On behalf of the Board of Directors ("the Board"), it gives me immense
pleasure to present the Thirty Fourth Annual Report on the business and operations of your
Company together with the Audited Financial Statements for the year ended March 31, 2023.
FINANCIAL RESULTS:
( C in Crores, except EPS)
Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from operations |
2,783.59 |
2,805.95 |
3,011.55 |
2,842.02 |
Other Income |
34.14 |
140.73 |
31.43 |
140.21 |
Total Revenue |
2,817.73 |
2,946.68 |
3,042.98 |
2,982.23 |
EBIDTA |
443.61 |
537.84 |
485.70 |
574.31 |
Less: Finance Cost |
57.65 |
42.14 |
62.38 |
47.36 |
Less: Depreciation |
62.55 |
39.96 |
64.73 |
40.91 |
Profit before Exceptional Items and Tax |
323.41 |
455.74 |
358.59 |
486.04 |
Profit before Tax |
323.41 |
455.74 |
358.59 |
486.04 |
Tax Expenses / (Credit) |
85.24 |
116.93 |
81.81 |
127.43 |
Net Profit |
238.17 |
338.81 |
276.78 |
358.61 |
Other comprehensive Income (net of tax) |
(15.43) |
(15.02) |
(40.34) |
(26.79) |
Total Comprehensive Income |
222.74 |
323.79 |
236.44 |
331.82 |
Basic & Diluted EPS (in C ) |
12.03 |
17.11 |
13.97 |
18.11 |
OPERATIONAL AND FINANCIAL PERFORMANCE
Despite the challenging environment and rise in input costs, your Company has achieved
growth in total revenue on consolidated basis. However, various factors such as increase
in raw material cost, selling cost, employee benefit expenses and volatile exchange rate
movements resulted in fall in EBITDA and Net Profit for the year ended March 31, 2023. The
Company achieved sales volume of 74.7 million meters and turnover of C3,011.55 Crores on a
consolidated basis during the year under review.
At a consolidated level, the total revenue increased by 2% to C3,042.98 Crores for FY
2022-23 as against C2,982.23 Crores in the previous year. Your Company reported EBIDTA and
Net Profit of C485.70 Crores and C276.78 Crores respectively for the year ended March 31,
2023.
On a standalone basis, total revenue stood at C 2,817.73 Crores for the year ended
March 31, 2023 as against C 2,946.68 Crores in the previous year. Further, your Company
achieved EBIDTA and Net Profit of C 443.61 Crores and C 238.17 Crores respectively for the
year ended March 31, 2023.
The financial and operational performance overview and outlook is provided in detail in
the Management Discussion and Analysis forming part of this Annual Report.
RESERVES & DIVIDEND
During the year under review, the Company has not transferred any amount to the General
Reserves. As on March 31, 2023, Reserves and Surplus (other equity) of the Company were at
C1,729.47 Crores including retained earnings of C1,710.23 Crores. Continuing the past
trend of declaring dividend, your Directors are pleased to recommend a Final Dividend @
100% i.e. C 2/- per equity share of face value of C 2/- each amounting to C 39.61 Crores
subject to the approval of members of the Company at the ensuing Annual General Meeting.
The aforesaid dividend is in line with the Dividend Distribution Policy adopted by the
Company.
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the
Board has approved and adopted the Dividend Distribution Policy and the same has been
displayed on the Company's website at the link -
www.indocount.com/investors/corporate-governance
STATE OF COMPANY'S AFFAIRS
Discussion on state of Company's affairs has been covered as part of the Management
Discussion and Analysis. Management Discussion and Analysis for the year under review, as
stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 is presented in a separate section forming part of this Annual Report.
SHARE CAPITAL
The paid-up equity share capital of the Company as on March 31, 2023 was C
39,61,08,680/-. The increase in number of shares during the year is on account of
allotment of 6,54,670 equity shares of C 2/- each to the shareholders of Pranavaditya
Spinning Mills Limited (PSML) pursuant to the Scheme of Amalgamation (by way of merger by
absorption) between PSML and the Company. The said allotted equity shares were listed on
BSE Limited and National Stock Exchange of India Limited.
