Dear Members,
The Directors are pleased to present the 28th annual report together
with the audited financial statements (standalone and consolidated) for the financial year
ended March 31,2020 of Genus Power Infrastructures Limited (hereinafter referred to as
"Genus" or "the Company").
FINANCIAL RESULTS OF OPERATIONS
The financial results of operations of the Company for the financial
year ended March 31,2020 are as under:
(' in lakhs, except per share data)
|
Standalone |
Consolidated |
Particulars |
Yearended March 31,2020 |
Year ended March 31,2019 |
Year ended March 31,2020 |
Year ended March 31,2019 |
Income |
|
|
|
|
Revenue from contracts with customers |
106039.85 |
105546.66 |
106039.85 |
105546.66 |
Other income |
1911.51 |
1791.92 |
1611.44 |
1087.98 |
Total income |
107951.36 |
107338.58 |
107651.29 |
106634.64 |
Expenses |
|
|
|
|
Cost of raw material and components consumed |
64572.53 |
73671.63 |
64572.53 |
73671.63 |
Change in inventory of finished goods and
work-in-progress |
1829.49 |
(1869.32) |
1829.49 |
(1869.32) |
Employee benefit expenses |
10871.66 |
9815.32 |
10871.66 |
9815.32 |
Otherexpenses |
11492.56 |
11135.94 |
13213.11 |
12690.48 |
Depreciation and amortization expenses |
2214.74 |
1939.86 |
2214.74 |
1939.86 |
Finance costs |
3272.16 |
3391.29 |
3272.17 |
3391.29 |
Total expenses |
94253.14 |
98084.72 |
95973.70 |
99639.26 |
Earnings before interest, tax, depreciation
and amortization (EBITDA) |
17273.61 |
12793.09 |
15553.06 |
11238.55 |
Profit before exceptional item and tax |
13698.22 |
9253.86 |
11677.59 |
6995.38 |
Exceptional item |
- |
- |
- |
- |
Profit before tax |
13698.22 |
9253.86 |
11677.59 |
6995.38 |
Tax expense |
4331.52 |
2016.42 |
4331.52 |
2016.42 |
Profit after tax before share of net loss/
profit from associates for the period |
9366.70 |
7237.44 |
7346.07 |
4978.96 |
Share of net (loss)/profit from associates |
N.A. |
N.A. |
(84.82) |
(180.38) |
Net profit for the period after share of
net loss/profit from associate entities |
9366.70 |
7237.44 |
7261.25 |
4798.58 |
Other comprehensive income (net of tax) |
(325.30) |
73.90 |
(325.30) |
73.90 |
Total comprehensive income (net of tax) |
9041.40 |
7311.34 |
6935.95 |
4872.48 |
Paid-up equity share capital (Face value Rs. 1
per share) |
2573.59 |
2573.59 |
2573.59 |
2573.59 |
Earnings per share (before and after
extraordinary item) (of Rs. 1 each) |
|
|
|
|
- Basic earnings per share (amount in ') |
3.64 |
2.81 |
3.16 |
2.09 |
- Diluted earnings per share (amount in ') |
3.64 |
2.81 |
3.16 |
2.09 |
Nominal value per share (amount in ') |
1.00 |
1.00 |
1.00 |
1.00 |
The financial statements for the year ended March 31,2020, have been
prepared in accordance with Indian Accounting Standards (Ind AS) notified under the
Companies (Indian Accounting Standards) Rules, 2015, read with Section 133 of the
"Companies Act, 2013", (the "Act") and other relevant provisions of
the Act. The Company have adopted Ind AS 116 "Leases" effective April 01,2019
and applied the standard to its leases. The adoption of this standard did not have a
material impact.
There are no material departures from the prescribed norms stipulated
by the Accounting Standards in preparation of the annual accounts. Accounting policies
have been consistently applied except where a newly issued accounting standard, if
initially adopted or a revision to an existing accounting standard requires a change in
the accounting policy hitherto in use. Management evaluates all recently issued or revised
accounting standards on an ongoing basis.
REVIEW OF STANDALONE ANNUAL FINANCIAL PERFORMANCE
AND THE STATE OF COMPANY'S AFFAIRS
The Company delivered record annual sales and profits in FY
2019-20. Our revenues are generated principally from manufacturing and supplies of energy
metering solutions to power distribution utilities.
Revenue stood at '106039.85 lakhs against '105546.66 lakhs in
the previous year. The revenue growth was impacted on account of slower order execution
due to Covid-19 lockdown in Q4 of FY 2019-20.
EBITDA was up by 35% and stood at ^17273.61 lakhs against
'12793.09 lakhs in the previous year.
The Company has written-off the bad debts of '1053.76 lakhs,
which were mainly arisen due to deductions by indenting agencies as per the terms of the
contract of supplies.
The Company's liquidity is supported by 275.44 lakhs equity
shares of the Company (treasury shares) and 475.44 lakhs equity shares of Genus Paper
& Boards Limited ('GPBL'), arisen as a result of the scheme of arrangement amongst the
Company, Genus Paper Products Limited and Genus Paper & Boards Limited as approved by
the Hon'ble Allahabad High Court in FY14. It carried a market value of '5340.00 lakhs and
book value of '5995.08 lakhs as on March 31, 2020. However, the decline in market value of
equity shares of GPBL in the FY 2019-20 impacted the PAT at consolidated level as per the
applicable Ind AS.
EBITDA margin has increased to 16.29% against 12.12% in the
previous year. The margin has improved on account of higher share of export orders, better
product mix and benign raw material prices.
Profit after tax was up by 29% at '9366.70 lakhs as against
'7237.44 lakhs in the previous year.
Other income increased to '1911.51 lakhs from '1791.92 lakhs in
the previous year because of higher income on investments & deposits.
Finance cost reduced to '3272.16 lakhs from '3391.29 lakhs in
the previous year. The borrowings decreased to '25650.88 lakhs from '27608.40 lakhs in the
previous year. This was primarily attributable to optimum utilisation of available credit
limits (bank borrowings) and current assets. The Company continued to rely on short-term
debt to meet its working capital requirements. The long-term debt was used largely to
support the capital expenditure incurred towards expansion.
Earnings per share (EPS) stood at '3.64 per share against '2.81
per share in the previous year.
Net worth increased to '87496.13 lakhs from '79810.87 lakhs in
the previous year on account of the retained earnings.
