N R Agarwal Industries Ltd
Chairman Speech
How would you summarise the industry scenario in FY 2018?
This year the paper industry in India has witnessed an unprecedent boom. Strong
economic growth has been accompanied by equally robust demand for paper. The demand
drivers and growth triggers have come from a combination of factors such as rising income
levels, growing per capita expenditure, rapid urbanisation and a larger proportion of
earning population which is expected to lead consumption and there is enormous potential
for the paper industry in the country. The low per capita paper consumption in the country
also provides a greater window of opportunity in the near long-term.
Additionally, the Chinese Government's move of banning import of several varieties of
waste paper amidst environment concerns, has resulted in a drop in global waste paper
prices. As a result, the prices of recycled paper in China, used for packaging material,
has increased due to short supply of waste paper. Indian manufacturers using waste paper
stand to benefit on account of lower global waste paper prices (on excess supply) and
higher realization for recycled paper.
Could you please elaborate on NRAIL's performance in FY 2018?
Well, this year was another round of commendable performance continuing to lay the
foundation for future growth. All our capacities are operating at 90%+ capacities. We
reported revenues from operations of Rs 1226.17 Cr during the year, an increase of 11.95%
from the previous year and the highest since our inception. We fast-tracked our sales
across the different product lines and reported 12% growth at the EBIDTA level and 81.46%
growth in the net profit after tax level. Our net operating profit and net profit after
tax margins recorded 12.65% and 7.36% respectively. Hence, this year is marked by robust
top-line and bottom-line growth.
What were some of the major initiatives that transpired during the year?
Technological improvement and upgradation of the machineries are two of the major
initiatives that transpired during the year. At NRAIL, we felt that it was imperative to
undertake a major overhaul across all our manufacturing units in order to stay relevant in
today's competitive world as well as ensure future readiness. Leveraging our past
experience of more than four decades in the paper business, we undertook some of the most
decisive initiatives during the year in question towards building a robust future for the
Company. In line with this strategy, we embarked on upgrading our old machines with the
latest state-of-the-art ones. This has been an ongoing work for some time now at NRAIL but
in FY 2018 it picked a great momentum and we invested Rs 53.64 Cr during the year for
technology and machinery upgradation.
Another step that we took during the year was deciding to continue with the newsprint
business. Earlier during the year we had decided to bid adieu to the newsprint segment on
account of higher import cost and shift in user preference to online news platforms which
had been adversely affecting newsprint prices. However, to our pleasant surprise, in the
last few months the newsprint prices have soared to historical highs, reducing the gap
between newsprint and writing printing papers to less than 10%. In the light of this
recent development, the Company is not exiting the newsprint segment in totality.
We also took the decision to fast track the transition of the Company with envisaging
the setting up of a new 600 TPD kraft paper unit. The rationale behind considering kraft
paper as an option is the foresight of a strong demand growth from the packaging sector,
especially the brown-grade. Because of the growing e-commerce business, the packaging
paper and boards (PPB) segment is likely to grow fast. With readily available land space
and infrastructure, this move can provide us with the required impetus for achieving the
next leg of our envisioned future growth.
How is this new project unfolding?
Currently we are at a pretty nascent stage of implementing our vision and the kraft
project is just being looked at as a potential possibility. Recently, we came to an
agreement with Ernst & Young to undertake a techno economic viability study on our
behalf and based on their report we would take our final decision.
How do you see the Indian paper industry shaping up over the next 5 years?
Considering the present per capita paper consumption in India, I see a sea of
opportunity lying ahead of us. With the growing importance of e-commerce business, rising
literacy rates and burgeoning FMCG and packaged food industry, the days ahead for the
Indian paper industry are expected to be phenomenal as the Indian paper industry is likely
to outpace the global industry in terms of growth. Despite increasing digitisation, the
Indian paper industry is expected to clock double digit growth over the next five years.
