Yash Innoventures Ltd
Chairman Speech
Sajjan Jindal, Chairman & Managing Director
Dear Shareholders,
The Will to Win' is a relentless pursuit of excellence and of doing better each
day. At JSW Steel, we have built our business on this principle, which enables us to
overcome any challenges or constraints that come our way, just like we did in 2016-17.
I am delighted to share with you that JSW Steel delivered strong operational
performance in FY 2016-17 and recorded its highest ever production, sales, consolidated
EBITDA and profit after tax.
An all-time high performance
2016-17 saw JSW Steel achieve many benchmarks and report our best-ever results. At 15.8
million tonnes our crude steel production was the highest ever, and so were the total
sales of 14.7 million tonnes. This included value-added steel sales of 5.06 million
tonnes, that represents an increase of 17%.
Our production volume grew by 26%, vis- a-vis the domestic industry growth of 8.5% and
global growth of 0.8%. Similarly our sales grew by 20% vis- a-vis the domestic industry
consumption growth of 2.6% and global consumption growth of 1.0%.
We reported our best ever EBITDA at Rs. 12,174 crores which is almost double of the
previous year's figure. Standalone EBITDA Margin at Rs. 7800 per tonne reflects our
healthy operational performance. Our Profit After Tax was also the highest ever, at Rs.
3,467 crores, a testimony to our efficient operations and robust cost management.
As a result, our Board proposed a dividend of 225%, the highest ever payout.
A robust Balance Sheet
Our performance also helped us strengthen our balance sheet with significant
improvement in our key ratios. Net debt to EBITDA improved to 3.41 times, from 6.39 times,
and net debt to equity improved to 1.85 times from 2.18 times.
One of the key reasons for our strong balance sheet is our ability to set up
capacities, both greenfield and brownfield, or make acquisitions at globally competitive
investment costs of around $550 per tonne. This has resulted in lesser interest &
depreciation to service and provide adequate cash accrual to sustain our growth plans,
without diluting financial policies of the Company to maintain net debt to EBITDA at 3.75
& net debt to Equity at 1.75 times. That explains why, at 14.8% our Return on Capital
Employed (ROCE) is one among the top 5 steel companies globally.
A promising future
Our numbers for 2016-17 set the stage for an even better performance in the current
year. We have provided a crude steel volume guidance 16.5 million tonnes, at a 4% growth,
while the growth in sales volume is guided 5% higher, at 15.5 million tonnes. We will
continue to focus on increasing the share of the value-added products basket in our
overall top line. JSW Steel will also scout for organic and inorganic growth opportunities
to expand its footprint.
Integrating backward. Innovating forward.
The Government has put in place a transparent mechanism for allocation of mineral
resources through auction. We participated in auctions of iron ore mines in Karnataka and
won 5 mines in October, 2016, which have estimated reserves of ~111mn tonnes, which meets
approximately 20% of the total requirement at Vijayanagar. The Company also secured one
coking coal mine in auction in the State of Jharkhand. We are striving to commence mining
at the earliest, while we continue to bid for more mines, both iron ore & coal.
We continue our efforts to preserve our investments in Plate & Pipe Mill in USA,
Coal Mines in USA & Mozambique and Iron ore Mines in Chile.
We are investing in people and sustainable practices to remain among the world's best
run steel companies. To make ourselves future proof, we have recently embarked on a
digitisation journey, to do a full digital makeover plan and improve efficiency in the
manufacturing processes and reduce costs.
Global Steel Industry
Global economy is projected to grow by 3.5% in CY17. The overall macro-economic
situation looks far better than previous year. While Global steel industry continue to
grapple with over capacity, weak demand growth, dumping of steel at predatory prices by
some countries & volatile input prices; improving growth momentum in advanced &
key emerging markets & broad-basing of trade remedial measures will provide stability
to steel industry.
Aligned to India's aspirations
India with its stable government, strong reforms, rising infrastructure spend &
robust consumption demand will provide a platform to reach per capita steel consumption of
160 kg & total steel capacity of 300 Million tonnes by 2030 as envisaged by National
Steel Policy 2017. Also trade remedial measures taken by the Government of India will
provide level playing field to this strategic industry to revive investment cycle &
create employment opportunities.
