in revenue, with a
growth rate of 100.71% compared to the previous year. Similarly, in the agriculture
segment, SAL experienced remarkable revenue growth of more than 115% over the previous
year.
During the year your company started production in new shed at Nabha plant which
increase production capacity of rotavator from 1000 to 3000 per month.
Resultant to above factors, Company has achieved highest ever sales volume in financial
year 2022-23 and achieved PBT with a 300% jump in margins over previous financial year.
It is important to note that your companys performance in the automotive and
agriculture segments is influenced by various factors, including economic growth, new
production facilities, monsoon patterns, automation in the agricultural sector, and the
purchasing power of buyers. These factors play a significant role in shaping the
performance and prospects of your company in these sectors.
Automotive Components :-
For the year under review, the Indian automotive industry (except Two-wheeler)
witnessed growth of 25.5 % which includes Passenger Vehicle industry growth of 25.5 % and
Commercial Vehicle Industry grew by 25.2 %. On the same lines, your company had shown
growth of 40.2% which includes growth in seat mechanisms for passenger vehicle of 40.3%
and growth of 34.3% in seats for commercial vehicle.
Agriculture Implements :-
For the year under review, the Indian tractor industry had grown by 14.4 % and whereas
your company had achieved sales volume of 2.07 lakhs seats for tractor against previous
year volume of 1.77 lakhs, and in case of Agri-implements, sales volume grew to 0.24 lakhs
units, against 0.07 lakhs units, of previous year resulting into growth of 256 %.
The revenue of your company reached to Rs. 303.79 Crore against previous year figures
of Rs. 150.58 Crore showing a tremendous growth of 102% and on the similar growth trend
the profit before tax stood at robust of Rs. 6.20 Crore against previous year loss of Rs.
3.00 Crore. Profit before depreciation, finance and tax was Rs. 11.91 Crore against
previous year figure of Rs. 0.27 Crore, total comprehensive income was Rs. 4.61 Crore in
comparison to Rs. (2.37) Crore of previous year which results in to earning per share of
Rs. 19.21/- against previous year figure of Rs. (9.91).
DIVIDEND
The Board of Directors have recommended an Equity Dividend of 40% (Rs. 4 per share of
Rs. 10 each) for the financial year ended 31st March, 2023. The dividend, if approved by
the members of the Company will be paid within 30 days of the Annual General Meeting.
SHARE CAPITAL
The issued and paid-up Share Capital of the Company remained unchanged during the year
and stood at Rs.2.39 Crore at the end of the FY 2022-23.
There were no instances of issue of shares with differential voting right, buy back of
shares or bonus issues of shares during the year.
DEPOSITS
The Company has not accepted any deposit and as such, no amount of principal or
interest was outstanding at the end of the financial year.
INDUSTRIAL RELATIONS
During FY 2022-23, the Company continued to witness a highly positive industrial
relations scenario at all four locations. Our unwavering focus on proactive and
employee-centric practices has contributed to this favorable environment. We have been
successful in fostering a transformational work culture that aims to engage and inspire
our workforce, fostering innovation, productivity, and competitiveness on the shop floor.
In line with our objective of capability building and developing a future-ready workforce,
we have implemented numerous training and engagement programs throughout the year. These
initiatives encompass a wide range of areas, including behavioral programs for enhancing
team and individual effectiveness, safety and environmental training, quality tools skill
building programs, continuous improvement practices, result orientation, relationship
management, and decision-making skills.
Our proactive and employee-centric shop floor practices have thrived, thanks to our
emphasis on transparent communication regarding our business goals and the effective
resolution of concerns. We firmly believe that our employees are the most valuable assets
of our company, forming the cornerstone of our employee relations approach. Through an
open-door policy and constant dialogue, we strive to create win-win situations, building
trust and harmony within our organization.
As we move forward into FY 2022-23, we remain dedicated to nurturing a positive
industrial relations environment, continuously improving our work culture, and upholding
the principles of employee-centricity and proactive practices throughout our organization.
SAFETY OCCUPATIONAL HEALTH AND ENVIRONMENT
Our Company remained committed towards excellence in Safety, Occupational Health, and
Environment in FY 2022-23. This commitment is essential for ensuring sustainable business
growth. We have a well-established Safety, Occupational, and Environmental Policy that
prioritizes the safety of our employees, plant, equipment, and the general public. Our
policy ensures compliance with all relevant statutory rules and regulations on a regular
basis.
