Dear Shareholders,
Your Directors are pleased to present the 37th Annual Report along with
the audited financial statements of your Company for the financial year ended on March 31,
2024.
FINANCIAL SUMMARY AND HIGHLIGHTS:
The summarized financial performance highlights are depicted below :
( In Lakhs except EPS )
|
CONSOLIDATED |
STANDALONE |
| Sr. No. Particulars |
Year ended 2023-24 |
Year ended 2022-23 |
Year ended 2023-24 |
Year ended 2022-23 |
| 1 Revenue from Operations |
19,735.02 |
15,978.57 |
19,735.02 |
15,978.57 |
| 2 Other Income |
393.61 |
276.41 |
393.61 |
276.41 |
| 3 Total Revenue |
20,128.63 |
16,254.98 |
20,128.63 |
16,254.98 |
| 4 Cost of Material Consumed |
15,292.91 |
9,637.12 |
15,292.91 |
9,637.12 |
| 5 Purchase of Stock in trade |
- |
10.62 |
- |
10.62 |
| 6 Change in inventories of Finished goods/
Work in Progress/ stock-in-trade |
(3,550.36) |
207.83 |
(3,550.36) |
207.83 |
| 7 Employee Benefits Expense |
2,013.21 |
1,848.26 |
2,013.21 |
1,848.26 |
| 8 Finance Cost |
66.46 |
32.64 |
66.46 |
32.64 |
| 9 Depreciation & Amortization Exp. |
353.49 |
346.69 |
353.49 |
346.69 |
| 10 Other Expenses |
3,311.09 |
2,873.04 |
3,311.09 |
2,873.04 |
| 11 Total Expenses |
17,486.80 |
14,956.21 |
17,486.80 |
14,956.21 |
| 12 Profit/ (Loss) Before Tax |
2,641.83 |
1,298.77 |
2,641.83 |
1,298.77 |
| 13 Current Tax |
676.33 |
292.85 |
676.33 |
292.85 |
| 14 Deferred Tax |
(5.13) |
4.35 |
(5.13) |
4.35 |
| 15 Profit/ (Loss) After Tax |
1,970.63 |
1,001.57 |
1,970.63 |
1,001.57 |
| 16 Share of Profit/ (Loss) of Joint Venture |
130.20 |
147.31 |
- |
- |
| 17 Profit/ (Loss) for the Period |
2,100.83 |
1,148.88 |
1,970.63 |
1,001.57 |
| 18 Other Comprehensive Income |
(6.73) |
12.75 |
(6.27) |
14.86 |
| 19 Total Comprehensive Income |
2,094.10 |
1,161.63 |
1,964.36 |
1,016.43 |
| 20 Paid-up equity share capital |
615.05 |
615.31 |
615.05 |
615.31 |
| 21 Reserves excluding Revaluation Reserve as
per balance sheet of previous accounting year |
12,051.48 |
10,275.24 |
11,322.83 |
9,628.54 |
| 22 Earnings per share (Re.1/- each) |
|
|
|
|
| Basic |
3.41 |
1.87 |
3.20 |
1.63 |
| Diluted |
3.41 |
1.87 |
3.20 |
1.63 |
SUMMARY/STATEMENT OF BUSINESS OPERATIONS/AFFAIRS
The revenue for the year has been increased to Rs. 197.35 Crore as
compared to Rs. 159.79 Crore in the previous year at the same time expenditure also
increased to Rs. 174.87 Crore as compared to Rs. 149.56 Crore in the previous year. The
company has earned net profit (standalone) of Rs. 19.71 Crore in the current year as
compared to Rs. 10.02 Crore in the previous year. Whereas during the year under review,
company's net profit (consolidated) is Rs. 21.01 Crore including share of profit of
Rs. 1.30 Crore in joint venture as compared to Rs. 11.62 Crore including share of profit
of Rs. 1.47 Crore in joint venture in previous year.
TRANSFER TO RESERVES
During the year under review, the amount of Rs. 0.26 Lakhs has been
transferred to Capital Redemption Reserve and no other amount has been transferred to
General Reserve.
