Dear Members,
The Board of Directors hereby submit the report of the business
and operations of your Company along with the audited financial statements, for the
financial year ended March 31, 2023.
1. COMPANY SPECIFIC INFORMATION
1.1. FINANCIAL SUMMARY/HIGHLIGHTS, OPERTAIONS STATE OF AFFAIRS:
The performance during the period ended 31st March,
2023 has been as under:
(Rs. In Lakhs)
| Particulars |
2022-23 |
2021-22 |
| Total Income |
4720.77 |
5089.32 |
| Total Expenditure |
4788.33 |
4822.77 |
| Profit (Loss)Before Tax |
(67.56) |
266.55 |
| Provision for Tax |
(17.68) |
61.68 |
| Profit(Loss) after Tax |
(49.88) |
204.87 |
| Other Comprehensive Income, Net of |
13.83 |
5.08 |
| tax |
|
|
| Total Comprehensive Income |
(36.05) |
209.95 |
| Balance Carried to Balance Sheet |
(36.05) |
209.95 |
| Basic and Diluted Earnings per share |
(1.09) |
4.48 |
REVIEW OF OPERATIONS:
The total revenue of the Company for the financial year 2022-23
was Rs. 4720.77 lakhs and loss of Rs. (49.88) lakhs against the revenue and profit of Rs.
5089.32 lakhs and Rs. 204.87 lakhs respectively for the corresponding Financial year ended
2021-22.
1.2. Amount, if any, which the Board proposes to carry to any
reserves: Nil
1.3. Dividend: The Board of Directors of the Company has not
declared dividend for the Financial Year 2022-23
1.4. Major events occurred during the year:
1.4.1 During the Financial Year under purview no material event
occurred having an impact on the affairs of the company.
1.4.2 Change in the nature of business: the company has not
commenced any new business or discontinued/sold or disposed off any of its existing
businesses or hived off any segment or division during the year.
1.4.3 Material changes and commitments, if any, affecting the
financial position of the company, having occurred since the end of the Year and till the
date of the Report: Nil.
15
1.5. Details of revision of financial statement or the Report:
The Company has not made any revision in its Financial Statements
during the year under review.
2. GENERAL INFORMATION:
Due to the enormous potential of the Indian market and
advancements in the petrochemical industry combined with the progress in the plastic
machinery sector has helped forward the plastic processing industry.
Plastic material is becoming increasingly important across
various industries, and per capita consumption is rising quickly. The growth of the
packaging market in India is largely driven by various logistic applications,
technological advancements, as well as the development of the packaging sector across the
country. The Indian packaging industry is dominated by plastic flexible packaging; the
main reason for this is that flexible packages are found extremely adaptable,
aesthetically attractive, cost-effective, sturdy and packaged products in affordable
quantities. The rise of the Indian middle class and Increase in disposable income in rural
India along with changing lifestyle, rapid expansion of organized retail, growth of
exports, and India's rising e-commerce sector are further facilitating growth of packaging
industry. Rapid urbanization and industrialization is seeing speedy growth in end user
industries like pharmaceuticals, automotives, infrastructure and foods and beverages. Huge
investments in these end-user industries are creating scope for expansion of the packaging
market. This opens possibilities for the new entrants in the field provided they are ready
to meet fast changing customer needs and demands.
As concern for the impact of plastic on the environment is on
rise, we are witnessing strict regulatory norms and measures being implemented all around
the world. A circular economy working on the principle of reuse, recycle and reduce is
gaining importance and industries are working towards reducing the impact of plastic
packaging on environment. As with pandemic we have witnessed the importance of
hygiene/safety standards, traditional packaging methods are evolving now with
sustainability goals, and the packaging industry is trying to re-structure, rebalance
their sustainability goals along with requirement for hygiene and safety keeping in view
the main factor i.e. cost.
3. CAPITAL AND DEBT STRUCTURE:
The authorized share capital of the Company stands at
Rs.6,00,00,000/- divided into 60,00,000 equity shares of Rs.10/- each.
The paid up share capital of the Company stands at Rs.
