Dear Shareholders,
Your Directors hereby presents the 39th Annual Report of your Company
together with the Audited Statement of Accounts and the Auditors? Report of your
company for the financial year ended, 31st March, 2023. The summarized financial results
for the year ended 31st March, 2023 are as uder:
FINANCIAL RESULTS
Amount in Lakhs
Particulars |
Consolidated |
Standalone |
Consolidated |
Standalone |
|
31-03-2023 |
31-03-2023 |
31-03-2022 |
31-03-2022 |
Total income |
4903.50 |
4421.52 |
3536.95 |
3,504.61 |
Operating profit before interest, |
35755 |
347.31 |
175.26 |
174.07 |
depreciation and tax |
|
|
|
|
Interest and financial charges |
61.57 |
59.14 |
52.54 |
52.49 |
Depreciation |
160.51 |
126.02 |
103.78 |
103.07 |
Profit before taxation |
135.47 |
162.15 |
18.94 |
18.51 |
Provisions for taxation |
50.36 |
48.43 |
3.07 |
3.04 |
Profit / (Loss) after taxation |
85.11 |
113.72 |
15.87 |
15.47 |
Transfer to General Reserves |
- |
- |
- |
- |
Provision for dividend |
- |
- |
- |
- |
Provision for dividend tax |
- |
- |
- |
- |
Other Comprehensive Income |
(6.61) |
(6.63) |
11.13 |
11.14 |
Balance carried to Balance Sheet |
78.50 |
107.09 |
27.00 |
26.61 |
REVIEW OF OPERATIONS:
During the period, the total income of the Company increased to Rs.
4,421.52 lakhs as compared to Rs. 3,504.61 lakhs of the previous year. The net profit
before tax for the period is Rs. 162.15 lakhs as compared to net profit of Rs. 18.51 lakhs
of the previous year. The net earnings after tax and comprehensive income Rs. 10709 lakhs
as compared to Rs. 26.61 lakhs in the previous year.
We, at Anjani Foods Limited focused on the following:
i. Safety of employees and other stakeholders and
ii. Ensuring availability of our quality products, which are daily
essentials in the place of its operations.
Your Directors wish to place on record their appreciation to the
company?s employees, suppliers, customers and government authorities for their
selfless efforts. The ownership and responsiveness shown by all the stakeholders is
unparallel and is a testimony of the spirit of this great organization.
Your Company shall review the long-term business opportunities and take
all steps necessary to adapt itself to emerging changes and the new normal.
The Board of Directors confirm that in the preparation of Profit &
Loss Account for the year end and Balance Sheet as at that date ("Financial
Statements") that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation relating to material
departures;
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the
financial year and of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and d e t e c t i n g f r a
u d a n d o t h e r irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) The directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.
(f) 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.
SCLOSURES UNDER SECTION 134 OF THE COMPANIES ACT, 2013
1. State of affairs of the company:
The Company operates in the business of Food and Beverages sector.
During the year, the Company?s Income has increased which is reflected in the
financial results of the Company. The company operates through two segments. The first
segment being "Retail" where bakery outlets are operational in various parts of
the city in Visakhapatnam and Student?s Cafe outlets in Bhimavaram & Hyderabad.
The second segment o f ou r supply cha i n i s "Distribution & Modern Trade"
where the products are sourced to rural districts of Andhra Pradesh namely Visakhapatnam,
Kakinada, Vijayanagaram, Bhimavaram, East Godavari and West Godavari. The company aims at
diversifying and penetrating new markets in other states with better quality products in
the coming years.
2. Amounts, if any, they proposed to carry to any reserves:
The Board of Directors does not appropriate any amount to be
transferred to General Reserves during the year under review.
3. Dividend:
The Directors have not recommended any dividend for the year.
4. Share Capital:
The Authorised Share Capital of the Company is Rs. 8,00,00,000/-
(Rupees Eight Crores Only) divided into 4,00,00,000 (Four Crores) Equity Shares having
face value of Rs.2/- (Rupees Two) each.
The paid-up share capital of the Company is Rs. 5,58,97,800 divided
into 2,79,48,900 equity shares of Face Value Rs. 2/- each. During the year your company
has done sub-division of shares form Rs. 10/- each to 5 equity shares of Rs. 2/- each.
During the year under review, the Company has not issued any shares
with differential voting rights nor granted stock options nor sweat equity.
5. Deposits:
Your company has not accepted any public deposits as such; no amount on
account of principal or interest on public deposits was outstanding as on the date of the
Balance Sheet.
