Dear Members,
The Directors of your Company have pleasure in presenting this 45th
Annual Report on the working of your Company together with the Audited Financial
Statements for the year ended March 31, 2023.
Dividend
FINANCIAL PERFORMANCE year
Particulars |
2022-23 |
2021-22 |
Total Income (Net) |
21594.84 |
12948.62 |
Total Operating Cost year 2022-23
amounts to |
19978.35 |
11822.90 |
Operational Profit |
1616.49 |
1125.72 |
Depreciation/Impairment |
212.12 |
183.55 |
Finance Cost |
223.86 |
125.89 |
Profit before exceptional items |
1180.51 |
816.28 |
Net Exceptional Items (income) |
(93.47) |
(127.63) |
/ Expense |
|
|
Profit before Tax |
1273.98 |
943.91 |
Provision for Tax (including |
306.83 |
239.55 |
deferred Tax liability/ Asset) |
|
|
Net Profit |
967.15 |
704.36 |
Retained Earnings year 2021-22 was |
|
|
Add / (less): Re-measurement |
(35.76) |
(9.19) |
of Defined year 2022-23 was |
|
|
Less: Dividend Paid (Previous |
226.19 |
172.68 |
Financial Year) |
|
|
Less: Balance Transferred to / |
705.20 |
522.49 |
(from ) General Reserve |
|
|
During the year, the major factors improving your Company's a.
Higher margins of Industrial products and Complex Fertilizers contributed to higher Urea
b. Better energy efficiencies margins. c. Reduction in interest rates as well as lower
working role capital requirement resulted in reduction in Finance costs.
MEMORANDUM OF UNDERSTANDING WITH GOVERNMENT OF INDIA
Your Company has been entering into a Memorandum of Understanding (MoU)
with the Ministry of Chemicals & Fertilizers, Government of India, setting the
performance parameters and targets every year. Your Company has secured "Very
Good" rating for the year 2021-22. The performance rating for 2022-23 MoU is yet to
be finalisedby the Government and the Company expects to achieve "Very Good"
ratings this year.
DIVIDEND
Although your Company has lined up a number of capex programmes which
will entail substantial expenditure, considering the consistent profits being made by the
Company and based on the Company's performance, your ofDirectors are pleased to
recommend a final 3.70 per equity share of 10/- each for the financial 2022-23. Your
Board had earlier approved payment of interim dividend of 1.60 per equity share of
10/- each for the financial 29, 2022 and same was paid on December 27, 2022. The total
dividend for the financial
5.30 per equity share (Previous year 3.85 per equity share), and
would involve a total cash outflow of 292.39 Crore consisting 88.27 crore as interim
dividend and 204.12 crore as final dividend ( 137.92 Crore in the previous
year). The final dividend pay-out is members at the ensuing Annual General Meeting.
APPROPRIATION TO GENERAL RESERVES
Your Company earned a net Profit after Tax of 967.15 Crore ( 704.36
Crore in the previous year). Re-measurement of defined benefit plans resulted in loss of
35.76 crore (previous year 9.19 crore). The dividend pay-out pertaining to financial
137.92 Crore ( 98.20 Crore pertaining to financialyear 2020-21) and interim dividend
pertaining to financial Plan 88.27 Crore ( 74.48 Crore pertaining to financial year
2021-22).The balance amount of 705.20 Crore ( 522.49 Crore in the previous year
2020-21) was transferred to General Reserves.
UPGRADATION OF NAVRATNA STATUS
Your Company has been accorded the NAVRATNA' CPSE status by
the Government of India on August 29, 2023 before tax are as under: which provides greater
autonomy and enhanced financial delegation to the Board of Directors. Your Company is the
first PSU in fertilizer sector to . be elevated to NAVRATNA Category. This recognition is
a testament to RCF team's (Past & present) dedication and commitment to the
chemicals & fertilizers Sector. With the coveted NAVRATNA status, your Company further
commits itself our towards playing a more decisive and significant country's growth
and prosperity.
AWARDS WON
As in the past, your Company has won many awards during the year
2022-23, some of which are as under:
Trombay Unit
"22nd Annual Greentech Environment Award 2022" for
outstanding achievements in "Environment Protection" category.
FICCI Award-2022 for Sustainability-Excellence in Safety in Chemical
Sector.
Greentech EHS Best Practice International Award 2023 under EHS best
Practices Category.
3rd prize in 17th state level Energy Conservation
Award (MEDA) in Industry General Category.
National Safety Council of India awards 2022 (Appreciation Certificate)
in recognition for good performance in OSH during 2019-2021.
Thal Unit
"Certificate of Merit" from NSC India in Safety Seminar
organized by NSC-India
Growcare Occupational Health and Safety Award 2022
Greentech Effective EHS Culture award
Merit Certificate in NSC I seminar
HWP Thal received 3rd Prize in NSC I seminar
Others:
Governance Now 9th Edition PSU Award in category
"Technology initiative in Vigilance in PSUs
OPERATIONAL RESULTS
Thal Unit
During the year, the unit produced 18.80 lakh MT of Urea compared to
18.59 lakh MT produced during the previous year. In terms of nutrients in the fertilisers,
the unit produced 8.65 lakh MT of N during the year, compared to 8.55 lakh MT during
previous year.
Trombay Unit
The Trombay Unit produced 3.16 lakh MT of Urea & 6.43 lakh MT of
Suphala 15:15:15 during the year compared to 3.26 lakh MT of Urea & 5.71 lakh MT of
Suphala 15:15:15 produced during the previous year. In terms of Nutrient values, the unit
produced 2.42 lakh MT of N, 0.96 lakh MT
O
of P
2 5
and 0.96 lakh MT of K2
O during the year
compared
O and 0.86 lakh
to 2.36 lakh MT of N, 0.86 lakh MT of P
2 5
MT of K2
O
respectively during the previous year.
INDUSTRIAL PRODUCTS
Your Company produces industrial chemicals at both its units. During
the year, your Company produced approx. 5.79 lakh MT of various major industrial chemical
products as against approx. 6.52 lakh MT during the previous year. Your Company produces,
amongst others, Ammonium Nitrate Melt, Ammonia, Ammonium Bicarbonate, Dilute Nitric Acid
58%, Conc. Nitric Acid 98%, Strong Nitric Acid, (72% & 68%), Methyl Amines (Mono, Di,
Tri), Sulphuric Acid, Argon, Nitrogen, Dimethyl Acetamide, Phosphoric Acid 27%, Sodium
Nitrate / Nitrite, Refrigerant Ammonia, Water, Methanol, Gypsum, Chalk etc.
MARKETING PERFORMANCE
FERTILIZER DIVISION
Your Company achieved sales volume of 33.14 lakh MT during the year
2022-23 as compared to 30.80 lakh MT during the previous year. Your Company sold 22.09
lakh MT of Urea, 6.10 lakh MT of Suphala 15:15:15, 0.05 Lakh MT of Suphala 10:26:26, 4.47
lakh MT of other bought out products i.e. DAP, MOP, Imp NPK etc. , 0.38 lakh MT of tie
products and 0.05 Lakh MT of value added products as compared to 22.08 lakh MT of Urea,
5.87 lakh MT of Suphala 15:15:15, 2.31 lakh MT of other bought out products i.e. DAP, MOP,
Imp. NPK etc. 0.49 lakh MT of tie products and 0.05 Lakh MT of value added products during
the previous year. The Total sale of manufactured fertilizers (Urea & NPK) during
2022-23 was 28.23 lakh MT as against 27.95 lakh MT during the previous year. Sales of
manufactured fertilizers registered growth of 1 % over previous year.
Your Company sold 4.47 LMT Imported fertilizers products i.e. DAP, MOP
and Imp NPK etc. as compared to 2.31 LMT during previous year. Sales of imported
fertilizers registered growth of 94 % over previous year.
The sale of Biola picked up momentum during the year. Biola sale
registered growth of 13 % touching 151 KL during the year as against 134 KL in the
previous year. The sale of manufactured water soluble fertilizers under the brand name
Sujala' touched 4247 MT during the year as against 5056 MT sold in the previous
year. Other products such as Microla, pH balancer, Silica and OGS also registered healthy
volumes during the year.
During the year, your Company has achieved the following milestones:
Highest ever sale of 33.14 LMT of fertilizers, which is an increase of 8 % over last year.
This is highest sale after 2015-16.
Sold 4.47 LMT of imported products, which is an increase of 94% over
last year.
Highest ever sale of 6.10 LMT of Indigenous 15:15:15. Highest ever sale
of 2.98 LMT of Imported DAP. Highest ever sale of 1.20 LMT of Imported 20:20:0:13. First
time the Company has sold PDM and PROM under tie-up and sold 8,764 MTs & 2,982 MTs
respectively.
Highest ever sale of 151 KL of Biola which is highest sold quantity in
last 10 years. Last year's sale was 134 KL
INDUSTRIAL PRODUCTS DIVISION
Industrial Products Division has achieved the highest ever sales
turnover of 3406.03 Crore as against 2424.73 Crore during the previous year. Your
Company has registered increase in sales of IPD products and better realisation due to
lower RLNG prices and resultant reduction in cost of production coupled with increasing
demand and focussed marketing strategies. Sales of Ammonium Nitrate Melt, Dimethyl
Acetamide, Sulphuric Acid, STP Water, Argon, Refrigerant Ammonia, Nitrogen, Phosphoric
Acid 27% & Chalk was increased during the year.
