Dear Members,
Your Directors have pleasure in presenting the 30th
Annual Report on the business and operations together with the Audited accounts for the
financial year ended 31st March, 2024. The performance of the Company for the
financial year ended on 31st March, 2024 is summarised below:
Financial Highlight ( in Lakhs)
| Particulars |
Standalone |
Consolidated |
|
2023-2024 |
2022-2023 |
2023-2024 |
2022-2023 |
| Revenue from Operations |
127331 |
137498 |
129468 |
139597 |
| Other Income |
869 |
1186 |
582 |
869 |
| Total Revenue |
128200 |
138684 |
130050 |
140466 |
| Cost of Raw Materials Consumed |
91692 |
101003 |
89560 |
99572 |
| Purchase of Stocks in Trade |
2909 |
4942 |
2909 |
4942 |
| Changes in inventories of Finished Goods and Work in
Progress |
579 |
3028 |
214 |
2785 |
| Employee Benefits Expenses |
4460 |
3807 |
4770 |
4118 |
| Finance Costs |
4976 |
4663 |
5080 |
4796 |
| Depreciation and Amortization |
2273 |
2257 |
2473 |
2453 |
| Other Expenses |
15702 |
14142 |
18604 |
16093 |
| Total Expenses |
122591 |
133842 |
123610 |
134759 |
| Share in Profit of Joint Venture |
|
- |
|
- |
| Profit/(Loss) before tax |
5609 |
4842 |
6440 |
5707 |
| Tax Expense |
1498 |
1133 |
1739 |
1472 |
| Net Profit/(Loss) after tax |
4111 |
3709 |
4701 |
4235 |
| Other Comprehensive Income/(Expenses) |
41 |
14 |
42 |
17 |
| Total Comprehensive Income for the year |
4152 |
3723 |
4743 |
4252 |
Dividend
The Board of Directors had recommended Final Dividend @20%,
i.e. 0.20/- per equity share of 1 each for the financial year 2023-24 subject to
approval of shareholders at 30th Annual General Meeting. (Previous year - 15%
i.e. 0.15/- per equity share).
Review of Operations
For the financial year ended 31st March, 2024,
your Company has reported standalone revenue from operations of 1,27,331 Lakhs and Net
Profit of 4,111 Lakhs as compared to previous financial year 2022-23's revenue from
operations of 1,37,498 Lakhs and Net Profit of 3,709 Lakhs.
For the financial year ended 31st March, 2024,
your Company has reported consolidated revenue from operations of 1,29,468 Lakhs and Net
Profit of 4,701 Lakhs as compared previous financial year 2022-23's revenue from
operations of 1,39,597 Lakhs and Net Profit of 4,235 Lakhs.
Share Capital
The Paid up Equity Share Capital as at 31st
March, 2024 stood at 14,25,64,121.
Pursuant to the approval of the Board of Directors at its
meeting held on 12th September, 2023 and approval of the members of the Company
at their Extra-Ordinary General Meeting held on 6th October, 2023 and pursuant
to In-principle approvals granted by BSE Limited and National Stock Exchange of India
Limited vide their respective letters dated 12th October, 2023 and upon receipt
of an amount aggregating to 120,00,01,320/- (Rupees One Hundred Twenty Crore One
Thousand Three Hundred Twenty only) at the rate of 120/- per Equity Share of 1 each,
the Preferential Allotment Committee of the Board of Directors of the Company, has
considered and approved the Allotment of 10000011 (One Crore and Eleven) Equity Shares on
preferential basis to non-promoter persons/ entities. Allotment of shares was done as on
13th October, 2023.
MVA Production
During the financial year 2023-24, your Company has
manufactured 16,428 MVA, out of which Changodar unit produced 4,710 MVA, Moraiya unit
produced 10,544 MVA & Odhav unit produced 1,173.87 MVA, against the last year's total
production of 22,389 MVA.
