To
TheMembers of,
Knowledge Marine & Engineering Works Limited
Your Directors with great pleasure present herewith their 08th Annual
Report on the business and operations of the Company together with the standalone &
consolidated audited financial statements for the year ended 31st March, 2023.
FINANCIAL SUMMARY:
The financial highlights of the Company for the year under review are
summarized below:
( INR in Lacs.)
Particulars |
Standalone |
Consolidated |
|
2022-2023 |
2021-2022 |
2022-2023 |
2021-2022 |
Revenue from Operations |
19,472.44 |
4,946.95 |
20,152.96 |
6,110.63 |
Other Income |
124.51 |
43.21 |
138.22 |
51.08 |
Total Revenue |
19,596.95 |
4,990.16 |
20,291.18 |
6,161.71 |
Total Expenses |
13,339.31 |
2,374.91 |
13,953.34 |
3,360.93 |
Profit Before Exceptional Items and Tax |
6,257.64 |
2,615.25 |
6,337.84 |
2,800.78 |
Exceptional Items |
- |
- |
- |
- |
Profit Before Tax |
6,257.64 |
2,615.25 |
6,337.84 |
2,800.78 |
Tax Expenses: |
|
|
|
|
Current Year Tax |
1,464.76 |
578.65 |
1,487.08 |
622.62 |
Relating to Prior Years |
- |
- |
- |
- |
Deferred tax |
132.97 |
88.43 |
130.83 |
91.38 |
Total Tax Expenses |
1,597.73 |
667.08 |
1,617.91 |
714 |
Profit After Tax |
4,659.91 |
1,948.17 |
4,719.93 |
2,086.78 |
Earnings Per Share |
44.83 |
19.03 |
45.26 |
19.89 |
NATURE OF COMPANY'S BUSINESS
Your Company has three major business segments Dredging, Owning and
Operating Marine ancillary Crafts, Repair and Maintenance of Marine crafts and Marine
infrastructure.
STATE OF COMPANY'S AFFAIRS STANDALONE
During the year under review, Revenue from operations has been
increased from Rs. 4,946.95 Lacs in FY 2021-22 to Rs. 19,472.44 Lacs in FY 2022-23.
Further, Profit After Tax is achieved as Rs. 6,257.64 Lakhs as against Rs. 2,615.25 Lakhs
last year. Your Directors are putting all their efforts to economize the cost and improve
the profitability of the Company. Your Directors are hopeful for the bright future of the
Company in the years to come.
STATE OF COMPANY'S AFFAIRS CONSOLIDATED
During the year under review, Revenue from operations has been
increased from Rs. 6110.63 Lacs in FY 2021-22 to Rs. 20,152.96 Lacs in FY 2022-2023.
Further, Profit After Tax is achieved as Rs. 6,337.84 Lakhs as against Rs. 2,800.78 Lakhs
last year.
In the FY 2022-23 the Company is holding 50% shareholding in KMEW
Offshore Private Limited, 70% in M/s Indian Ports
Dredging Private Limited and 74% in M/s. Knowledge Infra Ports Private
Limited. In accordance with the Companies Act, 2013 and other applicable Accounting
Standard on consolidated financial statements, your Directors have pleasure in attaching
the consolidated financial statements for the financial year ended 31st March, 2023, the
audited consolidated financial statements forms part of this report.
CHANGE IN THE NATURE OF BUSINESS
There were no changes in the nature of the business of the Company
during the year under review.
DIVIDEND
With a view to deploy the profits into the future expansion and growth
of your Company, Board of Directors has not recommended any dividend for the year.
