To
The Members,
The Board of Directors are pleased to present the Companys 110th Annual
Report together with the Annual Audited Financial Statements (Standalone and Consolidated)
for the financial year ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS
The Companys financial performance for the year ended March 31, 2023 is summarized
below:
(Rs. In Lakhs except EPS)
| PARTICULARS |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Gross Income |
2,732.48 |
2 ,297.76 |
7,607.76 |
6,071.17 |
| Profit before Depreciation, Finance Costs, Exceptional Items and Taxation |
335.36 |
337.07 |
1,138.06 |
895.50 |
| Less: Depreciation and Amortization expense |
69.71 |
84.27 |
127.65 |
139.49 |
| Profit before Finance Costs, Exceptional Items and Taxation |
265.65 |
252.80 |
1,010.42 |
756.02 |
| Less: Finance costs |
27.41 |
34.35 |
81.98 |
85.99 |
| Profit /(Loss) before Exceptional Items and Taxation |
238.23 |
218.45 |
928.44 |
670.02 |
| Add: Exceptional Items |
- |
- |
(25.96) |
- |
| Profit before Taxation |
238.23 |
218.45 |
902.48 |
670.02 |
| Less: Tax Expense |
33.45 |
34.50 |
218.18 |
167.13 |
| Profit/(Loss) for the year after tax from the continuing operation |
204.78 |
183.95 |
684.30 |
502.89 |
| Profit/(Loss) after tax from the discontinued operation |
- |
- |
- |
- |
| Profit /(Loss) for the year |
204.78 |
183.95 |
684.30 |
502.89 |
| Other comprehensive income/(loss) |
(53.63) |
80.32 |
(55.44) |
75.83 |
| Total Other comprehensive income/(loss) for the year |
151.15 |
264.27 |
628.86 |
578.72 |
| Earnings pershare (in Rs.): |
|
|
|
|
| Basic / Diluted from Continuing Operation |
8.03 |
7.21 |
26.84 |
19.72 |
| Basic / Diluted from Discontinued Operation |
- |
- |
- |
- |
| Basic / Diluted from Continued and Discontinued Operation |
8.03 |
7.21 |
26.84 |
19.72 |
2. FINANCIAL PERFORMANCE
A. Standalone
The gross turnover of your Company stood at Rs. 2,732.48 Lakhs for the year ended March
31, 2023 as against Rs. 2,297.76 Lakhs in the previous year. The Company made a net profit
of Rs. 204.78 Lakhs for the year ended March 31, 2023 as compared to the net profit of Rs.
183.95 Lakhs in the previous year.
B. Consolidated
The consolidated turnover of your Company was Rs. 7,607.76 Lakhs for the year ended
March 31, 2023 as against Rs. 6,071.17 Lakhs in the previous financial year. The Company
made a consolidated net profit of Rs. 684.30 Lakhs for the year ended March 31, 2023 as
compared to the net profit of Rs. 502.89 Lakhs in the previous year.
3. WORKING RESULTS
The standalone gross turnover in 2022-23 was Rs. 2,732.48 as compared to Rs. 2,297.76
in 2021-22. The net profit after tax is also higher by approximate 11.32 % as compared to
the Previous year. The Company continues to make efforts to improve its working.
4. FUTURE OUTLOOK
The Management is exploring the possibility of entering into new areas of trading and
representation.
5. DIVIDEND
In order to conserve the resources of the Company for future operations, your Directors
regret their inability to recommend dividend for the year under review.
6. TRANSFER TO RESERVES
Your company has not proposed any amount to be transferred to Reserves out of the
profits earned during the Financial Year 2022-2023.
7. SHARE CAPITAL OF THE COMPANY
The Authorized Capital of the Company as at March 31, 2023 was 5,00,00,000/-(Rupees
Five Crores only) divided into 50,00,000 (Fifty Lakhs) equity shares of Rs.10/- each.
The issued, subscribed and paid-up Share Capital of the Company stood at Rs.
25,500,000/- (Rupees Two Crores Fifty-Five Lakhs only) as at March 31, 2023 comprising of
25,50,000 Equity Shares of Rs. 10/- each fully paid-up.
During the year under review, the Company has not issued any convertible securities
with differential voting rights nor has granted any stock options or sweat equity or
warrants. As on March 31, 2023, none of the Directors of the Company hold instruments
convertible into Equity Shares of the Company.
8. SUBSIDIARIES, ASSOCIATES & JOINT VENTURES
A. Brady & Morris Engg. Co. Ltd. (BME), the Subsidiary of the Company, is in the
business of manufacturing material handling Equipments. BME has registered a gross income
of Rs. 690.22 Lakhs as compared to Rs. 451.94 Lakhs in the previous year. The Net profit
after tax for the year is Rs. 505.48 Lakhs as compared to Net profit after tax of Rs.
