Market & News

Mr. D.P. Dhanuka, Chairman & Independent Director

(DIN:00168198)

Mr. D.P. Dhanuka is one of the senior most directors of the company and has been associated with the company since its commencement of its business and has been instrumental in promoting the growth decisions in the Board. He has a rich corporate management experience and been associated with other corporate as Director.

Committees associated with:

Audit Committee,Stakeholders Relationship Committee, Nomination & Remuneration Committee

Mr. Bhadresh K. Shah, Non - Executive & Non -Independent Director

(DIN:00058177)

Mr. Bhadresh K. Shah, an alumnus of IIT Kanpur, is the founder of AIA Engineering Ltd., a Holding Company. With strong technical knowledge and immense experience in the fields of production, finance, and technical administration, Mr. Shah focuses on process improvements, new product development, quality, and adherence to international manufacturing standards. His commitment to innovation and quality has made AIA Engineering Ltd. a world renowned Company today.

Committees associated with:

Audit committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee, Risk Management Committee

Mrs. Khushali S. Solanki, Non-Executive - Non-Independent Director

(DIN:07008918)

Mrs. Khushali S. Solanki has a Diploma in Hotel Management. She has a wide range of experience in administration, marketing, and accounting.

Mr. Sanjay S. Majmudar, Independent Director

(DIN:00091305)

Mr. Sanjay S. Majmudar is a B. Com., FCA & ACS. He has worked in the areas of corporate law, direct tax law, financial advisory services, debt syndication, project finance, international structures and taxation planning, and mergers & acquisitions. He is a Chartered Accountant in practice. He has contributed papers to seminars and conferences held by the CA and the CA Association in Ahmedabad, and has spoken on the topic of corporate law. He is a regular speaker at MSOP programme of the institute of Company Secretaries of India, Ahmedabad Chapter.

Committees associated with:

Audit Committee, Stakeholders Relationship Committee, Risk Management Committee

Mr. Ashok A.Nichani, Independent Director

(DIN:02249844)

Mr. Ashok A. Nichani is a commerce graduate having a rich business and management experience.

Committees associated with:

Audit Committee

Mr. Pradip R.Shah, Independent Director

(DIN:00293396)

Mr. Pradip R. Shah is a Practicing Chartered Accountants. He has got extensive experience and expertise in the field of Corporate Laws, Direct and Indirect Tax Laws, Financial Advisory Services, International Taxation Planning. He has contributed articles in Tax Magazines and presented Papers and participated as Speaker in Seminars and conferences hosted by ICAI and CA Association, Ahmedabad.

Committees associated with:

Audit Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee, Risk Management Committee

The Members,

Welcast Steels Limited

Ahmedabad

Your Directors take pleasure in submitting the 52nd Annual Report and the Audited Annual Accounts of Company for the year ended 31 March, 2024.

1. FINANCIAL HIGHLIGHT:

(? In Lakhs)

Particulars	Year Ended 31 March, 2024	Year Ended 31 March, 2023
Revenue from Sale of Products	9089.25	9362.87
Other Operating Revenue	18.05	28.92
Total Revenue from Operations	9107.30	9391.79
Other Income	362.43	75.61
Total Income	9469.73	9467.40
Profit before Finance Costs, Depreciation & Amortisation and Tax Expenses	785.96	492.32
Finance Costs	10.52	162.57
Depreciation & Amortisation	74.60	90.17
Profit / (Loss) Before Tax	700.84	239.58
Less : Tax Expense
(i) Current Tax & Previous year Tax adjustment	133.11	32.37
(ii) Deferred Tax	42.88	(56.81)
Total Tax (i+ii)	175.99	(24.44)
Profit / (Loss) After Tax	524.85	264.02
Other Comprehensive Income / Expenses (Net of Tax)	(8.70)	14.85
Total Comprehensive Income /(Loss)	516.15	278.87

2. DIVIDEND:

The Board of Directors is pleased to recommend a Dividend of ? 2.50 (25%) per Equity Share of the face value of ? 10/- each amounting to ? 15.95 Lakhs for the Financial Year 2023-24.

