Your Directors' take pleasure in presenting the Thirty-Second
Annual Report on the business and operations of Best Agrolife Limited ("the
Company") along with the Audited Financial Statements for the year ended March 31,
2023. The consolidated performance of the Company and its subsidiaries has been referred
to wherever required.
Financial Highlights
Amount ( in lakhs)
|
Standalone |
|
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from operations |
1,49,996.20 |
1,13,427.44 |
1,74,567.79 |
1,21,079.54 |
Other income (Net) |
1,008.71 |
535.37 |
260.02 |
177.58 |
Total Income |
1,51,004.91 |
1,13,962.81 |
1,74,827.81 |
1,21,257.12 |
Profit before financial expenses,
depreciation |
9,613.18 |
13,045.78 |
31,625.71 |
16,758.99 |
Less: Financial expenses |
2,396.25 |
1,055.06 |
3,885.88 |
1,509.31 |
Depreciation/Amortization |
515.82 |
384.34 |
2,450.16 |
1,183.69 |
Profit before tax |
6,701.11 |
11,606.38 |
25,289.67 |
14,065.99 |
Tax expenses |
1,993.00 |
2,899.36 |
6,075.04 |
3,589.80 |
Profit after tax for the year |
4,708.11 |
8,707.02 |
19,214.63 |
10,476.19 |
Other Comprehensive income |
484.00 |
(162.57) |
998.40 |
(168.27) |
Total Comprehensive income for the year |
5,192.10 |
8,544.46 |
20,213.04 |
10,307.92 |
Standalone & Consolidated Performance
During the financial year, the Company on a standalone basis has
reported a total revenue of 1499.96 crores against 1134.27 crores in the previous
financial year. The profit (after tax) stood at 47.08 crores against 87.07 crores in
thepreviousfinancial
During the financialyear, the Company on a consolidated basis has
reported a total revenue of 1745.67 crores against 1210.79 crores in the previous
financial year. The profit (after tax) stood at 192.14 crores against 104.76 year
croresinthepreviousfinancial
ations Oper StateofCompany'sAffairs and
Your Company has grown and evolved as one of the fastest growing
agrochemicals industry in India. With globally benchmarked manufacturing capabilities, a
robust distribution network, and a customer-centric approach, the Company remains
dedicated to empowering the farmer's community. The Company strives to enhance crop
health and maximise farm output while prioritising environmental sustainability and social
responsibility. The Company has significantly increased its brand recall.
In, line with the growth plans, your Company have allocated 200 crores
for capacity enhancement and backward integration, which is scheduled for completion in
the upcoming years. This significant CAPEX investment underscores the commitment to expand
our capabilities and ensure future success.
Dividend
The Directors' are pleased to recommend a dividend of 3 per share
(i.e. 30%) on the Equity Shares of the Company of 10/- each for the year ended March 31,
2023 (previous year 2 per share i.e. 20%). If the dividend, as recommended above, is
declared at the ensuing Annual General Meeting
(AGM') to be held on September 27, 2023, the total outflow
towards dividend on Equity Shares for the year would be 7.09 crores (Previous year 4.73
crores).
The record date for the purposes of the final dividend will be
September 20, 2023 and will be paid on or after September 27, 2023.
Dividend Distribution Policy
Pursuant to Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (SEBI Listing Regulations'),
the Board of Directors' of the Company have adopted a Dividend Distribution Policy
which aims to maintain a balance between profit retention and a fair, sustainable and
consistent distribution of profits among its members.
The said Policy is available on the website of the Company under the
Investors' section at https://www.bestagrolife.
com/investorss/DIVIDEND-DISTRIBUTION-POLICY.pdf
Share Capital
The paid-up share capital of the Company as on March 31,
2023 was 23,64,47,400/- (Twenty-Three crores Sixty-Four lakhs
Forty-Seven Thousand Four Hundred Only) divided into 2,36,44,740 (Two crores Thirty-Six
lakhs Forty-Four
Thousand Seven Hundred Forty) Equity Shares of 10/-each. During the
year under review, the Company has not issued any shares.
Change in Nature of Business
There has been no change in the nature of business of the Company as on
the date of this Report.
Transfer to General Reserve
As permitted under the provisions of the Companies Act, 2013, the Board
do not propose to transfer any amount to general reserve on declaration of Dividend and
has decided to retain the entire amount of profit for Financial Year 2022-23 in the profit
and loss account.
