To
The Members,
Your Directors have pleasure in presenting their 61st Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31, 2023.
1. Financial highlights of the Company
(Rs. in Crores)
Sr. Particulars |
|
Standalone |
Consolidated |
No. |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
1 Gross Sales |
11298.03 |
8997.78 |
11368.69 |
9084.79 |
2 Other Income |
146.48 |
180.35 |
148.85 |
181.11 |
3 Total Revenue |
11444.51 |
9178.13 |
11517.54 |
9265.90 |
4 Less : Operating Expenses |
9680.57 |
7685.44 |
9780.81 |
7763.73 |
5 Operating Profit |
1763.94 |
1492.69 |
1736.73 |
1502.17 |
6 Less : Finance Cost |
14.89 |
9.63 |
15.03 |
9.77 |
7 Gross Profit |
1749.05 |
1483.07 |
1721.70 |
1,492.40 |
8 Less : Depreciation |
181.51 |
178.18 |
182.02 |
178.8 |
9 Exceptional Item |
0 |
0 |
0 |
0 |
10 Profit before Taxes |
1567.54 |
1304.89 |
1539.68 |
1313.61 |
11 Shares in Profit/(Loss) of Associates |
0 |
0 |
3 |
1.6 |
12 Profit before taxes after Associates |
1567.54 |
1304.89 |
1542.68 |
1315.21 |
13 Taxation |
|
|
|
|
Current Tax |
410.34 |
328.94 |
412.66 |
331.70 |
Deferred Tax (net) |
-115.68 |
79.57 |
-115.68 |
79.45 |
Mat Credit recognized |
0 |
0 |
0 |
0 |
Earlier year tax |
-20.2 |
5.48 |
-20.2 |
5.48 |
14 Profit after taxes |
1293.08 |
890.90 |
1265.92 |
898.58 |
15 Non-controlling Interest |
0 |
0 |
0.03 |
-0.03 |
16 Other comprehensive income arising from |
|
|
|
|
re-measurement of defined benefit plan |
16.96 |
13.31 |
16.97 |
13.07 |
17 Balance brought forward from last year |
683.85 |
357.30 |
775.38 |
441.35 |
18 Amount available for appropriations |
1,993.89 |
1,261.52 |
2,058.24 |
1,353.03 |
19 Payment of Dividend |
|
|
|
|
- Dividend |
99.62 |
87.67 |
99.62 |
87.67 |
20 Transfer to General Reserve |
490.00 |
490.00 |
490.00 |
490.00 |
21 Leaving a balance in the Profit & Loss Account |
1,404.27 |
683.85 |
1468.62 |
775.38 |
2. Dividend:
Your Directors are happy to recommend a dividend @ 500%, i.e. Rs. 10/- per Equity Share
(Face value of Rs. 2/-each) on 39,84,77,530 shares (Previous Year - 125%, i.e. Rs. 2.50
per share on 39,84,77,530 Equity Shares of
Rs. 2/- each) for the financial year ended 31st March, 2023. The net outgo
on account of Dividend shall be Rs. 398.48 Crores. The Dividend shall be paid to those
members, whose names shall appear on the Register of Members of the Company on the Book
Closure Date i.e. on 08/09/2023.
3. Brief description of the Company's working during the year/ State of
Company's affairs:
Your directors wish to report that your Company has achieved turnover of Rs. 11,298
Crores for the year ended 31st March 2023 as against Rs. 8,998 Crores (FY
21-22) on Standalone basis, which is higher by Rs. 2300 Crores when compared to previous
Financial Year.
Similarly, for the year under review (FY 22-23), Profit Before Tax (PBT) was Rs. 1568
Crores and Net Profit (Profit After Tax) was Rs. 1293 Crores as against PBT of Rs. 1305
Crores and Net Profit of Rs. 891 Crores for the previous Financial Year.
4. Material changes and commitments:
The Company has not made any material changes or commitments which affect the financial
position of the Company during the financial year of the Company to which the financial
statements relate and as on the date of signing of this report.
5. Details of significant and material orders passed by the regulators or courts
or tribunals impacting the going concern status and Company's operations in future:
There are no such orders except those which have been appropriately challenged before
the judiciary and no impact on going concern status and Company's operation in future of
such matters are expected or visualized at the current stage at which they are.