3. SHARE CAPITAL:

The paid up share capital of the company as on 31 March, 2024 is ? 63.84 lakhs. During the year under review, the company has neither issued any shares (including shares with differential voting rights) nor granted any stock option or sweat equity.

4. FINANCE:

The liquidity position of the Company remained satisfactory. Canara Bank extended their full co- operation to the Company. Cash and cash equivalents as at 31 March, 2024 were ? 357.46 lakhs. The company continues to focus on judicious management of its working capital, receivables, inventories, while other working capital parameters were kept under strict check through continues monitoring.

(a) Capital Expenditure Outlay:

During the year under review the company has incurred Capex of ? 42.80 lakhs including Capital Work in Progress. The Capex is out of internal accruals.

(b) Deposits:

During the year under review, the Company has neither accepted nor renewed any deposit within the meaning of Section 73 of the Companies Act, 2013.

(c) Particulars of Loans, Guarantees or Investments:

During the year under review, Company has not provided any loan or made any investment or provided any guarantee covered under the provisions of Section 186 of the Companies Act, 2013.

(d) Internal Financial Control and Audit:

The Company has in place adequate Internal Financial Controls (IFC) with reference to the Financial Statements. The statutory auditors of the company have audited such controls with reference to the financial reporting and their audit report is annexed as Annexure to the Independent Auditors report under financial statements which forms part of annual report.

The Board reviews the effectiveness of controls documented as part of IFC Framework and take necessary corrective actions wherever weaknesses are identified as a result of such review. This review covers entity level controls, process level controls, fraud risk controls and information technology environment.

Based on this evaluation, no significant events had come to notice during the year that have materially affected, or are reasonably likely to materiality affect, the IFC. The management has also come to a conclusion that the IFC and other financial reporting was effective during the year and is adequate considering the business operations of the Company.

(e) Related Party Transactions:

All the Related Party Transactions entered into during the Financial Year were on an Arm's Length basis and in the Ordinary Course of Business. There are no material significant Related Party Transactions made by the Company with Promoters, Directors and Key Managerial Personnel (KMP) which may have a potential conflict with the interest of the Company at large.

Prior Omnibus approval of the Audit Committee is obtained on yearly basis for the transactions which are of a foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted were placed before the Audit Committee and the Board of Directors for their approval on quarterly basis. The details of Related Party Transactions entered by the Company are disclosed in Form AOC-2 - as Annexure 'B'.

The Policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company viz http://www.welcaststeels.com/newsite/Investor%20services/PolicyRelatedPartyTransaction.pdf.

5. HUMAN RESOURCES :

The Company relies on employee loyalty for business sustainability and growth. Employee loyalty and retention are key business imperatives. This help reduce attrition and save on costs of hiring and training new employees. We believe in developing ln-house talent, and hence we emphasize talent development and employee loyalty through various learning initiative and identifying competency gaps.

Our HR policies focus on improving employee engagement across the organization. The overall performance of the Company is dependent upon the commitment to the employees and the support they receive from the HR department by way of enabling policies and focusing on employee well-being.

The Company ensures continuous skill and competence up-gradation of all employees by providing access to necessary opportunities on equal and non-discrimination basis. All employees undergo annual performance evaluation.

The Company takes care of its employees and ensure timely payment of wages to the staff. We take cognizance of the work-life balance of our employees, especially that of our women employees.

Welcast Steels Limited (“WSL”) has always given prime importance to all the employees considering them the most valuable assets of an organization. Workplace accidents cannot be avoided or predicted. Hence, providing a safe working environment to employees is imperative. WSL is not only an employee-friendly organization in terms of working culture but also in terms of securing risk of employees by providing various Employee Insurance Policies.