Your Company has not issued any equity shares with differential voting rights,
convertible securities, warrants or sweat equity shares. Further, your Company does not
have any employee stock option scheme or employee stock purchase scheme.
CREDIT RATING
During the year under review, for long term bank facilities of your Company, credit
rating assigned by ICRA is "AA-" (Double A minus) with Stable outlook and
CareEdge revised credit rating to "AA-" (Double A minus) with Stable outlook.
This credit rating signifies strong degree of safety regarding timely servicing of
financial obligations. Such facilities carry low credit risk.
Further, for the Company's short term bank facilities, credit rating assigned by ICRA
and CareEdge is "A1+" (A One Plus). This credit rating signifies very strong
degree of safety regarding timely payment of financial obligations. Such facilities carry
lowest credit risk.
DECLARATION OF INDEPENDENT DIRECTORS
Pursuant to section 134(3)(d) of the Act, your Company confirm having received
necessary declarations from all the Independent Directors under section 149(7) of the
Companies Act, 2013 declaring that they meet the criteria of independence laid down under
Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
BOARD EVALUATION
Pursuant to provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation
of the performance of the Board, its Committees and of individual Directors. Performance
evaluation has been carried out as per the Nomination & Remuneration Policy of the
Company.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company are prepared in accordance with
the Indian Accounting Standards notified under the Companies (Indian Accounting Standards)
Rules, 2015. The Audited Consolidated Financial Statements of the Company for the year
ended March 31, 2023 along with the Auditors' Report forms part of this Annual Report.
The Audited Financial Statements of the Company and subsidiaries are available on the
website of the Company at www.indocount.com. Further a copy of the Audited Financial
Statements of the subsidiaries shall be made available for inspection at the registered
office of the Company during business hours on any working day upto the date of Annual
General Meeting. As per Section 136 of the Companies Act, 2013, any shareholder interested
in obtaining a copy of separate Financial Statements of the subsidiaries shall make
specific request in writing to the Company Secretary.
SUBSIDIARIES
As on March 31, 2023, your Company has 4 wholly owned subsidiaries viz. Indo Count
Retail Ventures Private Limited, Indo Count Global Inc., Indo Count UK Limited and Indo
Count Global DMCC.
Consequent upon effectiveness of the Scheme of Amalgamation (by way of merger by
absorption) of Pranavaditya Spinning Mills Limited ("Transferor Company/ PSML")
with the Company, PSML stands merged with the Company w.e.f. the effective date i.e.
October 20, 2022.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("The
Act") read with rules made thereunder, a statement containing salient features of the
financial position of subsidiaries is given in Form AOC-1 attached as "Annexure
1" forming integral part of this Report. As required under Section 134 of the
Companies Act, 2013, the said form also highlights performance of the subsidiaries.
Your Company does not have any Associate Company as defined under the Companies Act,
2013 and has not entered into any joint venture agreement during the year under review.
During the year under review, Indo Count Global Inc. has become a material subsidiary.
Subsequently, Mr. Siddharth Mehta, Independent Director has been nominated as Director on
the Board of the said subsidiary. The Company has adopted a policy on material
subsidiaries and the same is uploaded on the website of the Company which can be accessed
through the web-link www.indocount.com/investors/corporate-governance
AMALGAMATION OF PRANAVADITYA SPINNING MILLS LIMITED, SUBSIDIARY OF THE COMPANY WITH THE
COMPANY
During FY 2022-23, the Scheme of Amalgamation (by way of merger by absorption) of
Pranavaditya Spinning Mills Limited (PSML') with the Company under Sections 230-232
of the Companies Act, 2013 was approved by the Hon'ble National Company Law Tribunal,
Mumbai Bench ("Hon'ble NCLT") vide its order dated October 3, 2022.
