To
The Members
Konark Synthetic Limited
Your Directors present the 39th Annual Report together with the Audited
Standalone and Consolidated Financial Statements of the Company for the financial year
ended on 31st March 2023.
FINANCIAL HIGHLIGHTS:
(Rs. in Lakhs)
Sr. Particulars |
Standalone |
Consolidated |
No. |
For the Year ended 31st March,2023 |
For the Year ended 31st March,2022 |
For the Year ended 31st March,2023 |
For the Year ended 31st March,2022 |
1. Total Revenue |
4839.65 |
4269.06 |
4842.56 |
4269.06 |
2. Total Expenses |
4832.11 |
4198.25 |
5156.75 |
4547.48 |
3. Profit before Depreciation & Amortization expenses,
Finance Cost and Tax |
449.08 |
467.78 |
|
346.19 |
Less: Depreciation and Amortization Expenses |
103.78 |
125.87 |
331.43 |
353.51 |
Less: Finance Cost |
337.76 |
271.10 |
337.76 |
271.10 |
4. Profit before exceptional / extraordinary items and tax |
7.54 |
70.81 |
(314.20) |
(278.42) |
5. Share in Profit/(Loss) in Equity Accounted Investments
(Net of Tax) |
|
|
(30.04) |
2.75 |
Less: Exceptional Item/ extraordinary items |
(804.99) |
(119.62) |
(804.99) |
(119.62) |
6. Profit before tax |
(797.45) |
(48.82) |
(1149.22 ) |
(395.28) |
Less: Provision for tax (Including deferred tax) |
75.66 |
(4.07) |
75.66 |
(4.07) |
7. Profit after tax |
(873.11) |
(44.74) |
(1224.88 ) |
(391.21) |
8. Less: Minority Interest |
- |
- |
|
- |
Profit/Loss for the period after Minority Interest |
(873.11) |
(44.74) |
(1224.88 |
(391.21) |
)
REVIEW OF BUSINESS OPERATIONS:
During the year under review your company earned a revenue from
operations of Rs. 4736.37 lakhs as compared to Rs. 4009.76 Lakhs in the previous financial
year. The company suffered a loss after tax of Rs. (873.11) Lakhs as Compared to a loss of
Rs. (44.74) lakhs in the previous financial year
SHARE CAPITAL:
There was no change in Share Capital of the Company during the year
2022 - 23. As on 31st March, 2023, the paid up share capital of the Company stood at
Rs.5,80,80,000/-(Rupees Five Crores Eighty Lakhs and Eighty Thousand Only) divided into
58,08,000 Equity shares of Rs. 10/ - (Rupee Ten Only) each.
DIVIDEND:
To conserve the resources for future business requirements of the
Company, your Directors do not recommend any payment of dividend for the year under
review.
RESERVES:
During the year the Company has not transferred any amount to General
Reserves.
PUPLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies
(Acceptance of Deposits) Rules, 2014.
EXTRACT OF ANNUAL RETURN:
The Annual Return as referred in Section 134(3)(a) read with Section 92
(3) of the Companies Act, 2013 and Rule 12 of Companies (Management and Administration)
Rules, 2014 the Annual Return in e-form MGT-7 for the financial year ended March 31,2023
is placed on the website of the Company at https://konarkgroup.co.in/annual-return/.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of Section 152 of the Companies Act,
2013 read with Companies (Management and Administration) Rules,
2014 and the Articles of Association of the Company, Mr. Shonit Dalmia,
Managing Director of the Company retires by rotation at the ensuing Annual General Meeting
and being eligible, has offered himself for re-appointment and your Board recommends his
re-appointment.
The Following changes took place in the composition of the Board and
Key Managerial Personnel:
Mr. Shonit Dalmia (DIN: 00059650) resigned from the office of
Non-Executive Director w.e.f 18th July 2022. Further Mr. Shonit Dalmia was appointed as
Additional Director designated as Managing Director w.e.f. 18th July, 2022 subject to
approval of shareholders at 38th Annual General Meeting. At the 38th
Annual General Meeting held on Thursday 28th September, 2022, the members of
the Company approved the Appointment of Mr. Shonit Dalmia as Managing Director w.e.f 18th
July, 2022 for a period of 3 years.