The Environmental change demonstrates our managements commitment to Occupational
Health and Safety (OH&S) management systems. Our efforts, along with our voluntary
commitments, have enabled us to implement various initiatives in line with the new normal
guidelines, focusing on overall health and hygiene. To support our employees, we provide
training based on a predefined training calendar. Additionally, we conduct statutory
safety audits of our facilities as required by law and promote eco-friendly activities. As
part of our ongoing commitment to improving the well-being of our employees, we regularly
organize Medical Check-ups, encompassing both curative and preventive measures. To keep a
strong check on any potential risk of occupation heath changes. Furthermore, we educate
our employees on Industrial Hygiene in the workplace, reinforcing our dedication to their
safety and health.
SUSTAINABILITY INITIATIVE
In the year 2022-23, your Company maintained its steadfast commitment to environmental,
social, and governance parameters. We strongly believe in sustainability, which we define
as "Building enduring business by rejuvenating the environment and enabling
stakeholders to grow." Throughout the year under review, we took several impactful
actions across all aspects of our operations, focusing on three key pillars: Environment,
Manpower and Margins.
Under the pillar of Environment, we implemented a range of initiatives to minimize our
ecological footprint and contribute to environmental preservation. This included adopting
energy-efficient practices, reducing waste generation, and promoting the use of renewable
resources. We actively pursued environmentally friendly alternatives and encouraged
sustainable practices throughout our value chain.
In this respect we have increased the plantation of new trees in the campus, introduced
the use of LPG in our existing manufacturing process, in replacement to the HSD, which has
substatianlly reduced and controlled the air pollution.
In terms of Manpower, we prioritized the well-being and development of our employees.
We continued to invest in their training and skill enhancement, fostering a culture of
learning and growth. Additionally, we emphasized diversity and inclusion, ensuring equal
opportunities for all individuals within our organization. We also extended our efforts
beyond our workforce by engaging with communities and supporting social initiatives.
The third pillar, Margins, underscores our commitment to responsible financial
management. We implemented strategies to optimize our operations, improve cost-efficiency,
and enhance profitability while maintaining ethical business practices. We believe that
sustainable financial performance is crucial for long-term growth and delivering value to
our stakeholders.
By focusing on these three pillars - Environment, Manpower, and Margins - we aim to
create a positive impact and contribute to a more sustainable future. We remain dedicated
to upholding these principles and continually seek opportunities to further enhance our
Envoirmental, Social and Governance (ESG) performance in the years ahead.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
DIRECTORS INDUCTIONS, RE-APPOINTMENT/RE-DESIGNATIONS, RETIREMENT & RESIGNATIONS
The Company has appointed Ms. Namrata Jain (DIN : 07310940), Non-Executive
Non-Independent Director of the Company, as the Whole- time Director of the Company
designated as Executive Director- Finance for a period of three (3) years effective from
November 11, 2022, vide special resolution dated January 21, 2023 passed by postal ballot.
In terms of Section 152 of the Companies Act, 2013 ("Act"), Mr. Jamil Ahmad
(DIN: 07171910) Non-Executive Non-Independent Director retires by rotation at the
forthcoming Annual General Meeting ("AGM") and being eligible, offers himself
for re-appointment.
Apart from the aforesaid, there were no changes in the Board of Directors.
KEY MANAGERIAL PERSONNEL (KMP)
Mr. Jagdish Lal Raheja tendered his resignation from post of Chief Financial Officer of
the Company effective from closure of business hours on April 4, 2023 and Mr. Kulvinder
Singh having expertise in Finance and Taxation was designed as KMP of the Company
effective from May 26, 2023.
As on the date of this report, your Company has following KMP: Mr. Rama Kant Sharma,
Managing Director Mr. Gagan Kaushik, Company Secretary Ms. Namrata Jain , Whole-time
Director Mr. Kulvinder Singh, Finance Controller
DECLARATION BY INDEPENDENT DIRECTORS
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
16 of Listing Regulations and there has been no change in the circumstances which may
affect their status as Independent Directors during the year. The Independent Directors
have also confirmed that they have complied with the Companys CODE OF CONDUCT for the
Directors and the Senior Management Personnel and also that they are not debarred from
holding the office of director pursuant to any SEBI order or any such authority as well as
they are independent of the management.
