To,
The Members,
Your Directors have pleasure in presenting,Thirty-First Annual Report
on the business and operations of the Company
together with the audited accounts for the financial year ended March
31, 2023.
Financial highlights
( in Lakhs)
| Particulars |
Standalone |
Consolidated |
| 2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from operations |
1,82,509.02 |
1,66,690.09 |
1,98,453.19 |
1,91,110.50 |
| Other Income |
5,139.82 |
4,386.52 |
5,036.81 |
4,744.60 |
| Total Income |
1,87,648.84 |
1,71,076.61 |
2,03,490.0 |
1,95,855.10 |
| Earnings before Interest, Depreciation and Tax
(EBITA) |
32,387.03 |
36,422.84 |
45,372.27 |
44,425.80 |
| Less: Finance costs |
2,251.96 |
1,662.92 |
2,793.22 |
2,127.09 |
| Depreciation |
5,359.51 |
5,526.12 |
6,401.54 |
6,291.36 |
| Profit before tax from continuing operations |
24,775.56 |
29,233.80 |
36,177.51 |
36,007.35 |
| Less: Tax expense |
6,131.97 |
7,048.60 |
8,723.24 |
8,550.48 |
| Profit after tax from continuing operations |
18,643.59 |
22,185.20 |
27,454.27 |
27,456.87 |
| Net profit / (loss) for the period from
discontinued operations after tax |
374.16 |
(11.78) |
374.16 |
(11.78) |
| Net profit / (loss) for the period from
continuing & discontinued operations after tax |
19,017.75 |
22,173.42 |
27,828.43 |
27,445.09 |
| Add: Other comprehensive income |
19.91 |
(215.88) |
-569.56 |
(378.1) |
| Total comprehensive income carried to other
equity |
19,037.66 |
21,957.54 |
27,258.87 |
27,066.99 |
Dividend
During the Financial Year under review, no dividend was declared. The
Company has adopted the Dividend Distribution Policy which is available on
https://technocraftgroup.com/pdf/Dividend_Distribution_Policy_TIIL.pdf
Buy-Back of Shares
During the Financial Year the Company has completed buy- back of
15,00,000 fully paid-up equity shares of face value of 10/- each at a price of 1,000/-
per Equity Share through the tender offer process, on February 21, 2023 pursuant to the
provisions of the Securities and Exchange Board of India (Buy-back of Securities)
Regulations, 2018, and the Companies Act, 2013.
Reserves
During the year 150 Crores is proposed to transfer from General
Reserve to Capital Redemption Reserve. After the said adjustment as on March 31, 2023
General Reserve is 12,007.44 Lakhs.
The closing balance of the reserve and Surplus of the Company for
financial year 2023, after all appropriation and
adjustments was 1,15,591.83 Lakhs.
Operations
During the year under review the Company has closed the year with total
standalone revenue of 1,82,509.09 Lakhs is up by 9.49%. On Consolidated basis the total
revenue is 1,98,453.19 Lakhs, which is up by 3.84%.
Standalone EBITDA stood at 32,387.03 Lakhs, compared to 36,422.84
Lakhs, of previous year. Consolidated EBITDA improved to 45,327.27 Lakhs compared to
44,425.80 Lakhs, which is up by 2.13%.
The Company is a multi-product manufacturing company it manufactures
high precision and sophisticated products, mainly for discerning worldwide markets. The
Company enjoys a significant position in five main business industries viz., Drum
Closures, Scaffolding systems, Cotton Yarn, Fabric, Garments and Engineering Services.
The product line of the Company expands beyond Drum Closures into
Scaffolding and 100% Cotton Yarn, Fabric and Garments.
The Cotton Yarn division uses the most modern equipment to manufacture
its product assuring world-class quality to its
customer. Technocraft is certified ISO 9001:2000 for its Cotton Yarn
division.
The Company has diversified operations and manufacturing including,
vertically Integrated Textile division of manufacturing of Yarn, Fabric, Garments, it has
facility of producing cotton yarn, m?lange yarn, also having facility of knitting, dyeing
and printing and garmenting.
The Drum Closures, Scaffolding, Yarn & Garment divisions are
located at Murbad, District Kalyan, Maharashtra and one Yarn Manufacturing Unit is located
at Amravati, Maharashtra. The Company is also having manufacturing facility of drum
closures and scaffolding at China.
