FY 2023-24
To The Members of VISHNUSURYA PROJECTS AND INFRA LIMITED
Your Directors are pleased to present the 28th Annual Report on the business and operations of the Company together with the Audited Accounts of the Company for the year ending on March 31, 2024.
1. FINANCIAL SUMMARY
During the financial year, the performance of the company was as under:
(Rs in Lakhs)
2. FINANCIAL HIGHLIGHTS
Revenue from operations for the FY 2024 was Rs. 23,053.51 Lakhs as against Rs. 13,237 lakhs in the previous year. Profit before tax is increased by Rs. 1629.74 Lakhs. Profit before tax for the financial year 2023-24 is Rs. 3861.18 Lakhs as against Rs. 2231.44 Lakhs for the year 2022-23. Increase in revenue is mainly due to new EPC Projects undertaken by the Company during the year 2023-24.
Certificate by CEO and CFO of the Company, as required under Regulation 33(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 certifying that the Audited Financial Statements for the year ended March 31, 2024 do not contain any false or misleading statement forms part of this report.
3. SUBSIDIARY AND ASSOCIATE COMPANIES - DETAILS OF SUBSIDIARY COMPANIES, ASSOCIATE COMPANIES, AND THEIR FINANCIAL POSITION.
Your Company has no subsidiary and associate companies as on March 31, 2024. As on March 31, 2023,
Company had investments in Equity shares of to an extent of 42.82%. During the year the company has disinvested to the extent of 22.87% and now the percentage of shares in Agni Estates and Foundations Private Limited is 19.95% Accordingly, Agni Estates and Foundations Private Limited ceased to be an associate during the year 2023-24. Hence the information as required under the first provision to sub-section (3) of Section 129 is not required to be given.
4. DIVIDEND
Your Company had declared an Interim Dividend of Re. 1/- per equity Share during the year 2023-24. Further, the Board had recommended Final Dividend of Re. 1/- per share. The final dividend on equity shares, if approved by the Members would involve a cash outflow of246.09 Lakhs.
5. AMOUNTS TRANSFERED TO RESERVES
The consolidated reserves and surplus as of March 31, 2024 stood at Rs. 10676.54 Lakhs as against Rs. 4718.88 Lakhs as of March 31, 2023. During the Financial year, the Company has not transferred any amount to the reserves.
6. BRIEF HISTORY OF THE COMPANY, OVERVIEW OF THE INDUSTRY AND IMPORTANT CHANGES IN THE INDUSTRY DURING THE LAST FINANCIAL YEAR
BRIEF HISTORY
Our Company was incorporated in the year 1996 with a small and dedicated team of construction experts, service providers, contractors, suppliers, and consultants to accomplish one shared goal, building a responsible future. Our Promoter and Promoter Group have interest in diverse set of business spread across
Engineering Procurement and Construction ("EPC"), education, technology, risk mitigation, media and consultancy. We are engaged in mining of rough stones and manufacturing of aggregates & Manufactured sand by using Crushing Plants and Sand washing plants.
In addition to mining activities, we are engaged in EPC Projects (construction and infrastructure) delivered across all key sectors such as water, transportation, rail, resource, and institutional development. Our Company has executed and delivered multiple real estate projects in the past, such as construction of villas, multi storied apartments, specific contracts like compound wall, renovation works, site formation, etc. Our
Company is also engaged in buying, selling and providing integrated solutions for Drones as a Service for surveillance, mapping and surveying purposes.
INDUSTRY OVERVIEW
Infrastructure support to nation's manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical. The "Smart Cities Mission" and "Housing for All" programmes have benefited from these initiatives. Saudi Arabia seeks to spend up to US$ 100 billion in India in energy, petrochemicals, refinery, infrastructure, agriculture, minerals, and mining.
In order to meet India's, aim of reaching a US$ 5 trillion economy by 2025, infrastructure development is the need of the hour. The government has launched the National Infrastructure Pipeline ("NIP") combined with other initiatives such as ‘Make in India' and the production-linked incentives ("PLI") scheme to augment the growth of infrastructure sector. Historically, more than 80% of the country's infrastructure spending has gone toward funding for transportation, electricity, and water& irrigation.
The Indian infrastructure capex is estimated to grow at a CAGR of 11.4% driven by spending on water supply, transport, and urban infrastructure.
