The Members of
Praj Industries Limited
Your Directors are pleased to present the 33rd Annual Report and the AuditedFinancial Statements for the year ended 3181 March 2019.
During the year under review your Company has recorded total income of र9517 Mn(previous year र7283 Mn) registering increase of 31% in total income. Profit before Taxincreased by 103% to र809 Mn (previous year र399 Mn). The performance summary ispresented herewith:
| || ||(र Mn.) |
|Particulars ||2018-19 ||2017-18 |
|Turnover ||9233 ||7020 |
|Other Income ||284 ||263 |
|Total Income ||9517 ||7283 |
|Total Expenses ||8708 ||6884 |
|PBT ||809 ||399 |
|PAT ||624 ||315 |
|Other Comprehensive Income ||5 ||7 |
|Total Comprehensive Income ||629 ||322 |
|(+) Balance in Profit & Loss account ||4969 ||5067 |
|(+) INDAS Adjustments (ESOPs) ||9 ||2 |
|(-) IND AS Adjustment (Adjustment to opening Retained Earnings-IND AS 115: Revenue Recognition) ||(154) ||- |
|Profit Available for Appropriations ||5453 ||5391 |
|Appropriations || || |
|Dividend (Including Special Interim Dividend) || || |
|Dividend ||386 ||291 |
|Dividend Tax (Including Special Interim Dividend) ||79 ||59 |
|Transfer to Special Economic Zone Re-investment Reserve ||62 ||72 |
|Balance in Statement of Profit & Loss ||4926 ||4969 |
State of Company's Affairs
Please refer Management Discussion & Analysis report annexed to this report dealingwith the state of Company's affairs at length. (Refer Annexure 1).
Summary of Consolidated Results
During the year the Total Income stood at र11734 Mn which is more by 23% over lastyear (र9502 Mn). Profit before tax at र879 Mn is higher by 66% over last year (र530Mn). The performance summary is presented herewith:
| || ||(र in Mn) |
|Particulars ||2018-19 ||2017-18 |
|Turnover ||11411 ||9235 |
|Other income ||323 ||267 |
|Total income ||11734 ||9502 |
|Total expenses ||10855 ||8972 |
|PBT ||879 ||530 |
|PAT (after Minority Interest) ||682 ||395 |
|(+) Other Comprehensive Income ||6 ||8 |
|Total Comprehensive Income ||688 ||403 |
The Board of Directors at its meeting held on 28th January 2019 declaredand paid Special Interim Dividend of र0.50 per equity share (25%) of Face value ofर2/- for the financial year 2018-19. The Special Interim Dividend pay-out was र110.029Mn (Dividend: र91.266 Mn and Dividend Distribution Tax र18.763 Mn).
The Board of Directors of your Company has recommended a final dividend of र1.62/-(81%) per equity share of Face value of र2/- for the Financial Year ended 31stMarch 2019. The dividend is payable subject to shareholders' approval at the ensuingAnnual General Meeting (AGM). The final dividend pay-out if approved by the shareholdersin the ensuing AGM will be around र356.992 Mn (Dividend: र296.123 Mn and DividendDistribution Tax र60.869 Mn).
With this the total dividend payout including dividend distribution tax for thefinancial year 2018-19 will be र467.021 Mn The dividend payout is in accordance with theCompany's Dividend Distribution Policy.
Dividend Distribution Policy
In accordance with the Regulation 43A of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 the Company has formulated a Dividend Distribution Policyand the same is annexed herewith as Annexure 11. The Policy is also hosted on thewebsite of the Company and can be viewed at www.prai.net
Investor Education and Protection Fund (IEPF)
Pursuant to the Investor Education and Protection Fund (Accounting Audit Transfer andRefund) Rules 2016 the Company has transferred unclaimed/ unpaid dividend ofर1093699/- to Investor Education and Protection Fund pertaining to the financial year2010-11 on 14/09/2018. Further the Company has also transferred 39880 shares to IEPF on26/10/2018.
