You are here » Home » Companies » Company Overview » Nitin Castings Ltd

Nitin Castings Ltd.

BSE: 508875 Sector: Engineering
NSE: N.A. ISIN Code: INE861H01020
BSE 00:00 | 20 Sep 93.00 -2.50
(-2.62%)
OPEN

93.00

HIGH

93.00

LOW

92.00

NSE 05:30 | 01 Jan Nitin Castings Ltd
OPEN 93.00
PREVIOUS CLOSE 95.50
VOLUME 238
52-Week high 133.95
52-Week low 43.70
P/E 10.23
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 93.00
CLOSE 95.50
VOLUME 238
52-Week high 133.95
52-Week low 43.70
P/E 10.23
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nitin Castings Ltd. (NITINCASTINGS) - Director Report

Company director report

To

The Members

NITIN CASTINGS LIMITED

Your Directors have the pleasure in submitting the Thirty Seventh Annual Report of yourCompany together with the Audited Statement of Accounts and the Auditors' Report for thefinancial year ended 31st March 2020.

1. FINANCIAL RESULT

The performance of the Company for the financial year ended 31st March 2020is summarized below:

(Rs. in Lakhs)

Particulars Current Year Previous Year
T otal Revenue 6523.91 7558.23
Expenditure (excluding Depreciation and Amortization) 5907.61 6795.52
Earnings before Depreciation and Taxes 615.61 762.71
Depreciation and Amortization 449.98 431.16
Earnings before Taxes 166.32 331.56
Tax expenses including Deferred tax 33.71 97.84
Profit after Taxes 132.61 233.72
Add : Balance brought forward from previous year 1885.03 1709.48
Add : Other Comprehensive Income 6.37 (28.01)
Less : Dividend (Including Dividend Tax) (31.04) (30.15)
Balance carried to Balance Sheet 1992.96 1885.03

OPERATING RESULT & PROFIT

During the year under review your Company has registered a Turnover of Rs. 6523.91Lakhs as against Rs. 7558.23 Lakhs in the previous year. The Profit before taxes in thecurrent year is Rs. 166.32 Lakhs as against Rs. 331.56 Lakhs in the previous year andprofit after taxes are Rs. 132.61 Lakhs as against Rs. 233.72 Lakhs in the previous year.

TRANSFER TO RESERVES

During FY 2019-20 no amount has been transferred to the general reserves/ retainedearnings of the Company.

COVID-19 Pandemic

In the month of March 2020 the outbreak of Novel Coronavirus (COVID-19) pandemicdeveloped rapidly into a global crisis. This led to declaration of the lockdowns by thegovernments in the countries. For your Company the focus immediately shifted to ensuringthe health safety and wellbeing of all employees. The Corporate office of the Company wastemporarily closed from March 21 2020 to contain the spread of COVID-19 as per Central/State Government directions. The Company resumed partial operations from June 8 2020 withlimited workforce subject to the conditions prescribed by the Government/LocalAuthorities. However COVID-19 pandemic have aggravated the problems of Castings industryand going forward the situation appears to be challenging for the Company. More detailson impact of COVID-19 Pandemic are provided in Management Discussion and Analysis Report.

FINANCE

Cash and cash equivalents as at 31st March 2020 was Rs. 155.88 Lakhs. Thecompany continues to focus on judicious management of its working capital. Receivablesinventories and other working capital parameters were kept under strict check throughcontinuous monitoring.

DIVIDEND

In order to conserve the resources for future your Directors do not recommend anydividend for the financial Year 2019-20.

SHARE CAPITAL:

During the Financial Year under review the paid up Equity Share Capital as on March 312020 is Rs. 257.07 Lakhs comprising of 5141330 shares with the face value of Rs. 5/- pershare. During the financial year 2019-20 your company has neither issued equity shareswith differential rights as to dividends voting or otherwise nor has issued Sweat Equityshares. Your Company does not have any Employee Stock Option Schemes or Employee StockPurchase Scheme.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Management's discussion and analysis is setout in this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance along with a Certificate from M/s. Sandeep Rathi &Associates Chartered Accountants in practice regarding compliance of the requirements ofCorporate Governance under SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 is presented in a separate section forming part of the Annual Report.The auditors' certificate for fiscal 2019-2020 does not contain any qualificationreservation or adverse remark.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the period under review Mrs. Barkharani Choudhary was appointed as aNon-Executive Director of the Company for a first consecutive years w.e.f. August 142019. Her appointment was duly approved by the members of the Company at the AnnualGeneral Meeting (AGM) of the Company held on September 30 2019.