DIVIDEND
The Board of Directors of the Company has recommended Final Dividend of
25% i.e. Rs. 0.25 per equity share having face value of Re. 1 each (pre-bonus) for the
financial year ended March 31, 2024, which translates into final dividend of Rs. 0.125 per
equity share having face value of Re. 1 each (post-bonus) for the Financial Year 2023-24.
The final dividend on equity shares, if approved by the Members, would
involve a cash outflow of Rs. 1.54 crore. In view of the changes made under the Income Tax
Act, 1961, by the Finance Act, 2020, dividend paid or distributed by the Company shall be
taxable in the hands of the shareholders. Company shall, accordingly, make the payment of
the dividend after deduction of tax at source.
SHARE CAPITAL
During the year under review, the Company bought back 26,176 equity
shares at a price of Rs. 210 per equity shares for an aggregate consideration of Rs. 54.97
Lakhs, in compliance with provisions of Securities and Exchange Board of India (Buy-back
of Securities) Regulations, 2018 and Section 68 of the Companies Act, 2013 read with rules
made thereunder. The payment of buyback consideration was made on February 16, 2024 and
the shares were extinguished on February 28, 2024. The paid-up Share Capital of the
Company as on March 31, 2024 was Rs. 6,15,04,574/- divided into 6,15,04,574 equity shares
of Rs. 1/- each.
During the year under review, the Company has not issued any shares.
The Company has not issued shares with differential voting rights. It has neither issued
employee stock options nor sweat equity shares and does not have any scheme to fund its
employees to purchase the shares of the Company.
LISTING
The Equity Shares of the Company continue to remain listed on the BSE
Limited.
PUBLIC DEPOSIT
The Company has not accepted any deposit within the meaning of Chapter
V of the Companies Act, 2013 and the Rules framed there under.
PARTICULARS OF LOANS, GUARANTEE AND INVESTMENTS
The Particulars of loans, guarantees and Investments have been
disclosed in the Financial Statements.
SUBSIDIARY & ASSOCIATE COMPANY
Your Company has a 49:51 joint venture agreement with Bausano Holdings
SRL, Italy under the name of Rajoo Bausano Extrusion Private Limited to manufacture and
market pipe and profile extrusion machinery lines including for wood composite profiles in
India, with a special emphasis on Africa, Gulf and SAARC markets.
Rajoo Bausano Extrusion Private Limited is a combination of
Rajoo's best in class infrastructure and Bausano's sublime pioneering
technology, availability of indigenous raw material and access to the latest technology.
Through this unique Joint Venture, customers are offered world class technological
products at affordable price levels.
The Consolidated Financial Statements of the Company along with its
Associates (Rajoo Bausano Extrusion Private Limited) prepared for the year 2023-24 forms
part of this Annual Report.
A Report on the performance and financial position of each of the
subsidiaries, associates and joint venture companies as per the Companies Act, 2013 is
provided in Form AOC-1 as Annexure I.
The Company does not have any subsidiary as on reporting date. During
the year under review, no company became or ceased to be Company's subsidiaries,
joint ventures or associate companies.
DETAILS OF APPOINTMENT/RESIGNATION OF DIRECTORS AND KEY MANAGERIAL
PERSONNEL
During the year under review, appointments of Mr. Pratik R. Kothari
(DIN: 03550736) and Dr. Shital Badshah (DIN: 10039677) were regularised and appointed as
Directors (Independent & Non-Executive) in duly convened Extra-ordinary General
Meeting held on Friday, May 05, 2023.
In the opinion of the Board, all the Independent Directors appointed
during the year, possess the integrity, expertise and experience including the proficiency
required to be Independent Directors of the Company, fulfil the conditions of independence
as specified in the Act and the Listing Regulations and are independent of the management
and have also complied with the Code for Independent Directors as prescribed in Schedule
IV of the Companies Act, 2013.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
As of March 31, 2024, your Company's Board has eight members
comprising of four executive non-independent directors and non-executive independent
directors. The Board has a Woman Director. The Details of the Directors of the Company has
been provided in the Corporate Governance Report annexed to Annual Report.