Consolidated Financial Statements
The Consolidated Financial Statements of the Company
pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and prepared in accordance with the Accounting Standards prescribed by
the Institute of Chartered Accountants of India are attached herewith this Annual Report.
Order Book
As on 31st March, 2024, the Company has Order
Book position of 258171 Lakhs. The table below indicates the division of our order book
between our business segments: ( in Lakhs)
| Segment |
Order Book |
% |
| Central Utilities |
130750 |
51 |
| State Utilities |
35109 |
14 |
| EPC Player |
29247 |
11 |
| Industrial Customer |
23927 |
9 |
| Export |
21614 |
8 |
| Renewable Segment |
15269 |
6 |
| Railways |
1706 |
1 |
| Third Party Export |
549 |
0 |
| Grand Total |
258171 |
100 |
Exports
During the financial year, the Company has achieved export
sales and service of 9481.59 Lakhs and export service income of
106.43 Lakhs.
Fixed Deposit
The Company has neither accepted nor invited any deposit
from public, falling within the ambit of Section 73 of the Companies Act, 2013 and The
Companies (Acceptance of Deposits) Rules, 2014.
Particulars of Loans, Guarantees and Investments
Details of Loans, Guarantees and Investments covered under
the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the
Financial Statement.
Achievements:
Order from Solar Power Plants
• Your Company received order for Solar Power Plants
for 4 nos. 250 MVA 2x33KV/400 KV from a reputed EPC Company
• Your Company received order for 8 nos. 315 MVA
2x33/400 KV from a Maharatna PSU
Order from Private Sector Industry
• Your Company received maiden order for 400 KV
Generator transformers of 6 nos. 210 MVA from a very reputed steel plant in private sector
Order from Metro Projects/ Railways
• Your Company received order for Delhi Metro (DMRC)
and Chennai Metro Projects
• Received order of 4 nos. 60 MVA Traction Power
Transformer (Scott Connected)
Order from Central Power Utility
• Your Company received order for 72 nos. Transformers
& Reactors from a leading Central Power Utility in India
Order from Power Distribution Company – PPP Model
• Your Company has received order for 2 nos. 250 MVA
ICT from one of the PPP model Company.
Other Achievements:
• Your company has successfully tested the most
stringent Dynamic Short Circuit test on multiple transformers of various voltage ratings.
With this company has crossed a commendable milestone of successful Dynamic short circuit
test on a record 150 plus transformers in last two decades.
• Your Company has presented multiple technical papers
in renowned international technical conference on transformers. All of the technical
papers received overwhelming response in the conference.
• Your Company has received an order of 220 MVA EAF
transformer for Exports to be used in steel melting application, it is second biggest
rating in the world. Unit to be export in Q1FY25.
Subsidiaries and Joint Venture Company
As on 31st March, 2024, your Company has Four
(4) Subsidiaries namely Transpares Limited (51% holding), Transweld Mechanical Engineering
Works Limited (Wholly Owned Subsidiary), TARIL Infrastructure Limited (Wholly Owned
Subsidiary), Savas Engineering Company Private Limited (Wholly Owned Subsidiary)and One
(1) Joint Venture Companies TARIL Switchgear Private Limited (Formally known as T&R
Switchgear Private Limited)(60% holding).Further there has been no material change in the
nature of business of the subsidiaries.
Shareholders interested in obtaining a copy of the audited
annual accounts of the Subsidiary Companies may write to the Company Secretary.
In terms of proviso to sub-section (3) of Section 129 of
the Companies Act, 2013 the salient features of the financial statement of the
subsidiaries is set out in the prescribed form AOC-1, which forms part of this Board of
Director's Report as Annexure - 1 The Performance of Subsidiaries and Joint Venture
Company are as under: Transpares Limited
Transpares Limited (Transpares) is the Subsidiary of the
Company. For the financial year ended 2023-24 Transpares achieved sales of
3900 Lakhs against 3991 Lakhs during the previous
financial year 2022-23. Total profit before tax for the financial year 2023-24 is 509
Lakhs as against the total profit before tax of 416 Lakhs for the previous financial
year 2022-23.
