Geekay Wires Limited.
Your Directors delightfully present the 30thAnnual Report on the businessand operation of the Company together with the Audited Financial Accounts for the yearended 31st March 2019.
1. Financial Highlights
Financial results of your Company for the year ended 31stMarch 2019 aresummarized below.
Amount (In Rupees)
|PARTICULARS ||2018-19 ||2017-18 |
|Income from Operations ||2178285006 ||1236784039 |
|Other Income ||68330531 ||27176968 |
|Total Revenues ||2246615537 ||1263961007 |
|Operating expenditure ||2096967835 ||1178114818 |
|Earnings before Interest Tax Depreciation and ||149647702 ||85846190 |
|Amortization (EBITDA) || || |
|Finance costs ||77932101 ||54376673 |
|Depreciation and amortization expense ||22291189 ||14070034 |
|Profit before exceptional item and Tax ||49424412 ||17399482 |
|Exceptional Item ||292270 ||- |
|Profit before Tax (PBT) ||49716682 ||17399482 |
|Tax expense ||21068074 ||9208067 |
|Profit after Tax (PAT) ||28648608 ||8191415 |
2. Future Outlook
In Jan-May 2019 the world crude steel production reached 764.072 million tonnes (mt)and showed a growth of 5.03% over Jan-May 2018.
?China remained world's largest crude steel producer in same period (404.879 mt)followed by
India (45.314 mt) Japan (42.294 mt) and the USA (37.169 mt).
?World Steel Association has projected Indian steel demand to grow by 7.1% in 2019while globally steel demand has been projected to grow by by 1.3% in 2019. Chinese steeluse is projected to show 1.0% growth in 2019. ?Per capita finished steel consumption in2018 was 224.5 kg for world and 590.1 kg for China (Source: World Steel Association). Thesame for India was 70.9 kg in 2018. Note: World Steel Association report World Steel inFigures 2019
Steel is crucial to the development of any modern economy and is considered to be thebackbone of human civilization. The level of per capita consumption of steel is treated asan important index of the level of socio-economic development and living standards of thepeople in any country. Steel industry and its associated mining and metallurgy sectorshave seen a number of major investments and developments in the recent past.
The Indian steel industry has entered into a new development stage post de-regulationriding high on the resurgent economy and rising demand for steel.
?Rapid rise in production has resulted in India becoming the 2nd largest producer ofcrude steel during 2018 from its 3rd largest status in 2017. The country is also thelargest producer of Sponge Iron or DRI in the world and the 3rd largest finished steelconsumer in the world after China & USA.
?In a de-regulated liberalized economic/market scenario like India the Government'srole is that of a facilitator which lays down the policy guidelines and establishes theinstitutional mechanism/structure for creating conducive environment for improvingefficiency and performance of the steel sector.
?In this role the Government has released the National Steel Policy 2017 which haslaid down the broad roadmap for encouraging long term growth for the Indian steelindustry both on demand and supply sides by 2030-31. The Government has also announced apolicy for providing preference to domestically manufactured Iron & Steel products inGovernment procurement.
Opportunities for growth of Iron and Steel in Private Sector
The New Industrial Policy Regime
The New Industrial policy opened up the Indian iron and steel industry for privateinvestment by (a) removing it from the list of industries reserved for public sectorand(b)exempting it from compulsory licensing. Imports of foreign technology as well asforeign direct investment are now freely permitted up to certain limits under an automaticroute. Ministry of Steel plays the role of a facilitator providing broad directions andassistance to new and existing steel plants in the liberalized scenario.
The Growth Profile
(i)Steel : The liberalization of industrial policy and other initiatives taken by theGovernment have given a definite impetus for entry participation and growth of theprivate sector in the steel industry. While the existing units are beingmodernized/expanded a large number of new
JPC: updated in May 2019 3
steel plants have also come up in different parts of the country based on modern costeffective state of-the-art technologies. In the last few years the rapid and stablegrowth of the demand side has also prompted domestic entrepreneurs to set up freshgreenfield projects in different states of the country.
Crude steel capacity was 137.97 mt in 2017-18 up by 7.6% over 2016-17 and India whichemerged as the 2nd largest producer of crude steel in the world in 2018 as per datareleased by the World Steel Association has to its credit the capability to produce avariety of grades and that too of international quality standards.