Mr. Amitabh Kejriwal (DIN: 00005864) Managing Director of the Company
resigned from the office w.e.f 24th June, 2022
Mr. Satish Deshmukh (DIN: 03535235) Independent Director of the Company
resigned from the office w.e.f 28th June, 2022
Ms. Suvriti Gupta (DIN: 07766090) Independent Women Director of the
Company resigned from the office w.e.f 18th July, 2022
Mr. Anshul Agrawal (DIN: 02060092) was appointed as Additional Non
-Executive Director w.e.f 28th June, 2022 subject to the approval of shareholders at this
Annual General Meeting. At the 38th Annual General Meeting held on Thursday 28th
September, 2022, the members of the Company approved the Appointment of Mr. Anshul Agrawal
(DIN: 02060092) as Non Executive Non Independent Director w.e.f 28th June,
2022.
Mr. Riyazuddin Khan (DIN: 09448909) was appointed as Additional Non
-Executive Independent Director w.e.f 28th June, 2022 subject to the approval of
shareholders at this Annual General Meeting. At the 38th Annual General Meeting
held on Thursday 28th September, 2022, the members of the Company approved the
Appointment of Mr. Riyazuddin Khan (DIN: 09448909) as Non-Executive Independent Director
w.e.f 28th June, 2022 for a period of 5 years.
Ms. Priyanka Jha (DIN: 09671850) was appointed as Additional Non
-Executive Independent Women Director w.e.f 18th July, 2022 subject to the approval of
shareholders at this Annual General Meeting. At the 38th Annual General Meeting
held on Thursday 28th September, 2022, the members of the Company approved the
Appointment of Ms. Priyanka Jha (DIN: 09671850)) as Non-Executive Independent Director
w.e.f 18th July, 2022 for a period of 5 years.
.Mr. Indrajit Kanase (Membership No.A51146 ) was appointed as Company
Secretary and Compliance Officer w.e.f 1st April, 2022 who resigned from the office of
Company Secretary and Compliance Officer w.e.f 1st August, 2023
DECLARATION OF INDEPENDENT DIRECTORS:
The Company has received declaration from all the Independent Directors
of the Company confirming that they meet the criteria of independence as prescribed under
Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The Ministry of Corporate affairs (MCA) vide notification no. G. S. R.
804(E) dated 22nd October, 2019 and effective from 1st December, 2019 has introduced the
provision relating to inclusion of name of Independent Directors in the data bank
maintained by Indian Institute of Corporate Affairs (IICA). All Independent Director of
the Company are registered with IICA.
In the opinion of the Board, the Independent Directors hold highest
standard of Integrity and possess the requisite qualification, experience, expertise and
proficiency.
MEETING OF INDEPENDENT DIRECTORS
The Independent Directors met once during the year on 14th February,
2023, to review the working of the Company, its Board and Committees.
The meeting decided on the process of evaluation of the Board and Audit
Committee. It designed the questionnaire on limited parameters and completed the
evaluation of the Board by Non-Executive Directors and of the Audit committee by other
members of the Board. The same was compiled by Independent authority and informed to the
members.
COMPANY?S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES:
The policy on Director's appointment and remuneration including
criteria for determining qualifications, positive attributes, independence of Directors
and also remuneration for Key Managerial Personnel and other employees is attached
herewith and marked as Annexure I'.
ANNUAL PERFORMANCE EVALUATION BY THE BOARD:
Pursuant to the provisions of the Section 134(3) of the Companies Act,
2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an
evaluation of its own performance, the directors individually as well as the evaluation of
the working of its Audit, Nomination & Remuneration and Stakeholders' Relationship
Committees. The Board has devised questionnaire to evaluate the performances of each of
executive and non-executive and Independent Directors. Such questions are prepared
considering the business of the Company and the expectations that the Board have from each
of the directors. The evaluation framework for assessing the performance of Directors
comprises of the following key areas:
i. Attendance at Board Meetings and Board Committee Meetings;
ii. Quality of contribution to Board deliberations;
iii. Strategic perspectives or inputs regarding future growth of
Company and its performance;
iv. Providing perspectives and feedback going beyond information
provided by the management.