RESERVE
All of the amount of Profit is transferred to General Reserve during
the year under review.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Your Company's Board comprises of following Directors and Key
Managerial Personnel (KMP):
Sr. No. |
Name |
Designation |
DIN |
1 |
Mr. Saurabh Daswani |
Managing Director |
07297445 |
2 |
Mrs. Kanak Kewalramani |
Whole-Time Director &
Chief Financial Officer |
06678703 |
3 |
Mr. Jagat Jiban Biswas |
Non-Executive Director |
07311532 |
4 |
Mr. Sandip Zaveri |
Independent Director |
00158876 |
5 |
Mr. Ashish Mohandas |
Independent Director |
08708036 |
6 |
Mr. Sujay Kewalramani |
Chief Executive Officer |
KMP |
7 |
Ms. Ritika Sharma* |
Company Secretary &
Compliance Officer |
KMP |
Note:
* Ms. Ritika Sharma was appointed as the Company Secretary &
Compliance Officer of the Company at the Board Meeting held on 28th October, 2022.
*Ms. Ruchi Nishar served as Company Secretary & Compliance Officer
of the Company from 18th February, 2022 to 28th October 2022.
Based on the confirmations received from Directors, none of the
Directors are disqualified from appointment under the Companies Act, 2013.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the year under review Board of Directors met 07 (Seven) times
and Independent Directors once on 05th January, 2023 during the year ended 31st March,
2023, details of which are summarized below:
Sr. No. |
Date of Meeting |
No. of Directors attended
the meeting |
1 |
06.05.2022 |
5 (five) |
2 |
26.08.2022 |
4 (four) |
3 |
28.10.2022 |
5 (five) |
4 |
14.11.2022 |
5 (five) |
5 |
05.01.2023 |
4 (four) |
6 |
17.03.2023 |
5 (five) |
7 |
28.03.2023 |
4 (four) |
The Board as on 31st March, 2023 comprises of 5 (Five) Directors out of
which one Director is Non-Executive Non-Independent Directors, two Directors are
Independent Directors, one is Whole-Time Director and the other Director is Managing
Director who is responsible for the day-to-day management of the Company subject to the
supervision, direction and control of the Board of Directors. The Company satisfies the
criteria of having minimum number of independent directors in the board as per the
provisions of Companies Act 2013.
NUMBER OF MEETINGS ATTENDED BY DIRECTORS
Sr. No. |
Name of Director |
No. of Meeting attended |
Number of Membership in
Boards of Other Companies* |
No. of Membership/
Chairmanship in Other Companies* |
1 |
Mr. Saurabh Daswani |
6 (Seven) |
NIL |
NIL |
2 |
Mrs. Kanak Kewalramani |
7 (Seven) |
NIL |
NIL |
3 |
Mr. Jagat Jiban Biswas |
7 (Seven) |
NIL |
NIL |
4 |
Mr. Sandip Zaveri |
5 (Five) |
1(One) |
NIL |
5 |
Mr. Ashish Mohandas |
7 (Six) |
NIL |
NIL |
*Excludes directorships in Private Limited Companies, Section 25
Companies, Foreign Companies. Membership/ Chairmanship in Committee of Directors includes
Audit Committee and Stakeholders' Relationship/Grievance Committee of Directors only.
This does not include Membership/Chairmanship in Committee of Directors of M/s Knowledge
Marine & Engineering Works Limited.
DECLARATION OF INDEPENDENT DIRECTOR
Pursuant to Section 149(6) of the Companies Act, 2013, Independent
Directors of the Company has made a declaration confirming the compliance of the
conditions of the independence stipulated in the aforesaid section.
DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
Pursuant to the requirements under the Prevention of Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has
enacted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Work
Place and has an Internal Complaints Committee. There were no cases filed during the year
under review.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year.
RISK MANAGEMENT POLICY
In today's challenging and competitive environment, strategies for
mitigating inherent risks in accomplishing the growth plans of the Company are imperative.
Company recognizes that the risk is an integral part of business and is committed to
managing the risk in proactive and efficient manner. The Company had adopted Risk
Management System to ensure sustainable business growth with stability and to promote a
proactive approach in reporting, evaluating and resolving risks associated with the
business.