The World Health Organization (WHO) declared outbreak of
Coronavirus Disease (Covid-19) a global pandemic on March 11, 2020. Consequent to this,
Government of India declared lockdown on March 23, 2020 and the Company temporarily
suspended the operations in all the units in compliance with the lockdown instructions
issued by the Central and State Governments. Covid-19 has impacted the normal business
operations of the Company by way of interruption in production, supply chain disruption,
unavailability of personnel, closure / lock down of production facilities etc. during the
lock-down period. However, production and supply of goods has commenced from the last week
of April 2020 in a phased manner on various dates at all the manufacturing locations of
the Company after obtaining permissions from the appropriate government authorities. The
Company has made a detailed assessment of its liquidity position for the next year and the
recoverability and carrying value of all its assets. Based on current indicators of future
economic conditions and considering the various measures announced by the government to
support businesses and fund the power sector, the Company expects to fully recover the
carrying amount of these assets. The potential future impact of the Covid-19 may be
different from that estimated as at the date of approval of these financial results and
the Company will continue to closely monitor any material changes in future economic
conditions and assess the impact on its business.
KEY FINANCIAL RATIOS
In accordance with the SEBI (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018, the Company is required to give details of
significant changes (change of 25% or more as compared to the immediately previous
financial year) in key sector-specific financial ratios. The Company has identified the
following ratios as key financial ratios:
Particulars |
Year ended March 31,2020 |
Year ended March 31,2019 |
Reason ofChange |
Debtors Turnover |
1.76 |
2.19 |
(No significant change) |
Inventory Turnover |
5.92 |
5.25 |
(No significant change) |
Interest Coverage Ratio |
5.28 |
3.77 |
Due to increase in EBITDA |
Current Ratio |
2.27 |
1.95 |
(No significant change) |
Debt Equity Ratio |
0.29 |
0.33 |
(No significant change) |
Operating Profit / (EBITDA) Margin (%) |
16.29 |
12.12 |
(Explained above) |
Net Profit Margin (%) |
8.83 |
6.86 |
Due to increase in EBITDA |
Return on net worth (%) |
10.71 |
9.07 |
Due to increase in net profit margin |
COVID-19 PANDEMIC
Impact of the Covid-19 pandemic on the business:
The increasing widespread of Covid-19 has put the world into varying
degrees of uncertainty and disturbed the economic order completely. Risk of global
recession in 2020-21 is extremely high as Nations shut down economic and social activities
to limit the spread of Covid-19. As production is curtailed around the world, many
industries like us would face challenges. A severe demand shock is underway across the
discretionary spend category. The virus outbreak has disrupted the manufacturing supply
chain and sharply curtailed energy demand. Collection delay and defaults are likely by
consumers (lower slab domestic category due to wage disruption, and commercial &
industrial defaults due to business discontinuity) which will put more pressure on
financially ailing Discoms. Government budgets may also be challenged due to diversion on
Covid-19 resulting in lower subsidy and stretching working capital cycle. Fall in
industrial & commercial demand will impact cross-subsidies available to other
consumers. Reform measures are likely to be delayed if Covid-19 sustains over a period of
time.
Due to the Covid-19 pandemic and the resultant lockdown, the Company's
operations were suspended from March 22, 2020. The production and supply of goods were
commenced from the last week of April 2020 in a phased manner on various dates at all the
manufacturing locations of the Company after obtaining permissions from the appropriate
government authorities. Consequently, it caused an unanticipated delay and increased costs
to production. The revenues and profitability of the Company have also been adversely
affected. As instructed through the notification of Government, the Company has now been
able to open all manufacturing plants and offices.
Ability to maintain operations including the factories /
units / office spaces functioning and closed down:
The Company has implemented stringent cost control measures across the
organization to preserve liquidity to survive tough times and respond to any unexpected
events in the future due to the pandemic. The Company is in a comfortable liquidity
position to meet its commitments to service debt and other financial obligations. The
Company does not foresee any challenge in maintaining operations at its
factories/units/offices. The Company also does not foresee any challenge in realizing /
recovering its assets. The Company is also in constant discussion with its customers,
vendors and other stakeholders to propel the business forward.
The Company is taking utmost care to adhere to the government's
guidelines for social distancing and other safety measures.
Schedule, if any, for restarting the operations:
The Company has already started all manufacturing plants and offices.
Steps taken to ensure smooth functioning of operations:
The Company has taken all the possible steps to ensure smooth
functioning of operations. All the establishments and offices have
been sanitized to ensure safety and security of our staff members and
other stakeholders. All safety protocols of temperature sensing, wearing of safety gears
(masks, goggles, face shields), social distancing, sanitizing and washing hands are being
adhered to very stringently.
The Company has taken all necessary steps to adhere to the guidelines
for social distancing and other safety measures provided by the Ministry of Home Affairs
along with the various directives issued by relevant Government authorities, keeping in
mind safety, health and well-being of the employees and other stakeholders at all our
locations.
The Company is also in constant discussion with its customers, vendors
and other stakeholders to propel the business forward.
Estimation of the future impact of CoVID-19 on its operations:
Currently, the future impact of Covid-19 on the operations, results and
financial health of the Company cannot be ascertained. We understand that the extent of
adverse impact on revenues, earnings and resultant cash flows will depend on containment
of impact of Covid-19 and damage done by the pandemic.
Existing contracts / agreements where non-fulfillment of the
obligations by any party will have significant impact on the listed entity's business:
There are no such contracts/agreements which would lead to
non-fulfillment of the obligations by any party or shall have any significant impact on
the business.
OPERATIONS AND BUSINESS OVERVIEW AND PERFORMANCE
The Company is engaged in the business of manufacturing and providing
Metering and Metering Solutions and undertaking 'Engineering, Construction and Contracts'
on turnkey basis (core business division). The Company has also been engaged in making
strategic investment activity, where under investments are made in shares and securities
basis a thorough and systematic evaluation by the Company and the management on a going
concern basis with dedicated personnel and technical staff.
The operational and business performances of the Company have been
appropriately described in the report on management discussion and analysis, which forms
part of this report.
CHANGE IN THE NATURE OF BUSINESS
In the FY 2019-20, there was no change in the nature of business of the
Company.
ORDER BOOK POSITION
Order inflow has remained subdued in the FY 2019-20, as State
Electricity Boards are in transition phase to draw out the detailed processes for shifting
from procurement of conventional meters to smart meters. Further the company has adopted a
conservative view in selecting its clientele, with security of payment becoming a key
focal point. Company expects increased orders on account of a shift from conventional
meters to smart meters. At the end of March 31, 2020, order book stood at Rs. 943 crore
(net of tax).
