THE METAL POWDER COMPANY LIMITED

Registered Office: 113, Velayutham Road,

Sivakasi
Ph: 82709 - 626 123.
90007
CIN: U28910TN1961PLC004478
Email: info@[Link]; [Link].
Directors' Report
To
The Members
Your Directors have pleasure in presenting the
Sixty First Annual
1. Financial Report
Results: onsummarized
The the businessresults
and
operations of the Company along
for the year ended 31 March, 2023 as
st with the
Audited Financial statements (Rs. in lakhs)
compared to the previous yearforare
the year
given
Particulars
below: 2022-23 2021-22
Net Profit as per Statement of Profit and Loss 8821 7386
Add: Amount brought forward from previous 16412 12002
year 25233 19388
Less: Amount provided for Income-tax:
Current Tax 2294 1863
Deferred Tax Asset / (Liability) -97 -92
Re-measurement of Investments 9 10
Amount available for appropriation 23045 17627
Less: Dividend-paid during the year 1215 1215
21830 16412
Less : Amount Transferred to Reserves NIL NIL
Balance Carried over 21830 16412
The Company’s working results continued to be
satisfactory during the
2. Share Capital: Theyear 2022-2023.
paid-up Share Capital
as on March 31, 2023 stood at
3. Dividend: The Company has already Rs.2430 Lakhs.
paid
During
interim the financial
dividend of year under
Rs.35/- per review,Share
Equity the in
4.
CompanySubsidiary
has notCompanies:
made Statement
any now
freshrecommend
issue of
January
containing 2023. Thefeatures
salient Directorsof the financial
5. Expansion:
aStatement
final dividend The Company
of Rs.15/-per is continuously
Equity Share
expanding of Subsidiaries,
its production Nalco
units in Metal
multiple The
6. Consolidated
Products Financial Statement:
Limited & MDL Industries Limited and
locations.
audited
7. CopyConsolidated Financial
of Annual Return: TheStatement of Return is prepared in Form MGT-7 as per the provisions of Section 92 (3) of th
Copy of Annual
the Company with its Subsidiaries, Nalco Metal
8. Number
Products of Meetings
Limited of The Board
& MDL Industries of and
Limited
Directors: During
Name of The Director the year ended 31-March- No. of Board Meetings No. of Board Meetings
2023 Twelve Board Meetings were held. The Eligible To Attend Attended
Sri M. Ramalingam
attendance of the Directors are as follows: 12 12
Sri A. Ramamurthy 12 10
Sri S. Annamalai 12 12
Sri C .Gunasingh Prithiviraj 12 11
Sri A. Tenzing 12 12
Sri D. Singaravel 12 12
Sri V. Ayyan Kodiswaran 12 11
Sri G. Abiruben 12 12
Sri Yennarkay R. Rajarathnam 12 9
Sri Yennarkay R. Selvarathnam 12 12
Sri N. Nagarajan 12 12
Smt. Suguna Ravichandran 12 10
Sri K. Balakrishnan 5 1
9. Disclosure of Company’s Policy on
Director’s,
The Company Keyhas Managerial
a well-defined Personnel
policyandfor
Other Employees
appointment of Appointment And
directors.
10. Particulars of Loans,
Remuneration Including Criteria for Guarantees or
Investments
11. Particulars Under Section 186
of Contracts of The
or Arrangements
Companies
with Act,
Related Parties 2013: The
Referred Company has not
To In Sub-
12. Material
granted any Changes
loan falling and Commitments:
under Section 186 of
Section
There (1)no
are ofmaterial
Section 188 changesof Theand Companies
13. The
Act, 2013:Conservation
The of Energy,
transactions enteredTechnology
by the
commitments
Absorption And in Foreign
the business operations
Exchange Earningsof the
14. Industrial
Company from Relations:
the financial Cordial
year relationship
ended
And
betweenOutgothePursuant
employees To Provisions of Section
and the management
15. Nomination
134(3)(M) of The and Remuneration
Companies Act, 2013 Read
continues
Committee: toAt bethemaintained.
Beginning of the Year
The term of office of Sri N. Nagarajan as under
review, the Nomination
Independent Director ofandthe Remuneration
Company expired
Duringth the year
Committee two committee
comprised of Sri meetings
S. Annamalai were
on
held 15onAugust
16-JUL-2022,2022. The
and Board appointed
15-OCT-2022. Thethe
NAME OF
Independent THE MEMBER
Director Sri K. Balakrishnan NO. OF MEETINGS
attendance of the Members in the committee ATTENDED
Sri S. Annamalai
Meeting was as follows. 2
Sri Yennarkay R. Rajarathnam 2
Sri N. Nagarajan 1
Smt. Suguna Ravichandran 2
The committee has been empowered and
authorised
The Nomination to exercise powers as entrusted
and Remuneration Policy is available in the website of the Company [Link].
under the provisions of Section 178 of the
16. Composition
Companies of the
Act, 2013. Board: the
Accordingly
Since the second term of office of Sri N.
Nagarajan
Sri A. Tenzing as Independent
(holding DIN Director
00014412), of the
Sri
Company
Yennarkay expired
R. on
Rajarathnam 15 th
August
(holding2022,
DIN the
17.
Board Key Managerial
appointed Sri Personnel:
K. Balakrishnan holding
00020509), Sri Yennarkay R. Selvarathnam
Sri A. Kasirajan,
(holding Smt G. Gomathi
DIN 00031076) and Sri M. Meenakshi
Ramalingam and
Sri
[Link]
Senthil Murugan continue
Directors: to be the Key
Sri [Link],
Managerial
Independent Personnel
Director of the
of the Company
Company,retired
as CEO,
Sri K. Balakrishnan
Company Secretary has
and given
CFO Statement
respectively. of
as an Independent
Declaration under Director149(7)
Section with effect
of The from
The Declarations
15.08.2022 have beenoftaken
on completion on record.
his second
Companies Act, 2013 that he has met theterm
Independent
criteria Directors met
of Independence as once during
provided the
in Section
year under review
19. Disclosure in compliance
of Information Aswith the 5(2)
Per Rule
provisions
of of The Companies Act, 2013.
TheCompanies
details of the (Appointment
employee ofAnd the Company
Remuneration
having of Managerial Personnel) Rules,
a remuneration
Name
2014: of the Employee of Rs.8,50,000/- (Eight Sri A. Kasirajan
Lakhs and Fifty Thousand) per month or
Designation of the employee;
Rs.1,02,00,000/-(one Hundred and Two Lakhs) CEO
Remuneration received; Gross Salary Rs.144.57 Lakhs
Nature of employment, whether contractual or for the FY 2022-23
Regular
otherwise;
Qualifications and experience of the employee; B.E., 28 years
Date of commencement of employment; 7/14/2016
The age of such employee; 51 years
The last employment held by such employee Jasmine CE Pvt Ltd.
before joining the
The percentage of company;
equity shares held by the Nil
employee in the company within
Whether any such employee is a relative of any Nothe meaning
of clauseor(iii)
director of sub-rule
manager (2)company
above; and
20. Corporate SocialofResponsibility
the and if so,
name of
Committee: such director
Theended
Corporateor manager:
Social Responsibility
During the year 31-Mar-2023, the
Committee
meetings of consists
the of
Corporate Sri A. Tenzing
Social (holding
Responsibility
The
DIN attendances
00014412) ofChairman,
the Members are as
Committee
follows:- wereasheld Sri [Link]
on 21- May-2022 and 18-
NAME OF THE MEMBER
Feb-2023. NO. OF MEETINGS
Sri A. Tenzing ATTENDED
2
Sri N. Nagarajan 1
Sri G. Abiruben 2
Smt. Suguna Ravichandran 1
Corporate Social Responsibility policy was
adopted
Report onbyCorporate
the BoardSocial of Directors on the
Responsibility
recommendation
under Section The of Corporate
135 Company
of The Companies Social Act, 2013
21. Deposits:
Responsibility Committee. has not accepted
read
any with
deposits Rule 8 of Companies (Corporate
22.
SocialChange Infrom
Responsibility Thepublic
Nature during
Policy)ofRules,
the year.
Business:
2014 There
is is
no change in the business
23. The Details of Significant and Materialnature of the
company.
orders passed by the Regulators or Courts or
24. Audit Committee: The Audit Committee
Tribunals
consisted Impacting
of office The
Sri S. Annamalai Going Concern
(holding as DINStatus
The
And term of
Company’s of Sri N. Nagarajan
Operations In Future: No
00001381)
Independent asDirector
Chairman and
the Independent
During
directors theSriyear
N. endedof
Nagarajan
Companyfour
31-Mar-2023,
(holding
expired
DIN Audit
on 15 th
Committee August 2022.
Meetings The
were Board appointed
held onare the
16-Jul-2022,
The attendances
Independent of the
Director SriMembers
K. and
Balakrishnan as
13-Aug-2022,
follows:- 06-Dec-2022 04-Mar-2023.
NAME OF THE MEMBER NO. OF MEETINGS
Sri S. Annamalai ATTENDED
4
Sri N. Nagarajan 2
Smt. Suguna Ravichandran 4
Sri K. Balakrishnan 2
The Statutory Auditors and Internal Auditors
attended
25. Internal theFinancial
audit committee
Controls:meetings
The Board as of
invitees.
Directors All observations
have laid and
down Internal Financial:
26. Director’s
recommendations Responsibility
made by the Statement
audit
Controls
Pursuant within
to the the meaning
provisions of the
contained explanation
in sub-
a)
to In the 134(5)
Section preparation (e) of the
(“IFC”) ofannual
the accounts
Companies
sections
for the (3) (c) and (5) of section 134 of the
b) TheFinancial
Companies Directors
Act,
Year
have
2013,
2022-23,
selected
the
the
Directorssuch applicable
of your
Indian
accountingaccounting
policiesstandards
and taken
applied have been
consistently,
c) The Directors
followed along with have
proper proper
explanation and
and madecare
sufficient judgments
for the and estimatesof
maintenance thatrelating
are
d) The Directors
reasonable and prudent have prepared
so as in the annual
toaccordance
give a true and
adequate
accounts accounting
for the Financial records Year ended March
e)
with The Directors
the provisions have
of thelaid down
Companies internal
Act, 2013
31, 2023
financial on a going
controls to concern
be followed basis;by the systems
f) The Directors have devised proper
Company
to ensure and such
compliance internal financial
oftoallthe
laws controls
applicable
27.
are Auditors:
adequate Pursuant
and operating provisions
effectively; of to
and
the Company
Section 139&ofCo, and such
theChartered systems
Companies are adequate
Act, 2013 and
M/[Link]
and Sekar effectively. Accountants (FRN-
the Companies
016269S) the (Audit and
Statutory Auditors)
Auditors Rules
of the
28.
2014, Secretarial
M/[Link] Sekar Auditor: : Pursuant
& Co., Chartered to the
Accountants
Company
provisions of Sectionconfirmed204 their
of theeligibility
Companies to Act,
29. Cost
continue Auditor:
as statutory The cost
auditors records
of themaintained
company.
2013
by the the Board has
company are appointed
subject Sri [Link]
30. Policy
Sivasubramanian, on Prohibition
Practicing of to Cost
Sexual
Company
pursuant
Harassment to Sec 148 of the
of Women Companies Act
atended
Workplace: The2013
During
read theCompanies
with financial year
(Cost 31-March-
Records and Audit)
Company
2023, has formed
no complaint has been a Committee as
31. Acknowledgement:
prescribed under provisions Yourofreceived
Directors
Sexual thank
pertaining to sexual harassment.
the various Government Authorities, State
Industries Promotion Corporation of Tamilnadu
Limited, Banks, Financial Institutions, valued For and on behalf of the
Board of Directors
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors

Annexure-1 To the Directors’ Report

Form AOC-1
(Pursuant to first proviso to sub-section (3) of
section 129 (Accounts)
Companies read with rule 5 of2014)
Rules,
Statement containing salient features of the
financial statement
Subsidiaries of Companies / Joint
/ Associate
ventures
Part ‘A’: Subsidiaries
(Information in respect of each subsidiary to
be
[Link] with amounts (Rs. in lakhs) PARTICULARS NAME OF THE
SUBSIDIARIES
NALCO METAL
1 Date of Acquisition of PRODUCTS
14-Jun-84 LIMITED
2 Subsidiary
Reporting period for the 31/03/2023 which is
3 subsidiary concerned,
Reporting currency andif same
INR as holding
different
Exchange from the holding
rate as on the last company
N.A
4 Share Capital
company’s 75.5
date of the reporting
relevant period
5 Reserves &
Financial yearSurplus
in the(Carried
case of 3759.32
6 Forwarded
Total assets Losses) as on 4449.6
31.03.2023
7 Total Liabilities 614.78
8 Investments 15.38
9 Turnover 5353
10 Profit / (Loss) before 900
11 taxation
Provision for taxation 230
12 Profit / (Loss) after taxation 669
13 Dividend paid during 2022- 1300%
14 23
% ofinshareholding
% 100%

Notes:
1. Names of subsidiaries which are yet to
commence
2. Names ofoperations:
subsidiariesNilwhich have been
liquidated or sold during the year: Nil
Part ‘‘B’’: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the
Companies Act, 2013 related
Name of associates/Joint to Associate
Ventures Pandian Chemicals Limited Aluminium Powder
Companies and Joint Ventures (IN INR-LAKHS) Company
Latest audited Balance Sheet Date 31-Mar-23 31-Mar-23Limited
Date on which the Associate or Joint Venture 9-Nov-72 15-Sep-93
was
Share associated or acquired
of Associate / Joint Ventures held by the
company on the
No of Shares held year end 95,760 94,520
Amount of Investment in Associates/ Joint 129 35
Venture
Description of how there is significant influence By holding of equity shares By holding of equity
Reason why the associate / joint venture is not Consolidated to the extent shares
Consolidated to the
consolidated
Net worth attributable to Shareholding as per of holdings in the Company
22394 extent
5814 of holdings in the
latest audited Balance Sheet Company
Profit / Loss for the year
(i) Considered in Consolidation 820 306
(ii) Not considered in Consolidation 834 341

