The Directors are pleased to present the Sixty First Annual Report together with the
audited financial statement for the year ended March 31,2024.
| FINANCIAL HIGHLIGHTS (STANDALONE) |
Rs in Crores |
|
2023 - 2024 |
2022 - 2023 |
| Revenue from Operations |
4,905.65 |
4,921.61 |
| Other Income |
47.33 |
29.83 |
| Total Revenue |
4,952.98 |
4,951.44 |
| Total Expenditure |
4,127.61 |
4,154.27 |
| Gross Profit before interest, depreciation and taxes |
825.37 |
797.18 |
| Less: Interest |
17.31 |
18.67 |
| Exchange Losses / (Gains) |
0.68 |
5.96 |
| Depreciation |
168.31 |
157.25 |
| Profit before Tax |
639.07 |
615.30 |
| Less: Provision for tax |
159.36 |
151.56 |
| Profit after Tax |
479.71 |
463.74 |
| Add: Balance brought forward |
377.44 |
205.88 |
| Balance available for appropriation |
857.15 |
669.62 |
| Appropriations |
|
|
| Interim / Final Dividends |
120.61 |
117.12 |
| Transfer to Reserves |
200.00 |
175.00 |
| Transfer from other comprehensive income to reserves |
1.33 |
0.06 |
| Balance carried forward |
535.21 |
377.44 |
|
857.15 |
669.62 |
TRANSFER TO RESERVES
The Company has transferred Rs 200.00 Crores to Reserves.
DIVIDEND
The Board had earlier during the year, declared an interim dividend of Rs 2.68/- per
share (268%) for the financial year 2023-2024 absorbing a sum of Rs 56.31 Crores and the
same was paid to the shareholders on December 1, 2023. The Directors have decided to pay a
second interim dividend of Rs 4.17 per share (417%), which, together with the first
interim dividend, declared and paid earlier, would amount to a total dividend of Rs 6.85
per share (685%) for the financial year 2023-2024.
No final dividend has been recommended by the Board of Directors.
The Dividend Distribution Policy, formulated in accordance with Regulation 43A of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is available on
the Company's website at:
http://sundram.com/pdf/corporate/DividendDistributionPolicy02022017.pdf
CONSOLIDATED FINANCIAL STATEMENT
In addition to the financial statement, the audited Consolidated Financial Statement of
the Company and all of the subsidiaries prepared in the same form and manner as that of
its own and in accordance with the applicable Indian Accounting Standards (Ind AS), form
part of the Annual Report.
Pursuant to the provisions of Section 136 of the Companies Act, 2013, the Company has
placed separate audited financial statement in respect of each of its subsidiary on its
website, www.sundram.com. The Company shall provide a copy of audited financial statement,
as the case may be, as prepared in respect of each of its subsidiary, upon request by any
of its shareholders.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with a certificate from the
Company's auditors confirming the compliance of conditions of Corporate Governance is
enclosed to this report. Management Discussion and Analysis detailing the state of the
Company's affairs is also enclosed to this report (Please refer to Page Nos. 75 to 89).
ENVIRONMENT, SOCIAL AND GOVERNANCE REPORT
During the year under review, the Company has launched its maiden Environment, Social
and Governance (ESG) report, which is hosted on the Company's website at https://www.
sundram.com/esgreport.php
The Company prioritizes responsible operations and aligns with the National Guidelines
on Responsible Business Conduct Principles and United Nation Sustainable Development
Goals. The Company has implemented several initiatives to minimize its ecological
footprint and foster a sustainable future. On the social front, the Company is committed
to create a positive impact on society and fostering sustainable development in the
communities in which it operates. To ensure good governance practices, the Company has
implemented a robust monitoring system for compliance.