6. Details in respect of adequacy of internal financial controls with reference
to the Financial Statements:
Your Company has an internal Control System which commensurate with the size, scale and
complexity of its operations. The scope and authority of the Internal Audit function lies
with the Audit Committee of Directors. The Audit Committee monitors and evaluates the
efficacy and adequacy of internal control systems, accounting procedures and policies.
Based on the report of Internal Auditors, significant audit observations and actions taken
on such observations are presented to the Audit Committee of the Board.
7. Details of Subsidiary/Joint Ventures/Associate Companies:
During the year under review, Companies listed below are the Subsidiary Company or
Associate Companies:
Subsidiary Companies |
GSFC Agrotech Limited* |
|
Gujarat Port and Logistics Company Limited** |
|
Vadodara JalSanchay Private Limited*** |
Associate Companies |
Vadodara Enviro Channel Limited |
|
Gujarat Green Revolution Company Limited |
|
Gujarat Data Electronics Limited |
|
Karnalyte Resources INC |
The Company does not have any material subsidiary in terms of Company's Act, 2013 read
with SEBI (Listing Obligation & Disclosure Requirement) Regulations.
*GSFC Agrotech Limited was incorporated on 02/04/2012 as a wholly owned subsidiary
company of Gujarat State Fertilizers & Chemicals Limited.A report on the performance
and financial position of each of the subsidiaries, associates and joint venture companies
as per the Companies Act, 2013 is provided at Annexure - A to the Consolidated Financial
Statement and hence not reproduced here for the sake of brevity.
**Gujarat Port and Logistics Company Limited was incorporated on 03/02/2020 as a Joint
Venture Company by Gujarat State Fertilizers & Chemicals Limited and Gujarat Maritime
Board with proposed investment in the ratio of 60:40 respectively. A report on the
performance and financial position of each of the subsidiaries, associates and joint
venture companies as per the Companies Act, 2013 is provided at Annexure - A to the
Consolidated Financial Statement and hence not reproduced here for the sake of brevity.
***Vadodara Jal Sanchay Private Limited was incorporated on 22/07/2020 as a joint
venture company by Gujarat State Fertilizers & Chemicals Limited, Gujarat Alkalies and
Chemicals Limited, Gujarat Industries Power Company Limited and Vadodara Municipal
Corporation with investment in the ratio of 60:15:15:10 respectively. A report on the
performance and financial position of each of the subsidiaries, associates and joint
venture companies as per the Companies Act, 2013 is provided at Annexure - A to the
Consolidated Financial Statement and hence not reproduced here for the sake of brevity.
8. Listing of Shares & Depositories:
The Equity Shares of your Company are listed on the BSE Limited (BSE) and National
Stock Exchange of India Ltd. (NSE). As approved by the shareholders Equity Shares have
been delisted from Calcutta Stock Exchange Association Ltd., Kolkata. The listing fee for
the FY 23-24 has been paid timely to both the BSE and NSE.
Your Directors wish to state that the Equity Shares of your Company are compulsorily
traded in dematerialized form w.e.f. 26/06/2000. Presently, 98.30% of shares are held in
electronic/ dematerialized form.
9. Report on Corporate Governance And Management Discussion And Analysis Report
To Shareholders:
Your Company has complied with all the mandatory requirements of Corporate Governance
norms as mandated by SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015.
A separate report on Corporate Governance together with the Certificate of M/s. Samdani
Kabra & Associates, Company Secretaries, Vadodara forms part of this Annual Report.
The Management Discussion & Analysis report also forms part of this Annual Report.
10. Business Responsibility and Sustainability Report:
Business Responsibility and Sustainability Report forms part of this Annual Report as
required under Regulation 34(2) (f) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
11. Fixed Deposits
During the year 2022-23, your Company has not accepted/ renewed any Fixed Deposit. Your
Directors wish to report that there are NIL Fixed Deposits aggregating Rs. NIL which
have remained unclaimed by Depositors, as on 31st March, 2023. Letters
reminding them to seek repayment have been sent. Upto and including the date of this
report, Nil deposits have been repaid.