Profit after tax (PAT) is 376 Lakhs during the financial
year 2023-24 as against Profit after tax (PAT) of 298 Lakhs for the previous financial
year 2022-23.
Transweld Mechanical Engineering Works Limited
Transweld Mechanical Engineering Works Limited
("Transweld") is the wholly owned subsidiary of the Company. For the financial
year ended 2023-24 Transweld achieved sales of 1641 Lakhs against 1280 Lakhs during the
previous financial year 2022-23. Total profit before tax for the financial year 2023-24 is
28 Lakhs as against the Total profit before tax of 3 Lakhs for the previous financial
year 2022-23.
Profit after tax (PAT) is 22 Lakhs during the financial
year 2023-24 as against the Loss after tax (LAT) of 11 Lakhs for the previous financial
year 2022-23.
TARIL Infrastructure Limited
TARIL Infrastructure Limited ("TARIL") is the
wholly owned subsidiary of the Company. For the financial year ended 2023-24 TARIL
achieved sales of 2680 Lakhs against 2038 Lakhs during the previous financial year
2022-23. Total profit before tax for the financial year 2023-24 is 171 Lakhs as against
the total profit before tax of 344 Lakhs for the previous financial year 2022-23.
Profit after tax (PAT) is 128 Lakhs during the financial
year 2023-24 as against the Profit after tax (PAT) of 257 Lakhs for the previous
financial year 2022-23.
Savas Engineering Company Private Limited
Savas Engineering Company Private Limited
("Savas") is the wholly owned subsidiary of the Company. For the financial year
ended 2023-24 Savas achieved sales of 3248 Lakhs against 4082 Lakhs during the
previous financial year 2022-23. Total Loss before tax for the financial year 2023-24 is
163 Lakhs as against the total profit before tax of 41 Lakhs for the previous financial
year 2022-23.
Loss after tax (LAT) is 180 Lakhs during the financial
year 2023-24 as against Loss after tax (LAT)) of 53 Lakhs for the previous financial
year 2022-23.
Joint Venture Company:
TARIL Switchgear Private Limited (formerly known as T&R
Switchgear Private Limited)
TARIL Switchgear Private Limited (formerly known as T&R
Switchgear Private Limited) ("TARIL Switchgear") is the joint venture Company.
For the financial year ended 2023-24 TARIL Switchgear achieved sales of 1610 Lakhs
against 1948 Lakhs during the previous financial year 2022-23. Total loss before tax for
the financial year 2023-24 is 222 Lakhs as against the total loss before tax of 7
Lakhs for the previous financial year 2022-23.
Profit after tax (PAT) is 166 Lakhs during the financial
year 2023-24 as against loss after tax of 8 Lakhs for the previous financial year
2022-23.
Directors
The Board of Directors of your Company comprises of Seven
(7) Directors of which Three (3) are Executive Directors and Four (4) are Non-Executive
and Independent Directors as on 31st March, 2024.
In terms of the provision of Section 149 of the Companies
Act, 2013 and Regulation 17(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a Company shall have atleast one Woman Director on the
Board of the Company. Your Company has Mrs. Karuna J. Mamtora as Director on the Board of
the Company since its inception, who is presently the Executive Director of your Company.
Pursuant to Regulation 17(1) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, top 1000 listed entities shall
have at least one independent woman director. Your Company has appointed Mrs. Tanvi V.
Rangwala as an Independent Woman Director on the Board of the Company as on 22nd
January, 2024.
As per the provisions of Section 152 of the Companies Act,
2013 and Articles of Association of the Company, Mr. Satyen J. Mamtora being longest in
the office shall retire at the ensuing Annual General Meeting and being eligible for
re-appointment, offers himself for re-appointment.
Details of Director seeking re-appointment as required
under the Listing Regulations are provided in the Notice forming part of this Annual
Report. Their re-appointments are appropriate and in the best interest of the Company.