The Company believes that business can only flourish in societies where human rights are protected and respected. We recognize that we have a responsibility to respect human rights. Our human rights policy applies to all employees of the Company in permanent or contractual roles, as well as the suppliers & vendors and the local communities. Enforcement of the Human Rights Policy is the responsibility of the HR Department. Human Rights risks are overseen by the Risk Management Committee. The Company takes care to ensure that there is no child labour employed, forced labour, or any form of involuntary labour, paid or unpaid at our premises. WSL has established a grievances redressal mechanism to address all concerns and complaints related to human rights impacts and violations, in general, the relationship with the employees remained cordial.

6. MATERIAL CHANGES, TRANSACTIONS AND COMMITMENTS :

There are no material changes and commitments affecting the financial position of the Company which have occurred between the close of Financial Year on 31 March, 2024 to which the financial statements relates and the date of this Report. However, during the said period, Delisting process was unsuccessful because Shareholders did not tender requisite number of shares required to carry out Delisting of equity shares.

7. DELISTING PROPOSAL:

The Company received the Initial Public Announcement dated December 13, 2023 from Vivro Financial Services Private Limited (“Manager to the Delisting Offer”) under Regulation 8 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (the Delisting Regulations), for and on behalf of AIA Engineering Limited (“Acquirer” or “Promoter” or “AIA”) made to the Public Shareholders, expressing its intention to : (a) acquire all the Equity Shares that are held by the Public Shareholders; and (b) consequently, voluntarily delist the Equity from the stock exchange i.e., BSE Limited (“BSE” or “Stock Exchange”), the only stock exchange where the Equity Shares of the Company are presently listed, by making a delisting offer in accordance with the Delisting Regulations.

The Board of Directors in their meeting held on December 18, 2023 accorded their approval for the delisting proposal and to conduct the Postal Ballot process for obtaining the approval of the Shareholders by means of a Special Resolution by way of e-Voting.

The Postal Ballot Notice dated December 18, 2023 issued to the Members by electronic means on December 21,2023, seeking their approval by way of Special Resolution through remote e-Voting process and the Shareholders have accorded their approval for the Voluntary Delisting of the Shares through requisite majority on January 20, 2024.

The Delisting Offer opened on Tuesday, May 07, 2024 and closed on Monday, May 13, 2024 at the end of Market Hours on BSE, based on the reverse book-building process as prescribed in the SEBI Delisting Regulations. The total number of shares validly tendered by the Public Shareholders in the Delisting offer was 62,099 shares. Since the stipulated threshold limit of 90% of the Paid-up Share Capital of the Company as per the Regulation 21 of SEBI Delisting Regulations was not met through the offer from the Public Shareholders, the delisting proposal was not successful. Consequently, the Equity Shares of the Company continue to remain Listed on the Stock Exchange, i.e. BSE Limited.

8. BUSINESS PROSPECTS:

a. PRODUCTION:

During the year under review, the Company produced 9491 tons of Grinding Media as compared to 8887 tons in the previous year.

b. SALES & PROSPECTS:

The Company sold 9530 tons of Grinding Media during the year under review as against 9073 tons in the previous year.

9. FUTURE EXPANSION:

The company has no immediate plans for any further expansion.

10. INSURANCE:

The Company has taken adequate insurance coverage of all its Assets including Inventories against various calamities, viz. fire, floods, earthquake, cyclone, accidents etc.

11. INDUSTRIAL RELATIONS:

The Company continues to maintain harmonious industrial relations. Company periodically reviews its HR policies and procedures to aid and improve the living standards of its employees and to keep them motivated and involved with the larger interests of the organisation. The Company has systems and procedures in place to hear and resolve employees' grievances in a timely manner and provides avenues to its employees for their all-round development on professional and personal levels. All these measures aid employee satisfaction and involvement, resulting in good Industrial Relations.

