<dhhead>Directors Report</dhhead>
Dear Shareholders,
The Board of Directors of Navkar Corporation Limited ("The
Company" or "Navkar") is pleased to present their 15th (Fifteenth) Annual
Report on the business and operations of the Company along with the Audited Financial
Statements of the Company for the financial year ended March 31 st, 2023 ("financial
year under review" or "financial year 2022-23").
1. FINANCIAL PERFORMANCE:
The Companys financial st, 2023 compared to the previous
financial year is performanceduringthe year ended summarized below:
Particulars |
FY 2022-23 |
FY 2021-22 |
Total Revenue |
44967.58 |
45595.76 |
Total Expenses |
40051.49 |
41116.07 |
Profit Before Tax from continuing Operations Before
exceptional items |
4916.09 |
4479.69 |
Exceptional Item |
1906.42 |
- |
Tax Expenses |
|
|
Current Tax |
1859.12 |
783.51 |
Earlier Year Tax |
38.08 |
20.22 |
Deferred Tax Expenses |
(2374.21) |
(100.47) |
Total Tax Expenses |
(477.01) |
703.26 |
Profit for the period from Continuing Operations |
7299.52 |
3776.43 |
Discontinued Operations |
|
|
(a) Profit from discontinued operations before tax |
4151.51 |
3782.00 |
(b) Tax expenses of discontinued operations |
2201.92 |
835.00 |
Profit/(Loss) for the Period/Year fromiscontinuedoperation(a
- b) |
1949.59 |
2947.01 |
Profit/(Loss) for the Period/Year (A) |
9249.11 |
6723.43 |
Other Comprehensive Income, net of tax (B) |
|
|
Items that will not to be reclassified to Profit and Loss |
|
|
Re-measurement of net defined benefit |
|
|
From Continuing Operations |
11.80 |
(8.75) |
From Discontinued Operations |
10.17 |
(8.62) |
Total Comprehensive Income for the year (A+B) |
9271.08 |
6706.07 |
Earning per equity shares (face value INR 10/- per share) |
|
|
Basic and Diluted (INR) |
|
|
From Continuing Operations |
4.85 |
2.51 |
From Discontinued Operations |
1.30 |
1.96 |
Financial Highlights
The total revenue of your Company from continuing operations stood at
INR 44967.58 Lakhs for the financial year ended March 31, 2023 as against INR 45595.76
Lakhs for the previous financial year. The Profit before tax from operations is INR
10974.02 Lakhs for the current year as against INR 8261.69 Lakhs in previous
financial year. After making provision for tax, the net profit of your Company is INR
9271.08 Lakhs as against INR 6706.07 Lakhs in the previous financial
Based on the approvals received from the Board of
Directors at their Meeting held on August 16, 2022 and from the
shareholders at the 14th Annual General Meeting held on September 07, 2022, the company
has executed Business Transfer Agreement during the year and has sold the business
undertaking under the ICD operation situated at Tumb Village Gujarat as a going concern,
on an "as is where is" basis, as mentioned under "Business
Undertaking" of the Business Transfer Agreement to Adani Forwarding Agents Private
limited.
.
Below are the comparative figures that have been restated to reflect
the discontinued operations.
Particulars |
March 31, 2023 |
March 31, 2022 |
Total Revenue from Operations |
24,065.12 |
40,487.71 |
Total Expenses |
19,913.61 |
36,705.71 |
Profit (+)/ Loss (-) before tax |
4,151.51 |
3,782.00 |
Total Tax Expenses |
2,201.92 |
835.00 |
Net Profit (+)/ Loss (-) for the year |
1,949.59 |
2,947.01 |
Detailed analysis on sale of Business Undertaking have been provided
under Note No. 38 of the Financial Statement.
Operational Highlights
The operations are exhaustively discussed in the
Management Discussion and Analysis forming part of the
Annual Report .
Accounting Method
The above figures are extracted from the Annual Audited Financial
Statements prepared in accordance with the Indian Accounting Standards ("Ind
AS") as notified under Section 133 of the Companies Act, 2013 ("the Act")
read with the Companies (Accounts) Rules, 2014 and other relevant provisions of the Act
and the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("the SEBI
Listing Regulations").
Changes in the nature of Business:
The Company continued to provide logistics services to its customers
and hence, there was no change in the nature of business of the Company during the year
under review.
Material Changes and Commitment, If Any, Affecting
Financial Position of the Company from financial year end and till the
date of this report:
There have been no material changes and commitments, if any, affecting
the financial position of the Company which have occurred between the end of the Financial
Year to which the Financial Statements relate and the date of this Report.
2. ALTERATION OF MEMORANDUM OF ASSOCIATION AND ARTICLES OF
ASSOCIATION:
During the financial year under review, there is no alteration in the
Memorandum and Articles of the Company.
3. TRANSFER OF UNCLAIMED SHARE APPLICATION MONEY TO INVESTOR
EDUCATION AND PROTECTION FUND (IEPF):
Pursuant to the applicable provisions of the Section 125 Companies Act,
2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
("the
IEPF Rules"), all unpaid or unclaimed Share Application Money /
dividends are required to be transferred by the Company to the IEPF; established by the
Government of India, after completion of seven years.
Accordingly, During the year under review an amount of Rs. 1,91,425/-
(Rupees One Lakh Ninety-One Thousand Four Hundred Twenty Five Only) was transferred to
IEPF
Fund.
4. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS:
During the year underreview,nosignificantand material orders have been
passed by any Regulator or Court or
Tribunal which would impact the going concern status of the Company and
its future operations.
5. STATE OF COMPANYS AFAIRS:
BUSINESS OVERVIEW AND STATE OF COMPANYS AFFAIRS:
The Company operates into (a) Container Freight Stations or CFSs (b)
Inland Container Depot or ICD and (c) Rail Terminals also referred to as Private Freight
Terminals or PFTs by the Indian Railways.