The company has no investments in any joint

ventures.
For and on behalf of the
Board of Directors
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors

Annexure - 2 To the Directors’ Report

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS
UNDER SECTION 186 OF THE COMPANIES ACT,
2013
Nature of transactions Date of making loan person or body
/acquisition / giving corporate to whom it is
guarantee/ providing made or given or whose
NIL
security securities

For and on behalf of the

Board of Directors
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors

Annexure - 3 To the Directors’ Report

FORM No. AOC-2
(Pursuant to clause (h) of sub-section (3) of
section
Rule 8(2)134
of of
thethe Act and (Accounts) Rules,
Companies
2014.
Form for Disclosure of particulars of
contracts/arrangements
1 entered into by the Details of contracts or
company with related parties referred to in sub arrangements
a)
section (1) of section 188 of the Companies Name(s) of theor related party NIL
transactions
& nature not at Arm’s
of relationship
b) Nature of
length basis: NIL
c) contracts/arrangements/tra
Duration of the NIL
nsaction
contracts/arrangements/tra
d) Salient terms of the NIL
nsaction
contracts or arrangements
e) Justification for entering NIL
or transaction
into such including
contracts or the
f) Date
value,of approval
if any, or by the NIL
arrangements
Board.
g) Amount paid as advances, if NIL
transactions
h) any,
Date on which the special NIL
2. Details of contracts or arrangements or resolution was passed in
transactions General meeting as required
a) Name(s) at of Arm’s lengthparty
the related basis:& nature of
under first proviso to
relationship
b) Nature of
contracts/arrangements/transaction
c) Duration of the
contracts/arrangements/transaction
d) Salient terms of the contracts or
arrangements or transaction
e) Date of approval including value, if
by the Board.
any,
f) Amount paid as advances, if any,
All the transactions of the company are at
Arm’s Length Basis and the Details of the
transactions are included as Note No 35 under
notes to financial Statements. For and on behalf of the
Board of Directors
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors
Annexure-4 To the Directors Report
The conservation of energy, technology,
absorption, foreign
A. Conservation exchange earnings and
of Energy:
outgo pursuant to the provisions of Section
The Company
134(3)(m) hasCompanies
of the completedAct, Energy
2013 Audit
readin
process and electrical installations
1) The steps taken or impact on and
implementing
conservation their
of suggestions in the following
energy:
Very oldto
aspects electrical equipments
save energy and saveare being
earth.
replaced by new energy efficient
2) The steps taken by the Company for ones.
utilizing alternate
The Company sources of
has installed energy
Wind Turbine
Generators and Solar Power
3) The capital investment on energy System for utilizing
the sources
conservation of Green
equipmentsEnergy.
Very old Transformers and switch gears are
being replaced by new
B. Technology Absorption: energy efficient
transformers.
i. The efforts made towards technology
absorption:
Continuous efforts are made to improve the
quality
Steps areof taken
the products. The in-house
to introduce new gradesResearch
to
and
meet Development
international facility of the
competition. company has
ii. The
also got benefits
renewal of derived like product
recognition from
improvement,
Improvement incost reduction,
quality product will
of the product
development
reduce imports or import substitution:
of similar product into [Link]
iii. Details of technology imported during
past 3 years: Technology is imported to further
International
enhance the quality ofincurred
iv. The expenditure copper alloy powders.
on Research
and Development:
Revenue Expenditure 185.9
Capital Expenditure -
TOTAL 185.9
C. Foreign Exchange Earnings and Out go:
1) The Foreign Exchange earned in terms of
actual inflows during the year and the Foreign
Exchange outgo during the year in terms of
actual outflows: (Rs.. In Lakhs)
Particulars 31st March 2023 31st March 2022
Used 1971 1732
Earned 10709 11310

For and on behalf of the

Board of Directors
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors

Annexure-5 To the Directors’ Report

Annual Report on Corporate Social
Responsibility activities
1. A brief outline of the as per Rule 8CSR
Company’s of policy:
Companies (Corporate Social Responsibility
The following
Policy) CSR activities provided under
Rule, 2014
Schedule
1. VII of the Companies
Contributions Act, 2013
or funds provided can be
towards
carried out
Eradicating either
hunger, directly
povertyor through
& malnutrition,
2. Contribution
implementing or funds
agencies. provided towards
promoting
improving preventive
access to health
education care
of and
the
3. Ensuringand
sanitation environmental
making sustainability,
available safe drinking
underprivileged
ecological people
balance, to and livelihood
conservation
(a) Contribution
enhancement [Link] ofor natural
research
resources and maintaining quality
and development projects in the field of soil,
of air
and water.
science, technology, engineering and medicine,
funded by the Central Government or State
(b) Contributions to public funded
Universities; Indian Institute
4. Rural development of Technology
projects.
(IITs); National Laboratories and autonomous
5. Disaster
bodies management,
established including relief,
under Department of
rehabilitation
2. and reconstruction activities. The Composition of the CSR
Sl. No. Committee:
Name of the Director Designation/ Nature of
1 Sri A. Tenzing Directorship
Chairman (Non
2 Sri N. Nagarajan (ceased to Executive
Member ( Director)
Independent
3 be
[Link] w.e.f
Abiruben Director)
Member (Non Executive
15.08.2022) Director)
4 Smt. Suguna Ravichandran Member ( Independent
(member w.e.f 21.01.2023) Director)
3 Provide the web-link(s) [Link]
4 where
ProvideComposition
the executiveof CSR Not Applicable
Committee,
summary alongCSRwith
Policy and
web-
CSR Projects approved by
link(s) of Impact Assessment
5 a)
of CSR Projects carried out Average net profit of
b) the
Twocompany
percent of asaverage
per
sub-section
net profit (5) of
of theout of
c) Surplus
section arising
135
company
the CSR as per or
projects sub-
d) Amount
section required
(5) of to be
section
programmes
set off for the or
financial
e) Total CSRof
activities obligation for
the previous
year, if any
the financial year (b + c
+d).

6 a) Amount spent on CSR

b) Projects
Amount (both
spent Ongoing
in
Project and other than
Administrative
c) Amount
Ongoing spent on
Project).
Overheads
Impact Assessment, if
d) Total amount spent for
applicable
the Financial Year [(a) +
(b)+(c)].
(e) CSR amount spent or unspent for the
financial year: Spent for the Financial Year. (in
Total Amount Amount Unspent (in Rs.) Amount transferred to
Rs.) Total Amount
Amount. Rs transferred to any
Datefund specified
of transfer.
Unspent CSR Account as per under Schedule VII as
1,22,45,616/- Nil
section 135(6). N.A
per second proviso to

(f) Excess amount for set-off, if any:

Sl. No. Particular Amount (in Rs.)
-1 -2 -3
(i) Two percent of average net Rs.1,19,32,686/-
(ii) profit of the company
Total amount spent forastheper Rs. 1,22,45,616/-
sub-section
Financial (5) of section
Year spent for the
(iii) Excess amount
135 Rs.4,25,508/-
(iv) Financial Year [(ii)-(i)]
Surplus arising (after
out of the Nil
set
CSR off of the
projects amount
or programmes
(v) Amount available
Rs.112,578/- for set
available foroff Rs.4,25,508/-
or activities of the previous
in succeeding Financial
Financial Years, if any,
Years [(iii)-(iv)]
7. Details of Unspent Corporate Social
Responsibility
-1 amount for the preceding three -2 -3
Financial Years:
Sl. No Preceding Financial Year(s) Amount Transferred to
Unspent CSR Account
under subsection (6) of
1 2020-21 16,47,019
section 135(But Actual
(in Rs.)
2 2021-22 unspent Amount for the
Rs.33,72,408
FY 2020-21 was
Rs.16,37,269/- )
8. Whether any capital assets have been
created
Yes or acquired through Corporate Social
Responsibility amount spent in the Financial
(yes)
Year: No
If Yes, enter the number of Capital assets
created/ acquired:
Furnish the N.A
details relating to such asset(s) so
created
Sl. No or acquired through Corporate Social Short particulars of the Pin code of The
Responsibility amount spent in the Financial property or asset(s) property or asset(s)
-1
Year: -2 -3
[including complete address
N.A N.A
and location of the N.A
9. Specify the reason(s), if the company has
failed to spend two per cent of the average net
profit as per subsection (5) of section 135: Not
Sd/-
Applicable Sd/-
Sri A. Kasirajan Sri [Link]
Chief Executive officer Chairman CSR Committee

For and on behalf of the

Board of Directors
Sd/- Sd/-
A. RAMAMURTHY S. ANNAMALAI
Maravankulam (DIN 00374398) (DIN 00001381)
19-Aug-23 Directors
MDL INDUSTRIES
LIMITED
7-Aug-89
31/03/2023 which is
same
INR as holding
company
N.A
233.26
-70
172
7
-
59
24
4
20
-
90.18%
Amount of loan Time period for which it For Loans
/security /acquisition is made / given Rate of interest Date of maturity
/guarantee
Number of meetings of Number of meetings of
CSR
2 Committee held CSR
2 Committee
during the year attended during the
2 1
year
2 2
2 1

Rs.59,66,34,322 /-
Rs.1,19,32,686 /-
Nil
Rs.1,12,578/-
Rs.1,18,20,108/-

Rs.1,22,45,616/-
Nil
Not Applicable
Rs. 1,22,45,616/-

Name of the Fund Amount. Date of transfer.

