Dear Members,
The Directors are pleased to present the 31st Annual Report along with the
Audited Financial Statements of your Company for the Financial Year ended March 31, 2025.
COMPANY PERFORMANCE
A. Financial Highlights
The standalone and consolidated financial highlights of the Company for the financial
year ended March 31,2025 is summerised as follows:
(Rs. in '000)
Particulars |
Standalone |
Consolidated |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
| Revenue from operations |
439,592 |
280,146 |
439,592 |
280,146 |
| Other Income |
25,964 |
46,141 |
23,408 |
72,641 |
| Profit before Interest, Depreciation, Tax and Exceptional items |
335,559 |
210,909 |
333,835 |
237,045 |
| Less: Finance Cost |
6,446 |
6,969 |
7,088 |
6,969 |
| Depreciation and Amortisation expense |
10,025 |
7,970 |
10,093 |
8,038 |
| Add: Exceptional items |
- |
- |
- |
- |
| Profit/(Loss) before Tax |
319,088 |
195,970 |
316,654 |
222,038 |
| Less: Tax expense |
85,718 |
34,026 |
82,865 |
39,807 |
| Profit/(Loss) after Tax |
233,370 |
- |
233,788 |
182,231 |
| Other comprehensive income (net of tax) |
(4,554) |
12,776 |
(4,307) |
12,776 |
| Total comprehensive income of the year (net of tax) |
228,816 |
174,720 |
229,482 |
195,007 |
| Earnings per share |
- |
- |
- |
- |
| Basic |
12.09 |
8.39 |
12.12 |
9.44 |
| Diluted |
12.09 |
8.39 |
12.12 |
9.44 |
Performance review for the year and Outlook
Please refer to the Management Discussion and Analysis section which forms a part of
this Annual Report for details of the performance and operations review and the Company's
strategies for growth.
Business Highlights
Business Model & Strategy
Ecoreco's integrated business model covers every stage of the e-waste value
chain-collection, secure data destruction, refurbishment, material recovery, and
remarketing. This model unlocks multiple value streams from end-of-life electronics and
lithium-ion batteries.
Our state-of-the-art recycling facilities, certified by the CPCB/MPCB and aligned with
R2v3 international standards, have an installed capacity of 31,200 MT per annum. This
positions Ecoreco to meet India's rapidly increasing demand for environmentally
responsible recycling, while ensuring compliance, transparency, and operational
scalability.
Market & Industry Outlook
India's e-waste generation is projected to grow at doubledigit rates, fuelled by rapid
digitalisation, shorter product life cycles, and stricter enforcement of the E-Waste
Management Rules, 2022 and EPR Guidelines. On a global scale, demand for critical and
precious metals is intensifying as industries seek secure, sustainable supply chains.
Ecoreco's technology-driven, compliant, and scalable operations make it a natural partner
for governments, OEMs, and corporates navigating this evolving landscape.
Report on performance of Subsidiaries
The performance and financial position of each subsidiary for the year ended March 31,
2025, in the prescribed Form AOC-1 is appended as Annexure I to this report.
In accordance with Section 136 of the Companies Act, 2013, the audited Financial
Statement, including the Consolidated Financial Statement and related information of the
Company and audited accounts of each of its subsidiaries, are available on the Company's
website www.ecoreco.com.
These documents will also be available for inspection during business hours at the
Registered Office of the Company.
The Policy for determining Material Subsidiaries may be accessed on the Company's
website www.ecoreco.com.
B. SUSTAINABILITY AND SOCIAL RESPONSIBILITY
Corporate Social Responsibility Policy
Your Company has committed itself towards reaching out and giving back to its
communities. Creating an ecosystem of development through planned interventions. The
Company is ensuring that its vision for the development of the nation reaches the farthest
geographies.
With a consistent focus on bringing a transformational change in its communities,
Ecoreco is implementing sustainable and inclusive growth and has reached out to 3000 plus
beneficiaries across Mumbai in FY 2024-25.
Furthermore, to accelerate social growth and development, with a well-defined roadmap
and a commitment to invest Rs. 19.07 lakhs into Ecoreco Foundation, the philanthropic arm
of the Company aims to take the mission of creating an ecosystem free of e-waste.
Energy Conservation, Technology Absorption and Foreign Exchange Earnings & Outgo
The information as stipulated under section 134(3)(m) of the Act read with Rule 8 of
the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology
absorption:
Conservation of energy:
Your Company remains committed to sustainable business practices and environmental
stewardship. Energy conservation is regarded as a key pillar in our efforts to preserve
natural resources and reduce our overall carbon footprint.