Consequently, the entire undertaking of PSML along with all its assets and liabilities as
on October 1, 2020 (Appointed Date) got vested on the Company. The appointed date for said
amalgamation is October 1, 2020 as passed by Hon'ble NCLT. The amalgamation became
effective from October 20, 2022 due to the filing of the order passed by Hon'ble NCLT with
the Registrar of Companies.
Pursuant to the aforesaid Scheme of Amalgamation and the Share Exchange Ratio approved
by the Board, 2 (Two) fully paid up equity shares of C 2/- each of the Company issued to
the equity shareholders of PSML, as on Record Date, for every
15 (Fifteen) fully paid up equity shares of C 10/- each held by them in PSML.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment / Reappointment
The Board of Directors at its meeting held on May 30, 2023, has (i) appointed Mr. Akash
Kagliwal (DIN: 01691724) and Mr. L. Viswanathan (DIN: 00193056) as Additional Directors
(Non-Executive, Independent) of the Company for a period of 2 years w.e.f. May 30, 2023 to
May 29, 2025, subject to the approval of the members at the ensuing General Meeting. Mr.
Akash Kagliwal and Mr. L. Viswanathan fulfil the criteria and conditions specified in the
Companies Act, 2013 for such appointment.
(ii) re-appointed Dr. Sanjay Kumar Panda (DIN: 02586135) and Mr. Siddharth Mehta (DIN:
03072352) as Non-Executive, Independent Directors of the Company for a second term of 5
consecutive years w.e.f. August 3, 2023 to August
2, 2028, subject to the approval of the members at the ensuing General Meeting. Dr.
Sanjay Kumar Panda and Mr. Siddharth Mehta fulfil the criteria and conditions specified in
the Companies Act, 2013 for such appointment.
All Independent Directors of the Company have registered themselves in the Independent
Directors databank maintained with the Indian Institute of Corporate Affairs (IICA).
Further, in the opinion of the Board of Directors of the Company, all Independent
Directors possess requisite integrity, expertise and experience including the proficiency
required to discharge the duties and responsibilities as Directors of the Company.
Retiring by rotation
Mr. Kailash R. Lalpuria (DIN: 00059758), Executive Director & CEO of the Company,
retires by rotation and being eligible offers himself for re-appointment. The Board
recommends his re-appointment and the same forms part of the notice of Annual General
Meeting. The disclosures required regarding re-appointment of Mr. Kailash R.
Lalpuria pursuant to Regulation 36(3) of the SEBI Listing Regulations and Secretarial
Standard on General Meeting issued by The Institute of Company Secretaries of India are
given in the Notice of AGM, forming part of the Annual Report.
Cessation
Mr. Sushil Kumar Jiwarajka (DIN: 00016680) ceased to be Independent Director of the
Company with effect from close of business hours of May 3, 2023 due to completion of
tenure of appointment. The Board places on record its appreciation for the great
contribution made by Mr. Sushil Kumar Jiwarajka in the progress of the Company.
Key Managerial Personnel
During the year under review, Mr. Satnam Saini has been appointed as Company Secretary
and Compliance Officer w.e.f. December 4, 2022 in place of Mrs. Amruta Avasare who
resigned from the said position w.e.f. December 3, 2022.
In terms of Section 203 of the Act, the following are the Key Managerial Personnel of
the Company: Mr. Kailash R. Lalpuria, Executive Director & CEO, Mr. K. Muralidharan,
President - Finance and CFO and Mr. Satnam Saini, Company Secretary & GM - Legal
NUMBER OF BOARD MEETINGS
During the financial year ended March 31, 2023, Five (5) Board Meetings were held with
a minimum of one meeting in each quarter and the gap between two consecutive Board
meetings was less than one hundred and twenty days. For details of the meetings of the
Board, please refer to the Corporate Governance Report, which forms part of this report.