Mrs. Preethi Anand (DIN: 07178887) Non-Executive Director of the Company has resignedfrom the Directorship of the Company w.e.f. May 29 2019 due to personal reasons. Theboard places on record its appreciation and gratitude for the valuable guidance andcontribution made by Mrs. Preethi Anand as a Board Member during her association with theCompany.

During the period under review Mrs. Preethi Anand has resigned from the company w.e.f.May 29 2019 from the position of (Women) Independent Director of the Company and Mrs.Barkharani Choudhary (DIN:08531880) has been appointed as the (Women) Independent Directorof the Company w.e.f. August 14 2019.

The aforesaid appointments were made by the Board pursuant to the recommendation ofNomination and Remuneration Committee (NRC).

Members are requested to refer the Notice of the ensuing AGM for brief profile andother related information of Directors seeking appointment/re-appointment.

All the Independent Directors of the Company have given declarations that they meet thecriteria of independence as prescribed under Section 149(6) of the Act and Regulation16(1)(b) of Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 ("Listing Regulations") and that they are notaware of any circumstance or situation which exist or may be reasonably anticipated thatcould impair or impact their ability to discharge duties with an objective independentjudgment and without any external influence. In the opinion of the Board all IndependentDirectors are independent of the management

Pursuant to Rule 6 of Companies (Appointment and qualification of Directors) Rules2014 as amended w.e.f. 1st December 2019 all Independent Directors of the Company viz.Mr. Ravi Nevatia Mrs. Barkharani Choudhary Mr. Arvind Jalan has registered thereselvesin the Independent Directors databank maintained with the Indian Institute of CorporateAffairs (IICA). In the opinion of the Board of Directors of the Company all IndependentDirectors possess high integrity expertise and experience including the proficiencyrequired to discharge the duties and responsibilities as Directors of the Company

LISTING OF SHARES AND DEMATERIALIZATION

The Company's shares are listed and traded at Bombay Stock Exchange (BSE) and its scripcode is 508875 and ISIN No. INE861H01020

RISK MANAGEMENT

During the year the company has developed and implemented Risk Management Policyconsistent with the provisions of the Act and the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 to identify the elements of risk which may threaten theexistence of the Company and possible solutions to mitigate the risk involved.

FUTURE OUTLOOK

The Company's plans for securing the growth is under way and appropriate action will betaken in future at appropriate time for future development.

PUBLIC DEPOSITS

During the year under review the Company did not raise funds by way of Public depositsand as such no amount of principal or interest was outstanding as on the balance sheetdate.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THEFINANCIAL YEAR AND DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the financial year 2019-20 and the date ofthis report

FIXED DEPOSIT

During the year under review the Company has not raised any funds by way of fixeddeposits and as such no amount of principal or interest was outstanding as of the balancesheet date.

ANNUAL EVALUATION OF BOARD PERFORMANCE AND ITS COMMITTEE AND INDIVIDUAL DIRECTORS

Criteria of performance evaluation of the Board Committees and Directors are laid downby Nomination and Remuneration Committee (NRC) of the Company. Further pursuant toprovisions of the Companies (Amendment) Act 2017 NRC decided to continue existing methodof performance evaluation through circulation of performance evaluation sheets based onSEBI Guidance Note dated 5th January 2017 and that only Board should carry outperformance evaluation of Board Committees and Individual Directors.

An assessment sheet based on aforesaid SEBI Guidance Note containing the parameters ofperformance evaluation along with rating scale was circulated to all the Directors. TheDirectors rated the performance against each criteria. Thereafter consolidated score wasarrived. Pursuant to the provisions of the Companies Act 2013 and Listing Regulationsthe Board has carried out performance evaluation of its own evaluation of working of theCommittees and performance evaluation of all Directors in the said manner.

A meeting of Independent Directors of the Company was held on 20.03.2020 in whichIndependent Directors inter-alia reviewed performance of Non-Executive IndependentChairman and other NonIndependent Directors and the Board as a whole through performanceevaluation sheets.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act 2013your Directors to the best of their knowledge and belief and according to the informationand explanations obtained by them state and confirm that:

(a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

(b) The Directors have 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 affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;

(c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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) That proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively.

(f) That systems to ensure compliance with the provisions of all applicable laws werein place and were adequate and operating effectively.

BOARD MEETINGS

The Board of Directors met Four times during this financial year. The details of themeetings are elaborated in the Corporate Governance Section of this Report.

POLICY ON DIRECTORS APPOINTMENT AND THEIR REMUNERATION

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The said policy is uploaded on the website of the Company and web-linkthereto is http://www.nitincastings.com/codeofconduct.html. The Remuneration Policy isstated in the Corporate Governance Report.