During the year, your Company has achieved the following:
1. Highest ever sale of AN melt of 1,75,694 MT.
2. Highest ever sale of Refrigerant Ammonia of 1,046 MT.
3. Highest ever sale of Phosphoric Acid 5,175 MT.
EXPORTS
Considering the nature of products manufactured by your Company and
indigenous demand, the scope for export is very limited. However, your Company
successfully popularized its Ammonium Bicarbonate (ABC) brand in the overseas market
through third party export. During financial year 2022-23, your Company has done third
party export of Ammonium Bicarbonate (ABC) under "MRUDULA" brand to the
tune of 70.97 lakh as against 59.26 lakh during the previous year.
IMPORT OF UREA ON GOVERNMENT ACCOUNT
Your Company has been designated as State Trading Enterprise (STE) in
October, 2019 for Import of Urea on Government Account. Based on the instructions of
Department of Fertilizers (DoF), RCF imported approx. 25.26 lakh MT quantity of Urea
through issue of total Two (2 Global tenders during the year 2022-23.)
DOF has also assigned RCF the responsibility for execution of Urea
imports under Long term Agreement (LTA) between M/s. OQ Trading & Govt. of India (DOF)
w.e.f. February 2022 onwards for a period of 3 years (till January 2025), for a Quantity
of 10 lakh MT +/- 10% per annum on FOB basis. Accordingly in FY 2022-23, Twenty Three (23)
Urea shipments have been shipped from OQ Trading Ltd. under this LTA, with a total
quantity of approx. 10.01 Lakh MT.
In order to cater to the emergent Fertilizer requirement by Sri Lanka,
based on the instructions of DOF, RCF supplied approx. 65,000 MT of Urea to M/s. Colombo
Chemicals & Fertilizers Ltd. (CCFL), Sri lanka in two shipments during the month of
July & August 2022, under Short term line of Credit of USD 55 MN provided by Govt. of
India to Govt. of Sri Lanka in order to avert the Fertilizer shortage crisis in Sri Lanka.
An MOU was signed between Govt. of India & Govt. of Nepal on
28.02.22, wherein it has been decided that Govt. of India will supply Urea & DAP
(Fertilizers) to Nepal for next five years period under the G2G Agreement. Further RCF has
been nominated as the State Trading Enterprise (STE) by DOF for execution of this MOU on
behalf of Govt. of India and accordingly based on this MOU a separate financial Agreement
was signed on 18.07.22 by RCF & M/s. Krishi Samagri Company Limited (KSCL)-Nepal who
is the nominated agency by Govt. of Nepal. Under this agreement and as per the initial
requirement provided by M/s. KSCL-Nepal, the first shipment of 30,593.30 MT Bagged Urea
have already been delivered to KSCL, Nepal at their three designated warehouses in
Biratnagar, Birgunj & Bhairahawa located in Nepal.
ATMANIRBHAR BHARAT
Under Atmanirbhar Bharat Abhiyan', following initiatives are
taken by your Company:
Increased Complex Fertilizer (NPK 15:15:15) Production:
Your Company has enhanced the production of Suphala NPK (15:15:15) by
installation of additional spherodizer and associated system. During FY 2022-23, highest
ever production (6.382 Lakh MT) of Suphala (15:15:15) was achieved.
Optimizing production of Industrial Chemicals:
Your Company is manufacturing various Industrial Chemical products
having high brand values. Plants manufacturing industrial chemical products like Ammonium
Nitrate, Ammonium Bicarbonate, Nitric Acid, Concentrated Nitric acid and Sulphuric acid
are operated at optimum level to meet the market demand.
Setting up New AN Melt Plant:
In order, to meet the growing power need of the country, enhancement in
domestic production of AN melt is very important. Therefore, your Company is setting-up
new AN Melt plant of 425 MTPD at RCF Trombay unit with latest andefficienttechnology . The
energy additional production from this AN melt project shall be substituting the existing
imports, leading to improved availability of Coal to the power plants and hence in turn
shall ensure power security to the common people.
Setting up Liquid Nano Urea plant:
Your Company is setting-up liquid Nano Urea plant of 75 KL per day at
RCF Trombay unit using indigenous technology, developed by M/s IFFCO. Nano Urea is
expected to be more efficient as conventional Urea.
Setting up new NPK Fertilizer plant at Thal:
In order to increase domestic supply of DAP/NPK fertilizer, your
Company is exploring possibility of setting up NPK Fertilizer of 1200 MTPD (in terms of
DAP) plant at Thal subject to economic viability.
AGRICULTURE EXTENSION ACTIVITIES
RCF has undertaken several agriculture extension activities so as to
educate the farmers on efficient use of agro-inputs and provided know-how on improved and
scientificmethods of cultivation contributing to increase in their farm yield. Some of the
services so undertaken during the year are as under:
1. Soil Sample Analysis: 48,689 number of NPK and 13,718
number of Micro-nutrient analysis have been done and Soil Health Cards distributed.
2. Kisan Suvidha Kendras: 100 Kisan Suvidha Kendras were
operated at different districts of Maharashtra & Karnataka for educating &
imparting Agricultural extension services to the farmers at the field level,
3. Farmer Training Centres are operational at Thal and
Nagpur for imparting residential training to farmers. A total of 44 programs were
undertaken benefitting 2979 farmers during the year.
4. RCF Kisan Care Toll Free service 1800-22-3044 was
operated for imparting Agricultural information to the farming community.
5. RCF Sheti Patrika: 7.20 lakh copies of RCF Sheti Patrika
(Marathi edition) covering the relevant subjects pertaining to Agriculture and allied
fields were printed & distributed to farmers.
6. Doordarshan: RCF sponsored and promoted popular TV
programs like Krishi Samruddhichi Gurukilli for sharing of Agriculture Knowledge and RCF
Suphala DD Sahyadri Krishi Sanman Puraskar for motivating farmers.
7. Social Media: Information has been shared through Social
Media (WhatsApp, Facebook, Twitter, Instagram, and You Tube) with handle @ rcfkisanmanch.
8. Agricultural Extension Services: 3218 Field
Demonstrations, 209 Soil Testing Days, 460 Farmers' Meetings, 55 Krishi Melas, 10
Veterinary Camp/Rural Sports, 58 Exhibitions, etc. were organized for the benefit of the
farmers.
9. Adoption of Villages for Promotion of City Compost:
6 villages from Maharashtra & Karnataka were selected for promotion
of City Compost.
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE
COMPANY
In the matter of Arbitration between Rashtriya Chemicals and
Fertilizers Limited ("the Claimant") and Thermax Limited, ("Contractor/
Respondent") regarding recovery of damages, losses, etc. for breakdown of two Gas
Turbo Generator (GTGs), an award has been passed by an Arbitral Tribunal consisting of
Sole Arbitrator on June 5, 2023. The Sole Arbitrator has passed an Award in favor of RCF
(Claimant) and directed the Contractor (Respondent) to repair and reinstate both the GTGs
at company's plant at their own cost and expenses under the defect liability clause.
The Arbitrator has also allowed the Company's claim on additional expenditure
incurred on power and directed the Contractor to pay 173. 72 Crores with interest @ 10%
from the date of claim and a sum of 95 Lakhs as arbitration cost to the Company.
RISK MANAGEMENT
Pursuant to Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company has framed a Risk Management
Policy for risk assessment and minimization procedures. The Risk Management Policy
developed with the objective of having a balanced approach towards business plan and
mitigating the associated risks, is in place. The system identifies better management
practices to ensure greater degree of confidence amongst various stakeholders and
facilitates good Corporate Governance practice. All risks associated with Operations,
Environment, Finance, Marketing, Human Resource, Legal, Information Technology Security,
Projects etc., are continuously monitored. The degree of impact of the perceived risks is
further graded into high, medium and low and the probability of the occurrence of each
risk is also classified into Unlikely and likely. In order to mitigate losses arising out
of such perceived risks, appropriate procedures are being adopted to contain the risks.
Also the practices adopted during emergencies, including the communication system and mode
of disseminating information are periodically reviewed and updated to minimize the impact
on the Company. Quarterly report in respect of the same is presented to the Board.
The Board of Directors had constituted Risk Management Committee to
identify elements of risk in different areas of operations and to develop policy for
actions associated to mitigate the risks. The Committee on timely basis informs the Board
of Directors about risk assessment and minimization procedures which in the opinion of the
Committee may threaten the existence of the Company. The details of Risk Management
Committee are included in the Corporate Governance Report.
MAJOR EXPANSION AND DIVERSIFICATIONS
The status of major projects undertaken by your Company is as under:
PROJECTS UNDER IMPLEMENTATION
Trombay Ammonia V Plant Revamp (KBR Scheme):
Ammonia-V revamp project is being implemented as a part of energy
improvement schemes to meet the new energy norms for Trombay Unit. The estimated project
cost is
101.88 Crore. The Basic Engineering is being done by M/s KBR and
Detail Engineering is being done by PDIL. The scheme is envisaged to result in energy
saving of 0.25 Gcal/MT of Ammonia. Expected project completion is by April 2024.
New AN Melt Plant at Trombay:
Your Company is setting-up new AN Melt plant of 425 MTPD at RCF Trombay
unit with latest and energy efficient technology. The work order for execution of the
project on LSTK basis is awarded to M/s Larsen & Toubro Limited. The estimated Project
Cost is 187 Crore. Site work is in progress. The project is scheduled to be completed by
Sept. 2024.