COMPANY'S POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS
Pursuant to Section 178(3) of the Companies Act, 2013, NRC has formulated
"Nomination and Remuneration Policy" which deals inter-alia with appointment and
remuneration of Directors, Key Managerial Personnel, Senior Management and other
employees. The said policy is uploaded on the website of the Company and web-link thereto
is www.indocount.com/ investors/corporate-governance
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act, 2013,
your Directors, to the best of their knowledge and belief and according to the information
and explanations obtained by them, state and confirm that:
1. In the preparation of the annual accounts for the year ended March 31, 2023, the
applicable accounting standards have been followed along with proper explanation relating
to material departures, if any;
2. Such accounting policies as mentioned in the notes to the Financial Statements for
the year ended March 31, 2023 have been selected and applied consistently and judgments
and estimates have been made that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at March 31, 2023 and of the profit of the
Company for the year ended on that date;
3. Proper and sufficient care has been taken 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;
4. The annual financial statements for the year ended March 31, 2023 have been prepared
on a going concern basis;
5. Internal financial controls to be followed by the Company have been laid down and
that the said financial controls were adequate and were operating effectively;
6. Proper systems to ensure compliance with the provisions of all applicable laws have
been devised and such systems were adequate and operating effectively.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The key philosophy of all our Corporate Social Responsibility (CSR) initiatives is
guided by our belief "Every Smile Counts..." your Company implements the CSR
projects primarily through Indo Count Foundation' and has also collaborated with
other non-profits for carrying out various CSR Activities. Our CSR projects focusses on
participatory and collaborative approach with the community and responds proactively to
various emerging needs from time to time in the socio economic & environment
space. Over a period of 8 years, your Company had carried out CSR activities in the areas
of Education, Healthcare, Women empowerment, cotton sustainability and Water and
Sanitation. Apart from these areas, your Company has always responded positively towards
various challenges arisen due to disasters being faced in the country including COVID-19
pandemic.
Pursuant to provisions of Section 135 of the Companies Act, 2013, the Company had
formulated a Corporate Social Responsibility (CSR) policy. The said CSR Policy of the
Company was amended in lines with the Companies (Corporate Social Responsibility Policy)
Amendment Rules, 2021 and the updated CSR policy is available on the website of the
Company.
The Report on CSR activities implemented by the Company during the year under review is
provided as "Annexure 2" to this Report.
AUDIT COMMITTEE
During the year under review, there has been no change in the composition of the Audit
Committee. As on March 31, 2023, the Audit Committee comprises of 4 Directors / Members
out of which 3 are Independent Directors. The said composition is as per Section 177 of
the Companies Act, 2013 and Regulation 18 of the Listing Regulations. More details on
Audit Committee are given in Corporate Governance Report. All the recommendations made by
the Audit Committee during the year under review were accepted by the Board.
AUDITORS
Statutory Auditors
In accordance with the provisions of Section 139 of the Companies Act, 2013, at the
Annual General Meeting held on September 29, 2022, M/s. Price Waterhouse Chartered
Accountants LLP (Firm Registration No. 012754N / N500016) were appointed as the Statutory
Auditors of the Company for a period of 5 years commencing from the conclusion of 33rd
Annual General Meeting (AGM) till the conclusion of the ensuing 38th AGM of the
Company to be held in the Financial year 2026-27.
The Auditors' Report on standalone and consolidated financial statements for the year
ended March 31, 2023 forms integral part of this Annual Report. The Auditors' Report does
not contain any qualifications, reservations, adverse remarks and disclaimer. Notes to the
Financial Statements are self-explanatory and do not call for any further comments. The
Statutory Auditors of the Company have not reported any fraud under Section 143(12) of the
Companies Act, 2013 (including any statutory modification(s) or re-enactment for the time
being in force).
