Wires & Fabriks (S.A) Ltd Directors Report

<dhhead>DIRECTORS REPORT </dhhead>

For the Year 2023-24 Dear Members,

The Directors of the Company have pleasure in presenting the 67 Annual Report and Audited Financial Statements of the Company for the year ended 31st March, 2024.

 

FINANCIAL RESULTS

The financial results, in brief, for the year ended 31st March, 2024 are as under:

		(Rs. In Lacs)
	31.03.2024	31.03.2023
Total Income	10977.33	10892.20
Profit After Tax	148.77	134.06
Retained Earnings	3651.82	3506.10

 

DIVIDEND

In view of the unprecedented times and the need to conserve cash at this time, your Directors have recommended to the Members a dividend of Rs. 0.10 per share (previous year Rs. 0.10 per share) amounting to Rs. 3.06 Lacs for the financial year ended 31st March, 2024.

 

OPERATIONS & FUTURE OUTLOOK

Your Company has closed the financial year with increased turnover and profits. The plan for expansion cum modernization is underway which is expected to be completed in FY 2024-25. This will make the Company ready for the future and will improve the performance in the forthcoming years.

Your Company continues to maintain its leadership in Technical Textiles due to continued thrust on new product development and technology up-gradation. A number of steps taken to reduce costs and increase market penetration will lead to improved performance in the coming years.

 

DIRECTORS

Mr. Sanjay Kumar Singh (DIN:10168533), Independent Director of the Company, seeked his appointment at the 66 Annual General Meeting of the Company held on 18 July, 2023 and the necessary approvals of the shareholders was granted.

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mrs. Pranika Khaitan Rawat, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. The Board recommends her re-appointment. Profile of Mrs. Pranika Khaitan Rawat, is given in the Notice of the Annual General Meeting.

 

AUDITORS

M/s. Jain Shrimal & Co., Chartered Accountants, (Firm Registration No. 001704C), Statutory Auditors of the Company were appointed for a term of five years, from the conclusion of the 63 Annual General Meeting till the conclusion of the 68 Annual General Meeting of the Company. There are no qualifications, reservations, adverse remarks or disclaimer in the Statutory Audit Report and neither any fraud has been reported by auditors under section 143(12) of the Companies Act, 2013.

The Secretarial Auditor of the Company Mr. Sourav Kedia, Proprietor of M/s Sourav Kedia & Associates, who was appointed by the Board at their meeting held on 25th May, 2023 on the recommendation of the Audit Committee, has expired. The Company has conveyed their condolences for the same. In view of the vacancy thus arisen, on the recommendation of the Audit Committee, the Board at its meeting held on 15th March, 2024 had appointed Mrs. Twinkle Agarwal, Company Secretaries in Practice, as the Secretarial Auditor of the Company for the financial year 2023-24

The Secretarial Audit was carried out by Mrs. Twinkle Agarwal, Company Secretaries in Practice, having Membership No. A52868 and Certificate of Practice st

No. 25605 for the financial year ended 31 March, 2024. The Secretarial Auditors Report for the financial year ending 31st March, 2024 is annexed herewith. There are no qualifications, reservations, adverse remarks or disclaimer in the Secretarial Audit Report.

 

INFORMATIONS

Informations / statements as per the applicable provisions of the Companies Act, 2013 & rules made thereunder, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Secretarial Standard 1 & 2, and other applicable statutory provisions are annexed.

 

ACKNOWLEDGEMENT

The Directors wish to place on record their gratitude to the Customers, Investors, Bankers, Suppliers, Government agencies and all other business associates for their valuable assistance, continued support and confidence in the Company. The Directors also place on record their deep appreciation to all employees of the Company for their continued & unstinted efforts during the year.

	For and on behalf of the Board
Place: Jaipur	K.K. Khaitan	M. Khaitan
Date: 28 May, 2024	DIN: 00514864	DIN: 00459612