N.A

-4 -5 -6
Balance Amount in Amount Spent in the Amount transferred to a
Unspent CSR Account Financial Year (in Rs) Fund as specified
Amount (in Rs). under Date of transfer.
under subsection (6) of Schedule VII as per
Nil
section 135 (in Rs.) 17,49,847/- (spent in FY second
N.A proviso to N.A
Nil 2021-22)
33,72,408/- (spent in FY N.A N.A
2022-23)
Date of creation Amount of CSR amount Details of entity/
-4 spent
-5 Authority/beneficiary
-6 of
the registered owner
N.A N.A N.A
-7 -8
Amount remaining to Deficiency, if any,
be spent in succeeding
financial years. (in Rs.)
Nil Nil
Nil Nil
Annexure-6 To the Directors’ Report
D. Sivasubramanian B.A.,L.L.B, F.I.I.I,FCS
Company Secretary in Practice
D/95, 6th Cross Street,
Maharaja Nagar,
Tirunelveli – 627011
e-mail: ssiva1932@[Link]
Form No. MR-3
SECRETARIAL AUDIT REPORT
Pursuant to section 204(1) of The Companies Act, 2013
FOR THE FINANCIAL YEAR ENDED 31-MARCH-2023
To,
The Members,
The Metal Powder Company Limited
I have conducted the secretarial audit of the compliance of applicable
statutory
Based on my provisions and the
verification adherence
of the to goodminute
books, papers, corporate practices
books, by
forms and
The
IreturnsMetal
have examined Powder
filed and the Company
other records
books, Limited (hereinafter
maintained
papers, minute by called
the company
books, the
forms andandcompany).
also the
returns
Secretarial
information
filed and Audit
other was conducted
provided
records by the Company,
maintained in abymanner
its
The thatPowder
officers,
Metal provided
agents me a
and
Company
(i) The Companies Act, 2013 (the Act) and the rules made there under;
authorized
Limited representatives forduring the conduct of secretarial audit, I
I further(“the
report Company”)
that the Company the financial
has, in my yearopinion,
ended on 31-Mar-2023
complied with the
according
provisions to
of the
the provisions
Companies of:
Act, 2013registers
and the Rules made under that
a) Maintenance of various statutory and documents and
Act
makingas notified
necessary by Ministry
entries of Corporate
therein; Affairs and
b) Forms, returns, documents and resolutions required to be filed with the Memorandum
and Articles of Association
the Registrar of the Company, with regard to;
c) Service ofofdocuments
Companiesby and
thethe Centralon
Company Government;
its Members, Auditors
and the Registrar of Companies;
d) Notice of Board Meetings and Committee meetings of Directors;
e) The Company has properly constituted Audit Committee,
Nomination
f) The 60th andAnnualRemuneration
General Meeting Committeeof theand Corporate
Company wasSocial
held on 22 nd
Responsibility
September
g) Minutes2022. Committee.
of proceedings of General Meetings and of the Board and
its
h) Committee
Approvals ofmeetings was duly
the Members, therecorded
Board ofas per the provisions
Directors, of the
the Committees
act
i) and secretarial
of Directors
Constitutionand of standards.
thethegovernment authorities,
Board of Directors wherever required;
/ Committee(s) of Directors,
appointment, retirement and reappointment
j) Appointment and remuneration of Statutory Auditors, Secretarial of Directors.
Auditor
k) and Cost
Transfers Auditors;
and transmissions of the Company’s shares and issue and
dispatch
l) Declaration and payment ofof
of duplicate certificates shares [The Company has obtained
dividends;
ISIN
m) There is no amount required toappointed
(INE04BQ01015) from NSDL and be transferredS.K.D.C Consultants
under the Act to
Limited as
the Investor its Registrar
Education and Transfer
and Protection Agent and
Fund andand to handle
Uploading of details of
n) Borrowings and registration, modification satisfaction of
unpaid
charges and unclaimed
wherever dividends
applicable. in the websites
o) Contracts, common seal, registered office and publication of name of the Company and
the
of Ministry of Corporate Affairs was dealt with as per the procedure
p) the Company;
Generally, alland
other applicable provisions of the Act and the Rules
made
Other under
Acts the Act,
(ii) Foreign Exchange Management Act, 1999 and the rules and
regulations
(iii) Labourmade lawsthere underLabour
& Contract to the extent of Import
(Regulations and Export
& Abolition) of1970
Act,
Goods
as of the
applicable. Company. The Company has
(iv) The Air(Prevention and control of Pollution) Act, 1974. been allotted an IEC number
0488000068 by DGFT.
(v) The water (Prevention and control of pollution) Act ,1974.
(vi) The Environment (Protection Act), 1986.
I have also examined compliance with the applicable clauses of the
Secretarial
I further report Standards
that issued by the Institute of Company Secretaries of
India.
The Board of Directors of the Company is duly constituted with proper
balance
During the of Executive
Period under Directors,
review,Non-Executive Directorstook
the following changes and place in the
Independent
composition
The second term Directors.
of Board.
of office of Sri N Nagarajan as Independent Director of
the Company
The following expired
changeson 15th August
occurred in the2022. To fill upofthe
composition Keyvacancy,
Managerial the
Board
[Link] Sri K. Balakrishnan holding DIN:
Sri A. Karthiswaran ceased to be the Company Secretary with effect 00144462 as an
Additional
from Director (Non-Executive & Meenakshi
Independent) wason the Boardasofthethe
Sri P. 16.07.2022
Senthil Kumar and [Link]
ceased Gomathi
be the Chief Financial appointed
officer of the
Company
Company
The relevant Secretary
with effectoffrom
e Forms the Company
10.05.2022
(DIR-12) have been with effect
andfiled
Sri S. from
with 16.07.2022.
Senthil
ROC Murugan was
for the above
appointed
changes in as the Chief Financial
composition of KMP. officer of the Company with effect from
16.07.2022.
The various compliances done by the company and the compliances to
be done are
I further tabled
report thatinthere
the board meetingssystems
are adequate as a compliance report.
and processes in The
the
report
company is discussed in
commensurate the board
with meetings
the size and and the details
operations of
Subsidiary Companies : The Company has two subsidiaries (1) Nalco of
the the same
company
are
to properly
monitor recorded
and in(2)
theMDL
minutes of applicable
theLimited
meeting.
Metal
This report is toensure
Products be readcompliance
Limited with with
myIndustries
letter of even laws,
dateand rules,
two
which isassociate
annexed as
regulations
Companiesand
annexure and guidelines.
(a)forms
Aluminium Powder
an integral Company
part Limited and (b) Pandian
of this report.
Chemicals Limited
Place : Tirunelveli [Link]
Date : 14-August-2023 N
Company Secretary in
UDIN : F000634000797606 practice
FCS No. 634 CP No.
1981
Annexure to the Secretarial audit report of The Metal Powder
Company Limited for the year ended 31-March-2023
To,
The Members
The Metal Powder Company Limited
My report of even date is to be read along with this letter
1. Maintenance of Secretarial and other records is the responsibility of
the
2. management
I have followed of the
the audit
company. My responsibility
practices and processesisas towere
express an
opinion on
appropriate these
to secretarial
obtain standards
reasonable based
assurance on
aboutmy audit.
the correctness
3. I have not verified the correctness and appropriateness of financial of
the contents
records
4. of
and Books
Wherever the Secretarial
of Accounts
required, and other statutory
of the Company.
I have obtained records.
the Management The
verification
Representationwas about
done on the test basis to ensure
compliance of laws,that correct
rules facts are and
andother
regulations
5. The Compliance of the provisions of Corporate and applicable
happening
laws,The
6. rules of events
and
Secretarial etc. Report
regulations
Audit standards is thean
is neither responsibility
assurance asoftothe
the future
management.
viability of the My examination
company nor thewas limited
efficacy or to the verification
effectiveness with of
which the
procedures
management onhas
testconducted
basis. the affairs of the Company. [Link]
N
Practising Company
Secretary
Membership No.
FCS634
Certificate of Practice
Date : 14-August-2023 No. 1981
Place : Tirunelveli
UDIN : F000634000797606
Independent Auditors’
Report
To the Members of
THE METAL POWDER
COMPANY LIMITED
Report on the Audit of the
Standalone
Opinion Financial
Statements
We have audited the
standalone financial
In our opinion and to the
statements
best of our of THE METAL
information and
Basis for Opinion
POWDER
according COMPANY LIMITED
to the explanations
We conducted
given to us, theour audit in
aforesaid
accordance with
Key Audit Matters the
Standards on Auditing (SAs)
Key audit under
specified matters (‘KAM’) are
Section
those matters that, in our
Description of Key Audit
professional
Matter judgment, were
Revenue
of recognitionin our
most significance
See Note 21 to the
Standalone
The key auditFinancial
matter How the matter was
Statements
Revenue is recognized when addressed in our audit
Our audit procedures
the
We control of the products
have identified included:
Assessing the
being sold has been as a
recognition of revenue appropriateness of the
transferred Testing the design,
key audit matter ascustomer.
to the revenue revenue recognition
implementation, and
is a key performance Performing
accounting substantive
policies, by of
operating
testing effectiveness
(including year-end
We Company’s
the assessed manual
generaljournals
IT
cut-off
posted testing)
to by
revenue selecting
to identify
Considering
samples the adequacy of
of revenue
unusual items.
the Company’s disclosures in
Non-current Investment
respect of revenue.
See Note 5A to the
Standalone Financial
The key audit matter How the matter was
Statements addressed in our audit
The carrying amount of the Our audit procedures
investments in subsidiaries included:
For subsidiaries that are
and associate held at cost unlisted entities, comparing
Considering the adequacy of
the
disclosures in respectofof
carrying amount
Evaluation of uncertain tax investments
positions investments with the
in subsidiaries
See Note 32 to the and associate.
Standalone
The key audit Financial
matter How the matter was
Statements addressed in our of
audit
The Company has material Obtained details
uncertain tax positions completed tax assessments
including matters under and demands for the year
Other
disputeInformation
which involves ended March 31, 2020 from
The Company’s management
and
Our Board
opinionofon Directors
the are
responsible
standalone for the
financial other
In connection
information. with
The our audit
other
statements
of the does
standalone not cover
financial
Management's
the other information
statements,
Responsibility ourfor the and we
The Company's
responsibility is management
to read the
Standalone
and Board ofFinancial
Directors are
In preparing the standalone
Statements
responsible
financial for the
statements, matters
Board of
stated in Directors is also
Section 134(5)
management
responsible forand Boardof
overseeing of
Directors
the Company’s financial for
are responsible
reporting process.
Auditor’s Responsibility for
the
Our Audit of theare
objectives Standalone
to obtain
Financial
reasonable Statements
As part of an audit in about
assurance
whether
accordance thewithStandalone
SAs, we
Identify
financial and assess
statements theas risks
a
exercise
of material professional
misstatement of
Obtain
judgment an andunderstanding
maintain of
the Standalone
internal financial
Evaluatecontrol
statements, thewhether relevant to
appropriatenessdue to
the
of audit
accounting in order to design
Conclude
audit on the that used
procedures
policies
are
and the reasonableness
appropriateness of of
Evaluate
accounting theestimates
overall and
management’s
presentation, use of the
structure and
We communicate
going concern basis with
of those
content
charged of the Standalone
with governance
We also provide
financial statements, those
regarding,
charged withamong other
governance
From thethe
matters, matters
planned scope
with a statement
communicated thatthose
with we
Report
have on Other
complied withLegal and
relevant
charged
Regulatory with governance, we
Requirements
1. As required
determine those bymatters
the that
Companies (Auditor’s
2. (A) As required by section Report)
Order,
143(3) 2020 (“the
of thesoughtAct, we Order”)
report
a) We by
issued have the Central and
that:
obtained
b) In our all the information
opinion proper
and
books explanations
of account which
as to
required
c)
the The
best standalone
of our balance
knowledge
by
sheet,law the
have been kept by the
standalone
d) In our opinion,
Company so asthe
statement
aforesaid offar
profit
financial
itand
appears
loss
e) On the other
(including basis of written
statements
representations comply with the
f)
IndianWith respect received
Accounting toStandards
the
from
adequacy the directors
of the as on
internal
(B) With
March respect
31,controls
2023, and to the other
financial
matters to be includedovertakenin the
financial
(a)
Auditor’sThe reporting
Report inof
Company has the
disclosed
accordance
(b) the
The Company impact
with Rule of
did11 notof
pending
have any litigations
long-term ascontracts
at
(c) There
March has been
31,derivative
2023 on its no delay
including
in transferring amounts, contracts
(d) which
for (i) The Management
there were any has
required
represented to be transferred,
that, to thehas to
best
(ii)
the The Management
Investor Education and
of its knowledge
represented, andto belief,
(iii)funds
no Based onthat,
(which theare
the best
audit
material
of its knowledge
procedures that haveand belief,
been
(e) funds
no The dividend
(which aredeclared
material
considered
and paid respectreasonable
during the year andby
(C) With
appropriate in the to the
the
matter Company is
to be included in in the
In our opinion
compliance withand according
Section 123
Auditor’s Report
to the information and under
Section
explanations 197(16) givenof the
to us,Act:
the
remuneration paid by the For M/s. Sekar & Co.
Chartered Accountants
Firm Regn. No: 0016269S
Maravankulam
19th August 2023
(Arun Kumar Ghadei)
Partner
[Link]: 230158
UDIN –
ANNEXURE – A TO THE 23230158BGRMXN5936
INDEPENDENT AUDITORS’
REPORT
The Annexure referred to in
Annexure
(i) In respect A ofof our
Company’s
Independent
Property , Plant andAuditors’
Report
(a) toThe
(A)
Equipment: the company
membershas of
maintained proper
(B) The Company has records
showing fullproper
maintained particulars
records
(b)
including
showing According to thedetails
quantitative
full particulars of
information
intangible
(c) andto
assets.
According explanations
the
given to us and
information andon the basis
explanations
(d)
of our According
examination to the
of the
given to us and
information and on the basis
explanations
(e)
of our According
examinations to the of the
given to us and
information and on the basis
explanations
(ii)
of our(a) The inventory
examination has
of the
given
been to us and on
physically the
verified basis
(b)
of According
our examination to the
of the
during the year
information andby the
explanations
(iii)
given (a)
management. According
to us andInon ourtoopinion,
the the
basis
information
(b)
of ourAccording and
examination explanations
to theof the
given to us and
information andon the basis
explanations
(c) ourAccording
of examination to the
of the
given to
information us and
and based on the
explanations
(iv) procedures
audit According toconducted
the
given to us and
information and on the basis
(v)
of our During the explanations
examination yearof the
given
company to ushasandnotonaccepted
the basis
(vi)
of our We have broadly
examination of the
deposits
reviewedfrom the public.
the books of
Therefore,
(vii) (a) paragraph
According
accounts maintained 3 (v)
to the
by theof
records
(b)
company of the
According Company,
pursuant thethethe
to to
Company
information is regular in
and explanation
(c)
depositingThe disputed
undisputed statutory
given
dues to us, no undisputed
aggregating to Rs.
S.
amounts payable in respect Name of the statute Nature of the Dues
565.91 lacs, that have not
been deposited on account Delhi VAT Act, 2002 Sales Tax, interest and
Sales Tax, and penalty under Penalty
Sales Tax, and penalty
TNVAT Act,2006

