Dear Members,
Your Directors have the pleasure in presenting the 50th Annual Report
of your Company together with audited financial statements for the year ended on March 31,
2023.
FINANCIAL PERFORMANCE
Your Company's financial performance during the year ended March 31,
2023 as compared to previous financial year is summarized below:
(Rs in lakhs)
Particulars |
2022-23 |
2021-22 |
Period |
12 months |
12 months |
Revenue from Operations |
237,227.36 |
217,901.56 |
Other Income |
1,509.59 |
1,387.89 |
Profit / (Loss) before Tax |
24,696.59 |
44,257.82 |
Tax Credit / (Expense) |
(6,395.39) |
(12,003.48) |
Profit / (Loss) for the year |
18,301.20 |
32,254.34 |
Other Comprehensive Income |
63.83 |
33.91 |
Total Other Comprehensive Income for the year |
18,365.03 |
32,288.25 |
Retained Earnings |
|
|
Opening Balance |
74,265.88 |
77,500.57 |
Add: |
|
|
Total comprehensive income for the year |
18,365.03 |
32,288.25 |
Less: |
|
|
Dividends including dividend tax |
32,533.41 |
35,522.94 |
Closing Balance |
60,097.50 |
74,265.88 |
EPS (Basic ) |
104.07 |
183.40 |
EPS (Diluted ) |
104.07 |
183.40 |
OPERATING RESULTS AND PROFIT
During the year under review, total revenue from operations of your
Company was 237,227.36 Lakhs as compared to 217,901.56 Lakhs during previous financial
year with an approx. 9% increase in the total revenue as compared to previous year. Your
Company's profit before tax in financial year 2022-23 was 24,696.59 Lakhs as compared to a
profit before tax of 44,257.82 Lakhs in previous year and the Total Comprehensive Income
for the financial year 2022-23 was 18,365.03 Lakhs as compared to 32,288.25 Lakhs in the
previous year.
DIVIDEND
Considering the performance of the Company and to appropriately reward
the members in view of excellent profits, an interim dividend of 80/- per equity share
(800%) was declared for the Financial Year 2022-23 on March 16, 2023 and the same was paid
to the shareholders in April 2023. During the year, the Company had also declared an
interim dividend of 105/- per equity share (1050%) for the Financial Year 2021-22 on May
26, 2022, which was paid in June 2022.
The Board of Directors have recommended a dividend of 24/- per equity
share of INR 10 each (240%). This dividend is subject to the approval of the Members at
the forthcoming annual general meeting and if approved, Members whose name appear on the
register of Members on August 02, 2023 will be entitled to the dividend.
The total dividend for FY 2022-23 amounts to 104/- per equity share and
would involve a total cash out flow of 18,289.05 Lakhs.
The declaration of dividend is in accordance with the Company's
Dividend Distribution Policy. The Dividend Distribution Policy of the Company is available
on the Company's website and can be accessed at
https://styrenix.com/wp-content/uploads/2023/02/Dividend-Distribution-Policy-2023.pdf
TRANSFER TO RESERVES
The Company is not required to transfer any amount to its reserves and
accordingly no amount is transferred to reserves during the year under review.
CHANGE OF NAME AND REGISTERED OFFICE OF THE COMPANY
During the year, consequent to the change of ownership and control, by
virtue of acquisition of entire promoter shareholding held from INEOS Styrolution APAC Pte
Ltd by Shiva Performance Materials Private Limited, the name of the Company was changed
from INEOS Styrolution India Limited to Styrenix Performance Materials Limited with
effect from January 05, 2023.
The Company has shifted its registered officeto the new office premises
at 9 Floor, 'Shiva', Sarabhai Complex, Dr. Vikram Sarabhai Marg, Vadiwadi, Vadodara
390023 with effect from May 26, 2023.
MANAGEMENT DISCUSSION AND ANALYSIS
As required by Regulation 34(2) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations), a Management Discussion
and Analysis Report forms part of this Report and is annexed hereto.
A review of the performance and future outlook of the Company and its
businesses, as well as the state of the a airs of the business, along with the financial
and operational developments have been discussed in detail in the Management Discussion
and Analysis Report, which forms part of this Report.
CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS
As required under Regulation 34 of the Listing Regulations, a Cash Flow
Statement forms part of the Annual Report. The Company does not have any subsidiaries and
hence is not required to publish Consolidated Financial Statements.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
O Appointments/Re-appointments
During the year under review:
1. Following directors were appointed at the 49 th Annual General
Meeting of the Company held on August 10, 2022:
DIN |
Name of Director |
Category |
Resolution number and type |
Tenure |
00798406 |
Ms. Sandra Martyres |
Non-Executive and Independent, Woman Director |
Resolution 4, Special Resolution |
For a period of three consecutive years w.e.f. |
00046815 |
Mr. Sanjiv Vasudeva |
Managing Director & CEO |
Resolution 6, Special Resolution |
May 16, 2022 For a period of three
consecutive years w.e.f. March 01, 2022 |
08830690 |
Mr. Robbie Alphons Maria Buntinx |
Non Executive Director |
Resolution 3, Ordinary Resolution |
Re-appointment as a Retiring Director |
The resolution proposing the appointment of Mr. Ramesh Chandak as an
Independent Director for a period of 3 years, was treated as infructuous since he had
withdrawn his candidature.
2. Pursuant to the sale of 10,761,178 equity shares representing 61.19%
of the voting share capital of the Company by INEOS Styrolution APAC Pte. Ltd. to Shiva
Performance Materials Private Limited ("Acquirer") on November 17, 2022 in terms
of the share purchase agreement dated August 01, 2022 and acquisition of 2,69,980 equity
shares of the Company by the Acquirer from public shareholders representing 1.54% of the
voting share capital of the Company on November 16, 2022, Shiva Performance Materials
Private Limited became the promoter of the Company and the entire Board of Directors was
reconstituted.
The Board had appointed 4 Executive and 4 Independent Directors (IDs)
as follows and the said appointments were approved by the shareholders, who granted their
approval by way of postal ballot:
Name of the Director |
DIN |
Category |
Date of appointment |
Date of approval by
shareholders |
Mr. Rakesh S. Agrawal |
00057955 |
Executive and Non-Independent Director |
17-11-2022 |
08-02-2023 |
Mr. Rahul R. Agrawal |
01226996 |
Executive and Non-Independent Director |
17-11-2022 |
08-02-2023 |
Mr. Vishal R. Agrawal |
0056800 |
Executive and Non-Independent Director |
17-11-2022 |
08-02-2023 |
Mr. Ravishankar Kompalli |
06458292 |
Executive and Non-Independent Director |
17-11-2022 |
08-02-2023 |
Mr. Milin K. Mehta |
01297508 |
Non-executive and Independent Director |
17-11-2022 |
08-02-2023 |
Mr. Premkumar Taneja |
00010589 |
Non-executive and Independent Director |
17-11-2022 |
08-02-2023 |
Mr. P. N. Prasad |
07430506 |
Non-executive and Independent Director |
04-01-2023 |
08-02-2023 |
Mrs. Radhika Nath |
03006980 |
Non-executive and Independent Woman Director |
05-01-2023 |
08-02-2023 |
The aforesaid appointments were made pursuant to a detailed evaluation
by the Nomination and Remuneration Committee members and their unanimous recommendation to
the Board. The Board believed that the new Directors possess the adequate integrity,
expertise and experience (including the pro ciency), as required for being appointed as
'an Independent Director'.
O Retirement by rotation.
Mr. Rakesh Agrawal, Executive and Non-independent Director (Chairman of
the Board), who retires by rotation and being eligible, offers himself for re-appointment
in terms of the Articles of Association of the Company.
O Resignation / Cessation
Due to change of ownership and management of the Company, following
Directors resigned during the year:
Name of the Director |
DIN |
Category |
Date of resignation |
Mr. Robbie Alphons Maria Buntinx |
08830690 |
Non-Executive and Non-Independent Director |
November 17, 2022 |
Mr. Sanjiv Vasudeva |
06570945 |
Executive and Non-Independent Director |
November 17, 2022 |
Mr. Sanjeev Madan |
07533471 |
Executive and Non-Independent Director |
November 16, 2022 |
Ms. Sandra Martyres |
00798406 |
Non-executive and Independent Director |
November 17, 2022 |
Mr. Vinesh Sadekar |
00046815 |
Non-executive and Independent Director |
November 17, 2022 |
Further, during the financial year 2022-23, subsequent to the
completion of second consecutive term as Independent Director, following directors retired
as 'Independent Director' from the Board and its various Committees.