ETP up-gradation at Thal:
Upgrading the existing EffluentTreatment Plant for treating 10,000
M3/day effluent to ensure the quality of treated against discharge to sea is recycled for
reuse in effluent plant. In 1st phase, around 5000 m3/day treated water will be
recycled. Estimated cost of 1st Phase is 66.72 Crore. Work Order has been
issued to M/s Ion Exchange Ltd. In 2nd phase, balance effluent will be
recycled, to achieve "Zero Liquid Discharge" goal. Action for 2nd
Phase has been initiated. Detailed Feasibility Report (DFR) under preparation by
Consultant.
Nano Urea plant:
Nanotechnology is an emerging field with potential to provide
management. Nano Urea is expected to efficient reduce the use of Urea. RCF is setting up
Nano Urea Plant of 75 KL per day capacity at Trombay based on IFFCO
Technology. As a part of getting Environment Clearance, Public
Consultation was held on 02.03.2023. The estimated Project Cost is 238 Crore.
PROJECTS UNDER CONSIDERATION
Setting up new NPK Fertilizer plant at Thal
RCF is exploring possibility of setting up NPK Fertilizer plant at Thal
subject to its economic viability. Administrative approval from DoF has been received.
PDIL has been lined up for preparation of Detailed Feasibility Report (DFR) and
Environment Impact Assessment (EIA) report for Environment Clearance. As a part of getting
Environment Clearance, Public Consultation and Form-II for EC was submitted on
MOEF&CC's Parivesh portal on 03.05.2023. Tender for selection of LSTK Contractor
has been floated. The estimated Project Cost is 914.58 Crore including taxes, duties and
working capital
Zero Liquid Discharge scheme at Trombay
RCF is exploring the possibility of setting up Zero Effluent Discharge
(ZED) plant to treat theeffluentgenerated and to recover & recycle the water in the
process at Trombay unit. The objective of the scheme is to achieve Zero Liquid Discharge
(ZLD) for RCF Trombay. Detailed Feasibility Report (DFR) received from Consultant.
Estimated Project cost is 99.78 Crore. Project is expected to be completed by Sept.
2025.
Briquette Fired Boiler at RCF Thal
With an aim to produce low cost steam, RCF is setting up Briquette
Fired Boiler at RCF Thal. The low cost steam shall help in reducing the variable cost of
chemicals. Work Order is awarded to M/s Forbesvyncke Pvt. Ltd. The estimated project
Capital Cost is 25.7 Crore plus taxes as applicable.
JOINT VENTURE PROJECTS
Coal Based Fertilizer Plant at Talcher:
Your Company, along with Coal India Limited (CIL), Gas Authority of
India Limited (GAIL) and Fertilizer Corporation of India Limited (FCIL), is setting-up a
Coal Gasification based fertilizer complex, comprising of 2200 MTPD Ammonia plant and 3850
MTPD Urea plant, at FCIL, Talcher, Odisha. Land and certain facilities needed for the
project are provided by FCIL. The project will utilize state-of-the-art Coal Gasification
Technology from M/s Air Liquid Products (erstwhile M/s Shell Eastern). A joint venture
company Talcher Fertilizers Limited' has been incorporated for establishing and
operating Coal Gasification based Fertilizer complex.
The project is of strategic importance for the country as it aims to
make breakthrough for an alternative source of feedstock in the form of abundantly
available coal from domestic sources in place of natural gas. Success of this project is
expected to be a game changer and shall pave a way forward to the production of chemicals
and fertilizers from coal leading to lesser RLNG imports. It will also help in meeting
much needed Urea production capacity for the eastern part of the Country.
The estimated Project capital cost is approx. 17,080.69 (?10%) Crore
(RCF share is 2,169.67 (?10%) Crore). M/s Wuhuan Engineering, China has been engaged as
LSTK contractor for Coal Gasification and Ammonia/Urea packages of the project valuing
approx. 8000 Crore. Site activities are in progress. The commissioning of the project is
scheduled to be completed by September 2024.
SUBSIDIARY AND OTHER JOINT VENTURE COMPANIES
A separate statement containing the salient features of financial
statements of all the joint ventures of your Company forms part of consolidated financial
statements in compliance with Section 129 and other applicable provisions, if any, of the
Companies Act, 2013. The financial statements of the joint ventures and related
information are available for inspection by the members electronically up to the date of
the Annual General Meeting (AGM) as required under Section 136 of the Companies Act, 2013.
Any member seeking to inspect such documents are requested to write to the Company at
investorcommunucations@rcfltd.com. The financial statements including the consolidated
financial statements and all other documents required to be attached to this report have
been uploaded on the website of your Company (www.rcfltd.com).
JOINT VENTURE COMPANY
FACT-RCF Building Products Ltd. (FRBL), Kochi
Your Company has formed a Joint Venture Company with Fertilizers and
Chemicals Travancore Limited (FACT) by incorporating FACT-RCF Building Products Ltd. to
set up a
Rapidwall project at Kochi. Both your Company and FACT have 50:50
equity holding in the Company. Production has been suspended owing to expected takeover of
the Plant & Machinery by the ARC. The company is undertaking only project management
services at present.
The audited financial statements of FRBL as at March 31,2023 reported
loss of 7.90 Crore, thus resulting in accumulated loss of 216.89 Crore.
Urvarak Videsh Limited (UVL)
Urvarak Videsh Limited (UVL) was incorporated on 18th July,
2008 as Special Purpose Vehicle (SPV) with equity participation of Rashtriya Chemicals and
Fertilizers Limited(RCF), National Fertilizers Limited (NFL) and Krishak Bharti
Co-operative Limited (KRIBHCO) with the object of setting up joint venture in India and
abroad for manufacturing, mining, long term tie ups for Nitrogenous, Phosphatic and
Potassic Fertilizers and fertilizer raw materials including exploring the possibility of
making investments and rendering Consultancy services, etc. The company explored many
alternatives to take up various projects but the same did not fructify due to want of
funds as UVL business objective requires heavy capital investment. As the company could
not take up any business, the Board of UVL has decided to declare the company as a Dormant
company for the time being in terms of the provision of section 455 of the Companies Act,
2013 as the keeping the status of the company as active was not serving any purpose. The
Audited financialstatements of UVL as at March 31, 2023 reported loss of 58,500/-, thus
resulting in accumulated loss of 0.49 Crore.
Talcher Fertilizers Limited (TFL)
Your Company has formed a Joint Venture company, with Coal India
Limited (CIL), GAIL (India) Limited (GAIL) and Fertilizer Corporation of India Limited
(FCIL), with the name Talcher Fertilizers Limited for revival of FCIL's fertilizer
unit at Talcher by establishing and operating coal gasification based fertilizer complex.
Equity participation of RCF, CIL and GAIL is 31.85 % each and that of FCIL is 4.45%. The
company is yet to start its operations.
During the year, your Company has infused Nil Crore in TFL. The
audited financial statements of the said Company as at March,31 2023 reported a loss of
2.52 Crore, thus reducing in accumulated loss to 24.66 Crore.
Consolidated Financial Statement
The Consolidated Financial Statement of your Company has been prepared
by taking into consideration Joint Venture Companies i.e. FACT-RCF Building Products
Limited, Urvarak Videsh Limited and Talcher Fertilizers Limited. The Consolidated
financial under equity method along with Company's standalone financial statements.
SUMMARY OF FINANCIAL PERFORMANCE
Particulars |
2022-23 |
2021-22 |
Total Income (Net) |
21594.84 |
12948.62 |
Total Operating Expenses |
19978.35 |
11822.90 |
Operational Profit |
1616.49 |
1125.72 |
Depreciation/Impairment |
212.12 |
183.55 |
Finance Cost |
223.86 |
125.89 |
Share /(loss) of Associates/JVs |
(0.84) |
(1.97) |
Profit before Exceptional Item |
1179.67 |
814.31 |
Exceptional Item (income) / |
(93.47) |
(127.63) |
Expense |
|
|
Profit before Tax |
1273.14 |
941.94 |
Provision for Tax (including |
306.83 |
239.55 |
deferred Tax liability/ Asset) |
|
|
Net Profit after tax |
966.31 |
702.39 |
RESEARCH AND DEVELOPMENT
Your Company has taken up several Research and Development (R & D)
projects, some of which are for commercial scale design and engineering. They are as
under:
Vipula- Suspension NPK Fertilizer
Vipula - a new innovative Suspension NPK Fertilizer with NPK 10:10:10
was launched on 6th May, 2022 at the hands of Honourable Union State Minister
for Chemical and Fertilizers Shri Bhagwanth Khuba in presence of C&MD and other Senior
Managers of RCF. Product in suspension form is formulated for ease of application. The
suspension fertilizers consist of insoluble solid active ingredients dispersed (normally
at high concentration) in water. Suspension concentrates have shown a rapid development in
the past, mainly due to their several benefits such as no dust, no problem of toxicity or
flammability due to solvents and good efficiency due to the smaller particle size. It is
also in low packaging volume.
Shubhada - Multi-Micro Nutrient Fertilizer:
Addressing Hidden Hunger'
Shubhada a Micronutrient Mixture Fertilizer contains various nutrients
and controls physiological disorders and nutrient deficiencies. It promotes essential
plant processes and growth, which translates into nutrient-rich food for animals and
humans, improves absorption and utilization of other nutrients applied to the soil,
increases yield and ensures better quality. The plant operations were commenced on 17th
December 2022.
