To,
The Members,
Zodiac Clothing Company Limited.
The Board of Directors are pleased to present the Companys 39th Annual Report and the Companys Audited Financial Statements (Standalone and Consolidated) for the Financial Year ended 31st March, 2023.
During the financial year ended 31st March, 2023, the operational revenue of the Company on a Standalone basis was R16,900 Lakhs vs. R12,824 Lakhs in the previous year. Profit /(Loss) Before Tax and before exceptional items was R(2,385) Lakhs vs. R(884) Lakhs in the previous year, while the Net Profit/ (Loss) after Tax for the Financial Year ended 31st March 2023 was R1,579 Lakhs vs. R(988) Lakhs in the previous year. The Total Comprehensive income for the year was R1,999 Lakhs vs. Comprehensive Loss of R(408) lakhs in the previous year.
On a Consolidated basis, the Operational revenue of the Company for the year increased to R17,481 Lakhs from R12,665 Lakhs in the previous year. The Consolidated Profit /(Loss) before Tax and before exceptional items was R(2,343) Lakhs vs. R(1,646) Lakhs in the previous year, the Net Profit
/(Loss) after tax being R1,598 Lakhs vs. R(1,637) Lakhs in the previous year. The Consolidated total Comprehensive income for the year was R2,084 Lakhs vs. Comprehensive Loss of R(979) Lakhs in the previous year.
The year under review presented continued challenges arising out of a volatile macroeconomic environment, supply chain disruptions and geopolitical unrest. However, the company remained focused on executing its strategic roadmap and building on the foundations we have laid to enable future growth. Globally, the clothing industry was impacted by continued supply chain disruptions arising from shipping delays and the USs ban on goods from Chinas Xinjiang region. Further, demand in Europe was significantly impacted by the ongoing war in Ukraine. While currency depreciation typically aids export competitiveness, the benefits of this were limited given the INRs strength relative to the currencies of competitor nations which saw higher depreciation against the USD.
In India, the company has witnessed an encouraging response to new products launched during the last year, particularly z3 Polo knit shirts, and is readying more exciting new product lines for the coming year. The companys Zod! line of party wear is also witnessing a resurgence given that the offering caters well to evolving fashion trends. Finally, the online business continued to grow rapidly during the year and remains a key area of focus for management to drive growth of the branded business going forward.
In the export segment, the "China Plus One" scenario
wherein global players are seeking to diversify
their supply chains to limit their reliance on China remains a large opportunity, although the impact on India has thus far been restricted to certain industries such as footwear. In apparel, the biggest beneficiary of this trend so far has been Vietnam, most notably for supplies to the US and the EU. Were India to negotiate a level playing field in terms of tariffs relative to Vietnam and other "Tiger Cub" countries, it could be truly transformative for the countrys clothing exporters.
With the growing awareness of environmental and social issues, sustainability has become a key trend in the fashion industry. Indian fashion brands are increasingly adopting eco-friendly practices in their supply chain, production, and marketing. For instance, many brands are using organic and recycled materials, minimising waste and carbon footprint. As consumers are becoming more conscious of their impact on the planet, sustainable fashion is expected to grow in demand.
ZODIAC has long pioneered in sustainability & ecological consciousness is entrenched throughout the organisation. Our manufacturing plants are GOTS certified for organic cotton. The garment dyeing & washing facilities are engineered to reduce water consumption by 66%. From the balance 34% water, we recycle and reuse 92%! The differential is made up by harvesting rain water, the excess of which is used to recharge ground water, making us water positive. Our manufacturing plants comply with norms for zero discharge of hazardous chemicals into the environment. Custom designed and built heat extractors use the high temperature of washing and dyeing residue to feed pre-heated water to our boilers. This reduces our energy usage and carbon footprint, helping us score 100/100 for energy conservation on the HIGG Index, which rates environmental & social sustainability. Additionally, our head office is a LEED Gold certified building. ZODIAC, working towards a responsible and sustainable future.
As the companys sales normalise post the pandemic and grow therefrom, the bottom line should see significant gains with reduced costs. Further, we also expect our revenues to improve substantially after the commencement of manufacturing activities at our Bangladesh unit by the end of this calendar year.
During the year under consideration, the Companys Promoters have infused an amount of R11.99 crores by subscribing to equity shares issued on preferential basis to enable the Company to meet its working capital requirements, outstanding loan repayments and capital expenditures, as well as for general corporate purposes.
