Dear Members,
The Board of Directors of your Company take pleasure to present the 29th
Annual Report of the Shakti Pumps (India) Limited ("The Company"), on
the business and operations of the Company along with Audited Standalone &
Consolidated Financial Statements and Auditor's Report thereon for the financial year
ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
A brief summary of the Company's standalone and consolidated performance is given
below:- ( In Lacs)
|
2023-2024 |
2022-2023 |
2023-2024 |
2022-2023 |
| Particulars |
|
|
|
|
|
Standalone |
Consolidated |
| Sales & Other Income |
130322.56 |
93026.57 |
137430.15 |
97093.62 |
| Profit before Finance Cost, Depreciation & Tax |
19395.77 |
6470.97 |
22839.49 |
6981.33 |
| Finance Cost |
1769.08 |
1744.71 |
1947.89 |
1916.39 |
| Depreciation & Amortization Expenses |
1757.67 |
1716.09 |
1903.03 |
1840.21 |
| Profit/(Loss) before Tax |
15869.02 |
3010.18 |
18988.57 |
3224.73 |
| Less:-Current Tax |
4798.52 |
674.10 |
5467.49 |
847.72 |
| Less:-Deferred Tax |
(644.21) |
(62.48) |
(649.82) |
(36.17) |
| Profit/(Loss) after Tax |
11714.71 |
2398.55 |
14170.90 |
2413.18 |
2. FINANCIAL PERFORMANCE
(i) Consolidated Financial Performance
During the year, your Company has registered sales and other income 1,37,430.15
Lacs as compared to 97,093.62 Lacs of previous year. Company was able to register a
domestic sale of Lacs and export sale of 28,624.09 Lacs in the current year. Your Company
has profit for the year of 14,170.90 Lacs in comparison to 2,413.18
Lacs in previous year. (ii) Standalone Financial Performance
During the year , your Company has registered sales and other income 1,30,322.56
Lacs as compared to 93,026.57 Lacs of previous year. The company was able to register a
domestic Lacs and Export sales 24,697.75 Lacs for FY
2023-24. Your Company has profit for the year of 11,714.71 Lacs in comparison to
2,398.55 Lacs in previous year.
(iii) Fund raise through QIP
The Company raised 200 crores by an issue of equity shares through a Qualified
Placement (QIP) in March, 2024. The proceeds from the QIP have been earmarked for the
capacity expansion of our Company with respect to the new facility in Pithampur, Madhya
Pradesh for manufacture of Pumps and Motors, Inverter,
Variable Frequency Drives & Structures and other general corporate purposes.
The QIP proceeds have bolstered an already strong capital structure even further,
significantly enhanced the Company's financial flexibility and accelerated the Company's
ambitious 1,05,651.05
3. SHARE CAPITAL
As at 31st March, 2024, the Authorized share capital of the Company is
40,00,00,000/-. There is no change in the authorized share capital of the company and As
at 31st March, 2024, the paid up Equity Share Capital of the Company was
20,03,51,000/- consisting of 2,00,35,100 equity shares of 10/- each. sales 1,01,904.97
During the year, in accordance with SEBI (Issue of
Capital and Disclosure Requirements) Regulations,
2018 and other applicable guidelines of SEBI and
Members approval, the Company has issued and allotted 16,54,944 equity shares of face
value of 10/- each by way of Qualified Institutional Placement to Qualified Institutional
Buyers at an issue price of 1208.5 per Equity Share (including a premium of 1198.5/- per
Equity Share) on March 22, 2024. Institutions
4. DIVIDEND
The Board of Directors of the Company had approved
2024 in a Dividend Distribution accordance with the Securities and Exchange Board of
India (Listing Obligations policy of the Company Regulations, Regulations'). The Policy is
website:https://www.shaktipumps.com/policies-programmes.php Based on the Company's
performance, the Board of directors has recommended a dividend of 40% i.e.
