Directors Report
Your Directors have pleasure in presenting their Report for the financial year ended 31st
March, 2023.
Financial Results
(Rs. in million)
Description |
Year ended |
Year ended |
|
31.3.2023 |
31.3.2022 |
Revenue from operations |
136,447.7 |
130,997.3 |
Profit before exceptional items and tax |
5,280.9 |
7,473.6 |
Exceptional items |
153.1 |
125.6 |
Profit before tax |
5,434.0 |
7,599.2 |
Tax expense / (credit) |
1,405.1 |
1,650.8 |
Profit after tax |
4,028.9 |
5,948.4 |
Dividend |
346.3 |
259.7 |
Performance
Despite stabilization of demand and softening of the market prices, the revenue from
operations at Rs. 136,447.7 million, represents an increase of 4.2% over the previous
year. Your Company reported a Profit Before Tax (before exceptional items) of Rs. 5,280.9
million for the year ended 31st March, 2023 as compared to Rs. 7,473.6 million
in the previous year.
The Agricultural Solutions business of your Company registered good growth in revenues
during the year under review as compared to the previous year. The growth in the
Agricultural Solutions business was led by latest innovations viz. Exponus? in
the insecticides segment, Priaxor? in the fungicides segment, Vesnit?
and Tynzer? in the herbicides segment. The improved profitability of the
Agricultural Solutions business was mainly on account of better price realisation coupled
with higher volumes and lower input costs.
The Industrial Solutions segment of your Company comprising of the Dispersions, Resins,
Additives & Performance Chemicals businesses, registered flat revenue growth during
the period under review. The revenue of the Dispersions business was slightly higher as
compared to the previous year. In case of the Performance Chemicals business, there were
higher revenues from the sale of lubricants & automotive fluids to key customers due
to better price realisation. The margins of the Industrial Solutions segment were impacted
mainly on account of higher fixed costs and lower sales prices.
The Materials segment of your Company comprising of the Performance Materials &
Monomers businesses registered modest growth in revenue during the year under review as
compared to the previous year. Although the Performance Materials business of the Company
registered strong volume growth across segments like Transportation, Appliances, Footwear,
margins were mainly impacted due to lower price realisation. The Monomers business of your
Company registered lower volumes due to reduced demand on account of market sentiments.
The profitability of the Materials Segment was significantly impacted due to decline in
volumes and increased input costs. The Surface Technologies segment of your Company
comprising of the Coatings & Catalysts businesses registered good growth in sales due
to strong volumes and increased prices. The margins of the Surface Technologies segment
improved significantly during the year under review as compared to the previous year due
to better price realisation. The Nutrition & Care segment of your Company comprises of
the Care Chemicals and Nutrition & Health businesses. The Care Chemicals business of
your Company registered higher sales during the year under review as compared to the
previous year driven mainly by the increased selling prices. However, the margins of the
Care Chemicals business were impacted due to high feed stock prices and changes in the
product mix. The Nutrition & Health business of the Company registered good growth and
margins due to increased selling prices and higher price realisation.
During the year under review, the revenues & margins of the Chemicals segment of
your Company comprising of the Petrochemicals & Intermediates businesses was impacted
mainly due to lower volumes and higher input costs. Export sales stood at Rs. 3,072.3
million during the year under review.
Divestiture of Kaolin Minerals Business
During the previous financial year 2021-22, your Company was informed by BASF SE,
Germany (Ultimate Holding Company) about the global divestiture of Kaolin Minerals
Business to KaMin LLC / CADAM S.A. (KaMin), a global performance minerals company
headquartered in Macon, Georgia, United States.
On 30th September 2022, your Company was informed by BASF SE, Germany that
BASF had successfully completed the divestiture of its Kaolin Minerals business to KaMin
LLC after fulfilment of the necessary conditions.
Transfer to Reserves
The Company has not transferred any amount to the Reserves for the financial year ended
31st March, 2023.
Share Capital
During the year under review, there has been no change in the share capital of the
Company. The authorised share capital of the Company, as on 31st March, 2023 is
Rs. 715,597,150/-, which is divided into 71,559,715 equity shares of Rs. 10/- each.,
whereas the issued share capital of the Company comprises of 43,285,640 equity shares of
Rs. 10/- each aggregating to Rs. 432,856,400/-.