(viii) According to the

information
(ix) 1. Accordingand explanations
to the
given to
information us and
and on the basis
explanations
2. our
of According
examinationto theof the
given to us and
information andon the basis
explanations
3.
of In our
our opinion
examination and of the
given
accordingto ustoandthe on the basis
information
4.
of According
our to theof the
examination
and explanations
information and given to us
explanations
5.
by According
the to the
management,
given to us and
information and on antheoverall
explanations
6. Accordingof
examination tothe
thebalance
given to us and
information andon an overall
explanations
(x) (a) The Company
examination of the has not
financial
given
raisedto usmoneys
any and procedures
by way of
performed
(b) publicbyoffer
initial According us,towe
orthe report
further
information
(xi)
public(a) and
Based
offer explanations
on debt
(including
given to us and
examination on the
of the booksbasis
(b)
of our According
examination to
and records of the Company the
of the
information
and according
(c) We have and to explanations
the into
taken
given to us,
consideration no report
the whistleunder
(xii) In our opinion
sub-section (12) of and
Section
blower
according complaints received
to thetoinformation
(xiii)
by the According
Company the the
during
and explanations
information andon are given to
explanations
(xiv)
us, the(a)Company
Based is noton a our
given to us and
information and based
explanations
(b) We have of
examination considered
the ourrecords theof
provided
internal to usreports
audit and ofaudit
the
(xv) According
procedures, to the
in our
Company
information issued
and tillopinion,
date for
explanations
(xvi)period
the (a) The Company
under audit. is not
given
required to us
to and based on our
be registered
examination
under Sectionof45-IA the records
of the of
Reserve Bank of India Act,
(b) The Company is not a
Core Investment
(c) According Company
to the
(CIC) as defined in the
information and explanations
regulations
provided to us duringthe
(xvii) The made
Companyby has not
the
incurred
course of
(xviii) cash
There losses
audit, the
has in the
Group
been no
current
resignationand in
of the
the statutory
(xix) According
immediately to the
preceding
auditors
information during
and the year.
explanations
(xx) In our opinion
Accordingly, clause and of
3(xviii)
given to us and on the
according to the information basis
of the financial ratios,
and explanations given to us,ageing
there is no unspent amount For M/s. Sekar & Co.
Chartered Accountants
Firm Regn. No: 016269S
Maravankulam
19th August 2023
(Arun Kumar Ghadei)
Partner
[Link]: 230158
UDIN –
ANNEXURE – B TO THE 23230158BGRMXN5936
AUDITORS’
Report on the REPORT
Internal
Financial Controls
We have audited the under
internal
Clause (i)
financial of Sub-section
controls over 3 of
Management’s
Section 143 of the
financial reporting
Responsibility for of THE
Internal
The Company’s
METAL POWDER management
COMPANY
Financial
is Controls
responsible for establishing
Auditors’ Responsibility
and maintaining internal
Our responsibility
financial is to on
controls based
express
Our audit involves on the
an opinion
Company's
performing internal
procedures financial
to
We believe
controls over that the audit
financial
obtain
evidenceaudit evidence
weInternal
have obtainedabout is
Meaning
the of
adequacy Financial
of the internal
sufficient
Controls and appropriate
overinternal
Financial to
A company's
provide a basis for our audit
Reporting
financial control overof
Inherent Limitations
financial
Internal reporting
Financial is a
Controls
Becausedesigned
process of the inherent
to provide
over Financial
limitations of Reporting
internal
Opinion
financial controls over
In our opinion,
financial to the
reporting, best of
including
our information and
according to the explanations
given to us the Company has, For M/s. Sekar & Co.
Chartered Accountants
Firm Regn. No: 0016269S
Maravankulam
19th August 2023
(Arun Kumar Ghadei)
Partner
[Link]: 230158
UDIN –
23230158BGRMXN5936
Amount (Rs. in lacs) Period to which the amount Forum where Dispute is
28.1 relates
2007-08(Asst. Year) pending
Additional Commissioner
70.49 2008-09 (Appeals), Zone
The case was VI, New
decided byDelhi
the
57.76 2012-13 has remitted back
Appellate Deputy the matter
4.9 2013-14 to VATO to frame
Commissioner (CT)fresh
in
Company’s favour. The
The Metal
Powder
1. Notes Company
Limited
forming
Corporate part of
the financial
Information
The Metal
statements
Powder
2. of for
BasisCompany
Limited
Preparation,
2.1 Basis is aofPublic
Limited BasisCompany
Measurement
preparation
(a) of and
and Significant
measurement
Preparation
These financial
statements
The standalone have
been
financial
These prepared
financial in
accordance
statements
The financialare with
have
been
approved prepared
statements have
Transactions for andon
issue
beenBasis
balances
(b) by the
prepared
with
of on
accrual
values
Measurement and
below
These financial going
the
roundingKEY offare
statements
2.2
preparedUse ofunder
ACCOUNTING
(a)
the
The historical
ESTIMATES
Estimates and
preparation ANDcost
JUDGEMENTS
Judgements
of financial
Information
statements
about
(i) criticallives
Useful
requires
judgments Assetsinplant
of property,
(ii) and
applying
and equipment
obligations
(iii) Valuation
(Refer
relating
and Note
to A)
(iv) Provisions
employee
measurement
for disputedoftax
Estimation of
income
liabilities
uncertainties
(b) taxes
(Refer
Measurement and
Note
relating
of FairG)
Certain the to
Values
global
accounting
Fair health
values are
policies
categorised and
- Level 1: quoted into
disclosures
different
-prices of
levels
Level 2: inputs the
in
a-other
fair value
(unadjusted)
Levelthan
3: inputs in
active
quoted
for the markets
prices
asset
When measuring or for
included
liability in
that
the SIGNIFICANT
2.3 Level
fair value ofare
not basedoron
an asset
ACCOUNTING
(A) Property, a
liability,
POLICIES
Plant and
Land and the
Equipment:
buildings
[Link]. held for Asset Category Estimated
use
1 in the Buildings Useful
60 Life
production
2 or Factory Buildings 20
3 Plant & Equipment 20
4 Electrical Installation & 10
5 Equipment
Computers 3
6 Servers & Networks 6
7 Office Equipment 5
8 Furniture & Fixtures 10
9 Vehicles 10
10 Motor Cycles 8
(B) Investments in
Subsidiaries
Investments and in
Joint
(C) Venture:
subsidiaries
Inventories: and
joint ventureare
Inventories are
carried
valued at
at cost
the
(D) Cash and Cash
lower of cost and
Equivalents:
net realisable
Cash and cash
equivalents
(E) Assets Held
include
for Sale:cash on
Non-current
hand,
assets demand
or disposal
Subsequently,
groups
such
(F) non-current
Financial
comprising
assets of
andAssets:
Instruments:
Financial
disposal
Financialgroupsassets
are initial
On recognised
when theassets
recognition,
Financial a
Company
financial
are asset
subsequently
• amortised cost: is
recognised
classified as
1. through profit at fair
measured
and
2. fairloss at-
(FVTPL)
value
through other
Financial assets
comprehensive
are
Trade notReceivables
income
reclassified
and
Trade Loans:(FVOCI).
receivables
subsequent
are initially to
Debt
recognised
Instruments:
Debt at fair
instruments
value.
are initially
Measured at
measured
amortisedassets
Financial at
cost:
amortised
that are
Measured at cost,
held fair
within a business
value through
Financial assets
model
otherarewhose
that
Measured held
at fair
comprehensive
within
value a business
through
A financial asset
model
profit orwhose
not classified
Equity loss: as
either amortisedin
Instruments:
All investments
cost
equity or
The Company FVOCI, is
instruments
makes such
Derivative
classified
election
Financial
The Company onunder
an
instrument-by-
Instruments:
uses derivative
Cash flow hedges:
financial are
Derivatives
instruments
held
If theto hedgetothe
hedged
uncertainty
cash flow
When in
a relates
timing
derivative
Derivatives or amount
to a non-financial
no
for
asset,
longer
which
Derivative the amount
qualifies
hedge
for hedge is not
accounting
financial
Offsetting
applied
instruments
financial
Financial assets for
which
instruments
and hedge
financial
Derecognition
liabilities
The Company are
offset
Impairmentthe
and
derecognises ofanet
financial
Financial Asset
Expected asset
credit
when
losses
For the
are
financial
recognized
assets otherfor
The impairment all
than
financial
trade
losses and
Financial assets
receivables,
as per recognition
reversals Indare
Liabilities:
Initial AS 109,
recognised
and
Financial in
measurement
liabilities
Subsequent are
recognised
Financial when
measurement
the Company
liabilities
Derecognition are
subsequently
A financial
measured
liability is at and
(G) Provisions
derecognised
Contingent
when the
Liabilities:
Provisions are
recognised
If the effectwhen of the
the Company
time
Contingentvalue of has
aProvision
present
money
liabilities is are
for
material,
disclosed
onerous
(H) Foreign when
there
contracts.
currencies
The is a possible
Company's i.e.
contracts
financial
Transactions in where
statements
foreign currencies
Monetary are
assets
presented
liabilitiesINR,
are initially
and
Exchange in
recorded
denominated
differences
Non-monetary by the in
foreign
arising
items
(I) currencies
on
that are
Government
settlement
measured
grants
Government andin or
Export
terms
Benefits
grants the
When of
are
recognised
Company
Export benefitswhere in
there
receives
the is
nature
(J) Revenue grants
of of
non-monetary
Advance
Recognition:
Revenue from
Authorisation
sale of goods
Revenue is is
recognised
measured
Our customers onwhenthe
control
basis of
have thefrom
Income of the
contracted
contractual
services
Interest income price,
right
rendered
to
is return
recognised goods
Interest income is
based
Rental on
recorded using
Income
the effective
Rental income
interest
arising from
Dividend rate
incomeLand
and
on other
(K) investments
Expenditure: is
Immovable
recognised
Expenses are when
the right toon
accounted
(L) Retirement
accrual
and other
Retirement basis.
employee
benefit
The in the
Company
benefits
form ofShort-term
operates
Other provident
a
fund
defined
employee and
All employee benefit
gratuity
benefits
(M) Taxes plan
falling in
within twelve
Current Income
months
Tax of
The company has
opted
Deferred for Tax
new tax
rates introduced
Deferred tax is
by the
recognised
The carryingon
temporary
amount
Deferred oftax
differences
deferred
liabilities
The tax
and
assets
measurement
(N) is
are reviewed
Intangible of
measured
deferred tax
assets
Intangible at the
assets
liabilities
acquired
Changes in and the
separately
expected arising
Goodwill are
measured
Intangible
on
(O)an on
assets
acquisition
Borrowing
with
Borrowing lives
of
costsa finite
business is
costs
carried
directly
(P) Leases at cost as
attributable
The company's to
the acquisition,
leasing as a
Company
arrangements
lessee
A lease is are
in respect
classified
Finance leases of
at the
inception
are capitalised date as at
athe
finance lease or
commencement
A leased asset is
depreciated
Operating over
lease
the usefulas
payments
Company lifea of
are
the asset.
recognised
lessor
Leases in whichas an
expense
the Company
Leases arein the
doesCash
not Flow
classified
(Q) transfer
as
substantially
finance
Statement leases
Cash flows are all
when
reported
(R) Earnings usingper
the indirect
share
Basic earnings per
method,
share is whereby
(S) Operating
computed
Segment
The management by
dividing
committee the profit
The business of
monitors the falls
theExpenditure
(T) company
operating
under
on
The Corporate
Company results
a single
primary segment
Social
accounts the
Responsibility
expenditure
incurred towards
Statement of Changes in
Equity
a. Equity Share Capital
Equity Shares of Rs.100 No. Rs. in Lakhs
Each, Fully paid up
As at March 31, 2022 2,430,000 2,430
As at March 31, 2023 2,430,000 2,430

b. Other Equity

Particulars Reserves and surplus

Revaluation Reserve General Reserve Investment Allowance
(Unutilised) Reserve
As At April 1, 2021 592 10,800 81
Profit for the year - - -
Other Comprehensive - - -
Income
I) Remeasurement of - - -
Investment (Quoted
Scrips) - - -
Total Comprehensive - - -
Income
Add: Transfer from
reserves
Dividend - - -
At March 31, 2022 592 10,800 81
Profit for the year - - -
Other Comprehensive - - -
Income
I) Remeasurement of - - -
Investment (Quoted
Scrips) - - -
Total Comprehensive - - -
Income
Transfer to Reserve 96 -81
Dividend - - -
At March 31, 2023 592 10,896 -
 Rs. in Lakhs
Items of OCI Total
Special State Capital Retained Earnings Other Comprehensive Total Other Equity
Subsidy Income
15 12,003 -1 23,490
5,615 5,615
- - - -
- 10 10
- - - -
- 5,615 10 5,625
-
- 1,215 - 1,215
15 16,403 9 27,900
6,624 6,624
- - - -
- 9 9
- - - -
- 6,624 9 6,633
-15 -
- 1,215 - 1,215
- 21,812 18 33,318
Analytical
Ratios:

[Link]. Ratio Numerator Denominator Current Year Previous Year

1 Current ratio (in Total current Total current 14.23 7.77
times) assets liabilities
2 Debt-Equity Debt consists of Total equity NA NA
ratio (in times) borrowings and
3 Debt service Earning for Debt Debt service =
lease liabilities NA NA
coverage ratio Service = Net Interest and
4 Return on equity Profit
(in times) Profit for the
after taxes Average total
lease payments 20.08% 20.00%
ratio (in %) year after
+ Non-cash Tax equity
+Principal
5 Inventory Cost of Goods Average 5.7 5.02
Turnover Ratio Sold Inventory
6 Trade Revenue from Average trade 17.3 17.04
receivables operations receivables
7 Trade
turnoverpayables
ratio Cost of Goods Average trade 65.45 34.88
turnover
(in times) ratio Sold payables
8 Net capital
(in times) Revenue from Average working 2.71 2.96
turnover ratio operations capital (i.e. Total
9 Net profit ratio Profit for the
(in times) Revenue from 11.24%
current assets 10.80%
(in %) year operations
less Total
10 Return on Profit before tax Capital 24.66% 24.34%
capital and finance employed = Net
11 Return
employed on (in %) Profit
costs after tax Total
worthAssets
+ 17.61% 16.95%
investment (in Deferred tax
%)
Note 3
Property,
Particulars
plant and Note 3 Property, plant
equipment, 4 - and equipment
Freehold Land Leasehold Land Buildings Plant &
Machinery
As at 999 1,393 5,900 20,815
1.04.2021
Additions - 21 88 2,071
Disposals - - - -
As at 999 1,414 5,988 22,886
31.03.2022
Additions - - 324 1,145
Disposals - - - -
As at 999 1,414 6,312 24,031
31.03.2023
Depreciation
As at - 115 2,599 18,045
1.04.2021
Charged for - 22 268 1,406
the year
Disposal - - - -
As at - 137 2,867 19,451
31.03.2022
Charged for - 19 270 1,564
the year
Disposal - - - -
As at - 156 3,137 21,015
31.03.2023
Net Carrying
Value
As at 999 1,277 3,121 3,435
31.03.2022
As at 999 1,258 3,175 3,016
31.03.2023

Capital Work-
in-progress
CWIP Ageing
for
CWIPthe year Amount in CWIP for a
period of
Less than 1 Year 1-2 Years 2-3 Years More than 3
Years
Project at 274 - - -
Thirumangala
Project
m Plantat 297 99 - -
Pithampur
Total
Plant 571 99 - -