Details of Nodal Officer
Mr. Dattatraya Nimbolkar Chief Internal Auditor and Company Secretary has beenappointed as Nodal Officer of the Company. Details in this regard are available on thewebsite of the Company at www.praj.net
The Company is not proposing any transfer to the General Reserve for the year 2018-19.
a) CRISIL has re-affirmed "A1+" rating to the Company's short-term bankingfacilities which signifies that the degree of safety regarding timely payment ofinstruments is very strong.
b) CRISIL has also re-affirmed its rating of the Company's long-term bank facilities to"AA/stable'. The "AA" rating signifies high safety with regard to timelypayment of long-term financial obligations.
Praj Engineering & Infra Ltd. India Praj HiPurity Systems Ltd. India PrajAmericas Inc. U.S.A. Praj Far East Co. Ltd. Thailand Praj Industries (Africa) (Pty.)Ltd South Africa Praj Far East Philippines Ltd. Inc. The Philippines and PrajIndustries (Namibia) Pty. Ltd. Namibia continue to be subsidiaries of your Company.
Consolidated Financial Statements of the Company which include the results of the saidSubsidiary Companies are included in this Annual Report. Further a statement containingthe particulars for each of the Company's subsidiaries is also enclosed. Copies of AnnualAccounts and related detailed information of all the subsidiaries can also be sought byany member of the Company or its Subsidiaries by making a written request to the CompanySecretary at the Registered Office of the Company in this regard. The Annual Accounts ofthe Subsidiary Companies are also available for inspection at the Company's and/or theconcerned Subsidiary's Registered Office.
The Company has formulated a policy for determining 'material' subsidiaries and suchpolicy is hosted on the Company's website i.e. www.praj.net
Further a statement containing salient features of the financial statements ofsubsidiaries in the prescribed format AOC-1 is appended as Annexure 7 to this Report. Thestatement also provides the details of performance financial position of each of thesubsidiaries.
Pursuant to the provisions of Regulation 34 (2) & (3) and 53(f) read with ScheduleV of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015Management Discussion and Analysis Report (Annexure 1) Report on CorporateGovernance and Compliance Certificate on Corporate Governance (Annexure 3)Business Responsibility Report (Annexure 10) Dividend Distribution Policy (Annexure11) are annexed to this report.
Shareholders at their 32nd Annual General Meeting held on 6thAugust 2018 approved the appointment of Mr. Shishir Joshipura (DIN: 00574970) as ChiefExecutive Officer and Managing Director of the Company for a period of Five (5) years witheffect from 2nd April 2018 and appointment of Dr. Shridhar Shukla (DIN00007607) as an Independent Director for a period of Five (5) years with effect from 12thApril 2018.
Mr. Daljit Mirchandani Director (DIN: 00022951) is retiring by rotation at the ensuingAnnual General Meeting. However due to his other pre-occupations Mr. Daljit Mirchandaniis not offering himself for re-appointment. The Board wishes to place on record itsappreciation for his valuable contribution during his tenure as Director of the Company.
Ms. Parimal Chaudhari (DIN 00724911) will retire at 33rd Annual GeneralMeeting and being eligible has offered herself for re-appointment as Director of theCompany.
The existing Agreement entered into with Mr. Pramod Chaudhari Executive Chairman (DIN00196415) expires on 31st July 2019. Based on the recommendation of Nominationand Remuneration Committee your Directors have approved the extension of tenure of Mr.Pramod Chaudhari for further period of three (3) years up to 31st July 2022subject to approval of shareholders at the ensuing Annual General Meeting of the Company.
Item No. 5 of Notice of 33rd Annual General Meeting contains necessarydetails of Special Resolution in this regard.
The existing Agreement entered into with Mr. Sachin Raole CFO and Director-Finance& Commercial (DIN 00431438) expires on 31st July 2019. Based on therecommendation of Nomination and Remuneration Committee your Directors have approved theextension of tenure of Mr. Sachin Raole for further period of three (3) years up to 31stJuly 2022 subject to approval of shareholders at the ensuing Annual General Meeting ofthe Company.
Item No. 6 of Notice of 33rd Annual General Meeting contains necessarydetails of Ordinary Resolution in this regard.
