Dear Members,
Your directors have great pleasure in presenting the 35th Annual Report together with
the Audited Financial Statements of the Company for the financial year ended March 31,
2024.
1. RESULTS OF OUR OPERATIONS AND STATE OF AFFAIRS
Financial Highlights
The audited financial statements of the Company as on March 31, 2024 are prepared in
accordance with the relevant applicable IND AS and Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”) and provisions of the Companies Act, 2013 (“Act”).
| Particulars |
For the Year ended |
|
March 31, 2024 |
March 31, 2023 |
| Revenue from operation |
5363.52 |
5289.42 |
| Other Income |
150.39 |
94.13 |
| Total Income |
5513.91 |
5383.55 |
| Profit before Finance Cost, Depreciation, Tax |
1217.37 |
533.40 |
| Less: Finance Cost |
73.57 |
81.42 |
| Less: Depreciation & Amortization expenses |
109.24 |
107.42 |
| Profit Before Tax |
1034.56 |
344.57 |
| Provision for -- Current Tax |
274.08 |
100.08 |
| -- Deferred Tax |
(18.73) |
0.28 |
| Net Profit After Tax |
779.21 |
244.20 |
| Other Comprehensive Income (Net of tax) |
32.13 |
35.26 |
| Total Comprehensive Income After Tax |
811.34 |
279.46 |
| Earing Per Share (Basic & Diluted) |
12.50 |
3.92 |
Notes:
The above figures are extracted from the audited standalone financial statements of the
Company as per the Indian Accounting Standards (Ind AS). Equity shares are at par value of
Rs.10 per share.
Overview of company's financial performance and state of affairs:
During the year under review, the Company registered strong growth in terms of
operational goals.
Revenue from Operations
Revenue from Operations for FY 2023-24 Rs. 5363 Lakhs as against Rs. 5289 Lakhs in FY
2022-23 registering a growth of 1.40%.
Employee benefit expense
The employee benefit expense during the year was Rs. 514 Lakhs as (Rs. 472 Lakhs in
Previous year).
Finance Cost
Finance Cost for the year was Rs. 73.57 Lakhs as against Rs. 81.42 Lakhs in previous
year.
Depreciation and amortisation expense
Depreciation and amortisation expense during the year was Rs. 109.24 lakhs as against
107.42 Lakhs in previous year.
Other expenses
Other expenses during the year were Rs. 1126 Lakhs as against Rs.808 Lakhs in previous
year, as percentage to net sales is 21% for FY24.
Profit before tax & exceptional item
Profit before tax & exceptional item for the year was Rs. 1035 Lakhs as against Rs.
345 Lakhs in previous year. The increase is in line with industry standards and
attributable to lower input and shipping costs that had increased considerably in the
previous year due to Covid pandemic effects.
Projects and expansion plans
A capacity expansion project was initiated in this financial year to primarily increase
the capacity of all API's being produced by the company. Metformin HCl capacity will be
increased from 1800 MTA to 3600 MTA and this should be completed before the end of this
financial year.
In addition, the company plans to introduce new API molecules and the enhanced
manufacturing capacity would enable us to produce additional products simultaneously.
Regulatory approvals in various countries will be applied for on completion of the
facility.
Dividend
To consolidate the financial position of the Company, the Board does not propose any
dividend for the year ended March 31, 2024.
Transfer to reserves
As permitted under the provisions of the Companies Act, 2013, the Board does not
propose to transfer any amount to general reserve.
Insurance
All properties and insurable interests of the Company including building, plant and
machinery and stocks have been fully insured.
Particulars of loans, guarantees or investments
Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013
form part of the Notes to the financial statements provided in this Annual Report.
Particulars of contracts or arrangements made with related parties
Prior omnibus approval is obtained for related party transactions which are of
repetitive nature and entered in the ordinary course of business and on an arm's length
basis. All related party transactions are placed before the Audit Committee for review and
approval.
No material related party transactions were entered during the Financial Year by your
Company. Accordingly, no disclosure is made in respect of related party transactions, as
required under Section 134(3)(h) of the Act in Form AOC-2. Members may refer to note no.
