To the Members,
Your Directors are pleased to present the Forty Ninth Annual Report of Western Ministil
Limited (hereinafter referred to as "the Company") along with the Standalone
Audited Financial Statements for the Financial Year ended March 31, 2023 (hereinafter
referred to as "year under review" or "year" or "FY
2022-23").
In compliance with the applicable provisions of Companies Act, 2013, (including any
statutory modification(s) or re-enactment(s) thereof, for time being in force)
(hereinafter referred to as "Act") and the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter
referred to as SEBI Listing Regulations), this Report covers the financial
performance and other developments in respect of the Company during the financial year
ended March 31,
2023 and upto the date of the Board Meeting held on May 29, 2023 to approve this
Report.
1. FINANCIAL PERFORMANCE
The financial performance of the Company for the Financial Year ended March
31,2023 is summarised below:
(Rs. in Lakhs)
Sr. No. Particulars |
2022-23 |
2021-22 |
1 Revenue from operations |
- |
- |
2 Other Income |
- |
- |
3 Total |
- |
- |
(Loss) Before Exceptional items, |
|
|
4 Depreciation & Tax (PBDT) |
(17.58) |
(13.21) |
5 Less: Depreciation |
- |
- |
Less: Exceptional items |
- |
- |
6 (Loss)for the year before taxation |
(17.58) |
(13.21) |
7 Less: Provision for tax |
- |
- |
Tax paid for earlier year |
- |
- |
8 Loss for the year after tax |
(17.58) |
(13.21) |
9 Other Comprehensive Income |
- |
- |
Total Comprehensive Income for the |
|
|
10 year |
(17.58) |
(13.21) |
2. REVIEW OF OPERATIONS
During the year under review, the Company did not undertake any activity / operation,
which continues to remain at a standstill since 1995.
3. DIVIDEND AND RESERVES
Considering the year's financial performance and carried forward losses of previous
years, the Board had decided not to recommend any dividend.
Due to accumulated losses, your Company has not transferred any amount to the reserves.
4. CHANGE IN NATURE OF BUSINESS, IF ANY
Your Company has not deviated its line of business activity nor has expanded the area
of activities; therefore, there is no change in the nature of business for the year under
review.
5. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
During the Financial Year under review, the Company did not have any Subsidiary, Joint
Venture or Associate Companies.
6. MATERIAL CHANGES AND COMMITMENTS IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the
Company have occurred in the Company since the end of Financial Year ended March 31,
2023 till the date of this report.
7. SHARE CAPITAL
The paid up Equity Share Capital of the Company was Rs. 215.72 Lakhs (Rs.2,15,71,860/-)
divided into divided into 21.57 Lakhs (2,15,71,860/-) shares of Rs. 10/- each as on March
31, 2023.
The Company's Equity Share Capital is listed on the BSE Limited ("BSE") and
are infrequently traded shares. The shares of the Company have not been suspended from
trading. The annual listing fee had been paid to the stock exchange before due date.
During the year under review, the Company has not issued any shares or other
convertible securities, bonus shares or made a rights issue of shares or shares with
differential voting rights or granted any stock options or any sweat equity shares.
Further, the Company did not buy back any of its shares.
8. DEPOSITS
The Company has not accepted any deposits from public within the meaning of Section 73
and 74 of the Act and Rules framed thereunder (including any amendments thereof) during
the Financial Year ended March 31, 2023 and, as such, no amount on account of principal or
interest on deposit from public was outstanding as on the date of this report.
9. HEALTH, SAFETY AND ENVIRONMENT PROTECTION
Since the Company has not been engaged in any manufacturing activity after the closure
of the plant since 1995, health, safety and environment protection measures are not
applicable to the Company for the time being.
10. PRESENTATION OF FINANCIAL STATEMENTS
The financial statements of the Company for the Financial Year, on a standalone basis
has been prepared in compliance with the Act, applicable Accounting Standards and SEBI
Listing Regulations and are disclosed in accordance with Schedule III of the Act.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP) a) Retirement by rotation
In terms of the provisions of Section 152(6) of the Act, Mr. P. K. R. K. Menon,
Director (DIN: 00106279), retires by rotation at the forthcoming Annual General Meeting
("AGM") and being eligible offers himself for re-appointment. The Board
recommends his re- appointment for your approval.
