To,
The Members,
Your Directors have pleasure in presenting their 31st Annual
Report on the business and operations of the Company and the accounts for the Financial
Year ended 31st March, 2023.
1. Financial summary
The financial results for the year are as under: [Rupees in Lacs]
Particulars |
Year ended |
Year ended |
|
31.03.2023 |
31.03.2022 |
Sales and other Income |
18382.05 |
14712.38 |
Profit before depreciation, amortization and exceptional items |
2536.84 |
2363.57 |
Less: Depreciation and amortization |
241.20 |
284.46 |
Less: Exceptional items |
0.00 |
196.87 |
Profit before tax |
2295.64 |
1882.24 |
Less: Provision for tax |
556.79 |
508.69 |
Provision for deferred tax |
8.57 |
(9.73) |
Profit after taxation |
1730.28 |
1383.28 |
2. Dividend
Your Board had declared final dividend @ Rs. 2 (Rupee Two Only)
per equity share (i.e. 20%) of Rs.10 for the financial year 2021-22 as per recommendation
of the Board of Directors at the annual general meeting of the Company held on 29th
September, 2022.
The Board recommends dividend @ Rs. 3 (Rupee Three Only) per
equity share (i.e. 30%) of Rs. 10 for the financial year 2022-23 as final dividend for the
financial year 2022-23.
As stipulated in Regulation 43A of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Company
has adopted dividend distribution policy and the same can be viewed at
https://axtelindia.com/userfiles/corporate_governance/document/1629293145.pdf
3. Reserves
Your Board does not propose to carry to any reserves for the
financial year 2022-23.
4. Brief description of the Company's working during the
year/State of Company's affair
Total turnover during the year 2022-23 was Rs. 18014.57 lacs
compared to Rs. 14398.55 lacs of previous year 2021-22 which shows increase of Rs. 3616.02
lacs (25.11%). There is profit of Rs. 1730.28 lacs (after tax) during the year 2022-23
compared to profit of Rs. 1383.28 lacs (after tax) during the year 2021-22.
5. Change in the nature of business, if any
There is no change in the nature of business during the financial
year 2022-23.
6. Material changes and commitments, if any, affecting the
financial position of the company which have occurred between the end of the financial
year of the company to which the financial statements relate and the date of the report
No material changes occurred subsequent to the close of the
financial year of the Company to which the balance sheet relates and the date of the
report.
7. 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
No significant and material orders passed by the regulators or
courts or tribunals impacting the going concern status and company's operations in future
during the financial year and or subsequent to the close of the financial year of the
Company to which the balance sheet relates and the date of the report.
8. Details in respect of adequacy of internal financial controls
with reference to the Financial Statements.
The Company has appointed internal auditor for adequacy of
internal financial controls and your Board has taken adequate care for financial control.
9. Details of Subsidiary/Joint Ventures/Associate Companies
Your Company has no Subsidiary/Joint Ventures/Associate Companies
during the year.
10. Performance and financial position of each of the
subsidiaries, associates and joint venture companies included in the consolidated
financial statement, if any.
Your Company has no Subsidiary/Joint Ventures/Associate Companies
during the year.
11. Deposits
Your Company has not accepted any deposit during the year and
there was no deposit at the beginning of the year. Therefore the details relating to
deposits, covered under Chapter V of the Act is not applicable.
12. Statutory Auditors & Internal Auditors Statutory
Auditors:
M/s. VRCA & Associates, Chartered Accountants has been
appointed for a period five years pursuant to the provisions of section 139 of the
Companies Act 2013 at the AGM held on 29th September, 2022 and is eligible to act as
statutory auditor for the current financial year.
Internal Auditors:
M/s. K. C. Mehta & Co LLP was appointed at the meeting of the
board of directors held on 12th February, 2022 for FY 2022-23 for conducting internal
audit of the Company.
13. Auditors' Report
The observations of the Auditors are explained, wherever
necessary, in an appropriate note to the Audited Statement of Accounts. No qualification,
reservation or adverse remark or disclaimer has been made by the auditor in their
auditors' report for the year 2022-23.
14. Share Capital
During the year under review, the Company has not issued any
securities nor has granted any stock option or sweat equity.
