FY2022 represents the fiscal year 2021-22 from 1 April 2021 to 31 March 2022 andanalogously for 2021 and FY previously such labelled years.
The Board of Directors are pleased to present the 102nd Annual Report of The IndianWood Products Co. Ltd (IWP / the Company) together with Audited Financial Statements forthe Financial Year ended 31st March 2022.
1. FINANCIAL HIGHLIGHTS/PERFORMANCE OF THE COMPANY
Key fiinancial performances of the Company for the FY2022 are as under: (Rs in Lakhs)
| ||Standalone ||Consolidated |
|Particulars ||FY2022 ||FY2021 ||FY2022 ||FY2021 |
|Revenue From Operations ||17789.63 ||15790.36 ||17789.63 ||15790.36 |
|Proit Before Tax (PBT) ||(118.19) ||50.77 ||(72.93) ||226.23 |
|Tax Expenses ||(14.46) ||18.03 ||(14.46) ||18.03 |
|Proit After Tax (PAT) ||(103.73) ||32.74 ||(58.47) ||208.20 |
|Earnings Per Share ||(0.16) ||0.05 ||(0.09) ||0.33 |
|Equity Share Capital ||1279.75 ||1279.75 ||1279.75 ||1279.75 |
|Other Equity / Reserves And Surplus ||34028.25 ||34156.58 ||33845.37 ||33923.88 |
FY2022 came with a wave of incidents including the effect of the COVID-19 pandemic. Theyear began positive manner in April 2022 but as we moved ahead through the month thesecond wave of COVID-19 hit us. It was more challenging as the pandemic in India claimedinnumerable lives and overwhelmed the nation's health infrastructure owing to the surge ininfection caseload. While the situation eased from the second quarter onward in the 4thquarter the world encountered war between Ukraine and Russia. Due to this businessesencountered high inlationary pressures including higher input costs.
The Board of Directors recommends a of Re.0.05 per equity share i.e. 2.5% on thepaid-up value of the equity shares for the Financial Year ended 31 March 2022 out of freereserves / retained earnings. Dividend is subject to the approval of shareholders at theensuing Annual General Meeting (AGM)and shall be subject to deduction of income tax atsource. The dividend if approved at the ensuing 102nd AGM will bea paid to thoseshareholders whose names appear on the register of members of the Company as on 19September 2022.
4. SHARE CAPITAL
There is no change in the Share Capital of the Company during FY2022. The paid-up ShareCapital of the Company as on 31 March 2022 comprises of 63972720 Equity shares of Rs.2/- each. During the year under review the Company has not issued any shares.
5. TRANSFER TO RESERVES
Your director does not propose to transfer any amount to Reserves. dividend
6. REVIEW OF OPERATIONS AND STATE OF AFFAIRS
The global economy recovered strongly in FY2022 even as new variants of the COVID-19virus fulled additional waves of the pandemic. Your Company has been able to perform well.IWP Katha division has witnessed significant challenges in terms of the increased cost ofraw materials production results and revenue growth during the FY2022.
During the year under review the Company has achieved a sales volume of 3443.88 MTKatha in FY2022 as compared to 3210.85 MT in FY 2021 during the turbulence time. The salesof Cutch (by-product) increased from 802.08 MT in FY2021 to 1236.33 MT in FY2022 therebyregistering a growth of 54.14 %.
The Company has recorded a turnover of Rs 17789.63 Lakhs in FY2022 as compared withRs.15790.36. Lakhs in FY2021.IWP with its focus and continuous monitoring of thesituation has been able to achieve desired results coupled with sustained productionlevels. The trend is likely to continue and we are hopeful to have a better operationaland fiinancial performance with the revival the overall economy further FY2023.
The Spice Division has recorded a turnover of Rs. 1230.29 lakhs in FY2022 as comparedto Rs. 1283.46 lakhs in FY2021. Spice Division due to a higher focus on brand awarenessand with more expenditure on retailer-level schemes this division continues to incur cashlosses. We are taking aggressive steps to achieve better performance by using specificSoftware with AI to expand our B to C outreach and through online sales to retailers.
