Your Directors present the 37th Annual Report on the
business and operations of the Company along with the audited standalone and consolidated
financial statements for the year ended 31st March, 2025.
1. Financial Results
Rs. in Lakhs
| Particulars |
Standalone |
Consolidated |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
| Revenue from operations |
59152 |
55646 |
93525 |
89045 |
| Other income |
192 |
130 |
167 |
340 |
| Profit before Depreciation, interest and tax |
9667 |
9908 |
12863 |
13107 |
| Interest & financial charges |
2127 |
1504 |
2817 |
1955 |
| Profit before depreciation |
7540 |
8404 |
10046 |
11152 |
| Less: Depreciation |
1275 |
911 |
2311 |
1772 |
| Profit before Taxation & exceptional
items |
6265 |
7493 |
7735 |
9380 |
| Add: Exceptional Items |
0 |
0 |
0 |
0 |
| Profit before taxation |
6265 |
7493 |
7735 |
9380 |
| Less : Provision for taxation |
|
|
|
|
| - Current Tax |
1146 |
1807 |
1367 |
2094 |
| - Deferred Tax |
489 |
103 |
489 |
103 |
Total Tax expenses |
1635 |
1910 |
1856 |
2197 |
| Profit for the year |
4630 |
5583 |
5879 |
7183 |
| Other comprehensive income |
|
|
|
|
| (a) items that will not be reclassified to
profit or loss |
-2 |
11 |
-2 |
11 |
| (b) items that will be reclassified to profit
or loss |
|
|
1776 |
(856) |
| Total other comprehensive income for the year |
-2 |
11 |
1774 |
(845) |
Total comprehensive and
other comprehensive income for the year |
4628 |
5594 |
7653 |
6338 |
2. Overview of Company's Financial Performance:
The company's performance during Financial Year 2024-25 on a
standalone and consolidated basis were as follows -
A. On standalone basis
The company standalone revenue were Rs. 59152 Lakhs in FY 2024-25 as
against Rs.55646 Lakhs FY 2023-24. (+6%) Increase from previous year. The Profit before
tax for the FY 2024-25 was Rs. 6265 lakhs as against Rs. 7493 Lakhs FY 2023-24. The profit
after tax was Rs 4630 lakhs in FY 2024-25 compared to Rs 5583 lakhs in FY 2023-24
B. Consolidated revenues
The company's consolidated revenue were Rs 93525 lakhs in FY
2024-25 compared to Rs 89045 lakhs in FY 2023-24. The company's profit after tax
decreased from Rs. 7183 lakhs in FY 2023-24 to Rs. 5879 lakhs in FY 2024-25. The EBITDA*
decreased from Rs 12767 lakhs in FY 2023-24 to Rs. 12696 lakhs in FY 2024-25. *other
Income excluded from EBITDA to show core operational efficiency.
3. Economic scenario
Global economic performance in 2024 remained resilient amid headwinds,
with the services sector offsetting manufacturing slowdowns. Global GDP growth eased
slightly from 3.3% in 2023 to an estimated 3.2% in 2024, reflecting stable overall
momentum.
Advanced economies sustained a steady 1.7% growth, while emerging and
developing markets saw a modest dip from 4.4% to 4.2%, primarily due to weaker
manufacturing in Europe and parts of Asia, supply chain disruptions, and soft consumer
demand. A key positive was the continued decline in global inflation—from 6.1% in
2023 to 4.5% in 2024—with further moderation expected (3.5% in 2025 and 3.2% in
2026). This was driven by the fading impact of past shocks, improved labour supply, and
effective monetary policies.
However, the year ended with rising geopolitical uncertainty following
Donald Trump's return as U.S. President. The administration's tariff threats against
countries with higher trade barriers added volatility to global trade outlooks, emerging
as a key risk in 2025.
2. Prospects and Outlook
Rajratan maintains a cautiously optimistic outlook despite recent
challenges. Its global expansion strategy—including the establishment of new wholly
owned subsidiary in the US is designed to enhance market visibility and strengthen
customer confidence. The company's transition to a marketing-driven organization,
coupled with strategic expansion and a global mindset, positions it for sustainable
growth, improved competitiveness, and deeper customer engagement. Rajratan anticipates
improved profitability and reduced debt, driven by higher offtake and enhanced operational
efficiencies.
