As on: May 05, 2024 01:15 PM
Dear Members,
Your Directors are pleased to present the 42nd Annual Report of Satia Industries Limited (the Company) along with the Audited Financial Statements for the Financial Year ended March 31, 2023.
Financial Result:
The financial performance of your Company for the year ended March 31, 2023 is summarized below: -
(Rs in Lakh)
Particulars
Year
Industry Review Corporate Overview
Satia Industries Limited operates in the following business segments: -
1Writing and Printing Paper
2Agriculture
3Co-generation of Power for captive consumption and
Financial Performance and the State of the Company's affairs
Operational Review
Your Company recorded a phenomenal growth of 107% with the total income of Rs 189779. 73 lakhs as compared to Rs 91675.18 lakh in the previous year. Profit before Tax for the year 2022-23 was Rs 18351.50 lakh as against Rs 12266.88 lakh in the previous year. Profit after Tax for the year 2022-23 stood at Rs 19217.43 lakh as against Rs 10067.45 lakh in the previous year.
Dividend
Based on the Company's performance, Your Directors have declared interim dividends of Rs 0.20 per equity shares (20%) at its meeting held on 10th February, 2023 involving a cash outflow of Rs 2.00 crores. Your directors have also recommended a final dividend of Rs 0.20 per equity share (20%) for the financial year 2022-23 at their meeting held on 28.04.2023, the final dividend on equity shares, if approved by the Members in the ensuing AGM, would involve a cash outflow of Rs 2.00 crore. With this the total dividend for FY 2023 amounts to Rs 0.40 per equity share and would involve a total cash outflow of Rs 4.00 crores. In pursuance to the requirements of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), your Company has formulated a Dividend Distribution Policy and is available on the Company's website with web link https://www.satiagroup.com/1nvestor/ Company policies
Reserves
The closing balance of the retained earnings of the Company for the financial year 2023, after all appropriation and adjustments was Rs. 72319.75 Lakh.
Fixed Deposit
The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.
Particulars of Loans, Guarantees or Investments:
The company has not given any loans or guarantees covered under the provisions of Section 186 of the Companies Act, 2013. The details of the investments made by Company are given in the notes to the financial statements.
Credit Rating
The Indian Ratings & Research Private Limited has upgraded Satia Industries Limited long term issuer rating to IND A + from IND A. The Instrument wise rating action is as below: -
Date
Outlook
Action
A+/Stable/IND A1 +
A+/Stable/IND
A1+
Internal Control Systems and their adequacy
SIL has a well-established framework of internal controls across in all the areas of its operations. The Company has adequate monitoring procedures and to maintain its objectivity and independence, the Company has appointed competent Internal Auditor, who reports to the Joint Managing Director and the quarterly reports are placed before the Audit Committee.
Based on the report of internal audit, the audit committee recommends corrective actions to the respective departments need to undertake in their respective areas and thereby strengthen the controls.
Transfer of Unpaid Dividend to Investor Education and Protection Fund (IEPF)
As required under Section 124 of the Act, the Unclaimed Dividend amount aggregating to lying with the Company for a period of seven years were transferred during the Financial Year 2022-23, to the Investor Education and Protection Fund (IEPF) established by the Central Government.
Transfer of shares to IEPF
As required under Section 124 of the Act
3,73,650 equity shares, in respect of which dividend has not been claimed by the members for seven consecutive years or more, have been transferred by the Company to the Investor Education and Protection Fund Authority (IEPF) during the Financial Year 2022-23. Details of shares transferred to IEPF have been uploaded on the Website of IEPF as well as the Company.
In terms of provisions of Section 125 of the Companies Act, 2013, the unclaimed final dividend pertaining to the financial year 201415 for amount aggregating to 96840 /- had been transferred to the Investor Education and Protection Fund established by the Central Government on 31st October, 2022.
Directors and Key Managerial Personnel
Sh Chirag Satia, Executive Director (DIN No: 03426414) will retire from office by rotation at Annual General Meeting, and being eligible, offers himself for reappointment. Sh. Chirag Satia has given required declaration under Companies Act, 2013.
Mr. Ashok Kumar Gupta (DIN No: 08068465) was re-appointed as an Independent Director of the Company for second term
of five consecutive years commencing from 08th February, 2023 to 07th February, 2028 not liable to retire by rotation. The members of the Company have accorded their approval by passing a Special Resolution through Postal Ballot Notice dated 23.01.2023.
Mr. Ajay Vyas (DIN No 07553649) was appointed as an Independent Director of the Company for five consecutive years commencing from 23rd December, 2022 to 22nd December,2027 not liable to retire by rotation. The members of the Company have accorded their approval by passing a Special Resolution through Postal Ballot Notice dated 23.01.2023
Cessation
Sh Arun Gupta (DIN No 00371289) Independent Director, retired as member of the Board of Directors on completion of tenure effective February 07, 2023. The Board placed on record their appreciation for Sh Arun Gupta in valuable contribution, guidance, and strategic vision, that has helped the Company build and execute a resilient growth strategy.
All the Independent Directors have affirmed their independence under Section 149 of the Companies Act, 2013 and provisions of Regulation 25 of SEBI (LODR) Regulations, 2015. The Company has obtained requisite declaration to that effect from the said Directors.
Board Evaluation
Pursuant to the applicable provisions of the Act and the Listing Regulations, the Board has carried out an Annual Evaluation of its own performance, performance of the Directors and the working ofits Committees, based on the evaluation criteria defined by Nomination and Remuneration Committee (NRC) for performance evaluation process of the Board, its Committees and Directors. The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of 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 criteria such as the composition of committees, effectiveness of Committee meetings, etc. The performance assessment of Non-Independent Directors, Board as a whole and the Chairman were evaluated at separate meetings of Independent Directors. The same was also discussed in the meetings ofNRC and the Board. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.
The Board and the Nomination and Remuneration Committee reviewed the performance of individual Directors on the basis of 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 the Board meeting that followed the meeting of the independent directors and meeting of Nomination and Remuneration Committee, the performance of the board, its committees, and individual directors was also discussed. Performance evaluation of independent Directors was done by the entire board, excluding the independent director being evaluated.