Removal of Master Builders Solutions Deutschland GmbH (formerly known as BASF
Construction Solutions GmbH) name from the list of Promoter Group Shareholders of the
Company
During the previous financial year 2021-22, your Company had received a request from
Master Builders Solutions Deutschland GmbH (formerly known as BASF Construction Solutions
GmbH) holding NIL equity shares in the Company to remove their name from the list of
Promoter Group Shareholders of the Company.
Accordingly, the Board of Directors of your Company, at its Meeting held on 30th
March, 2022 had approved their request for removal of their name from the list of Promoter
Group Shareholders of the Company and necessary applications were filed with BSE Ltd and
National Stock Exchange of India Ltd. On 22nd February, 2023, your Company has
received approval from BSE Ltd and National Stock Exchange of India Limited for removal of
the name of Master Builders Solutions Deutschland GmbH (formerly known as BASF
Construction Solutions GmbH) from the list of Promoter Group Shareholders, pursuant to the
provisions of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Dividend
The Board of Directors of your Company have recommended a Dividend of Rs. 8/- per
equity share i.e., 80% for the financial year ended 31st March, 2023. The
Dividend would be paid, subject to the approval of the Members at the forthcoming Annual
General Meeting on 4th August, 2023.
Further, as per Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure
Requirements)Regulations,2015("SEBIListingRegulations"),thetop1000listedentitiesbasedonmarketcapitalization
are required to formulate a Dividend Distribution Policy. Accordingly, your Company has
formulated its Dividend Distribution Policy, which is available on the Company's website
at https://bit.ly/basfdividenddistributionpolicy.
Changes in Directors
Mr. Narayan Krishnamohan resigned as the Managing Director of the Company, with effect
from the close of business hours on 31st December, 2022 to pursue his interest
and opportunity outside BASF. The Board of Directors of your Company place on record its
sincere appreciation for the valuable contributions made by Mr. Narayan Krishnamohan
during his tenure as the Managing Director of the Company. The Board of Directors of the
Company at its Meeting held on 22nd November, 2022 appointed Mr. Alexander
Gerding as the Managing Director of the Company for a term of 5 years, effective 1st
January, 2023, subject to the approval of the Members of the Company and the Ministry of
Corporate Affairs (Central Government), as may be required. Mr. Alexander Gerding has also
been appointed as the Chairman of the Risk Management Committee and Member of the
Stakeholders' Relationship Committee, effective 1st January, 2023, in place of
Mr. Narayan Krishnamohan. Mr. Alexander Gerding was born in Bremen, Germany in 1979. He
joined BASF in 2000 in a dual study program and obtained his Master of Business
Administration at UNCG, North Carolina, United States, in 2005. He has been with BASF for
more than 22 years, having handled various leadership responsibilities in Germany, United
States and Argentina among other countries. At the time of his appointment, Mr. Alexander
Gerding was the Vice President-Business Management for Agricultural Solutions EMEA East.
Mr. Alexander Gerding has valuable experience of 20 years in the Agricultural Solutions
business.
Mr. Rajesh Naik resigned as the Manufacturing Head & Whole-time Director of the
Company, with effect from the close of business hours on 31st December, 2022,
to pursue a regional role within BASF. The Board of Directors of your Company place on
record its sincere appreciation for the valuable contributions made by Mr. Rajesh Naik
during his tenure as the Manufacturing Head & Whole-time Director of the Company.
The Board of Directors of the Company at its Meeting held on 22nd November,
2022 appointed Mr. Anil Choudhary as the Manufacturing Head & Whole-time Director of
the Company for a term of 5 years, effective 1st January, 2023, subject to the
approval of the Members of the Company. Mr. Anil Choudhary has also been appointed as a
Member of Corporate Social Responsibility Committee and Stakeholders' Relationship
Committee, effective 1st January, 2023, in place of Mr. Rajesh Naik.