Employee Stock Option Scheme (ESOP)
Your Company does not have any Employee Stock Option Scheme (ESOP).
Deposits
During the year under review, the Company has not accepted any deposit
within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with the
Companies (Acceptance of Deposits) Rules, 2014, (including any statutory modification(s)
or re-enactment(s) thereof for the time being in force).
Conservation of energy, technology absorption and foreign exchange
earnings and outgo
The information relating to the Conservation of energy, technology
absorption and foreign exchange earnings and outgo as required to be disclosed under the
Companies (Accounts) Rules, 2014, is given in Annexure-I forming part of this Report.
Statutory Auditors
Statutory Auditors of the Company is M/s. M. L. Sharma &
Co.,Chartered Accountants, Mumbai.
At the 30th Annual General Meeting of the Company, M/s. M. L. Sharma
& Co.,Chartered Accountants, was appointed as the Statutory Auditors of the company,
to hold office for a term of five consecutive years from the conclusion of the 30th Annual
General Meeting till the conclusion of the Annual General Meeting to be held in the year
2027.
Auditors Report
The Auditors Report to the Members on the Accounts of the Company
for the financial year ended March 31, 2023 does not contain any qualification,
reservation or adverse remark.
Secretarial Audit
Secretarial Audit for the financial year 2022-23 was conducted by M/s
Pramod Jain & Co, Company Secretaries in practice in accordance with the provisions of
Section 204 of the Act. The secretarial auditors report is attached to this report
as Annexure–II. There are no qualifications or observations or remarks made by the
secretarial auditor in his report.
Cost Audit
In compliance with the provisions of Section 148 of the Act, the Board
of Directors of the Company at its meeting held on May 29, 2023 has appointed M/s NKJ
& Associates, Cost Accountant as Cost Auditors of the Company for the Financial Year
2023-24.
The Company has made and maintained the cost records for the Financial
Year ended March 31, 2023, as specified by the Central Government under sub-section (1) of
section 148 of the Companies Act, 2013 and the said cost records were audited by M/s NKJ
& Associates, Cost Accountant as Cost Auditors of the Company.
In terms of the provisions of Section 148 (3) of the Act read with Rule
14(a)(ii) of The Companies (Audit and Auditors) Rules, 2014, the remuneration of the Cost
Auditors has to be ratified by the members. Accordingly, necessary resolution shall be
proposed at the ensuing AGM for ratification of the remuneration payable to the Cost
Auditors for Financial Year 2023-24.
Particulars of Loans, Guarantees or Investments
Particulars of loans, guarantees and investments made during the year
as required under the provisions of Section 186
of the Act are given in the notes to the standalone financial
statements, forming part of the Annual Report.
Also, pursuant to Schedule V of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirement) Regulations, 2015 (hereinafter as
the "SEBI Listing Regulations"), particulars of loans/ advances given to
subsidiaries have been disclosed in the notes to the standalone financial statements,
forming part of the Annual Report.
Subsidiaries Companies, Associate Companies and Joint Ventures:
As on March 31, 2023 there were 20 subsidiaries of the Company:
Direct Indian subsidiaries:
- Technosoft Engineering Projects Limited ("TEPL")
- Technocraft Tabla Formwork Systems Private Limited
- Techno Defence Private Limited
- Shivale Infraproducts Private Limited
- Technocraft Fashions Limited
- Technocraft Textiles Limited
- Technocraft Formworks Private Limited (Previously known as Technomatic Packaging Private
Limited)
- Technocraft Specialty Yarns Limited
Direct foreign subsidiaries:
- Technocraft International Limited, UK (WOS of the Company) ("TIL-UK")
- Technocraft Trading Spolka Zoo, Poland (WOS of the Company)
- Anhui Reliable Steel Technology Co Ltd, China (WOS of the Company)
- Technocraft NZ Limited, New Zealand (WOS of the Company)
Step down subsidiaries:
- Technosoft Engineering, Inc, USA (WOS of TEPL) ("TEI-USA")
- Technosoft Engineering UK Ltd, UK, (WOS of TEPL)
- Technosoft GMBH, Germany, (Subsidiary of TEPL)
- Technosoft Integrated Solutions Inc, (Subsidiary of TEPL) w.e.f 16/11/2022.