Pursuant to the provisions of Section 149 of the Act, the independent Directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed there under and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). There has been no change in the circumstances affecting their status as independent directors of the Company.
During the year under review, the nonexecutive directors of the Company had no pecuniary relationship or transactions
with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board/Committee of the Company.
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on March 31, 2023 are Dr Ajay Satia, Chief Executive Officer, Chairman cum Managing Director, Sh Rachit Nagpal, GM(Finance) - CFO and Sh Rakesh Kumar Dhuria, Company Secretary.
Committees of the Board
The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority. The following substantive Committees constituted by the Board function according to their respective roles and defined scope:
Audit Committee of Directors
Nominations and Remuneration Committee (NRC)
Stakeholders Relationship Committee
Corporate Social Responsibility Committee
Risk Management Committee
Terms of reference and number of meetings held for respective Committees are given in the Report on Corporate Governance which forms part of the Annual Report. Further, during the year under review, all recommendations made by the Audit Committee have been accepted by the Board. The Company has adopted a Code of Conduct for its Non-Executive Directors including a code of conduct for Independent Directors which suitably incorporates the duties of Independent Directors as laid down in the Act.
In terms of the Listing Regulations, all Directors and senior management personnel have affirmed compliance with their respective codes. The CEO & Managing Director has also confirmed and certified the same, which certification is provided at the
end of the Report on Corporate Governance. Remuneration Policy
In compliance with Section 178(3) of the Act and Regulation 19(4) of the Listing Regulations, on the recommendations of the Nomination and Remuneration Committee (NRC), the Board formulated Policy relating to the remuneration of Directors, key managerial personnel and other employees. The Policy includes criteria for determining qualifications, positive attributes and independence of Directors and other matters. It broadly lays down the philosophy, guiding principles and basis for recommending payment of remuneration to the Executive and NonExecutive Directors. The role of the NRC is disclosed in the Corporate Governance Report, which forms part of the Annual Report in compliance with proviso to Section 178(4) of the Act. The Remuneration Policy is stated in the Annexure-IA. We affirm that the remuneration paid to the Directors is as per the terms laid out in the Remuneration Policy.
Number of meetings of the Board
Five meetings of the Board were held during the year. For details of meetings of the Board, please refer to the Corporate Governance Report, which is a part of this report.
Director Responsibility Statement
Pursuant to requirement of Section 134 (5) of the Companies Act, 2013, your Directors confirm 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 had 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 and of the profit or loss of the company for the period.
(C)the Directors 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)the Directors had prepared the annual accounts on a going concern basis.
The Directors had laid down internal financial control to be followed by the Company and that such internal financial controls are adequate and were operating effectively. The Directors had devised proper systems to ensure compliance with the provision of all applicable laws and that such system was adequate and operating effectively.
Audit reports and Auditors
The Auditors Report for the year 31.03.2023 does not contain any qualification, reservation or adverse remark. The Auditors' Report is enclosed with the financial statement in this Annual Report.
Statutory Auditors:
M/s. Rakesh Bansal & Co., Chartered Accountants, (Firm's Registration No. 011474N), were appointed as Statutory Auditors of the Company for a term of five consecutive Financial Years. i.e. from 202122 to 2026-27, in 41st Annual General Meeting (AGM) held on 30th September 2022. The Company had received a letter dated 22nd December, 2022 (as also information as per Annexure-A of SEBI Circular) from M/s. Rakesh Bansal & Co., Statutory Auditors addressed to the Board of Directors through Audit Committee requesting to accept their resignation and intimate his case was genuine and exceptional case stating, inter-alia, the following reasons: - Due to health issue of the sole proprietor and personal circumstances unable to undertake the assignment. The Audit
Committee had noted that Statutory Auditors had not raised any concerns, as to nonreceipt of information or non-co-operation from the management. The Audit Committee had taken view that due to health issue of the sole proprietor reached to this conclusion that on professional inability and humane considerations, the resignation be accepted. Thus, pursuant to the recommendations ofthe Audit Committee and pursuant to personal, genuine and exceptional circumstances including health issue the resignation of M/s. Rakesh Bansal & Co., Chartered Accountants, Statutory Auditors dated 22nd December, 2022 was also accepted by the Board w.e.f. 23rd December, 2022. The Audit Committee passed a resolution on 23rd December 2022 recommending to the Board of Directors the appointment of M/s. N.K. Chhabra & Co., Chartered Accountants, Chandigarh (Firm Registration No. 000837N with ICAI), as Statutory Auditors for this purpose to fill the casual vacancy caused by resignation of M/s. Rakesh Bansal & Co., Chartered Accountants, (Firm Registration No. 011474N for the current Financial Year 2022-23 and they shall hold office until the conclusion of next annual general meeting to be held in the calendar year 2023, and they shall also be appointed as Statutory Auditors of the Company for the next four years viz. Financial Year 2022-23 to 2026-27.
Secretarial Audit:
Pursuant to provision of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed M/s. S. Parnami & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit of the company. The Secretarial Audit report is annexed herewith as Annexure VI. The Secretarial Audit Report for the year under review requires no comments. The said report does not contain any qualification, reservation or adverse remarks.
Annual Secretarial Compliance Report
In compliance with Circular No. CIR/CFD/
CMD/1/27/2019 dated February 8, 2019, issued by the Securities and Exchange Board of India (SEBI), M/s S. Parnami & Associates, was appointed for issuing Annual Secretarial Compliance Report for the year ended March 31, 2023. The said Report confirms that the Company has maintained proper records as stipulated under various Rules and Regulations and that, no action has been taken against the Company or promoters/ directors by the SEBI/Stock Exchange.
Internal Auditors
During the year under review M/s. SSPJ & Co, Chartered Accountants, Internal Auditors has resigned w.e.f 10.02.2023 and M/s S S Kothari Mehta & Co., Chartered Accountants New Delhi was appointed in place carried out the internal audit and submitted their report.