Members at 28th Annual General Meeting held on 28th July 2014had appointed Mr. Berjis Desai Mr. Rajiv Maliwal and Mr. Sivaramakrishnan S. Iyer asIndependent Directors of your Company for a period of five (5) years.
As per provisions of Section 149 (10) of the Companies Act 2013 read with relevantRules and Schedule IV Independent Director can be re-appointed for consecutive term offive (5) years subject to approval of shareholders by way of Special Resolution.
Mr. Berjis Desai (DIN 00153675) and Mr. Sivaramakrishnan S. Iyer (DIN 00503487) havegiven their consent for re-appointment as Independent Directors.
Item Nos. 7 & 8 of Notice of 33rd Annual General Meeting containnecessary details of Special Resolution of respective Independent Directors.
The tenure of Mr. Rajiv Maliwal (DIN 00869035) as Independent Director expires at theconclusion of 33rd Annual General Meeting of the Company. However he is notoffering himself for reappointment. The Board wishes to place on record its appreciationfor his valuable contribution during his tenure as Director of the Company.
Composition of Key Managerial Personnel (KMP)
The Company has the following KMP;
|Name of the KMP ||Designation ||Date of Appointment ||Date of Resignation |
|Mr. Pramod Chaudhari ||Executive Chairman ||08.11.1985 ||N.A. |
|Mr. Shishir Joshipura ||Chief Executive Officer and Managing Director ||02.04.2018 ||N.A. |
|Mr. Sachin Raole ||CFO and Director- Finance & Commercial ||13.07.2016 ||N.A. |
|Mr. Dattatraya Nimbolkar ||Chief Internal Auditor & Company Secretary ||22.07.2011 ||N.A. |
Composition of Audit Nomination & Remuneration Committee
For details kindly refer the Corporate Governance Report annexed to thisReport(Annexure 3).
Declaration from Independent Directors
The Independent Directors have submitted their annual declaration to the Boardconfirming that they fulfill all the requirements as stipulated in Section 149(6) of theCompanies Act 2013 read with rules framed there under.
a) Internal Auditors
The Internal Auditors Khare Deshmukh & Co. Chartered Accountants Pune haveconducted internal audits periodically and submitted their reports to the Audit Committee.Their reports have been reviewed by the Statutory Auditors and the Audit Committee.
The Board has appointed Khare Deshmukh & Co. Chartered Accountants Pune asInternal Auditors of the Company for the financial year 2019-20.
b) Statutory Auditors
The members in the 29th Annual General Meeting held on 6thAugust 2015 appointed M/s PG. Bhagwat Chartered Accountants Pune as Statutory Auditorsof the Company for a period of five years with effect from the conclusion of 29th AnnualGeneral Meeting held on 6th August 2015.
c) Cost Auditors
Your Company has appointed Dhananjay V. Joshi & Associates Cost Accountants asCost Auditors of the Company for the financial year 2019-20 at the remuneration as set outin item No.4 of the explanatory statement which is subject to the ratification of membersin the ensuing Annual General Meeting.
d) Secretarial Auditors
M/s KANJ & Co. LLP Pune were appointed to conduct the Secretarial Audit of theCompany for the financial year 201819 as required under Section 204 of the Companies Act2013 read with rules framed thereunder. The Secretarial Audit Report (MR-3) for F.Y.2018-19 forms part of the Annual Report as Annexure 6.
The Board has appointed KANJ & Co. L.L.P Pune as Secretarial Auditors of theCompany for the financial year 2019-20.
Material changes and commitments if any affecting the financial position of theCompany occurred between the end of the financial year to which these financial statementsrelate and the date of the report
No material changes and commitments affecting the financial position of the Companyoccurred from the end of the financial year 2018-19 till the date of this report. Furtherthere was no change in the nature of business of the Company.
Statement concerning development and implementation of risk management policy of theCompany
In accordance with the provisions of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 the Board adopted Risk Management Policy and initiatednecessary steps for framing implementing and monitoring the risk management plan for theCompany.
The main objective of this policy is to ensure sustainable business growth and topromote a pro-active approach in identifying reporting evaluating and mitigating risksassociated with the business.
The policy establishes a structured and disciplined approach to Risk Management inorder to guide decisions on risk related issues.
