Dear Members,
Your directors take pleasure in presenting the 33rd Annual Report on the
business and operations of Krishanveer Forge Limited (Formerly known as Rajkumar Forge
Limited) ("the Company") along with the Audited Financial Statements for the
financial year ("FY") ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS:
(' in Lakhs)
Sr. No. |
Particulars |
Financial Year 2022-23 |
Financial Year 2021-22 |
a |
Revenue from Operation |
8090.86 |
6722.32 |
b |
Other Income |
60.76 |
90.65 |
c |
Total Income |
8151.62 |
6812.97 |
d |
LESS: EXPENSES (Excluding F, G & H) |
7691.95 |
6061.99 |
e |
Profit for the year before INTEREST, TAX, DEPRECIATION AND Exceptional items |
459.67 |
750.98 |
f |
Less: Exceptional Items |
- |
- |
g |
Less: depreciation and Amortization |
162.00 |
152.59 |
h |
less: finance cost |
93.54 |
62.20 |
|
Profit before Tax |
204.13 |
536.19 |
j |
Less: Tax Expenses |
|
|
|
Provision for Income Tax |
33.34 |
151.35 |
|
Deferred Tax |
6.33 |
9.22 |
k |
Profit for the Year |
164.45 |
375.63 |
l |
Earnings Per Share |
|
|
|
Basic |
1.50 |
3.43 |
|
Diluted |
1.50 |
3.43 |
The above-mentioned figures are extracted from Financial Statements prepared in
accordance with the Indian accounting standards (IND AS).
2. OPERATIONS AND STATE OF AFFAIRS:
Despite the war situations between Russia and Ukraine and their adverse impacts on
commodity prices across the globe, the Company achieved growth in revenue during the year,
with a notable increase from Rs. 6722.31 Lakhs to Rs. 8090.86 lakhs compared to the last
year. However, the operational costs have increased significantly from Rs. 6061.99 Lakhs
to Rs. 7691.95, Lakhs compared to the last year. Ultimately, the profit for the year
showed a decline from Rs. 375.63 lakhs to Rs. 164.58 lakhs compared to the previous year.
Volatility in the commercial gas prices, raw material's costs, and other production
costs has led to a net increase in the production cost (''price impact"), impacting
the company's profitability for the year. Also, the intense competition prevailing in the
market has put pressure on realizations. There was approximately 48% rise in the gas
prices during the year under review, primarily due to war between Russia and Ukraine,
which has affected the financial performance of the Company.
The Management in order to curb the price impact had taken several counter
measures/remedial actions and has been successful in passing on the price impact to its
customers to some extent. Management is also of the opinion that it shall continue its
efforts in passing on the increased costs by gradually increasing its product prices in
line with the market conditions.
The revenue growth indicates that the Company's products continue to find market demand
and acceptance in the form of repeat and new orders.
Your Board is constantly in the process of analyzing and optimizing the cost structure,
exploring opportunities for efficiency improvements, negotiating with suppliers for better
pricing and implementing long to medium purchase strategies for better and reduced
material costs, cost reduction and implementing strategies to come up with a revised
pricing structure for its products and to insulate it to the extent possible from higher
input costs.
Your Board is also pleased to inform you that the affairs of the Company are
functioning smoothly and appropriately in compliance with all the applicable laws and
regulations.
The outlook of the business has been discussed in detail in the Management Discussion
and Analysis which forms part of this Annual Report.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), is
separately set out and forms part of this Report.
3. DIVIDEND:
The Management of the Company upon taking into consideration the reduced profitability
and with a view to conserving the resources in the medium term, your Board has not
recommended any dividend for the financial year ended March 31, 2023.
4. CHANGE IN NAME OF THE COMPANY
Members of the Company are hereby informed the change in the name of the Company from
"Rajkumar Forge Limited" to "Krishanveer Forge Limited" was approved
by way of Special Resolution passed by the members in the 32nd Annual General
Meeting ("AGM") of the Company held on August 19, 2022 and thereafter the
Registrar of Companies, Pune, Maharashtra ("RoC"), issued a fresh certificate of
incorporation on August 25, 2022 reflecting the new name of the Company. BSE Limited
issued a fresh abbreviation "KVFORGE" to the Company on October 11, 2022,
however, the Scrip Code "513369" remained unchanged.
5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
Your Board has submitted an undertaking to the RoC and BSE that there will be no change
in the existing line of business of the Company, nor the Company intends to undertake any
new activity subsequent to the name change. Accordingly, there was no change in the nature
of the Company's business during the financial year ended March 31, 2023.
