Dear Members,
Your Directors have the pleasure in presenting the 47th
Annual Report of your Company on the operations and performance together with the
standalone and consolidated audited financial statement for the financial year ended 31st
March 2023. The financial statements have been prepared in accordance with Indian
Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs, as amended
from time to time.
Financial Results
The performance of the Company for the financial year ended March 31,
2023 and for the previous year ended March 31, 2022 are summarized below:
KEY FIGURES FOR THE FINANCIAL YEAR 2022-23
(Rs. In Lacs)
PARTICULARS |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Share Capital |
584.68 |
584.68 |
584.68 |
584.68 |
Other Equity (Reserves & Surplus) |
20,900.75 |
20,121.37 |
1,10,358.31 |
1,02,670.60 |
Secured Loan |
0.00 |
0.00 |
1,000.00 |
1,000.25 |
Unsecured Loan |
0.00 |
0.00 |
0.00 |
0.00 |
Fixed Assets & Immovable Properties |
6,308.59 |
6,280.81 |
23,603.75 |
25,025.11 |
Investment |
15,018.93 |
13,799.39 |
81,687.88 |
70,0822.75 |
Revenue from Operations |
2,604.96 |
2,758.97 |
12,107.05 |
12,523.19 |
Other Income |
1,320.62 |
1,629.55 |
4,134.90 |
5,840.00 |
EBIDTA |
1,251.99 |
1,546.66 |
11,583.23 |
13,855.04 |
Less :- Finance Cost |
36.04 |
27.30 |
387.71 |
542.67 |
Less :- Depreciation |
294.47 |
317.32 |
516.30 |
541.13 |
Earning before tax (EBT) |
921.48 |
1,202.04 |
10,721.32 |
12,830.99 |
Profit After Tax |
777.50 |
932.79 |
8,172.52 |
9,656.82 |
EPS (In Rs.) |
6.67 |
8.00 |
70.07 |
82.79 |
State of Company's Affairs
Your Company is primarily engaged in the business of manufacturing of
high precision engineering components / assemblies for Automobile and Consumer Goods
Industry. During the year there have been no change in the nature of the business of the
Company. Incorporated in the year 1976, the Company has remained a going concern. The
Company has operative production plant at Dharuhera (Gurgaon), which has been accredited
as ISO/TS 16949:2009 and ISO 14001:2004 certified unit. The Company is also a ISO
9001:2008 certified Company.
The operations of the Company continued in a smooth and uninterrupted
manner. The Company continue to have stable growth during the year 2022-23. The operating
revenue of your company marginally decreased to Rs. 2,604.96 Lacs against Rs. 2,758.97
Lacs achieved in the previous year. The Earnings before interest, depreciation, tax &
amortizations (EBIDTA) stood at Rs. 1,251.99 Lacs as against Rs. 1,546.66 Lacs in the
previous year. The net profit after tax (PAT) for the year also increased to Rs. 921.48
Lacs as compared to Rs. 1,202.04 Lacs in the previous year. The Earnings Per Share (EPS)
for the year was Rs. 6.67 per share as against Rs. 8.00 per share recorded in the previous
year.
Appropriation of Profit after Tax for Transfer to Reserves
No amount has been transferred to the General Reserve during the year.
The net retained earnings have been kept in the profit and loss account.
Dividend
The Board of Directors has decided not to recommend any dividend for
the financial year 2022-23.
Share Capital
The paid up share capital of the Company remained unchanged during the
year 2022-23. During the year under review: a) No Equity shares have been issued with
differential voting rights. Hence, no disclosure is required in terms of Rule 4(4) of
Companies (Share Capital and Debentures) Rules, 2014. b) No issue of Sweat Equity Share
has been made. Hence, no disclosure is required in terms of Rule 8(13) of Companies (Share
Capital and Debentures) Rules, 2014. c) There was no issue of Employee Stock Option.
Hence, no disclosure is required in terms of Rule 12(9) of Companies (Share Capital and
Debentures) Rules, 2014. d) There was no provision made by the Company for any money for
purchase of its own shares by employees or by trustees for the benefit of employees.
Hence, no disclosure is required in terms of Rule 16(4) of Companies (Share Capital and
Debentures) Rules, 2014. e) The issued, subscribed and fully paid up share capital of the
Company as on 1st April, 2022 and 31st March, 2023 remained unchanged.