During the year, the Company has transferred nil amount to unclaimed deposits and
interest amount thereon to the Investors' Education and Protection Fund (IEPF) as required
in terms of Section 125 of the Companies Act, 2013. The Company has discontinued accepting
new deposits since 15.11.2005, and renewing the deposits since 31.03.2009.
12. Insurance:
All the properties and insurable interests of the Company, including the buildings,
plant & machinery and stocks have been adequately insured. Also, as required under the
Public Liability Insurance Act, 1991, your Company has taken the appropriate insurance
cover.
13. Expansion & Diversification
Your Directors are happy to share the status of various projects that are under
execution/executed as below:
100 MTPD Gypsum Granulation Plant:-
Considering increased use of Gypsum granules as a soil conditioner and the cost
advantage over Gypsum powder, your company has successfully commissioned 100 MTPD Gypsum
Granulation Plant at Vadodara unit on LSTK basis in November, 2022.
400 MTPD Ammonium Sulphate Plant at Vadodara Unit:-
To capture growing market of Ammonium Sulphate, your company is setting up 400 MTPD
Ammonium Sulphate Plant at Vadodara Unit. Based on experience of Ammonium Sulphate
production over the years, your company will execute the Project without involving
technology supplier and by utilising In-house expertise and available resources. The
Project is under execution stage and expected Commissioning date is December, 2023.
20 MTPD HX Crystal Project:-
Considering present demand-supply gap and as an import substitute, your company is
expanding production capacity of HX crystals plant at Vadodara unit for further value
addition. Your company will execute the Project based on In-house technology and by
utilising available resources.
Relocation of 07 nos. Wind mills to facilitate operation of Rajkot International
Airport:-
To facilitate the operation of Rajkot International Airport, your Company is relocating
07 nos. of wind mills from Mahidad, Rajkot site by engaging M/s Suzlon as LSTK Contractor.
Project is under execution stage and expected dated of commissioning of these wind mills
at new location is December, 2023.
15 MW Solar Power Project at Charanka:-
To make use of green energy & meet Renewable Purchase Obligation (RPO) requirement,
your company is setting up 15 MW ground mounted solar power plant at Charanka, Gujarat.
Your company has awarded the work to EPC contractor and Project activities are under
progress.
Urea Plant Revamping Project:-
To reduce the energy consumption of existing Urea Plants and improve the plant
reliability considering vintage plant, your company is carrying out revamping of Urea-II
Plant. M/s Casale SA, Switzerland is selected as Technology supplier while M/s Larson
& Toubro Limited is selected as EPC contractor. The Project is under execution stage
and expected Commissioning date is February, 2025.
600 MTPD Sulphuric Acid Plant at Vadodara Unit:-
Based on Sulphuric Acid & Steam balance of the complex, your Company is setting up
600 MTPD Sulphuric Acid
Plant on LSTK basis at Vadodara Unit. M/s ISGEC Heavy Engineering Limited is selected
as LSTK Contractor with M/s DMCC technology. The Project is under execution stage and
expected Commissioning date is November, 2024.
600 MTPD Phosphoric Acid Plant and 1800 MTPD Sulphuric Acid Plant at Sikka Unit:-
As a part of backward integration, your Company is considering to install 600 MTPD
Phosphoric Acid Plant and 1800 MTPD Sulphuric Acid Plant at Sikka Unit. M/s TECI, Tunisia
is selected as Technology supplier for Phosphoric Acid Plant while M/s Chemetics, Canada
is selected as Technology supplier for Sulphuric Acid Plant. Basic
Engineering activities are under progress by technology suppliers.
Roof top Solar Power Project at Vadodara and Sikka Unit:-
To enhance green energy portfolio, your Company is considering to set up roof top solar
plant at Vadodara Unit and floating roof & roof top solar plant at Sikka unit on EPC
basis. Company has received commercial offers from EPC contractors and same are under
evaluation.
Green Hydrogen Project at Vadodara Unit:-
As a part of green initiative of Government of India, your company is evaluating
setting up of a Green Hydrogen Project at Vadodara Unit on LSTK basis.Company has received
technical offers from LSTK contractors which are under evaluation.