Polyhouse: Precision Agriculture
Polyhouse is a type of greenhouse where specialized polythene sheet is
used as a covering material under which the crops can be grown in partially or fully
controlled statements havebeenprepared climatic conditions. It protects the crops from
wind, rain, radiation, precipitation and other climatic factors. It creates microclimate
surrounding the crops that help in maximum growth regarding production and quality. With a
maximum level of automation, the number of manual activities, dependency on labor and
overall labor cost can be drastically reduced.
Hydroponics is a method of growing plants in a water based, nutrient
rich solution without soil. It is fast becoming a popular around the world due to its more
sustainable approach than the usual growing methods - soil cultivation. In view of the
above, a polyhouse cum hydroponic unit of around one acre is being constructed at opposite
to ETP plant. The unit will be helpful for testing new agro products on different crops
round the year irrespective of the season and weather conditions.
The hydroponics facility (Polyhouse) is ready for conducting trials.
Organic fertilizer: PROM
PROM is a phosphate-rich organic manure that improves the physical,
chemical, and biological properties of the soil and increases crop production. It improves
the resistance power of crops against various diseases. It can be used for all cereals,
pulses, vegetables, fruits, and flowers for all plants Flowers, vegetables or crops. It
Increases availability of nutrients in is released during decomposition and
soil and plant. CO
2
helps to reduce the alkalinity of the soil. The organic manure ensures
availability of phosphate for the next crop unlike DAP (Diammonium Phosphate) that has to
be applied for every crop. Use of organic manure reduces the soil demand for phosphate.
PROM can cut down subsidy outflow on DAP Phosphate rich organic manure (PROM) has been
formulated successfully and this meets all the norms of Fertilizer (Control) Order (FCO),
1985 (Amended July,2021). In view of the national vision of "Atmanirbhar Bharat"
and to meet the growing domestic demand for organic fertilizers RCF is setting up a new
18000 MTPA PROM plant having latest environment friendly technology.
Sulphur Coated Urea (SCU): Urea Gold
Rising concerns about over eutrophication, stringent regulations and
penalties on conventional fertilizers. Around 50-70% of added urea is lost to the
environment. Use of sulphur coating on urea can help in slow release of nitrogen and
contribute to improved nitrogen use efficiency. Sulphur as a plant nutrient has been
neglected for long in fertilizer pricing and policy. In 2003, the Government recognized
the place of sulphur in sulphur fertilizers and the sulphur content was included in the
product specifications for all S-containing materials included sulphates of
micronutrients.
The R&D Department through in-house innovations has successfully
formulated Sulphur Coated Urea (SCU) named as Urea Gold. The SCU is registered in FCO as
per the gazette dated 16th Aug 2013.
Urea Gold addresses the most important issue of nutrient use efficiency
(NUE) of urea. The NUE of urea is about 30%. The use of Sulphur coating on urea results in
providing the most important secondary nutrient to the crops added with slow release of
nitrogen with improved nitrogen use efficiency. Urea Gold reduces nitrogen leaching in
flooded rice and wheat fields. The application of slow release of fertilizers can
potentially decrease fertilizer use by 20 to 30 percent of the recommended rate of a
conventional fertilizer while obtaining the same yield. The plant will be ready by July
2023.
More with less: Nano fertilizer
Low cost, eco-friendly and sustainable means of achieving
agriculturalintensificationand improving productivity can be adopted by use of Nano
fertilizer. It enhances the availability and use of vital soil nutrients. R&D has
developed Nano urea, Nano NPK and Nano DAP at Lab scale. Toxicological studies of Nano
Urea conducted at Indian Institute of Toxicological Research (IITR), Lucknow showed no
toxic effect on any live organism.
In order to test the efficacy of Nano urea, field trials are being
conducted at various Indian Council of Agricultural Research (ICAR) Institutes or State
Agricultural Universities (SAUs) at ten different locations. Final results are expected by
December 2023.
Expansion of value added products (VAP): Expanding horizon
Balanced nutrient management works on the 4R concept: The right
fertilizer, right rate of usage, right time and right place of application. The aim is to
shift focus on micronutrients that are sometimes more important than primary nutrients.
Through its aim of feeding the crop and not the soil, balanced nutrient management
considers nutrient reserve of the soil, nutrient removal by crop, targeted yield, the
economics of fertilizers and profitability, farmers' investment ability,
agro-techniques, soil moisture regime, soil physical environment and adverse soil
conditions such as salinity, alkalinity and acidity.
Utilization of VAP can fulfil the concept of balanced or integrated
nutrient management. RCF is already manufacturing, value added products (VAP) such as
Bio-fertilizers, Micronutrient fertilizers, pH Balancer, Bio stimulants and Silicon
fertilizers which are gaining significance in the market. The demand for these products
are increasing year on year basis. The present installed capacity is not sufficient to
cater the increased market demand.
Seeing the increasing demand of various products, a new manufacturing
setup with higher capacity for production of various VAPs is being installed at Trombay
unit. The installation, supply and commissioning of manufacturing unit is expected to be
completed by December 2023.
New product Development
The R&D of your Company is working on various innovative products
viz. suspension fertilizer/ liquid fertilizer to address the changing scenario. a) Nano
fertilizers
Nano Micronutrients, Nano Sulphur, Nano Potash etc. have been developed
at R&D. These newly developed Nano fertilizer are being tested for its stability. Pot
culture studies of the same are being conducted at In-house Agriculture field as well as
in Polyhouse. successful trial results same will be commercialized.
In future, research work on different range of nano fertilizers will be
undertaken. b) Suspension fertilizer
Suspension fertilizers are defined as liquid fertilizers in which
nutrients are present in an amount exceeding their solubility. They are completely
dissolved in water and contain components insoluble in a dispersed form. The fertilizer
salt crystals are kept in solution by a stabilizing agent that swells in the solution to
form a viscosity-increasing gel, thereby preventing the sedimentation process of these
particles. Major advantages suspension fertilizers are: a) combine benefits of liquid and
solid fertilizers, concentration of nutrients maintaining in liquid form, c) Nutrient
concentration is similar to the solid fertilizers. In view of the above, following
suspension fertilizers are being developed and tested for their quality. a) NK 6:0:18 with
CaO (5%), MgO (2%) and B (0.5-0.8%) (suspension) b) Calcium Nitrate (10%N & CaO 15%)
Fortified with MgO (2%) c) NPK 11:11:8 fortified with Zinc (0.7%) and (0.5-0.7%) d) NPK
8:8:8 fortified with trace elements e) N:P:K 10:26:26/ NPK 24:24:0 /NPK 28:28:0/NPK
12:32:16 f) Multi-nutrient grades: Grade with primary-secondary and
micro-nutrients. c) Crop specific 100% Water Soluble fertilizers
Crop specific 100% water soluble grades are prepared for:
a) Grapes: 15:28:6, 6:34:17, 6:0:37:16 (N:P:K:S) are formulated
which are suitable for various growth stages to enhance the yield and fruit quality.
b) Tomato: Grades are formulated for various growth stages.
c) Onion: Grades are formulated for various growth stages. d)
Cotton: Grade is formulated to manage the reddening of cotton leaves.
d) Secondary nutrient Fertilizer
Recently, the deficiency of secondary nutrients Mg, S) has been
reported to be wide spread in Indian soils. These are now emerging as most limiting factor
in enhancing crop productivity. Hence, State AgricultureDepartmenthasnotifieda new
secondary nutrient fertilizer grade i.e. Ca:Mg:S :: 6:2:4 in powder or granular form.
Above grade is developed in powder form as well as in granular form.
Granular product can be manufactured in PROM facility.
e) Liquid Fertilizers
The following liquid grades are developed by R&D which are being
testes for their stability. a) Chelated Zinc as Zinc Glycine 6.80% b) Chelated Calcium as
Calcium Glycine 6.0% b) highc) Chelated Boron as Boron Glycine 5.0% d) N:P:K 8:8:8 e)
Conc. Liquid Calcium: 11%
Collaborative Research: MoU with Indian Council of Agricultural
Research (ICAR) Institutes and State Agricultural Universities (SAUs)
Collaboration with Indian Council of Agricultural Research (ICAR)
Institutes and State Agricultural Universities (SAUs) was done for carrying out field
trials of Nano Urea, Nano DAP, Nano NPK and Geola - Bio fertiliser product. These trials
will support immensely for marketing of newly developed products. MOU has been signed
between RCF & Central Coffee Research Institute, (CCRI), Coffee Board of India,
Karnataka from 2021-2023 for "Evaluation of RCF
Chalk on different crops". Report showed encouraging yield
results.
Promotional field trials: Seeing is
"Seeing is believing" concept helps a customer to adopt the
new products. The demonstration helps the farmers to have know how of the new products.
Promotional field trials (PFT) help to convince the growers by comparing the new product
with their traditional product and practices. Government of India is also pushing for
achieving sustainability in agriculture and rural areas across the nation through the
adoption of Integrated Nutrient Management (INM).
In order to help farming a community and maximizing agricultural yield,
RCF has developed balanced nutrient package for Pomegranate, Onion, Sugarcane, Coconut,
Mango, Cotton, Banana, Grapes and for many vegetables crops. It helps in fulfilling
sustainable approach to resource usage than the usual growing methods or over use of
fertilizers.
