(For the Financial Year ended 31st March, 2023)
To The Members,
Your Directors have pleasure in presenting the Forty-Sixth Annual
Report along with Audited Financial Statements
of the Company for the financial year ended 31st March, 2023.
n FINANCIAL SUMMARY:
Particulars |
Standalone |
Consolidated |
|
Year ended 2022-2023 |
Year ended 2021-2022 |
Year ended 2022-2023 |
Year ended 2021-2022 |
Revenue from Operations |
1,25,361.68 |
1,17,605.46 |
1,30,554.85 |
1,18,939.87 |
Other Income |
2,785.22 |
2,547.03 |
2,790.48 |
2,554.00 |
Total Income |
1,28,146.90 |
1,20,152.49 |
1,33,345.33 |
1,21,493.87 |
Profit subject to Depreciation & Taxation |
22,895.38 |
23,141.49 |
24,548.58 |
23,787.29 |
Less: Depreciation and Amortisation Expenses |
2,223.76 |
2,140.75 |
2,230.75 |
2,145.98 |
Profit Before Tax |
20,671.62 |
21,000.74 |
22,327.83 |
21,641.31 |
Less: Tax Expenses |
|
|
|
|
Current Tax |
5,062.80 |
5,156.41 |
5,397.32 |
5,390.72 |
Deferred Tax |
(298.19) |
(228.73) |
(299.46) |
(227.47) |
|
4,764.61 |
4,927.68 |
5,097.86 |
5,163.25 |
Profit After Tax |
15,907.01 |
16,073.06 |
17,219.97 |
16,478.06 |
Share of (Profit)/Loss from Investment in Associate &
Join Venture |
|
|
|
0.03 |
Profit for the year |
15,907.01 |
16,073.06 |
17,219.97 |
16,478.09 |
n 2022 - 2023 THE YEAR UNDER REVIEW:
During the year under review, your Company recorded satisfactory
performance despite challenging external situation.
Your Company recorded standalone revenue of
Rs. 1,253.62 crore for the year ended 31st March, 2023, an increase of
6.60% over the previous year's standalone revenue of Rs. 1,176.05 crores.
Domestic Sales amounted to Rs. 498.79 crores, and the Export Sales
amounted to Rs. 754.83 crores for the year ended 31st March, 2023, on standalone basis.
Further, your Company earned consolidated revenue of Rs. 1,305.55
crores for the year ended 31st March, 2023, an increase of 9.77% over the previous year's
consolidated revenue of Rs. 1,189.40 crores. Consolidated Profit Before Tax is Rs. 223.18
crores against Rs. 216.41 crores of the previous year. n OPERATIONS:
The operations of the Company are elaborated in the annexed
"Management Discussion and Analysis Report". n SUBSIDIARIES AND ASSOCIATE:
Garware Technical Fibres USA INC. ("GTF USA INC"), is a
Wholly Owned Subsidiary of your Company incorporated in the State of Washington, United
State of America. GTF USA INC is engaged in the business of sale and supply of the
products to technical textile industry in USA markets. GTF USA INC recorded revenue of Rs.
163.66 crores and earned net profit of
Rs. 6.51 crores for the year ended 31st March, 2023, as compared to
revenue of Rs. 166.64 crores and net profit of Rs. 5.99 crores during the previous year.
Garware Technical Fibres Chile SpA ("GTF Chile SpA"), is a
Wholly Owned Subsidiary of your Company incorporated in Republic of Chile. GTF Chile SpA
is engaged in the business of sale and supply of the products to technical textile
industry in Chile markets. GTF Chile SpA recorded revenue of Rs. 123.15 crores and earned
net profit of Rs. 4.30 crores for the year ended 31st March, 2023, as compared to revenue
of
Rs. 63.71 crores and net profit of Rs. 2.22 crores during the previous
year.
Garware Environmental Services Private Limited ("GESPL") and
Garware Technical Textile Private Limited ("GTTPL"), are Wholly Owned
Subsidiaries of your Company. GESPL and GTTPL are yet to commence commercial operations.
