Dear Members,
Your Directors are pleased to present the 12th Annual Report
of Northern Spirits Limited (referred to as NSL or Company) on the business and operations
together with the Audited Financial Statements for the year ended 31st March, 2024.
SUMMARY OF FINANCIAL RESULTS
The summarized financial performance of the Company for the year under
review as compared with previous year?s figures are given hereunder:
| PARTICULARS |
F.Y. 2023-24 |
F.Y. 2022-23 |
| Net Sales / Income from Business Operations |
1,23,530.58 |
90,534.10 |
| Other Income |
73.42 |
32.01 |
| Total Income |
1,23,604.00 |
90,566.11 |
| Total Expenditure |
1,21,374.47 |
89,074.40 |
| Profit/(Loss) Before Tax |
2,229.53 |
1,491.71 |
| Less: Tax Expenses |
378.34 |
378.34 |
| Profit/(Loss) After Tax |
1,657.28 |
1,113.37 |
| Basic & Diluted Earnings per Equity Share |
10.32 |
6.94 |
OPERATIONAL REVIEW
Gross revenues for this financial year stood at Rs. 1,23,530.58 Lakhs
as against Rs. 90,566.11 Lakhs in the previous year. After providing for depreciation
and taxation the net profit of the Company for the year under review was placed at Rs.
1,657.28 Lakhs as compared to the net profit of Rs. 1,113.37 Lakhs incurred during the
previous year registering a steady growth of 48.85%. The Earnings Per Share (EPS) stood at
Rs. 10.32 (face value of Rs. 10/- each) for the financial year ended 31st
March, 2024 as against 6.94 (face value of Rs. 10/- each) in the previous year. Company
has produced a satisfactory performance both in terms of profitability and turnover
inspite of the challenges faced during the year. Company?s prime focus has been on
operational efficiency and market diversification.
DIVIDEND
The Board of Directors has recommended a final dividend of 2.5 % i.e.
Re. 0.25 per equity share of Rs. 10/- each fully paid-up on the Equity Share Capital of
the Company for the financial year ended 31st March, 2024. The payment of
dividend is subject to the approval of the members at the forthcoming 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. The Dividend Distribution Policy of the Company is annexed
herewith as Annexure A and also available on the Company?s website at
www.northernspirits.co.in
SHARE CAPITAL
The paid-up equity capital as on March 31, 2024 was Rs. 16,05,12,000.
No Bonus Shares were issued neither Company bought back any of its securities during the
year under review. The Company has not issued any shares with differential voting rights
nor granted stock options nor sweat equity shares. As on March 31, 2024, none of the
Directors of the Company hold instruments convertible into equity shares of the Company.
The Company has paid Listing Fees for the financial year 2024-25 to BSE Limited, where its
equity shares are listed.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014. Therefore, it is not required to furnish information in respect of outstanding
deposits under non- banking, non-financial Companies (Reserve Bank) Directions, 1966 and
Companies (Accounts) Rules, 2014.
DEBENTURES
During the financial year under review, the Company has not issued or
allotted any Debentures and does not have any outstanding Debentures
TRANSFER TO RESERVES
During the financial year under review, there was no amount transferred
to the reserves of the Company.
SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Company has no Subsidiary/Joint Venture/Associate Company during
the year under review. Hence, details for the same are not required to be mentioned.
DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES AND EQUITY SHARES
WITH DIFFERENTIAL RIGHTS The Company has not issued any Sweat Equity Shares or Equity
Shares with Differential Rights during the financial year.
EXTRACTS OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section
92(3) read with Rule 12 of the Companies (Management and Administration) Rules, 2014 in
prescribed Form MGT 9 is furnished in Annexure B and is attached to this Report.
DIRECTORS? RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submits its Responsibility Statement:-
a) In the preparation of the annual accounts, the applicable accounting
standards had been followed and there are no 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 and loss of the company for that period;
c) 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;
d) The directors had prepared the annual accounts on a going concern
basis;
e) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and
operating efficiently.
Internal financial control means the policies and procedures adopted by
the Company for ensuring the orderly and efficient conduct of its business including
adherence to Company?s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records
and the timely preparation of reliable financial information. f) The directors had devised
proper systems to ensure compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company held Twelve (12) Board Meetings during the financial year
under review. Detailed information is given in the Corporate Governance Report.