The budgetary allocation of Rs. 4 trillion for infrastructure, water and gas pipelines,
renewable energy and road sector should fuel enhanced economic activity, and as a result,
steel demand. Together with this, a normal monsoon will also augur well for the economy.
Therefore, we expect the steel industry to grow at 5-6% over the medium term.
At JSW Steel, we will play a key role in supporting the above policy initiatives
including the `Make in India' initiative. We have already outlined a capex programme of ~
Rs. 26,800 crores to expand overall steelmaking capacity to 23 MTPA by Mar 2020, increase
our downstream flat steel capacity ~7MTPA by Sep 2019, along with a few other strategic
projects. These key projects will be set-up at a very competitive capital cost and will
improve our return ratios. We have embarked on these expansion plans considering the
growth in domestic demand and the likely steel deficit in the domestic market as no major
investments in steel sector is contemplated. These capital expenditure plans have been
outlined to achieve backward and forward integration, capacity expansion and cost
reduction. We remain committed to maintain our net debt to EBITDA of 3.75 and net debt to
equity of 1.75 while these capex programmes are executed over the next three years.
In Conclusion
Our Will to Win has sustained across cycles, and I am confident that it will serve us
well at this time of great optimism. I am grateful to our team for their sustained efforts
in making JSW Steel a leading steel company in the world. I would also like to thank all
our stakeholders, Board, Bankers and the Government for the support and assistance
provided throughout our journey.
I solicit your continued cooperation.
Sincerely,
Sajjan Jindal
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Yash Innoventures Ltd
Directors Reports
To,
The Members,
YASH INNOVENTURES LIMITED (Formerly Known as Redex Protech Limited)
Your Directors have pleasure in presenting their Thirty First Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31, 2022.
1. FINANCIAL RESULTS:
The summary of the Company's financial performance for F.Y. 2021-22 compared to the
previous F.Y. 2020-21 is given below:
(Amount in Lakhs)
PARTICULARS |
2021-22 |
2020-21 |
Revenue from Operations |
7.09 |
1.11 |
Other income |
1,243.58 |
25.82 |
Total Income |
1,250.67 |
26.93 |
Profit/loss before Depreciation, Finance Costs, Exceptional items and Tax Expense |
1,135.06 |
(0.53) |
Less: Depreciation |
2.59 |
3.21 |
Profit/loss before Finance Costs, Exceptional items and Tax Expense |
1,132.47 |
(3.74) |
Less: Finance Cost |
- |
- |
Profit/loss before Exceptional items and Tax Expense |
1,132.47 |
(3.74) |
Less: Exceptional Items |
- |
- |
Profit / (Loss) Before Tax |
1,132.47 |
(3.74) |
Provision for Tax & Deferred Tax |
273.66 |
2.34 |
Profit / (Loss) After Tax |
858.81 |
(6.08) |
Other Comprehensive income (net of tax effect) |
- |
- |
Total Comprehensive income |
858.81 |
(6.08) |
Add : Balance as per last Financial Statement |
(128.24) |
(122.16) |
Disposable Surplus |
- |
- |
Less : Transfer to General Reserve |
- |
- |
Dividend Paid (19-20) |
- |
- |
Dividend Paid (18-19) |
- |
- |
Dividend Distribution Tax (19-20) |
- |
- |
Dividend Distribution Tax (18-19) |
- |
- |
Balance carried forward |
730.57 |
(128.24) |
2. PERFORMANCE OF THE COMPANY:
The Board's Report is prepared based on the stand alone financial statements of the
company.
During the year under review, the company recorded total come of Rs. 7.09 lakhs against
Rs. 1.11 lakhs. The performance of the company is increased with respect to overall
turnover during the financial year 2021-22.
The Company is taking more efforts to achieve better revenue and profit in upcoming
years. The company will strive to improve its performance in long term prospects based on
actual pace of global economy.