Particulars of Loans, Guarantees or
Investments
During the year under review, the Company has not made any investment.
The particulars of loans, guarantees and investments as per Section 186 of the Act by the
Company, have been disclosed in the financial statements.
Public Deposits
No deposits have been accepted from the public during the year under
review and no amount on account of principal or interest on deposits from the public was
outstanding as on March 31, 2023.
Particulars of Contracts or Arrangements Made with Related Parties
The Company has formulated a Policy on Related Party Transactions in
accordance with the Companies Act and the SEBI Listing Regulations including any
amendments thereto foridentifying,reviewing,approvingandmonitoringofRelated
Party Transactions (RPTs'). The "Policy on materiality
of and on dealing with related party transactions" as approved by the Board may be
accessed on the Company's website at the link
https://www.bestagrolife.com/investorss/Policy-On-Materiality-And-Dealing-With-Related-Party-Transactions.
pdf
All RPTs are placed before the Audit Committee for review and approval.
Prior omnibus approval of the Audit Committee is obtained on an annual basis for the
transactions which are planned/repetitive in nature. A statement giving details of all
RPTs entered pursuant to omnibus approval so granted is placed before the Audit Committee
on a quarterly basis for its review specifying the nature, value and terms and conditions
of the transactions. All the RPTs under Ind AS-24 have been disclosed in note no. 39 to
the Standalone Financial Statements forming part of this Annual Report.
The RPTs entered into during the year under review were on arm's
length basis, in the ordinary course of business and were in compliance with the
applicable provisions of the Act read with the rules framed thereunder and the SEBI
Listing Regulations. Information on transactions with related parties pursuant to Section
134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form
AOC-2 attached as an Annexure-2 is applicable to the Company for the Financial Year
2022-23 and hence forms part of this report.
In terms of Regulation 23 of the SEBI Listing Regulations, the Company
submits details of RPTs on a consolidated basis, as per the format specified in the
relevant accounting standards to the stock exchanges on a half-yearly basis.
Corporate Governance
The Company is committed to maintaining the highest standards of
Corporate Governance and ensuring adherence to the Corporate Governance requirements, as
set out by the Securities and Exchange Board of India (SEBI). As required by Regulation 34
of the SEBI Listing Regulations, a detailed Corporate Governance Report is annexed to this
Report. The Company is in full compliance with the requirements and disclosures that must
be made in this regard. A Certificate from a Company Secretary in whole-time practice,
confirming compliance of the Corporate Governance requirements by the Company, is annexed
with the Corporate Governance Report.
Management Discussion and Analysis
Report
The Management Discussion and Analysis Report, which gives a detailed
account of state of affairs of the operations of the Company forms part of this Annual
Report. The Audit Committee of the Company has reviewed the Management Discussion and
Analysis report of the Company for the year ended March 31, 2023 as required under the
provisions of the SEBI (LODR), 2015.
Material Changes and Commitments Affecting Financial Position Between
the end of the Financial Year and Date of the Report
There has been no material change and commitment, affecting the
financial performance of the Company which occurred between the end of the financial year
of the Company to which the financial statements relate and the date of this Report.
Consolidated Financial Statements
In accordance with the provisions of Section 129(3) of the Companies
Act, 2013 read with Companies (Accounts) Rules, 2014, as amended from time to time, the
Company has prepared Consolidated Financial Statements as per Indian Accounting Standard
Ind AS-110 on Consolidated Financial Statements. The audited Consolidated Financial
Statements along with Auditors' Report thereon forms part of this Annual Report.
Subsidiaries/Joint Venture Companies
The Company has two (2) subsidiaries as on March 31, 2023. There are no
associates or joint venture companies within the meaning of Section 2(6) of the Companies
Act, 2013
("Act"). There has been no material change in the nature of
the business of the subsidiaries.
During the year, the Board of Directors' reviewed the affairs of
the subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, we have
prepared the Consolidated financial statements of the Company, which forms part of this
Annual Report. Further, a statement containing the salient features of
the financial statements of our subsidiaries in the prescribed format AOC-1 is appended as
an Annexure-1 to the Board's report.