Container Freight Stations
Container Freight Stations serve as gateway ports. In our case, our
three Container Freight Stations serves the gateway port of Nhava Sheva (also called
Jawaharlal Nehru Port Trust). Company has three Container Freight Stations two at Ajiwali
and one at Somathane all in Panvel Taluka, Maharashtra, import containers nominated by
container shipping lines or consignees are required to be evacuated from the port premises
and transported to our Container Freight Station. After arrival at the CFS, the import
laden container is stacked and stored awaiting clearance by the consignees clearing
agent. The process of customs clearance of goods is carried out by the Customs Broker
(earlier referred to as Custom House Agent). Similarly, CFS provides all the services for
Export Cargoes. Our CFS provides all the services that are needed to facilitate the
clearance of the cargoes (Exim and Domestic). To service the needs of customs clearance
and delivery of the goods or the laden container itself, we are required to have an array
of equipment (both big and small) that include Reach Stackers, Forklifts, Cranes, slings,
trailers, and other cargo handling equipment. For storage purposes there are warehouses
which are marked for the storage of export and import goods. Open areas are marked for
stacking and storing import and export containers. As a
CFS we provide all the range of services that fall within the
guidelines for handling cargoes and containers from the Container Yard (CY) of the
ports terminal to the CFS and handover of the goods or the laden container at the
CFS. Facilities for parking, container storing and repairs are
available here.
Railway Terminals
Navkar operates two railway terminals referred to as Private Freight
Terminals (PFTs). These terminals are at our Somathane (Panvel) facility and at ICD Morbi.
The PFT at Somathane is served with three railway tracks.
The railway terminals are used for handling export rakes of agro
products, domestic rakes and container rakes
(referred to as BLC rakes. The PFTs handle all types of railway rakes
(Exim and domestic) at Somathane.
All rakes arriving with cargoes are handled as per the guidelines of
the Indian railways.
Inland Container Depot New ICD at Morbi, Gujarat
The Board of Directors at their meeting held on dated July 23, 2021,
considered and approved the setting up of Inland Container Depot and Private Freight
Terminals near Mundra or Pipava or Northern Maharashtra ("Project") subject to
receipt of requisite approvals and clearances. Further during the year under review the
Company has received following approvals for setting up of Inland Container Depot and
Private Freight Terminals:
1. Commissioner of Customs, Jamnagar vide their Notification No.
03/2022/CCP/JMR dated November 18, 2022 has granted approval of Inland Container Depot
(ICD) of Navkar Corporation Limited situated at Survey No 247/P1, 247P1/P1, 247/P2, 251/
P1, 251/P2 and 254 of Village Vadharva, Taluka Maliya District Morbi for the purpose of
unloading of imported goods and loading of export goods and also notified the area under
Section 8(b) of the Customs Act, 1962.
2. Commissioner of Customs, Jamnagar vide their Notification No.
04/2022/CCP/JAMNAGAR dated November 18, 2022 have appointed Navkar Corporation Limited as
Custodian as per Section 45 of Customs Act, 1962 for Inland Container Depot (ICD) situated
at Survey No 247/P1, 247P1/P1, 247/ P2, 251/P1, 251/P2 and 254 of Village Vadharva, Taluka
Maliya District Morbi and approved to act as a Customs Cargo Service Provider
("CCSP") as detailedinaforesaid JAMNAGAR.
3. Western Railway, vide Notification No. 101 (Goods) 2022 dated
December 31, 2022 have given approval for commissioning of Gati-Shakti-Multi-Modal Cargo
Terminal of Navkar Corporation Limited taking off from Wadharwa (NCLW) on Ahmedabad
division.
Commencement of Operations: The Commissioner of Customs, Jamnagar
vide their Notification No 01/2023/ CCP/JMR dated February 28, 2023 have granted
Commencement of Operations approval to Inland Container Depot (ICD) of Navkar Corporation
Limited situated at Survey No 247/P1, 247P1/P1, 247/P2, 251/ P1, 251/P2 and 254 of Village
Vadharva, Taluka Maliya District Morbi with effect from March 01, 2023.
Transfer of undertaking by way of a slump sale on a going concern
basis:
The Board of Directors at their meeting held on August 16, 2022 and
shareholders at the Annual General Meeting held on September 07, 2022 approved the
transfer of its title, rights, interest, ownership and the operations of its Business
Undertaking situated at Survey Nos. - 44/1, 44/1/1 P, 44/1/2P and other, Tumb Village,
Taluka Umbergaon, Dist. Valsad, Gujarat-
396150 as a going concern, on an "as is where is" basis
("Business Undertaking") for a lumpsum consideration of approximately INR
835,00,00,000 (Indian Rupees Eight Hundred and Thirty Five Crore Only) to Adani Forwarding
Agents Private Limited ("Purchaser").
During the year under review the Company has received partial
consideration amount of INR 785 Crores from Adani Forwarding Agent Private Limited, a
subsidiary of Adani Logistics Limited and has also executed a Sale Deed for transfer of
immovable property. With reference to balance consideration of INR 50 crore, we like to
make a note that the same shall be paid by Adani Forwarding Agent Private Limited as per
the terms mentioned in the
Business Transfer Agreement executed between the parties i.e. INR 25
Crores shall be paid within 1 (one) year from the closing date and the balance amount of
INR 25 Crores shall be paid within a period of 2 (two) years from the closing date.
Out of the sum received as mentioned above, the
Company has made repayment of its Secured and Unsecured outstanding
loan. (Refer Note 20, 23 of Financial Statements) The Commissioner of Customs, Ahmedabad
has also issued withdrawal notice vide its Notification: Export 11 /2022-23 dated October
13, 2022 for removal of companys name as Custodian of the Imported and Export goods
for the Business Undertaking.
6. TRANSFER TO RESERVES:
Details of reserve and surplus are provided in Note No. 19 of the
Financial Statement.
7. DIVIDEND:
The Board of Directors of your company, after considering holistically
the relevant circumstances, and with a view to strengthen the financial position of the
Company have decided that it would be prudent, not to recommend any dividend for the
financial year ended March 31, 2023.
As per Regulation 43A of Listing Regulations the
Company has formulated Dividend Distribution Policy taking into account
the parameters prescribed in the said
Regulations. The Dividend Distribution Policy is available on
Companys website at https://www.navkarcfs.com/b/
download/policies/Dividend-Distribution-Policy.pdf
8. PUBLIC DEPOSIT:
During the year under review, the Company has not accepted any deposits
from the public falling within the meaning of the provisions of Chapter V Acceptance of
Deposits under Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules,
2014.