DIVIDEND
Considering the strategic and operational cash requirements of the
Company in the medium to long term in the light of Covid-19 pandemic, the Board of
Directors ("the board") of the Company in its meeting held on July 29, 2020 has
recommended a dividend of '0.10 (Ten paisa) per equity share on equity shares of the face
value of '1 each (i.e. 10% of the face value of equity share) for the financial year ended
March 31,2020 (FY 2019-20) amounting to '257.36 Lakhs, to members for their approval at
the ensuing annual general meeting. The dividend distribution policy, as approved by the
board, is attached as 'Annexure-A' to this report and also is available on the website of
the Company at "https://genuspower.com/investor-category/corporate-
governance/".
SHARE CAPITAL
During the FY 2019-20, there was no change in the authorised share
capital of the Company and it stood at '83,20,00,000 (Rupees Eighty Three Crore and Twenty
Lakhs only) as on March 31,2020. During the FY 2019-20, there was no change in the issued
and paid-up share capital of the Company and it stood at '25,73,58,965 (Rupees Twenty Five
Crore Seventy Three Lakh Fifty Eight Thousand Nine Hundred and Sixty Five only) consisting
of 25,73,58,965 equity shares at face value of '1/- (Rupees One) each as on March 31,2020.
The Company has neither issued shares with differential voting rights,
nor issued sweat equity shares.
TRANSFERTO RESERVES
The board has not proposed to transfer any amount to any reserve out of
the amount available for appropriation. The closing balance of the retained earnings of
the Company for the FY 2019-20, after all appropriation and adjustments, was '64891.92
Lakhs.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of loans, guarantees and investments covered under Section 186
of the Act, along with the purpose for which such loan or guarantee was proposed to be
utilized by the recipient, are provided in notes 4, 5, 6, 34 and 48 to the standalone
financial statements, forming part of the annual report.
Your Company is holding certain strategic investments, generally long
term in nature and the board may evaluate further opportunities in this regard with a view
to enhance value for the stakeholders of the Company.
DEPOSITS
In the FY 2019-20, the Company has not accepted any deposits within the
meaning of Section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.
As such, no amount of deposit or interest thereon is outstanding.
EMPLOYEES' STOCK OPTION SCHEME
In the FY 2019-20, the nomination and remuneration committee in its
meeting held on July 24, 2019 has approved the grant of 16,25,700 stock options to the
eligible employees of the Company under the Employees' Stock Option Scheme 2012
("ESOS-2012" or "ESOP Scheme") of the Company at an exercise price of
'17.95/- per share. The said exercise prices was the latest available closing price, prior
to
the date of the meeting of the Committee, in which options were
granted, on the stock exchange having higher trading volume. The options would vest over a
maximum period of six years or such other period as may be decided by the Committee from
the date of grant based on specified criteria. Upon vesting, employees are eligible to
apply and secure allotment of Company's shares at a price determined on the date of grant
of options. The Options can be exercised during a period of three years from the date of
vesting. The details as required to be disclosed under Regulation 14 of SEBI (Share Based
Employee Benefits) Regulations, 2014 with regard to the ESOP Scheme of the Company are
provided in 'Annexure-B' to this report.
In the FY 2019-20, the nomination and remuneration committee in its
meeting held on August 07, 2019 has approved the cancellation of the 24,16,065 surrendered
employees stock option, granted on January 23, 2019 under the ESOS-2012 of the Company.
In the FY 2019-20, no option was exercised by the employees after
vesting.
In the FY 2019-20, a variation by reduction of 30,00,000 options in
total number of options and shares available for grant under the ESOS-2012 was approved by
the members at annual general meeting of the Company held on September 06, 2019. The
ESOS-2012 prior to this amendment had a total number of 79,45,000 shares available through
exercise of equal number of options. Over the course of its operation, grants have been
made under the ESOS-2012, however substantial portion of options remain un-granted. It was
decided that the objective of the Company and greater benefit for employees is met under
the proposed the Employees Stock Appreciation Rights Plan 2019 (the
"ESARP-2019"). Hence it was decided to have the un-granted number of options,
and equal number of shares, reduced from the total number available for grant under the
ESOS-2012 and have total number of options and shares under the ESOS-2012 post amendment
be 49,45,000 options, each exercisable into one equity share having face value of '1 fully
paid up. The number of shares reduced under ESOS- 2012 shall be adjusted in grants to
employees from the proposed equity share pool under ESARP-2019. There was no change in
terms of existing options granted to employees and such amendment was brought into effect
for options, and equal number of shares, not granted as on date.
The ESOP Scheme is administered by the nomination and remuneration
committee and it is implemented in accordance with the applicable SEBI's
Regulations/Guidelines.
Voting rights on the shares issued to employees under the ESOP Scheme
are either exercised by them directly or through their appointed proxy.
The Company has received a certificate from the statutory auditors of
the Company that the ESOP Scheme has been implemented in accordance with the SEBI's Rules
and Regulations in this regard and the resolution passed by the members. The certificate
would be available at the annual general meeting for inspection by members.
EMPLOYEES STOCK APPRECIATION RIGHTS PLAN
In the FY 2019-20, with a view to motivate the key work force seeking
their contribution to the corporate growth, to create an employee
ownership culture, to attract new talents, and to retain them for
ensuring sustained growth, the members at annual general meeting of the Company held on
September 06, 2019, inter-alia, has approved the Employees Stock Appreciation Rights Plan
2019 (the "ESARP-2019" or "ESAR Plan"). The members of the Company,
pursuant to a special resolution dated September 06, 2019 have authorized the nomination
and remuneration committee (the "Committee") to issue to the certain eligible
employees of the Company and of its subsidiary companies, whether in or outside India,
such number of Employee Stock Appreciation Rights (ESARs) under ESARP-2019 at such ESAR
Price or ESAR Prices, in one or more tranches and on such terms and conditions, as may be
determined by the Committee in accordance with the provisions of this ESAR Plan, SEBI
(Share Based Employee Benefits) Regulations, 2014 and in due compliance with other
applicable laws. The aggregate number of shares upon exercise of ESARs under the ESAR Plan
shall not exceed 30,00,000 (Thirty Lakh) shares of face value of '1/- (Rupee One), each
fully paid up, of the Company.
In the FY 2019-20, the nomination and remuneration committee in its
meeting held on November 18, 2019 has approved the grant of 16,50,000 Employee Stock
Appreciation Rights (ESARs) at the base price of '23.50 per ESAR to the eligible employees
of the Company, in terms of the ESARP-2019. The aforesaid ESARs will vest over a period of
(six) 6 years from the date of grant. The vested ESARs shall be exercisable within a
period of (three) 3 years from the date of vesting of such ESARs. The details as required
to be disclosed under Regulation 14 of SEBI (Share Based Employee Benefits) Regulations,
2014 with regard to ESAR Plan of the Company are provided in 'Annexure-B' to this report.