In order to achieve the key objective, the system establishes a
structured and disciplined approach to Risk Management. The management is however, of the
view that none of the risks may threaten the existence of the Company as robust Risk
mitigation mechanism is put in place to ensure that there is nil or minimum impact on the
Company in case of any of these risks materialize. The risk management framework is
reviewed periodically by the Board and Audit Committee.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 134(3) (c) of the Companies
Act, 2013 and also on the basis of discussions with the Statutory Auditors of the Company
from time to time, the Board of Directors, to the best of its knowledge and ability
confirm that: (a) in the preparation of the annual accounts for the Financial Year ended
31st March, 2023, the applicable accounting standards have been followed and there are no
material departures; (b) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
Financial Year and of the profit of the Company for that period; (c) they have taken
proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; (d) they have prepared the
Annual Accounts for the Financial Year ended 31st March, 2023 on a going concern basis;
(e) they have laid down internal financial controls to be followed by the Company and such
internal financial controls are adequate and operating effectively;
(f ) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS
(a) The Company has a proper and adequate system of internal financial
controls commensurate with its nature and size of business and meets the following
objectives: (b) Providing assurance regarding the effectiveness and efficiency of
operations; (c) Efficient use and safeguarding of resources; (d) Compliance with policies,
procedures and applicable laws and regulations; and
(e) Transactions being accurately recorded and reported timely.
(f ) The Company has a budgetary control system to monitor expenditures
and operations against budgets on an ongoing basis.
MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS
FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT:
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which financial statements
relates as on the date of this report.
INSIDER TRADING REGULATIONS AND CODE OF DISCLOSURE
The Board of Directors have adopted the Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Code of
Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by
Insiders in accordance with the requirements of the SEBI (Prohibition of Insider Trading)
Regulation, 2015 and is available on our http://www.kmew.in
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
During the year under review, there were no significant and material
orders passed by the Regulators or Courts or Tribunals impacting the going concern status
and the Company's operations in future.
REPORTING OF FRAUDS
There were no instances of frauds during the year under review, which
required the Statutory Auditors to report to the Audit Committee and / or the Board under
Section 143(12) of the Act and the rules made thereunder.
PARTICULARS OF EMPLOYEES
The details of employees remuneration as required under Section 197(12)
of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is applicable and given in Annexure B
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNING AND
OUTGO
Conservation of energy, technology absorption is not applicable as
company was not engaged in the manufacturing activity. Whereas no foreign exchange earned
during the period. However, the foreign exchange outflow during the period under review
was Rs. 937.87 Lakhs (11,65,258 USD and 7,350 SGD).
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
The details of Loans and Investments and guarantees covered under the
provisions of Section 186 of the Act are given in the Notes to the Financial Statements
forming part of Annual Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
During the year under review, the Company did not enter into any
Material transaction (as defined in the Company's policy on related party
transactions) with the related parties. All related party transactions are placed before
the Audit Committee for review. Prior omnibus approval is obtained for related party
transactions on a yearly basis for transactions which are repetitive in nature. All other
transactions of the Company with related parties were in the ordinary course of business
and at an arm's length. Accordingly, the disclosure of related party transactions as
required under Section 134(3)(h) of the Act, in Form AOC-2 is not applicable. Details of
transactions with related parties are disclosed in the Notes to the Financial Statements,
forming a part of this Annual Report.
DETAILS OF COMMITTEE OF DIRECTORS (AS ON 31ST MARCH, 2023) A. AUDIT
COMMITTEE
The composition of Audit Committee consists of two independent
directors and Whole-Time Director. The terms of reference stipulated by the Board to the
Audit Committee are as per the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
During the financial year ended 31st March, 2023, Audit Committee
meetings were held on the following dates: (1) 06th May, 2022 (2) 26th August, 2022 (3)
14th November, 2022 (4) 5th January, 2023, and (5) 17th March 2023.