Our Company is committed to a clean environment and thus always thrives to ensure thebest measures are implanted to ensure environmental safety. The best of environmentsafety and pollution control measures are implemented across all our manufacturing unitsand the measures adopted are adequate. The management continuously reviews the measuresadopted and their eiciency to ensure environmental safety.
The operational performance and results are provided in the "Management Discussionand Analysis Report" as a separate section in this Annual Report.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS
No significant and material orders have been passed by the Regulators Courts orTribunals impacting the going concern status of the Company and its operation in thefuture.
For further details on Indirect Tax Cases please refer
Note No. 50 to the notes to the accounts.
8. ALTERATION OF MEMORANDUM AND ARTICLES OF ASSOCIATION
During the FY2022 the Company had not altered any of its clauses in the Memorandum andArticle of Association.
9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANYBETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THIS REPORT
Material changes and commitments afecting the fiinancial position of the Companybetween the end of the fiinancial year and the date of this report are given below:
The FY2022 was challenging year for the Company and with the second wave of Covid-19the operations of the Company has witnessed significant challenges.
However the Company has been able to control the damages to a minimal level with thehelp of proactive measures and reactive safety measure in the workplace. The Company alsoadheres to the guidelines issued by the Central and State Governments from time to time toight the Covid-19.
Except as stated above there are no significant material changes and commitmentsafecting the fiinancial position of the Company which have occurred between the end ofthe Financial Year of the Company to which the fiinancial statements relate and the dateof this Report.
10. HOLDING SUBSIDIARIES ASSOCIATES & JOINT VENTURE
Your Company has no holding subsidiary or associates' company as on 31st March 2022.
The Company has one (1) overseas joint venture namely M/s. Agro and Spice Trading PteLimited Singapore as on 31st March 2022 which is engaged in the business of trading ofspices. PT Sumatra Resources International & Pt. Thea Universal Trade are subsidiariesof the said joint venture M/s. Agro and Spice Trading Pte Limited. PT Sumatra ResourcesInternational is incorporated and engaged in the business of manufacturing Catechins fromGambier with the use of innovative technology.
A statement containing the salient features of the fiinancial statement of the jointventure Company in the prescribed format AOC-1 is annexed herewith as "Annexure -1".
Further pursuant to the provisions of Section 136 of the
Companies Act 2013 the standalone fiinancial statements of the Company consolidatedfiinancial statements along with relevant documents and separate audited accounts inrespect of the joint venture are available on the website of the Company atwww.iwpkatha.com under investors' section. These documents will also be available forinspection till the date of the AGM during business hours at the Registered Office of theCompany
11. INDIAN ACCOUNTING STANDARD
Pursuant to the Companies (Indian Accounting Standard) Rules 2015 the Company hasadopted INDAS from April 12017. The Company's Audited Financial Statements for FY2021-22are Indian Accounting Standard (INDAS) complied.
12. INTERNAL FINANCIAL CONTROL SYSTEMS
AND THEIR ADEQUECY
The Company has an adequate Internal Control System commensurate with the size scaleand complexity of its operations. To maintain its objectivity and independence theInternal Auditor reports to the Chairman of the Audit Committee of the Board.
Internal Audit is conducted by an Independent Professional Firm of CharteredAccountants. The Internal Audit Reports are reviewed and discussed with the seniormanagement team. The representative of Statutory Auditors and the Internal Auditors arepermanent invitees to the Audit Committee meetings. The measures as suggested by the AuditCommittee are implemented as per the direction of the Audit Committee.
The controls comprise of: a) Oicials of the Company have deined authority andresponsibilities within which they perform their duty;
b) All the Banking transactions are under joint authority and no individualauthorization is given;
c) Maker-checker system is in place.
d) Any deviations from the previously approved matter require fresh prior approval.
M/s. P Suman & Co. Chartered Accountants appointed to carry out Internal Audit ofthe Company for the FY2022-23.
13. LISTING STATUS
The Company's equity shares are listed on BSE Limited under Script Code 540954 and ISINNo. INE586E01020.
The Company has paid the Annual Listing Fees for FY2022-23.
14. FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.Further the Company does not have any outstanding amount
. qualiied as a deposit as on 31st March 2022.
15. MANAGEMENT DISCUSSION & ANALYSIS REPORT
In term of requirements of Regulation 34(2)(e) of SEBI (LODR) Regulation 2015 a"Management Discussion and Analysis Report" are set out as a separate section inthis Annual Report which forms an integral part of this report.
16. REPORT ON CORPORATE GOVERNANCE
In terms of Regulation 34(3) of the SEBI (LODR) Regulation 2015 a "Report onCorporate Governance" together with a certiicate from the Practicing Company
Secretary regarding compliance with the requirements of Corporate Governance isincluded as a separate section and form an integral part of this report.
17. DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act 2013 your Directors hereby conirm andstate that: i) in the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to materialsdepartures;
ii) the Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of afairs of the company at the end of the fiinancial year and theProit of the Company for that period; iii) The Directors had taken proper and suicientcare for the maintenance of adequate accounting records in accordance with the provisionsof the Companies Act 2013 for safeguarding the assets of the Company and for preventingand detecting fraud and other irregularities;
iv) That the Directors had prepared the annual accounts on a going concern basis; v)That the Directors had laid down internal controls in the Company that are adequate andwere operating effectively; and vi) The Directors have devised proper systems to ensureCompliance with the provisions of all applicable laws and that such systems are adequateand operating effectively.
18. CORPORATE SOCIAL RESPONSIBILITY
Your Company is conscious of its Social Responsibility and the environment in which itoperates. Over the years the Company aimed towards improving the lives of the people.
The Company's CSR policy covers activities in the ield of eradication of extreme hungerand poverty promotion of education promotion of gender equality empowerment of womenimprovement of mental health slum area development and rural development projectsemployment enhancing vocational skills ensuring environmental sustainability animalwelfare sanitation including contribution to Swachh Bharat Kosh set up by the CentralGovernment contribution to the Prime Ministers National Relief Fund or any other projectset up by the Central Government.
During FY2021-22 in compliance with Section 135 of the Act an amount of Rs.24.42Lakhs is required to be spent by the Company on CSR activities. The Company has spentRs.24.42 Lakhs as CSR activities towards Animal Welfare Women Empowerment and Upliftmentof People with disability through IWP CSR Trust. There is no unspent CSR amount as on 31stMarch 2022.
The CSR Policy may be accessed on the Company's website at:z://www.iwpkatha.com/iles/IWP_CSR_
The Annual Report on CSR activities is annexed herewith as Annexure - 2 and forms apart of this Annual Report.
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of Section 152 of the Companies Act 2013 and as perprovisions of Articles of Association of the Company Mr. Bharat Mohta
(DIN:00392090) Director of the Company retire rotation and is eligible ofer himselffor re-
Mr. Krishna Kumar Damani (Din 01385252) Whole
Time Director of the Company designated as Executive Director retired on 14th April2021.He was relieved from the post of Executive Director of the Company. The Board placeson record appreciation for the contribution made by Mr. Krishna Kumar Damani during histenure as an Executive Director. He was instrumental in supervising the operations of theCompany.
A brief proile of Mr. Bharat Mohta is given in the Chapter on Corporate Governance andthe Notice convening the 102nd AGM for reference of the shareholders.
The criteria for selection of Directors and remuneration policy are disclosed in theCorporate Governance section which forms part of this Annual Report.
Pursuant to the provisions of Section 203 of the Actthe Key Managerial Personnel ofthe Company as on 31st March 2022 are Mr. Anup Gupta Company Secretary and Mr. Raj KumarAgarwal Executive Vice President and Chief Financial Officer. There is no change in the
KMPs during the year under review.
20. DECLARATIONS BY INDEPENDENT DIRECTORS
In accordance with the provisions of Section 149(7) of the Companies Act 2013 each ofthe Independent
Directors has conirmed to the Company that he or she meets the criteria of independencelaid down in Section 149(6) of the Companies Act 2013 read with Regulation 16(1)(b) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (the ListingRegulations) as emended.