In pursuit of the ESG journey, the Company has identified the following goals:-
| S. No Themes |
Focus Areas |
Goals |
Measures |
| 1 Environment |
Energy and Greenhouse Gas (GHG) Management |
Carbon Neutral operations by 2045 |
Increase the share of renewable energy to 70% by 2030 |
| 2 |
Waste Management |
Zero Waste to landfill by 2040 |
Process optimization to reduce generation of sludge |
| 3 |
Water Management |
Water neutral operations by 2040 |
Reduction of 20% freshwater consumption by 2030 |
| 4 Social |
Human rights and labour practices |
To develop, respect and sustain the human rights of every stakeholder along the value
chain |
100% coverage of employees on Human Rights training by 2025 |
| 5 |
Employee wellbeing |
Create a healthy workplace by implementing wellbeing programs |
Achieve improvements by 2030 on the Company's wellbeing index from the baseline year
of 2025 |
| 6 |
Occupational health and safety |
Promote ‘zero incident work culture' |
Achieving ISO 45001 certification across all locations by 2025 |
| 7 |
Training and development |
Promote training programs for skillset enhancements |
Sustain 100% training across all workforce by 2030 |
| 8 Governance |
Supply Chain Management |
Magnify SFL's supply chain management by adding environmental and societal goals |
Coverage of the Company's supply chain program by extending training to 100% of
critical suppliers by 2030 |
| 9 |
Data Security |
Protecting critical information from cyber risks |
Achieving ISO 27001 Certification by 2025 |
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Business Responsibility and Sustainability Report for the year
ended March 31,2024 is enclosed to this report (Please refer to Page Nos. 42 to 73).
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The existing composition of the Company's Board is fully in conformity with the
applicable provisions of the Companies Act, 2013 and Regulations 17 and 17A of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 with regard to
independent directors, women directors and maximum number of directorships in listed
entities.
Ms Arathi Krishna, Managing Director (DIN: 00517456) of the Company is liable to retire
by rotation at the ensuing Annual General Meeting (AGM), and being eligible, offers
herself for re-appointment. Necessary resolution for her re-appointment is being placed
for approval of the members at the AGM. The Board recommends her re-appointment as a
Director of the Company. A brief resume of Ms Arathi Krishna and other relevant
information have been furnished in the notice convening the AGM.
Dr. Nirmala Lakshman, Director (DIN: 00141632) has been re-appointed as a Non-Executive
Independent Director for the second term, from September 20, 2023 to September 19, 2028.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (7) OF
SECTION 149 OF THE COMPANIES ACT, 2013 (ACT)
All the independent directors have submitted a declaration pursuant to Section 149(7)
of the Companies Act, 2013 stating that they meet the criteria of independence as
stipulated in Section 149(6) of the Act.
ANNUAL RETURN
In terms of the requirement of Section 92(3) read with Section 134(3) of the Companies
Act, 2013, the draft annual return of the Company as on March 31, 2024 is available on the
Company's website, www.sundram.com.
BOARD MEETINGS
During the year, five meetings of the Board of Directors were held. The details of the
meetings and the attendance are furnished in the Annual Report disclosures under
Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 which is attached to this Report (Please refer to Page No.
76).
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that:
a) in the preparation of annual accounts, the applicable accounting standards had been
followed and there were no material departures.
b) they had selected appropriate accounting policies and applied them consistently and
made judgments and estimates that have been made are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company at the end of the financial
year and of the profit of the Company for the year ended March 31,2024.
c) they had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.
d) they had prepared the annual accounts on a going concern basis.
e) they had laid down the internal financial controls to be followed by the Company and
such internal financial controls are adequate and are operating effectively.
f) they had devised proper systems to ensure compliance with the provisions of all
applicable laws and such systems were adequate and operating effectively.
DETAILS IN RESPECT OF FRAUD, IF ANY, REPORTED BY THE AUDITORS
M/s. B S R & Co. LLP, Chartered Accountants, Chennai, the Statutory Auditors of the
Company have stated that during the course of their audit, there was no fraud by the
Company or on the Company by its officers or employees noticed or reported in Independent
Auditors' Report which forms part of this Report. Hence, there was no requirement to
report the same to the Audit Committee or Board of Directors of the Company.
NOMINATION AND REMUNERATION POLICY
Salient features of the Policy:
The policy is to ensure that the remuneration is in line with best comparable market
practices, as well as competitive vis- a-vis that of comparable companies both in India
and other international markets, which will have a motivating effect to act as a driving
force to ensure long term availability of talent and also retention of the best talents.
The Policy will have due regard to the situation of the specific regions in which the
Company operates.
A brief description about the Company's Nomination and Remuneration Policy on
directors' appointment and remuneration, including criteria for determining
qualifications, positive attributes, independence of a Director and other related matters
provided in Section 178(3) of the Companies Act, 2013 are provided in the Annual Report
Disclosures under Regulation 34 and Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Please refer to Page No. 78).