- Highmark International Trading FZE, UAE (WOS of TIL-UK) ("HITF-UAE")
- AAIT / Technocraft Scaffold Distribution LLC, USA (Subsidiary of TIL-UK).
- Technosoft Innovations INC, USA (WOS of TEI-USA)
- Technosoft Services, INC,USA (WOS of TEI-USA)
During the year under review Technocraft Specialty Yarns Limited and
Technosoft Integrated Solutions Inc. Canada, have become the new subsidiaries. Financials
of Technosoft Integrated Solutions Inc. are not consolidated into the consolidated
financial statement for the current financial year ended on 31.03.2023.
Associate/Joint Venture:
During the Financial Year under review, your Company had one joint
venture namely, Benten Technologies LLP as 50:50 percentage.
Except the above no other company has become/ceased to be a subsidiary,
joint venture or associate during the
financial year 2022-23.
Pursuant to Section 129(3) of the Act, a statement containing the
salient features of the financial statements of each of the subsidiary in the prescribed
form AOC-1 is annexed to the Annual Report the financial statements of the subsidiaries
are kept for inspection by the shareholders at the Registered Office of
the Company. The said financial statements of the
subsidiaries are also available on the website of the Company
www.technocraftgroup.com under the Investors Section.
As required under Rule 8 of the Companies (Accounts) Rules, 2014 the
highlights of performance of subsidiaries and their contribution to the overall
performance of the company during the period are duly explained in the form AOC-1 read
with consolidated financial statement, annexed to the Annual Report.
The Company has also formulated a policy for determining material
subsidiaries, which is uploaded on the website of the Company i.e.
www.technocraftgroup.com and can be accessed at
http://www.technocraftgroup.com/pdf/Policy-For-
Determining-Material-Subsidiary-Companies.pdf
Consolidated Financial Statements
Your directors have pleasure in attaching the consolidated financial
statements pursuant to section 129(3) of the Act and SEBI Listing Regulations and prepared
in accordance with the Accounting Principles generally accepted in India including the
Indian Accounting Standards specified under Section 133 of the Act.
In accordance with the Section 129(3) of the Act, the audited
consolidated financial statements are provided in this
Annual Report.
Corporate Governance
Your Company is in compliance with the Corporate Governance guidelines,
as laid out in the SEBI Listing Regulations. As per Regulation 34(3) read with Schedule V
of the SEBI Listing Regulations, a separate section on corporate
governance practices followed by the Company, together with a
certificate from M/s. Pramod Jain & Co. Company Secretaries, confirming compliance
forms an integral part of this Report.
The Annual Report of the Company contains a certificate by the Chief
Executive Officer in terms of SEBI Listing Regulations on the compliance declarations
received from the Directors and the Senior Management personnel and a Certificate by M/s.
Pramod Jain & Co. Company Secretaries, who have examined the requirements of Corporate
Governance with reference to SEBI Listing Regulations and have certified the compliance,
as required under SEBI Listing Regulations.
Internal Control systems and their Adequacy
The Company has Internal Control Systems, commensurate with the size,
scale and complexity of its operations. The Internal Auditor monitors and evaluates the
efficacy and adequacy of internal control systems in the Company, accounting procedures
and policies within the Company. Based on the report of internal audit function, process
owners undertake corrective action in respective areas and thereby strengthen the
controls. Significant observations and corrective actions thereon are presented to the
Audit Committee from time to time.
Internal Financial Controls and their adequacy
The Company has in place adequate internal financial controls
commensurate with the size, scale and complexity of its operations. The Company has
policies and procedures in place for ensuring proper and efficient conduct of its
business, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records and the timely preparation
of reliable financial information. The Company has adopted accounting policies, which are
in line with the Accounting Standards and the Act.
Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act,
Annual Return of the Company is/ shall be available on the Companys website on
http://technocraftgroup.com/Annual-Return.aspx
Share Capital
During the financial year the Company has bought back 15,00,000 Equity
Shares of 10/- each after considering the same as on March 31, 2023 the Share Capital of
the Company is 22,96,16,870/- consisting of 2,29,61,687 Equity Shares of 10/- each.