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with rules
thereunder, the Board had appointed Ms. Kala Agarwal, Practicing Company Secretaries as
Secretarial Auditor to conduct Secretarial Audit of the Company for the year ended March
31, 2023. The Secretarial Audit Report issued by Secretarial Auditors in Form No. MR-3 is
provided as "Annexure 3" to this Report. The Secretarial Audit Report
does not contain any qualifications, reservations or adverse remark.
SEGMENT
The Company operates only in a single segment i.e. Textile Segment.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any deposits from public,
under Chapter V of the Companies Act, 2013.
CORPORATE GOVERNANCE REPORT
As per Regulation 34(3) read with Schedule V of the Listing Regulations, your Company
has complied with the requirements of corporate governance. A Corporate Governance Report
along with Certificate from Practicing Company Secretary confirming compliance of
corporate governance for the year ended March 31, 2023 is provided separately and forms
integral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34 of the Listing Regulations, Management Discussion and
Analysis containing Information inter-alia on industry trends, your company's performance,
future outlook, opportunities and threats for the year ended March 31, 2023, is provided
in a separate section forming integral part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING
A separate section on Business Responsibility and Sustainability Reporting forms part
of the Annual Report as required under Regulation 34(2)(f ) of the Listing Regulations.
ANNUAL RETURN
In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return of the Company is available
on the website of the Company at https://www.indocount.com/images/investor/
Draft-Annual-Return-Form-MGT-7-FY-2022-23.pdf
SECRETARIAL STANDARDS
During the year under review, your Company has complied with all the applicable
Secretarial Standards i.e. SS-1 and SS-2 relating to Meeting of the Board of
Directors' and General Meetings' respectively. The same has also been confirmed by
Secretarial Auditors of the Company in the Secretarial Audit Report.
RELATED PARTY TRANSACTIONS
All Related Party Transactions (RPT) entered during FY 2022-23 were on arm's length
basis and in the ordinary course of business and in compliance with the applicable
provisions of the Companies Act, 2013 and the Listing Regulations. During the year under
review, your Company did not enter into any material RPT under the provisions of Section
188 of the Act and Listing Regulations, accordingly, the disclosure of related party
transactions, as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2
is not applicable to the Company and hence does not form part of this report.
The prior approval of the Audit Committee is obtained for all Related Party
Transactions. A statement of all Related Party Transactions is reviewed by the Audit
Committee on a quarterly basis. Your Company has adopted a policy on Related Party
Transactions and it has been uploaded on the Company's website at
www.indocount.com/investors/corporate-governance
PARTICULARS OF LOANS, INVESTMENTS, GUARANTEES, SECURITIES UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
During the year under review, your Company has neither given loan to any bodies
corporates or any other persons nor provided any corporate guarantee or security under
Section 186 of the Companies Act, 2013. Particulars of investments and disclosure required
under Section 186(4) of the Companies Act, 2013 are provided in the notes to the
standalone financial statements.
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of the business and is committed
to manage the risks in a proactive and efficient manner. Your Company has adopted Risk
Management Policy for risk identification, assessment and mitigation. Major risks
identified by the Company are systematically addressed through mitigating actions on a
continuous basis. Some of the risks that the Company is exposed to are financial risks,
raw material price risk, regulatory risks, forex risks and economy risks. Risk factors and
its mitigation are covered extensively in the Management Discussion and Analysis. The
Internal Audit Reports and Risk Management Framework are reviewed by the Audit Committee.