Further, pursuant to the provisions of Section 136 of the
Act, the financial statements of the Company, consolidated financial
statements along with relevant documents and separate audited financial statements in
respect of subsidiaries, are available on the Company's website at
https://www.bestagrolife.com/investors
The Company will provide the financial statements of subsidiaries upon
receipt of a written request from any member of the Company interested in obtaining the
same. The financial statement of subsidiaries will also be available for inspection at the
Registered Office of your
Company during working hours up to the date of the Annual General
Meeting.
Code of Conduct
The Company has in place a Code of Conduct ("Code") which is
applicable to the members of the Board and the Senior Management of the Company. The Code
lays down the standard of conduct expected to be followed by the Directors' and
Senior Management in their business dealings and on matters relating to integrity in the
workplace, dealings with stakeholders and in business practices. This Code is intended to
provide guidance to the Board of Directors' and Senior Management of the Company to
manage the affairs of the Company in an ethical manner and is formulated in accordance
with the requirements of the Act and SEBI
Listing Regulations. All the Board Members and the Senior
Management employees (as defined in the Code of Conduct) have confirmed
compliance with the Code.
Human Resources Management
Best Agrolife considers human resource to be one of the most valued
stakeholders for the Company and accordingly internal development of people and providing
a best-in-class work environment is a key priority for the organization to drive business
objectives and goals. Our people practices have enabled us to create an environment of
collaboration and connect, which has aided us to achieve industrial harmony. Improving
employee productivity is of utmost importance to the organisation. Efforts have been taken
on hiring and creating infrastructure for diverse workforce.
Best Agrolife is very proud that it has impeccable record in the safety
of its human capital, women empowerment and nurturing pool of young talent and considers
its human resources as key to its success story till date.
The Company is also very proud of its grievance redressal system which
ensures that we are fair, prompt in response and eliminate any possibility of harassment
or unacceptable practices.
As on March 31, 2023, the Company had a total count of permanent 428
employees.
Particulars of Employees and
Remuneration
The information required under Section 197(12) of the
Act read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as an Annexure-6 which forms part of this
Report.
The information required under Rule 5(2) and (3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 forms part of this Report. However, in pursuance of Section 136(1) of the Act, this
report is being sent to the shareholders of the Company excluding the said information.
The said information is available for inspection by the members at the registered office
of the Company during the working hours up to the date of Annual General meeting. Any
Member interested in obtaining the same may write to the Company Secretary at
info@bestagrolife.com None of the employees listed in the said Annexure is related to any
Director/KMP of the Company.
Internal Financial ControL
The Company has in place adequate internal financial controls with
reference to the Financial Statements. The Audit Committee of the Board reviews the
internal control systems including internal financial control system, the adequacy of
internal audit function and significant audit findings with the management, Internal
Auditors and
Statutory Auditors.
Credit Ratings
As on March 31, 2023 the Company had a rating of CARE A-; Stable/CARE
A2+ assigned by Care Edge Ratings for bank loan facilities aggregating to 235 crores:
Facilities/Instruments |
Rating Assigned |
Size of the issue |
Fund-based - LT/ST Working Capital |
CARE A-; Stable/CARE A2+ |
30.00 crores |
Demand loan |
|
|
Fund-based/Non-fund based- LT/ST |
CARE A-; Stable/CARE A2+ |
205.00 crores |
Board Meetings
During the year, 6 (Six) Board Meetings were convened and all meetings
were audit observations and corrective actions as held through audio/video conferencing
except two meeting held on May 23, 2022 and October 21, 2022. The details of meetings are
provided in the Corporate Governance Report. The intervening gap between two consecutive
meetings was within the period prescribed under the Companies Act, 2013, Secretarial
Standards on Board Meetings and SEBI, LODR as amended from time to time.
Board Evaluation
The Board of Directors' has carried out the Annual Performance
Evaluation of its own, Committees of Board of Directors' and Individual
Directors' pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The performance of the Board
was evaluated by the Board, after seeking inputs from all Directors' on the basis of
the criteria such as Board composition and structures, effectiveness of Board processes,
information and functioning etc. The performance of the Committees was evaluated by the
Board after seeking inputs from the Committee members on the basis of the criteria such as
the composition of Committees, effectiveness of Committee meetings etc. The Board and the
Nomination and Remuneration Committee reviewed the performance of the individual
Directors' on the basis of the criteria such as contribution of the Individual
Director to the Board and Committee meetings.