Capital Work-
in-progress
CWIP Ageing
for
CWIPthe year Amount in CWIP for a
period of
Less than 1 Year 1-2 Years 2-3 Years More than 3
Years
Project at 399 63 2 -
Thirumangala
Project
m Plantat 99 - - -
Pithampur
Total
Plant 498 63 2 -
 As on 31.03.2023 As on 31.03.2022
Capital Work 42177159.5 563
in Progress 670
breakup
42,176,489.50
As per TB As on 31.03.2023 As on 31.03.2022
Fixed 884,709,417 899,344,609
As per
Asset 8,598 8,993
schedule
Check 884,700,819.28 899,335,615.57
 Rs. in Lakhs
Note 4
Intangible
Furniture & Vehicles Total Technical
assets Trade Mark Computer Total
Fittings property, Knowhow Software Intangibles
51 150 29,308
Plant & 173 11 112 296
Assets
- 15 Equipment
2,195 22 - - 22
- - - - - - -
51 165 31,503 195 11 112 318
1 15 1,485 - - - -
- - - - - - -
52 180 32,988 195 11 112 318

46 122 20,927 50 10 110 170

1 13 1,710 21 - - 21
- - - - - - -
47 135 22,637 71 10 110 191
1 13 1,867 13 - - 13
- - - - - - -
48 148 24,504 84 10 110 204

4 30 8,866 124 1 2 127

4 32 8,484 111 1 2 114

Total

274
396
670

Total

464
99
563
5 (A) Investments
Rs. in Lakhs
Particulars As at March 31, 2023 As at March 31, 2022
Investments in equity
instruments:
(Unquoted equity
instrument
Investment valued
in at 450 450
Cost: ) Scrips
Unlisted
Investment in Listed 230 229
Scrips
Investment in Mutual - 230
Funds
Total 680 909
Current Investments - -
Non Current 680 909
Investments
Aggregate value of 680 909
unquoted
Note: Investment in
investments
Listed Scrips (Valued
at Fair Market Value
Investments
& the differencein is
Unlisted
ParticularsCompanies: As at March 31, 2023 As at March 31, 2022
(i) Subsidiaries
a) Nalco Metal 76 76
Products Limited,
b) MDL Industries 210 210
Maravankulam
Limited,
(ii) of other
75,500 entities
Equity Shares
Maravankulam
a) Pandian
21,03,500 equity 129 129
Chemicals Limited,
b) Aluminium 35 35
MaduraiCompany
Powder 95,760
Total
equity of Rs. 450 450
Limitd,shares
Melakkottai
94,520 Equity shares
Investments in Listed
Companies: Rs. in Lakhs
Particulars As at March 31, 2023 As at March 31, 2022
a) Asian Paints Ltd - 6 6
200Bajaj
b) shares
Electricals 21 21
Ltd - 1700 shares
c) Blue Star Ltd - 14 14
1500 shares
d) Dr Reddys 9 9
Laboratories
e) HCL TechnologiesLtd - 19 19
200
Ltd -shares
1600 shares
f) Hero Motocorp Ltd 2 2
-g)100 shares
Hindalco 5 5
Industries Ltd -
h) Indian Overseas 15 1000 15
shares
Bank - 80900 shares 10
i) Intellect Design 10
Arena Ltd - 1500
j) ITC Ltd - 6000 13 13
shares
shares
k) Larsen & Toubro 34 24
Ltd - 1885 shares
l) Mahindra & 7 7
Mahindra Ltd -
m) SJVN Ltd - 18000 5 800 5
shares
shares
n) State Bank of India 10 7
-o)2000
Sun shares 3 3
Pharmaceutical
p) Suzlon Energy Ltd - - 16
Industries
160000 Ltd - 300
shares
q)TATA
shares Motors Ltd - 14 10
3000
r) TATAshares
Steel Ltd - 8 8
7000 shares
s) The India Cements 5 5
Ltd - 2500
t) The Ramco shares 4 4
Cements Ltd - 600
shares
u) TVS Motor 3 3
Company Ltd - 500
v) Whirlpool of India 14 14
shares
LtdYes
- 800 shares
w) Bank Ltd - 9 9
70000
Total shares 230 229
Note: The Fair 247 230
market value of
above investments as
Investments
at end of thein year is
Mutual Funds:
Particulars As at March 31, 2023 As at March 31, 2022
a) SBI Balanced - 200
Advantage
b) SBI Equity- Direct
Hybrid - 30
Growth (1959846
Fund Regular Growth
units)
(15077 units)
Total - 230
Note: The Fair - 237
market value of
above investments as
5
at(B)
endOther
of thefinancial
year is
assets - Non-current
Particulars As at March 31, 2023 As at March 31, 2022
Security deposits 317 257
Total 317 257

6. Other non current

assets Rs. in Lakhs
Particulars As at March 31, 2023 As at March 31, 2022
Non-current
(unsecured,
Capital Advances 426 337
considered good
Total
unless otherwise 426 337

7. Non-current tax
assets
Particulars As at March 31, 2023 As at March 31, 2022
Deferred tax assets 456 359
Total 456 359

8. Inventories
Particulars As at March 31, 2023 As at March 31, 2022
Raw Materials and 2,084 2,225
packing
Goods inMaterials
Transit (at 49
cost)
Work-in-progress (at 2,044 2,434
cost)
Finished Goods (at
cost)
FG - Manufactured 1,935 2,360
FG - Traded 40 62
Stores, spares and 648 687
loose
Total tools (at cost) 6,800 7,768
9. Trade
Receivables Rs. in Lakhs
Particulars As at March 31, As at March 31,
Trade Receivables 2023
3,053 2022
3,759
-Less:
Unsecured
Allowance - -
for credit
Total loss 3,053 3,759

Trade Receivables
Ageing schedule - Outstanding for
Particulars
March 31,2023 following
Not Due periods Less than 6 6 months - 1 year 1-2 years
from due date of months
Undisputed Trade payment
1,448 1,558 16 13
Receivables -
Undisputed Trade - - - -
considered
Receivables good
-
Disputed Trade - - - -
considered
Receivables -
Disputed
doubtful Trade - - - -
considered
Receivablesgood
- 1,448 1,558 16 13
considered
doubtful
Trade Receivables
Ageing schedule - Outstanding for
Particulars
March 31,2022 following
Not Due periods Less than 6 6 months - 1 year 1-2 years
from due date of months
Undisputed Trade 2,750payment 851 107 31
Receivables -
Undisputed Trade - - - -
considered
Receivables good
-
Disputed Trade - - - -
considered
Receivables -
Disputed Trade
doubtful - - - -
considered
Receivablesgood
- 2,750 851 107 31
considered
doubtful
Note:
The Company sells
goods
10. Cashonand
advance
cash
payment
equivalentsterms. In
Particulars
cases of customers As at March 31, As at March 31,
Cash and cash 2023 2022
equivalents
Balances with 758 1,509
Banks
Cash on hand 10 16
Sub-total 768 1,525
Other bank
balances
Deposit accounts
- Less than 3 464 401
months
- More than 3 13,880 5,948
months and less
Unpaid Dividend - -
than 12 months
account
Margin Money 76 218
Deposits
Sub-total 14,420 6,567
Total 15,188 8,092

11. Other financial

assets - Current
Particulars As at March 31, As at March 31,
2023 2022
Investments in 18 9
Listed Scrips
Advance to at fair 19 17
value through
employees
Total
other 37 26

12. Other current

assets
Particulars As at March 31, As at March 31,
Balances with 2023
631 2022
645
government
Advance Tax 146 394
authorities
Prepaid Expenses 270 244
Duty Credit Scrip 18 -
Advance to 111 641
Suppliers
Other receivables 207 137
Total 1,383 2,061
 Total
2-3 years More than 3 years
1 - 3,036
- - -
- -
- 17 17
1 17 3,053

Total
2-3 years More than 3 years
- 1 3,740
- - -
- -
2 17 19
2 18 3,759
13. Equity share capital
Rs. in Lakhs
Particulars As at March 31, 2023 As at March 31, 2022
Authorised Share 2,500 2,500
Capitalcapital
Issued 25,00,000 2,430 2,430
equity
24,30,000shares of
equity
Subscribed and fully Re 2,430 2,430
100/-
shares each
of24,30,000
Reand
100/-
paid Up
Subscribed noteach - -
equity
Total shares
fully paid
Equity of Re
Upshare
equity 2,430 2,430
100/-
shares each - (A)
capital (A) + (B) each
of Re.100/-
- (B)
13.1 Reconciliation of
the shares outstanding
Subscribed and fully March 31, 2023 March 31, 2022
at the beginning and at No.
paid Rs. in Lakhs No.
the end of the
At the beginning of the 2,430,000 2,430 2,430,000
year
Issued during the year- - - -
Bonus issue at the end 2,430,000
Outstanding 2,430 2,430,000
of the year
13.2 Rights attached to
Equity Shares has only
The Company
one
In theclass
eventof equity
of
shares having
liquidation par value
of the
of Re.100 per
Company, share.
13.3 Details of holders
the
of equity shares will be
Shareholders
Equity Shares holding
of Rs. March 31, 2023 March 31, 2022
more than
100/- each 5held
% shares
by % Holding No. % Holding
of the Company:
Smt. Thilagavathy 11.7 284,303 11.7
Ravindran
M/s. Arunsankar 5.79 140,664 5.79
Enterprises Pvt. Ltd 17.49 424,967 17.49

13.4 The company has

not issued
13.5 There any
are bonus
no
shares
shares during
reserved the
13.6 Disclosure of for
period of
issue under
Shares five
held byyears
anythe As at March 31, 2023 As at March 31, 2022
options.
promoter at the end of
Promoter Name No. of Shares % of Total Shares No. of Shares
the year as on 31
1) Sri. M. Ramalingam 645 0.027 645
2) Sri A. Ramamurthy 34521 1.421 34521
3) Sri S. Annamalai 21578 0.888 21412
4) Sri C. Gunasingh 11198 0.461 11198
Prithiviraj
5) Sri A. Tenzing 13025 0.536 13025
6) Sri D. Singaravel 10213 0.42 10213
7) Sri V. Ayyan 34544 1.422 103782
Kodiswaran
8) Sri G. Abiruben 54395 2.238 54395
9) Sri Yennarkay R 55076 2.267 55076
Rajarathnam
10) Sri Yennarkay R. 55076 2.267 55076
Selvarathnam 290271 11.945 359343
Rs. in Lakhs
2,430
-
2,430 17899
10836.38206

RAVINDRAN RAJARATNAM
VAIRAPRAKASAM KODISWARAN
No. NAGARAJAN NATARAJAN
284,303 GUNASINGH CHELLADHURAI
140,664 DHANASEKARAPANDIAN SINGARAVEL
424,967 SUGUNA RAVICHANDRAN
ANNAMALAI SANKARALINGAM
ARUNACHALAM TENZING
AYYANADAR RAMAMURTHY
GRAHADURAI ABIRUBEN
RAVINDRAN YENNARKAY SELVARATHNAM
% of Total Shares % Change during the AVUDAIAPPAN KASIRAJAN
0.027 year
- PANNEER SELVAM SENTHILKUMAR
1.421 - GANESH GOMATHI MEENAKSHI
0.881 0.01 ARUMUGASAMY KARTHISWARAN
0.461 -
0.536 -
0.42 -
4.271 -0.67
2.238 -
2.267 -
2.267 -
14.788
7062.61794

55076
103782
0
11198
10213
0
21412
13025
34521
54395
55076
0
0
0
0
14. Other equity Rs. in Lakhs
Rs. in Lakhs
Particulars As at March 31, As at March 31,
Revaluation 2023
592 2022
592
Reserve
General Reserve 10,896 10,800
Investment - 81
Allowance
Special State - 15
(Utilised)
Capital Reserve
Subsidy
Retained 21,830 16,412
Earnings
Total 33,318 27,900
Rs. in Lakhs
Particulars As at March 31, As at March 31,
14.1 Revaluation 2023 2022
reserves
Opening balance 592 592
Add / Less:
Adjustments
Closing balance 592 592
during the year
14.2 General
Reserve
Opening balance 10,800 10,800
Add / Less: 96 -
Adjustments
Closing balance 10,896 10,800
during the year
14.3 Investment
Allowance
Opening balance 81 81
(Utilised) Reserve
Add / Less: -81 -
Adjustments
Closing balance - 81
during the year
14.4 Special State
Capital
OpeningSubsidy
balance 15 15
Add / Less: -15 -
Adjustments
Closing balance - 15
during the year
14.5 Retained
earnings
Opening balance 16,412 12,002
Add / Less:
Adjustments
Net profit for the 6,624 5,615
during
currentthe
yearyear
Remeasurement 9 10
of Investment
Amount available 23,045 17,627
for appropriation
Less:
Appropriations
Dividend Paid 1,215 1,215
Tax on dividend - -
Transfer to - -
General
Total reserve 1,215 1,215
appropriations
Closing balance 21,830 16,412
15. Deferred tax Rs. in Lakhs
liability/ (Assets)

Particulars As at March 31, As at March 31,

2023 2022
Deferred tax
liability relating
others
to: - -
- -
(A) - -
Deferred tax
asset relatingon -456
Depreciation -359
to:
fixed
(B) assets -456 -359

