To
The Members of Sanghi Industries Limited
Your Directors present herewith the 36th Annual Report together with the audited
financial statements for the year ended 31st March, 2023.
| Financial Performance: |
|
(Rs. in Crore) |
| Particulars |
2022-23 |
2021-22 |
| Total Income |
947.81 |
1140.52 |
| Profit before Interest, Depreciation and Taxation |
5.85 |
202.88 |
| Interest |
238.17 |
81.96 |
| Operating Profit |
(232.32) |
120.92 |
| Depreciation |
93.38 |
64.17 |
| Profit Before Tax (PBT) |
(325.70) |
56.75 |
| Current tax adjustments for earlier years |
0.00 |
1.53 |
| Deferred Tax (including Derecognition of earlier years MAT credit) |
0.00 |
14.60 |
| Profit After Tax (PAT) |
(325.70) |
40.62 |
| Other Comprehensive Income |
|
|
| Items that will not be reclassified to profit or loss |
0.60 |
(0.18) |
| Income tax related to items that will not be reclassified to profit or loss |
0.00 |
0.05 |
| Total Comprehensive Income |
(325.10) |
40.49 |
Dividend
In view of losses, your Directors do not recommend any dividend for the year under
review.
Dividend Distribution Policy
Securities and Exchange Board of India ('SEBI') vide its notification dated 5th May,
2021, amended SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
notified SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment)
Regulations, 2021, making changes in Regulation 43A which requires the top 1000 listed
companies (based on the market capitalization calculated as on 31st March of every year)
to formulate a Dividend Distribution Policy and disclose the same on their websites and a
web-link to be provided in the Annual Reports of the Company.
The Company falls under the list of top 1000 listed companies as per the market
capitalization as on 31st March, 2023, the company has already formulated the Dividend
Distribution Policy which is in due compliance of the requirements of amended Regulation
43A and it is uploaded on the Company's website at https://www.sanghicement.com/policies/
Operations and Performance of the Company
During the year ended 31st March, 2023, the total revenue was Rs. 947.81Crores against
Rs. 1140.52 Crores in the previous year. The Company has incurred a loss of Rs. 325.70
Crores against the Profit of Rs. 56.75 Crores in previous year. The Company incurred a net
loss of Rs. 325.70 Crores against the profit after tax Rs. 40.62 Crores in previous year.
The Total Comprehensive loss for the year is Rs. 325.10 Crores, against the total
comprehensive profit of Rs. 40.49 Crores in previous year.
The results are analysed at length in Management Discussion and Analysis report.
Non-Convertible Debentures (NCDs):
During the year under review, the Company has issued and allotted 5,000 Secured, Un-
Rated, Un-Listed, Redeemable, Non- Convertible Debentures of face value of Rs. 10,00,000/-
aggregating to Rs. 500 Crore having ISIN : INE999B07044 on 29.11.2022 to M/s. Kotak
Special Situation Fund.
The Company has also made partial pre-payment of principal amount along with the
redemption premium of its 3050 Listed, Rated Secured, Non-convertible Redeemable
Debentures (NCD) of face value of Rs. 10,00,000/- on 29th November, 2022 and the
outstanding amount of Non-convertible Debentures after the said partial pre-payment is Rs.
277.55 Crore. The said Non-convertible Debentures having ISIN INE999B07036 are listed and
available for trading on BSE Limited.
As on 31.03.2023 the Company has outstanding Non Convertible Debentures of Rs. 777.55
Crore (Bifurcated into NCDs of Rs. 500 Crore Secured, Un- Rated, Un-Listed, Redeemable,
Non- Convertible Debentures of face value of Rs. 10,00,000/- having ISIN INE999B07044 and
Rs. 277.55 Crore Listed, Rated Secured, Nonconvertible Redeemable Debentures (NCD) of face
value of Rs. 10,00,000/- having ISIN INE999B07036).
Impact of COVID-19
The Company continues to follow necessary safety and hygiene protocols in compliance
with the regulations of the local, state and central government authorities issued from
time to time keeping in view the mutations observed in the nature of virus from time to
time and its impact on the health of workers / employees of the Company.