Financial Results (R in Lakhs)
Standalone |
Consolidated |
|||
2022-23 |
2021-22 |
2022-23 |
2021-22 |
|
Revenue from operations | 16,900 | 12,824 | 17,481 | 12,665 |
Other Income | 748 | 3,238 | 860 | 2,671 |
Total Income | 17,648 | 16,062 | 18,341 | 15,336 |
Profit/(Loss) Before Exceptional Items and Tax | (2,385) | (884) | (2,343) | (1,646) |
Exceptional Item | 3,901 | - | 3,901 | - |
Profit/(Loss) Before Tax | 1,516 | (884) | 1,558 | (1,646) |
Provision for Taxation: | ||||
Current tax | - | 113 | - | 113 |
Deferred tax Charge/(Credit) | (64) | (23) | (41) | (135) |
Tax in respect of earlier years | 1 | 14 | 1 | 13 |
Profit/(loss) after taxation | 1,579 | (988) | 1,598 | (1,637) |
Other Comprehensive Income | 420 | 580 | 486 | 658 |
Total Comprehensive Income/(loss) for the year | 1,999 | (408) | 2,084 | (979) |
As on 31st March, 2023, the Company had one (1) subsidiary and three (3) step-down subsidiaries. There are no Associate Companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.
Pursuant to the provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Companys subsidiaries/ step-down subsidiaries in Form AOC-1 is attached as Annexure 3 to this report.
Pursuant to the provisions of Section 136 of the Act, the Standalone and Consolidated financial statements of the Company along with relevant documents and the financial statements of the subsidiaries/step-down subsidiaries, are available on the website of the Company at the link https://www. zodiaconline.com/others.
In accordance with the requirements of Accounting Standards AS-21, a Report on the performance and financial position of all the companys subsidiaries/step-down subsidiaries are included in the Consolidated Financial Statements and their contribution to the overall performance of the
Company, provided in Form AOC – 1, forms part of this Annual Report.
The credit rating has been reaffirmed by CARE Ratings Limited and the ratings are disclosed in the Corporate Governance Report which forms part of this Annual Report.
The Company has incurred Capital expenditure of R262.72 Lakhs during the year, primarily in state of the art production equipment, new stores and information systems to sharpen our competitiveness.
The Debt Equity ratio as on 31st March, 2023 was 0.25 on a Standalone basis and 0.23 on a Consolidated basis.
The cash and bank balances/cash equivalents along with liquid investments (free reserves – on consolidated basis) were R4,221.90 Lakhs as on March 2023, as against R1,058.63 Lakhs last year.
During the year under review, the paid up share capital of the Company increased from R24,75,95,310/- to R25,99,37,170/- pursuant to
allotment of 12,34,186 (Twelve Lakhs Thirty-Four Thousand One Hundred and Eighty-Six) Equity Shares of R10/- each at a premium of R87.23/- per Equity Share on Preferential Basis to the Promoters of the Company in February 2023.
The Board of Directors of your Company have not recommended any dividend for the Financial year 2022-23 (previous year - NIL)
The Company has complied with all the mandatory requirements regarding Corporate Governance as required under Regulations 17 to 27 and Schedule V of the SEBI LODR with the Stock Exchange(s). The report on Corporate Governance, Management Discussion and Analysis, as well as the Auditors Certificate on the compliance of conditions of Corporate Governance forms a part of the Annual Report. As required under Regulation 17(8) of Listing Regulations, the Managing Director and CFO have certified to the Board about compliance by the Company with the requirements of the said sub regulation for the financial year ended 31st March, 2023.
In line with the requirements of the Companies Act, 2013 and the amended SEBI LODR, the Company has a Policy on Related Party Transactions which is also available on Companys website at the link https://www.zodiaconline.com/codes-and-policies. The Policy ensures that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.
The Policy inter alia deals with the review and approval of Material Related Party Transactions (MRPTs) keeping in view the potential or actual conflict of interest that may arise because of entering into these transactions. All Related Party Transactions are placed before the Audit Committee for review and prior approval (including omnibus approvals) and wherever applicable board/members approvals are obtained. Note no. 44 of the Standalone financial statements contained disclosures on related party transactions.
Disclosure on MRPT is given in Form AOC 2 (Annexure 4) as per Section 134(3)(h) read with Section 188(2) of the Companies Act, 2013. In terms of the amended SEBI LODR, the prior approval of the members is required to be obtained every year in respect of each MRPTs. Accordingly, the approval of the members is being sought in item No. 3 of the Notice of the 39th AGM.