In the opinion of the Board the independent directors on the Board of the Company arepersons with integrity expertise and experience relevant to the operation of the Companyand they all have qualiied in the online proiciency self-assessment test conducted by theprescribed institute.
In the opinion of the Board of Directors all Independent
Directors of the Company fulills the conditions speciied in the Act and Rules madethereunder.
21. BOARD EVALUATION
Pursuant to the provisions of the Companies Act 2013 Regulationby 17(10) of theListing Regulations and in line. with our corporate governance guidelines peer evaluationof all Board members annual performance evaluation of its own performance as well as theevaluation of the working of Board's Committees was undertaken. This evaluation is led bythe Chairman of the
Nomination and Remuneration Committee with a specific focus on the performance andeffective functioning of the Board and its Committees. The evaluation process inter aliaconsiders attendance of Directors at Board and committee meetings acquaintance withbusiness communication inter se board members the time spent by each of the Boardmembers core competencies personal characteristics accomplishment of specificresponsibilities and expertise.
The performance of the Board was evaluated by the Board after seeking inputs from allthe Directors on the basis of the criteria such as the Board composition and structureeffectiveness of Board processes information and functioning etc.
The performance of the Committees was evaluated by the Board after seeking inputs fromthe Committee Members on the basis of the criteria such as the composition of
Committees effectiveness of committee meetings etc.
The report on the performance evaluation of the Individual Directors was reviewed bythe Chairman of the Board and feedback was given to the Directors.
22. MEETING OF THE BOARD OF DIRECTORS
During the year under review the Board met 5(Five) times. The details of the Boardmeetings are provided in the Report on Corporate Governance which forms a part of thisAnnual Report.
The intervening gap between two consecutive meetings was within the limit prescribedunder the Companies Act 2013.
23. MEETING OF THE INDEPENDENT DIRECTORS
During FY2021-22 one meeting of Independent Directors was held without the presence ofthe Executive Directors or Management Personnel on 18th March 2022. At such meeting theIndependent Directors have discussed among other matters the challenges faced by theCompany growth strategies low of information to the Board strategy leadershipstrengths compliance governance HR related matters and performance of ExecutiveDirectors.
24. AUDIT COMMITTEE
The Audit Committee of the Board comprises of:
Name of Directors Category
Mr. Sanjay Kumar Maheswary Independent Director Mr.VinodKumarMaheshwary IndependentDirector Mr. Rajendra Prasad Chetani Non-Executive Non-Independent Director
During the year under review there has been no instance where the recommendations ofthe Audit Committee have not been accepted by the Board. The details of the AuditCommittee meetings are provided in the Report on Corporate Governance which forms part ofthis Annual Report.
25. DISCLOSURE UNDER INSOLVENCY AND BANKRUPTCY CODE 2016 (31 OF 2016)
During the year under review neither any application was made nor any proceeding ispending against the Company under the Insolvency and Bankruptcy Code 2016
26. MAINTENANCE OF COST RECORDS AND COST AUDIT
During the year under review the requirement of maintenance of cost records as speciiedby the Central Government under sub-section (1) of section 148 of the Companies Act 2013and audit of cost records were not applicable to the Company.
27. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION:
There was no one-time settlement by the Company with the Banks or FinancialInstitutions during the year under review thus the details of the diference between theamount of the valuation done at the time of one-time settlement and the valuation donewhile taking a loan from the Banks or Financial Institutions along with the reasonsthereof are not applicable.
28. VIGIL MECHANISM
To meet the requirement under Section 177(9) and (10) of the Companies Act 2013 andRegulation 22 of the Listing Regulations the Company has adopted a vigil mechanism namedWhistle Blower Policy for directors and employees to report genuine concerns which shallprovide adequate safeguards against victimization of persons who use such mechanism. Underthis policy we encourage our employees to report any reporting of fraudulent fiinancialor other information to stakeholders any conduct that results in violation of theCompany's Code of Business Conduct to management (on an anonymous basis if employees sodesire).