Presently, in the current scenario, the management does not see any medium to long term
risks to the Company from the Covid pandemic situation. As the world and India has already
been back to normal, the impact from the pandemic on the business of the Company is
minimal during the FY 2022-23.
Change in Nature of Business
There are no material changes in the nature of business during the year under review.
Material changes and commitments affecting the financial position of the Company
There have been no material changes and commitments affecting the financial position of
the Company which have occurred between the end of the financial year of the Company and
the date of this report.
Significant and material orders passed by the regulators or Courts Or Tribunals
During the year under review, there were no significant or material order passed by any
regulatory authority, court or tribunal which shall affect the going concern status of the
Company's operations in future.
Management Discussion and Analysis
A report on Management Discussion and Analysis (MDA), which is included in the
Corporate Governance Report and forms part of this Report, inter-alia deals adequately
with the operations and also current and future outlook of the Company during the year
under review.
Deposits
The Company has not accepted or renewed any deposits from public falling within the
purview of Section 73 of Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014.
Particulars of loans, guarantees or investments under Section 186 of the Companies Act,
2013
The Company has not made any Loans or provided any guarantee or made any investments
falling under purview of Section 186 of the Companies Act, 2013 during the financial year
2022-23.
Subsidiary Company
As at 31st March 2023, the Company does not have any Subsidiary Company.
Corporate Governance Report
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a
Report on Corporate Governance is attached as Annexure - I forming part of this
report along with the certificate from auditors confirming the compliance.
Details of Board of Directors and Key Managerial Personnel Board of Directors:
Retire by rotation:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Rules framed thereunder, Smt. Bina Engineer (holding DIN: 01653392) Whole Time Director of
the Company retires by rotation at the forthcoming Annual General Meeting and she being
eligible, offers herself for re-appointment.
Re-appointment of Whole Time Directors:
Shri N.B. Gohil (holding DIN:05149953), has been re-appointed as Whole Time Director of
the Company for a period of three years with effect from 22nd December, 2023 subject to
approval of the Members at the ensuing Annual General Meeting. The resolution proposing
his re-appointment is set out in the notice convening the Annual General Meeting for the
approval of members.
The Board recommends appointment of directors as mentioned above.
Affirmation of payment of existing remuneration to Chairman and Managing Director:
Pursuant to the provisions of Section 196, 197 and Schedule V of the Companies Act,
2013 read with Regulation 17(6)(e) of SEBI (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018 as amended from time to time, the Board of
Directors have approved to continue to make the payment of remuneration as per the
existing terms to Shri Ravi Sanghi (holding DIN: 00033594) till the remaining tenure of
his appointment which is subject to the approval of members at the ensuing Annual General
Meeting. The resolution proposing the affirmation for payment of existing remuneration is
set out in the notice convening the Annual General Meeting for the approval of members.
Key Managerial Personnel
The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the
Companies Act, 2013 are as follows:
1. Shri Ravi Sanghi, Chairman and Managing Director
2. Smt. Bina Engineer, Chief Financial Officer and Whole Time Director
3. Shri Anil Agrawal, Company Secretary
There were no changes in Key Managerial Personnel during the year under review.
Declaration by Independent Directors
Pursuant to the provisions of Section 134 of the Companies Act, 2013 with respect to
the declaration given by the Independent Directors of the Company under Section 149 (6) of
the Companies Act, 2013, the Board hereby confirms that all the Independent Directors have
given declarations and further confirms that they meet the criteria of Independence as per
the provisions of Section 149 (6) and Regulation 16 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended from time to time and there has been
no change in the circumstances affecting their status as an Independent Directors during
the year under review.
Policy on Directors' appointment and remuneration
Pursuant to the requirements of Section 134 and 178 of the Companies Act, 2013, the
policy on appointment of Board Members and policy on remuneration of the Directors, KMPs
and Senior Management is attached as Annexure - II to this report.
Performance evaluation of the Board Committees and Independent Directors
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder read
with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
amended from time to time, the Board has carried the evaluation of its own performance,
individual Directors, its Committees, including the Chairman of the Board on the basis of
attendance, contribution and various criteria as recommended by the Nomination and
Remuneration Committee of the Company. The evaluation of the working of the Board, its
committees, experience and expertise, performance of specific duties and obligations etc.
were carried out. The Directors expressed their satisfaction with the evaluation process
and outcome.