319.31 Lakhs in the previous year.
B. Brady Entertainment Pvt. Ltd., the Wholly-Owned Subsidiary of the Company - Ceased
to be a Subsidiary w.e.f. June 24, 2022 due to disinvestment by the Company.
Pursuant to provisions of Section 129(3) of the Act read with Rule 5 of the Companies
(Accounts) Rules, 2014, a statement containing salient features of the financial
statements of our Subsidiary Company in Form AOC-1 is attached herewith as Annexure
"A" and forms part of this Report.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the
Audited Annual Report of the Company, containing therein its standalone and the
consolidated financial statements has been placed on the website of the Company, https://whbrady.in/financial-reports/.
Further, as per fourth proviso of the said section, Audited Annual Accounts of each of the
Subsidiary Companies have also been placed on the website of the Company, https://whbrady.
in/financial-reports/. Shareholders interested in obtaining a copy of the Audited
Annual Accounts of the Subsidiary Company may write to the Company (at the Companys
registered office).
Your Company does not have any joint venture or associate company within the meaning of
Section 2(6) of the Companies Act, 2013.
9. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Re-appointment and retirements:
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Vaibhav Morarka (DIN: 01630306), Director of
the Company, retires by rotation and, being eligible, offers himself for reappointment at
the 110th Annual General Meeting of the Company scheduled to be held on
September 22, 2023.
Pursuant to the provisions of Regulation 17(1A) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, based on the performance evaluation report and
as per the recommendation of the Nomination and Remuneration Committee the Board has
re-appointed Mr. Kaushik D Shah who has attained the age of 75 years on January 24, 2023
and hence, as per the requirement of Regulation 17(1A), a special resolution has been
passed seeking the approval of the shareholders for continuation of his directorship in
the company for the second term of Five (5) consecutive years ending on March 31, 2024, at
the 109th Annual General Meeting of the Company held on September 23, 2022.
Mr. Rajiv Kumar Bakshi, Independent Director has completed his second term on the Board
of the Company w.e.f. February 1, 2023. The Board of Directors placed on record its
appreciation for the services rendered by him.
B. Key Managerial Personnel:
Pursuant to provisions of Section 2(51) and Section 203 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Key
Managerial Personnel of your Company are as below:
| Sr. No. Name of the Key Managerial Personnel as on March 31, 2023 |
Designation |
| 1. Mr. Pavan G. Morarka |
Chairman & Managing Director |
| 2. Mr. Rajender Kumar Sharma |
Chief Financial Officer |
| 3. Ms. Khushmeeta Bafna |
Company Secretary & Compliance Officer |
There was no change in the Key Managerial personnel during the year under review.
10. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors confirming
that they meet the criteria of independence as prescribed under Section 149(6) of the Act
read with rules framed thereunder and Regulation 16(1)(b) of the Listing Regulations.
Further, the Board after taking these declarations/disclosures on record and
acknowledging the veracity of the same, concluded that the Independent Directors are
persons of integrity and possess the relevant expertise and experience to qualify as
Independent Directors of the Company and are Independent of the Management.
In the Boards opinion, the Independent Directors are persons of high repute, integrity
and possess the relevant expertise and experience in their respective fields.
11. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
The Board of Directors met Four (4) times during the financial year 2022-23.
Particulars of meetings of the Board are detailed in the Corporate Governance Report,
which forms part of this Report.
12. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Companys policy 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 Act is available on Companys
website: https://whbrady.in/corporate-policies/.
We affirm that the remuneration paid to the directors is as per the terms laid out in
the Nomination and Remuneration Policy of the Company.
13. BOARD COMMITTEES
As on March 31, 2023, the Board has three Committees, listed as below:
1. Audit Committee ("AC")
2. Stakeholders Relationship Committee ("SRC")
3. Nomination and Remuneration Committee ("NRC")
Details of all the Committees along with their composition, terms of reference and
meetings held during the year are provided in Report on Corporate Governance.
14. BOARD EVALUATION
The annual evaluation process of the Board of Directors ("Board"), Committees
and individual Directors was carried out in the manner prescribed as per the provisions of
the Act, Guidance Note on Board Evaluation issued by Securities and Exchange Board of
India on January 5, 2017 and as per the Corporate Governance requirements prescribed by
SEBI Listing Regulations.
