Your Directors have pleasure in presenting the 86th Annual Report and
audited financial statements for the Financial Year (FY) ended March 31,2022.
FINANCIAL RESULTS
(Rs in lakhs)
| Particulars |
Standalone |
Consolidated |
|
2021-22 |
2020-21 |
2021-22 |
2020-21 |
| Revenue from operations (Gross) |
467744.03 |
469320.49 |
469404.36 |
470335.14 |
| Operating Profit (EBITDA) |
66018.17 |
58422.73 |
65659.37 |
58860.45 |
| Finance cost |
4948.03 |
5143.70 |
5452.93 |
5163.17 |
| Depreciation and Amortisation |
8074.50 |
7908.76 |
8074.50 |
7908.76 |
| Profit before Share of Net Profit of Associates & Tax |
52995.64 |
45370.27 |
52131.94 |
45788.52 |
| Share of Net Profit of Associates |
0.00 |
0.00 |
5914.48 |
121.04 |
| Profit before Exceptional items & Tax |
52995.64 |
45370.27 |
58046.42 |
45909.56 |
| Exceptional Items |
-999.08 |
-2183.14 |
-670.94 |
66.95 |
| Profit before Tax |
51996.56 |
43187.13 |
57375.48 |
45976.51 |
| Tax Expenses |
13780.01 |
15856.27 |
14969.56 |
16516.24 |
| Profit for the year |
38216.55 |
27330.86 |
42405.92 |
29460.27 |
| Other comprehensive income (net of tax) |
122.73 |
-28.86 |
553.40 |
-60.74 |
| Total comprehensive income |
38339.28 |
27302.00 |
42959.32 |
29399.53 |
| Earning per equity share of Rs 1 each (in ) |
15.81 |
11.14 |
17.54 |
12.01 |
| Retained Earnings brought forward |
81795.19 |
54533.68 |
90205.90 |
60790.80 |
| Appropriation: |
|
|
|
|
| - Equity Dividend |
7252.65 |
0.00 |
7252.65 |
0.00 |
| - Others |
117.60 |
40.49 |
552.78 |
-15.57 |
| Retained earnings carried forward |
112764.22 |
81795.19 |
125359.79 |
90205.90 |
No material changes and commitments affecting the financial position of
the Company have occurred between the end of the financial year of the Company to which
these financial statements relate and the date of this report.
PERFORMANCE RESULTS
During the year, the Company reported record profits. It is commendable
as the Company delivered the performance despite multiple challenges such as the pandemic,
an industrial slowdown, key global developments, and a significant increase in crude and
other commodity prices, all of which had a huge influence on the economy. All of the
businesses of Company performed well and achieved better profitability than the previous
year. On a Consolidated basis, Profit before Tax is up by 25% to Rs 573.75 crore, while
Profit after Tax (PAT) is up by 44% to Rs 424.06 crore. While the profitability of the
Sugar business (including Distillery) is higher by 13%, the profitability of Engineering
business is higher by 41%.
BUSINESS OPERATIONS AND FUTURE PROSPECTS
Sugar Business (including Cogeneration)
The turnover of Sugar business is lower by 15%, mainly due to lower
dispatches by 23% from substantially lower exports during the year. As no export subsidy
was announced for the season 2021-22, Indian sugar exports had taken place from the mills
in the coastal states. In view of increased sales realization prices, the profitability
(PBIT) of Sugar business is higher by 3% despite lower dispatches. Our crush is likely to
be slightly lower this season than the previous season, and our recovery may be 15 to 20
basis points lower. The early part of the season was impacted by late excessive rainfall,
and the later part was affected by abnormal heat conditions since March 2022.
We expect to divert 93000 metric tonnes (MT) of sugar for the
manufacture of alcohol during the current season, compared to 75148 MT the previous
season. The Company has implemented vigorous variety replacement and yield maximization
initiatives that will show results in the coming years by increasing the supply of cane
for production growth. Further, the Company will rationalize crush capacity in order to
increase overall crush rate, with the objective of concluding the season well before the
hot summer sets in. To enhance the overall realization price, the Company also intends to
increase its capacity to manufacture refined sugar and pharmaceutical grade sugar.