23(vii) of the financial statements which sets out related party disclosures pursuant to
INDAS-24.
Material changes and commitments affecting financial position between the end of the
financial year and date of the report
There have been no material changes and commitments which affect the financial position
of the Company that have occurred between the end of the financial year to which the
financial statements relate and the date of this report.
Deposits
Your Company has not accepted any deposits from the public within the meaning of
Chapter V of the Act and as such, no amount of principal or interest was outstanding as on
the balance sheet date.
Insolvency and Bankruptcy Code, 2016
During the year under review, no application was made or any proceeding was pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
One time Settlement with Banks/Financial Institutions
During the year under review, no one time settlement was done with any of the Banks or
Financial Institutions.
Subsidiaries, joint ventures & associate
The Company does not have any subsidiaries, joint ventures & associate companies.
The Company is also not a subsidiary of any other company.
Change in nature of business
There were no changes in the nature of business of the Company during the financial
year.
2. CAPITAL STRUCTURE OF THE COMPANY
Authorized Share Capital
The Authorized Share Capital of the Company as at March 31, 2024 was Rs.7,00,00,000/-
(Rupees Seven Crores only) divided into 70,00,000 (Seventy Lakhs) Equity shares of 10/-
each.
Issued, Subscribed & Paid-up share Capital
The Paid-up Equity share Capital, as at March 31, 2024 was Rs.6,23,25,000/- (Rupees Six
Crores Twenty-Three Lakhs Twenty-Five Thousand only) divided into 62,32,500 (Sixty-Two
Lakhs Thirty-Two Thousand Five Hundred) Equity shares, having face value of Rs.10/- each
fully paid up. There was no change in the paid-up share capital of the Company during the
FY 2023-2024.
During the year under review, the Company has not issued any shares with differential
voting rights nor granted any stock neither options nor sweat equity.
3. CORPORATE GOVERNANCE
Composition of Board of Directors
As on March 31, 2024 the Board of Directors consists of Six (6) members. Besides the
Chairman & Managing Director, who is an Executive Director, the Board comprises of Two
(2) Executive Directors, Three (3) Independent Directors (including one Woman Director) as
on March 31, 2024. The composition of the Board is in conformity with the Companies Act,
2013 and Listing Regulations enjoining specified combination of Executive and
Non-Executive Directors with at least one Women Independent Director and not less than
fifty per cent of the Board comprising of Independent Directors.
In the opinion of the Board, all our Independent Directors possess requisite
qualifications, experience, expertise and hold high standards of integrity for the purpose
of Rule 8(5)(iii)(a) of the Companies (Accounts) Rules, 2014. List of key skills,
expertise and core competencies of the Board, including the Independent Directors, forms
part of the corporate governance report annexed to this report.
Changes during the year:
During the financial year under review, the following changes occurred in the Board:
| Name |
Designation |
Change |
Effective date |
Approval of Board |
Approval of Members |
| Mr. Govardhan Das Agarwal (DIN: 00545428) |
Non- Executive & Independent Director |
Resignation |
August 23, 2023 |
August 23, 2023 |
NA |
| Mr. Vishal Kailashchandra Jhunjhunwala (DIN: 00359872) |
Non- Executive & Independent Director |
Appointment |
August 23, 2023 |
August 23, 2023 |
At the 34th held on September 23, 2023 |
| Mr. Siddhartha Deorah (DIN: 00230796) |
Whole Time Director |
Re-appointment u/s 152(6) |
September 23, 2023 |
- |
At the 34th held on September 23, 2023 |
| Mr. Kailash Chand Bubna (DIN: 01877773) |
Non- Executive & Independent Director |
Tenure Completion |
March 31, 2024 |
Taken note by the Board on March 30, 2024 |
- |
Changes in Board post closure of financial year
Post the closure of financial year, the following changes occurred in the Board of
Directors of the Company: The Board of Directors, on recommendation of the Nomination and
Remuneration Committee, in their meeting dated March 30, 2024 considered and approved
appointment of Mr. Mahendra Kumar Daga (DIN: 10570354) as an additional Non-Executive
Independent Director of the Company for a term of 5(five) years with effect from April 1,
2024. Matter for his appointment shall be placed as agenda item in the notice of ensuing
Annual General Meeting for approval of shareholders.