The performance of each of the non-independent directors (including the Chairman) was
also evaluated by the Independent Directors at the separate meeting held of Independent
Directors of the Company.
Directors' Responsibility Statement
To the best of knowledge and belief and according to the information and explanations
obtained and pursuant to the provisions of Section 134(5) of the Companies Act, 2013 with
respect to the Directors' Responsibility Statement, your Directors confirm that:
a) in the preparation of the annual financial statement, the applicable accounting
standards had been followed and that no material departures have been made for the same;
b) they had selected such appropriate accounting policies and applied them consistently
and made judgments and estimates that were reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year on 31st
March, 2023 and of the loss of the Company for the year under review;
c) they had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) they had prepared the accounts for the period ended 31st March, 2023 on a 'going
concern' basis.
e) they had laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and operating effectively; and
f) they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Number of Board Meetings
During the year under review, the Board of Directors duly met Eight (8) times. The
details of the Board Meetings are provided in the Corporate Governance Report which is
annexed to the Report. The intervening gap between the two meetings was within the limit
prescribed under the Companies Act, 2013 and Listing Regulations.
Disclosure on the compliance of Secretarial Standards
The Directors confirm to the best of their knowledge and belief that the Company has
complied with provisions of all the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.
Risk Management Policy
Your company has developed and implemented a Risk Management Policy pursuant to Section
134(3)(n) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, which
includes identification of elements of risk, if any, which in the opinion of the Board,
may threaten the existence of the Company.
The risk management process is designed to safeguard the organization from various
risks through adequate and timely action. It is designed to anticipate, evaluate and
mitigate risks in order to minimize its impact on the business. The risk management
framework of the Company is appropriate compared to the size of the Company and the
environment under which the Company operates. The Audit Committee oversees the risk
management system and its adequacy.
At present, in the opinion of the Board there is no identification of Risk element that
may threaten the existence of the Company.
Vigil Mechanism
In accordance with the provisions of Section 177(9) of the Companies Act, 2013 and the
rules made thereunder read with Regulation 22 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, your company has established a vigil mechanism termed as
Whistle Blower Policy for Directors and employees to report the unethical behavior,
malpractices, wrongful conduct, frauds, violations of the Company's code of Conduct, which
also provides for adequate safeguards against victimization of director(s) / employees who
avail of the mechanism and also provide for direct access to the Whistle officer /
Chairman of the Audit Committee.
The Whistle Blower Policy is made available on the website of the Company
https://www.sanghicement.com/ policies/
During the year under review, the Company has not received any complaint under vigil
mechanism established.
Policy on prevention, prohibition and redressal of sexual harassment at workplace
Company has framed a policy on Sexual Harassment at workplace which aims to provide
protection to women employees at workplace and prevent and redress complaints of sexual
harassment and for matters connected therewith or incidental thereto, with the objective
of providing a safe working environment, where employees feel secure.
The Company has not received any complaint under the Sexual Harassment of women at
Workplace during the financial year under review.
Insurance
The properties and assets of the Company are adequately insured.
Auditors:
Statutory Auditors
Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the rules
framed thereunder, M/ s. Chaturvedi & Shah LLP, Chartered Accountants (Firm
Registration Number: 101720W/W100355), Mumbai and M/s. S. K. Mehta & Co., Chartered
Accountants (Firm Registration Number: 000478N) Delhi, were appointed as Joint Statutory
Auditors of the Company for the consecutive term of 5 years to hold office till the
conclusion of 40th Annual General Meeting at such remuneration as shall be fixed by Shri
Ravi Sanghi, Chairman and Managing Director of the Company in consultation with the Joint
Statutory Auditors.
The Companies (Amendment) Act, 2017 has amended the provisions of section 139 of the
Companies Act, 2013 by omitting the requirement of ratification of appointment of
statutory auditors at every Annual General Meeting. In view of the same, the members of
the Company are not being approached for ratification of appointment of Statutory
Auditors.
The Auditors' Report to the members for the year under review does not contain any
qualifications or reservations or adverse remarks.
