Dear Members,
Your board of directors have pleasure in presenting the 78th annual report on the
business and operations of the company, together with the audited accounts for the
financial year ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS
The companys performance for the financial year ended 31st March 2023 is summarized
below.
( in Lakhs)
| PARTICULARS |
Financial year
ended |
| 31.03.2023 |
31.03.2022 |
| Revenue from Operations |
10667 |
9855 |
| Operational Expenditure |
9827 |
9346 |
| Operating Profit Before
Depreciation, Interest, Tax & Exceptional Item |
840 |
509 |
| Finance Cost |
140 |
131 |
| Depreciation and
amortization expense |
129 |
211 |
| Other Income |
69 |
31 |
| Profit Before Tax |
571 |
198 |
| a) Current Tax |
132 |
62 |
| b) Deferred Tax & Others |
26 |
(6) |
| Profit After Tax |
413 |
142 |
| Total Comprehensive Income |
397 |
80 |
RESULTS OF OPERATIONS
The Highlights of the Companys performance (Standalone) for the year ended
March31,2023 are as under:
• During the financial year ending on March 31,2023 the company achieved turnover
of 10667.45 Lakhs as against turnover of 9855.18 Lakhs achieved during the previous
year, which is an increase in turnover by 8%
• The Profit before Tax (PBT) for the financial year 2022-23 is 571 Lakhs
against 198 Lakhs in the year 2021-22.
• The net worth of the company stands at 4858 Lakhs at the end of financial year
2022-23 as compared to 4528 Lakhs at the end of financial year 2021-22.
2. DIVIDEND
The board of directors at their meeting held on May 29, 2023, has recommended payment
of 1/- (10%) only per equity share of the face value of 10/-(Rupees Ten only) each as
final dividend for the financial year ended march 31, 2023. The payment of final dividend
is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM)
of the company. The dividend on equity shares for the financial year 2022-23 would
aggregate to 84.9 Lakhs.
In view of the changes made under the Income-tax Act, 1961, by the Finance Act, 2020,
dividends paid or distributed by the company shall be taxable in the hands of the
shareholders. The company shall, accordingly, make the payment of the final dividend after
deduction of tax at source.
3. MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments have occurred after the close of the year till the
date of this report which may affect the financial position of the company.
4. DEPOSITS
During the year, the company has not accepted deposits from the public falling within
the ambit of Section 73 of The Companies Act, 2013 ("Act") and the Companies
(Acceptance of Deposits) Rules, 2014.
5. CREDIT RATINGS
Credit rating is done by CARE India Limited and the present rating is BBB-.
6. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS WITH RELATED PARTIES
Details of loans, guarantees and investments covered under the provisions of Section
186 of The Companies Act, 2013 have been provided in the notes to the financial statements
forming a part of this annual report.
7. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
The company has 1 wholly owned subsidiary and 3 fellow subsidiaries as on March 31,
2023.
8. FINANCIAL PERFORMANCE OF COMPANYS SUBSIDARIES
A list of body corporates which are subsidiaries and joint ventures of the company is
provided as part of the notes to consolidated financial statements.
Pursuant to Section 129(3) of The Companies Act, 2013 read with Rule5 of the Companies
(Accounts) Rules, 2014, as statement containing salient features of the financial position
of each of the subsidiaries including capital, reserves, total assets, total liabilities,
details of investment, turnover, etc. in the prescribed Form AOC-1 forms a part of the
annual report.
In accordance with Section 136 of the Act, the audited financial statements, including
the consolidated financial statement and related information of the company and the
financial statements of each of the subsidiary companies are available on our website
www.wipltd.in .Any member desirous of making inspection or obtaining copies of the said
financial statements may write to the company secretary & compliance officer at
secretarial.westernply@gmail.com These documents will also be available for inspection
during business hours at the registered office of the company.
9. SHARECAPITAL Equity Shares
The paid up equity share capital as on March 31, 2023 was 848.73 Lakhs. There was no
change in the share capital during the year under review.
