Your directors have pleasure in presenting the Fourteenth Annual Report together with
the audited financial statements of the company for the financial year ended March 31,
2023.
1. Financial Results (Rs. in crores
Particulars |
Consolidated Financial |
|
Results |
|
For the financial year ended Mar 31, 2023 |
For the financial year ended Mar 31, 2022 |
Operating income |
1093 |
815 |
Other Income |
36 |
25 |
Less: Expenditure including |
475 |
360 |
Depreciation |
|
|
Profit before tax |
654 |
480 |
Profit after tax |
503 |
370 |
Assets under |
6,738 |
5,180 |
Management |
|
|
2. Operations:
2.1 Sanctions and Disbursements
During the year under review, your Company sanctioned loans worth Rs 2,580 crores as
compared with the sanctions of Rs 1,799 crores during the previous year. Your Company
disbursed loans worth ` Rs 2,394 crores during the year under review with an increase of
46% as compared to the disbursements of Rs ` 1,641 crores made during the previous year.
Aptus continued its focus on Low and Middle-Income families in Tier II and III cities and
the disbursement of ` Rs 2,394 crores benefited more than 32,300 families.
2.2 Loan Assets
The total Assets under Management of Aptus stood at Rs ` 6,738 crores as at March 31,
2023 as against Rs ` 5,180 crores as at March 31, 2022, thereby registering a
growth of 30%.
2.3 Branch Expansion
Aptus has a strong network of 231 branches across
5 Indian states. During the year under review, your Company expanded its distribution
network in the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Odisha. The
distribution network stood at 231 branches as at the end of March 31, 2023 as compared to
208 branches in the previous year.
2.4 Income, Profits and Net Worth
During the year under review, your Company's Gross Income grew by 34% to Rs 1,129
crores as at March 31, 2023 as against Rs ` 840 crores as at March 31, 2022. The Profit
before tax for the year ended March 31, 2023 stood at ` Rs 654 crores with an increase of
36% over Rs 480 crores in the correspon ding period of the previous year. The Profit after
Tax (PAT) stood at `503 crores for the year ended March 31, 2023 which was 36% higher over
the PAT of ` 370 crores in the previous financial year. Net worth stood at Rs 3,339 crores
as at March 31, 2023.
2.5 Asset Quality
Your Company closed the financial year 2022 - 23 with a Gross NPA of 1.15% as compared
to 1.19% in the financial year 2021-22. Aptus has maintained a healthy net NPA rate of
0.86%, indicating the company's ability to effectively recover loans and minimize credit
losses. Company has increased provision coverage ratio to 1.06% as of March 23 from
0.80% in March 22 as a prudent measure for maintaining adequate provisions for
potential loan losses.
2.6 Resource Mobilisation
Company has well-diversified borrowing sources, with 60% of borrowings from banks, 26%
from the National Housing Bank (NHB), 10% from development financial institutions (DFIs)
like IFC and large financial institutions, and the remaining portion in the form of
securitization. This diverse borrowing structure enhances the company's financial
stability. Most of our borrowings consist of long-term fixed interest rates from
institutions like NHB. Aptus does not have any short term borrowings and other borrowings
are mostly linked to1-year MCLR of banks. In December 21, the company received a
credit rating upgrade that helped us secure funding at a slightly lower cost. As of March
23, the company had a robust liquidity of Rs. 1,136 crores, including an undrawn
sanction of Rs. 625 crores from NHB and banks. This liquidity position provides Aptus with
the flexibility to meet its funding requirements efficiently.
.7 Capital Adequacy Ratio
Capital Adequacy Ratio of Aptus stood at 77.38% as on March 31, 2023 as against the
minimum requirement of 15% stipulated by Regulators.
3. Credit Rating
The credit rating details of the Company as at March 31, 2023 are as follows:
Instrument |
Rating Agency |
Rating |
Outlook |
Bank Facilities |
ICRA |
[ICRA]AA- |
Stable |
Non-convertible Debentures |
ICRA |
[ICRA]AA- |
Stable |
Bank Facilities |
CARE |
CARE AA- |
Stable |
Non-convertible Debentures |
CARE |
CARE AA- |
Stable |
4. Deposits
Your Company is registered as a non-deposit taking Housing Finance Company with
National Housing Bank and hence does not accept any deposits. The Company has not accepted
any deposits from the public within the meaning of the provisions of Companies Act, 2013
and the Companies (Acceptance of Deposits) Rules, 2014 during the financial year ended
31st March 2023. No amount on account of principal or interest on deposits from the public
was outstanding as on March 31, 2023.