15. Annual return
As per latest amendment in section 92 of the Companies Act, 2013,
a copy of annual return will be displayed on Company's web site i.e. www.axtelindia.com
after filing annual return, on completion of ensuing annual general meeting, with the
Registrar of Companies within the time stipulated in said Section 92 of Act.
16. Conservation of energy, technology absorption and foreign
exchange earnings and outgo
The details of conservation of energy, technology absorption,
foreign exchange earnings and outgo are attached herewith (Annexure-A)
17. Corporate Social Responsibility (CSR)
The Company is required to spend towards corporate social
responsibility under section 135 of the Companies Act, 2013. Report on CSR activities in
terms of section 135 of the Companies Act, 2013 is annexed to this report (Annexure-D).
18. Directors & Key Managerial Personnel
A) Following changes incorporated during the financial year
2022-23:
1. Mr. Ameet Nalin Parikh (DIN 00007036)), retires by rotation,
reappointed at the annual general meeting of the Company held on 29th September, 2022.
2. Mr. Ajay Nalin Parikh, Whole-time Director of the Company
re-appointed for a period of five years with effect from 1st August, 2023 at the annual
general meeting of the Company held on 29th September, 2022.
B) Mr. Ajitsingh Mohansingh Bubber (DIN 00454111), retires by
rotation at the ensuing annual general meeting and being eligible offered himself for
re-appointment as Director.
C) Declaration by an Independent Director(s) and re- appointment,
if any
Declarations
A declaration, by Independent Directors that they have met the
criteria provided in sub-section (6) of Section 149 of the Companies Act, 2013, have been
received.
The Independent Directors of the Company have also confirmed
compliance of relevant provisions of Rule 6 of the Companies (Appointments and
Qualifications of Directors) Rules, 2014.
Re-appointments:
The Directors to be appointed have given their consents and
declarations under Form DIR-8 pursuant to Section 164(2) read with Rule 14(1) of Companies
(Appointment and Qualification of Directors) Rules, 2014:
1. Mr. Ajitsingh Mohansingh Bubber (DIN 00454111), Director of
the Company retiring by rotation and eligible for reappointment.
2. Mr. Nimish Patel proposed to be re-appointed as an Independent
Director
3. Ms. Deepti Sharma proposed to be re-appointed as an
Independent Director
Details of Mr. Ajitsingh Mohansingh Bubber, Director seeking
re-appointment and Mr. Nimish Patel & Ms. Deepti Sharma proposed to be re-appointed as
Independent Directors as per Regulation 36 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulation, 2015 with the Bombay stock
exchange is already annexed to the notice of the annual general meeting.
C) Formal Annual Evaluation
The Company has devised a policy for performance evaluation of
Independent Directors, Board, Committees and individual Directors which includes criteria
for performance evaluation of executive directors and non-executive directors. In
evaluating the suitability of individual Board members, the Committee may take into
account factors, such as: i. General understanding of the Company's business; ii.
Educational back ground and experience: iii. Personal and professional ethics, integrity
and values; iv. Willingness to devote sufficient time and energy in carrying out their
duties and responsibilities effectively.
D) Opinion of the Board:
Your Board is of opinion that independent directors of the
Company, possess requisite qualifications, experience and expertise and they hold good
standard of integrity in various fields.
19. Number of meetings of the Board of Directors
During the year from 1st April, 2022 to 31st March, 2023 the
Board of Directors met five times on the following dates:
Sr No. |
Date |
Board Strength |
No. of Directors Present |
1 |
30-05-2022 |
7 |
5 |
2 |
17-06-2022 |
7 |
5 |
3 |
10-08-2022 |
7 |
6 |
4 |
12-11-2022 |
7 |
7 |
5 |
06-02-2023 |
7 |
7 |
The intervening gap between the Meetings was within the period
prescribed under Companies Act, 2013 and the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with the erstwhile
Listing Agreement.