Pursuant to the provisions of Section 149, 152 and other applicable
provisions of the Companies Act, 2013, one third of such directors as are liable to retire
by rotation, shall every year and if eligible, offer themselves for re-appointment at
every AGM. Consequently Ms. Khushboo C. Doshi, Managing Director (DIN: 00025581) will
retire by rotation and being eligible has offered herself for re-appointment. The Board of
Directors, on recommendation of Nomination and Remuneration Committee, has recommended her
re-appointment.
Brief particulars of Ms. Khushboo C. Doshi proposed to be re-appointed
regarding the nature of her expertise in specific functional areas, names of companies in
which she holds Directorships, committee memberships/ chairmanships, their shareholdings
etc., are annexed to the notice of the ensuing 37th AGM.
Following are the Directors and Key Managerial Personnel of the Company
as on March 31, 2024
| 1. Mr. Rajesh N. Doshi, Chairman & Executive Director |
| 2. Ms. Khushboo C. Doshi, Executive Managing Director |
| 3. Mr. Utsav K. Doshi, Executive Joint Managing Director |
| 4. Mr. Sunil B. Jain, Executive Professional Director |
| 5. Mr. Kirit R. Vachhani, Non-Executive Independent
Director |
| 6. Mr. Laxman R. Ajagiya, Non-Executive Independent
Director |
| 7. Mr. Pratik R. Kothari, Non-Executive Independent
Director |
| 8. Dr. Shital B. Badshah, Non-Executive Independent
Director |
| 9. Mr. Prakash C. Daga, Chief Financial Officer |
| 10. Mr. Rohit D. Sojitra, Company Secretary &
Compliance Officer |
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER
SUB-SECTION (6) OF SECTION 149
The Company has received necessary declaration from all the Independent
Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the
criteria of independence as laid down in Section 149(6) of the Companies Act, 2013 and the
Listing Regulations.
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 Act:
(i) that in the preparation of the Annual Accounts for the year ended
March 31, 2024, 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, 2024
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.
NUMBER OF MEETINGS OF THE BOARD
9 (Nine) Meetings of the Board were held during the year under review.
For details of meetings of the Board, please refer to the Corporate Governance Report,
which is a part of this report.
INDEPENDENT DIRECTORS' MEETING AND FAMILARISATION PROGRAMME
The Independent Director met on March 25, 2024 without attendance of
Non-Independent Directors and members of the Management. The independent Directors
reviewed the performance of non-independent directors and the Board as a whole; the
performance of the Chairperson of the Company, taking in to account the views of the
Executive Directors and Non-Executive Directors and assessed the quality, quantity and
timeliness of flow of information between the Company Management and the Board that is
necessary for the Board to effectively and reasonably perform their duties. Non-Executive
including Independent Directors plays a crucial role in balancing the functioning of Board
by providing independent judgments on various issues raised in the Board Meetings like
formulation in business strategies, monitoring of performances etc.,. Their role, inter
alia, includes:
Impart balance to the board by providing Independent Judgments
Provide feedback on company's strategies and performances
Provide effective recommendations for further improvements
The Company has no pecuniary relationships with the Independent
directors except sitting fees for attending meetings of the Board/committees thereof if
any paid.
The details of the program for familiarization of the Independent
Directors of the Company are available on the Company's website www.rajoo.com
ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS
COMMITTEES AND OF DIRECTORS
Pursuant to the applicable provisions of the Companies Act, 2013,
Listing Regulations and Governance Guidelines, the Board has carried out an annual
evaluation of its own performance, performance of the Directors as well as the evaluation
of the working of its Committees.
The Nomination and Remuneration Committee has defined the evaluation
criteria, procedure and time schedule for the Performance Evaluation process for the
Board, its Committees and Directors.
The performance of the Board and individual Directors was evaluated by
the Board after seeking inputs from all the Directors. The performance of the Committees
was evaluated by the Board after seeking inputs from the Committee Members. The criteria
for performance evaluation of the Board included aspects such as Board composition and
structure, effectiveness of Board processes, contribution in the long term strategic
planning, etc. The criteria for performance evaluation of the Committees included aspects
such as structure and composition of Committees, effectiveness of Committee meetings, etc.