The performance of the Board, Committees and individual Directors was evaluated by the
Board seeking inputs from all the Directors. The performance of the Committees was
evaluated by the Board seeking inputs from the Committee Members. The Board reviewed the
performance, of the individual Directors seeking inputs from all the Directors. A separate
meeting of Independent Directors was also held on February 11, 2023 to review the
performance of Non-Independent Directors; performance of the Board as a whole and
performance of the Chairman of the Company, considering the views of Managing Director /
Executive Directors and Non-Executive Directors (excluding the director being evaluated).
The Board of Directors at their meeting held on February 11, 2023 discussed the
performance of the Board, its Committees and individual Directors.
The criteria for performance evaluation of the Board included aspects like Board
composition and structure; effectiveness of Board processes, information and functioning,
etc. The criteria for performance evaluation of Committees of the Board included aspects
like composition and structure of the Committees, functioning of Committee meetings,
contribution to decision of the Board, etc. The criteria for performance evaluation of the
individual Directors included aspects on contribution to the Board and Committee meetings
like preparedness on the issues to be discussed, meaningful and constructive contribution
and inputs in meetings, integrity etc. In addition, the Chairman was also evaluated on the
key aspects of his role.
Outcome of evaluation process
Based on inputs received from the members, it emerged that the Board had a good mix of
competency, experience, qualifications and diversity. Each Board member contributed in
his/her own manner to the collective wisdom of the Board, keeping in mind his/her own
background and experience. There was active participation and adequate time was given for
discussing strategy. Overall, the Board was functioning very well in a cohesive and
interactive manner.
15. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(3)(c) read with Section 134(5) of the
Act with respect to Directors Responsibility Statement, the Directors hereby confirm
that:
(a) in the preparation of the annual accounts, the applicable accounting standards have
been followed and that no material departures have been made in following the same;
(b) appropriate accounting policies have been selected and applied consistently and
judgments and estimates made 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
and loss of the Company for that period;
(c) proper and sufficient care for maintenance of adequate accounting records in
accordance with the provisions of Act have been taken for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities, if any;
(d) the annual accounts have been prepared on a going concern basis;
(e) internal financial controls to be followed by the Company have been laid down and
that such internal financial controls are adequate and were operating effectively; and
(f) proper systems have been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
16. AUDITORS AND AUDIT REPORTS
A. STATUTORY AUDITORS
In accordance with Section 139 of the Companies Act, 2013 and the Companies (Audit and
Auditors) Rules, 2014, the Members of the Company in its 109th Annual General
Meeting held on September 23, 2022 approved the appointment of M/s. J G Verma & Co.,
Chartered Accountants (Firm Registration No.: 111381W), as the Statutory Auditors of the
Company for a consecutive term of five years i.e. from the conclusion of 109th
Annual General Meeting till the conclusion of 114th Annual General Meeting of
the Company. The Company has obtained a certificate of eligibility and consent from M/s. J
G Verma & Co., that their appointment for the financial year 2022-23 would be in
conformity with the conditions/limits specified in Section 139 & 141 of the Companies
Act, 2013.
The Auditors Report for financial year 2022-2023 on the financial statements forms
part of this Annual Report. There has been no qualification, reservation or adverse remark
or disclaimer in their Report. The Auditors have also confirmed that they satisfy the
independence criteria required under Companies Act, 2013 and Code of Ethics issued by
Institute of Chartered Accountants of India. The Auditors attended the last Annual General
meeting of the Company.
B. COST AUDIT
As per the requirement of the Central Government and pursuant to Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 amended
from time to time, maintenance of Cost Audit / Records is not applicable to the Company
during the FY 2022-23 and 2023-24.
C. INTERNAL AUDITORS
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014, the Board of Directors on recommendation of the Audit
Committee re-appointed M/s. Himank Desai & Co. and M/s. V. V. Kale & Co.,
Chartered Accountants as Internal Auditors to conduct Internal Audit of the functions and
activities of the Company for the financial year 2023-24.
D. SECRETARIAL AUDITORS
The Secretarial Audit was carried out by M/s. GMJ & Associates, Company Secretaries
for the Financial Year 2022- 2023. The Report given by the Secretarial Auditors is annexed
as Annexure "B" and forms an integral part of this Boards Report. There
has been no qualification, reservation or adverse remark or disclaimer in their Report.
In terms of Section 204 of the Act, read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors on
recommendation of the Audit Committee have appointed M/s. GMJ & Associates, Company
Secretaries as the Secretarial Auditors to conduct Secretarial Audit of records and
documents of the Company for the financial year 2023-24. The Company has received their
written consent that the appointment is in accordance with the applicable provisions of
the Act and rules framed there under.
