TRANWAY TECHNOLOGIES LIMITED
To the Members,
Your directors are pleased to present the 8th Board's Report of your
Company, along with Audited Financial Statements for the year ended 31st March, 2023.
1. FINANCIAL HIGHLIGHTS (STANDALONE & CONSOLIDATED)
The Company's Standalone Financial Performance for the year under review along with the
previous year's figures given under:
(Amount in Lakhs)
Particulars |
For the Year ended 31st March 2023 |
For the Year ended 31st March 2022 |
| Income from Business Operations |
599.77 |
631.77 |
| Other Income |
6.00 |
6.16 |
| Total Income |
605.78 |
637.93 |
| Profit before Interest, Depreciation & Tax |
33.64 |
19.04 |
| Less: Interest |
- |
- |
| Less: Depreciation |
- |
- |
| Profit after depreciation and Interest |
33.64 |
19.04 |
| Less: Current Income Tax (Inc: earlier year tax) |
8.48 |
5.11 |
| Tax adjustments for earlier years |
1.36 |
0.77 |
| Less: Deferred Tax |
0.09 |
(0.02) |
| Net Profit/Net Loss after Tax |
23.72 |
13.17 |
| Dividend (Including Interim if any and final) |
- |
- |
| Net Profit/Net Loss after dividend and Tax |
23.72 |
13.17 |
| Amount transferred to General reserve |
|
- |
| Balance carried to Balance Sheet |
23.72 |
13.17 |
| Earnings per share (Basic Weighted Average) |
0.22 |
0.12 |
| Earnings per Share (Diluted-Weighted |
0.22 |
0.12 |
| Average) |
|
|
The Company's Consolidated Financial Performance for the year under review along with
the previous year's figures given under:
(Amount in Lakhs)
Particulars |
For the Year ended 31st March 2023 |
For the Year ended 31st March 2022 |
| Income from Business Operations |
810.70 |
993.35 |
| Other Income |
7.85 |
8.55 |
| Total Income |
818.55 |
1001.89 |
| Profit before Interest, Depreciation & Tax |
54.31 |
136.64 |
| Less: Interest |
- |
- |
| Less: Depreciation |
6.84 |
6.60 |
| Profit after depreciation and Interest |
47.47 |
130.04 |
| Less: Current Income Tax(Inc: earlier year tax) |
13.63 |
(28.16) |
| Less: Deferred Tax |
(0.22) |
(0.02) |
| Net Profit/Net Loss after Tax |
34.06 |
101.86 |
| Dividend (Including Interim if any and final) |
- |
- |
| Net Profit/Net Loss after dividend and Tax |
34.06 |
101.86 |
| Amount transferred to General reserve |
|
|
| Balance carried to Balance Sheet |
34.06 |
101.86 |
| Earnings per share (Basic Weighted Average) |
0.32 |
0.96 |
| Earnings per Share (Diluted-Weighted Average) |
0.32 |
0.96 |
2. DIVIDEND:
No dividend was declared for the financial year ended 31st March 2023 by the
Board of Directors.
3. STATE OF COMPANY' FINANCIAL AFFAIRS:
During the year under review, the company has recorded total revenue of Rs. 605.78
Lakhs as compared to the previous year amount of Rs. 637.93 Lakhs. The Expenditure
incurred including Depreciation during the year was Rs. 572.13 Lakhs as compared to the
previous year amount of Rs. 618.90 Lakhs. The Company is looking forward to increase its
numbers in the coming financial year with the support of all the Stakeholders of the
Company.
4. TRANSFER TO RESERVES:
The company has not transferred any amount to any specific reserve fund during the
financial year under review.
5. INSURANCE:
Your Company has not taken any Insurance on its Assets.
6. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE
COMPANY, HAVING OCCURRED SINCE THE END OF THE YEAR TILL THE DATE THE REPORT:
No material changes and commitments affecting the financial position of the Company
have occurred between the end of the Financial Year and the date of this report.
7. SHARES AND SHARE CAPITAL
During the year under review, the Company has not issued any new shares, therefore
there was no change in the Authorized, Issued and Paid-Up share capital of the Company.