Deposits
The Company has not accepted any deposits, within the meaning of
Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules,
2014 and as such, no amount on account of principal or interest on deposits from public
was outstanding as on the date of the balance sheet.
Subsidiaries and Associate Companies
The Company has one Subsidiary namely Gurgaon Infospace
Limited', and one Associate namely IST Steel and Power Limited' as on
March 31, 2023. There has been no material change in the nature of the business of the
subsidiary and associate Company. The Company does not have any Joint Venture.
None of the Company has become or cease to become the subsidiary, joint
venture or associate of your Company during the year 2022-23.
The subsidiary of the Company is engaged in the business of development
and operating IT / ITES SEZ. The Associate Company is into the business of trading of raw
material and consumables.
The Operational income of wholly owned subsidiary of the Company,
namely Gurgaon Infospace Limited during the year 2022-23 was Rs. 9,502.09 Lacs as against
Rs. 9,764.22 Lacs during the previous year and the Net Profit after tax was Rs. 7,352.92
Lacs as against Rs. 8,664.28 lacs during the previous year.
The Company holds 30.80% equity shares in the associate company namely
IST Steel and Power Ltd. The operational income of the said associate company during the
year was Rs. 350.31 Lacs as compared to 381.71 Lacs during the previous year. The
Company's Net Profit after tax was Rs. 136.70 Lacs as against Rs. 193.99 lacs in the
previous year.
In accordance with the provisions of section 136 of the Act, the
Standalone Financial Statements of the Company, the Consolidated Financial Statements
along with relevant documents and separate audited accounts in respect of subsidiaries are
available on the website of the Company at https://istindia.com/annual-reports.
The Policy for determining Material Subsidiaries, adopted by your Board
is in conformity with Regulation 16(c) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended). The same can be accessed on the
Company's website at
https://istindia.com/wp-content/themes/isttheme/assets/pdf/Ist-Limited-Policy-on-Material-Subsidiaries.pdf.
Consolidated Financial Statements
The consolidated financial statement of the Company and its
subsidiaries / Associates, which forms part of the Annual Report have been prepared in
accordance with the provisions of section 129(3) of the Companies Act, 2013 read with
applicable Accounting Standards.
As per the requirement of section 129(3) of the Companies Act, 2013,
the statement containing the salient features of the financial statement of the subsidiary
and associate are disclosed in the financial statements of the Company.
The Statement in Form AOC-1, containing the salient features of the
financial statement of the Subsidiary(ies) and Associate(s) also forms part of this report
as Annexure A.
Directors Responsibility Statements
In terms of the requirement of Section 134(5) of the Companies Act,
2013 and based on the framework of internal financial control and audit / review conducted
by the internal, statutory and secretarial auditors, the Board of Directors with the
concurrence of the Audit Committee, is of the opinion that the Company's internal
financial controls were adequate and effective and it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended 31st March, 2023, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any;
b) that 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 31st March, 2023 and of the profit and loss of the Company
for that period;
c) 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;
d) that the annual accounts have been prepared on a going concern
basis;
e) that proper internal financial controls were laid down and that such
internal financial controls are adequate and were operating effectively.
f) that proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and operating
effectively.
Board of Directors
The composition of the Board is in conformity with the requirement of
Regulation 17 of the Listing Regulations, Section 149 and other applicable provisions of
Companies Act, 2013. The Board of Directors consists of Seven (7) Directors consisting of
2 non independent Executive Directors, 2 non-independent non-executive directors and 3
Independent directors including one independent women director with independent director
being the Chairman of the Board. The Board of your Company possesses the appropriate
expertise and experience, in the general corporate management, varied industrial
knowledge, diversity and integrity, which enables them to contribute effectively and
efficiently, in the best interest of the Company.
In accordance with the provisions of Section 152 of the Companies Act
2013 and the Articles of Association of the Company, Mr. Satchit Kumar Basu (DIN:
08969146), whole time director designated as Director (Technical) will retire by rotation
at the ensuing 47th Annual General Meeting and being eligible have offered
himself for reappointment, subject to approval of the shareholders. The Board of Directors
recommends the appointment of Mr. Satchit Kumar Basu at the forthcoming annual general
meeting.