All the Independent Directors of the Company have registered themselves in the data
bank maintained with the Indian Institute of Corporate Affairs, Manesar (IICA). In terms
of Section 150 of the Act read with Rule 6(4) of the Companies (Appointment &
Qualification of Directors) Rules, 2014, the Independent Directors are required to
undertake online proficiency self-assessment test conducted by the IICA within a period of
two (2) years from the date of inclusion of their names in the data bank. The Independent
Directors, whosoever is required, shall undertake the said proficiency test.
In the opinion of the Board all independent directors possess strong sense of integrity
and having requisite experience skills, qualification and expertise and are independent of
the management. For further details, please refer Corporate Governance Report.
POLICY ON NOMINATION, REMUNERATION AND BOARD DIVERSITY
The Company believes that building a diverse and inclusive culture is integral to its
success. A diverse Board, among others, will enhance the quality of decisions by utilising
different skills, qualifications, professional experience and knowledge of the Board
members necessary for achieving sustainable and balanced development. In terms of SEBI
Listing Regulations and Act, the Company has in place Nomination & Remuneration
Policy.
The said Policy of the Company, inter alia, provides that the Nomination and
Remuneration Committee shall formulate the criteria for appointment of Executive,
Non-Executive and Independent Directors on the Board of Directors of the Company and
persons in the Senior Management of the Company, their remuneration including
determination of qualifications, positive attributes, independence of directors and other
matters as provided under sub-section (3) of Section 178 of the Act (including any
statutory modification(s) or re-enactment(s) thereof for the time being in force). The
Policy also lays down broad guidelines for evaluation of performance of Board as a whole,
Committees of the Board, individual Directors including the chairperson and the
Independent Directors. The Policy encourages the appointment of women at senior executive
levels and thereby promoting diversity. The Policy is designed to attract, recruit, retain
and motivate best available talent.
During the financial year under review, no changes have been carried out in the said
Policy. The Nomination and Remuneration Policy is available on the website of the Company
and can be accessed via. https:// salautomotive.in/policies/.
ANNUAL PERFORMANCE EVALUATION
Pursuant to the provisions of the Act, the Board is required to carry out annual
evaluation of its own performance and that of its Committees and individual Directors. The
Nomination and Remuneration Committee (NRC) of the Board also carries out evaluation of
every Directors performance. Accordingly, the Board and NRC of your Company have carried
out the performance evaluation during the year under review.
For annual performance evaluation of the Board as a whole, its Committee(s) and
individual Directors including the Chairman of the Board, the Company has formulated a
questionnaire to assist in evaluation of the performance. Every Director has to fill the
questionnaire related to the performance of the Board, its Committees and individual
Directors except himself by rating the performance on each question.
On the basis of the response to the questionnaire, a matrix reflecting the ratings was
formulated and placed before the Board for formal annual evaluation by the Board of its
own performance and that of its committees and individual Directors. The Board was
satisfied with the evaluation results.
BOARD MEETINGS
A calendar of Meetings is prepared and circulated in advance to the Directors. The
Board met 5 (five) times in FY 2022-23. The period between any two consecutive meetings of
the Board of Directors of the Company was not more than120 days and details of the Board
Meetings and the attendance of the Directors are provided in the Corporate Governance
Report that forms part of this Annual Report.
AUDIT COMMITTEE
During and as at the end of the financial year under review, the Audit Committee
comprised of the following Members viz. Mr. Rajiv Sharma (Chairman of the Committee), Mr.
Kailash Nath Agarwal, and Mr. Rama Kant Sharma. The Company Secretary of the Company is
the Secretary of the Committee. All the recommendations made by the Audit Committee were
accepted by the Board.
For further details about all the Committees of the Board of Directors of the Company,
please refer the Corporate Governance Report which forms an integral part of this Annual
Report.
SUBSIDIARY / ASSOCIATE & JOINT VENTURE COMPANIES AND CONSOLIDATED FINANCIAL
STATEMENTS
During the financial year under review, the Company was not having any subsidiary or
joint venture or associate company in terms of the provisions of the Act. Hence, the
Company is not required to prepare form AOC-1 with respect to performance of subsidiary or
joint venture or associate company.
TRANSFER TO INVESTORS EDUCATION AND PROTECTION FUND
During the year, the Company has transferred the unpaid/unclaimed dividend amounting to
Rs. 0.74 lakhs to the Investor Education and Protection Fund (IEPF) Account established by
the Central Government. The Company has also uploaded the details of unpaid and unclaimed
amounts lying with the Company as on 31st March, 2023 on the website of the Company
https://salautomotive.in/unclaimed- dividend/.