4/- per equity share of 10/- each for the financialyear ended March 31, 2024. If
approved, at the forthcoming
Annual General Meeting to all those equity shareholders of the Company whose names
appear in the Register of Members and whose names appear as beneficial owners as per the
beneficiary list furnished for the purpose by National Securities
Depository Limited and Central Depository Services (India) Limited. The total dividend
pay-out will amount to approx. 8.01 Crore. The dividend recommendationis in and Disclosure
Requirements) . linewiththedividend 2015 and amendments thereof (‘SEBI LODR available
on the Company's 5. TRANSFER OF RESERVE
During the year under review, the company has not transferred any amount to General
Reserve. For complete details on movement in Reserves and Surplus during the financial
year ended March 31, 2024, please refer to the ‘Statement of Changes in Equity'
included in the standalone and consolidated financialstatements of ("AGM")
Dividend will be paid this Annual Report.
6. KEY FINANCIAL RATIOS |
|
|
|
Particulars |
2023-24 |
2022-23 |
2021-22 |
| Return on Net Worth (%) |
18.75% |
5.77% |
16.49% |
| Return on Capital Employed (%) |
25.13% |
9.84% |
19.86% |
| Basic EPS (after exceptional items) |
76.91 |
13.13 |
35.26 |
| Debtors turnover |
2.95 |
3.01 |
3.63 |
| Inventory turnover |
4.20 |
3.80 |
5.52 |
| Interest coverage ratio |
10.75 |
3.06 |
6.25 |
| Current ratio |
1.82 |
1.94 |
1.59 |
| Debt equity ratio |
0.11 |
0.18 |
0.27 |
| Operating profit margin (%) |
17.01% |
7.03% |
9.91% |
| Net profit margin (%) |
10.31% |
2.49% |
5.47% |
DETAILED EXPLANATION OF RATIOS
(i) Return on Net Worth (%)
Return on Net worth (RONW) is a measure of of a Company expressed in percentage. It is
calculated by dividing total comprehensive income for the year by average capital employed
during the year.
(ii) Return on Capital Employed (%)
Return on Capital Employed (ROCE) is a financial ratio that measures a Company's
profitability and the efficiency with which its capital is used. In the ratio measures how
well a Company is generating profits from its capital. It is calculated by dividing profit
before exceptional items and tax by average capital employed during the year.
(iii) Basic EPS
Earnings per Share (EPS) is the portion of a Company's profit allocated to each share.
It serves as an indicator of a Company's profitability. It is Profit for the year by
Weighted average number of shares outstanding during the year.
(iv) Debtors Turnover
The above ratio is used to quantify a Company's effectivenesscollectingits receivables
or money owed by customers. The ratio shows how well a Company uses words, and manages the
credit it extends to customers and how quickly that short-term debt is collected or is
paid. It is calculated by dividing turnover by average trade receivables.
(v) Inventory Turnover
Inventory Turnover is the number of times a Company sells and replaces its inventory
during a period. It is calculated by dividing turnover by average inventory.
(vi) Interest Coverage Ratio
The Interest Coverage Ratio measures how many times a Company can cover its current
interest payment with its available earnings. It is calculated by dividing PBIT by finance
cost.
(vii) Current Ratio
The Current Ratio is a liquidity ratio that measures a Company's ability to pay
short-term obligationsor those due within one year. It is calculated by dividing the
current assets by current liabilities.
(viii) Debt Equity Ratio
The ratiois used to evaluate a Company's financial leverage. It is a measure of the
degree to which a
Company is financing versus wholly owned funds. It is calculated by dividing a
Company's total liabilities by its shareholder's equity.
(ix) Operating Profit Margin (%)
Operating ratio used to calculate the percentage of profit Company produces from its
operations. It is calculated by dividing the EBIT by turnover.
(x) Net Profit
The net profit margin is equal to how much net income /www.shaktipumps.com/ or profit
is generated as a percentage of revenue. It is calculated by dividing the profit for the
year by turnover.