In Annual General meeting held on 1st August,
2022, the Company has taken approval from the its members for re-appointment of Mr.
Jitendra U. Mamtora as Chairman and Whole-time Director of the Company, w.e.f. 1st
January, 2023 and Mrs. Karuna J. Mamtora as Executive Director of the company, w.e.f. 1st
April, 2023.
Mr. Satyen J. Mamtora was re-appointed as a Managing
Director of the Company w.e.f 1st April, 2022 as approved by the members
through Postal Ballot process, as on 27th June, 2022.
All Independent Directors have given declarations that they
meet the criteria of Independence as laid down under Section 149(6) of the Companies Act,
2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The terms and conditions of the Independent Directors are incorporated
on the website of the Company www.transformerindia.com To familiarize the
Independent Directors with the strategy, operations and functions of our Company, the
Executive Directors/Senior Managerial Personnel make presentations to the Independent
Directors about the Company's strategy, business model, operations, service and product
offerings, markets, organization structure, finance, human resources, technology, quality,
facilities and risk management. Further, the Company has devised a Familiarization Program
for Independent Director and same been placed on the web site of the Company at the Link: https://www.transformerindia.com/wp-content/uploads/2024/04/Details-of-Familiarization-programme-2023-24.pdf
None of the Directors of the Company is disqualified for
being appointed as Director as specified in Section 164 (2) of the Companies Act, 2013.
Appointments and Resignations of the Key Managerial
Personnel
Mr. Jitendra U. Mamtora (DIN: 00139911), Chairman and
Whole-time Director of the Company has been reappointed w.e.f. 1st January,
2023, Mrs. Karuna J. Mamtora (DIN: 00253549), Executive Director of the Company has been
reappointed w.e.f. 1st April, 2023 and Mr. Satyen J. Mamtora (DIN: 00139984),
Managing Director of the Company has been reappointed w.e.f. 1st April, 2022.
Mr. Amarendra Kumar Gupta had resigned from the post of Chief Financial Officer of the
Company w.e.f 14th October, 2023 and Mr. Chanchal S S Rajora has been
appointed as Chief Financial Officer & Advisor to the Board of Directors of the
Company w.e.f 03rd November, 2023.
Mr. Jitendra U. Mamtora, Chairman and Whole-time Director,
Mr. Satyen J. Mamtora, Managing Director, Mrs. Karuna J. Mamtora, Executive Director, Mr.
Chanchal S S Rajora, Chief Financial Officer & Advisor to the Board of Directors of
the Company and Mr. Rakesh Kiri, Company Secretary of the Company are the Key Managerial
Personnel as per the provisions of the Companies Act, 2013 as on 31st March,
2024.
Number of the Meetings of the Board of Directors
Regular Board Meetings are held once in a quarter,
inter-alia, to review the quarterly results of the Company.
During the financial year 2023-24, the Board of Directors
met Five (5) times i.e. 4th May, 2023, 10th August, 2023, 12th
September, 2023, 3rd November, 2023 and 22nd January, 2024. Detailed
information on the Board Meetings is included in the Corporate Governance Report, which
forms part of this Annual Report.
The details of number of meetings of Committees held during
the financial year 2023-24 forms part of Corporate Governance Report.
Committees of the Board of Directors
Your Company has several Committees which have been
established as part of the best Corporate Governance practices and are in compliance with
the requirements of the relevant provisions of applicable laws and statutes.
The Company has following Committees of the Board of
Directors:
• Audit Committee
• Stakeholder's Grievances and Relationship Committee
• Nomination and Remuneration Committee
• Corporate Social Responsibility Committee
• Risk Management Committee
• Management Committee
• Transfer Committee
The details with respect to the compositions, powers, terms
of reference and other information of relevant committees are given in details in the
Corporate Governance Report which forms part of this Annual Report.
Corporate Social Responsibility Committee
In Compliance with Section 135 of the Companies Act, 2013
read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company
has established Corporate Social Responsibility (CSR) Committee and statutory disclosures
with respect to CSR Committee and an Annual Report on CSR Activities forms part of this
Board of Director's Report as Annexure-2.