6. Number of meetings of the Board:
Secretarial Standards as applicable have been complied with. Five (5)
meetings of the Board were held during the year as per the details given below:
S. No. |
Date of meeting |
Total No. of Directors on the Date of
Meeting |
No. of Directors attended |
% of Attendance |
1. |
30.05.2022 |
8 |
8 |
100.00 |
2. |
12.08.2022 |
8 |
4 |
50.00 |
3. |
29.09.2022 |
8 |
4 |
50.00 |
4 |
14.11.2022 |
8 |
5 |
62.50 |
5. |
13.02.2023 |
8 |
5 |
62.50 |
Directors Attendance:
Name of the Director |
Total No. of Meetings |
No. of Meetings attended |
% of Attendance |
Mr. K.V. Vishnu Raju |
5 |
i |
20.00 |
Mrs. K. Anuradha Raju |
5 |
i |
20.00 |
Mr. K. Aditya Vissam |
5 |
5 |
100.00 |
Mr. R. Ravichandran |
5 |
5 |
100.00 |
Mr. P.S. Ranganath |
5 |
5 |
100.00 |
Mr. P.S. Raju |
5 |
1 |
20.00 |
Mr. K. Hari Babu |
5 |
3 |
60.00 |
Mr. S.V.S.Shetty |
5 |
5 |
100.00 |
7. Board Evaluation:
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors pursuant to the
provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
requirements) Regulations, 2015.
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the Board composition
and structure, effectiveness of board processes, information and functioning, etc.
In a separate meeting of Independent Directors, performance of
NonIndependent directors, performance of the Board as a whole and performance of the
Chairman was evaluated, taking into accounts the views of Executive Directors and
Non-Executive Directors. The same was discussed in the board meeting that followed the
meeting of the Independent Directors, at which the performance of Board, its committee and
individual directors was also discussed.
8. Policy on Directors? appointment and remuneration and others
details:
The Company?s policy on Directors appointment and remuneration and
other matters provided in section 178 of the Companies Act are as under:
Nomination and Remuneration Policy of Anjani Foods Limited
Introduction
The Remuneration Policy of Anjani Foods Limited (the
"Company") is aligned with the compensation philosophy of its competitors which
is to pay competitively and reward performance. To achieve this philosophy, total
compensation is based
on employee?s role, market value of job and employees?
contributions.
This Policy is designed to attract, motivate, and retain talent by
creating a congenial work envi ronment, encoura gi ng initiatives, personal growth and
team work, and inculcating a sense of belonging and involvement, besides offering
appropriate remuneration packages and retirement benefits.
The policy reflects the Company's objectives for good corporate
governance as well as sustained long-term value creation for shareholders.
This Remuneration Policy applies to Directors and senior management
including its Key Managerial Personnel (KMP) of the Company.
1. Definitions
"Act" means the Companies Act, 2013 and Rules framed there
under, as amended from time to time.
"Board" means Board of Directors of the Company.
"Committee" means Nomination and Remuneration Committee
constituted by the Board
"Directors" mean Directors of the Company.
"Key Managerial Personnel" means
Chief Executive Officer or the Managing Director or Manager,
Whole-time director;
Chief Financial Officer;
Company Secretary; and Such other officer as may be prescribed by the
Companies Act, 2013.
"Executive Directors" mean Managing Director/ Jt. Managing
Director and Whole Time Director, if any.
"Senior Management" means personnel of the company who are
members of senior leadership typically vice presidents or equivalent and higher position
levels.
2. Guiding Priniciple
The guiding principle is that the remuneration and the other terms of
employment should effectively help in attracting and retaining talented employees.
While designing remuneration packages, industry's best practices, cost
of living and potential of employees are also taken into consideration.
3. Policy Relating To The Remuneration For The Whole-Time Director,
KMP?s And Senior Management Personnel
3.1. General:
a) The remuneration package of KMP will be determined by the Committee
and recommended to Board for approval. In addition, the approval of the shareholders of
the Company and Central Government, wherever required, will be obtained for the
remuneration package of Executive Directors. The remuneration package o f o t h er s e n i
o r m a n a g e m en t personnel will be recommended by Chairman & Managing Director
and submitted to Committee for approval.
b) The remuneration packa ge of Executive Directors shall be in
accordance with the percentage / slabs / conditions laid down in the Act.
c ) I n c r e m e n t s t o t h e e x i s t i n g remuneration package
of Executive Directors may be recommended by the Committee to the Board which should be
within the slabs approved by the Shareholders.