Name of the Director |
DIN |
Category |
Date of resignation |
Ms. Ryna Karani |
00116930 |
Non-Executive and Independent Director |
May 15, 2022 |
Mr. Anil Shankar |
02143156 |
Non-Executive and Independent Director |
August 11, 2022 |
The Board places on records its appreciation for the efforts and
contributions from all the Directors during their respective tenure as Directors of the
Company.
O Policy on Directors' appointment and remuneration
The policy on Director's appointment and remuneration, including
criteria for determining quali cations, positive attributes, independence of Director and
also remuneration for key managerial personnel and other employees, forms part of the
Corporate Governance Report annexed hereto.
MEETINGS OF BOARD OF DIRECTORS OF THE COMPANY
During the financial year under review, the Board of Directors duly met
11 (eleven) times. The details of the Board meetings with regard to their dates and
attendance of each of the Directors thereat have been set out in the Corporate Governance
Report.
DECLARATION BY INDEPENDENT DIRECTORS
Mr. Milin Mehta, Mr. Premkumar Taneja, Mr. P. N. Prasad and Mrs.
Radhika Nath are the Independent Directors on the Board of Directors of the Company as on
March 31, 2023.
The Board of Directors of the Company hereby con rms that all the
Independent Directors duly appointed by the Company, had given a certificate stating that
they met the criteria of independence as provided under the Act and the Listing
Regulations and they have registered their names in the Independent Directors' Databank.
PERFORMANCE EVALUATION
The details of performance evaluation of Directors are stated in the
section on Nomination and Remuneration Committee in the Corporate Governance Report
annexed hereto.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Act,
the Board of Directors of the Company con rms that:
i) in the preparation of the annual accounts for the financial year
ended March 31, 2023, the applicable accounting standards have been followed along with
proper explanation relating to material departures; ii) they 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 a airs of the
Company at the end of financial year and of the profit / loss of the Company for that
period;
iii) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) they have prepared the annual accounts on a going concern basis;
v) they had laid down internal finance controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
vi) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems were adequate and operating
effectively.
AUDIT COMMITTEE
The Audit Committee of the Board of Directors comprises of atleast
2/3rd of its members as Independent Directors and is constituted as under, as on March 31,
2023:
Name of the Director |
Position in Committee |
Mr. Milin Mehta, Independent Director |
Chairman |
Mr. Premkumar Taneja, Independent Director |
Member |
Mr. P. N. Prasad, Independent Director |
Member |
Mrs. Radhika Nath, Independent Director |
Member |
Mr. Rakesh Agrawal, Executive Director |
Member |
The terms of reference of the Audit Committee, details of meetings held
during the year and attendance of members are set out in the Corporate Governance Report.
During the year under review, the Board has accepted all
recommendations of the Audit Committee and accordingly no disclosure is required to be
made in respect of non-acceptance of any recommendation of the Audit Committee by the
Board.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
The Directors are regularly informed during meetings of the Board and
its Committees on the activities of the Company, its operations and issues faced by the
industry. The details of familiarization programs provided to the Directors of the Company
are available on the Company's website
https://styrenix.com/wp-content/uploads/2023/02/Styrenix_Familiarization-Programme-Independent-Directors.pdf
CHANGE IN SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES DURING THE
YEAR
Neither the Company has any subsidiary /associate/ joint venture, nor
any other company has become/ceased to be subsidiary/ joint venture/ associate company
during the year under review. However, during the year, the Company has become subsidiary
of Shiva Performance Materials Pvt. Ltd. in view of acquisition of more than 50% of the
Equity Shares of the Company, as detailed in foregoing paragraphs.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and operations of the Company in
future.