Board Diversity
Your Company has over the years been fortunate to have
eminent persons from diverse fields as Directors on its Board. The Nomination and
Remuneration Committee has formalized a policy on Board Diversity to ensure diversity of
experience, knowledge, perspective, background, gender, age and culture.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and
Regulation 17 and Regulation 25 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into
consideration of the various aspects of the Board's functioning, Composition of the Board
and Committees, culture, execution and performance of specific duties, obligation and
governance. The performance evaluation of the Independent Directors was completed.
During the financial year under review, the Independent
Directors met on 22nd January, 2024 interalia, to discuss:
• Performance evaluation of Non-Independent Directors
and Board of Directors as a whole;
• Performance evaluation of the Chairman of the
Company;
• Evaluation of the quality of flow of information
between the Management and Board for effective performance by the Board.
The Board of Directors expressed their satisfaction with
the evaluation process.
Policy on Director's Appointment and Remuneration
The Company has a Nomination and Remuneration Committee.
The Committee reviews and recommend to the Board of Directors about remuneration for
Directors and Key Managerial Personnel and other employee up to one level below of Key
Managerial Personnel. The Company does not pay any remuneration to the Non-Executive
Directors of the Company other than sitting fee for attending the Meetings of the Board of
Directors and Committees of the Board. Remuneration to Executive Directors is governed
under the relevant provisions of the Act and approvals.
The Company has devised the Nomination and Remuneration
Policy for the appointment, re-appointment and remuneration of Directors, Key Managerial
Personnel and Senior Management Personnel. All the appointment, re-appointment and
remuneration of Directors, Key Managerial Personnel and Senior Management Personnel are as
per the Nomination and Remuneration Policy of the company.
Vigil Mechanism
The Company has established a vigil mechanism and
accordingly framed a Whistle Blower Policy. The policy enables the employees to report to
the management instances of unethical behavior, actual or suspected fraud or violation of
Company's Code of Conduct. Further the mechanism adopted by the Company encourages the
Whistle Blower to report genuine concerns or grievances and provide for adequate safe
guards against victimization of Whistle Blower who avails of such mechanism and also
provides for direct access to the Chairman of the Audit Committee, in exceptional cases.
The functioning of vigil mechanism is reviewed by the Audit Committee from time to time.
None of the Whistle blowers has been denied access to the Audit Committee of the Board.
The Whistle Blower Policy of the Company is available on the website of the Company www.transformerindia.com.
Risk Management Policy
The Company is aware of the risks associated with the
business. It regularly analyses and takes corrective actions for managing/ mitigating the
same.
The Company has framed a formal Risk Management Framework
for risk assessment and risk minimization which is periodically reviewed to ensure smooth
operation and effective management control. The Audit Committee also reviews the adequacy
of the risk management framework of the Company, the key risks associated with the
business and measure and steps in place to minimize the same.
Sexual Harassment of Women at Workplace
The Company has constituted Internal Complaints Committee
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and the company has complied with provisions of the same.
There were no incidences of sexual harassment reported
during the year under review, in terms of the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Directors' Responsibility Statement
As stipulated in Section 134(3)(c) read with sub section 5
of the Companies Act, 2013, Directors subscribe to the "Directors' Responsibility
Statement", and confirm that: a) In preparation of annual accounts for the year ended
31st March, 2024, the applicable accounting standards have been followed and
that no material departures have been made from the same; b) The Directors had selected
such accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or loss of the Company
for that year; c) The Directors 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) The Directors had prepared the annual accounts for the year
ended 31st March, 2024 on going concern basis. e) The Directors had laid down
the internal financial controls to be followed by the Company and that such Internal
Financial Controls are adequate and were operating effectively; and f) The Directors had
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
Insurance
Assets of your Company are adequately insured against
various perils.
