The Board of Directors are pleased to present the Company's Forty
Fourth Annual Report and the Company's audited financial statements (consolidated and
standalone) for the financial year ended 31st March 2025.
1.OPERATING RESULTS
The operating results of the Company for the year ended 31st
March 2025 are as follows:
(Rupees In Lakh)
| Revenue from Operations |
3,59,29.35 |
3,28,97.29 |
3,68,25.67 |
3,38,68.84 |
| Profit before tax from continuing operations |
23,88.27 |
50,70.84 |
27,71.42 |
54,41.70 |
| Tax Expenses (Including Deferred Tax) |
-5,73.99 |
-12,18.89 |
-6,59.00 |
-13,10.03 |
| Profit after Tax |
18,14.28 |
38,51.94 |
21,12.43 |
41,31.67 |
| Total Comprehensive Income for the year |
17,89.98 |
38,36.62 |
20,88.39 |
41,16.39 |
2.TRANSFER TO RESERVES
There are no transfers to any specific reserves during the year.
3.THE STATE OF THE COMPANY'S AFFAIRS
During the year under review, your company achieved total revenue from
operations of C3,59,29.35 lakh (previous year C3,28,97.29 lakh) resulting in increase of
9.22% over the previous year. The profit after tax (including other comprehensive income)
is at C 17,89.98 lakh (previous year C 3836.62 lakh resulting in decrease of 53.34%.
The growth in sales has been primarily driven by higher volumes,
indicating strong demand for the company's products. However, it is noteworthy that while
volumes have improved, the per unit realization for some products has declined, suggesting
a pricing pressure or a shift in product mix towards lower-priced items. Despite this, the
overall sales increase demonstrates the company's operational strength and market reach.
4.SHARE CAPITAL
During the year under review, there has been no change in the Share
Capital of the Company. The authorized share capital of the Company, as on 31st
March, 2025 aggregates C 5,00,00,000/- (Rupees Five Crore) which is divided into
1,00,00,000 (One Crore) Equity Shares of C 5/- each, whereas the issued share capital of
the Company comprises of 61,78,024 equity shares of C 5/- each aggregating to
C3,08,90,120/- (Rupees Three Crore Eight Lakh Ninety Thousand One Hundred and Twenty).
5.DIVIDEND
Your directors recommend dividend of C1.75 per fully paid up equity
share of C 5/- each per fully paid up equity share aggregating to C 108.12 lakh.
Further, as per Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI
Listing Regulations”), the top 1000 listed entities based
on market capitalization are required to formulate a Dividend
Distribution Policy. Accordingly, your Company has formulated its Dividend Distribution
Policy, which is available on the Company's website at
https://www.nglfinechem.com/images/pdf/dividend- distribution-policy.pdf
6.CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS
As required under Regulation 34 of the Listing Regulations, a Cash Flow
Statement and consolidated Financial Statement is part of the Annual Report.
7.FUTURE PROSPECTS
The greenfield expansion at Tarapur is under erection. The company
commissioned a part of Phase I of the expansion project in March 2025. The entire
expansion is scheduled for completion by January 2026.
Demand in the veterinary API (Active Pharmaceutical Ingredient) sector
continues to exhibit a positive trend, although the growth rate has moderated compared to
previous years. This deceleration may be attributed to market normalization post-pandemic,
inventory adjustments across the supply chain, and evolving regulatory dynamics in key
export markets. Despite persistent pricing pressures across several product categories,
there are encouraging signs of demand recovery. This rebound in demand offers a promising
opportunity for volume-led growth in the current financial year, which the company aims to
leverage through strategic initiatives.
I n response to these market conditions, the company is actively
working on expanding its product portfolio, with a focus on adding new high-demand APIs to
cater to a broader customer base. Simultaneously, significant efforts are being directed
towards streamlining production processes and improving operational efficiency. These
measures are aimed at optimizing manufacturing costs, enhancing margins, and strengthening
the company's competitive position in both domestic and international markets. Together,
these initiatives position the company to navigate
current challenges while building a foundation for sustainable growth.
8.THE CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of business of the Company.
9.TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND
There was no transfer during the year to the Investor Education and
Protection Fund in terms of Section 125 of the Companies Act, 2013.