In the recent past RCF had conducted numerous PFTs on farmer's
field in various states either in the form of Front Line Demonstrations (FLDs) and or
Result demonstrations from (RDs). RCFs Marketing person are agricultural backgrounds and
qualifications which have the advantage for making ease understanding the new concept of
Agriculture to the Indian farmers.
Presently, to popularize RCFs new and existing products among farmers,
multiplepromotionalfieldtrials are being conducted at Konkan (Ratnagiri and Sindhudurg)
and central Maharashtra (Nashik) region on crops like Mango, Cashew, Coconut and Onion.
Around 1200 trees have been undertaken for product demonstrations in Konkan region.
ENVIRONMENT MANAGEMENT AND POLLUTION CONTROL
Your Company is committed to ensuring clean environment, beyond
satisfying all stipulated requirements laid down by the statutory authorities, meeting the
expectation of stake holders around its operating units.
Your Company has established ISO 14001 compliant Environment Management
System (EMS) along with Safety Management System (ISO 45001), Quality Management System
(ISO 9001), and Energy Management System (ISO 50001). Certification for IFA Protect &
Sustain Product Stewardship System of international standard for Safety, environment and
product security at its both the manufacturing units. The Management Systems are
constantly upgraded, periodic audits and Management Review conducted to ensure compliance
and continual improvement. Apart from Stack monitors, which continuously monitor the
emissions, four fixed ambient air quality monitoring stations are in place, at both
Trombay and Thal, to monitor ammonia, NOx, SO2, Particulate matter (PM10 & PM2.5)
& metrological parameters. These monitoring units are connected to MPCB and CPCB
servers for continuous monitoring online data of air quality, effluentparameters. At both
unit, Third party monitoring for stack, ambient air quality (Dust, Ammonia, NOx, SO2) and
ETP overflow (as per consent parameters) is being done by MoEFCC approved laboratory once
in a month. As you are aware RCF uses clean fuel to reduce the Green House Gas emission,
efforts are taken to minimize emissions with Reduce, Recycle & Reuse schemes.
The Effluent Treatment plants (ETP) at Trombay and Thal unit have
ensured that the environment in and around the operating units are fully protected.
Environmental safety of neighbours around operating units are taken care.
Various schemes with state of the art technologies and modernization
schemes are implanted to reduce energy consumption and wastages. As a proactive measure,
RCF Trombay unit has two nos. of Sewage treatment Plants to treat sewage of Mumbai
city&usethepurifiedwater after treatment for industrial purpose, thereby saving
equivalent quantity of potable water for consumption by Mumbaikars. At Trombay unit,
Sludge EffluentTreatment generated in Plant, Sulphur Sludge Generated in Sulphuric Acid
plant and wastestreamsofeffluents fertilizer plants are recycled back in the processes. 3-
R strategy (Reduce, Reuse and Recycle) is employed by way of recycling the sludge
generated in ETP, Sulphur sludge generated in Sulphuric Acid Plant is used in Suphala
plant for recovery of nutrients. At Thal Unit, ETP Up gradation Project is in progress and
expected to be completed by August 2023. After completion of this project, 5,300 M3/day
will be used for industrial use from recycleling 9,000 M3/day effluent using
state of art technology. It will reduce burden on fresh water resources. The integrated
EffluentTreatment Plant in both Units ensures that the effluent discharged from the
factory the statutory requirements laid down by the State Pollution Control Board.
Trombay and Thal units have taken up a massive plantation drive in
factory premises, in residential colony and surrounding areas.
For increasing awareness regarding environment and safety, public
awareness campaign programmes are arranged by Trombay and Thal units by providing
demonstrations to local youth, college and school students, housing societis, Panchayat
offices, ladies club members and household members in the adjoining localities. As per
International Fertilizer Association (IFA), RCF's safety benchmarking rating is 19
out of 61 participating fertiliser companies for calender year 2021.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As part of its initiatives under "Corporate Social
Responsibility', your Company has undertaken several projects in the areas of rural
development, promoting health care, Nutrition and education aimed for the benefit of needy
and for general good of the society. These projects are in accordance with Schedule VII of
the Companies Act, 2013 and the Company's CSR Policy. The report on CSR activities as
required under the Companies (Corporate Social Responsibility Policy) Rules, 2014, is
annexed as Annexure I, and forms an integral part of this report. During the
year, your Company has spent 11.93 Crore including 0.49 Crore set off for succeeding
financial The activities, in brief, are as under:
Medical Equipment to District Civil Hospital, Alibag
RCF company has provided the medical equipment to the civil hospital
such as Phaco Emulsification Machine,
OCT Machine, Surgical Microscope, Fully Auto Horz Sterilizer, Vert
Double Drum Sterilizer Ortho Operation Table, Electronic Operation Table, Instrument
Cabinet for OT, ABG Machine, Tourniquet Machine, Anesthesia Work Station, Attendant
Revolving stool for Hospital, Standard Medical Stethoscope, Blood Pressure Apparatus.
Supply of drinking water to the villages
RCF has been providing drinking water for last 25 years to seven
villages around Thal unit through pipelines laid down from the water reservoir in the
unit. More than 20,000 residents of the villages got benefited of scheme.
The villages of Thal, Navgaon, Vaishet, Tudal, Boris-Gunjis, Bhal,
which are under RCF, Thal factory, are being supplied with drinking water by RCF.
Nearly 20,000 families are getting the benefit of this scheme. The bill
for this water supplied by MIDC is paid by RCF Company.
Garbage Vans to Villages:
Under the Swachhta Abhiyaan, the RCF Thal has given E-garbage carts to
the Gram Panchayats in the factory area and other remote areas. During the years RCF has
been covered all grampanchayats i.e. Navgaon, Kurul, Jirad, Awas, Mule, Mann villages.
These vehicles are provided to them as per their request.
Medical Camps: RCF has been arranged free health checkup, Eye and
dental check- up and distribution of free medicines in the vicinity of Chembur. We have
organised more than 15 health camp in the surrounding area with the help of local NGOs.
Medicines to Civil Hospital for HIV patients: RCF has supply the
required medicines to HIV department of district civil hospital undr this initivitive.
These medicines are distributed free of cost as per the need of the patient who cannot
afford to buy these medicines. RCF is a proud contributor in AIDS Control Mission of
Nation.
Medical equipment to Primary Healthcare centre: RCF has provided
medical equipments to 9 sub centers of Primary Healthcare centre Dhokawade under CSR. All
sub-centres are under Primary Healthcare center Dhokawade, Taluka Alibag, District Raigad
provide free medical services to locals: of Ambulance to needy: RCF has provided financial
assistance for procurement of ambulance for providing free services in Roha Taluka,
Raigad, and Sindurdurg Distirict. This facility will be used as a transportation mode for
the sick and injured people located at a distance to get them to hospital
Rural Development- Repairing of Roads:
RCF has completed road repairing work of local villages in the vicinity
of RCF Thal unit under CSR. The Company has repaired local Roads from Thal Navagaon Road,
Boris Gunjis and local Road from Chondhi naka to Kihim bus stand road under the rural
development for for good transportation of villagers.
Financial Assistance for furniture of paediatric ward:
RCF Ltd. has provided financial assistance to Central Railway Women
s Welfare Foundation by giving financial assistance for Dr. Babasaheb Ambedkar
memorial hospital, Byculla, Mumbai which caters to patient of Central Rly and all Zones of
Indian Railway along with CGHS Beneficiaries and general public. The fund is utilized for
the purchase of Hospital Furniture for use in Pediatric ICU & Pediatric Ward.
Construction of Toilet block and drinking water facilities to school : RCF has assist to
Shikshan Prasarak Mandal, Kurundwad a well-known educational institution working in the
field of Education from the last 97 years for the building of Toilet and Providing Fresh
drinking water facility in the school of Kurundwad, District Kolhapur, Maharashtra.
Children are the gems of the future and RCF believes that every child are special and
needed to be treated with empathy and love.
Women Empowerment:
RCF has provided financial assistance to Asmita Mahila Mandal for
distribution of mini flour mills and sewing machines to the underprivileged women of slums
in Chembur. This will help these women to learn their livelihood and support their family.
Medical Camps for Women and girls about the menstrual hygiene through nirtyanjali Ngo.
Finnancial assistance for the installation of sanitary pad manufacturing unit at Koraon
block, U.P
Aspirational District (Washim)
Government of India has issued guideline to CPSEs related to
utilization of CSR funds in a focussed manner towards national priorities by adopting a
theme based approach. As per the DPE guidelines common theme identified for the year
2022-23 was Health Care & Nutrition. RCF has selected Washim Dist. which is one of the
Aspirational district in Maharashtra and implemented following schemes:
1. Skill development programme for youth:
RCF has joined hands with OSSF which is working in and thefield skill
development activities all over India.
This skill development program will focus on Basic skills of soft
skills, computer and communication aspects and exposure to domestic and international
market. The sole objective of this initiative is to make educated youth ready for
employment
2. Education to secondary students:
RCF has supported the project "Anando" at Washim District,
Maharashtra. Under this project Anando, LOLT supports underprivileged rural children to
complete their secondary education (7th to 10th standard). It
promotes importance of secondary education of rural children to empower them.