Cost Audit
Pursuant to the provisions of the Companies Act, 2013 M/s Balwinder & Associates, Cost Accountants, Mohali has conducted the cost audit of the Company. As recommended by the Audit Committee, the Board at its meeting held on 27.05.2022 appointed M/s Balwinder & Associates., Cost Accountants, Mohali as Cost Auditor to conduct cost audit for the year ended March 31, 2023, pursuant to the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014. M/s Balwinder & Associates, confirmed that they are free from disqualifications as specified under Section 141 read with Sections 139 and 148 of the Act, held a valid certificate of practice and that their appointment met the requirements of Sections 141(3)(g) and 148 of the Act. M/s Balwinder & Associates also confirmed that they are independent, maintained an arm's length relationship with the Company and that no orders or proceedings are pending against them relating to professional matters of conduct before the institute of Cost Accountants of India or any competent authority/court. The Company has maintained cost records as specified by the Central Government under Section 148(1) of the Act.
Your Company has adopted Indian AccountingStandards (IND AS).
The Financial Statement for the year ended March 31, 2023 have been prepared in accordance with (IND As) notified under the Companies (Indian Accounting Standards) Rules, as amended by the Companies (Indian Accounting Standard) Rules, 2018 read with Section 133 and other applicable provisions of the Companies Act, 2013.
Related Party Transaction:
All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. Transactions with related parties entered by the Company in the normal course of business are periodically placed before the Audit Committee for its omnibus approval. The Board of Directors of the Company has on the recommendation of the Audit Committee, adopted a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act,2013, the rules there under and Listing Regulations. This Policy as considered and approved by the Board has been uploaded on the webs site of the Company at www. satiagroup.com.
Subsidiary Companies
The Company does not have any subsidiary.
Vigil mechanism/Whistle Blower Policy
The Company has adopted a Whistle Blower Policy and has established the necessary vigil mechanism for Directors and Employees in confirmation with Section 177 of the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the genuine concerns about unethical or improper activity, without fear of retaliation. The vigil mechanism of the Company provides for
adequate safeguards against victimization of Directors and employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. No person has been denied access to the Chairman of the Audit Committee. The said Policy is uploaded on the website of the Company at https://www. satiagroup.com
Extract of Annual Return:
The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as Annexure-VII
Particulars of Employees
Information as required under Section 197 read with rule 5 of the (Companies Appointment and Remuneration of Managerial Personnel) Rules 2014 is appended as Annexure-II and forms an integrated part of this report.
Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo
The Particulars as prescribed under section 134(3) (m) of the Companies Act, 2013 read with rule 8 of the Company (Accounts) Rules 2014 relating to conservation of energy, technology absorption and foreign exchange earnings and outgo is appended as Annexure-III
Industrial Relations:
During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.
Corporate Governance, Management Discussion & Analysis and Business Responsibility and sustainability Report.
As per Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon and the Management Discussion and Analysis are attached, which forms part of this Annual Report. Pursuant to Regulation 34(2)(f) of the Listing Regulations, Business Responsibility and sustainability initiatives taken from
an environmental, social and governance perspective in the prescribed format is attached as a separate section of this Annual Report.
Sustainability
Corporate Social Responsibility Initiatives
The Company has always recognized its social responsibility as an integral and critical part of its value system and carried out 'Need Assessment Study' to fulfil the requirements ofits social responsibility under CSR Programs and based on that assessment of demand, the management has approved CSR program and Expenditure on CSR and will be reviewed in each year depending on the profitability of the Company. Your Company continued the social development schemes initiated in previous years. These projects covered the broad the matic areas of promotion of Education, Medical Aid, Livelihood, Eradication of Poverty, Support, Orphans, Women, Blind and that are in compliant with Companies Act 2013. The Company has spent the entire required amount of the current year ended 31.03.2023 under the CSR and nothing is outstanding as unspent.
Satia Industries Ltd's CSR initiatives and activities are aligned to the requirements of Section 135 of the Act. A brief outline of the CSR policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure IV of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. This Policy is available on the Company's website at https://www. satiagroup.com For other details regarding the CSR Committee, please refer to the Corporate Governance Report, which is a part of this report
Safety, Health and Environment
The safety of all employees and associates has always been an area of priority for our Company. The Company has constituted a Safety and Securities Committee and the Committee meet in each month to discuss all safety issues and take the decision
relating to resolving the same. The minutes of the securities and safety committee meetings and action taken report are also placed before the Audit Committee Meeting for their review and further instruction, if any required relating to pending matters. The Company also conduct the Fire Evacuation Drill regularly. The safety and Training & awareness sessions were conducted periodically on Fire Safety in emergency situation and on usage of the fire saving equipment. Safety standards are maintained across all locations. Regular deep cleaning of the office premises and checks were done to ensure safety of the employees. During ongoing Pandemic, Health and wellbeing of the employees had become a major priority for the Company. Innovative and effective means were developed to engage with the employees during these tough times. Health and wellness awareness sessions were also conducted for employees. The connect meetings gave opportunities to employees to express themselves and get solutions to their work matters. It also motivated people to stay committed toward the organization's goals and values.
Business Responsibility and Sustainability Report (BRSR)
In accordance with Regulation 34(2)(f) of the Listing Regulations, BRSR, covering disclosures on the Company's performance on Environment, Social and Governance parameters for FY23, is part of this Integrated Report. BRSR includes reporting on the nine principles of the National Voluntary Guidelines on social, environmental and economic responsibilities of business as framed by the MCA. Cross referencing is provided in relevant sections of Integrated Report with suitable references to the BRSR.
Awards:
Dr. Ajay Satia, CMD, has been honored with the Life-Time Achievement Award as Entrepreneur of the year 2023 in a glittering ceremony in Hyderabad.
Indian Pulp & Paper Technical Association (IPPTA) recognizes and celebrates out-
standing business leaders who have led their organization to new heights with their extraordinary entrepreneurial vision and thrust and thus made a mark in the world of business with their risk-taking ability, meticulous planning, strategic roadmaps and careful execution.
Disclosures as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013
Your Company is committed to creating and maintaining a secure work environment where its employees, agents, vendors and partners can work and pursue business together in an atmosphere free of harassment, exploitation and intimidation. To empower women and protect women against sexual harassment, and as per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act) and Rules made thereunder, a policy for prevention of sexual harassment had been made and Internal Complaints Committee had been set up. This policy allows employees to report sexual harassment at the work place. The Internal Committee is empowered to look into all complaints of sexual harassment and facilitate free and fair enquiry process.