Secretarial Auditors
M/s. Parikh Dave & Associates, Practicing Company Secretaries, were appointed as
Secretarial Auditors of the Company for the financial year 2022-23 pursuant to the
provisions of Section 204 of the Companies Act, 2013. The Secretarial Audit Report
submitted by them in prescribed form MR-3 is attached as Annexure - III to this
report.
Cost Auditors
Your company is maintaining the cost records as prescribed by Central Government under
Section 148(1) of the Companies Act, 2013.
The Company has appointed M/s. N D Birla & Co., Cost Accountants, Ahmedabad, as
cost auditors of the Company for conducting audit of cost accounting records for the year
2022-23. Necessary resolution will be placed at ensuing Annual General Meeting for getting
approval of the members for ratification of payment of remuneration to Cost Auditors for
Financial Year 2023-24. The Audit report on the cost records of the Company for the year
ended 31st March, 2023 will be submitted to the Central Government in due course. The
Audit report on the cost records of the Company for the year ended 31st March, 2022 has
been submitted to the Central Government with in prescribed time limit.
Audit Committee
The Audit Committee of the Company as on 31st March, 2023 consists of following
Directors as its members:
| 1. |
Shri Arvind Agarwal |
Chairman |
| 2. |
Shri G M Yadwadkar |
Member |
| 3. |
Shri Sudhir Nanavati |
Member |
Internal Financial Control and their adequacy
The Company has adopted internal control system considering the nature of its business
and the size and complexity of operations. The Board has adopted the policies and
procedures for ensuring the orderly and efficient conduct of its business, including
adherence to the Company's policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial disclosures etc. Systems and procedures
are periodically reviewed to keep pace with the growing size and complexity of your
company's operations.
Contracts and Arrangements with Related Parties
All related party transactions that were entered into during the financial year 2022-23
were on arm's length basis. The Company has not entered into transactions with related
parties falling under section 188 of the Companies Act, 2013 hence reporting in Form AOC-2
as required under provisions of Section 134 read with Section 188 of the Companies Act,
2013 and Rule 8 (2) of the Companies (Accounts) Rules, 2014 is not applicable to the
Company.
Necessary related party disclosures are provided in Note 38 which is forming the part
of the notes to financial statements.
The policy on Related Party Transactions has been uploaded on the website i.e. https://
www.sanghicement.com/policies/
Particulars of Employees
The information required under Section 197 of the Companies Act, 2013 read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is attached as Annexure - IV to this report.
The statement containing particulars of employees as required under section 197 of the
Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, will be provided upon request. In terms of Section 136
of the Companies Act, 2013, the Report and accounts are being sent to the members and
others entitled thereto, excluding the information on employees' particulars which is
available for inspection by members at the Registered office of the Company during
business hours on working days of the Company. If any member is interested in obtaining a
copy thereof, such member may write to the Company Secretary in this regard.
Corporate Social Responsibility
At Sanghi Industries Limited (SIL), the Corporate Social Responsibility (CSR) has been
an integral part of our business since inception. Right from the beginning, SIL has
focused on developing the social infrastructure in the surrounding area where most
villages suffered from chronic ills like limited livelihood options, acute scarcity of
water, poor or no healthcare facilities, barren land and no set up for education.
SIL has always believed in transformation of socio-economic conditions of the region it
operates in. The company is conscious about the responsibility towards society and has
proved itself as a responsible Corporate Citizen.
SIL enjoys the distinction of being one of the first cement companies in India to be
awarded SA:8000:2008 i.e. Social Accountability Certificate for its plant for the last
seven years (earlier SA:8000:2001). Social Accounting is a process of ongoing monitoring,
evaluation and accountability which helps an organization to measure its performance
against social, environmental and economic objectives and ensures that its working is in
accordance with its values.
This certification is a result of the sincere and untiring efforts put in by the
management for fulfilling its Corporate Social Responsibility in to over the last decade
for
a) Creating green revolution in the desert of Kutch region by cultivating land for
growing trees, fruits, vegetables and flowers.
b) Providing educational facilities through a CBSE affiliated School.
c) Providing hospitals and first aid facilities within few hundred kilometers.
d) Conducting social awareness programmes on various issues.
e) Contribution in disaster relief fund.