7. DEPOSITS
The Company has not accepted any deposit within the meaning of Sections 73 and 74
of the Companies Act,
2013 read together with the Companies e Directors (Acceptance of
. Deposits) Rules, 2014 duringthefinancial e Independent Directors
8. SUBSIDIARIES JOINT VENTURES AND
ASSOCIATES COMPANIES
a. As on March 31, 2024, our Company has following Subsidiaries:-
1. ShaktiPumps USA, LLC
2. ShaktiPumps FZE, UAE
3. Shakti
4. Shakti EnergySolutions
5. Shakti EV Mobility Private Limited (formerly known as Shakti Green Industries
Private
Limited)
There has been no material change in the nature of the business of the Company and it's
Subsidiary. b. During the year under review, following changes have taken place in
subsidiaries:
During the year the Company has close its one of foreign subsidiary Shakti Pumps
(Shanghai) Limited incorporated at China.
c. Material Subsidiaries
As on March 31, 2024, the Company has one Material Subsidiary i.e. ShaktiEnergy
Solutions Private Limited. The Company has formulated a policy for determining
Material Subsidiaries. The policy is available on the Company's website and om/ c link for
the same is https://www.shaktipumps. policies_programmes/policy_for_determining_
material_subsidiary.php . Pursuant to Section 134 of the Act read with rules made
thereunder, the details of developments at the level of subsidiaries and joint ventures of
the Company are covered in the Management Discussion and Analysis Report, which forms part
of this Annual Report.
As per Section 129(3) of the Companies Act, 2013 (Act), a statement containing salient
features of financial statements of Subsidiaries in Form AOC-1 is annexed as
Annexure - I and forms part of Board's Report.
The Consolidated Financial Statement of the Company with its SubsidiariesProfit
profitabilityorperformance Marginis have also been included as part of this Annual Report.
In accordance with Section 136 of the Act, the audited financial statements, including
consolidated financial statements and related information each of its subsidiaries, are
available on website of the Company .
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL
a. Directors:
As on March 31, 2024, the Company has six
Directorscomprisingofthree and three Non-including one Women Independent Director.
Detailed composition about the Board is disclosed in Corporate Governance Report. All
Directors have submitted relevant declarations / disclosures as required under Act and
Listing b. Change in Directorate Change in designation
Designation of Mr. Dinesh Patidar (DIN:
00549552) was changed from Chairman cum Managing Director to Chairman cum Whole time
Director for the period of 3 years w.e.f August 11, 2023. Change in his designation was
approved by the shareholders in the 28th
Annual General Meeting held on September
28, 2023.
Designation of Mr. Ramesh Patidar (DIN: 00931437) was changed from Whole time
Director to Managing Director for the period of 3 years w.e.f August 11, 2023. Change
in his designation was approved by the shareholders in the 28th Annual General
Meeting held on
September 28, 2023.
Re-appointment
• The Board of Directors, on the recommendations of Nomination Committee, in
itsRemuneration meeting held on January 18, 2024 approved and recommended to the Members
for their approval, the re-appointment of Mr. Keyur Bipinchandra Thaker (DIN:
08474827) as an Independent Director of the theCompany,for tion Qualifica secondtermoffive(5)
years commencing w.e.f. 10th June, 2024. The Company received the approval of
the members of the Company on February 20, 2024 by way of Postal Ballot, for the same.
Cessation
203 of
• Mr. Navin Sunderlal Patwa (DIN: 01009404) has completed his second term as a
Non- eExecutiv Independent Director of the company on the closing of business hours of
July 30, 2024, accordingly ceased to be
Chairman
Independent director of the Company. The Board of Directors place on record his deep
appreciationfor the wisdom, knowledgeand Managing guidance provided by Mr. Navin Sunderlal
Patwa during his tenure.