Following is the
analysis of the
For the year
deferred tax
ended
(asset) March 31,
/ liabilities
2023:
Particulars Opening Balance Recognised in Recognised in Closing balance
profit & loss other
Deferred tax comprehensive
liability
Others relating - - income
- -
to:
(A) - - - -
Deferred tax
asset
Expensesrelating to - - - -
allowed
MAT Creditunder - - - -
IT on payment
entitlement
Depreciation
basis on 359 97 - 456
fixed assets
Cash Flow - - - -
Hedge
Financial - - - -
assets/liabilities
(B) 359 97 - 456
carried at
Deferred
amortised taxcost -359 -97 - -456
liability/(assets)
(Net) (A-B)
For the year
ended March 31,
Particulars
2022: Opening Balance Recognised in Recognised in Closing balance
profit & loss other
Deferred tax comprehensive
liability
Others relating - - income
- -
to:
(A) - - - -
Deferred tax
asset relating to -
Expenses - - -
allowed under -
MAT Credit - - -
IT on payment
entitlement
Depreciation
basis on 267 92 - 359
fixed assets
Cash Flow - - - -
Hedge
Financial - - - -
assets/liabilities
(B) 267 92 - 359
carried at
Deferred
amortised taxcost -267 -92 - -359
liability/(assets)
(Net) (A-B)
16. Trade payables
Rs. in Lakhs
Particulars As at March 31, As at March 31,
Trade Payables 2023 2022
-to MSME 33 565
- Other Trade 601 852
Payables
Total 634 1,417
Note: Disclosures
required
There under
are no
Section
overdues 22toofMSME
the
Micro, Small and
as at 31.3.2023.
Trade
HencePayables
no interest
Ageing schedule- Outstanding for
Particulars
March 31,2023 following
Not Due periods Less than 1 year 1-2 years 2-3 years
from due date of
MSME 30
payment 3 - -
Others 439 157 2 1
Disputed dues- - - - -
MSME
Disputed dues- - - - -
Others 469 160 2 1

Trade Payables
Ageing schedule-
Particulars Outstanding for
March 31,2022 following
Not Due periods Less than 1 year 1-2 years 2-3 years
from due date of
MSME 242
payment 323 - -
Others 587 261 1 2
Disputed dues- - - - -
MSME
Disputed dues- - - - -
Others 829 584 1 2

17. Other financial

liabilities-Current
Particulars As at March 31, As at March 31,
Investor Education 2023
- 2022
-
& Protection
- Unclaimed Fund - -
shall be credited by
dividend
following amount - -
Interest free 81 77
security deposits
Accrued Salaries - -
from
and customers
TotalBenefits 81 77

18. Provisions-
Current
Particulars As at March 31, As at March 31,
Provision for 2023
185 2022
303
expenses
Total 185 303

19. Current tax

liabilities
Particulars As at March 31, As at March 31,
Provision for 2023
- 2022
-
Income
Total tax - -

20. Other current

liabilities
Particulars As at March 31, As at March 31,
Advances received 2023
688 2022
695
from customers
Sales Tax Provision 78 203
Statutory dues 191 89
payable
Other Payables 3 10
Total 960 997
 Total
More than 3 years
- 33
2 601
- -
- -
2 634

Total
More than 3 years
- 565
1 852
- -
- -
1 1,417
21. Revenue from
Operations
Rs. in Lakhs
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
(a) Sale of 58,706 51,728
Products:
Sale of Products
comprises:
(i) Manufactured 53,176 47,634
Goods
(ii) Traded 5,530 4,094
Goods
(b) Other
operating
(i) Processing 29 24
revenue:
Charges Received
(ii) Export Benefits 53 108
(iii) Wind Power 151 130
sales
Revenue from 58,939 51,990
Operations

Note:
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Export of Goods 10,709 11,310
calcuated on FOB
basis:
22. Other Income
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Interest Income
on
- Bank Deposits 559 414
- Other deposits 13 9
Dividend Income 1,190 323
Captive Power 938 850
Generation -
Captive Power Wind 359 5
Generation - Solar
Profit on Shares/ 15 -
Mutual
ForeignFunds
Exchange 161 142
Fluctuation
Royalty 1 1
Recoveries and 129 5
others
Total 3,365 1,749
Note 23. Cost of
materials
23A Rs. in Lakhs
consumed
Particulars For the year For the year
Cost of ended
35,211March ended
32,451March
31, 2023 31, 2022
material
Total 35,211 32,451
consumed
23B: Purchase
of traded
Particulars For the year For the year
goods: ended
Purchase of 5,449 March ended
3,634 March
31, 2023 31, 2022
traded
Total goods 5,449 3,634
during the
year
23C: Value of
imports
Particulars For the year For the year
calculated on ended
Raw materials
CIF basis: 1824 March ended
1,618 March
31, 2023 31, 2022
Machinery/ 28 54
Test
Components - -
Equipments
Spare
Total parts 1,852 1,672

23D: Details of
consumption
Particulars of For the year For the year
imported and ended
Imported
indigenousRaw 1,824 March ended
1,618 March
materials, 31, 2023 31, 2022
5% 5%
Spares &
Indigenous 33,387 30,833
Components
(including 95% 95%
through
Total 35,211 32,451
canalised
24. Changes in
Inventories of
Finished Goods, Rs. in Lakhs
Stock in trade and
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Opening stock
Traded Goods 62 65
Work-in - Progress 2,434 2,100
Finished Goods 2,360 1,892
Sub-Total 4,856 4,057
Closing stock
Traded Goods 40 62
Work-in - Progress 2,044 2,434
Finished Goods 1,935 2,360
Sub-Total 4,019 4,856
(lncrease)/ 837 -799
Decrease in
inventories of
25. Employee
finished goods,
Benefits Expense
Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Salaries, wages and 1,896 1,694
bonus
Contribution to 310 240
provident and other
Staff
fundswelfare 469 399
expenses
Total 2,675 2,333

26. Finance Costs

Particulars For the year ended For the year ended
March 31, 2023 March 31, 2022
Interest expenses 5 5
Bank charges 26 26
Total 31 31
27. Other Expenses
Rs. in Lakhs
Particulars For the year ended For the year ended
Power and fuel March
2,150 31, 2023 March
1,951 31, 2022
Packing Charges & 302 288
Consumption of
Manufacturing 754 714
Packing
Sundries Materials
Laboratory Chemicals 15 20
& Expenses
Research & 9 17
Development
Repairs &
Expenses
maintenance
Plant and machinery 429 385
Buildings 193 184
Vehicles 52 49
Others 23 24
Freight and 1,384 1,867
Forwarding
Wind farm Expenses 519 343
Solar farm Expenses 49 -
Rent 97 79
Rates and taxes 70 118
Insurance 128 112
Printing and 24 21
stationery
Legal and professional 109 97
expenses
Target discount on 196 170
sales
Rebate on Sales 78 53
Advertisement and 67 3
sales promotion
Payment to the 7 7
expenses
auditors
Travelling and 156 96
conveyance
Communication 18 23
expenses
Security Charges 108 88
Donation - 35
Sitting Fees 46 47
Commission to 74 56
Directors
Subscription & 9 8
Membership
Seminar Fees
& Delegation - 1
Fees
Sponsorship - 7
Books & Periodicals 2 1
Miscellaneous 173 35
expenses -
Total 7,241 6,899

Particulars For the year ended For the year ended

Payment to Auditors March 31, 2023 March 31, 2022
(excluding tax)audit
- Statutory as 6 6
Auditor:
fee -
- For taxation 1 1
matters
Total 7 7

Expenditure in
Foreign Currency:
Particulars For the year ended For the year ended
Commission March
70 31, 2023 March
44 31, 2022
Bank Charges 9 9
Travelling Expenses 21 1
Others 19 6
Total 119 60
28. Other
Comprehensive Income
(OCI)
The disaggregation of
changes to OCI by each Rs. in Lakhs
type of reserve in
equity is shown below: For the year ended
Particulars For the year ended
Items not to be March 31, 2023 March 31, 2022
reclassified to Profit or
Retained Earnings:
Loss:
Remeasurement gains / 17 8
(losses)
Total on Listed Shares 17 8
& Mutual Funds

29. Earnings per share

(EPS)
Particulars For the year ended For the year ended
Basic and diluted EPS March 31, 2023 March 31, 2022
computations:
Profit available for 6,633 5,625
equity
Weightedshareholders
average 2,430,000 2,430,000
number
Face value equity
of of each 100 100
shares
equity in computing
share (Rs.)
Earnings
basic andper shareEPS
diluted - 272.96 231.48
Basic (Rs.)
- Diluted (Rs.) 272.96 231.48
30. Taxes
(a) Income tax expense:
The major components of
income
(I) Incometaxtax
expenses for
recognised
the
in year ended March
Profit or Loss: 31,
Particulars
2023 and for the year For the year ended March For the year ended March
Net current tax expense 31, 2023
2,220 31, 2022
1,860
Adjustment of tax relating 74 3
to earlier tax
Deferred years -97 -92
(credit)/charge
- MAT credit entitlement - -
Net deferred tax charge -97 -92
Total income tax expense 2,197 1,771
recognised in statement
of Profit & Loss

(b) Reconciliation of
effective
Particularstax rate: For the year ended March For the year ended March
Profit Before Tax (A) 31, 2023
8,821 31, 2022
7,386
Expected tax expense 2,220 1,860
using the Company's
Tax Effect of:
applicable rate
- Adjustments recognised 74 3
in the current
- Others year in
- Changes in -97 -92
relation to
recognised the current
Income tax temporary
income expenses
of prior years. 2,197 1,771
differences
recognised in statement
of profit or loss
Note: The tax rate used
for the year ended March
31, 2023 and March 31,
2022 reconciliations
31. Commitments (INR in Lakhs)
and Contingencies
a. Contingent
Liabilities
Particulars As at March 31, As at March 31,
1. Sales Tax, 2023
28.1 2022
28.1
interest and
2. Sales Tax & penalty - 87.89
under
penalty Delhi
underVAT Act
3. Sales
2004. Tax &
Appellate - 217.78
TNVAT
penalty Act for the
under
4. Sales
year Tax & Writ -
2006-07. 98.99
TNVAT
penalty Act for the
under
5. Sales
year Tax
2007-08. & 70.49 70.49
TNVAT
penalty Act for Writ
under the
6. Sales
year Tax & Writ 57.76
2008-09. 57.76
TNVAT
penalty Act for the
under
7. Sales
year Tax
2012-13. & 4.9 4.9
TNVAT
penaltyAct for The
under the
year
TNVAT 2012-13.
Act for The
the
b. Commitments
year 2013-14. The
Estimated amount
of contracts
c. Guarantees
remaining to be
The company
executed has
on capital
submitted Counter- Rs. in Lakhs
Guarantees to
Particulars
Bank, in respect of Mar'23 Mar'22
Sathish Dhawan 8.21 14.99
Space Center Shar
Ordnance Factory 3.89 4.59
Sirharikota
High Energy 2.63 -
Material Research
Defence Research - 6.46
Laboratory
and Development 5
Sail Refractory 10
Organisation
Company
Vikaram Sarabhai 17.76 -
Space
PCA FYS Centre 13.31 -
Advanced Center 7.06
for Energetic
Munitions India Ltd, 6.21 -
Materials
Ordnance Factory
Total 64.07 36.05

d. Financial and
Derivative
Forward contract
Instruments
entered
Nominalinto by the
amount of
company
forward and
contracts
is Rs.706
outstandingLakhs
as on
entered
(previous into byRs.
year the
33. Leases
company and
1,243 Lakhs). There
(i)
is noOperating Lease
Derivative
Commitments - The Rs. in Lakhs
company, as lessee
Particulars
has entered into As at March 31, As at March 31,
Within one year 2023
52.2 2022
52.2
After one year but 208.8 208.8
not
More more
thanthan
five five 559.52 611.72
years
years
Total 820.52 872.72

(ii) Finance lease

commitments —
(iii) Operating lease
The Company
commitments — has
not
The entered
Company into
has
not leased out any
34. Segment
Reporting
The company has
presented
segment
information in the
35 Related party
disclosures List of related
a) parties where
Subsidiaries
i) control exists
Nalco Metal
ii) Products
MDL Limited
Industries
b) Limited
Associates
i) Pandian
ii) Chemicals
Aluminium
c) Limited
Powder
Key
i) Company
Management
Sri Limited
A. Kasirajan,
ii) Personnel
Chief
Sri Executive
P. Senthil
iii) Officer
Kumar, Chief
Sri S. Senthil
iv) Financial
Murugan,
Sri A. Chief
v) Officer(till
Financial
Karthiswaran,
Smt. Gomathi
d) Officer(from
Company
Meenakshi,
Other Related
1 Secretary
Meenakshi(till
Company
Parties
2 Secretary
Ayyan (from
Match Fireworks
Industries
3 Factory
Jasmine Match
4 Works
The Raj Match
5 Works
Standard Match
6 Industries
The South Private
Indian
7 LimitedFireworks
Lucifer
Ayyan Match
8 works
Factory
StandardPrivate
9 Limited
Fireworks
Graham Match Private
10 Limited
Works
Jothirenga Match
11 Works
National Paper
12 Caps factory
Kamathenu
13 Match Match
Gowri Industries
14 Factory
The Hind
15 Matches
Vel Matches Private
16 Limited
Private
SivanayakiLimited
Stores
17 Lily Pins Private
18 Limited
Meena Match
19 Industries
The Ayyan colour
20 match
Pioneerworks
Xenergy
21 Private Limited
The Supreme
22 Match Works
Pretam Match
23 Company
Arun Match
24 Works
Janaki Packaging
25 Private
PioneerLimited
Overseas
26 Private
Saravana Limited
Match
27 Industries
The Standard
28 ColorBell
The Match
Match
29 Works
Company
The Aruna
30 Papercaps
Ayyans Sparklers
31 Industries
Private
Chellsons Limited
32 Packaging
The Pioneer Private
33 Limited
Match
The works
Evergreen
34 Looms
Tamilnad
35 Mercantile
Mepco Bank
Schlenk
36 Limited
Charities
Sakthi Match
37 works
Karaikal
Chlorates (Unit
of Mepco
Industries
38 Pioneer Wincon
39 Energy
Mepco system
Schlenk
e) Private Limited
Engineering
The above
College
information
f) regarding
Particularsrelated
of
parties have and
transactions Rs. in Lakhs
balances with
Revenue from 2022-23 2021-22
related
Standard parties
Operations: 470.2 337.57
Fireworks Private 222.05
Ayyan Fireworks 193.55
Limited
Factory Private 13.76
Meenakshi 9.15
Limited
Match Fireworks
Ayyan Industries 10.84 33.29
Factory
Jasmine Match 6.51 3.91
Works
The Raj Match 9.17 6.21
Works
Meena Match 5.55 4.15
Industries
Standard Match 120.57 124.42
Industries
The South Private
Indian 7.72 5.44
Limited
Lucifer Match
Graham Match 10.92 8.31
works
Works
Jothirenga Match 6.51 4.34
Works
National Paper 3.79 4.69
Caps
Sakthifactory
Match 5.11 3.52
works
Kamathenu 15.48 17.65
Match Match
Gowri Industries 3.89 2.48
Factory
The Hind 85.94 57.64
Matches
Vel MatchesPrivate 23.59 11.84
Limited
Private Limited 6.08
The Supreme 5.78
Match Works
Sivanayaki stores 6.42 3.92
The Aruna Paper 4.72 4.12
Caps Industries
Pretam Match 6.09 3.75
Company
Arun Match 10.83 5.99
Works
Pioneer Overseas 286.35 242.77
Private
Saravana Limited
Match 34.42 26.53
Industries
The Pioneer 0.84 0.47
Match
The Bellworks
Match 1.33 6.49
Company
Ayyans Sparklers 12.18 8.71
Private
ChellsonsLimited 0.7 0.62
Packaging
Karaikal Private 18.31 4.73
Limited
Chlorates
The Standard(Unit 9.35 7.36
of
TheMepco
ColorAyyan
Match Colour 4.02 3.01
Industries
Works
Match Works
Pioneer Jellice - -
India Private
Mepco Schlenk 55.37 46
Limited
Charities
Aluminium 119.68 39.8
Powder
Nalco Metal 516.95 375.35
Company Limited 0.01
Products Limited
Pandian 0.07
Chemicals
MDL Industries 0.02 0.05
Limited
Total 2,115.27 1,613.68