A resolution seeking shareholders' approval for his re-appointment forms part of the
Notice of the AGM. b) Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Act read with the applicable rules
made thereunder, the following employees are appointed as the Whole-Time Key Managerial
Personnel of the Company:
1. Mr. Ajit K. Honyalkar Chief Executive Officer and Chief Financial Officer
2. Mr. Gyaneshwar K. Singh Company Secretary and Compliance Officer
Apart from above, no other Director or Key Managerial Personnel were appointed or had
retired or resigned during the Financial Year ended March 31, 2023.
The Company has devised the following Policies viz: a) Policy for selection of
Directors and determining Directors' independence; and b) Remuneration Policy for
Directors, Key Managerial Personnel and other employees.
The Policy for selection of Directors and determining Directors' independence sets out
the guiding principles for the Nomination and Remuneration
Committee for identifying persons who are qualified to become Directors and to
determine the independence of Directors, in case of their appointment as Independent
Directors of the Company. The Policy also provides for the factors in evaluating the
suitability of individual Board members with diverse background and experience that are
relevant for the Company's operations.
The Remuneration Policy for Directors, Key Managerial Personnel and other Employees
sets out the guiding principles for the Nomination and Remuneration Committee for
recommending to the Board, the remuneration of the Directors, Key Managerial Personnel and
other Employees of the Company.
The aforesaid Policies are available on the Company's website at http://westernministil.in/.
12. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declaration from all the Independent Directors confirming that
they meet the criteria of independence as laid down under Section
149(6) of the Act and Regulation 25(8) of SEBI Listing Regulations, and abide by the
Code for Independent Directors as prescribed under Schedule IV of the Act.
Further, they have confirmed that there has been no change in the circumstances or
situation, which exist or may be reasonably anticipated, that could impair or impact the
ability of Independent Directors to discharge their duties with an objective independent
judgment and without any external influence.
13. BOARD MEETINGS AND AGM
The Board meets at regular intervals as and when required to discuss the business
polices and strategies apart from other routine business matters.
During the Financial Year ended March 31, 2023, the Board met 5 (Five) times i.e. on
May 27, 2022,August 12, 2022, September 03, 2022, November 14, 2022 and February 13, 2023.
Apart from as aforesaid, the gap between two meetings did not exceed one hundred and
twenty days and the necessary quorum was present for all the meetings held during the
year.
The attendance of the Directors at the Board Meetings and the AGM held during the
Financial Year ended March 31, 2023 is as under:
Name of the Directors |
Category |
Number of Board Meetings |
Last AGM |
|
|
Entitled to attend |
Attended |
attended |
Mr.Prithviraj S. Parikh |
Chairman & Non-Executive Director |
4 |
4 |
Yes |
Mr. P. K. R. K. Menon |
Non-Executive Director |
4 |
3 |
Yes |
Mr. Hitesh V. Raja |
Independent, Non-Executive Director |
4 |
4 |
No. |
Ms. Sharmila S. Chitale |
Independent, Non-Executive Director |
4 |
4 |
Yes |
During the year under review, the Independent Directors met without the presence of
non-independent Directors on February13, 2023 in order to evaluate: i. The
performance of Non-Independent Directors and Board, as a whole. ii. The performance
of Chairman of the Company taking into account the views of all the Directors on Board. iii.
The quality, quantity and timeliness of flow of information between the management and
the Board that is necessary for the Board to effectively and reasonably perform their
duties.
All the Independent Director attended the meeting.
14. COMMITTEES OF THE BOARD
Pursuant to Regulation 15(2) of the SEBI Listing Regulations, provisions of Corporate
Governance including Composition of Board are not applicable to the Company.