4,56,97,500 /- divided into 45,69,750 equity shares of Rs.10/- each. There are no changes
in the capital structure of the company during the year.
4. CREDIT RATING OF SECURITIES:
The Company has obtained Credit Rating certificate from dun &
bradstreet and stand string with 4A3 rating.
5. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
The Company has transferred the amount and the shares to IEPF
under sub-section (2) of section 125 of the Act and the IEPF (Accounting, Audit, Transfer
and Refund) Rules, 2016 which related to the Financial Year 2014-15 during the period
under review. Due Notices were sent to Shareholders, also the Newspaper Advertisement
pursuant to the IEPF Rules were made in English and Vernacular Language which was also
placed in the website of the Company for the information of the shareholders.
Details of the Nodal Officer: Ms. Khushboo Joshi, Company
Secretary of the Company is the Nodal Officer of the Company.
Further, details of the Nodal Officer is available on
https://www.rajpack.com/investor-contacts.html
IMPORTANT NOTE: The Company has to transfer amount and shares to
IEPF under sub-section (2) of section 125 of the Act and the IEPF (Accounting, Audit,
Transfer and Refund) Rules, 2016 which related to the Financial Year 2015-16 during the
Financial year 2023-24. Due Notices are sent to Shareholders, also the Newspaper
Advertisement pursuant to the IEPF Rules were made in English and Vernacular Language on
23rd August, 2023 which was also placed in the website of the Company for the
information of the shareholders which can be viewed on:
http://rajpack.com/pdf/shareholder-corner/news-pub/Shareholders-Notice-Transfer-of-Shares-to-IEPF-2015-16.pdf
The Company has also placed the list of Shareholders whose shares
are due to be transferred in the Financial Year 2023-24 on the website of the Company and
can be viewed for the purpose of verification on:
http://rajpack.com/pdf/uncliamed-dividend/unclaimed-shareholders-2015-16.pdf
Any Shareholder whose name appears in the mentioned lists can
write a mail to secretary@rajpack.com to impede such transfer of Shares to IEPF.
6. MANAGEMENT:
6.1 Directors and Key Managerial Personnel:
During the period under review there was no appointment or
resignation of directors/KMP.
6.2 Independent Directors:
The following appointments/resignation/retirement of the
Independent Directors were affected in the Company during the period under review:
1. Retirement of Mr. V S N Murthy, Independent Director of
the Company on 24th September, 2022.
2. Retirement of Mr. Suresh Chandra Bapna, Independent
Director of the Company on 24th September, 2022.
3. Retirement of Dr. R R Pujari, Independent Director of
the Company on 24th September, 2022.
4. Appointment of Mr. K K Maheshwari as an Additional
Director on the Board on 30th July, 2022 and regularization as Independent
Director on 24th September, 2022
5. Appointment of Mr. Dayaniwas Sharma as an Additional
Director on the Board on 1st September, 2022 and regularization as Independent
Director on 24th September, 2022
Your Directors placed on record their appreciation for the
valuable contribution made by the Independent Directors during their tenure as Director of
the Company.
6.3 Declaration by Independent Directors and statement on
compliance of code of conduct:
I. The necessary declaration with respect to independence has
been received from all the Independent Directors of the company under sub-section (6) of
section 149,
II. The Independent Directors have complied with the Code for
Independent Directors prescribed in Schedule IV to the Act.
III. I, Prem Chand Kankaria, Managing Director of the Company
hereby affirm that the members of the Board of Directors of the company and the senior
management of the Company are in compliance with the code of conduct laid down by the
Company. Certificate for the same is forming the part of this Annual Report.
6.4 Board Meetings:
During the financial year 2022-23, the Board of Directors duly
met 5 (five) times on 30.05.2022, 30.07.2022,01.09.2022, 12.11.2022 and 14.02.2023 and in
respect of these meetings, proper notices were given and the proceedings were properly
recorded and signed in the Minutes Book maintained for the purpose.
6.5 Committees:
NED (I) : Non- Executive Independent Director NED : Non-
Executive Director ED : Executive Director
I. AUDIT COMMITTEE: During the financial year 2022-23, (4) four
meetings of the Audit Committee were held on 30.05.2022, 30.07.2022, 12.11.2022 and
14.02.2023.