Garware Technical Fibres Foundation is a Wholly Owned Subsidiary of
your Company incorporated under Section 8 of the Companies Act, 2013, to undertake various
Corporate Social Responsibility activities in areas or subjects specified in Schedule VII
of the Companies Act, 2013.
The Company does not have any material subsidiary.
Garware Meditech Private Limited is an associate of your Company and
presently not having any business activity.
Pursuant to provisions of first proviso of sub-section (3) of Section
129 of the Companies Act, 2013, a Statement containing salient features of the Financial
Statement of its Subsidiaries and Associate Company in Form No. AOC-1 is attached to the
Financial Statement, which forms an integral part of this Report.
CONSOLIDATED FINANCIAL STATEMENTS:
Pursuant to the provisions of Section 129 of the Companies Act, 2013,
read with the Companies (Accounts) Rules, 2014 and applicable Accounting Standards, the
Company has prepared a Consolidated Financial Statement of the Company, its Subsidiaries
and Associate Company in the same form and manner as that of the Company, which shall be
laid before the ensuing Annual General Meeting of the Company along with the laying of the
Company's Standalone Financial Statement.
The Annual Report of the Company inter alia contains the
Standalone Audited Financial Statement of the Company and Consolidated Audited Financial
Statement of the Company and its Subsidiaries and Associate Company except its wholly
owned subsidiary Garware Technical Fibres Foundation, a company incorporated under Section
8 of the Companies Act, 2013.
Considering the nature and insignificant variability of its return, it
has been concluded that it does not have 'control' over Garware Technical Fibres
Foundation and thus, the same was not consolidated alongwith the Financial Statement of
the Company.
Pursuant to the provisions of Section 136 of the Companies Act, 2013,
the Standalone Financial Statements of the Company, Consolidated Financial Statements
along with relevant documents and Financial Statements in respect of its Subsidiaries and
Associate Company are also uploaded on the Company's website:
https://www.garwarefibres.com/ investors/financial-information/shareholder-meeting
#investorsmenu.
The Financial Statements of the Subsidiaries, Associate Company and the
related detailed information will be made available to any Member of the Company / its
Subsidiaries and Associate Company, who may be interested in obtaining the same. The
Financial Statements of the Subsidiaries and Associate Company will also be kept for
inspection by any Member at the Company's Registered Office and that of the Subsidiaries
and Associate Company. n RESERVES:
Your Directors do not propose to transfer any amount to the General
Reserves and retain of Rs. 89,214.47/- lakhs in the statement of the Profit and Loss. n
BUY-BACK OF EQUITY SHARES:
During the year under review, your Company has bought back 2,40,000
equity shares of the Company of face value of Rs. 10/- each representing 1.16% of the
Equity Shares in the then existing total equity paid-up capital of the Company, from all
Eligible Shareholders on a proportionate basis, through the 'Tender Offer' process, at a
price of Rs. 3,750/- per equity share, payable in cash, for an aggregate maximum amount of
Rs. 90 crores, pursuant to the provisions of the SEBI (Buy-back of Securities)
Regulations, 2018 and the Companies Act, 2013.
Pursuant to the issuance of Letter of Offer, tender period for buy-back
was opened on 05th December, 2022 and closed on 16th December, 2022. Your Company bought
back 2,40,000 equity shares of the Company of face value of Rs. 10/- each from all
Eligible Shareholders, who tendered the shares on a proportionate basis and extinguished
the same on 27th December, 2022. The total paid up capital of your Company stands reduced
from Rs. 20,61,81,690/- divided into 2,06,18,169 equity shares of face value of Rs. 10/-
each to Rs. 20,37,81,690/- divided into
2,03,78,169 equity shares of face value of Rs. 10/- each post
extinguishment of the said 2,40,000 equity shares of the Company. The Buyback resulted in
a cash outflow of Rs. 90 crores (excluding transaction costs). The Company funded the
Buyback from its free reserves. In accordance with Section 69 of the Companies Act, 2013,
the Company has created capital redemption reserve of Rs. 24.00 lakhs equal to the nominal
value of the shares bought back as an appropriation from general reserves. n DIVIDEND:
Your Directors, after taking into account, the various provisions of
Dividend Distribution Policy of the Company, have recommended a Dividend of Rs. 3.50/- per
share (35%) on the subscribed equity capital consisting of 2,03,78,169 Equity Shares of
face value of Rs. 10/- each, of the Company existing as on 31st March, 2023, for your
consideration at ensuing Annual General Meeting of the Company. The total proposed
dividend for the year would absorb an amount of Rs. 7,13,23,592/-.