(ii)Pig Iron: India is also an important producer of pig iron. Post-liberalizationwith setting up several units in the private sector not only imports have drasticallyreduced but also India has turned out to be a net exporter of pig iron. The private sectoraccounted for 90% of total production of pig iron (6.055 mt) in the country in 2018-19.
(iii)Sponge Iron: India world's largest producer of sponge iron (2018) has a host ofcoal based units located in the mineral-rich states of the country. Over the years thecoal based route has emerged as a key contributor and accounted for 79% of total SpongeIron production in the country. Capacity in Sponge Iron making too has increased over theyears and stood at 49.6 mt (2017-18).
3. State of Company's Financial Affairs
The total income of the Company for the year ended 31st March 2019 was Rs.2246615537/- as against the total income of Rs. 1263961007/- for the previous yearended 31st March 2018.
The Company has earned a Net Profit after Tax of Rs. 28648608/- for the year underreview as compared to Net Profit of Rs. 8191415/- in the previous year.
4. Nature of Business
Geekay Wires Limited is an ISO 9001:2008 company located at Hyderabad engaged inmanufacturing of niche quality Galvanized Steel Wires which find applications in PowerTransmission Cable & Conductor General Engineering Construction etc.
Today with robust infrastructure & testing facilities we are in thepreferred-vendor list of PGCIL and in all most all State Transmission & DistributionCompanies Electrical Contractors corporate engaged in turnkey business of creatinginfrastructure for Power Transmission & Distribution Cable & ConductorManufacturing etc. our products are not only accepted in India but we have receivedaccolades from overseas customers also. The company has the following major products forwhich it also holds BIS License.
|A. WIRES || |
|Galvanized Steel Wire ||Products for Fencing |
| ||Barbad Wire |
| ||Chain Link Fence |
| ||Welded Wire Mesh |
|Products for Power Industry ||Products for Infrastructure Industry |
|Cable Armour Wire Round & Flat IS-3975 ||Hot Dipped Galvanized Wire |
|Steel Tape ||Binding Wire |
|ACSR Core Wire IS 398 (Part-2) ||Bright & Black Annealed Wire |
|Earth Wire || |
|Stay Wire IS 2141 & BS 183 || |
|Products for general Engineering ||Other products |
|Fasteners (Nuts Bolts & Rivets) ||Hair Clip Wire |
|Mild Steel Drawn Wire (HB/HHB) ||Steel Wool Wire |
|High Carbon Drawn Wire ||Umbrella Rib Wire |
|Welding Electrode Wire(EQ Wire) ||Nail Wire |
| ||Spring Wire |
| ||Wire for Wire Ropes |
| ||Patented Wire |
| ||Stitching Wire |
| ||Poultry Wire |
| ||Spring Steel Wire |
| ||Electrode Wire |
| ||Fan Wire |
|B. NAILS || |
|Coil Nails ||D-Head Nails |
|Full Head Plastic Strip Nails ||Wire-Collated-Nails |
The Company has an installed capacity of 30000 MTS P.A of Galvanized Steel Wires invarious grades & sizes and 15000 MTS of Nails for manufacturing of the aboveproducts.
5. Change in the nature of business
During the year the Company has not changed its business.
The Board has not recommended Dividend for the year.
The Board of the Company has decided to transfer the entire profits of the Companyduring the year to the Reserves.
Cash and cash equivalents as at March 31 2019 were Rs. 83233034/-. The Companycontinues to focus on judicious management of its working capital receivables andinventories. Other working capital parameters were kept under strict check throughcontinuous monitoring.
9. Share Capital
There was change in Capital Structure of the Company. The Authorized share capital ofthe Company increased from existing Rs. 100000000/-(10000000 Equity Shares of Rs. 10/-each) to 106000000 (10600000 Equity Shares of Rs. 10/- each). Further the Paid upCapital of the Company changed from Rs. 83320000/- (8332000 Equity Shares of Rs. 10/-each) to Rs. 104520000/- (10452000 Equity Shares of Rs. 10/- each). During the yearunder report the Company has issued additional 2120000 Equity shares of Rs. 10/- eachon Preferential Issue Basis and the shares allotted are subject to Lock-in period as perSEBI guidelines.
During the year Nine Board Meetings were convened and held and the intervening gapbetween the Meetings was within the period prescribed under the Companies Act 2013.