The focus on productivity gains and consistent quality continues to be the cornerstone of the
Companys philosophy. Quality, continuous innovation and pursuit of high value addition and cost control continue to drive the Company.
Zodiac is implementing cutting edge technology through a paperless floor management software which tracks quality on a live basis and helps the manufacturing lines take pre-emptive steps and thereby control down time and rejections. This is a SAAS based model uploaded in the cloud with automatic escalation up the matrix of the management in a manner that ensures every stakeholder participates in the process of making a high quality product.
The Company continues to invest in building the strength of its three brands (Zodiac, z3 and ZOD!), to drive sales traction now as well as in the future.
Upgradation of quality to win customer loyalty is a continuously ongoing exercise with the objective of achieving customer delight at the price value relationship, where the company provides truly international quality and design at prices which are affordable even without discounts.
The Company having already achieved excellent benchmarks in conservation of energy, has invested in steam optimization projects for its process requirements, which has resulted in a drop in the consumption and the efficiency is going up.
Conservation of Energy continues to receive increased emphasis at all units of the Company. Energy audits and Inter-unit studies are carried out on a regular basis for analyzing and taking steps for reduction of energy consumption. we believe that conservation is a continuous effort and every day there is an opportunity to be better than the previous day -this is what helps us to live up to the stringent standards we set for ourselves.
All machinery and equipment are being continuously serviced, updated and overhauled to maintain them in good and energy efficient condition. This resulted in consumption of lesser energy consumption.
The company has achieved significant advancements in energy conservation by transitioning from the utilization of furnace oil and diesel to employing gas-fired steam & power generation. This makes the entire process of steam generation more efficient, resulting in reduced fuel wastage and a diminished need for transportation. In contrast to previous
practices involving the transportation of furnace oil via tankers from distant states, the adoption of gas delivery through on-site pipelines from the central grid has proven to be remarkably cost-effective and environmentally beneficial, effectively lowering the carbon footprint. Moreover, this shift has eradicated fuel losses attributed to transportation and spillage, ultimately amplifying the yield per unit of expenditure.
Our Higg score speaks for itself 100/100 on the following evaluation parameters water/waste water
/ 90 + on energy.
The Companys zero liquid discharge plant for water treatment has resulted in the Companys dependency on outside water to almost nil.
With the increase in the catchment area for rain water harvesting, the surplus water generated is used to recharge the existing ground water sources and for maintaining the beautiful garden and flowering plants around the factory premises thereby creating a very pleasant atmosphere. The Companys continuous efforts have been recognized by the Pollution Control Board and the Company is being referred as a model factory by the Pollution Control Board.
It is the Companys continuous thrust in this area that has resulted in results which far exceed the industry norm. As a result of aggressively mapping the input parameters /processes & live balancing of the effluent treatment, the Company has been able to achieve a high level of efficiency.
With its energy-efficient design, the ZODIAC corporate office utilizes around 60 percent less energy than a typical office of the same size.
Continuing with its thrust on being energy efficient
-the company has been investing in the process of changing over the boilers from diesel /furnace oil to gas fired -resulting in savings of fuel and making the process more cost effective .We are also optimizing the dye process house by bringing in more fully computerised automatic equipment to do the processing which will result in a further savings in chemicals and water -the next step is investment technology to monitor steam consumption and efficiency thereby making that next jump in our conservation efforts.
The Company continues to use the latest technologies for improving the productivity and quality of its services and products. The Companys operations do not require significant import of technology. In addition to product development and raw material development which continue to be strengthened, Research and Development activities on fashion designing are carried out on an on-going basis. Adopting technologies with state-of-art systems and machineries like PLM software, automated cutting machine, automated fabric inspection machines, etc., the quality of the products and efficiency of the systems have substantially improved. Applying these technologies has helped keep costs of production under control.
(R in Lakhs)
Foreign exchange used and earned | 2022-23 | 2021-22 | |
a. | Foreign Exchange Earnings | 9,934 | 7,461 |
b. | Foreign Exchange Outgo | 2,581 | 2,108 |
Corporate Social Responsibility (CSR) is traditionally driven by a moral obligation and philanthropic spirit. The Company has a heritage of being engaged in such activities. The Company is committed to sustainability and all business decisions take in to account its social and environmental impact.