In terms of section 196, 197 read with Schedule V and other applicable
provisions, if any, of the Companies Act, 2013 and on recommendation of Nomination and
Remuneration Committee, the Board of Directors at its Meeting held on 10th
August, 2023 had re-appointed Mr. Suresh Chand Jain, whole time director designated as
Executive Director, for a further term of 3 years w.e.f. 14th August, 2023 to
13th August, 2026 subject to approval by the shareholders. The Board of
Directors recommends the appointment of Mr. Suresh Chand Jain at the forthcoming annual
general meeting.
The brief detail of Directors seeking appointment /re-appointment at
the ensuing general meeting is furnished in the explanatory statement to the notice of the
AGM under the head "Directors Seeking Appointment / Reappointment at this Annual
General Meeting".
Independent Director's Declaration
In terms of Section 149(7) of the Companies Act, 2013 read with
Regulation 16(1) of the Listing Regulations, the Independent Directors of the Company as
on March 31, 2023 have submitted a declaration that each of them meet the criteria of
Independence as laid down under Section 149(6) of the Act read with Rules framed
thereunder and
Regulation 16 of the Listing Regulations and that they are not aware of
the circumstances or situation, which might exists or is anticipated, that could impair
their ability to discharge their duties with an objective of independent judgment and
without any external influence as required under Regulation 25 of the Listing Regulation.
Further, all the Directors have confirmed that they have complied with the Company's
code of conduct.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out
Annual Performance Evaluation of its own performance, each of Director individually and
that of its Committees. The performance was evaluated by the Board after seeking inputs
from all the Directors and other members (if any) on the basis of criteria such as the
composition and structure, effectiveness of processes, information flow and functioning
etc.
Further, Board has also carried out an Annual evaluation of Independent
Directors. The Performance Evaluation was based on their contribution to Company's
objectives and plans, efficient discharge of their responsibilities, participation in
Board/Committee meetings, adherence to the Code of Conduct and other relevant parameters.
The nomination and remuneration committee also reviewed the evaluation criteria for the
Board, its Committee, Executive and non-executive Directors and Chairman of the Board,
considering qualification, expertise, attributes and various parameters based on which
evaluation of the Board as a whole and its members individually has been carried out.
During the year, a separate meeting of Independent Directors was held
to assess the performance of Non-Independent Directors of the Company. While evaluating
the performance of any member, the views of executive directors and non-executive
directors were also taken into consideration.
Familiarization Program for Independent Directors
In terms of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the company apprised the Directors at the meetings about the changes
and updates in the regulatory and business environment to enable them to familiarize with
the Company's procedure and practices. The familiarization programs are conducted as
and when required or on the specific request of a Director, which includes visit to
manufacturing unit, meeting with senior and middle level management to make them
understand the in-depth about the financials and operations of the Company. The detail of
familiarization programs conducted by the Company is available on the website of the
Company at
https://istindia.com/wp-content/themes/isttheme/assets/pdf/The%20Details%20of%20
Familiarization%20Programme.pdf
Number of Meetings of the Board
During the year under review, the board of the directors of the company
met 7 times. The details of such meetings have been provided in Corporate Governance
Report that form part of the Annual Report. The intervening gap between any two meetings
was within the period prescribed under the Companies Act, 2013 and Listing Regulations.
Apart from the above, a separate meeting of Independent Directors was held on 14.03.2023.
For more information regarding the dates and attendance of the members of the Board you
may refer to relevant portion of the Corporate Governance Report forming part of the
Annual Report.
Key Managerial Personnel
Pursuant to Section 203 of the Companies Act, 2013, read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 following
were the Key Managerial Personnel's during the year under review:
1) Mr. Suresh Chand Jain, Executive Director,
2) Col. (Retd.) Satchit Kumar Basu, Director (Technical)
3) Mr. D.N. Tulshyan, Chief Financial Officer
4) Mr. Bhupinder Kumar, Company Secretary (resigned w.e.f. 06/05/2022)
5) Mr. R.K. Sapra appointed as Company Secretary w.e.f. 07/05/2022 and
resigned w.e.f. 16/07/2022
6) Mr. Bhupinder Kumar appointed as Company Secretary w.e.f. 25/07/2022
Nomination and Remuneration Policy of the Company relating to
Director's appointment, Payment of Remuneration and Discharge of their duties.
The nomination and remuneration committee of the Board has formulated
the Remuneration Policy of the Company that governs the appointment of Directors, Key
Managerial Personnel (KMP's) and other employees including criteria for determining
qualification, positive attributes, independence of a Director, remuneration and other
matters mandated under sub-section (3) / (4) of Section 178.