EFFECTIVE IMPLEMENTATION OF PUBLIC PROCUREMENT POLICY FOR MICRO AND
SMALL ENTERPRISES (MSEs)
Government of India, Ministry of Micro, Small and Medium Enterprises,
vide order dated 23rd March, 2012, notified the public procurement policy in
respect of procurement of goods and services produced and provided by Micro, Small and
Medium Enterprises and further amended it on 9th November 2018 vide Government
of lndia Gazette Notification th November, 2018. With amendment in Public
procurement policy for Micro & Small Enterprises (MSEs) order, 2012 vide GoI Gazette
Notification S.O. 5670(E) dated 9th November, 2018, the percentage target of
procurement of goods and services by Government Departments/CPSEs from MSEs is increased
(RECs) were generated. from 20% to at least 25% along with the provision of minimum 3%
reservation for Women owned MSEs within this 25% reservation. This amendment is made
applicable from 9th Nov 2018. Due to the very nature of operations of our
Company, the procurement targets could not be achieved in the year 2022-23.
With the efforts taken by the Company, the procurement from MSEs, cost
of the items procured through MSEs at both Trombay and Thal units is 608.49 Crore out of
the total procurement cost of 1515.45 Crore (excluding raw material, gas, water,
electricity, catalysts, proprietary items etc.) which works out to be 40.15 %. The
procurement from MSEs owned by SC/ST Entrepreneurs is 4.13 Crore which is 0.27 % and
procurement from women owned MSEs is 7.16 Crore which is 0.47 % of the total
procurement of the year 2022-23. The percentage procurement is calculated excluding Raw
materials, gas, water, electricity, catalyst and proprietary items which cannot be
procured from MSEs.
SUSTAINABLE DEVELOPMENT
Your Company has taken up several Sustainable development activities
including the following:
New Sewage Treatment plant
Your Company is running Two Sewage Treatment Plants (STPs) at Trombay
Unit with each plant having capacity to treat around 22.75 Million Litres per Day (MLD) of
sewage received from MCGM which otherwise would have been drained in to the sea after
preliminary treatment. The STP plants treat waste sewage generated in the city and convert
it into treated water. Both plants together generate about 30 MLD of treated water which
is being used in our plants as process water. A part of treated water generated is
supplied to M/s BPCL. Both STP plants of Your Company are of great value to residents of
Mumbai and Society at large besides improving reliability of operations of RCF Trombay
Unit.
During the year 2022-23, about 8780.12 MLD of treated water was
generated at both STP plants.
Solar Power Plant
As part of achieving ecologically sustainable growth, Your Company has
forayed into solar power generation. Your Company has set up a 2 MWp ground mounted
Photovoltaic Solar power plant in Trombay Unit. In addition to this, Your Company has
commissioned solar rooftop facilities at Thal and Trombay with an aggregate capacity of
2.17 MWp. The power generated is used for captive consumption, thereby reducing your
Company's power import to the equivalent extent.
The green power generated by solar plants replaces the conventional
power generated through burning of fossil fuels leading to reduction in overall Greenhouse
gas emissions. At RCF, during the year 2022-23, 4,217 MWh of solar power was generated.
Also, during the year 2022-23, 1,852 no of Solar Renewable Energy Certificates
VIGILANCE
Vigilance Department is headed by Shri Sameer Rastogi (IFS-1988), who
holds the charge of Chief Vigilance Officer Company. He leads a team of officers drawn
from various functional departments and placed in Corporate Office at Mumbai and at RCF
Thal Unit. Vigilance Department is committed to bring greater transparency, fairness and
efficiency in all type of transactions and execution of works in the Company, in line with
the Central Vigilance Commission's guidelines.
As part of Preventive Vigilance, efforts are made to keep a watch on
the various activities of Corporate Office, Trombay Unit, Thal Unit and Marketing offices
situated across the country through regular inspections and surprise checks. Systemic
improvements and corrective actions are suggested wherever necessary. The ideology that
"All officers are Vigilance Officers" is implemented in the Company. Support of
all officers is taken in implementation of Vigilance directives.
Vigilance Department has focused on spreading awareness on
rules/regulations, procedures and solicited information/ complaints from all regarding
malpractices or corruption. Preventive Vigilance Training Program based on CVC's
"Naitik" approach is imparted by in house faculties to Management Trainees,
Junior and Middle Level Managers. Vigilance Department's Online Grievance Management
Portal is implemented for lodging of complaints. Efforts are made to ensure their speedy
Redressal.
Vigilance department has been front-runner in identifying the
advantages of leveraging technology and automation in procurement, recruitment and service
delivery etc. Some of the initiatives for promoting transparency and ensuring
well-informed decisions by making use of technology for improving compliance are:
Contract compliance Data in SAP system. Program developed and
implemented in Intranet website for display of list of work orders/ Contracts expiring in
next 4 months .
Facility developed and implemented to display circulars on RCF Parivar
App.
Upgradation in Medical Bill reimbursement system. As a recognition of
Vigilance Department's efforts, your Company won the Governance Now 9th
Edition PSU Award in the category "Technology initiative in Vigilance in PSUs"
during the awards ceremony held on 16th February, 2023 at New Delhi.
Precursor campaign to Vigilance Awareness Week (VAW)-2022 was conducted
during the period 16th August to 15th November, 2022 that focused on
Housekeeping and preventive vigilance activities like Property management, Management of
Assets, Record keeping, etc. VAW-2022 was observed from 31st October to 6th
November, 2022 during which employees, family members, school and college children,
farmers, dealers, vendors participated wholeheartedly in various events such as Street
play, Slogan, Poster-making and Quiz competitions. The details of activities conducted
during VAW-2022 are as follows:
Vigilance Awareness Week (VAW) - 2022
In accordance with the instructions contained in CVC'S Circular
No.022/VGL/029 dated 08.09.2022, the Vigilance Awareness Week 2022, was observed in
Rashtriya Chemicals and Fertilizers Limited from 31.10.2022 to 06.11.2022 in both its
manufacturing units located at Trombay and Thal. The week was also observed in various
Marketing Offices located throughout the country in line with the theme for this year,
"Corruption free India for a Developed Nation". An emphasis was laid on
cultivating the virtue of integrity and honesty in personal and professional lives and the
importance of moral and ethical values for growth of the organization and the nation as a
whole. In this connection following programmes were organized involving different
stakeholders of the company:. All out station winners
Administration of Integrity Pledge : Around 968 Employees from
35 offices located in Trombay & Thal unit and marketing offices spread over 18 cities
in 12 states participated. Employees, vendors, dealers were encouraged to take e-integrity
pledge.
Distribution of Badges / Banners : Badges (1200 Nos.) were
distributed among Employees, Vendors, and Dealers etc. to increase Vigilance awareness. 27
nos. Banners were displayed at both factory premises, at major marketing offices better
outreach to citizens.
Guest lecture by eminent speaker : Lecture was organized for RCF
employees at Trombay on
02.11.2022 and at Thal on 03.11.2023 and marketing department officers
joined online simultaneously on VAW-2022 theme "Corruption free India for a developed
Nation". Mr. Anand Kulkarni, a renowned life-coach explained the participants how to
self-introspect about independent Nation and include responsibilities and self-managed
behavior of citizens towards a self-reliant and vigilant nation. Total 147 employees
attended the lecture.
Involvement of Employees & stakeholders : Awareness
Walkathon, Elocution, Slogan, Quiz and Street Play competitions were organized for
employees and their family members.
Involvement of Dealers/Actual users, Retailers and
Farmers : Online Quiz competitions were organized for Fertilizer
dealers/ retailers and farmers, IPD dealers and users. More than 300 farmers and dealers
participated in this quiz competitions.
Involvement of school / college children : 178 entries were
received in Essay competition and 112 entries were received in Poster competition
organized for school students from class 5 to 10, and 14 college students participated in
Blog Writing competition organized for college students from class 11 onwards.
Organized Dealers Meet : A Dealers Meet was organized on
04.11.2022 at Krishi Vigyan Kendra, Rajgurunagar based on VAW 2022 theme i.e.
"Corruption free India for a developed nation" with an aim to spread awareness
and apprise the dealers on how to get benefits from the transparent procedures of RCF and
its marketing network.
Organized "Awareness Gram Sabha" : RCF arranged
"Awareness Gram Sabha" at Kalus, Taluka-Khed , District- Pune on 04.11.2022 to
sensitize citizen on the ill effects of Corruption.
Felicitation Program : Winners of all competitions in each
category were felicitated at Corporate office- Priyadarshini, Mumbai in presence of CMD,
RCF, CVO, Directors and senior joined the Felicitation function on e-platform from their
respective locations i.e. Thal, Beed, Bhandara and Nagpur
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis report for the year under
regulations 34(2)(e) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, highlighting the industry structure and developments, opportunities and
threats, future outlook, risk and concerns etc. is annexed as Annexure II and form
an integral part of this report.
PUBLIC DEPOSIT
Your Company has not accepted any deposits, within the meaning of
section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits)
Rules, 2014.
OFFICIAL LANGUAGE POLICY of Company Secretaries
Your Company has fully endeavoured to implement the provisions of
Official Language Act, 1963 and the policy of the Government. Publicity material and
literature for employees and farmers are made available in Hindi and other regional
languages.