20. Audit Committee
The members of the Audit Committee of the Company as on 31st
March, 2023 are as under:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Sandeep Gul Lalwani |
Non-Executive Independent Director |
2 |
Mr. Nimish Patel |
Non-Executive Independent Director |
3 |
Mr. Ameet Nalin Parikh |
Non-Executive Director |
4 |
Mrs. Deepti Sharma |
Non-Executive Independent Director |
There was no occasion regarding non acceptance of any
recommendation of the Audit Committee during the year. The Audit Committee Meetings were
held on 30-05-2022, 10-08-2022, 12-11-2022 & 06-02-2023.
21. Details of establishment of vigil mechanism for directors and
employees
The Board has appointed the following persons as members of vigil
committee:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Ajay Naishad Desai |
Whole-time Director |
2 |
Mr. Sandeep Gul Lalwani |
Non-Executive Independent Director |
3 |
Mr. Ameet Nalin Parikh |
Non-Executive Director |
The Company has framed a whistle blower policy in terms of
listing agreement and the same may be accessed on the Company's website.
22. Nomination and Remuneration Committee
The members of Nomination and Remuneration Committee of the
Company as on 31st March, 2023 are as under:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Sandeep Gul Lalwani |
Non-Executive Independent Director |
2 |
Mr. Nimish Patel |
Non-Executive Independent Director |
3 |
Mrs. Deepti Sharma |
Non-Executive Independent Director |
The policy formulated by nomination and remuneration committee:
The terms of reference of the committee inter alia include
succession planning for Board of Directors and Senior
Management Employees, identifying and selection of candidates for
appointment of Directors/Independent Directors based on certain laid down criteria,
identifying potential individuals for appointment of Key Managerial personnel and other
senior managerial position and review the performance of the Board of Directors and Senior
Management personnel including Key managerial personnel based on certain criteria approved
by the Board. While reviewing the performance, the committee ensures that the remuneration
is reasonable and sufficient to attract, retain and motivate the best managerial talents,
remuneration commensurate with the performance of individual and group and also maintains
a balance between both short and long-term objectives of the company.
The Nomination and Remuneration Committee Meetings were held on
10-08-2022 and 09-03-2023 during the year ended 31st March, 2023.
23. CSR Committee
The members of CSR Committee of the Company as on 31st March,
2023 are as under:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Sandeep Gul Lalwani |
Non-Executive Independent Director |
2 |
Mr. Ajay Nalin Parikh |
Whole-time Director |
3 |
Mr. Ameet Nalin Parikh |
Non-Executive Director |
The Corporate Social Responsibility Committee Meeting was held on
10-08-2022 during the year ended 31st March, 2023.
The Annual report on CSR Activities for the year under review as
per Annexure II inserted vide MCA notification dated 22nd January, 2021 is attached in
Annexure D.
24. Stakeholders Committee:
The members of stakeholders Committee of the Company as on 31st
March, 2023 are as under:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Ajay Naishad Desai |
Executive Director |
2 |
Mr. Ajay Nalin Parikh |
Executive Director |
3 |
Mrs. Deepti Sharma |
Independent Director |
The Stakeholders relationship Committee Meetings were held on
30-05-2022, 10-08-2022, 12-11-2022 & 06-02-2023 during the year ended 31st March,
2023.
25. Risk Management Committee:
The members of Risk Management Committee of the Company as on
31st March, 2023 are as under:
Sr. No. |
Name of Director |
Designation |
1 |
Mr. Ameet Nalin Parikh |
Non- Executive Director |
2 |
Mr. Ajay Nalin Parikh |
Executive Director |
3 |
Mr. Sandeep Gul Lalwani |
Independent Director |
The Risk management Committee Meeting were held on 30-05-2022,
10-08-2022 & 06-02-2023 during the year ended 31st March, 2023.
26. Particulars of loans, guarantees or investments under section
186:
The Company has not given any loan, guarantees or made
investments under section 186 to any person or body corporate except loan to employees of
the Company as per Company's policy for employees and investment in mutual funds.
27. Particulars of contracts or arrangements with related
parties:
The Company has entered into contract or arrangement with related
party referred to in sub-section (1) of section 188 of the Companies Act, 2013 with
Morphis Business Advisory LLP, Bombay with effect from 1st December, 2018, which has been
approved by the Board of Directors at the meeting, held on 5th November, 2018 for a period
of five years. The Company has entered into revised contract in form of MOU with Morphis
Business Advisory LLP, Bombay with effect from 1st April, 2023 for a period of five years,
which has been approved by the Board of Directors at the meeting, held on 18th May, 2023.