Sweat Equity Shares
In terms of sub-rule (13) of Rule 8 of Companies (Share Capital and Debentures) Rules,
2014, the company has not issued any sweat equity shares.
Differential Voting Rights
In terms of Rule 4(4) of companies (Share Capital and Debenture Rules, 2014), the
company has not issued any share with differential voting rights.
Employee Stock Options
In terms of Rule 12(9) of companies (Share Capital and Debenture Rules, 2014), the
company has not issued any employee stock options.
10. CORPORATE GOVERNANCE
In terms of regulation 34 of SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015. A separate section on corporate governance along with a certificate
from the auditors confirming compliance is annexed and forms part of the annual report.
11. TRANSFER OF UNPAID/ UNCLAIMED DIVIDEND & SHARE APPLICATION MONEY TO INVESTOR
EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of Section 124(5) of The Companies Act, 2013 ("the
Act") unclaimed/ unpaid dividend of 625218 /- which was lying in the unpaid dividend
account for the financial year 2014-15 was transferred, during the year under review, to
IEPF.
Reminders were sent to the shareholders who have not claimed the dividends for earlier
years to claim the same from the company failing which, the unclaimed dividend lying in
the unpaid account for seven years will be transferred to IEPF after the due date for
transfer. Unclaimed dividend in respect of the financial year 2015-16 will be due for
transfer to IEPF on 03.11.2023.
12. TRANSFER OF EQUITY SHARES TO INVESTOR EDUCATION PROTECTION FUND AUTHORITY (IEPFA)
In terms of Section 124(6) of the Act read with Rule 6 of the IEPFA (Accounting, Audit,
Transfer and Refund) Rules, 2016, (as amended from time to time), shares on which dividend
has not been paid or claimed by a shareholder for a period of seven consecutive years or
more shall be credited to the demat account of IEPFA within a period of thirty days of
such shares becoming due for transfer. Upon transfer of such shares, all benefits (like
dividend, bonus, split consolidation etc.), if any, accruing on such shares shall also be
credited to the account of IEPF and the voting rights on such shares shall remain frozen
till the rightful owner claims the shares. Shares which were transferred to the demat
account of IEPFA can be claimed back by the shareholder by following the procedure
prescribed under the aforesaid rules. During the year under review, the company has
transferred 25550 equity shares which were held by 27 shareholders to IEPFA as dividend
had not been encashed or claimed on the above shares during the seven consecutive years
from the financial year 2014-15.
13. CHANGE IN THE NATURE OF BUSINESS, IF ANY
There was no change in the nature of business of the company during the financial year
2022-23.
14. BOARD DIVERSITY
The board comprises of adequate number of members with diverse experience and skills,
such that it best serves the governance and strategic needs of the company. The directors
are persons of eminence in areas such as business, industry, finance, law, administration,
economics etc. and bring with them experience and skills which add value to the
performance of the board. The directors are selected purely on the basis of merit with no
discrimination on race, colour, religion, gender or nationality.
The present board consists of Shri T Balakrishnan as chairman, Smt Pushya Sitaraman,
Smt Radha Unni, Shri Prasanth Raghunathan (nominee director) and Shri Thiruvengadam
Parthasarathias as director. Shri P K Mayan Mohamed is the present managing director. Shri
T Balakrishnan, Smt Pushya Sitaraman and Smt Radha Unni are the independent directors of
the company. The company has also complied with Section 149(1) of The Companies Act
regarding appointment of women director.
15. DECLARATION BY INDEPENDENT DIRECTORS
The company has received the following declarations from all the independent directors
confirming that:
a. They meet the criteria of independence as prescribed under the provisions of the
Act, read with the schedule and rules issued there under, and the listing regulations.
There has been no change in the circumstances affecting their status as independent
directors of the company; and
b. They have registered themselves with the independent directors database maintained
by the IICA.
None of the directors of the company are disqualified for being appointed as directors
as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and
Qualification of Directors) Rules, 2014.
