National Fertilizer Ltd
Directors Reports
To,
Dear Members,
On behalf of the Board of Directors of your Company, I have the pleasure in presenng
the 49 Annual Report on the business and operaons of the Company together with the Audited
Financial Statements including Consolidated Audited Financial Statements of the Company
for the Financial Year 2022-23 and the Auditors' Reports and Comments of Comptroller &
Auditor General of India (C&AG).
During the year, company achieved the Pro t before Tax of Rs. 609.77 crore as against
Pro t before Tax of Rs.144.82 crore during CPLY. PBT has increased mainly due to increase
in profit on Urea due to energy norms extension, higherproducon and sale of Urea, sales of
Bentonite Sulphur and industrial products.
The energy consumpon per MT of Urea at NFL plants during 2022-23 was as follows:
(Gcal/MT/Urea)
|
|
Actual Energy |
Units |
Energy Norms for 2022-23 as per NUP-2015 |
2022-23 |
2021-22 |
Nangal |
6.500 |
6.274 |
6.523 |
Panipat |
6.500 |
6.334 |
7.048 |
Bathinda |
6.500 |
6.357 |
6.559 |
Vijaipur I |
5.860* |
5.620 |
5.817 |
Vijaipur II |
5.500 |
5.426 |
5.736 |
* As per DoF OM dated 18.11.2022.
Energy consumpon per MT of Ur ea at all Units was less than energy norms ll FY 2022-23
fixed by GOI under New Urea Policy 2015 with extension with extended period upto March,
2023 for Nangal, Panipat, Bathinda and Vijaipur-I Units.
Financial Highlights
Your Company's key financial parameters during the year 2022-23 and important financial
highlights are as under:-
( Rs. in crore)
Sr. No. Particulars |
2022-23 |
2021-22 |
01. Sale of Urea quanty in (LMT) |
39.96 |
34.58 |
02. Sale quanty of tr aded Ferliz ers (LMT) |
26.76 |
20.02 |
03. Sale of Urea own |
2091.45 |
1807.11 |
04. Subsidy on Urea |
17023.48 |
8764.85 |
05. Total Sales of Urea (3+4) |
19114.93 |
10571.96 |
06. Sale of other products including subsidy |
10238.27 |
5032.00 |
07. Sales Turnover (5+6) |
29353.20 |
15603.96 |
08. Sale of Services |
28.94 |
18.96 |
09. Other Operang R evenue |
234.38 |
234.17 |
10. Revenue from operaons (7+8+9) |
29616.52 |
15857.09 |
11. Other Income |
192.62 |
25.61 |
|
|
( Rs. in crore) |
Sr. No. Particulars |
2022-23 |
2021-22 |
12. Total Income (10+11) |
29809.14 |
15882.70 |
13. Total Expenses |
28544.89 |
15270.37 |
14. Earnings Before Interest, Depreciaon and Taxes (EBIDTA)[12-13] |
1264.25 |
612.33 |
15. Interest |
301.64 |
132.96 |
16. Depreciaon |
352.84 |
334.55 |
17. Pro t Before Exceponal Item and Tax (14-15-16) |
609.77 |
144.82 |
18. Exceponal Item |
- |
- |
19. Pro t Before Tax (PBT) (17-18) |
609.77 |
144.82 |
20. Provision for tax |
153.67 |
36.62 |
21. Pro t Aer Tax (PAT) (19-20) |
456.10 |
108.20 |
22. Other Comprehensive Income (Net of Tax) |
3.56 |
1.90 |
23. Total Comprehensive Income (21+22) |
459.66 |
110.10 |
RESERVES
Capital Reserves
The balance as at 31.03.2023 amounted to Rs.2.51 crore, which is at the same level as
was in the previous year.
Corporate Social Responsibility
Corporate Social Responsibility (CSR) fund stood at Nil as on 31.03.2023 as compared to
Nil on 31.03.2022. Report on CSR is appended as Annexure- 5 forms part of this
report.
General Reserves
During the year, an amount of 1.05 crore was adjusted from the General Reserve. The
general reserve as on 31.03.2023 stood at 331.84 crore.
Surplus
The balance retained in the surplus as at 31.03.2023 is 1948.90 crore as compared to
1489.24 crore during the previous year.
Dividend
The Board of Directors declared interim dividend for the year 2022-23 1.53 (15.30%) per
share which has been paid by the Company in June, 2023. Further, the Board of Directors
has recommended Final Dividend of 1.26 (12.60%) per equity share of Rs.10 each on the paid
up equity share capital of the Company for the Financial Year 2022-23 which shall be paid
a er approval of the Shareholders at the Annual General Meeng.
Major events during the year
State of A airs of the Company and Change in the nature of Business
During the FY 2022-23, Company has achieved sale of ferlizers to the tune of 66.72 LMT
comprising of 39.96 LMT of own Urea, 5.36 LMT of imported Urea and 8.39 LMT of RFCL Urea
and 13.01 LMT of non-Urea Ferlizers and against corresponding period last year (CPLY) of
54.60 LMT that comprised of 34.58 LMT of own Urea, 8.86 LMT of imported Urea and 3.69 LMT
of RFCL Urea, 7.47 LMT of Non-Urea Ferlizers. NFL has achieved growth of more than 22% in
total ferlizer sale during the year with respect to CPLY. Further, sales con tribuon from
other than own manufactured Urea of the company increased to around 35% during the year as
compared to 32% of the CPLY.
Your Company has achieved the producon & sale of cer ed seeds to the tune of 1.60
Lakh Quintals. The sale of Bio-Ferliz ers & City Compost of 700 MT & 22071.25 MT
respecv ely achieved during the year.
Your Company has achieved the ever highest producon of Urea of 39.35 LMT, ever highest
sale of all ferliz ers of 66.72 LMT, ever highest sale of Agro-chemicals of 2213.758
KL/MT. Your company has achieved ever highest producon & sale of Bentonite Sulphur to
the tune of 22302 MT & 20910 MT respecv ely. Vijaipur Unit dispatched ever highest
Bio-ferliz ers to the tune of 756 MT. Your company has also sold 19,833 MT PDM (Potash
Derived Molasses) during the year.
On the new investment front, your Company has commissioned its third Seed Processing
Unit (SPU) at Indore in April 2023.
The seng up of an Agrochemicals plant at Bathinda is in advance stage and is likely to
be commissioned shortly.
Your Company has also added some more products such as Potash derived from Molasses
(PDM) in its basket during the year.
The revival of 2nd stream of Nitric Acid plant at Nangal completed during October 2022.
Your company has signed MoU for manufacture of Nano Ferliz ers with IFFCO. TEFR has
been Finalized for manufacturing Nano Urea and EPMC consultants are being lined up. Public
Hearing conducted on 27-04-2023 and revised EIA report is being submi ed to MoEF & CC
for grant of Environment Clearance.
Material changes and commitments
No material changes and commitments have occurred between the date of the Balance Sheet
and the date of the
Board's Report a ecng the financial posion of the Company.
Details of revision of Financial Statements or Board's Report
Company has not revised Financial Statements or Board's Report in respect of any of the
three preceding financial years. Company has re-casted/restated Financial Statement as on
31.03.2022 and as on 01.04.2021.
General Information
a) Brief history of the Company, overview of the industry and important changes in the
industry during the last financial year
NFL was incorporated on 23rd August 1974 at New Delhi. It has an authorized share
capital of 1000 crore and paid up and subscribed share capital of 490.58 crore out of
which Government of India's share is 74.71% and 25.29% share is held by financial
instuons, public & others.
The Company has ve gas based Urea plants viz. Nangal & Bathinda plants in Punjab,
Panipat plant in Haryana and two plants at Vijaipur in Madhya Pradesh with a total annual
revamped capacity of 35.68 LMT (Annual Re- assessed capacity - 32.31 LMT) of Urea. The
company also has a Bio- Ferliz ers Plant at Vijaipur with annual capacity of 700 tonnes
and a Bentonite Sulphur plant of 25000 MT per annum at Panipat Unit. It also manufactures
other allied Industrial products like Nitric Acid, Ammonium Nitrate, Sodium Nitrate &
Nitrite from its Nangal Unit and undertakes import & sale of other ferliz ers like
DAP, MoP, NPKS along with domesc trading of various agro-inputs like cer ed seeds,
agrochemicals, City Compost, SSP etc. through its exisng vast dealer's network under
single window concept. The Company has also been producing and selling its own cer ed
Seeds under company's agship Seed Mulplic aon Program (SMP).
The Company has three Seed Processing Units (SPUs) at Bathinda, Panipat and one at
Indore commissioned on April'2023. The company also revived 2 Stream of Nitric Acid plant
at Nangal on October'2022. The Company is also seng up an Agrochemicals plant at Bathinda
and doubling capacity of Bio-Ferliz ers plant at Vijaipur, which are expected to be
commissioned in the F.Y. 2023-24.
Overview of the industry and important changes thereof during the last financial year
forms part of Management Discussion & Analysis Report.
b) Brief description of business segments and geographic segments;
Business Segment
In the light of present diversi ed business acvies vis-a-vis IND AS 108 on Segment
Reporng following operang segments have been considered for Segment Reporng for the Annual
Accounts for the FY 2022-23:
i) Own Ferliz ers (Urea, Bio Ferliz ers and Bentonite Sulphur).
ii) Ferliz ers Trading (Indigenous and Imported).
iii) Other Products & Services (Industrial Products, Agro Chemicals, Traded Seeds,
Seeds under Seeds Mulplic aon Programme etc.).