Form No. AOC -2 regarding transactions under section 188 of the
Companies Act, 2013 is enclosed herewith (Annexure-B). 28. Managerial Remuneration
Disclosures pursuant to section 197(12) of the Companies Act,
2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are enclosed herewith (Annexure-C).
29. Secretarial Audit Report
The Secretarial Audit Report pursuant to section 204(1) of the
Companies Act, 2013 given by M/s. DRP & Associates, Practicing Company Secretaries has
been enclosed herewith along with Annual Secretarial Compliance Report as required under
Regulation 24A of LODR Regulations, 2015. (Annexure-E).
The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
30. Corporate Governance Report
A detailed corporate governance report including compliance
certificate received from M/s. DRP & Associates, Practicing Company Secretaries,
regarding compliance of conditions of corporate governance as stipulated in Schedule V of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulation, 2015 is attached as Annexure F.
The management discussion and analysis report as stipulated in
Regulation 34 (2) (e) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulation, 2015 has been annexed to Directors' report as
Annexure G.
The Business Responsibility and Sustainability Reporting as
stipulated in Regulation 34 (2) (f) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulation, 2015 has been annexed to Directors'
report as Annexure H.
31. Code of Conduct
The Company has adopted a code of conduct for its directors and
senior designated management personn el. All the Board members and senior management
personnel have affirmed their compliance of code of conduct.
32. Risk management policy
In today's economic environment, risk management is a very
important part of business. The main aim of risk management is to identify, monitor and
take precautionary measures in respect of the events that may pose risks for the business.
Your Company's risk management is embedded in the business processes. Your company has
identified the following risks:
Key Risk |
Impact to Axtel Industries Ltd |
Mitigation Plans |
Commodity Price Risk |
Risk of price fluctuation on basic raw materials like steel,
components, power as well as finished goods used in the process of manufacturing. |
The Company commands excellent business relationship with the
buyers. In case of major fluctuation either upwards or downwards, the matter will be
mutually discussed and compensated both ways. Also by focusing on new value added products
helps in lowering the impact of price fluctuation in finished goods. |
Uncertain global economic environment slow growth in
global economy Interest Rate Risk |
Impact on demand and realization of exports of food processing
plant and machinery. Any increase in interest rate can affect the finance cost. |
The people do not compromise on food and it will not affect
much. Dependence on debt is very minimum and Company has enough funds to meet the need
arises. |
Foreign Exchange Risk |
Any volatility in the currency market can impact the overall
profitability. |
The Company has potentiality in domestic market. In case of
major fluctuation either upwards or downwards, the effect will be minimal. |
Human Resources Risk |
Your Companys ability to deliver value is dependent on its
ability to attract, retain and nurture talent. Attrition and non- availability of the
required talent resource can affect the overall performance of the Company |
By continuously benchmarking of the best HR practices and
carrying out necessary improvements to attract and retain the best talent. Company does
not anticipate any major issue for the coming years. |
Competition Risk |
Every company is always exposed to competition risk. The
increase in competition can create pressure on margins, market share etc. |
By continuous efforts to enhance the brand image of the Company
by focusing on quality, cost, timely delivery and customer service. By introducing new
product range commensurate with demands, your company plans to mitigate the risks so
involved. |
Compliance Risk Increasing regulatory Requirements. |
Any default can attract penal provisions. |
By regularly monitoring and review of changes in regulatory
framework. |
Industrial Safety, Employee Health and Safety Risk. |
The engineering industry is exposed to accidents and injury risk
due to human negligence. |
By development and implementation of critical safety standards
across the various departments of the factory, establishing training need identification
at each level of employee. |
33. Directors' Responsibility Statement
Your Directors state 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 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.
34. Compliance with Secretarial Standards and SEBI (Listing
Obligation and Disclosure Requirement) Regulations 2015:
The Company has complied with secretarial standards issued by the
Institute of Company Secretaries of India and SEBI (Listing Obligations and Disclosure
Requirement) Regulations 2015 from time to time.