In today's challenging and competitive environment strategies for mitigating inherentrisks associated with business and for accomplishing the growth plans of the Company areimperative. The common risks inter alia are risks emanating from; RegulationsCompetition Business Technology obsolescence Investments Retention of talent FinancePolitics and Fidelity.
As a matter of policy these risks are assessed and steps as appropriate are taken tomitigate the same.
The Risk Management Policy is also hosted on the Company's website i.e. www.prai.net
The Company has instituted adequate Internal Controls and processes to have a cohesiveview of risks optimal risk mitigation responses and efficient management of internalcontrol and assurance activities.
In the opinion of the Board there are no risks which may threaten the existence of theCompany.
Internal financial controls
The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weaknesses in the design or operation were observed.
Remuneration Policy for Directors and KMP
The Company's remuneration policy for Directors/ KMP is directed towards rewardingperformance based on review of achievements periodically. The remuneration policy is inconsonance with the existing industry practice.
The said policy is available on Company's website i.e. www.praj.net and is alsoattached as Annexure 8 to this report.
During the year your Company allotted 1715435 shares on exercise of options underthe Employee Stock Option Plan 2011. Consequent to the above the Issued Subscribed andPaid up Share Capital of your Company increased from 180932415 (' 361.865 Mn) shares to182647850 (' 365.296 Mn.) as of 31st March 2019.
During the year your Company has granted the following options under Employees StockOption Plan 2011;
|Sr. No. ||No. of Options ||Exercise Price/Option |
|Grant VIII ||90000 ||र 50/- per option |
|Grant IX ||1135000 ||र 70/- per option |
|Grant X ||400000 ||र 70/- per option |
Please refer Annexure 4 to this report for the particulars required to bedisclosed pursuant to Rule 12 (2) of the Companies (Share Capital and Debentures) Rules2014 and Clause 14 of SEBI (Share Based Employee Benefits) Regulations 2014.
Vigil Mechanism/Whistle Blower Policy
In order to ensure that the activities of the Company and its employees are conductedin a fair and transparent manner by adoption of highest standards of professionalismhonesty integrity and ethical behaviour the Company has adopted a VigilMechanism/Whistle Blower Policy. This policy is explained in Corporate Governance Reportand is also hosted on the website of Company at www.prai.net.
Details of policy developed and implemented by the Company on its Corporate SocialResponsibility initiatives
Kindly refer Annexure 2 to this Report.
Particulars of loans guarantees or investments made under section 186 of the CompaniesAct 2013
Loans Guarantees and Investments covered under Section 186 of the Companies Act 2013form part of the notes to the financial statements provided in this Annual Report. (Pleaserefer Note No. 4 to the Standalone Financial Statements).
Contracts and arrangements with Related Parties
All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on an arm's lengthbasis. Such transactions form part of the notes to the financial statements provided inthis Annual Report. (Please refer Note No. 31 to the Standalone Financial Statements).
During the year the Company had not entered into any contract/arrangement/transactionwith related parties which could be considered material in accordance with the policy ofthe Company on materiality of related party transactions which is available on theCompany's website at the link: www.praj.net
The information in respect of Related Party transactions is given below;
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) ofthe Companies (Accounts) Rules 2014)
Form for disclosure of particulars of contracts/arrangements entered into by theCompany with related parties referred to in sub-section (1) of section 188 of theCompanies Act 2013 including certain arms length transactions under third proviso thereto
1. Details of contracts or arrangements or transactions not at arm's length basis ;
N.A. as there were no transactions during the year which were not at arm's length.
2. Details of material contracts or arrangement or transactions at arm's length basis;
During the financial year 2018-19 all the transactions entered into with relatedparties were at arm's length. However these transactions were not material.
Regulation 4 (2) (f) (ii) (9) of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 mandates that the Board shall monitor and review the Boardevaluation framework. Also the Companies Act 2013 states that a formal annual evaluationneeds to be made by the Board of its own performance and that of its Committees andindividual Directors. In addition Schedule IV to the Companies Act 2013 states that theperformance evaluation of Independent Directors shall be done by the entire Board ofDirectors excluding the Director being evaluated. The Board works with the Nomination& Remuneration Committee to lay down the evaluation criteria for the performance ofExecutive/Non-Executive/Independent Directors.