Geographic segments
The operaon of the company is conducted within India and there is no separate
reportable geographic segments.
c) External environment and economic outlook;
Details of external environment and economic outlook are given in Management Discussion
& Analysis Report.
d) Induction of strategic and financial partners during the last financial year
No new strategic and financial partners have been inducted during the last financial
year.
Capital Structure
Preference and Equity Shares
Company has not issued any equity shares or preference shares during the year.
Equity Shares with Differential Rights
During the financial year, Company has not issued any equity shares with differenal
rights as to dividend, vong or otherwise.
Employees Stock Option
During the financial year, Company has not issued any employees stock opon.
Shares to Trustees for benefit of employees
Company has not introduced any scheme(s) for purchase/subscripon of the Company's
shares to be held by trustees for the benefit of employees.
Other securities which carries right of conversion into equity shares
During the financial year, Company has not issued any securies, which carries a right
or opon to convert such securies into equity shares.
Details of Deposits
The Company has not accepted any deposits during the year.
Credit Rating
During FY 2022-23, the credit rang of the Company was maintained with two credit rang
agencies as under:
Rated Amount ( Rs. in crore)
Instruments |
|
ICRA |
|
|
INDIA RATINGS |
|
|
Credit Ratings |
Limits |
Credit Ratings |
Limits |
Credit Ratings |
Limits |
Credit Ratings |
Limits |
|
2021-22 |
2022-23 |
2021-22 |
|
2022-23 |
|
|
Long Term Fund Based Working Capital Facilities |
|
|
|
Cash Credit |
[ICRA] AA-(Stable) |
4000 |
[ICRA] AA-(Stable) |
9000 |
IND AA/ Stable |
4000 |
IND AA/ Stable |
9000 |
Term Loan |
[ICRA] AA-(Stable) |
1044 |
[ICRA] AA-(Stable) |
1044 |
- |
- |
|
|
ECB |
[ICRA] AA-(Stable) |
- |
|
|
IND AA-/ Stable |
- |
|
|
|
|
Short Term Fund Based Working Capital Facilities |
|
|
|
Commercial Papers |
[ICRA] A1+ |
4000 |
[ICRA] A1+ |
4000 |
[IND] A1+ |
4000 |
[IND] A1+ |
|
|
|
Short Term Non Fund Based Working Capital Facilities |
|
|
|
LC/BG |
[ICRA] A1+ |
3000 |
[ICRA] A1+ |
9600 |
[IND] A1+ |
2000 |
[IND] A1+ |
9600 |
During the year, the Credit Rang of the Company had been reviewed by both the agencies
and it was upgraded as shown above in the table.
Buy-Back of Securities
Company has not introduced Buy-Back of its securies during the year.
Sweat Equity
Company has not issued any Sweat equity shares in terms of Rule 8 of the Companies
(Share Capital and Debentures) Rules, 2014.
Disinvestment of GOI Equity
There was no disinvestment of Government of India Shareholding during the Financial
Year 2022-23. However, Department of Investment and Public Asset Management (DIPAM),
Ministry of Finance, Government of India had appointed Legal Advisors, Merchant Bankers
and Selling Brokers for the disinvestment of 20% paid up equity capital in Naonal Ferliz
ers Limited (NFL) out of Government of India's Shareholding through the "O er for
sale by promoters through the Stock Exchanges". In this regard, investor meet had
been held from 12th December, 2022 to 15th December, 2022 in Singapore and from 16
January, 2023 to 17 January, 2023 in Mumbai.
Statement of deviation(s) or variation(s)
Company has not offered public issue, rights issue, preferenal issue etc. during the
year and there is no requirement to submit statement of deviaon(s) or variaon(s).
Foreign Exchange Earnings/Outgo
The Foreign Exchange earned in terms of actual in flows during the year were 32.10
crore and the Foreign Exchange outgo during the year in terms of actual oulow amounted to
8425.84 crore.
Borrowings
Long Term Loans
To meet the funding requirement for energy saving and capex schemes, Company has
entered into a Rupee Term Loan Agreement with SBI on 24.12.2018 for 1044 crore. Long term
net borrowings as on 31.03.2023 were 534.71 crore outstanding against Rupee Term Loan.
Further, the said term loan has been fully repaid on 09.05.2023.
Short Term Loans
Short Term borrowings of 3456.22 crore (previous year 2539.83 crore) were outstanding
as on 31.03.2023.
Debt Equity Ratio
Debt equity rao as on 31.03.2023 has increased to 1.44:1 as compared to 1.37:1 of
previous year due to increase in borrowings.
Revenue
The Company has achieved Revenue from Operaons of 29616.52 crore during 2022-23 as
against 15857.09crore during previous year and total income of 29809.14 crore during
2022-23 as against 15882.70 crore during previous year as detailed below:
( Rs. in crore)
Particulars |
2022-23 |
2021-22 |
Change |
Sale of products (including subsidy) |
29353.20 |
15603.96 |
13749.24 |
Sale of services |
28.94 |
18.96 |
9.98 |
Other Operang r evenue |
234.38 |
234.17 |
0.21 |
Revenue from operaons |
29616.52 |
15857.09 |
13759.43 |
Other income |
192.62 |
25.61 |
167.01 |
Total Revenue |
29809.14 |
15882.70 |
13926.44 |
Urea and other fertilizers
Your Company has registered ever highest Urea producon of 39.35 LMT with an overall
capacity uliz aon of 121.81% during 2022-23 against 35.23 LMT achieved during 2021-22
(CPLY).
Company achieved ever best Bentonite Sulphur producon of 22302 MT against CPLY of 17076
MT achieving a growth of around 31%.
On the sales front, the Company has sale of Ferliz ers of 66.72 LMT that includes sale
of 39.96 LMT of own Urea, 5.36 LMT of Imported Urea, 8.89 LMT of RFCL Urea, 13.01 of
Non-Urea Ferliz ers including 0.22 LMT (22071 MT) of Compost during 2022-23 surpassing
previous best of 54.60 LMT during 2021-22 which includes sale of 34.58 LMT of own Urea,
8.86 LMT of Imported Urea, 3.69 LMT of RFCL Urea, 7.47 LMT of Non-Urea Ferliz ers
including 0.27 LMT (26647 MT) of Compost.
The detailed quanty of br eak-up of sale of urea and other ferliz ers is as under:
(Lakh MT)
Product |
2022-23 |
2021-22 |
Change |
1.Manufactured |
|
|
|
a) Urea |
39.96 |
34.58 |
5.38 |
b) Bentonite Sulphur |
0.21 |
0.17 |
0.04 |
c) Bio-Ferliz ers |
0.01 |
0.01 |
0.00 |
2.Traded Goods |
|
|
|
a) Imported |
12.17 |
6.41 |
5.76 |
b) Indigenous |
14.37 |
13.43 |
0.94 |
Total Fertilizers |
66.72 |
54.60 |
12.12 |
Industrial Products
During the year 2022-23, the company produced & sold Industrial Products to the
tune of 132271 MT & 139475 MT (comprising of Nitric Acid, Sodium Nitrite / Nitrate,
Ammonium Nitrate and Ammonia) respecv ely against CPLY of 109973 MT & 146383 MT.
The Company registered sale of Nitric Acid of 81108 MT during 2022-23 as compared to
previous sale of 64008 MT during 2021-22. The Company also recorded sale of Ammonium
Nitrate to the tune of 26039 MT during 2022-23 as compared to sale of 24029 MT achieved
during 2021-22.
In terms of revenue generaon from producon and sale of Industrial products, the Company
achieved sale of Industrial-Products (IP) comprising of Nitric Acid, Sodium Nitrate, etc.
to the tune of Rs. 748.71 crore during 2022-23 against CPLY of Rs. 569.15 crore during
2021-22.
Bio-Fertilizers
The Company sold 700 MT of Bio-Ferliz ers (Solid & Liquid) to the tune of Rs. 2.51
crore in F.Y. 2022-23 as against 745 MT of Rs. 2.53 crore during CPLY.
Import & sale of Fertilizers
The Company sold 12.17 LMT of imported non-Urea Ferliz ers including DAP, MoP, APS, NPK
etc. worth Rs. 8224.01 crore during 2022-23 against 6.41 LMT worth Rs. 3265.85 crore
during 2021-22. Apart from the above, NFL also sold 5.36 LMT of Urea imported in
Government Account in FY 2022-23 against 8.86 LMT during 2021-22 .
Domestic Trading of Agro Products
The Company has registered total revenue of 288.12 crore towards trading of various
agro products such as seeds, pescides & compost and RFCL ammonia during the year
against 219.57 crore during CPLY.
Gross Sale Composi on
Item |
% of total Sale Composition |
% Increase/(Decrease) |
|
2022-23 |
2021-22 |
|
Urea (manufactured) |
65.12 |
67.75 |
(2.63) |
Other Products |
34.88 |
32.25 |
2.63 |
Owing to progressive shi in strategy of the Company, the composion of gross sale of the
Company has undergone visible change. Against the Urea (main product) contribuon of 94.49%
in the overall revenue of the Company during 2015-16, Urea contribuon has reduced to
65.12% while contribuon of non-Urea business has increased to 34.88 % during 2022-23.
Agriculture Extension Activi es
Agriculture is the main source of livelihood for the farmers, which include crops,
animals and allied acvies. Agriculture Extension Acvies are being undertaken by your
Company by educang farmers on efficient use of all agro-inputs along with total know-how
on improved and scien c methods of culv aon.