Pursuant to the provisions of Income-tax Act, 1961 as amended,
dividends paid or distributed by the Company shall be taxable in the hands of the
Shareholders. The Company shall, make the payment of the final dividend after deduction of
tax at source as per the applicable statutory provisions.
The Dividend as recommend by the Board of Directors, if approved by the
Members of the Company, will be paid to the eligible Members within the stipulated time. n
DIVIDEND DISTRIBUTION POLICY:
Pursuant to the provision of Regulation 43A of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the
Company has adopted a Dividend Distribution Policy and the same is uploaded on the
Company's website: https://www.garwarefibres.com/investors/policies/divi
dend-distribution-policy /. n DEPOSITS:
During the year under review, your Company has neither accepted nor
renewed any deposit within the meaning of Sections 73 of the Companies Act, 2013, read
with the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory
modification(s) or re-enactment(s) for the time being in force). n CHANGE IN THE NATURE OF
BUSINESS, IF ANY:
There was no change in the nature of business of your Company during
the Financial Year ended
31st March, 2023.
n MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION:
There were no material changes and commitments, affecting the financial
position of the Company occurred between the end of the Financial Year of the Company i.e.
31st March, 2023 and the date of this Directors' Report i.e. 22nd May, 2023. n DIRECTORS
AND KEY MANAGERIAL PERSONNEL:
The Board of your Company is duly constituted in accordance with the
requirements of the Companies Act, 2013 read with the SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015.
Pursuant to the provisions of Section 152 of the Companies Act, 2013,
read with Article 96 of the Articles of Association of the Company, Mr. V. R. Garware (DIN
00092201) is liable to retire by rotation at the ensuing Annual General Meeting of the
Company and, being eligible, offers himself for re-appointment. The Board recommends his
re-appointment.
The details of Mr. V. R. Garware, as required under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and as per Secretarial Standard
- 2 of General Meeting are contained in the accompanying Notice calling Forty-Sixth (46th)
Annual General Meeting of the Company, which forms an integral part of this Report.
During the year under review, Mr. Mukesh Surana, ceased to hold the
position of Chief Financial Officer (Key Managerial Personnel) of the Company with effect
from 30th December, 2022.
In order to comply with the provision of Section 203 of the Companies
Act, 2013 and Rules made thereunder and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors at its meeting held on 22nd May,
2023, designated Mr. Dhwanee Buch, who is working with the Company as AVP-Accounts, as a
Chief Financial Officer (Key Managerial Personnel) of the Company for the interim period,
based on the re-commendation of the Nomination and Remuneration Committee and approval of
the Audit Committee of the Board.
Pursuant to the provisions of Section 203 of the
Companies Act, 2013, Mr. V. R. Garware, Chairman
& Managing Director, Mr. Dhwanee Buch, Chief Financial Officer and
Mr. Sunil Agarwal, Company
Secretary and Compliance Officer, are discharging the functions and
responsibilities of whole-time Key Managerial Personnel of the Company.
During the Financial Year 2022-23, there was no change in the
composition of the Board of Directors and the Key Managerial Personnel, except as stated
above. n DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declarations from all the Independent
Directors, confirming that they meet the criteria of independence as provided in
sub-section (6) of Section 149 of the Companies Act, 2013 and Rule 5 of the Companies
(Appointment and Qualification of Directors) Rules, 2014 and Regulation 16(1)(b) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In terms of Regulation 25(8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Independent Directors have confirmed that
they are not aware of any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties.