DECLARATION OF INDEPENDENCE

Criteria of performance evaluation of the Board Committees and Directors are laid downby Nomination and Remuneration Committee (NRC) of the Company. Further pursuant toprovisions of the Companies (Amendment) Act 2017 NRC decided to continue existing methodof performance evaluation through circulation of performance evaluation sheets based onSEBI Guidance Note dated 5th January 2017 and that only Board should carry outperformance evaluation of Board Committees and Individual Directors.

An assessment sheet based on aforesaid SEBI Guidance Note containing the parameters ofperformance evaluation along with rating scale was circulated to all the Directors. TheDirectors rated the performance against each criteria. Thereafter consolidated score wasarrived. Pursuant to the provisions of the Companies Act 2013 and Listing Regulationsthe Board has carried out performance evaluation of its own evaluation of working of theCommittees and performance evaluation of all Directors in the said manner.

Your Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of independence as prescribed under Section 149(6) of theCompanies Act 2013 read with Schedules and Rules issued thereunder and under Regulation25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

REMUNERATION TO NON-EXECUTIVE / INDEPENDENT DIRECTORS

Sitting Fees: Independent Directors are entitled for sitting fees for attendingmeetings of the Board or Committee of the Board or for any other purposes as may bedecided by the Board of such sum as may be approved by the Board of Directors of theCompany within the overall limits prescribed under the Act and the rules made thereunderListing regulations or other applicable law.

SEPARATE INDEPENDENT DIRECTORS' MEETINGS

The Independent Directors meet at least once in a year without the presence ofExecutive Directors or Management representatives. They also have a separate meeting withthe Non-Executive Chairman to discuss issues and concerns if any.

The Independent Directors met on Friday 20th March 2020 during theFinancial Year ended 31st March 2020.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The Company proactively keeps its Independent Directors informed of the activities ofthe Company its management and operations and provides an overall industry perspective aswell as issues being faced by the industry. The said policy is uploaded on the website ofthe Company and web-link thereto is http://www.nitincastings.com/familiarization.html.

BOARD & COMMITTEE EVALUATION

Pursuant to the provisions of the Companies Act 2013 and under Regulation 25 of theSEBI (Listing obligations and disclosure requirements) Regulations 2015 the Board hascarried out an evaluation of its own performance the directors individually as well asthe evaluation of the working of its Audit committee Nomination & RemunerationCommittees. The manner in which the evaluation has been carried out has been explained inthe Corporate Governance Report.

AUDIT COMMITTEE

The details pertaining to composition of audit committee is included in the CorporateGovernance Report which forms part of Annual Report.

During the period under review Mrs. Preethi Anand Independent Director ceased to bemembers of the Audit Committee Mrs. Barkharani choudhary was been appointed as theIndependent Director was appointed as members of the Audit Committee in her place.

As on 31st March 2020 the Audit Committee comprises of 3 members viz. Mr. RaviNevatia Independent Director as a chairman Mr. S.L Agarwal Independent Director and Ms.Barkharani Choudhary Independent Director. (Mrs. Barkharani Choudhary has appointedw.e.f. 14.08.2019) More details on the Audit Committee are given in Corporate GovernanceReport. All the recommendations made by the Audit Committee during the year under reviewwere accepted by the Board

STATUTORY AUDITORS

The Board had appointed M/s. Sandeep Rathi & Associates Chartered Accountants(FRN # 113728W) to hold the office of the statutory auditor of the Company from theconclusion of the Thirty Third Annual General Meeting till the Annual General Meeting tobe held in the year 2020 and at a remuneration to be fixed by the Board of Directors inconsultation with the auditors plus applicable GST and reimbursement of out of pocketexpenses incurred by them for the purpose of audit.

The requirement to place the matter relating to appointment of Auditors forratification by Members at every Annual General Meeting was omitted vide notificationdated 7th May 2018 issued by the Ministry of Corporate Affairs. Accordingly noresolution is proposed for ratification of the appointment of Auditors in the ensuing AGMof the Company.

Further Certificate from the Auditors has been received to the effect that theirre-appointment if made would be within the limits prescribed under section 139 of theCompanies Act 2013.

STATUTORY AUDITORS' REPORT

The Auditors' Report on standalone financial statements for the year ended 31st March2020 forms part of this Annual Report. The Auditors' Report does not contain anyqualifications reservations adverse remarks disclaimer or emphasis of matter. Notes tothe Financial Statements are self-explanatory and do not call for any further comments.