The Nomination and Remuneration Policy is available on the Company's website at:-
https://sundram.com/pdf/corporate/NominationandRemunerationPolicy.pdf
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT,
2013
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
utilised by the recipient is enclosed vide Annexure - I.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES (REFERRED TO IN SUB-
SECTION (1) OF SECTION 188 OF THE COMPANIES ACT, 2013)
All transactions with related parties were on arm's length basis and in the ordinary
course of business. There was no material related party contract during the year. Form
AOC-2 as required under Section 134 (3)(h) of the Companies Act, 2013 is enclosed vide
Annexure - II to this report.
MATERIAL CHANGES AND COMMITMENTS
There were no material changes and commitments, affecting the financial position of the
Company, which have occurred between the end of the financial year of the Company to which
the financial statements relate and the date of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information with respect to conservation of energy, technology absorption, foreign
exchange earnings and outgo pursuant to Section 134 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 is enclosed vide Annexure - III.
RISK MANAGEMENT
In compliance with Regulation 21 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the company has constituted a Risk Management Committee.
Brief description of terms of reference of the Commiittee is as follows:-
i. To review and approve the risk management policy of the Company and to make
amendments thereto from time to time.
ii. To monitor and oversee implementation of the risk management policy, including
evaluating the adequacy of risk management systems.
iii. To periodically review the risk management policy, by considering the changing
industry dynamics and evolving complexity.
iv. To identify methodology, processes and systems to monitor and evaluate risk.
v. To identify internal and external risks in particular including financial,
operational, sectoral, department-wise risk, business sustainability particularly,
Environmental, Social and Governance (ESG) related risks, information, cyber security
risks. Cyber security risks cover ransomware, phishing, data leakage, hacking, insider
threat etc.
The Company manages its risks through continuous review of business parameters on a
regular basis by the management. Insurable risks are analysed and insurance policies are
taken to protect the company's interests. The Audit Committee is also informed
periodically of the risks and concerns. Corrective actions and mitigation measures are
taken as and when needed.
During the year, two meetings of the Risk Management Committee were held. The details
of the meetings are furnished in the Annual Report disclosures under Regulation 34 and
Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
which forms part of this Report (Please refer to Page No. 80).
CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY AND IMPLEMENTATION
The salient features of the Policy are to:
i. actively engage and extend support to the communities in which it operates and thus
build a better, sustainable way of life by supporting the weaker sections of the society
and thus contribute to the human development;
ii. drive measures and to provide solutions that will balance economic, social and
environmental issues; and
iii. work together with our employees with a commitment for adhering to responsible
business practices in terms of quality management, environmental sustainability and
support to the community.
The Company has undertaken activities as per the CSR Policy and the Annual report on
CSR activities for the Financial Year 2023-2024 is enclosed vide Annexure - IV forming
part of this report.
The CSR Policy, including the annual action plan is available on the Company's website
at www.sundram.com/investors.php
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board of Directors has carried out
annual performance evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Committees. The manner in which the evaluation has
been carried out has been explained in the Annual Report disclosures under Regulation 34
and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 which forms part of this report (Please refer to Page No. 78).
PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE
The Company has four Domestic Subsidiaries and five Overseas Subsidiaries. The
financial performance of the subsidiaries during the financial year 2023-2024 is given
hereunder: -
Sundram Fasteners (Zhejiang) Limited, China (SFZL, China), Cramlington Precision Forge
Limited, United Kingdom (CPFL, UK) and TVS Next Inc., USA are step-down overseas
subsidiaries of the Company. The principal activity of SFZL, China is manufacture of
fasteners and bearing housing and that of CPFL, UK is manufacture of precision forgings.
The total revenue from SFZL, China during the year under review was at Rs 368.61 Crores
as against Rs 335.75 Crores in the previous year. The net profit was at Rs 19.95 Crores as
against net profit of Rs 4.30 Crores in the previous year.
The total revenue from CPFL, UK during the year under review was at Rs 183.33 Crores as
against Rs 176.55 Crores in the previous year. The net profit was at Rs 14.71 Crores as
against net profit at Rs 3.69 Crores in the previous year.
The total revenue from TVS Next Inc., USA, a step-down overseas subsidiary during the
year under review was at Rs 62.00 Crores as against Rs 64.18 Crores in the previous year.
The net profit was at ' 0.81 Crores as against net profit of Rs 1.35 Crores in the
previous year.