While the Company operates a recycling plant, and certain processes involve energy use,
overall energy consumption across our operations remains relatively low. Nonetheless, we
have adopted several energy-efficient practices within the recycling facility and other
areas of operation to reduce usage wherever possible. These initiatives support our
broader sustainability goals while also contributing to perational efficiency and
long-term cost savings.
Technology absorption:
Your Company remains committed to adopting relevant technologies that enhance
operational efficiency and support business growth.
During the year under review, the Company focused on upgrading existing technologies
and strengthening internal capabilities to keep pace with evolving industry standards.
These efforts were directed toward improving productivity, ensuring compliance, and
supporting the long-term sustainability of our operations.
The details of the Foreign Exchange Earnings and Outgo are as follows:
(Rs. in '000)
Particulars |
FY 2024-25 |
FY 2023-24 |
| Foreign Currency Earnings |
35,699 |
49,546 |
| Foreign Exchange Outgo |
1,405 |
5,307 |
C. HUMAN RESOURCE MANAGEMENT
People and Culture
Our people are our greatest asset. We are committed to fostering a workplace culture
that upholds the highest standards in safety, environmental stewardship, and
sustainability. Our culture is grounded in our core values and reflects our dedication to
innovation, inclusivity, and continuous improvement. We prioritise providing a safe,
healthy, and supportive environment where all employees can thrive.
Managerial Remuneration, Employee Information and Related Disclosure
The remuneration paid to Directors and Key Managerial Personnel during the FY 2024-25
was in accordance with the NRC Policy of the Company.
Disclosures under section 197 of the Act and Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, relating to the remuneration and
other details as required are appended as Annexure III to this Report.
In terms of the provision of Section 136 of the Act and Rule 5(2), the Report and the
Financial Statements are being sent to the Members of the Company excluding the statement
of particulars of employees as prescribed under Rule 5(2) of the Rules. The said
information is available for inspection through electronic mode. Any Member interested in
obtaining a copy of the said statement may write to the Company Secretary and the same
will be furnished upon such request.
Prevention of Sexual Harassment at Workplace
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 in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal
of complaints of sexual harassment at workplace.
Your Company is an equal opportunity employer and believes in providing opportunity and
key positions to women professional. During the year under review, there were no cases
hied pursuant to the Sexual Harassment.
D. INVESTOR RELATIONS
Your Company prioritises transparent communication and active engagement with its
investor community. Ecoreco maintains a dynamic Investor Relations (IR) function that
engages both domestic and international shareholders, actively seeking their insights and
feedback. The IR team is committed not only to meeting but exceeding industry best
practices, effectively communicating the Company's unique investment proposition and
long-term value creation potential to the capital markets. This ensures that Ecoreco's
shares are fairly valued and well understood.
Shareholders Engagement: Our investor relations team connects with shareholders via
diverse channels such as personal meetings, conferences and investor and analyst
gatherings, conveying the Company's strategic vision, potential risk and opportunities as
well as new microeconomic and company specific developments. Our engagement initiatives
span quarterly earnings discussions, Investors/ Analyst meetings, site tour of principal
operations, individual and group meetings. These interactions are graced by the Chairman
& Managing Director of the Company, earning high regard from the shareholders and
analysts alike.
Shareholders Communication: Shareholders are encouraged to reach out to us anytime
via the contact details provided on our website for any queries, concerns, inquiries, or
feedback for the Company. This continuous dialogue empowers our Board and senior
management to deeply understand shareholder perspectives and address their concern
effectively.
E. RISK MANAGEMENT
The businesses are exposed to a variety of risks, which are inherent to Company's
operations. Your Company has a well-defined risk management framework in place. The risk
management framework works at various levels across the enterprise. These levels form the
strategic defense cover of the Company's risk management. The Company has a robust
organizational structure for managing and reporting on risks.
The Audit Committee aids the Board in the risk management process by identification and
assessment of any changes in risk exposure, review of risk control measures and by
approval of remedial actions, where appropriate.
Internal Financial Controls and their adequacy
Your Board has devised systems, policies, and procedures/ frameworks, which are
currently operational within the Company for ensuring the orderly and efficient conduct of
its business, which includes adherence to policies, safeguarding its assets, prevention
and detection of frauds and errors, accuracy and completeness of the accounting records
and timely preparation of reliable financial information.