Retirement by Rotation
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Kiran Suresh Kulkarni, Whole Time Director of the Company
is liable to retire by rotation at the ensuing Annual General Meeting of the Company and
being eligible, has offered himself for re-appointment. The Board recommends his
re-appointment.
More details about the Directors are either given in the Corporate Governance Report
and in the Notice of the ensuing Annual General Meeting being sent to the shareholders
along with the Annual Report.
Key Managerial Personnel
As on March 31, 2024, the following persons were the Key Managerial Personnel of the
Company in accordance with the provisions of Section 2(51) read with Section 203 of the
Act:
| Name of Personnel |
Designation |
| Mr. Sharat Deorah |
Chairman and Managing Director |
| Mr. Siddhartha Deorah |
Whole-time Director |
| Ms. Shaan Jain |
Chief Financial Officer |
| Mrs. Sweta Agarwal |
Company Secretary |
During the year, Mr. Amit Mahipat Shah ceased to be the Chief Financial Officer w.e.f
October 1, 2023 on account of his resignation and Ms. Shaan Jain was appointed as the
Chief Financial Officer w.e.f December 22, 2023.
Declaration of Independence by Independent Directors & adherence to the Company's
Code of Conduct for Independent Directors
All Independent Directors of the Company have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)
(b) of the SEBI (LODR) Regulations, 2015 (“Listing Regulations”). In the opinion
of the Board, the Independent Directors, fulfill the conditions of independence specified
in Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations.
All Independent Directors have affirmed compliance to the code of conduct for
independent directors as prescribed in Schedule IV to the Companies Act, 2013.
Directors' responsibility statement
Pursuant to Section 134 (3) (c) of the Companies Act, 2013 the Directors confirm that:
(a) In the preparation of the Annual Accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departure, if any; (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 detecting fraud and other irregularities; (d)
The Directors had prepared the annual accounts on a going concern basis; (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.
Committees of the board
The Board has the following Committees: a) Audit Committee b) Nomination &
Remuneration Committee c) Stakeholders Relationship Committee and
Further details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.
Audit Committee Recommendations
All recommendations of Audit Committee were approved by the Board of Directors during
the year.
Independent directors' meeting:
Independent Directors met 1 (one) time during the year on February 6, 2024 and the
meeting was attended by all Independent Directors. The disclosure under this heading forms
part of the Corporate Governance report.
Performance evaluation of the board, its committees and directors
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015
the company has implemented a system of evaluating performance of the Board of Directors
and of its committees and individual directors on the basis of evaluation criteria
suggested by the Nomination and Remuneration Committee and the SEBI (LODR) Regulations,
2015. Accordingly, the Board has carried out an evaluation of its performance after taking
into consideration various performance related aspects of the Board's functioning,
composition of the Board and its Committees, culture, execution and performance of
specific duties, remuneration, obligations and governance. The performance evaluation of
the Board as a whole, Chairperson and Non-Independent Directors was also carried out by
the Independent Directors in their meeting held on February 6, 2024.
Similarly, the performance of various committees, individual Independent and
Non-Independent Directors was evaluated by the entire Board of Directors (excluding the
Director being evaluated) on various parameters like engagement, analysis, decision
making, communication and interest of stakeholders.
The Board of Directors expressed its satisfaction with the performance of the Board,
its committees and individual directors.
Familiarization program for independent directors
All new independent directors inducted into the Board attend an orientation program.
The details of the training and familiarization program are provided in the corporate
governance report. Further, at the time of the appointment of an independent director, the
Company issues a formal letter of appointment outlining his / her role, function, duties
and responsibilities.