In terms of Rule 6(3) of Companies (Appointment and Qualification of
Directors) Rules, 2014, the Independent Directors have confirmed that they are in
compliance with sub-rule (1) and (2) of Rule 6 of Companies (Appointment and Qualification
of Directors) Rules, 2014. n STATEMENT OF BOARD OF DIRECTORS:
The Board of Directors of the Company are of the opinion that all the
Independent Directors of the Company possesses the attributes of integrity, expertise and
experience required to best serve the interest of the Company.
n DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors, to the best of their knowledge and belief and according
to the information and explanations obtained by them and pursuant to the provisions of
Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, hereby state and
confirm that:
1. in the preparation of the Annual Financial
Statements for the year ended 31st March, 2023, the applicable
Accounting Standards have been followed and there are no material departures;
2. for the Financial Year ended 31st March, 2023, such
Accounting Policies as mentioned in the Notes to the Financial
Statements have been applied consistently and judgments and estimates that are reasonable
and prudent have been made, where necessary so as to give a true and fair view of the
state of affairs of the Company as on 31st March, 2023 and of the Profit and Loss of the
Company for the year ended 31st March, 2023;
3. proper and sufficient care has been taken for the maintenance of
adequate accounting records, for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities in accordance with the provisions of the
Companies Act, 2013;
4. the Annual Financial Statements have been
prepared on a "Going Concern" basis;
5. proper Internal Financial Controls were followed by the Company and
that such Internal Financial Controls are adequate and were operating effectively; and
6. proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and operating
effectively. n ANNUAL EVALUATION BY THE BOARD:
In view of the provisions of the Companies Act, 2013 and considering
the Guidance Note dated 5th January, 2017, issued by the Securities and Exchange Board of
India ("SEBI"), the Nomination & Remuneration Committee of the Board had
laid down comprehensive framework including the criteria for evaluation of performance of
the Board as a whole and various committees of the Board and individual Directors,
including Independent Directors.
Based on the above mentioned comprehensive framework, the Board of
Directors of the Company had carried out Annual Evaluation of the performance of the Board
as a whole, the Directors individually and also the working of its Audit Committee,
Nomination
& Remuneration Committee, Corporate Social Responsibility
Committee, Stakeholder Relationship Committee and Risk Management Committee.
On collation of all the responses, feedback was provided by Chairman of
the Board to the Board of Directors and each member of the Board.
The Board noted the evaluation results that were
collated and presented to the Board.
The Directors expressed their satisfaction with the
evaluation process.
A separate meeting of Independent Directors was held
on Friday, 21st October, 2022, without the presence of
Non-Independent Directors and members of the
management, inter alia, to:
i. Review the performance of Non-Independent
Directors and the Board as a whole;
ii. Review the performance of the Chairperson of the
Company, taking into account the views of Executive
Director and Non-Executive Directors;
iii.Assess the quality, quantity and timeliness of flow of information
between the Company management and the Board that was deemed necessary for the Board to
effectively and reasonably perform their duties. n NUMBER OF MEETINGS OF THE BOARD:
There were four (04) meetings of the Board of Directors held during the
year, details of which are given in the annexed "Corporate Governance Report".
n COMPOSITION OF THE COMMITTEES OF THE BOARD:
The details relating to the composition of Audit Committee, Nomination
and Remuneration Committee, Corporate Social Responsibility Committee, Stakeholders
Relationship Committee and Risk Management Committee are given in the annexed
"Corporate Governance Report".
n AUDITORS: 1. STATUTORY AUDITORS:
Pursuant to the provisions of Section 139, 142 and other applicable
provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and
Auditors) Rules, 2014, and pursuant to the recommendation of the Audit Committee, M/s.
Mehta Chokshi & Shah LLP, Chartered Accountants (Firm Registration no.
106201W/W100598), were appointed as Statutory Auditors at the 45th Annual General Meeting
to hold the office for a second term of five (05) consecutive years, from the conclusion
of 45th Annual General Meeting till the conclusion of 50th Annual General Meeting of the
Company.
STATUTORY AUDITORS' REPORT:
There are no audit qualifications, reservations or adverse remarks or
disclaimers, in the Auditors' Report, as annexed elsewhere in this Annual Report.
During the year under review, the Statutory Auditors have not reported
any instances of frauds committed in the Company by its officer and employees under
Section 143(12) of the Companies Act, 2013.
2. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the
Companies Act, 2013, read with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company
had appointed M/s. SVD & Associates, Company Secretaries as Secretarial Auditor for
the year ended 31st March, 2023.
The Secretarial Auditor has submitted its Report in Form No. MR-3 for
the Financial Year ended on 31st March, 2023 and the same as set out in "Annexure
1", forms an integral part of the Directors' Report. There are no qualifications,
reservations or adverse remarks or disclaimers made in the Secretarial Audit Report. n
COST AUDIT :
The Company made and maintained the Cost Accounting Records under
Section 148 of the Companies Act, 2013 for the Financial Year 2022-23. M/s. Joshi Apte
& Associates, Cost Accountants, (Firm Registration No. 000240), were appointed as Cost
Auditor for conducting audit of Cost Accounting Records maintained by the Company, for the
Financial Year 2022-23.
The Audit Report for the Cost Accounting records maintained by the
Company for the Financial Year 2022-23, is under preparation and the same will be filed
with the Central Government within the prescribed time limit.
M/s. Joshi Apte & Associates, Cost Accountants, (Firm Registration
No. 000240), were re-appointed as Cost Auditor for conducting an audit of Cost Accounting
Records maintained by the Company, for the Financial Year 2023-24.
A resolution proposing ratification of the remuneration of the said
Cost Auditors' for the Financial Year ended 31st March, 2024, forms part of the Notice of
the Forty-Sixth (46th) Annual General Meeting of the Company as Special Business by way of
Ordinary Resolution.
n PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
Details of loans and guarantees given and investments made during the
Financial Year 2022-23, under the provisions of Section 186 of the Companies Act, 2013,
read with the Companies (Meetings of Board and its Powers) Rules, 2014 are given in the
notes to Financial Statements, which forms an integral part of this Report. n RELATED
PARTY TRANSACTIONS:
All the transactions with Related Parties entered during the Financial
Year 2022-23 by the Company, were in the ordinary course of business and on arm's length
basis.
There were no Material Related Party Transaction(s) made with a Related
Party as per Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
All Related Party Transactions were placed before the
Audit Committee for their prior approval.
Omnibus approval of Audit Committee was obtained for the year for
transactions which were of repetitive nature. The Policy on Related Party Transactions as
approved by the Board has been uploaded on the Company's website: https://www.
garwarefibres.com/investors/related-party-transactions-policy/.
Pursuant to the provisions of Section 134(3)(h) of the Companies Act,
2013, Form AOC-2 is not applicable to the Company. n ADEQUACY OF INTERNAL FINANCIAL
CONTROL:
Your Company, continued to remain focused on ensuring a robust and
effective Internal Financial Control framework.
Internal Financial Controls laid down by your Company with reference to
the Financial Statements are adequate, operating effectively and commensurate to the size,
scale of operations and nature of business of the Company. n REMUNERATION POLICY:
The Board of Directors of the Company has approved the Policy relating
to remuneration for the Directors, Key Managerial Personnel and Senior Management based on
recommendation of Nomination & Remuneration Committee of the Board.
The salient aspects covered in the Policy have been outlined in the
Corporate Governance Report, which forms an integral part of this Report.
As per the requirements of Section 178(4) of the Companies Act, 2013
details of such a Policy have been uploaded on the Company's website:
https://www.garwarefibres.com/remuneration-policy/.
n RISK MANAGEMENT POLICY:
The Company recognizes the importance of Risk Management and hence the
Board of Directors of the Company has adopted Risk Assessment and Minimization Policy
Statement. This Policy Framework has been adopted as a fundamental part of the business
policy to counter and combat the adverse
consequential effects of various risks.
Risk Management involves the following:
l Identification of risks.
Evaluation of the risks as to likelihood and consequences. l
Assessment of options for minimising / covering the risks.
l Action Plan for the implementation of the Risk Management Plans. l
Review of the Risk Management efforts. l Cyber Security Risk.