AUDITORS a. STATUTORY AUDITORS AND THEIR REPORT
The Comptroller and Auditor General of India (CAG) has appointed, M/s
M. M. Nissim & Co LLP (Firm Registration Number: 107122W / W100672) and M/s. Gokhale
& Sathe (Firm Registration Number: 103264W) as Joint Statutory Auditors of your
Company for the financial year 2022-23. The Auditors would be retiring at the conclusion
of the Forty Fifth Annual General Meeting. There are no qualifications, reservations or
adverse remarks made by Statutory Auditors, in their report. The Statutory Auditors for
the financial year 2023-24 will be appointed by the CAG. However, their remuneration is
required to be fixed at the AGM by the members. b. COST AUDITORS AND THEIR REPORT
Your Directors, on the recommendation of Audit Committee, has appointed
M/s K.G. Goyal & Associates, Cost Accountants (Registration No. FRN000024),as Cost
Auditor to audit the cost accounts of the Company for the year 2023-24 on a remuneration
of 2.50 lakh excluding applicable taxes. As required under the Companies Act, 2013, the
remuneration payable to cost Auditor is required to be placed before the members in a
general meeting for their ratification. Accordingly, a resolution seeking Members'
approval for the remuneration payable to M/s K.G. Goyal & Associates as Cost Auditor
forms part of the notice convening the
. AnnualGeneralMeetingfortheirratification The Companies (Cost Records
and Audit) Rules, 2014 and amendments thereof, the Company is required to maintain cost
accounting records in respect of certain specified products and accordingly such accounts
and records are made and maintained in the prescribed manner. Further, the cost accounting
records maintained by the Company are required to be audited. During the year, the Company
filedthe Cost Audit Report for the financial year 2021-22 with the Ministry of Corporate
Affairs within the prescribed time limit.
c. SECRETARIAL AUDITOR AND THEIR REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed M/s. Bhandari and Practice Associates, a firm (C.P. No. 366) to
undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed as
Annexure III and forms an integral part of this Report.
EXPLANATION OR COMMENTS BY THE BOARD ON SECRETARIAL AUDIT REPORT
M/s. Bhandari and Associates, Practising Company Secretaries,
Secretarial Auditor of the Company has made the following observations in their
Secretarial Audit Report: a) The Board of Directors comprised of Eight Directors,
constituting of Three Executive Directors (including the Chairman & Managing
Director); Two Nominee Directors (non-executive) and Three Independent Directors including
Independent Woman Director. As per Regulation 17(1) of the Listing Regulations and DPE
Guidelines on Corporate Governance for Central Public Sector Enterprises, the Chairman
being an Executive Director, at least half of the Board of Directors should be comprised
of Independent Directors. b) The Nomination and Remuneration Committee (NRC) comprised of
Two Directors constituting of One Independent Director and One Nominee Director
(non-executive) for the period from August 12, 2022 upto September 27, 2022. As per
Regulation 19(1)(a) of the Listing Regulations and section 178 of the Act, the committee
shall comprise of at least three directors and as per Regulation 19(1)(c) of the Listing
Regulations, at least two-thirds of the Directors shall be Independent Directors. Thus,
the listed entity did not have three Directors in NRC and further, two-thirds of the
Directors were not Independent Directors for the aforesaid period. c) The Company has
conducted the 4th Risk Management Committee (RMC) meeting on March 05, 2022 and
5th RMC meeting on September 27, 2022 i.e., at a gap of 206 days between two
consecutive meetings. As per Regulation 21 of the Listing Regulations, the meetings of the
RMC shall be conducted in such a manner that on a continuous basis, not more than one
hundred and eighty days shall elapse between any two consecutive meetings. Thus, the gap
between two consecutive meetings of the RMC was beyond the prescribed timelines. d) The
Company has submitted the disclosure of related party transactions for half year ended
March 31, 2022 to the Stock Exchanges on June 06, 2022 and has
intimated the disclosure of financial results on May 27, 2022. However, being an equity
and high value debt listed entity, the disclosure of related party transactions was
required to be given along with the disclosure of financial results. Thus, the disclosure
was given beyond the timelines specified under Regulation 23(9) of the Listing
Regulations.
Explanations on observations made by Secretarial Auditors in seriatim
are as under: a. Your Company is a Central Public Sector Undertaking under the
Administrative control of the Ministry of Chemicals and Fertilizers, Department of
Fertilizer, Government of India and its Directors on the Board are nominated / appointed
by the President of India. The Company is continuously pursuing with the Government of
India for the appointment of requisite number of Independent Directors on the Board in
order to comply with the provisions of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015. b. Shri Kashee Nath Akela, who is member of Nomination
and Remuneration Committee ceased to be Independent Director of the Company on August 12,
2022. Subsequently, Nomination and Remuneration Committee was reconstituted by the Board
of Directors on September 27, 2022 in line with Regulation 19 of SEBI Listing Regulations.
Further, Nomination and Remuneration Committee did not meet during period from 12.08.2022
to 27.09.2022 c. There has been inadvertent lapse in the timeline for conducting the Risk
Management Committee meeting. Going forward company will adhere to the statutory timelines
d. Since the comments made by Secretarial Auditor are in the nature of factual statement,
Company does not have any comments to offer on the same. d. SECRETARIAL STANDARDS
During the year 2022-23, your Company has complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
by the There are no significant
Regulators/Courts/Tribunals that would impact the going concern status
of the Company and its future operations.
REPORTING OF FRAUDS
There was no instance of fraud during the year under review, which
required the Auditors to report to the Audit Committee and / or Board under Section
143(12) of the Act and the rules made there under.
INSOLVENCY AND BANKRUPTCY CODE
There are no applications made or any proceedings pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.
ONETIME SETTLEMENT WITH ANY BANK OR FINANCIAL INSTITUTION
As no settlement has taken place with any of the Bank or Financial
Institution during the financialyear, therefore, no disclosure or reporting is required in
respect of the details of difference between amount of the valuation done at the time of
one time settlement and the valuation done while taking loan from the Banks or Financial
Institutions.
BANKS AND FINANCIAL INSTITUTIONS
Your Company is prompt in making the payment of interest and repayment
of loans financialinstitutions / to the banks. During the COVID-19 Pandemic period, it has
not availed any moratorium on any of its payments to the institutions. Banks and Financial
Institutions continue their unstinted support in all aspects and the Board records its
appreciation for the same.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of knowledge and belief and according to the information
and explanations obtained by them, your Directors make the following statement in terms of
section 134(3) (c) of the Companies Act, 2013: i] that in the preparation of the annual
accounts for the year ended March 31, 2023, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any; ii] 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 as at March 31, 2023 and of the profit of the
Company for the year ended on that date; iii] that the Directors have taken proper and
sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; iv] the annual accounts have been
prepared on a going concern basis; v] that the Directors 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 vi] that 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.
CORPORATE GOVERNANCE
As per SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a separate section on Corporate Governance practices followed by the
Company, together with a certificate Company Secretary forms an integral part of this
report.
COMPLIANCE OF CORPORATE GOVERNANCE GUIDELINES ISSUED BY DEPARTMENT OF
PUBLIC ENTERPRISES
DPE, Government of India, has laid down certain parameters for the
purpose of grading the CPSEs on the basis of their compliance with guidelines on Corporate
Governance and this report needs to be submitted to the Government on quarterly/annual
basis. Your Company has been complying with the Guidelines on Corporate Governance for
CPSEs laid down by DPE and regularly submits reports to the Government. DPE issued
Excellent Rating' to your Company for the year 2021-22.
INTERNAL FINANCIAL CONTROL OVER FINANCIAL REPORTING
financial Your Company's internal financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. Your Company's internal financial
control over financial reporting includes those policies and procedures that: (1) pertains
to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of
Management and Directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
Company's assets that could have a material effect on the financial statements.
KEY MANAGERIAL PERSONNEL
The following are Key Managerial Personnel of the Company as on March
31, 2023 :
1. Shri S. C. Mudgerikar [DIN 03498847], Chairman & Managing
Director
2. Ms Nazhat J. Shaikh [DIN 07348075], Director (Finance) & CFO of
Compliance from the Practising
3. Shri Milind M. Deo [08715250], Director (Technical)
4. Shri K. U. Thankachen [DIN 06946476], Director (Marketing) (upto
31.07.2022)
5. Shri Jai Bhagwan Sharma [FCS 5030], Company Secretary
CHANGES IN THE BOARD OF DIRECTORS
Shri Satendra Singh [DIN 05195060] has been appointed as Government
Nominee Director on the Board of the Company w.e.f. July 20, 2022.
Shri K. U. Thankachen [DIN 06946476], ceased to be Director (Marketing)
on the Board of the Company w.e.f. July 31, 2022 (Closure of business hours).
Shri Kashee Nath Akela (DIN 09410361) ceased to be Independent Director
with effect from August 12, 2022. Shri Satendra Singh [DIN 05195060] ceased to be
Government Nominee Director on the Board of the Company w.e.f. October 19, 2022.
Ms Aparna S. Sharma (DIN 07798544) ceased to be Government Nominee
Director w.e.f. November 13, 2022. Ms Aneeta C. Meshram (DIN: 09781436) appointed as
Government Nominee Director on the Board of the Company w.e.f. November 13, 2022.
Shri Sanjay Rastogi (DIN 07722405) appointed as Government Nominee
Director on the Board of the Company w.e.f. February 21, 2023.
Smt. Shashi Bala Bharti (DIN 08770477) ceased to be Independent
Director with effect from June 25, 2023. The Board has placed on record their appreciation
of the Directors who have ceased to be members of the Board for the valuable contribution
made and the guidance / suggestion provided by them which has greatly benefited the
Company.
