As on: Oct 01, 2023 08:14 AM
To the Members,
J. L. Morison (India) Limited
Your directors are pleased to present the 87th Annual Report of your Company comprising the Audited Financial Statements for the financial year ended 31 st March, 2022.
1. FINANCIAL HIGHLIGHTS: (Rs. in Lakhs)
2. COVID-19 AND ITS IMPACT:
The business environment during the financial year 2021-22 continued to remain volatile and challenging. India witnessed a devasting 2nd wave of Covid-19 pandemic during the 1st quarter with a significant humanitarian and economic impact which has changed almost every aspect of human lives. Operational challenges mounted due to restricted movement and disrupted supply lines. As we gradually emerged from the challenging phase of the pandemic, the consumption of products moderated. Our focus was on our people's health & safety, meeting the demand of consumers. The directors have been closely reviewing with the Management, the impact of Covid-19 on the Company.
After 1st quarter of the financial year 2021-22, the COVID related restrictions were progressively lifted by the governments, thereby enabling physical attendance and resuming work at offices. However, the Company has proactively continued measures of ensuring social distancing, wearing of masks and frequent sanitation so as to ensure utmost care of health and hygiene. The Company encouraged and supported all its employees to get fully vaccinated.
The Company's products viz., Baby products, Hair color and Toothpaste are meant for daily consumption. The Management is in constant touch with its customers on the evolving situation and are making all efforts to service their requirements with minimal delays.
3. OPERATIONAL PERFORMANCE:
During the financial year 2021-22, the Company achieved total revenue of Rs. 11,850.91 Lakhs as against Rs. 10,321.95 Lakhs in the previous year. Despite challenging market conditions which was further aggravated by the outbreak of 2nd wave of Covid-19 pandemic and the resultant lockdown in the Country, the net revenue from operations for the financial year 2021-22 was increased by 16.08%, i.e. from Rs. 10,013.92 Lakhs to Rs. 11,624.03 Lakhs.
Profit Before Tax during the financial year 2021-22 was Rs. 794.26 Lakhs (previous year Rs. 640.08 Lakhs) and Net Profit after Tax for the said period was Rs. 611.97 Lakhs (previous year Rs. 501.57 Lakhs) after Provision for Tax of Rs. 182.29 Lakhs in financial year 2021-22 (previous year Rs. 138.51 Lakhs).
During the financial year 2021-22, the Other Comprehensive Income (OCI) (Net of tax) was Rs. 2,255.61 Lakhs, as against Rs. 1,693.31 Lakhs in the previous year. The total comprehensive income for the financial year 2021-22 was Rs. 2,867.58 Lakhs, as against Rs. 2,194.88 Lakhs in the previous year.
The Company continuously explores newer opportunities by launching new products in its own brands segment and will continue the same in future.
There was no change in the nature of business activities of the Company during the financial year 2021-22.
4. DIVIDEND & RESERVES:
Your directors have pleasure in recommending payment of final dividend of Re. 1/- per Equity Share of face value of Rs. 10/- each for the financial year 2021-22 (previous financial year Re. 1/-) being 10% of the face value. This will absorb total cash outflow of Rs. 13.65 Lakhs (previous financial year Rs. 13.65 Lakhs). The dividend, if declared, will be paid to those members whose names shall appear in the Register of Members / List of Beneficiaries as on Monday, 19th September, 2022.
During the financial year under review, the Company has not transferred any amount to the General Reserve.
5. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT:
There were 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 to which the financial statements relate and the date of the report.
6. SHARE CAPITAL OF THE COMPANY:
The Authorized share capital of your Company as on 31st March, 2022 was Rs. 3,00,00,000/- (Rupees Three Crores only) divided into 30,00,000 Equity Shares of Rs. 10/- (Rupees Ten).
During the financial year under review, there was no change in paid-up share capital of the Company. The paid-up equity share capital of your Company as on 31st March, 2022 was Rs. 1,36,50,340/- (Rupees One Crore Thirty Six Lakhs Fifty Thousand Three Hundred Forty only) divided into 13,65,034 Equity Shares of Rs. 10/- (Rupees Ten) each fully paid up.
7. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES:
The Company had no subsidiary, joint venture or associate company during the financial year 2021-22.