The Board of Directors at its meeting held on 14th March,
2023 has reviewed and revised the Nomination and Remuneration Policy of the Company. The
policy can be viewed at the following link: https://istindia.com/wp-content/
themes/isttheme/assets/pdf/Nomination%20&%20Remmuneration.pdf
Corporate Social Responsibility
Pursuant to Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014, Board of Directors of the
Company has constituted the Corporate Social Responsibility Committee (CSR Committee)
comprising of the following Directors: (a) Air Marshal Denzil Keelor (Retd), Chairman (b)
Mr. Gaurav Guptaa (c) Mrs. Manu Aggarwal The said committee has been entrusted with the
responsibility of formulating and recommending to the Board, a Corporate Social
Responsibility Policy (CSR Policy) or any amendment thereto, inter-alia indicating the
activities to be undertaken by the Company, monitoring the implementation of the CSR
policy and recommending the amount to be spent on CSR activities. The Board of Directors
at its meeting held 14th March, 2023 had reviewed and revised the CSR policy of
the Company. Copy of the said policy is also available on the website of the Company at
https:/ /istindia.com/wp-content/themes/isttheme/assets/pdf/CSR%20Policy.pdf.
The salient features and brief outline of the Corporate Social
Responsibility (CSR) Policy of the Company and the CSR initiative undertaken by the
Company during the year are set out in Annexure - B to this Report in the format
prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014, as
amended.
Auditors and Auditors' Report Statutory Audit
Pursuant to the provisions of Section 139 of the Companies Act, 2013,
read with the Companies (Audit and Auditors) Rules, 2014, M/s. O.P. Dadu & Co.,
Chartered Accountants were appointed as the Statutory Auditors of the Company at the 46th
Annual General Meeting of the Company held on 29th September, 2022, for a first term of 2
consecutive years from the conclusion of 46th Annual General Meeting till the
conclusion of 48th Annual General Meeting of the Company to be held in the year
2024.
The report given by M/s. O.P. Dadu & Co., statutory auditors on the
financial statement of the Company for the year 2022-23 is part of the Annual Report. The
observations of the Auditors and the relevant notes on the accounts are self-explanatory
and therefore do not call for any further comments. The Auditors' Report does not
contain any qualification, reservation, adverse remark or disclaimer.
Further, during the year, in the course of the performance of their
duties as auditor, no frauds were reported by them which they have reason to believe that
an offence involving fraud has been committed against the Company by officer or employees
of the Company.
Internal Audit
Pursuant to Section 138 of the Companies Act, 2013 read with Rule 13 of
the Companies (Accounts) Rules, 2014, M/s Jinender & Co., Chartered Accountants has
been appointed as the Internal Auditors of the Company. The Internal Auditors submit to
the Board, their internal audit report on the affairs of the Company on quarterly basis.
The report(s) submitted by the internal auditors are reviewed by the Audit Committee and
the Board periodically and the Board had express it satisfaction to the scope and
periodicity of the internal audit.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the Board of Directors had appointed
M/s. Vinod Kumar & Co., Company Secretaries in practice to conduct
yearly Secretarial Audit. The Secretarial Audit Report presented by Vinod Kumar & Co.,
Company Secretaries confirms the compliances by the company of all the applicable
provisions of Companies Act, 2013, Listing Agreement, SEBI guidelines and all other
applicable laws, rules and regulations.
However, the Auditors had reported that the Company had delayed in
filing few periodic returns / disclosures with the prescribed authority. The Board while
noting the same, had advised the concerned officer(s) to ensure timely and adequate
compliances in future. For details, you may refer the secretarial audit report for the
financial year ended 31st March, 2023 which is annexed and forms part of this report as
Annexure C.
Pursuant to Regulation 24A of Listing Regulations, 2015, the Company
has obtained the annual secretarial compliance report from CS Tumul Maheshwari, Proprietor
M/s MT & Co. (C.P. No. 5554), Company Secretary in Practice and the same has been
submitted to BSE Limited on 30/05/2023, which is within the prescribed time limit.
Cost Audit
Pursuant to Section 148(3) of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014, the Cost Audit / maintenance of cost
records is not applicable on the Company.