Secretarial Compliance Report: - The Company has undertaken an audit for the
Financial Year ended March 31, 2023 for all applicable compliances as per the Securities
and Exchange Board of India Regulations and Circulars/Guidelines issued thereunder. The
Secretarial Compliance Report issued by M/s. GMJ & Associates, Company Secretaries has
been submitted to the Stock Exchanges within 60 days of the end of the Financial Year.
E. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditors and Secretarial Auditor have not
reported any instances of frauds committed in the Company by its Officers or Employees to
the Audit Committee under section 143(12) of the Companies Act, 2013, therefore no detail
is required to be disclosed under Section 134 (3) (ca) of the Act.
17. PUBLIC DEPOSITS
During the year under review, the Company has not accepted any public deposits within
the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Your Company has neither given any loans, guarantee or provided any security in
connection with a loan nor made any investments covered under the provisions of Section
186 of the Companies Act, 2013 during the year under review.
19. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All contracts/ arrangements/ transactions entered by the Company during the financial
year with Related Parties were on an arms length basis and in the ordinary course of
business. Thus, disclosure in Form AOC-2 in terms of Section 134 and 188 of the Companies
Act, 2013 for material related party transaction is annexed as Annexure "C" and
forms an integral part of this report. All related party transactions are mentioned in the
Notes to the Financial Statements.
All Related Party Transactions are placed before the Audit Committee. Omnibus approval
was obtained for transactions which are of repetitive nature. A statement giving details
of all Related Party Transactions are placed before the Audit Committee for review and
approval on a quarterly basis.
The policy on Related Party Transactions as approved by the Board of Directors is
available on the website of the Company viz. https://whbrady.in/corporate-policies/.
20. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed analysis of your Companys performance is discussed in the Management
Discussion and Analysis Report, which forms part of this Annual Report.
21. CORPORATE GOVERNANCE
Pursuant to Regulation 34 read with Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a Report on Corporate Governance and a
certificate obtained from M/s. GMJ & Associates, Company Secretaries confirming
compliance forms part of this Annual Report.
22. VIGIL MECHANISM
The Vigil Mechanism as envisaged in the Companies Act, 2013, the Rules prescribed
thereunder and the SEBI Listing Regulations is implemented through the Companys Whistle
Blower Policy to enable the Directors, employees and all stakeholders of the Company to
report genuine concerns, about unethical behaviour, actual or suspected fraud or violation
of the Companys Code of Conduct or Ethics Policy. The policy provides for adequate
safeguards against victimisation of persons who use such mechanism and make provision for
direct access to the Chairman of the Audit Committee.
Whistle Blower Policy of your Company is available on the Companys website https://whbrady.in/corporate-policies/.
Further details are available in the Report on Corporate Governance that forms part of
this Report.
During the financial year 2022-23, no cases under this mechanism were reported to the
Company and/or to any of its subsidiaries.
23. THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal)
Act, 2013. An Internal Complaints Committee has been set up to redress complaints received
regarding sexual harassment.
During the financial year 2022-23, no cases in the nature of sexual harassment were
reported at any workplace of the Company or any of its subsidiaries.
24. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Provisions relating to CSR enumerated under Section 135 of the Companies Act, 2013 are
not applicable to your Company and accordingly, your Company does not have CSR policy.
25. RISK MANAGEMENT
The Company has a well-defined risk management framework in place with the objective to
formalize the process of Identification of Potential risk and adopt appropriate risk
mitigation measures. The Policy is a step by the Company towards strengthening the
existing internal controls and updating the same as may be required from time to time.
The details of the risks faced by the Company and the mitigation thereof are discussed
in detail in the Management Discussion and Analysis report.
26. INTERNAL FINANCIAL CONTROLS
Your Company has in place adequate internal financial controls with reference to the
Financial Statements commensurate with the size, scale and complexity of its operations.
The scope and authority of the Internal Audit function is defined by the Audit Committee.
To maintain its objectivity and independence, the Internal Audit function reports to the
Chairman of the Audit Committee of the Board of Directors.
The Internal Auditor monitors and evaluates the efficacy and adequacy of internal
control system in the Company, its compliance with operating systems, accounting
procedures and policies of the Company.
Based on the results of such assessments carried out by internal audit function, no
reportable material weakness or significant deficiencies in the design or operation of
internal financial controls was observed. Nonetheless your Company recognizes that any
internal control framework, no matter how well designed, has inherent limitations and
accordingly, regular audits and review processes ensure that such systems are reinforced
on an ongoing basis.