COMPOSITION OF THE COMMITTEE:
(I) Pre reconstitution of the Committee:
| Name |
Designation |
Category |
No. of Meetings held during the tenure of the Member |
No. of Meetings attended |
| Mr. V. Suryanarayana Murthy |
Chairman |
NED(I) |
2 |
2 |
| Dr. R. R. Pujari |
Member |
NED(I) |
2 |
2 |
| Mr. Prem Chand Kankaria |
Member |
ED |
2 |
2 |
(II) Post reconstitution of the Committee w.e.f 01.09.2022
| Name |
Designation |
Category |
No. of Meetings held during the tenure of the Member |
No. of Meetings attended |
| Mr. Dayaniwas Sharma |
Chairman |
NED(I) |
2 |
2 |
| Mr. K K Maheshwari |
Member |
NED(I) |
2 |
2 |
| Mr. Prem Chand Kankaria |
Member |
ED |
2 |
2 |
| Mr. Pushapraj Singhvi |
Member |
NED |
2 |
2 |
The Vigil Mechanism Policy adopted by the Company is available on
http://rajpack.com/policies.html
II. NOMINATION AND REMUNERATION COMMITTEE: During the financial
year 2022-23, the Nomination and Remuneration Committee met on 30.07.2022 and 01.09.2022.
COMPOSITION OF THE COMMITTEE:
| Name |
Designation |
Category |
No. of Meetings held during the tenure of the Member |
No. of Meetings attended |
| Mr. Suresh Chandra Bapna |
Chairman |
NED(I) |
2 |
2 |
| Mr. V S N Murthy |
Member |
NED(I) |
2 |
1 |
| Dr. R. R. Pujari |
Member |
NED(I) |
2 |
1 |
| Mr. Pushapraj Singhvi |
Member |
NED |
2 |
2 |
BRIEF DESCRIPTION OF TERMS OF REFERENCE
To approve the fixation/revision of remuneration of Executive
Directors of the Company and while approving: o To take into account the financial
position of the Company, trend in the industry, appointee's qualification, experience,
past performance, past remuneration etc. o To bring out objectivity in determining the
remuneration package while striking a balance between the interest of the Company and the
Shareholders.
To identify persons who are qualified to become Directors and who
may be appointed in senior management in accordance with the criteria laid down and to
recommend to the Board their appointment and /or removal. To carry out evaluation of every
Director's performance. To formulate the criteria for determining qualifications, positive
attributes and independence of a Director, and recommend to the Board a policy, relating
to the remuneration for the Directors, key managerial personnel and other employees. To
formulate the criteria for evaluation of Independent Directors and the Board. To
recommend/review remuneration of the Managing Director and Whole-time Director(s) based on
their performance and defined assessment criteria. o Recommend to the board, all
remuneration, in whatever form, payable to senior management.
The Nomination and Remuneration Policy adopted by the Company is
available on http://rajpack.com/policies.html
III. STAKEHOLDERS RELATIONSHIP COMMITTEE: During the financial
year 2022-23, Stakeholders Relationship Committee met once on 14th February, 2023 during
the financial year.
COMPOSITION OF THE COMMITTEE:
| Name |
Designation |
Category |
No. of Meetings held during the tenure of the Member |
No. of Meetings attended |
| Mr. Pushapraj Singhvi |
Chairman |
NED |
1 |
1 |
| Mr. K K Maheshwari |
Member |
NED(I) |
1 |
1 |
| Ms. Neepa Kankaria |
Member |
ED |
1 |
1 |
The Company has designated an exclusive email ID-
secretary@rajpack.com for complaints/grievances.
