Dear Members,
The Directors are pleased to present the 30th Annual Report along with
the Audited Financial Statements of your Company for the Financial Year ended March 31,
2024.
COMPANY PERFORMANCE
Financial Highlights
The standalone and consolidated financial statements of the Company for
the financial year ended March 31, 2024, prepared as per Indian Accounting Standards (Ind
AS) and in accordance with the provisions of the Companies Act, 2013 (the Act) and
Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations) forms part of this Annual Report.
(Rs. in ‘000)
| Particulars |
Standalone |
Consolidated |
|
2023-24 |
2022-23 |
2023-24 |
2022-23 |
| Revenue from operations |
280,146 |
177,336 |
280,146 |
177,367 |
| Other Income |
46,141 |
36,957 |
72,641 |
37,885 |
| Profit before Interest, Depreciation, Tax and Exceptional
items |
210,909 |
76,210 |
237,045 |
76,876 |
| Less: Finance Cost |
6,969 |
1,461 |
6,969 |
1,461 |
| Depreciation and Amortisation expense |
7,970 |
9,308 |
8,038 |
9,376 |
| Add: Exceptional items |
- |
- |
- |
- |
| before Tax |
195,970 |
65,441 |
222,038 |
66,039 |
| Less: Tax expense |
34,026 |
3,753 |
39,807 |
4,104 |
| Profit for the year Attributable to: Owners of the Company |
161,944 |
61,688 |
182,231 |
61,935 |
| Profit for the year Attributable to: Non-controlling interest |
- |
- |
16,876 |
12,932 |
| Balance of profit for earlier years |
238,744 |
197,778 |
217,621 |
184,487 |
| Profit available for appropriation |
400,688 |
258,041 |
395,314 |
236,918 |
| Less: Dividend paid on Equity Shares |
- |
19,297 |
- |
19,297 |
| Balance carried forward |
400,688 |
238,744 |
395,314 |
217,621 |
Standalone
• The revenue from operations of the Company for fiscal 2024 stood
at Rs. 28 Crore as against Rs. 17 Crore for fiscal 2023 showing an increase of 58%.
• The EBIDTA (before exceptional items) increased by 177% from Rs.
7.6 Crore in fiscal 2023 to Rs. 21 Crore in fiscal 2024.
• Profit for the year increased by 163% from Rs. 6 Crore in fiscal
2023 to Rs. 16 Crore in fiscal 2024.
• The net worth of the Company increased to Rs. 65 Crore at the
end of fiscal 2024 from Rs. 48 Crore at the end of fiscal 2023.
Consolidated
• The consolidated total revenue of the Company for the fiscal
2024 stood at Rs. 28 Crore as against Rs. 17 Crore for fiscal 2023 showing an increase of
58%.
• The consolidated EBIDTA (before exceptional items) increased
from Rs. 7 Crore in fiscal 2023 to Rs. 23 Crore in fiscal 2024 showing an increase of
208%.
• The consolidated Profit for the year has also increased from Rs.
6 Crore in fiscal 2023 to Rs. 18 Crore in fiscal 2024 showing an increase of 194%.
• The consolidated net worth of your Company has increased from
Rs. 47 Crore at the end of fiscal 2023 to Rs. 67 Crore in fiscal 2024.
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
Your Company is the pioneer for providing transformative solution to
the growing challenge of electric waste in India. From offering end to end solutions of
reverse logistics, data destruction and recycling of e-waste; from 7200 MT per annum to
18000 MT per annum, from being first to introduce Recycling on Wheels facility in India,
your Company has become the industry leader in e-waste management sector.
Your Company has partnered with MeitY to introduce cutting-edge
technology for efficient Li-ion Battery element recovery. The collaboration will enhance
environmental sustainability and domestic resource retention by reducing the need for
metal exports.
During the year under review, your Company has also joined hands with
TERRA, the largest global network of e-Stewards and R2 Certified e-scrap and IT Asset
Disposition (ITAD) providers, showing Company's commitment to recycle responsibly,
promoting greener future through advanced scientific recycling methods, ensuring socio
economic growth through environmentally friendly e-waste disposal.
Report on performance of Subsidiaries
The performance and financial position of each subsidiary for the year
ended March 31, 2024, in the prescribed Form AOC-1 is appended as Annexure I to the
Board's 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.
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 2023-24.
Furthermore, to accelerate social growth and development, with a well-
roadmap and a commitment to invest Rs. 27 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 is committed to sustainable business practices by
contributing to environment protection and considers energy conservation as one of the
strong pillars of preserving natural resources. This also helps the Company in reducing
carbon footprint across all its operations and improve the bottom-line under its
sustainability mission.
The Company's operations are not power intensive. Nevertheless,
Company has taken various measures to conserve and minimize the use of energy wherever it
is possible.
Technology absorption:
Your Company is committed towards technology driven innovation and
inculcating an innovation driven culture within the organization.
During the year under review, your Company continued to work on
advanced technologies, upgradation of existing technology and capability development in
the critical areas of current and future growth.
The details of the Foreign Exchange Earnings and Outgo are as follows:
(Rs. in ‘000)
| Particulars |
FY 2023-24 |
FY 2022-23 |
| Foreign Currency Earnings |
44,375 |
23,993 |
| Foreign Exchange Outgo |
43,764 |
25,616 |
HUMAN RESOURCE MANAGEMENT
People and Culture
Our Company has always aspired to build a culture that demonstrates
high standards in safety, environment, and sustainability. People are our most valuable
asset, and we are committed to provide all our employees with a safe and healthy work
environment. Our culture exemplifies our core values and nurtures innovation, creativity,
and diversity. We ensure alignment of business goals and individual goals to enable our
employees to grow on personal as well as professional front.
