Dear Members,
The Board of Directors present the 51st Annual Report together with the
Audited Financial Statements of your Company for the Financial Year ended on 31st March,
2025.
1. HIGHLIGHTS OF PERFORMANCE
For the year ended on 31st March, 2025, the Company's
Total Revenue for the year increased to 24,647.25 Lakhs as compared to
22,750.28 Lakhs in the previous year. Profit Before Tax for the year was 6,560.06 Lakhs as
compared to 4,994.94 Lakhs in the previous year. Profit After Tax for the year was
4,890.68 Lakhs as compared to 4,041.16 Lakhs in the previous year.
2. FINANCIAL RESULTS
( in Lakhs)
Particulars |
31-03-2025 |
31-03-2024 |
Revenue from Operations |
24,647.25 |
22,750.28 |
Other Income |
1,832.56 |
1,842.19 |
Total Income from Operations |
26,479.81 |
24,592.47 |
Profit Before Tax |
6,560.06 |
4,994.94 |
Tax Expenses |
1,669.38 |
953.78 |
Profit for the 4,890.68 |
|
4,041.16 |
Other Comprehensive Income |
(25.17) |
(22.41) |
Total Comprehensive Income for the year |
4,865.51 |
4,018.75 |
Equity Reserves |
42,617.31 |
38,040.22 |
3. DIVIDEND
Your directors have recommended Final dividend of 50% i.e. 5/- per
share on 57,68,385 equity shares of 10/- each for the year ended on 31st March, 2025
(Previous Year 5/- per share on 57,68,385 equity shares of 10/- each). Dividend is subject
to approval of members at the ensuing Annual General Meeting (AGM) and shall be subject to
deduction of income tax at source.
The dividend recommended is in accordance with the Company's
Dividend Distribution Policy. As required under the Regulation 43A of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the Company has a policy on Dividend Distribution. The Dividend
Distribution Policy of the Company can be accessed at https://eimcoelecon.
in/wp-content/uploads/2022/08/25_y_The-Dividend-Distribution-Policy-Final.pdf
During the year under review, the unclaimed dividend pertaining to the
Financial Year 2016-17 has been transferred to the Investor Education & Protection
Fund.
4. TRANSFER TO RESERVES
The Board of Directors has decided to retain the entire amount of
profit for the Financial Year 2024-25 in the StatementofProfit & Loss
5. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES
As on 31st March, 2025, the Company has neither subsidiary, nor
Joint Venture and Associate Companies.
6. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2025 was 576.84
Lakhs. During the year under review, the
Company has neither issued shares with differential voting rights nor
granted stock options or sweat equity.
7. BORROWINGS FINANCE
The Company continues to focus on judicious management of its working
capital. Receivables, Inventories and other working capital parameters were kept under
strict check through continuous monitoring. The whole of the properties of the Company
have been suitably insured.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Loans, guarantees and investments covered under Section 186 of the
Companies Act, 2013 form part of the financial statements provided in this Annual Report.
FIXED DEPOSITS
The Company has not accepted any fixed deposits and there are no unpaid
/ unclaimed deposits as on 31st March, 2025.
Year8. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Resignation of Director
Ms. Reena P. Bhagwati (DIN: 00096280), Non-Executive Independent
Director, ceased to be a director of the Company w.e.f. 28th June, 2024. The Board placed
on record their appreciation for the assistance and guidance provided by Ms. Reena P.
Bhagwati during her tenure as
Non-Executive Independent Director of the Company.
Appointment/Re-appointment of Director
Mr. Sunil C. Vakil (DIN: 02527630) was appointed as Additional
Non-Executive Independent Director of the Company by the Board of Directors at their
meeting held on 13th September, 2024 for a period of 5 (five) years with effect from 13th
September, 2024, subject to approval of the members of the Company. The Company has sought
the approval of the members by way of Special Resolution through notice of postal ballot
dated 13th September, 2024 for the appointment of Mr. Sunil C. Vakil as Non-
Executive Independent Director of the Company for a period of 5 (five)
years with effect from 13th September, 2024, which was duly passed and concluded on 19th
October, 2024 by the members of the Company.