DEPOSITS
The Company has not accepted any deposit, within the meaning of
Sections 73 and 74 of the Act, read with the Companies (Acceptance of Deposits) Rules,
2014 during the year under review.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The Company has not granted any loans or made any investments or
provided any guarantees or security to the parties covered under Sections 185 and 186 of
the Act.
TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the applicable provisions of the Act, read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ('the Rules') as amended,
all unpaid or unclaimed dividends which were required to be transferred by the Company to
the IEPF were transferred to IEPF Authority. The Company has also transferred shares in
respect of which dividend amount remained unpaid/unclaimed for a consecutive period of 7
(Seven) years or more to IEPF Authority within stipulated time. The details of
unpaid/unclaimed dividend and the shares transferred to IEPF Authority are available on
the Company's website at https://styrenix.com/investor-dividend-info/
The Company has already transferred unclaimed dividends and respective
shares to the IEPF Authority upto the year 2014-15. Now, the next transfer would be due in
the month of September 2023 and the Company would be making necessary announcements in
this regard as per the prescribed timelines. All those shareholders who have not claimed
dividends for the year 2015-16 onwards are requested to contact the Company regarding
unclaimed dividends at the earliest.
CORPORATE GOVERNANCE
Your Company observes high standards of Corporate Governance in all
areas of its functioning with strong emphasis on transparency, integrity and
accountability. As required under the Listing Regulations, a detailed report on Corporate
Governance along with the compliance certificate from MD & CFO and a compliance
certificate thereon from a Practising Company Secretary forms part of this report as Annexure
- I.
CORPORATE SOCIAL RESPONSIBILITY
In compliance with the requirements of Section 135 of the Act, the
Company has constituted a 'Corporate Social Responsibility (CSR) Committee' and has also
framed a CSR Policy. The details of the policy, composition of the Committee, CSR
initiatives, CSR spending during the year etc., have been provided as Annexure - II to
this report, as required under the Companies (Corporate Social Responsibility Policy)
Rules, 2014, as amended from time to time.
The amount required to be spent on CSR activities during the year ended
March 31, 2023 in accordance with the provisions of Section 135 of the Act was 535.30 Lacs
and your Company had spent an amount of 60.35 Lacs towards CSR expenses and has
transferred an amount of 475 Lacs to the Unspent CSR Account for FY 2022-23 in respect of
an ongoing project. The details of CSR expenditure are provided in Annexure - II.
The Company considers CSR as a part of its corporate philosophy and
will continue to ensure that the amounts are adequately spent to ensure compliance in true
spirit.
PARTICULARS OF EMPLOYEES
Disclosures with respect to the remuneration of Directors, KMPs and
employees as required under Section 197(12) of the Act read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure
- III to this Report. Statement containing Particulars of Employees pursuant to
Section 197 of the Act and Rule 5(2) and Rule 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of the Annual
Report. As per the provisions of Section 136 of the Act, the reports and Financial
Statements are being sent to shareholders of the Company and other stakeholders entitled
thereto, excluding the Statement containing Particulars of Employees. Any shareholder
interested in obtaining such details may write to the Company Secretary.
RISK MANAGEMENT POLICY
The details of the Risk Management Policy adopted by the Board of
Directors and details of the Risk Management Committee of the Board of Directors are
mentioned in the Corporate Governance Report.
PARTICULARS OF CONTRACTS AND AGREEMENTS MADE WITH RELATED PARTIES
All related party transactions which were entered into during the year
under review were on arm's length basis and in the ordinary course of business. There were
no materially significant related party transactions entered into by the Company with the
Promoters, Directors or the Key Managerial Personnel, which may have a potential conflict
with the interests of the Company.
The particulars of contracts or arrangements with related parties
referred to in Section 188(1) of the Act in the prescribed Form AOC-2, is provided as Annexure
IV forming part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A statement highlighting details of the conservation of energy,
technology absorption and foreign exchange earnings and outgo, in accordance with Section
134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 is annexed hereto as Annexure
- V and forms part of this report.
REPORTING OF FRAUDS
There have been no instances of fraud reported by the auditors under
Section 143(12) of the Act and rules framed thereunder, either to the Company or to the
Central Government.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TILL THE
DATE OF THE REPORT
There have been no material changes, which have occurred between the
end of financial year till the date of this report affecting the financial position of the
Company.