Also, in a separate meeting of Independent Directors', performance
of Non-Independent Directors', Board as a whole and the Chairman were evaluated,
taking into account the views of Executive Directors' and Non-Executive
Directors'. Performance evaluation of Independent Directors' was done by the
entire Board, excluding the Independent Director being evaluated.
Policy on Directors' Appointment and
Remuneration
The salient features of Company's policy on appointment and
remuneration of Directors', key managerial personnel and other employees including
criteria for determining qualifications, positive attributes, independence of
Directors' and other matters provided in Section 178(3) of the Companies Act, 2013
has been disclosed in the Corporate Governance report, which forms part of this Report.
Audit Committee
As on March 31, 2023, the Audit Committee comprised of Two
Non-Executive Independent Directors', namely Mr. Braj Kishore Prasad & Mrs.
Chetna, and one Non-Executive Non-Independent Director, namely Mr. Shuvendu Kumar
Satpathy.
Mrs. Chetna is the Chairman of the Committee.
All members of the Audit Committee possess good knowledge of accounting
and financial management. The Managing Director, Chief Financial Officer, the Internal
Auditors and Statutory Auditors are regularly invited to attend the
Audit Committee Meetings. The Company Secretary is the Secretary to the Committee. The
Internal Auditor reports to the Chairman of the Audit Committee. The significant be
required and taken by the management are presented to the Audit Committee. There have been
no instances during the year when recommendations of the Audit Committee were not accepted
by the Board.
Auditors
The Shareholders of the Company at the 29th Annual General Meeting of
the Company held on September 28, 2020, had appointed M/s. Walker Chandiok & Co LLP,
Chartered Accountants (ICAI Registration No. 001076N/N500013) Address: L 41, Connaught
Circus, New Delhi-110001), as
Statutory Auditors of the Company to hold office until the conclusion
of the 34th Annual General Meeting to conduct the audit of the Accounts of the Company, at
such remuneration as may be mutually agreed upon between the Board of Directors' of
the Company and the Auditors.
As required under the provisions of Section 139(1) and
141 of the Companies Act, 2013 read with the Companies (Accounts and
Auditors) Rules, 2014, the Company has received a written consent and certificate from the
auditors to the effect that they are eligible to continue as
Statutory Auditor of the Company. The notes of the financial statements
referred to in the Auditors' Report issued by M/s. Walker Chandiok & Co LLP,
Chartered Accountants,
New Delhi for the financial year ended on March 31, 2023 are
self-explanatory and do not call for any further comments.
The Auditors' Report does not contain any qualification,
reservation or adverse remark.
Risk Management
Pursuant to the requirement of Regulation 21 of the SEBI (Listing
Obligations and Disclosure Requirements)
Regulations, 2015 (the "SEBI LODR"), the Company has
constituted a Risk Management Committee (RMC), to identify, assess, monitor and mitigate
various risks to key business objectives. Major risks identifiedare systematically
addressed through mitigating actions on continuous basis and monitored regularly with
reference to statutory regulations and guidelines. The Company's business operations
are exposed to a variety of financial risks such as market risks (foreign exchange risk,
internal rate risk and price risk), Liquidity risk etc. The Board of the Company has
approved the Risk Management Policy of the Company and authorized the Risk Management
Committee to implement and monitor the risk management plan for the Company and also
identify and mitigate various elements of risks, if any, which in the opinion of the Board
may threaten the existence of the Company.
Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo
The particulars as prescribed under sub-section (3) (m) of Section 134
of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are furnished in
Annexure-3 to the Board's Report.
Unpaid/Unclaimed Dividend/Shares
Section 124 and 125 of the Companies Act, 2013, read with the Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules,
2016 ("the Rules"), mandates the Company to transfer the dividend which remains
unclaimed and unpaid for a period of seven years to the Investor Education and Protection
Fund (IEPF).
Further, the Rules mandate that the shares on which dividend has not
been paid or claimed for seven consecutive years or more be transferred to the IEPF. The
details of unpaid dividends are uploaded on the website of the Company at
www.bestagrolife.com.
Corporate Social Responsibility (CSR)
In compliance with Section 135 of the Act, the Company has constituted
Corporate Social Responsibility (CSR) Committee to undertake CSR activities, projects and
programs as provided in the CSR policy of the Company and as identified under Schedule VII
of the Act and excluding activities undertaken in pursuance of its normal course of
business.