Attendance of Committee members during 2022-23 is as follows:
Name |
Chairman/ Member |
No. of Audit committee
meetings |
No. of Audit Committee
meetings attended |
Mr. Sandip Zaveri (Independent
Director) |
Chairman |
5 |
5 |
Mr. Ashish Mohandas
(Independent Director) |
Member |
5 |
5 |
Mrs. Kanak Kewalramani
(Whole-Time Director & CFO) |
Member |
5 |
5 |
B. NOMINATION AND REMUNERATION COMMITTEE
During the financial year ended 31st March, 2023, the Nomination &
Remuneration Committee Meeting was held once on 28th October, 2023.
The Composition of Nomination and Remuneration Committee:
Name |
Chairman/ Member |
No. of NRC meetings |
No. of NRC meetings
attended |
Mr. Ashish Mohandas
(Independent Director) |
Chairman |
1 |
1 |
Mr. Sandip Zaveri (Independent
Director) |
Member |
1 |
1 |
Mr. Jagat Jiban Biswas
(Non-Executive Director) |
Member |
1 |
1 |
C. STAKEHOLDERS RELATIONSHIP COMMITTEE
The Company has in place the Stakeholders Relationship Committee
("SRC") for the redressal of the grievances of security holders of the Company.
During the financial year ended 31st March, 2023, the Stakeholders
Relationship Committee Meeting was held on 28th October, 2022.
The Composition, Meetings and Attendance of the committee is as
follows:
Name |
Chairman/ Member |
No. of SRC meetings |
No. of SRC meetings
attended |
Mr. Sandip Zaveri (Independent
Director) |
Chairman |
1 |
1 |
Mr. Saurabh Daswani (Managing
Director) |
Member |
1 |
1 |
Mrs. Kanak Kewalramani
(Whole-Time Director & CFO) |
Member |
1 |
1 |
ANNUAL RETURN
In accordance with the provisions of Section 92(3) and Section
134(3)(a) of the Companies Act, 2013, the companies are required to publish a copy of the
Annual Return on its website, The Extract of Annual Return is available on our website
www.kmew.in
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has put in place a Whistle Blower Policy to provide an open
and transparent working environment and to promote responsible and secure whistle blowing
system for directors and employees of the Company to raise concern. The Policy provides
adequate safeguard against victimization of director(s) / employee(s) who raise the
concern and have access to Chairman of Audit Committee who is entrusted to oversee the
whistle blower mechanism. The Policy is available on the website of the Company
www.kmew.in
CORPORATE SOCIAL RESPONSIBILITY
As per the provisions of the Companies Act, 2013, various circulars and
clarifications issued by the Ministry of
Corporate Affairs, the Company is not required to constitute a CSR
Committee as on date. The Board of the Company is thereby authorized and responsible to
carry out all the functions of the CSR Committee.
The CSR Report on the activities undertaken during the year is provided
as an Annexure-C to this Report. The CSR Policy is available on the website of the Company
at the link: www.kmew.in .