Appointment
The Board, at its meeting held on July 20, 2024, based on the recommendation of
Remuneration Committee Nomination of the Company, has approved the following
appointment(s) subject to approval of the Shareholders at the ensuing AGM:-a) The
appointment of Mr. Ashwin Bhootda
(DIN: 10236282) as an Additional Whole time Director of the Company for a term of 5
(Five) Consecutive years with effect from July 20, 2024. b) The appointment of Mr. that
they Hirabhai Somabhai Patel (DIN: 00541411) as an Additional Director - Independent
Director of the Company for a term of 5
(Five) Consecutive years with effect
July 20, 2024. c) The appointment of Mr. Bhim Singh (DIN:
08189580) as an Additional Director -
Independent Director of the Company for a term of 5 (Five) Consecutive years with e of
the Directors please refer effect from July 20, 2024.
d) The appointment of Mr. V.S.S. Pavan Kumar Hari (DIN: 10665196) as an
Additional Director - Independent
Director of the Company for a term of 5
(Five) consecutive years with effect from
July 20, 2024. and Rotation: c. DirectorliabletoRetireby Mr. DineshPatidar (DIN:
00549552), Whole-Time Director of the Company, retires by rotation at the ensuing
Annual General Meeting pursuant to the provisions of Section 152 of the Companies Act,
2013 read with the Companies (Appointment and
Articles of Association of the Company and being eligible, has offered himself for
re-appointment as the Director. d. Key Managerial Personnel: the In terms of Section 2(51)
and Section
Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the key managerial personnel of the Company are: and Wholea)
Mr. Dinesh Patidar:-
Time Director (DIN: 00549552)
Director (DIN:b) Mr. Ramesh Patidar:-
00931437) c) Mr. Sunil Patidar:- Whole Time Director (DIN:
-02561763) d) Mr. Ashwin Bhootda:- Whole time Director
(DIN: 10236282) w.e.f. July 20, 2024. e) Mr. Dinesh Patel:-Chief Financial Officer f)
Mr. Ravi Patidar:-Company Secretary & Compliance Officer
10. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS
All the Independent Directors of the Company have given of the Companies
theirdeclaration under section meet with the criteria Act,2013,confirming of
independenceaslaiddowninsection149(6) of the Act and Regulation 25 of SEBI
(ListingObligationsand Disclosure Requirements) Regulations 2015 as amended, for being an
Independent Director of the Company.
11. NUMBER OF MEETINGS OF THE BOARD
Eight (8) meetings of the Board of during the year. For details of the meetings
held and to the the
Corporate Governance Report which forms part of this annual report.
12. POLICY ON DIRECTORS' APPOINTMENT
AND REMUNERATION AND OTHER DETAILS
The Company's policy is designed to attract, motivate and retain manpower in a
competitive and international market. The policy reflects the Company's objectives for
good corporate governance as well as sustained long-term value creation for shareholders.
The Remuneration
Policy applies to the Company's senior management, including its Key Managerial
Personnel and Board of
Directors. The Nominationand Remuneration the members of Board and Executive Management
is available on the Company's website:- www.shaktipumps. com.
13. ANNUAL EVALUATION OF BOARD'S
PERFORMANCE
The annual evaluation process of the Board of Directors, individual Directors and
Committees was conducted in accordance with the provisions of the ActandtheListing of
Managerial Regulations.In accordance with the provisions of Schedule IV of the Companies
Act 2013, a Separate Meeting of the
Independent Directors was held on January 25, 2024, without the attendance of
Non-Independent Directors and Members of the Management. The Committee has reviewed the
performance and effectiveness of the non independent directors and Board in this meeting
as a whole for the Financial Year 2023-2024.
14. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 of Directors confirms 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) The Directors 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 and of the profits of
the Company for that period; c) The Directors 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
d) The Directors have prepared the Annual Accounts on a ‘going concern' basis; e)
The Directors have laid down internal financial controls for the Company and such internal
financial controls are adequate and are operating effectively; and f) The Directors have
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.