16. BOARD MEETINGS
The board of directors of the company met 5 times during the financial year 2022-23 on
20-052022, 13.08.2022, 29.09.2022, 14.11.2022 and 14.02.2023.
During the year under review, meetings of sub- committees of the board were also held.
The intervening gap between the meetings was within the period prescribed under the act
and the listing regulations. The details of the meetings are given in the report on
corporate governance which forms part of this Report.
Pursuant to the requirements of Schedule IV to the Act and the listing regulations, a
separate meeting of the independent directors of the company was held on February 14,
2023, and the directors reviewed and assessed the matters enumerated under Schedule
IV(VII)(3) to the Act and Regulation 25(4) of the listing regulations. All the independent
directors attended the meeting.
17. BOARD COMMITTEES & NUMBER OF MEETINGS OF BOARD COMMITTEES
The board has the following Committees: -
a. Audit Committee
b. Nomination and Remuneration Committee
c. Stakeholders Relationship Committee
A detailed disclosure on the Board, its committees, its composition, the detailed
charter and brief terms of reference, number of board and committee meetings held, and
attendance of the directors at each meeting is provided in the report on corporate
governance.
18. INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY
WIP has laid down an adequate system of internal controls, policies and procedures for
ensuring orderly and efficient conduct of the business, including adherence to the
companys policies, safe guarding of its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and timely preparation of
reliable financial disclosures. The current system of internal financial control is
aligned with the statutory requirements. Effectiveness of internal financial control is
ensured through management reviews, controlled self-assessment and independent testing by
the internal auditor.
19. REPORTING OF FRAUDS
During the year under review, neither the statutory auditor nor the secretarial auditor
has reported to the audit committee under Section 143(12) of The Companies Act, 2013, any
instances of the fraud committed by the company, its officers and employees, the details
of which would need to be mentioned in the board report.
20. ANY REVISION MADE IN THE FINANCIAL STATEMENTS OR BOARDS REPORT
The financial statements were prepared based on IND-AS. The company has not revised the
financial statements or boards report in respect of any of the three preceding financial
years.
21. CODE OF CONDUCT
In compliance with Regulation 26(3) of the listing regulations and the Act, the company
has framed and adopted code of conduct ("the Code") for directors and senior
management. The code provides guidance on ethical conduct of business and compliance of
law. The code is available on the companys website www.wipltd.in
All members of the board and senior management personnel have affirmed the compliance
with the code as on March 31,2023. A declaration to this effect, signed by the managing
director in terms of the listing regulations is given in the report of corporate
governance forming part of this annual report.
22. LISTING OF SHARES
The equity shares of the company are listed with National Stock Exchange of India Ltd.
The listing fee for the financial year has been paid to the stock exchange.
23. SECRETARIAL STANDARDS
The company has complied with all the applicable provisions of secretarial standard on
meetings of board of directors(SS-1), revised secretarial standard on general meetings
(SS-2) and other voluntarily adopted secretarial standards such as secretarial standard on
dividend (SS-3) and secretarial standard on report of the board of directors (SS-4) issued
by Institute of Company Secretaries of India.
24. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANYS OPERATIONS IN FUTURE
There are no significant and material orders passed by the regulators or courts or
tribunal impacting the going concern status and the companys operation in future.
25. VIGIL MECHANISM
The company has a robust vigil mechanism through its whistle blower policy approved and
adopted by the board of directors of the company in compliance with the provisions of
Section 177(10) of the Act and Regulation 22 of the listing regulations.
The policy provides adequate protection to the directors, employees and business
associates who report unethical practices and irregularities. Any incidents that are
reported are investigated and suitable action is taken in line with the whistle blower
policy.
Further, the mechanism adopted by the company encourages a whistle blower to report
genuine concerns or grievances and provides for adequate safeguards against victimisation
of the whistle blower who avails of such mechanism as well as direct access to the
chairman of the audit committee. The functioning of the vigil mechanism is reviewed by the
audit committee from time to time. None of the whistle blowers have been denied access to
the audit committee of the board.