8. ANNUAL RETURN:
As required under Section 92(3) read with Section 134(3)(a) of the Companies, Act 2013 (‘Act'), the annual return of the Company as on 31st March, 2022 will be available on the website of the Company at https://www.jlmorison.com/investors-relations/#FINANCIAL-INFORMATION
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
As on 31st March, 2022, the Board comprised of six Directors including one Independent Women Director. The Board has an appropriate mix of Executive, Non-Executive and Independent Directors, which is in compliance with the requirements of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations') and is also aligned with the best practices of Corporate Governance.
a) Retirement by Rotation:
In accordance with the provisions of Section 152(6) of Act read with Companies (Management and Administration) Rules, 2014 and Articles of Association of the Company, Mr. Sohan Sarda (DIN: 00129782), Director of the Company, retires by rotation at the ensuing 87th Annual General Meeting of the Company and being eligible, has offered himself for re-appointment. The Board of Directors, on the recommendation of the Nomination and Remuneration ("NRC") Committee, has recommended his re-appointment to the members of the Company.
b) Appointment and Re-appointment:
The members of the Company at their 86th Annual General Meeting held on 27th September, 2021, had re-appointed Mr. Lalit Kumar Bararia (DIN: 00204670) as an Independent Director of the Company for second term of 5 consecutive years by passing special resolution pursuant to the provisions of Section 149(10) of Companies Act, 2013 read with Schedule IV of the Act effective from 1 st February, 2022 till 31st January, 2027, not liable to retire by rotation. In the opinion of the Board, Mr. Lalit Kumar Bararia, possesses requisite expertise, integrity and experience (including proficiency) for acting as an Independent Director of the Company.
Mr. Raghu Mody (DIN 00053329), who retired by rotation at previous 86th Annual General Meeting held on 27th September, 2021, was reappointed as director of the Company in terms of provisions of Section 152(6) of the Act.
Further, Mr. Ravi Vaishnav, an Associate member of the Institute of Company Secretaries of India holding Membership No-A34607 was appointed as Company Secretary and Compliance Officer of the Company w.e.f.17 th September, 2021 upon resignation of Ms. Sonal Naik, previous Company Secretary and Compliance Officer of the Company.
c) Cessation:
During the financial year 2021-22, Ms. Sonal Naik, Company Secretary and Compliance Officer of the Company resigned from the services of the Company w.e.f. close of business hours of 16th September, 2021.
The Board places on record its sincere appreciation for the valuable contribution made by her during her tenure with the Company.
d) Declaration from Independent Directors:
Pursuant to the provisions of Section 149(6) of the Act and Regulations 16(1)(b) and 25 of the Listing Regulations, the Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of Independence and are not aware of any circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective of independent judgement and without any external influence.
The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company's Code of Conduct.
Further, the Independent Directors have also submitted their declaration in compliance with the provision of Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014, which mandates the inclusion of Independent Director's name in the data bank of Indian Institute of Corporate Affairs ("IICA") till they continue to hold the office of independent director.
None of the directors of your Company are disqualified under the provisions of Section 164(2) of the Act. Your directors have made necessary disclosures, as required under various provisions of the Companies Act, 2013 and the Listing Regulations. In the opinion of the Board, all the independent directors are persons of integrity and possess relevant expertise and experience and are independent of the management.
e) Annual performance evaluation by the Board:
Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its committees.
The Nomination and Remuneration Committee of the Company has specified the manner of effective evaluation of the performance of Board, its Committees and individual directors of the Company and has authorized the Board to carry out their evaluation. Based on the manner specified by the Nomination and Remuneration Committee, the Board has devised questionnaire to evaluate its performance and performance of its Committees and individual directors and the Chairperson. Such questions are prepared considering the business of the Company and the expectations that the Board has from each of the directors. The performance of each Committee was evaluated by the Board, based on report on evaluation received from respective Board Committees. The reports on performance evaluation of the individual directors were reviewed by the Chairman of the Board.
The evaluation framework for assessing the performance of directors comprises of the following key areas: i. Attendance at Board and Committee Meetings; ii. Quality of contribution to Board deliberations; iii. Strategic perspectives or inputs regarding future growth of the Company and its performance; and iv. Providing perspectives and feedback going beyond information provided by the management. The details of the programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at https://www.jlmorison.com/wp-content/uploads/2021/02/FAMILIARIZATION-
PROGRAMMES-FOR-INDEPENDENT-DIRECTORS.pdf
f) Key Managerial Personnel (KMP):
The Key Managerial Personnel of the Company are as follows:
10. MANAGERIAL REMUNERATION AND OTHER DETAILS:
The necessary details/disclosures of Ratio of Remuneration of each Director to the median employees' remuneration and other details pursuant to the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (‘Rules') is appended herewith as "Annexure A" and forms part of this report.
