[(Disclosure under Section 134(3) of the Companies Act, 2013) {Read with Companies (Accounts) Rules, 2014}]
To
The Members,
Emmbi Industries Limited
Your Directors have pleasure in presenting the 30th Annual Report of your Company and the Audited Accounts for the year ended 31st March, 2024. Your Company has recorded yet another year of good performance, in its operations considering the global slowdown in the packaging industry, uncertainty of the European war and low economic operation in the South American sub-continent. The highlights of the financial results for the period under review are set out below:
FINANCIAL RESULTS:
(Rs. in Millions)
Note:-Previous years figures have been regrouped wherever necessary.
OPERATIONS:
During the year under review, your Company has achieved Revenue from Operations and the Income aggregating to Rs. 3,775.96 million as against Rs. 3,712.05 million during the previous year. Profit after providing for taxes is Rs. 99.47 million as against Rs. 82.66 million during the previous year.
There is no change in the nature of business of the Company.
DIVIDEND:
Your directors are pleased to recommend a dividend of Re. 0.30 per equity share of the face value of Rs. 10/- each for the year ended on
31st March, 2024 subject to the Members' approval. Dividend is subject to approval of members at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of income tax at source.
TRANSFER TO RESERVES:
The Board of Directors of your Company, has decided not to transfer any amount to the Reserves for the Year Under View.
EXPORTS:
Values of Exports during the year under review were Rs.2,569.30 million as against Rs. 2,459.25 million. Exports in the current financial year contributed to 58.06 % in the gross sales. Company has expanded its presence in 70+ countries which has resulted healthy growth in limited impact on the territory of operation.
HUMAN RESOURCE DEVELOPMENT:
Companies management team is focused on creating the best environment for the enthusiastic and dedicated workforce of Emmbi. Many New Programs and Work patterns were introduced during the year to enhance the "experience of work".
We continue to align the skill sets and capabilities of our current workforce, and the talent available in the market with the organization's ongoing and future business plans, to maximize return on investment and secure continual success. We also emphasize this through the blue colour in the company's logo, as it reflects the loyalty and trust that we bring to our blue collared workforce. Our continued self-development initiatives include relevant training programmes and seminars, that addresses the needs of the workforce as well as the senior management.
QUALITY INITIATIVES:
Man-Machine interphase will only produce the accuracy and skill required for being a successful company in the coming years. Specially Manufacturing sector is changing its shape using modern technology tools like IoT (Internet of things) and ML (Machine Learning). The whole new concept of industry 4.0 will be practiced entire and implemented in Emmbi during coming years of operation. This will also augment the project of Lean manufacturing which was adopted during past few years to control and make best use of the Human Capital. We are successfully practicing the same and the in yearresultcanbeseenintheincreaseofdefectfree after year. The efforts of Lean Enterprise Management have led to higher productivity and increased profitability.
The aboveinitiatives and our continuous adherence to strict quality standards has created tangible as well as intangible benefits to strengthen brand Emmbi.
MATERIAL CHANGES AND COMMITMENTS, 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
We have broken the comments into Four Major Steps which will cover all the aspects connected to Capital and Financial resources, Profitability, Liquidity, Ability to service debt.
1) Supply Side Management: We have ensured that for all the critical and non-critical items minimum 3 suppliers are maintained, and a special focus is given in ensuring geographic separation to all supply sources. This will spread the Risk of common failure from all the suppliers at the same time. We are also maintaining slightly higher stock than our normal inventory level to avoid any stock out condition. Kindly note that Emmbi continues its policy of non-speculative operations & we always do the procurement of inputs on the receipt of confirmed sales order.
2) Demand Side Management: To maintain and create new demand we have started various Short Term and Long Term, Marketing and Sales initiatives, Like reaching out to every customer and explaining them about the various products of Emmbi which they are not presently using. We have added around six new customers in four new geographies during this financial year. Also the new launch of Globally Patented (Filled) "Hyperbolic FIBC" has given a net edge to companies technical abilities giving Company an ability to reach up to more buyers in the existing geographies.
During the Year under consideration Company was able to produce and sale around 15 % of its production using 30 % Recycled content in it. It is sold under the registered brand "Reclaim 30" in the global market.