4. Dividend
The Board of Directors at their meeting held on 21st April,
2025, has recommended dividend payment of Rs. 2/- (Rupees Two Only) per equity share of
the face value of Rs.2 (Rupee Two Only) each as final dividend for the financial year
ended 31st March, 2025. The payment of final dividend is subject to the
approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company.
The total dividend amount for the financial year 2024-25, including the proposed final
dividend, amounts to Rs. 1015 Lakhs.
In view of the changes made under the Income-tax Act, 1961, by the
Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the
hands of the Shareholders. The Company shall, accordingly, make the payment of the final
dividend after deduction of tax at source.
Dividend Distribution Policy
In terms of Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Board of
Directors of your company has approved and adopted, the Dividend Distribution Policy of
the Company and the same is made available on the website of the Company. The same can be
accessed on https://rajratan.co.in/investors/
5. Transfer to Reserves
Consequent to introduction of Companies Act 2013, the requirement of
mandatory transfer of a specified percentage of the net profit to general reserve has been
withdrawn and the Company can optionally transfer any amount from the surplus of profit or
loss account to the General reserves. The Company has transferred Rs. 3000 Lacs to the
General Reserve out of the amount available for appropriation.
6. Share Capital
The paid up share capital of the company as on 31st March,
2025 is Rs. 1015 Lacs. There has been no change in the paid up capital of the Company
during the year under review. Your company does not hold any instruments convertible into
the equity shares of the Company.
7. Subsidiary Companies
The Company has two foreign wholly-owned subsidiary viz. Rajratan Thai
Wire Co. Ltd. and Rajratan Wire USA Inc.There was no associate company within the meaning
of Section 2(6) of the Companies Act, 2013("Act"). There was no change in the
nature of the business of the subsidiaries.
Pursuant to Section 129(3) of the Act, a statement containing salient
features of the financial statements of the Company's subsidiaries in Form AOC-1 is
attached to the financial statements of the company. Pursuant to section 136 of the Act,
the financial statements of the Company, consolidated financial statements along with
relevant documents and separate audited accounts in respect of the subsidiaries, are
available on the website of the company www.rajratan.co.in. Performance of subsidiaries of
the Company during the year, was below –
Rajratan Thai Wire Co. Limited, Thailand:
Rajratan Thai Wire Co. Limited, a fully-owned subsidiary of the
Company, operates its manufacturing facility in Ratchaburi, Thailand, specializing in bead
wire production. During the reviewed year, it witnessed increase in sales volume,
increasing by 2068 MT to reach 44279 MT, compared to the previous year's figure of 42211
MT. Net revenues reduced by THB 147.32 lakhs and stood at THB 14063.94 lakhs, in contrast
to THB 14211.94 Lakhs recorded in the previous year. Profit after tax, which stood at THB
454.93 Lakhs compared to THB 714.08 Lakhs in the previous year.
Rajratan Wire USA Inc., USA:
Rajratan Wire USA Inc., a wholly-owned subsidiary of the Company,
continues to strengthen its presence in the American market. The subsidiary is primarily
engaged in the import and sale of wires in the United States and also plays a vital role
in the marketing and promotion of products manufactured by the Holding Company. This
strategic presence supports the Company's global outreach and enhances customer
engagement in a key international market. During the year under review, the subsidiary
reported a turnover of Rs. 1,225 lakhs and a net profit of Rs. 7 lakhs.
8. Directors' responsibility statement
Pursuant to Section 134(5) of the Companies Act, 2013, the board of
directors, to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
b) they 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 of the Company for that period;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by
the Company and such internal financial controls are adequate and operating effectively;
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
9. Deposits:
The Company has not accepted any fixed deposit from the public during
the financial year ended 31st March, 2025 within the meaning of section 73 and
74 of the Companies Act, 2013 read with the relevant rules.
