Swan Energy Ltd
Directors Reports
1) Your directors are pleased to present the One Hundred and Fifteenth (115th)
Annual Report together with the Audited Financial Statements (Standalone &
Consolidated) for the year ended 31st March, 2023.
2) Financial Results
|
|
(Rs. in lakhs) |
| Particulars |
Standalone |
Consolidated |
|
For the year ended on 31.3.2023 |
For the year ended on 31.3.2022 |
For the year ended on 31.3.2023 |
For the year ended on 31.3.2022 |
| Profit before interest & depreciation |
3,033.60 |
2,845.32 |
24,190.35 |
7,518.72 |
| Less:Interest |
1,754.54 |
1,764.09 |
22,279.90 |
18,914.94 |
| : Depreciation |
798.90 |
600.39 |
8,134.78 |
7,026.65 |
| Profit before Tax |
480.16 |
480.84 |
6,224.33 |
(18,422.87) |
| Less: Provision for Taxation |
116.66 |
163.04 |
(119.41) |
(2,633.58) |
| Net Profit for the year |
363.50 |
317.80 |
(6,104.92) |
(15,789.29) |
| Other Comprehensive Income for the year |
11.41 |
11.32 |
(542.91) |
11.32 |
| Total Comprehensive Income for the year |
374.91 |
329.12 |
(6,647.83) |
(15,777.97) |
| Attributable to shareholders of the company |
- |
- |
(3883.52) |
(8,742.61) |
| Non-Controlling Interest |
- |
- |
(2,764.31) |
(7,035.36) |
| Add: Amount of Profit & Loss Account brought forward |
19,682.76 |
19,597.90 |
1,969.17 |
10,944.75 |
| Opening balance of new subsidiaries |
- |
- |
(35.11) |
(4.96) |
| Opening Balance of Strike-off subsidiaries |
- |
- |
- |
16.25 |
| Amount available for Appropriation |
20,057.67 |
19,927.02 |
(1,949.46) |
2,213.43 |
| Less: Appropriations: |
- |
- |
- |
- |
| Transfer to General Reserve |
(263.92) |
244.26 |
(263.92) |
244.26 |
| Dividend on Equity shares paid * Tax on dividend |
- |
- |
|
- |
| Balance of Profit & Loss Account transferred to Balance sheet |
19,793.75 |
19,682.76 |
(2,213.38) |
1,969.17 |
* Pursuant to applicable provisions of Indian Accounting Standards, the dividend amount
mentioned in the columns for 2022 and2023 represents the dividend amount paid for
thefinancial years 2021 and2022 respectively.
On standalone basis, revenue from operations for the financial year 2022-23 was Rs.
54,722.62 lakhs as compared to Rs. 40,871.55 lakhs in the previous year. Earnings before
interest, tax, depreciation and amortization (EBITDA) for the year was Rs. 3,033.60 lakhs
as compared to Rs. 2,845.32 lakhs in the previous year. Profit after Tax (PAT) for the
year was Rs. 363.50 lakhs as compared to Rs. 317.80 lakhs in the previous year.
On consolidation basis, revenue from operations for the financial year 2022-23 was Rs.
1,43,814.37 lakhs as compared to Rs. 48,719.96 lakhs in the previous year. Earnings before
interest, tax, depreciation and amortization (EBITDA) for the year was Rs. 24,190.35 lakhs
as compared to Rs. 7,518.72 lakhs in the previous year. Loss after Tax for the year was
Rs. 6,104.92 lakhs as compared to Rs. 15,789.29 lakhs in the previous year.
3) BUSINESS OUTLOOK & THE STATE OF COMPANY'S AFFAIRS:
At the outset, the year 22-23 has been a year of uncertainties in business. The global
economy experienced a 2.7% growth slowdown compared to the previous year. Tight financial
conditions, Russia-Ukraine war, and the lingering COVID-19 pandemic have been weighing
down the economy. However, India has a different tale to present, with its robust well
supported domestic demand, and strong investments bolstered by the government India has
shown a slow yet upscale graph.
Our steady growth in the year 22-23 has helped us overcome the UK and get listed as the
5th largest economy in the world after it recovered from repeated waves of
COVID-19 pandemic shock. The economy has seen a rise in employment and a substantial
increase in private consumption. Favorable policies and new investments are showing a
sustainable business landscape ahead.