3) Manufacturing Side Management: In the present time availability of the Rightly Skilled Employees in one of the largest challenges. Presently all other parameters of the Manufacturing are under control.
4) Liquidity Management: Company is in a very stable financial condition. In the present situation two of our banking partners have approved emergency COVID funding.
The Company was remarkably successful in maintaining its Debtor realization. Therehavebeennodelaysintherealization Export debts are insured fromtheexports.Alsonotethat by party wise insurance by ECGC. Domestic Debtors has also shown a comfortable payment situation Other financial arrangements, assets, internal financial reporting and control, supply chain, demand for Company's products/services:
1. The Company has efficient systems in place for Internal Financial reporting and control. Even during the period of lockdown with work from home, all reporting systems worked seamlessly without any disruption.
2. The supply chain was the cause for concern during the initial lockdown period, however, gradually this issue has been sorted out. Going forward the Company is confident of coming back to normal shortly.
The Company's export order book remains robust and demand for the Company's products has not slackened leading us to believe that the Company is far better placed to serve its global customers.
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is presented in a separate section, forming part of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
(i) that in the preparation of the annual accounts for the year ended March 31, 2024 the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; (ii) the directors had selected such accounting policies and applied them consistently and made judgments andestimatesthatare e years with reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2024 and of the profit of the company for the year ended on that date; (iii) the directors have 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 (iv) the Directors have prepared the annual accounts on a going concern basis; (v) the directors, further state that they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and effectively and (vi) the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Retirement by rotation
In accordance with the provisions of the Companies Act,2013, Mr. Makrand Appalwar (DIN:00171950), Chairman and Managing Director of the Company, retires by rotation at the ensuing Annual General Meeting of the Company and being eligible offers himself for re-appointment.
Key Managerial Personnel (KMP)
The following have been designated as the Key Managerial Personnel of the Company pursuant to sections 2(51) and 203 of the Companies Act,2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
Sr. No. Name of the Person Designation
*Mr. Kaushal Patvi ceased to function as the Company Secretary and Compliance Officer with effect from 31st July, 2023.
**Mrs. Bhavi Gandhi was appointed as the Company Secretary and Compliance Officer with effect from 23rd October, 2023 and has tendered her resignation with effect from 15th May, 2024.
There has been no change in the constitution of Board of Directors of the Company during the financial year 2023-24.
Re-Appointment of Mr. Makrand M. Appalwar as the Chairman and Managing Director of the Company The Board of Directors of the Company, at its meeting held on 14th May, 2024 has, subject to the approval of members, re-appointed Mr. Makrand M. Appalwar (DIN 00171950) as the Chairman and ManagingDirectoroftheCompanyforaperiodof effect from April 1, 2025 on the terms and conditions at an existing remuneration as recommended by the Nomination and Committee of the Board and approved by the Board. It is proposed to seek members' approval for the re-appointment of Mr. Makrand M. Appalwar (DIN 00171950) as the Chairman and Managing Director of the Company, in terms of the applicable provisions of the Act.
Re-Appointment of Mrs. Rinku M. Appalwar as the CFO & Director-Finance Director of the Company The Board of Directors of the Company, at its meeting held on 14th May, 2024 has, subject to the approval of members, re-appointed Mrs. Rinku M. Appalwar (DIN 00171976) as the CFO & areoperating Executive Director-Finance Director of the Company for a period of five years with effect from April 1, 2025 on the terms and conditions at an existing remuneration as recommended by the Nomination and Remuneration Committee of the Board and approved by the Board.
It is proposed to seek members' approval for the re-appointment of Mrs. Rinku M. Appalwar (DIN 00171976) as the CFO & Executive Director-Finance of the Company, in terms of the applicable provisions of the Act.
Mr. Krishnan I. Subramanian, has step down from the position of Whole-Time Director w.e.f. 1st July, 2023 and he is continuing as Non-executive Non-independent director of the Company.
DECLARATION BY AN INDEPENDENT DIRECTOR(S)
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence and that he is not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence as prescribed both under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board is of the opinion that the Independent Directors of the Company hold highest standards of integrity and possess requisite expertise and experiencerequiredtofulfilltheir duties as Independent Directors.