Mr. Anil Choudhary has completed his Bachelors' in Mechanical Engineering and
Post-Graduation in Marketing Management. He has been with BASF since 2004 and has held
various leadership positions in BASF. He was earlier the Managing Director of BASF
Catalysts India Private Limited. At the time of his appointment, Mr. Anil Choudhary was
the Business Director of the Performance Materials business of the Company. Effective 1st
January 2023, Mr. Anil Choudhary is responsible for the Materials, Industrial Solutions
& Surface Technologies Business Segments of the Company. He is also responsible for
all the manufacturing sites of the Company and has been appointed as an Occupier under the
Factories Act, 1948 and the person responsible under the Legal Metrology Act, 2009.
The Members' approval for the appointment of Mr. Alexander Gerding as the Managing
Director and Mr. Anil Choudhary as the Manufacturing Head & Whole-time Director of the
Company for a term of 5 years, respectively, effective 1st January, 2023 was
obtained by way of Postal Ballot on 30th December, 2022.
Further, based on the recommendation of the Nomination & Remuneration Committee,
the Board of Directors of the Company at their meeting held on 10th May, 2023,
have recommended the re-appointment of Mrs. Shyamala Gopinath as Independent Director of
the Company for a second term of five years from 23rd January 2024 to 22nd
January 2029, subject to the approval of the Members of the Company, pursuant to the
provisions of Sections 149, 150, 152 and all other applicable provisions of Companies Act,
2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 [including
any amendment(s), statutory modification(s) or re-enactment(s) thereof for the time being
in force] read with Schedule IV of the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended from time to time.
In accordance with the provisions of Section 152 (6) of the Companies Act, 2013, Dr.
Carola Richter being eligible, offers herself for re-appointment as Director of the
Company at the 79th Annual General Meeting of the Company to be held on 4th
August, 2023.
As required under the SEBI Listing Regulations, the details of the Director(s) seeking
re-appointment at the ensuing Annual General Meeting are provided on page no. 79 the
Corporate Governance Report, forming part of this Annual Report.
Finance & Accounts
Your Company continued to optimize borrowing during the year by focusing on cash flows
from operations and working capital management. Your Company had NIL borrowings as at the
end of financial year 2022-2023. Your Company continued to focus on managing cash
efficiently and ensured that it had adequate credit lines from Company's bankers. Your
Company's debt equity ratio was Nil as at 31st March, 2023.
Capital Expenditure
Capital expenditure incurred during the year aggregated to Rs. 968.9 million.
Credit Rating
During the year, CRISIL Ltd re-affirmed the credit rating of CRISIL AAA/Stable'
for the long term debt programme of your Company. The ratings on the Fixed Deposits and
Commercial Paper have been re-affirmed at FAAA/Stable' and CRISIL A1+',
respectively.
Further, India Ratings and Research Private Limited has also maintained a credit rating
of IND A1+' for Commercial Paper Programme of Rs. 7,500 million of your Company.
Instruments with these ratings are considered to have the highest degree of safety
regarding timely servicing of financial obligations & carry lower credit risk.
Fixed Deposits
During the year, your Company has not invited, accepted, or renewed any fixed deposits
from the public and accordingly, there is no principal or interest outstanding in respect
thereof.
Management Discussion and Analysis Report
In terms of the SEBI Listing Regulations, the Management Discussion and Analysis Report
is appended to this Annual Report.
Corporate Governance
Your Company is committed to maintain the highest standards of Corporate Governance and
has complied with the Corporate Governance requirements as per the SEBI Listing
Regulations.
A separate report on Corporate Governance as stipulated under the SEBI Listing
Regulations along with a Certificate of Compliance from the Statutory Auditors, forms part
of this Annual Report.
Corporate Social Responsibility
As required under the provisions of the Companies Act, 2013, the Board of Directors of
your Company have constituted a Corporate Social Responsibility (CSR) Committee on 30th
April, 2013.
Mr. Arun Bewoor, Mr. R. A. Shah, Independent Non-Executive Directors and Mr. Anil
Choudhary, Manufacturing Head & Whole-time Director (effective 1st January,
2023) are presently the members of the CSR Committee. Mr. Manohar Kamath, Director
Legal, General Counsel (India) & Company Secretary of the Company acts as the
Secretary of the CSR Committee, effective 1st March, 2022.