Moreover, there are some changes in the Chinese market which has restricted their own
production and curtailed their imports of some of the waste paper varieties which is good
news for Indian waste paper consumer mills. Looking at all these factors, I am quite
bullish about the paper industry for the coming years.
How is the Company accelerating towards the future?
We aim to be one of the top five paper mills in India in the near future and all our
investments and strategies are aimed towards achieving this transition. The capital
expenditures we have made over the last few years mean that our plants are more agile, and
our machinery and equipment are up to date. These investments, coupled with process
improvements, also mean we are well prepared to handle more volume and are well positioned
to cater to the growing demands.
How you plan to fund your investments?
The project is expected to cost ~H 4 bn and shall be funded by way of debt and internal
accruals. The exact proportion of debt-accruals shall be determined in due course,
as we move ahead with the project execution.
What is the outlook for the year ahead?
At NRAIL, our outperformance is derived from our strategic focus to be a low cost paper
manufacturer with a growing systemic integration on new technologies and processes. In a
bid to extend our value chain, we intend to explore new opportunities in the kraft paper
manufacture, firmly establishing our status as a multi-product Company.
In line with these statements of intent, we expect to possess one of the highest
recycled paper product manufacturing capacity in India and generate a top line of Rs 2000
Cr in next 5 years with capacities of nearly 500000 TPA. We believe that the
implementation of these capacities and delivery of revenues will not only enhance our
profits but will also enrich our organisational value.
Company Overview
By being agile or nimble footed one can easily adopt to the changes of tomorrow today.
Thus a few recalibrations at different levels across the organisation helped NRAIL to be
ready for the future growth.
We focused on creating a continuous cycle of investment which largely revolves around
the focus areas of fostering product innovation that differentiates our brands, enhancing
our operating excellence that optimises performance.
We focused on developing new product lines within the present eco-system and tried to
move out of the ones which impacted profitability.
We partnered with professionals for maintenance and monitoring of our machineries, thus
helping us eliminate machine idle-time owing to breakdown to a large extent.
We recalibrated the raw material composition for a number of our products, recalibrated
the process and the machines and retrained our employees to the new system.
All this resulted into reduced waste generation, reduced power and water consumption
and most importantly enhanced realisations from the same product line.
Mr. R N Agarwal
Chairman & Managing Director
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N R Agarwal Industries Ltd
Directors Reports
To the
Your Directors are pleased to present the 30th Annual Report together
with the Audited Financial Statements of the Company for the year ended March 31,2023.
FINANCIAL RESULTS
(Rs in lakh)
| Particulars |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
| Revenue from Operations and Other Income |
177,849.74 |
162,793.52 |
| Finance Costs |
1,378.72 |
2,522.67 |
| Gross Profit after Finance Costs but before Depreciation
and Taxation |
18,355.39 |
12,901.05 |
| Depreciation |
3,581.01 |
3,439.85 |
| Profit before Tax and Exceptional Items |
14,774.38 |
9,461.20 |
| Exceptional Items |
- |
- |
| Profit before Tax and after Exceptional Items |
14,774.38 |
9,461.20 |
| Provisions for Taxation |
3,045.74 |
1,657.81 |
| Tax expense of previous year (net) |
- |
- |
| Deferred Tax |
1,798.29 |
1,701.24 |
| Net Profit for the year |
9,930.35 |
6,102.15 |
| Other Comprehensive Income (Net of Tax) |
27.94 |
23.55 |
| Total Comprehensive Income |
9,958.29 |
6,125.70 |
State of Company's Affairs
The financial year 2022-23 was the first year of revival of the economy
post Covid-19 and this is reflected in revival of paper sector in general and working of
the Company as well. We are therefore glad to inform you that, the Company reported record
revenues of R1,766.07 cr as against revenue of R 1,616.51 cr in previous financial year,
showing a growth of 9.25%. The EBIDTA was R197.34 cr as against R154.24 cr in previous
financial year due to improved realisation whereas the profit after tax strengthened to
R99.30 cr as against R61.02 cr in previous year. The overall production was 270,941 MT as
against 304,759 MT in the previous year due to closure of Unit-3 at Vapi.