SECRETARIAL AUDITOR

Pursuant to provisions of section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the company hasappointed Kala Agarwal a firm of Company Secretaries in Practice to undertake theSecretarial Audit of the Company. The Secretarial Audit Report issued by them in Form No.MR-3 has been annexed to this Report.

Further in terms of the provisions of the Circular No. CIR/ CFD/CMD1/27/2019 dated 8thFebruary 2019 issued by Securities and Exchange Board of India (SEBI) Ms. Kala AgarwalPracticing Company Secretaries have issued the Annual Secretarial Compliance Report forthe financial year ended 31st March 2020 thereby confirming compliance of the applicableSEBI Regulations and circulars / guidelines issued thereunder by the Company.

EXTRACT OF ANNUAL RETURN

In accordance with Section 134(3)(a) of the Companies Act 2013 an extract of theAnnual Return in the prescribed format is appended as annexure to the Board's report asAnnexure - I.

DISCLOSURE RELATING TO SUBSIDIARY COMPANIES / ASSOCIATE COMPANIES / IOINT VENTURES:

The Company does not have any Subsidiary Company / Associate Company / Joint Ventures.

However Pursuant to first proviso to sub-section (3) of section 129 read with rule 5of Companies (Accounts) Rules 2014 Form AOC-1 is annexed to this report as Annexure -II.

PARTICULARS OF CONTRACTS & ARRANGEMENTS WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were onan arm's length basis and were in the ordinary course of business.

There are no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel or other designated persons which may havea potential conflict with the interest of the Company at large. Your Company has adopted apolicy on Related Party Transactions and is uploaded on the website of the Company at

http://www.nitincastings.com/pdf/Related Party Transaction Policy.pdf

Pursuant to the provisions of section 134 (3) (h) of the Companies Act 2013 read withRule 8 (2) of the Companies (Accounts) Rules 2014 Form AOC-2 is annexed to this reportas Annexure - III.

Prior approval of Audit Committee is obtained for all Related Party Transactions. Astatement of all Related Party Transactions is reviewed by the Audit Committee and Boardon quarterly basis. Your Company has adopted a policy on Related Party Transactions and isuploaded on the website of the Company at http://www.nitincastings.com/pdf/Related PartyTransaction Policy.pdf.

INTERNAL AUDIT SYSTEM

The Company's internal Auditors had conducted periodic audit to provide reasonableassurance that the Company's established policies and procedure have been followed.

INTERNAL CONTROL SYSTEM AND ITS ADEQUACY

The Company has a proper and adequate internal control system for all its activitiesincluding safeguarding and protecting its assets against any loss from its unauthorizeduse or disposition. All transaction are properly documented authorized recorded andreported correctly. The Company has well defined Management Reports on key performanceindicators. The systems are reviewed continuously and its improvement and effectiveness isenhanced based on the reports from various fields. Normal foreseeable risks to thecompany's assets are adequately covered by comprehensive insurance.

PUBLIC DEPOSITS

During the year under review your Company has not accepted any deposits from publicunder Chapter V of the Act.

SUBSIDIARIES

During the year under review your Company does not have any subsidiaries or jointventures or associate companies as defined under the Act.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Companies Act 2013 and theCompanies (Particulars of Employee) Rules 1975 names and other particulars of theemployees required are not given as none of the employee is covered under the saidprovisions of the Act.

ENVIRONMENT PROTECTION AND POLLUTION CONTROL

The Company has always been socially conscious corporate and has always carriedforward all its operations and procedures following environment friendly norms with allnecessary clearances.

Your Company has taken the following steps towards environment and Ecological balancein manufacturing of Castings.

• Continuous plantation activities in and around the Factory as usual has helpedin keeping the environment pollution free.

CONSERVATION OF ENERGY

The Company has taken all possible measures for the conservation of energy byundertaking melting operations in consolidated and economical lot sizes for optimumutilizations of furnace.

FOREIGN EXCHANGE EARNING AND OUTGO

The information regarding the foreign exchange earnings and outgo is contained in tothe Notes to Accounts.

SIGNIFICANT OR MATERIAL ORDERS PASSED BY REGULATORS / COURTS

During the year under review no significant or material orders were passed by theRegulators or Courts or Tribunals which impact the going concern status and Company'soperations in future.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

In order to prevent sexual harassment of women at workplace your Company has adopted apolicy for prevention of Sexual Harassment of Women at workplace and has set up anInternal Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 to look into the complaints relating to sexualharassment at workplace of any woman employee. During the year under review your Companyhas not received any complaint pertaining to sexual harassment and no complaint waspending as on 31st March 2020

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a vigil mechanism named Fraud and Risk Management Policy to deal withinstance of fraud and mismanagement if any. In staying true to our values of StrengthPerformance and Passion and in line with our vision of being one of the most respectedcompanies in India the Company is committed to the high standards of Corporate Governanceand stakeholder responsibility. The Vigil Mechanism / Whistle Blower Policy may beaccessed on the Company's website at http://www.nitincastings.com/pdf/Whistle BlowerPolicy.pdf.