The details of the whistle blower policy are explained in the corporate governance
report and also posted on the website of the company at the link www.wipltd.in
26. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The company has zero tolerance towards sexual harassment at the workplace and towards
this end, has adopted a policy in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act,2013 and the Rules made
thereunder. All employees (permanent, contractual, temporary and trainees) are covered
under the said policy. During the financial year under review, the company has not
received any complaint of Sexual Harassment of Women at workplace.
The company has complied with the provisions relating to the constitution of internal
committee (IC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 to redress complaints received regarding sexual harassment.
27. DIRECTORS AND KEY MANAGERIAL PERSONNEL
a. Retirement by Rotation
The independent directors hold office for a fixed term of not exceeding five years from
the date of their appointment and are not liable to retire by rotation.
b. Key Managerial Personnel
The key managerial personnel of the company as on March 31, 2023 are:
| Sl. No |
Name |
Designation |
| 1 |
P K Mayan Mohammed |
Managing Director |
| 2 |
R Balakrishnan |
CFO & Company Secretary |
28. BOARD EVALUATION
In terms of the provisions of Section 134(3)(p) of The Companies Act, 2013 and
Regulation17(10) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the board has carried out an annual performance evaluation of its own
performance, individual directors, chief financial officer, company secretary as well as
the evaluation of the working of its board committees. Performance evaluation of
independent directors was done by the entire board, excluding the independent directors
being evaluated. The manner in which the evaluation has been carried out has been
explained in the corporate governance report.
The above criteria are broadly based on the guidance note on board evaluation issued by
the Securities and Exchange Board of India on January 5, 2017.
29. NOMINATION & REMUNERATION POLICY
On the recommendation of the nomination and remuneration committee, the board has
framed a nomination and remuneration policy. This policy, inter-alia, provides (a) the
criteria for determining qualifications, positive attributes and independence of directors
(b) a policy on remuneration for directors, key managerial personnel and other employees
and (c) details of the employee stock option scheme. The policy is directed towards a
compensation philosophy and structure that will reward and retain talent and provides for
a balance between fixed and incentive pay, reflecting short and long-term performance
objectives appropriate to the working of the company and its goals. This remuneration
policy is placed on the companys website https://wipltd.in
30. REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
The remuneration paid to the Directors, Key Managerial Personnel and Senior Management
is in accordance with the Nomination and Remuneration Policy formulated in accordance with
Section 178 of the Act and Regulation 19 read with Schedule II of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. Further details on the same
are given in the corporate governance report which forms part of this annual report.
The information required under Section 197 of the Act read with companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 in respect of directors/ employees
of the company is available on the website of the company at www.wipltd.in
31. ANNUAL RETURN
The annual return of the company as on March 31,2023 in Form MGT - 9 is in accordance
with Section 92(3) of the Act read with the Companies (Management and Administration)
Rules, 2014, and is available on the website of the company at www.wipltd.in
32. REMUNERATION DETAILS OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND EMPLOYEES
None of the directors, key managerial personnel and other employees is in receipt of
remuneration exceeding the limits prescribed under Sections 134 and 197 of The Companies
Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 as amended. The information required under Section 197(12) of The
Companies Act 2013
read with Rule 5(1) of the Companies (Appointment and remuneration of managerial
personnel) Rules, 2014 in respect of the company have been given in the Annexure - 4
33. RELATED PARTY TRANSACTIONS
All transactions with related parties during the financial year 2022-23 were reviewed
and approved by the audit committee and are in accordance with the policy on dealing with
materiality of related party transactions and the Related Party Frame work, formulated and
adopted by the Company. Prior omnibus approval of the Audit Committee is obtained on a
yearly basis for the transactions which are of un foreseen and repetitive nature. The
transactions entered into pursuant to the omnibus approval so granted are audited and a
statement giving details of all related party transactions is placed before the audit
committee for their approval on a quarterly basis.
All contracts/arrangements/transactions entered into by the company during the year
under review with related parties were in the ordinary course of business and on arms
length basis in terms of provisions of the Act.