9. INTERNAL FINANCIAL CONTROLS:
The Company has laid down Standard Operating Procedures, policies,
roles, responsibilities and authorities to guide the operations of the business. Regular
audits and review processes ensure that such systems are reinforced on an ongoing basis.
Process owners are responsible for ensuring compliance with the
policies and procedures laid down by the
Management. Robust and continuous internal monitoring mechanisms ensure
timely identification of risks and issues. The Statutory and Internal Auditors undertake
rigorous testing of the control environment of the Company. Independence of the Internal
Auditor is ensured by way of direct reporting to the Audit Committee.
The Auditors of the Company has audited and assessed the Internal
Financial Controls of the Company during the financial year under review taking into
consideration the essential components of internal controls stated in the
Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by The Institute of Chartered Accountants of India.
Based on the results of the assessments carried, no material weakness
was observed in the effectiveness of internal control systems nor were any deficiencies in
the design or operation of such internal controls observed.
Further there were no significant changes in internal control over
financial reporting and the internal control systems were operating adequately.
The Statutory Auditors have also examined the internal financial
controls of the Company and have submitted an unmodified opinion on the adequacy and
operating effectiveness of the internal financial controls over financial reporting for
the financial year ended March 31, 2023. Further there were no letters of internal control
weaknesses issued by the Internal Auditor or the Statutory Auditors during the financial
year under review. The Company believes that strengthening of internal controls is an
ongoing process and there will be continuous efforts to keep pace with changing business
needs and environment.
The Audit Committee reviews the adequacy and effectiveness of the
Companys internal control environment and monitors the implementation of the audit
recommendations including those relating to strengthening of the Companys risk
management policies and systems. The ultimate objective being, a Zero Surprise,
risk-controlled organisation. Further details of the internal control systems are provided
in the
Management Discussion & Analysis which forms part of this
Integrated Annual Report.
10. RISK MANAGEMENT:
The Company has a comprehensive Risk Management framework that seeks to
minimize adverse impact on business objectives and capitalize on opportunities.
The Company has implemented a mechanism for risk management and
formulated a Risk Management Policy.
The said policy provides for creation of a risk register,
identification of risks and formulating mitigation plans. Major risks identified by the
business and functions are systematically addressed through mitigation actions on a
continuing basis. The risk register is refreshed periodically to ensure that the risks
remain relevant at all times and corresponding mitigation measures are timely and
effective so that the risk profile is within identified tolerance levels.
The Company has set up a Risk Management Committee which is chaired by
Mrs. Pooja H. Goyal, Non- Executive Independent Director, to monitor the risks and their
mitigation actions as well as formulating strategies towards identifying new and emergent
risks. Further, the Board is apprised of any actual / emergent risk that may threaten the
long-term plans of the Company. The major risks forming a part of the Enterprise Risk
Management process are linked to the audit universe and are also covered as part of the
annual risk based audit plan.
The details of composition of the Risk Management Committee, their
terms of reference, meetings held and attendance of the Committee Members thereat during
the financial year 2022-23 are provided in the section titled Report on Corporate
Governance, which forms part of this Annual Report.
11. INTERNAL CONTROL SYSTEM & THEIR ADEQUACY:
The Board has adopted policies and procedures for ensuring the orderly
and efficient conduct of its business, including adherence to the Companys policies,
safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms,
accuracy and completeness of the accounting records, and timely preparation of reliable
financial disclosures. For more details, refer to the Internal control systems and
their adequacy section in the Management Discussion and
Analysis Report, which forms part of this Annual Report.
12. SHARE CAPITAL:
During the year under review, there is no change in the Authorised,
Issued, Subscribed and Paid-up Share Capital of the Company.
As on March 31, 2023, the Authorised share capital of the Company is
INR. 2,26,00,00,000/- (Rupees Two Hundred Twenty-Six Crore) divided into 21,50,00,000
(Twenty-One Crore Fifty Lakhs) Equity Shares of INR. 10/- (Rupees Ten only) each,
50,00,000 (Fifty Lakhs) 0% Cumulative Redeemable Preference Shares of INR. 10/- each
(Rupees Ten only) and 6,00,000 (Six Lakhs) 6% Cumulative Redeemable Preference Shares of
INR. 100/- (Rupees One Hundred only) each.
As on March 31, 2023, the issued, subscribed and paid-up share capital
of the Company is INR 153,81,70,810 /- (Rupees One Hundred Fifty Three Crore Eighty One
Lakh Seventy Thousand Eight Hundred Ten Only) divided into 15,05,19,181 (Fifteen Crore
Five Lakhs Nineteen Thousand One Hundred Eighty One) Equity Shares of INR. 10/- (Rupees
Ten only) each, 23,00,000 (Twenty Three Lakh) 0% cumulative Redeemable Preference Shares
of INR. 10/- (Rupees Ten only) each and 99,790 (Ninety-Nine Thousand Seven Hundred Ninety)
6% Cumulative Redeemable Preference Shares of INR. 100/- (Rupees One Hundred).
13. CREDIT RATING:
The Company has received following credit rating from CRISIL Rating
Limited on April 13, 2022, which denotes high degree of safety regarding timely servicing
of financial obligation.
Total Bank Loan |
Rs. 600 Crore |
Facilities Rated |
(Enhanced from Rs. 50 Crore) |
Long Term Rating |
CRISIL A/Positive (Reaffirmed) |
Short Term Rating |
CRISIL A1 (Assigned) |
14. LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
During the year under review, the Company have not granted any loans,
guarantees and investments made as mentioned under Section 186 of the Companies Act, 2013.
15. REQUIREMENTS FOR MAINTENANCE OF COST RECORDS
The Company is not required to maintain the cost records as specified
by Central Government under section 148 (1) of the Companies Act, 2013 and rules made
thereunder.
16. SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANY
The company does not have any company, which is its subsidiary,
associate or joint venture. Hence the details of this clause are not applicable to the
Company.