The above criteria for evaluation were based on the Guidance Note issued by Securities and
Exchange Board of India.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company's policy on Directors' appointment and
remuneration and other matters provided in Section 178 (3) of the Companies Act, 2013 is
made available on the Company's website www.rajoo.com
BOARD COMMITTEES
Detailed composition of the mandatory Board committees namely Audit
Committee, Nomination and Remuneration Committee, Corporate Social Responsibility
Committee, Stakeholders Relationship Committee, number of meetings held during the year
under review and other related details are set out in the Corporate Governance Report
which forms a part of this Report.
There have been no situations where the Board has not accepted any
recommendation of the Audit Committee.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has constituted a CSR Committee and has framed a CSR
Policy. The brief details of CSR Committee are provided in Corporate Governance Report.
The Annual Report on CSR Activities in prescribed format is enclosed in Annexure II of
this report. The policy is available on the website of the Company at
http://www.rajoo.com/csr.html and
https://www.rajoo.com/pdf/Codes_and_Policies/Amended_CSR_Policy.pdf
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT AND CORPORATE
GOVERNANCE REPORT
The Management Discussion and Analysis Report and the Report on
Corporate Governance, as required under the Listing Regulations, forms part of the Annual
Report.
RISK MANAGEMENT
Your Company recognizes that Risk as an integral part of business and
is committed to minimizing the risk in a pro-active and efficient manner. More details on
risk management are covered in the Management Discussion and Analysis forming part of this
Annual Report.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUECY
The details in respect of internal financial control and their adequacy
are included in the Management Discussion and Analysis, which is a part of this report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
At Rajoo Engineers Limited, all employees are of equal value. There is
no discrimination between individuals at any point on the basis of race, colour, gender,
religion, political opinion, national extraction, social origin, sexual orientation or
age.
At Rajoo Engineers Limited, every individual is expected to treat
his/her colleagues with respect and dignity. This is enshrined in values and in the Code
of Ethics & Conduct of Rajoo Engineers Limited. The Direct Touch (Whistle-Blower &
Protection Policy) Policy provides a platform to all employees for reporting unethical
business practices at workplace without the fear of reprisal and help in eliminating any
kind of misconduct in the system. The Policy also includes misconduct with respect to
discrimination or sexual harassment
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on Prevention, Prohibition, and Redressal of Sexual Harassment at
workplace as per the requirement of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 (‘POSH Act') and Rules made
thereunder.
The Company has also constituted an Internal Complaints Committee (ICC)
to redress complaints received regarding sexual harassment with the objective of providing
a safe working environment; all employees (permanent, contractual, temporary, trainees)
are covered under this policy. An Internal Complaints Committee (ICC) is in place to
redress complaints received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and
disposed off during the year:
No. of complaints received: Nil
No. of complaints pending: Nil
No. of complaints disposed off: Nil
ANNUAL RETURN
Pursuant to Section 134(3) (a) of the Act, the draft annual return as
on March 31, 2024, prepared in accordance with Section 92(3) of the Act, is made available
on the website of the Company and can be accessed using the link
https://www.rajoo.com/investorszone.html#sec1
RELATED PARTY TRANSACTIONS
In line with the requirements of the Companies Act, 2013 and Listing
Regulations, your Company has formulated a Policy on Materiality of Related Party
Transactions and on dealing with Related Party Transactions which is also available on
Company's website at https://www.rajoo.com/investorszone.html#sec9. The Policy
intends to ensure that proper reporting; approval and disclosure processes are in place
for all transactions between the Company and Related Parties.
All Related Party Transactions are placed before the Audit Committee
for review and approval. Prior omnibus approval is obtained for Related Party Transactions
on a quarterly basis for transactions which are of repetitive nature and / or entered in
the Ordinary Course of Business and are at Arm's Length price basis.
All contracts/arrangements/transactions entered by the Company during
the financial year with the related parties were in ordinary course of business and on an
arm's length basis. Company had not entered in to any transactions with related
parties which could be considered material in terms of Section 188 of the Companies Act,
2013. Accordingly, the disclosure of Related Party Transactions as required under Section
134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.