15. DISCLOSURE RELATING TO
REMUNERATION OF DIRECTORS,
KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
In terms of the provisions of Section
Policy for the Companies Act, 2013 read with Rules 5 (1) of the Companies (Appointment
and Remunerationof
Managerial Personnel) Rules, 2014 and the rules there under as amended from time to
time, forms part of this report which is annexed as Annexure II.
There are no instances of employees who was in receipt of remuneration in excess of the
limit prescribed in provisions of Section
2013 read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration
Personnel) Rules, 2014 and the rules made there under.
16. BOARD FAMILIARISATION AND TRAINING
PROGRAMME
The Board is regularly updated on changes in statutory provisions, as applicable to the
Company. The Board is also updated on the operations, key trends and risk universe
applicable to the Company's business.
Additionally, the Directors also participate in various programmes / meetings where
subject matter experts the Act, apprise the Directors on key global trends the Board of
17. ANNUAL RETURN
The Annual Return in form MGT-7 for the financial ended March 31, 2024 as
prescribed under Section 92(3) read with Section of Companies (Management and
Administration) Rules,
2014, as amended, is disclosed on the website of the Company. The web link for the same
is available on the Company's website at https://www.shaktipumps.com/ annual-return.php
18. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis, as required in terms of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015
(Listing this Report.
19. CORPORATE GOVERNANCE
Your Company always places a major emphasis on managing its affairs responsibility
and accountability. The Company continues to focus on building trust with shareholders,
employees, customers, suppliers and other stakeholders based on the principles of good
corporate governance viz. integrity, equity, transparency, fairness, sound disclosure
practices, accountability and commitment to values.
A separate section on Corporate Governance, which is a te from the certifica
partoftheBoard'sReport,andthe Company's Secretarial Auditors confirming compliance with
Corporate Governance norms as stipulated in the SEBI (ListingObligations and Disclosure
Requirements) are included in the Regulations,
Annual Report. The Company has taken adequate steps for strict compliance with
Corporate Governance guidelines as amended from time to time.
20. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT:
The Company is committed to pursuing its business objectives ethically,
transparently and with accountability to all its stakeholders. It believes in
demonstrating responsible behaviour while adding value to the135 andsociety and the
community, as well as ensuring environmental well-being from a long-term perspective.
A Business Responsibility and Sustainability Report as per Regulation 34(2) of the SEBI
Listing Regulations, detailing the various initiatives taken by the Company on the
environmental, social and governance front is annexed as Annexure – III and
forms an integral part of this Annual Report. The Report which forms a part of the Annual
Report, can along with all the related policies, be /www. https:/ also viewed on the
Company's Website: shaktipumps.com/
21. MATERIAL CHANGES AND COMMITMENTS tion action AFFECTING FINANCIAL POSITIONS
OF THE COMPANY
No material changes or commitments affecting the financial position of the Company
have occurred between the end of the financial year to which the Company's financial
statements relate and the date of the report.
22. LISTING INFORMATION
The Company's Shares are listed as follows:-
Name of Stock Exchanges |
Stock Code/Symbol |
| 1. BSE Limited (BSE) |
531431 |
| P.J. Towers, Dalal Street, |
|
| Mumbai-400001 |
|
| tock Exchange S 2. National |
SHAKTIPUMP Regulations. have |
| of India Limited (NSE) |
|
| "Exchange Plaza", Bandra |
|
| Kurla Complex, Bandra (E), |
|
| Mumbai - 400 051 |
|
The Company has made all the compliances of the andSecurities Exchange Board of India
(Listing Obligations and
2015.
23. LISTING FEES
The Company confirms that it has paid the annual listing fees for the financial
year 2024-25 to the both National
Stock Exchange of India Limited and BSE Limited.
24. CORPORATE SOCIAL RESPONSIBILTY
Pursuant to the provisions of Section135 of the
Companies Act, 2013, the Company has framed its Corporate Social Responsibility (CSR)
policy for the development of programs and projects for the benefit of weaker sections of
the Society and the same has been approved by CSR Committee and the Board of of the
Company.