The composition of the Board of Directors is in conformity with the requirements of the
Act read with the Rules framed thereunder. a) AUDIT COMMITTEE
Constitution of the Audit Committee
A qualified and independent Audit Committee has been set up by the Board in compliance
with the requirements of Section 177 of the Act read with rules framed thereunder.
The composition, quorum, powers, role and scope are in accordance with Section 177of
the Act. All the members of the Audit Committee are financially literate and have
experience in financial management.
The Board has accepted all the recommendations of the Audit Committee during the
Financial Year ended March 31, 2023.
Meeting and Attendance
The Committee met 4 (Four) times during the Financial Year ended March 31, 2023, i.e.
on May 27, 2022, August 12, 2022, November 14, 2022 and February 13, 2023.
The necessary quorum was present for all the meetings held during the year. The
composition of the Audit Committee and the details of meetings attended by members of the
committee are given below:
Name of the Members |
Category |
Number of committee meetings |
|
|
Entitled to attend |
Attended |
Mr. Hitesh V. Raja Chairman |
Independent, Non-Executive Director |
4 |
4 |
Mr. Prithviraj S. Parikh Member |
Non-Executive Director |
4 |
4 |
Mr. P. K. R. K. Menon Member |
Non-Executive Director |
4 |
3 |
The previous AGM of the Company was held on September 29, 2022 and Mr. P. K. R. K.
Menon, member, duly authorized by the Chairman of the Committee, was present at the last
AGM to answer the shareholders queries.
b) NOMINATION AND REMUNERATION COMMITTEE Constitution of the Nomination and
Remuneration Committee
The Nomination and Remuneration Committee of the Company is constituted in compliance
with Section 178 of the Act read with rules framed thereunder. The composition, quorum,
powers, role and scope are in accordance with Section 178 of the Act.
The Committee met 1 (One) time during the Financial Year ended March 31, 2023. i.e on
September 02, 2022.The necessary quorum was present for the meeting held during the year.
The composition of the Nomination and Remuneration Committee and the details of
meetings attended by members of the Committee are given below:
Name of the Members |
Category |
Number of committee meetings |
|
|
Entitled to attend |
Attended |
Mr. P. K. R. K. Menon Chairman |
Non-Executive Director |
1 |
1 |
Mr. Prithviraj S. Parikh Member |
Non-Executive Director |
1 |
1 |
Mr. Sharmila S. Chitale Member |
Independent & Non-Executive Director |
1 |
1 |
The previous AGM of the Company was held on September 29, 2022 and Mr. P. K. R. K.
Menon, Chairman of the Committee, was present at the last AGM to answer the shareholders'
queries. c) STAKEHOLDERS RELATIONSHIP COMMITTEE
Constitution of the Stakeholders Relationship Committee
The Board has constituted the Stakeholders Relationship Committee comprising of three
members. The composition of the Stakeholders Relationship Committee is in compliance with
the provisions of Section 178 of the Act read with rules framed thereunder.
The Committee met 4 (Four) times during the Financial Year ended March 31, 2023 i.e.,
May 27, 2022, August 12, 2022, November 14, 2022 and February 13, 2023. The necessary
quorum was present for the meeting held during the year. The composition of the Committee
and the attendance of the members of the Stakeholders Relationship Committee during the
Financial Year ended March 31, 2023 are as given below:
Name of the Members |
Category |
Number of committee meetings |
|
|
Entitled to attend |
Attended |
Ms. Sharmila S. Chitale Chairman |
Independent & Non-Executive Director |
4 |
4 |
Mr. P.K.R.K. Menon Member |
Non-Executive Director |
4 |
3 |
Mr. Prithviraj S. Parikh Member |
Non-Executive Director |
4 |
4 |
The Company obtains yearly certificate from a Company Secretary in Practice confirming
the issue of certificates for transfer, sub-division, consolidation etc. and submits a
copy thereof to the Stock Exchange where the shares of the Company are Listed in terms of
Regulation 40(9) of the SEBI Listing Regulations.