In terms of Section 150 of the Companies Act, 2013 read with Rule Qualification of Directors) 6oftheCompanies(Appointmentand Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by The Indian Institute of Corporate Affairs, Manesar (‘IICA'). The Independent Directors are also required to undertake online proficiency self-assessment test conducted by the IICA within a period of 1 (one) year from the date of inclusion of their names in the data bank, unless they meet the criteria specified for exemption. As per Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 dated 18th December, 2020, all the Independent Directors of the Company are exempted from undertaking the online proficiency self-assessment.
PERFORMANCE EVALUATION:
The Company has devised a Policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which include criteria for performance evaluation of Non-executive Directors and Executive Directors. Pursuant to the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation of its own performance and that of its Committees as well as performance of the Directors individually. 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 and the evaluation was carried out based on responses received from the Directors.
The performance evaluation of the Non- Executive & Independent Directors is done by the Board annually. The performance evaluation of the Chairman & Managing Director, ChiefFinancialOfficerand is carried out by the Independent Directors the annually. The performance evaluation of the Board is done annually by the entire Board. The Board of Directors expressed their satisfaction with the entire evaluation procedure. The Non-& Independent Directors fulfilled the criteria of their independence from the management. Provided that in the evaluation, the directors who were subject to evaluation did not participate.
FAMILIARISATION PROGRAMME FOR DIRECTORS:
The Members of the Board of the Company are afforded many opportunities to familiarise themselves with the Company, its Management and its operations. The the documents to enable them to have a better understanding of the Company, its various operations and the industry in which it operates. All the Independent Directors of the Company are made aware of their roles and responsibilities at the time of their appointment through a formal letter of appointment, which also stipulates various terms and conditions of their engagement.
Executive Directors and Senior Management provide an overview of the operations and familiarise the new Independent and Non-Executive Directors on matters related to the Company's values and commitments. They are also introduced to the organisation structure, constitution of various committees, board procedures, risk management strategies, etc.
Strategic Presentations are made to the Board where Directors get an opportunity to interact with Senior Management. Directors are also informed of the various developments in the Company through Press Releases, emails, etc.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
Zastian PTE. Ltd., a private company limited by shares incorporated in Singapore during the year, is a wholly owned subsidiary of the Company. As of the date of this report, no funds have been invested in the company.
COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL
STANDARD 1 AND SECRETARIAL STANDARD 2:
The applicable SecretarialStandards,. relating .SS-1andSS-2, to ‘Meetings of the Board of Directors' and ‘General Meetings', respectively, have been duly complied by your Company.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India (SEBI). The report on Corporate Governance as stipulated under the Listing Regulations forms an integral part of this Report. The requisite certificate from the Secretarial Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance.
VIGIL MECHANISM:
The Vigil Mechanism as envisaged in the Companies Act, 2013, the Rules prescribed thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is implemented through the Company's Whistle Blower Policy to enable the Directors, employees and all stakeholders of the Company to report genuine concerns, to provide for adequate safeguards against of persons who use such mechanism and make provision for direct access to the Chairman of the Audit Policy of your Company is available on the Company's website and can be accessed at the web-link: www.emmbi.com.
During the financial year under review, the Company has not received any complaints under the Whistle Blower Policy.
PREVENTION OF SEXUAL HARASSMENT POLICY:
The Company has a detailed policy in place in line with the are provided with all requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaints Committees (ICC) have been set up to redress complaints received regarding sexual harassment and 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. The Company policy mandates prevention of sexual harassment and to ensure a free and fair enquiry process with clear timelines for resolution.
During the financial year under review, the Company has not received any complaints under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
DEPOSITS FROM PUBLIC:
During the financial year under review, the Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from Public was outstanding as on the date of the Balance Sheet.
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE,
GUARANTEES GIVEN AND SECURITIES PROVIDED:
The Company has not given any loan, guarantees or made any investments as prescribed in Section 186 of the Act.