Corporate Governance
The Company endeavors to maximize the wealth of the
Shareholders by managing the affairs of the Company with pre-eminent level of
accountability, transparency and integrity.
A separate section on Corporate Governance standards
followed by your Company, as stipulated under Regulation 27 and 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as an annexure to
this Report.
A Certificate from Mr. Tapan Shah, Practicing Company
Secretary, conforming compliance to the conditions of Corporate Governance as stipulated
under Regulation 27 and 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is annexed to this Report.
Secretarial Standards
Secretarial Standards for the Board of Directors and
General Meetings (SS-1 & SS-2) are applicable to the Company. The Company has complied
with the provisions of both Secretarial Standards.
Management Discussion and Analysis
The Management Discussion and Analysis Report for the
financial year under review as stipulated under Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is presented in the separate
section forming part of this Annual Report.
Material Changes and Commitment affecting Financial
Position of the Company
There are no material changes and commitments, affecting
the financial position of the Company which has occurred between the end of financial year
as on 31st March, 2024 and the date of Director's Report i.e. 8th
April, 2024.
Particular of Employees
The information required pursuant to Section 197 of the
Companies Act, 2013 read with Rule 5 of the Companies (Appointment and remuneration of
Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided
upon request. In term of Section 136 of the Companies Act, 2013, the Report is being sent
to all shareholders and others entitled thereto, excluding the aforesaid information and
the said particulars are available for inspection by the Members at the Registered Office
of the Company during the business hours on working days of the Company. The members
interested in obtaining such particulars may write to the Company Secretary.
The ratio of remuneration of each Director to the median
employee's remuneration and other details in terms of sub-section 12 of Section 197 of the
Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are forming part of this Board of Director's Report as Annexure-3.
Annual Return
Draft of Annual Return as on 31st March, 2024 in
Form MGT-7 is available on the website of the Company www.transformerindia.com
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
Information relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, required under Section 134 (3) (m) of
the Companies Act, 2013 forms part of this Board of Director's Report as Annexure-4.
Contracts or Arrangements with Related Parties
All the related party transactions that were entered during
the financial year were in the Ordinary course of business of the Company and were on
arm's length basis. There were no materially significant related party transactions
entered by the Company with its Promoters, Directors, Key Managerial Personnel or other
persons which may have potential conflict with the interest of the Company.
All Related Party transactions are placed before the Audit
Committee for approval, wherever applicable. Prior omnibus approval for normal business
transactions is also obtained from the Audit Committee for the related party transactions
which are of repetitive nature and accordingly the required disclosures are made to the
Committee on quarterly basis in terms of the approval of the Committee.
The policy on Related Party Transactions as approved by the
Board of Directors is uploaded on the website of the Company www.transformerindia.com
The particulars of contracts or arrangements with related
parties referred to in Section 188(1) of the Companies Act, 2013, as prescribed in Form
AOC - 2 which forms part of this Board of Director's Report as Annexure-5 Business
Responsibility & Sustainability Report
In Compliance with Regulation 34 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the top one thousand listed
entities based on market capitalization, are required to prepare a Business Responsibility
and Sustainability Report on the environmental, social and governance disclosures. The
first Business Responsibility & Sustainability Report of the Company for the financial
year 2023-24 in the specified format forms part of this Board of Director's Report as Annexure-6.
Internal financial control systems and their adequacy
Your Company has laid down the set of standards, processes
and structure which enables to implement internal financial control across the
Organization and ensure that the same are adequate and operating effectively. To maintain
the objectivity and independence of Internal Audit, the Internal Auditor reports to the
Chairman of the Audit Committee of the Board.
The Internal Auditor monitors and evaluates the efficacy
and adequacy of internal control system in the Company, its compliance with the operating
systems, accounting procedures and policies of the Company. Based on the report of
Internal Auditor, the process owners undertake the corrective action in their respective
areas and thereby strengthen the Control. Significant audit observation and corrective
actions thereon are presented to the Audit Committee of the Board.