The Company has received a certificate from the statutory auditors of
the Company that the ESAR Plan has been implemented in accordance with the SEBI's Rules
and Regulations in this regard and the resolution passed by the members. The certificate
would be available at the annual general meeting for inspection by members.
MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THIS REPORT
In terms of Section 134(3)(l) of the Act, except as disclosed elsewhere
in this report, no material changes and commitments, affecting the financial position of
the Company, have occurred between the end of the financial year and the date of this
report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
In the FY 2019-20, no company has become or ceased to be a subsidiary,
joint venture or associate company. As on March 31,2020, the Company has no subsidiary
company in terms of the provisions of the Act. As on March 31,2020, the Company has the
following associate companies:
M.K.J. Manufacturing Pvt. Ltd.
Greentech Mega Food Park Limited
In terms of the provisions of Section 129(3) of the Act, a statement
containing performance & salient features of the financial statements of Company's
subsidiaries/associates/joint ventures in the prescribed Form AOC-1 is attached as
'Annexure-C' to this report.
The audited financial statement including the consolidated financial
statement of the Company and all other documents required to be
attached thereto is put up on the Company's website and can be accessed at
"https://genuspower.com/investor-category/ financials/". The financial
statements of the subsidiaries, as required, are put up on the Company's website and can
be accessed at "https://genuspower.com/investor-category/investor-information/".
The policy for determining material subsidiaries as approved by the
board may be accessed on the Company's website and its web link is
"https://genuspower.com/investor-category/corporate- governance/".
CONSOLIDATED FINANCIAL STATEMENT
Pursuant to the applicable provisions of the Act, the Accounting
Standard on Consolidated Financial Statements and the "SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015" (the "Listing Regulations'), the
audited consolidated financial statement is provided in the annual report. The
consolidated revenue stood at '106039.85 Lakhs and the consolidated net profit stood at
'7261.25 lakhs in the FY 2019-20.
A statement containing the salient feature of the financial statements
of each of the subsidiaries/associates/joint ventures in the prescribed Form AOC-1 is
attached as 'Annexure-C' to this report.
In compliance with the provisions of Section 136 of the Act, the
financial statements of the subsidiaries/associates/joint ventures are kept for inspection
by the shareholders at the registered office of the Company. The Company shall provide
free of cost, the copy of the financial statements of its subsidiaries/associates/joint
ventures to the shareholders upon their request. The statements are also available on the
website of the Company.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All related party transactions in the FY 2019-20 were in the ordinary
course of business and on an arm's length basis. All these transactions were approved by
the audit committee. There were no materially significant related party transactions that
may have potential conflict with the interests of the Company at large. There are no
transactions that are required to be reported in Form AOC-2. For further details of the
related party transactions, please refer to note 46 to the standalone financial statement,
which sets out related party disclosures.
The policy on materiality of related party transactions and dealing
with related party transactions as approved by the board can be accessed on the Company's
website and its web link is "https://genuspower.com/investor-category/corporate-
governance/".
CORPORATE SOCIAL RESPONSIBILITY
The corporate social responsibility ("CSR") committee has
formulated and recommended to the board, a Corporate Social Responsibility Policy
("CSR Policy") indicating the activities to be undertaken by the Company, which
has been approved by the Board. The Company's CSR policy is in line with Schedule VII of
the Act. In the FY 2019-20, there has not been any change in the CSR Policy. The CSR
Policy is put up on the Company's website and can be accessed at
"https://genuspower.com/investor-category/corporate- governance/".
In the FY 2019-20, the Company has undertaken a number of projects and
programs as part of its CSR initiatives. The focus areas of the Company's CSR
programs/initiatives were protection and promotion of India's art, culture and heritage,
animal welfare, promotion of healthcare, promotion of education, eradication of hunger
& poverty, environmental sustainability and ecological balance. The Company's
dedicated staff members monitor the implementation of projects and programs regularly by
site visits, meeting beneficiaries and checking records.
In the FY 2019-20, the Company spent '249.05 lakhs (around 3.31 % of
the average net profits of last three financial years) on CSR activities. The statutory
disclosures with respect to the CSR committee and an annual report on CSR activities form
part of this report as 'Annexure-D'.
RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROL SYSTEMS
The Company has put in place a comprehensive risk management policy and
adequate internal financial control system, which is formulated by the risk management
committee and reviewed by the board. The risk management policy contains elements of risk,
which in the opinion of the board may threaten the existence of the Company. The Company
has defined procedures to inform members of the board about risk assessment and
minimization procedures. The details of the risk management committee, risk management
policy and internal financial control systems are provided in the report on 'management
discussion and analysis' and the 'corporate governance report', forming part of this
report.
INSURANCE
The Company has insured its assets and projects adequately to cover
most risks. Some of the key insurance policies, taken by the Company in the FY 2019-20 are
as follows:
'Consequential Loss (Fire) Policy' to insure the profit
affected during the interruption/cessation of the business operations due to exigency.
Group Gratuity Insurance Scheme, under which a sum equal to
gratuity payable in respect of the entire service (actual and future) is paid in the event
of premature/unfortunate death of employee.
Group Mediclaim Policy for its permanent employees covering
their spouse and dependent children.
'Personal Accident Policy (Group)' for insuring its
employees and giving coverage like disability cover, permanent disability cover and death
cover due to accident.
CREDIT RATING
In the FY 2019-20, India Ratings and Research (Ind-Ra) has affirmed
Genus Power Infrastructures Ltd's (GPIL) Long-Term Issuer Rating at 'IND A+'. The Outlook
is Stable. The instrument-wise rating actions are as follows:-
Instrument Type |
Size of Issue (billion) |
Rating/Outlook |
Rating Action |
Fund-based Limits |
INR 2.1 |
IND A+/Stable/IND A1 |
Affirmed |
Non-fund-based Limits |
INR 7.75 (reduced from INR 8.25) |
IND A+/Stable/IND A1 |
Affirmed |
Commercial Paper (within the fund-based
working capital limits) |
INR 1.0 |
IND A1 |
Affirmed |
Proposed Non-fund-based limits |
INR 0.5 |
Provisional IND A+/Stable/ Provisional IND A1 |
Assigned |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34(2) of the Listing Regulations, management
discussion and analysis report for the year under review is annexed to this report as
'Annexure-E'.