CSR policy has been uploaded on the Company's website at www.shaktipumps.com . rules
Pursuant to requirements under section made there under a Report on CSR initiatives taken
during the year in prescribed format is annexed as Annexure IV which is
annexed hereto and forms part of Board's Report.
25. RISK MANAGEMENT FRAMEWORK
The Company has a consistent, structured and defined assessing, deciding on
continuousprocessfor identifying, responsestoandreporting critical‘ on risks that
matter'. The Risk Management framework of the Company essentially comprises of two
elements i.e. the process to identify, prioritise and manage risks adopting the
value-baseddrivertreeapproachandrisk plan. The Risk Management framework applies to all
business units, functions, geographies and departments within the Company. The Company
recognises that the emerging and identified risks need to be managed and mitigated to-
• protect its shareholders and other stakeholder's interest,
achieve its business objective and
• enable sustainable growth.
It compliments and does not replace other existing programs, such as those relatingto
emission, quality and compliance matters. and quorum of meetings of the Risk Management
Committee constitutedby the Board is in compliance with Regulation Roles, responsibilities
and 21oftheListing been defined functionsof by the Committee Board. Terms of
referenceoftheCommittee,details of meetings held and attendance thereat are the Corporate
Governance Report, which forms part of this Report.
26. INTERNAL FINANCIAL CONTROL
The Company has a robust Internal Financial Control framework which is according to
Section of the Companies Act, 2013. The Company's internal control systems are
commensurate with the nature of its business, the size and complexity of its operations
and such IFCs with reference to the Financial Statements are adequate. The Company has
implemented robust processes to ensure that all IFCs are
27. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES
GIVEN AND SECURITIES PROVIDED.
The Details of loans, guarantees or investments covered under the provision of
Section
Act, 2013 are given in the Note No. 5 to the Financial Statement.
28. CONTRACTS AND ARRANGEMENTS WITH
RELATED PARTIES
All related party transactionswhich were entered during the financial year were in
the ordinary course of business and on an arm's length basis. There were no materially
significant related party transactions entered by the
Company with the Promoters, Directors, Key Managerial
Personnel or other persons which may have a potential conflict A statement of all
related party transactionsis presented before the Audit Committeeon quarterly basis,
specifying the related the nature and value of transactions. party transactionsentered
during the financial year were on an arm's length basis and in the ordinary course of
business, no details are required to be provided in Form
AOC-2 as prescribed under Section and Rule 8(2) of the Companies (Accounts) Rules,
2014.
In line with the requirements of the Companies Act,
2013 and SEBI Listing has approved a Policy on Related Party Transactions which is also
available on Company's website at www. shaktipumps.com .
29. DISCLOSURE UNDER THE SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place a Policy on Prevention
Harassment in line with the requirements of the Sexual
Harassment of WomenattheWorkplace(Prevention, Energy Solutions Private Limited of
Prohibition & Redressal) Act, 2013 and has constituted the Internal Complaints
Committee to redress received regarding sexual harassment. During the year, no complaint
was received by the Company.
30. AUDITORS
• Statutory Auditors and their reports
134(5)(e) In terms of provisions of Section
M/s PGS & Associates., Chartered Accountants
Mumbai (Firm RegistrationNo.: 122384W) were re-appointed as the Statutory Auditors of
the Company at the 26th Annual General Meeting (AGM) held on 29th
September, 2021 to hold office working. till the conclusion of the 29 th AGM of
the Company. The Report given by M/s PGS & Associates, on the financialStatements of
the company for the financial year 2023-2024 is part of this Annual Report. There has been
no qualification, remarks or disclaimers given by the Auditor in this Report.