Material Changes and Commitments affecting financial position of the
Company occurred between March 31,2023 and date of this report
There are no material changes and commitments which affected the
financial position of the Company between March 31,2023 and date of this report.
Number of Meetings of the Board of Directors
There were four meetings of the Company's Board of Directors during the
financial year 2022-23. Details of the meetings are given in the Corporate Governance
Report.
Transfer to reserves
There was no transfer made to the General Reserve.
Dividend Distribution Policy
In terms of Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ('SEBI Listing
Regulations') the Board of Directors of the Company (the 'Board') formulated and
adopted the Dividend Distribution Policy (the 'Policy'). The Policy is available on
our website at https://nrail.com/company_policies.html
Dividend
The Company wishes to retain its profits for future growth and
expansion activities and hence, your Directors decided not to recommend payment of
dividend for the financial year under review.
Credit Rating
The current credit rating of the Company has been re- affirmed to a
Long Term Rating of (ICRA) A Stable and Short Term Rating of (ICRA) A1 for bank loan
facilities aggregating to R775 cr.
Directors and Key Managerial Personnel
Shri Rohan Agarwal, (DIN 08583011) Executive Director, retires by
rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for
re- appointment in terms of the provisions of Section 152 of the Companies Act, 2013.
During the year, the tenure of Shri Rohan Agarwal (DIN 08583011) as the
Whole Time Director completed on November 01, 2022. The Board of Directors approved the
re-appointment of Shri Rohan Agarwal, as Whole Time Director for a further period of three
years with effect from November 04, 2022. The said re-appointment was approved by the
Members of the Company through Postal Ballot which was held on February 23, 2023.
Shri Ashok Kumar Bansal (DIN 07325904) resigned as the Executive
Director from close of July 31, 2023 and the Board appreciates his contribution to the
growth of the Company during his tenure.
Shri P K Mundra (DIN: 10258728) was appointed as an Additional and
Whole Time Director, designated as Executive Director of the Company by the Board of
Directors w.e.f. August 03, 2023 for a period of three years subject to the approval of
members at the ensuing Annual General Meeting. He was also appointed as the Chief
Financial Officer of the Company w.e.f May 11,2023.
Shri R K Bakshi (DIN 00264007) has been re-appointed as an Independent
Director on the Board of the Company, not liable to retire by rotation, for a second term,
w.e.f February 01,2023 to September 30, 2027. The said re-appointment was approved by the
Members of the Company through Postal Ballot held on February 23, 2023.
With a view to strengthen the Board and to meet the regulatory
requirements, the Board of Directors of the Company on the recommendation of Nomination
and
Remuneration Committee recommend the appointment of Shri K L Chandak
(DIN: 00013487) as an Independent Director of the Company to hold office for a period of
five years. The necessary special resolution in this regard is proposed at Item No. 5 of
the notice of ensuing annual general meeting.
Shri Dipankar Rai (PAN AFNPR7894H) resigned as the Chief Financial
officer w.e.f. May 31, 2022. Shri Basant Kumar Bansal (PAN AACPB4928Q) was appointed as
the Chief Financial Officer w.e.f November 04, 2022 and he resigned w.e.f November 30,
2022 due to personal reasons.
There has been no other change with respect to the Directors and Key
Managerial Personnel during the year 2022-23.
Independent Directors Declaration
The Company has received declarations from all Independent Directors
that they meet the criteria of independence as laid out in sub-section (6) of Section 149
of the Companies Act, 2013 and Listing Regulations as amended from time to time and there
has been no change in the circumstances which may affect their status as Independent
Director during the year. In the opinion of the Board, the Independent Directors possess
appropriate balance of skills, experience and knowledge, as required. Further, in terms of
Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors)
Rules, 2014, as amended, Independent Directors of the Company have included their names in
the data bank of Independent Directors maintained with the Indian Institute of Corporate
Affairs.