In compliance with the requirements of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, the Company has formulated a policy to familiarize the
Independent Directors with the Company and the details of Familiarization Program are
provided in the Corporate Governance Report and also available at
http://www.aurolabs.com/contact/Familiarization_Programme/financial-year-2023-2024.pdf
Corporate Policies
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, mandates the formulation of certain policies for all listed companies. The
corporate governance policies are available on the Company's website at www.aurolabs.com
under the head “Corporate Policies”. The policies are reviewed periodically by
the Board and updated as needed. Key policies that have been adopted are as follows:
| Name of Policy |
Brief Description |
| Nomination and Remuneration Policy |
The Company's policy on remuneration of Directors, Key Managerial Personnel &
Senior Employees and other matters provided in Section 178(3) of the Companies Act, 2013
has been disclosed in the Corporate Governance Report, which is a part of this report. |
| Performance evaluation Policy |
The Nomination & Remuneration Committee pursuant to Section 178(2) of the
Companies Act, 2013 has devised a policy on performance evaluation of the Board as a
whole, Committee of the Board and Directors of the Company. |
| Board diversity |
The Company recognizes and embraces the importance of a diverse board in its
success. The Board has adopted the Board Diversity Policy which sets out the approach to
diversity of the Board of Directors. |
| Code of conduct |
Your Company is committed to conducting its business in accordance with the
applicable laws, rules and regulations and highest standards of business ethics. In
recognition thereof, the Board of Directors has implemented a Code of Conduct for
adherence by the Directors (including Independent Directors), Senior Management Personnel
and Employees of the Company. This will help in dealing with ethical issues and also
foster a culture of accountability and integrity. |
|
All the Board Members and Senior Management Personnel have confirmed compliance
with the Code. |
| Insider Trading Regulations |
Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations,
2015 as amended from time to time, the Company has formulated a Code of Conduct for
Prevention of Insider Trading (“Insider Trading Code”), a Code of Practices and
Procedures for fair disclosure of Unpublished Price Sensitive Information
(“UPSI”) and a policy & procedure for enquiry in case of leak/suspected leak
of Unpublished Price Sensitive Information (“UPSI”). |
| Related party transactions |
This policy deals with the review and approval of related party transactions. |
| Vigil mechanism / whistle blower policy |
The Company has adopted a Whistle Blower Policy to provide a formal mechanism to
the Directors and Employees to report their concerns about unethical behaviour, actual or
suspected fraud or violation of the Company's Code of Conduct or Ethics Policy. The policy
provides for adequate safeguards against victimization of employees who avail of the
mechanism and also provides for direct access to the Chairperson of the Audit Committee.
It is affirmed that no personnel of the Company have been denied access to the Audit
Committee. |
Annual Return
Pursuant to Section 92(3) and Section 134(3) (a) of the Companies Act, 2013, the
Company has placed a copy of the Annual Return as at March 31, 2024 on its website at
www.aurolabs.com at
http://www.aurolabs.com/contact/Corporate%20Announcements/Corporate%20Announcement_20
23-2024/Draft%20MGT_7%20for%20FY%202023-2024.pdf
Corporate Governance and Management Discussion & Analysis Reports
The Company adheres to the requirements set out by the Securities and Exchange Board of
India's Corporate Governance practices and has implemented all the stipulations
prescribed. The Company has implemented several best corporate governance practices.
The Corporate Governance and Management Discussion & Analysis Report, which form an
integral part of this Report, are set out as “Annexure C” and “Annexure
B”, respectively together with the Certificate from the Secretarial Auditors of the
Company regarding compliance with the requirements of Corporate Governance as stipulated
in Listing Regulations.
Secretarial Standards
The Company complies with all applicable secretarial standards issued by the Institute
of Company Secretaries of India.
Listing
The Company's Shares are listed on BSE Limited, Mumbai. The Company has paid Listing
Fees for the year 2024-2025.
Depository services
The Company's Equity Shares have been admitted to the depository mechanism of the
National Securities Depository Limited (NSDL) and also the Central Depository Services
(India) Limited (CDSL). As a result, the investors have an option to hold the shares of
the Company in dematerialized form in either of the two Depositories. The Company has been
allotted ISIN No. INE292C01011.