The CSR Committee has formulated the CSR Policy and has recommended the activities to
be undertaken by the Company as specified under Schedule VII of the Companies Act, 2013.
During the year under review, two meetings of the CSR Committee were held on 3rd
August, 2022 and 31st January, 2023 respectively to review and recommend to the
Board of Directors, the CSR activities to be undertaken by the Company during the
financial year 2022-2023. Your Company was required to spend an amount of Rs. 86.0 million
(Gross Amount) during the financial year 2022-2023 out of which an amount of Rs. 1.7
million was set-off i.e., excess amount spent towards CSR activities during the previous
financial year 2021-2022. The net amount required to be spent / allocated towards CSR
projects / activities during the financial year 2022-23 was Rs. 84.3 million.
The details of the ongoing CSR projects initiated by the Company mainly in the areas of
Education, Water, Hygiene and Sanitation, are provided in Annexure I of this Report.
Business Responsibility & Sustainability Report
Regulation 34(2) of the SEBI Listing Regulations, inter alia, provides that the Annual
Report of the top 1000 listed entities based on market capitalization, should mandatorily
include a Business Responsibility & Sustainability Report ("BRSR") from
financial year 2022-23 onwards.
Although the top 1000 listed entities were mandatorily required to publish BRSR from
financial year 2022-23 onwards, your Company had published the said Report on a voluntary
basis during the financial year 2021-2022. In line with the SEBI listing requirements,
your Company has included BRSR as part of this Report for the financial year 2022-23, as
Annexure II, describing the initiatives taken by the Company from an environmental, social
and governance perspective.
The BRSR for the financial year 2022-2023 has also been hosted on the Company's
website, which can be accessed at www.basf.com/in Vigil Mechanism
Your Company has established a Whistle Blower Policy for employees, Directors and third
parties to report their genuine concerns, details of which have been given in the
Corporate Governance Report annexed to this Report. This policy is available on the
Company's website and can be accessed at: https://bit.ly/basfwhistleblowerpolicy.
Directors' Responsibility Statement
Your Directors confirm that:
(i) in the preparation of the annual accounts, the applicable accounting standards have
been followed;
(ii) 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 ended 31st
March, 2023 and of the profit of the Company for that period; (iii) they have taken proper
and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; (iv) they have prepared the
annual accounts on a going concern basis; (v) they have laid down internal financial
controls to be followed by the Company and such internal financial controls are adequate
and operating effectively; and (vi) they have devised proper systems to ensure compliance
with the provisions of all applicable laws and such systems are adequate and operating
effectively.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with sub-rule 3
of Rule 8 of the Companies (Accounts) Rules, 2014, forms part of this Report as Annexure
III.
Performance Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the SEBI Listing Regulations,
your Company has devised a policy containing criteria for evaluating the performance of
the Executive, Non-Executive and Independent Directors, Key Managerial Personnel, Board
and its Committees based on the recommendation of the Nomination & Remuneration
Committee. Feedback was sought by way of a structured questionnaire covering various
aspects of the Board's functioning, such as adequacy of the composition of the Board and
its Committees, Board culture, execution and performance of specific duties, obligations,
and governance. The manner in which the evaluation has been carried out is explained in
the Corporate Governance Report, forming part of this Annual Report.
The Board of Directors of your Company expressed satisfaction about the transparency of
disclosures, maintenance of higher governance standards and updation of the Independent
Directors on key topics impacting the Company.
Policy on Directors' appointment and remuneration
The policy on Directors' appointment and remuneration including determination of the
qualifications, positive attributes, independence of a Director and other matters provided
under Section 178(3) of the Companies Act, 2013, forms part of the Nomination &
Remuneration Policy of the Company. This policy is available on the Company's website and
can be accessed at: https://bit.ly/basfnrc Statutory Auditors
M/s. Price Waterhouse Chartered Accountants LLP (Registration No. 012754N/N500016),
Mumbai, have been re-appointed as Statutory Auditors of the Company for a further period
of 5 years i.e., from the conclusion of the Annual General Meeting of the Company held on
3rd August, 2022 upto the conclusion of the Annual General Meeting to be held
in the calendar year 2027. They have confirmed to the Company that they are not
disqualified from continuing to act as Statutory Auditors of the Company.