3. DIVIDEND:
During the year under review, the directors did not recommend any Dividend for the year
2021-22.
4. THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES:
The company has not transferred any amount to reserves during the financial year
2021-22.
5. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under review, following changes were occurred in the board of the
company:
The board of directors ('Board') has appointed Mr. Ashish Prakash Tripathi
(DIN:06594281) as an Additional Director (Non - Executive and Independent) on the board
w.e.f. 23rd August, 2022 and regularize them at upcoming Annual General
Meeting, which will be held on 28th September, 2022.
The board of directors ('Board') has re-appointed Mr. Gnanesh Rajendrabhai Bhagat (DIN:
00115076) as Managing Director on board w.e.f. 23rd August, 2022, subject to
approval of shareholders in upcoming Annual General Meeting which will be held on 28th
September, 2022.
The board of directors ('Board') has appointed Ms. Pooja Jain as Company Secretary and
Compliance Officer of the company w.e.f. 2nd June, 2022.
The board of directors ('Board') has appointed Mr. Naresh Prajapat as Chief Financial
Officer (CFO) of the company w.e.f. 8th August, 2022.
Mr. Jayprakash Bimashankar Sharma (DIN: 00114850) resigned from the post of
NonExecutive Independent Director w.e.f. 23rd August, 2022.
Mr. Mahendra N Soni resigned from the post of Company Secretary and Compliance Officer
w.e.f. 2nd June, 2022.
Mr. Gnanesh Rajendrabhai Bhagat resigned from the post of Chief Financial Officer (CFO)
of the company w.e.f. 8th August, 2022.
6. MEETING OF BOARD OF DIRECTORS:
During the Financial year 2021-22, Nine (9) Board Meetings were held and details of the
dates of Board Meetings are as mentioned below:
SR. NO. |
DATE |
SR. NO. |
DATE |
1 |
01.04.2021 |
6 |
02.11.2021 |
2 |
19.05.2021 |
7 |
07.12.2021 |
3 |
11.08.2021 |
8 |
04.02.2022 |
4 |
02.09.2021 |
9 |
25.02.2022 |
5 |
16.10.2021 |
|
|
7. COMMITTEES:
i) Audit Committee:
The Committee comprises of Mr. Hirenbhai Patel, Chairman and Independent non-executive
Director, Mr. Jayprakash Sharma, Independent non-executive Director, Mr. Gnanesh Bhagat,
Executive Director.
During the Financial Year 2021-22, Four (4) Audit Committee Meetings were held; the
dates of which are as follows:
SR. NO. |
DATE |
1 |
19/05/2021 |
2 |
11/08/2021 |
3 |
02/11/2021 |
4 |
04/02/2022 |
ii) Stakeholders Relationship Committee:
The Committee comprises of Mr. Hirenbhai Patel, Chairman and Independent non-executive
director, Mr. Jayprakash Sharma, Independent non-executive director, Mrs. Angana Bhagat,
non-executive director.
During the Financial Year 2021-22, Four (4) Stakeholders' Relationship Committee
meetings were held; the dates of which are as Follows:
SR. NO. |
DATE |
1 |
30/06/2021 |
2 |
30/09/2021 |
3 |
31/12/2021 |
4 |
31/03/2022 |
iii) Remuneration Policy & Nomination and Remuneration Committee:
The Company's policy relating to the appointment of directors, positive attributes, and
independence of directors, remuneration and other related matters as provided in Section
178(3) of the Companies Act, 2013 is available on
www.vashinnoventures.com/lnvestor/Policies.
Nomination and Remuneration Committee comprises of Mr. Hirenbhai Patel, Chairman
and Independent non-executive director, Mr. Jayprakash Sharma, Independent nonexecutive
director, Mrs. Angana Bhagat, non-executive director.
During the Financial Year 2021-22, One (1) Nomination and Remuneration Committee
meeting were held; date of which are as follows:
SR. NO. |
DATE |
1 |
08/11/2021 |
iv) Independent Directors Committee:
The Committee comprises of Mr. Hirenbhai Patel, Chairman and Independent non-executive
director, Mr. Jayprakash Sharma, Independent non-executive director.