Audit Committee
The primary objective of the Committee is to monitor and provide
effective supervision of the Management's financial reporting process, to ensure accurate
and timely disclosures with the highest levels of transparency, integrity and quality of
financial reporting. There have been no instances of non-acceptance of any recommendation
of the Audit Committee.
The Committee members met four times during the year under review.
Details of the meetings are given in the Corporate Governance Report including the
Committee's composition.
Vigil Mechanism
The Company has adopted a Whistle Blower Policy dealing with any
instance of fraud or any unethical or improper practices. The policy is available on the
Company's website. A copy of this policy prescribes adequate safeguards against the
victimization of employees who avail of the mechanism and also provide direct access to
the Audit Committee Chairman. It is affirmed that no Company personnel has been denied
access to the Audit Committee. The Whistle Blower Policy (Vigil Mechanism) is uploaded on
the Company's website at http://www.nrail. com/company_policies.html
Procedure for Nomination and Appointment of Directors
The Nomination and Remuneration Committee is responsible for developing
the competency requirements of the Board, based on the industry and the Company's
individual strategy. The Board's Composition Analysis reflects an in-depth understanding
of the Company's strategies, environment, operations, financial condition and
compliance requirements.
The Nomination and Remuneration Committee conducts a gap analysis to
refresh the Board, on a periodic basis, inter- alia on a Director's appointment or
re-appointment, which is envisaged every time. The Committee is also responsible for
reviewing and vetting the CVs of potential candidates' vis-a-vis the requisite
competencies and meeting potential candidates prior to making nomination recommendations
to the Board. At the time of appointment, specific requirements for the position,
including expert knowledge expected, is communicated to the appointee.
Criteria for Determining Qualifications, Positive Attributes &
Independence of a Director
The Nomination and Remuneration Committee has, besides the requisite
qualifications & experience formulated the criteria for determining positive
attributes and independence of Directors in terms of provisions of Section 178 (3) of the
Act and Regulation 19 read with Part D of Schedule II of the Listing Regulations.
Independence: A Director will be considered as an 'Independent
Director' if he/ she meets with the criteria for 'Independent Director' as laid
down in the Act and Regulation 16(1)(b) of the Listing Regulations.
Other factors: A transparent Board nomination process is in place
that encourages thought, experience, knowledge, perspective, age and gender diversity. It
is also ensured that the Board has an appropriate blend of functional and industrial
expertise. While recommending Director Appointments, the Nomination and Remuneration
Committee considers the manner in which the individual function and domain expertise will
contribute to the overall skill-domain mix of the Board.
Positive Attributes: In addition to the duties as prescribed under
the Act, the Directors on the Board of the Company are also expected to demonstrate high
standards of ethical behavior, strong inter-personal relations and communication skills
besides soundness of judgment. Independent Directors are also expected to abide by the
'Code for Independent Directors' as outlined in Schedule IV to the Act.
Remuneration Policy
The Company has adopted the Nomination and Remuneration Committee
Charter which includes the Company's policy on Directors' appointment and remuneration
besides the criteria for determining the qualifications, positive attributes, independence
of a Director and other matters provided under Section 178(3) of the Companies Act, 2013.
Pursuant to Section 178(4) of the Companies Act, 2013, the Company also
adopted remuneration policy relating to remuneration for the Directors, Key Managerial
Personnel and Senior Executives. The remuneration policy is attached as Annexure 1 and is
also available on Company's website http://www.nrail.com/company_policies.html.
Performance Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17
of Listing Regulations, 2015, the Board has carried out the annual performance evaluation
of its own performance as well as the evaluation of the working of its Committees. The
criteria for performance evaluation of the Board and Committees included aspects such as
composition, structure, effectiveness of Board and Committee processes, etc.
A separate exercise was carried out to evaluate individual
Directors' performance including that of the Chairman & Managing Director and
also the Whole Time Directors, who were evaluated on parameters such as engagement level,
contribution, independence of judgment, safeguarding the Company interests and its
minority shareholders etc.