POLICIES OF THE COMPANY
The Board of Directors has formulated the following policies which are
available on website of the company www.kmew.in
1. Code Of Business Conduct for Directors and Senior Executives
2. Nomination and Remuneration Policy
3. Vigil Mechanism / Whistle Blower Policy
4. Insider Trading - Code of Conduct
5. Fair Disclosure Policy
6. Preservation of Documents and Archival Policy
7. Policy on Determination of Materiality of Events/ Information
8. Policy for Related Party Transaction
9. Sexual Harassment Policy 10. CSR Policy 11. Whistle Blower Policy.
12. Terms and conditions of appointment of Independent Director.
13. Code of conduct of Insider trading.
14. Policy of Material Group Company Creditors and Litigations.
15. Familiarization Programmes for ID
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
As on 31st March, 2023, the Company has Two subsidiary Companies and
one Associate Company. The details of the same areas under: -
Sr. No. |
Name of Company |
Corporate Identification
Number |
Nature of Company |
Percentage of shareholding |
1 |
KMEW Offshore Private Limited |
U74999MH2017 PTC291379 |
Associate Company |
50% |
2 |
Indian Ports Dredging Private
Limited |
U74999MH2017 PTC292712 |
Subsidiary Company |
70% |
3 |
Knowledge Infra Ports Private
Limited |
U74999MH2019 PTC324093 |
Subsidiary Company |
74% |
A statement containing the salient features of the financial statement
of subsidiary in the prescribed form AOC-1 is provided as Annexure A to this
Directors' Report. The statement also provides the details of performance, financial
position of the subsidiary.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of the provisions of Regulation 34 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2018, the Management's discussion and analysis is set out in this Annual Report.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
STATUTORY AUDITORS
M/s. R.V. Luharuka & Co LLP, Chartered Accountants
(FRN:100164W/W1000174) were appointed as the Statutory Auditor of the Company at the 06th
Annual General Meeting of the Company to hold office for a period of 5 years till the
conclusion of the Eleventh Annual General Meeting of the Company. M/s. R. V. Luharuka
& Co LLP, Chartered Accountants have provided the standalone & consolidated
financial statements of the Company for the Financial Year 2022-23 which forms part of
this Annual Report. The Statutory Auditors have submitted an unmodified opinion on the
audit of financial statements for the Financial Year 2022-23 and there is no
qualification, reservation, adverse remark or disclaimer given by the Auditors in their
Report.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 and other applicable
provisions, if any, of the Companies Act, 2013, M/s. Deepak Kewaliya & Co., Practicing
Company Secretary were appointed as the Secretarial Auditors for auditing the secretarial
records of the Company for the Financial Year 2022-23.
Secretarial audit report of the Company as provided by M/s. Deepak
Kewaliya & Co.; Practicing Company Secretary is annexed to this Report as Annexure-D.
INTERNAL AUDITORS
Pursuant to the Section 138 and other applicable provisions, if any, of
the Companies Act, 2013, M/s. RSSA & Associates, Chartered Accountants were appointed
as the Internal Auditors of the Company for the financial year 2023-24.
MAINTENANCE OF COST RECORDS AND COST AUDITORS
During the year under review, provisions of the Section 148 of
Companies Act, 2013, is not applicable to the Company. Therefore, maintenance of cost
records and appointment of cost auditor is not required.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The Auditors' Report and Secretarial Auditors' Report do not
contain any qualifications, reservations or adverse remarks.
SECRETARIAL STANDARDS
During the year under review, the Company has complied with the
applicable Secretarial Standards issued by The Institute of Company Secretaries of India.
CHANGES IN SHARES CAPITAL
The paid-up share capital of the Company as at 31st March, 2023 was Rs.
10,80,10,000/- (Rupees Ten Crores Eighty Lakhs and Ten Thousand) divided into 1,08,01,000
(One crore Eight Lakhs One Thousand) Equity Shares at a face value of Rs. 10 (Ten) each
fully paid up. During the year under review, the Company has not issued any shares with
differential voting rights neither granted any stock options nor sweat equity.
CORPORATE GOVERNANCE
Regulation 15(2) (a) of the Listing Obligations & Disclosure
requirements (LODR) Regulations, 2015 is not applicable to SME Listed Companies. Hence
compliance with Corporate Governance provisions as per Listing Obligations &
Disclosure requirements (LODR) Regulations, 2015 are not applicable to company.
FORMAL ANNUAL EVALUATION:
An annual evaluation of the Board's own performance, Board
committees and individual directors were carried out pursuant to the provisions of the Act
in the following manner:
Sr. No. |
Performance evaluation of |
Performance evaluation performed by |
Criteria |
1. |
Each Individual director |
Nomination and Remuneration Committee |
Attendance, Contribution to the Board and
committee meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution and guidance provided, key performance aspects in case of
executive directors etc. |
2. |
Independent directors |
Entire Board of Directors excluding the
director who is being evaluated |
Attendance, Contribution to the Board and
committee meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution, and guidance provided etc. |
3. |
Board, and its committees |
All directors |
Board composition and structure;
effectiveness of Board processes, information and functioning, fulfilment of key
responsibilities, performance of specific duties and obligations, timely flow of
information etc. |
|
|
|
The assessment of committees based on the
terms of reference of the committees and effectiveness of the meetings. |
HUMAN RESOURCES
Your Company treats its "human resources" as one of its most
important assets. Your Company continuously invests in retention and development of talent
on an ongoing basis. A number of programs that provide focused people attention are
currently underway. Your Company thrust is on the promotion of talent internally through
job rotation and job enlargement.