The dates on which the Board Meetings were held were 23rd April 2018 29thMay 2018 31st July 2018 4th August 2018 29thAugust 2018 11th November.2018 10th January 2019 23rdJanuary 2019 and 22nd March 2019.
11. Details of Directors or Key Managerial Personnel Appointed or Resigned During theYear Retirement by Rotation
In accordance with the provisions of the Companies Act 2013 Mr. Ashish Kandoi (DIN:00463257) Whole time Director retire by rotation at the forthcoming Annual General Meetingand being eligible offered himself for reappointment. Your Board recommends hisreappointment.
Resignation of Key Managerial Personnel
CS Vemula Mahesh Reddy resigned as Company Secretary & Compliance Officer of theCompany with effect from June 11 2019.
12. Details of Remuneration to Directors
The information relating to remuneration of Directors and details of the ratio of theremuneration of each Director to the median employee's remuneration and other details asrequired pursuant to section 197(12) of the Act read along with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed to thisreport
13. Declaration by Independent Directors
The Independent Director(s) have submitted the declaration of independence pursuant tosection 149(7) of the Act stating that he/they meet the criteria of independence asprovided in sub-section (6) of Section 149 of the Companies Act 2013.
14. Annual Evaluation of the Board
Pursuant to the provisions of the Act and Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements)Regulations 2015 the Board has carriedout an annual evaluation of its performance the Directors individually as well as theevaluation of the working of its Audit and Nomination & Remuneration Committees.Thefollowing are some of the broad issues that are considered in performance evaluation:
Criteria for evaluation of Board and its Committees:
Setting up of performance objectives and performance against them
Board's contribution to the growth of the Company
Whether composition of the Board and its Committees is appropriate with the right mixof knowledge and skills sufficient to maximize performance in the light of future strategy
Board's ability to respond to crisis
Board communication with the management team Flow of quality information to the Board
Criteria for evaluation of Independent Directors:
Demonstrates willingness to devote time and effort to understand the Company and itsbusiness
Demonstrates knowledge of the sector in which the Company operates Contribution todevelopment of strategy and risk management policy Effective and proactive follow up ontheir areas of concern
Criteria for evaluation of Non-Independent Directors
Knowledge of industry issues and exhibition of diligence in leading the organizationLevel of attendance at the Board and Committee meetings where he/she is a member
Providing direction and support to the Board regarding its fiduciary obligations andgovernance role Providing well-balanced information and clear recommendations to the Boardas it establishes new policies
15. Audit Committee
The Board has duly constituted Audit Committee as required under Companies Act 2013.The Composition of the Committee is as under. As per section 177(8) of the Companies Act2013 the Board has accepted all the recommendations of the Audit committee during thefinancial year 2018-19 and also Complying with the applicable Secretarial Standards asspecified by The Institute of Company Secretaries of India.
|1. Ms. Shwetha Kabra ||Non-Executive Independent Director ||Chairman |
|2. Mr. Ghanshyam Dass ||Chairman & Managing Director ||Member |
|3. Mrs. Tara Devi Veitla ||Non-Executive Independent Director ||Member |
|4. Mr. Mahesh Reddy ||Company Secretary ||Secretary |
There were 4 Meeting of the Audit Committee were held during the year under review on29.05.2018 29.08.2018 11.11.2018 and 20.02.2019.
16. Nomination and Remuneration Committee
The Board has constituted Nomination and Remuneration Committee as required underCompanies Act 2013. The Composition of the Committee is as under:
|1. Ms. Shwetha Kabra ||Non-Executive Independent Director ||Chairman |
|2. Mrs. Renu Kandoi ||Non-Executive Non- Independent Director ||Member |
| || || |
|3. Mrs. Tara Devi Veitla ||Non-Executive Independent Director ||Member |
In terms of the provisions of Section 178(3) of the Companies Act 2013 the Nominationand Remuneration Committee is responsible for formulating the criteria for determining thequalifications attributes and Independence of a Director. The Nomination and RemunerationCommittee is also responsible for recommending to the Board a policy relating to theremuneration of the Directors Key Managerial Personnel and Senior Management.
During the period under scrutiny the committee met once on 29.08.2018 and alsoComplied with the applicable Secretarial Standards as specified by The Institute ofCompany Secretaries of India.