Purchase of 2022-23 2021-22

Goods and
Standard 20.42 12.53
Services:
Fireworks
Ayyan Private 4.35
Fireworks 3.25
Limited
FactoryFireworks
Ayyan Private 0.61 0.66
Limited
Factory
Kamathenu - -
Match Industries
The Hind 0.86 0.73
Matches Private 57.45
Janaki Packaging 51.5
Limited
Private Limited
Chellsons - 0.82
Packaging Private
The Evergreen - 0.06
Limited
Looms
Aluminium 2,597.37 1,887.33
Powder
Nalco Metal 3,608.63 2,366.96
Company
Products
The Limited
AyyanLimited
Colour 0.1 0.04
Match Works
Sivanayaki Stores 0.17 0.05
MDL Industries 0.09 0.03
Limited
Pioneer Wincon 418.88 1,126.94
Energy
Pioneersystem
Xenergy - 599
Private
Lily pinsLimited
Private 2.89 -
Limited
Total 6,711.82 6,049.90

Corporate Social 2022-23 2021-22

Responsibility
Mepco Schlenk 50 50
Expense:
Engineering
College
Expenses 2022-23 2021-22
recovered
Aluminium 0.48 0.48
Powder
Nalco Metal 1.69 1.58
Company
Products Limited
Limited
MDL Industries 0.38 0.38
Limited
Mepco Schlenk 1.18 -
Charities 3.73 2.44

Expenses 2022-23 2021-22

reimbursed
Nalco Metal 63.29 31.39
Products Limited
Rent Payment: 2022-23 2021-22
Tamilnad 0.23 0.19
Mercantile
MDL Bank
Industries 61.6 35.29
Limited 61.83 35.48

Outstanding 2022-23 2021-22

Receivables:
Standard 25.88 20.63
Fireworks
Ayyan Private 0.43
Fireworks 3.7
Limited Xenergy 170.98
Factory
Pioneer 93.95
Private
PioneerLimited
Wincon - 222.53
Energy
Ayyans system
Sparklers - 2.97
Private Limited 0.23
Mepco Schlenk 6.06
Charities
The Ayyan Color - 0.46
Match Works
Tamilnad - 0.02
MercantileMetal
M/[Link] Bank 1.71 -
Ltd
Products
Total Limited, 199.23 350.32
Nilakkottai
Outstanding 2022-23 2021-22
Payables:
Aluminium 7.91 198.7
Powder
Nalco Metal 3.61 370.06
Company
Products Limited
Limited
The Raj Match 0.01 0.19
Works
The Bell Match - 0.48
Company
Gowri Match - 0.11
Factory
Jasmine Match 0.01 0.11
Works
Jothirenga Match 0.01 0.12
Works
Kamathenu 0.05 0.04
Match Industries
National Paper - 0.22
Caps
PretamFactory
Match 0.01 0.16
Company
The Aruna Paper - 0.18
Caps Inds
The Graham 0.01 0.04
Match Works
The Sakthi Match - 0.11
Works
The South Indian 0.01 0.03
lucifer Match
Jumbo Fireworks 0.03 -
IndiaMatches
Vel Private 0.11 0.04
Limited
Private
The Limited 0.01
Supreme 0.16
Match Works
Arun Match 0.02 0.17
Works
The Standard - 0.03
Colour Match
Meenasankar 0.09 -
Works
Match industries
Meena Match - 0.02
Private Limited
Industries
Pioneer Wincon 7.48 -
Energy
The Lotussystem
Scores 0.17 0.23
Private
and Limited
Screens
Sivanayaki Stores 0.05 0.07
Janaki Packaging - 5.19
Private
Sri Limited 0.63
Kaliswari 0.35
Fireworks
Ayyan Private 91.63
Fireworks 39.19
Limited
Factory
Asia MatchPrivate 0.6 0.16
Limited
Company Private 1.19
Standard Match 0.85
Limited
Industries Private 0.34
Pioneer Overseas 0.8
Limited
Private Limited
Ayyans Sparklers 0.3 -
Private
The Limited
Ayyan Color 0.11
Match
The HindWorks 0.02 0.19
Matches
Total Private 114.41 618
Limited
The
compensation of
directors
Compensationand of 2022-23 2021-22
other member
sittingof 69.98
Key Managerial
Directors 64.43
Personnel
fees & Expenses
Purchase of - -
goods
Salary and
to KMP 178.28 152.93
services 248.26 217.36
36. Hedging
activities
The Companyand
derivatives
has no foreign
currency
a) The year end
denominated
foreign currency
Particulars Currency 31-Mar-23 March 31, 2022
exposures that
have not been Amount in Amount in INR Amount in Amount in INR
Trade USD Foreign Currency Foreign Currency
19.99 1,637.86 27.64 2,065.58
receivables
Trade payables USD 2.01 166.68 - -
Capital Creditors USD - - - -
Payable

b) Foreign
currency
The Company is
sensitivity:
mainly exposed Currency
Particulars Change in rate Effect on profit
to fluctuations in before
US Dollar. The Increase Decrease Increasetax Decrease
31-Mar-23 USD 5% 5% 90.23 -90.23
31-Mar-22 USD 5% 5% 103.28 -103.28
Effect on equity
Increase Decrease
90.23 -90.23
103.28 -103.28
37. Fair Values
Set out below, is a
comparison by
class of the
carrying amounts Carrying value Fair value
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Financial assets
Financial assets at
fair value through
a) Derivative
profit & loss: - -
assets
Financial assets at
fair value through
b) Investments
other
comprehensive
-Equity 230 229 247 230
instruments
-Mutual
(Quoted Funds
Scrips) - 230 - 237
Financial assets at
amortised cost:
a) Trade 3,053 3,759 3,053 3,759
receivables
b) Cash and cash 15,188 8,092 15,188 8,092
equivalents
d) Other financial 37 26 37 26
assets
e) Investments
-Equity & 450 450 450 450
Preference Shares
Total Financial
(Unquoted Scrips) 18,958 12,786 18,975 12,794
assets
Financial liabilities
a) Trade payables 634 1,417 634 1,417
b) Other Financial 81 77 81 77
Liabilities
Total Financial 715 1,494 715 1,494
Liabilities

The management
assessed that
38.
trade Fair value
receivables,
hierarchy
cash
Leveland cash
1 - Quoted
prices
Level 2 - Inputs
(unadjusted) in
other
active3than quoted
markets for
Level
prices included for
- Inputs
the
withinassets or
Level 1 that
The following
liabilities that are
table based on the
provides
[Link]
Quantitative
fair value
disclosures
measurement fair
Particulars
value Date of valuation Fair Value as at Fair value
measurement March 31, 2023 measurement
Quoted
using prices in Significant
active markets observable Inputs
Financial assets (Level 1) (Level 2)
Financial assets
measured at fair
a) Investments in 31.03.2023
value 247 247 -
quoted equity
Financial
shares liabilities
Financial liabilities
measured at fair
value
-NIL- - - -
Significant
unobservable
inputs (Level 3)

-
-
39. Financial risk management objective and policies
The Company's principal financial liabilities, comprise loans and
borrowings,
a. Credit risk trade and other payables. The main purpose of these
financial liabilities is to finance its operation. The Company's principal
Credit
financialriskassets
is theinclude
risk that counter
trade party will
and other not meetcash
receivables, its obligations
and cash
under a financial instrument
Trade and other receivables or customer contract, leading to a financial
loss. Credit risk encompasses of both, the direct risk of default and the
The of
risk Company
deteriorationsells goods on advance
of credit worthiness payment
as wellterms. In cases of of
as concentration
customers with certain nature of products
Ind AS requires an entity to recognise in profit or loss, the where credit is amount
allowed,of the
average
expected credit
credit period
losses on such sale of goods ranges from
(or reversal) that is required to adjust the loss1 day to 45
Exposure
days to
depending credit risk:
allowance at theon the nature
reporting dateoftothe theproduct.
amountThe thatcustomer
is required credit
to berisk is
The company
recognised extends credit
in accordance with toInd
its customer
AS 109. The onCompany
discrete basis. While
assesses at the
major sales
b, Liquidity risk is done on "Advance or Cash & Carry mode", credit limit has
been extended to meet the trade demand, purely based on customer
Liquidity
credit risk refersThe
worthiness. to the riskexposure
Credit that the Company cannot meet
is in new market areas its
are
financial obligations
c. Market risk The objective of liquidity risk management is to
maintain sufficient liquidity and ensure that funds are available for use
Market risk is the riskThe
as per requirements. thatCompany
the fair value
manages or future cashrisk
liquidity flowsby of a
maintaining
financial instrument
I) Interest rate risk will fluctuate because of changes in market prices.
Such changes in the values of financial instruments may result from
Interest
changes rate in the risk is the currency
foreign risk that the fair value
exchange or future
rates, interestcash flows
rates, of a
credit,
financial instrument
II) Foreign Currency Risk will fluctuate because of change in market interest
rates. In order to optimize the Company's position with regards to
The fluctuation
interest incomein andforeign
interestcurrency
expenses exchange
and torates
manage maythehave potential
interest rate
impact on the
40. Capital managementstatement of profit or loss and other comprehensive
income and equity, where a transaction references more than one
The Company
currency or wheremanages
assetsits/ capital to are
liabilities ensure that it is able
denominated in ato continue as
currency
a going concern while maximizing the return to the stakeholders
through the optimization of the debt and equity balance. The Company
determines the amount of capital required on the basis of an annual
41.
Expenditure
Particulars As on March As on March
on
a) Amount 31,
Corporate 1182023 31,
92 2022
required
b) Amount to 156 58
be spent
spent by
during
c)
theAmount NIL 34
the year as
unspent
d) Total of NIL NIL
at year end
previous
e) reason for Not On-going
years
shortfall
f) nature of Applicable
unspent Promotion project.
Government
CSR Amount
g) details of of
activities 54 Educaton, school
50
transferred
related Promotion infrastructur
h) whereparty a NIL
of NILCovid-19
e,
transactoins
provision is
in relation
made withto
42.
respect to a
Additional
a. The title
Disclosures
deeds of isall
b. There
the
no benami
c. The
immovable
property
company
d. The
held by the
has no
company
e. The is
borrowings
not declared
company
f.
as There
willfulis no
has no to
charges
g. The
relationship
be
company
43. Previous
registered/
has
Year no
Figures
Previous
crypto
year's
figures have
been
32: Employee Benefits
DEFINED CONTRIBUTION PLAN
Provident Fund:
The contributions to the Provident Fund and
Family
DEFINED Pension
BENEFIT Fund
PLAN of certain employees are
made to a government-administered Provident
1. Gratuity:
Fund and there are no further obligations
In accordance with applicable Indian laws, the
Company has a defined benefit plan which
provides for gratuity payments (the "Gratuity
The
Plan")liability
and coversfor the Defined Benefit
all categories Plan is
of employees.
provided on the basis on a valuation,
These plans ensure fixed liability towards the using the
Projected
Gratuity Unitoperated
Plan Credit Method,
by LIC as atthe
and theCompany
Balance
Investment
Sheet date, risk:
carriedTheout present
by anvalue of the
Independent
does
defined not expose
benefit them
plan to actuarial
liability is risks such
calculated usingasa
Interest risk:risk,
investment A interest
decreaserate in risk,
the bond
longevityinterest
risk,
discount
rate rate
will increasewhichthe is determined
plan liability; by reference
however, this
Longevity
to market risk: The present
yields offset
at thebyend value of the
ofincrease defined
the reporting
will be
benefit partially
plan The
liability an
is calculated by reference in the
to
Salary on
return risk:
the present
plan's value of
investments. the defined
the
benefitbest
planestimate
liability isof the
calculatedmortality
by of
reference plan
to
Provident
participants Fund: both of during and afterAs such, their
the future salaries plan participants.
Theincrease
an Company makes
in the salarycontributions, determined
of the plan participants
as a specified
Pension: percentage of employee salaries,
in respect of qualifying employees towards a
The Company
provident fund,does not have
which Pensioncontribution
is defined plan for
employees.
The liability for the Defined Benefit Plan is
provided
Basis Usedon to the basis ofExpected
Determine a valuation,
Rateusingof the
Projected
Return Unit
on Assets: Credit Method, as at the Balance
The expected
Sheet date, return
carriedon out plan assets
by Life of 6.69% p.a.
Insurance
has been considered based on the current
investment pattern in Government securities.
4. Amounts Recognised as Expense:
i) Defined Contribution Plan
Employer's Contribution to Provident Fund
amounting to 109.75
ii) Defined Benefit Plan Lakhs (previous year
100.66 Lakhs) has been included in Note 25
Gratuity
Employeecost amounting
Benefits [Link] 166.49 Lakhs (the
previous
5. The amounts recognized inhas
year’s 108.94Lakhs) thebeen included
Company's
in Note 25statements
financial Employee as Benefits
at theExpenses.
year-
end are as under :