Further, the provision with respect to annual ratification of appointment of Statutory
Auditors has been removed by the Companies Amendment Act, 2017 and also from Companies
(Audit and Auditors) Rules, 2014.
Secretarial Audit
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 M/s. HSPN & Associates, LLP, Practicing Company Secretaries, Mumbai (C.P.
1483), to conduct the Secretarial Audit of the Company for the financial year 2022-2023
and to furnish their report to the Board. The Secretarial Audit Report dated 10th
May, 2023 forms part of this Report as Annexure IV.
Qualifications/Reservations in the Auditors' Report & Secretarial Audit Report
There are no qualifications/reservations placed by the Statutory Auditors and the
Secretarial Auditor in their respective Reports for the financial year ended 31st
March, 2023.
Compliance with Secretarial Standards
Your Company has duly complied with the applicable Secretarial Standards (SS')
issued by the Institute of Company Secretaries of India relating to Meetings of the Board
and its Committees ('SS1') and General Meetings ('SS2'), respectively, during the year
under review.
Reporting of Frauds by Auditors
During the year under review, there have been no instances of fraud committed against
the Company by its officers or employees, which were required to be reported to the Audit
Committee / Board of Directors of the Company, by the Statutory Auditors or the
Secretarial Auditor under Section 143(12) of the Companies Act, 2013.
Cost Audit
The Board of Directors, in pursuance of Section 148 of the Companies Act, 2013, have
appointed M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai, having Registration No.
000010, for conducting the audit of the cost accounting records maintained by the Company
for the financial year 2023-2024. The Cost Auditors have confirmed that their appointment
is within the limits of Section 141(3)(g) of the Companies Act, 2013 and that they are not
disqualified from acting as the Cost Auditors of the Company.
Composition of the Audit Committee
As required by Section 177(8) read with Section 134(3) of the Companies Act, 2013 and
the Rules framed thereunder, the composition of the Audit Committee is in line with the
provisions of the Companies Act, 2013 and the SEBI Listing Regulations, details of which
are provided in the Corporate Governance Report, forming part of this Annual Report.
Related Party Transactions
All related party transactions that were entered into by the Company during the
financial year were on arms' length basis. There are no materially significant related
party transactions entered into by the Company with its Promoters, Directors, Key
Managerial Personnel or other Related Parties, which may have a potential conflict with
the interest of the Company at large.
All related party transactions are placed before the Audit Committee for its approval.
Prior omnibus approval of the Audit Committee is obtained for transactions, which are
repetitive in nature. A statement giving details of all related party transactions is
placed before the Audit Committee and the Board of Directors for their approval on a
quarterly basis. The policy on Related Party Transactions, as approved by the Board, is
available on the Company's website and can be accessed at: https://bit.ly/basfrptpolicy.
The Company has updated the policy on Related Party Transactions in line with the recent
provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Your Directors draw the attention of the Members to Note No. 49 of the Financial
Statements, which sets out related party disclosures under the Indian Accounting Standards
(IND AS).
Further, the disclosures as required under Section 134(3)(h) of the Companies Act, 2013
in Form AOC2, form part of this Report, as Annexure V.
Particulars of loans, guarantees or investments under Section 186 of the Companies Act,
2013
During the financial year 2022-2023, your Company has placed Inter-Corporate Deposits
with the following BASF Group Companies: -i) BASF Chemicals India Private Limited
Rs. 450 million (outstanding Nil as on 31st March 2023) ii) BASF Catalysts
India Private Limited Rs. 1,500 million (outstanding Rs. 1,500.9 million as on 31st
March 2023) Your Directors draw the attention of the Members to Note No. 49 of the
Financial Statements, which sets out the disclosures under the Indian Accounting Standards
(IND AS).
Weblink of Annual Return
The Annual Return of the Company for the financial year ended 31st March,
2023 in Form MGT-7 is available on the Company's website and can be updated for FY 22-23
at: https://bit.ly/basfannualreturn22-23
Particulars of Employees
The particulars of employees required to be furnished pursuant to Section 197(12) of
the Companies Act, 2013 read with sub-rules 2 and 3 of Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended, forms part
of this Report as Annexure VI. However, as per the provisions of Section 136 of the
Companies Act, 2013, read with sub-rules 2 and 3 of Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the Annual Report excluding the
statement of particulars of employees, is being sent to all the Members of the Company.