Mr. Prayasvin B. Patel (DIN: 00037394) was reappointed as Executive
Director of the Company by the Board of Directors at their meeting held on 17th October,
2024 for a period of 3 (three) years w.e.f. 9th November, 2024, subject to approval of the
members of the Company.
The Company has sought the approval of the members by way of Special
Resolution through notice of postal ballot dated 17th October, 2024 for the re-appointment
of Mr. Prayasvin B. Patel as Executive Director of the Company for a period of 3 (three)
years with effect from 9th November, 2024, which was duly passed and concluded on 19th
November, 2024 by the members of the Company.
Dr. Sonal V. Ambani (DIN: 02404841) was appointed as an Additional Non-
Executive Independent Woman Director of the Company by the Board of Directors at their
meeting held on 23rd April, 2025 for a period of 5 (five) consecutive years with effect
from 23 rd April, 2025, subject to the approval of Members of the Company.
Dr. Ambani holds a PhD in Business Management and is the founding
Chairperson of the FICCI Ladies Organization (FLO) Ahmedabad. Dr. Ambani began her career
in investment banking and served as Vice President at Morgan Stanley Dean Witter in New
York. Dr. Ambani is the holder of two US patents: "Systems and Method for Providing
Financial Services to Children and Teenagers" and "Purchase Management System
and Electronic Receipts." In addition to her entrepreneurial ventures, Dr. Ambani is
a member of the United Nations Development Fund for Women (UNIFEM), the founder of the
Cancer Screening and Research Trust (CSRT) and the creator of World Peace 2040, a movement
that has garnered notable support, including an Advisory Board with
Mohammed Yunus and the Pfeffer Peace Prize in
New York. She also served as Vice Chairman of the CII Indian Women
Network (IWN), which focuses on empowering women in India.
Furthermore, Dr. Ambani is the curator and founder of Samara Art
Gallery, which supports emerging artists, and she is a sculptor herself, having created
works in various materials.
In the opinion of the Board, she has a vast experience in the various
fields will be beneficialto the Company.
Further, she possesses relevant expertise and proficiency which will
bring tremendous value to the Board and to the Company.
The Board recommends her appointment to the shareholders. The notice
convening the 51st AGM forming part to this annual report sets out the details.
Director Retiring by Rotation
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Mukulnarayan Dwivedi (DIN:08442155), Director
retires by rotation at the forthcoming 51st Annual General Meeting of the Company and,
being eligible, offers himself for reappointment.
The Board recommends his appointment for your approval.
Re-designation of Director
Elecon Engineering Company Limited vide its letter dated 23rd April,
2025 had withdrawn the nomination of Mr. Prashant C. Amin (DIN:01056652) on the Board of
Eimco Elecon (India) Limited. Subsequently, the Nomination and Remuneration Committee at
its meeting held on 23rd April, 2025, based on his experience and expertise, has
recommended his continuation of Directorship on the Board, and the Board has approved his
continuation as Non-Executive Director w.e.f. 23rd April, 2025 on the Board of the
Company, subject to retire by rotation.
Disclosures by Directors
None of the Director of your Company is disqualified as per the
provisions of Section 164(2) of the Companies Act, 2013. Your Directors have made
necessary disclosures to this effect as required under of the Companies Act, 2013.
Declaration by Independent Directors
The Company has received necessary declarations from each Independent
Directors under Section 149 (7) of the Companies Act, 2013 and under Regulation 25(8) of
the SEBI (LODR), Regulations, 2015, that he/she meets the criteria of independence laid
down in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI
(LODR), Regulations, 2015.
Meetings of the Board
During the year under review, five Board Meetings, four Audit Committee
Meetings, one Stakeholders Relationship Committee Meeting, three Nomination and
Remuneration Committee Meetings, one Corporate Social Responsibility Committee Meetings
and one separate Meeting of Independent Directors were held. The meeting details are
provided in the Corporate Governance Report which forms part of this Report. The maximum
interval between any two meetings is as prescribed under the Companies Act, 2013 and the
SEBI (LODR), Regulations, 2015.