Dealers/Retailers are important link between the Company and the farmers. They are key
change agents in mov ang farmers to use ferliz ers in a balanced manner. During the year
2022-23, 49 Dealer's/Retailer's Orientaon Programmes were conducted and more than 2100
dealers/ retailers were facilitated by upgrading their knowledge regarding ferliz ers/
agro products and improved crop pracces so that latest informaon can be disseminated at
point of purchase to the farmers. Informaon on Bio-ferliz ers and City Compost has also
been given in each and every training programme.
Your Company has always laid emphasis on uplimen t of farming community by educang them
on various aspects of crop producon, animal husbandry and other allied agriculture
sectors. 41 Farmer Training programmes were organized during 2022-23 and more than 2400
farmers got benefited. Through these educaonal programmes, farmers were sensiz ed to
issues related with soil ferlity status including de ciency of various nutrients, their
remedy to increase ferliz er use efficiency and maximize yields. The farmers have also
been educated on benefits of long term usage of Bio-ferliz ers and City Compost through
these programmes.
Agriculture Universies, Research Staons, KVKs are the knowledge centres for latest
farming techniques, new and high yielding crop variees, innovav e technologies in
agriculture and allied agriculture sectors etc. During the year with the objecv e to
promote balanced and sustainable use of ferliz ers, soil analysis, methodology of
applicaon of different ferliz er, new technologies etc., an opportunity was given to the
farmers to pracc ally visit the above places by organizing farmers visit to nearby
Agriculture University/Research Staon/ KVKs. More than 800 farmers got bene ed through 12
programmes during the year 2022-23.
During the year 2022-23, total 230 demonstraons had been laid out at farmers' elds to
demonstrate benefits of use of new Bio-ferliz ers (Zn/K solubilizing), City Compost,
Bentonite Sulphur and water soluble NPK ferliz er on crop growth and yield as compared to
farmer's own pracces. 240 Field days were organized in the demonstraon elds and more than
12300 farmers got bene ed from such programmes.
Your Company is playing a vital role in supporng farmers by undertaking soil analysis
for macro and micro nutrients through its 6 Stac and 5 Mobile Soil Tesng Labs (MSTLs) in
various States. Based on the analysis, farmers are advised on soil ferlity management
through raonal use of manure, ferliz ers and other inputs to make agriculture more producv
e and sustainable. During the year, around 30000 soil samples were collected &
analysed for macro and micro nutrients and recommendaons were given to the farmers.
During the year 2022-23, your Company connued its endea vour to render soil tesng ser
vices at all the farmers' doorstep by organizing soil tesng campaigns. During these
campaigns, services of our Mobile Soil Tesng Vans and laboratory sta were suitably uliz ed
for collecng soil samples by demonstrang the correct method of sampling to the farmers and
by offering on the spot soil analysis and advisory on the basis of soil test results.
Other than this, 30 Jeep campaigns were organized in the States of Punjab, Haryana,
Rajasthan, HP, UP, MP, AP and Telangana. Through these campaigns, farmers were given
informaon on new products launched by the Company and its usage and benefits. More than
11,000 farmers got bene ed by these programmes.
Parcipa on in agr o exhibions and univ ersity Kisan Melas is very e ecv e way to
communicate directly with the farmers and also to interact with sciens ts and experts from
various agricultural elds. During the year 2022-23, your Company parcipa ted in 39 Krishi
Melas/Agriculture Exhibions organized by leading Agriculture Universies, Agriculture
Departments etc. in the States of Punjab, Haryana, UP, U arakhand, Bihar, MP, Chhasg arh,
Rajasthan, AP and Telangana which was a ended by more than 77,000 farmers.
As per guidelines of Department of Ferliz ers (DoF) dated 24.08.2022 and with the
objecv e to provide all the agricultural inputs and services to the farmers under one roof
along with soil tesng and advisory ser vices, 22253 ferliz er retailer shops were
allocated to your Company all across its markeng territory to convert the same into
Pradhanmantri Kisan Samridhi Kendras (PMKSKs). Total 8719 PMKSKs has been converted into
PMKSKs so far by pung up a fascia in the shops. However, installaon of Fascia, Smart TVs
and other facilies as per DoF guidelines dated 24.08.2022 in the remaining retailer's
shops is under progress.
Your company has also signed a Memorandum of Understanding (MoU) with CSK H.P.
Agriculture University, Palampur, H.P. for establishing NFL professor chair in the
department of soil science with an objecv e of developing technologies on precision
agriculture, judicious use of ferliz ers and improving scien c methods of culv aon to
enhance soil health and producvity . The MoU also mandates to promote use of Ar cial
Intelligence (AI), Informaon and Communicaon Technologies (ICT) for nutrient and water
management.
As per Government direcons, ve Nos. of agricultural Drones were procured by NFL in the
month of January 2023. Since installaon, NFL is organizing programs on regular basis in
its Markeng territory to popularize the use of Agricultural Drone among the farmers and
generate the awareness.
Projects
The details of the projects including capital expenditure envisaged are given in the
Management Discussion & Analysis Report.
Management Discussion & Analysis Report
Management Discussion & Analysis Report covering business prospects including
modernizaon, diversi caon, investments, markeng plans, raw materials, human resource,
internal management controls including financial performance review, government policies
and other factors having impact on the performance of the Company operaons and future
outlook of the Company is appended as Annexure-1 to this Report.
Business Responsibility and Sustainability Report
SEBI vide circular no. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10.05.2021 had introduced
the "Business responsibility and sustainability reporng by listed enes" , which
introduces new reporng requirements on Environment, Social and Governance parameters [ESG
parameters] called the Business Responsibility and Sustainability Report (BRSR). The
reporng as r equired under Regulaon 34 of SEBI (L ODR) Regulaons, 2015 w as amended for
the listed enes and the same shall be mandatory for the top 1000 listed companies (by
market capitalizaon) with effect from the financial year 2022-2023.
Your Company in adherence to the circular had prepared the Business Responsibility and
Sustainability Report for the financial year ended March 31, 2023 and the same is appended
as Annexure-2 to this Report. Business Responsibility and Sustainability Policy is
available on the website of the Company at www.naonalf erliz ers.com.
Stakeholders' relationship
Details of stakeholders' relaonship are given in the Business Responsibility and
Sustainability Report annexed to this Report.
Customers' relationship
Details of customer relaonship ar e given in the Business Responsibility and
Sustainability Report annexed to this Report.
Corporate Governance
The Company is commi ed to maintain the highest standards of Corporate Governance being
the fountain head of value creaon for all stakeholders especially shareholders. The
Company has in place a well-de ned "Corporate Governance Mechanism" which
considers the interest of all stakeholders.
Pursuant to SEBI (LODR) Regulaons, 2015 (as amended from me to me) and DPE Guidelines
on Corporate
Governance, a report on Corporate Governance is appended as Annexure-3 which
forms part of this Report.
The Secretarial Auditor of the Company have examined and cer ed Company's compliance
with respect to condions enumerated in SEBI (LODR) Regulaons, 2015 and DPE guidelines on
Corporate Governance. Secretarial Auditor's Cer c ate on Corporate Governance and
explanaons of the Management to Secretarial Auditors' observaons during the year 2022-2023
is appended as Annexure-4 which forms part of this Report.
Parliamentary Commi ees during 2022-23:
The following Parliamentary Commi ee interacted with the Company during the year
2022-23:
1. Study visit of the Standing Commi ee on Chemicals and Ferliz ers to Srinagar, Pune,
Mumbai and Ahmedabad from 10th June, 2022 to 15th June, 2022.
2. Study visit of Commi ee on Public Undertakings (COPU) to Chennai and Bhubaneshwar
from 9 to 12th January, 2023 regarding Corporate Governance.
Material Orders of Regulators
Following regulatory orders issued for implementaon may affect/ have affected the
operaons of the plants:
1.0 Amendment in import policy of Urea
Directorate General of Foreign Trade, Department of Commerce, Ministry of Commerce
& Industry, Government of India issued a no c aon on 3rd November, 2021 regarding
amendment in import policy condion of Urea [EximCode 31021OO0 ] in the ITC (HS) 2017,
Schedule - I (Import Policy) with immediate effect.
According to the revised policy, import of urea was allowed through RCF and NFL subject
to Para 2.20 of Foreign Trade Policy, 2015-2020. In addion, import of urea was also
allowed through IPL for a period upto 31st March, 2022. However, import of Technical Grade
Urea (TGU) meant for non-agricultural purpose/ industrial use/ NPK Manufacturing shall be
"Free".
2.0 NBS rates for P & K fertilizers for Kharif 2022-23
In order to keep the P&K ferliz er prices a ordable to the farmers, DoF issued a no
c aon on 27 thApril, 2022 and enhanced the subsidy rates for P&K ferliz ers under NBS
policy for kharif 2022 (from 1 April, 2022 upto 30 September, 2022). The per kg NBS rates
of N, P, K and S increased from Rs.18.789, Rs. 45.323, Rs. 10.116 and Rs. 2.374 during
rabi 2021-22 to Rs. 91.96, Rs. 72.74, Rs. 25.31 and Rs. 6.94, respecv ely, for kharif
2022.