Managerial Remuneration, Employee Information and Related Disclosure
The remuneration paid to Directors and Key Managerial Personnel during
the FY 2023-24 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 filed pursuant to the Sexual Harassment.
INVESTOR RELATIONS
Your Company priorities fostering open communication and active
engagement with its investors. Ecoreco has a dynamic investor relations function that
engages both domestic and oversea shareholders, actively seeking their input. This
function is dedicated to not only meeting but exceeding investor relation benchmarks. It
is committed to articulating distinctive investment proposition and its potential for
value generation to the capital market community, ensuring the Company's shares are
valued fairly.
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.
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 Whistle-Blower 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.
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 not just a destination, but a journey to
constantly improve sustainable value creation. Our disclosures seek to attain the best
practices in international corporate governance, and we constantly endeavor to enhance
long-term shareholder value. Our Corporate Governance Report for FY 2023-24 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
Re-appointments
Pursuant to the recommendation of the NRC, the Board approved the below
re-appointments during the period:
• Mr. Shashank Soni (DIN 06572759) was appointed as Whole-time
Director for a second of 5 years effective from August 28, 2023 to August 27, 2028 (both
days inclusive);
>• Mrs. Aruna Soni (DIN 01502649) was appointed as Whole-time
Director for a second of 5 years effective from August 28, 2023 to August 27, 2028 (both
days inclusive);
• Mr. Srikrishna Bhamidipati (DIN 02083384) was appointed as a
Non-Executive Independent Director for a second and final term of 5 years effective from
July 13, 2024 to July 12, 2029 (both days inclusive).
The re-appointments of Mr. Shashank Soni and Mrs. Aruna Soni was
approved by the shareholders in the AGM held on August 28, 2023. Mr. Bhamidipati is
eligible to be re-appointed as an Independent Non-Executive Director, not liable to retire
by rotation, for a second term of five consecutive years, subject to approval of the
Members. The above appointment and re-appointment form a part of the Notice of the
forthcoming AGM, and the Resolutions are recommended for Members' approval.
Details of re-appointment as required under Listing Regulations, are
provided in the AGM Notice.
Key Managerial Personnel Appointment/ Cessations
Pursuant to the recommendation of the NRC and approval of Board, Ms.
Maneesha Jena was appointed as the Company Secretary and Compliance Officer and was
designated as Key Managerial Personnel with effect from February 12, 2024.
Mr. Kaushal Shukla tendered his resignation from the position of
Company Secretary & KMP of the Company from the close of business hours on December
19, 2023.
Director Retire by Rotation
In accordance with the provisions of the Act and the Articles of
Association of the Company Mr. Shashank Soni (DIN: 06572759) Executive 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 whole-time 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 2023-24 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 2023-24, 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 2023-24 is placed on the website of the Company and can be accessed
at www.ecoreco.com.
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, 2024.
• The Statutory Auditors' Report for FY 2023-24 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 2023-24 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, a 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 disqualified Company have been debarred or 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 RMR & Co., Chartered Accountants (ICAI Registration No.:
106467W), Chartered Accountants, had been appointed as the Statutory Auditors of the
Company in the 28th AGM to hold office for a period of five (5) years till the conclusion
of 32nd AGM.
• 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 Statutory Auditors were present at the last AGM of the
Company.
Secretarial Auditors
• M/s. KPUB & Co, Practicing Company Secretaries had been
appointed by the Board to conduct the secretarial audit of the Company for FY 2023-24.
• The Company had received a certificate confirming their
eligibility and consent to act as the Auditors.
• The Secretarial Audit Report for FY 2023-24 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 non-compliances.
• 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 2023-24 has also been submitted to the Stock
Exchanges within the stipulated timeline.
• The Secretarial Auditors were also present at the last AGM of
the Company.
Internal Auditors
• M/s J R Kanase & Associates had been appointed as the
Internal Auditors of the Company for FY 2023-24 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.
OTHER DISCLOSURES
Share Capital
Authorised Share Capital
As on March 31, 2024, 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, 2024, 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. 19 Crore for the financial year.
Dividend
In order to preserve reserves your Company does not declare any
dividend for the said financial year.
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, 2024 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 2023-24.
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 has not entered into Material Related Party Transactions confirmation
as per the provisions of the Act and 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.
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 Tribunals 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 2023-24.
(f) There was no revision of financial statements and Board's
Report of the Company during the year under review.
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 in ternal financial controls to be followed by
the Company and that such internal financial effectively; controls are adequate and are
operating 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.
ACKNOWLEDGMENT AND APPRECIATION
Your Company has been able to operate efficiently because of the
culture of professionalism, creativity, integrity and continuous improvement in all
functions and areas of its operations as well as the efficient utilization of your
Company's resources for sustainable and profitable growth.
Your Directors hereby wish to place on record their appreciation of the
efficient and loyal services rendered by each and every employee, without whose
whole-hearted efforts, the overall satisfactory performance would not have been possible.
Your Directors look forward to the long-term future with confidence.
| For and on behalf of the Board of Directors of |
| Eco Recycling Limited |
| B K Soni |
| Chairman & Managing Director |
| DIN: 01274250 |
| Mumbai, August 12, 2024 |
|