WSL falls under ESIC covered area, so all the employees/ workers whose salary is below ? 21,000 are covered under ESIC for various benefits including medical benefits, injury or death due to an accident while at work. For employees above ESIC limit, WSL has taken Group Personal Accident Policy and employees Compensation Policy covering accidental death, any kind of disability, loss of earning & medical expenses to some extent, for irrespective of whether the employee is on duty or off duty. In addition, WSL also has Group Term Insurance providing coverage to all the employees in case of death during the service period.

WSL has also provided Group Medical Cover Policy to the employees in case of hospitalization on account of any illness, injury, or disease. WSL also has a Group Super Top-up Policy to take care of huge expenses in severe cases of hospitalization on account of illness, injury, or disease.

Loans are given to staff and workmen based on their financial needs. The Company provides 11 National & Festival holidays, 11 Casual Leaves, 6 Sick Leaves and 16 Earned Leaves to permanent staff and workmen. Permanent and Contract workers are extended all statutory benefits such as PF, ESIC, Bonus, and Leave Salary, etc. as per the relevant statute. In case of emergencies, appropriate medical support or financial help is provided to mitigate the emergency.

As reported in the previous year, the cases related to disciplinary actions taken against some workmen who had indulged in misconduct during and after the illegal labour strike in November/December 2014, along with the issue of Charter of demands put up by one of the three Labour Unions in the Company, are still pending with the Honorable Labour Court / High Court. The charter of demand put up by another union is also pending and is under negotiation. However normal production activities are going smoothly.

12. CORPORATE GOVERNANCE:

In line with the Company's commitment to good Corporate Governance Practices, your Company has complied with all the mandatory provisions of Corporate Governance as prescribed in Regulations 17 to 27 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("SEBI LODR Regulations").

A separate Report on Corporate Governance and Practicing Company Secretary's Certificate thereon is included as a part of the Annual Report.

13. MANAGEMENT DISCUSSION AND ANALYSIS REPORT (MDA):

MDA covering details of operations, opportunities and threats etc. for the year under review is given in a separate section included in this Report and forms a part of this Annual Report.

14. RISK MANAGEMENT:

The details of Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Board's Report.

The Company has a robust Risk Management framework to identify, evaluate business risks and opportunities. Corporate Risk Evaluation and Management is an ongoing process within the Organization. The Company has a well-defined Risk Management framework to identify, monitor and minimizing/mitigating Risks. The Risk Management framework has been developed and approved by the senior management in accordance with the business strategy. The key elements of the framework include:

• Risk Structure;

• Risk Portfolio;

• Risk Measuring & Monitoring and

• Risk Optimizing

The implementation of the framework is supported through criteria for Risk assessment, Risk forms & MIS.

15. POLICIES:

a. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Vigil Mechanism Policy of the Company which also incorporates a whistle blower policy in terms of the Regulations 22 of SEBI LODR Regulations may be accessed on the Company's website. The company has nominated the Chief Executive Officer as the Chief Vigilance officer. Protected disclosures can be made by a Whistle Blower through e-mail or by anonymous letter addressed to the Chief Executive Officer.

b. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has zero tolerance for sexual harassment at work place and has adopted a policy on prevention, prohibition and redressal of sexual harassment at work place in line with the provisions of sexual harassment of Women at Work place (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. During the year under review, the Company has not received any complaint in this regard.

c. CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS:

In Compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has revised Model Code of Conduct of Insider Trading Regulations from time to time. The Company adopted the Code of Conduct to regulate, monitor and report trading by Designated Person(s) in order to protect the Investor's Interest. The details of the said Code of Conduct forms part of the Corporate Governance Report.

16. DIRECTORS & KEY MANAGERIAL PERSONNEL (KMP):

a. Board of Directors and KMP:

The Board of Directors of the Company comprises of two Non-Executive and Non Independent Directors out of which one is a Woman Director and four Independent Directors. All the Independent Directors of the company have furnished declarations that they meet the criteria of independence as prescribed under the Companies Act, 2013 and SEBI LODR Regulations.

Considering the integrity, expertise and experience (including the proficiency) the Board of Directors recommends the reappointment of Mr.Bhadresh K. Shah (DIN : 00058177) Non Executive and Non - Independent Director of the Company retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, offered himself for reappointment.