Shareholders therefore are requested to take full benefit of the same and lodge their
holdings with Depository Participants [DPs] with whom they have their Demat Accounts for
getting their holdings in electronic form.
Internal control systems and their adequacy
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The scope and authority of the Internal Audit function is
defined by the Audit Committee. To maintain its objectivity and independence, the Internal
Audit function reports to the Chairman of the Audit Committee of the Board & to the
Managing Director.
The Internal Audit monitors and evaluates the efficacy and adequacy of internal control
system in the Company, its compliance with operating systems, accounting procedures and
policies of the Company.
Based on the report of internal auditor, the Company undertakes corrective action in
their respective areas and thereby strengthens the controls. Significant audit
observations and recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
Significant and material orders
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and the Company's operations in future.
4. AUDIT AND AUDITORS
Statutory Auditor
Kothari Jain & Associates, Chartered Accountants, (FRN 113041W), were appointed as
Statutory Auditors of the Company at the 34th Annual General Meeting ('AGM') held on
September 23, 2023 for a period of 5 years, to hold office from conclusion of 34th Annual
General Meeting till the conclusion of 39th Annual General Meeting.
The Company has received the consent from the Auditors and confirmation to the effect
that they are not disqualified to be appointed as the Auditors of the Company in the terms
of the provisions of the Companies Act,2013 and the Rules made thereunder. The
remuneration payable to the Statutory Auditor for the financial year 2024-2025 shall be
determined by the Board of Directors based on the recommendation of the Audit Committee.
Report of the Statutory Auditor for the Financial Year 2023-2024:
M/s. Kothari Jain & Associates, Chartered Accountants, (FRN 113041W), Chartered
Accountants, have submitted their Report on the Financial Statements of the Company for
the FY 2023-2024, which forms part of the Annual Report.
Auditor's remark in their report under Section 143(3) of the Companies Act, 2013 i.
Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023. However, the Company
has not implemented the same.
Company Reply:
The Company had purchased the requisite software during the year however, due to some
technical issue in implementation, the process could only be implemented in the books of
accounts from April 2024.
Other than the above, there were no observations (including any qualification,
reservation, adverse remark or disclaimer) of the Auditors in the Audit Reports issued by
them which call for any explanation from the Board of Directors.
Internal Auditor
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014, the Board, on recommendation of the Audit Committee has
appointed M/s. Pokharna and Associates, as internal auditors of the Company for the
financial year 2024-2025.
Secretarial Auditor
M/s GMJ & Associates, Company Secretaries, were appointed as Secretarial Auditors
of the Company for the financial year 2023-2024 pursuant to section 204 of the Act. The
Secretarial Audit Report submitted by them in the prescribed form MR- 3 is attached as
‘Annexure A' to this report.
In addition to Secretarial Audit Report, M/s GMJ & Associates, Company Secretaries
has issued the Secretarial Compliance Report under Regulation 24A of SEBI LODR
Regulations, 2015 for the financial year 2023-2024.
There were no qualifications or observations or adverse remarks or disclaimer of the
Secretarial Auditors in the Report issued by them for the financial year 2023-2024 which
call for any explanation from the Board of Directors.
In terms of Section 204 of the Act, read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors, on the
recommendation of the Audit Committee, have re-appointed M/s. GMJ & Associates,
Company Secretaries as the Secretarial Auditors of the Company in relation to the
financial year 2024-2025. The Company has received their written consent that the
appointment is in accordance with the applicable provisions of the Act and rules framed
there under.
Cost auditor:
The Board of Directors, on the recommendation of the Audit Committee, has appointed
M/s. Poddar & Co., Cost Accountants as the Cost Auditors of the Company for the
Financial Year 2024-2025 at a remuneration of Rs.60,000/- (Rupees Sixty Thousand Only)
plus applicable taxes and out of pocket expenses.