17. Stakeholder Relationship Committee
The Board has constituted Stakeholder Relationship Committee as required underSecurities Exchange Board of India (Listing obligations and Disclosure Requirements)Regulations 2015 ("Regulations"). The Composition of the Committee is as under:
|1. Mrs. Renu Kandoi ||Non-Executive Non- Independent Director ||Chairman |
|2. Mrs.Tara Devi Veitla ||Non-Executive Independent Director ||Member |
|3. Ms. Shwetha Kabra ||Non-Executive Independent Director ||Member |
During the period under scrutiny the committee met four times on 09.04.201811.07.2018 16.10.2018 and 10.01.2019 duly complying with the provisions of the CompaniesAct 2013 and also Complying with the applicable Secretarial Standards as specified by TheInstitute of Company Secretaries of India. There were no Complaints from the investorsduring the period under scrutiny.
18. Vigil Mechanism
The Company has formulated a Whistle blower policy and has established vigil mechanismfor employees including Directors of the Company to report genuine Concerns. Theprovisions of this Policy are in line with the provisions of the Section 177(9) of theAct. During the year the management has not received any reports of any fraudulentfinancial or other information to the stakeholders and any conduct that results inviolation of the Company's code of business conduct. Further your Company has prohibiteddiscrimination retaliation or harassment of any kind against any employee who reportunder the Vigil Mechanism or participates in the investigation.
19. Policy on Preservation of the Documents
The Company has formulated a Policy pursuant to Regulation 9 of the Securities ExchangeBoard of India (Listing obligations and Disclosure Requirements) Regulations 2015
("Regulations") on Preservation of the Documents to ensure safe keeping ofthe records and safeguard the Documents from getting manhandled while at the same timeavoiding superfluous inventory of Documents.
20. Policy on Criteria for Determining Materiality of Events
The Policy is framed in accordance with the requirements of the Regulation 30 ofSecurities and Exchange Board of India(Listing Obligations and Disclosure Requirements)Regulations 2015 (Regulations).The objective of the Policy is to determine materiality ofevents or information of the Company and to ensure that such information is adequatelydisseminated in pursuance with the Regulations and to provide an overall governanceframework for such determination of materiality.
21. Obligation of Company under the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act2013
In order to prevent Sexual Harassment of Women at Workplace a new act "The SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013"has been notified on 9th December 2013. Under the said Act every Company is required toset up an Internal Complaints Committee to look into complaints relating to sexualharassment at work place of any women employee. The Company has adopted "Anti-SexualHarassment
Policy" constituted "Redressal Committee" as required under section 4(1)of Sexual harassment of Women at work place (Prevention Prohibition and Redressal)Act 2013.
This Committee consists of following members: Ms. Renu Kandoi Ms. Tara Devi Veitla
Ms. Swetha Kabra
During the year under review no complaint of harassment at the workplace was receivedby the Committee.
22. Statutory Auditors
M/s. M M Palod & Co. Chartered Accountants Hyderabad were appointed as theStatutory Auditors of the Company at 29th Annual General Meeting held on August30 2018 for period of 3 years to hold office from the conclusion of 29thAnnualGeneral Meeting until the conclusion of 32ndAnnual General Meeting of theCompany to be held in the year 2021 on such remuneration as the Board of Directors maydecide from time to time. Accordingly proposal for their appointment as StatutoryAuditors is being placed before the shareholders for their approval at the 30thAnnualGeneral Meeting.
M/s. M M Palod & Co. Chartered Accountants Hyderabad Firm Registration Number006027S have issued their Report for the Financial Year ended 31st March 2019.
There are no qualifications reservations adverse remarks or disclaimer by theStatutory Auditors in their report and hence no explanation or comments of the Board isrequired in this matter.
23. Cost Audit
Your Company is required to have the audit of its cost records conducted by a CostAccountant in practice. The Board has appointed M/s. KJU & Associates (FRN 000474) asCost Auditors for its Manufacturing Products of Iron and Steel Business. The Report givenby them is annexed as Annexure II to this report. The said auditors have beenre-appointed for FY 2020 as well
24. Secretarial Audit
Section 204 of the Companies Act 2013 inter-alia requires every listed company toannex with its Board's report a Secretarial Audit Report given by a Company Secretary inpractice in the prescribed form.
The Board appointed M/s Kashinath Sahu & Co practicing Company Secretaries asSecretarial Auditor to conduct Secretarial Audit of the Company for the Financial Year2018-19 and their report is annexed to this report Annexure -III. There are noqualifications or reservations or adverse remarks or disclaimers in the said Report.