Report on Corporate Governance
Your Company is committed to best practices in the area of Corporate Governance. Good Governance facilitate effective management and control of business, maintaining a high level of business ethics and optimizing the value for all stakeholders.
Corporate Governance Structure in the Company assigns responsibilities and entrusts authority among different participants in the organization viz the Board of Directors, the senior Management and employee etc
Management Discussion and Analysis Report
In terms of Regulation 34 (2) (e) of the Listing Regulations, 2015 read with other
applicable provisions, the detailed review of the operations, performance and future outlook of the Company and its business is given in the Management's Discussion and Analysis Report (MDA) which forms part of this Annual Report and is incorporated herein by reference and forms an integral part of this report.
Acknowledgement
The Directors thanks the Company's Bankers, Employees, Customers, Vendors, Investors and for their continuous support. The Directors also thank the Government of India, Government of Various States in India and concerned Government Departments and agencies for their co-operation
Place : VPO: Rupana (Dr Ajay Satia) (R.K.Bhandari) Date : 11.08.2023 Chairman Cum Joint Managing Managing Director Director
Annexure-I
DIVIDEND DISTRIBUTION POLICY
The Board at its discretion, while approving the annual accounts in each financial year, may also recommend the dividend for approval of the shareholders after taking into account the free cash flow position, the profit earned during that year, the Capex requirements and applicable taxes. If during any financial year the profits of the Company are inadequate, the Board may decide not to declare dividends for that financial year. A dividend policy stated by the current Board cannot be binding on the extant Board. However, the current Board can form a guideline on dividend payout in future in the interest of providing transparency to the shareholders.
The Company's Dividend Distribution Policy (DDP) is available at website: www. satiagroup.com/Dividend Policy.
Annexure-IA
REMUNERATION POLICY
The Nomination and Remuneration Committee of the Company is constituted in line with provisions of Regulation 19
of SEBI (LODR) Regulations, 2015 read with Section 178 of the Companies Act, 2013.
Brief Description of Terms of reference:
1To carry out evaluation of the Director's performance and recommend to the Board appointment/removal based on his/her performance.
2To formulate a criterion for determining qualification, positive attributes and independence of a director.
3To recommend to the Board on (i) policy relating to remuneration for Directors, Key Managerial Personnel and Senior Management and (ii) Executive Directors remuneration and incentive.
The Remuneration policy principle is that the remuneration and the other terms of employment shall be competitive in order to ensure that the Company can attract and retain competent Executives. The Nomination and Remuneration Committee while considering a remuneration package must ensure a balance approach reflecting short- and long-term performance objectives appropriate to the working of the company and its goals.
Executive remuneration shall be proposed by the Committee and subsequently approved by the Board of Directors, Executive remuneration is evaluated annually against performance in determining package of remuneration, the Committee may consult with the Chairman Cum Managing Director.
The Board may delegate the appointment and remuneration powers in case of Sr. Management Personnel (except KMPs and Directors) to the Chairman & Managing Director CEO/ or Whole Time Director.
Annexure-II
Information required pursuant to Section 197 read with Rule 5 (1) and (2) of Chapter XIII, Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is furnished hereunder:
Remuneration in fiscal, 2023 Rs in lacs
% increase in remuneration from previous year
Ratio of Remuneration to MRE*
Comparison of the remuneration of the KMP against the Performance of the Company
% of Profits before tax
% ofTurnover
754.33
55.62
142.53
3.29
0.32
100.27
12.30
23.64
0.55
0.05
480.15
50.43
84.96
1.96
0.19
41.68
6.22
9.25
0.21
0.02
24.60
88.65
5.80
0.13
0.01
20.93
114.77
4.94
0.11
1The median Remuneration of Employees was Rs 4.24 lakh PA.
2In the financial year, there was 59.19% increases in the median remuneration of employees.
3There were 2159 permanent employees on the rolls of the Company as on March 31, 2023
4Relationship between average increase in remuneration and Company performance:-
For the financial year 2022-23 key managerial
Personnel were paid 7.74% and 0.75% of
Detail of Ten Employees in Term of Remuneration
the net profit before tax and turnover respectively of the Company.
The ratio of the remuneration of the highest paid director to that of employees who are not director but receive remuneration in excess of the highest paid director during the year-Not applicable.
It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, key managerial personnel, senior management personnel and other employees.
Sr. Name of No Employee
(Yrs.)
Employment
MBA - OPERATIONS MGMT.
Technologies
PROJECTS)
Annexure III
INFORMATION UNDER SECTION 134 (3) (M) OF THE COMPANIES ACT, 2013 READ WITH COMPANIES (ACCOUNTS) RULES 2014 AND FORMING PART OF THE REPORT OF THE BOARD OF DIRECTORS.
Conservation of Energy
Installation of VFDs in PMILL & Utility for energy conservation
Energy efficient LED lights installed in plant PM4 & DIP
IE3 premium energy efficient motors installation at PM 3,4 & PMILL &ETP area.
Thermal insulation on steam lines, condensate lines. and steam traps repairing.
Condensate recovery by arresting leakage and insulation
Energy efficient & latest technology Turbo blower (Runtech make) installed for Vacuum System at PM3 for energy efficiency, energy saving & better control of vacuum.
IITechnological Absorption
1)PM4 Rewinder 2 Globe make latest design & technology rewinder installed & commissioned in for increasing production capacity and quality paper for market.
2)HW 1 Street Modification for use on Agro & HW both options for consistent supply of Agro pulp and to increase pulp reliability
3)PM2 Hood modification done for improving quality and steam efficiency improvement
4)PM2 Press Part frame & structure changed & new steam box installed for steam efficiency improvement
5)PM2 QCS modification done for increasing accuracy level & control of process system parameters & improving quality of paper
6)PM1 QCS modification done for increasing accuracy level & control of process system parameters & improving quality of paper
7)Disperser 2 installed at PM4 DIP 2 for improving DIP Pulp quality
8)PM4 Softwood refiner installation for improving paper machine runnabilty further improving printability & dimension stability
9)New Oxygen Plant installing for meeting oxygen demand of EOP stage for improving pulp quality & reduction in further chemicals
10)TRP 2 installation & commissioning for increasing equipment availability
11)Wood chipper installation for improving in house capacity of wood chips
12)Wheat Straw bailing machine no 2 installed for better & increasing raw material storage capacity.