CODE OF CONDUCT
Pursuant to Regulation 26(3) of the Listing Regulations, all board
members and senior management personnel have affirmed compliance with the 'Company's code
of conduct for directors and senior management' on an annual basis. The code of conduct is
also placed on the Company's website, www.genuspower.com.
CORPORATEGOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements as set out by the SEBI. The
corporate governance report along with a certificate of the statutory auditors of the
Company regarding compliance of the conditions of corporate governance as
stipulated under the Listing Regulations is attached as 'Annexure-F' to
this report.
WHISTLEBLOWER POLICY AND VIGILANCE MECHANISM
The Company has put in place a whistleblower policy and vigil mechanism
as required under Section 177(9) of the Act. The Company has established a vigil mechanism
for directors and employees to report genuine concern of unethical behaviour, actual or
suspected fraud or violation of the Company's code of conduct. The audit committee reviews
the existence and effectiveness of the vigil mechanism from time to time. The above policy
and mechanism have been appropriately communicated across all sections within the Company.
The whistleblower policy and vigil mechanism have also been displayed on the Company's
internal HR management system as well as on the Company's website and its web link is
"https://genuspower.com/investor-category/corporate- governance/".
The audit committee affirmed that no personnel have been denied access
to the audit committee in the FY 2019-20.
PREVENTION OF INSIDER TRADING PRACTICES
The Company has put in place a 'Code of Conduct for regulating,
monitoring and reporting of trading by designated persons and their immediate relatives',
'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information' and 'Policy for Procedure of Inquiry in case of Leak of Unpublished Price
Sensitive Information' in compliance with the SEBI (Prohibition of Insider Trading)
Regulations, 2015 as amended. The above codes prevent insiders from procuring,
communicating, providing or allowing access to unpublished price sensitive information
except where such communication is in furtherance of legitimate purposes, performance of
duties or discharge of legal obligations. The above codes also prohibit the insider to
trade in securities, when in possession of unpublished price sensitive information and
during the period when the trading window is closed. However, an insider is entitled to
formulate a trading plan for dealing in securities of the Company in line with the
provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended and
submit the same to the compliance officer for approval and public disclosure.
ANNUALRETURN
Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, the extract of the Annual Return in the
prescribed form i.e., Form MGT-9 is annexed herewith as Annexure-G, which forms part of
this report. As required under Section 134(3)(a) of the Act, the Annual Return is put up
on the Company's website and can be accessed at
"https://genuspower.com/investor-category/corporate- governance/".
DIRECTORS
During the FY 2019-20, Mrs. Mansi Kothari (DIN: 08450396), who was
appointed as an additional director of the Company in the capacity of independent woman
director with effect from May 11, 2019 considering his integrity, expertise and
experience, has been appointed as an independent woman director and non-executive director
of the Company in the annual general meeting of the Company held on September 06, 2019 to
hold office for a tenure of five consecutive years from May 11,2019 to May 10, 2024.
Pursuant to the circular dated June 20, 2018, issued by the stock exchanges and the
declaration received from the independent director, she being appointed as independent
director are not debarred from holding the office of Director by virtue of any SEBI order
or any other such authority and therefore, she is not disqualified to be
appointed/reappointed as an independent director. Further, she is not related to any
director of the Company.
Mrs. Sharmila Agarwal (DIN: 07137624) ceased to be a director of the
Company with effect from May 13, 2019 on account of resignation. As per the resignation
letter, she is occupied in other areas and would not be able to devote her time to perform
the duties in the capacity of Director of the Company. She also confirmed that there is no
other material reason other than those provided.
Mr. Ishwar Chand Agarwal (DIN: 00011152) was re-appointed as whole
time director, designated as executive chairman of the Company for a
period of five years with effect from January 24, 2019 and also to continue to hold such
position after attaining the age of 70 years. Mr. Rajendra Kumar Agarwal (DIN: 00011127)
was also re-appointed as managing director (MD) and chief executive officer (CEO) of the
Company for a period of five years with effect from May 29, 2019. Mr. Jitendra Kumar
Agarwal (DIN: 00011189) was also re-appointed as joint managing director (JMD) of the
Company for a period of five years with effect from September 20, 2019.
In compliance with the provisions of the Act and the articles of
association of the Company, Mr. Kailash Chandra Agarwal, director of the Company, retires
by rotation at the ensuing annual general meeting, and he being eligible, has offered
himself for re-appointment. The board on the recommendation of the nomination and
remuneration committee has recommended his re-appointment.
A brief resume along with other details of the directors proposed to be
appointed or reappointed, are furnished in the Annexure to the Notice of the ensuing
annual general meeting.
Pursuant to the provisions of Section 134(3)(d) of the Act, with
respect to statement on declaration given by independent directors under Section 149(6) of
the Act, the board hereby confirms that all the independent directors of the Company have
given declaration that:
they meet the criteria of independence as provided in Section
149(6) of the Act and in the Listing Regulations;
they have registered their names in the Independent Directors'
Databank; and
they have complied with the code for independent directors
prescribed in Schedule IV to the Act.
Based on the confirmation/affirmation received from independent
director, that he/she was not aware of any circumstances that are contrary to the
declarations submitted by him/her, the board acknowledged the veracity of such
confirmation and taken on record the same.
Familiarization programmes
Pursuant to Regulation 25(7) of the Listing Regulations, the Company
organises familiarization programmes for independent directors to provide them an
opportunity to have a clear understanding of their roles, rights and responsibilities.
This also makes it possible for independent directors to understand the Company's business
model, operational systems, nature of the industry and other relevant information
thoroughly. The details of familiarization programs have been disclosed on the website of
the Company and the web link thereto is
"https://genuspower.com/investor-category/corporate- governance/".
Policy on directors' appointment and remuneration and other details
In compliance with the provisions of Section 134(3)(e) and Section
178(3) of the Act, the policy on selection of directors and determining directors
independence (criteria for board membership) and the policy on remuneration of director,
key managerial personnel and senior management personnel are available on the website of
the Company at
"https://genuspower.com/investor-category/corporate-
governance/". The salient features of the policies are attached as 'Annexure-H &
I' respectively. For further details relating to directors, please refer to the corporate
governance report, which forms part of this report.
BOARD EVALUATION
The board has carried out an annual evaluation of its own performance
as well as performance of its committees and individual directors, including chairperson,
and managing directors pursuant to the provisions of the Act and the Listing Regulations.
The board's performance was evaluated by the board after seeking inputs
from all the directors on the basis of criteria such as the board composition and
structure, effectiveness of board processes, information and functioning, etc.