ANNUAL RETURN
As required under Section 92(3) of the Act, the Company has placed a
copy of the annual return on its website and the same is available in the Investors
Section on the Company's website (www.styrenix.com). The Annual Return for the year would
be updated once the same is led with the Registrar of Companies in due course.
https://styrenix.com/wp-content/uploads/2023/01/49_Sept_Annual-Return-2021-22.pdf
BOARD DIVERSITY
Your Company recognizes and embraces the importance of a diverse Board
in its success. We believe that a truly diverse Board will leverage differences in
thought, perspective, knowledge, regional and industry experience, age, ethnicity, race
and gender, which will help retain our competitive advantage. The Board of Directors has
adopted the 'Board Diversity Policy', which sets out the approach to diversity of the
Board. The Board diversity policy is available on our website
https://styrenix.com/wp-content/uploads/2023/04/Board-Diversity-Policy.pdf
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of internal controls in place. It
has documented procedures covering all financial and operating functions. These controls
have been designed to provide a reasonable assurance with regard to maintaining of proper
accounting controls, monitoring of operations, protecting assets from unauthorized use or
losses, compliance with regulations and for ensuring reliability of financial reporting.
The Company has continued its efforts to align all its processes and controls with global
best practices in these areas as well.
The Audit Committee of the Board of Directors, comprising of at least
2/3rd of its members as Independent Directors, regularly reviews the audit plans,
significant audit ndings, adequacy of internal controls, compliance with accounting
standards as well as reasons for changes in accounting policies and practices, if any.
SAFETY, HEALTH AND ENVIRONMENT
Your Company gives highest importance to Safety, Health and Environment
(SHE), and encourages and promotes safety awareness in true letter and spirit as an
integral part of its work culture.
Process Safety Management (PSM) is an integral part of all changes
taking place in the process. Onsite emergency plans have been reviewed and updated by all
divisions. Periodic mock drills are conducted at all divisions and reports indicate
improved preparedness of employees.
To further strengthen the safety of overall operations and to promote a
positive safety culture and transparency, your Company has introduced site specific
behavioral based safety (BBS) process at all its manufacturing locations and substantially
invested for the improvement of process safety.
Apart from employees, the contractors and workmen are also given
exhaustive training on safety, rst-aid and re ghting. The Company has appointed and
trained safety stewards to promote safety in all divisions. A green belt in and around all
factory premises has been maintained to enhance the eco-friendliness. We conduct our
operations responsibly with a sustainable approach towards environment.
As required in terms of the IS I4489 for Safety Audit for Industries,
the SHE Policy of the Company is annexed hereto as Annexure - VI and forms part of
this report.
POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a policy on prevention of sexual harassment at
workplace in line with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and rules framed thereunder and Internal
Complaints Committees have also been set up at all locations to redress complaints
received regarding sexual harassment. During the year, no complaint with allegations of
sexual harassment was received by the Company.
STATUTORY AUDITORS
M/s. Deloitte Haskins & Sells, Chartered Accountants, (Registration
No. 117365W) were appointed as the statutory auditors of the Company from the conclusion
of 47 th annual general meeting until the conclusion of 52nd annual general meeting of the
Company and continue to be the Statutory Auditors.
AUDITORS' REPORT
The observations made by the auditors in their report read with the
relevant notes to the financial statements for the year ended March 31, 2023 are
self-explanatory and are devoid of any reservation, qualification or adverse remarks.
SECRETARIAL AUDITOR
M/s Devesh Pathak & Associates, Practising Company Secretaries,
Vadodara, were appointed as Secretarial Auditor to conduct the secretarial audit of the
Company for the financial year 2022-23, in terms of the requirements of Section 204 of the
Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, framed there under. The secretarial audit report received from M/s. Devesh Pathak
& Associates is annexed as Annexure - VII.
COST RECORDS
The Company is required to maintain the cost records as specified by
the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 and
accordingly such accounts and records are prepared and maintained by the Company.