Your company is committed to delivering sustainable growth and creating long-term value
for its stakeholders. Thus, our unwavering focus on operational excellence has yielded
impressive results across all our business verticals.
In the textile division, we have continued to push boundaries to deliver high-quality
products that meet global standards. Similarly, our realty, and oil and gas operations
have showcased resilience and adaptability, even in the face of industry fluctuations.
Compared to FY2021-22, revenues rose to Rs. 1438 crore and EBITDA improved to Rs. 241
crores. Our three core businesses have set the pace toward a profitable year ahead, with a
commendable performance in the closing quarter.
After a comprehensive three-year process, Swan Energy has emerged as the successful
bidder for the former Reliance Naval and Engineering Limited. Additionally, this year,
Swan Energy has secured a controlling interest in the Indian-listed entity, Veritas India
Limited. These strategic moves signify our entry into the shipbuilding and heavy
manufacturing sector, whilst bolstering our foothold in the oil and gas industry.
Innovation and sustainability are our core values. This has been the driving force for
your company to embrace cuttng-edge technologies and practice impeccable safety and
production methods. Looking ahead, we see immense potential for growth and further
diversification. We shall continue to explore new avenues to strengthen our position and
create value for our shareholders.
4) REVIEW OF OPERATIONS
A LNG Port Project:
The progress of India's first Greenfield LNG Port Terminal, with the total capacity of
10 MMTPA, at Jafrabad Port in Amreli district of Gujarat, being set up through two
subsidiaries, namely SWAN LNG PRIVATE LIMITED (SLPL) and TRIUMPH OFFSHORE PRIVATE LIMITED
(TOPL) is summarized under:
I - SLPL:
The first phase of the Project, awarded under 'Swiss Challenge' route and developed on
PPP basis, having capacity of 5 MMTPA LNG (extendable upto 10 MMTPA), comprising
development of LNG Port facilities, utilizing a FSRU for LNG receipt, storage,
regasification and send-out, to be operated on tolling business model, is under
implementation.
SEL is the Lead Promoter with 63% equity stake, Government of Gujarat 26% stake (15% by
GMB & 11% by GSPL), 11% stake by Indian subsidiary of Mitsui OSK Lines (MOL), Japan,
who is also the technical partner of the Project.
SLPL has already executed regasification agreements for reservation of capacity
aggregating to 4.5 MMTPA on firm basis for a period of 20 years with State-owned GSPC [1.5
MMTPA], BPCL, IOCL and ONGC [1 MMTPA each].
The execution of firm regasification agreement for reservation of 90% capacity with
State Government PSU, including Concession Agreement with GMB & GoG for 30 years
(extendable to further 20 years) makes the future of the project very robust. Moreover,
all the necessary approvals and EPC Contracts required for project implementation are in
place and the construction is progressing well.
On Project implementation work, the Company has achieved an overall 79.11% progress on
the construction of Port Project upto 31st March 2023.
Below is the progress on various EPC packages awarded by the Company:
| Description |
Progress with 2,200m breakwater |
| Overall Project Progress Status |
79.11% |
| Breakwater, Groyne & Shore Protection Work |
64.10% |
| Jettes & Tug berth |
71.30% |
| Topside & Utilities related to Jetty-1 Work |
99.88% |
| Dredging & R1 Area Reclamation |
99.60% |
The expected commencement date of the Project is 31-03-2024.
II Triumph Offshore Private Limited (TOPL):
Floating Storage and Regasification Unit (FSRU):
The SLPL has entered into a Bareboat Charter (BBC) Agreement with TOPL, to charter the
FSRU to SLPL on a long-term lease for a period of 20 years.
TOPL (SEL 51% & IFFCO 49% equity stake), has successfully taken delivery of FSRU
"Vasant 1" on 29th September, 2020.
Post-delivery of FSRU, it was put on charter hire with charterer, as under, for its
interim utilization as LNG Carrier till Jafrabad LNG port is ready, which has yielded
decent revenue generation and saving of parking charges.
During the year, TOPL entered into a Heads of Agreement Term Sheet dated 31st
December 2022 with BOTAS Trading IC Headquarters Jersey Ankara Main Branch, based in
Turkey ("BOTAS") for chartering of the FSRU on Bareboat basis, for a period of
at least 304 days, starting from 02nd January, 2023.