186 of the Companies
As the two terms of M/s PGS & Associates, Chartered Accountant as the Statutory
Auditors of the Company expires at the conclusion of 29th
AGM, the Board of Directors at their meeting on September 03, 2024 based on
recommendation of the Audit Committee, has recommended to the Members, The appointment of
M/s. Price Waterhouse Chartered Accountants LLP (Firm
Registration
Auditors of the Company for a term of 5 consecutive years commencing from the
conclusion of the 29th
AGM tillthe conclusion of 34 th AGM. Accordingly, with
theinterestsoftheCompany. an Ordinary Resolution, proposing appointment of M/s. Price
Waterhouse Chartered Accountants LLP as the Statutory Auditors of the Company for a term
of 5 (Five) consecutive years pursuant to Section 139 of the Act, forms part of the Notice
of the 29th AGM of the Company. The Company has received the written
M/s. Price Waterhouse Chartered Accountants LLP satisfy the criteria provided
134(3)(h)oftheAct under Section the Act and that the appointment, if made, shall be in
accordance with the applicable provisions of the Regulation Act and rules framed
thereunder. 2015, the Board
• Secretarial Auditor and their reports
The Board had appointed M. Maheshwari &
Associates (FCS 5174), Practicing
Secretary to carry out the Secretarial Audit for the financial year 2023-24.
The Secretarial Audit Report is annexed herewith
Annexure V to this Report. This report is unqualified and self-explanatory and does
not call for any further comments/explanations.ofSexual The Secretarial Audit
Report of material unlisted subsidiary company the i.e. Shakti company is also annexed
along with Annexure V. complaints
• Cost Auditor and their reports
As per the requirement of Central Government and pursuant to the provisions of
Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit)
Rules, 2014, as amended the Company is requiredfrom time to time, appoint Cost
Auditor for the audit of Cost Records of the Company. process
The Board of Directors, on the recommendation of Audit Committee, and remuneration
payable to M/s. M. P. Turakhia &
Associates, Cost Accountant, as the Cost Auditors of the Company to audit the cost
records for the financial year 2024-25. As per the statutory requirement, the requisite
resolution for seeking members' approval for the remuneration payable to the Cost Auditor
forms part of the Notice of the ensuing Annual General Meeting.
31. CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
conservation of energy, technology Theinformation exchange earnings and outgo as
absorption required underSection134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is set out herewith as
Annexure VI to this Report.
32. COMPLIANCE WITH SECRETARIAL
STANDARD
Pursuant to Section 205 of the Act, the Company complies with the applicable
Secretarial Standards as of Company Secretaries mandatedbythe Institute of
India (‘ICSI') to ensure compliance with all the applicable provisions read
together with the relevant circulars issued by MCA during pandemic.
33. SIGNIFICANT AND MATERIAL ORDERS
PASSED BY COURTS/ REGULATORS/
TRIBUNALS
The detail of significant order passed by the Securities Exchange Board of India is
mentioned in the Corporate
Governance Report. There is no corporate insolvency initiated under the Insolvency and
resolution
Bankruptcy Code, 2016.
34. VIGIL MECHANISM approved the appointment Pursuant to the provisions of Section
177(9) & (10) of the Companies Act, 2013 and Regulation 22 of the SEBI
Listing Regulations, 2015, a Vigil
Blower Policy for dealing with unethical behaviour actual or suspected fraud or
violationof the Companies
Code of Conducts or ethics policy, if any. The same is uploaded on the website of the
Company i.e. https:// www.shaktipumps.com/policies_programmes/vigil_ mechanism_policy.php
35. APPRECIATION AND ACKNOWLEDGMENTS
Your Directors take this opportunity to thank and acknowledge with gratitude, the
by the employees through their hard work, dedication, competence, commitment and
co-operation towards the success of your Company and have been core to our existence that
helped us to face all challenges.
Your Directors are also thankful for consistent cooperation and assistance received
from its shareholders, investors, business associates, customers, vendors, and bankers,
regulatory and government authorities showing their confidence in the Company.
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For and on behalf of the Board of Directors |
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Shakti Pumps (India) Limited |
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Dinesh |
Place: Indore |
Chairman |
Dated: September 03, 2024 |
DIN:-00549552 |
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