The Company has a Fraud Risk and Management Policy to deal with instances of fraud andmismanagement if any. The FRM Policy ensures that strict confidentiality is maintainedwhilst dealing with concerns and also that no discrimination will be meted out to anyperson for a genuinely raised concern. A high level Committee has been constituted whichlooks into the complaints raised. The Committee reports to the Audit Committee and theBoard.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

During the year under review no frauds were reported by Auditors under sub-section(12) of section 143.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186

Loans guarantees and investments covered under Section 186 of the Companies Act 2013are NIL as on 31.03.2020.

CORPORATE SOCIAL RESPONSIBILITY

As the Company does not fall in the mandatory bracket for Corporate SocialResponsibility pursuant to Section 135 of the Companies Act 2013 the Company did notadopt any activity pursuant to the same for the financial year 2019-20.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day to day business operations ofthe company. The Company believes in "Zero Tolerance" against briberycorruption and unethical dealings / behaviors of any form and the Board has laid down thedirectives to counter such acts.

The Code lays down the standard procedure of business conduct which is expected to befollowed by the Directors and the designated employees in their business dealings and inparticular on matters relating to integrity in the work place in business practices andin dealing with stakeholders. The Code gives guidance through examples on the expectedbehavior from an employee in a given situation and the reporting structure. All the BoardMembers and the Senior Management personnel have confirmed compliance with the Code. AllManagement Staff were given appropriate training in this regard.

SHARE CAPITAL

a) Issue of Equity Shares:

No Equity Shares were issued in current financial year.

b) Issue of Sweat Equity Shares:

No Sweat Equity Shares were issued in current financial year.

c) Issue of Employee Stock Options:

No Employee Stock Options were issued in current financial year.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code. All the Directors and the designated employees have confirmedcompliance with the Code.

SECRETARIAL STANDARDS

During the year under review your Company has complied with all the applicablesecretarial standards issued by the Institute of Company Secretaries of India. The samehas also been confirmed by Secretarial Auditors of the Company in the Secretarial AuditReport.

General

1. During the year under review cost audit was not applicable to the Company; howeverpursuant to the Order made by the Central Government for the maintenance of cost recordsunder Section 148(1) of the Act the prescribed accounts and records have been mademaintained.

2. There was no change in the general nature of business of the Company during FY2019-20.

3. The provisions pertaining to Corporate Social Responsibility (CSR) were notapplicable to the Company during the year under review.

4. As required in terms of Secretarial Standard (SS)-4 it is hereby confirmed thatthere is no corporate insolvency resolution process initiated under the Insolvency andBankruptcy Code 2016.

ACKNOWLEDGEMENTS

The Directors wish to convey their appreciation to all the Company employees for theirenormous personal efforts as well as their collective contribution to Company's recordperformance.

The Directors would also like to thank their Shareholders Customers DealersSuppliers Bankers Financial Institutions Government Authorities and all Other BusinessAssociates for the continued support given by them to the Company and their confidence inthe Management.

The ratio of the remuneration of each director to the median employee's remunerationand other details in terms of sub-section 12 of Section 197 of the Companies Act 2013read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014:

Requirements Disclosures
I. The ratio of the remuneration of each director to the median remuneration of Name of Director Ratio to median remuneration
the employees for the financial year Mr. Nitin Kedia 60.01
2019-2020 Mr. Nirmal Kedia 60.01
Mr. Nipun Kedia 18.84
Mr. Arvind Jalan Nil
Mr. Shyamlal Agarwal 5.20
Mr. Ravi Nevatia 0.50
Mrs. Barkharani Choudhary 0.38
II. The percentage increase in remuneration of each directors CFO CEO CS in the financial year NIL
III. The percentage of increase in median remuneration of employees in the Financial year NIL
IV. The number of permanent employees on the payroll of the Company 163 as on March 31 2020
V. The explanation on the relationship between average increase in remuneration and Company performance NA
VI. Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company Not applicable
VII. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration; Not applicable

 

VIII. Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company Not applicable for the financial year 2019-20 in order to conserve the profit
IX. Affirmation that the remuneration is as per the remuneration policy of the Company Yes it is confirmed.

.