10.CONSERVATION OF ENERGY- TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
ETC
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under Section 134 (3)(m) of
the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is
furnished as Annexure A to Director's Report.
11.STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY
The Company has in place a mechanism to identify, assess, monitor and
mitigate various risks to key business objectives. Major risks identified by the
businesses and functions are systematically addressed and also discussed at the meetings
of the Risk Management Committee and the Board of Directors of the Company. The Company
has constituted Risk Management Committee and its risk management policy is available on
the website of the company https://www.nglfinechem.com/images/pdf/risk-
management-policy.pdf
12.INTERNAL CONTROL SYSTEM
The Company's internal controls system has been established on values
of integrity and operational excellence and it supports the vision of the Company “To
be the most sustainable and competitive Company in our industry”. The Company's
internal control systems are commensurate with the nature of its business and the size and
complexity of its operations. These are routinely tested and certified by Statutory as
well as Internal Auditors and their significant audit observations and follow up actions
thereon are reported to the Audit Committee.
13.DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has constituted a Corporate Social Responsibility (CSR)
Committee in accordance with
Section 135 of the Companies Act, 2013 read with Companies Corporate
Social Responsibility (Policy) Rules, 2014. As per provision of Section 135 of the
Companies Act, 2013 read with Rule 8 of Companies Corporate Social Responsibility (Policy)
Rules, 2014, the Board has approved CSR Policy and the Company has spent towards CSR
activities, details of which are provided in attached Annexure B to Director's Report.
14.PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
The particulars of investments made and loans given to subsidiaries has
been disclosed in the financial statements in notes 6 and 7 of the standalone financial
statements. Also Company has not given any guarantee during the year under review.
15.PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All the related party transactions are entered on arm's length basis,
in the ordinary course of business and are in compliance with the applicable provisions of
the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. There are no materially significant related party transactions made by
the Company with Promoters, Directors or Key Managerial Personnel etc. which may have
potential conflict with the interest of the Company at large or which warrants the
approval of the shareholders. The transactions are being reported in Form AOC-2 i.e.
Annexure C in terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts)
Rules, 2014. However, the details of the transactions with Related Party are provided in
the Company's financial statements (note 36) in accordance with the Accounting Standards.
All Related Party Transactions are presented to the Audit Committee and
the Board. Omnibus approval is obtained for the transactions which are foreseen and
repetitive in nature. A statement of all related party transactions is presented before
the Audit Committee on a quarterly basis, specifying the nature, value and terms and
conditions of the transactions.
The Related Party Transactions Policy as approved by the Board is
uploaded on the Company's website at https://www.nglfinechem.com/images/pdf/rpt-
policy-2025.pdf
16.POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Company has zero tolerance towards sexual harassment at the
workplace and towards this end, has adopted a policy in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the
Rules thereunder. All employees (permanent, contractual, temporary, trainees) are covered
under the said policy. The Company has complied with provisions relating to the
constitution of Internal Complaints Committee
under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 which redresses complaints received on sexual
harassment. During the financial year under review, the Company has not received any
complaint of sexual harassment from any of the women employees of the Company.
17.ANNUAL RETURN
Pursuant to the provisions of Section 92(3) of Companies Act, 2013
following is the link for Annual Return 2024-2025.
18.NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the financial year, the Board met four times on 21st
May, 2024, 12th August, 2024, 8th November, 2025 and 7th
February, 2025.
19.DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013 The Board of
Directors of the Company hereby confirm that:
in the preparation of the annual accounts, the applicable accounting
standards have been followed and there has been no material departure;
the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit and loss of the Company for that period:
the Directors had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of this Act, for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
the Directors had prepared the annual accounts on a going concern
basis;
the Directors had laid down internal financial controls to be followed
by the company and that such internal financial controls are adequate and were operating
effectively: and
the Directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
20.DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
21.PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under section 197 of the Act read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is given as Annexure D to this report.
In terms of provisions of Section 197(12) of the Companies Act, 2013
read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing the names and other particulars of employees
drawing remuneration in excess of the limits set out in the said Rules, if any, forms part
of the Report.