Further, the Compliance Certificate under Regulation 7(3) of the SEBI Listing
Regulations, confirming that all activities in relation to share transfer facility are
maintained by Registrar and Share Transfer Agents is also submitted to the Stock Exchange
where the shares of the Company are Listed on a yearly basis. The previous AGM of the
Company was held on September 29, 2022 and Ms. Sharmila S. Chitale, Chairman of the
Committee, was present at the last AGM to answer the shareholders queries.
15. CORPORATE GOVERNANCE
Pursuant to Chapter IV of the SEBI Listing Regulations, the provision with regard to
Corporate Governance is not applicable to the Company as the paid up equity share capital
of the Company does not exceed Rs.10 crores and net worth does not exceed Rs. 25 crores as
on the last day of the previous Financial Year.
16. ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS
The Board of Directors has carried out an annual evaluation of its own performance,
Board Committees and individual directors pursuant to the provisions of the Act and the
SEBI Listing Regulations.
The Board evaluated its performance after seeking inputs from all the directors on the
basis of criteria such as the Board composition and structure, effectiveness of board
processes, information and functioning etc. Additionally, the Chairman of the Board was
also evaluated on key aspects of his role, taking into account the views of non-executive
directors in the aforesaid meeting.
The performance of the Committees was evaluated by the Board after seeking inputs from
the committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings etc. The above criteria are as provided by the
Guidance Note on Board Evaluation issued by SEBI.
In a separate meeting of Independent Directors, performance of Non-Independent
Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into
account the views of non-executive directors. Performance evaluation of Independent
Directors was done by the entire board, excluding the Independent Director being
evaluated.
17. TRAINING IMPARTED TO THE INDEPENDENT DIRECTORS
Every Independent Director, Executive Director / Senior Managerial Personnel is
familiarized about the Company's strategy, operations, organisation structure, human
resources, quality, finance and risk management.
Further, at the time of appointment of an Independent Director, the Company issues a
formal letter of appointment outlining his/her role, functions, duties and
responsibilities as a Director. The terms and conditions of letter of appointment is
available on the Company's website at http://westernministil.in/
18. CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES
AND INDEPENDENCE OF A DIRECTOR
The company has adopted a policy on Director's appointment and remuneration including
criteria for determining qualifications, positive attributes, independence of
Director and also remuneration for key managerial personnel and other employees. The
policy is available on the website of the Company at http://westernministil.in/.
19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under regulation 34 of the
SEBI (LODR) Regulations, 2015 is annexed "Annexure- A" to this report.
20. DETAILS OF LOANS AVAILED FROM DIRECTORS OR THEIR RELATIVES
The Company has availed loan from Mr. Prithviraj S. Parikh, Director of the Company,
during the year under review:
(Amount in Lakhs)
Name |
Opening Balance beginning of the year |
Amount Borrowed |
Amount Repaid |
Closing Balance at the end of the year |
Mr. Prithviraj. S. Parikh |
60.82 |
18.68 |
- |
79.50 |
21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
There were no Loans, guarantee given or investment made or security provided pursuant
to Section 186 of the Act during the Financial Year under review.
22. PARTICULARS OF CONTRACTS OR ARRANGEMENT MADE WITH RELATED
PARTIES
All the related party transactions entered into by the Company during the Financial
Year were on an arm's length basis and were carried out in the ordinary course of
business. There are no materially significant related party transactions made by the
Company during the year under consideration with the Promoters, Directors or Key
Managerial Personnel which may have a potential conflict with the interest of the Company
at large. All the related party transactions as required under Ind-AS 24 Related
Party Disclosures' are reported in other explanatory information, forming part of the
financial statements.
Details of related party transactions are regularly placed before the Audit Committee
and also before the Board for its approval. Wherever required prior approval of the Audit
Committee is obtained.
The Company has not entered into any related party transaction during the Financial
Year pursuant to the provisions of Section 188 of the Actread with Companies (Meetings of
Board and its Powers) Rules, 2014, as amended from time to time. Hence, disclosure in Form
AOC-2 has not been given.