10. Listing:
The shares of the Company are listed on the Bombay Stock Exchange
Limited and National Stock Exchange of India Limited, and the Company is regular in
payment of the listing fees. There was no suspension of trading during the year under
review.
11. Conservation of Energy, Technology and Foreign Exchange Earnings
and outgo
The particulars as prescribed under Section 134(3)(m) of the Companies
Act, 2013 read with Companies (Accounts of Companies) Rules, 2014 are set out in an "Annexure-I"
to this report.
12. Material changes and commitments occurred, if any, affecting the
financial position of the company, having occurred since the end of the year and till the
date of Report
There have been no material changes and commitments, which affect the
financial position of the company which have occurred between the end of the financial
year to which the financial statements relate and the date of this Report.
13. Corporate Social Responsibility
As a part of CSR initiative under the ‘Corporate Social
Responsibility' drive, the Company has undertaken projects mainly in the areas
education, women empowerment, health care and plantation. The Company works primarily
through its CSR trust, the Rajratan Foundation. The Company's CSR policy is available
on our website, at www.rajratan.co.in/investors/. The annual report on our CSR activities
is appended as ‘Annexure II' to the Board's Report.
14. Business Responsibility and Sustainability Report
A Business Responsibility and Sustainability Report as required under
Regulation 34(2) (f) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 has been given in ‘Annexure-VIII'.
15. Directors and key managerial personnel
On the recommendation of Nomination and remuneration committee, the
Board of Directors of the Company at its meeting held on 21st October, 2024,
approved the redesignation of Mr. Yashovardhan Chordia (DIN: 08488886) as ‘CEO and
Deputy Managing Director' in the category of Whole Time Director for the remaining
tenure of his appointment and his re-designation as such was duly approved by the
shareholders.
In accordance with the provisions of Section 152 and other applicable
provisions, if any, of the Act and the Articles of Association of the Company, Mr.
Abhishek Dalmia (DIN: 00011958) Executive Director of the Company, is liable to retire by
rotation at the ensuing AGM and being eligible has offered himself for re-appointment. The
necessary resolution for re-appointment of Mr. Abhishek Dalmia forms part of the Notice
convening the Annual General Meeting (‘AGM') scheduled to be held on.
The Company has received declarations from all the Independent
Directors of the Company confirming that:
a) they meet the criteria of independence prescribed under the Act and
the Listing Regulations and
b) they have registered their names in the Independent Directors'
Databank.
In the Opinion of the Board, all the independent directors fulfills the
criteria of the independency as required under the Companies Act, 2013 and the SEBI (LODR)
Regulations, 2015.
In terms of Section 203 of Companies Act, 2013 Mr. Sunil Chordia, Mr.
Hitesh Jain and Mr. Shubham Jain are key managerial personnels of the Company. During the
year under review, there were no other changes to the Key Managerial Personnel of the
Company.
16. Number of meetings of the board
Four meetings of the Board were held during the year. The details of
the meetings of the Board of Directors and its committees, convened during the financial
year 2024-25 are given in the Corporate Governance Report, which forms part of this Annual
Report.
17. Board evaluation
In compliance with the Companies Act, 2013 and Regulation 17(10) of
SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance
evaluation of the Independent Directors was carried out during the year under review. More
details on the same are given in the Corporate Governance Report. The performance of the
Board was evaluated after seeking inputs from all the directors on the basis of the
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 the criteria such as
the composition of committees, effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee
("NRC") reviewed the performance of the individual directors on the basis of the
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 addition, the Chairman was also evaluated on
the key aspects of his role.
In a separate meeting of independent Directors, performance of
non-independent directors, performance of the Board as a whole was evaluated.
18. Board Committees
>
Your Company has in place the Committee(s) as mandated under the
provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. There are currently five committees of the Board, namely:
Audit Committee
Nomination & Remuneration Committee
Stakeholders' Relationship Committee
Corporate Social Responsibility Committee
Risk Management Committee
Details of the Committees along with their composition and meetings
held during the year, are provided in the Corporate Governance Report, which forms part of
this report.