13)CRB 1 ESP 1 modification for improving emission control & increasing efficiency.
14)ETP bio reactor capacity enhancement to increase system efficiency & saving in boiler fuel (rice husk) by using additional generated gas using in boiler.
IIIFOREIGN EXCHANGE EARNINGS AND OUT GO:
Expenditure for the year ended 31st March, 2023 is as under: -
i)Earning in foreign exchange.
ii)Expenditure in foreign currency.
CIF Value of imports
(Rs.)
Waste Paper
Pulp
Chemical
Machinery- Spares & Capital Goods 314,585,451
Interest
Legal, Technical Fees, Repair & Other
fees
Total Expenditure
Place : Rupana (Dr Ajay Satia) (R.K.Bhandari) Date : 11.08.2023 Chairman Cum Joint Managing
Managing Director Director
Annexure-V
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
SECTION A: GENERAL DISCLOSURES
I.Details of the listed entity
1.Corporate Identity Number (CIN) of the Listed Entity- L21012PB1980PLC004329
2.Name of the Listed Entity - Satia Industries Limited
3.Year of Incorporation- 1980
4.Registered office address - Village Rupana, Malout - Muktsar Road, Muktsar, Punjab - 152032
5.Corporate address - Village Rupana, Malout-Muktsar Road, Muktsar,
Punjab - 152032
6.E-mail- satiapaper@satiagroup.com
7.Telephone- 01633-262001,262215, 263585
8.Website - www.satiagroup.com
9.Financial year for which reporting is being done 1st April 2022 - 31st March 2023
10.Name of the Stock Exchange(s) where shares are listed
a.National Stock Exchange of India Limited (NSE)
b.BSE Limited (BSE)
11.Paid-up Capital- Rs. 10 crore
12.Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report
263585
com
13.Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together).
Standalone basis II. Products/Services
14.Details of business activities (accounting for 90% of the turnover):
Description of Main Activity
15. Products/Services sold by the entity (accounting for 90% of the entity's turnover):
III.Operations
16.Number of locations where plants and/or operations/offices of the entity are situated:
Location
17.Markets served by the entity: a. Number of locations
Locations
b.What is the contribution of exports as a percentage of the total turnover of the entity?
3.12%
c.A brief on types of customers
The Company's primary business is manufacturing of writing and printing paper. Some of its major clients include State and Central Government departments and Private Sector.
IV.Employees
18.Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
DIFFERENTLY ABLED WORKERS
19. Participation/Inclusion/Representation of women
*Key Management Personnel includes CEO, Chief Financial Officer and Company Secretary.
** Managing Director is included under boath 'Board of Directors and Key Management Personnel'. 20. Turnover rate for permanent employees and workers
FY22-23
(Turnover rate in current FY) %
FY21-22
(Turnover rate in previous FY) %
FY20-21
(Turnover rate in the year prior to the previous FY) %
V.Holding, Subsidiary and Associate Companies (including joint ventures)
VI.CSR Details
21.(a) Names of holding / subsidiary / associate companies / joint ventures
Not applicable since Company doesn't have any holding/subsidiary/associate companies/ joint ventures
22.(i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii)Turnover (in Rs.): 1,88,374.20 Lakhs
(iii)Net worth (in Rs.): 73,319.75 Lakhs
VII.Transparency and Disclosures Compliances
23.Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:
Stakeholder group from whom complaint is received
FY 22-23
Current Financial Year
FY 21-22
Previous Financial Year
during the year
of
comp
laints
pending
resolution
at
close of the year
(an on ym ou s email/letters)
* The Company has Stakeholder Relationship Committee to redress the complaints received from the shareholders as per SEBI Listing Regulations.
A
24. Overview of the entity's material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format.
financial
implications
Carbonate)that uses the CO2 that is generated in the boilers as a byproduct of fuel burning. This CO2 is used as raw
compliance
This can lead to
practices
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
P 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.
P 2 Businesses should provide goods and services in a manner that is sustainable and safe.
P 3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P 4 Businesses should respect the interests of and be responsive to all its stakeholders.
P 5 Businesses should respect and promote human rights.
P 6 Businesses should respect and make efforts to protect and restore the environment.
P 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.
P 8 Businesses should promote inclusive growth and equitable development.
P 9 Businesses should engage with and provide value to their consumers in a responsible manner.
resources
re
10. Details of Review of NGRBCs by the Company:
(Annually/half-yearly/quarterly/ any other - please specify)
11. Has the entity carried out independent assessment /evaluation of the working of its policy by external agency (Yes/No). If yes, provide name of the agency
12. If answer to Question (1) above is "No
i.e., not all principles are covered by a policy, reasons to be stated-
Not applicable
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and decisions. The information sought is categorized as "Essential and "Leadership. While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators
The Company has not carried out independent audit / evaluation of working of the BR Policy by an internal or external agency as of now. However, our internal control procedures ensure periodic assessment of our operations to verify compliance to our policies and applicable regulations
may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.
Principle 1: Businesses should conduct and govern themselves with integrity and in a manner that is Ethical, Transparent and accountable.
Essential Indicators
1.Percentage coverage by training anc awareness programmes on any of the principles during the financial year:
2.Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format:
The Company had no monetary and non-monetary fines/penalties/punishment/award/ compounding fees/settlement amount paid in proceedings (by the entity or by directors/ KMPs) with regulators/law enforcement agencies/judicial institutions in the financial year based on materiality thresholds
Monetary
(Yes/No)
Non monetary
Principle
preferred?
3.Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed:
4.Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.