Likewise under this policy we have prohibited discrimination retaliation orharassment of any kind against any employee who based on the employee's reasonable beliefthat such conduct or practice have occurred or are occurring reports that information orparticipates in the said investigation.
No individual in the Company has been denied access to the Audit Committee or itsChairman during the FY2021-22.
29. AUDITOR AND AUDITORS' REPORT
The term of Our Statutory Auditors of the Company M/s. Agrawal Tondon & Coexpiring in upcoming AGM i.e. 102nd AGM of the Company. Further M/s. S K Agrawal
& Co Chartered Accountants LLP (Firm Registration
Number: 306033E) Suite Nos: 606-608 The Chambers opp. Gitanjali Stadium 1865Rajdanga Main Road Kasba Kolkata- 700 107 has given their consent to act as StatutoryAuditor of the Company and has conirmed that they are eligible for appointment if madewould be within the prescribed limit under the Companies Act 2013. for appointment asStatutory Auditor.
The Audit Committee and the Board of Directors recommended the appointment of M/s. S KAgrawal & Co Chartered Accountants LLP (Firm Registration Number: 306033E) asStatutory Auditor in place of retiring auditor M/s. Agrawal Tondon & Co CharteredAccountant (Firm Registration No. 329088E) as statutory Auditors of the Company for aperiod of 5 years i.e. from the conclusion of the 102nd AGM until the conclusion of the107th Annual General Meeting to be held in the year 2027.
The Statutory Audit Report does not contain any qualiication reservation or adverseremark or made by Statutory Auditors. The notes to the accounts referred to in theAuditors' Report are self-explanatory and therefore do not call for any furthercomments.
30. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the
Companies Act 2013 and Rules made thereunder the Company had appointed CS Md.Shahnawaz (Membership No. 21427 CP No. 15076) Practicing Company Secretary to carry outthe Secretarial Audit of the Company for the FY2022-23. The Secretarial Audit Reportsubmitted by him for FY2021-22 is annexed herewith marked as Annexure 3 to thisReport.
The Secretarial Audit Report does not contain any qualiication reservation or adverseremark and therefore does not call for any further comments.
31. SECRETARIAL STANDARDS
During the year under review the Company has duly complied with the applicableprovisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) andGeneral Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).
32. NOMINATIONS AND REMUNERATION COMMITTEE
The Board has on the recommendation of the Nomination and Remuneration Committee frameda policy for the selection and appointment of Directors and Senior Management Personneland their remuneration. The Remuneration Policy is available on the Website of the Companyat www.iwpkatha.com.
33. REMUNERATION RATIO OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES
Disclosures relating to remuneration and other details as required under section197(12) of the Companies Act the
2013 read with rules 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is annexed herewith as Annexure -4' and forms part of thisBoard's report.
The particulars of Managerial remuneration as stated in section 197(12) of theCompanies Act 2013 read with rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial personnel) Rules 2014 is annexed herewith as Annexure-5'and forms part of this Board's report
34. RISK MANAGEMENT POLICY
Your Company's Risk Management Framework is designed to enable risks to be identiiedassessed and mitigated appropriately. The Risk Management framework seeks to createtransparency minimize adverse impact on the business objectives and enhance the Company'scompetitive advantage.
The Company has constituted a Risk Management Committee. The details of the Committeeand its terms of reference are set out in the Corporate Governance Report forming part ofthe Board's Report.
35. INSIDER TRADING POLICY
The Company's Insider Trading Policy provides the framework for in dealing withsecurities of the Company by the insider. The Company's Policy in line with SEBI(Prohibition of Insider Trading) Regulations 2015 as amended is available on thewebsite of the Company at www.iwpkatha.com
36. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act the Annual Return ason 31 March 2022 is available on the Company's website at www.iwpkatha. com.
37. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
TheCompanyhasnotgivenanyLoanorGuaranteecovered under the provisions of Section 186 ofthe Companies Act 2013. The details of Investments are disclosed in the Note
No. 4 to the standalone fiinancial statements which are within the prescribedstatutory limits.
38. CREDIT RATING
During the year under review ICRA Limited (ICRA) has airmed the long-term CreditRating of BBB- (Negative) and a short-term rating of [ICRA]
(pronounced ICRA A three).
39. TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND(IEPF)
Pursuant to the applicable provisions of the Companies Act 2013 read with the IEPFAuthority (Accounting Audit Transfer and Refund) Rules 2016 ("the IEPFRules") all unpaid or unclaimed dividends are required to be transferred by theCompany to the IEPF established by the Government of India after the completion of sevenyears. Further according to the Rules the shares on which dividend has not been paid orclaimed by the shareholders for seven consecutive years are also to be transferred to theDemat account of the IEPF Authority.
During the year the Company has transferred the unclaimed and unpaid dividend ofRs.127217/-. Further 16525 corresponding equity shares on which dividend wereunclaimed for seven consecutive years were also transferred as per the requirement of theIEPF Rules. The details are provided in the Shareholder Information section available onour website at www.iwpkatha.com.
40. PARTICULARS OF CONTRACTS OR ARRANGEMENT MADE WITH RELATED PARTIES
Pursuant to Section 134(3)(h) of the Companies Act 2013 read with Rule 8(2) of theCompanies (Accounts) Rules 2014 the particulars of contractual arrangement with relatedparties referred to in section 188(1) of the Companies Act 2013 in the prescribed FormAOC-2 is appended as Annexure 6' to the Board's Report.
The details of related party transaction are disclosed in the notes to the fiinancialstatements.
Pursuant to SEBI Listing Regulations the resolution for seeking approval of theshareholders on material-related party transactions is being placed at the AGM.
The policy on Related Party Transactions as approved by the Board is uploaded on theCompany's website www.iwpkatha.com
41. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION A3PROHIBITION AND REDRESS) ACT 2013
The Company has zero-tolerance for sexual harassment at the workplace and has adopted apolicy on prevention prohibition and redressal of sexual harassment at the workplace inline with the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the rules framed thereunder. The Company has setup Internal Complaint Committee (ICC) under the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 along with its relevant Rules.
The Committee met once during the FY2022 on February 14 2022
There was no complaint pending at the beginning and at the end of FY2021-22. Nocomplaints have been received by the Committee during the FY2021-22.
42. PARTICULARS OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO.
Information in accordance with the provisions of Section 134(3)(m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 is given in the Annexure- 7 to this Report.
43. HUMAN RESOURCES
Our employees are our core resource and the Company has continuously evolved policiesto strengthen its employee value proposition. Your Company was able to attract and retainbest talent in the market and the same can be felt in the past growth of the Company. TheCompany is constantly working on providing the best working environment to its HumanResources with a view to inculcate leadership autonomy and towards this objective; yourcompany makes all efforts on
Your Company shall always place all necessary emphasis on continuous development of itsHuman Resources. The belief "Great People create Great Organization" has been atthe core of the Company's approach to its people.
Your Directors state that no disclosure or reporting is required in respect of thefollowing matters as there were no transactions on these items during the year underreview: ? Issue of equity shares with diferential rights as dividend voting or otherwise.? Issue of shares (including sweat equity shares) to employees of the Company under anyscheme. ? The Company does not have any scheme of provision of money for the purchase ofits own shares by employees or by trustees for the beneit of employees. ? No fraud hasbeen reported by the Auditors to the Audit Committee or the Board.
Your Directors take this opportunity to express their sincere thanks to the CentralGovernment and Governments of various states Financial Institutions Bankers andCustomers for their co-operation and assistance extended.
The Directors regret the loss of lives due to COVID-19 pandemic and are deeply gratefuland have immense respect for every person who risked his life and safety to ight thispandemic.
Your Directors also wish to express their deep appreciation for the integrity and hardwork of all the employees of the Company at all levels to cope-up the challenging scenarioand strive for the growth of our Company.
The. Board also takes this opportunity to express their deep gratitude for thecontinued co-operation and support received from the shareholders.
| ||For and on behalf of the Board Directors of |
|to ||The Indian Wood Products Co. Ltd. |
| ||K K Mohta |
|Kolkata ||Chairman & Managing Director |
|30 May 2022 ||Din No : 00702306 |