The Board of Directors expresses its satisfaction with the evaluation
process.
Directors' Responsibility Statement
The Directors hereby confirm and declare that:-
(i) in the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanations relating to material
departures;
(ii) they had 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 financial year
ended March 31, 2023 and of the profit of the Company for the year;
(iii) they had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
(iv) they had prepared the annual accounts on a going concern basis;
(v) they had laid down internal financial controls to be followed by
the Company and such controls are adequate and operating efficiently;
(vi) they had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
efficiently.
Internal Control over Financial Reporting
The Company has, in place, adequate internal financial controls
commensurate with the size, scale and complexity of its operations. During the year, such
controls were tested and no reportable material weakness in the design or operations were
observed. The report on the Internal Financial Control issued by the Statutory Auditors of
the Company under the provisions of Companies Act, 2013 is given elsewhere in the report.
Details of Subsidiaries/ Joint ventures/Associates
The Company does not have any subsidiary/ joint ventures/ associates.
Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2023 is available on the Company's website on
http://www.nrail.com/ company_policies.html
Auditors' and Auditors' Report
a. Statutory Auditors
M/s. GMJ & Co., Chartered Accountants, (Firm Registration No.
103429W) have been appointed as the Statutory Auditors of the Company for a second term of
five years at the Annual General Meeting ("AGM") of the Company held on
September 29, 2022, to hold office till the conclusion of the 34th AGM of the Company to
be held in the year 2027. M/s. GMJ & Co., Chartered Accountants, have submitted a
certificate confirming that their appointment is in accordance with Section 139 read with
Section 141 of the Act.
The Auditors' Report for the financial year ended March 31,2023
does not contain any qualification, reservation or adverse remark.
During the year under review, there were no instances of fraud reported
by the auditors, under Section 143(12) of the Companies Act, 2013 to the Audit Committee
or the Board of Directors.
b. Secretarial Auditors
Pursuant to the provisions of Section 204(1) of the Companies Act,
2013, read with the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the Company had appointed M/s. Parikh & Associates, Practising Company
Secretaries for the financial year 2022-23, to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is annexed herewith as Annexure 2.
The Secretarial Audit Report for the financial year ended March 31,
2023 does not contain any qualification, reservation or adverse remark.
c. Cost Auditors
M/s V.J.Talati & Co., Cost Accountants, had been appointed to
conduct Cost Audits for all the units of the Company for the year ending March 31,2023 in
terms of Section 148 of the Act read with Companies (Audit and Auditors) Rules, 2014 and,
as required, Cost Audit
Report for the financial year 2021-22 was duly filed with Ministry of
Corporate Affairs, Government of India on June 14, 2022.
The Cost Audit of the Company for the financial year ended March 31,
2023 was conducted by the said firm and the report shall be filed with the Ministry of
Corporate Affairs within the prescribed timelines.
Technology Absorption, Energy Conservation & Foreign Exchange
Earnings & Outgo
Particulars of conservation of energy, technology absorption and
foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are given in
Annexure 3 attached and forms part of this Report.
Particulars of Employees & Related Disclosures
The information required under Section 197(12) of the Act read with
Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is furnished in Annexure 4.
The information required under Rule 5(2) and (3) of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the
Annexure forming part of the Report. In terms of the first proviso to Section 136 of the
Act, the report and accounts are being sent to the shareholders excluding the aforesaid
Annexure. Any shareholder interested in obtaining the same may write to the Company
Secretary at the registered office of the Company.
Public Deposits
The Company has not accepted any deposits from the public during the
year under review. No amount on account of principal or interest on deposits from the
public was outstanding as on March 31,2023.
Significant and Material Orders passed by the Regulators
During the year under review, no significant and material orders were
passed by the regulators or courts or tribunals impacting the going concern status and the
Company's operations.
Particulars of Loans, Guarantees or Investments
The Company has not made any loans, guarantees, investments covered
under provisions of Section 186 of the Companies Act, 2013.