Further, the Company also has in place Risk Management Committee to assess the risks and
to review risk management plans of the Company.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177 (10) of the Companies Act, 2013 and
Regulation 22 of the Listing Regulations, your Company has established a vigil mechanism
for the Directors and employees of the Company to report concerns about unethical
behaviour, actual or suspected incidents of fraud or violation of Code of Conduct. The
details of Vigil Mechanism/ Whistle Blower Policy are provided in the Corporate Governance
Report. The Vigil Mechanism/Whistle Blower Policy may be accessed on the Company's website
at www.indocount.com/ investors/corporate-governance
POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE
Your Company always endeavours and provide conductive work environment that is free
from discrimination and harassment including sexual harassment. Your Company has zero
tolerance towards sexual harassment at workplace and has adopted a policy for prevention
of Sexual Harassment of Women at workplace. The Company has set up an Internal Committee
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 to look into complaints relating to sexual harassment at workplace of any woman
employee. During the year under review, no complaints pertaining to sexual harassment were
received and no complaint was pending as on March 31, 2023.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO
Information on Conservation of Energy, Technology Absorption, Foreign Exchange Earnings
and Outgo required under Section 134(3)(m) of the Companies Act, 2013 read with rules
thereunder is given as "Annexure 4" forming part of this Report.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The information required pursuant to Section 197 (12) of the Companies Act, 2013 read
with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 regarding remuneration of Directors, Key Managerial Personnel and other
related disclosure is given as "Annexure 5" to this Report.
Information required under Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 viz. Details of top ten employees of the
Company in terms of remuneration drawn during FY 2022-23 and particulars of employees
drawing remuneration in excess of the limits specified in Rule 5(2) of the said rules is
provided in Annexure forming part of this Report. As per the provisions of Section 136 of
the Companies Act, 2013, the Annual Report and Accounts are being sent to the members of
the Company excluding the said Annexure. Any member interested in obtaining a copy of said
Annexure may write to the Company Secretary at the Registered Office of the Company. The
said annexure will be available for inspection by the members at the Registered Office of
the Company twenty-one days before and upto the date of ensuing Annual General Meeting
during the business hours on working day.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company maintains adequate internal control system and procedures commensurate
with its size and nature of operations. The internal control systems are designed to
provide a reasonable assurance over reliability in financial reporting, ensure appropriate
authorisation of transactions, safeguarding the assets of the Company and prevent misuse/
losses and legal compliances.
The internal control system includes a well-defined delegation of authority and a
comprehensive Management Information System coupled with quarterly reviews of operational
and financial performance, a well-structured budgeting process with regular monitoring of
expenses and Internal audit. The Internal Audit reports are periodically reviewed by the
management and the Audit Committee and necessary improvements are undertaken, if required.
SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS
During the year under review, 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.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments affecting the financial position of the
Company which have occurred between the end of the financial year 2022-23 and the date of
this report.
AWARDS
During the year under review, the Company has received the following awards:
1. National Award for Excellence in Water Management 2022 was given by
Confederation of Indian Industry (CII) with respect to improving water use efficiency and
have an integrated approach for wastewater management systems, which includes recycling,
recovery and reuse of industrial effluents.
2. Best Brand Award 2022' was given for our domestic brand Boutique Living
by The Economic Times at the 5th edition of "The Economic Times Best
Brands 2022 Conclave" with respect to keep customers' happiness at their focus and
carve a niche for themselves.
3. Federation of Indian Export Organizations awarded highest Foreign Exchange Earner
in Maharashtra for two consecutive years 2018-2019 and 2019-2020.
4. Awarded as first runner-up for "Contribution towards Zero Carbon
Emission" under the CITI Textile Sustainability Awards towards dedication and
commitment towards sustainability.
GENERAL
Your Directors state that:
1. During the year under review, there was no change in the nature of business of the
Company.
2. Cost audit was not applicable to the Company during the year under review. However,
pursuant to the Order made by the Central Government for the maintenance of cost records
under section 148(1) of the Act, the prescribed accounts and records have been made and
maintained.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors wish to place on record their appreciation for dedicated service and
contribution made by the employees of the Company at all levels.
Your Directors would also like to place on record their appreciation for the continued
co-operation and support received by the Company during the year from its customers,
suppliers, bankers, financial institutions, business partners and other stakeholders.
On behalf of the Board of Directors
|
Anil Kumar Jain |
Date: May 30, 2023 |
Executive Chairman |
Place: Mumbai |
DIN: 00086106 |
|