During the Financial Year 2021-22, One (1) Independent Directors Committee were held;
date of which are as follows:
SR. NO. |
DATE |
1 |
02/11/2021 |
8. STATUTORY AUDITORS & AUDIT REPORT:
M/S. SHAH & SHAH, Chartered Accountants, (F.R.N0.131527W), who have
offered themselves for appointment and have confirmed their eligibility to be appointed as
Auditors, in terms of provisions of section 141 of the Companies Act, 2013 has been
appointed as statutory auditors of the company for the term of five consecutive years to
hold office till the conclusion of the Annual General meeting for the Financial Year
2024-25.
Auditors comments on your company's accounts for year ended March 31, 2022 are self
explanatory in nature and do not require any explanation as per provisions of Section
134(3)(f) of the Companies Act, 2013.
There were no qualifications, reservation or adverse remark or disclaimer made by
Statutory Auditor in its report.
9. DISCLOSURE OF REPORTING OF FRAUD BY AUDITORS UNDER SECTION 143(12):
During the financial year 2021-22, the Statutory Auditor of the Company has not
reported to the audit committee any instance of fraud committed against the Company by its
employees or officers under section 143(12), the details of which need to be reported in
Board's Report.
10. INTERNAL FINANCIAL CONTROL:
During the year, the Company continued to implement their suggestions and
recommendations to improve the control environment. Their scope of work includes review of
processes for safeguarding the assets of the Company, review of operational efficiency,
effectiveness of systems and processes, and assessing the internal control strengths in
all areas.
11. COST RECORDS:
Pursuant to Section-148 (1) of the Companies Act, 2013 read with Rule 3 of Companies
(Cost Records and Audit) Rules, 2014, Company does not fall under the criteria for
maintaining cost record for the financial year 2021-22.
12. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT:
Pursuant to Section 204 of the Companies Act, 2013, your company had appointed M/s. A.
Shah & Associates, Practicing Company Secretaries, as its Secretarial Auditors to
conduct the Secretarial Audit of the company for FY 2021-22. The Report of the Secretarial
Auditor for the FY 2021-22 is annexed to this report as "Annexure I".
The Board of Directors of the Company has discussed the remarks as mentioned in
Secretarial Audit Report at arm's length. The qualification raised by the Secretarial
Auditor in its report and the justification of Board of Directors on the same are as
follows:
SR. NO QUALIFICATION |
JUSTIFICATION OF BOARD |
1 The Company is yet to comply with Regulation 31(2) of The Securities and Exchange
Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015 for
maintaining 100% (hundred percent) shareholding of promoter(s) and promoter group in
dematerialized form. |
Due to some misinterpretation between the Registrar and Transfer Agent
(RTA) and the company, the two Public Shareholders has been categorized in
Promoters/Promoter group and the holding of both the holders are in physical mode and
holding of other Promoters/Promoter are in 100% demat mode. So the company are in process
of Re-classification of two shareholders from Promoters/Promoter category to Public
category. |
2 Company is yet to comply with the section 138 of the Companies Act, 2013 i.e.
Internal Auditor needs to be appointed to conduct the internal audit of the functions and
activities of the company. |
The Company has appointed internal auditor in the current financial year
Ms. Neha Kumari in the Board meeting held on 02nd May, 2022. |
3 Fines as per SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020-
Regulation 44(3) Non-submission of the voting results within the period provided under
this regulation- Rs. 10,000 per instance of non-compliance per item- For the meeting held
on September 28, 2021 for Annual General Meeting. |
The Company has replied to BSE on 20/10/2021 that the scrutinizer was
not able to download the voting results on time due to some technical issue on CDSL
e-voting portal and due to that the scrutinizer provide us the scrutinizer report on 1st
October 2021 and we submitted the report on same day. Accordingly, there was a delay of
only one day in submission of voting results on BSE. |
|
This was unintentional delay of submission of voting results to BSE
which was beyond the control of the company. |
4 Subject to SEBI letter dated February 11, 2021 In respect of Annual Listing Fees ALF
Company has made the payment in FY 2020-21 with the Interest for non-payment of Annual
Listing Fees amounting to Rs. 3,64,620/- |
The company has made the payment in FY 202021 with the Interest, below
are the details of the same : |
|
ALF - FY 2020-21: Rs. 3,54,0007- Interest on ALF FY 2020-21 : 10,620/-
(As per Bill summary received with ALF Invoice of FY 2021-22 Total Payment: Rs. 3,64,620/-
RTGS No.: CBINR52021081110002290 Date : 11.08.2021 |
13. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own performance,
Board committees and individual directors pursuant to the provisions of the Companies Act,
2013 and the corporate governance requirements as prescribed by Securities and Exchange
Board of India ("SEBI") under Regulation 17 to 27 and clauses (b) to (i) of
sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of SEBI (Listing
Obligation and Disclosure Requirement) Regulation 2015.