Related Party Transactions
'Particulars of transactions with Related Parties' pursuant to
Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014
are given in Form AOC- 2 and the same forms part of this report as Annexure 5.
There are no materially significant related party transactions made by
the Company with promoters, key managerial personnel or other designated persons which may
have potential conflict with interest of the Company at large.
The Board of Directors have approved a policy on related party
transactions which is placed on the Company's website at the web link:
http://www.nrail.com/ companypolicies.html
Risk Management
Pursuant to Section 134(3)(n) of the Companies Act, 2013 and relevant
provisions of Listing Regulations, the Company has adopted Risk Management Policy for
identification and implementation of Risk Mitigation Plan for the Company. The Company has
laid down appropriate procedures to inform the Board about the risk assessment and
minimization procedures. The Board periodically revisits and reviews the overall risk
management plan for making desired changes in response to the dynamics of the business.
Corporate Social Responsibility (CSR) Initiatives
Section 135 of the Companies Act, 2013 mandates every Company having a
minimum net worth threshold limit, turnover or net profit, as prescribed, to constitute a
Corporate Social Responsibility Committee, formulating a Corporate Social Responsibility
Policy that shall indicate activities to be undertaken by the Company as specified in
Schedule VII to the Companies Act, 2013 and duly approved by the Board as well as fix the
amount of expenditure to be incurred on the activities and monitor the CSR Policy from
time to time.
Since your Company falls within the minimum threshold limit, it has
constituted a CSR Committee of the Board and formulated a CSR Policy. The focus areas of
CSR Policy are education, preventive health care, sanitation, environment and engagement.
During the financial year 2022-23, the
Company has spent a total amount of R2.50 cr towards CSR initiatives.
The CSR Report, forming part of this Report, is furnished in Annexure
6.
Corporate Governance & Management Discussion & Analysis
The Corporate Governance Report and Management's Discussion &
Analysis Report and the Auditor's Certificate regarding compliance with conditions of
Corporate Governance, forms part of the Annual Report.
Listing Fees
The Company has paid the listing fees to BSE and NSE for the year
2022-2023.
Insider Trading Regulations and Code of Disclosure
The Board of Directors have adopted the Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Code of
Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by
Insiders in accordance with the requirements of the SEBI (Prohibition of Insider Trading)
Regulation, 2015 which is available on our website at the web link https://
www.nrail.com/company_policies.html
Secretarial Standards
The Directors have devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards and that such systems are adequate and
operating effectively.
Human Resources
There is a continuous effort to improve the working environment with
focus on employee well-being and capability building to enable them to perform at their
best for the Company. The Company develops leaders at global platforms at regular
intervals as a part of its commitment to engage and retain talent. The Company offers
robust leadership development efforts to hone employee skills and help keep the Company
ahead of the curve.
People are the real strength of the Company while pursuing
best-in-class performance. The Company is significantly increasing investment in its
employees with training and development. NRAIL invests in training and knowledge at all
levels in order to align employees with requirements on safety, customer support, market
needs, operational excellence, technology upgradation, process improvements, innovation
and behavioral competencies.
Disclosure under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with
the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 (POSH Act) and rules made thereunder. All employees (permanent,
contractual, temporary and trainees) are covered under this policy.
The Company has not received any complaint of sexual harassment during
the financial year 2022-23.
The Company has complied with the provisions relating to constitution
of Internal Complaints Committee under POSH Act.
There was no application made or proceeding pending against the Company
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.
Acknowledgements
Your Directors place on record their deep appreciation of the employees
at all levels for their hard work, dedication and commitment. The enthusiasm and
unstinting efforts of the employees have enabled the Company to remain an industry leader.
Your Directors also take this opportunity to thank all the Shareholders, Clients, Dealers,
Vendors, Banks, Government and Regulatory Authorities for their continued support and
confidence in the Company's Management.
|
On behalf of the Board of Directors |
| Place: Mumbai |
R N AGARWAL |
| Date: August 03, 2023 |
Chairman & Managing Director |
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