7. CAPITAL STRUCTURE
The Authorized capital as on March 31, 2024 stood as below:
The Paid up capital of the company as on March 31, 2024 stood as below:
During the year:
(i) Your Company had increased of Authorised Share Capital of our Company from 12,00,00,000 (Rupees
Twelve Crore) consisting of 1,11,00,000 (One Crore and Eleven Lakh) Equity Shares of 10 each and 90,000 (Ninety Thousand) Preference Shares of 100 each to 25,00,00,000 (Rupees Twenty Five Crore) consisting of 2,41,00,000 (Two Crore and Forty One Lakh) Equity shares of 10 each and 90,000 (Ninety Thousand) Preference Shares of 100 each.
(ii) Further, reclassified its Authorised Share Capital from 25,00,00,000 (Rupees Twenty-Five Crore) consisting of 2,41,00,000 (Two Crore and Forty One Lakh) Equity shares of 10 each and 90,000 (Ninety Thousand) Preference Shares of 100 each to 25,00,00,000 (Rupees Twenty Five Crore) 2,50,00,000 (Two Crore and Fifty Lakh) Equity shares of 10 each.
(iii) Your Company issued 8,175,632 Equity Shares as Bonus to the existing Shareholders on July 6, 2023 in the ratio of 9:10.
(iv) Your Company had made Initial Public Offer of 73,50,000 Equity Shares of 10 each (the "Equity Shares") for cash at a price of 68 per Equity Share (including a Share Premium of 58 per Equity Share).
8. MAJOR EVENTS DURING THE YEAR:
Your Company was converted into a public limited company pursuant to a resolution passed by our Shareholders at an extraordinary general meeting held on April 19, 2023 and a fresh certificate of incorporation dated May 12, 2023 was issued by the Registrar of Companies, Chennai consequent upon conversion, recording the change in the name of our Company to ‘Vishnusurya Projects and Infra Limited'.
The Draft Prospectus for Initial public Offer was approved by the Board on August 10, 2023 and was issued in accordance with the SEBI ICDR Regulations.
Draft Offer Document for Initial Public offer has been submitted to National Stock Exchange of India Limited (hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/2618 dated September 15, 2023, permission to the Issuer to use the Exchange's name in this Offer Document as one of the Stock Exchanges on which this Issuer's securities are proposed to be listed.
With an issue size of 73,50,000 Equity Shares aggregating upto 4,998.00 Lakhs, the issue was open for subscription from September 29, 2023 till October 5, 2023 and the issue was over subscribed by 40.24 times.
The shares of the Company was listed on October 10, 2024 with National Stock Exchange of India Limited. the Stock Code is VISHNUINFR and ISIN of the Company is INE0PQ001012.
Our Company has paid the Annual Listing fee for Financial Year 2024-25 to National Stock Exchange of India Limited.
9. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:
(i) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(ii) they 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; sufficientcare had been taken for the maintenance of adequate accounting records in
(iii)properand accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(iv) the annual accounts had been prepared on a going concern basis; and
(v) the Directors, in the case of a listed company, had laid down internal financialcontrols to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(vi) 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.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. Arunachalam Charima Thangam (DIN: 06958029) is an Executive Director and heads the Mining Division of our Company. He was appointed as a Whole time Director of the Company with effect from July 1, 2023 for a term of five years.
Mr. Sanal Kumar V (DIN: 07546821) is an Executive Director and looks after overall activities of management and operations of our Company. He was appointed as a Whole time Director of the Company with effect from July 1, 2023 for a term of five years.
Mr. Subramaniam Neelakantan (DIN: 01474064) is a Non executive Director of the Company and was appointed as Non executive and Non Independent director of the Company with effect from July 1, 2023.
Ms. Maya Swaminathan Sinha (DIN: 03056226) was appointed as Independent Director of the Company with effect from July 1, 2023.
Mr. Ritesh Nair (DIN: 10187822) was appointed as Independent Director of the Company with effect from July 1, 2023.
Mr. Ramana Kumar B (DIN: 08523013) was appointed as Independent Director of the Company with effect from July 1, 2023.
The Independent Directors were appointed for a period of Five years w.e.f July 1, 2023 for a term of five years and the Board is of the Opinion that each of the Independent Director is a person of Integrity and possesses relevant expertise and experience as required under Section 149 read with Schedule IV of the Act.
During the year, Mr. Sanal Kumar V was appointed as Chief Executive Officer of the Company and Mr. V S Ravikumar was appointed as Chief Financial Officer and Company Secretary of the Company. Thereafter, Mr. V S Ravikumar resigned as Company Secretary with effect from November 14, 2023 and Ms. Priya Rajagopalan was appointed as Company Secretary and Compliance Officer with effect from
November 15, 2023.