19. Policy on directors' appointment and remuneration and other
details
TheCompanyhasinplacepolicyfordirectors'appointment and
remuneration and other matters provided in Section 178(3) of the Act which is available on
the website of the company at www.rajratan.co.in/investors
20. Managerial Remuneration and particulars of employees
Pursuant to Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 a disclosure on remuneration related information of
employees, Key Managerial Personnel and directors is annexed herewith and forming part of
the report as "Annexure-III." The Chairman and Managing Director of your Company
does not receive remuneration from any of the subsidiary of your Company.
21. Transactions with related parties
During the Financial Year 2024-25, all contracts/
arrangements/transactions entered into by your Company with related parties under Section
188(1) of the Act were in the ordinary course of business and at arm's length basis.
During the Financial Year 2024-25, your Company has not entered into any
contracts/arrangements/transactions with related parties which could be considered
‘material'. Thus, there are no transactions required to be reported in form
AOC-2. The Board has taken on record all transaction with related parties.
Further, during Financial Year 2024-25, there were no materially
significant related party transactions made by your Company with the Promoters, Directors,
Key Managerial Personnel or other designated persons, which might have potential conflict
with the interest of the Company at large. All related party transactions are placed
before the Audit Committee and approved through the Omnibus mode in accordance with the
provisions of the Companies Act, 2013 and Listing Regulations. The policy on Related Party
Transactions is uploaded on the Company's website www.rajratan.co.in/investors The
details of RPTs during FY 2024-25 are provided in the accompanying financial statements.
During the FY 2024-25, the Non-Executive Directors of the Company had no pecuniary
relationship or transactions with the Company other than sitting fees, commission and
reimbursement of expenses, as applicable.
22. Annual return
The Annual Return of the Company as on 31st March, 2024 in
Form MGT - 7 in accordance with Section 92(3) of the Act read with the Companies
(Management and Administration) Rules, 2014, is available on the website of the Company at
www.rajratan.co.in/investors
23. Loans, Guarantees and Investment
Thecompanyissuedguaranteeinfavorofitswholly-owned subsidiary viz.
Rajratan Thai Wire Limited, Thailand which is exempted under the provisions of section 186
of the Companies Act, 2013 read with Rule 11 of the Companies (Meetings of Board and its
Powers) Rules, 2014. Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the notes to the
Financial Statements.
24. Auditors:
a. Statutory Auditors:
At the 34th AGM held on 21st June, 2022 the
Members approved appointment of M/s Fadnis & Gupte LLP, Chartered Accountants, Indore
as Statutory Auditors of the Company to hold office for a period of five years from the
conclusion of that AGM till the conclusion of the 39th AGM, subject to
ratification of their appointment by Members at every AGM, if so required under the Act.
The requirement to place the matter relating to appointment of auditors for ratification
by Members at every AGM has been done away by the Companies (Amendment) Act, 2017 with
effect from May 7, 2018. Accordingly, no resolution is being proposed for ratification of
appointment of statutory auditors at the 37th AGM.
There is no audit qualification, reservation or adverse remark for the
year under review.
b. Secretarial Auditors:
In compliance with Regulation 24A of the SEBI Listing Regulations and
Section 204 of the Act, the Board at its meeting held on 21st April, 2025,
based on recommendation of the Audit Committee, has approved the appointment of Palash
Jain & Co., Practising Company Secretaries, a peer reviewed firm as Secretarial
Auditors of the Company for a term of five consecutive years commencing from FY 2025-26
till FY 2029- 30, subject to approval of the Members at the ensuing AGM.
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed Palash Jain, Company Secretary in Practice (CP No. 19754) to conduct
the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed
herewith as "Annexure-IV" The secretarial audit report does not contain
any qualification, adverse observations/remarks.
c. Cost Auditors:
As per the requirement of Section 148 of the Companies Act, 2013 read
with the Companies (Cost Records and Audit), Amendment Rules 2014, your Company is
required to get its cost accounting records audited by a Cost Auditor.