In line with best practices, the Audit & Risk Management Committee and the Board
reviews these internal control systems to ensure they remain effective and are achieving
their intended purpose. Where weaknesses, if any, are identified as a result of the
reviews, new procedures are put in place to strengthen controls. These controls are in
turn reviewed at regular intervals.
Vigil Mechanism
The Company has in place a robust vigil mechanism for reporting genuine concerns
through the Company's WhistleBlower Policy. The Whistle-Blower Policy of your Company is
available on the Company's website and can be accessed at www.ecoreco.com.
It enables the Directors, employees and all stakeholders of the Company to report
genuine concerns (about unethical behavior, actual or suspected fraud, or violation of the
Code) and provides for adequate safeguards against victimization of persons who use such
mechanism and makes provision for direct access to the Chairman of the Audit Committee.
Management Discussion and Analysis
The Management Discussion and Analysis Report for the year under review, as specified
under Regulation 34 read with Schedule V of Listing Regulations is presented in a separate
section, forming part of this Annual Report.
F. CORPORATE GOVERNANCE
Report on Corporate Governance
The essence of Corporate Governance is about maintaining the right balance between
economic, social, individual and community goals. Your Company is committed in maintaining
the highest standards of corporate governance in the management of its affairs and
ensuring its activities reflect the culture we wish to nurture with our stakeholders.
As a Company with a strong sense of values and commitment, we believe that
profitability must go hand in hand with a sense of responsibility towards all
stakeholders. We believe Corporate Governance is notjust a destination, but ajourney to
constantly improve sustainable value creation. Our disclosures seek to attain the best
practices in international corporate governance, and we constantly endeavor to enhance
longterm shareholder value. Our Corporate Governance Report for FY 2024-25 forms part of
this Annual Report.
Directors and Key Managerial Personnel
The Board of Directors is the apex body constituted by shareholders for overseeing the
Company's overall functioning. The Board provides strategic direction and leadership and
oversees the management policies and their effectiveness looking at long-term interests of
shareholders and other stakeholders.
Directors Appointments
Pursuant to the recommendation of the NRC, the Board approved the below appointments
during the period:
• Dr. Yeshwant Babarao Sontakke (DIN 1 1220800) was appointed as a Non-Executive
Independent Director for a term of 5 years effective from May 16, 2025 to May 15, 2030
(both days inclusive).
• Dr. Sandip Chatterjee (DIN 11203039) as a Non-Executive Independent Director for
a term of 5 years effective from July 19, 2025 to July 18, 2030 (both days inclusive).
• Mr. Brijkishor Soni (DIN 01274250) was re-appointed as the Managing Director for
a term of five years effective from September 1, 2025 to August 31, 2030 (both days
inclusive).
The above appointments forms part of the Notice of the forthcoming AGM, and the
Resolutions are recommended or shareholers approval.
Details of re-appointment as required under Listing Regulations, are provided in the
AGM Notice.
Cessation
Mr. Dattatarya Devale (DIN 07186290) ceased to be the Independent Director of the
Company due to completion of his second tenure as an Independent Director of the Company
w.e.f. July 16, 2025.
Mr. Srikrishna Bhamidipati (DIN 02083384) ceased to be an Independent Director of the
Company due to his sudden demise on July 1, 2025.
Dr. Yeshwant Baabrao Sontakke (DIN 1 1220800) ceased to be an Independent Director of
the Company with effect from July 19, 2025.
Key Managerial Personnel Appointment/ Cessations
Prsuant to the recommendation of the NRC and approval of Board, Mr. Nihal Kare was
appointed as the Company Secretary and Compliance Officer and was designated as Key
Managerial Personnel with effect from May 30, 2025.
Ms. Maneesha Jena tendered her resignation from the position of Company Secretary &
KMP of the Company from the close of business hours on March 1,2025.
Director Retire by Rotation
In accordance with the provisions of the Act and the Articles of Association of the
Company Mr. Brijkishor Soni (DIN 01274250) Managing Director of the Company, is liable to
retire by rotation at the ensuing AGM, and being eligible, offers himself for
re-appointment. Based on the performance evaluation and recommendation of the NRC, Board
recommends his re-appointment.
As per the terms of his appointment as approved by the members, his re-appointment at
the ensuing AGM as a director retiring by rotation would not constitute break in his
appointment as a Managing Director.
Details of re-appointment as required under Listing Regulations, are provided in the
AGM Notice.