40,000 MTPA Melamine-IV Project at Vadodara Unit:-
After successful commissioning and operation of 40,000 MTPA Melamine-III Project at
Vadodara Unit, your Company is considering to set up 40,000 MTPA Melamine-IV Project at
existing location of Melamine-I Plant at Vadodara unit. Company has received technical
offer from technology supplier and same is under evaluation.
Revival of Polymer Unit (PU):-
Company is in process of identifying Projects for growth which may be undertaken on
standalone basis or under a JV. In order to assess the potential of the shortlisted
products, company is in process of carrying out Market Survey.
Revival of Fiber Unit (FU):-
Company has identified various options for revival of Fiber Unit and same are under
evaluation.
Development of Dahej Complex: -
Company has prepared a business plan for development of Dahej Complex by engaging
consultant. Company is in process of carrying out Detailed Project report for the
identified products in business plan.
14. Information regarding conservation of energy, technology absorption, foreign
exchange earnings and outgo and particulars of employees etc.
Information as required under Section 134 (3) (m) of Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014 are enclosed in Annexure "C" forming part of
this report.
The details relating to Section 197 (12) of the Companies Act, 2013 read with Rule 5
(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
have been disclosed in point # 5 of Corporate Governance Report.
15. Corporate Social Responsibility (CSR)
The Company has constituted a Corporate Social Responsibility (CSR) Committee in
accordance with Section 135 of the Companies Act, 2013. As a part of its initiatives under
"Corporate Social Responsibility", the Company has undertaken projects in the
areas of education, livelihood, health, water and sanitation. The Annual Report on CSR
activities is enclosed as Annexure A. CSR Policy adopted by the Company is placed on the
Company's website at https://www.gsfclimited.com/social_commitment.asp?mnuid=1&fid=15
16. Directors
A) Changes in Directors and Key Managerial Personnel:
Shri Raj Kumar, IAS has been appointed as Chairman w. e. f. 21.02.2023 in place of Shri
Pankaj Kumar, IAS (till 01.02.2023).
Shri J. P. Gupta, IAS shall be liable to retire by rotation at the ensuing Annual
General meeting and has offered himself for re-appointment.
Government of Gujarat had nominated Shri Mukesh Puri as Managing Director of the
Company effective from 06/12/2020. As per the Government of Gujarat Order dated
05/12/2020, he was the Additional Chief Secretary, Urban Development & Urban Housing
Department, Government of Gujarat and was holding additional charge as Managing Director
GSFC Limited for the period effective from 06/12/2020.
Accordingly the members at 60th Annual General Meeting approved the
appointment of Shri Mukesh Puri, IAS as Managing Director of the Company. The members at
the said 60th AGM further authorized the Board of Directors to approve the
remuneration, perquisites or terms and conditions for his appointment, as per the
communication that may be received from the Government from time to time.
Thereafter, Shri Mukesh Puri, IAS was relieved from the charge as Additional Chief
Secretary, Urban Development & Urban Housing Department and his services were placed
by the Government to hold full time charge as Managing Director GSFC Limited vide
GoG Notification dated 24/12/2021. Hence, he was appointed as Managing Director in the
category of Executive Director with effect from 24/12/2021.
Government of Gujarat, vide its resolution # GSF/1098/1620/ E dated 20/01/2022 advised
the terms and conditions for his appointment holding full time charge as Managing Director
GSFC Limited during his tenure for holding full charge as Managing Director
GSFC Limited.
The terms and conditions issued by the Government of Gujarat for the period of his
appointment in the category of Executive Director was approved by the shareholders at 60th
Annual General Meeting for a period from 24/12/2021 to 03/03/2022.
Thereafter, vide GoG Notification dated 03/03/2022; he was again given charge as
Additional Chief Secretary to Agriculture, Farmers Welfare and Co-operation Department,
Government of Gujarat and was appointed to hold the additional charge as Managing Director
GSFC Limited. Hence, the category again was changed from executive director to
non-executive director.
Further, vide GoG Notification dated 31/03/2023, he was transferred from Agriculture,
Farmers Welfare and Co-operation Department, Government of Gujarat and was appointed as
Additional Chief Secretary to Home Department, Government of Gujarat and continued to hold
the additional charge as Managing Director GSFC Limited
Smt. Mamta Verma, IAS has been appointed w.e.f.01.07.2021as a rotational director in
place of Smt. Sunaina Tomer, IAS (till 14.06.2021) and Shri J. P. Gupta, IAS has been
appointed w.e.f. 14.12.2021 as rotational director in place of Shri Pankaj Joshi, IAS,
(till 01.11.2021).