During the year Mr. Chinnathambi Vinothkumar and Mr. Sethuraman Dilipkumar resigned from Directroship of the Company.
Mr. Subramaniam Neelakantan, Director (DIN:01474064) who retires by rotation and being eligible offers himself for reappointment at the forthcoming Annual General Meeting of the Company.
11. NUMBER OF MEETINGS OF THE BOARD
Number of meetings of Board and its Committee thereof is enclosed as Annexure 1 to the report.
12. BOARD EVALUATION
A formal annual evaluation is required to be made by the Board of its own performance and that of its Committees and individual Directors. Section 178(2) of the Companies Act, 2013 requires the Nomination and Remuneration Committee to specify the manner for effective evaluation of the performance of the Board, its Committees and individual Directors. The Board of Directors carried out the annual performance evaluation of the Board, its Committees, Individual Directors and Chairperson during the year under review pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations.
13. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on appointment of directors is available on the Company's website at www.vishnusurya.com/corporate/governance-policies. The salient features of the Remuneration Policy details are:
Appointment
General appointment criteria:
(a) The Committee shall consider the ethical standards of integrity and probity, qualification, expertise and experience of the person for appointment as Director, Key Managerial Personnel or at Senior Management level and accordingly recommend to the Board his / her appointment.
(b) The Company should ensure that the person so appointed as Director/ Independent Director/ Key
Managerial Personnel / Senior Management Personnel shall not be disqualified under the Act, rules made there under or any other enactment for the time being in force.
(c) The Director/ Independent Director/ Key Managerial Personnel / Senior Management Personnel shall be appointed as per the procedure laid down under the provisions of the Act, rules made there under, or any other enactment for the time being in force.
(d) The Company shall not appoint or continue the employment of any person as Managing Director/Whole-time Director/Manager who has attained the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement annexed to the notice for such motion indicating the justification for extension of appointment beyond seventy years.
(e) The Company shall appoint / re-appoint an independent director, in terms with its "POLICY ON TERMS
OF APPOINTMENT OF INDEPENDENT DIRECTOR". Remuneration: Remuneration to Executive Director.
The remuneration paid to Executive Directors is recommended by the Nomination and Remuneration Committee and approved by Board in Board meeting, subject to the subsequent approval of the shareholders at the General Meeting and such other authorities, as may be required. The remuneration is decided after considering various factors such as qualification, experience, performance, responsibilities shouldered, industry standards as well as financial position of the Company.
Remuneration to Non-executive Director.
The Non-Executive Directors are paid remuneration by way of Sitting Fees and Commission. The Non-Executive Directors are paid sitting fees for each meeting of the Board and Committee of Directors attended by them. The payment of sitting fees will be recommended by the Nomination and Remuneration Committee and approved by the Board. Quantum of sitting fees may be subject to review on a periodic basis, as required provided that the amount of such fees shall not exceed Rs. 1 lakh per meeting of the Board or Committee or such amount as may be prescribed by the Central Government from time to time.
Evaluation of the Directors:
1. The evaluation/assessment of the Directors, of the Company is to be conducted on an annual basis on basis of "Board and Independent Director Evaluation Policy" of the Company. OVERVIEW
2. Following criteria of evaluation of performance may assist in determining how effective the performances of the Directors have been:
a) Executive Directors. The Executive Directors shall be evaluated on the basis of targets/Criteria given to executive Directors by the Board from time to time. Non-Executive Director. The Non-Executive Directors shall be evaluated on the basis of the following criteria i.e., whether they: STATUTORY REPORTS (i) act objectively and constructively while exercising their duties;
(ii) exercise their responsibilities in a bona fide manner in the interest of the Company; sufficient time and attention to their professional obligations for informed and balanced (iii) devote decision making;
(iv) do not abuse their position to the detriment of the company or its shareholders or for the purpose FINANCIAL SECTION of gaining direct or indirect personal advantage or advantage for any associated person;
(v) refrain from any action that would lead to loss of his independence
(vi) inform the Board immediately when they lose their independence,
(vii) assist the Company in implementing the best corporate governance practices.
(viii) strive to attend all meetings of the Board of Directors and the Committees; participate constructively and actively in the committees of the Board in which they are chairpersons or members; strive to attend the general meetings of the Company;
(ix) keep themselves well informed about the Company and the external environment in which it operates;
(x) do not to unfairly obstruct the functioning of an otherwise proper Board or committee of the
Board;
(xi) moderate and arbitrate in the interest of the Company as a whole, in situations of conflict between management and shareholder's interest.