All India sugar production for the season 2021-22 was initially
predicted at 31 million metric tonnes (MMT), but this has progressively increased to 35.1
MMT after considering sugar diversion of 3.4 MMT to the production of ethanol. Sugar
inventories, on the other hand, are predicted to be lower at 6.9 MMT on September 30,
2022, due to robust exports estimated at 9.2 MMT per million tonne, as against 7.2 MMT at
the end of the previous season. It augers well for sugar prices, it will be critical to
significantly increase sugar diversion to ethanol and ensure robust export next year, to
keep sugar inventories in check.
Distillery
The net turnover of the distillery segment has increased by 30% at Rs
668.51 crore due to the increased dispatches by 14%. The profitability (PBIT) of the
Distillery segment is higher by 48%, which was also contributed by product mix and better
efficiencies.
Our new 160 KLPD distillery at Milak Narayanpur has already commenced
production on April 4th, 2022, and our new grain- based distillery is expected to commence
production by Q1 FY 23. Further, we have also increased the capacity of our Sabitgarh
distillery to 200 KLPD for operations with B-heavy molasses. With debottlenecking and
rationalization of existing distilleries, the total distillation capacity is estimated to
increase to 660 KLPD by Q2 FY 23. Total production is expected to increase by 70% in FY 23
with an estimated diversion of sugar to the extent of 110000 MT to ethanol.
Power Transmission Business (PTB)
PTB has reported much improved performance, with turnover increasing by
42% and profitability (PBIT) increasing by 57%. Further, the order intake has been robust
during the year: total orders of Rs 251.04 crore have been received, comprising long-
tenure orders of Rs 54.22 crore. Accordingly, as at the year end, total orders in hand
comprise normal orders of Rs 109.56 crore and long-tenure orders of Rs 111.77 crore. The
long- tenured orders also include orders received from the defence agencies, and these
involve design and development, and thereafter, subject to satisfactory prototype,
manufacturing of ordered quantities of components. The business is targeting a substantial
growth in order intake, including substantial orders from the defence establishments.
Water Business Group
During the year, Water Business (on a Consolidated basis) reported a
marginal increase in turnover by 4% to Rs 270.22 crore and 16% increase in profitability
(PBIT) to Rs 31.01 crores. Orders received by the company during the year total Rs 333.45
crore, up from Rs 186.50 crore the previous year. The business expects to improve the
order intake as it is comfortably placed in certain bids which will be finalized shortly.
It is also bidding for projects aggregating to Rs 1500 crore, including some HAM projects.
Transfer to reserve
Your Board of Directors do not propose to transfer any amount to
general reserve.
DIVIDEND
Your Board of Directors is pleased to recommend a final dividend of Rs
2/-per equity share (of Rs 1/-each) (i.e 200%), subject to the approval of the
shareholders in the upcoming Annual General Meeting. If approved, the total dividend
(including the interim dividend of Rs 1.25 per equity share) for fiscal year 2021-22 will
be Rs 3.25 per equity share (325%), resulting in a total outlay of Rs 78.59 crore.
DIVIDEND DISTRIBUTION POLICY
As per the provisions of Regulation 43A of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations"), the Company had adopted a Dividend Distribution Policy,
which has been amended by the Board at its meeting held on May 14, 2022. The said policy
sets out the parameters and circumstances that will be taken into account by the Board in
determining the distribution of dividends to the shareholders of the company and to retain
profits earned by the company. The amended policy is available on the website of the
company at http://www.trivenigroup.com/investor/corporate-governance/ policies.html.
SUBSIDIARY AND ASSOCIATE COMPANIES PERFORMANCE
Associate Companies
Triveni Turbine Ltd. (TTL) is engaged in the design and manufacture of
steam turbines and delivers robust, reliable, and efficient end-to-end solutions. Earlier,
steam turbines in the range of above 30 MW to 100 MW were addressed through GE Triveni
Ltd. (GETL), an erstwhile joint venture (JV) with GE. However, the JV has been terminated
w.e.f. September 6, 2021 and DI Netherlands BV, an affiliate of GE has sold its entire
stake to TTL. Consequently, GETL is now a wholly owned subsidiary of TTL and its name has
been changed to Triveni Energy Solutions Ltd. (TESL). Accordingly, TTL and TESL will make
the entire range of steam turbines up to 100 MW.