3.2. Where any insurance is taken by the Company on behalf of its
Directors, Executive Directors, Whole-time Director, Chief Executive Officer, Chief
Financial Officer, the Company Secretary and any other employees for indemnifying them
against any liability, the premium paid on such insurance shall not be treated as part of
the remuneration payable to such personnel.
4. Remuneration to Executive directors, KM P ? s a n d s e n i or
ma n a g e m e n t personnel:
1. Pay and Allowances: The Executive Directors, KMP and Senior
Management Personnel shall be eligible for a monthly remuneration as may be approved by
the C o m m i t t e e o r B o a r d o n t h e recommendation of the Committee. The
remuneration comprises of basic pay and allowances in addition to perquisites such as
contribution to Provident Fund, Gratuity, group life insurance, group medical insurance
etc.
2. Minimum Remuneration: If, in any
financial year, the Company has no profits or its profits are
inadequate, the Company shall pay remuneration to its Executive Directors in accordance
with the provisions of Schedule V of the Act and if it is not able to comply with such
provisions, with the previous approval of the Central Government.
3. Provisions for excess remuneration: If
any Whole-time Director/Managing Director draws or receives, directly
or indirectly by way of remuneration any such sums in excess of the limits prescribed
under the Act or without the sanction of the Central Government, where required, he / she
shall refund such sums to the Company and until such sum is refunded, hold it in trust for
the Company. The Company shall not waive recovery of such sum refundable to it unless
permitted by the Central Government.
4. Remuneration to Independent Directors:
a. Remuneration/Commission: The remuneration/commission shall be fixed
as per the slabs and conditions mentioned in the Act.
a) Sitting Fees: Independent Director may receive remuneration by way
of fees for attending meetings of Board or Committee thereof. Provided that the amount of
such fees shall not exceed the amount fixed by the Board from time to time.
b) Commission: Commission may be paid within the monetary limit
approved by shareholders, subject to the limit not exceeding 1% of the profits of the
Company computed as per the applicable provisions of the Act.
c) Stock Options: An Independent Director shall not be entitled to any
stock options of the Company.
d) Expenses for attending meetings:
The expenses incurred by the Independent Directors for attending the
meetings of Board of Directors and Committees of the Board shall be reimbursed by the
Company or alternatively the Company may provide air tickets, lodging facility and
conveyance to the Independent Directors.
5. Disclosure of information
Information on the total remuneration of members of the Company's Board
of Directors, Whole time Directors and KMP/senior management personnel may be disclosed in
the Company's annual financial statements/ Annual Report as per statutory requirements.
6. Application of the Remuneration Policy
This Remuneration Policy shall continue to guide all future employment
of Directors, Company's Senior Management including Key Managerial Personnel.
7. Performance evaluation criteria for Independent Directors:
The Board of Directors evaluates the performance of independent
directors on yearly basis.
a. All pecuniary relationship or transactions of the non-executive
directors
The Company has not paid any amount as sitting fees for attending Board
meetings of the Company during the financial year ended on March 31, 2023.
b. Disclosure with respect to remuneration:
No other element of remuneration package is paid to the Non-Executive
Directors.
The Company did not issue any stock options during the year.
Two meetings of the committee were held throughout the year. The date
being 28.05.2022 and 11.08.2022 which were attended by all committee members.
The composition, powers, role and terms of reference of the Committee
are in accordance with the requirements mandated under Section 178 of the Companies Act,
2013 The Nomination & Remuneration Committee as on 31 March 2023, comprised following
three (3) NonExecutive Directors:
Name |
Positions held in the committee |
Number of Meeting s held |
Number of meetings attended |
K.Hari Babu |
Chairman |
2 |
2 |
P.S.Ranganath |
Member |
2 |
2 |
K.Anuradha Raju |
Member |
2 |
2 |
8. Internal Financial Control Systems and their Adequacy:
The details in respect of internal financial control and their adequacy
are included in the Management Discussion & Analysis and which forms a part of this
report.