RELATED PARTY TRANSACTIONS:
During the year no contracts / arrangements were entered / renewed by the Company with related parties in terms of the provisions of Section 188(1) of the Companies Act, 2013. by the Company during the financial year All with related parties were in its ordinary course of business and on an arms' length basis and approved by the Audit Committee. Disclosure as required under section 134(3)(h) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, in form AOC-2, is not applicable as all the contracts entered by the Company during the year are on arms' length basis and there was no material contract or arrangement.
The Policy on Materiality of Related Party Transactions and on Transactions as approved by the Board dealingwithRelatedParty may be accessed on the Company's website at: www.emmbi.com.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Your Company has focused on several corporate social responsibility programmes. The Company continued its endeavour to improve the lives of people and provide opportunities for their holistic developmentthroughitsdifferentinitiatives in the areas of, Health; Sanitation & Hygiene; Education; Sports for Development; Disaster Response; Arts, Culture, Heritage, etc.
CSR POLICY:
The Corporate Social Responsibility Committee had formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) which was subsequently adopted by it and is being implemented by the Company. The CSR Policy can be accessed at the Company's website through the Web-link: www.emmbi.com. 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-3 of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
ETC. & FOREIGN EXCHANGE EARNINGS AND OUTGOINGS:
The information as required under Section 134(3)(m) of The Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 with respect to conservation of energy, technology absorption and foreign exchange earnings is given below:
1. CONSERVATION OF ENERGY: a. The Company is making continuous efforts on ongoing basis for energy conservation by adopting innovative measures to reduce wastage and optimise consumption. Energy continues to be a material aspect from climate change as well as operational perspective. Emmbi's commitment to decouple energy and carbon footprint from business growth reflects in the reduction in specific consumption that Emmbi has achieved. b. Steps are taken to institutionalized process of identifying and understanding increase and decrease in energy use by monitoring energy consumption trends to determine future energy use when planning future changes in the business and diagnose specific areas of wasted energy.
c. Significant reductions in energy consumption and cost of production of goods have been observed by the implementation of above referred measures. d. Implementation of referred measures have resulted in increased facility reliability as well as improved equipment performance.
2. TECHNOLOGY ABSORPTION:
The Company continues to adopt and use the latest technologies to improve the productivity and quality of its products. The Company's operations do not require significant import of technology.
(A) Research and Development:
The Manufacturing Unit of the Company located at 99/2/1 & 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U. T. of Dadra & Nagar Haveli and Daman & Diu, Silvassa 396 230, is accorded In-house Research and Development recognition up to 31 st March, 2024 from Department of Scientific And Industrial Research, Ministry of Science & Technology, Government of India, New Delhi.
Since inception of the Company and in pursuit of R & D endeavors, the Company is regularly incurring expenditure on R & D on the following activities:
(B) Benefits:
Benefits derived as a result of R & D: It has resulted in improvement of quality of the products and reduced operation cost. Upgradation of products to the new requirements has been possible because of R&D done in the Company on a continuous basis. This has resulted into enhanced customer satisfaction, new business opportunities, reduced costs, higher quality and adapting the latest technologies.
(C) Future Plan of action:
Future R&D efforts will continue along similar lines, as at present, but with more focus, thrust and endeavors.
(D) Expenditure on R&D:
The expenditure on R&D activities incurred during the year is given hereunder:
3. Foreign exchange earnings and Outgo:
The Company has continued to maintain focus and avail of export opportunities based on economic considerations. During the year the Company has exports (FOB value) worth Rs. 2462.84 millions.
(Rs. In Millions)
RISK MANAGEMENT POLICY
Your Company has a well-defined risk management framework in place. The risk management framework works at various levels across the enterprise. The Company has a robust organisational structure for managing and reporting on risks. A statement including development and implementation of a risk management policy for the Company is attached and forms a part of the Board's Report as
Annexure 1.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS / COURTS / TRIBUNALS:
No significant or material orders were passed by the Regulators or Courts or Tribunals or Statutory or Quasi-Judicial body which impact the going concern status and Company's operations in future. The Company has filed the settlement application with Securities Exchange Board of India (SEBI) for independent director was in category of Promoter Group. The application is still pending as on date of this report and the SEBI has also initiated the adjudication proceeding against the company in the same matter there is no material impact on the Company.