Further the Board of Directors on the recommendation of Audit
Committee, has appointed M/s Dhananjay V. Joshi & Associates, Cost and Management
Accountants (Firm Registration No. 000030), Practicing Cost Accountants to conduct the
audit of the cost accounting records of the Company for Financial year 2025-26. As
required under the Companies Act, 2013 resolution seeking members approval for the
remuneration payable to Cost Auditor form part of the notice convening the AGM for their
ratification. The Cost Audit Report of the Company for the financial year ended 31st
March, 2024, was filed with the Ministry of Corporate Affairs, New Delhi.
d. Internal Auditor
The Company has appointed M/s Mehta Garg & Dhanuka, Chartered
Accountants (Firm Registration No 019648C) as Internal Auditors to conduct internal audit
of the function and activities of the Company. The Audit Committee of the Board of
Directors in consultation with the Internal Auditors, formulate the scope, functioning,
periodicity and methodology for conducting the internal audit.
25. Internal Control System and their Adequacy, Internal Financial
Controls
Your Company's internal control system is commensurate with its
scale of operations designed to effectively control the operations. The internal control
systems are designed to ensure that the financial and other records are reliable for the
preparation of financial statements and for maintaining assets. Independent Internal
Auditors conduct audit covering a wide range of operational matters and ensure compliance
with specified standards. Planned periodic reviews are carried out by Internal Audit. The
findings of Internal Audit are reviewed by the top management and by the Audit Committee
of the Board of Directors. The Audit Committee reviews the adequacy and effectiveness of
internal control systems and suggests ways of further strengthening them, from time to
time.
As per Section 134(5)(e) of the Companies Act 2013, the Directors have
an overall responsibility for ensuring that the Company has implemented robust system and
framework of Internal Financial Controls. This provides the Directors with reasonable
assurance regarding the adequacy and operating effectiveness of controls
Integrated Annual Report 2024-25 97 with regards to reporting,
operational and compliance risks. The Company has devised appropriate systems and
framework including proper delegation of authority, policies and procedures, effective IT
systems aligned to business requirements, risk based internal audits, risk management
framework and whistle blower mechanism.
26. Risk management
The company has laid down a well-defined risk management mechanism
covering the risk mapping and trend analysis, risk exposure, potential impact and risk
mitigation process. A detailed exercise is being carried out to identify, evaluate, manage
and monitor and non-business risks. The Audit Committee and the Board periodically review
the risks and suggest steps to be taken to manage/ mitigate the same through a properly
defined framework. During the year, a risk analysis and assessment was conducted and no
major risks were noticed, which may threaten the existence of the company.
27. Disclosure requirements
a) Corporate Governance:
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the stipulations set out in the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
A separate report of the Board of Directors of the Company on Corporate
Governance is an integral part of the Annual Report and included as Annexure ‘V'
and the Certificate from M/s Fadnis & Gupte LLP, Chartered Accountants, Indore (ICAI
Firm Registration No. 021781C), Statutory Auditors of the Company, confirming compliance
with the requirements of Corporate Governance as stipulated in Regulation 34 read with
Schedule V of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 is
annexed as Annexure ‘VI.
b) Familiarization Program for Independent Directors
Your Company has in place a Familiarization Program for independent
Directors to provide insights into the Company's Business to enable them contribute
significantly to its success. The Senior Management makes presentations periodically to
familiarize the Independent Directors with the strategy operations and functions of the
Company. The details of the familiarization program of the independent directors are
available on the website of the Company www. rajratan.co.in/investor/.
c) Dematerialisation of Shares
The shares of your Company are being traded in electronic form and the
Company has established connectivity with both the depositories i.e. National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view
of the numerous advantages offered by the Depository system, Members are requested to
avail the facility of dematerialization of shares with either of the Depositories as
aforesaid. As on 31st March, 2025, 99.41% of the share capital stands
dematerialized.
d) Policy on determining material subsidiary of the Company is
available on the website of the Company www.rajratan.co.in/investor/.
e) Policy on dealing with related party transactions is available
on the website of the Company www. rajratan.co.in/investor/.
f) The Company has formulated and published a Whistle Blower
Policy to provide Vigil Mechanism for employees including directors of the Company to
report genuine concerns. The provisions are in line with the provisions of the section
177(9) of the Companies Act, 2013 read with regulation 22 of the Listing Regulations.