There are no materially significant related party transactions that may have potential
conflict with interest of the company at large. There were no transactions of the company
with any person or entity belonging to the promoter(s)/promoter(s) group which
individually holds 10% or more shareholding in the company.
The details of the related party transactions as per Indian Accounting Standards (IND
AS) - 24 are set out in Note 29 to the Standalone Financial Statements of the Company.
Form AOC-2 pursuant to Section 134(3)(h) of The Companies Act, 2013 read with Rule 8(2) of
the Companies (Accounts) Rules, 2014 is set out in the "Annexure A" to this
report.
The company in terms of Regulation 23 of the Listing Regulations submits within 15 days
from the date of publication of its standalone and consolidated financial results for the
half year, disclosures of related party transactions on a consolidated basis, in the form
at specified in the relevant accounting standards to the stock exchanges. The said
disclosures can be accessed on the website of the company at www.wipltd.in
34. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
Our employees are our key strength, which has led us to achieve the results and various
milestones in our organizations journey. The company believes that attracting, developing
and retaining talent is crucial to organizational success. The company has several
initiatives and programs to ensure employees experience a holistic and fulfilling career
with WIP.
The company is constantly engaged in building employee competence in all areas of the
business. The behavioral and functional competency frame work is being institutionalized,
with due focus on developing leadership capability; technical and functional expertise;
and research capabilities of employees to develop in-house products with impeccable
safety, quality and reliability standards. Several management development tools are being
practiced for competency building amongst all levels of employees and focused succession
planning and talent pool building is in progress. Coaching and mentoring program are being
imparted for employees occupying critical roles and positions. For new talent, structured
and rigorous on-
boarding and induction process is being followed to assure adhering to safety and
quality standards from day one in the organization. management development programs are
continuously planned and executed to hone leadership capability of employees. The company
is maintaining smooth Industrial relation and statutory compliance at all plants and
offices.
With a focus on digitalization, we are also implementing several robust HR practices
and processes to enhance employee experience, engagement and enablement to deliver
exemplary results.
35. AUDITORS AND AUDITORS REPORT Statutory A uditors
The board of directors had reappointed M/s. Sankar & Moorthy, Chartered Accountants
(Firm Registration No. 003575S) for a second term of 5(Five) years from the conclusion of
the 77th Annual General Meeting till the conclusion of 82nd Annual General Meeting to be
held in the year 2027.
Statutory Audit Report
The M/s. Sankar & Moorthy, Chartered Accountants (Firm Registration No. 003575S)
has issued an unmodified opinion on the Financial Statements, both standalone and
consolidated for the financial year ended March 31, 2023. The said Auditors Report(s) for
the financial year ended March 31, 2023 on the financial statements of the Company forms
part of this annual report.
Internal Auditor
Pursuant to theprovisions of Section139 of The Companies Act, 2013 and The Companies
(Accounts) Rules, 2014, during the year under review the internal audit of the functions
and activities of the company was undertaken on quarterly basis by M/s Varma & Varma,
Chartered Accountants.
There were no adverse remarks or qualification on accounts of the company from the
internal auditors.
Secretarial Auditors
The secretarial audit for the year 2022-23 was undertaken by Shri Sandeep Kumar S,
Practicing Company Secretary, the secretarial auditor of the company.
The secretarial audit report for the financial year ended March 31, 2023 under the Act,
read with Rules made thereunder and Regulation 24A of the Listing Regulations records of
the company is annexed herewith as "Annexure 1".
The board of directors, on the recommendation of the audit committee, has re-appointed
Shri Sandeep Kumar S, Practicing Company Secretary, Ernakulam to conduct the secretarial
audit of the Company for FY 2023-24. They have confirmed their eligibility for the
re-appointment.
Secretarial Audit Report
The Secretarial Auditors has confirmed that the company has complied with the
provisions of applicable Act, rules, etc. The companys reply to the observation made is
as follows:
i. The entire shareholding of Promoters and Promoter Groups are not in dematerialised
form.