The Board on the recommendation of CSR Committee adopted a CSR Policy
and the same is available on the Company's website at https://www.bestagrolife.com/
investorss/Corporate-Social-Responsibility-Policy-.pdf. The CSR objectives are designed to
serve societal, local and national goals in the locations that we operate in, create a
andsignificant provide opportunities for our employees to contribute to these efforts
through volunteering.
The Company has spent the entire 2% of the net profits earmarked for
CSR projects during the Financial Year 2022-23. A Report on the CSR initiatives undertaken
by the Company as per the Companies (Corporate Social Responsibilities Policy) Rules, 2014
is annexed as Annexure-4. The detail of the CSR Committee and its composition is provided
in the Corporate Governance Report which forms part of this annual report.
Annual Return
Pursuant to Section 92(3) of the Act and Rule 12 of the Companies
(Management and Administration) Rules, 2014 read with Section 134(3)(a) of the Act, the
Annual Return in Form MGT-7 as on March 31, 2023 is available on the Company's
website at www.bestagrolife.com.
Whistle Blower Policy (Vigil Mechanism)
The Company has adopted a whistle blower policy wherein the employees
can approach the Management of the Company (Audit Committee in case where the concern
involves the Senior Management) and make protective disclosures to the Management about
unethical behaviour, actual or suspected fraud or violation of the Company's Code of
Conduct and Insider Trading Code. The Whistle
Blower Policy requires every employee to promptly report to the
Management any actual or possible violation of the Code or an event an employee becomes
aware of that could affect the business or reputation of the Company. The disclosures
reported are addressed in the manner and within the time frames prescribed in the policy.
A mechanism is in place whereby any employee of the Company has access to the Chairman of
the Audit Committee to report any concern. No person has been denied access to the
Chairman to report any concern. Further, the said policy has been disseminated within the
organisation and has also been posted on the Company's website at
https://www.bestagrolife.com/ investorss/VIGIL-MECHANISM-&-WHISTLE-BLOWER-POLICY.pdf
Secretarial Standards
The Directors' state that the applicable Secretarial Standards
i.e., SS-1 and SS-2, issued by the Institute of Company Secretaries of India, relating to
Meetings of Board of Directors' and General Meetings respectively, have been duly
complied with.
Secretarial Auditor
In terms of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s Rakhi Rani,
Practicing Company Secretary (M. No. ACS-31715) to conduct Secretarial Audit for the
financial year ended March
31, 2023. The Secretarial Audit Report for the year ended March 31,
2023 is enclosed as an Annexure-5 herewith to this Report. The Auditors' Report does
not contain any qualification, reservation or adverse remark or disclaimer.
A Certificate under Clause (i) of point (10) of para C of
Schedule V of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 by M/s Rakhi Rani, Practicing Company
Secretary, (M. No. ACS-31715) confirming that none of the
Directors' on the Board of the Company have been debarred or
disqualified from being appointed or continuing as
Directors' of the Company by Securities and Exchange Board of
India/Ministry of Corporate Affairs or any such statutory authority is attached as
Annexure-5(i).
Disclosures as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
Your Company has a policy on prevention of sexual harassment to ensure
harassment-free workspace for the employees. Sexual harassment cases are dealt as per the
prevention of sexual harassment policy. An Internal Committee (IC) has been set up by the
Company to redress complaints received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and
disposed of during financial year 2022-23:
Particulars |
Details |
Number of complaints pending as at the
beginning of the financial year |
Nil |
Particulars |
Details |
Number of complaints filed during the
financialyear |
Nil |
Number of complaints disposed during the
financial year |
Nil |
Number of complaints pending as at the end
of the financial year |
Nil |
Frauds Reported by Auditors
During the year under review, neither the statutory auditors nor the
secretarial auditor has reported to the audit committee, under Section 143(12) of the
Companies Act, 2013, any instances of fraud committed against the Company by its officers
or employees, the details of which would need to be mentioned in the Board's report.
Business Responsibility & Sustainability Report
Regulation 34(2)(f) of the Securities and Exchange Board of India
(Listing Obligations & Disclosure Requirements)
Regulations, 2015, inter alia, provides that the annual report of the
top 1000 listed entities based on market capitalization, shall include a Business
Responsibility and Sustainability Report (BRSR) describing initiatives taken by the
Company from an environmental, social and governance perspective. A separate Section on
BRSR forms part of this Annual Report.
Directors' and Key Managerial Personnel
In accordance with the provisions of Section 152 of the Act, Mr.