35. Cost Audit.
M/s. K. H. Shah & Co., Cost Accountants, were appointed with
the approval of the Board to carry out the cost audit for F.Y. 2022-23.
Based on the recommendation of the Audit Committee, M/s. K. H.
Shah & Co., Cost Accountants, being eligible, have also been appointed by the Board of
Directors in their meeting held on 18-05-2023 as the Cost Auditors for F.Y. 2023-24. The
remuneration to be paid to M/s. K. H. Shah & Co., for F.Y. 2023-24 is subject to
ratification by the shareholders at the ensuing AGM.
Cost records as specified by the Central Government under
sub-section 1 of section 148 of the Companies Act, 2013, are maintained by the Company for
the financial year 2022-23.
36. Details of fraud reported by auditors under sub-section (12)
of section 143 other than those which are reportable to the Central Government.
There was no fraud reported by auditors under sub-section (12) of
section 143 other than those which are reportable to the Central Government.
37. Details of proceedings under the Insolvency and Bankruptcy
Code, 2016
There was no proceeding pending against the Company under the
Insolvency and Bankruptcy Code, 2016 d uring the year under review.
38. Disclosure under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013:
The Company has been employing about 9 women employees in various
cadres within the factory premises. The Company has in place an anti-harassment policy in
line with the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Internal Complaint Committee has been set up to
redress complaints received regularly and are monitored by women line supervisors who
directly report to the Executive Director. All employees (permanent, contractual,
temporary, trainees) are covered under the policy. There was no complaint during the
financial year 2022-23 and hence no complaint is outstanding as on 31.03.2023 for
redressal.
39. Acknowledgements
The Board of Directors gratefully acknowledge the assistance and
co-operation received from the Bank of Baroda and all other statutory and non-statutory
agencies for their co-operation. The Board of Directors also wish to place on record their
gratitude and appreciation to the members for their trust and confidence shown in the
Company. The Board of Directors would like to especially thank all the employees of the
Company for their dedication and loyalty.
ANNEXURE - A
Particulars regarding Conservation of Energy, Technology
Absorption and Foreign Exchange Income and Outgo as per rule 8(3) of the Companies
(Accounts) Rules,2014: A) Conservation of energy:
No. |
Particulars |
Steps taken |
(i) |
The steps taken or impact on conservation of energy |
Low power illumination is used in factory. |
(ii) |
The steps taken by the company for utilising alternate sources |
The Company has already installed solar power |
|
of energy |
system in past. |
(iii) |
The capital investment on energy conservation equipment |
N.A. |
(B) Technology absorption:
No. |
Particulars |
Steps taken |
(i) |
The efforts made towards technology absorption |
Technology developed by the Whole-time Directors |
(ii) |
The benefits derived like product improvement, cost reduction,
product development or import substitution |
The Company developed, improved various products, and import
substitution in- house. |
(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 |
N.A. |
|
c) whether the technology been fully absorbed |
|
|
d) if not fully absorbed, areas where absorption has not taken
place, and the reasons thereof |
|
(iv) |
The expenditure incurred on Research and Development |
N.A. |
(C) 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.
No. |
Particulars |
Details |
(i) |
Activities relating to exports |
Sales of food processing plants & machinery |
[ii] |
Initiatives taken to increase export |
The Directors visit clients abroad several times and the Company
expects to receive several export orders from time to time. |
[iii] |
Development of new export markets for products and services |
|
|
and export plans |
N.A. |
Details of foreign exchange used and earned: [Rupees in Lacs]
Particulars |
F.Y. 2022-23 |
F.Y. 2021-22 |
Total foreign exchange used |
344.92 |
190.99 |
Total foreign exchange earned |
2050.93 |
2480.58 |
Annexure-B
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the
Act and Rule 8(2) of the Companies (Accounts) Rules, 2014) Form for disclosure of
particulars of contracts/arrangements entered into by the company with related parties
referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain
arms length transactions under third proviso thereto.