During the year under review, the Company has not issued shares with
differential voting rights nor has granted any stock options or sweat equity. As on March
31, 2023, none of the Directors of the Company holds instruments convertible into equity
shares of the Company.
Directors and Key Managerial Personnel
As per the provisions of Section 152 of the Act, Mr. Sudarshan Kumar
Saraf, Co-Chairman and Managing Director and Mr. Navneet Kumar Saraf, CEO and Whole-Time
Director of the Company retires by rotation at the ensuing Annual General Meeting and
being eligible have offered themselves for re-appointment.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of Independence as
prescribed under Section 149(6)of the Act and Regulation 16 (1) (b) of the SEBI Listing
Regulations.
Details of the director seeking appointment at the Annual General
Meeting, as required in terms of Regulation 36(3) of the SEBI Listing Regulations is
provided in the annexure to the explanatory statement to the notice.
Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company are Dr. Sharad Kumar Saraf, Chairman & Managing
Director,Mr. Sudarshan Kumar Saraf,Co-Chairman & Managing Directors, Mr. Navneet Kumar
Saraf, CEO & Whole-time Director, Mr. Ashish Kumar Saraf, Whole-time Director &
Chief Financial Officer, Mr. Atanu Choudhary, Whole-time Director and Mr. Neeraj Rai,
Company Secretary of the Company. There was no change in the Key Managerial Personnel
during the period under review.
The Remuneration and other details of Key Managerial Personnel for the
financial year ended March 31, 2023 are
mentioned in the Corporate Governance Report, forming part of this
report.
Meetings of the Board of Directors
The Board of Directors of your Company met 4 (four) times during
2022-23. The Meetings were held on May 27, 2022, August 10, 2022, November 14, 2022 and
February 8, 2023. The time gap between any two consecutive meetings are in compliance with
the provision of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Audit Committee
As on March 31, 2023 the Audit Committee comprised of five Independent
Directors namely Mr. Vinod Agarwala (Chairman), Mr. Aubrey Rebello, Mr. Jagdeesh Mal
Mehta, Mr. Vishwambhar C. Saraf and Ms. Vaishali Choudhari, all the recommendations made
by the Audit Committee were accepted by the Board.
Whistle Blower Policy/ Vigil Mechanism
In Compliance with the provisions of Section 177 of the Act and
Regulation 22 of the SEBI Listing Regulations the company has a Whistle Blower Policy (the
"WB Policy") with a view to provide vigil mechanism to directors, employees and
other stakeholders to disclose instances of wrongdoing in the workplace and report
instances of unethical behavior, actual or suspected fraud or violation of the
Companys code of conduct or ethics policy. The WB Policy also states that this
mechanism should also provide for adequate safeguards against victimization of
director(s)/ employees who avail of the mechanism and also provide for direct access to
the chairman of the audit committee in exceptional cases. The whistle blower policy has
been posted on the website of the company at the link http://www.technocraftgroup.com/pdf/
Whistle-Blower-Policy.pdf.
Nomination and Remuneration Committee
As on March 31, 2023, the Nomination and Remuneration Committee
comprised of five Independent Directors namely Mr. Vishwambhar C. Saraf - (Chairman), Mr.
Vinod Agarwala, Mr. Jagdeesh Mal Mehta, Ms. Vaishali Choudhari and Mr. Aubrey Rebello,
members of the committee.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy recommended by the Nomination
and Remuneration Committee is duly approved by the Board of Directors of the Company and
the Remuneration Policy of the Company is attached to the Boards Report as
Annexure-III.
Corporate Social Responsibility (CSR)
Pursuant to Section 135 of the Act a Corporate Social Responsibility
(CSR) Committee was constituted. As at March 31, 2023, the CSR Committee comprised of two
Executive Directors and one Independent Director namely Dr. Sharad Kumar Saraf, Mr.
Sudarshan Kumar Saraf and Ms. Vaishali Choudhari.
Corporate Social Responsibility Policy recommended by CSR Committee of
the Directors has been approved by the Board of Directors of the Company. The same is
available on the website of the Company i.e. www.technocraftgroup. com and also attached
to this Report as Annexure-IV.
The disclosure relating to the amount spent on Corporate Social
Responsibility activities of the Company for the financial
year ended March 31, 2023 is attached to this Report as Annexure-V.