Yes, The Company has 'zero tolerance' of any practice that may be classified as corruption, bribery or giving or receipt of bribes. The objective of this policy is to serve as a guide for all directors, executives, employees and associated persons for ensuring compliance with applicable anti-bribery laws, rules and regulations. This policy is applicable to all individuals working at all levels
and grades, including Board Members and Senior Managerial Personnel, other employees, consultants, interns, contractors, agency staff, agents or any other person associated with the Company and such person acting on behalf of the Company. Refer following link for accessing Code of conducts which contains anti-bribery clause https://www.satiagroup.com/ companys-policy/
5.Number of Directors/KMPs/employees /workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption:
There have been no cases involving disciplinary action taken by any law enforcement agency on the charges of
bribery / corruption against directors / KMPs / employees / workers that have been brought to the Company's attention.
6.Details of complaints with regards to conflict of interest:
(Current Financial Year)
(Previous Financial Year)
7. Provide details of any corrective action taken or underway on issues related to fines/ penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:
2.Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/ No) If yes, provide details of the same.
Yes, all directors of the Company disclose his / her interest in the Company (ies) / firm(s) / bodies corporate / other association of individuals and any changes therein, annually or upon any change. Further, Directors of the Company also provide a declaration under the Code of Business Conduct and Ethics confirming that there is no violation of the said code which also covers the processes to avoid the instances of conflict of interest. In the meeting of the Board, the Directors abstain from participating in the items in which they are concerned or interested.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
ESSENTIAL INDICATORS
1.Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
2.a. Does the entity have procedures in
place for sustainable sourcing?
b.If yes, what percentage of inputs were sourced sustainably?
Yes, the business model of the Company has their roots in an agro-based economy which leads to prosperity of farmers. Majority of the resources involved in our manufacturing process are sourced sustainably. We aspire to associate with raw material vendors, who comply with environment and labour laws. In addition, we encourage our vendors to be mindful of responsible business conduct principles such as prevention of environmental pollution, no child labour/forced labour, implementation of safety. Most of our raw material vendors are located in proximity to our manufacturing units which helps to minimize transportation and related GHG emissions. The Company procures its major raw material requirement from within a radius of 150 kms of the plant.
3.Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for
(a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
The Company does not have any specific product to reclaim at the end of life. Further, no plastic waste is generated by Company. E-waste is disposed to
authorised recycler for end use. Hazardous waste generated is disposed to authorised recycler for cardboard manufacturing.
4.Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.
EPR is not applicable to us.
Leadership Indicators
1.Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?
N o, Com p an y h as n ot con d u cte d li fe cycle perspective/assessments for any of its products
2.If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.
Our products are made from nonhazardous materials and we practice environment-friendly manufacturing processes while ensuring compliance
with applicable regulations and laws. However, we recognize the importance of understanding the impact of our products on environmental and social aspects.
3.Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:
Disposed
disposed
metric
tonnes
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains
1. a. Details of measures for the well-being of employees:
(A)
insurance
benefits
Bene
fits
(B)
(C)
(D)
(E)
(F)
employees
Male
b. Details of measures for well-being of workers:
workers
2. Details of retirement benefits, for Current FY and Previous Financial Year.
welfare
fund
3.Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, all the Company's permanent office buildings and manufacturing locations are accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016.
4.Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.
Yes, the Company has Equal Opportunity Policy as per the Rights of Persons with Disabilities Act, 2016. This policy can be accessed through the link https://www.satiagroup.com/ companys-policy/
Return to work and Retention rates of permanent employees and workers that took parental leave.
5.Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.
6.Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Employees and workers are not members of any association(s) or Unions.
7.Details of training given to employees and workers:
Female
22
3
8. Details of performance and career development reviews of employees and worker:
All the employees undergo Performance and Career Development reviews. Discussions are carried out annually and feedback for development is provided.
9.Health and safety management system:
a.Whether an occupational health and safety management system has been implemented by the entity? (Yes/No). If yes, the coverage of such system?
Yes, occupational health and safety management system has been implemented by the entity. The Company is certified under Occupational Health and Safety Management System Certificate OHSAS 45001.2018. The coverage is 100% and includes all employees and workers. Company has made Safety committee covering entire area of Plant. Safety committees are segregated on the basis of different zones. Company also has 'On-site' and 'Off-site' Emergency Plan.
b.What are the processes used to identify work-related hazards and assess risks on a routine and nonroutine basis by the entity?
We conduct regular site inspections to ensure all safety procedures are
being followed. Subsequently, we encourage our employees and workers to report any unsafe conditions or unsafe acts or near miss incidents promptly to the Safety committee teams to ensure corrective action in timely manner
c.Whether you have processes for workers to report work related hazards and to remove themselves from such risks.
Yes. All workers are permitted to work only after they are given safety briefing on the activities to be performed. Workers are encouraged to report any work related hazard through internal communication. All work hazard reported are actioned upon by Safety committee teams.
d.Do the employees/workers of the entity have access to nonoccupational medical and healthcare services?
Yes, non-occupational medical and healthcare services are available for both employees and workers.
10.Details of safety related incidents, in
the following format:
Workers
11.Describe the measures taken by the entity to ensure a safe and healthy workplace.
Within respective departments, daily training is imparted by Safety Supervisors/Safety Officers. Further, thorough investigation is undertaken for
each accident/mishap occurring within the factory premises. Results of said investigation is then discussed in Safety committee meetings to ensure that such mishaps/accidents are avoided in future.
12.Number of Complaints on the following made by employees and workers:
Conditions
13. Assessments for the year:
Scheduled visits are conducted by Assistant Labour Commissioner and Deputy Director of Factory whereby health and safety practices implemented in the Company are reviewed. No adverse findings have been identified from aforesaid assessments
14. Provide details of any corrective action taken or underway to address
safety-related incidents (if any) and on significant risks / concerns arising from
assessments of health & safety practices and working conditions.
Not applicable since no significant risks/ concerns have arisen out of scheduled visits conducted by Assistant Labour Commissioner and Deputy Director of Factory.
1.Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (B) Workers
Yes, In the unfortunate event of death of an employee including workers, the Company extends financial support to family members of the employment through insurance policy
2.Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.
The Company ensures that all applicable statutory dues payable by service providers/contractors for their employees are deposited on time and in full through a process of periodic controls. These transactions are reviewed by our internal teams and external auditors. The Company expects its value chain partners to uphold business responsibility principles and values of transparency and account ability.