9. Audit Committee:
The composition, powers, role and terms of reference of the Committee
are in accordance with the requirements mandated under Section 177 of the Companies Act,
2013 and as per SEBI (Listing Obligations and Disclosure Requirements), 2015.The Audit
Committee as on 31 March 2023, comprised following four (4) Non-Executive Directors, (1)
one Managing Director and one (1) Wholetime Director
Name |
Positions held in the committee |
Number of Meeting s held |
Number of meetings attended |
P.S. Ranganath |
Chairman |
4 |
4 |
K. Hari Babu |
Member |
4 |
2 |
R. Ravichandran |
Member |
4 |
4 |
K. Aditya Vissam |
Member |
4 |
4 |
P.S.Raju |
Member |
4 |
1 |
S.V.S.Shetty |
Member |
4 |
4 |
The role of the Audit Committee flows directly from the Board of
Director?s overview function, which holds the Management accountable to the Board and
the Board accountable to the stakeholders. The term of reference of the Audit Committee
broadly includes: -
i) acting as a catalyst, in helping the organization achieve its
objectives
ii) The Audit Committee?s primary role is to review the
Company?s financial statements, internal financial reporting process, internal
financial controls, the audit process, adequacy, reliability and effectiveness of the
internal control systems and risk management process, vi g i l m e c h a n i s m , re l a
t e d p a rt y transactions, monitoring process for compliance with laws and regulations
and the code of conduct.
iii) The Audit Committee also reviews Management letters and the
responses thereto by the Management. During the year under review.
iv) The Audit Committee held four (4) Meetings, the dates of the
meetings being 28/05/2022, 11/08/2022, 11/11/2022 and 10/02/2023.
Chief Financial Officer, Internal Auditors, Statutory Auditors and
other Executives as considered appropriate, also attended the Audit Committee Meetings.
Internal Audit and Control: M/s. Siva Prasad V R K S & Co.,
Chartered Accountants, are the Internal Auditors of the Company and their internal audit
plan and remuneration are approved by the Audit Committee. The reports and findings of the
Internal Auditor and the internal control system are periodically reviewed by the Audit
Committee.
All members of Audit Committee are financially literate and have
accounting and related financial management expertise.
All the recommendations made by the Committees of Board including the
Audit Committee were accepted and approved by the Board.
10. Stakeholders Relationship Committee:
The composition, powers, role and terms of reference of the Committee
are in accordance with the requirements mandated under Section 178 of the Companies Act,
2013 as per SEBI (Listing Obligations and Disclosure Requirements), 2015. The Stakeholders
Relationship Committee as on 31 March 2023, comprised with following three (3) Directors,
further 2 (Two) meetings were held throughout the year on 28.05.2022 and 11.08.2022
Name |
Positions held in the committee |
Number of Meeting s held |
Number of meetings attended |
K.V.Vishnu Raju |
Chairman |
2 |
2 |
R.Ravichandran |
Member |
2 |
2 |
K.Hari Babu |
Member |
2 |
2 |
11. The details about the policy developed and implemented by the
company on corporate social responsibility initiatives taken during the year:
The Company has not developed and implemented any Corporate Social
Responsibility policy and initiatives, as the said provisions are not applicable to the
Company.
12. A statement on declaration given by independent directors under
Sub-Section (6) of Section 149:
The provisions of Section 149(6) relating to Independent Directors has
been complied with.
13. Material changes and commitments, if, any, affecting the financial
position of the Company which have occurred between the end of financial year of the
Company to which the financial statements relate and date of the report.
There were no material changes and commitments affecting the financial
position of the company occurred during the financial year to which these financial
statements relate on the date of this report.
14. Risk Management:
The Board of the company regularly reviews and had adopted measures to
frame, implement and monitor the risk management plan for the company. The Board is
responsible for reviewing the risk management plan and ensuring its effectiveness. The
audit committee has additional oversight in the area of financial risks and controls.
Major risk i n d e n t i fi e d , i f a ny, b y t h e b u s i n e s s functions are
systematically addressed through mitigating actions on a continuing basis
15. Particulars of Loans, Guarantees or Investments Under Section 186
of the Companies Act, 2013:
The particulars of Investments, Loans and Guarantees covered under the
provisions of Section 186 of the Companies Act, 2013 read with the rules made thereunder
are provided in Note No.5.1 and 8.4 Standalone Financial Statements.
16. P a r t i c u l a r s o f c o n t r a c t s o r arrangements made
with related parties Under Section 188 of the Companies Act, 2013:
All the transactions with related parties are at arm?s length and
fall under the scope of section 188 of the act. Information on transaction with related
parties pursuant to section 134(3) (h) of the act read with rule 8(2) of the companies
(Accounts) Rules, 2014 are disclosed in Note No. 32 of the Standalone financial
statements.