Composition of Various Committees
Details of various committees constituted by the Board as per the
provisions of Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 and the details of
the said committee meetings are given in the Corporate Governance Report which forms part
of this report.
Meeting of Independent Directors
The Independent Directors met on 17th February, 2025 without attendance
of Non-Independent Directors and Members of the Management. The Independent Directors
reviewed the performance of Non-Independent Directors and Board as a whole and assessed
the quality, quantity and timeliness of flow of information between the Company Management
and the Board that is necessary for the Board to effectively and reasonably perform their
duties.
Nomination and Remuneration Policy
The Board has framed a policy for selection and appointment of
Directors, Key Managerial Personnel (KMP) and Senior Management Personnel (SMP) and their
remuneration.
As and when need arises to appoint Director, KMP and SMP, the
Nomination and Remuneration Committee (NRC) of the Company will determine the criteria
based on the specific requirements. NRC, while recommending candidature to the Board,
takes into consideration the qualification, attributes, experience and independence of the
candidate. Director(s), KMP(s) and SMP(s) appointment and remuneration will be as per NRC
policy of the Company.
The salient features of the NRC policy of the Company have been
disclosed in the Corporate Governance Report, which is a part of this report. The said
Policy is available on the Company's website on https://eimcoelecon.in/
wp-content/uploads/2020/06/THE-NOMINATION-AND-REMUNERATION-POLICY.pdf.
Familiarization Programme for Independent Directors
In compliance with the requirements of Listing Regulations, the Company
has put in place a Familarization Programme for Independent Directors to familiarize them
with the working of the Company, their roles, rights and responsibilities vis-a-vis the
Company, the industry in which the Company operates, business model etc., alongwith the
updating on various amendments in the Listing Regulations and the Companies Act, 2013.
The Company has conducted the familarization programme for Independent
Directors of the Company, details for the same have been disclosed on the Company's
website
https://eimcoelecon.in/details-of-familiarization-programmes-imparted-to-independent-directors/
Evaluation of Board and Senior Management
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17
of the SEBI (LODR) Regulations, 2015 and notifications/ circulars of SEBI, the Board has
carried out an annual performance evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Committees. Further, the
Nomination and Remuneration Committee has carried out the performance evaluation including
the Company Secretary and Chief Financial Officer of the Company. The manner in which the
evaluation was carried out has been explained in the Corporate Governance Report which
forms part of this report.
Board Diversity
The Company recognizes and embraces the importance of a diverse board
in its success. The Company believes that a truly diverse board will leverage differences
in thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical background, age, ethnicity, race and gender, which will help the Company to
retain its competitive advantage. The Board has adopted the Board Diversity Policy which
sets out the approach to diversity of the Board of Directors.
Key Managerial Personnel
As on 31st March, 2025, Mr. Mukulnarayan Dwivedi, Executive Director;
Mr. Vishal C. Begwani, Chief Financial Officer and Mr. Rikenkumar Dalwadi, are designated
as KMP(s) of the Company.
9. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 ("the
Act"), your Board, to the best of their knowledge and based on the information and
explanations received from the management of your company confirm that:-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there were no material departures
therefrom;
(ii) they have, in the selection of the accounting policies, consulted
the statutory auditors and have applied their recommendations consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at 31st March, 2025 and of the profit of the
Company for the year ended on that date;
(iii) theyhavetakenproperandsufficient 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;
(iv) they have prepared the annual accounts on a going concern basis;
(v) they have laid internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively during the year ended on 31st March, 2025; and (vi) proper systems have been
devised to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively during the year ended on 31st March, 2025.
10. C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y
INITIATIVES
As part of its initiatives under the Corporate Social Responsibility
(CSR), the Company has undertaken projects in the area of education and health care. These
projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company's
CSR policy. The Annual Report on CSR activities is annexed herewith as
Annexure A'.
11. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary course of the
Company's business. All Related Party Transactions are placed before the Audit
Committee and the Board for approval. Prior approval of the Audit Committee is obtained
for the transactions which are of a foreseen and repetitive nature and in the ordinary
course of the Company's business. Transactions with related parties are disclosed
statements. inthe notes to accounts to the financial The Form No. AOC-2 envisages
disclosure of material Company Secretary contracts or arrangement or transaction at
arm's length basis is annexed with as Annexure B'.
The policy on Related Party Transactions as approved by the Board is
uploaded on the Company's website at
https://eimcoelecon.in/wp-content/uploads/2022/08/7_g_
EIMCO-ELECON_RPT-Policy_31012022.pdf.
12. MANAGEMENT'S DISCUSSION AND ANALYSIS
A detailed review of the operations, performance and future outlook of
the Company is given in the Management's Discussion and Analysis appearing as Annexure
C' to this Report.
13. CORPORATE GOVERNANCE
Your Company has always striven to incorporate appropriate standards
for good Corporate Governance.
It has taken adequate steps to ensure that the provisions of Corporate
Governance as prescribed under the Companies Act, 2013 and the SEBI (LODR) Regulations,
2015 are complied with.
A detailed report on Corporate Governance is appearing as Annexure
D' to this Report along with the Auditors'
Certificate on its compliance by the Company.
14. PARTICULARS OF EMPLOYEES
The disclosures with respect to the remuneration of
Directors and employees as required under Section 197 of the Act and
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 (the 'Rules') have been appended as Annexure E', forming part of
this Report. Details of employee remuneration as required under the provisions of Section
197 of the Act and Rule 5(2) and 5(3) of the Rules are available to any Shareholder for
inspection on request. If any Shareholder is interested in obtaining a copy thereof, such
Shareholder may write to the Company Secretary, where upon a copy would be sent through
email only.
15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO
The information on conservation of energy, technology of absorption and
foreign exchange earning and outgo stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is given in Annexure
F' forming part of this report.
16. AUDITORS
(a) Statutory Auditors
M/s. K C Mehta & Co LLP, Chartered Accountants, Vadodara appointed
as the Statutory Auditors of the Company for a period of 5 (five) consecutive years i.e.
from the conclusion of 48th Annual General Meeting of the Company The Board has taken note
and M/s. K.C. Mehta & Co. LLP, Chartered Accountantshave confirmed their eligibility
under Section 141 of the Companies Act, 2013 and the Rules framed thereunder as Statutory
Auditors of the Company. As required under Listing Regulations, the Auditors have also
confirmed that they hold a valid certificateissued by the Peer Review Board of the
Institute of Chartered Accountants of India.
(b) Secretarial Auditors
In accordance with Section 204 of the Companies Act, 2013, read with
Rule 9 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules,
2014 and in terms of regulation 24A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has appointed M/s. J. J. Gandhi
& Co., Practicing Company Secretary, to conduct the Secretarial Audit of the Company
for the Financial Year 2024-25. The Report on the Secretarial Audit carried out by the
Secretarial Auditor i.e. M/s. J. J. Gandhi & Co., Practicing Company Secretary during
the Financial Year 2024-25 is annexed herewith as Annexure G'. The
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
The Company has undertaken an audit for the Financial Year 2024-25 for
all the applicable compliances as per Listing Regulations and Circulars/Guidelines issued
by SEBI from time to time. The Annual Secretarial Compliance Report for abovesaid
financialyear shall be submitted to the stock exchanges within prescribed time limit as
per Listing Regulations.
Further pursuant to recent amendments in Regulation 24A of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the appointment of
Secretarial Auditor of the Company is required to be approved by the members of the
Company. The Board of Directors at their Board Meeting held on 23rd April, 2025, has
recommended appointment of M/s. J. J. Gandhi & Co., Practicing Company Secretary as
the Secretarial Auditors of the Company to hold office for a period of five consecutive
years commencing from FY2025-26 to FY2029-30.