27. CODE OF CONDUCT
The Company has adopted the Code of Conduct for Non-Executive Directors which includes
details as laid down in Schedule IV to the Act. The Company has also adopted a Code of
Conduct for all its employees including Executive Director(s). The above codes can be
accessed on the Companys website at https://whbrady.in/corporate-policies/. All
Board members and senior management personnel have affirmed compliance with their
respective Code of Conduct. The Managing Director has also confirmed and certified the
same, which certification is provided at the end of the Report on Corporate Governance.
28. CODE FOR PREVENTION OF INSIDER TRADING PRACTICES
In accordance with the Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015, as amended from time to time, the Board of Directors of the
Company has adopted the revised Code of Conduct for Prevention of Insider Trading and Code
of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information. All the Promoters, Directors, Employees of the Company and its material
subsidiaries, who are Designated Persons, and their Immediate Relatives and other
Connected Persons such as auditors, consultants, bankers, etc., who could have access to
the unpublished price sensitive information of the Company, are governed under this Code.
Ms. Khushmeeta Bafna, Company Secretary of the Company is the ‘Compliance Officer
in terms of this Code.
29. PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names of the top ten employees in terms of remuneration drawn and
names and other particulars of the employees drawing remuneration in excess of the limits
set out in the said rules forms part of this Report. Disclosures relating 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 and forms
part of this Report. Having regard to the provisions of the second proviso to Section
136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is
being sent to the members of the Company. The said information is available for inspection
by the members at the registered office of the Company during working hours on working
days up to the date of the Annual general meeting and if any member is interested in
obtaining as copy thereof, such member may write to the Company Secretary.
30. ANNUAL RETURN
Pursuant to Section 92 of the Act read with the applicable Rules, the Annual Return for
the year ended March 31, 2023 can be accessed on the Companys website at
https://whbrady.in/financial-reports/.
31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The information pertaining to conservation of energy, technology absorption and foreign
exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act, 2013, read
with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached herewith as
Annexure "D" and forms part of this Report.
32. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There have been no material changes and commitments 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.
33. INSURANCE
All the properties of the Company including Office Building, Plant & Machinery,
Stocks, Vehicles etc. are adequately insured.
34. SAFETY, HEALTH AND ENVIRONMENTAL PERFROMANCE
Your Companys commitment towards safety, health and environment is being continuously
enhanced and persons working at all locations are given adequate training on safety and
health. The requirements relating to various environmental legislations and environment
protection have been duly complied with by your Company.
35. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
During the financial year 2022-23, there were no significant and material orders passed
by the regulators or courts or tribunals impacting the going concern status and Companys
operations in future.
36. AFFIRMATION ON COMPLIANCE WITH SECRETARIAL STANDARDS
The Board of Directors of the Company has affirmed compliance with Secretarial
Standards 1 & 2 issued by Institute of Company Secretaries of India.
37. INVESTOR EDUCATION & PROTECTION FUND (IEPF)
Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules"),
all unpaid or unclaimed dividends are required to be transferred by the Company to the
IEPF established by the Government of India, after the completion of seven years. Further,
according to the Rules, the shares on which dividend has not been paid or claimed by the
shareholders for seven consecutive years or more shall also be transferred to the demat
account of IEPF Authority. Accordingly, during the year the Company has transferred the
unclaimed and unpaid dividends of Rs. 38,654/- in respect of financial year 2014-15.
Further, Pursuant to provisions of Section 124(6) of the Companies Act, 2013 and IEPF
Rules, 9,705 Equity shares were transferred to the IEPF Authority during the year 202223
and details of which are provided on the Companys website viz.
https://whbrady.in/investors-information/.
38. THE DETAILS OFAPPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCYAND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF
THE FINANCIAL YEAR.
During the year under review, no such application or proceeding has been initiated or
pending against the Company.
39. THE DETAILS OF 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.
No such transaction is done by the Company during the year under review.
40. ACKNOWLEDGEMENT
The Board of Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Companys Bankers, valuable Customers and
others concerned with the Company. Your involvement as shareholders is greatly valued and
your Board looks forward to your continued support.
| Registered Office: |
For and on behalf of the Board |
| Brady House, 4th Floor, |
W. H. Brady & Company Limited |
| 12-14, Veer Nariman Road, |
|
| Fort, Mumbai - 400 001. |
|
| CIN: L17110MH1913PLC000367 |
|
| Tel: +91 22 2204 8361; |
|
| Fax: +91 22 2204 1855 |
|
| Email: bradys@mtnl.net.in; |
PAVAN G. MORARKA |
| Website: www.whbrady.in |
Chairman & Managing Director |
| August 11, 2023 |
(DIN: 00174796) |
+91-9892691696