The committees' performance was evaluated by the board after seeking
inputs from the committee members on the basis of criteria such as the composition of
committees, terms of reference of committee effectiveness of committee meetings, etc.
The chairperson's performance evolution was linked to both the
functioning of the board as a whole as well as the performance of each director.
Independent directors reviewed the performance of the chairperson of the Company after
seeking inputs from the executive directors and non-executive directors.
The performance evaluation of managing directors and executive
directors of the Company was done by all the directors (excluding the director being
evaluated).
The performance evaluation of independent directors was done by the
entire board (excluding the director being evaluated).
The evaluation was carried out through a structured questionnaire
prepared by the nomination and remuneration committee (NRC) separately for the board,
committees, chairperson, managing director and individual directors. The questionnaire and
evaluation process were reviewed in the context of amendments to the Listing Regulations
and the Act. 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.
The independent directors, at their separate meeting (without the
presence of non-independent directors and the members of management), reviewed &
assessed inter-alia, the performance of nonindependent directors and board as a whole and
the performance of the chairperson of the Company after taking into consideration the
views of executive and non-executive board members. The independent directors at their
separate meeting also assessed the quality, quantity and timeliness of flow of information
between the Company's management and the board that was necessary for the board to
effectively and reasonably perform their duties.
The NRC has also carried out evaluation of performance of every
director. The board was satisfied with the evaluation process carried out.
KEY MANAGERIAL PERSONNEL
In terms of the provisions of Section 2(51) and 203 of the Act, the
following personnel are key managerial personnel (KMP) of the
Company during the FY 2019-20:
Mr. Rajendra Kumar Agarwal, Managing Director & Chief
Executive Officer
Mr. Jitendra Kumar Agarwal, Joint Managing Director
Mr. Nathulal Nama, Chief Financial Officer
Mr. Ankit Jhanjhari, Company Secretary MEETINGS OF THE BOARD
In the FY 2019-20, (six) 6 meetings of the board were held. For further
details thereof, kindly refer to the corporate governance report, which forms part of this
report.
COMMITTEES OF THE BOARD
The Company has the following committees of the board:
(a) Audit Committee
(b) Nomination and Remuneration Committee
(c) Stakeholders' Relationship Committee
(d) Risk Management Committee
(e) Corporate Social Responsibility Committee
(f) Finance Committee
(g) Sales Committee
The details of the compositions, powers, roles, terms of reference,
etc. of the said committees are provided in the corporate governance report, which forms
part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Act, the directors
confirm that:
(a) in the preparation of the annual accounts for the year ended March
31, 2020, the applicable accounting standards read with requirements set out under
Schedule III to the Act have been followed and there are no material departures from the
same;
(b) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31, 2020
and of the profit of the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
(d) the Directors have prepared the annual accounts on a going concern
basis;
(e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and are
operating effectively; and
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are adequate and operating
effectively.
AUDITORS AND AUDITORS' REPORT Statutory Auditors
M/s. S.R. BatLiboi & Associates LLP, Chartered Accountants (Firm
Registration No. 101049W/E300004) were appointed as joint statutory auditors of the
Company at the annual general meeting held on September 06, 2019 for the second term of 5
consecutive years i.e. to hold office till the conclusion of the 32nd AGM of the Company
to be held in 2024. M/s. Kapoor Patni & Associates, Chartered Accountants, (Firm
Registration No. 019927C) were appointed as joint statutory auditors of the Company at the
annuaL generaL meeting heLd on September 06, 2019 for the first term of 5 consecutive
years i.e. to hold office till the conclusion of the 32nd AGM of the Company to be held in
2024. The Auditors have confirmed that they are not disqualified from continuing as
Auditors of the Company.
The notes on financial statement referred to in the auditors' report
are self-explanatory and do not call for any further comments. The auditors' report does
not contain any qualification, reservation, adverse remark or disclaimer.
Cost Auditors and Cost Audit Report
Pursuant to the provisions of Section 148(1) of the Act read with rules
framed thereunder, the Company is required to maintain the cost records as specified and
accordingly such accounts and records are made and maintained by the Company.
In terms of the provisions of Section 148 of the Act read with the
Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the board,
based on the recommendation of the audit committee, has appointed M/s. K. G. Goyal &
Associates, Cost Accountants, as cost auditor of the Company for conducting the cost audit
for the financial year ended on March 31,2021, on a remuneration as mentioned in the
Notice of 28th annuaL generaL meeting. A certificate from M/s. K. G. Goyal &
Associates, Cost Accountants, has been received to the effect that their appointment as
cost auditor of the Company, if made, would be in accordance with the limits specified
under Section 141 of the Act and Rules framed thereunder. A resolution seeking
shareholder's ratification for the remuneration payable to the Cost Auditor forms part of
the Notice of 28th annuaL generaL meeting and the same is recommended for your
consideration and ratification.
The cost audit report for the FY 2018-19, issued by M/s. K. G. Goyal
& Associates, Cost Auditors, was filed with the ministry of corporate affairs (MCA) on
October 01,2019 within the stipulated due date.
Secretarial Auditor and Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of ManageriaL PersonneL) RuLes, 2014, the secretarial audit
for the FY 2019-20 has been carried out by M/s. C.M. Bindal & Co., Practicing Company
Secretaries. The secretarial audit report submitted by them in the prescribed form (i.e.
MR-3) is attached as 'Annexure-J' and forms part of this report. There are no
qualifications or observations or adverse remarks or disclaimer of the secretarial
auditors in the report issued by them for the FY 2019-20, which call for any explanation
from the board.
Secretarial Compliance Report
Pursuant to Regulation 24A of the Listing Regulations read with SEBI
Circular No. CIR/CFD/CMD/27/2019 dated February 08, 2019, the annual secretarial
compliance report issued by the practicing company secretary for the financial year
2019-20 is attached as 'Annexure-K'.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Pursuant to the provisions of Section 134 of the Act read with Rule
8(3) of the Companies (Accounts) Rules, 2014, the details of conservation of energy,
technology absorption, foreign exchange earnings and outgo are attached as 'Annexure-L' to
this report and forms part of this report.
PARTICULARS OF EMPLOYEES AND OTHER RELATED DISCLOSURES
The disclosure as required under the provisions of Section 197 of the
Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon
request. In terms of first proviso to Section 136(1) of the Act, the annual report
excluding the aforesaid information is being sent to the shareholders and others entitled
thereto. The said information is available for inspection by the shareholders at the
registered office of the Company during business hours on working days of the Company up
to the date of ensuing annual general meeting. Any shareholder interested in obtaining a
copy thereof, may also write to the company secretary of the Company.