The performance of the Board was evaluated by the Board after seeking inputs from all
the directors on the basis of the criteria such as the Board composition and structure,
effectiveness of board processes, information and functioning, etc. The performance of the
committees was evaluated by the board after seeking inputs from the committee members on
the basis of the criteria such as the composition of committees, effectiveness of
committee meetings, etc.
The Board and the Nomination and Remuneration Committee ("NRC") reviewed the
performance of the individual directors on the basis of the criteria such as the
contribution of the individual director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects
of his role.
In a separate meeting of Independent Directors, performance of non-independent
directors, performance of the board as a whole and performance of the Chairman was
evaluated, taking into account the views of executive directors and non-executive
directors. The same was discussed in the board meeting that followed the meeting of the
Independent Directors, at which the performance of the Board, its committees and
individual directors was also discussed
14. DEPOSITS:
Your company has not accepted any fixed deposits from the public within the provisions
of Section 73 to 76 of the Companies Act, 2013. The outstanding balance of the unsecured
loan taken from Mr. Gnanesh Bhagat, Managing Director of the company is Rs. 61,000.00/-.
As well as the company has accepted unsecured loan of Rs. 8,67,00,000.00/- from others
which is exempt from Deposit. Hence, the disclosures required as per Rule 8(5)(v)&(vi)
of the Companies (Accounts) Rules, 2014, read with Section 73 to 76 of the Companies Act,
2013 are not applicable to your Company.
15. VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013
read with Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement)
Regulations, 2015 a Vigil Mechanism for directors and employees to report genuine concerns
has been established. The Vigil Mechanism Policy has been uploaded on the website of the
Company at www.yashinnoventures.com under investors/Policies/Whistle blower Policy link.
16. CONSERVATION OF ENERGY, TECHNOLOGY:
(a) Conservation of energy
i) the steps taken or impact on conservation of energy |
N.A |
(ii) the steps taken by the company for utilizing alternate sources of energy |
N.A |
(iii) the capital investment on energy conservation equipment's |
N.A |
b) Technology absorption |
|
i) the efforts made towards technology absorption |
N.A |
(ii) the benefits derived like product improvement, cost reduction, product
development or import substitution |
N.A |
(iii) in case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)- |
N.A |
(a) the details of technology imported |
N.A |
(b) the year of import; |
N.A |
(c) whether the technology been fully absorbed |
N.A |
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof |
N.A |
(iv) the expenditure incurred on Research and Development |
N.A |
17. FOREIGN EXCHANGE EARNINGS / OUTGO:
As the Company has not carried out any activities relating to the export and import
during the financial year. There is no foreign exchange expenses and foreign income during
the financial year 2021-22.
18. NOMINATION AND REMUNERATION POLICY:
The Board has on the recommendation of Nomination and Remuneration / Compensation
Committee framed a policy on directors' appointment and remuneration of Directors
including criteria for determining qualification, positive attributes, independence of
directors and remuneration for Directors, Key Managerial Personnel and other employees.
The policy is annexed to this report as "Annexure II".
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All related party transactions that were entered during the financial year were in
ordinary course of the business of the company and were on arm's length basis. All such
Related Party Transactions are placed before the Audit Committee for approval.