Any Member interested in obtaining a copy of the said statement may write to the Company
Secretary at manohar.kamath@basf.com and / or at the Registered Office address of the
Company.
Prevention of Sexual Harassment at the Workplace
Your Company gives prime importance to the dignity and respect of its employees
irrespective of their gender or hierarchy and expects responsible conduct and behaviour on
the part of employees at all levels. Providing a safe and congenial work environment for
all employees is an integral part of the Company's Code of Conduct.
As per the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules made thereunder, your Company has
adopted a Policy for Prevention of Sexual Harassment at Workplace and has constituted an
Internal Committee (IC). The names of the IC Members are displayed on the notice board in
each office and manufacturing site. All employees as well as contract staff and trainees
are covered by this policy. Allegations of sexual harassment reported are expeditiously
and discreetly investigated and disciplinary action, if required, is taken in accordance
with the policy.
There was no complaint of sexual harassment received during the financial year
2022-2023.
Training programs on prevention of sexual harassment at the workplace are also
conducted at regular intervals. During the year under report, your Company conducted
awareness programmes on the policy for its employees. Your Company had also rolled out an
e-learning module to sensitize & create awareness amongst the employees of the Company
on prevention of sexual harassment.
Risk Management
Your Company has in place a mechanism to inform the Board about the risk assessment and
minimization procedures and undertakes periodical review of the same to ensure that the
risks are identified and controlled by means of a properly defined framework. In the
Board's view, there are no material risks, which may threaten the existence of the
Company. The Board also reviewed the implications of the recent geo-political crisis and
the effects associated thereof on the Company.
Internal Financial Control Systems and their adequacy
Your Company has policies and procedures for ensuring the orderly and efficient conduct
of its business, including adherence to the Company's policies, safeguarding of its
assets, prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information.
Additional details on Internal Financial Controls and their adequacy are provided in the
Management Discussion and Analysis Report, forming part of this Annual Report.
Significant and material orders passed by Regulators or Courts
Certain litigations pending with Regulators or Courts have been disclosed as Contingent
Liabilities in Note no. 39 of the Notes to the financial statements for the financial year
ended 31st March, 2023. There are no significant and material orders passed by
the Regulators / Courts, which would impact the going concern status of the Company and
its future operations.
Material changes and commitments affecting the financial position of the Company
While the COVID-19 pandemic has been left behind, the global crisis has escalated due
to the ongoing geo-political crisis. Upon evaluation, there have been no 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 this Report.
Board Meetings
Six (6) Board Meetings were held during the financial year 2022-2023 on the following
dates: (1) 9th May, 2022 (2) 3rd August, 2022 (3) 10th
November, 2022 (4) 22nd November, 2022 (5) 31st January, 2023 (6) 27th
March, 2023
Declaration of Independence
The Company has received declarations from all the Independent Non-Executive Directors
of the Company confirming that they meet the criteria of independence as prescribed under
Section 149(6) of the Companies Act, 2013 and the SEBI Listing Regulations as amended.
Other Disclosures
The Company has not issued any shares with differential voting rights/ sweat
equity shares.
There was no revision in the Financial Statements for the financial year ended
31st March, 2022.
There has been no change in the nature of business of the Company as on the date
of this report.
There are no proceedings filed against the Company under the Insolvency and
Bankruptcy Code, 2016 during the financial year 2022-2023. Your Company has initiated
action against few customers under the Insolvency and Bankruptcy Code, 2016.
Employee Relations
Your Directors place on record their sincere appreciation of the contribution made by
the employees at all levels to the growth of the Company. Industrial Relations at all our
manufacturing sites remained cordial.
Acknowledgments
The Board of Directors take this opportunity to thank BASF SE, Germany and all other
stakeholders including customers, suppliers, bankers, business partners/associates,
Central and State Governments, regulatory authorities and the society at large for their
consistent support and co-operation to the Company. Your Directors thank the Members and
investors for their confidence in the Company.
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