Shri Tapan Ray, Smt. Gauri Kumar, Prof. Ravindra Dholakia and Dr. Sudhir Kumar Jain,
independent directors have submitted declarations that they meet the criteria of
Independence as provided under section 149 (6) of the Companies Act, 2013 read with Rule 6
of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, the
names of all the Independent Directors of the Company have been included in the data bank
maintained by the Indian Institute of Corporate Affairs.
The brief resume of Directors with regard to appointment/ re-appointment at 61st Annual
General Meeting is annexed to the Notice convening the 61stAnnual General
Meeting, which forms the integral part of this Annual Report.
Shri Vishvesh Vachhrajani, Company Secretary & Compliance Officer of the Company
has tendered his resignation w.e.f. 10/02/2023 and hence ceases to be the Key Managerial
Personnel of the Company. Smt.
Nidhi Pillai has been appointed as Company Secretary & Compliance Officer as well
as Key Managerial Personnel of the Company.
A Certificate has been obtained from the Company Secretary in practice, confirming that
none of the directors on the Board of Directors of the Company have been debarred or
disqualified from being appointed or continuing as director of Companies by the Securities
and Exchange Board of India, Ministry of Corporate Affairs or any such other statutory
authorities. The Certificate of Shri Niraj Trivedi forms part of this report.
B) Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation
& Disclosure Requirement) Regulations, 2015, the Board has carried out the annual
performance evaluation of its own performance, the Directors individually as well as the
evaluation of its committees. The manner in which the evaluation has been carried out is
explained in the Corporate Governance Report which forms the part of this Annual Report.
C) Appointment and Remuneration Policy:
The Board has, on the recommendation of the Nomination and Remuneration Committee,
framed a policy for selection and appointment of Directors, senior management and their
remuneration. The details of Remuneration Policy and its web link are contained in the
Corporate Governance Report.
D) Meetings:
During the year, six Meetings of the Board of Directors and five meetings of the Audit
Committee were held. The composition of Board and Committees along with details of
attendance is contained in Corporate Governance Report.
Dividend Distribution Policy: The Board of Directors of the Company at its Meeting held
on 26th May, 2017 has adopted "Dividend Distribution Policy" effective from 26th
May, 2017, which is available on the Company's Website at the link
https://www.gsfclimited.com/companys-act-listing-agreement.
As per the SEBI Listing Regulations, the said "Dividend Distribution Policy"
is also required to be disclosed in the Annual Report of the Company, which is annexed
herewith as Annexure D.
17. Details of establishment of vigil mechanism for Directors and Employees:
The Company has a Vigil Mechanism Policy in place to deal with instances, if any, of
the fraud, mismanagement, misappropriations, if any and the same is placed on the
Company's website. The details of the policy as well as its web link are contained in the
Corporate Governance Report.
Reporting of fraud by Auditors
During the year under review, the Statutory Auditors of the Company have not reported
any instance of fraud to the Board of Directors under Section 143 (12) of the Companies
Act, 2013, including rules made thereunder.
Disclosure as per Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
Your Company has 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 (as amended from time to time).
Secretarial Standards of ICSI
Your Company is in compliance with the Secretarial Standards on Meetings of the Board
of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company
Secretaries of India and approved by the Central Government.
18. Particulars of loans, guarantees or investments under section 186:
Particulars of loans given, investments made, guarantee given and securities provided
(if any) along with the purpose for which the loan or guarantee or security is proposed to
be utilized by the recipient are provided in the standalone financial statement.
19. Particulars of contracts or arrangements with related parties:
All Related party transactions were placed before the Audit Committee and also the
Board of Directors for approval. Prior omnibus approval of the Audit Committee is obtained
and a statement giving details of transactions, if any, shall be continued to be placed
before the Audit Committee meeting as mandated. The Company has developed a mechanism for
identification of related party transactions and the Company is also having the system of
monitoring of such transactions.
During the Financial Year, the transactions entered into by the Company with Related
Parties were in the ordinary course of business at arm's length price and/or within the
omnibus approval granted by the Audit Committee.