17. BOARD OF DIRECTORS
The Companys policy is to have an appropriate blend of
independent and non-independent directors to maintain the independence of the Board and to
separate the Board functions of governance and management.
The Board of Directors holds fiduciary position and is entrusted with
the responsibility to act in the best interests of the Company. The Board at its meetings
deliberate and decide on strategic issues including review of policies, financial matters,
discuss on business performance and other critical matters for the Company. Committees
constituted by the Board focus on specific areas and take informed decisions within the
framework of the delegated authority and responsibility and make specific recommendations
to the Board on matters under its purview. Decisions and recommendations of the committees
are placed before the Board for consideration and approval as required.
Composition
In compliance with the provisions of regulation 17(1)(a) of SEBI
Listing Regulations, the board of directors shall have an optimum combination of executive
and non-executive directors with at least one independent woman director and not less than
fifty per cent of the board of directors shall be non-executive directors.
As on March 31, 2023, Board of the Company comprise of six Directors
consisting of Two Executive Directors including One Executive Chairman, three Independent
Directors including One Women Independent Director and One Non-Executive Non-Independent
Director.
Reappointment of Directors Ms. Pooja H. Goyal
Ms. Pooja H. Goyal (DIN: 07813296) was reappointed as an Independent
Director for the second term of 5
(Five) years commencing from December 14, 2022, to December 13, 2027 at
the 14th Annual General Meeting of the Company held on September 07, 2022.
Mr. Sandeep K. Singh
The Board of Directors at their meeting held on May 29, 2023
re-appointed Mr. Sandeep Singh Kumar (DIN: 02814440) as an Independent Director on
the Board of the Company for a second term of 5 (five) consecutive years commencing from
August 23, 2023, subject to approval of members at the ensuing AGM.
Mr. Shantilal J. Mehta
The Board of Directors at their meeting held on May 29, 2023 approved
re-appointment of Mr. Shantilal J. Mehta (DIN: 00134162) as Chairman and Managing Director
of the Company for a period of 3 (three) years with effect from October 01, 2023 subject
to approval of members at the ensuing AGM.
Director Retiring by Rotation Mr. Jayesh N. Mehta
In terms of Section 152 of the Act, Mr. Jayesh N Mehta (DIN: 00510313),
Director, retires by rotation and being eligible, offers himself for re-appointment at the
ensuing
AGM.
Appointment of Directors
1) The Board of Directors at their meeting held on May 29, 2023
appointed Mr. Atul Kumar (DIN: 09045002) as an Additional Director in the category
of Non-Executive-Independent Director for a period of 5 (five) years effect from May
29, 2023 subject to the approval of the members at the ensuing AGM.
2) Appointment of Mr. Dinesh Mohanlal Jain (DIN: 10043560) as an
Additional Director of the Company with effect from May 29, 2023. The Board of Directors
of the Company have further subject to approval of members at the ensuing AGM of the
Company appointed Mr. Dinesh Mohanlal Jain as Whole-Time Director for a period of 03
(Three) years effective from May 29, 2023.
Change in Designation of Director
The Board of Directors at their meeting held on May 29, 2023 approved
the change in designation of Mr. Jayesh N. Mehta (DIN: 00510313) from Non-Executive
Non-Independent Director to Executive Whole-Time Director for a period of 03 (Three) years
with immediate effect subject to the approval of the members at the ensuing
AGM.
` The brief resume of the Directors to be appointed at this Annual
General Meeting and other related information has been detailed in the Notice convening
the 15th Annual General Meeting.
Composition of Board of Directors
The Composition of the Board of Directors of the Company as on March
31, 2023, are as follows:
Name of Director |
DIN |
Designation |
1. Mr. Shantilal J. Mehta |
00134162 |
Chairman and Managing Director |
2. Mr. Nemichand J. Mehta |
01131811 |
Whole-time Director |
3. Mr. Jayesh N. Mehta |
00510313 |
Non- Executive Non-Independent Director |
4. Mr. Ashok K. Thakur |
07573726 |
Non-Executive Independent Director |
5. Mr. Sandeep K. Singh |
02814440 |
Non- Executive Independent Director |
6. Ms. Pooja H. Goyal |
07813296 |
Non-Executive Independent Director |
Declaration by Independent Directors
Pursuant to Section 149(7) of the Act, the Company has received
declarations from all Independent Directors confirming that they meet the criteria of
independence as specified in Section 149(6) of the Act, as amended, read with Rules framed
thereunder and Regulation 16(1) (b) of Listing Regulations. In terms of Regulation 25(8)
of the Listing Regulations, the Independent Directors 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 judgement and without any external influence and that they are independent of
the Management.
The Independent Directors have complied with the Code for Independent
Directors prescribed in Schedule IV to the Act and have also confirmed their registration
with the databank of Independent Directors maintained by the Indian Institute of Corporate
Affairs in compliance with the requirements of the Companies (Appointment and
Qualifications of Directors) Rules, 2014.
Performance Evaluation
Pursuant to the applicable provisions of the Act and the Listing
Regulations, the Board of your Company has carried out an annual evaluation of its own
performance and that of its committees as well as reviewed the performance of the
Directors individually for financial year 2022-23. The performance evaluation of the
Non-Independent Directors and the Board as a whole was carried out by
the Independent Directors. The Independent Directors also carried out evaluation of the
Chairman of the Company, considering the views of the other Non-Executive Directors and
assessed the quality, quantity and timeliness of flow of information between the Company
Management and the Board that is necessary for the Board to effectively and reasonably
perform their duties.
Process of evaluation
Feedback for each of the evaluations was sought by way of internal
structured questionnaires with the Directors and the Committee for accessing the
questionnaires and submitting their feedback/comments. The questionnaires for performance
evaluation are in alignment with the guidance note on Board evaluation issued by the
Securities and Exchange Board of India ("SEBI"), vide its
circular dated 5 January 2017 and cover various attributes/functioning of the Board such
as adequacy of the composition of the Board and its Committees, Board culture, execution
and performance of specific duties etc., based on the criteria approved by the NRC. The
Members were also able to give qualitative feedback and comments apart from the standard
questionnaires.