The Nomination and Remuneration Committee of the Company has affirmed
at its meeting held on 21st May, 2025 that the remuneration is as per the
remuneration policy of the Company. The policy is available on the company's website:
https://www.nglfinechem.com/images/pdf/
remuneration-nomination-policy.pdf
22.CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
I n accordance with the provisions of Section 152(6) of the Companies
Act, 2013, the members of the Company at the 43rd Annual General Meeting
reappointed Mr. Rajesh Lawande (DIN: 00327301) Whole-Time Director, who was subject to
retire by rotation.
I n accordance with the provisions of Section 152(6) of the Companies
Act, 2013 Mrs. Ajita Nachane (00279241) Non-Executive Non-Independent Director is liable
to retire by rotation in this ensuing Annual General Meeting and being eligible she has
offered herself for reappointment. Your Directors recommend her re-appointment. The board
has on the recommendation of Nomination & Remuneration Committee approved the
re-appointment of Mr. Rahul Nachane, as Managing Director for 3 consecutive years, and
Appointment of Mr. Sudhir Deo, as an Independent Director for 5 consecutive years subject
to approval of members in the ensuing Annual General Meeting.
23.ATTRIBUTES, QUALIFICATIONS & INDEPENDENCE OF DIRECTORS, THEIR
APPOINTMENT AND REMUNERATION
The Nomination & Remuneration Committee of Directors have approved
a Policy https://www. nglfinechem.com/images/pdf/terms-and-condition-
of-appointment-of-independent-director.pdf
for Selection, Appointment and Remuneration of Directors which
inter-alia requires that composition and remuneration is reasonable and sufficient to
attract, retain and motivate Directors, KMP and senior management employees and the
Directors appointed shall be of high integrity with relevant expertise and experience so
as to have diverse Board and the Policy also lays down the positive attributes/criteria
while recommending the candidature for the appointment as Director.
24.DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6) of the Companies
Act, 2013 and Regulation 16( 1 )(b) of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 so as to qualify themselves to be appointed as Independent
Directors under the provisions of the Companies Act, 2013 and the relevant SEBI Listing
Regulations.
25.FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The familiarization program aims to provide Independent Directors with
the pharmaceutical industry scenario, the socio-economic environment in which the Company
operates, the business model, the operational and financial performance of the Company,
significant developments so as to enable them to take well informed decisions in a timely
manner. The familiarization program also seeks to update the Directors on the roles,
responsibilities, rights and duties under the Act and other statutes. The policy on
Company's familiarization program for Independent Directors is posted on Company's website
at https:// www.nglfinechem.com/images/pdf/details- familarisation-program-2025.pdf
26.CREDIT RATING
The company has been rated by Crisil Ltd for SME and bank rating. The
SME rating has been awarded “SME 1” indicating highest level of credit
worthiness adjudged in relation to other SMEs. The long-term rating is Crisil BBB+/Stable
(Reaffirmed) and short-term rating is Crisil A2 (Reaffirmed). The company has also been
rated by ICRA Ltd for bank borrowing and long-term rating has been reaffirmed as
BBB+/Stable and has reaffirmed the short-term rating as A2.
27.STATUTORY AUDITORS
The Members of the Company at their 41st Annual General
Meeting held on Thursday, 30th June, 2022 on the recommendation of Audit
Committee re-appointed M/s. Manek & Associates, Chartered Accountants (FRN: 0126679W)
as Statutory Auditors of your Company for a period of 5 consecutive years from the
conclusion of 41st Annual General Meeting till the conclusion of 46th Annual
General Meeting to be held in the year 2027.
The company has not proposed an Ordinary Resolution for ratification of
appointment of Statutory Auditor for the Financial Year 2025-2026 because pursuant to the
Companies (Amendment) Act, 2017, the same is omitted with effect from 7th May,
2018.
28.INTERNAL AUDITORS
On recommendation of Audit Committee, the Board of Directors of the
Company at its meeting held on 22nd May, 2025 has appointed Mr. Kamal Dharewa
from M/s. KD Practice Consulting Pvt. Ltd., Chartered Accountants, Mumbai, as internal
auditors for financial year 2025-26.