Pursuant to Section 148 of the Companies Act, 2013 read with Rule 14 of the Companies
(Accounts) Rules, 2014, the remuneration payable for the year 2024-2025 to the Cost
Auditors of the Company is subject to ratification by the shareholders at the ensuing
Annual General Meeting. The remuneration to the Cost Auditors is commensurate with the
size of the Company, work involved and scope of audit. Your directors recommend the same
for approval by the Members at the ensuing Annual General meeting.
Cost records and audit
The Company has duly prepared and maintained the cost records of the business
activities carried out by the Company during the financial year 2023-2024 as required
pursuant to the provisions of section 148(1) of the Companies Act 2013 read with Companies
(Cost Records and Audit) Rules 2014.
The Cost audit report for the financial year 2023-2024 will be filed with Central
Government in the due course.
Reporting of frauds by auditor and other matters under Section 143(12) of the Act
During the year under review, the Statutory Auditors, Cost Auditors or Secretarial
Auditors of the Company have not reported any frauds to the Audit Committee or to the
Board of Directors under section 143(12) of the Act, including rules made there under.
5. HUMAN RESOURCE MANAGEMENT
Particulars of employees
The information required under Section 197(12) of the Act read with Rule 5(1), 5(2)
& 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, including amendment thereto, is provided in the Annexure forming part of the Report.
In terms of the second proviso to Section 136(1) of the Act, the Report and Accounts are
being sent to the shareholders excluding the aforesaid Annexure. The said information is
available for inspection by the members at the registered office of the Company during
working hours on working days up to the date of the Annual General Meeting and if any
member is interested in obtaining as copy thereof, such member may write to the Company
Secretary and Compliance Officer at auro@aurolabs.com.
Prevention and prohibition of sexual harassment
The Company has in place a Policy on prohibition, prevention and redressal of sexual
harassment of women at workplace and matters connected therewith or incidental thereto
covering all the aspects as contained under “The Sexual Harassment of Women at Work
Place (Prevention, Prohibition and Redressal) Act, 2013”. A copy of the same is
available on the website of your Company at
http://www.aurolabs.com/contact/Corporate_Policies/Sexual%20harassment%20Policy.pdf
During the year, there were no complaints received relating to the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
An Internal Complaint Committee has been set up with majority women. Committee has a
full access to the Board of Directors and during the year under review, there were no
reported instances pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
Health, Safety & Environment
The Company is committed to:
Maintain an organizational culture of Health, Safety & Environmental excellence by
conducting its business in a manner that will promote consistent development. Safe work,
resource conservation, waste management and emergency response measures for continual
improvement in performance. Design, construct, operate & maintain its facilities while
assuring the best material and service quality and operate in a way that mitigates and
minimizes risks and hazards. Prevention of ill-health, injuries and pollution by adopting
best practices, carrying out periodic risk assessments, audits, reviews, inspections and
providing awareness to employees and concerned stakeholders.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo pursuant to Section 134(3) (m) of the Companies Act, 2013, read with
the Rule 8(3) of the Companies (Accounts) Rules, 2014 is given as under:
Conservation of energy:
1. the steps taken or impact on conservation of energy:
During the year, Company continued to focus on minimizing the energy consumption and
the measures taken are summarised below:
a] Due consideration has been given to energy consumption while procuring equipment's.
As a responsible Corporate Citizen and in adherence to our climate change strategy, the
Company is continuously taking effective steps to conserve energy and to reduce methane
and other Green Houses Gases (GHG) emissions, wherever feasible. Except the emergency
lights, all lights and electrical gadgets are turned off after working hours and on
holidays at office premises of the Company to help in minimising the energy consumption.