BOARD EVALUATION
During the financial year, formal annual evaluation of the Board, its
committees and individual Directors was carried out pursuant to the Board Performance
Evaluation Policy of the Company and in accordance with the Companies Act, 2013 and SEBI
(Listing Obligation and Disclosure) Regulations, 2015.
The Board of Directors has evaluated the performance of Independent
Directors and expressed their satisfaction with the evaluation process.
The criteria for the performance evaluation of the Board of Directors
includes aspects such as its composition and structure, and the effectiveness of its
processes, information flow and functioning. The criteria for the performance evaluation
of individual Directors includes aspects, such as the Director?s contribution to the
Board of Directors and Committee meetings, including preparation on the issues to be
discussed as well as meaningful and constructive contribution and inputs during meetings.
In addition, the Chairperson is evaluated on the key aspects of his role.
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 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 a separate meeting of Independent Directors, performance of
non-independent directors, performance of the board as a whole and performance of the
Chairman was evaluated, taking into account the views of executive directors and
non-executive directors.
BOARD COMMITTEES
The Company has the following Committees of the Board:
Audit Committee
Nomination & Remuneration Committee
Stakeholders? Relationship Committee
Corporate Social Responsibility Committee
Composition of the above mentioned Committees, their respective roles
and responsibilities are provided in the Corporate Governance Report which forms part of
the Annual Report.
DECLARATION FROM 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 so as to qualify themselves to be appointed as Independent Directors under the
provisions of the Companies Act, 2013 and the relevant rules.
SEPARATE MEETING OF INDEPENDENT DIRECTORS
In terms of requirement of Schedule IV of the Companies Act, 2013,
Independent Directors had a separate meeting on March 31, 2024 without the attendance of
Non-Independent Directors and Members of management. All the Independent Directors were
present at the said meeting. The activities prescribed in paragraph VII of Schedule IV to
the Act were carried out at the said meeting.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
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.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
There was no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the financial year under
review. However, the Board has adopted this Policy in terms of Regulation 23 of the SEBI
(Listing Obligations and Disclosure Regulations) to ensure that all Related Party
Transactions shall be subject to this policy and approval or ratification in accordance
with Applicable Law. This Policy contains the policies and procedures governing the
review, determination of materiality, approval and reporting of such Related Party
Transactions. The Policy on Related Party Transactions is uploaded in the Company?s
website www.northernspirits.co.in
DETAILS OF RECOMMENDATIONS OF AUDIT COMMITTEE WHICH WERE NOT ACCEPTED
BY THE BOARD ALONG WITH REASONS
The same is not applicable as the Audit Committee?s
recommendations were accepted and implemented by the Board.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of Section 134(m) of the Companies Act, 2013 do not
apply to our Company. There was no foreign exchange inflow or outflow during the year
under review.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Board has constituted a Corporate Social Responsibility
("CSR") Committee in terms of the provisions of Section 135 of the Companies
Act, 2013 read with Companies (Corporate Social Responsibility) Rules, 2014 on May 25,
2022. The CSR Policy and the Annual Report on CSR have been annexed to the Directors
Report as Annexure C and Annexure D respectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board comprises of eight Directors of which four are Independent.
Pursuant to provisions of Section 152(6) of the Companies Act, 2013 and Articles of
Association of the Company Mr. Anuj Bakshi (DIN: 02500120) will retire by rotation
at the ensuing AGM of the Company and being eligible, offers himself for re-appointment.
Mr. Arihant Jain (DIN: 05359143) has been appointed as an Independent
Director of the Company on 27th June, 2023. His appointment has been approved
by the members at the 11th AGM of the Company held on 22nd
September, 2023. In terms of the provisions of Section 149, 152 of the Companies Act, 2013
which came into effect from 1st April, 2014, Schedule IV and other applicable
provisions, if any, read with Companies (Appointment and Qualification of Directors)
Rules, 2014, the Independent Directors can hold office for a term of up to five (5)
consecutive years on the Board of Directors of the Company and are not liable to retire by
rotation. All Independent Directors of the Company have submitted a declaration that each
of them meets the criteria of Independence as provided in Section 149(6) of the Act and
there has been no change in the circumstances which may affect their status as Independent
Director during the year.