Independent Directors have three key roles-Governance Control and Guidance. Some ofthe performance indicators based on which the Independent Directors are evaluated include:
a) Ability to contribute to and monitor the Company's corporate governance practices.
b) Ability to contribute by introducing international best practices to addresstop-management issues.
c) Active participation in long-term strategic planning.
d) Commitment to the fulfillment of a Directors' obligations and fiduciaryresponsibilities; these include participation in the Board and the Committee Meetings.
In pursuance of above the Company has devised a policy for performance evaluation ofIndependent Directors Board Committees and other individual Directors.
The evaluation of all the Directors Committees and the Board as a whole was conductedbased on the criteria and framework adopted by the Board. The Board approved theevaluation results as collated by the Nomination & Remuneration Committee.
Explanation or comments on qualifications reservations or adverse remarks ordisclaimers made by the Statutory Auditors and the Secretarial Auditors in their reports
There were no qualifications reservations or adverse remarks or disclaimers made bythe Statutory Auditors in their report.
Extract of Annual Return
The extract of Annual Return pursuant to the provisions of Section 92 read with Rule 12of the Companies (Management and Administration) Rules 2014 in prescribed Form MGT-9 forthe year ended 31st March 2019 is as per Annexure 5 to this report.
Number of Board Meetings conducted during the year under review
The Board met five times during the financial year the details of which are given inthe Corporate Governance Report that forms part of this Annual Report. The intervening gapbetween any two meetings was within the period prescribed by the Companies Act 2013 andthe SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.
Directors' Responsibility Statement
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility Statement:-
(a) in the preparation of the annual accounts the applicable accounting standards havebeen 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 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) the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
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 there was no such incidence of fraud reported by Statutory Auditors tothe Management.
However there was one case involving unauthorized transfer of secret informationrelating to the business of the Company by one of the employees of the Company to theoutsiders for which necessary legal action has been initiated by the Company.
The Company has neither accepted nor renewed any deposits during the year under reviewand also did not have any outstanding deposits at the end of the year.
Remuneration ratio of the Directors/Key Managerial Personnel (KMP)/Employees
The information required pursuant to Section 197 read with Rule 5 of The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect ofemployees of the Company and Directors is furnished hereunder:
|Sr. No. ||Name ||Designation ||Remuneration paid FY 2018-19 रMn. ||% increase/ (Decrease)in remuneration over FY 2017-18 ||Ratio of the remuneration of each Director to median remuneration of employees |
|1 ||Mr. Pramod Chaudhari ||Executive Chairman ||51.627 ||Nil ||53.7 |
|2 ||Mr. Shishir Joshipura ||CEO & MD ||28.580 ||NA ||29.7 |
|3 ||Mr. Berjis Desai ||Non- Executive Independent Director ||2.100 ||56 ||2.2 |
|4 ||Ms. Parimal Chaudhari ||Non- Executive Director ||1.650 ||65 ||1.7 |
|5 ||Mr. Rajiv Maliwal ||Non- Executive Independent Director ||0.600 ||33 ||0.6 |
|6 ||Mr. Sivaramakrishnan Iyer ||Non- Executive Independent Director ||1.750 ||30 ||1.8 |
|7 ||Mr. Daljit Mirchandani ||Non-Executive Non-Independent Director ||11.700 ||7 ||12.2 |
|8 ||Mr. Sachin Raole ||CFO and Director- Finance & Commercial ||7.711 ||1 ||8.0 |
|9 ||Ms. Mrunalini Joshi ||Non- Executive Independent Director ||0.550 ||57 ||0.6 |
|10 ||Dr. Shridhar Shukla ||Non- Executive Independent Director ||0.550 ||NA ||0.6 |
|11 ||Mr. Dattatraya Nimbolkar ||Chief Internal Auditor & Company Secretary ||9.089 ||4 ||9.4 |
The median remuneration of employees of the Company during the financial year wasर0.962 Million. In the financial year there was an increase of 8% in the medianremuneration of employees.
There were 885 permanent employees on the rolls of Company as on 31st March2019.