The statement containing particulars of employees as required under Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Rules is provided in a separate annexure. Further, in terms of Section 136 of the Act, the report and accounts are being sent to the members excluding the aforesaid annexure. The said annexure is available for inspection at the Registered Office of the Company during the working hours and any member interested in obtaining a copy of the same may write to the Company Secretary and Compliance officer of the Company and the same will be furnished on request.
11. REMUNERATION POLICY:
Pursuant to the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations and on the recommendation of the Nomination and Remuneration Committee, the Board of Directors has adopted a policy (‘Remuneration Policy') for selection and appointment of Directors, Key Managerial Personnel (‘KMP'), Senior Management Personnel (‘SMP'), other employees and their remuneration including criteria for determining qualifications, positive attributes, independence of a director and other related matters. The Board at its meeting held on 10th February, 2022 amended the Remuneration policy of the Company to reflect the amendments notified by the SEBI in the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021, pertaining to criteria of independence of Independent Directors, their appointment / re-appointment / removal and roles of Nomination and Remuneration Committee of the Company.The Remuneration Policy is placed on the website of the Company at https://www.jlmorison.com/wp-content/uploads/2022/04/Remuneration-Policy.pdf
12. MEETINGS OF THE BOARD:
The Board met Six (6) times during the financial year 2021-22, the details of which are given in the Report on Corporate Governance. The intervening gap between the two consecutive meetings was within the period prescribed under the Act and Listing Regulations including circulars / notifications issued thereunder.
13. COMMITTEES OF THE BOARD:
In accordance with the provisions of the Act and Listing Regulations, the Company has constituted four committees of the Board namely: -
1) Audit Committee
2) Stakeholders' Relationship Committee
3) Nomination and Remuneration Committee
4) Corporate Social Responsibility Committee
Details of all the Committees along with their composition, changes, if any, and meetings held during the financial year 2021-22 are provided in the Corporate Governance Report, forming part of this Report.
14. AUDIT COMMITTEE AND ITS COMPOSITION:
The Audit Committee is duly constituted as per the provisions of Section 177 of the Act and Regulation 18 of the Listing Regulations.
As on 31st March, 2022, the Audit Committee comprised of following members: -
The Company Secretary and Compliance Officer of the Company acts as Secretary of theAudit Committee.
The Audit Committee of the Company reviews the reports to be submitted to the Board of Directors with respect to auditing and accounting matters, approves transaction with related parties, etc. It also supervises the Company's internal control, financial reporting process and vigil mechanism.
Other details with respect to Audit Committee are given in Corporate Governance Report, forming part of this Report. All the recommendations made by the Audit Committee were duly accepted by the Board of Directors of the Company.
15. DIRECTORS' RESPONSIBILITY STATEMENT:
Your directors, to the best of their knowledge and belief and according to the information and explanations obtained by them and as required under Section 134(3)(c) read with Section 134(5) of the Act, state that: a. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; 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 at the end of the financial year on 31st March, 2022 and of the profit of the Company for that period; c. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. the directors have prepared the annual accounts on a going concern basis; e. the directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and f. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
16. PUBLIC DEPOSITS:
During the financial year 2021-22, the Company has not accepted or renewed any deposits within the meaning of Sections 73 and 76 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. As on 31st March 2022, there were no deposits which were unclaimed / unpaid and due for repayment.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188(1) OF
THE ACT:
All contracts / arrangements / transactions entered by the Company during the financial year 2021-22 with related parties were in the ordinary course of business and on arm's length basis and were entered into based on considerations of various business exigencies, such as synergy in operations, their specialization, etc. and in furtherance of the Company's interests. Pursuant to the provisions of Section 188(1) of the Act read with the Companies (Accounts) Rules, 2014, the details of material related party transactions are given in prescribed Form AOC-2 and appended herewith as "Annexure B" and forms part of this report.
In accordance with the provisions of Regulation 23 of the Listing Regulations, the Company has adopted a policy on Related Party Transactions and the same has been uploaded on its website viz. https://www.jlmorison.com/wp-content/uploads/2022/04/ Policy-on-Related-Party-Transactions.pdf
18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013:
The details of loans, guarantee or investments made by the Company under Section 186 of the Act are given under Notes to Accounts of financial statements provided in this Annual Report.