Board and Committee
The Board is supported by the activities of each of the Board Committees which ensure
the right level of attention and consideration are given to specific matters. Accordingly,
the Committees focus on specific areas and take informed decisions within the framework
designed by the Board and make specific recommendations to the Board on matters in their
areas or purview. Each of the Committees has terms of reference under which authority is
delegated by the Board. At present, the Company has the following Board Committees which
ensures greater focus on specific aspects of Corporate Governance and expeditious
resolution of issues of governance as and when they arise.
Statutory Board Committees
a. Audit Committee
b. Nomination & Remuneration Committee
c. Stakeholders' Relationship Committee
d. Corporate Social Responsibility Committee
A detailed update on the Board, its committees, terms and reference, meeting held
during the year 2024-25 and the attendance of each member is detailed in the Corporate
Governance Report.
Board Effectiveness Familiarization Program For Board Members
Your Company has a structured program for the Board members so as to enable them to
understand the nature of the industry Company operates, its management and its operations.
They are also familiarized with Company's organizational and governance structure,
governance philosophy/principles, code of conduct & key policies, Board's way of
working & procedures, formal information sharing protocol between the Board and the
management, Directors' roles and responsibilities and disclosure obligations.
The details of familiarization program and process followed are provided in the
Corporate Governance Report forming part of this Annual Report and can also be accessed on
the website of the Company at www.ecoreco.com.
Annual Board Evaluation
The Board of your Company is highly committed to ensure transparency in assessing the
performance of Directors. Pursuant to the provisions of the Act and the Listing
Regulations, the annual evaluation of the performance of the Board of Directors, its
Committees, Chairman, Directors, and the governance processes that support the Board's
work was conducted. The evaluation parameters and the process have been explained in the
Corporate Governance Report.
Policy on Directors' Appointment and Remuneration
The Nomination and Remuneration Policy adopted by the Board on the recommendation of
NRC enumerates the criteria for assessment and appointment/re-appointment of Directors,
KMP and SMP on the basis of their qualifications, knowledge, skill, industrial
orientation, independence, professional and functional expertise among other parameters.
With your Company continuing to comply with the Policy in true letter and spirit, the
complete Policy is reproduced in full on our website at www.ecoreco.com and a snapshot of
the Policy is elucidated in the Corporate Governance Report.
Observance of the Secretarial Standards
The Directors state that proper systems have been devised to ensure compliance with the
applicable laws. Pursuant to the provisions of section 118 of the Act, during FY 2024-25,
the Company has adhered with the applicable provisions of the Secretarial Standards
("SS-1 and SS-2") relating to 'Meetings of the Board of Directors' and 'General
Meetings' issued by the Institute of Company Secretaries of India and notified by Ministry
of Corporate Affairs.
Independent Directors' Statement
The Company has received declarations from all the Independent Directors confirming
that they continue to meet the criteria of independence as prescribed under the Act and
Listing Regulations and comply with the Code for Independent Directors as specified under
Schedule IV of the Act.
The Directors have also confirmed that they are not aware of any circumstance or
situation, which exists or may be reasonably anticipated, that could impair or impact
their ability to discharge their duties with an objective independent judgement and
without any external influence.
In terms of Section 150 of the Act read with Rule 6(1) and 6(2) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the
Company have confirmed that they have registered themselves with the databank maintained
by the Indian Institute of Corporate Affairs.
Annual Return
In terms of provisions of section 92(3), 134(3)(a) of the Act read with Rule 12 of the
Companies (Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 for
the FY 2024-25 is placed on the website of the Company and can be accessed at www.ecoreco.com.
G AUDIT REPORT AND AUDITORS
Audit Reports:
The Statutory Auditors have issued unmodified opinion on the financial statements of
the Company for the year ended March 31, 2025.
• The Statutory Auditors' Report for FY 2024-25 does not contain any
qualification, reservation or adverse remarks which calls for any explanation from the
Board of Directors. The Auditors' report is enclosed with the financial statements in the
annual report.
• The Secretarial Auditors' Report for FY 2024-25 does not contain any
qualification, reservation or adverse remark. The Report in Form MR-3 is enclosed as
Annexure II to the Directors' Report.
Auditors' Certificates:
• As per the Listing Regulations, the auditors' certificate on corporate
governance is enclosed as an Annexure to the Corporate Governance Report forming part of
the Annual Report. The Certificate does not contain any other qualification, reservation,
or adverse remark except as mentioned in the report.
• A certificate from Company Secretary in Practice certifying that none of the
directors on the Board of the Company have been debarred or disqualified from being
appointed or continuing as directors of companies by the SEBI/Ministry of Corporate
Affairs or any such statutory authority forms part of the Corporate Governance Report.