Other Disclosures and information That the Company:
• Has not allotted any shares with differential voting rights during the year,
hence there is nothing to disclose under provisions of section 43 of the Act read with
Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014.
• Has not allotted any sweat equity shares during the year, in accordance with the
provision of section 54(1)(d) of Companies Act, 2013 read with Rule 8 (13) of the
Companies (Share Capital and Debenture) Rules, 2014.
• Has not allotted stock option to any employee during the year, as per Rule 12
(9) of the Companies (Share Capital and Debenture) Rules, 2014.
• The company has not given any loan pursuant to provisions of section 67 of the
act to its employees for purchase of its own shares hence there is nothing to disclose
under provisions of section 67(3) of the Act read with 16(4) of the Companies (Share
Capital and Debentures) Rules, 2014.
8. IPO FUND UTILISATION:
The fund which was raised through IPO amounting to Rs 424.00 Lacs has been fully
utilized.
9. DEMATERIALISATION OF EQUITY SHARES:
Equity Share of the Company is in Dematerialized Form with either of the depository's
viz. NSDL and CDSL. The ISIN No. allotted is INEOBIW01023.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
The operations of the company are not energy intensive. Company takes various measures
to reduce energy consumption by using energy efficient computer systems and procuring
energy efficient computer systems and procuring energy equipment. As ongoing process
company continuously adopts new technologies and techniques to make infrastructure more
energy efficient.
11. FOREIGN CURRENCY EARNINGS AND OUTGO:
The company has not made any foreign currency transactions during the year.
12. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
The provisions of Section 135 of the Companies Act, 2013 read with Rule 9 of the
Companies (Accounts) Rules, 2013 is not applicable to the Company.
13. EXTRACT OF THE ANNUAL RETURN:
The details forming part of the extract of the Annual Return as on the financial year
ended on March 31, 2023 in form MGT-9 as required under section 92 of the
Companies Act, 2013 (hereinafter referred to as the "Act") and Rule 12(1) of
the
Companies (Management and Administration) Rules, 2014 can be accessed at company's
website: ww.tranwayinc.com under the investor Tab.
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER
SECTION 185 & 186 OF THE COMPANIES ACT, 2013:
The Company has not given any loan u/s 185 of the Companies Act, 2013. However, there
were loans, and investments made by the Company under Section 186 of the Companies Act,
2013 during the year under review and the details of which are given in Notes No.28 of the
Financial Statements.
15. DIRECTORS / KEY MANAGERIAL PERSONNEL:
There was no Change in the Directors/Key Managerial Personnel during the period under
review, and the Composition of Board of Directors as on 31st March, 2023 is as follows;
NAME |
DATE OF APPOINTMENT |
CURRENT DESIGNATION |
Mr. Bharat |
25th March 2015 |
Managing Director and Whole Time Director |
| Mrs. Kalavathy Bylappa |
25th March 2015 |
Whole time Director |
| Mr. Anand G Patil |
05th April 2022 |
Independent Director |
| Mr. Nagaraj Susurla |
05th April 2022 |
Independent Director |
| Ramasubbarao |
|
|
| Mr. Venkataraja C |
05th April 2022 |
Independent Director |
Mrs. Preeti Sandeep Byse |
14th December 2019 |
Chief Financial Officer (CFO) |
Mrs. Anitha R |
17th December 2019 |
Company Secretary and Compliance Officer |
16. DISCLOSURES BY DIRECTORS
The Directors on the Board have submitted notice of interest under Section 184(1) i.e.,
in Form MBP-1, intimation under Section 164(2) i.e., in Form DIR-8 and declaration as to
compliance with the Code of Conduct of the Company. All Independent Directors have also
given declarations that they meet the criteria of independence as laid down under Section
149(6) of the Act.
17. MEETINGS OF THE BOARD:
During the period under review, total of 7 Board meetings were held. The maximum
time-gap between any two consecutive meetings did not exceed 120 days. The details of the
Board meetings are:
| SI NO |
DATE |
| 1 |
05.04.2022 |
| 2 |
30.05.2022 |
| 3 |
13.06.2022 |
| 4 |
08.09.2022 |
| 5 |
14.11.2022 |
| 6 |
28.12.2022 |
| 7 |
29.03.2023 |
18. SEPARATE MEETING OF INDEPENDENT DIRECTORS:
Regulation 25 of the Listing Regulations and Section 149 read with Schedule IV of
Companies Act, 2013 mandates that the Independent Directors of the Company shall hold at
least one meeting in a year, without the presence of Non-Independent Directors and members
of the management and requires all the Independent Directors to be present at such
meeting.