Accordingly, NBS rates per MT of DAP and MOP increased from Rs. 33,000 and Rs. 6,070
per MT during rabi 2021-22 to Rs. 50,013 and Rs. 15,186 per MT, respecv ely, for kharif
2022. NBS rates for NP/NPK grades of ferliz ers ranged between Rs. 27,947 per MT and Rs.
46,116 per MT for kharif 2022. However, subsidy on SSP and Potash Derived from Molasses
remained unchanged at Rs. 7,513 per MT and Rs. 1,467 per MT, respecv ely, for kharif 2022.
The per tonne addional subsidy for for ed ferliz ers with boron and zinc connued and
remained unchanged at Rs. 300 and Rs. 500, respecv ely.
3.0 NBS rates for P & K fertilizers for Rabi 2022-23
As per OM dated 2 November, 2022, DoF revised the subsidy rates for P&K ferliz ers
under NBS policy for rabi 2022-23 e ecv e from 1 October, 2022 upto 31 March, 2023. The
per kg NBS rates for N has been increased while P, K and S reduced. The per kg NBS rates
of N, P, K and S revised from Rs. 91.96, Rs. 72.74, Rs. 25.31 and Rs. 6.94 during kharif
2022 to Rs. 98.02, Rs. 66.93, Rs. 23.65 and Rs. 6.12, respecv ely, for rabi 2022-23.
Accordingly, NBS rates per MT of DAP and MOP reduced from Rs. 50,013 and Rs. 15,186 per
MT during kharif 2022 to Rs. 48,433 and Rs. 14,188 per MT, respecv ely, for rabi 2022-23.
NBS rates for NP/NPK grades of ferliz ers ranged between Rs. 26,864 per MT and Rs. 46,188
per MT for rabi 2022-23. However, subsidy on SSP and Potash Derived from Molasses remained
unchanged at Rs. 7,513 per MT and Rs. 1,467 per MT, respecv ely. The per tonne addional
subsidy for for ed ferliz ers with boron and zinc connued and remained unchanged at Rs.
300 and Rs. 500 respectiveely.
Summary of Changes in NBS Rates during FY 2022-23 and its impact on reduction of
subsidy
|
NBS ( Rs. Per Kg of Nutrient ) |
|
Nutrient |
OM Dt 27.04.2022 Kharif-2022 |
OM Dt 02.11.2022 Rabi-2022-23 |
OM Dt 18.05.2023 Revised for |
OM Dt 18.05.2023 Kharif-2023 |
|
|
|
01.01.2023 to 31.03.2023 |
|
N |
91.96 |
98.02 |
99.27 |
76.49 |
P |
72.74 |
66.93 |
49.94 |
41.03 |
K |
25.31 |
23.65 |
25.70 |
15.91 |
S |
6.94 |
6.12 |
2.84 |
2.80 |
4.0 Guidelines relating to Potash Derived from Molasses (0-0-14.5-0) under NBS scheme
DoF issued an O ce Memorandum on 12 July, 2022 regarding the guidelines relang to
Potash Derived from Molasses (0-0-14.5-0) under NBS scheme. The main points in the
guidelines as stated below:
a) Manufacturers of granulated Potash Derived from Molasses shall be provided subsidy
under NBS Scheme.
b) Granulated Potash derived from Molasses with a minimum 14.5% of K20 content as per
FCO 1985 as amended from me to me will be allowed for claiming subsidy.
c) The subsidy on Potash Derived from Molasses will be inclusive of the freight
subsidy.
d) With regard to markeng arr angement, the manufacturer of Potash Derived from
Molasses shall be eligible for sale by entering into markeng arrangement with marketers
under inma on to DoF and the ferliz er manufacturers including importers which are
registered under the subsidy scheme of DoF shall be considered as marketer of Potash
Derived from Molasses.
e) Regarding quality, manufacturer/marketer/retailer/dealer will be jointly liable for
ensuring/ maintaining quality of the ferliz er as per the extant rules/ guidelines issued
by DoF. Quality tesng will be done by the manufacturer in the NABL accredited labs/ State
Government registered labs.
5.0 Implementation of One Nation One Fertilizer
DoF issued an OM on 24 August, 2022 to implement One Naon One Ferliz er by introducing
Single Brand for
Ferliz ers and Logo under Ferliz er subsidy scheme namely "Pradhanmantri Bhary a
Janurvarak Pariyojna (PMBJP).
The single brand name for Urea, DAP, MOP and NPKs, etc. would be Bharat Urea, Bharat
DAP, Bharat MOP and Bharat NPK, etc., respecv ely, for all ferliz er companies, State
Trading Enes and ferliz er Markeng Enes. A logo indicang Ferliz er Subsidy scheme namely
Pradhanmantri Bhary a Janurvarak Pariyojna will be used on the respecv e ferliz er bags.
As per OM, the print will be done on one side of ferliz er's bag. Two-third of the
Ferliz er's bag will be used for new brand and logo with Pradhanmantri Bhary a Janurvarak
Pariyojna and one-third will be used for using Ferliz er companies' name, logo and other
informaon as required in different Rules & Regulaons, etc.
Further, on 1 November, 2022 DoF informed all ferliz er companies that the design of
urea bag and logo forwarded earlier must be adopted by ferliz er manufacturers /importers
within the following melines:
Sr. No. Type of fertilizer |
Timeline |
1. Imported Urea |
30 th November, 2022 |
2. Indigenous Urea |
30 th November, 2022 |
3. Imported P&K |
30 th November, 2022 |
4. Indigenous P&K |
31 th December, 2022 |
The release of ferliz er subsidy to companies will be considered only for ferliz ers
dispatched in the new bags a er the aforesaid cut-of dates.
6.0 Implementation of NUP-2015 Energy Norms:
Department of Ferliz ers (DoF) vide le er dated 28-03-2018 issued a No c aon revising
Energy Norms under NUP- 2015 for years 2018-19 and 2019-20. Through this no c aon, the
Target Energy Norms under NUP-2015 for NFL
Bathinda, NFL Panipat, NFL Nangal and NFL Vijaipur-I were extended for further period
of 2 years ll 31 March, 2020 with a penalty of 2% & 5% for financial years 2018-19 and
2019-20 respecv ely. Subsequently it was further extended ll 30 September, 2020 with a
penalty of 10%. The token penalty was equivalent to percentage energy difference between
exisng NUP Energy norms and Target Energy norms of NUP-2015.
However a er no c aon of DoF dated 31.03.2023, the target energy norm for Bathinda,
Panipat and Nangal Units of 6.5 Gcal/MT of Urea has been implemented from 01.04.2022
whereas as per no c aon dated 18-11-2022 of DoF, target energy norms of 5.5 Gcal/MT of
Urea for Vijaipur-I shall be implemented from 01.04.2023.
To achieve these energy targets, NFL installed of GTG-HRSGs at Bathinda, Panipat and
Nangal Unit at a total project cost of Rs 690 crore whereas various energy saving schemes
had been implemented at Vijaipur complex at a cost of Rs 235 crores.
The GTG-HRSG plants at Bathinda & Nangal units were put into connuous operaon.
Similarly, at Vijaipur-I & II all the schemes and sub schemes for energy savings got
completed by March, 2022.
The implementaon of energy savings schemes at all NFL units got severely delayed due to
spread of Covid-19 w.e.f. March, 2022.
Although target norms for all the units have been enforced by DoF, but Vijaipur-I unit
could not achieve the target energy norms of as 5.5 Gcal/per tonne of Urea as also
envisaged in TEFR prepared by PDIL and its energy is expected to remain higher than norm.
NFL has requested DoF that target energy norms for Vijaipur-I unit may kindly be reviewed.
7.0 Plastic Waste Management Rules 2016
The Ministry of Environment Forests and Climate Change (MoEF & CC), Government of
India, vide Gaze eNo c aon dated 18 March, 2016 has specified rules for Plasc Waste
Management. The Rules x the responsibility of local bodies, Gram Panchayat and Waste
generators, as well as producers, importers and brand owners for collecon and management
of plasc waste. However, subsequent amendments have also come in 2018 and later on Plasc
Waste Management Rules were amended as Plasc Waste management Rules 2022.
Ferliz er industry falls under the category of brand owners as the ferliz er products
are sold in plasc bags that are mul-la yered and composed of HDPE/HDPE lined with
polypropylene. All the Brand Owners who introduce the products in the market have to
establish a system or plan for collecng back the plasc waste generated due to their
products. As per rules NFL has to register with Central Polluon Control Board (CPCB) and
submit along with acon plan to comply with Extended Producer Responsibility (EPR) obligaon
as menoned in the rule.
Accordingly, NFL applied for the registraon and a er approval NFL got registraon as a
Brand Owner under PWM
Rules on 21.06.2022 with 01 year validity. The same shall be renewed every year.
CPCB awarded the registraon along with xing an EPR target (collecons & recycling of
plasc waste) of 10914 MT (Cat-II)/ exible plasc in the FY 2022-23. To fulfill the EPR
target, NFL engaged agencies to collect & recycle the plasc waste on behalf of NFL.
As of now NFL has completed its EPR obligaon under the rule for FY 2022-23. For the
current year i.e. FY 2023-24, renewal of registraon shall be done shortly and according to
the target fresh tender shall be oated to fulfill the statutory obligaon for the year.
The Right to Information
In consonance with the spirit of Right to Informaon Act, the Company has created
necessary mechanism as required under the Act. The Public Informaon Officers and Appellate
Authories are e ecv ely responding to the requests and appeals of the applicants. The
names of all PIOs/ Appellate Authories/ Transparency Officer are displayed on the
Company's website. During the year, 312 RTI applicaons were received and were dealt
with as per provisions under Right to Informaon Act, 2005.