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016)
During the year, there were no applications made and no proceedings were pending against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of Section 124(5) of the Companies Act,2013 if the dividend transferred to the Unpaid Dividend Account of the Company remains unpaid or unclaimed for a period of seven years from the date of such transfer then such unclaimed or unpaid dividend shall be transferred by the Company along with interest accrued, if any to the Investor Education and Protection Fund (‘the IEPF'), a fund established under sub-section (1) of section 125 of the Act. The details of unclaimed/unpaid dividend are available on the website of the Company viz. www.emmbi.com.
The details of unpaid dividend are as follows:-
Investors are advised to send all un-encashed dividend warrants pertaining to the years shown above to the Company for revalidation. It is further informed that unclaimed/ unpaid dividend pertaining to the Financial Year 2016-17 will become due for transfer to Investor Education and Protection Fund (IEPF) in FY 2024-25.
MANDATORY TRANSFER OF SHARES TO DEMAT ACCOUNT OF INVESTORS EDUCATION AND PROTECTION FUND AUTHORITY (IEPFA) IN CASE OF UNPAID/ UNCLAIMED
DIVIDEND ON SHARES FOR A CONSECUTIVE PERIOD OF SEVEN YEARS:
In terms of Section 124(6) of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time) (IEPF Rules) equity shares on which dividend has not been paid or claimed by a shareholder for a period of seven consecutive years will be transferred to the Investor Education and Protection Fund (IEPF) Suspense Account constituted under Section 125 of the Companies Act, 2013.
It is pertinent to mention that no claim shall lie against the Company, though shares which are transferred to the Suspense Account of IEPF can be claimed back by the shareholders from IEPF by following the procedure prescribed under the aforesaid rules.
Considering the statutory timelines, individual notices shall be served upon the shareholders, whose shares are liable to be transferred to IEPF Suspense Account. The underlying shares will be due to be transferred to the IEPF Suspense Account in FY 2024-25. Members whose unclaimed dividends/shares are/will be transferred to the IEPF Authority can claim the same by making an online application to the IEPF by following the refund procedure as detailed on the website of IEPF Authority http://www.iepf.gov.in/IEPF/refund.html.
STATUTORY AUDITOR:
R. Daliya & Associates, Chartered Accountants (Firm Registration No. 102060W), statutory auditor of the Company were appointed for a period of five years at rd Annual General Meeting as Statutory Auditors till the conclusion of 28th Annual General Meeting. The Board of Directors of the Company Section 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 as amended from time to time ("Act") and based on the recommendation of the Audit Committee, M/s. R. & Associates, Chartered Accountants, Firm Registration No. 102060W are re-appointed as the statutory auditors of the Company fr the conclusion forasecondtermof5(five)yearstoholdoffice of 28th annual general meeting until the conclusion of the 33rd annual general meeting of the Company. The Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.
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 had appointed Mr. Sanjay R. Dholakia, Practising Company Secretary, to conduct Secretarial Audit for the F.Y. 2023-24. The Secretarial Audit Report for the financial year ended 31st March, 2024 is attached and forms part of the Board Report as Annexure 2. Committee were accepted by
OBSERVATIONS – STATUTORY AUDITOR & SECRETARIAL AUDITOR
There are no qualifications, reservations, observations, disclaimers or adverse remarks contained in the Statutory Auditors Report or the Secretarial Audit Report of the Company.
The Secretarial Audit Report mentioned a delay in proceedings of the last Annual General Meeting to BSE Limited, caused by issues with the BSE Listing Centre, as noted in the report. Additionally, the company has received requests from some of the members of the Promoter group seeking Applications for this reclassification have been submitted to both BSE Limited and the National Stock Exchange of India Limited and are still pending as of the date of this report.
REPORTING OF FRAUDS BY THE AUDITORS
During the year under review, the Statutory Auditor 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 Companies Act, 2013.
REGISTERED OFFICE
There was no change in the Registered Office of the Company during the Financial Year under review. The present address of the Registered Office is as follows: 99/2/1 & 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi village, Union Territory of Dadra & Nagar Haveli and Daman & Diu, Silvassa-396230, India.
ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Act read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return is available on the website of the Company at www.emmbi.com.