TVS Upasana Limited is a wholly-owned subsidiary and is engaged in the manufacture of
spokes and nipples, automobile kits, tools, dowel pins, small screws, cold extruded parts
and other parts catering to automotive industry. The total revenue from TVS Upasana
Limited during the year under review was at Rs 178.82 Crores as against Rs 181.39 Crores
in the previous year. The net profit was at Rs 7.92 Crores as against Rs 12.05 Crores in
the previous year.
The total revenue from Sundram Non-Conventional Energy Systems Limited, a subsidiary
during the year under review was at Rs 3.28 Crores as against Rs 3.04 Crores in the
previous year. The net profit was at Rs 2.73 Crores as against net profit of Rs 3.59
Crores in the previous year.
The total revenue from Sundram Fasteners Investments Limited, a wholly-owned subsidiary
during the year under review was at ' 0.26 Crores as against ' 0.24 Crores in the previous
year. The net profit was at ' 0.24 Crores as against net profit of ' 0.27 Crores in the
previous year.
TVS Next Limited (TVSN), a subsidiary, is engaged in the information technology
business providing Enterprise Solutions for core industries like Manufacturing, Automotive
and Distribution and focuses on off-shore and outsourcing operations for clients in India
and the U.S.A. The total revenue from TVSN during the year under review was at Rs 75.52
Crores as against Rs 82.86 Crores in the previous year. The net profit was at Rs 7.45
Crores as against net profit of Rs 10.92 Crores in the previous year.
The total revenue from Sundram International Inc., USA, a wholly-owned subsidiary
during the year under review was at ' Nil as against ' Nil Crores in the previous year.
The net profit / (loss) was at ' Nil as against net profit / (loss) of ' Nil in the
previous year.
Sundram International Limited, United Kingdom, a wholly-owned overseas subsidiary, was
established as an intermediate holding company that holds investments in two operating
subsidiaries viz., in China and the United Kingdom. The total revenue from Sundram
International Limited during the year under review was at Rs 2.79 Crores as against ' 0.21
Crores in the previous year. The net profit/ (loss) was at Rs 2.29 Crores as against net
profit/ (loss) of ' (27.20) Crores in the previous year.
The total revenue from all the subsidiaries of the Company in aggregate during the year
under review was at Rs 875.06 Crores resulting in an overall contribution of 15.30% of the
consolidated revenue as against Rs 845.12 Crores which resulted in an overall contribution
of 14.81% of the consolidated revenue in the previous year.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with Rule
5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the
financial statement of the Company's subsidiaries, Associates and Joint Ventures in detail
in Form AOC-1 is enclosed to the financial statement of the Company in Page No. 254.
CHANGE IN THE NATURE OF BUSINESS
There was no change in the nature of business of the Company during the financial year.
NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE COMPANY'S SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
During the year under review, two of the Company's wholly owned subsidiaries, viz.
Sunfast TVS Limited and TVS Engineering Limited were merged with the Company pursuant to
the approval of the Hon'ble National Company Law Tribunal, Chennai bench. The appointed
date for the purpose was April 1, 2023. Except the foregoing, no other Company has either
become or ceased to be Company's joint venture or associate company during the financial
year 2023-24.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposits, within the meaning of
Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules,
2014. No amount on account of principal or interest on deposits from public was
outstanding as on the Balance Sheet date.
REGULATORY / COURT ORDERS
No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status of the Company and its future operations.
PROCEEDINGS PENDING, IF ANY, UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
The Company has neither filed an application during the year under review nor are any
proceedings pending under the Insolvency and Bankruptcy Code, 2016 as at March 31,2024.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
No such event has occurred during the year under review.
INTERNAL FINANCIAL CONTROLS OF THE COMPANY
The Company maintains all its financial records in Systems, Applications and Products
(SAP) System and all financial transaction flow and approvals are routed through SAP. The
Company has in-house internal audit team to monitor the effectiveness of internal
financial controls, ensuring adequacy with respect to financial statement and verify
whether the financial transaction flow in the organisation is being done based on the
approved policies of the Company. The internal auditor presents the internal audit report
and the management comments on the internal audit observations every quarter to the Audit
Committee. The internal control mechanisms are in place for safeguarding of assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records and timely preparation of reliable financial information.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The statement in terms of Section 197(12) read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed vide
Annexure V forming part of this report.