The policy on materiality of Related Party Transactions and also on dealing with
Related Party Transactions as approved by the Audit Committee and the Board of Directors
has been uploaded on the website of the Company at www.yashinnoventures.com under
investors/Policies/Related Party Transaction Policy link.
The particulars of every contract or arrangements entered into by the Company with
related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013
is disclosed in Form No. AOC-2 in "Annexure - III".
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
In terms of provisions of Section 134(3)(g), the company has granted Loans, guarantee,
and made Investment during the year 2021-22. Accordingly, the Disclosure as per Section
134(3)(g) containing the Particulars of Loans, Guarantees or Investments under Section
186, is annexed hereto as "Annexure IV" and forms part of this Report.
21. PARTICULARS OF EMPLOYEES REMUNERATION:
A. The ratio of the remuneration of each director to the median employee's remuneration
and other details in terms of sub-section 12 of Section 197, of the Companies Act, 2013
read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are forming part of this report as "Annexure V".
B. The statement containing particulars of employees as required under Section 197(12)
of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is not provided as no employees is paid
remuneration of Rs. 8.50 Lac Per month if employed for part of the year and Rs. 1.02 Crore
Per Annum if employed for the whole year.
22. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Provision of section 135 of the Companies Act, 2013 is applicable to your company,
as the conditions given in section 135 (1) is fulfilled i.e. Net profit is more than 5
crore for the preceding year 2021-22, so your company will do expense under CSR activities
from the year 2022-23.
23. HUMAN RESOURCES DEVELOPMENT:
Your Company treats its "human resources" as one of its most important
assets. Your Company continuously invests in attraction, retention and development of
talent on an ongoing basis. A number of programs that provide focused people attention are
currently underway. Your Company thrust is on the promotion of talent internally through
job rotation and job enlargement. The Company's Health and Safety Policy commits to
provide a healthy and safe work environment to all employees.
24. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013:
To foster a positive workplace environment, free from harassment of any nature, we have
institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework, through which we
address complaints of sexual harassment at all the workplaces of the Company. Our policy
assures discretion and guarantees non-retaliation to complainants. We follow a gender-
neutral approach in handling complaints of sexual harassment and we are compliant with the
law of the land where we operate. We have also constituted a Special Complaints Committee
to consider and address sexual harassment complaints in accordance with the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.To that
effect, during the year under review, there were no incidences of sexual harassment
reported.
25. CHANGE IN NATURE OF THE BUSINESS:
There was no change in the nature of business of the company during the year under
review.
26. MANAGEMENT DISCUSSION AND ANALYSIS:
As per corporate governance norms, a separate section on Management Discussion and
Analysis outlining the business of the Company is set out in Annexure forming part of this
Report.
27. SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:
No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Company's operation in future.
28. SIGNIFICANT OR MATERIAL EVENT OCCURRED DURING THE FINANCIAL YEAR:
During the current financial year following material events has been occurred:
The Company has taken shareholder approval to sale /dispose off substantial undertaking
of the Company.
29. SIGNIFICANT OR MATERIAL EVENT OCCURRED AFTER BALANCESHEET DATE:
No Event has occurred after the balance sheet date that representing the material
changes and commitment that affecting the Financial position of the company.
30. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to requirement under 134(3)(c) and Section 134(5) of the Companies Act, 2013
(Act), Directors, confirm that:
(a) in the preparation of the annual accounts for the year ended on 31st
March, 2022, the applicable accounting standards read with requirement set out under
Schedule III to the Act, have been followed and there are no material departures from the
same;
(b) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the company as at March 31, 2022 and of the profit of
the company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) 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 operating
effectively 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 operating effectively.
31. ACKNOWLEDGEMENT
Your Directors wish to place on record their gratitude and sincere appreciation for the
assistance and co-operation received from the financial institutions, banks, Government
authorities, customers, vendors and members during the year under review.
Your Directors would like to express a profound sense of appreciation for the
commitment shown by the employees in supporting the Company in its continued robust
performance on all fronts.
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