The company had requested several times to the shareholders coming under the promoter
group for demating the shares and some of them are in the process of dematerialization.
During
the financial year shares were dematerialized and efforts are being made to
dematerialize the remaining physical shares. Some of the shareholders under the promoter
group had expired and the transmissions of shares have not yet taken place.
ii. Updation of charges maintained by the Ministry of Corporate Affairs
These relate to loans which were fully repaid more than 20 years ago. Most of the
lenders are no longer in existence. It is presumed that all relevant forms were filed at
the relevant time. The audited Balance sheet does not show any such loan outstanding.
37. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and out go stipulated under Section 134(3)(m) of The Companies Act, 2013 read
with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed here with as
"Annexure 3".
38. STATEMENT OF MANAGEMENTS RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS
The Holding Companys Board of Directors are responsible for the preparation and
presentation of these consolidated financial statements in terms of the requirements of
the act that give a true and fair view of the consolidated financial position,
consolidated financial performance including other comprehensive income, consolidated cash
flows and consolidated statement of changes in equity of the group in accordance with the
accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules 2015, asamended. The respective board of directors of the
companies included in the Group are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the
group and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the consolidated financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error, which have been used for the purpose
of preparation of the consolidated financial statements by the directors of the holding
company, as aforesaid. In preparing the consolidated financial statements, the respective
board of directors of the companies included in the group are responsible for assessing
the ability of the group to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the group or to cease operations, or has no
realistic alternative but to do so. Those respective board of directors of the companies
included in the group are also responsible for overseeing the financial reporting process
of the group.
39. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed review of operations, performance and future outlook of your company and its
businesses is given in the management discussion and analysis, which forms part of this
Report
as stipulated under Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
40. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of The Companies Act, 2013 the Board of Directors hereby
confirms that:
i. In the preparation of the annual accounts of the company for the year ended March
31, 2023, the applicable accounting standards had been followed and there are no
departures;
ii. Accounting policies have been selected and applied consistently and judgments and
estimates made that are reasonable and prudent so as to give true and fair view of the
state of affairs of the company at the end of the financial year March 31,2023 and of the
profit of the company for that year ended on that date;
iii. Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and detecting fraud and other irregularities;
iv. Annual accounts for the year ended March 31, 2023 have been prepared on a going
concern basis.
v. Internal financial controls were in place and that the financial controls were
adequate and were operating effectively.
vi. Systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
41. PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016.
No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of 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 is not applicable.
42. MAINTENANCE OF COST RECORDS:
The company is not required to maintain cost accounting records as per Section 148(1)
of The Companies Act, 2013 for this accounting year.
43. CODE OF PRACTICES AND PROCEDURES FOR FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE
INFORMATION
The board has formulated code of practices and procedures for fair disclosure of
unpublished price sensitive information ("Fair Disclosure Code") for fair
disclosure of events and occurrences that could impact price discovery in the market for
the companys securities and to maintain the uniformity, transparency and fairness in
dealings with all stakeholders and ensure adherence to applicable laws and regulations.
The copy of the same is available on the website of the company at www.wipltd.in
44. PREVENTION OF INSIDER TRADING
The board has formulated code of conduct for regulating, monitoring and reporting of
trading of shares by insiders. This code lays down guidelines, procedures to be followed
and disclosures
to be made by the insiders while dealing with shares of the company and cautioning them
on consequences of non-compliances.
45. CEO/CFO CERTIFICATION
As required Regulation 17(8) read with Schedule II of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the CEO/CFO certification is attached with the
annual report.
46. APPRECIATION & ACKNOWLEDGEMENT
The board of directors place on record sincere gratitude and appreciation for all the
employees at all levels for their hard work, solidarity, cooperation and dedication during
the year. The board conveys its appreciation for its customers, shareholders, suppliers as
well as vendors, bankers, business associates, regulatory and government authorities for
their continued support.
|
On behalf of the Board of
Directors |
| Kannur |
T Balakrishnan |
| 13.08.2023 |
Chairman |
+91-9892691696