6. SHARE CAPITAL:
There was no change in the authorized as well as paid-up share capital of the Company
during the year under review.
The current Authorized Capital of the Company is ' 13,25,00,000/- divided into
1,25,00,000 Equity shares of ' 10/- each and 7,50,000 4% Non-Cumulative Redeemable
Preference Shares of ' 10/- each and Paid-up Capital of the Company is ' 10,93,94,000/-
divided into 1,09,39,400 Equity Shares of ' 10/- each.
7. TRANSFER TO RESERVES:
The Company has not transferred any amount to any specific reserve during the financial
year ended March 31,2023.
8. PUBLIC DEPOSITS:
During the year under review, your Company has not accepted any deposits from the
public within the meaning of Section 73 of the Companies Act, 2013 ("the Act")
read with the Companies (Acceptance of Deposits) Rules, 2014.
9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
All contracts/ arrangements/ transactions entered by the Company during the financial
year under review with related parties were at an arm's length price basis and in ordinary
course of business. Such transactions form part of the notes to the financial statements
provided in this Annual Report. All Related Party Transactions ("RPTs") are
placed before the Audit Committee for prior approval. Prior omnibus approval of the Audit
Committee is obtained for the RPTs which are repetitive in nature or when the need for
these transactions cannot be foreseen in advance. Further, the Company has sought
requisite approval from the members in the 32nd AGM of the Company for entering
into Material Related Party Transactions with related parties pursuant to the provisions
of Regulation 23 of the Listing Regulations as amended from time to time for a period of 5
years.
On a quarterly basis, details of RPTs are placed before the audit committee for its
noting/review. The Company has also disclosed a report on the related party transaction to
the BSE for the half year ended September 30, 2022 and March 31, 2023 as required under
the Listing Regulations. The said reports are further available on the website of the
Company www.kvforge.com.
The information for related party transactions as required under Rule 8(2) of the
Companies (Accounts) Rules, 2014 in prescribed Form AOC-2 is enclosed as 'Annexure A' to
this Report. Your attention is drawn to the Related Party disclosures set out in Note no.
39, of the Standalone Financial Statements.
The Company has already adopted a Policy for dealing with Related Party Transactions
which is subject to review and revision by the Audit Committee and Board. The revised and
updated policy on Related Party Transaction as approved by the Board has been displayed on
the Company's website at https://kvforge.com/wp-content/uploads/2023/04/KVF-
Related-Party-Transaction-Policy.pdf.
10. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:
There has been no material change and commitment affecting the financial position of
your Company which has occurred between the end of the financial year to which the
financial statements relate and the date of this Report.
11. SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANY:
The Company does not have any subsidiary, joint venture and /or associate company
during the year under review.
12. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
There were no loans, guarantees and investments made by the Company under Section 186
of the Act during the period under review.
13. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no significant and material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status of the Company and its future
operations.
14. INTERNAL FINANCIAL CONTROLS:
The Company has appointed M/s S A N N & Co., Chartered Accountants, Pune as the
Internal Auditors of the Company for the FY 2022-23. The internal financial controls are
commensurate with the size and nature of the business. Internal Audits are periodically
conducted by the Internal Auditor, who monitors and evaluates the efficiency and adequacy
of internal control systems of the Company, its compliance with applicable statutes,
accounting procedures and policies of the Company.
The Audit Committee as well as the Board conduct a periodical review of the internal
audit functioning as well as the internal audit report issued by the Internal Auditor.
Further, the Audit Committee annually reviews the Internal Auditor's independence and
performance, and the effectiveness of the audit process.
The Board/ management is of the opinion that the Company has effective internal
financial control systems and policies and such controls are operating effectively. The
management is taking steps for further strengthening of internal financial controls.
15. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
DIRECTORS:
During the year, the Company has an optimum combination of Executive as well as
Non-Executive Directors in compliance with Regulation 17 of the Listing Regulations as
amended from time to time.