17. The change in the nature of business, if any:
There was no change in the nature of Business.
18. The details of directors or key managerial personnel who were
appointed or have resigned during the year:
During the period under review, there were no changes in the Board of
Directors and Key Managerial personnel.
19. The names of companies which have become or ceased to be its
Subsidiaries, joint ventures or associate companies during the year:
Your company has acquired 51% Shares in Senta Foodwork Private Limited,
with effect from 24th March, 2022. Accordingly, Senta Foodwork Private Limited has become
subsidiary of the company.
During the year under review, no other company has become or ceased to
be its Subsidiary, joint venture or associate company of the Company.
20. Statement containing salient features of Financial Statement of
Subsidiaries or Associate Companies or Joint Ventures:
Your company has acquired 51% Shares in Senta Foodwork Private Limited,
with effect from 24th March, 2022 Senta Foodwork Private Limited has become the subsidiary
of your company.
Highlights on performance of Senta Foodwork Private Limited have been
given in Form AOC-1 as Annexure-I to this report.
Your company does not have any Joint Ventures or Associate Companies.
21. The details of significant and material orders passed by the
regulators or courts or tribunals impacting the going concern status and company?s
operations in future:
There are no material orders passed by the regulators or courts or
tribunals impacting the going concern status and company?s operations in future.
22. Particulars of Employees:
The information required under section 197 of the act read with rule
5(1) of the c o m p a n i e s ( a p p o i n t m e n t a n d remuneration of managerial
personnel) rules 2014, are given below:
a. The ratio of remuneration of each director to the median
remuneration of the employees of the company for the financial year
Non Executive Directors |
Ratio to median remuneration |
K.V.Vishnu Raju |
Nil |
S.V.S.Shetty |
Nil |
K. Haribabu |
Nil |
P.S.Raju |
Nil |
K. Anuradha |
Nil |
P.Ranganath |
Nil |
Executive Directors |
Ratio to median remuneration |
R. Ravichandran |
0.45:1 |
K. Aditya Vissam |
0.55:1 |
b. The percentage increase in remuneration of each Director, Chief
Executuive Officer, Chief Financial Officer, Company Secretary in the
Director, Chief Financial Officer, Company Secretary |
% of increase in remuneration in the
financial year |
K. Aditya Vissam Managing Director |
Nil |
R. Ravichandran Whole Time Director |
Nil |
Md Ibrahim Pasha Company Secretary |
10% |
D. Venu Gopal Chief Financial Officer |
10% |
c. The number of permanent employees on the rolls of the company: 123
d. Percentage increase in median remuneration of employees in the
financial year : 10%
e. Average percentile increase already made in the salaries of emloyees
other than the managerial personnel in the last financial year and its comparision with
percentile increase in the managerial remuneration and justification thereof and point out
if t h e r e a r e a n y e x c e p t i o n a l circumstances for increase in the
managerial remuneration:
The remuneration of the Managerial personnel has not increased during
the period under review.
f. Affirmation that the remuneration is as per the remuneration policy
of the company:
The Company affirms remuneration is as per the Remuneration policy of
the company.
23. Disclosure as per Sexual Harassment at Work Place (Prevention,
Prohibition and Redressal) Act, 2013:
The Company has zero tolerance towards sexual harassment at workplace
and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment of
in line with the provisions of the Sexual Harassment of women at workplace (Prevention,
Prohibition and Redressal) Act, 2013 and rules framed there under. The Policy aims to
provide protection to employees and prevent and redress complaints of sexual harassment
and for matters connected or incidental thereto, with the objective of providing a safe
working environment, where employees feel secure. The Company has formed the Internal
Complaints Committee and the members have been e m p h a s i z e d o n t h e r o l e s a n
d responsibilities.
No Complaints were received or disposed of during the year under the
above act and no complaints were pending either at the beginning or at the end of the
year.
Your company has complied with the provisions relating to the
constitution of Internal Complaints Committee (ICC). ICC is responsible for redressing the
complaints related to sexual harassment and follows the guidelines provided in the policy.
ICC has its presence at Corporate Office as well as at Factory Locations.
The Internal Complaints Committee as on
Name |
Positions held in the committee |
Designation in the company |
K. Anuradha Raju |
Chairperson |
Woman |
|
& Presiding Officer |
Director |
M. Lalima |
Member |
HOD - QA |
E. Lakshmana |
Member |
HR Manager |
31 March 2023, comprised following three (3) members
24. Disclosure Requirements:
As per Regulation 27(2) of SEBI (Listing obligations & Disclosure
Requirement) Rules, 2015 which came into force on 01st December, 2015, the company is
exempted to submit quarterly corporate governance reports in the BSE Listing Centre.