IV. INDEPENDEDNT DIRECTORS COMMITTEE: The independent Directors
of the Company met once on 14th February, 2023 during the financial year.
| Name |
Designation |
Category |
No. of Meetings held during the tenure of the Member |
No. of Meetings attended |
| Mr. K KMaheshwari |
Chairman |
NED(I) |
1 |
1 |
| Mr. Dayaniwas Sharma |
Member |
NED(I) |
1 |
1 |
Details of policy for Familiarization Programme for Independent
Directors: The Company's Policy on Directors' appointment and remuneration can be viewed
by the Stakeholders on the below website https://www.rajpack.com/policies.html
NOTE: MS. KHUSHBOO JOSHI, COMPANY SECRETARY OF THE COMPANY IS THE
SECRETARY OF ALL THE COMMITTEE MEETINGS.
6.6 Recommendations of Audit Committee:
There is no such instance to report where the Board has not
accepted the recommendations made by the Audit Committee.
6.7 Remuneration received by Managing/Whole time Director from
holding or subsidiary company:
The Company has no Holding or Subsidiary Company.
6.8 Directors' Responsibility Statement: In pursuance of section
134 (5) of the Companies Act, 2013, the Directors hereby confirm that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation relating to material
departures;
(b) The Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the company at the end of
the financial year and of the loss of the company for that period;
(c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;
(d) The Directors had prepared the annual accounts on a going
concern basis; and
(e) The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.
(f) The Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operating effectively.
6.9 Internal Financial Controls:
The Internal Financial Controls with reference to financial
statements as designed and implemented by the Company are adequate. The Company maintains
appropriate system of internal control, including monitoring procedures, to ensure that
all assets are safeguarded against loss from unauthorized use or disposition. Company
policies, guidelines and procedures provide for adequate checks and balances, and are
meant to ensure that all transactions are authorized, recorded and reported correctly.
During the period under review, there is no material or serious
observations have been noticed for inefficiency or inadequacy of such controls.
6.10 Details in respect of frauds reported by auditors under sub
section (12) of section 143 other than those which are reportable to the central
government:
Auditors have not come across any fraud and as such not reported
u/s 143(12).
7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURES:
7.1 Report on performance and financial position of the
subsidiaries, associates and joint ventures:
The Company does not have any Subsidiary, Associate or Joint
venture.
7.2 Companies which have become or ceased to be subsidiaries,
associates and joint ventures: During the year neither any Company became its subsidiary
nor ceased to be its subsidiary.
8. DETAILS OF DEPOSITS:
The Company has not accepted any deposits during the year.
9. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
Particulars of loans, guarantees and investments made under
section 186 of the companies Act, 2013 are given in the note to the financial statements.
10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED
PARTIES:
All related party transactions that were entered during the
financial year were disclosed in form AOC-2. There were no materially significant related
party transactions made by the Company with the promoters, directors, key managerial
personnel or other designated persons which may have a potential conflict with the
interest of the Company at large.
Your Directors draw attention of the members to Note 36 to the
financial statement which sets out related party disclosures and Annexure to this report.
11. CORPORATE SOCIAL RESPONSIBILITY (CSR):
Since the Company does not have the net worth of Rs. 500 Crores
or more, or turnover of Rs. 1000 Crores or more, or a net profit of Rs. 5 Crores or more
during the financial year, section 135 of the Companies Act, 2013 relating to Corporate
Social Responsibility is not applicable and hence the Company need not adopt any Corporate
Social Responsibility Policy.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE
EARNINGS AND OUTGO:
I. Conservation of energy At Factory, the Company has implanted
solar panel for conservation of energy. Adequate measures have been taken to conserve
energy wherever possible.
II. Technology absorption: NA
III. Foreign exchange earnings and Outgo (Rs. In Lakhs): In last
financial year, the Company had: (i) Foreign earnings: NIL
(ii) Foreign outgo: 1166.95.
13. RISK MANAGEMENT:
The Company follows a comprehensive system of Risk Management.
The Company has adopted a procedure for assessment and minimization of probable risks. It
ensures that all the risks are timely defined and mitigated in accordance with the
well-structured risk management process.
14. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING:
The Board of Directors has adopted the Insider Trading Policy in
accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulation,
2018. The Insider Trading Policy of the Company lays down guidelines and procedures to be
followed, and disclosures to be made while dealing with shares of the Company, as well as
the consequences of violation. The policy has been formulated to regulate, monitor and
ensure reporting of deals by employees and to maintain the highest ethical standards of
dealing in Company securities.