Results of evaluation
The outcome of the evaluations was presented to the
Board, the NRC and the Independent Directors at their respective
meetings for assessment and development of plans/suggestive measures for addressing action
points that arise from the outcome of the evaluation. The
Directors expressed their satisfaction on the parameters of evaluation,
the implementation and compliance of the evaluation exercise done and the results/outcome
of the evaluation process. The outcome of the evaluations, with the feedback/comments
given by the Board Members are provided in the section titled Report of Corporate
Governance, which forms part of this report.
Familiarisation Program for Independent Directors
The Directors are afforded many opportunities to familiarise themselves
with the Company, its Management, and its operations during their association with the
Company. The Company conducts induction and familiarisation programs for the Directors
joining the Board including site visits, to familiarise them.
All the Independent Directors of the Company are made aware of their
roles and responsibilities at the time of their appointment through a formal letter of
appointment, which also stipulates terms and conditions of their engagement.
The Managing Director, CEO, CFO and the Senior Management provide an
overview of the operations and familiarise the Directors on matters related to the
Companys values and commitments. They are also introduced to the organisation
structure, constitution, terms of reference of the Committees, board procedures,
management strategies etc. Further the Directors are on a quarterly basis apprised on the
powers, role and responsibilities and constitution of the Board Committees, its charter
and terms of reference and changes therein,
Committee meetings held during a quarter. The Board Members are
apprised by the Senior Management at quarterly Board Meetings by way of presentations
which include industry outlook, competition update, company overview, operations and
financial highlights, regulatory updates, presentations on internal control over financial
reporting, succession planning, strategic investment, etc. which not only give an insight
to the Directors on the Company and its operations but also allows them an opportunity to
interact with the Senior Management. The Directors are also informed of the various
developments in the Company.
The details of the familiarization programmes for Directors are
available on the Companys website,viz.http://www.
navkarcfs.com/b/download/familarisation-programmesfor independentdirectors.pdf?v=1.4
Remuneration Policy and criteria for determining attributes,
qualification, independence, and appointment of Directors
In terms of the provisions of Section 178(3) of the Act and Regulation
19 read with Part D of Schedule II to the Listing Regulations, the Nomination and
Remuneration Committee is responsible for formulating the criteria for determining
qualification, positive attributes and independence of a Director. The Nomination and
Remuneration Committee is also responsible for recommending to the Board a policy relating
to the remuneration of the Directors, Key Managerial Personnel, Senior Management
Personnel and other employees. In line with this requirement, the Board has adopted the
Nomination and Remuneration Policy, which is reproduced in Annexure III forming
part of this report.
Salient Features of this policy are as under:-
The Philosophy for remuneration of Directors, Key Managerial Personnel,
Senior Management Personnel and all other employees of the Company is based on the
commitment of fostering a culture of leadership with trust. The remuneration policy is
aligned to this philosophy.
Independent Directors and Non-Independent Non-Executive Directors may
receive sitting fees and such other remuneration as permissible under the provisions of
Companies Act, 2013 and approved by Board of Directors. (for attending the meetings of the
Board and of committees of which they may be members).
Overall remuneration should reflect the size of the company, complexity
of the sector/industry/ companys operations and the companys capacity to pay
the remuneration.
The Nomination and Remuneration Committee will recommend to the Board
the remuneration paid for each director based upon the outcome of the evaluation process
which is driven by various factors including attendance and time spent in the Board and
committee meetings, individual contributions at the meetings and contributions made by
directors other than in meetings.
The extent of overall remuneration to Managing Director / Executive
Directors/ Key Managerial Personnel / rest of the employees should be sufficient to
attract and retain talented and qualified individuals suitable for every role.
The remuneration mix for the Managing Director / Executive Directors is
as per the resolutions approved by the shareholders.
The said policy of the Company has been hosted on the website of the
Company athttps://www.
navkarcfs.com/b/download/policies/nomination-&remuneration-policy.pdf?v=1.3
Directors Responsibility Statement
Based on the framework of internal financial controls (IFCs) and
compliance systems established and maintained by the Company, the work performed by the
internal, statutory and secretarial auditors and external consultants, including the audit
of IFCs over financial reporting by the Statutory Auditors and the reviews performed by
management and the relevant Board
Committees, including the Audit Committee of Directors, the Board is of
the opinion that the Companys IFCs were adequate and effective during FY23.
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of its knowledge and ability, confirm that: a. In the preparation of the annual
accounts for the financial year ended 31st March, 2023 the applicable accounting standards
had been followed and there are no material departures therein; b. They had in
consultation with Statutory Auditors 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 on 31st March, 2023 and of the profitof the Company for the financial year
ended on that date; c. 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;
d. They have prepared the annual accounts on a going concern basis; e. They have laid down
internal financial controls to be followed by the Company and such internal financial
controls were adequate and were operating effectively during the financial year ended 31st
March, 2023; f. They have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively
throughout the financial year ended 31st March, 2023.
Board Meetings
During the period under review, 07 (Seven) Board Meetings were duly
convened and held. The intervening gap between the said meetings were in accordance with
the provisions of Companies Act, 2013 read with relevant Rules made thereunder,
Secretarial Standard-I Issued by Institute of Company Secretaries of India and provisions
of SEBI Listing Regulations. The dates of Board meetings and details of attendance of each
director has been disclosed in the Corporate Governance Report.
Annual General Meeting
The 14th AGM of the Company was held on Wednesday, September 07, 2022
Board Committees
The Committees of the Board focus on certain specific areas and make
informed decisions in line with the delegated authority. The following statutory
committees constituted by the Board function according to their respective roles and
defined scope:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
4. Corporate Social Responsibility Committee
5. Finance and Operation Committee
6. Risk Management Committee
Details of composition, terms of reference and number of meetings held
for respective Committees are given in the Report on Corporate Governance, which forms a
part of this Annual Report.
Audit Committee
As on 31st March 2023, the Audit Committee comprised of Three
Directors, of whom Two Directors, including the Chairman are Independent. All the Members
of the Committee possess strong accounting and financial management knowledge.