As required under SEBI LODR Regulations amended from time to time, the information on the particulars of the Director proposed for re appointment has been given in the notice of the Annual General Meeting.

b. Meetings:

During the year under review, Five Board Meetings and Five Audit Committee Meetings were convened and held.

The composition of Audit Committee is as under: -

Mr. D.P. Dhanuka, Chairman

Mr. Bhadresh K. Shah, Member

Mr. Pradip R. Shah, Member

Mr. Ashok A. Nichani, Member

Mr. Sanjay S. Majmudar, Member

All recommendations made by the Audit Committee during the year were accepted by the Board. The details of Composition of other Committees and dates of the meetings are given in the Corporate Governance Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and SEBI LODR Regulations.

c. Committees of the Board Directors:

In compliance with the requirement of applicable laws and as part of the best governance practice, the Company has following committees of the Board as on 31 March, 2024.

i) Audit Committee.

ii) Stakeholders Relationship Committee

iii) Nomination and Remuneration Committee

iv) Risk Management Committee.

The details with respect to the aforesaid committees are given in the Corporate Governance report.

d. Board Evaluation:

Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR Regulations, the Board has carried out an evaluation of its own, the Directors individually as well as the evaluation of the workings of its Committees. A structured questionnaire was prepared after taking into consideration of the various aspects of the Board's functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance.

The performance evaluation of the Independent Directors was carried out by the Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

e. Familiarization Programme for Independent Directors:

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying them in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarize with the Company's procedures and practices. The Company has through presentations at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company and Engineering Industry as a whole. The details of such familiarization programmes for Independent Directors are posted on the website of the Company and can be accessed at:

http://www.welcaststeels.com/newsite/Investor%20services/FamilirazationProgramme2023-24.pdf

f. Nomination and Remuneration Policy:

The Board has on the recommendation of Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management Personnel and their remuneration. The Nomination & Remuneration Policy is stated in the Corporate Governance Report which is part of the Board's Report. The detailed policy is placed on the Investor Section of the Company's website http://www.welcaststeels.com/newsite/Investor%20services/Nomination_RemunerationPolicy.pdf.

g. Directors' Responsibility Statement:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of clause (C) of Sub-Section (3) of Section 134 of the Companies Act, 2013 which states 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 have selected such accounting policies and applied them consistently and made judgement 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 year.

c. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, 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.

17. AUDITORS:

Statutory Auditors:

Dagliya & Co., Chartered Accountants (Firm Reg. No.00671S) have been appointed as Statutory Auditors of the Company for a period of 5 years in 50th Annual General Meeting of the Shareholders of the Company will hold the office of the statutory auditors till the conclusion of 55th Annual General Meeting.

The Report given by the Auditors on the financial statements of the Company is part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

Internal Auditors:

The Board of Directors at the recommendations of the Audit Committee appointed Talati & Talati LLP, Chartered Accountants as Internal Auditors of the Company for the financial year 2024-25.

Cost Auditors:

The Cost Auditors have filed the cost audit report for the Financial Year ended 31st March, 2023 within stipulated time frame.

The Board of Directors on the recommendation of the Audit Committee has appointed Kiran J. Mehta & Co., Cost Accountants, Ahmedabad as the Cost Auditors of the Company to audit the cost accounting records of the Company for the Financial Year 2024-2025. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditors is required to be placed before the members of the Company for their ratification at the ensuing Annual General Meeting. Accordingly, a resolution seeking members' ratification of the remuneration payable to Kiran J. Mehta & Co., Cost Accountants, Ahmedabad is included in the Notice convening the 52nd Annual General Meeting.

Secretarial Auditors:

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 Mr. Tushar M. Vora, Practicing Company Secretary (ACS-3459, CP No.1745), Ahmedabad to conduct Secretarial Audit of the Company's Secretarial and related records for the year ended 31 March, 2024.