Auditors:
Statutory Auditors
• M/s DMKH & Co., Chartered Accountants (ICAI Registration No.: 1 16886W),
were appointed as the Statutory Auditors of the Company in the 30th AGM of the Company to
hold office for a period of five (5) years till the conclusion of 35th AGM.
• M/s RMR & Co., Chartered Accountants (ICAI Registration No.: 106467W)
tendered their resignation due to their pre-occupancy with effect from August 12, 2024.
• The Auditors have confirmed that they are not disqualified from being
re-appointed as Statutory Auditors of the Company.
• The report of the Statutory Auditors along with notes to financial statements is
enclosed to this Report. The Notes on financial statements referred to in the Auditors'
Report are self-explanatory and do not call for any further comments.
• The auditors have also furnished a declaration confirming their independence as
well as their arm's length relationship with the Company. The Audit Committee reviews the
independence and objectivity of the auditors and the effectiveness of the audit process.
• The Statutory Auditors were present at the last AGM of the Company.
Secretarial Auditors
• CS Neha Poddar, Practicing Company Secretary had been appointed by the Board to
conduct the secretarial audit of the Company for FY 2024-25.
• The Company had received a certificate confirming the eligibility and consent to
act as the Auditor.
• The Secretarial Audit Report for FY 2024-25 forms part of this report and
confirms that the Company has complied with the provisions of the Act, Rules, Regulations
and Guidelines and that there were no deviations or noncompliances.
• Pursuant to SEBI circular no. CIR/CFD/CMO1/27/2019 dated February 8, 2019, the
Company has also undertaken an audit for all applicable compliances as per the Listing
Regulations and circular guidelines issued thereunder. The Annual Secretarial Compliance
Report for FY 202425 has also been submitted to the Stock Exchanges.
• The Secretarial Auditors were also present at the last AGM of the Company.
Internal Auditors
• M/s L J Kothari & Co, Chartered Accountants, had been appointed as the
Internal Auditors of the Company for FY 2024-25 to conduct the internal Audit on the basis
of detailed Internal Audit Plan.
• The Company has an in-house team to manage the Group's internal audit activity
and that functionally reports to the Audit Committee.
Reporting of Fraud by Auditors
During the reporting year, under Section 143(12) of Act, none of the Auditors of the
Company have reported to the Audit Committee of the Board any instances of fraud by the
Company or material fraud on the Company by its officers or employees.
H OTHER MATERIAL DISCLOSURES
Qualified Institutional Placement
During the year under review, the Company obtained approval from its shareholders
through a special resolution passed on January 22, 2025 through Postal Ballot to raise
funds through a Qualified Institutional Placement (QIP) in accordance with applicable laws
and regulations.
The QIP process is currently ongoing, and as of the date of this report, no funds have
been raised. The Company will proceed with the issuance at an appropriate time, depending
on market conditions and business requirements.
This initiative reflects the Company's proactive approach to strengthening its
financial position and supporting future strategic growth initiatives.
Share Capital
Authorised Share Capital
As on March 31, 2025, the authorised share capital of the Company was Rs.
30,00,00,000/- comprising of 3,00,00,000 Equity Shares of Rs. 10/- each.
Paid-up Share Capital
As on March 31, 2025, the paid-up share capital of the Company was Rs. 19,29,67,500/-
comprising of 1,92,96,750 Equity Shares of Rs. 10/- each.
There was no change in the capital structure of the Company during the period under
review.
Transfer to Reserves
The Company proposes Nil transfer to General Reserves out of its total profit of Rs. 23
Crore for the financial year.
Dividend
In line with the principles of financial prudence and capital conservation, the Board
has decided not to recommend any dividend for the financial year 2024-25. The Company
remains focused on strengthening its operational and financial position in the forthcoming
period.
Holding Company
Ecoreco Ventures Private Limited, continues to be the Holding Company pursuant to
Section 2(87) of the Companies Act, 2013 and is, inter alia, engaged in the business of
developing real estate and properties. The shareholding of Ecoreco Ventures Private
Limited in Eco Recycling Ltd as on March 31, 2025 was 52.19% [i.e., 1,00,70,814 (One Crore
Seventy Thousand Eight Hundred Fourteen only) Equity Shares of Face Value of Rs. 10/-
(Rupees Ten Only) each] of the Paid- up Equity Shares Capital of your Company and there
was no change in this position during the Financial Year 2024-25.