19. CORPORATE SOCIAL RESPONSIBILITY:
Pursuant to the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility) Rules, 2014, the Company has formed Corporate Social Responsibility Committee and Policy on Corporate Social Responsibility (‘CSR'). As required under the provisions of Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014, a brief outline/salient features of the Company's CSR Policy and the Annual Report on CSR activities undertaken by the Company is provided in "Annexure C" forming part of this Report.
As part of its initiatives under CSR, the Company has made contribution of Rs. 15,00,000/- (Rupees Fifteen Lakhs only) to the Prime Minister's Citizen Assistance and Relief in Emergency Situation Fund (‘PM CARES Fund') towards its CSR obligations during the financial year 2021-22 to fight against Covid-19 pandemic. This contribution is in accordance with Schedule VII of the Act and CSR Policy of the Company. The policy on Corporate Social Responsibility has been placed on the website of the Company viz. https://www.jlmorison.com/wp-content/uploads/2021/04/Corporate-Social-Responsibility-Policy.pdf
20. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
There was no significant or material order passed by any Regulator or Court or Tribunal, which impacts the going concern status of the Company or will have bearing on Company's operations in future.
21. RISK MANAGEMENT AND AREAS OF CONCERN:
The Company has laid down a well-defined Risk Management Policy covering the risk mapping, trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitor both business and non-business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.
Though the intensity of the ongoing outbreak of the novel coronavirus (Covid-19) has gradually reduced by easing of lockdown curbs, we continue to monitor the developments closely and are wary of the adverse impact it may have on our business.
22. WHISTLE BLOWER POLICY / VIGIL MECHANISM POLICY:
The Company has a Vigil Mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. The mechanism also provides for adequate safeguards against victimization of directors and employees who avails of the mechanism and provide for direct access to the Chairman of the Audit Committee in appropriate / exceptional cases.
The details of the Vigil Mechanism Policy are given in the Report on Corporate Governance and the policy is also posted on the website of the Company viz. https://www.jlmorison.com/wp-content/uploads/2021/02/Vigil-Mechanism-Policy.pdf We affirm that during the financial year 2021-22, no employee or director was denied access to the Chairman of the
Committee.
23. STATUTORY AUDITORS:
The Company's Statutory Auditors, M/s. Lodha & Co., Chartered Accountants, Mumbai (Firm Registration Number: 301051E), who were appointed with the approval of the Members of the Company in the 82nd Annual General Meeting (‘AGM') held on 25th September, 2017 for a period of five consecutive years, will complete their present term on conclusion of the ensuing 87th AGM of the Company. The Board of Directors, on the recommendation of the Audit Committee, at its meeting held on 25th May, 2022, has recommended the appointment of M/s. Haribhakti & Co. LLP, Chartered Accountants, Mumbai (ICAI Firm Registration Number-103523W/W100048) as the Statutory Auditors of the Company for a period of five consecutive years from the conclusion of 87th AGM (i.e. ensuing AGM) of the Company till the conclusion of 92nd AGM. Resolution seeking approval from members of the Company for the appointment and remuneration of M/s. Haribhakti & Co. LLP, Chartered Accountants, as the Statutory Auditors is set out in the Notice convening this 87th AGM of the Company.
M/s. Haribhakti & Co. LLP., Chartered Accountants have furnished written confirmation to the effect that they are not disqualified from acting as Statutory Auditors of the Company in terms of the provisions of Sections 139 and 141 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules 2014.
The Board of Directors places on record its appreciation for the services rendered by M/s. Lodha & Co, Chartered Accountants as the Statutory Auditors of the Company.
24. SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204(1) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. M R & Associates, Company Secretaries, Kolkata as Secretarial Auditors to undertake Secretarial Audit of the Company for the financial year 2021-22. The Secretarial Audit Report is appended herewith as "Annexure D", and forms part of this report.
25. INTERNAL AUDITORS:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, the Board on recommendation of the Audit Committee, re-appointed M/s. SMMP & Company, Chartered Accountants, Mumbai, as Internal Auditors of the Company for financial year 2022-23.
The Internal Auditors monitor and evaluate the efficacy and adequacy of Internal control system in the Company, its compliances with operating systems, accounting procedures and policies at all locations of the Company and reports the same on quarterly basis to the Audit Committee.
26. COST RECORDS AND COST AUDITORS:
The Central Government has not prescribed the maintenance of cost records for any of the products of the Company under Section 148(1) of Act read with the Companies (Cost Records and Audit) Rules, 2014. Further, there is no requirement to appoint cost auditor to conduct cost audit for the Company.