The Report on the Secretarial Audit for the year ended 31 March, 2024 is annexed herewith as Annexure 'C' to this Board's Report. There are no qualification/observations in the Report.

18. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The additional information regarding conservation of energy, technology absorption and foreign exchange earnings and outgo, stipulated under Section 134 (3)(m) of the Companies Act, 2013 read with the Rule 8 of the Companies (Accounts) Rules, 2014 is provided as an Annexure - A to this report.

19. FINANCIAL STATEMENTS:

The Financial statements of the Company prepared in accordance with relevant Indian Accounting Standards (Ind AS) issued by the Ministry of Corporate Affairs form part of this Annual Report.

20. AUDITORS' REPORT AND NOTES ON ACCOUNTS:

The Board has duly reviewed the Statutory Auditors' Report for the Financial Year ended 31 March, 2024. There are no qualifications/observations in the Report.

21. ANNUAL RETURN:

In accordance with the provisions of Section 92(3) of the Act, Annual Return of the Company as on 31 March, 2024 is hosted on website of the Company at http://www.welcaststeels.com/newsite/Fiancial%20Reports/202324R.pdf.

22. PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 of Companies Act,2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules,2014 in respect of employees of the Company is annexed as Annexure 'D'. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is not applicable as there was no employee falling under the criteria specified in aforesaid Rule 5(2) and 5(3).

23. ENVIRONMENT, HEALTH AND SAFETY:

Our workforce is our greatest asset. It is the professional expertise and industrial know-how of our people, coupled with their dedication that drives WSL to continued excellence in a dynamic environment.

We create a healthy and inclusive environment and invest in talent development. Management strategies are centered on recruitment, retention, reward and rejuvenation of our employees. Our people are at the center of all our business operations. We promote a culture of responsibility, diversity and innovation. We attract and nurture the right talent and ensure professional growth and personal well-being of our employees. Every employee undergoes regular, formal performance and career development reviews and we encourage leaders to have frequent informal performance conversations with their team members. Ensuring the best standards of occupational health and safety is of utmost importance to us.

1. Health and safety:

Employees are the biggest assets of our company and keeping them safe is its top priority. We ensure the well-being and safety of our employees through compliance with occupational health and safety standards. Occupational Health & Safety is about the collective, conscious and concerted efforts of bringing in behavioral change, technical up-gradation and design interventions that make our operations safer.

2. Enabling technical Competence:

We are on a constant lookout for skilled talent and endeavor to constantly up-skill our existing talent to expand into new geographic and sectors to sustain growth. Building technical competence of our workforce is one of the key objectives of our training and development programmes. Different training programmes are designed for employees at different levels in the organization.

3. Employee Engagement :

To make sure that our employees are engaged, connected and motivated, WSL promotes a culture of responsibility, diversity, and innovation. The Company have conceptualized and implemented multiple initiatives to enhance employee engagement, thereby leading to a more productive work environment. Employee engagement is an important indicator in gauging employee satisfaction. Employees today are looking for more than a 9 to 5 job. They want to be involved in their work, enthusiastic about the organization they work for and committed to their fellow employees.

4. Employee Health and Safety:

Workers' safety is the key to unhindered operations and productivity. Our approach to health and safety is designed to create a safe, healthy work environment.

Foundry operations consist of several hazardous processes, which can affect the health of workers as well as cause injury. The employees are exposed to high temperature, dust and other occupational hazards and safety hazards. As a responsible corporate, the Company is cognizant of such hazards and takes preventive measures to avoid accidents and ensure that norms of safety, health and hygiene are adhered, to build a safer and healthier work environment.

Ensuring fair and safe working conditions for all employees and contract workforce as well as visitors is the basic premise on which our human resource policies and practices are built. The Company has installed high-efficiency induction furnaces with double acting suction hoods which have improved working conditions and made foundries cooler, cleaner and less hostile workplaces.