INSURANCE
Company has taken appropriate insurance for all the assets against
foreseeable perils.
STATUTORY AUDITOR AND AUDITOR'S REPORT
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules framed thereunder, M/s. Rushabh R. Shah and Co., Chartered Accountants (M.
No.: 607585, FRN. 156419W), were appointed as statutory auditors of the Company for a term
of 5 years at the 35th Annual General Meeting held on September 24, 2022 until the
conclusion of the 40th Annual General Meeting to be held in the year 2027 on such
remuneration plus applicable taxes, and out of pocket expenses, as may be recommended by
the Audit Committee and as may be mutually agreed between the Board of Directors of the
Company and the Statutory Auditors from time to time.
The notes on the financial statements referred to in the Auditors'
Report are self-explanatory and do not call for any further comments. There is no audit
qualification, reservation or adverse remark in their Report for the year under review.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the rules made thereunder and Regulation 24A of the Securities and Exchange Board of
India (Listing Obligations and Disclosures Requirements) Regulations, 2015, The Board of
Directors of the Company has appointed CS Nirav D. Vekariya, Practicing Company
Secretaries to undertake the audit of secretarial and related records of the Company for
FY 2023-24. Form MR-3 i.e. Secretarial Audit Report for FY 2023-24 is annexed herewith
marked as “Annexure III”.
The Observation of the Secretarial Auditor and the response of the
Directors to the same are as follows:
Observation : It is observed that, there was delay in submission of
voting result of Postal Ballot Resolution Dated 17th January, 2024 in XBRL mode within
prescribed time limits i.e. 2 (Two) working days Which is delayed by 6 days.
Response : The Company has adopted good corporate governance practice
and standard and had filed e-voting result of Postal Ballot in PDF format whereas
submission of e-voting in XBRL format was filed late inadvertently.
COST AUDIT REPORT
M/s. Shailesh Thaker & Associates, Practicing Cost Accountants,
have conducted audit of Cost Accounting Records in respect of the Financial Year 2023-24
and report thereon shall be finalized and filed as statutorily provided. The Board on
recommendation of the Audit Committee has re-appointed M/s. Shailesh Thaker &
Associates., Cost Auditors for the FY 24-25. At a remuneration of Rs. 42,000 (Rupees Forty
thousand only) plus applicable taxes and out of pocket expenses has been fixed for the
Cost Auditors subject to the ratification of such fees by the shareholders at the 37th
Annual General Meeting. The Company has maintained cost records as specified under section
148(1) of the Companies Act, 2013.
DETAILS OF FRAUD REPORT BY AUDITOR
During the year, the Statutory Auditors, Cost Auditors and Secretarial
Auditor have not reported any instances of fraud committed against the Company by its
officers or employees under Section 143(12) of the Act, the details of which would need to
be mentioned under Section 134(3)(ca) of the Companies Act, 2013.
PARTICULARS OF EMPLOYEES
The Disclosure as required under Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the information
required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure-IV and forms a
part of this report.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company has established a robust Human Resources (‘HR')
system that nurtures a conducive and productive work culture. It emphasises on the freedom
to express views, competitive pay structure, performance-based reward system and growth
opportunities, and internal job postings within the organisation for career options for
the employees. It has well-documented and disseminated employee-friendly policies to
enhance transparency, create a sense of teamwork and trust among employees and align
employee interests with organisational strategic goals. These policies assist in holistic
HR development and play a key role in right talent on-boarding, talent retention, and
leadership development.
The Company ensures equal access to opportunities in the areas of
recruitment, training and up gradation, professional development and advancement,
regardless of gender, age, racial/ethnic background, religion or social status. The
Company adheres to the Rajoo's Code of Conduct to strengthen core Rajoo's values
of excellence and leadership.
SECRETARIAL STANDARDS
The applicable Secretarial Standards, i.e. SS-1 relating to
‘Meetings of the Board of Directors' and SS-2 relating to ‘General
Meetings', respectively, have been duly followed by the Company.
OTHER DISCLOSURES
There are no material changes and commitments affecting the financial
position of the company between the end of the financial year and the date of this report.
There has been no change in the nature of business of the Company.