As per the provisions of Section 135 of the Companies Act 2013, the Company has a CSR Committee, details of which are given in the Corporate Governance Report forming part of this report. The details of the Companys CSR policy has been posted on the website of the Company at the link https://www. zodiaconline.com/codes-and-policies.
The Report on CSR activities as required under Companies (Corporate Social Responsibility) Rules, 2014 including a brief outline of the Companys CSR Policy, total amount to be spent under CSR for the Financial Year, amount unspent and the reasons thereof are set out at Annexure 1 forming part of the report.
During the year, following were the changes in
Directors/ Key Managerial Personnel:
List of Key Managerial Personnel
Sr. No | Name of the person | Designation |
1. | Mr. S. Y. Noorani | Vice Chairman & Managing Director |
2. | Mr. B. Mahabala | V. P. Commercial & Chief Financial Officer |
3. | Mr. Kumar Iyer | G. M. Legal & Company Secretary |
EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
During the year, annual performance evaluation of the Board and Committees of the Board, individual Directors including the Chairman of the Company, was carried out as per the criteria and process approved by Nomination and Remuneration Committee, which is in line with the SEBI Guidance Note on Board Evaluation.
The Chairman and other members of the Board discussed the performance evaluation outcome and concluded that they were satisfied with the overall performance of the Board and Committees of the Board and Directors individually. The Board also assessed the fulfillment of the independence criteria as specified in Listing Regulations, by the Independent Directors of the Company and their independence from the management.
The performance evaluation of the Non-Independent Directors including the Chairman of the Company and performance of the Board as a whole was discussed at the separate meeting of the Independent Directors.
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 and under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
In the opinion of the Board, the Independent Directors fulfil the conditions specified under the Act and Listing Regulations and are independent
of the management. The Board skill/ expertise/ competencies matrix of all the Directors, including the Independent Directors is provided in the Corporate Governance Report forming part of this Annual Report.
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS
The details of programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are posted on the website of the Company at the link https://www.zodiaconline.com/codes-and-policies.
The Board of Directors of the Company met 7 (Seven) times during the year under review. The dates of the Board meeting and the attendance of the Directors at the said meetings are provided in detail in the Corporate Governance Report, which forms a part of this Report.
Your Directors state that:
NET WORTH – CONSOLIDATED
There are no material changes and commitments affecting the financial position of the Company which has occurred between the end of the financial year to which these financial statements relate and the date of this report.
The Companys policy on Board Diversity provides for an appropriate mix of diversity, skills, experience and expertise required on the Board and assesses the extent to which the required skills are represented on the Board including the criteria for determining qualifications, positive attributes and independence of a Director.
The Company has a Remuneration Policy to evaluate the performance of the members of the Board and the senior management, to ensure remuneration to Directors, KMP and Senior Management involving a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals and to retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage. The policy ensures that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors, KMP and Senior Management of the quality required to run the Company successfully and the relationship of remuneration to performance is clear and meets appropriate performance benchmarks.
The Independent Directors have complied with the requirements of the Companies Act, 2013 and Regulation 16 (b) of SEBI LODR on their independence. The Company has obtained certification of independence from the Independent Directors in accordance with Section 149(6) of the Companies Act, 2013.
The remuneration details of the Executive and Non- Executive Directors is disclosed in the Corporate Governance report which forms part of the Directors
Report. The above policy has been posted on the website of the Company at the link https://www. zodiaconline.com/codes-and-policies.
The particulars of loans and investments have been disclosed in the financial statements. The Company has not given any guarantees.
The Company recognizes the need for continuous growth and development of its employees to meet the challenges posed by the industry, besides fulfilling their own career path objectives. Consequently, the role of Human Resources continues to remain vital and strategic to the Company. Employee recruitment, training and development are a key focus area, with policies, processes and extensive use of technology to attract, retain and build on skills of high calibre employees. Industrial relations have continued to be harmonious throughout the year.
The Code of Conduct adopted by the Company for its Board of Directors and Senior Management Personnel has been uploaded on the Companys website at the link https://www.zodiaconline.com/ codes-and-policies.
The Declaration of the Compliance with the Code of Conduct has been received from all Board members and Senior Managerial Personnel. A certificate to this effect from Mr. S. Y. Noorani, Vice Chairman & Managing Director forms part of this report.
During the Financial Year 2022-23, the Company did not invite or accept any deposits from the public under the provisions of Section 73 of the Companies Act, 2013.
The Financial Statements, Annual Report, including Corporate Governance Report, Shareholding Pattern, etc., are displayed inter-se with the other information on the Companys website, viz. www. zodiaconline.com.