COST AUDITORS
Pursuant to Section 148 of the Companies Act 2013, the Board of
Directors, based on the recommendation of the Audit Committee and upon receipt of their
consent to act as Cost Auditors and their confirmation regarding the appointment being in
accordance with Section 148 of the Act has appointed M/s. Kailash Sankhlecha and
Associates, (Firm's registration no. 100221), Cost Accountants, as Cost Auditors of the
Company, for the Financial Year 2023-24, for conducting the audit of the cost records
maintained by the Company for the various products as mandated by the Central Government
at a remuneration as mentioned in the notice convening the annual general meeting of the
Company.
The Audit Committee has also received a certificate from the Cost
Auditor certifying their independence and arm's length relationship with the Company.
A resolution seeking members' rati cation for the remuneration payable
to the Cost Auditors for the Financial Year 2023-24 forms part of the notice of the 50th
Annual General Meeting of the Company and the same is recommended for your consideration
and approval.
VIGIL MECHANSIM
As per the provisions of Section 177(9) of the Act read with clause
22(1) of the Listing Regulations, the Company is required to establish an effective vigil
mechanism for Directors and employees to report genuine concerns. The Company has a policy
for prevention, detection and investigation of frauds and protection of whistleblowers
("Whistleblower Policy") in place and the details of the Company's Whistleblower
Policy are provided in the Corporate Governance Report annexed hereto.
HUMAN RESOURCE AND INDUSTRIAL RELATIONS
Our employees are the most valuable assets of the Company. We encourage
innovation, meritocracy and the pursuit of excellence. The human resource development
function of the Company is guided by a spirit of corporate team building and dedication
towards strengthening the Company's systems thereby improving e ciencies and registering
growth.
All personnel continue to have a healthy, cordial and harmonious
approach in problem solving and enhancing Company value at all levels. Despite uncertain
economic conditions, the enthusiasm and unstinting efforts of the employees have enabled
the Company to maintain leadership in its business areas. The industrial relations during
the year remained cordial.
The Company has drawn up a comprehensive human resource strategy
("Human Resource Strategy") which addresses key aspects of human resource
development such as:
- Code of conduct and fair business practices.
- A fair and objective performance management system linked to the
performance of the businesses.
- Talent Management initiatives encouraging job rotation to enhance
employee engagement.
- Evolution of performance based compensation packages to attract and
retain talent within the organization.
- Development of comprehensive training programs to impart and
continuously upgrade the industry / function specific skills, etc.
EMPLOYEE BENEFIT MEASURES UNDERTAKEN DURING THE YEAR
In order to achieve a highly streamlined and productive organization, a
transparent and uniform HR policy with a well-defined reporting structure and clear roles
and responsibilities has been put in place.
Necessary trainings based on identified needs have been set-up across
all functions by the respective heads of departments to enhance the knowledge and
competencies of our employees and are being updated and upgraded on a continuous basis.
Other initiatives include an improvement of the working environment, the automation of HR
processes including the outsourcing of the payroll processor and the implementation of new
Human Resource Management System have been initiated. Initiatives on improving employee
engagement have been implemented with primary focus on employee health and welfare by
enhancing the medical and term insurance facilities.
STATEMENT ON COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS
The Company has complied with all the applicable provisions of
mandatory Secretarial Standards, SS-1 and SS-2 issued by the Institute of Company
Secretaries of India, during the year under review.
INSOLVENCY AND BANKRUPTCY CODE 2016
Neither any application is made nor any proceeding is pending in
respect of the Company under the Insolvency and Bankruptcy Code 2016.
CODE OF CONDUCT
The Company has suitably laid down the Code of Conduct for all Board
members and senior management personnel of the Company. The declaration by MD of the
Company relating to the compliance of aforesaid Code of Conduct forms part of the Annual
Report.
ACKNOWLEDGEMENTS
We thank our customers, vendors, dealers, investors, business partners
and bankers for their continued support during the year. We also place on record our
appreciation of the contribution made by our employees at all levels, whose hard work,
solidarity, cooperation and support helped the transition of the Company's management and
business during the year.
|
For and on behalf of the Board |
|
Mr. Rakesh Agrawal |
May 26, 2023 |
Chairman |
Vadodara |
DIN: 00057955 |
|