The details of the programmes for familiarization of Independent
Directors with the Company, their roles, rights, responsibilities in the Company, nature
of the industry in which the Company operates, business model of the Company and related
matters are put up on the website of the Company at the link:
http://www.konarkgroup.co.in/investor relation/policies/Familiarisation programme for
Independent Directors.
MEETINGS OF THE BOARD:
The Board meets at regular intervals to discuss and decide on Company /
business policy and strategy apart from other Board business. A tentative annual calendar
of the Board and Committee Meetings is informed to the Directors in advance to facilitate
them to plan their schedule and to ensure meaningful participation in the meetings.
The Board met Nine times during the financial year, the details of
which are as under:
1. 01.04.2022
2. 30.05.2022
3. 28.06.2022
4. 18.07.2022
5. 13.08.2022
6. 14.09.2022
7. 14.11.2022
8. 14.02.2023
9. 04.03.2023
DIRECTORS? RESPONSIBILITY STATEMENT:
Your Directors, to the best of their knowledge and belief and according
to the information and explanation obtained by them and as required under Section
134(3)(c) of the Companies Act, 2013, state that:
a. in the preparation of the annual accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to material
departures, if any;
b. the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the
financial year as at 31st March, 2023 and of the loss of the company for that period;
c. the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;
d. the directors have prepared the annual accounts on a going concern
basis;
e. the directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively; and
f. the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
PARTICULARS OF MANEGERIAL REMUNERATION AND OTHER DETAILS:
Disclosure with respect to the remuneration of Directors and employees
as required under Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith and
marked as AnnexureII?.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
As on 31 st March 2023, the Company has one subsidiary company i.e.
India Denim Limited and one Associate Company i.e Konark Infratech Private Limited. During
the year, the Board of Directors reviewed the affairs of the subsidiary Company. As per
Section 129(3) of Companies Act, 2013, the Company has prepared a consolidated financial
statement of the Company, along with India Denim Limited (Subsidiary) and Konark Infratech
Private Limited (associate company), which form part of the Annual Report. Further, a
statement containing the salient features of the financial statements of the subsidiary in
the prescribed format AOC-1 is attached herewith and marked as Annexure III?.
The statement also provides the details of performance and financial position of the
subsidiary and associate.
In accordance with the provision of Section 136 of the Companies Act,
2013, the audited financial statements, including the consolidated financial statements
and related information of the Company and audited accounts of its subsidiary, are
available on our websit https://konarkgroup.co.in/subsidiaries/. These documents will also
be available for inspection at the registered office of the Company and of the subsidiary
company during business hours on all working days and during the Annual General Meeting.
The Company has one associate company namely Konark Infratech Private
Limited by virtue of its holding of more than 20% of the respective equity share capital
of this company.