The following are the Key Managerial Personnel of the Company:
| Sr. No. Name |
DIN |
Designation |
| 1. Ankush Bakshi |
02547254 |
Managing Director |
| 2. Anuj Bakshi |
02500120 |
Executive Director & Chief Financial Officer |
| 3. Pankaj Khanna* |
- |
Company Secretary |
* Mr. Pankaj Khanna was appointed as a Company Secretary and Compliance
Officer of the Company on 10.08.2023
None of the Directors of your Company is disqualified under the
provisions of Section 164(2)(a) & (b) of the Companies Act, 2013 and a certificate
dated 2nd July, 2024 received from Mrs. Puja Pujari, Company Secretary in
Practice certifying that none of the directors on the board of the company have been
debarred or disqualified from being appointed or continuing as directors of the Company by
SEBI/Ministry of Corporate Affairs or any such statutory authority is annexed to the
Corporate Governance Report.
COMPANY?S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company?s Policy relating to appointment of Directors, payment
of Managerial remuneration,
Directors? qualifications, positive attributes, independence of
Directors and other related matters as provided under Section 178(3) of the Companies Act,
2013 is furnished in Annexure - E and is attached to this report.
PARTICULARS OF MANAGERIAL REMUNERATION POLICY
Pursuant Section 197 of the Act read with rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, detailed statement is
attached as Annexure - F.
There is no employee whose remuneration exceeds the limits prescribed
under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
REMUNERATION OF DIRECTORS
The details regarding remuneration to Directors are shown separately in
MGT-9 attached as Annexure - B which forms part of the Directors Report.
STATUTORY AUDITORS
Pursuant to Section 139 and 142 of the Companies Act, 2013 and Rules
made thereunder, M/s JKSS & Associates (Formerly J.K. Sarawgi & Company),
Chartered Accountants (ICAI Firm Registration No. 006836C) were re-appointed as Statutory
Auditors for a second term of 5 consecutive years from the conclusion of 11th Annual
General Meeting until the conclusion of the 16th Annual General Meeting. The
member of the Company has approved the re-appointment M/s JKSS & Associates (Formerly
J.K. Sarawgi & Company), Chartered Accountants as the Statutory Auditors of the
Company at the 11th AGM held on 22nd September, 2023.
DISCLOSURE OF COMPOSITION VIGIL MECHANISM POLICY
In compliance with Section 177(9) and (10) of the Companies Act, 2013
and Regulation 22 of SEBI (LODR) Regulations, 2015, Company has established a strong vigil
mechanism and adopted a Whistle Blower/Vigil Mechanism Policy. This policy oversees
through the committee, the genuine concerns expressed by the employees and other
Directors. The policy enables employees to report concerns related to fraud, malpractice,
or any activity contrary to the Company?s interests or societal welfare. The policy
ensures protection for employees who report unacceptable or unethical practices, fraud, or
legal violations, shielding them from retaliation. All cases reported as part of
whistle-blower mechanism are taken to their logical conclusion within a reasonable
timeframe. Details of complaints, received and the actions taken, if any, are reviewed by
the Audit Committee. The functioning of the Vigil Mechanism is reviewed by the Audit
Committee from time to time. The Company has also provided direct access to the chairman
of the Audit Committee on reporting issues concerning the interests of co-employees and
the Company. The policy on vigil mechanism is attached with this report as Annexure - G
and is also available on the website of the company at www.northernspirits.co.in
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT
POLICY OF THE COMPANY
Management and Business Risk Evaluation is an ongoing process within
the Organization. The Company has in place a mechanism to identify, assess, monitor and
mitigate various risks to key business objectives. Major risks identified by the business
and functions are systematically addressed through mitigating actions on a continuing
basis. At present the Company has not identified any element of risk which may threaten
the business or existence of the Company.