Reporting of frauds by Statutory Auditors under Section
143(12)
There were no incidences of reporting of frauds by
Statutory Auditors of the Company u/s 143(12) of the Act read with Companies (Accounts)
Rules, 2014.
Details of Significant and Material Orders passed by the
Regulators, Courts and Tribunals
No significant and material order has been passed by the
regulators, courts, stribunals impacting the going concern status and Company's operations
in future.
Disclosure of proceedings pending or application made under
Insolvency and Bankruptcy Code, 2016
No application was filed for corporate insolvency
resolution process, by a financial or operational creditor or by the Company itself under
the IBC before the NCLT.
Disclosure of reason for difference between valuation done
at the time of taking loan from Bank and at the time of one-time settlement
There were no instances of one-time settlement with any
Bank of Financial Institution
AUDITORS Statutory Auditors
The Statutory Auditors, M/s Manubhai & Shah LLP (Firm
Registration No. 106041W), Chartered Accountants has been appointed to hold the office
from the conclusion of this 28th Annual General Meeting till the conclusion of
33rd Annual General Meeting of the Company. The Company has received the
consent from the Auditors and confirmation to the effect that they are not disqualified to
be appointed as the Auditors of the Company in the terms of the provisions of the
Companies Act,2013 and the Rules made thereunder.
Internal Auditor
M/s Sharp & Tannan Associates, Chartered Accountants,
Ahmedabad has been appointed as Internal Auditors of the Company for financial year
2023-24. Internal Auditors are appointed by the Board of Directors of the Company on a
yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor
reports their findings on the Internal Audit of the Company, to the Audit Committee on a
quarterly basis. The scope of internal audit is approved by the Audit Committee.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, your Company had appointed Mr. Tapan Shah, Practicing Company Secretary to undertake
the Secretarial Audit of the Company for the financial year 2023-24. The Report of the
Secretarial Audit Report for the financial year 2023-24 is annexed to this Board of
Director's Report as Annexure-7.
Cost Auditor
As per Section 148 read with Companies (Audit and Auditors)
Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 the Board
of Directors of your Company has appointed M/s Kushal & Co., Cost Accountants as the
Cost Auditor of the Company for the financial year 2023-24 on the recommendations made by
the Audit Committee. The remuneration proposed to be paid to the Cost Auditors, subject to
the ratification by the members at the ensuing Annual General Meeting, would be
50,000/-(Rupees Fifty Thousands only) excluding GST (if applicable) and out of pocket
expenses, if any.
The Cost Audit report for the financial year 2022-23 has
been filed within the due date. The due date for submission of the Cost Audit Report for
the financial year 2023-24 is within 180 days from 31st March, 2024.
Statutory Auditor's Report
The Statutory Auditors' Report on the accounts of the
Company for the accounting year ended 31st March, 2024 is self-explanatory and
do not call for further explanations or comments that may be treated as adequate
compliance of Section 134 of the Companies Act, 2013.
General
Your Directors state that no disclosure or reporting is
required in respect of the following items as there were no transactions on these items
during the year under review:
1. Details relating to deposits covered under Chapter V of
the Companies Act, 2013.
2. Issue of Equity Shares with differential rights as to
dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to
employees of the Company under any scheme save and ESOS:
The Board of Directors of the Company has proposed TRIL
ESOP Plan 2024 for the approval of the shareholders at the ensuing AGM of the Company.
4. Neither the Managing Director nor the Whole-time
Directors of the Company receive any remuneration or commission from any of its
subsidiaries.
5. No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the going concern status and Company's
operations in future.
Acknowledgment
Your Directors would like to express their appreciation for
the assistance and co-operation received from the financial institutions, banks,
Government authorities, customers, vendors and members during the year under review. Your
Directors also wish to place on record their deep sense of appreciation for the committed
services by the executives, staff and workers of the Company.
By Order of the Board of Directors
| Jitendra U. Mamtora |
Place : Ahmedabad |
| Chairman and Whole-time Director |
Date : 8th April, 2024 |
| (DIN: 00139911) |
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