23. PARTICULARS OF EMPLOYEES
The Company has no employees except CEO., C.F.O and Company Secretary and therefore no
information required pursuant to Section 197 read with Rule, 5 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is furnished. Directors
were also not paid remuneration or sitting fees during period under review
24. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to Section 177(9) and (10) of the Act read with the rules framed thereunder,
the Company has formulated a Whistle Blower Policy for Directors and Employees to report
to the management about the unethical behavior, fraud or violation of Company's Code of
Conduct. The mechanism provides for adequate safeguards against victimisation of Employees
and Directors who use such mechanism and makes provision for direct access to the Chairman
of the Audit Committee and no personnel of the Company have been denied access to the
Audit Committee. The policy is available on the website of the Company at www.westernministil.in
25. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE(PREVENTION, PROHIBITION AND REDRESSAL) ACT
The Company has, during the year, rolled out a policy for prevention of Sexual
Harassment of women in the organization, although it has no woman employed in the
origination during the period under review.
26. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE
REGULATORS/ COURTS/ TRIBUNAL IMPACTING THE GOING CONCERN
STATUS AND COMPANY'S OPERATION IN FUTURE
There are no significant material orders passed by the Regulators/ Courts/ Tribunal
which would impact the going concern status of the Company and its future operations.
Hence, disclosure pursuant to Rule 8(5)(vii) of Companies (Accounts) Rules, 2014 is not
applicable.
27. RISK MANAGEMENT POLICY
The Company in order to comply with the provisions of the Act and to provide an
effective mechanism for implementing risk management system had adopted the policy on risk
management for evaluating and monitoring various risks that could threaten the existence
of the Company. The Company had not faced any major risks and no major deviations from the
actuals as attained by the Company. The Audit Committee has reviewed the policy
periodically. The Board takes overall responsibility for the overall process of risk
management in the organisation.
The Board shall take note of any future threats and shall report to the Company for
formulating an effective mechanism and strategy.The risk management policy is available on
the website of the Company at http://westernministil.in/
28. SECRETARIAL AUDITORS Appointment
Pursuant to the provisions of Section 204 of the Act and Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, Shri P. S. Ramnath,
Practicing Company Secretaries, (CP: 4159; F.C.S. 819), have been appointed as the
Secretarial Auditors to conduct the Secretarial Audit of the Company for the Financial
Year ended March 31, 2023.
Secretarial Audit Report
The Report of the Secretarial Audit in Form MR-3 for the Financial Year ended March 31,
2023, is annexed herewith as "Annexure- B" and forms part of this report.
The Secretarial Audit Report does not contain any adverse remark, reservation,
qualification or disclaimer remark.
29. STATUTORY AUDITORS
M/s. Chaturvedi & Agrawal Associates (Firm Reg. No. 101717W) were appointed as
Auditors of the Company, for a first term of 5 (Five) year at the Annual General Meeting
(AGM) held on 29th September, 2022, to hold office until the conclusion of the 53rd (Fifty
Third) AGM.
Further, based on the recommendation of Audit Committee, the Board has proposed to the
Shareholders for the appointment of M/s. Chaturvedi & Agrawal Associates, Chartered
Accountants (ICAI Firm Registration No.101717W) as the
Statutory Auditors of the Company for a period of five consecutive years, from the
conclusion of the 48th AGM until the conclusion of the 53rd AGM to be held in the year
2027 in place of retiring auditors M/s. D. B. Shah & Associates, Chartered Accountants
(ICAI Firm Registration No.109530W)
They have confirmed that they are not disqualified from being appointment as the
Statutory Auditors of the Company. Disclosure under Section 143(12) of Act
The Statutory Auditors of the Company have not reported any fraud or irregularities, as
specified under the Second provision of Section 143(12) of the Act (including any
Statutory modification(s) or re-enactment(s) for the time being in force), read with Rule
13 of the Companies (Audit and Auditors) Rules, 2014, during the Financial Year under
review.
Statutory Auditor's Report:-
The management's response to the Auditor's remark is appearing in the statement on
impact of Audit Qualifications appended elsewhere to the Annual Report. (Page No. 71)
30. EXTRACT OF THE ANNUAL RETURN
Pursuant to Section 134(3)(a) read with Section 92(3) of the Act, Annual Return of the
Company is available on the website and can be accessed at http://westernministil.in/
31. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India, i.e., SS-1 and SS-2, relating to "Meetings
of the Board of Directors" and "General Meetings", respectively.