The Company has received the written consent and a certificate that
M/s. J. J. Gandhi & Co. satisfy the criteria for appointment as Secretarial Auditor
and that the appointment, if made, shall be in accordance with the applicable provisions
of the Companies Act, 2013 and rules framed thereunder. Member's approval for
appointment of M/s. J. J. Gandhi & Co. as the Secretarial Auditors of the Company
under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 has been sought in
this Notice convening the 51st AGM of the Company.
(c) Cost Auditors
Pursuant to Section 148 of the Companies Act, 2013, read with the
Companies (Cost Records and Audit) Amendment Rules, 2014, the Cost Audit records
maintained by the Company in respect of its manufacturing activity are required to be
audited. Your Directors have, on the recommendation of the Audit Committee, appointed M/s.
Diwanji & Co., Cost Accountants, as a Cost Auditors to audit the cost accounts of the
Company for the financial year ended on 31st March, 2026 at a remuneration of 60,000/-
plus taxes as applicable and out of pocket expenses as required under the Companies Act,
2013, the remuneration payable to the Cost Auditors is required to be placed before the
Members in a tion. Accordingly, ratifica generalmeetingfortheir a Resolution seeking
Members' ratification for the remuneration payable to M/s. Diwanji & Co.,
Cost Accountants, Cost Auditors is included in the Notice convening the
51st Annual General Meeting. The Cost Audit Reports provided by the previous cost auditors
of the Company M/s. Diwanji & Co., for the year 2023-24 was filed with the Ministry of
Corporate Affairs before the due date of filing
17. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company has an effective internal control and risk-mitigation
systems, 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 internal and operational audit is
entrusted to Messrs C. F. Patel & Co., Chartered Accountants. The main thrust of
internal audit is to test and review controls, appraisal of risks and business processes,
besides benchmarking controls with best practices in the industry.
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, which is an
integral part of the control mechanism.
The Audit Committee of the Board of Directors, the Statutory Auditors
and the Business Heads are periodically apprised of theinternalauditfindingsand corrective
actions are taken by the Management. Audit plays a key role in providing assurance to the
Board of
Directors. Significant audit observations and corrective actions taken
by the Management are presented to the Audit Committee of the Board. To maintain its
objectivity and independence, the Internal Audit function reports to the Chairman of the
Audit Committee.
18. RISK MANAGEMENT
The Company operates in a competitive environment and is generally
exposed to various risks at different times such as technological risks, business risks,
operational risks, financial risks etc. The Company has a system based approach to
business risk management backed by strong internal control systems. A range of
responsibilities from strategy to the operations is specified. A strong independent
internal audit function at the corporate level carries out risk focused audits across all
businesses enabling identification of areas where risk managements processes may need to
be improved. The Management prepares the Risk Register which is reviewed by the Audit
Committee and the Board.
The Board reviews internal audit findings and provides strategic
guidance on internal control, monitors internal control environment within the Company and
ensures that Internal Audit recommendations are effectively implemented. The combination
of policies and procedures adequately addresses the various risks associated with your
company's businesses.
19. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has in place a Vigil Mechanism/Whistle
Blower Policy for Directors and Employees to report their concerns
about unethical behavior, actual or suspected fraud or violation of the Company's
Code of Conduct.
The Mechanism provides for adequate safeguards against victimization of
Director(s) and Employee(s) who avail the mechanism.
The Vigil Mechanism/Whistle Blower Policy is available on
Company's website at https://eimcoelecon.in/
wp-content/uploads/2023/01/The-Whistle-Blower-Policy_30012023.pdf.
20. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has zero tolerance towards sexual harassment at workplace
and has adopted a policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder. As required
under law, an Internal
Complaints Committee (ICC) has been constituted for reporting and
conducting inquiry into the complaints made by the victim on the harassment at the
workplace. During the year under review, the following is a summary of sexual harassment
complaints received and disposed off during the year 2024-25:
No. of complaints received |
: Nil |
No. of complaints disposed off |
: N.A. |
No. of complaints pending |
: Nil |
The policy on Sexual Harassment at Workplace is placed on the
Company's website at
https://eimcoelecon.in/wp-content/uploads/2019/04/Sexual-Harassment-Policy.pdf.
21. ANNUAL RETURN
The Annual Return of the Company as on 31st March, 2025 in the
prescribed format is available on the Company's website. The weblink is as under:
https://
eimcoelecon.in/annual-return-as-provided-under-section-92-of-the-companies-act-2013/.
22. REPORTING OF FRAUDS
There was no instance of fraud during the year under review, which
required the Statutory Auditors and/or Secretarial Auditors to report to the Audit
Committee, Board and/or Central Government under Section 143(12) of the Companies Act,
2013 and Rules framed thereunder.
23. INSURANCE
The Company takes a very pragmatic approach towards insurance. Adequate
cover has been taken for all movable and immovable assets for various types of risks.
24. INDUSTRIAL RELATIONS/PERSONNEL
Your Company is committed to upholding its excellent reputation in the
field of Industrial relations. Through continuous efforts, the Company invests and
improvises development programmes for its employees.
25. MATERIAL CHANGES AND COMMITMENTS
There are no material changes and commitments, affecting the financial
performance of the Company that occurred during the Financial Year of the Company to which
the Financial Statements relate and the date of this Report.
26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/
COURTS/TRIBUNALS by the There are no significant
Regulators/Courts/Tribunals which would impact the going concern status
and its future operations of the Company.
27. APPLICATION MADE OR PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016
During the financial period under review, no application is made under
the Insolvency and Bankruptcy Code, 2016 ("IBC 2016") by the Company. No
proceedings are pending under IBC 2016 against the Company.
28. PARTICULARS OF VALUATION DONE AT THE TIME OF ONE-TIME SETTLEMENT
AND VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS
During the financial period under review, there were no instances of
any one-time settlement against loans taken from Banks or Financial Institutions.
29. TERMINATION OF SHAREHOLDERS AGREEMENT
Eimco Elecon (India) Limited ("the Company"), Elecon
Engineering Company Limited, Bhanubhai Patel Group, Tamrock Great Britain Holdings Limited
and Sandvik Mining and Construction OY ("SMC OY") and Other Sandvik Companies
executed the termination agreement on 23rd April, 2025 to terminate the Agreement dated
28th February, 1992 as amended by the Supplemental Agreement dated 11th August, 2011
executed by the Parties (the "Shareholders Agreement).
30. CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business during the year under
review.
31. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
SEBI, vide its circular dated 10th May, 2021, made Business
Responsibility and Sustainability Report (BRSR) mandatory for the top 1000 listed
companies by market capitalisation from financial year 2023.
Your company is not covered under top 1000 listed companies by market
capitalisation. Therefore, BRSR is not applicable to the Company.
32. COMPLIANCE OF SECRETARIAL STANDARDS The Company has complied
with the applicable Secretarial Standards as issued by the Institute of Company
Secretaries of India.
33. ACKNOWLEDGEMENT
Your Directors are highly grateful for the unstinted guidance, support
and assistance received from the Government, Bankers and Financial Institutions. Your
Directors are thankful to all valuable Stakeholders of the Company viz. shareholders,
customers, dealers, vendors, suppliers, collaborators, business associates and other
agencies for their faith, trust and confidence reposed in the Company. Your Directors wish
to place on record their sincere appreciation for the dedicated efforts and consistent
contribution made by the employees at all levels, to ensure that the Company continues to
grow and excel.
For and on behalf of the Board of Directors, |
|
Mukulnarayan Dwivedi |
Prayasvin B. Patel |
Executive Director |
Executive Director |
DIN : 08442155 |
DIN : 00037394 |
Place : Vallabh Vidyanagar |
|
Date : 23rd April, 2025 |
|