During the financial year, the Company has, besides CSR, contributed 10,00,000/- (Rupees Ten Lakhs only) to various deserving causes.
All the properties/assets, including buildings, furniture/ fixtures, etc. and insurable interests of the Company are adequately insured. The international debtors who avail of credit are also insured, despite their flawless record, as a measure of abundant caution.
Pursuant to the provisions of Section 139 of the Companies Act and the Rules framed thereunder, M/s MSKA & Associates, Chartered Accountants (ICAI Firm Registration No. 105047W) has been appointed as statutory Auditors of the Company for a term of five (5) years to hold office from the conclusion of the 38th AGM till the conclusion of the 43rd AGM.
The Auditors Report to the members for the financial year ended 31st March, 2023 does not contain any qualification, reservation, adverse remark or disclaimer.
Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. and accordingly, such accounts and records are made and maintained by the Company.
However, in terms of the Companies (Cost Records and Audit) Amendment Rules, 2014, the Company is not covered under the purview of Cost Audit from the F. Y. 2014-15 onwards.
As per Section 204 of the Companies Act, 2013 and Rules made thereunder, the Company has appointed M/s. Robert Pavrey & Associates, Company Secretaries (CP No- 2928) to undertake the Secretarial Audit of the Company. The Secretarial Audit report is included as Annexure 2 and forms an integral part of this report.
The Secretarial Audit Report to the members for the year under review does not contain any qualification, reservation, adverse remark or disclaimer.
The details pertaining to the composition of Audit Committee are included in the Corporate Governance Report, which forms a part of this report.
In line with the regulatory requirements, the Company has a Risk Management Policy to identify and assess the key risk areas, monitor and report the compliance and effectiveness of the same. The Risk Management Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.
The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/ revised standard operating procedures. The Companys internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to M/s. M J Mange & Associates. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides bench marking controls with best practices in the industry.
The Audit Committee actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust management information system, which is an integral part of the control mechanism.
The Audit Committee members, Statutory Auditors and the Business Heads are periodically apprised of the Internal Audit findings and corrective action taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.
The Company has in place an Anti-Sexual harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 & the Rules made thereunder. Internal Complaints Committee (ICC) has been set up to redress Complaints received regarding sexual harassment. All employees, permanent, contractual, temporary and trainees are covered under the policy. During the year under review, there were no complaints received under the said Act.
Pursuant to Section 92(3) read with section 134(3)
The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meeting.
The details pertaining to the establishment of Vigil Mechanism/ Whistle Blower Policy is included in the Corporate Governance Report, which forms part of this report.
As per the provisions of Sections 124 and 125 of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules) all unpaid or unclaimed dividends and the respective shares thereof for the Financial Year upto 2014-15 have been transferred to the IEPF established by the Central Government within the stipulated time.
There was no fraud reported by the Auditors of the Company under Section 143 (12) of the Companies Act, 2013, to the Audit Committee or the Board of Directors during the year under review.
The information required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:
Non-executive directors* | Ratio to median remuneration |
Mr. A. Y. Noorani | - |
Mr. V. M. Apte | - |
Mr. Y. P. Trivedi | - |
Mr. S. R. Iyer | - |
Dr. Naushad Forbes | - |
Mr. Bernhard Steinruecke | - |
Ms. Elizabeth Jane Hulse | - |
*Note:
The Chairman is not paid any remuneration nor sitting fees for attending Board and Committee
Meetings. The Non-Executive Directors of the Company are paid only Sitting Fees for attending the Board and Committee Meetings of the Company, details of which are given in the Corporate Governance Report and are not entitled to any other remuneration.
Executive Director | Ratio to median remuneration |
Mr. S. Y. Noorani | - |
Note:
The ratio to median remuneration is nil for the F.Y. 2022-23 as Mr. S. Y. Noorani has voluntarily chosen to not receive remuneration.
Directors, Chief Financial Officer and Company Secretary* |
% Increase in remuneration in the financial year |
Mr. V. M. Apte | - |
Mr. Y. P. Trivedi | - |
Mr. S. R. Iyer | - |
Dr. Naushad Forbes | - |
Mr. Bernhard Steinruecke | - |
Ms. Elizabeth Jane Hulse | - |
Mr. A.Y. Noorani | - |
Mr. S.Y. Noorani | - |
Mr. B. Mahabala (CFO) | - |
Mr. Kumar Iyer (CS) | - |
Note:
*The Chairman & Vice Chairman were not paid any remuneration nor sitting fees during FY 2022-23 for attending Board and Committee Meetings. The Non- Executive Directors of the Company were paid only Sitting Fees for attending the Board and Committee Meetings of the Company, details of which are given in the Corporate Governance Report and are not entitled to any other remuneration.