3.Provide the number of employees / workers having suffered high consequence work- related injury / ill- health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:
4.Does the entity provide transition assistance programmes to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? Yes.
5.Details on assessment of value chain partners (Supply chain partners):
6.Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety
practices and working conditions of value chain partners.
Not applicable since no significant risks/concerns have been bought to our attention
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
1.Describe the processes for identifying key stakeholder groups of the entity.
Company's key stakeholders includes those who impact Company's value chain ability and those who can be potentially affected by our business activities:
2.List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
1.Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
We view our stakeholders as long-term value creators and recognise stakeholder
engagement process as necessary for achieving the goal of inclusive growth. Stakeholders engagement helps in better understanding the key issues, minimising risks, setting priorities, improving credibility and building a mutually strong relationship.
Our engagement with our broader stakeholder community is undertaken
by respective functions in consultation with the leadership team and overseen by the BRSR Committee. Feedback from different stakeholder groups on environmental, social or economic topics is shared with the BRSR Committee of the Board. We also have a CSR Committee to review, monitor, and provide strategic direction to our CSR practices and social initiatives
2.Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.
Yes, outcome of the stakeholder engagement exercise are taken forward to identify material topic of concern on sustainability for the Company. Based on these material topics of significance to the Company, further strategy development, policy setting, if required, objectives and goal setting with monitoring mechanism are developed and implemented.
3.Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.
There are no identified disadvantaged, vulnerable & marginalized stakeholders
Principle 5: Businesses should respect and
promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:
2. Details of minimum wages paid to employees and workers, in the following format:
Category
Permanent
3. Details of remuneration/salary/wages, in the following format:
# The median has been computed for 4 Board of Directors to whom major remuneration is paid. Remaining Directors only receive the Director's sitting fees which doesn't form significant proportion of overall Director remuneration
## Managing Director is included under
'BOD' and 'Key Management Personel'. However remuneration of managing director is only included once under category of 'Board of Directors'.
4.Do you have a focal point (individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business?
Our Human Resources function is responsible for handling human rights related impacts and issues arising from our operations. In addition, our Grievance redressal Committee is also responsible for addressing any human rights issues arising out of our business.
5.Describe the internal mechanisms in place to redress grievances related to human rights issues.
All grievances are addressed as and when received by the Grievance Redressal Committee. All the grievances received are duly investigated and appropriate actions are taken to resolve the issue/complaint. Whenever required, disciplinary actions are initiated as deemed fit and assistance from regulatory authority is sought.
6. Number of Complaints on the following made by employees and workers:
7.Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company has a Whistle Blower Policy wherein the employees report, without fear of retaliation, any wrong practices, unethical behaviour or non-compliance which may have a detrimental effect on the organisation, including financial damage and impact on brand image. Also, the Code of Conduct of the Company requires employees to behave responsibly in their action and conduct. Apart from that, the Company has Committees at every
location for the protection of women at workplace to ensure their rights, receive grievances, conduct investigation and to take actions.
8.Do human rights requirements form part of your business agreements and contracts?
We do not include the requirements in our contracts. However, we encourage our business partners to adhere to responsible business practices and follow all applicable laws and regulations
9.Assessments for the year
% of your plants and office that were assessed (by entity or statutory authorities or third parties)
10.Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above.
No significant risks /concerns have been communicated to us by ALC and DDF which implies that there are no adverse findings arising out of aforesaid visits of ALC and DDF
1.Details of a business process being modified / introduced as a result of addressing human rights grievances/ complaints.
No complaint received in FY23 for human rights violation.
2.Details of the scope and coverage of any Human rights due-diligence conducted.
We have not conducted any formal due diligence procedures for human rights issues during the year
However, we are an equal opportunity employer for all without any discrimination with respect to caste, creed, gender, nationality, colour, race, religion, disability or sexual orientation
3.Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?
The permanent facilities and office buildings are accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016.
4.Details on assessment of value chain partners:
5.Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.
Principle 6: Businesses should respect and make efforts to protect and restore the environment Essential Indicators
1. Details of total energy consumption (in Giga joules) and energy intensity, in the following format:
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No.
2.Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
The Company is a Designated Consumer under the Performance, Achieve and Trade (PAT) Scheme of the Government of India.
In year 2014-15, the target for energy conservation set by Bureau of Energy Efficiency (BEE), Govt. of India was 0.881 MTOE/Ton against which Company achieved 0.820 MTOE/Ton. Similarly in year 2018-19,, Target set by BEE was 0.6585 MTOE/Ton against which Company achieved 0.638 MTOE/Ton.
New target for Company is now set at 0.6151 MTOE/Ton in Year 2024-25.
3.Provide details of the following disclosures related to water, in the following format:
No
4.Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
The industry is disposing all of its treated effluent onto land for Eucalyptus
Plantation. No effluent is discharged in any water body.
5.Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
6.Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity in the following format:
# Separate disclosure required as per GRI 305 : Emissions 2016 - Biogenic emission of CO2 from the combustion of biomass such as rice husk, rice straw and Black liquor is 3,72,054.79 tonnes of CO2 equivalent and 2,71,755.57 tonnes of CO2 equivalent in FY 2022-23 and FY 2021-22 respectively.
7.Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
The Company has inhouse PCC plant in which the Carbon dioxide released due to burning of fuel in the boilers is captured and used as raw material in PCC production, thus reducing approx. 20,000 metric tonnes of CO2 emission per year
8.Provide details related to waste management by the entity, in the following format:
Note: Indicate it any independent assessment/ evaluation/assurance has been carried out by an external agency? (y/n) If yes, name of the external agency.
9.Briefly describe the waste management practices adopted inyour establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.
No hazardous or toxic chemicals used within the industry. the hazardoues waste of Cat 32.3 is disposed to authorised recycler for cardboard manufacturing. The authorised recycler manages the waste as per the SPCB guidelines.
10.If the entity has operations/offices
in/aroundecologicallysensitive
areas (such as national parks, wildlife sanctuaries, biospherereserves,
wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format:
Not applicable since Entity doesn't have any operations/offices in/around ecologically sensitive areas
11.Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:
The Company has not conducted any environmentalimpactassessments
(EIA) of projects or industrial facility in FY23.