The arrangement (Term Sheet) with BOTAS for deploying the vessel for interim period,
till SLPL port construction is completed, ensures operational readiness when SLPL project
is ready for commissioning. Post completion of charter period with BOTAS, the FSRU will be
brought to SLPL project site near Jafrabad, Gujarat for commissioning and subsequent
Commercial operations.
B REAL ESTATE
The status of the properties owned through wholly owned subsidiaries (WOS) is
summarized as under:
I. Cardinal Energy & Infrastructure Pvt Ltd (CEIPL):
1. Sai Tech Park, Bangalore-It is a developed commercial property, located at
the IT park of Whitefield, Bangalore. It comprises 2.96 lac sq. ft with three buildings,
all been entirely leased out to Harman Connected Services Corporation India Private
Limited (Erstwhile Symphony Teleca Corporation India Private Limited) at annual rent of
Rs. 13.48 Crores.
2. Technova Park, Hyderabad - The commercial property, located at Gachibowli
area of Hyderabad. It comprises an area of 2.92 lakh sq. ft and has been leased out to M/s
Google Connect Services India Private Limited (Indian subsidiary of Google) at annual rent
of Rs. 17.19 Crores.
3. BTM, Bangaluru - It is a land, admeasuring 0.75 acre. The company intends to
develop it as a residential property very soon.
4. Yeswantpur area, Bengaluru - A residential project of 22 story tower, having
3 wings (A, B, C) is under construction, under Joint Development Agreement (JDA) with the
Chigateri Family (land owners). Construction of all 3 towers is completed and the
finishing works are currently ongoing. Total saleable area will be 3.14 lakh sq. ft. and
our share will be 1.88 lakh sq. ft., i.e., 59% of total saleable area. A good return is
expected once the Project gets
completed in March, 2024. The project is currently at a finishing stage and sales of
the units are going well.
II. Pegasus Ventures Private Limited (PVPL):
No major development during the year on the land parcels at Bengaluru, Mangalore,
Mysore and Chennai. All feasible options are being explored in order to develop / monetize
these properties.
C Textile
During the current financial year, the Process House of the Company at Ahmedabad has
posted a profit before tax of Rs. 1,449.57 Lakh as against profit before tax of Rs. 490.29
Lakh for the previous year.
5) ACQUISITIONS:
A Veritas (India) Limited
During the year, the company has acquired 55.01% equity shares of M/s Veritas (India)
Limited (BSE listed company) through share purchase agreement and open offer, by virtue of
which it has become subsidiary of the company.
B Reliance Naval and Engineering Ltd ("RNEL")
National Company Law Tribunal (NCLT) Ahmedabad, has passed an order dated 23rd
December, 2022, approving the Resolution Plan submitted by the Resolution Applicant, M/s
Hazel Mercantile Limited (HML) to acquire RNEL. Swan Energy Limited (SEL) is a strategic
partner with HML, through a SPV, namely Hazel Infra Limited (SEL 74% & HML 26% equity
stake), to acquire RNEL.
As on the date of this Report, the implementation of the Resolution Plan is underway.
6) DIVIDEND & RESERVES:
The Board of Directors ("Board") is pleased to recommend a dividend @ Re.
0.10 per Equity share (10%) on 26,39,17,000 Equity Shares of Re 1 each for the year ended
31st March, 2023, subject to the approval of the Shareholders at the ensuing
115th AGM.
The company has not transferred any amount to the General Reserve during the year.
The Register of Members and Share Transfer Books of the Company will remain closed from
22nd September, 2023 to 28th September, 2023 (both days inclusive)
to determine the eligible shareholders to receive the dividend for the year ended March
31, 2023 and accordingly, the record date for dividend will be 21st September,
2023. According to the Finance Act, 2020, dividend income will be taxable in the hands of
the Members w.e.f. April 1, 2020, and the Company is required to deduct tax at source from
the dividend paid to the Members at prescribed rates as per the Income Tax Act, 1961.
7) SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:
During the year, 'Swan Global PTE Limited', 100% subsidiary, incorporated at Singapore,
was wound up and accordingly, ceased to be subsidiary of the company with effect from
15-09-2022.