Your company recognizes the role that Independent Directors play in ensuring an
efficient and transparent work environment, hence all the Independent directors of the
company separately met once during the year FY 2022-23 without the presence of any
Non-Independent Directors and/or any members of the management on March 29th
2023 and discussed about the flow of Information to the Board, Compliances, and various
other Board Related matters and identify areas where they need clarity or information from
management and to annually review the performance of Non- Independent Directors, the Board
as whole and the Chairman.
The Independent Directors update the Audit Committee and the Board about the outcome of
the meetings and actions, if any, required to be taken by the Company.
20. AUDIT COMMITTEE:
The Committee comprises of three Directors viz. Mr. Nagaraj Susurla
Ramasubbarao (Chairman of the committee), Mr. Anand G. Patil and Mrs. Kalavathy
Bylappa. The Committee fulfils the composition requirement as specified under the
provisions of the Companies Act, 2013 and Listing Regulations.
The key responsibilities of the Audit Committee are to assist the Board in fulfilling
its oversight responsibilities in relation to financial reporting, the effectiveness of
the system of risk management and robustness of internal financial controls and risk
management framework and monitoring the qualifications, expertise, resources and
independence of both the internal and external auditors and assessing the auditor's
performance and effectiveness each year.
During the year under review, 5(Five) meetings of the Audit Committee were held on 30th
May 2022, 17th August 2022, 14th November 2022, 24th
March 2023 and 28th March 2023.
Review of Financial Results for FY 2022-23: The Committee reviewed the Standalone &
Consolidated Financial Statements for FY 2022-23 and based on this review and discussions
with management, the Committee was satisfied that the Financial Statements were prepared
in accordance with applicable Accounting Standards and fairly presents the financial
position and results for the year ended March 31st, 2023. The Committee
therefore recommended the Financial Statements for the year ended March 31st,
2023 for approval of the Board.
The Company Secretary of the Company is the Secretary of the Committee.
All the recommendations of the Audit Committee made during the year were accepted by
the Board.
21. STAKEHOLDER RELATIONSHIP COMMITTEE:
The Committee comprises of three Directors viz. Mr. Chekodu Venkataraja (Chairman of
the committee), Mr. Anand G. Patil and Mr. Nagaraj Susurla Ramasubbarao. All the Members
of the Committee are Independent Directors. The Committee fulfils the composition
requirement as specified under the provisions of the Companies Act, 2013 and Listing
Regulations.
The Company recognizes the worth of sustaining an ongoing relation with the
Company's stakeholders to ensure a mutual understanding of the Company's strategy,
performance and governance. The Stakeholder Relationship Committee (SRC) assists the
Company and its Board in maintaining strong and long-term relationships with all its
shareholders. The SRC mainly oversees and reviews the timely redressal of the entire
Security holder's grievance; ways to enhance shareholder experience; performance of
Registrar & Transfer Agent; shareholding movement etc.
During the year under review, one (1) meeting of the Nomination and Remuneration
Committee were held on 29th March 2023.
All the recommendations of the Committee were accepted by the Board.
22.INVESTOR COMPLAINTS
Company's Registrar & Transfer Agent, BgSE Financials Limited entertains and
resolves investor grievances in consultation with the Compliance Officer. All grievances
can be addressed either to RTA or to the Company directly. An update on the status of
complaints is quarterly reported to the Board and is also filed with stock exchanges.
Company has not received any complaints during the Financial Year 2022-23
23. NOMINATION AND REMUNERATION COMMITTEE:
The Committee comprises of three Directors viz. Mr. Anand G Patil, Mr. Nagaraj Susurla
Ramasubbarao, Mr. Chekodu Venkataraja All the Members of the
Committee are Independent Directors. The Committee fulfils the composition requirement
as specified under the provisions of the Companies Act, 2013 and Listing Regulations.