Shuvendu Kumar Satpathy (DIN: 07552741) Non-Executive Director of the Company, is liable
to retire by rotation at the ensuing Annual General Meeting and being eligible, offers
himself for re-appointment.
All the Independent Directors' have given declarations that they
continue to meet the criteria of independence as laid down under Section 149(6) of the Act
and Regulation 16(1)(b) of the SEBI Listing Obligations & Disclosure
Requirements) Regulations, 2015 and that they are not debarred from
holding the office of director by virtue of
SEBI order or any other such authority. In terms of Regulation
25(8) of the SEBI Listing Regulations, they have confirmed that they
are not aware of any circumstance or situation, which exists or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties with an
objective independent judgment and without any external influence.The Board of
Directors' of the Company has taken on record the declaration and
confirmationsubmitted by the
Independent Directors'.
None of the Directors' are related to each other within the
meaning of the term "Relative" as per Section 2(77) of the Act.
Further, on the recommendation received from the Nomination &
Remuneration Committee, the Board had appointed Mr. Balavenkatarama Prasad Suryadevara
(DIN: 02699949) as Additional Director in the capacity of Executive Whole-Time Director
with effect from July 31, 2023 and who shall hold office upto the date of the forthcoming
32 nd Annual General Meeting.
Mr. Balavenkatarama Prasad Suryadevara (DIN: 02699949) is eligible to
be appointed as a Director. It is proposed to appoint Mr. Balavenkatarama Prasad
Suryadevara (DIN: 02699949) Additional Director in the category of Executive Whole-Time
Director, liable to retire by rotation, for a period of five years.
The above appointment and re-appointment form a part of the Notice of
the forthcoming 32nd Annual General Meeting, and the Resolutions are recommended for
Members' approval.
Mr. Raajan Kumar Ailawadhi ceased to be a whole-time Director upon his
resignation at the close of business hours on July 31, 2023 due to his health issue. Your
Directors placed on record their appreciation for the valuable contribution made by Mr.
Raajan during his tenure as Whole-Time Director of the Company.
During the year under review, the Board, on recommendation of the Audit
Committee and Nomination & Remuneration
Committee (NRC'), appointed Mr. Sanjeev Kharbanda as Chief
Financial Officer of the Company in place of Mr. Atul Garg, with effect from March 1,
2023, who has moved to a new role of Commercial Head & Credit Control. The Board
places on record its appreciation for Mr. Garg's contribution during his association
as CFO.
Pursuant to the provisions of Sections 2(51) and Section 203 of the
Companies Act, 2013, the Key Managerial Personnel of the Company as on March 31, 2023 were
Mr. Vimal Kumar, Managing Director, Mr. Sanjeev Kharbanda, Chief
Financial Officer and Mrs. Astha Wahi, Company Secretary &
Compliance Officer.
Directors' Responsibility Statement
Pursuant to the requirements of Section 134(5) of the Act, the
Directors' hereby confirm:
i. that in the preparation of the Annual Accounts for the year ended
March 31, 2023, the applicable accounting standards have been followed and there are no
material departures; ii. that the accounting policies selected and applied are consistent
and the judgments and estimates 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 financial year and of the
loss of the Company for that period; iii. that 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; iv. that the Annual Accounts for the year ended
2023 have been prepared on a going concern basis; v. that the internal financial controls
laid down by the Board and being followed by the Company are adequate and were operating
effectively; and vi. that the proper systems, devised by Directors' to ensure
compliance with the provisions of all applicable laws, were adequate and operating
effectively.
Other Disclosures
passed by the i. No significant
Regulators or Courts or Tribunals which would impact the going concern
status of the Company and its future operations; ii. No applications were made or any
proceedings were pending against the Company under the Insolvency and Bankruptcy Code,
2015; and there is no instance of one time settlement with any bank or financial
institution; iii. 31, No shares with differential voting rights and sweat equity shares
have been issued; iv. Neither the Managing Director nor the Whole-Time Director of your
Company receive any remuneration or commission from any of its subsidiaries.
Acknowledgements
The Board places on record its deep appreciation to all employees for
their hard work, dedication and commitment.
The 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 bankers, financial institutions, government authorities, farming community,
business partners, shareholders, customers and other stakeholders. The Directors'
look forward to continuance of the supportive relations and assistance in the future.
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