COMMITTEES OF THE BOARD
During the year, in accordance with the Companies Act, 2013, the Board
re-constituted some of its Committees. There are currently three Committees of the Board,
as follows:
Audit Committee
Nomination and Remuneration Committee
Stakeholders' Relationship Committee
The Details of Number of Meetings held and composition of Committee is
as under:
Audit Committee
The Audit Committee met six times during the year under review as under
1. 30.05.2022
2. 28.06.2022
3. 18.07.2022
4. 13.08.2022
5. 14.11.2022
6. 14.02.2023
The Composition of Audit Committee is as under:
Sr No. |
Name of the Member |
Designation |
1. |
Mr. Satish Deshmukh (Upto 28 June, 2022) |
Chairman and NonExecutive Independent Director |
2. |
Mr. Riyazuddin Khan (w.e.f 28th June 2022 |
Chairman and NonExecutive Independent Director |
3. |
Ms. Suvriti Gupta (upto 18th July, 2022) |
Member & Non-Executive Independent Women Director |
4. |
Ms. Priyanka Jha (w.e.f 18th July, 2022) |
Member & Non-Executive Independent Women |
|
|
Director |
5. |
Mr. Shonit Dalmia (upto 18th July, 2022) |
Member and Non-Executive Director |
6. |
Mr. Anshul Agrawal (w.e.f 28th June, 2022) |
Member and Non-Executive Director |
Nomination and Remuneration Committee
The Nomination and Remuneration Committee met four times during the
year under review as under
1. 01.04.2022
2. 28.06.2022
3. 18.07.2022
4. 14.02.2023
The Composition of Nomination and Remuneration Committee is as under:
Sr No. |
Name of the Member |
Designation |
1. |
Mr. Satish Deshmukh (Upto 28 June, 2022) |
Chairman and NonExecutive Independent Director |
2. |
Mr. Riyazuddin Khan (w.e.f 28th June 2022 |
Chairman and NonExecutive Independent Director |
3. |
Ms. Suvriti Gupta (upto 18th July, 2022) |
Member & Non-Executive Independent Women Director |
4. |
Ms. Priyanka Jha (w.e.f 18th July, 2022) |
Member & Non-Executive Independent Women Director |
5. |
Mr. Shonit Dalmia (upto 18th July, 2022) |
Member and Non-Executive Director |
6. |
Mr. Anshul Agrawal (w.e.f 28th June, 2022) |
Member and Non-Executive Director |
Stakeholders' Relationship Committee
The Stakeholder Relationship Committee met Six times during the year
under review as under
1. 30.05.2022
2. 28.06.2022
3. 18.07.2022
4. 13.08.2022
5. 14.11.2022
6. 14.02.2023
The Composition of Stakeholder Relationship Committee is as under:
Sr No. |
Name of the Member |
Designation |
1. |
Ms. Suvriti Gupta (upto 18th July, 2022) |
Chairman & Non-Executive Independent Women Director |
2. |
Ms. Priyanka Jha (w.e.f 18th July, 2022) |
Chairman & Non-Executive Independent Women Director |
3. |
Mr. Shonit Dalmia |
Member and Executive Director |
4. |
Mr. Anshul Agrawal (w.e.f 28th June, 2022) |
Member and Non-Executive Director |
5. |
Mr. Amitabh Kejriwal (upto 24th June, 2022) |
Member and Non-Executive Director |
RISKS AND AREAS OF CONCERN:
The Company has laid down a well-defined Risk Management Policy
covering the risk mapping, trend analysis, risk exposure, potential impact and risk
mitigation process. A detailed exercise is being carried out to identify, evaluate, manage
and monitoring of both business and non-
business risk. The Board periodically reviews the risks and suggests
steps to be taken to control and mitigate the same through a properly defined framework.
All major properties of the Company are insured.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED
TO IN SECTION 188(1) OF THE COMPANIES ACT 2013:
All transactions with the related parties entered during the year are
ongoing and on arm's length basis. No Material Related Party Transaction was entered
during the year by your Company as per Section 188 of the Companies Act, 2013.
Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)
of the Companies Act, 2013 in Form AOC-2 is not applicable.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013:
The details as required under Section 186 of the Companies Act, 2013 of
loans and guarantee made by your Company during the financial year 2022-23 are given under
Notes to Accounts on financial statements. The Company has not made any investments during
the year.
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 was no significant or material order passed by any regulator or
court or tribunal, which impacts the going concern status of the Company or will have
bearing on Company's operations in future.
INTERNAL FINANCIAL CONTROL WITH REFRENCE TO THE FINANCIAL STATEMENTS:
The Company has Internal Financial Control System commensurate with the
size, scale and complexity of its operations. The Company monitors and evaluates the
efficacy and adequacy of internal control system in place, its compliance with operating
systems, accounting procedures and policies.
MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE
FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which these financial
statements relate and the date of this report.
WHISTLE BLOWER/VIGIL MECHANISM POLICY:
The Company has a Vigil Mechanism / Whistle Blower Policy on our
website www.konarkgroup.co.in. to deal with instance of fraud and mismanagement, if any.