BOARD MEETINGS
During the year under review, Five (5) Board Meetings were convened and held. Detailed information on the meetings of the Board and all its Committees are included in the report on Corporate Governance, which forms part of this Annual Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and the Listing Regulations
AUDIT COMMITTEE
The Board has constituted the Audit Committee as under:-Mr. Prashant K. Lohiya, Independent Director as Chairman Dr. Venkatesh G. Joshi, Independent Director, as a member Mr. Rama A. Krishnan, Independent Director, as a member Mrs. Rinku M. Appalwar, Executive Director as a member The Terms of reference of the Audit Committee, number and dates of meetings held, attendance of the members of the Committee and more details on the Committee are given in the Corporate Governance Report which forms part of this Annual Report. AlltherecommendationsoftheAudit the Board.
NOMINATION AND REMUNERATION COMMITTEE
The Board has constituted a Nomination and Remuneration Committee as under:- Mr. Prashant K. Lohiya, Independent Director as Chairman the Dr. Venkatesh G. Joshi, Independent Director as a member Mr. Rama A. Krishnan, Independent Director as a member The Terms of reference of the Nomination and Remuneration Committee, number and dates of meetings held, attendance of the . members of the Committee and more details on the Committee are given in the Corporate Governance Report which forms part of this Annual Report.
The Company has defined the policy on Director's appointment and remuneration including criteria for determiningqualifications, positive attributes, independence of a Director. The nomination & remuneration policy adopted by the Company has been posted on the Company's website www.emmbi.com.
STAKEHOLDERS' RELATIONSHIP COMMITTEE
The Board has constituted the Stakeholders' Relationship Committee as under:-Mr. Prashant K. Lohiya, Independent Director as Chairman Dr. Venkatesh G. Joshi, Independent Director as a member Mr. Rama A. Krishnan, Independent Director as a member Mrs. Rinku M. Appalwar, Executive Director as a member. The Terms of reference of the Stakeholders' Relationship Committee, number and dates of meetings held, attendance of the members of the Committee and more details on the Committee are given in the Corporate Governance Report which forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Board has Committee as under:-
Dr. Venkatesh G. Joshi, Independent Director as Chairman Mr. Rama A. Krishnan, Independent Director as a member Mr. Prashant K. Lohiya, Independent Director as a member Mrs. Rinku M. Appalwar, Executive Director as a member. The Corporate Social Responsibility Policy is available on the Company's website www.emmbi.com. The Terms of reference of the Corporate Social Responsibility meetings held, and attendance of the members of the Committee are given separately in the attached Corporate Governance Report. More details on the Committee are given in the Corporate Governance Report which forms part of this Annual Report.
MANAGERIAL REMUNERATION
The information required under Section 197(12) of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of the Board's Report for the year ended March 31, 2024 is given in a separate Annexure to this Report.
The above Annexure is not being sent along with this Report to the Members of the Company in line with the provision of Section 136 of the Companies Act, 2013. Members who are interested in obtaining these particulars may write to the Company Secretary at the Registered Office of the Company. The aforesaid Annexure will be available electronically for inspection by the members during the AGM and will also be available for inspection without any fee by the Notice upto the date membersfromthedateofcirculationofthis of AGM. Members seeking to inspect such documents can send an email to info@emmbi.com.
DISCLOSURE UNDER RULE 8(5)(XII) OF THE COMPANIES
(ACCOUNTS) RULES,2014 bank orTherewasnoinstanceofone-financial institution.
COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Act are not applicable for the business activities carried out by the Company.
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
As Company has not done any one-time settlement during the year under review hence no disclosure is required.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the assistance and co-operation received from the investors, customers, distributors, dealers, suppliers, stock exchanges, banks, financial institutions, Export Promotion Councils, Trade Bodies, Regulators such as SEBI, BSE, NSE, ROC, RBI, etc, Central and State Government authorities, other Semi Government & local authorities, Administration of Union Territory of Dadra & Nagar Haveli and Daman & Diu and business associates at all levels during the year under review.
The Board of Directors also wish to place on record their deep appreciation for the committed services and excellent work done by the employees of the Emmbi family at all levels during the year.