The NRC is responsible for making recommendations to the Board on the structure, size
and composition of the Board, ensuring that the appropriate mix of skills, experience,
diversity and independence is present on the Board for it to function effectively. The
Committee also carries out the entire process of Board Evaluation.
When setting remuneration for the Executive Directors, the Committee takes into account
the overall business performance of the company operations and The Committee is also
focused on aligning the interests of the Executive Directors and the management group with
those of shareholders, to build a sustainable performance culture.
During the year under review, one (1) meeting of the Nomination and Remuneration
Committee were held on 28th March 2023
All the recommendations of the Committee were accepted by the Board.
24. PARTICULARS OF THE EMPLOYEES AND RELATED DISCLOSURES:
None of the employee has received remuneration exceeding the limit as stated in Rule
5(2) of the Companies (Appointment and remuneration of Managerial Personnel) Rules, 2014.
Disclosures pertaining to the remuneration as required u/s 197 (12) of the Companies Act,
2013 read with Rule 5(1) of the Companies (Appointment and remuneration of Managerial
Personnel) Rules, 2014 are given as Annexure B forming part of this Report.
25. NON-APPLICABILITY OF THE INDIAN ACCOUNTING STANDARDS (IND-AS)
As per provision to regulation Rule 4(1) of the Companies (Indian Accounting Standards)
Rules, 2015 notified vide Notification No.G.S.R.111 (E) on 16th Feb., 2015, Companies
whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2009, are exempted from the compulsory
requirement of adoption of IND-AS w.e.f. 1st April, 2017. As your Company is listed on BSE
Start-up Segment SME Platform of BSE Limited, it is covered under the exempted category
and is not required to comply with IND-AS for preparation of financial statements
beginning with the period on or after 1st April 2017.
26. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company has one direct subsidiary. In accordance with Section 129 (3) of the Act, a
separate statement containing salient features of the financial statement of the
subsidiaries of the Company in Form AOC-1 is given in Annexure C. and your Company does
not have any Associate or Joint Venture during the year under review.
27. DEPOSITS:
The Company has neither accepted nor renewed any deposits during the year under review.
28. AUDITORS:
Your company has appointed M/s. Luharuka & Co., Chartered Accountants (FRN.:
328700E), Kolkata on 25/12/2020, as the Statutory Auditors to hold the office until the
conclusion of the 10th ensuing Annual General Meeting (AGM) of the company.
The Company has received a certificate of eligibility from the statutory auditors in
accordance with the provisions of Section 141 of the Act. There is no requirement for
ratification of auditors in this Annual General Meeting as per the provision of Section
139 of the Companies Act, 2013 as amended.
29. INTERNAL FINANCIAL CONTROLS
Your Company has appointed Mrs. CS Anitha R as its Internal Auditor. The Board has
adopted policies and procedures for ensuring the orderly and efficient conduct of its
business, including adherence to the Company's policies, safeguarding of its assets,
prevention and detection of fraud, error reporting mechanisms, accuracy and completeness
of the accounting records, and timely preparation of reliable financial disclosures.
30. SECRETARIAL AUDIT REPORT:
For previous Financial Year 2022-23 Pursuant to the provisions of Section 204 of the
Companies Act, 2013, the Company had appointed CS Puja Pujari Practicing Company Secretary
to undertake the Secretarial Audit of the Company.
The Secretarial Audit report for the FY 2022-23 of the Company has been annexed with
the Board's Report as Annexure D.
31. OBSERVATIONS AND REMARKS OF AUDITOR:
The Company has adequate system of internal control to safeguard and protect from loss,
unauthorized use or disposition of its assets. No observation or remark has been given by
the Auditor during the period under review.
32. FRAUD REPORTING BY THE AUDITORS:
During the year under review, neither the statutory auditors nor the Secretarial
Auditors has reported to the audit committee u/s 143(12) of the Companies Act, 2013 any
fraud committed against the Company by any of its officers, employees.
33. CORPORATE GOVERNANCE:
As your company has been listed on BSE Start-up Segment SME Platform of BSE Limited, by
virtue of Regulation 15 of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015 the compliance with the corporate Governance provisions as specified in
regulation 17 to 27 and Clause (b) to (i) of sub regulation (2) of Regulation 46 and Para
C, D and E of schedule V are not applicable to the company. Hence Corporate Governance
Report does not form a part of this Board Report, though we are committed for the best
corporate governance practices.
34. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of the board, its
committees and individual directors pursuant to the provisions of the Act and as
prescribed by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements), Regulations 2015 (‘SEBI Listing Regulations').
The performance of the board was evaluated by the board after seeking inputs from all
the directors on the basis of criteria such as the board composition and structure,
effectiveness of board processes, information and functioning, etc. as provided by the
Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on
January 5, 2017. The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of criteria such as the composition
of committees, effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc.
In a separate meeting of independent directors, performance of non-independent
directors and the board as a whole was evaluated, taking into account the views of
executive directors and non-executive directors. The same was discussed in the board
meeting that followed the meeting of the independent directors, at which the performance
of the board, its committees, and individual directors was also discussed. Performance
evaluation of independent directors was done by the entire board, excluding the
independent director being evaluated.
35. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION OF,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has in place a Sexual harassment Policy in line with the requirements of
the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013. All women employees (permanent, contractual, temporary, trainees) are covered
under this policy.
The Company has a duly constituted Complaints Committee for redressal of sexual
harassment complaint (made by the victim) and for ensuring time bound treatment of such
complaints. The Complaints Committee will comprise of the following members:
1. Ms. Vaishali Panchal Whistle Officer External Member
2. Ms. Kalavathy Bylappa Director and Chairman/Preceding officer of Committee
Level 3 Escalation
3. Ms. Anitha R Company Secretary and Compliance officer Level 2 Escalation
4. Ms. Babita Anand HR Admin- Level 1 Escalation.
During the year under review, 4(Four) meetings of the Committee were held 11th
July 2022, 7th October 2022, 9th January 2023 and 17th
March 2023 and No complaints for sexual harassment were received during the year under
review.
35. HUMAN RESOURCES:
During the period under review, the personal and work relationship with the employees
remained cordial in all respects. The management has always carried out systematic
appraisal of performance and imparted training at periodic intervals. The Company
recognizes talent and has judiciously followed the principle of rewarding performance.
36. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATION OR COURT OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY"S OPERATION IN FUTURE:
There were no significant and material Orders passed by the Regulators or Courts or
Tribunals impacting the going concern status and Company's operations in future
37. COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148 (1) of the Companies Act, 2013 are not applicable for the
business activities carried out by the Company.
38. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:
The Company has complied with the provisions of Secretarial Standards (I & II)
issued by the Institute of Company Secretaries of India and approved by the Central
Government under section 118(10) of the Companies Act, 2013.
39. POLICIES:
The Companies Act 2013 along with the SEBI (LODR) Regulation, 2015 and mandate to
formulation of certain policies for all listed Companies. Accordingly, the Company has
formulated the Policies for the same as the Company believed to retain and Courage high
level of ethical standard in business transaction.
A. VIGIL MECHANISM/ WHISTLE BLOWER POLICY :
The Board has, pursuant to the provisions of Section 177(9) of the Companies Act, 2013
read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules,
2014 and the Listing Regulations framed "Whistle Blower Policy and Vigil
Mechanism" ("the Policy").
The Company believes in the conduct of the affairs of its constituents in a fair and
transparent manner by adopting highest standards of professionalism, honesty, integrity
and ethical behavior.
The Policy has been framed with a view to provide a mechanism, inter alia, enabling
stakeholders, including Directors, individual employees of the Company and their
representative bodies, to freely communicate their concerns about illegal or unethical
practices and to report genuine concerns or grievance as also to report to the management
concerns about unethical behavior, actual or suspected fraud or violation of the Company's
Code of Conduct or ethics policy.
The Whistle Blower Policy and Vigil Mechanism may be accessed on the Company's website
at the link:.
B. POLICY ON PRESERVATION OF THE DOCUMENTS:
The Company has formulated a Policy pursuant to regulation 9 of the Securities Exchange
Board of India (Listing obligation and Disclosure Requirements)
Regulations, 2015 ("Regulations") on Preservation of the Document ensure
safekeeping of the record and safeguard the Documents from getting mutilated or destroyed,
while at the same time avoiding superfluous inventory of Documents.