The mechanism also provides for adequate safeguards against victimization of directors and
employees who avail of the mechanism and also provide for direct access to the Chairman of
the Audit Committee in the exceptional cases. The details of the Vigil mechanism Policy is
posted on the website of the Company at
https://konarkgroup.co.in/wp-content/uploads/2016/04/Vigil-Mechanism- Policy.pdf. We
affirm that during the financial year 2022- 23 no employee or director was denied access
to the Audit Committee.
STATUTORY AUDITOR:
The Members at the 37th Annual General Meeting of the
Company held on 30th September, 2021, appointed M/s Jhunjhunwala Jain &
Associates LLP, Chartered Accountants, Mumbai (FRN: 113675W), as Statutory Auditors of the
Company for a period of 5 (five) years and who shall hold such office from the conclusion
of 37th Annual General Meeting till the Conclusion of 42nd Annual
General Meeting to be held for the financial year 2025-26. M/s Jhunjhunwala Jain &
Associates LLP, Chartered Accountants and Statutory Auditors of the Company have tendered
their resignation w.e.f 14th August, 2023 for non-acceptance of their request
by the Audit Committee and the Board for increase in remuneration for carrying out audit
services from the financial year 2023-24 onwards. This has resulted in a casual vacancy in
the office of Statutory Auditors of the Company. Accordingly, the Board of Directors of
the Company at their meeting held on 5th September, 2023, on the recommendation of Audit
Committee, approved and recommended the appointment of M/s Bhuwania & Agrawal
Associates, Chartered Accounts, Mumbai having FRN: 101483W and Peer Review Certificate No.
014197 issued by Peer Review Board of ICAI , as Statutory Auditors to fill the casual
vacancy caused by the resignation of M/s Jhunjhunwala Jain & Associates LLP. Statutory
Auditors who shall hold such office from 15th August, 2023 till the conclusion
of 39th Annual General Meeting of the Company. M/s Bhuwania & Agrawal
Associates, Chartered Accounts, Mumbai, have given their consent and eligibility to this
effect.
Further, the term of M/s Bhuwania & Agrawal Associates, Chartered
Accounts, Mumbai having FRN: 101483W and Peer Review Certificate No. 014197issued by Peer
Review Board of ICAI as Statutory Auditors to fill the casual vacancy caused by the
resignation of M/s Jhunjhunwala Jain & Associates LLP. Statutory Auditors expires at
the conclusion of 39th Annual General Meeting and being eligible have given
their consent and eligibility for appointment as Statutory Auditors of the Company; .
Subject to the approval of members it is now proposed to appoint M/s
Bhuwania & Agrawal Associates, Chartered Accounts, Mumbai having FRN:
101483W and Peer Review Certificate No. 014197 Issued by Peer Review
Board of ICAI as Statutory Auditors for a period of 5 (five) years from the conclusion of
39th Annual General Meeting till the conclusion of 44th Annual
General Meeting.
the Board of Directors of the Company based on the recommendation of
the Audit Committee, unanimously recommends the Ordinary Resolution as set out in Item
No.3 and 4 of this Notice for the approval of the Members of the Company.
None of the Directors or Key Managerial Personnel of the Company and
their relatives are, in any way, concerned or interested, financially or otherwise, in the
Ordinary Resolution set out at Item No. 3 and 4 of this Notice, except to the extent of
their respective shareholding, if any, in the Company
SECRETARIAL AUDITOR:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial (Personnel) Rules, 2014, the
Company has Appointed M/s. Amit Dharmani & Associates., Company Secretaries, Mumbai to
undertake Secretarial Audit of the Company for the year 2022 - 23. The Secretarial Audit
Report is annexed herewith as Annexure IV' and forms part of this report.
INTERNAL AUDITOR:
The Company had appointed M/s. Kaushik Shahukar & Co., Chartered
Accountants, Mumbai as its Internal Auditor for the financial year 2022-23. The Internal
Auditor givestheir report on quarterly basis to the Audit Committee.
Based on the report of internal audit, management undertakes corrective
action in respective areas and thereby strengthens the controls.