Average percentage increase made in the salaries of employees other than the managerialpersonnel in the last financial year i.e. 2018-19 was around 9% whereas the managerialremuneration for the same financial year increased by around 4%.
The key parameters for the variable component of remuneration paid to the Directors areconsidered by the Board of Directors based on the recommendations of Nomination andRemuneration Committee as per the Remuneration Policy for Directors Key ManagerialPersonnel and other Employees.
It is hereby affirmed that the remuneration paid is as per the Remuneration Policy forDirectors Key Managerial Personnel and other Employees.
Particulars of employees
The information required pursuant to Section 197 read with rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employeesof the Company is given in Annexure 9 to this Report.
Details of significant and material orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company's operations in future.
No such events occurred during the financial year 2018-19.
Prevention of Sexual Harassment Policy
The Company has in place Prevention of Sexual Harassment Policy in line with therequirements of The Sexual Harassment of Women at the Workplace (Prevention Prohibition& Redressal) Act 2013. All employees (permanent contractual temporary trainees)are covered under this policy.
The Company has constituted Internal Complaint Committee as per the aforesaid Act.
Your Directors state that during the year under review there was no case filedpursuant to The Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.
Energy Conservation Technology Absorption Adaptation Innovation:
During the year Praj in its continued endeavor of optimizing energy and waterconsumption in distillery has come up with Innovative integrated Sustainable Technologies.Adoption of these technologies will help distillery to reduce water and thermal energyrequirement by 75%. Praj has successfully commissioned and demonstrated this technology inone of the plants in Maharashtra and already set a new benchmark.
Praj Green fuel production technologies play a key role in meeting greenhouse gasemission reduction target a step towards global sustainability. Praj has successfullydeveloped and commercialized Process Optimized Flexible Integrated Incineration Technologyfor improving carbon footprint.
1. During the year 13 foreign patents were applied and 10 patents (Indian 7 andforeign 3) were granted.
2. As a part of value maximization initiative Praj has continued its focus ondevelopment of bio-refinery based on 1st generation and 2nd generation feedstocks. Praj'sadvanced Maximol dehydration technology for throughput enhancement with sweating of plantassets helps to increase profitability for the customers. Process Reliability equipmentperformance with respect to uptime (on-stream factor) has been successfully demonstratedon Rice straw and Wheat straw for domestic and international customer. We are glad toannounce that Praj has been selected as technology partner for four commercial scale 2ndgeneration plants announced by OMCs.
3. Praj announced ground-breaking of integrated demo plant of compressed bio-Gas (CBG)at the hands of Dr. Anil Kakodkar Chairman- High Level Committee and Chairman- ScientificAdvisory Committee on Hydrocarbons of Ministry of Petroleum and Natural Gas. The ceremonywas held on Wednesday 9th Jan 2019. Commercial demo plant installation and commissioningwill be done in coming financial year.
4. Praj and GEVO has jointly developed advanced biofuel (IBA) technology using Sugaryfeedstock.
5. Praj has also developed enzymatic bio-diesel technology from oleo-chemical feedstock(UCO). Praj's clean and efficient bio-diesel technology helps to promote waste toenergy initiative from Ministry of India.
6. As recognition towards contribution made by Praj in Bio-economy it gives us immensepleasure to share that Praj is ranked as 8th in the list of TOP 50 hottestcompanies in Advanced Bio-economy for Year 2019 by Biofuel Digest.
Foreign Exchange Earnings & Outgo
| || ||(र Mn.) |
|Particulars ||31/3/2019 ||31/3/2018 |
|Earnings ||2742 ||3404 |
|Outgo ||977 ||600 |
|Net Foreign Exchange Earnings ||1765 ||2804 |
Your Company has retained its status as a net forex earner consecutively for past 22years.
Your Directors wish to place on record their appreciation towards all associatesincluding Customers Collaborators Government Agencies Bankers Suppliers ShareholdersAuditors Employees and others who have reposed their confidence in the Company.
| ||For and on behalf of the Board of Directors |
|Place: Pune ||Pramod Chaudhari |
|Date: 16th May 2019 ||Executive Chairman |