The Company has not entered into contracts / arrangements / transactions with Related
Parties which could be considered material in accordance with Section 188 of the Act read
with the Companies (Meetings of Board and its Powers) Rules, 2014 and the Policy of the
Company on Related Party Transactions. Since, all the contracts / arrangements /
transactions with Related Parties during the year were in the ordinary course of business
and/or the same were at arm's length as well as under the special omnibus approval route
and not being material transaction as defined under the Act / Rules, disclosure in Form
AOC-2 under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts)
Rules, 2014 is not required.
20. Managerial Remuneration:
Details as required pursuant to Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 are contained in Corporate Governance Report.
21. Risk management policy:
The details of such Committee and its terms of reference are set out in the Corporate
Governance Report forming part of the Board's Report.
22. Directors' Responsibility Statement:
Pursuant to Section 134 (3) (c) of the Companies Act, 2013, your Directors confirm
that:
a. In the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b. The Directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of
the profit and loss of the Company for that period;
c. The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d. The Directors had prepared the annual accounts on a going concern basis;
e. The Directors, in the case of a listed Company, had laid down internal financial
controls to be followed by the Company and that such internal financial controls are
adequate and were operating effectively; and
f. The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
23. Auditors:
(a) Statutory Auditors
On the recommendation of Audit Committee, the Board of Directors has recommended for
the appointment of M/s. Parkih Mehta & Associates, Vadodara, Chartered Accountants
(Firm Registration No. 112832W) as the Statutory Auditors for the first term of two
consecutive years i.e. to hold the office from the conclusion of 60th Annual
General Meeting till the conclusion of 62nd Annual General Meeting of the
Company to be held in the year 2024.
(b) Cost Auditors:
In terms of the Section 148 of the Companies Act, 2013 read with Companies (Cost
Records and Audit) Rules, 2014, the Company is required to maintain cost accounting
records and get them audited every year.
The Board of Directors of your Company, on the recommendations made by the Audit
Committee, has approved appointment of M/s Diwanji & Company, Cost Accountants,
Vadodara (Firm Registration Number 000339) as the Cost Auditors of your Company to conduct
the audit of cost records for the Financial Year 2023-24. The remuneration proposed to be
paid to the Cost Auditor is placed for your ratification at the ensuing 61st
Annual General Meeting. The Cost Audit report for the F.Y. 2022-23 was filed within
stipulated time.
(c) Internal Auditors:
Your Company has appointed M/s K C Mehta & Co, Chartered Accountants, Vadodara, as
Internal Auditors of Baroda & Sikka Unit for Financial Year i.e. 2023-24.
(d) Secretarial Auditors & Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company
has appointed M/s Niraj Trivedi, Practicing Company Secretary to undertake the Secretarial
Audit of the Company. The Report of the Secretarial Auditor is enclosed as Annexure B.
24. Auditors' Report:
There are no comments/ observations, reservations or adverse remarks in the Auditors
Report and Secretarial Audit Report and hence no clarifications need to be given on the
clean report.
25. Annual Return:
The Annual Return of 2021-22 in prescribed Form No. MGT-7, as required under Section
92(1) of the Companies Act, 2013 read with Rule 11 of the Companies (Management and
Administration) Rules, 2014 was filed and is placed on the Company's Website at
https://www.gsfclimited.com/companys-act-listing-agreement.
The same was filed with the Registrar of Companies, Gujarat (ROC) on Ministry of
Corporate Affairs (MCA) portal within prescribed time limit.
26. Human Resources:
Your Directors are happy to acknowledge that the well positioned human resource of the
Company have been key drivers in implementing ideas, polices, cultural and behavioral
aspects of the organization and ultimately with their outstanding performance has helped
the Company to realize its objectives. Your Directors are happy to place on record their
appreciation for highly potential, consistent and ethical employees for their remarkable
contribution to the Company.Industrial Relations have remained cordial during the period
under report.
27. Acknowledgements:
Your Directors place on record their appreciation for the overwhelming co-operation and
assistance received from the Government of Gujarat, Government of India, Bank of Baroda
and other Banks and agencies. Your Directors also wish to express their gratitude to the
investors for their continued support and faith reposed in the Company.