Further, based on the recommendations of the Audit Committee, the
Company has appointed M/s. Kamlesh Duggar & Co, Chartered Accountants, Mumbai, as
Internal Auditors of the Company for the Financial Year 2023-24.
COST AUDITORS:
As per Section 148 read with Companies (Audit & Auditors) Rules,
applicable to cost auditors, the company was not liable to appoint Cost auditors for the
financial year 2022-23.
REPORTING OF FRAUD BY AUDITORS
During the year under review, the Statutory Auditors, and Secretarial
Auditor have not reported any instances of frauds committed in the Company by its Officers
or Employees to the Audit Committee under section 143(12) of the Act, details of which
needs to be mentioned in this Report.
REMARKS ON QUALIFICATION BY STATUTORY AUDITORS AND SECRETARIAL
AUDITORS:
The Statutory Auditors' report does not have any qualification /
observation/adverse remark and the report is selfexplanatory.
Further, there are no observations / adverse remark in the Secretarial
Auditors Report..
REPORT ON CORPORATE GOVERNANCE:
As per Schedule V Part C of Listing obligation and disclosure
requirements, the provision of corporate governance is not applicable to the Company as
equity share capital of the company does not exceed 10 crores and net worth of the Company
does not exceed 25 Crore as on last previous Financial Year.
Note - As per Schedule V Part C [(10) (i)] of Listing obligation and
disclosure requirements, Company does not require to take certificate of Non-
Disqualification of Director' from practicing Company Secretary.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management's Discussion and Analysis Report for the year under
review, as stipulated under Regulation 34 of the SEBI (Listing Obligation and Disclosure
Requirements) Regulation, 2015, is annexed under Annexure VI to this report.
INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and
adopted a Policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. There was no
complaint on sexual harassment during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Details regarding conservation of energy, technology absorption,
foreign exchange earnings and outgo is given in Annexure V?.
COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:
Your Directors hereby confirm that the Company has complied with the
necessary provisions of the revised Secretarial Standard 1 and Secretarial Standard 2 to
the extent applicable to the Company.
CORPORATE SOCIAL RESPONSIBILITY:
Provisions Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 is not applicable to the
Company during the year under review.
Listing Fees:
The Company is Listed on BSE Limited. The Company has paid the Listing
Fees for the Financial Year 2022-23. The Company has paid part of the Listing Fee for the
financial year 2023-24.
OTHER DISCLOSURES
The company does not have any Employees Stock Option Scheme in force
and hence particulars are not furnished, as the same is not applicable.
No application has been made under Insolvency and Bankruptcy Code:
hence requirement to disclose the details of application made or any proceedings 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 is not applicable to the Company.
The requirement to disclose the details of difference between amount of
valuation done at the time of onetime settlement and valuation done while taking loan from
the Banks and Financial Institutions along with the reasons thereof is also not
applicable.
ENHANCING SHAREHOLDER VALUE
Your company firmly believes that its success, the marketplace and a
good reputation are among the primary determinants of value to the shareholder. The
organizational vision is founded on the principles of good governance.
CAUTIONARY STATEMENT
Statements in the Board's Report and the Management Discussion &
Analysis describing the Company's objectives, expectations or forecasts may be forward
looking within the meaning of applicable securities laws and regulations.. Important
factors that could influence the Company's operation include global and domestic demand
and supply conditions affecting selling prices of Raw Materials, Finished Goods, input
availability and prices, changes in government regulations, tax laws, economic
developments within and outside the country and various other factors.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their sincere
appreciation for the assistance and co-operation received from all the Government
departments, Banks, Financial Institutions, other business constituents and members during
the year under review and also look forward to their continued support in the future.
Your Directors also wish to place on record their deep appreciation for
the committed services of the employees of the Company.
|
|
For and on behalf of the Board of Directors |
|
|
For Konark Synthetic Limited |
|
Anshul Agrawal |
Shonit Dalmia |
Place: Mumbai |
Non Executive Director |
Managing Director |
Date: 5th September, 2023 |
(DIN: 02060092) |
(DIN: 00059650) |