27. EXPLANATIONS OR COMMENTS ON QUALIFICATION, RESERVATION OR ADVERSE REMARKS BY STATUTORY
AUDITORS AND SECRETARIAL AUDITORS:
There is no qualification / observation / adverse remark in Statutory Auditor's Report and Secretarial Auditor's Report. The Secretarial Audit Report is self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act,
2013.
Further, none of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013.
28. CORPORATE GOVERNANCE REPORT, BUSINESS RESPONSIBILITY REPORT AND MANAGEMENT DISCUSSION AND
ANALYSIS REPORT:
Pursuant to the provisions of Regulations 34(2) & (3) and Schedule V of the Listing Regulations, the following have been made part of the Annual Report and are attached to this Report:
Management Discussion and Analysis Report.
Business Responsibility Report.
Corporate Governance Report.
Declaration on compliance with Code of Conduct.
Certificate from Practicing Company Secretary that none of the directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as directors of companies.
Auditors' Certificate regarding compliance of conditions of Corporate Governance.
29. INVESTOR EDUCATION AND PROTECTION FUND (‘IEPF'):
Pursuant to the provisions of Section 124(5) of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the IEPF Rules'), all dividend amount(s) remaining unclaimed/unpaid for a period of seven consecutive years from the date of transfer to the Unpaid Dividend Account are required to be transferred by the Company to the IEPF established by the Government of India. Further, according to the provisions of Section 124(6) of the Act read with the IEPF Rules, all shares in respect of which dividend has not been paid or claimed for a period of seven consecutive years or more from the date of transfer of the dividend amount to Unpaid Dividend Account, shall also be transferred to the demat account of the IEPF Authority. Accordingly, during the financial year 2021-22, the Company has transferred 1,504 equity shares to the demat account of the IEPF Authority as per the requirements of the IEPF Rules for the dividend remained unclaimed / unpaid up to financial years 2013-14.
In terms of the provisions of Sections 124(5) and 125 of the Act and said IEPF Rules, during the financial year 2021-22, an amount of Rs. 31,538/- (Rupees Thirty One Thousand Five Hundred and Thirty Eight only), being unpaid / unclaimed dividend for the Financial Year 2013-14, was transferred to the IEPF.
Further, the unpaid and unclaimed dividend amount lying with the Company for Financial Year 2014-15 is due to transfer to the IEPF in the month of October, 2022. The details of the same are available on the Company's website viz. https://www.jlmorison. com/investors-relations/#IEPF.
Pursuant to the provisions of Rules 7(2A) and 7(2B) of the IEPF Rules, the Board of Directors has appointed Mr. Ravi Vaishnav, Company Secretary and Compliance Officer, as the Nodal officer of the Company w. th September, .f.17 2021 on account of resignation of Ms. Sonal Naik, Nodal Officer of the Company w.e.f. close of business hours of 16 th September, 2021.
30. INTERNAL FINANCIAL CONTROLS:
The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Company's internal control system is commensurate with its size, scale and complexities of its operations.
The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company's policies, safeguarding of assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.
The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System (MIS), which is an integral part of the control mechanism.
31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
Pursuant to the provisions of Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 details regarding Conservation of Energy, Technology Absorption, Foreign Exchange earnings and outgo are given in "Annexure – E" appended herewith, forming part of this Report.
32. CREDIT RATINGS:
The Company has not obtained credit ratings during the financial year 2021-2022.
33. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013:
The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as required under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the financial year 2021-22, there was no complaint filed before the said Committee and there was no complaint pending at the beginning or end of the said financial year.
34. LISTING:
The equity shares of the Company continued to be listed on the BSE Limited. The listing fees for the financial year 2022-23 has been duly paid within the due date.
35. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and your Directors confirm compliance of the same during the financial year 2021-22.
36. DETAILS OF PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the financial year 2021-22, no application was made or proceeding initiated against the Company under the Insolvency and Bankruptcy Code, 2016 nor any such proceeding was pending at the end of the said financial year.
37. VALUATION OF ASSETS:
During the financial year 2021-22, there was no instance of one-time settlement of loans / financial assistance taken from Banks or Financial Institutions, hence, the Company was not required to carry out valuation of its assets for the said purpose.
38. ACKNOWLEDGEMENT:
Your directors place on record their sincere gratitude for the continued co-operation and patronage extended by the esteemed Customers, Shareholders, Bankers, Trade Partners and Employees during the financial 2021-22 and look forward for their continued support in the future as well.