b) Total energy consumption and under energy consumption per unit of the production as
| Particulars |
March 31, 2024 |
March 31, 2023 |
| I. ELECTRICITY |
|
|
| a. Purchase Unit (in 000) |
1901.81 |
1779.63 |
| i. Total Amount (Rs. In Lakhs) |
200.62 |
179.11 |
| ii. Rate / Unit (Rs.) |
10.55 |
10.06 |
| b. Own generation |
NIL |
|
|
|
NIL |
| (Through diesel Generator) |
|
|
| II. LIGHT DIESEL OIL LDO/ FURNACE OIL / |
|
|
|
March 31, 2024 |
March 31, 2023 |
| BRIQUETTE |
|
|
| (For Production) Quantity (Ltr./kg. In 000) |
|
|
| a. LDO Litre |
5.65 |
7.64 |
| b. FURNACE OIL Litre |
0 |
47.76 |
| c. BRIQUETTES KG |
2247.27 |
2,325.23 |
| Total Amount (Rs. In Lakhs) |
|
|
| a. LDO |
6.62 |
7.17 |
| b. FURNACE OIL |
0.00 |
30.86 |
| c. BRIQUETTES |
213.57 |
231.38 |
| Average rate per Litre/KG (Rs.) |
|
|
| a. LDO Litre |
117.16 |
93.88 |
| b. FURNACE OIL Litre |
0 |
64.61 |
| c. BRIQUETTES KG |
9.50 |
9.95 |
| III. CONSUMPTION PER KG. OF PRODUCTION |
|
|
| a. Products (Kg.) |
12,13,787 |
12,24,321 |
| b. Electricity (Rs.) |
17.84 |
14.63 |
| c. Diesel / FO / Briquette (Rs.) |
18.14 |
22.00 |
c) The steps taken by the Company for utilising alternate sources of energy: Not
Applicable d) The capital investment on energy conservation equipment's: Not Applicable
Technology absorption
Technology absorption, adaptation and innovation: Not Applicable i. the efforts made
towards technology absorption during the year under review are: ii. the benefits derived
like product improvement, cost reduction, product development or import substitution: iii.
in case of imported technology (imported during the last three years reckoned from the
beginning of the financial year): a. the details of technology imported, b. the Year of
import c. whether the technology been fully absorbed; iv. During the year Company has
incurred R&D Expenditure
Foreign exchange earnings and outgo:
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign
Exchange outgo during the year in terms of actual outflows:
| Particulars |
March 31, 2024 |
March 31, 2023 |
| Foreign Exchange outgo |
|
|
| -CIF Value of Import: |
1415.55 |
2501.50 |
| -Foreign travelling expenses: |
51.54 |
27.43 |
| Foreign Exchange earned |
|
|
| -FOB/CIF / CNF Value of export: |
4731.04 |
3878.59 |
Business Responsibility Reporting
The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015, is not applicable
to the Company for the financial year ending March 31, 2024.
7. RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and is committed to
managing the risks in a proactive and efficient manner; your Company periodically assesses
risks in the internal and external environment, along with the cost of treating risks and
incorporates risk treatment plans in the strategy, business and operational plans.
The Company has in place a Risk Management Policy (a) to ensure that all the current
and future material risk exposures of the Company are identified, assessed, quantified,
appropriately mitigated, minimized and managed i.e. to ensure adequate systems for risk
management. (b) to establish a framework for the company's risk management process and to
ensure its implementation. (c) to enable compliance with appropriate regulations, wherever
applicable, through the adoption of best practices (d) to assure business growth with
financial stability. A copy of the same is available on the website of your Company at
http://www.aurolabs.com/contact/Corporate_Policies/Risk%20Management%20Policy.pdf. There
are no risks which threaten the existence of the Company.
8. QUALITY MANAGEMENT CERTIFICATION
The Company has also obtained various GMP Certifications.
APPRECIATION
Your directors would like to express their sincere appreciation to the company's
Shareholders, Vendors including Banks, Government authorities, other business associates,
who have extended their valuable sustained support and encouragement during the year under
review. Your directors also wish to place on record their appreciation for the hard work,
solidarity, cooperation and support of employees at all levels.
|
For and on behalf of the Board of Directors |
|
Auro Laboratories Limited |
| CIN No. L33125MH1989PLC051910 |
(Sharat Deorah) |
| Mumbai, May 25, 2024 |
Chairman and Managing Director |
|
DIN: 00230784 |