32. COST AUDIT
The Company is not required to maintain cost record as prescribed by the Central
Government under the provisions of Section 148 of the Act in view of the closure of the
plant in 1995 and cessation of manufacturing activities. No manufacturing activities or
related services have been undertaken by the Company since then.
33. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place a robust internal financial control system, commensurate with
the size of its operations and nature of its business activities. The Company has a
standard operating procedure for various activities and operations and follows this
standard operating procedure for its internal control procedures. The
Internal Auditor monitors and evaluates the efficacy and adequacy of internal financial
control system in the Company, its compliance with operating systems, accounting
procedures, application of the instructions and policies fixed by the senior management at
all locations of the Company. The Audit Committee reviews the report on Internal Control
submitted by the Internal Auditors on a quarterly basis.
Based on the assessment carried out by the Audit Committee, the internal financial
controls were adequate and effective and no reportable material weakness or significant
deficiencies in the design or operation of internal financial controls were observed
during the Financial Year ended March 31, 2023.
34. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE PERIOD UNDER REVIEW
ALONGWITH THEIR STATUS AS AT THE END OF THE PERIOD
No applications were made or any proceedings are pending by or against the Company
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the period under review
or as at the end of the period.
35. DISCLOSURE REGARDING EXERCISE OF VOTING RIGHTS BY EMPLOYEES
UNDER SECTION 67(3)(c) OF ACT
Disclosure under Section 67(3)(c) of the Act read with Rule 16(4) of Companies (Share
Capital and Debentures) Rules, 2014, with respect to voting rights not exercised directly
by the employees of the Company is not required to be given.
36. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, your Directors, based on the representations
received from the Operating Management and after due enquiry, hereby confirm that:
a) In the preparation of annual accounts for the Financial Year ended March 31, 2023,
the applicable accounting standards had been followed along with proper explanation
relating to material departures;
b) They had in consultation with Statutory Auditors, selected 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 as at March 31,
2023 and Loss of the Company for the year ended on that date;
c) They have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act, for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities; d)
They have prepared the annual accounts for the Financial Year ended March
31, 2023 on a going concern basis; e) They have laid down internal
financial controls, which are adequate and operating effectively; f) They have devised
proper system to ensure compliance with the provisions of all applicable laws and such
systems are adequate and operating effectively.
37. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES
Provisions of Section 135 of the Act and the Companies (Corporate Social Responsibility
Policy) Rules, 2014, as amended from time to time, are not applicable to your Company as
the Company does not fall under any of the criteria specified therein.
38. CODE FOR PREVENTION OF INSIDER TRADING
Your Company has adopted a Code of Conduct to regulate, monitor and report trading by
designated persons and their immediate relatives as per the requirements under the
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
This Code of Conduct also includes code for practices and procedures for fair disclosure
of unpublished price sensitive information which has been made available on the Company's
website and can be accessed at www.westernministil.in.
39. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
No information with regard to conservation of energy and technology absorption is
required to be furnished as the Company did not undertake any activity / operation.
Further, there were no foreign exchange earnings and outgo during the year under review.
40. CAUTIONARY STATEMENT
Statements in these reports describing company's projections statements, expectations
and hopes are forward looking. Though, these expectations are based on reasonable
assumptions, the actual results might differ.
41. ACKNOWLEDGEMENT
Your Directors place on record their sincere appreciation for the assistance and
guidance extended by Stock Exchanges, Depositories, other statutory bodies and Company's
Bankers for the assistance, cooperation and encouragement to the Company.
For and on behalf of the Board of Directors For Western Ministil Limited
|
Sd/- |
Sd/- |
|
Prithviraj S. Parikh |
P. K. R. K. Menon |
Place: Mumbai |
Director |
Director |
Date: May 29, 2023 |
DIN : 00106727 |
DIN : 00106279 |
|