Further, in terms Section 124(6) read with Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules), as amended,
during the year under review, the Company has transferred 350 equity shares to the demat
account of Investor Education and Protection Fund, details of which are uploaded on the
website of the Company https://salautomotive.in/unclaimed-dividend.
The shareholders whose unpaid dividend / shares are transferred to the IEPF can claim
the same by filing the prescribed Form as per the applicable provisions under the IEPF
Rules.
STATUTORY AUDITORS
M/s. Mangla Associates, Chartered Accountants (ICAI Firm Registration No.: 006796C),
Statutory Auditors of the Company were re-appointed at the 47th AGM of the Company to hold
the office as such for a period of 5 years from the conclusion of the AGM held in year
2022 until the conclusion of the 52nd AGM of the Company to be held in the year 2027.
AUDITORS REPORT
The Auditors Report read along with notes to accounts is self-explanatory and
therefore does not call for further comments. The Auditors Report does not contain any
qualification, reservation, or adverse remark.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed M/s A. Arora and Co., a firm of Company Secretaries in Practice to undertake the
Secretarial Audit of the Company for FY 2022-23. The Secretarial Audit Report is annexed
herewith as Annexure A.
The Secretarial Audit Report is self- explanatory and does not contain any
qualification, reservation, or adverse remark.
COST AUDITORS
The Cost Audit for financial year ended March 31, 2023 was conducted by M/s. Aggarwal
Vimal & Associates (FRN.000350).
The Company has maintained accounts and records as specified under sub-section (1) of
148 of the Act.
CORPORATE SOCIAL RESPONSIBILITY
During the year under review, the Company was not covered under the provisions of
Section 135 of the Companies Act, 2013 related to Corporate Social Responsibility, but
keeping with the Companys core value of Good Corporate Citizenship, your Company is
committed to display its social responsibility by taking various initiatives benefiting
the society at large. These initiatives include organizing plantation of trees at various
locations, awareness campaign on ill effects of tobacco, providing medicines, beds, and
sheets to destitute peoples home etc.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report for the financial year under review, as
stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, is presented in a separate section, forms part of this Annual Report.
CORPORATE GOVERNANCE REPORT
A report on Corporate Governance forms part of the Annual Report along with the
Certificate on Corporate Governance as required under Listing Regulations.
INTERNAL FINANCIAL CONTROLS
The corporate governance polices guide the conduct of affairs of your company and
clearly defines the roles, responsibilities and authorities at each level of its
governance structure and key functionaries involved in governance. All essential Standard
Operating Procedures (SOP) are in place and are being intermittently reviewed and revised
by the senior management.
Under Internal Audit program, on quarterly basis an independent external auditor
conducts audit of key areas as per the pre-scheduled audit cycle on the basis of defined
RCMs (Risk Control Matrix) and accordingly submits report to the management and share with
the audit committee for their review. Your Company has implemented vigorous internal
financial controls to ensure accurate and reliable preparation of financial statements,
custom-made to the size, scale, and complexity of our operations.
These controls have been diligently assessed throughout the year, adhering to the
essential components outlined in the guidance note of internal financial control over
financial reporting issued by the Institute of Chartered Accountants of India.
Upon cautious examination and evaluation conducted by the management, we are pleased to
report that no reportable material weaknesses or significant deficiencies were identified
in the design or functioning of our internal financial controls. We are using Oracle based
ERP for recording of financial transactions and reporting, including inventory records,
production records, HR related records, etc, by ensuring appropriate segregation of roles
& responsibilities with duly approved authority matrix.
This affirms our commitment to maintaining a strong control environment that safeguards
the integrity and reliability of our financial reporting. By prioritizing the
establishment and continuous evaluation of these internal controls, we uphold the highest
standards of financial governance and ensure transparency in our operations. These
measures provide confidence to our stakeholders, assuring them of the accuracy and
completeness of our financial statements.
RISK MANAGEMENT
Your company understands the importance of various risks faced by it and has adopted a
Risk Management Framework which establishes various levels of accountability within the
Company. The framework covers identification, evaluation, and control measures to mitigate
the identified business risk.