29.SECRETARIAL AUDITORS
On recommendation of the Audit Committee, the Board of Directors of the
Company at its meeting held on 22nd May, 2025 subject to the approval of
shareholder at ensuing Annual General Meeting pursuant to SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 amendment dated 12th December, 2024
have appointed M/s. HSPN & Associates LLP, Company Secretaries, as Secretarial
Auditors of the Company to carry out the Secretarial Audit for the consecutive period of 5
year from Financial Year 202526 till Financial Year 2029-2030 and to issue Secretarial
Audit Report as per the prescribed format under rules in terms of Section 204(1) of the
Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
Further, the Secretarial Audit Report issued by M/s. HSPN &
Associates LLP, Company Secretaries for the financial year 2024-2025 is annexed herewith
and forms part of this report as Annexure E.
Secretarial Audit Report is not applicable to the Subsidiary, not being
a material subsidiary.
30.COST AUDITORS
The Company has appointed M/s. Sanghavi Randeria & Associates, as
Cost Auditors of the Company for the Financial Year 2025-2026.
31.EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR
REPORTS
The Auditors' Report does not contain any qualifications, reservations
or adverse remarks. Report of the secretarial auditor is given as an Annexure E which
forms part of this report.
32.MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management's Discussion and Analysis Report for the year under
review, as stipulated under regulation 34 (3) and Part B of schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to this
Annual Report.
33.CORPORATE GOVERNANCE
The Company is committed towards maintaining the highest standards of
Corporate Governance and adhering to the Corporate Governance requirements as set out by
Securities and Exchange Board of India. The Report on Corporate Governance as stipulated
under regulation 34 (3) and Part C of schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms part of the Annual Report. The
Certificate from the practicing Company Secretary confirming compliance withthe conditions
of Corporate Governance as stipulated under regulation 34 (3) and Part E of schedule V of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is also
published in this Annual Report as Annexure F.
34.SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES
Macrotech Polychem Private Limited is a wholly owned subsidiary of the
Company. The Consolidated Financial Statements of your Company form part of this Annual
Report. Annual Report of your Company does not contain the Financial Statements of its
Subsidiary. The Audited Annual Accounts and related information of the Company's
Subsidiary will be made available upon request. These documents will be available for
inspection during all days expect Saturdays, Sundays and public holidays from 10.00 a.m.
to 4 p.m. at the Company's Registered Office. The Subsidiary Companies Audited Accounts
are available on the Company's Website:
https://www.nglfinechem.com/images/pdf/audit-
financial-report-31st-march-2025.pdf
35.VIGIL MECHANISM
The Company has established a vigil mechanism policy to oversee the
genuine concerns expressed by the employees and other Directors. The Company has also
provided adequate safeguards against victimization of employees and Directors who express
their concerns. The Company has also provided direct access to Mr. Rahul Nachane, Chief
Ethics Counsellor on reporting issues concerning the interests of co-employees and the
Company. The Vigil Mechanism Policy is available at the website of the company:
https://www.nglfinechem. com/images/pdf/vigil-mechanism-policy.pdf
36.REPORTING OF FRAUD BY AUDITORS
During the year under review, the Internal Auditors, Statutory Auditors
and Secretarial Auditor have not reported any instances of frauds committed in the Company
by its Officers or Employees to the Audit Committee under section 143(12) of the Act,
details of which needs to be mentioned in this Report.
37.PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing
Regulations, your Company has devised a policy containing criteria for evaluating the
performance of the Executive, Non-Executive and Independent Non-Executive Directors, Key
Managerial Personnel, Board and its Committees based on the recommendation of the
Nomination & Remuneration Committee. Feedback was sought by way of a structured
questionnaire covering various aspects of the Board's functioning, such as adequacy of the
composition of the Board and its Committees, Board culture, execution and performance of
specific duties, obligations, and governance. The manner in which the evaluation has been
carried out is explained in the Corporate Governance Report, forming part of this Annual
Report.
The Board of Directors of your Company expressed satisfaction about the
transparency in terms of disclosures, maintaining higher governance standards
and updating the Independent Directors on key topics impacting the
Company.
38.MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE
COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There are no material changes and commitments affecting the financial
position of the Company occurred during the financial year.
39.THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
During the year there has been no significant material orders passed by
the Regulators or Courts or Tribunals impacting the going concern status and company's
operations in future.