Pursuant to Section 136 (1) of the Companies Act, 2013, the report of the Board of
Directors is being sent to the shareholders of the Company excluding the statement
prescribed under Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. The statement is available for inspection by the shareholders at
the Registered Office of the Company during business hours.
STATUTORY AUDITORS
Pursuant to Section 139 of the Companies Act, 2013, M/s. B S R & Co. LLP, Chartered
Accountants, Chennai,
(Registration No. 101248 W / W- 100022 with the Institute of Chartered Accountants of
India), were appointed as Statutory Auditors of the Company at the Fifty Ninth Annual
General Meeting (AGM) of the Company for the second term of five consecutive years
commencing from the conclusion of the Fifty Ninth AGM (i.e., June 29, 2022). M/s. BSR
& Co. LLP holds Peer Review Certificate No 0014196 dated May 18, 2022 issued by the
Institute of Chartered Accountants of India.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Board of
Directors had appointed M/s S Krishnamurthy & Co., Company Secretaries, Chennai as the
Secretarial Auditor of the Company for the financial year 2023-2024. Secretarial Audit
Report issued by Sri K Sriram, Practising Company Secretary (CP No.2215), Partner, M/s. S
Krishnamurthy & Co., Company Secretaries, Chennai in Form MR-3 is enclosed vide
Annexure VI forming part of this report and does not contain any qualification. The Board
of Directors has appointed M/s. S Krishnamurthy & Co., Company Secretaries, Chennai as
the Secretarial Auditor of the Company for the financial year 2024-2025. Necessary consent
has been received from them to act as Secretarial Auditors. M/s. S. Krishnamurthy &
Co, Company Secretaries holds Peer Review Certificate No. 739/2020 dated May 28, 2020,
issued by the Institute of Company Secretaries of India, which is valid for a period of
five years from the date of issue.
COST AUDITOR
In terms of Section 148 of the Companies Act, 2013 (the Act) read with Companies (Cost
Records and Audit) Rules, 2014, as amended, the Board of Directors has appointed Sri P
Raju Iyer, Practising Cost Accountant (Membership No.6987) as Cost Auditor for the
financial year 2024-2025. The Audit Committee recommended his appointment and remuneration
subject to the compliance of all the requirements as stipulated under the Act and
circulars issued thereunder. As specified by the Central Government under Section 148(1)
of the Companies Act, 2013, the Company is required to maintain cost records and
accordingly, such accounts and records are made and maintained.
BOARD'S COMMENT ON THE AUDITOR'S REPORT
There are no qualifications, adverse remarks or reservations made by Statutory Auditors
and Secretarial Auditors in their report, which were required to be addressed by the Board
in its report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has adopted the Anti-Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013. In compliance with the provisions under Section 4 of the Sexual Harassment of
Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal
Complaints Committee (ICC) of the Company has been constituted to redress complaints
regarding sexual harassment. No complaint was received during the calendar year 2023.
SECRETARIAL STANDARDS
The Institute of Company Secretaries of India has issued Secretarial Standards
(Meetings of the Board and General Meetings) on various aspects of corporate law and
practices amended in line with the recent changes in the Companies Act, 2013 and the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI Listing Regulations). The Company has complied with each one of
them.
WHISTLE BLOWER POLICY (VIGIL MECHANISM)
Pursuant to Sections 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company
has a Vigil Mechanism through a Whistle Blower Policy. The details about the whistle
blower policy are provided in the Annual Report Disclosures under Regulation 34 read with
Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. (Please refer to Page No. 86).
INDUSTRIAL RELATIONS
Industrial relations continued to remain congenial during the current year. The
Directors thank the employees for their contribution to the progress of the Company during
the year under review.
ACKNOWLEDGMENT
The Directors wish to thank the Chinese Authorities, Officers of Haiyan County, Jiaxin
City, Zhejiang province, Chinese tax and other administrative authorities for the support
extended to Sundram Fasteners (Zhejiang) Limited, a step- down subsidiary. The Directors
wish to thank One North East, the Regional Development Authority for Cramlington, United
Kingdom for the continued support extended to the step-down Subsidiary. The Directors also
wish to thank the Company's bankers, State Electricity Boards in Tamil Nadu, Puducherry,
Telangana, Andhra Pradesh and Uttarakhand, customers and vendors, employees for all the
assistance rendered by them from time to time.
|
On behalf of the Board |
|
SURESH KRISHNA |
| May 22, 2024 |
Chairman |
| Chennai |
DIN: 00046919 |
|