Internal financial control systems and their adequacy
The Internal Control Systems are inherent in the Company and are
working effectively, efficiently and are in the best interest of the Company. Policies and
procedures adopted by the Company to ensure orderly and efficient conduct of its business,
safeguarding its assets, prevention and detection of frauds and errors, the accuracy and
completeness of accounting records and the timely preparation of financial and management
information. The Company has a process in place to continuously monitor the efficiency and
effectiveness of the Internal Controls which are reviewed by the audit committee as well
as the management, from time to time. The Company has designed and implemented a process
driven framework for Internal Financial Control (IFC) within the meaning of the Section
134(5)(e) of the Companies Act, 2013 read with explanation thereof. For the year ended
March 31, 2023, the Board is of the opinion that the Company has sound IFC which
commensurate with the nature and size of its business operations and no area of concern,
continuing failure or major weakness was observed.
Vigil Mechanism
The Company has adopted a Whistle Blower Policy, to provide a formal
mechanism to the Directors, employees and business associates to report to the management,
their concern about any unethical behavior, actual or suspected fraud or violation of the
company's code of conduct or ethics policy. The Policy provides for adequate
safeguards against victimization of employees who avail of the mechanism and also provide
for direct access to the Chairman of the Audit Committee. The vigil mechanism is being
overseen by the Audit Committee. It is hereby affirmed that no personnel of the Company
had been denied access to the Audit Committee. The whistle blower policy is available at
company's website www.istindia.com.
Risk Management
Risk is inherent in all the business and administrative activities of
the Company. Therefore, the Company has a system in place for identifying and mitigating
the Risk associated with the nature of business(es) undertaken by the Company. The audit
committee and the Board also reviews the area of financial risks while analyzing the
adequacy and efficiency of internal controls systems adopted by the Company, from time to
time. Further the Board of Directors periodically takes note of the initiatives taken by
the management to mitigate risk. The Company has formulated Risk Management Policy duly
adopted by the Board which is available on Company's Website. In accordance with
provisions of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company is not required to constitute Risk Management Committee
during the year 2022-23.
Particulars of Investments, Loans, Guarantees given or Securities
provided
The Company has not provided any Guarantee or security for any party.
Particulars of investment under section 186 of the Companies Act, 2013 read with rule 8(2)
of the Companies (Accounts) Rules, 2014 is given in form AOC 2 as annexed to this
Report. Further the detail is also provided in the standalone financial statement under
note no. 8 and 13.
Related Parties transactions
All the related party transactions were entered in ordinary course of
business and are on arm's length basis. Transactions with related parties are
conducted in a transparent manner and in the best interest of the Company. The system is
in place for obtaining prior approval of Audit Committee for entering into any related
party transaction is strictly followed by the Company. Once approved by the Audit
Committee, all related party transactions are also approved by the Board of Directors. The
statement of all the related party transaction being entered by the Company and any
subsequent modification thereof, specifying the nature, value and terms and conditions of
transaction is placed before the Audit Committee on Quarterly basis for its review and
approval.
The disclosure on the Related Party Transactions (RPT's), as
prescribed, is given in Note No. 42 to the financial statement.
During the year under review there was no materially significant
related party transaction between the Company and its directors, Key Managerial Personnel,
their relatives, subsidiaries or associate companies and other related parties.
Accordingly, particulars of contracts or arrangements with related parties referred to in
Section 188(1), along with the justification for entering into such contracts or
arrangements in Form AOC-2 does not form part of this report.
The policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board is available on the
Company's website at https://istindia.com/wp-content/themes/isttheme/assets/pdf/
Policy%20on%20Materiality%20of%20Related%20Party%20Transaction.pdf.
Material Changes and Commitments
Pursuant to section 134(3)(l), no other material changes and
commitments affecting the financial position of the Company have occurred between the end
of financial year of the company to which this report relates till the date of this
report.
Significant and Material Orders Impacting Operations of Company in
future
No significant or material orders have been passed by any regulators or
court or tribunals impacting the going concern status and future operations of your
company.
Transfer of Unpaid / Unclaimed amounts to IEPF
Pursuant to the provisions of section 124(5) of the Companies Act, 2013
read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the
declared dividends which remained unpaid / unclaimed for a period of 7 years needs to be
transferred by the Company, from time to time on due dates, to the Investor Education and
Protection Fund (IEPF) established by the Central Government.
Your Company did not have any funds lying unpaid or unclaimed for a
period of seven years till 31st March, 2022. Therefore, there were no funds
which were required to be transferred to Investor Education and Protection Fund (IEPF)
during the year under review.
Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12
of the Companies (Management and Administration) Rules, 2014, the copy of the Annual
Return can be accessed at Company's website at https:// istindia.com/annual-return/.
Management Discussion and Analysis
Management Discussion and Analysis Report on the financial condition
and operational performance of the Company for the year under review, as stipulated as per
regulation 34 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is presented in separate section forming part of this Annual Report.
Corporate Governance Report
In pursuance of various Regulations and Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, a separate section on
Corporate Governance has been incorporated in the Annual Report for the information of the
Shareholders. The prescribed certificate regarding compliance of the conditions of
Corporate Governance as stipulated under the said regulations also forms part of the
Annual Report.
Particulars of Employees
The relations with the Employees have been cordial throughout the year
under review. Your Directors place on record their sincere appreciation in respect of the
services rendered by the Employees of the Company at all levels. The statement of
particulars of appointment and remuneration of Key Managerial Personnel as per Section
197(12) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is enclosed vide Annexure D forming part of this report.
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, there is no employee who is drawing remuneration in
excess of the limits set out in the said rules. Therefore, no statement required under
Rule 5(2) and 5(3) forms part of this Report.
Protection of Women at Workplace
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on prevention of sexual harassment at work place pursuant to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The policy has been widely disseminated and all employees are made aware of the same.
During the year under review, there was no case of sexual harassment reported.
Conservation of energy, technology absorption, foreign exchange
earnings and outgo Conservation of energy: A. Conservation of Energy a) Steps taken or
impact on conservation of energy
The Company ensures that the manufacturing operations are
conducted in the manner whereby optimum utilization and maximum possible saving of the
energy is achieved.
All possible steps are being taken to reduce idle running of
machinery, thereby reducing wastage of energy and Fuel / Oil Consumption.
All efforts are made to conserve the energy through various
means such as use of low energy consuming lighting systems etc.
No specific capital investment has been made for reduction in
energy consumption. However, the Management continuously upgrades and/or replaces old
machinery with energy efficient machinery from time to time.
As the impact of measures taken for conservation and optimum
utilization of energy are not possible to be quantified, its impact on cost cannot be
stated accurately.
No specific step has been taken by the management for
utilization of alternate source of energy The Company does not fall under the list of
industries, which should furnish the information in Form A annexed to the Companies
(Accounts) Rules, 2014
B. Technology Absorption
The Company products are manufactured by using in-house know how and no
outside technology is being used for manufacturing activities. Therefore, no technology
absorption is required. The Company constantly strives for maintenance and improvement in
the quality of its product and the quality control activities are directed to achieve the
aforesaid goal.
Expenditure incurred on Research & Development (R & D) - NIL
C. Foreign Exchange Earnings and Outgo
(Rs. in Lakhs)
Particulars |
2022-23 |
2021-22 |
Earnings in Foreign Exchange |
9.39 |
9.55 |
Value of imports (CIF Value) |
18.47 |
12.74 |
Expenditure in Foreign Exchange |
|
|
Listing
The Equity Shares of your Company continue to be listed on BSE Limited
(BSE). There is no default in payment of Annual listing fees and annual custodian fee in
respect of shares held in dematerialisation mode to NSDL and CDSL.
Dematerialisation of Shares
To provide better and smooth service to the shareholders, the
Company's equity shares have been made available for dematerialisation in electronic
form in the Depository Systems operated by National Securities Depository Limited (NSDL)
and Central Depository Services (India) Limited (CDSL), Mumbai. In order to avail the
service, shareholders can dematerialized their shares in the electronic form.
Compliance of Secretarial Standards
During the financial year 2022-23, the Company has complied with the
Secretarial Standard 1 for Meeting of Board of Directors and Secretarial Standard
2 for General Meeting issued by the Institute of Company Secretaries of India.
Acknowledgement
Your Directors wish to place on record their sincere appreciation and
thanks for the valuable cooperation and support received from the Company's Bankers,
Financial Institutions, Central and State Government Authorities, Clients, Consultants,
Suppliers, Members, Employees and other stakeholders of the Company and look forward for
the same in greater measure in the coming years.
|
For and on behalf of the Board of
Directors |
|
Mayur Gupta |
Suresh Chand Jain |
Place: New Delhi |
Director |
Director |
Dated: 28.08.2023 |
DIN: 00131376 |
DIN: 00092079 |
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