Vigil Mechanism
Pursuant to the provisions of Secons 177(9) and (10) of the Companies Act, 2013, a
Vigil Mechanism for employees and others to report genuine concerns has been established.
Whistle Blower Policy
Company believes in transparency and propriety in all its business dealings, To take
this object further Company has put in place a Whistle Blower Policy providing for a
mechanism to the employees and other stakeholders to report concerns about unethical
behavior, actual or suspected fraud or violaon of Code of Conduct or E thics Policy. The
Policy provides for adequate safeguards against vicmiz aon of whistle blowers. The policy
is reviewed periodically. No employee or other stakeholders were denied access to the
Audit Commi ee. Whistle Blower Policy is available on the website of the Company at
www.naonalf erliz ers.com.
Integrity Pact
With the commitment to maintain the highest standard of transparency and governance,
your Company has entered into an integrity Pact with Transparency Internaonal and has also
appointed Independent External Monitors (IEMs), as approved by CVC. Structured Meengs are
held with IEMs on regular intervals and threshold value is Rs. 1 crore for signing of
Integrity Pact for purchase/works contracts.
Vigilance
Vigilance Division of the Company is headed by CVO. The CVO is assisted by a team of o
cers drawn from various funconal departments. Vigilance set up is operaonal in Corporate O
ce, all Manufacturing Units as well as Zonal Markeng Ofices.
Promoon of good governance remains the core area of vigilance. Awareness is an
important cornerstone for good governance. An enlightened employee not only contributes in
achieving the organizaonal goals but is also instrumental in system improvement.
As an e ort towards promong Prevenv e Vigilance, Workshops / Training Programs were
conducted during the year in all O ces & Producon units. These training programmes
focused on various issues related to manuals and procedures. In line with the guidelines
of CVC & DoF with respect to Prevenv e Vigilance Module, two days training programmes
were conducted for in service o cials working on sensiv e posts and also new appointees
were sensiz ed on this.
Special Seminars on vulnerable area are being organized in all manufacturing Units and
Zonal O ces involving officials at all levels who are dealing with Tenders.
Regular prevenv e vigilance acvies such as Scrunies, Surprise checks, Vigilance
clearance for administrav e decisions, enforcement of Transfer Policy and Rotaon of
Officers on Sensiv e Posts were also carried out in close coordinaon with the Management.
At the same me, invesg aon of complaints received from various sources and follow up of
pending departmental acon on previous invesg ated cases were also done with due diligence.
Periodic Vigilance Reports preparaon of Agreed List of Officers, List of Officers of
Doubul Integrity, and observance of Vigilance Awareness Week in Units, Zonal O ces and
Corporate O ce were the major acvies conducted during the year.
The working of vigilance wing of NFL is based on a proacv e, parcipa v e and focused
approach. The roles and responsibilies of vigilance o cers are regularly monitored and
reviewed to bring the focus on systemic improvements.
MoU
The Department of Public Enterprises, Government of India, in order to improve
accountability and giving higher autonomy to Public Sector Enterprises, introduced the
Concept of MoU during early ninees. NFL signed its first MoU with the Department of Ferliz
ers (DoF) for the year 1991-92.
Based on financial performance and achievement of other parameters laid down, your
Company has been rated "Good" as per the Memorandum of Understanding (MoU),
signed with the Government of India for the financial year 2021-22. From the year 2021-22
and onwards, DPE has started data entry module of digital MoU Dashboard for CPSEs for
entering data. Accordingly, MoU for the year 2022-23 was generated through online MoU
portal a er entering requisite informaon. The Ministry and the CPSEs were requested to
sign this system generated MoU. Further Company shall submit actual achievement against
all the parameters for 2022-23 in the online MoU portal for evaluaon.
Awards & Accolades received during 2022-23
Bathinda Unit won award for Excellent Work in Hindi from Indian Language and Cultural
Centre in Lonavala, Maharashtra.
Vijaipur Unit received FAME NATIONAL AWARD 2021-22 (PLATINUM AWARD) towards Excellence
in Occupaonal Health and Safety in ferliz er industry.
Bathinda Unit has received 01 no. IV level award of "Prashansa Patra" for
appreciable achievement in Occupaonal Health and Safety during assessment period of
2018-2020 by Naonal Safety Council, Mumbai for Safety Award-2021.
Nangal Unit received First prize for doing excellent work in Rajbhasha for the year
2021-22 from Town O cial Language Implementaon Commi ee (TOLIC).
NFL received First Prize from Ministry of Chemicals and Ferliz ers for Best Performance
in Hindi. Shri Nirlep Singh Rai, CMD received this award from Shri Mansukh Mandaviya,
Hon'ble Minister of Chemicals and Ferliz ers and Health in Hindi Salahkar Sami meeng held
in Delhi.
Bathinda Unit has received Gold Award in 12 Exceed Energy E ciency by Sustainable
Development Foundaon (SDF) 2022 in July 2022.
Vijaipur Unit received "Grow Care India Training Excellence Awards 2022 under HR
Category Gold Award" (GROW CARE INDIA HR AWARD 2022) and Gold Award under Grow Care
India OHS Award 2022 in Ferliz er Sector.
NFL Bathinda Unit has been declared winner of 22 Greentech Environment Award 2022 for
outstanding achievement in Environment Protecon.
Panipat Unit has secured the silver Award in the category of Environment Preservaon in
the 12 Exceed Environment Award & Conference 2022 organized by Sustainable Development
Foundaon.
Nangal Unit has received "WINNER" award for outstanding achievement in
Environment Protecon category during 22 Genentech Environment Award 2022 held at Guwaha.
Nangal Unit has won the GOLD Award under Apex India Occupaonal Health and Safety, HR
Business Excellence Award 2022 in Ferliz er Sector for "Outstanding achievement in
Safety Management"
NFL Panipat received Green Crest Awards-2022 under "PLATINUM" category.
NFL Bathinda Unit has received 02 no. awards in November:-
Rajbhasha Shiromani Prize from the Indian Language & Culture Centre, New Delhi and
1 Prize for Excellence in Hindi from TOLIC (Narakas), Bathinda th
NFL received Eight Excellence "Awards during 16 Global" Communicaon Conclave
organized by PRCI in Kolkata. Company received six awards for its various collaterals. In
the individual category, Sh. B V Vi al, CGM (HR) and Sh. Sanjeev Randeva, DGM (CC &
HR) received the awards.
NFL Nangal Unit has been selected for "Gold Award" under Apex India Green
Leaf Award 2022 for Energy E ciency category in Ferliz er Sector.
NFL Vijaipur Unit has been selected for Gold Award in Ferliz er Sector for
Grow Care India Environment Award 2022.
Grow Care India Waste Management Award 2022.
Inivafives under Corporate Social Responsibility
Company is constantly working towards inclusive growth in society and is implemenng
various developmental acvies under its Corporate Social Responsibility (CSR).
The company allocated a CSR budget of Rs.140.00 Lakh for the FY 2022-23 and incurred an
expenditure of Rs.174.42 Lakh during the year. This included expenditure on schemes
approved in previous years but carried forward in the year 2022-23.
In the year 2022-23, the focus of CSR acvies of the Company was on the theme given by
Department of Public Enterprises (DPE) i.e. Health & Nutrion. For promong prevenv e
Healthcare, the company undertook a project to run a Mobile Digital Health Clinic for
prevenv e screening of the masses for the essenal metabolic vitals in slums and rural
areas of Delhi-NCR. Also, the Company provided Digital Programmable Hearing Aids to the
hearing-impaired persons from weaker secon of the society in Andhra Pradesh.
In addion, the Company undertook a project aimed at enhancing the Nutrion and Health of
Government School Children through the "GiMilk Program" in Aspiraonal District
Guna. Under this inia v e, a daily provision of 200ml of for ed, avored, and sterilized
milk is supplied to school children throughout the enr e academic year.
The Company also distributed Long Lasng Inseccidal Nets (LLIN) of HIL in the rural
areas of Punjab, Haryana, Madhya Pradesh & Telangana. These Mosquito nets would help
in preven ng vector-borne diseases and safeguarding public health.
Further, the company has also undertaken a number of projects to promote school educaon
among students from underprivileged secon of the society. The company has distributed
Educaonal Material to the students from Government Primary Schools of remote villages near
Delhi to promote regular a endance and increase interest in studies.
The Company has supported Government Schools in the vicinity of its plants with the
provision of school desk & benches, IT enabled smart boards, RO Water facilies etc. In
order to bring Divyangjan in mainstream of life, the Company has provided Braille Machines
and special sports items to the blind students in Chandigarh.
A detailed report on the Corporate Social Responsibility is appended as Annexure-5
forms part of this Report.
RESEARCH & DEVELOPMENT
NFL had sponsored a research project tled "Cow dung processing and its conversion
to Bio- for ed ferliz er with enhanced funconality: A pilot study" undertaken by
ICAR-NDRI was spread over a period of three years (2018-21). The pilot study was
successfully completed in December, 2021 & final project report was submi ed by
ICAR-NDRI in January, 2022.
To further explore in R&D acvies, NFL is seng up an R&D centre at Nangal along
with seng up of a pilot plant for trial producon of Nano ferliz ers and other agriculture
based products etc. Procurement acon has been inia ted for required laboratory apparatus
and other setup of R&D lab at Nangal. In addion to above, NFL is exploring signing up
MoU with reputed instut es like Instut e of Nano Technology, Mohali and others in vicinity
of NFL Nangal unit for R&D acvies in Nano Ferliz ers.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo
Disclosure in terms of the Companies (Account) Rules, 2014 in respect of Conservaon of
Energy, Technology
Absorpon and Foreign Exchange Earnings and Outgo is appended as Annexure-6 forms
part of this Report.