Company and its promoters has received a Show Cause Notice dated 29th
December, 2023 from SEBI for incorrect disclosures in shareholding pattern for the
quarters from December 2002 to June, 2019 and making incorrect disclosures as required
under regulation 30(1) of SAST regulation as required by Promoters and Promoter Group of
the Company. Company had filed a settlement application as per SEBI (Settlement
Proceedings) Regulations, 2018 to Show Cause Notice issued by SEBI. Pursuant to SEBI
settlement order dated 28th January, 2025, the Company has paid C54,42,360/-
and promoters and promoter group company have paid C12,59,700/- each towards settlement
charges.
In the year 2022-23 the Company and its Officers received a notice from
Hon'ble National Lok Adalat to answer to a charge for the offence punishable under Section
148 of the Companies Act, 2013 regarding non- submission of Cost Audit Report for the
Financial Year 2014-15. The management is of the opinion that there is no non-compliance,
as the said provisions are not applicable. The management is seeking suitable legal
re-course. As on date of signing of this report, there is no further action from the
concerned authority.
40.COMMITTEES OF THE BOARD
There are currently seven Committees of the Board, as follows:
Details of all the Committees along with their charters, composition
and meetings held during the year, are provided in the “Report on Corporate
Governance”, a part of this Annual Report.
41.BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT
Regulation 34(2) of the SEBI Listing Regulations, inter alia, provides
that the Annual Report of the top 1000 listed entities based on market capitalization,
should mandatorily include a Business Responsibility & Sustainability Report
(“BRSR”) from financial year 202223 onwards. The Company is not in Top 1000 list
for last 3 years.
Further, in line with the SEBI listing requirements, your Company has
included BRSR as part of this Report for the financial year 2024-25, as Annexure H,
describing the initiatives taken by the Company from an environmental, social and
governance perspective.
The BRSR for the financial year 2024-2025 has also been hosted on the
Company's website, which can be accessed at https://www.nglfinechem.com/images/
pdfZbrsr-2025.pdf
42.OTHER DISCLOSURES
The company does not have any Employees Stock Option Scheme in force
and hence particulars are not furnished, as the same are not applicable.
No proceedings against the Company is initiated or pending under the
Insolvency and Bankruptcy Code, 2016.
The details of difference between amount of the valuation done at the
time of onetime settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof - Not Applicable.
43.COST RECORDS AND COST AUDIT
Maintenance of cost records as prescribed under the provisions of
Section 148(1) of the Companies Act, 2013 was applicable for the business activities
carried out by the Company for the financial 2024-25. Accordingly, such accounts and
records are made and maintained by the Company for the said period.
44.POLICIES
The Company seeks to promote highest levels of ethical standards in the
normal business transactions guided by the value system. The SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 mandates formulation of certain policies for
listed companies. The Policies are reviewed periodically by the Board and are updated
based on the need and compliance as per the applicable laws and rules and as amended from
time to time. The policies are available on the website of the Company at
https://www.nglfinechem.com/ disclosures-under-regulation.html#7
45. COMPLIANCEOF APPLICABLE SECRETARIAL STANDARDS
Your Directors hereby confirm that the Company has complied with the
necessary provisions of the revised Secretarial Standard 1 and Secretarial Standard 2 to
the extent applicable to the Company.
46.ENHANCING SHAREHOLDER VALUE
Your company firmly believes that its success, the marketplace and a
good reputation are among the primary determinants of value to the shareholder. The
organizational vision is founded on the principles of good governance and delivering
leading-edge products backed with dependable after sales services. Following the vision
your Company is committed to creating and maximizing long-term value for shareholders.
47.CAUTIONARY STATEMENT
Statements in the Board's Report and the Management Discussion &
Analysis describing the Company's objectives, expectations or forecasts may be forward
looking within the meaning of applicable securities laws and regulations. Actual results
may differ materially from those expressed in the statement. Important factors that could
influence the Company's operation include global and domestic demand and supply conditions
affecting selling prices of raw materials, finished goods, input availability and prices,
changes in government regulations, tax laws, economic developments within and outside the
country and various other factors.
48.ACKNOWLEDGEMENTS
Your Directors take this opportunity to express their sincere
appreciation and gratitude for the continued co-operation extended by shareholders,
employees, customers, banks, suppliers and other business associates.
For and on behalf of the Board of Directors NGL Fine-Chem Limited
Sd/-Sd/-
Rahul NachaneRajesh Lawande
Managing DirectorWhole-Time Director & CFO
DIN: 00223346DIN: 00327301
Mumbai, 22nd May, 2025.