(xii) abide by Company's Memorandum and Articles of Association, Company's policies and procedures including code of conduct, insider trading etc.
3. Additionally, for the evaluation/assessment of the performances of Managing Director(s)/Whole Time
Director(s) of the Company, following criteria may also be considered:
4. a) Leadership abilities.
b) Communication of expectations & concerns clearly with subordinates.
c) Direct, monitor & evaluate Key Managerial Personnel, senior officials.
5. Evaluation on the aforesaid parameters will be conducted by the Independent Directors for each of the Executive/Non-Independent Directors in a separate meeting of the Independent Directors.
6. The Executive Director /Non-Independent Directors along with the Independent Directors will evaluate / assess each of the Independent Directors on the aforesaid parameters. Only the Independent Director being evaluated will not participate in the said evaluation discussion.
14. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a vigil mechanism named "Whistle Blower Policy" to deal with any genuine concerns raised by the Directors / Employees. The details of the Vigil Mechanism / Whistle Blower Policy are explained in the Corporate Governance Report and is also posted on the Company's website www.vishnusurya.com/ corporate/governance-policies. There were no incidents / concerns reported during the year under review.
15. CORPORATE SOCIAL RESPONSIBILITY (CSR)
CSR initiatives and activities are aligned to the requirements of Section 135 of the Companies Act, 2013. A brief outline of the CSR policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. This Policy is available on the Company's website at www.vishnusurya.com/corporate/governance-policies. For other details regarding the CSR Committee, please refer to the Annexure 2.
16. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The particulars of loans, guarantees and investments as per Section 186 of the Companies Act, 2013 by the Company, have been disclosed in the financial statements.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The related party transactions that are entered during the financial year were in the ordinary course of business and on arm's length basis. The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act 2013 for the financial year 2022-23 in AOC 2 is attached in Annexure 3.
18. ANNUAL RETURN
As required under Section 92(3), copy of Annual Return will be placed on the Company's website. The web link to access the Annual Return is www.vishnusurya.com.
19. DECLARATION FROM INDEPENDENT DIRECTORS
The Company has received necessary declaration from each Independent Director of the Company under
Section 149(7) of the Companies Act, 2013 and Regulation 16 of the SEBI (LODR) Regulations, 2015 that the Independent Directors of the Company continue to meet the criteria of their Independence laid down in Section 149(6) and continue to be included in the Data Bank maintained by the Indian Institute of Corporate Affairs and the online proficiency self-assessment test requirement pursuant to Rule 6(4) of Companies (Appointment and Qualification of Directors) Rules, 2014.
During the year, the Independent Directors met on February 5, 2024 without the presence of Non - Independent Directors and members of the Management to evaluate the performance of the Non - Independent Directors & Board as a whole.
20. DEPOSITS
The Company has not accepted deposits either from members or public falling within the ambit of Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 during the year. There were no outstanding deposits during and end of the financial year 2023-24.
21. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place proper and adequate internal control systems commensurate with the nature of its business and size and complexity of its operations.
The Scope of the Internal Auditors were discussed in the Audit Committee held on September 23, 2023. The Internal Audit Reports are placed before the Audit Committee for its review.
The Internal Auditors monitor the and evaluate the efficacy and adequacy of Internal control system in the Company, its compliance with Operative Systems.
22. SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS:
1. Our Company had challenged the Assessment Orders by way of below mentioned Writ Petitions on the grounds of irregularity of the proceedings conducted by the Assessment officers:
WMP/28646/2021, WMP/28645/2021, WMP/28643/2021. The Hon'ble Madras High Court has disposed off above mentioned Writ Petitions by pronouncing the Order. June 28, 2023). The Honourable High court of Madras has held the legal issue in favour of the Assessee (Company). The assessment Orders passed shall stand quashed and fresh assessment Orders shall be passed giving effect to the order of the Court.
Assessment orders have been passed by the Competent Authority.
2. Commercial taxes department (GST) had made Scrutiny of returns filed under section 37,39 and 44 of the Act for the year 2017-18 and identified discrepancies and show cause notice issued in Form GST
DRC-01 Communicated to taxpayer. The Audit was completed by passing ordered dated December 15, 2023 without any additional tax.
3. Commercial taxes department (GST) had made Scrutiny of returns filed for the year 2018-19 and identified discrepancies and show cause notice issued in Form GST DRC-01 Communicated to taxpayer. The Audit was completed by passing ordered dated January 4, 2024 without any additional tax.
23. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
Your company believes in providing a safe and harassment free workplace for every individual and endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment. During the year under review, your company has not received any complaints pertaining to sexual harassment.