Safety, Environment and Sustainable Development
Company has undertaken various inia v es for adopng best pracces for health, safety
environment management and sustainable developments and the details of the same is
appended as Annexure-7 forms part of this Report.
Particulars of Loans, Guarantees, Security and acquisi?on under Section 186 of the
Companies Act, 2013
Parcular s of loans given, guarantees provided, investments in securies and acquisions
made by the Company during the year under review are given in Form MBP-2 and the same is
appended as Annexure-8 forms part of this Report.
Joint venture /Associates Companies
Details of Joint Venture/Associates Companies pursuant to Secon 129(3) of the Companies
Act, 2013 the statement containing the salient features of the Financial Statement of the
Associate Company/Joint Venture Company is, included in the Consolidated Financial
Statements is appended as Annexure-9 forms part of this Report.
Companies which have become or ceased to be subsidiaries, associates and joint ventures
During the year 2022-23, Company has not acquired or formed any new subsidiary,
associate or joint venture. Similarly, no subsidiary, associate or joint ventures have
been ceased by way of sale of shares, amalgamaon, winding up etc.
Related Party Disclosures
The parcular s of contracts/arrangement entered into by the Company with related pares
referred to in Secon 188(1) of the Companies Act, 2013 including arm's length transacons
under third proviso thereto are disclosed in Form AOC-2 and the same is appended as Annexure-10
forms part of this Report. Related Party Transacon Policy of the Company is available at
www.naonalf erliz ers.com.
Capital Expenditure (CAPEX)
The achievement in CAPEX is 160 crore excluding capital work in progress (CWIP) in the
year 2022-23.
Risk Management
The chemical ferliz er industry is operated in a hazardous environment and faces many
risks including those related to health, safety and environment in addion to general
business & financial risks. In order to mig ate them, the company has a comprehensive
Risk Management Policy which is regularly reviewed and a periodical review of the risks,
procedures and strategies is undertaken.
To review the new risks evolved during the quarter along with mig aon acon undert aken
as well as ancipa ted risks along with mig aon acons planned in future, the company has a
two er system where quarterly risks report is first reviewed by the Risk Assessment Commi
ee (RAC) and therea er final report is submi ed to Risk Management Commi ee (RMC) for its
recommendaons before submission to Audit Commi ee and the Board of Directors. E orts are
made in a planned way to obviate the risks either fully or to minimize their impact.
Under Risk Management policy, all the risks along with mig aon acons undertaken have
been reviewed by Risk Assessment and Risk Management Commi ees. Some of the major risks
having severe financial impact as iden ed by the company include disallowing of minimum
fixed cost for Vijaipur-I Unit under MNPS III w.e.f. 02.04.2014 and outstanding subsidiary
due to delayed subsidiary payment.
Internal Financial Controls
Details in respect of adequacy of internal financial controls with reference to
financial statements are given in
Management Discussion & Analysis Report.
Internal Financial Reporting/ and Control
The Company has, in all material respects, an adequate internal financial controls
system over financial reporng and such internal financial controls over financial reporng
were operang e ecv ely as at 31.03.2023.
Particulars of Employees
As per provisions of secon 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneraon of Manag erial Personnel) Rules, 2014, every listed
Company is required to disclose the rao of the remuneraon of each Director to the median
employee's remuneraon and other prescribed details in the Board's Report.
As per no c aon dated 05.06.2015 issued by Ministry of Corporate A airs, these
provisions are not applicable to the Government Company. Accordingly, these parcular s are
not included in the Board's Report.
Public Procurement Policy of Micro and Small Enterprises (MSEs) Order, 2012
Public Procurement Policy for Micro and Small Enterprises (MSEs) was no ed by the
Government under the Micro, Small and Medium Enterprises Development Act, 2006 which spula
ted that 20% of total annual procurement of goods and services shall be made by all
Central Ministries /Departments /CPSUs from Micro & Small Enterprises (MSEs). Within
this percentage, a sub total of 4% procurement is to be made from MSEs owned by SC/ST
entrepreneurs. The requisite informaon for the year 2022-23 is appended as Annexure-11
forms part of this Report.
Procurement through GeM Portal
The total procurement through GeM portal during 2022-23 was Rs. 151.15 Crore.
Human Resource Management
The Company has manpower strength of 2964 regular employees as on 31.03.2023, which
comprises 1454 Execuv es and 1510 Non- Execuv es. 197 women employees are on its roll,
which is 6.65% of the total work force. The detailed analysis with regard to human
resource including training and execuv e development programme have been made in the
Management Discussion and Analysis Report.
Employee Strength: The Company had 2964 employees as at the end of FY 2022-2023 of
which 1268 were SC/ST/OBC employees and 50 divyangjans.
Employee Benefits: The vision of the Company for its human resources is to create an
enabling environment to enhance the efficiency of the organizaon. The aim is to encourage
the employees to perform their best ability by a system of proper placements and incenv
es, while creang an atmosphere of trust and a feeling that the organizaon cares about the
wellbeing and personal aspiraons of the sta . This helps align personal aspiraons with
professional goals and enhances efficiency. The Company runs mulple benefit schemes for
its employees like Provident Fund, gratuity, pension, medical benefits, contributory
pension scheme, concessional interest rates on loans, scholarships to employees' children,
execuv e health check-up etc. The Company also shares part of its profit with employees
under its Performance Related Pay scheme in compliance with DPE Guidelines.
Human Rights: Recruitment policy of the Company does not permit any engagement of child
labour, forced labour or involuntary labour, an independent Internal Complaint Commi ee
has been constut ed at Corporate O ce and each Unit to promptly and appropriately handle
complaints of sexual harassment at work places. The Company refrains from any discriminaon
on the basis of caste, creed, gender or religion and strives to ensure a healthy work-life
balance for its employees.
Employee Well Being: NFL believes that workforce is the greatest asset that propels
the growth engine. Employees are considered as "Change Catalysts" and the
Company nurtures and channelize the experse and talent of employees for growth
performance, feedback, mov aon and training. The achievements and efforts are appreciated,
acknowledged & rewarded.
On the health front also, Company looks a er each & every employee along with his /
her dependents for protecon from unhygienic condions and treatment of various illnesses.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention,
Prohibi]on and Redressal) Act, 2013
Policy on Prevenon, Prohibion and Redressal of Sexual harassment of women at work place
is in line with the requirements of the Sexual Harassment of women at Workplace (Prevenon,
Prohibion & Redressal) Act, 2013. The Internal Complaints Commi ee (ICC) has been set
up to redress complaints received regarding sexual harassment. No complaint of sexual
harassment was received in the year 2022-23.
Details of proceedings pending under the Insolvency and Bankruptcy Code, 2016
During the year under review, no applicaon was made and no proceeding is pending under
the Insolvency and Bankruptcy Code, 2016 during the financial year 2022-23.
One-time Selemen t and Valuation
During the financial year 2022-23, no event has taken place that gives rise to reporng
of details with respect to difference between amount of the valuaon done at the me of
oneme selemen t and the valuaon done while taking loan from the Banks or Financial
Instuons.
Implementation of Offcial Language Policy
The Company is making efforts for the propagaon and implementaon of o cial language
policy of the Government of India. The quarterly meeng of O cial Language Implementaon
Commi ee (OLIC) is regularly held in all the Units/O ces of the Company under the
Chairmanship of Head of respecv e O ce/Unit to review the progress of use of Hindi in O
cial work. Total 36 meengs were held during the year 2022-23.
To promote the use of Hindi, 36 Hindi Workshops were organized during the year in which
997 employees acv ely parcipa ted. 'Hindi Pakhwara' was organized in all the Units/O ces
of the Company to commemorate 'Hindi Diwas'. During the year 57 programmes/compeons were
organized for promong the use of Hindi and a total 1773 employees parcipa ted in them out
of which 531 parcipan ts were awarded prizes. Besides, under 'Cash Incenv e Scheme' 85
employees were given cash prizes for doing their o cial work in Hindi.
Two half yearly meengs were successfully conducted in compliances of the conduct and
heading of Town O cial Language Commi ee (Undertaking), Noida on 22-07-2022 and 22-11-2022
by NFL, Corporate O ce through video conferencing under the Chairmanship of Chairman &
Managing Director of NFL in which 68/77 nos. of nominated heads of members o ces and other
O cial Language Officer a ended the meeng.
During the year 2022-23, the First Sub-commi ee of the Parliamentary Commi ee on O cial
Language successfully conducted the Inspecon/T our programme regarding the use of O cial
Language at Zonal O ce, Lucknow on 19.05.2022, Area O ce, Gorakhpur on 04.01.2023, Area O
ce, Agra on 11.01.2023, Area O ce, Jodhpur on 13.01.2023 and Area O ce, Patna on
27.02.2023 respecv ely.
NFL, Corporate O ce, Noida was awarded First Prize for its excellent work in the eld of
o cial language implementa on in the "Hindi Advisory Commi ee" meeting held in
New Delhi on 23.06.2022 under the Chairmanship of the Hon'ble Minister of Chemicals and
Ferliz ers. Also, special honor was given to NFL O cial Language Officer in the said
meeng. All Units/ O ces of NFL parcipa ted in the "Rajbhasha Sammelan" at Surat
(Gujrat) organized by Department of O cial Language, GOI, from 14-15 September, 2022.