BUSINESS RESPONSIBILITY REPORT
As stipulated under the Listing Regulations, the business
responsibility report describing the initiatives taken by the Company from environmentaL,
sociaL and governance perspective is attached as 'Annexure-M' to this report and is aLso
avaiLabLe on the Company's website www.genuspower.com.
CEO AND CFO CERTIFICATION
The Managing Director & CEO and the Chief Financial Officer of the
Company give annual certification on financial reporting and internal controls to the
board in terms of Regulation 17(8) of the Listing Regulations, copy of which is attached
as 'Annexure-N' to this report. The said annuaL certificate was pLaced before the board at
its meeting held on June 10, 2020. The Managing Director & CEO and the Chief FinanciaL
Officer of the Company aLso give quarterLy certification on financiaL resuLts whiLe
pLacing the financiaL resuLts before the board in terms of Regulation 33(2) of the Listing
Regulations.
OTHER DISCLOSURES
Your Directors state that during the FY 2019-20,
(a) the Company has not received any significant or material orders
passed by any regulatory authority, court or tribunal which shall impact the going concern
status and Company's operations in future.
(b) the Company has put in place a defined policy in line with the
requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition
and Redressal) Act, 2013. The said policy covers all employees with no discrimination
between individuals at any point on the basis of race, colour, gender,
religion, political opinion, social origin, sexual harassment or age.
The Company has also complied with provisions relating to the
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has an internal
committee (which includes a woman member) to monitor the behavior of all employees and to
redress complaints, if any. Further, the Company has not received any complaint regarding
sexual harassment in terms of the provisions of the 'Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013'.
(c) neither the managing directors nor the whole-time directors of the
Company receive any remuneration or commission from any of its subsidiary/associate/joint
venture.
(d) the statutory auditors or cost auditors or secretarial auditors of
the Company have not reported any frauds to the audit committee or to the board under the
provisions of Section 143(12) of the Act, including rules made thereunder.
(e) the Company maintained healthy, cordial and harmonious industrial
relations at all levels.
(f) the Company has followed the applicable secretarial standards
issued by the Institute of Company Secretaries of India.
(g) there is no corporate insolvency resolution process initiated under
the Insolvency and Bankruptcy Code, 2016.
ACKNOWLEDGEMENTS
The Directors thanks the Government of India, the State Governments,
SEBI, BSE, NSE, Bankers, Depositories, Tax Authorities, RBI, MCA, Ministry of Power,
Ministry of Finance, State Electricity Boards, and Power Utilities for their co-operation.
The Directors also thanks the Company's shareholders, investors,
vendors, dealers and business associates for their continued support and faith reposed in
the Company.
The Directors appreciate and value the contribution made by every
member of the Genus family.
The Directors regret the loss of life due to Covid-19 pandemic and are
deeply grateful and have immense respect for every person who risked their life and safety
to fight this pandemic.
For and on behalf of the Board of Directors
Ishwar Chand Agarwal
Chairman DIN: 00011152 Jaipur, July 29, 2020
Annual Report on Corporate Social Responsibility (CSR)
[Pursuant to Rules 8 & 9 of Companies (Corporate Social
Responsibility Policy) Rules, 2014]
(1) A brief outline of the Company's CSR policy, including overview of
projects or programs proposed to be undertaken and a reference to the web-link to the CSR
policy and projects or programs:
Genus's CSR Policy:
Following the idea of "SERVING SOCIETY THROUGH INDUSTRY"
since inception, Genus Power Infrastructures Limited (hereafter referred to as
"Genus" or "Company" in this document) is committed towards people and
society at large for bringing positive changes to the lives of mankind. Genus understands
its moral, social and business responsibility to protect, preserve & nurture human
values and also to promote socio-economic welfare. Genus certainly believes in sharing the
profits not only with its members but also with the society around it. Genus always gives
preference to the local areas where it operates, for spending the amount earmarked for
Corporate Social Responsibility activities.
Genus CSR vision entails -
To promote employability through technical education for
vulnerable sections of society by pulsating partnerships with the government, NGO's,
Trusts and other organizations.
To eradicate hunger and poverty by providing equipments /
systems to poor and unemployed people to make them selfemployed and thereby bring them
into the mainstream of the society.
To promote environmental sustainability and ecological balance
by supporting the mission of green initiative through proactively involvement in tree
plantation.
To promote healthcare by providing financial and manpower
assistance to various healthcare programs and institutions.
To promote animal welfare by providing financial assistance for
construction and maintenance of Gaushala for gau-sewa, specially taking care of injured
and medically challenged cows, bulls & calves.
Taking the above vision, the Company has formulated its corporate
social responsibility policy (CSR policy), which describes the activities to be undertaken
by the Company in line with the activities specified in Schedule VII of the Companies Act,
2013. The board has also approved the Company's CSR policy.
The objectives of this policy are to -
active involvement in the social and economic development of the
society, in which we operate.
share profits with the society around us through responsible
business practices and good governance.
bring positive changes to the lives of mankind.
Focus Areas:
Animal welfare
Promoting education
Promoting healthcare
Protection of national heritage, art and culture
Rural development projects
Eradicating hunger and poverty
Environmental sustainability and ecological balance
The projects undertaken are within the broad framework of Schedule VII
of the Companies Act, 2013. Details of the CSR policy and projects or programs undertaken
by the Company are available on links given below:
Web-Link to the CSR Policy: "https://genuspower.com/investor-
category/corporate-governance/"
Projects or programs undertaken by the Company:
"https://genuspower.com/about-us/csr/".