As per Section 152 of the Companies Act, 2013, Ms Aneeta C. Meshram
(DIN: 09781436) and Shri Sanjay Rastogi (DIN 07722405), Directors retire by rotation at
the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.
FAMILIARISATION PROGRAMMES FOR INDEPENDENT DIRECTORS
The Company's Independent Directors are eminent professionals with
several decades of experience in banking and financial services, technology, finance,
governance and management areas and are fully conversant and familiar with the business of
the Company.
The Company has an ongoing familiarisation programmes for all
Independent Directors with regard to their roles, duties, rights, responsibilities in the
Company, nature of the industry in which the Company operates, the business model of the
Company, etc.
All the Independent Directors of the Company have registered their
names in the Independent Directors Databank as required under the Act and the Rules
referred therein. The Independent Directors are also required to take up an online
proficiency self assessment test within two years from the date of inclusion of their name
in the Independent Directors databank, unless exempted from such requirement, under the
Act and the Rules referred therein.
Board opined that Independent Directors of the Company has made
significant participation and contribution, commitment, effective deployment of knowledge
and expertise, confidentiality integrity and maintenance of and independence of behaviour
and judgement.
DECLARATION OF INDEPENDENCE
All Independent Directors of the company have given declaration
confirming that they meet the criteria of independence as prescribed under Section 149(6)
of the Companies Act, 2013 and Regulation 16(1) (b) of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
COMMITTEES OF THE BOARD
The Company's Board has the following committees: i. Audit
Committee ii. Stakeholders Relationship Committee iii. Share Transfer Committee iv.
Nomination and Remuneration Committee v. Committee on Corporate Social Responsibility
(CSR) vi. Empowered Committee for Procurement vii. Risk Management Committee viii.
Empowered Committee for Procurement of Urea on Govt. Account ix. Debenture Allotment
Committee
The details of the committees along with their composition, number of
meetings held and attendance of each Director at the meetings are provided in the
Corporate Governance Report.
COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT AND RELATED
DISCLOSURES
As per notification dated June 5, 2015 issued by Ministry of Corporate
Affairs, provision of section 134(3) (e) of the Companies Act, 2013 regarding disclosure
of its policy on Director's appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a Director and other
matter provided under sub- section (3) of section 178 of the Companies Act, 2013 are not
applicable to a Government Company. Your Company being a Government Company, the above
provisions are not applicable to it.
Similarly, section 197 of the Companies Act, 2013 requiring disclosure
of ratio of the remuneration of each director to the median employee's remuneration
and other such details including the name and other particulars of every employee of the
Company, who if employed throughout/ part of the financial year, was in receipt of
remuneration in excess of the limits set out in the rules, are not provided in terms of
section 197(12) read with rule 5(1) (2) of the Companies(Appointment and Remuneration of
Managerial Personnel) Rules, 2014, being not applicable to a Government company as per
notification dated June 5, 2015 issued by Ministry of Corporate Affairs.
MEETINGS OF THE BOARD
Fourteen (14) Board Meetings were held during the year. The details of
the Board Meetings held during the financial year 2022-23 are provided in the Corporate
Governance Report.
BOARD EVALUATION
Section 134(3) (p) of the Companies Act, 2013 requires the Company to
disclose the manner in which formal annual evaluation has been made by the Board of its
own performance and that of its committees and individual Directors. As per notification
dated June 5, 2015 issued by Ministry of Corporate Affairs, provision of section 134(3)
(p) of the Companies Act, 2013 shall not apply in case Directors are evaluated by the
Ministry which is administratively in charge of the Company, as per its own evaluation
methodology. Your Company, being a Government Company, the performance evaluation is
carried out by the Administrative Ministry (Ministry of Chemicals & Fertilizers),
Government of India, as per applicable Government Guidelines.
Your Company has evaluated the performance of the Independent Directors
for the year 2022-23 as per regulation 17(1) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
PARTICULARS OF LOANS GIVEN, INVESTMENT MADE, GUARANTEES GIVEN AND
SECURITIES
PROVIDED
Particulars of Loans given, Investments made, Guarantees given and
Securities provided along with the purpose for which the loan or guarantee or security is
proposed to be utilized by the recipient are provided in the notes to the financial
statements.
CREDIT RATINGS
The Credit rating assigned by Rating Agencies for the various debt
instruments of the Corporation is provided in the Corporate Governance Report.
PARTICULARS OF EMPLOYEES
During the year under review, none of employees of the Company had
drawn remuneration in excess of the limits prescribed under section 134(3) (c) of the
Companies Act, 2013 read with Companies (Appointment of Managerial Personnel) Rules, 2014.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The details of Vigil Mechanism/Whistle Blower Policy are provided in
Corporate Governance Report.
RELATED PARTY TRANSACTIONS
All contracts/arrangement/transactions entered by the Company during
the financial year with related parties were in the ordinary course of business and on
arm's related length basis. There are no materially significant party transactions
made by the Company with Promoters, Directors, Key Managerial Personnel or other
designated persons which may have a potential conflict with the interest of the Company at
large.
All Related Party Transactions are placed before the Audit Committee
and also before the Board for approval. None of the Directors has any pecuniary
relationships or transactions vis-?-vis the Company.
The details of the investment in equity made by the Company as on March
31, 2023 is as under:
|
Crore |
1 FACT-RCF Building Products Limited |
32.87 * |
2 Urvarak Videsh Limited |
0.18 * |
3 Talchar Fertilizers Limited |
805.48 |
Total |
838.53 |
* Company has made full provision towards the value of investment.
The details of transactions with related parties are provided in the
accompanying financial statements. There are no transactions to be reported in Form AOC-2.
INTER CORPORATE DEPOSIT
In connection with one time settlement entered into with Dena Dank, the
Company had paid total 51 crore ( 12 crore during the year 2017-18 and 39 crore
during the year 2018-19) to Dena Bank as one time settlement which includes an amount of
25.50 crore being the share of The Fertilisers and Chemicals Travancore Limited (FACT),
the joint venture partner in FRBL. This amount is shown as interest bearing inter
corporate deposit given. FACT shall repay the same in five annual equal instalments
commencing from December 2020. FACT has made payment of Three installment total amounting
of 15.30 crore out of the total 5 installments as per agreement.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has in place a Policy on Prevention, Prohibition and
Redressal of Sexual Harassment of Women at Workplace in line with the requirements of the
Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act,
2013. The Internal Complaints Committee (ICC) has been set up to redress complaints
received regarding sexual harassment. During the year, one complaint of Sexual Harassment
of Women at Workplace was received by the internal complaints committee formed by your
Company under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. During the year, committee disposed of Two (2) complaints (out of
two complaints, one complaint was pertaining to the previous year) of Sexual Harassment of
Women at Workplace.
RIGHT TO INFORMATION (RTI)
In order to promote transparency and accountability, an appropriate
mechanism has been set up across the Company in line with the provisions of the Right to
Information Act, 2005. Your Company has nominated CPIO/ACPIOs/ Appellate Authorities at
its units/offices across the Company to provide information to citizens under the
provisions of the RTI Act.
During the year under review, your Company has received 195 RTI
applications out of which 173 have been replied.
ENERGY CONSERVATION, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies
Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed to this
Report as Annexure IV and form an integral part of this report.
ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act, 2013 read with Section
134(3)(a) of the Companies Act, 2013, the Annual Return in Form MGT 7 as on March 31, 2023
is available on the Company's website on www.rcfltd investerrelations/agm-1
INVESTOR EDUCATION & PROTECTION FUND
(IEPF)
The details of unpaid / unclaimed dividend and shares transferred to
the IEPF in compliance with the provisions of the Companies Act, 2013 has been provided in
the Corporate Governance Report.
BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT
Pursuant to Regulation 34 (2) (f) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Business Responsibility Report initiatives
taken from an environmental, social and governance prospective in the prescribed format is
available as a separate section of the Annual Report and forms an integral part of this
report. Business Responsibility Report is also available on the Company's website
www.rcfltd
ACKNOWLEDGMENT
Your Directors wish to gratefully acknowledge the valuable guidance and
continued support extended by Government of India and in particular, the Department of
Fertilizers and the Office of Fertilizer Industry Co-ordination Committee (FICC),
Railways, DPE, Members of MOU Task force, and other Central Government Departments and
Agencies. The Board also wishes to acknowledge with sincere gratitude, .com/ the help and
unstinted support from the Government of Maharashtra and other State Governments, MSEB,
MIDC, various Media, Municipal Authorities, Maharashtra Pollution Control Board, Factory
Inspectorate and IBR, Bankers to your Company, Financial Institutions, Dealers and
Customers.
Your Board wishes to acknowledge gratefully, the confidence posed,
unstinted support and suggestions made to the Board by the esteemed Share Owners of the
Company. The Board also wishes to place on record the positive suggestions and guidance
provided by the Statutory Auditors, Cost Auditors, the Office of the Principal Director of
Commercial Audit and Secretarial Auditor.
Last but not the least, your Directors take pleasure in placing on
record their deep appreciation of the excellent contribution made by the employees of your
Company at all levels, without which your Company would not have achieved such good
performance.
|
[S. C. Mudgerikar] |
|
Chairman & Managing Director |
Place: Mumbai |
|
Date: September 14, 2023 |
|