The company has constituted the Corporate Social Responsibility Committee in compliance
with the provisions of section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014. The Corporate Social Responsibility
policy enumerating the CSR Activities to be undertaken by the Company, in accordance with
the Schedule VII of the Companies Act, 2013 approved and adopted by the Board of Directors
is also placed on the website of the Company https:/ /www.sanghicement.com/policies/ The
requisite details on CSR Activities pursuant to Section 135 of the Companies Act, 2013 and
rules framed thereunder are annexed as Annexure - V to this report.
The details relating to the composition of committee and meetings convened of the
Committee etc. are furnished in the Corporate Governance Report which is forming the part
of this report.
Business Responsibility and sustainability Report
As per Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and any amendment thereof for the time-to-time, top 1000 listed
companies are required to submit, as part of Annual Report, Business Responsibility and
Sustainability Report, describing the initiatives taken by them from the environmental,
social and governance perspective, in the format prescribed by SEBI. As the company falls
under the list of top 1000 companies, as per the market capitalization as on 31st March,
2023, it is applicable to your company. The Business Responsibility and Sustainability
Report of the Company for the year ended 31st March, 2023 is annexed to this report as Annexure
- VI.
Annual Return
The Annual Return as required under the provisions of Section 92 (3) of the Companies
Act, 2013 and the Companies (Management and Administration) Rules 2014 is available on the
website of the Company at https://www.sanghicement.com/investors/.
Familiarization Programme for Independent Directors
In compliance with the requirements of SEBI regulations, the Company has put in place a
familiarization programme for independent directors to familiarize them with their role,
rights and responsibilities as directors, the working of the Company, nature of industry
in which company operates, business model, etc. The details of familiarization programme
are explained in the Corporate Governance Report. The details of the familiarization
programme of Independent Directors of the Company is available on the website of the
Company at the following link: https://www.sanghicement.com/investors/
Listing
The Company's equity shares are listed on National Stock Exchange of India Limited
(NSE) and BSE Limited (BSE). The Company's 3050 Listed, Rated Secured, Redeemable Non
Convertible Debentures (NCDs) of face value of Rs. 10,00,000/- issued on private placement
basis are listed on 'Wholesale Debt Market' segment of BSE Limited. The Company has paid
the listing fees for the year 2023-24 to both the Stock Exchanges.
Environment and Pollution Control
The Company has established centralized Environmental Management Cell (EMC) for
environment management and vigorously pursued its goal of sustainable development through
exacting standard in environmental conservation, emission control, promotion of
alternative fuel & raw materials and waste management. The company has certified with
ISO:14001 standard since 2004.
The company has installed state of the art air pollution control systems like ESP, Bag
house with membrane technology, Fugitive emission control systems like Dust extraction
& dust suppression system in all required locations. The company has also explored
possibility to upgrade existing pollution control equipment on the ground of present
technology advancement and implement accordingly. The company has concreting of internal
roads, truck parking area and plant floors and carried out massive plantation in the
entire complex. The company has provided Clinker storage and state of the art loading
system. The mining activities are being carried out by eco-friendly surface miner. The
company is committed for CO2 emissions abatement and implemented series of project for the
same.
The company has implemented series of measures for environment and pollution control.
Some of the measures implemented during the year are:
• Enhancement in alternative fuel & raw material in manufacturing process.
• Renovation of air pollution control systems like bag house and ESP.
• Real time monitoring of emission data through online continuous emission
monitoring system.
• Enhancement of composite cement mix to enhance ash and slag utilization.
• Regular carbon footprint analysis for green house gas emission reduction.
• Massive plantation in the entire complex.
• Internal Water audit has been carried out for optimization of water consumption
in all the units & increased the efficiency of cooling tower.
• Internal Energy audit has been carried out for the optimization of plant
process, energy conservation & enhancing the efficiency of compressors, blowers etc.
CU - Clinker unit, CU-1 - Clinker unit-1, CU-2 - Clinker unit-2, GU - Grinding unit,
TPP - Thermal Power Plant Foreign Exchange Earnings and Outgo
During the year under review, Foreign Exchange earnings was Rs 57.13 Lacs and outgo was
Rs. 6463.29 lacs including Rs.752.74 lacs towards Capital Expenditure.