No significant material orders have been passed by the Regulators or
Courts or Tribunals which would impact the going concern status of the Company and its
future operations.
There are no proceedings initiated/ pending against the company under
the Insolvency and Bankruptcy Code, 2016 which materially impact the business of the
company.
There were no instances where the Company required the valuation for
one time settlement or while taking the loan from the Banks or Financial institutions.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
1. CONSERVATION OF ENERGY
(a) Energy conservation measures taken:
The Company has continued its efforts to improve energy efficiency with
more vigor and depth. Your Company continually took necessary steps to absorb and adopt
the latest technologies and innovations in the Plastic Manufacturing Machines Industry.
All machinery and equipment are continuously serviced, updated and overhauled in order to
maintain them in good condition. This resulted in consumption of lesser energy
consumption. Energy audits and Inter unit studies are carried out on a regular basis for
taking steps for reduction of the energy consumption.
(b) Steps taken by the Company for utilizing alternate sources of
Energy:
As part of its long term sustainability plan, the Company has initiated
various steps towards utilizing alternate source/ renewable source of energy:
The company has installed and commissioned 304.64 KW (DC) capacity
Solar Power Plant in the state of Gujarat at Village Hadamtala, Taluka Kotda-Sangani,
District Rajkot.
All efforts are made to use more natural lights in
offices/Factory/stores premises to optimize the consumption of energy. the Company along
with group entities of the Company has formed a Limited Liability Partnership
“SHRUTINA NEXGEN SOLAR LLP (LLPIN: ACH-3671)”, which is registered with
Registrar of Companies, Gujarat on May 26, 2024. Shrutina Nexgen Solar LLP is formed by
Rajoo Engineers Limited (holding 7%) along with Promoter Group Entities viz. Shrutina
Nexgen LLP (holding 74%), Essen Speciality Films Limited (holding 18%) and Rajoo
Innovation Centre LLP (holding 1%) as its Partners. The LLP is incorporated for business
purpose: To carry on the business of generating, accumulating, distributing and supplying
Solar Energy for its own use or for sale to Governments, State Electricity
Boards,Intermediaries in Power Transmission/ Distribution, Companies, Industrial Units, or
to other types of users/ consumers of Energy.
(c) The capital investment on energy conservation equipment : NIL
2. TECHNOLOGY ABSORPTION
(a) Efforts made towards Technology Absorption:
The Company continues to adopt and use the latest technologies to
improve the productivity and quality of its products.
The Company has technical collaboration with Commodore LLC., USA,
Bausano & Figli, Italy and MEAF Machines B.V. of Netherlands are strategic partners.
(b) Benefits derived like product improvement, cost reduction, product
development or import substitution:
Due to integrated facility and infusion of new technology, the Company
is in position to offer most energy efficient products to consumers.
(c) In case of imported technology (imported during the last three
years reckoned from the beginning of the financial year):
No Technology was imported for conservation of energy.
(d) The expenditure incurred on Research and Development
(Rs. In lacs)
| Particulars |
F.Y. 2023-24 |
F.Y. 2022-23 |
| Capital Expenditure |
- |
- |
| Revenue Expenditure |
160.42 |
177.43 |
| Total: |
160.42 |
177.43 |
(Rs. In lacs)
| 3. FOREIGN EXCHANGE EARNINGS AND OUTGO: |
|
|
| Particulars |
F.Y. 2023-24 |
F.Y. 2022-23 |
| Foreign Exchange earned |
9,021.14 |
5,183.08 |
| Foreign Exchange used |
3,220.60 |
1,679.11 |
APPRECIATION
Your Directors wish to place on record their appreciation, for the
contribution made by the employees at all levels but for whose hard work, and support,
your Company's achievements would not have been possible. Your Directors also wish to
thank its customers, vendors, suppliers, investors and bankers for their continued support
and faith reposed in the Company.
| Date: 24/08/2024 |
For and on behalf of the Board of
Directors |
| Place: Veraval (Shapar) |
Rajoo Engineers Limited |
|
Rajesh N. Doshi |
|
Chairman & Director |
|
DIN: 00026140 |
|