Risk Management Committee (RMC)
Pursuant to Regulation 21 of SEBI LODR Regulation 2015 a Risk
Management Committee (RMC) was constituted. As at March 31, 2023, the RMC Committee
comprised of two Executive Directors and one Independent Director namely Dr. Sharad Kumar
Saraf, Mr. Sudarshan Kumar Saraf and Mr. Vishwambhar C. Saraf.
Transfer of unclaimed / unpaid dividend to Investor Education and
Protection Fund (IEPF)
In accordance with the provisions of Sections 124, 125 and other
applicable provisions, if any, of the Companies Act, 2013, read with the Investor
Education Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
(hereinafter referred to as "IEPF Rules") (including any statutory
modification(s) or re-enactment(s) thereof for the time being in force), the amount of
dividend remaining unclaimed or unpaid for a period of seven years from the date of
transfer to the unpaid dividend account is required to be transferred to the IEPF,
maintained by the Central Government. In pursuance of this, the dividend remaining
unclaimed or unpaid in respect of dividends declared upto the financial year ended March
31, 2016 have been transferred to the IEPF. The details of the unclaimed dividends so
transferred are available on the Companys website, www.technocraftgroup.com and in
the website of the Ministry of Corporate Affairs at www.mca.gov.in
In accordance with Section 124(6) of the Act, read with the IEPF Rules,
all the shares in respect of which dividend has remained unclaimed or unpaid for seven
consecutive years or more are required to be transferred to the demat account of the IEPF
Authority. Accordingly, all the shares in respect of which dividends were declared upto
the financial years ended March 31, 2016 and remained unpaid or unclaimed were /will be
transferred to the IEPF. The details of such shares transferred have been uploaded in the
Companys website www.technocraftgroup.com.
The shares and unclaimed dividend transferred to the IEPF can however
be claimed back by the concerned shareholders from IEPF Authority after complying with the
procedure prescribed under the IEPF Rules. The Member/Claimant is required to make an
online application to the IEPF Authority in Form IEPF -5 (available on www.iepf.gov.in)
Particulars of contracts or arrangements with related parties
All related party transactions entered during the year were in the
ordinary course of business and on an arms length basis.
All transactions with Related Parties are placed before the Audit
Committee as also before the Board for approval, if required. Prior omnibus approval of
the Audit Committee and the Board is obtained for the transactions which are foreseeable
and of a repetitive nature. The transactions entered into pursuant to the approvals so
granted are subjected to audit and a statement giving details of all related party
transactions is placed before the Audit Committee on a quarterly basis. The statement is
supported by a certificate from the CFO.
The policy on Related Party Transactions as approved by the Board of
Directors has been uploaded on the Companys website and can be seen at the link
https://www.technocraftgroup.com/pdf/Policy-On-Related-Party-Transactions.pdf
All transactions entered into with related parties during the year were
on arms length basis and were in the ordinary course of business. The details of the
material related party transactions entered into during the year as per the policy on
Related Party Transactions approved by the Board have been reported in Form AOC-2 annexed
to the Directors Report as Annexure-VI.
Further the details of the transactions with related parties are
provided in the Companys financial statements in
accordance with the Accounting Standards.
The Policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board is available on website of the
Company at the link:http://www.technocraftgroup.com/pdf/Policy-On-Related-Party-
Transactions.pdf
Particulars of Employees and other additional information
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5
(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014,form part of this Report and are annexed as Annexure-VII.
The information as required under Rule 5 (2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided on the
request by any member of the Company. In terms of Section 136 (1) of the Companies Act,
2013,the Report and the Accounts are being sent to the members excluding the said
Annexure. Any member interested in obtaining copy of the same may write to the Company
Secretary at the Registered Office of the Company.
Risk management policy
Pursuant to the requirement of Section 134 (3) (n) of the Act, the
Company has in place a structured risk management policy. The Risk management process is
designed to safe guard the organization from various risks through adequate and timely
actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize
its impact on the business.
Performance Evaluation
Pursuant to the provisions of Section 134 (3) (p), 149(8) and Schedule
IV of the Act and Regulation 17 of the SEBI Listing Regulations, annual Performance
Evaluation of the Directors as well as of the Committees of the Board has been carried
out, same has been explained in detail in the Corporate Governance Report, enclosed
herewith.