5. Occupational Health and Safety management system:

People's safety is ensured through several levels of checks and balances throughout the organization. Various policies, management systems, training and awareness sessions are conducted regularly. These systematically bring about behavioral change in our workforce. Our health and safety priorities are clearly articulated in our HSE Policy. With the overreaching objective of 'Zero Harm to Life'. The principles are being applied to the entire the plant. There has been continued improvement in the safety culture within the Company.

The Company seeks to minimize the EHS impacts due to the Company's manufacturing activities. It provides safe and healthy working conditions, utilizes natural and man-made resources optimally and responsibly, plus strives to ensure the sustainability of resources. The Company reports Environmental, Occupational Health and Safety performance, including the assessment of potential EHS risks associated with the operations, to the stakeholders fairly and transparent.

6. Occupational health and safety objectives:

(i) Zero Harm

(ii) Minimize Unsafe Conditions and Unsafe Acts

7. Hazard Identification, risk assessment and incident investigation:

There is a robust consultation between the Management and the employees (including worker and worker representatives) on Occupational Health and Safety. All the employees were consulted during the preparation of the OH&S Policy and procedures as well as during H R A (Hazard identification and Risk Assessment) process

8. Worker participation, consultation, and communication on occupational health and safety:

The employees, workers, and worker representatives participate in planning, establishing, implementing and maintaining the occupational health and safety management system as well as developing the OHS audit protocol. Feedback is used in improving OHS Management System.

9. Communication on Occupational health and safety:

WSL communicate information to its employees and workers on matters related to occupational health and safety hazards, risks and controls, changes in procedures, if any, along with the customer requirements.

10. Internal Communication:

Internal communication on EHS management system is carried out via inter office memo, display on notice board, or circulation of the copy of a particular document in EHS management system. Notice boards are used to display notices to inform employees about issues such as emergency plans and accident performance or about progress in achieving objectives and targets.

11. Workers training on occupational health and safety:

WSL ensures the participation of employee and workers in Occupational health and safety at all levels through inter departmental meetings for hazard identification and elimination, assessment and reduction of risks. OH&S constantly review operational controls and training is organized for its employees and workers.

12. Workers are covered by an occupational health and safety management:

All the employees, both contractual and permanent, are covered by the Company's Occupational Health and Safety Management System.

13. Anti-Discrimination & Diversity:

Equality, diversity, and non-discrimination are fundamental human rights and essential ingredients to a successful Company. Diversity of employees is encouraged at all levels within the organization. It helps us to attract talent from different backgrounds, with different viewpoints and skills. This workforce diversity is taken care of at different levels of the organization. The Company ensures that there are no discriminatory practices in the organization on the grounds of gender, ethnicity, nationality, or age.

The Company provides and maintains equal opportunities at the time of recruitment as well as during employment, irrespective of caste, creed, gender, race, disability and sexual orientation. The recruitment is based on their qualification, aptitude and efficiency.

Our women employees enjoy all provisions as per statutory requirements including maternity benefits. Their safety is ensured through the Company-wide Policy on Prevention of Sexual Harassment at the work place. In the reporting year, there were no cases of Sexual Harassment reported at the workplace. Induction and manufacturing process training is provided when new contractual workers and staff on their joining. Reorientation is organized every 6 months for permanent and contractual workforce on EHS Toolbox training on various safety topics to staff and workers by the Safety Manager & Training department on workplace discipline, teamwork, positive attitude, communication, 5S, and ISO- QMS.

5S is implemented in the plant and periodical audit is carried out by the management representative.

24. SECRETARIAL STANDARDS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

25. ACKNOWLEDGMENTS:

Your Directors would like to express their appreciation for the assistance and co-operation received from the Company's Customers, Vendors, Bankers, Auditors, Investors and Government bodies during the year under review. Your Directors place on record their appreciation of the contribution made by employees at all levels.

For and on behalf of the Board of Directors

	D.P. Dhanuka
Place: Hyderabad	Chairman
Date: 13 May, 2024	(DIN 00168198)