Composition of Audit Committee
Details of the composition of the Audit Committee as on 31st March,
2023 is given hereunder
Name |
Category |
Designation |
1 Mr. Ashok K. Thakur |
Non - Executive, Independent Director |
Chairman |
2 Ms. Pooja H. Goyal |
Non - Executive, Independent Director |
Member |
3 Mr. Nemichand J. Mehta |
Whole-Time Director |
Member |
The Company Secretary of the Company acts as the secretary to the
Committee.
Recommendation of Audit Committee
During the period under review, there were no instances of
non-acceptance of any recommendation of the Audit
Committee of the Company by the Board of Directors.
Meeting of Independent Directors
The Independent Directors of the Company meet without the presence of
other Directors or the Management of the Company.
The Meetings are conducted to enable the Independent Directors to,
inter-alia, discuss matters pertaining to review of performance of the Non-Independent
Directors, the Board as a whole and the Chairman of the Company (taking into account the
views of the Non-Executive Directors) and to assess the quality, quantity and
Companys timeliness of flow Management and the Board that is necessary for the
Board to effectively and reasonably perform their duties.
During the financial year under review, the Independent Directors met
on May 19, 2022 and the Meeting was attended by all the Independent Directors of the
Company No sitting fees were paidtotheIndependentDirectorsof is attached in the Corporate
the Company for participating in the said meeting.
Declaration by Independent Directors
In accordance with provisions of Section 149(7) and Schedule IV of the
Companies Act, 2013, and Regulation 16 of the Listing Regulations all the Independent
Directors have submitted the declaration of independence respectively,
confirming that they meet the criteria of independence.
Board, in terms of Regulation 25 of Listing Regulations has examined
the veracity of declarations submitted by respective directors. Further, none of the
Directors are debarred from holding office as Director by virtue of any order of the SEBI
or any other competent authority. The Independent Directors have complied with the Code
applicable for Independent Directors as stipulated under schedule IV of the Companies Act,
2013.
Declaration from Directors and Practicing Professional
Based on the written representations pursuant to provisions of section
164 of the Companies Act, 2013, received from all the Directors of the Company, none of
the directors of the Company is disqualified to act as a Director as on March 31, 2023.
M/s. Mehta & Mehta, Practicing Company Secretaries, also have
certified that none of the Directors of the Company have been debarred or disqualified
from being appointed or continuing as director of the Company by SEBI or MCA or any such
statutory authority. The said certificate
Report, which forms part of this Annual Report.
18. KEY MANAGERIAL PERSONNEL
As on 31st March, 2023, the following persons have been designated as
Key Managerial Personnel ("KMP") of the Company pursuant to the provisions of
Sections 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014:
Name of Director |
PAN/DIN |
Designation |
|
|
|
1. Mr. Shantilal J. Mehta |
00134162 |
Chairman & Managing Director |
2. Mr. Nemichand J. Mehta |
01131811 |
Whole-Time Director |
3. Mr. Dinesh Mohanlal Jain |
ABMPJ0989J |
Chief Executive Officer (Upto February 11,
2023) |
4. Mr. Arun Sharma |
BHEPS6907E |
Chief Executive Officer (From February |
5. Mr. Anish S Maheshwari |
AKEPM0964B |
Chief Financial Officer |
6. Ms. Deepa Gehani |
BTHPG0937P |
Company Secretary&ComplianceOfficer |
19. AUDITORSAND THEIR REPORTS
Statutory Auditor
M/s. Uttam Abuwala Ghosh & Associates (FRN 111184W), Chartered
Accountants, are the Statutory Auditor of the Company appointed by the Members of the
Company at the 11th AGM held on 27th September 2019. M/s. Uttam Abuwala Ghosh &
Associates was appointed for a term of five years commencing from the conclusion of the
11th AGM up to the conclusion of 16th AGM of the Company. The Statutory Auditors have
confirmed their eligibility under Section 141 of the Companies Act, 2013. Further, as
required under the relevant regulation of Listing Regulations the Statutory Auditors had
also confirmed that they had subjected themselves to the peer review process of the
Institute of Chartered Accountants of India (ICAI) and they hold a valid certificate
Review Board of ICAI.
Unmodified Statutory Auditor Reports
The Statutory Auditors Reports on the Annual Audited Financial
Statements for the financial year 2022-23 forms part of this Annual Report and are
unmodified i.e. they do not contain any qualification, reservation, or adverse remark.
Secretarial Auditor
M/s. Mehta & Mehta,PracticingCompanySecretaries, audit observations
are presented to the Mumbai have been appointed as the Secretarial Auditor of the Company
to conduct the audit of the secretarial records of the Company and for providing Annual
Secretarial Compliance Report, Corporate Governance Certifications and other
certifications as may be under the SEBI Listing Regulations.
Annual Secretarial Compliance Report
The Company has obtained an Annual Secretarial Compliance Report for
the financial year ended March 31st, 2023 from M/s. Mehta & Mehta in compliance with
the Regulation 24A of the SEBI Listing Regulations and the SEBI circular CIR/
CFD/CMD1/27/2019 dated 8th February, 2019. The said Report has been submitted to the Stock
Exchanges within the prescribed statutory timelines The Annual Secretarial Compliance
Report in compliance with Regulation 24A of the SEBI Listing Regulations is annexed to the
Report on Corporate Governance and forms part of this report.
Unmodified Secretarial Audit Report and Annual
Secretarial Compliance Report
The Secretarial Audit Report and the Annual Secretarial Compliance
Report for the financial year ended March
31st, 2023 are unmodified i.e. they do not contain any qualification,
reservation, or adverse remark.
The Secretarial Audit Report in Form No. MR-3 as per the provisions of
Section 204 of the Act read with Rules framed thereunder for the financial year ended
March 31st, 2023 is annexed to this Boards Report as
Annexure I and forms part of this Annual Report.
Internal Audit
The Company has in place an adequate internal audit framework to
monitor the efficacy of the internal controls with the objective of providing to the Audit
Committee and the Board of Directors, an independent, objective and reasonable assurance
on the adequacy and effectiveness of the Companys processes.
The Board has appointed M/s. K.V.M.R. & Company (FRN
016531C), Chartered Accountants as the Internal Auditor of the Company.