Independent Directors Meeting
During the financial year under review, the Independent Directors of
the Company met on February 8, 2023 inter-alia,
to discuss:
- Evaluation of performance of Non-Independent Directors and the Board of Directors of the
Company as a whole.
- Evaluation of performance of the Chairman of the Company, taking into view of Executive
and Non-Executive Directors.
- Evaluation of the quality, content and timelines of flow of information between the
Management and the Board that
is necessary for the Board to effectively and reasonably perform its
duties.
Directors Responsibility Statement
In accordance with the provisions of Section 134 (5) of the Act, your
Directors based on the representation/confirmation received from the Chairman and from the
Chief financial Officer, confirm that:
- in the preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any.
- the selected accounting policies were applied consistently and the Directors made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at March 31, 2023 and of the profit of the
Company for the year ended on that date.
- proper and sufficient care has been taken for maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities.
- the annual accounts have been prepared on a going concern basis.
- the internal financial controls have been laid down to be followed by the Company and
such controls are adequate
and are operating effectively.
- proper systems to ensure compliance with the provisions of all applicable laws have been
devised and such systems are adequate and are operating effectively.
Requirement of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act,
2013
As per the requirement of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and Rules made thereunder, your Company
has constituted an Internal Complaints Committee (ICC). During the year under review, no
cases were received/filed pursuant to the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
Material changes & commitment if any, affecting financial position
of the Company from the end of financial year till the date of the report.
There have been no material changes and commitments, if any, affecting
the financial position of the Company which have occurred between the end of the financial
year of the Company to which the Financial Statements relate and the date of this Report.
Reporting of Frauds:
There have been no instances of fraud reported by the Statutory
Auditors under Section 143(12) of the Act and Rules framed thereunder either to the
Company or to the Central Government.
Familiarization Programmes for Board Members
The Familiarization program aims to provide insight to the Independent
Directors to understand the business of the Company. Upon induction, the Independent
Directors are familiarized with their roles, rights and responsibilities.
All the Directors of the Company are updated as and when required, of
their role, rights, responsibilities under applicable provisions of the Companies Act and
the SEBI Listing Regulations, Secretarial Standards; nature of industry in which the
Company operates, business model of the Company, etc. The Company holds Board and the
Committee Meetings from time to time. The Board of Directors has complete access to the
information within the Company. The Independent Directors have the freedom to interact
with the Companys management. Directors are also informed of the various
developments in the Company through various modes of communications. All efforts are made
to ensure that the Directors are fully aware of the current state of affairs of the
Company and the industry in which it operates.
The details of such familiarization programmes for Independent
Directors of the Company are posted on the website of the Company
http://www.technocraftgroup.com/pdf/Details-of-the-familiarization-programmes-imparted-to-independent-
directors.pdf
Secretarial Standards
Pursuant to Section 118(10) of the Companies Act, 2013 the Company has
complied with Secretarial Standards issued by the Institute of Company Secretaries of
India on Meetings of the Board of Directors and General Meetings;
Significant and material Orders passed by the Regulators/Courts, if any
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status
of your Company and its future operations.
Business Responsibility Report
The ‘Business Responsibility Report (BRR) of the Company for
the year ended March 31, 2023 forms part of this Annual Report as required under
Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as Annexure-VIII.
Other Disclosure
Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these matters during the
year under review:
- Neither the Managing Director nor the Whole-time Directors of the Company receive any
remuneration or
commission from any of its subsidiaries.
- There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
- There was no instance of onetime settlement with any Bank or Financial Institution.
Acknowledgements
Your Directors would like to acknowledge and place on record their
sincere appreciation to all stakeholders, clients, Financial Institutions, Bank, Central
and State Governments, the Companys valued investors and all other business partners
for their continued co-operation and excellent support received during the year.
Your Directors recognize and appreciate the efforts and hard work of
all the employees of the Company and their continued contribution to its progress.
Registered Office: For and on behalf of the Board of Directors
Technocraft House, A-25, Road No. 3, MIDC Industrial Estate, Andheri
(East), Mumbai 400093.
CIN: L28120MH1992PLC069252 Dr. Sharad Kumar Saraf
www.technocraftgroup.com Chairman & Managing Director DIN
00035843
Place: Mumbai
Date: May 29, 2023
+91-9892691696