([Link] Lakhs)
Particulars Gratuity
Year Ended March Year Ended March
[Link] in Present Value of Obligation 31, 2023 31, 2022
Present value of the obligation at the 575.67 570.22
beginning of the year
Current Service Cost 41.53 41.98
Interest Cost 40.71 37.2
Contribution by Plan Participants - -
Actuarial (Gain) / Loss on Obligation due to 100.45 -14.79
change in financial assumptions
Actuarial (Gain) / Loss on Obligation due to
experience adjustments - -
Actuarial (Gains)/Losses on Obligations -
Due to Change in Demographic Assumptions - -
Benefits Paid -26.57 -58.95
Present value of the obligation at the end of the year 765.05 575.67
[Link] in Plan Assets
Fair value of Plan Assets at the beginning of the year 594.36 477.04
Expected return on Plan Assets 49.69 35.55
Actuarial (Gain) / Loss on Plan Assets -0.33 2.33
Contributions by the Employer 182.89 138.38
Benefits Paid -26.57 -58.95
Fair value of Plan Assets at the end of the year 799.03 594.36
3. Amount Recognised in the Balance Sheet
Present value of Obligation at the end of the year 765.04 575.66
Fair value of Plan Assets at the end of the year 799.04 594.36
Net Obligation at the end of the year 33.99 18.7
4. Amount Recognised in the statement of
Profit & Loss
Current Service Cost 41.53 41.98
Interest cost on Obligation -7.97 1.65
Expected return on Plan Assets 48.69 35.55
Net Actuarial Loss or (Gain) recognised in the year -0.33 2.33
Net Cost Included in Personnel Expenses 81.92 86.87

Gratuity
Particulars Year Ended March Year Ended March
5. Amount Recognised in Other Comprehensive 31, 2023 31, 2022
Income
Actuarial(OCI)
Loss on Obligation For the Year Return
on Plan Assets, Excluding Interest Income Net 100.45 -14.78
Expense For the Period Recognised in OCI
0.33 -2.33
100.79 -17.12
6. Actual Return on Plan Assets 48.36 37.89
7. Estimated Contribution to be made in Next
Financial Year 150 100
8. Actuarial Assumptions
i) Discount Rate 7.19 % P.A. 7.24 % P.A.
ii) Expected Rate of Return on Plan Assets 7.19% P.A. 7.24% P.A.
iii) Salary Escalation Rate 6.50% P.A. 5.50% P.A.
iv) Average Duration of Defined Benefit
Obligations 9.1 years 8.9 years
The estimates of future salary increase,
considered
6. Sensitivityin actuarial valuation, take into
analysis
account of inflation, seniority, promotion, and
Reasonably
other relevantpossible changes
factors, such atasthe reporting
supply and
date to one of the relevant (` in actuarial
Lakhs)
assumptions, holding other assumptions
constant, would have Particulars
affected the defined Year Ended March 31, Year Ended March 31,
2023 2022
A. Discount Rate + 50 BP 7.69% 7.74%
Defined Benefit Obligation [PVO] 734.52 553.38
Current Service Cost 57.2 39.68
B. Discount Rate - 50 BP 6.69% 6.74%
Defined Benefit Obligation [PVO] 797.68 599.46
Current Service Cost 62.92 43.53
C. Salary Escalation Rate + 50 BP 7.00% 5.50%
Defined Benefit Obligation [PVO] 798.71 599.38
Current Service Cost 63.01 43.57
D. Salary Escalation Rate - 50 BP 6.00% 4.50%
Defined Benefit Obligation [PVO] 733.28 553.01
Current Service Cost 57.09 39.87
E. Attrition Rate + 50 BP 5.50% 5.50%
Defined Benefit Obligation [PVO] 767.06 580.09
Current Service Cost 60.04 41.92
F. Attrition Rate - 50 BP 4.50% 4.50%
Defined Benefit Obligation [PVO] 762.9 570.98
Current Service Cost 59.85 41.12
BP denotes "Basis Points"

The sensitivity analysis above has been

determined based on a method that
extrapolates the impact on defined benefit
7. Expectedasfuture
obligation benefit
a result payments changes
of reasonable of in
Gratuity
(` in Lakhs)

Expected Contributions in Following Years (mid-year Year Ended March 31, Year Ended March 31,
cash flows) 2023 2022
Year 1 NA NA
Year 2 NA NA
Year 3 NA NA
Year 4 NA NA
Year 5 NA NA
Next 5 Years NA NA
"NA " denoted " Not Available"
Expected Benefit Payments in Following Years
[Year
mid1- year cash flows ] 54.79 37.58
Year 2 73.67 58
Year 3 59.46 50.65
Year 4 57.57 56.94
Year 5 70.7 46.73
Next 5 Years 396.24 283.05
 73.88
657.91
Note No 32: Employee Benefits
DEFINED CONTRIBUTION PLAN
Provident Fund:
The contributions to the Provident Fund and Family Pension Fund of certain
employees are made to a government-administered Provident Fund and there are no
DEFINED BENEFIT PLAN
further obligations beyond making such contributions.
Gratuity:
In accordance with applicable Indian laws, the Company has a defined benefit plan
which provides for gratuity payments (the "Gratuity Plan") and covers all categories
of employees. The Gratuity Plan provides a lump sum gratuity payment to eligible
employees
The liabilityatforretirement
the Defined or Benefit
termination ofprovided
Plan is their employment.
based on aThe amountusing
valuation, of the the
Projected Unit Credit Method, as at the Balance Sheet date, carried out by an
These plans ensure
independent [Link] liability towards the Gratuity Plan operated by LIC and the
Company does not expose them to actuarial risks such as investment risk, interest
Investment risk: The
rate risk, longevity present
risk, valuerisk,
and salary of the defined
during the benefit
tenancyplan liability
of the Plan, iswhich
calculated
is
using
normallya discount
OneAyear. rate which
But the is determined
following by reference
risks arerate
undertaken to market
by the yields
LIC; at the end of
Interest risk: decrease in the bond interest will increase
the reporting period on government bonds. When there is a deep market for such the plan liability;
however,
bonds; if the thisreturn
will beonpartially offset
planvalue
asset by an increase
is below init the
this rate, will return
create on the plan's
a plan deficit. by
Longevity
investments. risk: The present of the defined benefit plan liability is calculated
reference to the best estimate of the mortality of plan participants both during and
Salary risk:employment.
after their The present value of the defined
An increase benefit
in the life plan liability
expectancy of the isplan
calculated
participantsby
reference
will to the future salaries
increase the plan's liability. of plan participants. As such, an increase in the salary
Provident
of the planFund:participants will increase the plan's liability.
The Company makes contributions, determined as a specified percentage of
employee salaries, in respect of qualifying employees towards a provident fund,
Pension:
which is defined contribution plan. The Company has no obligations other than to
make the specified
The Company does contributions.
not have a PensionThe contributions are charged to the statement of
plan for employees.
The liability for the Defined Benefit Plan is provided based on a valuation, using the
Projected Unit Credit Method, as at the Balance Sheet date, carried out by Life
Basis UsedCorporation
Insurance to Determineof Expected
India. Rate of Return on Assets:
The expected return on plan assets of 6.69 % p.a. has been considered based on the
current investment pattern in Government securities.
4 . Amounts Recognised as Expense:
i) Defined Contribution Plan
Employer's Contribution to Provident Fund amounting to 109.75 Lakhs (previous year
100.66 Lakhs) has been included in Note 25 Employee Benefits Expenses
ii) Defined Benefit Plan
Gratuity cost amounting to 166.49 Lakhs (the previous year’s 108.94 Lakhs) has been
included in Note 25 Employee Benefits Expenses.
5. The amounts recognized in the Company's financial statements as at the year-end
are as under:

Particulars Gratuity
Year Ended
March 31, 2023
1 Change in Present Value of Obligation
Present value of the obligation at the beginning of the year 575.67
Current Service Cost 41.53
Interest Cost 40.71
Contribution by Plan Participants -
Actuarial (Gain) / Loss on Obligation due to change in financial assumptions 100.45
Actuarial (Gain) / Loss on Obligation due to experience adjustments -
Actuarial (Gains)/Losses on Obligations - Due to Change in Demographic Assumptions -
Benefits Paid -26.57
Present value of the obligation at the end of the year 765.05
2 Change in Plan Assets
Fair value of Plan Assets at the beginning of the year 594.36
Expected return on Plan Assets 49.69
Actuarial (Gain) / Loss on Plan Assets -0.33
Contributions by the Employer 182.89
Benefits Paid -26.57
Fair value of Plan Assets at the end of the year 799.03
3 Amounts Recognised in the Balance Sheet:
Present value of Obligation at the end of the year 765.04
The fair value of Plan Assets at the end of the year 799.04
Net Obligation at the end of the year 33.99
4 Amounts Recognised in the statement of Profit and Loss:
Current Service Cost 41.53
Interest cost on Obligation -7.97
Expected return on Plan Assets 48.69
Net Actuarial Loss or (Gain) recognized in the year -0.33
Net Cost Included in Personnel Expenses 81.92
5 Amounts Recognised in Other Comprehensive Income (OCI):
Actuarial Loss on Obligation For the Year 100.45
Return on Plan Assets, Excluding Interest Income 0.33
Net Expense for the Period Recognised in OCI 100.79
6 Actual Return on Plan Assets 48.36
7 Estimated Contribution to be made in Next Financial Year 150
8 Actuarial Assumptions
i) Discount Rate 7.19 % P.A.
ii) Expected Rate of Return on Plan Assets 7.19% P.A.
iii) Salary Escalation Rate 6.50% P.A.
iv) Average Duration of Defined Benefit Obligations 9.1 years

The estimates of future salary increases, considered in actuarial valuation, take into
account of inflation, seniority, promotion, and other relevant factors, such as supply
6.
andSensitivity
demand in analysis
the employment market.
Reasonably possible changes at the reporting date to one of the relevant actuarial
assumptions, holding other assumptions constant, would have affected the defined
Rs. in Lakhs
benefit obligation by the amounts shown below.
Particulars Year Ended
March 31, 2023
A. Discount Rate + 50 BP 7.69%
Defined Benefit Obligation [PVO] 734.52
Current Service Cost 57.2
B. Discount Rate - 50 BP 6.69%
Defined Benefit Obligation [PVO] 797.68
Current Service Cost 62.92
C. Salary Escalation Rate + 50 BP 7.00%
Defined Benefit Obligation [PVO] 798.71
Current Service Cost 63.01
D. Salary Escalation Rate - 50 BP 6.00%
Defined Benefit Obligation [PVO] 733.28
Current Service Cost 57.09
E. Attrition Rate + 50 BP 5.50%
Defined Benefit Obligation [PVO] 767.06
Current Service Cost 60.04
F. Attrition Rate - 50 BP 4.50%
Defined Benefit Obligation [PVO] 762.9
Current Service Cost 59.85
BP denotes "Basis Points"
The sensitivity analysis above has been determined based on a method that
extrapolates the impact on defined benefit obligation as a result of reasonable
7. Expected
changes future
in key benefit payments
assumptions occurringof
at Gratuity
the end of the reporting year.
Rs. in Lakhs
Expected
Contributions in
Year 1
Following Years
[Year
mid2- year
Year 3
Year 4
Year 5
Next 5 Years
"NA " denoted "
Not Available"
Expected
Benefit
Year 1
Payments in
Following
Year 2 Years
Year 3
Year 4
Year 5
Next 5 Years
Rs. in Lakhs

Year Ended
March 31,
2022
570.22
41.98
37.2
-
-14.79
-
-
-58.95
575.67

477.04
35.55
2.33
138.38
-58.95
594.36

575.66
594.36
18.7

41.98
1.65
35.55
2.33
86.87

-14.78
-2.33
-17.12
37.89
100

7.24 % P.A.
7.24% P.A.
5.50% P.A.
8.9 years

Year Ended
March 31,
7.74%
2022
553.38
39.68
6.74%
599.46
43.53
5.50%
599.38
43.57
4.50%
553.01
39.87
5.50%
580.09
41.92
4.50%
570.98
41.12

Year Ended Year Ended

March 31, March 31,
NA
2023 NA
2022
NA NA
NA NA
NA NA
NA NA
NA NA

54.79 37.58
73.67 58
59.46 50.65
57.57 56.94
70.7 46.73
396.24 283.05