Policy on Preservation on the documents may be accessed on the Company's website at the
link www.tranwayinc.com
C.POLICY ON CRITERIA FOR DETERMINING MATERIALITY OF EVENTS:
The Policy is framed in accordance with the requirements of the Regulation 30 of
Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements)
Regulations,2015 ("Regulations"). The object of the policy is to determine
materiality of events of information of the Company and to ensure that such information is
adequately disseminated in pursuance with the Regulation and to provide an overall
governance framework for such determine of materiality.
Policy on criteria for determining materiality of events may be accessed on the
Company's website at the link: www.tranwayinc.com
40. INSIDER TRADING REGULATIONS:
Based on the requirement under SEBI (Prohibition of Insider Trading) Regulation, 1992
read with SEBI (Prohibition of Insider Trading) Regulation, 2015, as amended from time to
time, the code of conduct for prevention of insider trading and the Code for Fair
Disclosure ("Code"), as approved by the Board from time, are in force by the
Company. The objective of this Code is to Price the interest of shareholders at large, to
prevent misuse of any price sensitive information and to prevent any Insider Trading
activity by dealing in shares of the Company by its Directors, designated employees and
other employees and other employees. The Company also adopts the concept of Trading window
closure, to prevent its Directors, Officers, designated employees and other employees from
trading in the securities of Tranway Technologies Limited at the time when there is
unpublished price sensitive information.
Policy on criteria for Insider Trading Regulations may be accessed on the Company's
website at the link: www.tranwayinc.com
41. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
There are no material related party transactions during the year under review with the
Promoters, Directors or Key Managerial Personnel(s) (KMP(s)). All related party
transactions are mentioned in the notes to the accounts. The Company has formulated a
Policy on "Materiality of Related Party Transactions" and on "the process
of dealing with such transactions", which are in line with the provisions of Section
188 of the Companies Act, 2013 and Regulation 23 of SEBI LODR Regulations, 2015. The same
is also available on the company website.
During the year under review, there were no material related party transactions under
Regulation 23 (4) of SEBI LODR Regulations, 2015 entered into by the Company, which
necessitates approval of Shareholders.
42. RISK MANAGEMENT:
The Board has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Company's policies, safeguarding of
its assets, prevention and detection of fraud, error reporting mechanisms, accuracy and
completeness of the accounting records, and timely preparation of reliable financial
disclosures. These procedures are being periodically reviewed to ensure that management
controls risk through the means of properly defined framework of the Company.
43. CODE OF CONDUCT:
The Company has adopted the Code of Conduct for all its Senior Management Personnel and
Directors and the same is affirmed by all the Board Members and Senior Management
Personnel.
44. MANAGEMENT DISCUSSION & ANALYSIS REPORTS:
In terms of the provisions of Regulation 34 and schedule V of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015 the Management's discussion
and analysis report is annexed in "ANNEXURE-E".
45. CEO/CFO CERTIFICATION:
In compliance with Regulation 17(8) of the Listing Regulations, the CEO/CFO
certification on the financial statements, duly signed by the CFO of the Company, for the
year ended March 31, 2023 is enclosed at the end of the Report. The Company has adopted a
back-up certification system by Business & Functional Heads for compliance with
respect to their concerned areas in order to imbibe a compliance & ethical culture in
the organization.
46. DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act, 2013, the
Board hereby submits its responsibility Statement:
(a) In the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures; (b) The
directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the company at the end of the financial year and of the profit
and loss of the company for that period; (c) The directors have taken proper and
sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities; (d) the directors have prepared the annual
accounts on a going concern basis; and (e) The directors, have laid down internal
financial controls to be followed by the company and that such internal financial controls
are adequate and were operating effectively. (f) The directors have devised proper systems
to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
47. ACKNOWLEDGEMENT:
Your director's place on record their appreciation for their overwhelming cooperation
and assistance received from investors, customers, business associates, banker, vendors,
as well as regulatory and governmental authorities, Your Directors also thank the employee
at all levels, our consistent growth was made possible by their hard work, solidarity,
cooperation and support.
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