The key business risks, which in the opinion of the Board may threaten
the existence of the Company, along with mitigation strategies adopted by the Company are
enumerated herein below:
| Sr. No. Type of Risk |
Nature of Risk |
Risk Mitigation Measures |
| 1. Competition Risk |
The market liquor industry is rapidly evolving and is highly
competitive and the Company expects that competition will continue to intensify due to new
and varied product launches. |
The Company has a robust distribution market. The brands have
a very strong loyalty and steps have been taken to maintain the supply of the high
contribution brands in the most profitable markets. |
| 2. Regulatory Risk |
The liquor industry is a high-risk industry, primarily on
account of the high taxes and innumerable regulations governing it. As a result, liquor
companies suffer from low pricing flexibility and have underutilized capacities, which, in
turn, lead to low margins. |
Company ensures compliance with the applicable rules and
regulations in all the States where it is present. It also ensures that strong backup
methods are in place to counter any adverse or abnormal situation that might affect the
industry. |
| 3. Cyber Security Risk |
This risk can also be called data security and information
breach. It causes financial loss, operational disruption as well as reputational damage to
the Company. |
Company has a centralized inventory established for all IT
managed applications and infrastructure servers and also for managing all critical
information assets. Company regularly conducts use of machine learning and threat
intelligence to detect and block sophisticated threats. All servers, network devices are
patched on regular basis. It also conducts mandatory global e- learning and regular
phishing exercises for all employees to educate them about Cyber Security Risk. |
SECRETARIAL AUDIT REPORT
Mrs. Puja Pujari, Practicing Company Secretary, having office at 2,
Nawab Lane, Kolkata - 700001 has been appointed as Secretarial Auditors of the Company for
financial year ended 31st March, 2024. The Secretarial Audit Report received
from the Secretarial Auditor is annexed to this report marked as Annexure H and
forms part of this report.
COST AUDIT
As per directives of the Central Government and in pursuance to the
provisions of Section 148 of the Companies Act, 2013 read with rules framed there under,
the Company is not required to carry out an audit of cost accounts.
INTERNAL AUDIT
Pursuant to the provisions of Section 138(1) of the Companies Act, 2013
Company has appointed M/s Swapan & Associates, Chartered Accountants as the Internal
Auditors of the Company to conduct the internal audit of the Company. The Audit Committee
reviews the observations made by the Internal Auditors in their report on quarterly basis
and makes necessary recommendations to the management.
EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR
REPORTS
The Statutory Auditors of the Company in their Independent Audit Report
for the financial year ended 31st March, 2024 has made an audit qualification
stating that the Company has not enabled the audit trail feature of its accounting
software for certain period during the year under review.
Further, the Secretarial Audit Report for the year ended 31st
March, 2024 contains no qualifications, reservations or adverse remarks.
However, the Secretarial Auditor has reported that during the year
under review a search operation was conducted by the Income Tax Department at the office
and warehouses of the Company together with residential houses of the promoters of the
Company. Few documents and records of the Company were seized by the department during the
search procedure. The Company has extended its full co-operation during the entire search
procedure. The assessment proceedings are under process and no material issues have been
found that may affect going concern status of the Company.
FRAUD REPORTING
There have been no frauds reported by the Auditors of the Company to
the Audit Committee or the Board of Directors under sub-section (12) of section 143 of the
Companies Act, 2013 during the financial year.
DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS
Your Directors confirm that Company has complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
CODE OF CONDUCT
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course of day to day
business operations of the company. The Company believes in "Zero Tolerance"
against bribery, corruption and unethical dealings / behaviors of any form and the Board
has laid down the directives to counter such acts. The code laid down by the Board is
known as "Code of Conduct for Board of Directors & Senior Management
Personnel". The Code has been posted on the Company?s website at
www.northernspirits.co.in
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees in their business
dealings and in particular on matters relating to integrity in the work place, in business
practices and in dealing with stakeholders. All the Board Members and the Senior
Management personnel have confirmed compliance with the Code. All Management Staff were
given appropriate training in this regard.
PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and designated
employees of the Company. The Code requires pre-clearance for dealing in the
Company?s shares and prohibits the purchase or sale of Company shares by the
Directors and the designated employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the Trading Window is
closed. The Board is responsible for implementation of the Code. The Code has been posted
on the Company?s website at www.northernspirits.co.in
All Board of Directors and the designated employees have confirmed
compliance with the Code.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION
OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which this financial
statement relates on the date of this report.
However, during the year Company has made an application to BSE Limited
for migrating the equity shares of the Company from SME Board to Main Board of the
Exchange. This decision of migration was adopted by the Company for encouraging retail
investor participation and attracting more investors to invest their capital in the
Company.
INTERNAL COMPLAINT REGARDING SEXUAL HARRASSMENT
Your Company is committed to provide and promote a safe, healthy and
congenial atmosphere irrespective of gender, caste, creed or social class of the
employees. There were no cases of sexual harassment of woman at work place (Prevention,
Prohibition and Redressal) Act, 2013. Also, there are no instances of child labour/ forced
labour/ involuntary labour and discriminatory employment during the year.