The Internal Auditor reports directly to the Chairman of the Audit Committee. The Internal
Audit function develops an audit plan for the Company, which covers, inter-alia,
corporate, core business operations, as well as support functions and is reviewed and
approved by the Audit Committee.
The internal audit approach verifies compliance with the operational
and system related procedures and controls.
Significant
Committee, together with the status of the management actions and the
progress of the implementation of the recommendations on a regular basis.
Cost Audit
The provisions of Cost Audit and maintenance of cost records as
specified by the Central Government under Section 148 of the Act read with the Rules
framed thereunder, are not applicable to the Company and hence such accounts and records
are not required to be maintained by the Company.
Reporting of frauds by Auditors
During the financial year under review, the Statutory Auditor and the
Secretarial Auditor of the Company have not reported any instance of fraud committed in
the Company by its officers or employees to the Audit Committee under Section 143(12) of
the Act.
20. RELATED PARTY TRANSACTIONS
All transactions entered by the Company during the financial year
2022-23 with related parties were in compliance with the provisions of the Companies Act,
2013 and Listing Regulations. All such transactions were approved by
the audit committee and the board, from time to time and the same are disclosed in the
financial statements of your company for the year under review.
The Company had obtained prior approval of the Audit Committee for all
the related party transactions during the Financial Year 2022-23 as envisaged in
Regulation 23(2) of the Listing Regulations and Section 177 of the Companies Act, 2013.
Further, the Audit Committee had given prior omnibus approval under
Regulation 23(3) of the Listing Regulations and provisions of section 177 of the Companies
Act, 2013, for related party transactions that are foreseen and of repetitive nature
during the period under review and the required disclosures are made to the committee on
quarterly basis.
The particulars of contracts or arrangements with related parties
referred to in Section 188(1) read with section 134(1)(h) and applicable rules of the
Companies Act, 2013 are provided in the prescribed form AOC-2 as
Annexure II Which forms part of this Report.
The Policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board of Directors of the Company can
be viewed on the website of the Company through the link: http://
navkarcfs.com/b/download/policies/RPT-Policy.pdf
21. CORPORATE SOCIAL RESPONSIBILITY("CSR")
The Company believes that as a responsible corporate citizen, it has a
duty towards society, environment, and the Country where it operates. The Companys
sense of responsibility (which goes beyond just complying with operational and business
statutes) towards the community and environment, both ecological and social, in which it
operates is known as corporate social responsibility.
CSR Committee
The CSR Committee of the Board is constituted in compliance with the
provisions of the Act read with the applicable rules made thereunder.
The CSR Committee of the Company comprised of Three Directors as on
31st March, 2023 as detailed hereunder. The Chairman of the CSR Committee is an
Independent Director and the Company Secretary of the Company acts as the secretary to the
CSR Committee.
Details of the composition of the CSR Committee as on 31st March, 2023 is given
hereunder.
Name |
Category |
Designation |
1 Ms. Pooja H. Goyal |
Non - Executive, Independent Director |
Chairman |
2 Mr. Shantilal J. Mehta |
Chairman & Managing Director |
Member |
3 Mr. Nemichand J. Mehta |
Whole-Time Director |
Member |
The terms of reference of CSR committee has been disclosed in the
Corporate Governance section of Boards
Report and a detailed breakup of expenditure carried out on CSR
activities has been disclosed in the Corporate Social Responsibility Report attached as Annexure
IV of Boards Report.
CSR Policy
On the recommendation of the CSR Committee, the Board of Directors have
adopted and formulated comprehensive Corporate Social Responsibility policy, which sets
out the objective, areas, activities and the manner in which the expenditure on CSR
obligation would be carried out by the Company.
The CSR Policy including a brief overview of the projects or programs
approved by the Board with implementation schedule thereof is uploaded on the Company
website and can be accessed through the weblink https://www.
navkarcfs.com/b/download/policies/CSR-Policy.pdf
CSR Spend
During the financial year under review, the Company has spent INR
1,35,00,000/- (Indian Rupees: One Crore Thirty Five Lakhs Only) towards CSR activities as
stipulated under Schedule VII of the Act (being more than 2% of the average net profits of
the Company during the preceding three financial years). There is no unspent CSR
expenditure as on March 31st, 2023.
Impact Assessment of CSR Projects
The Companys average CSR obligation in the three immediately
preceding financial years does not exceed INR 10 crores. Hence the Company is not required
to undertake impact assessment, through an independent agency in terms of Rule 8(3) (a) of
the Companies (Corporate Social Responsibility) Rules, 2014. However, in line with the CSR
Policy, the Company voluntarily conducts internal assessments, situational analysis, need
assessment surveys, project visits or social audits etc. to monitor and evaluate the CSR
projects of the Company.
Annual Report on CSR
Annual Report on CSR for the financial year 2022-23 including the
salient features of the CSR Policy adopted by the Company is annexed as Annexure IV of
this report and forms part of this Annual Report.
22. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Vigil Mechanism as envisaged in the Act, the Rules framed
thereunder and the SEBI Listing Regulations, is implemented through the Companys
Whistle Blower Policy. The Whistle Blower Policy provides a mechanism for the Directors,
employees and all the stakeholders of the Company to report their genuine concerns and
provides adequate safeguard against victimization to those who use such mechanism.
Pursuant to the Policy, the Whistle Blower can raise concerns relating
to Reportable Matters (as defined in the Policy) such as unethical behavior, breach of
Code of Conduct Policy, actual or suspected fraud, any other malpractice, impropriety or
wrongdoings, illegality, non-compliance of legal and regulatory requirements, retaliation
against the Directors & Employees and instances of leakage of/suspected leakage of
Unpublished Price Sensitive Information of the Company etc. Further, the mechanism adopted
by the Company encourages the Whistle Blower to report genuine concerns or grievances to
the Audit Committee, and provides for adequate safeguards against victimization of
Whistle Blower, who avail of such mechanism and also provides for
direct access to the Chairman of the Audit Committee, in appropriate or exceptional cases.
The Audit Committee oversees the functioning of the same Further, no personnel have been
denied access to the Audit Committee during the financial year under review.