On a consolidated basis, TTL has achieved a turnover of Rs 852.2 crores
with a PBT of Rs 170.8 crores before exceptional items and Rs 364.8 crores after
exceptional items. Exceptional items include the receipt of net compensation of Rs 188.90
crores from GE upon mutual settlement of the legal disputes. TTL has witnessed an increase
in order booking of 84% over the previous year in view of favourable business conditions
both domestically and in the global market. Profit after tax is at Rs 270.2 crores, an
increase of 164% over the previous year.
During the year under review, the Company has divested its entire
shareholding in Aqwise Wise Water Technologies Ltd., Israel pursuant to a Share Purchase
Agreement dated March 25, 2021 and resultantly Aqwise ceased to be an associate company.
Subsidiary Companies
During the year under report, a new company, namely, Pali ZLD Private
Limited (PZPL), was incorporated as a wholly owned subsidiary of the Company. The Company
has 11 wholly owned subsidiaries, as detailed in Annexure A. All the companies, except
Mathura Wastewater Management Private Limited (MWMPL) and Pali ZLD Private Limited (PZPL),
are relatively much smaller and there have not been any material business activities in
these companies. Under the Namami Gange Programme, MWMPL is engaged in "Development
of Sewage Treatment Plants and Associated Infrastructure on Hybrid Annuity PPP basis at
Mathura, Uttar Pradesh", whereas PZPL is engaged in the development of a Common
Effluent Treatment Plant along with a Zero Liquid Discharge facility (unit-4) for Pali
Industrial Complex (Rajasthan) on PPP/ HAM basis. During the year under review, MWMPL and
PZPL achieved revenue of Rs 26.74 crore and Rs 15.18 crore and profitability (PBT) of Rs
2.54 crore and Rs 0.87 crore, respectively.
As required under the provisions of Section 129 of the Companies Act,
2013 read with Companies (Accounts) Rules, 2014, a statement containing salient features
of the financial statement of subsidiaries and associates is provided in the prescribed
format AOC-1 as Annexure-A to the Boards Report.
In accordance with the Regulation 16 of the Listing Regulations, none
of the subsidiaries of this Company is a material non- listed subsidiary. The Company has
formulated a policy for determining material subsidiaries. The policy has been uploaded on
the website of the Company at http://www.trivenigroup.com/
investor/corporate-governance/policies.html.
CONSOLIDATED FINANCIAL STATEMENTS
In compliance with the provisions of Companies Act, 2013 and Indian
Accounting Standards (Ind AS) as specified in Section 133 of the Act and Regulation 34 of
the Listing Regulations, your Directors have pleasure in attaching the consolidated
financial statements of the Company which form a part of the Annual Report. Financial
Statements including consolidated financial statements and the audited accounts of each of
the subsidiary are available on the Companys website
https://www.trivenigroup.com/financials.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors
confirm that:
a) i n the preparation of the annual accounts for the financial year
ended March 31, 2022, the applicable accounting standards have been followed and there are
no material departures;
b) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that year;
c) they 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;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and were operating
effectively; and
f) they 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
In accordance with the Listing Regulations, a separate report on
Corporate Governance is given in Annexure-B along with the Auditors Certificate on its
compliance in Annexure-C to the Boards Report. The Auditors Certificate does not contain
any qualification, reservation and adverse remark.
RELATED PARTY CONTRACTS/TRANSACTIONS
In accordance with the amended provisions of the Companies Act 2013 and
the Listing Regulations, the Company has revised Related Party Transaction Policy, which
has been uploaded on its website at http://www.trivenigroup.com/investor/corporate-
governance/policies.html. It is the endeavor of the Company to enter into related party
transaction on commercial and arms length basis with a view to optimize the overall
resources of the group.