International Accreditations
Your company is amongst the very few corporates in India and certainly one of the first
cement plants in India to receive the following 5 International accreditation.
a) ISO 9001:2015 (Quality Management System Standard)
b) ISO 14001:2015 (Environmental Management System Standard)
c) OHSAS 18001:2007 (Occupational Health & Safety Management System Standard)
d) SA 8000:2014 (Social Accountability Management System Standard)
e) ISO/ IEC 17025:2005 (NABL accreditation for Chemical and Mechanical Testing)
During the year under review, the Company has won the following prizes / awards /
achievements:
| Year |
Name |
Particulars |
Prize |
Name of Mines |
| 2022-23 |
30th Mines Environment & Mineral Conservation Week |
Systematic & Scientific Development |
First Prize |
Jadua Limestone Mine |
| 2022-23 |
30th Mines Environment & Mineral Conservation Week |
Environmental Monitoring |
Second Prize |
Jadua Limestone Mine |
# Mines Safety Week Award distribution function is still not conducted.
Five Star Rating Award
The Company's Jadua Limestone Mines has been awarded again "Five Star Rating
Award" on 6th National Conclave on Mines & Minerals organized on 12th July 2022
as a part of Azadi Ka Amrit Mahotsav at Dr. Ambedkar International Center, New Delhi. This
is being awarded by Ministry of Mines for Sustainability. This award has been felicitated
by Hon'ble Union Minister of Mines, Coal & Parliamentary Affairs.
Top Performer Designated Consumer for the Cement Sector of PAT Cycle II
The Ministry of Power has given thrust to energy conservation, and to achieve energy
conservation in various sectors in the country, the Bureau of Energy Efficiency, an
organisation under the Ministry of Power working towards energy conservation, has
introduced the PAT (Perform, Achieve, Trade) scheme.
The Company has made an outstanding contribution to energy conservation under PAT Cycle
II in the cement sector and has achieved the highest energy savings of 109283 (toe).
The Company has been conferred with an award and a certificate of appreciation for Top
Performer Designated Consumer for the Cement Sector of PAT Cycle II under the National
Mission for Enhanced Energy Efficiency (NMEEE) by the Hon'ble Cabinet Minister (Power, New
& Renewable Energy) Shri R. K. Singh on March 1, 2023, in New Delhi.
Disclosure for utilization of funds raised pursuant to the preferential allotment of
Equity Shares:
During the year under review the Company has issued and allotted 73,26,000 Equity
Shares of face value of Rs. 10/- each at a price of Rs. 68.25/- per share (including
premium of Rs. 58.25/- per share) aggregating to Rs. 50 Crore on 30.12.2022 to the
Promoter Group entity.
The details of the utilization of proceeds of the said issue as per Regulation 32 (7A)
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
from time to time is as under:
| Sr. No. |
Original Object for utilization of proceeds of issue |
Amount raised |
Fund utilized till 31.03.2023 |
Amount of Deviation /variation according to the applicable object |
Remarks (if any) |
| 1. |
The proceeds of the Preferential Issue shall be utilized for prepayment of borrowings
of the Company, working capital requirement, capital expenditure and/or other general
corporate purposes of the company. |
Rs. 50 Crore |
Rs. 49.48 Crore |
Nil |
The amount raised from the preferential issue have been utilized by the Company for
the same objects for which it was raised and there is no deviation in the utilization of
funds by the Company. |
Industrial Relations
The Company's Industrial relations with its employees continued to be cordial
throughout the year under review. Your Directors wish to place on record their
appreciation for the excellent team work with which the workers and officers of the
Company at all levels have contributed individually and collectively to the performance of
the Company.
Appreciation / Acknowledgement
Your Directors wish to place on record their sincere appreciation for the excellent
assistance and cooperation received from the Governmental authorities, the consortium of
banks and financial institutions, customers, vendors and investors for their continued
support during the year.
|
For and on behalf of the Board |
| Place : Ahmedabad |
Ravi Sanghi |
| Date : 17th May, 2023 |
Chairman & Managing Director |
|
(DIN: 00033594) |
|