The Insider Trading Policy of the Company covering code of
practices and procedures for fair disclosure of unpublished price sensitive information
and code of conduct for the prevention of insider trading is available on our website.
15. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:
Vigil Mechanism Policy has been established by the Company for
directors and employees to report genuine concerns pursuant to the provisions of section
177(9) & (10) of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligation
and Disclosure Requirements) Regulations, 2015 . The same has been placed on the website
of the Company.
16. MATERIAL ORDERS OF JUDICIAL BODIES /REGULATORS:
There are no significant and material orders passed by the
regulators /courts that would impact the going concern status of the Company and its
future operations.
17. AUDITORS:
| Name |
Particulars |
Remarks |
| M/s. NAC and Associates, LLP, Statutory Auditors |
Chartered Accountants, Hyderabad |
M/s. NAC and Associates were appointed as
Statutory Auditor in the AGM held on 24.09.2022 for the 1st term of Five
Consecutive years. |
| M/s. S. S. Reddy & Associates, Secretarial Auditors |
Practicing Company Secretaries, Hyderabad |
No Change in the Auditors during the year and
up to the date of the Report |
| M/s. MGM & Co, Internal Auditors |
Chartered Accountants, Pune |
No Change in the Auditors during the year and
up to the date of the Report |
| Cost Auditors |
NOT APPLICABLE |
|
INTERNAL AUDITORS
Pursuant to provisions of Section 138 read with Rule 13 of the
Companies (Accounts) Rules, 2014 and Section 179 read with Rule 8(4) of the Companies
(Meetings of Board and its Powers) Rules, 2014; during the year under review the Internal
Audit functions and activities of the Company was undertaken by the Internal Auditor of
the Company on quarterly basis by M/s MGM & Co., the Internal Auditor of the Company.
Deviations are reviewed periodically and due compliance ensured.
Summary of Significant Audit Observations along with recommendations and its
implementations are reviewed by the Audit Committee and concerns, if any, are reported to
Board. There were no adverse remarks or qualification on accounts of the Company from the
Internal Auditor.
The Board has re-appointed M/s MGM & Co. Chartered
Accountants, Pune as Internal Auditors for the Financial Year 2022-23. Internal Audit
Report is considered in every Board Meeting of the Company and compliance ensured.
18. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act,
2013 and the Companies (Appointment and Remuneration of managerial personnel) Rules 2014,
the Board had appointed M/s. S. S. Reddy & Associates, Practicing Company Secretaries
to undertake the secretarial audit of the Company for the year 2022-23. The report of the
Secretarial Auditor is enclosed as Annexure I and forms part of this report.
The Board has re-appointed M/s S.S. Reddy & Associates,
Practicing Company Secretaries as Secretarial Auditors for the Financial Year 2022-23.
19. EXPLANATIONS IN RESPONSE TO AUDITORS' QUALIFICATIONS:
Explanations or comments by the Board on every qualification,
reservation or adverse remark or disclaimer made-
(a) Statutory Auditors Report:
The Board has duly reviewed the Statutory Auditor's Report on the
Accounts for the year ended March 31, 2023 and has noted that the same does not have any
reservation, qualification or adverse remarks. However, the Board decided to further
strengthen the existing system and procedures to meet all kinds of challenges and growth
in the market expected in the coming years.
(b) Secretarial Audit Report:
The Board has duly reviewed the Secretarial Audit Report for the
year ended March 31, 2023 on the Compliances under the provisions of section 204 of the
Companies Act 2013, and the same does not have any reservation, qualifications or adverse
remarks.
20. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company is in compliance with the applicable secretarial
standards.
21. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE
INSOLVENCY
AND BANKRUPTCY CODE, 2016 (IBC):
There is no application filed for corporate insolvency resolution
process, by a financial or operational creditor or by the company itself under the IBC
before the NCLT.
22. FAILURE TO IMPLEMENT ANY CORPORATE ACTION:
No such instances to report.