NFL's Bathinda Unit was awarded "Rajbhasha Shield" First Prize, under PSU
category for its commendable work in the eld of o cial language during the year 2020-21 by
TOLIC, Bathinda in November, 2022 and TOLIC, Chandigarh on 24.11.2022 bestowed NFL's Zonal
O ce, Chandigarh with "Rajbhasha Shield" First Prize, under Board/
Corporaon/Undert aking category for its commendable work in the eld of o cial language
during the year 2020-21.
The Ministry of External A airs, Government of India organized 12 'World Hindi
Conference' from February 15 to 17 , 2023 at Nadi City, Fiji. In this conference, Hindi
scholars, li erateurs, journalists, linguists and Hindi lovers from all over the world
gathered on one pla orm. NFL, Corporate O ce, Noida was represented by senior o cials.
Inivafives taken for development of employees belonging to Scheduled Caste /
Scheduled Tribes /Other Backward Classes (SC/ST/OBC categories).
Company is commi ed to the development of employees belonging to reserved categories.
An Implementaon Cell is funconal in all Units/ O ces of the Company to oversee the
implementaon of Presidenal Direcv es on Reservaon Policy for SCs / STs. Liasion Officer
has been appointed in each Unit / O ce and Chief Liasion Officer at CO, NOIDA to ensure
due compliance of orders and instrucons pertaining to reservaon for SCs and STs and other
concessions admissible to them. Meengs were periodically held at Unit level as well as at
corporate level with the SC /ST Employees' Welfare Associaons by the Management for
redressal of grievances of SC /ST employees. A statement showing representaon of employees
belonging to Scheduled Caste/Scheduled Tribes/Other Backward Classes/ Persons is appended
as Annexure-12 forms part of this Report.
Presidential Direcfives
Schedule of Compliances with Presidenal Direcv e issued during financial year 2022-23
and during last three year preceding the financial year 2022-23 is as below:
Financial Year |
Content of Presidential Direcfives |
Compliance |
2022-23 |
NIL |
NIL |
2021-22 |
NIL |
NIL |
2020-21 |
NIL |
NIL |
2019-20 |
NIL |
NIL |
Information Technology
Company has embarked on a journey to become an IT enabled organizaon to improve
operaonal e ciencies and has made significant investments in digital assets and new
technologies intending to address the company's future needs.
Major digital ini a ves include implementa on of centralized Dispatch Management
System, Marke ng Management & Informaon System, Human Resource Management System,
Employees Self Service portal and Online APAR system which are handled at Data Centre of
Corporate O ce, Noida. Recently PRMS (Post-Rer ement Medical Scheme) portal has been made
live for extending the medical benefits to the eligible ex-employees of NFL and their
spouse.
In order to have secure access to business applicaons, SDWAN soluon has been
implemented. To reduce the downme of internet access, redundant internet leased lines had
been replaced at each Manufacturing Units, Zonal O ces and Corporate O ce, Noida. To
prevent cyber threats, UTM based security appliances have been installed.
E-O ce applicaon has been implemented across the organizaon. This inia v e has given
the twin benefit of being environment friendly (i.e. a step towards paperless o ce) and
has resulted in reducon in le processing me, thus speeding up decision making.
To address the company's future needs, implementaon of ERP soluon SAP S4/HANA is under
progress which is an integrated business soluon and will increase producvity , efficiency
and will provide data on real me. The project is named as SANGAM' - Sow are Aligned
for NFL's Growth and Modernizaon.
Material impact of CoVID-19 pandemic on operations and performance of the Company
During the FY 2022-23, there was no material impact of CoVID-19 pandemic on the
operaons and performance of the Company.
AUDITORS
Statutory Auditors
The Statutory Audit of your Company was conducted by Chartered Accountants rms M/s.
Arun K. Agarwal & Associates, Chartered Accountants and M/s Dhawan & Co.,
Chartered Accountants, Joint Auditors appointed by Comptroller & Auditor General of
India (C&AG). Auditor's Report on the Financial Statements including consolidated
Financial Statements of the Company for the financial year 2022-23 is a ached.
Proposal authorising Board of Directors to decide & x remuneraon of Statutory
Auditors appointed/to be appointed by the Comptroller and Auditor General of India for the
F.Y. 2023-24 is placed for your approval.
Explanation in response to Auditor's Quali cation
Statutory Auditors of the Company have issued an Audit Report with Unmodi ed opinion on
Audited Financial
Results of the Company (Standalone & Consolidated) for the financial year ended
31.03.2023.
Comments of C&AG
The Financial Statement (Standalone and consolidated) of the Company are subject to
comments of C&AG of India under Secon 143(6)(b) read with Secon 129(4) of the
Companies Act, 2013 which shall be sent to shareholders separately.
Cost Auditors
As prescribed under Secon 148 of the Companies Act, 2013 and the Companies (Cost
Records and Audit) Rules, 2014, the cost accounng records are being maintained by all the
Units of the Company. Cost Audit for 2022-23 was carried out by Cost Auditors M/s K.G.
Goyal & Associates, M/s Ravi Sahni & Co., M/s Ramanath Iyer & Co. and M/s R.
K. Patel & Co., as prescribed under the Companies Act, 2013 and Rules framed
thereunder. M/s Ramanath Iyer & Co. acted as the Lead Cost Auditor. Consolidated Cost
Audit Report for the financial year 2021-22 was led with Ministry of Corporate A airs
(MCA) on 07.09.2022.
Internal Auditors
Company has an Internal Audit Department headed by Deputy General Manager. To carry out
Non-technical Audit, your company had appointed nine Chartered Accountant rms namely M/s.
S.K.Mehta & Co, M/s. G.S. Mathur & Co., M/s. Raj HarGopal & Co., M/s J.Singh
& Associates, M/s. Goyal Parul & Co., M/s. Chaturvedi & Co., M/s.S.N. Kapur
& Associates, M/s. Amit Ray & Co., and M/s J.K.S.S & Associates for the year
2022-23. Technical Audit and IT/ EDP Audit were carried out by in-house internal audit
teams.
Secretarial Auditors
M/s Kumar Naresh Sinha & Associates, Praccing Company Secretaries was appointed by
the Board for undertaking the Secretarial Audit for the Financial Year 2022-23 in terms of
Secon 204 of Companies Act, 2013 and Rules made there under. Secretarial Audit Report for
the year 2022-23 and Management's explanaon to Secretarial Auditor's observaons are
appended as Annexure-13 which forms part of this Report.
Annual Secretarial Compliance Report for the Financial Year ended 31.03.2023 issued by
M/s Kumar Naresh Sinha & Associates, Praccing Company Secretaries, under Regulaon 24A
of SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015 is appended as Annexure-14
which forms part of this Report.
Compliance with Secretarial Standards
The Company complies with all applicable Secretarial Standards issued by The Instut e
of Company Secretaries of India.
Audit Commi ee
The detailed disclosures have been made in the Corporate Governance Report annexed to
this report.
Nomination & Remuneration Commi ee and Remuneration Policy
Disclosures regarding Nominaon & Remuneraon Commi ee and Remuneraon Policy are
given in the Corporate Governance Report annexed to this report.
Stakeholders Relationship Commi ee
Disclosures regarding Stakeholders Relaonship Commi ee are given in the Corporate
Governance Report annexed to this report.
Corporate Social Responsibility and Sustainable Development Commi ee
Disclosures regarding Corporate Social Responsibility and Sustainable Development Commi
ee are given in the Corporate Governance Report annexed to this report.
Company's policy on Director's appointment and remuneration
Ministry of Corporate A airs has granted exempon vide no c aon No. GSR463 (E) dated
05.06.2015 to the Government Companies from the provisions of Sec on 134(3)(p) of the
Companies Act, 2013. Director's appointment and remuneraon is decided by the Government of
India. Keeping in view the exempon, no Remuneraon Policy has been formulated.
Board & Commi ee Meetings
The details of Board Meengs, Commi ee Meengs and Meengs of Independent Directors are
given in the Corporate Governance Report annexed to this report.
Annual Return u/s 92(3) of the Companies Act, 2013
The Annual Return of the Company will be made available on the website of the Company
at
www.naonalf erliz ers.com.
Investor Education and Protection Fund
The Company has complied with all the provisions relang to the Investor Educaon and
Protecon Fund (IEPF) under the Companies Act, 2013 and The Investor Educaon and Protecon
Fund Authority (Accounng , Audit, Transfer and Refund) Rules, 2016, made there under.
Company Secretary is the Nodal Officer to deal with IEPF Authority and compliances related
thereto.
During the year 2022-23, an amount of 99,366 of unpaid/unclaimed dividend amount was
transferred to Investor Educaon and Protecon Fund on account of unpaid/unclaimed dividend.
Accordingly as per Secon 124(6) of the Companies Act, 2013 and Rules no ed thereunder,
13087 shares were transferred to demat account of IEPF. The details of the
unpaid/unclaimed dividend and shares transferred to IEPF Account for the previous years
are available at the website of the Company www.naonalf erliz ers.com.
Listing
Company's equity Shares are listed at Naonal Stock Exchange of India Limited (NSE) and
BSE Limited (BSE). Other disclosures regarding lisng regulaons have been made in Corporate
Governance Report.
Listing Fee
Company has paid requisite lisng fee to the stock exchanges during the year 2022-23.