Pursuant to section 177(9) of Companies Act, 2013 read with rule 7 of Companies (Meetings
of Board and its Powers) Rules, the Board has adopted the Whistle Blower Policy. This
policy aims for conducting the affairs in a fair and transperant manner.
A Mechanism has been established which aims to provide a channel to the
Directors and employees to report genuine concerns about unethical behaviour, actual or
suspected fraud or violation of the Codes of Conduct or policy.
25. Auditors:
Pursuant to the provision of section 139 of the act and the rules
framed thereunder, M/s. M. Anandam & Co., Chartered Accountants, Hyderabad (Firm
Registration No. 000125S), were reappointed as Statutory Auditors from the conclusion of
38th Annual General Meeting held on 15.09.2022 for a period of 5 years till the conclusion
of 43rd AGM.
26 Reporting of Frauds by Auditors:
During the year under review, the Auditors 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.
27. Secretarial Auditors? Report:
In pursuance of Section 204 of the Companies Act, 2013 Read with Rules
made there under, the Board has appointed M/s D. Hanumanta Raju & Co. Practicing
Company Secretaries as Secretarial Auditor of the company to carry out the
Secretarial Audit for the financial year 2022-23 and the report of the
secretarial auditor is annexed as Annexure-II and the same forms part of this report
28 Clarifications on Auditors Comments in Auditors Report:
There were no adverse remarks made by statutory auditors in their
report.
Further the following are the explanations to the observations made by
the secretarial auditor in their report.
Observations:
1. As required under Regulation 31(2) of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 hundred
percent of the shareholding of promoters a n d promot e rs g roup i s n ot i n
dematerialized form.
Reply: The Company is in the process of getting the shares of promoters
and promoters group into dematerialized form.
2. Website of the company is not fully updated
Reply: The Company is in the process of modification and updating the
website in accordance with the rules and regulations applicable to the company. The
Revamping of website is in process.
29. Annual Return web link:
The web link to the Annual Return in form MGT-7 pursuant to the
provisions of Section 92 read with Rule 12 of the C o m p a n i e s ( M a n a g e m e n t
a n d a d m i n i s t r a t i o n ) R u l e s , 2 0 1 4 i s https://www.anjanifoods.in/
30. The details of Application made or any Proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the Financial Year:
During the period under review, there was neither any application made
nor any proceedings initiated or pending under the Insolvency and Bankruptcy Code, 2016.
31. The details of difference between amount of the Valuation done at
the time of One Time Settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof:
During the period under review, there was no "One Time
Settlement" with any Bank.
32. Conservation of energy, technology absorption, foreign exchange
earnings and outgo:
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of
the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as
under.
A. |
Conservation of energy |
NIL |
B. |
Technology absorption |
NIL |
C. |
Foreign exchange earnings |
NIL |
D. |
Foreign exchange outgo |
NIL |
33 Future Plan of Action:
The company has invested close to Rs. 10 crores in setting up a new
unit in Modavalasa (Vizag) and commenced its commercial production in FY 2020-21. The new
unit equips automated facility for generating volumes of production. The growing demand of
bakery products in the region has pushed the management to expand the manufacturing
facility which will cater to the markets in and around the region.
Management has decided to focus additionally on products distributions,
on-time delivery, products availability in the markets and consumer satisfaction.
A centralized kitchen setup has also been established in Hyderabad
along with cold chain storage facility which allows to stock up the voluminous production
that can be delivered just-in-time as per the requirements.
34. Maintenance of Cost Records:
Maintenance of cost records is not specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013 to our company.
35. Acknowledgement:
Your Directors wish to place on record their appreciation of the
valuable cooperation extended to the Company by its bankers and various authorities of the
State and Central Government.
Your Directors also thank the distributors, suppliers and other
business associates of your company for their continued support.
Your Board also takes this opportunity to place on record its
appreciation of the contributions made by the employees of the Company at all levels and
last but not least, of the continued confidence reposed by the shareholders in the
management.
|
For and on behalf of Board of Directors |
|
|
R. Ravichandran |
K. Aditya Vissam |
Place : Hyderabad |
Whole time Director |
Managing Director |
Date : August 11, 2023 |
(DIN 00110930) |
(DIN 06791393) |