22.1 OTHER DISCLOSURES: There are no other additional disclosures
affecting the stakeholders of the Company which are required to disclose under this
section.
23. ADDITIONAL DISCLOSURES UNDER LISTING REGULATIONS:
23.1 Statement of deviation or variation: During the Financial
Year 2022-23, the Company has not made any public issue, rights issue, preferential issue
for which it is required to issue Statement of deviation or variation. .
23.2 Management Discussion and Analysis Report (MDAR): The
Management Discussion and Analysis Report, pursuant to the SEBI (LODR) Regulation appended
as Annexure IV for information of the Members.
23.3 Certificate on Compliance of conditions of Corporate
Governance:
Since the paid-up capital of the Company is less than Rs. 10
Crores and Net worth of the Company is less than Rs. 25 Crores, Corporate Governance as
mentioned in SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 are
not applicable.
23.4 Suspension of Trading: No such instance to report.
23.5 Disclosures pertaining to the Sexual Harassment of Women at
the Workplace (Prevention, Prohibition and Redressal) act, 2013: The Company has in place
an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of
Women at workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint
Committee (ICC) has been set up to redress complaints received regarding sexual
harassment. All employees are covered under this policy.
COMPOSITION OF THE COMMITTEE: The Details of composition of the
Committee are given below:
| Name |
Designation |
| Ms. Neepa Kankaria |
Presiding Officer |
| Mr. B. K. Pradhan |
Internal Member |
| Ms. Khushboo Joshi |
Internal Member |
| Mrs. Bhagwati Mahesh Baldwa |
External Member |
The following is the summary of sexual harassment complaints
received and disposed during the year.
| o |
No. of complaints received: |
Nil |
| o |
No. of complaints disposed off: |
Nil |
| o |
No. of complaints pending at the end of the
year: |
Nil |
24. EVENT BASED DISCLOSURES
During the year under review, the Company has not taken up any of
the following activities:
1. Issue of sweat equity share: No
2. Issue of shares with differential rights: No
3. Issue of shares under employee's stock option scheme:
No
4. Disclosure on purchase by company or giving of loans by
it for purchase of its shares: No
5. Buy back shares: No
6. Disclosure about revision: No
7. Preferential Allotment of Shares: No
8. The Company has not delisted its Shares in the given
Financial Year
25. NON-EXECUTIVE DIRECTORS' COMPENSATION AND DISCLOSURES
None of the Independent / Non-Executive Directors has any
pecuniary relationship or transactions with the Company which in the Judgment of the Board
may affect the independence of the Directors.
26. CEO/ CFO Certification
The Managing Director and CFO certification of the financial
statements for the year 2022-23 is annexed in this Annual Report.
27. INSURANCE:
The properties and assets of your Company are adequately insured.
28. EMPLOYEE RELATIONS:
Your Directors are pleased to record their sincere appreciation
of the contribution by the staff at all levels of the Company.
A table containing the particulars in accordance with the
provisions of Section 197(12) of the Act, read with Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure
II to this Report.
A statement showing the names of the top ten employees in terms
of remuneration drawn and the name of every employee is annexed to this Annual report as
Annexure III.
None of the employees is drawing a remuneration of Rs.
1,02,00,000/- and above per annum or Rs.8,50,000/- and above in aggregate per month, the
limits prescribed under Section 197 of the Companies Act, 2013 read with rule 5(2) of
Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
30. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME
SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one time
settlement of loans taken from banks and financial institutions.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the
contribution made by the employees at all levels, to the continued growth and prosperity
of your Company. Your Directors also wish to place on record their appreciation of
business constituents, Banks, statutory authorities and other financial institutions and
shareholders of the Company for their continued support for the growth of the Company.
|
FOR AND ON BEHALF OF THE BOARD |
| PLACE: HYDERABAD |
RAJ PACKAGING INDUSTRIES LIMITED |
| DATE: 27.05.2023 |
Sd/- |
Sd/- |
|
PREM CHAND KANKARIA |
NEEPA KANKARIA |
|
MANAGING DIRECTOR |
DIRECTOR |
|
DIN: 00062584 |
DIN: 06637083 |