BOARD OF DIRECTORS OF THE COMPANY AS ON MARCH 31, 2023:
Sr. No. |
Name |
Designation |
Category |
1 |
Mr. Arun Krishankumar Jindal |
Chairman |
Non-Executive, Non-Independent |
2 |
Mr. Nitin Shyam Rajore |
Whole Time Director |
Executive Director |
3 |
Mr. Ratanlal Tikaram Goel |
Non-Executive Director |
Non-Executive, Independent |
4 |
Ms. Sudha Santhanam |
Non-Executive Director |
Non-Executive, Independent (Woman) |
During the year under review, there was no change in the composition of the Board of
the Company. RE-APPOINTMENTS:
Director liable to retire by rotation:
Pursuant to Section 149, 152 and other applicable provisions of the Act, read with
applicable rules as amended from time to time, Mr. Arun Krishankumar Jindal (DIN:
00121523) Chairman and Non-Executive Director, is liable to retire at the ensuing AGM, and
being eligible, offers himself for the reappointment. Based on performance evaluation and
the recommendation of the Nomination and Remuneration Committee, the Board recommends his
reappointment to the members.
KEY MANAGERIAL PERSONNEL:
In terms of section 203 of Act, following are the Key Managerial Personnel of the
Company:
Sr. No. |
Name |
Designation |
1 |
Mr. Nitin Rajore |
Whole Time Director |
2 |
Mr. Viralkumar Shah |
Chief Financial Officer |
3 |
Mr. Harshal Kher |
Company Secretary & Compliance Officer |
During the year under review:
CS Satish Kadrolli resigned as the Company Secretary & Compliance Officer of
the Company w.e.f the closing hours of August 28, 2022 and CS Harshal Kher was appointed
as the Company Secretary & Compliance Officer of the Company w.e.f September 01, 2022.
Mr. Shubham Jindal resigned as the Chief Financial Officer of the Company w.e.f
November 30, 2022 and Mr. Viralkumar Shah was appointed as the Chief Financial Officer of
the Company w.e.f December 01, 2022.
The Company has furnished necessary information/intimations/returns/forms as required
under the Act and the Listing Regulations to give effect to the aforesaid changes.
16. DETAILS OF BOARD MEETINGS:
Six (6) meetings of the Board of Directors of the Company were held during the
financial year under review, on May 11, 2022, July 14, 2022, August 10, 2022, September
01,2022, November 11,2022 and February 11,2023. The other details are also available in a
separate section under the Corporate Governance Report forming part of this Annual Report.
The intervening gap between the Meetings was within the period prescribed under the Act/
the Listing Regulations.
17. COMMITTEES OF THE BOARD:
As of March 31, 2023, the Board had the following Statutory Committees:
Audit Committee
Nomination and Remuneration Committee
Stakeholder Relationship Committee
Details of composition, terms of reference and number of meetings held for respective
Committees are given in the Report on Corporate Governance, which forms a part of this
Annual Report. The same are in compliance with the requirements as mandated by the Act and
the Listing Regulations.
18. DECLARATION BY INDEPENDENT DIRECTORS:
During the year under review, the Company has received necessary declarations from the
Independent Directors as required under Section 149(7) of the Act and regulation 25(8) of
the Listing Regulations, that:
1. They meet the criteria of independence laid down in Section 149(6) of the Act and
Regulation 16(1) (b) of the Listing Regulations as amended from time to time.
2. They have registered their names in the Independent Directors' Databank.
19. FORMAL ANNUAL EVALUATION:
The annual evaluation process of the Board of Directors, individual Directors and
Committees was conducted in accordance with the provisions of the Act and Listing
Regulations read with Guidance Note on Board Evaluation issued by the Securities and
Exchange Board of India.
The manner in which the evaluation has been carried out has also been explained in the
Corporate Governance Report, which forms a part of this Annual Report.
The Nomination and Remuneration Committee of the Company and the Board reviewed the
performance of the Board, individual Directors as well as Committees thereof, and
expressed their satisfaction towards the same.
20. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR
DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, AND INDEPENDENCE OF A DIRECTOR:
Pursuant to Section 134(3)(e) and Section 178 (3) of the Companies Act, 2013, the Board
has formulated and adopted a policy relating to the Directors' and Key Managerial
Personnel's appointment and remuneration, including criteria for determining
qualifications, positive attributes, independence of a director and other matters. The
details of the Policy have been disclosed in the Corporate Governance Report, which forms
a part of this Annual Report.
21. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
During the year under review, the provision of section 125(2) of the Companies Act,
2013 does not apply as the company was not required to transfer any amount or the shares
to the Investor Education Protection Fund (IEPF) established by the Central Government of
India.
22. CORPORATE GOVERNANCE:
The company has implemented robust corporate governance practices to ensure
accountability, transparency, and responsible decision-making across all levels of the
organization. The company's corporate governance framework includes clear policies and
procedures that promote ethical behavior, compliance with laws and regulations, protection
of shareholder's rights and risk management. The Board plays a crucial role in overseeing
the corporate governance function of the Company and acting in the best interest of the
Company and the Stakeholders.