(2) Composition of the CSR committee:
The composition of the CSR Committee of the Company is as follows:
Name of the Member |
Position |
Category |
Mr. Ishwar Chand Agarwal |
Chairman |
Executive Chairman |
Mr. Rajendra Kumar Agarwal |
Member |
Managing Director & CEO |
Mr. Jitendra Kumar Agarwal |
Member |
Joint Managing Director |
Mr. Dharam Chand Agarwal |
Member |
Independent, Non Executive Director |
(3) Average net profit of the company for last three
financial years |
: Rs. 7533.65 lakhs |
(4) Prescribed CSR expenditure (Two percent of the amount
as in item 3 above) |
: Rs. 150.67 lakhs |
(5) Details of CSR spend for the financial year: |
|
a) Total amount spent for the financial year |
: Rs. 249.05 lakhs |
b) Amount unspent if any |
: Nil |
c) Manner in which the amount spent during the financial
year: |
|
s. No. CSR project or Activity Identified |
Sector in which the project is covered
(clause no. of Schedule VII to the Companies Act, 2013, as amended) |
Project of Program (1) Local Area
or Other (2) Specify the State and district where projects or
programs was undertaken |
Amount Outlay (Budget) Project
or Program wise (Rsin Lakhs) |
Amount spent on the Projects or Programs
Sub Heads: (1) Direct Expenditure on Projects or Programs (2) Overheads
(Rs in Lakhs) |
Cumulative Expenditure upto the reporting
period i.e. FY 2019-20 (Rs in Lakhs) |
Amount Spent: Direct or through
Implementing Agency |
1 Contribution for mid-day meals to school
children. |
Clause No.1: Eradicating hunger and
poverty and malnutrition, promoting health care including preventive health care |
(1) Other (2) Kota, Rajasthan |
1.00 |
1.00 |
1.00 |
Through implementing agency |
|
|
(1) Other (2) Bangalore |
0.11 |
0.11 |
0.11 |
Through implementing agency |
Contribution for the social welfare and health care
activities. |
|
(1) Local area (2) Jaipur,
Rajasthan |
1.00 |
1.00 |
1.00 |
Through implementing agency |
Contribution to promote preventive health care through
yoga and meditation. |
|
(1) Mathura, UP (2) Banglore |
50.00 |
50.00 |
50.00 |
Through implementing agency |
Contribution for providing subsidised treatment to needy
people as to serve the people with drugless therapies like yoga, physiotherapy,
acupuncture, diet, hydrotherapy, etc. |
|
(1) Local area (2) Jaipur,
Rajasthan |
10.00 |
10.00 |
10.00 |
Through implementing agency |
Contribution for distribution of foods to poor and needy
people. |
|
(1) Local area (2) Jaipur,
Rajasthan |
2.00 |
2.00 |
2.00 |
Through implementing agency |
Spending of CSR funds for Covid-19 related activities such
as distribution of hand sanitizer, face mask and gloves, and sanitization of premises,
automation, etc. |
|
(1) Local area (2) Jaipur,
Rajasthan |
0.13 |
0.13 |
0.13 |
Direct |
2 Contribution to promote education through scheme
namely "Shiksha Ki Unchi Udaan" as a weeklong Student Development Program in
Churu, Rajasthan. |
Clause No.2: Promoting education |
(1) Other (2) Churu, Rajasthan |
50.00 |
50.00 |
50.00 |
Through implementing agency |
Payment of school and college fees of poor and needy
students in local area. |
|
(1) Local area (2) Jaipur,
Rajasthan |
0.75 |
0.75 |
0.75 |
Direct |
Contribution for promoting education including special
education and employment enhancing vocation skills. |
|
(1) Other (2) Rajaldesar,
Rajasthan |
5.00 |
5.00 |
5.00 |
Through implementing agency |
Contribution toward payment of stipend to Interns with an
aim to promote education including special education and employment enhancing vocation
skills and livelihood enhancement projects. |
|
(1) Local area (2) Jaipur,
Rajasthan |
4.25 |
4.25 |
4.25 |
Direct |
Contribution to promote education through scheme namely
'Prime Minister's Fellowship For Doctoral Research'. |
|
(1) Local area (2) Jaipur,
Rajasthan |
4.83 |
4.83 |
4.83 |
Through implementing agency |
Contribution for starting/running of Ekal Vidyalaya for
providing of Ekal education caters spreading awareness on health and hygiene, empowerment,
rural skills, organic farming and ethical and moral values to tribals and other deprived
children in rural Area. |
|
(1) Local area (2) Jaipur,
Rajasthan |
22.00 |
22.00 |
22.00 |
Through implementing agency |
Contribution for employment opportunities, encouraging
women entrepreneurs, encourage entrepreneurship with self employment, promoting equitable
development, maintain a sustained growth in productivity with quality at competitiveness,
encourage setting up of Micro & Small industry for utilization of available natural
resources etc. |
|
(1) Local area (2) Jaipur,
Rajasthan |
21.00 |
21.00 |
21.00 |
Through implementing agency |
Contribution for providing technical education to needy
youth and other deprived classes of the society in order to develop skilled, dynamic and
market- ready talent for the world at large and not just for domestic needs. |
|
(1) Other (2) Churu, Rajasthan |
5.00 |
5.00 |
5.00 |
Through implementing agency |
3 Contribution for Cow Protection Activities/programme,
wherein cows are sheltered in barns (goshala), fed healthy staple and taken care of. |
Clause No.4: Animal welfare |
(1) Other (2) Churu, Rajasthan |
14.12 |
14.12 |
14.12 |
Through implementing agency |
Contribution for bird protection and feeding activities,
wherein birds are fed and taken care of. |
|
(1) Local area (2) Jaipur,
Rajasthan |
0.50 |
0.50 |
0.50 |
Through implementing agency |
4 Contribution to restore and renovate the Cultural
Community Hall in the ISKCON Glory of Rajasthan Cultural Centre, ISKCON, Jaipur Branch |
Clause No.5: Protection of national
heritage, art and culture |
(1) Local area (2) Jaipur,
Rajasthan |
23.00 |
23.00 |
23.00 |
Through implementing agency |
5 Contribution for disaster management, including
relief and rehabilitation activities. |
Clause No. 12: Disaster management
including relief, rehabilitation and reconstruction activities. |
(1) Local area (2) Jaipur,
Rajasthan |
5.00 |
5.00 |
5.00 |
Through implementing agency |
Sub-total |
|
|
237.19 |
237.19 |
237.19 |
|
Overheads for various CSR initiatives |
|
|
|
11.86 |
|
|
Total CSR Spend |
|
|
|
249.05 |
|
|
(6) In case the company has failed to spend the two per cent of the
average net profit of the last three financial years or any part thereof, the company
shall provide the reasons for not spending the amount in its Board report:
Not Applicable. (The amount, which remained unspent in respect of
previous years, if any, has been added to the CSR budget for the FY 2020-21 and committed
to spend the entire amount on CSR activities within the ambit of statutory requirements).
(7) Responsibility Statement
The responsibility statement of the CSR committee of the board is
reproduced below:
"The implementation and monitoring of corporate social
responsibility policy, is in compliance with CSR objectives and policy of the
Company."
Ishwar Chand Agarwal |
Rajendra Kumar Agarwal |
Chairman, CSR Committee |
Managing Director & CEO |
DIN: 00011152 |
DIN: 00011127 |
Jaipur, July 29, 2020 |
|