25. Internal Audit Controls and their adequacy
The Company has a proper and adequate system of internal controls commensurate withthe size scale and complexity of its operations. This ensures that all transactions areauthorized recorded and reported correctly and assets are safeguarded and protectedagainst loss from unauthorized use or disposition. In addition there are operationalcontrols and fraud risk controls covering the entire spectrum of internal financialcontrols. To maintain its objectivity and independence the Internal Audit functionreports to the Chairman of the audit committee of the Board and to the Chairman andManaging Director.
The internal Audit department monitors and evaluate the efficiency and adequacy of theinternal control system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company. Based on the report of internalaudit functions process owner undertake corrective actions in their respective areas andthereby strengthen the controls. Significant audit observations and recommendations alongwith corrective actions thereon are presented to the audit committee of the Board.
Adequacy of internal financial controls with reference to the financial statements
The Company has internal Auditors and the Audit Committee constituted are in place totake care of the same. During the year the Company continued to implement theirsuggestions and recommendations to improve the control environment. Their scope of workincludes review of processes for safeguarding the assets of the Company review ofoperational efficiency effectiveness of systems and processes and assessing the internalcontrol strengths in all areas. Internal Auditors findings are discussed with the processowners and suitable corrective actions taken as per the directions of Audit Committee onan ongoing basis to improve efficiency in operations.
26. Details of Subsidiaries Joint Venture or Associates
The Company has no Subsidiaries Joint Venture or Associates.
27. Group Entities
Below mention are the details of Companies/Entities promoted by the promoters of ourCompany. No equity shares of our Group Companies are listed on any stock exchange and theyhave not made any public or rights issue of securities in the preceding three years.
Our Group Entities include:
1. Kandoi Industries India Private Limited
28. Details of significant and material orders passed by the regulators or courts ortribunals.
There were no such orders passed.
29. Deposits from Public
The Company has not accepted any Deposits within the ambit of Section 73 of theCompanies Act 2013 and The Companies (Acceptance of Deposits) Rules 2014.
30. Particulars of Loans Guarantees or Investments under Section 186
No loans and advances given to the Key Managerial Personnel.
31. Particulars of Contracts or Arrangements with Related Parties
All transactions entered into with the related parties as defined under the CompaniesAct 2013 during the financial year were in the ordinary course of business and on arm'slength pricing basis and do not attract the provisions of Section 188 of the CompaniesAct 2013. There were no materially significant transactions with the related partiesduring the financial year which were in conflict with the interest of the Company anddetails are enclosed in form AOC- 2 as Annexure - IV. However Suitable disclosureas required by the Accounting Standards (AS 18) has been made in the notes to theFinancial Statements.
Policy on Related Party Transactions
The Company has developed a Related Party Transactions Policy for purpose ofidentification and monitoring of such transactions.
The objective of this Policy is to set out
(a) The materiality thresholds for related party transactions and;
(b) The manner of dealing with the transactions between the Company and its relatedparties based on the Act Clause 23 of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 and any other laws andregulations as may be applicable to the Company.
32. Particulars of Employees
There are no employees drawing remuneration in excess of the limits prescribed underRule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014. Information as required under the provisions of Rules 5(2) & 5(3) of theCompanies
(Appointment and Remuneration of Managerial Personnel) Rules 2014 are set out inDirectors' Report.
33. Material Changes and Commitments
There are no material changes and commitments affecting the financial position of theCompany from the financial year ended 31st March 2019 to the date of signingof the Director's Report.
34. Transfer of Amounts to Investor Education and Protection Fund
Your Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).
35. Listing Arrangement
The Equity shares of the Company are listed on National Stock Exchange Ltd. (NSE) SMEPlatform. The listing fee for the year 2018-19 has been paid to the Exchange. As thelisting of Company shares in NSE - SME Platform has completed two years the management iscontemplating to migrate to the Main Board of NSE as per the SEBI and Stock Exchangeguidelines.
36. Corporate Governance
As per Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 Corporate Governance is not applicable to the Company listed on the SMEplatform (NSE-emerge) of NSE. Hence the Company is not required to disclose information ascovered under Para (C) (D) and (E) of Schedule V of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.
As per Para (F) of Schedule V of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Company do not have and is not required to have the demat suspenseaccount neither unclaimed suspense account.