In accordance with the provisions of section 129(3) of the Companies Act, 2013, read
with rule 5 of the Companies (Accounts) Rules, 2014, a statement containing the salient
features of financial statements of each of the subsidiaries/associates/joint venture
companies of your Company, in the prescribed Form AOC-1, is given in Annexure - A to
this Report.
The said Form also highlights the financial performance of each of the companies
included in the CFS pursuant to rule 8(1) of the Companies (Accounts) Rules, 2014. In
accordance with the provisions of section 136(1) of the Companies Act, 2013, the Annual
Report of your Company, containing, inter-alia, the audited standalone and consolidated
financial statements, has been placed on the website of your Company and can be accessed
at https://swan.co.in/reports.
The company does not have any Joint Ventures or Associate companies.
8) SHARE CAPITAL:
During the year under review, the Company has neither issued shares with differential
voting rights nor has granted stock opti'ons/sweat equity. The paid-up Equity share
capital as on 31st March, 2023 was Rs. 2639.17 lacs.
9) STATUTORY DISCLOSURES:
9.1 Management Discussion and Analysis:
As required under Regulation 34(2)(e) of the SEBI (LODR) Regulations, 2015, a
Management Discussion and Analysis is annexed to this Report - Annexure - B.
9.2 Corporate Governance
As required under Regulation 17(7) read with Schedule V of the SEBI (LODR) Regulations,
2015, a report on the 'Corporate Governance', together with a certificate of statutory
auditors, confirming compliance of the conditions of the Corporate Governance, is annexed
to this report - Annexure-C.
Further, in compliance of Regulation 17(5) of the SEBI (LODR) Regulations, 2015, your
Company has adopted a 'Code of Conduct and Ethics' for its Directors and Senior
Executives.
9.3 Business Responsibility & Sustainability Report (BRSR)
The Report on BRSR is annexed to this Report - Annexure - D and is available on
website of the company. www.swan.co.in
9.4 Extract of Annual Return:
In terms of Section 134 and 92 of the Companies Act, 2013 ("the Act"), an
extract of the Annual Return is placed on the website of the Company www.swan.co.in
9.5 Familiarisation Programme for Independent Directors
The familiarisation programme is to update the Directors on the roles,
responsibilities, rights and duties under the Act and other statutes and about the overall
functioning and performance of the Company.
The policy and details of familiarisation programme is available on the website of the
Company at www.swan.co.in
9.6 Conservation of energy, technology absorption and foreign exchange earnings and
outgo:
Information under Section 134 (3) (m) of the Act, read with Rule 8 (3) of the Companies
(Accounts) Rules, 2014 is annexed to this Report - Annexure - E.
9.7 Particulars of Employees:
Pursuant to provisions of Section 136 (1) of the Act and as advised, the statement
containing particulars of employees under Section 197 (12) of Act, read with Rule 5 of
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be
available for inspection at the registered office of the Company and will be made
available to the shareholders on request.
9.8 Number of Board Meetings:
During the year under review, 11 (Eleven) Board Meetings were convened and held. The
required details are given in the Corporate Governance Report forming part of this report.
9.9 Statement on declaration given by independent Directors:
The Independent Directors of the Company have submitted their Declaration of
Independence, as required under the provisions of Section 149(7) of the Act, stating that
they meet the criteria of independence as provided in section 149(6) of the Act.
The Board is of the opinion that all the Independent Directors possess integrity, have
relevant expertise, experience and fulfil the conditions specified under the Act, and the
Listing Regulations.
9.10 Disclosure regarding Company's Policies under the Companies Act, 2013:
i Remuneration and Nomination Policy
The Board has framed a Policy on directors' appointment and remuneration including
criteria for determining qualifications, positive attributes, independence of a director
and other matters provided under section 178 (3) of the Act for the directors, key
Managerial Personnel and other employees of the Company. The Policy is available on the
Company's website at https://swan.co.in/reports.
ii Corporate Social Responsibility (CSR) Policy:
The Report on CSR is annexed to this Report - Annexure - F.
iii Whistle Blower Policy / Vigil Mechanism:
The Company has a Whistle Blower policy to deal with instances of fraud and
mismanagement, which is available on the Company's website at https://swan.co.in/reports.