Service to Shareholders
All ma ers relang to transfer/transmission of shares, issue of duplicate share cer c
ates, payment of dividend, de-materializaon and re-materializaon of shares and redressal
of investors grievances are carried out by the Company's RTA i.e. M/s. MAS Services
Limited, New Delhi.
Code of Conduct
Board Members and the Senior Management Personnel have a rmed compliance with the Code
of Conduct for the financial year ended 31.03.2023. Code of Conduct has been uploaded on
the website of the Company at www.naonalf erliz ers.com.
Corporate Policies & Codes
Details regarding various corporate policies & codes are given in the Corporate
Governance Report and also available on the website of the Company at www.naonalf erliz
ers.com.
Disclosure pursuant to FEMA Regulation
FEMA Regulaons applicable to Companies owned or controlled by non-resident enty(s) are
not applicable to NFL.
Key Business Development
Overview of the Indian & Global ferliz er industry is given in the Management
Discussion & Analysis Report annexed to this report.
Disclosure regarding Mis-appropriation of Funds
Statutory Auditors in its report emphasized regarding fraudulent misappropriaon of seed
stock amounng to Rs. 0.64 crore by a Wheat Seed Producer under Warehousing and Processing
of Wheat Seed Agreement with the Company during the year. The Company has led a police
complaint in the matter.
Disclosure regarding frauds
No fraud has been reported by the Auditor to the Audit Commi ee or to the Board, during
the financial year 2022-23.
Details of the sickness of the Company
Not applicable.
Management
Key Managerial Personnel (KMP)
In compliance with provisions of Secon 203 of the Companies Act, 2013, Key Managerial
Personnel (KMP) posion as on 31.03.2023 is as follows:
Shri Atul Baburao Pal, had been appointed as Chairman & Managing Director (Addl.
Charge) w.e.f. 01.09.2022. Shri Hira Nand had been appointed as Chief Financial Officer
w.e.f. 24.05.2022. Shri Ashok Jha, Company Secretary. Further, Shri U. Saravanan has been
appointed as Chairman & Managing Director w.e.f. 16.06.2023.
Board of Directors
Changes in Composi on
Shri Nirlep Singh Rai ceased to be C&MD w.e.f. 31.08.2022.
Shri Atul Baburao Pal was appointed as Addional Director [Director (Markeng)] w.e.f.
07.04.2022 in terms of DoF order 82/1/2021-HR- PSU (part) dated 25.03.2022 and was
entrusted with Addional Charge of C&MD w.e.f. 01.09.2022 in terms of DoF order FI. No.
82/1/2014-HR-I dated 24.08.2022 for a period of three months which was extended for a
period of three months w.e.f. 01.12.2022 vide DoF order 82/1/2014-HR-I dated 02.12.2022
which was further extended upto 15.06.2023 vide DoF order 82/1/2014-HR-I dated 27.02.2023.
Further, Members of the Company appointed him as Director (Markeng), liable to rer e by
rotaon through Postal Ballot resoluon passed on 25.06.2022. Shri Hira Nand was appointed
as Chief Financial Officer w.e.f. 24.05.2022 & Addional Director [Director (Finance)]
w.e.f. 17.06.2022 in terms of DoF order 82/3/2013-HR-PSU dated 17.06.2022. Further,
Members of the Company appointed him as Director (Finance), liable to rer e by rotaon
through Postal Ballot resoluon passed on 03.09. 2022.
Shri Rajan Kanwar was appointed as Addional Director [Director (Technical)] w.e.f.
21.10.2022 in terms of DoF order 82/1/2017-HR PSU-Part (1) dated 21.10.2022. Further,
Members of the Company appointed him as Director (Technical), liable to rer e by rotaon
through Postal Ballot resoluon passed on 24.12.2022.
Shri Dharam Pal, Government Nominee Director absents himself from all the Meengs of
Board of Directors held during a period of twelve months with or without seeking leave of
absence of the Board. Accordingly, he has ceased to be Government Nominee Director of the
Company w.e.f. 10.06.2022.
Ms. Neeraja Adidam was appointed as Government Nominee Director (part me Government
Nominee Director) on the Board of the Company w.e.f. 14.10.2021 vice Shri Partha Sarthi
Sen Sharma in terms of Order No. 95/1/2019-HR- PSU dated 29.09.2021 issued by Department
of Ferliz ers, Ministry of Chemicals & Ferliz ers, Government of India. Further,
members of the Company appointed her as Government Nominee Director, liable to rer e by
rotaon through Postal Ballot resoluon passed on 25.06.2022.
Dr. Prathibha A. was appointed as part me Government Nominee Director w.e.f. 03.08.2022
in terms of DoF order 95/1/2019-HR-PSU dated 20.07.2022. Further, Members of the Company
appointed her as Government Nominee Director, liable to rer e by rotaon in 48 Annual
General Meeng held on 29.09.2022.
Dr. Poonam Sharma, Shri Ritesh Tiwari and Shri Kashi Ram Godara were appointed as Non-o
cial Independent Directors on the Board of the Company w.e.f. 12.11.2021 in terms of Order
No. 78/2/2006-HR-PSU (pt II) dated 05.11.2021 issued by Department of Ferliz ers, Ministry
of Chemicals & Ferliz ers, Government of India. Further, members of the Company
appointed them as Non-o cial Independent Directors, not liable to rer e by rotaon through
Postal Ballot resoluon passed on 25.06.2022.
Dr. Venkata Sarvarayudu Thota was appointed as Non-o cial Independent Director on the
Board of the Company w.e.f. 30.11.2021 in terms of Order No. 78/2/2006-HR-PSU (pt II)
dated 05.11.2021 issued by Department of Ferliz ers, Ministry of Chemicals & Ferliz
ers, Government of India. Further, members of the Company appointed him as Non-o cial
Independent Directors, not liable to rer e by rotaon through Postal Ballot resoluon passed
on 25.06.2022.
Shri Jyo Bhramar Tubid was appointed as Non-o cial Independent Director on the Board of
the Company w.e.f. 21.04.2022 in terms of order 78/2/2006-HR-PSU (pt) dated 28.03.2022
issued by Department of Ferliz ers, Ministry of Chemicals & Ferliz ers, Government of
India. Further, members of the Company appointed him as Non-o cial Independent Director,
not liable to rer e by rotaon through Postal Ballot resoluon passed on 25.06.2022.
In addion to above, Shri U. Saravanan was appointed as Addional Director (Chairman
& Managing Director) w.e.f. 16.06.2023 in terms of DoF order F. No. 82/1/2014-HR-I
dated 15.06.2023 for a period with effect from the date of his assumpon of charge of the
post ll the date of his superannuaon i.e. 31.01.2027 or unl further orders, whichever is
earlier.
Details of tenure of Directors are provided in the Corporate Governance Report.
Re-appointment of Directors at the AGM
Pursuant to the provisions of Secon 152 of the Companies Act, 2013, Shri Hira Nand
(DIN: 09476034) and Dr. Prathibha A. (DIN: 09692712), will rer e by rotaon at the ensuing
AGM and being eligible have offered themselves for re-appointment.
Declaration by Independent Directors u/s 149(6) of the Companies Act, 2013
All Independent Directors have given declaraon that they meet the criteria of
Independence as laid down in Secon 149(6) of the Companies Act, 2013 and SEBI (LODR)
Regulaons, 2015. In the opinion of the Board, the Independent Directors posses integrity
and necessary experse & experience.
Re-appointment of Independent Directors
As per Secon 149(10) of the Companies Act, 2013, none of the Independent Directors have
been reappointed on the Board of the Company during the FY 2022-2023.
Disquali cations of Directors
None of the Directors have commi ed any disquali caon as provided under Secon 164 of
the Companies Act, 2013.
Remuneration to Directors
Details of Remuneraon to Directors and Company Secretary are given in the Corporate
Governance Report annexed to this Report.
Performance evaluation of Board of Directors
The details regarding performance evaluaon of Board of Directors have been given in the
Corporate Governance Report.
Directors' Responsibility Statement
Pursuant to the requirement of Secon 134(3) (c) of the Companies Act, 2013, your
Directors con rm that:
a) in the preparaon of the annual accounts, the applicable accounng standards had been
followed along with proper explanaon relang to material departures;
b) the Directors had selected such accounng policies and applied them consistently and
made judgments and esma tes 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 the financial year 2022-2023 and
of the profit of the Company for that period;
c) the Directors had taken proper and sufficient care for the maintenance of adequate
accounng records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for prevenng and detecng fraud and other irregularies;
d) the Directors had prepared the annual accounts on a going concern basis;
e) the Directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operang e ecv ely;
and
f) the Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operang effecvtiely.
Acknowledgements
The Board of Directors acknowledge their gratude for the valuable guidance and support
received from the various wings of Government of India, in parcular Department of Ferliz
ers, Ferliz er Industry Coordinaon Commi ee (FICC), various State Governments, Financial
Instuons, Banks, stakeholders and all others whose connued support has been a source of
strength to the Company.
Your Directors also acknowledge the suggesons received from Statutory Auditors,
Internal Auditors, Cost Auditors, Secretarial Auditors and Comptroller and Auditor General
of India and are grateful for their connued support and cooperaon.
The Board would like to place on record its appreciaon to the hard work, commitment and
unsn ng efforts put in by the employees at all levels throughout the year. Board also
place on record acv e support and cooperaon received from Employees Trade Union and
Officers Associaon for sustained improvements.
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