There were no incidents of sexual harassment reported during the year under review, in terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
24. AUDITORS
(a) Statutory Auditor:
M/s. SRBR & Associates LLP, (formerly known as Sundararajan Associates LLP), was re-appointed as Statutory Auditors of the Company for the second term of five years from 2019-2024. They shall hold office till the conclusion of 28th Annual General Meeting to be held in the Calendar year 2024.
M/s. Madhu Balan & Associates, Chartered Accountants, (Firm Registration Number 011106S), Chennai are being proposed to be appointed as Statutory Auditors of the Company to hold office from conclusion of the forthcoming Annual General Meeting till conclusion of Annual General Meeting to be held in the calendar year 2029. The Board recommends to the Shareholders for appointment of M/s. Madhu Balan & Associates, Chartered Accountants as Statutory Auditors of the Company based on recommendations of the Audit Committee.
(b)Internal Auditor:
The Company has appointed M/s. Suri & Co., Chartered Accountants, Chennai (FRN:004283S) as Internal Auditor of the Company pursuant to provisions of the Companies Act, 2013 and the Companies (Accounts) Rules, 2014.
(c) Secretarial Auditor:
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 Chitra Lalitha and Associates, Chennai, Firm Registration No. 5363, as Secretarial Auditor of the Company for the Financial Year 2023-24. The Secretarial Audit Report MR 3 is forming part of this report, containing no qualifications or observations is enclosed as Annexure 4.
(d)Cost Auditor:
Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit)
Amendment Rules, 2014, the Cost Audit Records are maintained by the Company.
The Company has appointed B Y & Associates, Cost Accountant (FRN: 003498), Chennai as Cost Auditors of the Company.
25. EXPLANATIONS IN RESPONSE TO AUDITORS' QUALIFICATIONS:
The Auditors' Report on the Balance Sheet and Profit and Loss is self-explanatory. The Statutory Auditors have not reported any incidence of fraud during the period under review but have marked some qualifications / adverse remarks which your Company has provided reply as follows:
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The Boards' report should include as statement as per rule 8 of the Companies (accounts) rules, 2014 with respect to the following matters:
CONSERVATION OF ENERGY:
TECHNOLOGY ABSORPTION: NIL
FOREIGN EXCHANGE EARNINGS AND OUTGO:
27. There are no 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 year of the Company relates and the date of the report. However, between the end of the financial year of the Company and the date of the report, the Company had shifted its registered Office from 2nd Floor, QBAS Temple Tower No.76/25, North Mada Street, Mylapore, Chennai - 600 004" to "Agni Business Centre, No. 24/46, Fourth Floor, K B Dasan Road, Alwarpet, Chennai - 600 018" w.e.f. June 1, 2024.
28. RISK MANAGEMENT:
In today's economic environment, Risk Management is a very important part of business. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. Your Company's risk management is embedded in the business processes. Your Company has identifiedthe certain risks such as uncertain economic environment, competition, compliance and industrial risk & safety risks. The Company has planned to manage such risk by adopting best management practices.
29. STATEMENT OF UTILIZATION OF FUNDS:
In accordance with provisions of Regulation 33 of SEBI (LODR), Regulations, 2015, there are no deviations or variations on utilisation of funds. The funds have been utilized in the manner as specified in its offer document.
30. DISCLOSURE UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:
There was no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year 2023-24.
31. PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Company (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
Particulars pursuant to Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
(a) The ratio of remuneration of each Director to median employees remuneration for the financial 16.02:1
(b) Except Mr. Sanal Kumar V, Whole Time Director cum CEO and Mr. Arunachalam Charima Thangam, Whole Time Director of the Company, no director was in receipt of remuneration except sitting fees.
(c) There was no percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager in the financial year.
(d) Percentage increase in the median remuneration of employees in the financial year 5% to 12%.
(e) The number of permanent employees on the rolls of company is 275
(f) Increase of remuneration of employees ranges from 5% to 15%. There is no increase in remuneration for Key Managerial Personnel.
(g) We affirm that the Remuneration paid during the year is as
During the Financial Year, no employee (excluding Managing/Executive Directors) received remuneration in excess of 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.
32. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Detailed discussion on Industry outlook and Operational performance is discussed in Management
Discussion and Analysis report and it forms part of this report.
33. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India.
34. ACKNOWLEDGEMENT
Your Directors thank the Banks, Customers, Financial Institutions, Government Authorities, Suppliers and Shareholders for their continued support. Your directors also place on record their appreciation for the services by the employees of the Company.