During the reporting period, no person has been denied access to the Chairman of the
Audit Committee.
iv Risk Management Policy
The Company has a structured Risk Management policy. The Risk Management process is
designed to safeguard the organization from various risks through adequate and timely
actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize
its impact on the business. The potential risks are integrated with the management process
such that they receive the necessary consideration during decision making. The Policy is
available on website of the company. www.swan.co.in
v Dividend Distribution Policy (DDP)
The Report on DDP is annexed to this Report - Annexure - G and is available on
website of the company. www.swan.co.in
vi Related Party Transactions (RPTs):
The Company has a well-defined process of identification of related parties and
transactions there with, its approval and review. The disclosures of RPTs and Policy for
the same is hosted on the Company's website at https://swan.co.in/reports.
All the related party transaction entered into during the financial year were on
Arms-Length basis, and were in ordinary course of business. Related party transactions
(RPTs) entered into by the Company during the financial year, which attracted the
provisions of section 188 of the Companies Act, 2013 and as defined under regulation 23 of
Listing Regulations, 2015, a detailed disclosure of these transactions with the Related
Parties are provided in the notes to the financial statements. There were no transaction
requiring disclosure under section 134(3)(h) of the Act. Hence, the prescribed Form AOC-2
does not form a part of this report.
During the year 2022-23, pursuant to section 177 of the Companies Act, 2013 and
regulation 23 of Listing Regulations, 2015, all RPTs were placed before the Audit
Committee for its approval.
Members are requested to refer to note no. 41 forming part of the Audited Financial
Statements which sets out related party disclosures.
The Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board may be accessed on the Company's website at
https://swan.co.in/reports
The Policy intends to ensure that proper reporting; approval and disclosure processes
are in place for all transactions between the Company and Related Parties. This Policy
specifically deals with the review and approval of Material Related Party Transactions
keeping in mind the potential or actual conflicts of interest that may arise because of
entering into these transactions. All the Related Party
Transactions entered in the Ordinary Course of Business and at Arm's Length were
reviewed and approved by the Audit Committee. All Related Party Transactions are placed
before the Audit Committee for its review on a quarterly basis.
9.11 Particulars of loans, Guarantees or investments by Company:
Details required to be disclosed pursuant to the provisions of Section 186 of the Act
are disclosed in the Notes to the Financial Statements and forms a part of this Annual
Report.
10) Auditors:
10.1 Statutory Audit
M/s N. N. Jambusaria & Co., Chartered Accountants, Mumbai (Registration No.
104030W), were appointed as statutory auditors of the Company at the 114th AGM
held on September 28, 2022 for the second term of five consecutive years, to hold office
from the conclusion of 114th AGM until conclusion of 119th AGM.
As per the amended section 139 of the Act, the appointment of Statutory Auditors is not
required to be ratified at every AGM.
There is no qualification, reservation or adverse remark or disclaimer by the Auditors
in their Report. Hence, Report of the auditors, read with the notes to the financial
statements, is selfexplanatory and need no elaboration.
10.2 Cost Audit
your company is required to maintain cost records. Accordingly, pursuant to the
recommendation of the Audit Committee, the Board has appointed M/s V. H. Shah & Co.,
Cost Accountants (Registration No. 100257) as the Cost Auditor for the financial year
ending on 31st March, 2024, at a remuneration of Rs. 75,000/- (Rupees
Seventy-Five thousand only) plus applicable taxes, who have given consent and eligibility
certificate to act as a Cost Auditors of your Company.
The remuneration payable is required to be ratified at the ensuing 115th
AGM.
10.3 Secretarial Audit
Pursuant to the recommendation of the Audit Committee, The Board has appointed M/s
Jignesh M. Pandya & Co. (CP No. 7318), a practicing Company Secretary, to undertake
the Secretarial Audit of the Company for the year ended 31st March, 2023.
Secretarial Audit Report of the Company and its subsidiaries for the year ended 31st
March, 2023 is annexed to this Report as Annexure - H.
11) COMPLIANCE OF SECRETARIAL STANDARDS OF ICSI
In terms of Section 118(10) of the Act, the Company states that the applicable
Secretarial Standards i.e., SS-1 and SS-2, issued by the Institute of Company Secretaries
of India, relating to Meetings of Board of Directors and General Meetings respectively,
have been duly complied with.