All transactions entered into with related parties during the year were
in the ordinary course of business of the Company and at arms length basis. The Company
has not entered into any contract/arrangement/transactions with related parties which
could be considered material in accordance with the Policy of the Company on the
materiality of related party transactions. Form AOC-2 is not attached with this report as
there was no such related party transaction for which disclosure in terms of Section
134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts)
Rules, 2014 is required.
RISK MANAGEMENT POLICY AND INTERNAL FINANCIAL CONTROL
In accordance with the amended terms of the Listing Regulations, the
Company has revised and implemented its new Enterprise Risk Management (ERM) policy, the
objective of which is to lay down a structured framework for identifying potential threats
to the organization on a regular basis, assessing likelihood of their occurrence,
designate risk owners to continually evaluate the emergent risks and plan measures to
mitigate the impact on the Company, to the extent possible. The framework and the system
are reviewed from time to time to enhance their usefulness and effectiveness. The policy
recognizes that all risks in the business cannot be eliminated but these could be
controlled or minimized through effective mitigation measures, effective internal controls
and by defining risk limits.
A comprehensive Risk Management Framework has been put in place for
each of the businesses of the Company which is stringently followed for the management of
risks, including categorization thereof based on their severity. Such categorization gives
highest weightage to the risks which have the potential to threaten the existence of the
Company. The risks with higher severity receive more attention and management time and it
is the endeavor of the Company to strengthen internal controls and other mitigation
measures on a continuous basis to improve the risk profile of the Company.
Risk Management System has been integrated with the requirements of
internal controls as referred to in Section 134(5) (e) of the Companies Act, 2013 to
evolve risk related controls. Detailed internal financial controls have been specified
covering key operations, to safeguard of assets, to prevent and detect frauds, to ensure
completeness and accuracy of accounting records, to ensure robust financial reporting and
statements and timely preparation of reliable financial information. These are achieved
through Delegation of Authority, Policies and Procedures and other specifically designed
controls, and their effectiveness is tested regularly as per the laid out mechanism as
well as through external agencies.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
As per the provisions of the Companies Act, 2013 (‘Act), Mr.
Nikhil Sawhney, Director (DIN:00029028) will retire by rotation at the ensuing Annual
General Meeting (‘AGM) of the Company and, being eligible, seeks re-appointment. The
Board has recommended his re-appointment.
Considering his integrity, relevant knowledge, expertise, and
experience, as well as the contribution made by him during his current tenure as an
independent director, the Board of Directors re-appointed Mr. Jitendra Kumar Dadoo
(DIN:02481702) as an Independent Director of the Company for a period of five consecutive
years, on the expiry of his current term of office, i.e., with effect from May 21, 2022,
subject to shareholders approval. The Company has received the necessary declaration from
Mr. Dadoo that he continues to fulfil the criteria of independence as prescribed under the
relevant provisions of the Act and the Listing Regulations.
With deep regret, the Board reports the sudden and sad demise of Dr.
Santosh Pande (DIN: 01070414) and Mr. Ajay Kumar Relan (DIN: 000002632) on September 20,
2021 and October 1, 2021, respectively, who have been on the Board since April 16, 2014
and June 29, 2021, respectively, as non- executive independent directors. The Board places
on record its appreciation for their invaluable contributions and guidance provided to the
company during their respective tenures.
The Company has received declarations of independence in terms of
Section 149 of the Act and also under the Listing Regulations from all the Independent
Directors and the same has been taken on record by the Board of Directors.
As required under the provisions of Section 203 of the Act, the key
managerial personnel, namely, Vice Chairman and Managing Director, CFO, and Company
Secretary, continue to hold those offices as on the date of this report.
BOARD EVALUATION MECHANISM
Pursuant to the provisions of the Companies Act, 2013 and Listing
Regulations, the Board has carried out an annual performance evaluation of its own
performance, that of individual directors as well as evaluation of its committees. The
evaluation criteria, as defined in the Nomination and Remuneration Policy of the Company,
covered various aspects of the Board, such as composition, performance of specific duties,
obligations and governance.