1. Details of contracts or arrangements or transactions not at
arms length basis: NOT APPLICABLE
(a) Name(s) of the related party and nature of relationship: (b)
Nature of contracts/arrangements/transactions: (c) Duration of the contracts /
arrangements/transactions:
(d) Salient terms of the contracts or arrangements or
transactions including the value, if any: (e) Justification for entering into such
contracts or arrangements or transactions: (f) date(s) of approval by the Board: (g)
Amount paid as advances, if any:
(h) Date on which the special resolution was passed in general
meeting as required under first proviso to section 188:
2. Details of contracts or arrangement or transactions at
arms length basis:
(a) Name(s) of the related party and nature of relationship:
Morphis Business Advisory LLP, Mr. Ameet Nalin Parikh, Non-Executive Director of the
Company is partner in the said LLP.
(b) Nature of contracts/arrangements/transactions: Availing
professional service in connection with growth, value creation and financial security.
(c) Duration of arrangements: From 01.12.2018 to 30.11.2023.
(d) Salient terms of the contracts or arrangements or
transactions including the value, if any: Morphis Business Advisory LLP provides services
for establishment of vision and a strategy for the Company, a sound strategy for each of
the enablers and for growth and implementation and monitoring the said strategies to
enhance company's growth. (During the financial year: Rs. 42.00 lacs paid as professional
fees) (e) Date of approval by the Board: Board approved on 5th November, 2018 for a period
of from 01.12.2018 to 30.11.2023. (g) Amount paid as advances, if any: No advance is paid.
ANNEXURE-C
Information as per Section 134 of the Companies Act, 2013, read
with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Disclosure in the Boards Report under Rule 5 of Companies
(Appointment & Remuneration) Rules, 2014
(i) The Ratio of the remuneration of each director
to the median remuneration of the employees of the company for the financial year 2022-23 |
Directors Name |
Ratio to median remuneration |
Mr. Ajay Naishad Desai, Whole Time Director |
24.00 |
Mr. Ajay Nalin Parikh, Whole Time Director |
24.00 |
(ii) The Percentage increase in remuneration of each
Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager
if any in the financial year 2022-23 compared to 2021-22 |
Directors/CFO/CEO/CS/name |
% increase in remuneration |
Mr. Ajay Naishad Desai, WTD |
0% |
Mr. Ajay Nalin Parikh, WTD |
0% |
Mrs. Prerna Sudeep Bokil, CS |
51.17% |
Mr. R K Bhavsar, CFO |
5.88% |
(iii) Percentage increase in the median remuneration
of employees in the financial year 2022-23 compared to 2021-22 (iv) Number of permanent
employees on the rolls of the company |
8.72 % |
|
As on 31.03.2023 |
As on 31.03.2022 |
205 |
197 |
During 2022-23 |
During 2021-22 |
(viii) Average percentile increase in salaries of
Employees other than managerial personnel Justification for increase / decrease with
reasons for any exceptional circumstances |
5.81 % |
22.64% |
It is in line with the industry practice and is within the
normal range. |
It is in line with the industry practice and is within the
normal range. |
Information under Rules 5(2) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company
in receipt of remuneration for the year in the aggregate of Rs. One Crore and two lakh
and/ or Rs. eight lakh fifty thousand per month during the financial year 2022-23:
Name |
Age - Years |
Designation |
Nature of employment |
Qualification & Experience (Yrs) |
Remuneration received (Rs.) |
Date of Commencem ent of employment |
Last employment/ Designation |
i. Employed throughout the financial year |
|
|
|
|
|
|
|
Mr. Ajay Naishad Desai |
64 |
Whole time Director |
Contractual |
B.E.(Elec.) 41 years |
1,50,00,000 |
01.03.1992 |
Age Techonologie s Pvt. Ltd./ Director |
Mr. Ajay Nalin Parikh |
65 |
Whole time Director |
Contractual |
B.E.(Mech.) 41 years |
1,50,00,000 |
01.03.1992 |
Age Techonologie s Pvt. Ltd./ Director |
ii. Employed for a part of financial year |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
iii. Employed throughout the year of part thereof |
NA |
NA |
NA |
NA |
NA |
NA |
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The Board of Directors of the Company affirms that the
remuneration is as per the remuneration policy of the Company.