The details of this Policy is explained in the Corporate Governance
Report and also posted on the website of the Company at:
https://www.navkarcfs.com/b/download/ policies/vigil-mechanism-or-whistle-blower-policy.
pdf?v=1.3
There was no instance of such reporting received during the financial
year ended March 31, 2023.
23. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has zero tolerance towards sexual harassment at its
workplace and has adopted a Policy for Prevention of Sexual Harassment in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 ("POSH Act") to provide a safe, secure and enabling
environment, free from sexual harassment. The Policy is gender neutral. Internal
Complaints Committee has been set across regions to redress complaints received regarding
sexual harassment.
During the financial year under review and pursuant to Rule 8(5)(x) of
the Companies (Accounts) Rules, 2014, the Company has complied with the provisions
relating to the constitution of Internal Complaints Committee ("ICC") under the
POSH Act.
The Company periodically conducts sessions for employees across the
organization to build awareness about the Policy and the provisions of Prevention of
Sexual Harassment Act. During the Financial Year 2022-
23, no case in the nature of sexual harassment was reported at any
workplace of the Company.
24. CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements set out by the Securities
and Exchange Board of India. The Company has also implemented several best governance
practices.
The Report on Corporate Governance as stipulated under
Regulation 34 of Listing Regulations, is provided together with a
certificate compliance of conditions of corporate governance as the stipulated under
listing regulations. A certificate Chief Executive Officer and Chief Financial Officer of
the company in terms of Listing Regulations, inter alia, confirming the correctness of the
financial statements and cash flow statements, adequacy of the internal control measures
and reporting of matters to the Audit
Committee, is also annexed. Also a declaration signed by the Chief
Executive Officer stating that members of the board and senior management personnel have
affirmed the compliance vide Code of Conduct of the board and senior management is
attached to the report on corporate governance.
25. BUSINESS RESPONSIBILITY REPORT
As stipulated in Regulation 34(2)(f) of the SEBI Listing
Regulations, the top one thousand listed entities based on market
capitalization shall report Business Responsibility and Sustainability Report on the
environmental, social and governance disclosures, in the format as may be specified by the
Board. During the year under review this report is not applicable to our Company.
26. COMPLIANCE WITH SECRETARIAL STANDARD
The Company complies with all applicable mandatory secretarial
standards i.e. SS-1 and SS-2, relating to "Meetings of the Board of Directors"
and "General Meetings", respectively issued by the Institute of Company
Secretaries of India.
27. ANNUAL RETURN
In accordance with provisions of Section 134 of the Companies Act, 2013
read with applicable rules made thereunder, the Annual Return in the prescribed format is
available on the website of the Company at the link:https://
www.navkarcfs.com/b/download/Annual-Retrun-2023. pdf
28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with the provisions of Section 134(3)(m) of
the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 regarding
conservation of energy, technology absorption and foreign exchange earning & outgo is
given in
Annexure V forms part of this report.
29. CODE OF CONDUCT FOR DIRECTORS AND KMPs
The Board of Directors of the Company has adopted the Code of Conduct
for its Directors and Senior Management Personnel of the Company in compliance with
Regulation 17(5) of the Listing Regulations. For the financial year 2022-23, all Board
members and Senior Management personnel of the Company have affirmed the compliance with
the code as applicable to them and a declaration to this effect signed by the Chief
Executive Officer and forms part of the Corporate Governance Report. The Companys
Code of Conduct for Directors and Senior Management is hosted on the website of the
Company at https://www.navkarcfs.com/b/download/ policies/code-of-conduct.pdf . The
Declaration signed by the Chief Executive Officer stating that members of the board and
senior management personnel have affirmed the compliance vide Code of Conduct of the board
and senior management is attached to the report on corporate governance.
30. PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and amendments thereto,
are provided in the Annual Report and is attached as Annexure VI and forms an
integral part of this Report.
In terms of Section 136 (1) of the Act, the Annual Report and the
Audited Financial Statements are being sent to the Members and others entitled thereto.
The said statement is also available for inspection by the Members at the Registered
Office of the Company during business hours on working days up to the date of the ensuing
AGM.
31. GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these items during the
year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise;
2. The Company does not have any scheme of provision of money for the
purchase of its own shares by employees or by trustees for the benefit of employees;
3. Disclosure with respect to voting rights not exercised directly by
the employees in respect of shares to which the ESOP Scheme relates.
4. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme.
5. The details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the financial year.
6. The details of difference between amount of the valuation done at
the time of one time settlement and the valuation done while taking loan from the
Banks or Financial Institutions along with the reasons thereof.
32. CAUTIONARY NOTE
The statement in the Directors Report and the Management Discussion and
Analysis Report describing the Companys objectives, expectations or predictions, may
be forward looking within the meaning of applicable securities laws and regulations.
Actual results may differ materially from those expressed in the statement. These risks
and uncertainties include the effect of economic and political conditions in India,
volatility in interest rates, new regulations and Government policies that may impact the
Companys business as well as its ability to implement the strategy. The Company does
not undertake to update these statements.
33. ACKNOWLEDGEMENT
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment, in particular during this year.
The Directors place on record their special gratitude towards the front-line employees who
were working in our CFSs/ICD and in the market to ensure timely delivery of services to
the clients.
Your Directors would also like to place on record the sincere
appreciation for the assistance and guidance provided by the Ministry of Corporate
Affairs, the Securities and Exchange Board of India, BSE Limited, the National Stock
Exchange of India Limited, National Securities Depository Limited, Central Depository
Services (India) Limited and the Credit Rating Agencies, Government and other regulatory
Authorities, other statutory bodies,
Companys bankers, Members for the assistance, cooperation and
encouragement and continued support extended to the Company.
Your Directors also gratefully acknowledge all stakeholders of the
Company viz. customers, dealers, vendors, and other business partners for the excellent
support received from them during the year.
|
On Behalf of the Board of Directors |
|
Navkar Corporation Limited |
|
Shantilal J Mehta |
|
Chairman and Managing Director |
|
DIN: 00134162 |
Place: Navi Mumbai |
|
Date: May 29, 2023 |
|
|