The performance of individual directors was evaluated on parameters
such as: number of meetings attended; contributions made in the discussions; contribution
towards formulation of the growth strategy of the Company; independence of judgement;
safeguarding the interests of the Company and minority shareholders; additional time
devoted besides attending Board/Committee meetings. The directors have expressed their
satisfaction with the evaluation process.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The policy of the Company on Directors appointment and remuneration,
including criteria for determining qualifications, positive attributes, independence of a
director and other matters provided under sub-section (3) of Section 178 of the Companies
Act, 2013 and the Listing Regulations, adopted by the Board, is available on the website
of the Company at http://www.trivenigroup.com/investor/corporate-governance/
policies.html.
BOARD MEETINGS
During the year, five board meetings were held, the details of which
are provided in the Corporate Governance Report that forms part of this Annual Report. The
maximum interval between the two board meetings did not exceed 120 days, as prescribed
under the Companies Act, 2013 and the Listing Regulations.
AUDITORS Statutory Audit
At the 81st AGM, M/s S.S. Kothari Mehta & Co. (SSKM), Chartered
Accountants (FRN: 000756N) were appointed as the Statutory Auditors of the Company to hold
office for a period of five consecutive years from the conclusion of that AGM until the
conclusion of the 86th AGM. SSKM will be completing their current term of five years at
the conclusion of the ensuing AGM. SSKM, being eligible, offered themselves for
re-appointment. Accordingly, in terms of Section 139 of the Act and the Rules made
thereunder, the Board had, on the recommendations of the Audit Committee, recommended the
re-appointment of SSKM for a second term of five consecutive years, to hold office from
the conclusion of 86th AGM till the conclusion of 91th AGM of the Company for
shareholders approval at the ensuing AGM.
Comments on the Auditors Report
The Auditors report for the financial year 2021-22 does not contain
any qualification, reservation, or adverse remark. Further, pursuant to section 143(12) of
the Act, the statutory auditors of the Company have not reported any instances of fraud
committed on the Company by its officers or employees, the details of which are required
to be mentioned in the Boards Report.
In Para I (c) of Annexure A to the Auditors Report, the auditor has
reported that the title deeds of certain immovable properties are not held in the name of
the Company relating to 02 cases/plots of land valuing Rs 12.35 lakhs. The transfer of
title in the name of the Company in these reported cases could not be completed on account
of certain technicalities or documentary deficiencies, which the Company is trying to
resolve to the extent feasible. However, in all these cases, the land continues to remain
in the possession of the company.
Cost Audit
In terms of the provisions of Section 148 of the Companies Act, 2013
read with the Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records
and Audit) Rules, 2014 duly amended, Cost Audit is applicable to the Sugar and Power
transmission businesses of the Company. The Company has been maintaining cost accounts and
records in respect of the applicable products. Mr Rishi Mohan Bansal and M/s GSR &
Associates, Cost Accountants have been appointed as Cost Auditors to conduct the cost
audit of the Sugar businesses (including cogeneration and distillery) and Power
transmission business respectively of the Company for the FY 2022-23, subject to
ratification of their remuneration by the shareholders at the ensuing Annual General
Meeting. The Board recommends the ratification of the remuneration of the Cost Auditors
for the FY 23.
Secretarial Audit
In terms of Section 204 of the Companies Act, 2013 read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board
appointed M/s Suresh Gupta & Associates, a firm of Company Secretaries in practice to
undertake the Secretarial Audit of the Company for FY22. The report on secretarial audit
is annexed as Annexure-D to the Board?s report. The report does not contain any
qualification, reservation or adverse remark.
DISCLOSURES
Corporate Social Responsibility (CSR)
During the year, a revised CSR Policy has been formulated by the CSR
Committee in line with the Companies (Corporate Social Responsibility Policy) Rules, 2014,
as amended, which, on its recommendation, was approved by the Board. The revised CSR
Policy is available on the Companys website at
http://www.trivenigroup.com/investor/corporate-governance/ policies.html.
The composition of the CSR Committee and Annual Report on CSR
activities during FY22, as recommended by the CSR Committee and approved by the Board, is
provided in Annexure-E to the Boards report.
AUDIT COMMITTEE
The composition of Audit Committee is provided in the Corporate
Governance Report that forms part of this Annual Report.