DETAILS OF SIGNIFICANT CHANGES (i.e. CHANGE OF 25% OR MORE AS COMPARED
TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL
RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREOF, INCLUDING
Ratio |
FY 22-23 |
FY 21 - 22 |
Change (%) |
Reason |
Interest Coverage Ratio |
29.79 |
13.95 |
113.45% |
Note1 |
Debt -Equity |
0.18 |
0.46 |
-60.86% |
Note 2 |
Net Profit Margin (%) |
23.93% |
39.38% |
-39.23% |
Note 3 |
Return on Equity |
0.36 |
0.43 |
-16.28% |
Note 4 |
Operating Profit Margin (%) |
35.23% |
61.18% |
-42.41% |
Note 5 |
Debtors Turnover |
6.38 |
26.96 |
76.33% |
Note 6 |
Total Debts to Total Assets Ratio |
0.12 |
0.25 |
52% |
Note 7 |
Long Term Debts to Working Capital |
0.07 |
2.14 |
96.73% |
Note 8 |
Inventory Turnover ratio |
NA |
NA |
NA |
Note 9 |
Notes:
1. Company has taken some short-term credit facilities in the year
which marginally increased the short term debt during the year. And, there was a surge in
the revenue of the Company due to existing and new contracts bagged by the Company which
led to such significant increase in EBIT as compared to last year. Increase in revenue was
high as compared to increase in interest component. Therefore interest coverage ratio has
been increased positively by 113.45% as compared to last year.
2. Due to preferential allotment during the year capital employed of
the company has been gradually increased resulting decrease in ratio. Further, there is
also surge in profit of the Company as compared to increase in debt of the Company.
Therefore, there is decrease in debt to equity of the Company.
3. During the year, some exceptional expenses such as dry
docking/repairs of the vessel were incurred which reduced the margins of the Company as
compared to last year.
4. During the year under review, some exceptional expenses such as dry
docking/repairs of the vessel were incurred which reduced the margins of the Company as
compared to last year.
5. During the year the company has issued fresh Share Capital with
premium in the form of Preferential allotment. Return on capital employed will be
gradually increased in the coming year as the income will be equated evenly. Further,
during the year an assets has also been introduced by the Company due to which there is
increase in Deferred Tax provisioning which leads to reason for decrease.
6. The increase in debtors have reduced in proportion to sales as
compared to last year due to timely payment of the invoices raised. Hence the ratio has
been improved.
7. During the year Company has repaid most of its debts and current
assets of the company were drastically increased as compared to last year, hence the ratio
has been improved.
8. During the year most of the debts has been repaid by the company and
there was no further increase in the long term loans. Further Current assets of the
Company has been increased drastically which result in increase in the working capital.
Hence the ratio has been improved.
9. The Company is into service industry and hence does not possess any
inventory.
SECRETARIAL STANDARDS
During the year under review, your Company has complied with all the
applicable secretarial standards issued by the Institute of Company Secretaries of India.
ACKNOWLEDGEMENT
Your directors place on records their sincere thanks to business
associates, shareholders, consultants and various government authorities for their
continued support. The Directors also thank the executive, employees and staff of the
Company for their valuable services and support during the year.
|
For and on behalf of the Board of
Directors |
|
Knowledge Marine &
Engineering Works Limited |
|
Saurabh Daswani |
Kanak Kewalramani |
Date: 29/08/2023 |
Managing Director |
Director & CFO |
Place: Mumbai |
DIN: 07297445 |
DIN: 06678703 |