g) As required under section 134(q) there are no significant and
material orders passed by the regulators or courts or tribunals impacting the going
concern status and company's operations in future.
h) 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. i) The Company has adopted a Code of Conduct
for Prevention of Insider Trading in accordance with the requirements of the SEBI
(Prohibition of Insider Trading) Regulation, 2015 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. All Board Directors and the designated employees have confirmed compliance with the
Code. The Insider Trading Policy of the Company covering code of practices and procedure
for fair disclosure of unpublished price sensitive information and code of conduct for the
prevention of insider trading is available on the website of the Company at www.
rajratan.co.in/investor.
j) As required by the Sexual Harassment of Women at Work Place
(Prevention, Prohibition & Redressal) Act, 2013, the Company has formulated and
implemented a policy on prevention of sexual harassment at the workplace with a mechanism
of lodging complaints and has formed required committee. During the year under review, no
complaints were reported.
k) The details of the Committees of Board are provided in the
Corporate Governance Report section of this Annual Report.
l) The details of credit ratings are disclosed in the Corporate
Governance Report, which forms part of the Annual Report.
m) In accordance with the provisions of the Act and Listing
Regulations read with relevant accounting standards, the consolidated audited financial
statement forms part of this Annual Report.
n) The Company has followed applicable Secretarial Standards,
issued by the Institute of Companies Secretaries of India.
o) As required under Section 134(3)(a) of the Act, the Annual
Return is put up on the Company's website i.e. www.rajratan.co.in/investors
28. Management Discussion and Analysis
A detailed report on Management Discussion and Analysis is provided as
a separate section in the Annual Report.
29. Cautionary Note:
The management discussion and analysis report containing your
Company's objectives, projections, estimates and expectation may constitute certain
statements, which are forward looking within the meaning of applicable laws and
regulations. The statements in this management discussion and analysis report could differ
materially from those expressed or implied. Important factors that could make a difference
to the Company's operation include raw material availability and prices, cyclical
demand and pricing in the Company's principal markets, changes in the governmental
regulations, tax regimes, forex markets, economic developments within India and the
countries with which the Company conducts business and other incidental factors.
30. ANNEXURES FORMING A PART OF DIRECTOR'S REPORT
The Annexures referred to in this Report and other information which
are required to be disclosed are annexed herewith and form a part of this Report:
Annexure Particulars |
| I Particulars of Conservation of Energy, |
| Technology and Foreign Exchange |
| II Report on Corporate Social Responsibility |
| III Managerial Remuneration and Particulars of Employees |
| IV Secretarial Audit Report |
| V Corporate Governance Report |
| VI Certificate on Corporate Governance Report |
| VII AOC-1 |
| VIII Business Responsibility Report and Sustainability
Report |
31. Human Resources and Industrial Relations:
Your Company has been able to operate efficiently because of a culture
of professionalism, integrity, dedication, competence, commitments, high level of people
engagement and continuous improvement shown by its employees in all functions and areas of
business. Our basic objective is to ensure that a robust talent pipeline and a
high-performance culture, centered around accountability is in place. We feel this is
critical to enable us retain our competitive edge.
During the year measures for training, development, safety of the
employees and environmental awareness received top priority of Management. The Directors
wish to place on record their appreciation for the efficient and loyal services rendered
by all staff and work force of the Company, without whose wholehearted effort, the
satisfactory performance would not have been possible.
32. Appreciation:
Your Board of Directors would like to convey their sincere appreciation
for the wholehearted support and contributions made by all the employees at all levels of
the Company for their hard work, solidarity, cooperation and dedication during the year.
Your Directors sincerely convey their appreciation to customers,
shareholders, vendors, bankers, business associates, regulatory and government authorities
for their continued support.
|
|
For and on behalf of the Board |
|
Sunil Chordia |
Yashovardhan Chordia |
| Place: Indore |
Chairman & Managing Director |
CEO and Dy, Managing Director |
| Dated: 21st April, 2025 |
DIN – 00144786 |
DIN - 08488886 |