12.Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N).
Yes. All the Company projects and industrial facilities follow the applicable environmentallaw/regulations/
guidelines in India, such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act and rules thereunder.
13.If not, provide details of all such noncompliances, in the following format:
Not applicable.
1. Provide break-up of the total energy consumed (in Giga joules) from renewable and non-renewable sources, in the following format:
Parameter
2. Provide the following details related to water discharged:
* Level of treatment : Effluent Treatment plant with two stage activated sludge process to treat the effluent to prescribed standards set by SPCB before discharge
Note:Indicate if any independent
assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
3.Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): Not applicable
(i)Name of the area
(ii)Nature of operations
(iii)Water withdrawal, consumption and discharge in the following format:
4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
5.With respect to the ecologically sensitive areas reported at Question 10 ofEssential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.
Not applicable since Company's premises are not situated near ecologically sensitive areas
6.If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions/effluent discharge/ waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:
Refer the annexure to Board's report on Conservation of Energy
7.Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
The Company has established emergency preparedness plans at each project site to deal with the emergency situations. It also provides response procedures for preventing and mitigating the hazard & risk and environmental impacts arising from emergency situations including the provision for first aid. In the event of any occurrence of an emergency, the same shall be investigated and appropriate preventive measures would be initiated to avoid recurrence in future. Relevant information and training related to emergency preparedness and response shall be provided to the interested parties. The duties and responsibilities of all the workers are being communicated periodically.
8.Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard.
Wehavenotconductedformal
assessment our value chain partners on their impact on environment. However, weexpectourvalue chainpartners
to be mindful of their impacts on the environment and comply with applicable laws and regulations
9.Percentageof value chainpartners
(by value of business done with such partners) that were assessed for environmental impacts.
assessment of our value chain partners on their impact on environment
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent
1.A. Number of affiliations with trade and industry chambers/ associations.
B. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to.
Serial No.
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity, based on adverse orders from regulatory authorities:
During the year, the Company has not received any adverse orders from regulatory authorities.
1.Details of public policy positions advocated by the entity:
SIL participates in public policy advocacy at various forums such as IPPTA, FIEO through concerned departments in consultation with Management
Principle 8: Businesses should promote inclusive growth and equitable development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.
Number
by
independent
external
agency
Not Applicable since there are no projects undertaken by entity for which social impact assessment is required under any law. However, The Company supports inclusive growth and equitable development through its Corporate Social Responsibility (CSR) programmes. The Company has aligned its CSR programmes/ initiatives/ activities with the requirements of Companies Act, 2013. The Company's CSR activities are
being monitored by the Corporate Social Responsibility Committee constituted by the Board.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:
Not applicable. No rehabilitation and resettlement were undertaken by the entity during this reporting period.
3.Describe the mechanisms to receive and redress grievances of the community.
Grievance Redressal of community is paramount in strengthening our relations with them. This provides us the social license to operate and execution of CSR projects. Our local HR team regularly interact with community
members to identify and address their concerns. We have not encountered any specific grievances from the community in the reporting period
4.Percentage of input material (inputs to total inputs by value) sourced from suppliers:
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):
Not applicable since there are no projects on which social impact assessment was required to be undertaken
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:
CSR Activities done by the Company are not in aspirational districts identified by the Government. For details of districts covered under CSR Activities, please refer to Corporate and Social Responsibility Section forming part of Company's Annual Report for FY 22-23
3.(a) Do you have a preferential
procurement policy where you give preference to purchase from suppliers comprising marginalized / vulnerable groups?
No, Company doesn't have preferential procurement policy.
(b)From which marginalized /vulnerable groups do you procure?
Not Applicable since we do not have such procurement criteria
(c)What percentage of total procurement (by value) does it constitute?
4.Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge:
Not applicable as the Company does not have any intellectual properties owned or acquired by the entity (in the current financial year), based on traditional knowledge.
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved:
6. Details of beneficiaries of CSR Projects:
For details, please refer to Corporate and Social Responsibility Section forming part of Company's Annual Report for FY 22-23
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company value customer satisfaction as one of its greatest assets. Therefore, it has put in place effective redressal mechanism for addressing customer complaints and handling consumer cases. The system has been created keeping the interest of customers, so that minimum hassles are caused to
him/her. The system is periodically reviewed by management team as well. The Company regularly organizes feedback and awareness programs for its customers across various locations. Company always endeavours to entertain the customer complaints and to resolve the complaints at the earliest.
2.Turnover of products and/ services as a percentage of turnover from all products/service that carry information about Environment and social parameters relevant to the product, safe and responsible usage and recycling and/or safe disposal
100% of products of Company contain all relevant information as required under applicable laws
3.Number of consumer complaints in respect of the following:
(Current Financial year)
(Previous Financial year)
4. Details of instances of product recalls on account of safety issues:
5.Does the entity have a framework/ policy on cyber security and risks related to data privacy? If available, provide a web- link of the policy
We have an information security management policy which comprises of data protection, email, web and network protection. It also includes access control
policy with two-factor authentication to protect the system from unauthorised access. Multiple security controls like firewall, end-point protection, web protection, etc. have been implemented to prevent data attacks and threats. Said policy is internally available with Company
6.Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.
1.Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).
The Company's business offerings can be found on the website. Refer link below:
https://www.satiagroup.com/paper/
2.Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
The business of the Company complies with regulations and relevant codes concerning marketing communications including advertising and promotion activities. The Company's communications are aimed at enabling consumers to make informed purchase decisions.
3.Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
At SIL, we do not deal with any essential services, however, in case of any disruption, we can disseminate information through our website, various mass media platforms, social media platforms, distribution networks, sales representatives, email etc.
4.Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/ Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
The Company has an uncompromising commitment to provide best in-class products and customer satisfaction. The Company fully complies the laws of land. All the display and disclosure requirements as per applicable Statutes are complied with.
Company, during the year, has not carried out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole
5.Provide the following information relating to data breaches:
(a)Number of instances of data breaches along-with impact
There were no data breaches during the year.
(b)Percentage of data breaches involving personally identifiable information of customers -
NIL