You Company faces persistent pressure from the evolving marketplace that impacts
important issues in risk management and impends margins. The Company emphasizes on those
risks that threaten the achievement of business objectives over the short term to medium
term. For the year under review, the company does not anticipate any perilous risk which
impends its existence.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company promotes ethical behavior in all its business activities and has put in
place a mechanism for reporting illegal or unethical behavior. The Company has a Vigil
mechanism and Whistle blower policy under which the persons covered under the policy
including Directors and employees are free to report misuse or abuse of authority, fraud
or suspected fraud, violation of Company rules, manipulations, negligence causing danger
to public health and safety, misappropriation of funds, and other matters or activity on
account of which the interest of the Company is affected. The reportable matters may be
disclosed to the vigilance officer who operates under the supervision of the Audit
Committee. Persons covered under the Policy may also report to the Chairman of the Audit
Committee.
During the year under review, no employee was denied access to the Chairman of the
Audit Committee. No complaints were received under Vigil Mechanism & Whistle Blower
Policy during FY 2022-23.
DETAILS OF LOANS, INVESTMENTS AND GUARANTEES UNDER SECTION 186
The Company has not advanced any Loan, Guarantee or made any Investment covered under
the provisions of Section 186 of the Act during the financial year.
ANNUAL RETURN
The Annual Return in form MGT-7 of the Company, as required under Section 92 of the
Companies Act, 2013, is available on the website of the Company at
https://salautomotive.in.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All related party contracts/arrangements/transactions that were entered into during the
financial year were on an arms length basis and were in the ordinary course of business.
During the financial year, the Company had not entered into any contract/
arrangement/transaction with related parties which could be considered material in
accordance with the policy of the Company on materiality of related party transactions.
There were no materially significant related party transactions made by the Company which
may have a potential conflict of the interest with its Promoters, Directors, Key
Managerial Personnel, or other persons. All such Related Party Transactions are placed
before the Audit Committee for approval.
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.
For further details, please refer to the notes (refer Note 2.36) to the financial
statements.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.
The information with regard to Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and outgo in accordance with the provisions of Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is given as
Annexure B forming part of this Report.
PARTICULARS OF EMPLOYEES
Disclosures relating to remuneration of Directors u/s 197(12) of the Companies Act,
2013 read with Rule 5(1) & 5(2)/(3) of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is annexed as Annexure C to this report. There was one
employee who was in receipt of remuneration of not less than Rupees One Crore and Two Lakh
during the year ended March 31, 2023 or not less than Rupees Eight Lakh and Fifty Thousand
per month, during any part of the year.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
There were no significant material orders passed by the Regulators/ Courts/ Tribunals
during FY 2022-23 which would impact the going concern status of the Company and its
future operations.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with
respect to Directors Responsibility Statement, it is confirmed that: – in the
preparation of the annual accounts for the year ended March 31, 2023, the applicable
accounting standards have been followed and there are no material departures from the
same.
– the Directors have selected such accounting policies and applied them
consistently and made judgements 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. – 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.
– the Directors have prepared the annual accounts of the Company 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 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.
STATEMENT UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013
The Company has complied with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has in place a Policy on
Prevention of Sexual Harassment at the Workplace in line with the provisions of the said
Act. An Internal Complaints Committee has been set up to redress complaints received
regarding Sexual Harassment. The policy and the Internal Complaints Committee is announced
to all staff and is available with HR Department.
No complaint of sexual harassment was received during FY 2022-23.
SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards as issued by the
Institute of Company Secretaries of India (ICSI).
MATERIAL CHANGES AND COMMITMENTS WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL
YEAR AND THE DATE OF THE REPORT
No material changes occurred after the closure of financial year till the date of this
report.
OTHER DISCLOSURES
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions/events happened on these items during the
year under review: a) Issue of equity shares with differential voting rights or sweat
equity or stock options. b) Changes in the nature of business activities. c) Fraud
reporting by the auditors. d) Application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the financial year. e) Difference between amount of the valuation done at
the time of one-time settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof.
ACKNOWLEDGMENT
Your Directors place on record their deep appreciation for the contribution made by
employees at all levels with dedication, commitment, and team efforts, which helped your
Company in achieving the performance during the year.
Your Directors also acknowledge with thanks the support given by the Government,
bankers, shareholders, and investors at large and look forward to their continued support.
|
FOR AND ON BEHALF OF THE BOARD |
|
RAJIV SHARMA |
| Place : Ghaziabad |
Chairman |
| Date : 10th August, 2023 |
DIN:07418337 |
+91-9892691696