DETAILS OF COMPOSITION OF COMMITTEES
(i) Audit Committee
The Audit Committee of the Company as on the date of this report is
constituted of following Directors:
| Names |
Designation |
Category |
| Mr. Sathvik Jain |
Chairperson |
Independent |
| Mrs. Malti Jaiswal |
Member |
Independent |
| Mr. Ankush Bakshi |
Member |
Independent |
(ii) Nomination and Remuneration Committee
The Nomination and Remuneration Committee of the Company as on the date
of this report is constituted of following Directors:
| Names |
Designation |
Category |
| Mr. Jagjit Singh Kochar |
Chairperson |
Independent |
| Mrs. Malti Jaiswal |
Member |
Independent |
| Mr. Sathvik Jain |
Member |
Independent |
(iii) Stakeholders Relationship Committee
The Stakeholders Relationship Committee of the Company as on the date
of this report is constituted of following Directors:
| Names |
Designation |
Category |
| Mrs. Malti Jaiswal |
Chairperson |
Independent |
| Mr. Jagjit Singh Kochar |
Member |
Independent |
| Mr. Sathvik Jain |
Member |
Independent |
(iv) Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee of the Company as on the
date of this report is constituted of following Directors:
| Names |
Designation |
Category |
| Mr. Sathvik Jain |
Chairperson |
Independent |
| Mrs. Kanika Bakshi |
Member |
Executive |
| Mrs. Roshni Bakshi |
Member |
Executive |
APPLICATION MADE OR PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR
During the year, the Company has neither made any application nor any
proceedings are pending under the Insolvency and Bankruptcy Code, 2016.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year, no one-time settlement was made with respect to any
amount of loan raised by the Company from any banks or financial institution.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of the business of the Company.
LISTING OF SHARES
The Equity Shares of the Company are listed on the SME platform of BSE
Limited, Mumbai. The Listing Fee has been paid to the Stock Exchanges for the FY 2024-25.
The ISIN No. of the Company is INE01BL01012.
TRANSFER OF SHARES COMPULSORILY IN DEMAT MODE
SEBI had vide Notification Nos. SEBI/LAD-NRO/GN/2018/24 dated 8th June
2018 and SEBI/LAD-NRO/GN/2018/49 dated 30th November 2018 read with BSE circular no.
LIST/COMP/15/2018-19 dated 5th July 2018 and NSE circular no. NSE/CML/2018/26 dated 9th
July 2018 directed that transfer of securities would be carried out in dematerialised form
only with effect from 1st April 2019, except in case of transmission or transposition of
securities. Securities of the listed companies can be transferred (except in case of
transmission or transposition) only in the dematerialized form. In view of the above
and to avail the benefits of dematerialisation, Members are requested to consider
dematerialising shares held by them in physical form.
In case any of the Shareholders have any queries or need any assistance
in this regard, please contact;
| NORTHERN SPIRITS LIMITED |
Registrar & Share Transfer Agent |
| Registered Office Address: |
Maheshwari Datamatics Pvt Ltd |
| 5A, Woodburn Park Road, |
23, R.N Mukherjee Road, 5th Floor |
| Woodburn Central, Unit-603, 6th Floor, |
Kolkata- 700 001 West Bengal |
| Kolkata- 700020, West Bengal |
Tel.: (033) 2248 2248, |
| Tel: 033-35446094 |
Fax: (033) 2248 2248 |
| E-mail: info@northernspirit.in |
Email id: accounts@mdpl.in/mdpldc@yahoo.com |
| Website: www.northernspirits.co.in |
Website: www.mdplin.in |
CORPORATE GOVERNANCE
The Company is committed to maintain transparency in its operations
& hence it complies with the Corporate Governance requirements.
The Corporate Governance Report as per Schedule V(C) of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 and requisite
Certificate of Compliance from Statutory Auditor regarding compliance of conditions of
Corporate Governance are annexed and forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report of the Company comprising
of management perception, risks and concerns, internal control systems are annexed and
forms part of the Annual Report and is annexed to the report as Annexure I.
ACKNOWLEDGEMENTS
Your Directors wish to acknowledge and place on record their sincere
appreciation for the assistance and cooperation received from all the members, regulatory
authorities, customers, financial institutions, bankers, lenders, vendors and other
business associates. Your Directors also recognize and appreciate the commendable effort,
teamwork and committed services rendered by the employees at all levels for the growth of
the Company. Your Directors also wish to place on record their deep sense of
acknowledgement to the esteemed shareholders for their continued support and encouragement
for the Company.