Subsidiaries
As on March 31, 2024, the Company has 2 (Two) Subsidiaries viz;
• Ecoreco Enviro Education Private Limited (a wholly owned subsidiary of the
Company).
• Ecoreco Park Private Limited (a subsidiary w.e.f. January 12, 2023).
During the year under review, ELV Recycling Private Limited ceased to be the Associate
of the Company.
Related Party Transactions
Your Company has in place a policy on materiality of related party transactions and on
dealing with related party transactions ('RPT Policy') in line with the provisions of the
Act and Listing regulations. The Policy may be accessed at www.ecoreco.com.
The Policy sets out the philosophy and processes to be followed for approval and review
of transactions with Related Party and intends to ensure that proper reporting, approval
and disclosure processes are in place for all the transactions with Related Parties.
All related party transactions entered during the year were in ordinary course of the
business and at arm's length basis and were in compliance with the provisions of the Act
and Listing Regulations.
The Company has not entered into Material Related Party Transactions as per the
provisions of the Act and a confirmation to this effect is annexed in Form AOC-2 as
Annexure II, which forms part of this Annual Report.
Particulars of Loans, Guarantee or Investments
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 Standalone Financial Statement. (Please
refer to Notes to the Standalone Financial Statements forming part of this Annual Report).
Public Deposit
The Company has not accepted any deposits falling under the ambit of section 73 of the
Act and the Rules framed thereunder during the year review.
Material changes affecting the Financial Position of the Company
No material changes and commitments have occurred between the end of the financial year
to which the financial statements relate and the date of this Report which may affect the
financial position of the Company.
Change in nature of Business of Company
There is no change in the nature of business of the Company during the year under
review.
Failure to Implement any Corporate Action
There were no instances where the Company failed to implement any corporate action
within the specified time limit.
I GENERAL DISCLOSURES
(a) There was no issue of equity shares with differential rights as to dividend, voting
or otherwise.
(b) There was no issue of shares to employees of the Company under any Scheme.
(c) There was no significant or material order passed by the Regulators or Courts or T
ribunals which impact the going concern status and the Company's operation in future.
(d) There are no pending legal proceedings against the Company under Insolvency and
Bankruptcy Code, 2016.
(e) There were no instances of one-time settlement with any bank or financial
institution during FY 2024-25.
(f) There was no revision of financial statements and Board's Report of the Company
during the year under review.
J DIRECTORS' RESPONSIBILITY STATEMENT
As stipulated in section 134 of the Act, the Directors subscribe to the
"Directors' Responsibility Statement" and to the best of their knowledge and
ability, hereby confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures from the same;
(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, i.e., March 31,
2024 and of the profit and loss 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
Company's assets and for preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) They have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and are operating effectively; and
(f) Proper systems have been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
K AWARDS AND RECOGNITION
The Company continues to be recognised for its commitment to excellence,
sustainability, and responsible business practices. These recognitions serve as a
testament to our ongoing efforts in delivering value to our stakeholders and driving
industry standards.
During the year under review, the Company was honoured with the 2024 HURUN Industry
Achievement Award - Champion of Sustainable E-waste Management. This prestigious award,
instituted by HURUN under its initiative "Promoting Entrepreneurship Through Quality
Lists and Research," recognises the Company's continued commitment to sustainability
and leadership in the e-waste management sector.
The award was conferred upon the Chairman & Managing Director, Shri B K Soni, in
recognition of his pioneering contribution to establishing and promoting organised e-waste
recycling in India.
The Board places on record its appreciation for this recognition and reaffirms its
commitment to advancing sustainable and responsible business practices.
L ACKNOWLEDGMENT AND APPRECIATION
The Company's ability to operate efficiently and deliver sustained performance is
driven by a strong culture of professionalism, integrity, innovation, and continuous
improvement across all functions. This, combined with the effective utilisation of
resources, has contributed to the Company's sustainable and profitable growth.
The Board of Directors places on record its sincere appreciation for the dedication,
commitment, and contribution of every employee. Their efforts have been instrumental in
achieving the Company's performance and upholding its core values.
The Directors also wish to thank all stakeholders, including shareholders, customers,
business partners, suppliers, regulatory authorities, and financial institutions, for
their continued support and trust in the Company.
The Board looks to the future with optimism and confidence, as Ecoreco continues on its
path of responsible growth and value creation.
| For and on behalf of the Board of Directors of |
| Eco Recycling Limited |
| B K Soni |
| Chairman & Managing Director |
| DIN 01274250 |
| Mumbai, August 26, 2025 |
|