37. Insider Trading Regulations
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations 1992read with SEBI (Prohibition of Insider Trading) Regulations 2015 as amended from time totime the code of conduct for prevention of insider trading and the Code for CorporateDisclosures
("Code") as approved by the Board from time to time are in force by theCompany. The objective of this Code is to protect the interest of shareholders at largeto prevent misuse of any price sensitive information and to prevent any insider tradingactivity by dealing in shares of the Company by its Directors designated employees andother employees.
The Company also adopts the concept of Trading Window Closure to prevent itsDirectors Officers designated employees and other employees from trading in thesecurities of Geekay Wires Limited at the time when there is unpublished price sensitiveinformation.
38. Depository System
As the Members are aware your Company's shares are trade-able compulsorily inelectronic form and your Company has established connectivity with both NationalSecurities Depository Limited (NSDL) and Central Depository Services (India)Limited(CDSL). In view of the numerous advantages offered by the depository system themembers are requested to avail the facility of Dematerialization of the Company's shareson NSDL & CDSL. The ISIN allotted to the Company's Equity shares is INE669X01016.
39. Extract of Annual Return
The Extract of Annual Return is prepared in Form MGT-9 as per the provisions of theCompanies Act 2013 and Rule 12 of Companies (Management and Administration) Rules 2014and the same is enclosed in Annual Report as Annexure - V
40 . Directors' Responsibility Statement
Pursuant to the Provisions of Section 134 of the Companies Act 2013 the Director'sstates that: a. In the preparation of the annual accounts the applicable accountingstandards have been followed and there are no material departures; b. The Directors haveselected such accounting policies and applied them consistently and made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company as at March 312019 and Statement of Profit of the Company forthat period; c. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe 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; and e. TheDirectors have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.
41. Conservation of Energy Technology Absorption and Foreign Exchange Earnings andOutgo
The particulars as prescribed under Sub Section (3)(m) of Section 134 of the CompaniesAct 2013 read with the Companies(Accounts) Rules 2014.
A. Conservation of Energy:
The Management has taken adequate steps to Conserve its Energy resources throughappropriate control systems and are exploring the possibilities of alternate sources ofenergy such as Solar power. Further during the year under review the Company has not madeany Capital Investments on Energy conservation equipments.
B. Technology Absorption (R&D Adaptation and Innovation):
1. To run the manufacturing units efficiently & effectively product improvementcost reduction product development or import substitution the Management is continuallyexploring to bring in innovative technologies which help in getting competitive edge. Allthe Machinery equipped in the our both units are latest technologies.
2. The Company has not imported any technologies during the period last three years.
3. The Company has not incurred any expenditure towards Research and Development.
C. Foreign Exchange Earnings and Outgo
|1) Earnings in Foreign exchange: ||2018-19 ||2017-18 |
|FOB value of Exports ||Rs.966982636/- ||Rs.450535673/- |
2) Expenditure in Foreign currency during the year
|On account of: ||2018-19 ||2017-18 |
|Plant and Machinery ||Rs. 470.77 ||Rs. 549.86 |
|Raw Material ||Rs. 560.73 ||Rs. 140.85 |
|Foreign travel ||-- ||-- |
|Consumable items ||Rs. 26.76 ||Rs. 155.51 |
|Packing Material ||Rs. 130.01 ||-- |
42. Management Discussion and Analysis Report
Management Discussion and Analysis Report as required under Regulation 34 of Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 (Regulations) is disclosed separately in the current Annual Report as Annexure -VI.
43. Corporate Social Responsibility
The Company has not come under the purview of CSR as required under the Provisions ofSection 135 of the Companies Act 2013.
The Directors would like to thank all the Stakeholders including FinancialInstitutions Banks Statutory Authorities Power Utilities Regulators CustomersVendors Suppliers Consultants and Members for their continued support to the Company.Your Directors also wish to place on record their deep sense of appreciation for theexcellent services of the employees at all levels and all other associated with theCompany.
| ||For and on behalf of the Board of Directors || |
| || ||For Geekay Wires Limited |
| ||Sd/- ||Sd/- |
|Date: 28.08.2019 ||(Ghanshyam Dass) ||(Ashish Kandoi) |
|Place: Hyderabad ||Managing Director ||Whole Time Director |
| ||DIN: 01539152 ||DIN: 00463257 |