12) FINANCE:
Your Company has been regular in meeting its obligation towards payment of
Principal/Interest to the Banks and other institutions.
13) Risk Management and Internal Financial Controls:
The Board of Directors of the Company has formed a Risk Management Committee to frame,
implement and monitor the risk management plan for the Company. The Committee is
responsible for monitoring and reviewing the risk management plan and ensuring its
effectiveness. The Audit Committee has additional oversight in the area of financial risks
and controls. The major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. The development
and implementation of risk management policy has been covered in the Management Discussion
and Analysis which forms a part of the Annual Report.
Your Company has in place adequate internal financial controls with reference to
financial statements, commensurate with the size, scale and complexity of its operations.
These controls have been identified by the management and are checked for effectiveness
across all locations and functions by the management and tested by the Auditors on a
sample basis. The controls are reviewed by the management periodically and deviations, if
any, are reported to the Audit Committee periodically.
During the year, such controls were tested and no reportable material weaknesses in the
design or operation were observed.
14) DIRECTORS AND KMP:
During the year, Mr. Satya Tripathi, President-Finance, designated as KMP, joined on
27-12-2022 and resigned on 31-05-2023.
At the ensuing AGM, Mr. Sugavanam Padmanabhan (DIN: 03229120), retires by rotation and
being eligible, offers himself for re-appointment.
15) GENERAL DISCLOSURES:
During the financial year under review:
i Performance evaluation of the Board: pursuant to the Section 134 of the Act and SEBI
(LODR) Regulations 2015, the Board has carried out an annual evaluation of its own
performance, all the committees and Individual Directors including chairman of the Board.
ii Change in the nature of the business:
there was no change in the nature of business of the Company;
iii Deposits:
the Company has not accepted any deposits from public;
iv Significant and material orders passed:
there were no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future;
v Prevention of Sexual Harassment of Women at Workplace:
the Company has constituted a committee in compliance of the provisions of "Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013".
No case was reported to the Committee during the year under review.
vi Proceedings under Insolvency and Bankruptcy Code, 2016 ("IBC"):
there were no applications made or any proceedings pending under IBC by or against the
Company;
vii Details of one-time settlement:
there were no instances of onetime settlement with any Banks or Financial Institutions;
viii Giving of loan for purchase of shares:
the Company has neither made any provision of money nor provided any loan to the
employees of the company for subscription to/purchase of shares of the Company, pursuant
to section 67 of the Act and Rules made thereunder;
ix Fraud Reporting:
the Statutory/Cost/Secretarial Auditors have not reported any instances of frauds
committed in the Company by its officers or employees to the Audit Committee under Section
143(12) of the Companies Act;
x Material changes and commitments:
There were no significant material changes and commitments, affecting the financial
position of the company which have occurred between the end of the financial year of the
company to which the financial statements relate and the date of the report.
16) COMMITTEES OF THE BOARD
There are various Board constituted Committees as stipulated under the Act and SEBI
Listing Regulations namely Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee, Corporate Social Responsibility (CSR) Committee and
Risk Management Committee. Brief details pertaining to composition, terms of reference,
meetings held and attendance there at of these Committees during the year has been
enumerated in Corporate Governance report.
17) DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (c) of the Act, the Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards have
been followed;
(b) appropriate accounting policies have been selected and applied consistently.
Judgments and estimates that are reasonable and prudent have been made so as to give a
true and fair view of the state of affairs of the company as on 31st March,
2023 and of the profit of the Company for that period;
(c) proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) the Annual accounts have been prepared on a going concern basis;
(e) internal financial controls have been laid down and followed by the company and
that such controls are adequate and are operating effectively;
(f) proper systems have been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
18) INDUSTRIAL RELATIONS:
The relationship with all the concerned continued to remain harmonious and cordial
throughout the year under review.
19) APPRECIATION:
The Directors place on record their appreciation for support and timely assistance from
Financial Institutions, Banks, Government Authorities and above all, its Shareholders, who
have extended their valuable support to the Company.
The Directors also wish to appreciate sincere and dedicated efforts and services by all
the employees/staff.
|
For and on behalf of the Board of Directors |
|
(Navinbhai C. Dave) |
|
Chairman |
| Mumbai, 14th August, 2023 |
(DIN: 01787259) |
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