VIGIL MECHANISM
The Company has established a vigil mechanism through Whistle Blower
Policy and it oversees the genuine concerns expressed by the employees and other directors
through the Audit Committee. The vigil mechanism also provides for adequate safeguards
against victimization of employees and directors who may express their concerns pursuant
to this policy. It has also provided direct access to the Chairperson of the Audit
Committee in appropriate or exceptional cases. The policy is uploaded on the website of
the Company at http://www.trivenigroup.com/investor/corporate-governance/ policies.html.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT 2013
The Company has an Anti-Sexual Harassment Policy in line with the
requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act 2013 (POSH Policy). Further, the Company has complied with the provisions
relating to the constitution of Internal Complaints Committee under the said Act. No
complaint was received by the Internal Complaint Committee during FY22.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
Notes 6 and 9 of the standalone financial statements of the Company
forming part of the Annual Report provide particulars of the investments made by the
Company in the securities of other bodies corporate; Notes 8 and 50 provide details of
loans advanced; and, Note 39 (v) provides details of guarantee given by the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars required under Section 134(3)(m) of the Companies Act,
2013 read with the Companies (Accounts) Rules, 2014 are provided in Annexure-F to the
Boards report.
PARTICULARS OF EMPLOYEES
The information as required under Section 197 of the Companies Act,
2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is provided in Annexure-G to the Board?s Report.
The particulars of employees drawing remuneration in excess of limits
set out in the Rule 5(2) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are provided in Annexure-H to the Board?s Report. However, as
per the provisions of Section 136 of the Companies Act, 2013, the annual report is being
sent to all the members of the Company excluding the aforesaid information. The said
information is available for inspection by the members at the registered office of the
Company up to the date of the ensuing Annual General Meeting. Any member interested in
obtaining such particulars may write to the Company Secretary at the registered office of
the Company.
EMPLOYEES STOCK OPTION
There are no outstanding stock options and no stock options were either
issued or allotted during the year under TEIL ESOP 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
In terms of the provisions of Regulation 34 of the Listing Regulations,
the Management Discussion and Analysis is set out in this Annual Report.
BUSINESS RESPONSIBILITY REPORT
The Listing Regulations mandate top 1000 listed entities based on the
market capitalization as on March 31 of every financial year the inclusion of the Business
Responsibility Report as part of the Directors? Report of the Company. The report in
the prescribed form is annexed as Annexure-I to the Board Report.
SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
DEPOSITS
The Company has not accepted any public deposits under Section 73 of
the Companies Act, 2013.
DEBENTURES
No debentures were issued during the period under review. ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act, 2013, the annual return
for the financial year 2021-22 is available on website of the Company i.e.
https://www.trivenigroup.com/ shareholders-information.
SIGNIFICANT AND MATERIAL ORDERS/GENERAL DISCLOSURES
There are no significant and material orders passed by the regulators
or courts or tribunal impacting the going concern status and Companys operations in
future.
During the year under review, neither any application was made nor any
proceedings is pending against the Company under the Insolvency and Bankruptcy Code, 2016.
Further, there was no instance of one-time settlement with any bank or financial
institution.
CHANGE OF REGISTERED OFFICE
During the year, the Registered Office of the Company has been shifted
from "Deoband, District Saharanpur, Uttar Pradesh-247554" to "A-44, Hosiery
Complex, Phase-II Extension, Noida-201 305, Uttar Pradesh" with effect from October
7, 2021.
HUMAN RESOURCES
Your Company believes and considers its human resources as the most
valuable asset. The management is committed to provide an empowered, performance oriented
and stimulating work environment to its employees to enable them to realise their full
potential. Industrial relations remained cordial and harmonious during the year.
APPRECIATION
Your Directors wish to take the opportunity to express their sincere
appreciation to our customers, suppliers, shareholders, employees, the Central, Uttar
Pradesh and Karnataka Governments, financial institutions, banks and all other
stakeholders for their whole-hearted support and co-operation.
We look forward to their continued support and encouragement.
|
For and on behalf of the Board of Directors |
|
Dhruv M. Sawhney |
| Place: Noida |
Chairman and Managing Director |
| Date: May 14, 2022 |
DIN: 00102999 |
+91-9892691696