The Risk Management Committee of the company has been entrusted by the
board with the responsibilities of risk assessment, management and mitigation within the
framework of the Risk Assessment and Minimization Policy Statement. Details of the terms
of reference and meeting of Risk Management Committee have been outlined in the annexed
"Corporate Governance Report".
n VIGIL MECHANISM:
The Board of Directors of the Company has formulated a Vigil Mechanism
Policy which is in compliance with the provisions of Section 177(10) of the Companies Act,
2013, Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Regulation 9A of SEBI (Prohibition of Insider Trading) Regulations,
2015, details of which are given in the annexed "Corporate Governance Report". n
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Pursuant to the provisions of Section 135 of the Companies Act, 2013,
read with the Companies (Corporate Social Responsibility), Rules, 2014, your Company has
established Corporate Social Responsibility (CSR) Committee and an Annual Report on CSR
Activities, forming an integral part of the Directors' Report is set out in "Annexure
2".
n THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS
AND OUTGO:
Information in accordance with the provisions of Section 134(3)(m) of
the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014,
pertaining to the Conservation of Energy, Technology Absorption, Foreign Exchange Earnings
and Outgo is set out in "Annexure 3", forming an integral part of the Directors'
Report.
n ANNUAL RETURN:
Pursuant to the provisions of Sections 92(3) of the Companies Act, 2013
your Company has uploaded its Draft Annual Return for the Financial Year 2022-23 on the
Company's website:
https://www.garwarefibres.com/investors/financial-information/shareholder-meeting#investorsmenu.
n PERSONNEL:
The relations with employees and workman at all levels continued to be
cordial throughout the year. n PARTICULARS OF EMPLOYEES:
The information required pursuant to the provisions of Section 197 of
the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is set out in "Annexure 4", forming an
integral part of the Directors' Report.
n THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND
REDRESSAL) ACT, 2013 ("the Sexual Harassment
Act"):
Your Company, has zero tolerance towards any action on the part of any
employee, which may fall under the ambit of "Sexual Harassment" at workplace,
and is fully committed to uphold and maintain the dignity of every woman employee working
in the Company.
Your Company, has formulated and implemented a Policy under the Sexual
Harassment Act and Rules framed thereunder.
As per the provisions of the Sexual Harassment Act and Rules made
thereunder, your Company has constituted Internal Complaints Committee (ICC).
During the Financial Year 2022-23, there were no complaints reported
under the Sexual Harassment Act.
n CORPORATE GOVERNANCE:
Pursuant to Regulation 34 read with Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Corporate Governance as well
as the Auditor's Certificate regarding compliance of conditions of Corporate Governance
are set out in separate section, which forms an integral part of this Report.
The Report on Corporate Governance also contains certain disclosures
required under the Companies Act, 2013.
n BUSINESS RESPONSIBILITY REPORT:
Pursuant to the provisions of Regulation 34(2)(f) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended vided SEBI
notification dated 5th May, 2021, Business Responsibility and Sustainability Report
detailing the various initiatives taken by the Company from an environmental, social and
governance perspective is set out in separate section, which forms an integral part of
this Report.
n OTHER DISCLOSURES:
There were no significant and material orders passed by Regulators /
Courts / Tribunals that would impact the going concern status of the Company and its
future operations. Except an application pending under Section 9 of the Insolvency and
Bankruptcy Code, 2016 filed by Operational Creditors in year 2020 for a claimed amount of
Rs. 23.24 lakhs, against which interlocutory application challenging the maintainability
of such IBC application filed by the Company is pending for hearing as on 31st March,
2023, there is no other application filed or pending under Insolvency and Bankruptcy Code,
2016 against the Company during the Financial Year 2022-23. n SECRETARIAL STANDARDS:
The Company is in compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central
Government under Section 118(10) of the Companies Act, 2013. n ACKNOWLEDGMENT:
Your Directors gratefully acknowledge the support given by the
Customers, Dealers, Distributors, Suppliers, Bankers, various departments of the Central
and State Governments, Local Authorities and also the Members of the Company.
Your Directors would further like to record their appreciation for the
unstinted efforts put in by all Employees of the Company during the year.
|
On behalf of the Board of Directors, |
|
V. R. GARWARE |
Pune |
Chairman & Managing Director |
22nd May, 2023 |
DIN 00092201 |