Company: 1161 (as on 31st March, 2023)
There has been no increase in the salaries of the managerial personnel during the FY 2022-23.
The Company affirms that the remuneration is as per
the remuneration policy of the Company.
Sr. No |
Name | Date of Birth |
Designation | Remuneration* () |
Nature of Employment |
Qualification and Experience |
Date of joining |
Last Employment |
Percentage of Equity Shares held |
Relative of any Director/ Manager of the Company |
1 | Mr. Salman Yusuf Noorani | 15-03-1963 | Vice Chairman and Managing Director |
Nil | Contractual | B.com/41 years | 01-03-1994 | - | 31.90 | Brother of Mr. A.Y. Noorani, Chairman & Non Executive Director |
2 | Mr. Awais Noorani | 08-10-1975 | VP – International Sales & Sourcing |
46,89,006 | Permanent | B.Com, MBA from IMD Switzerland/29 years |
01-12-2002 | - | 0.00 | Son of Mr. A.Y. Noorani, Chairman and nephew of Mr. S. Y. Noorani, Vice Chairman and Managing Director |
3 | Ms. Behroze Daruwala | 04-09-1950 | VP – Fabrics & Merchandising |
46,71,244 | Permanent | B.A./ 51 years | 30-05-1972 | - | 0.11 | - |
4 | Mr. B Mahabala |
07-11-1951 | V.P.Commercial & C.F.O | 46,19,164 | Permanent | M.com, MBA & Diploma in Cost & Management Accountancy/50 years | 15-06-1984 | Vulcan Engineers Limited | 0.06 | - |
5 | Mr. Imraan Surve | 11-10-1968 | VP-Marketing Zod, LFS & z3 |
45,52,332 | Permanent | B.A. (Hons.) Economics/ 31 years | 18-12-2001 | Contract Advertising Pvt. Ltd. | 0.02 | - |
6 | Mr. Rajendra Shenoy B | 15-06-1965 | GM Manufacturing |
35,00,177 | Permanent | B.Com, M. Com & L.L.B./30 years |
16-10-2002 | Arvind Mills Limited | 0.00 | - |
7 | Mr. Anand Pisharody | 19-10-1957 | VP - Manufacturing |
33,21,851 | Permanent | B.A./ 44 years | 02-05-1986 | Indian Molasses Company Limited |
0.00 | - |
8 | Mr. Vikram Puri | 29-06-1976 | Senior Product Manager | 31,16,882 | Permanent | B.Sc Physics/27 years |
07-05-2002 | Cotton Club Inc. | 0.00 | - |
9 | Mr. Vishal Chadha | 17-11-1964 | GM – Sales MBO | 30,10,811 | Permanent | B.A./ 34 years | 22-07-2004 | Johnson & Johnson Private Limited |
0.01 | - |
10 | Mr. Kumar Iyer |
11-06-1964 | GM Legal & Company Secretary | 29,30,211 | Permanent | M. Com, ACS/ 39 years |
15-05-2014 | Advani Hotels & Resorts (India) Limited |
0.00 | - |
11 | Mr. Nafees Azam | 07-04-1960 | GM – Sales (Retail) | 27,54,845 | Permanent | B.Com./ 38 years | 21-05-2004 | Geep Industrial Syndicate Limited | - | - |
Disclosure Requirements:
As per SEBI LODR, the Corporate Governance Report with the Auditors Certificate thereon and Management Discussion and Analysis are attached and the same forms a part of this report.
In terms of the applicable provisions of the Act and the SEBI Listing Regulations, your Company additionally discloses that, during the year under review:
the Company;
rights;
loans taken from the Banks or Financial Institutions.
The Directors are grateful for the co-operation, support and assistance received from the customers, shareholders, the Government, other statutory bodies, Banks, Solicitors, Distributors, Suppliers and other business associates during the year.
The Directors also express their sincere appreciation of the employees at all levels for having risen to meet the several challenges encountered and look forward to their valuable support and commitment in the times ahead.
For and on behalf of the Board of Directors
A. Y. NOORANI
Chairman
DIN: 00041686
Place: Mumbai
Date : 30th May, 2023
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.