The Company has taken adequate steps to ensure that all mandatory provisions of
Corporate Governance as prescribed under the Listing Regulation are complied with. The
Company has also furnished quarterly reports on the corporate governance to the BSE as
mandated by the Listing Regulations and the same are available on the website of the
Company www.kvforge.com.
As per Regulation 34(3) Read with Schedule V of the Listing Regulations, a separate
report on corporate governance, together with a certificate from the Company's Secretarial
Auditors, has been attached to the Annual Report.
23. ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the draft Annual
Return as on the financial year ended March 31, 2023 is placed on the Company's website
www.kvforge.com.
24. AUDITORS:
a. Statutory Auditors
Pursuant to the provisions of Section 139 of Act and rules made thereunder, M/s.
Gokhale Tanksale & Ghatpande, Chartered Accountants, Pune (Firm Registration No.
103277W) were appointed as Statutory Auditors of the Company for a term of five
consecutive years, to hold office from the conclusion of the 32nd Annual
General Meeting held on August 19, 2022 until the conclusion of 37th Annual
General Meeting of the Company to be held in the year 2027, on such remuneration as may be
mutually agreed between the Board of Directors of the Company and the Statutory Auditors.
Pursuant to Section 139 and 141 of the Companies Act, 2013 and relevant Rules
prescribed there under, the Company has received certificate from the Auditors to the
effect, inter-alia, confirming that their appointment continues to be within the limits
laid down by the Act, is as per the term provided under the Act, that they are not
disqualified for continuing such appointment under the provisions of applicable laws.
However, the Statutory Auditors have in their Eligibility Letter dated 03/06/2022
intimated the Company about the various pending proceedings against them which are at
present pending with respective Hon'ble Courts of law. The Auditors have further confirmed
that out of the said pending proceedings they have not been convicted for an offence
involving fraud, accordingly the ineligibility under Section 141 (3)(h) is as on the
financial year end date not applicable to the Statutory Auditors.
The Independent Auditors' Report for the financial year 2022-2023 on the financial
statement of the Company is unmodified i.e. it do not contain any qualifications,
reservations or adverse remarks. The observations of the Statutory Auditors' in their
Report are self-explanatory and therefore the Directors do not have any further comments
to offer on the same. The Auditor's Report is enclosed with the financial statements
forming part of this annual report.
b. Secretarial Auditors
Pursuant to Section 204 of the Act and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Board of Directors appointed CS. Nishad Umranikar,
Practicing Company Secretary, Pune (Partner of MSN Associates, Company Secretaries) for
conducting the Secretarial Audit of the Company for the financial year 2022-23.
The Report of the Secretarial Audit is annexed herewith as an Annexure B' to
this Report.
There are no qualifications, reservations or adverse remarks made by the Secretarial
Auditors in their audit report for the year ended March 31, 2023.
Further, pursuant to amendments in SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 read with SEBI circular No. LIST/ COMP/14/2018 dated June
20, 2018, a certificate from the Practicing Company Secretaries is required to be
obtained, confirming that none of the Directors on the Board of the Company have been
debarred or disqualified from being appointed or continuing as directors of Companies by
the SEBI / Ministry of Corporate Affairs or any such statutory authority is required to be
annexed to Corporate Governance Report.
Accordingly, the necessary certificate as per circular mentioned above has been
obtained from M/s MSN Associates, Company Secretaries, Pune and forms part of this report.
c. Internal Auditors:
M/s. S A N N & Co., Chartered Accountants were appointed as the Company's Internal
Auditors for the financial year 2022-23. The scope and authority of the Internal Auditor
is as per the terms of references approved by the Audit Committee. The Internal Auditor
monitors and evaluates the efficacy and adequacy of the internal control system in the
Company, its compliance with operating systems, accounting procedures and policies of the
Company.
During the year under review, the Internal Auditor conducted periodical audits and
expressed his satisfaction with respect to the existing internal controls procedures of
the Company.
d. Cost records:
In terms of provisions of Section 148 of the Act read with Rule 3 of Companies (Cost
Record and Audit) Rules, 2014, the Company is required to maintain the cost records and
the same are maintained for the financial year 2022-2023.
25. REPORTING OF FRAUDS BY AUDITORS:
During the year under review, the Statutory Auditors', Internal Auditors and the
Secretarial Auditors have not reported any instances of fraud committed against the
Company by its officers or employees to the Audit Committee or to the Board of Directors
under Section 143(12) of the Act and the rules made thereunder.
26. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR
DISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORTS:
There were no qualifications, reservations or adverse remarks made by the Statutory
Auditors, Internal Auditors as well as Secretarial Auditor in their report.
27. RISK MANAGEMENT:
The details of the risk assessment framework are set out in the Corporate Governance
Report, which forms the part of annual report.
28. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
Information required under Section 197(12) of the Act read with Rule 5(2)(i) to (iii)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not
provided herein, since there are no employees who have received remuneration in excess of
the limits prescribed therein.
The statement containing the information required pursuant to Section 197 read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel), Rules,
2014 in respect of employees of the Company and Directors forms part of this Report and is
annexed herewith as an Annexure C'.
29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The particulars relating to the conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required to be disclosed under Section 134(3)(m) of the
Act read with Rule 8 of the Companies (Accounts) Rules, 2014 forms part of this Report and
is annexed herewith as 'Annexure D'.
30. COMPLIANCE WITH SECRETARIAL STANDARDS:
Your Company is compliant with all the applicable mandatory Secretarial Standards
issued by The Institute of Company Secretaries of India.
31. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Board believes that the Company has a broader responsibility beyond profit-making
and it should actively contribute to the well-being of the communities and the society in
which it operates. The Board of Directors of the Company monitor and reviews the CSR
activities that are being taken up by the Company from time to time. The Company has also
formulated and adopted a Policy on CSR, which is also available on the website of the
Company at
https://kvforge.com/wp-content/uploads/2023/04/KVF-Corporate-Social-Responsibility-Policy.pdf.
The provisions of Section 135 were applicable to the Company during the financial year
2022-23 and the Company has spent the requisite amount as CSR during the year under
review, in line with the activities mentioned in Schedule VII of the Act. The detailed
Annual Report on the CSR Activities undertaken by the Company during the year is given as Annexure
E'.
32. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:
The Company has adopted a Vigil Mechanism/ Whistle Blower Policy in terms of the
provisions of the Act and the Listing Regulations, to provide a formal mechanism to the
Directors and employees of the Company to report their genuine concerns and grievances
about unethical behavior, actual or suspected fraud or violation of the Company's Code of
Conduct or Ethics. The policy provides adequate safeguards against the victimization of
Directors and employees who avail of such mechanisms and also provides for direct access
to the Chairman of the Audit Committee. The Audit Committee of the Board is entrusted with
the responsibility to oversee the vigil mechanism. During the year, no person was denied
access to the Audit Committee. The Company is happy to inform you that there have been no
complaints / Whistle Blower activities were reported to or received by the Audit Committee
during the year under review.
The policy adopted by the Company on vigil mechanism/whistle blowing is also available
on the website of the Company at
https://kvforge.com/wp-content/uploads/2023/04/KVF-Whistle-Blower-Policy.pdf.
33. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE:
The Company has adopted a policy on the prevention, prohibition and redressal of sexual
harassment at workplace, in line of the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. The
policy aims to provide protection to employees at the workplace and to prevent and redress
complaints of sexual harassment and matters connected and incidental thereto, with the
objective of providing a safe working environment. The company has not received any
complaints during the financial year 2022-23 in this regard.
34. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR:
During the year, the Company has not made any application nor there is any proceeding
pending under the Insolvency and Bankruptcy Code, 2016 as on March 31, 2023.
35. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE
TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
During the year under review, there was no instance wherein Company has initiated one
time settlement with its banks or financial institutions.
36. DIRECTORS" RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134 (5) of the Act with respect to Directors'
Responsibility Statement, the Board of Directors, to the best of their knowledge and
ability, confirm that:
i. that in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures;
ii. that they have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii. that they 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;
iv. that they have prepared the annual accounts on going concern basis;
v. that they 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
vi. that they have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
37. ACKNOWLEDGEMENT:
Your Directors wish to place on record their appreciation of the contribution made by
the employees at all levels to the continued growth and prosperity of your Company. Your
Directors also wish to place on record their appreciation to the shareholders, dealers,
distributors, consumers, banks and other financial institutions for their continued
support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
KRISHANVEER FORGE LIMITED
(FORMERLY KNOWN AS RAJKUMAR FORGE LIMITED)
|
ARUN JINDAL |
NITIN RAJORE |
PLACE: PUNE |
CHAIRMAN |
WHOLE TIME DIRECTOR |
DATE: MAY 19, 2023 |
DIN : 00121523 |
DIN :01802633 |