5. Transfer to Special Reserves
As per Section 29C (i) of National Housing Bank Act, 1987, your Company is required to
transfer at least 20% of its net profit every year to a reserve before any dividend is
declared. Accordingly, your Company has transferred Rs. 84.89 crores to special reserve in
accordance with Section 29C(i) of National Housing Bank Act, 1987 read along with Section
36(1)(viii) of the Income Tax Act, 1961.
6. Dividend
The Board declared two interim dividends at the rate of ` 2/- per equity share for the
financial year 2022-23 on November 28, 2022 and May 04, 2023. This translates to a
dividend payout ratio of 40% of the profits of the Company for the financial year ended
March 31, 2023.
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors have
adopted a dividend distribution policy. The policy is available on the website of the
Company. (weblink: Dividend Distribution policy). During the year, an unclaimed dividend
of ` 2,26,695 was transferred to the unpaid dividend account of the Company.
Those Members who have not so far claimed their dividend for the financial year are
requested to correspond with the RTA or with the Company Secretary through the e-mail id
of company at cs@aptusindia. com. Further, the Members are requested to note that
dividends that are not claimed within seven years from the date of transfer to the
Company's Unpaid Dividend Account, will be transferred to the Investor Education and
Protection Fund (IEPF). Shares on which dividend remains unclaimed for seven consecutive
years shall be transferred to IEPF as per Section 124 of the Act, read with applicable
IEPF rules.
7. Employee Stock Options Scheme
ESOP 2021
The Company has adopted the Aptus Employee Stock Option Plan, 2021 (ESOP 2021), which
was approved by the Board of Directors at their meeting held on November 12, 2020 and by
the Shareholders of the Company by way of a special resolution at their Extra Ordinary
General Meeting held on May 6, 2021. ESOP 2021 is in compliance with the SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021. In terms of Regulation 12(1) of the
Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, the shareholders of the Company have ratified the scheme by way of a
special resolution through postal ballot on December 10, 2021.
The Shareholders had authorized the Board/ Nomination and Remuneration Committee (NRC)
to issue to the employees, such number of Options under the ESOP 2021, as would be
exercisable but not exceeding 1,00,00,000 fully paid-up equity shares of ` Rs 2/ - each in
the Company. NRC is empowered to formulate the detailed terms and conditions of the ESOP
2021, administer and supervise the same. The specific employees of the Company and its
subsidiary to whom the options are granted and their eligibility criteria is determined by
the NRC. In terms of Regulation 14 of Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021, the disclosures with respect to
ESOP 2021 and ESOP 2015 have been provided on the website of the Company at www.
aptusindia.com.
8. Share Capital
There has been no change in the authorized share capital of the Company during the
financial year ended March 31, 2023.
During the year under review, Rs 11,12,156 equity shares of
Rs ` 2/- were allotted on exercise of stock options granted to the employees of the
Company under ESOP 2021. Consequent to this, the paid-up share capital of the Company has
increased to ` Rs 99,60,60,502 comprising of Rs 49,80,30,251 equity shares of Rs ` 2/-
each as on March 31, 2023 as against Rs ` 99,38,36,190 comprising of 49,69,18,095 equity
shares of Rs ` 2/- each as on March 31, 2022.
9. Directors
The composition of the Board is in accordance with Section 149 of the Act and
Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
with an optimum combination of Executive, Non-executive and Independent Directors.
As of March'23, the Board of Directors of your Company comprised of 10 Directors; viz.
five Independent Directors including one women Independent Director, two Nominee
Directors, two Non-executive Non-Independent Directors and one Executive Director. There
were no changes that took place in the composition of the Board of Directors during the
financial year 2022-23.
However, the following changes took place in composition of Board of Directors between
the financial year ended March 31, 2023 and the date of this report.
(a) Mr. M. Anandan (DIN: 00033633) who was earlier appointed as the Chairman &
Managing Director of the Company for a period of 5 years commencing from December 24, 2019
was re-designated as the Executive Chairman of the Company w.e.f. May 04, 2023 by the
Board subject to the approval of the shareholders at the ensuing Annual General Meeting.
(b) Mr. P. Balaji (DIN: 07904681) was appointed as an additional Director on the Board of
the Company and designated as Managing Director for a period of 5 years commencing from
May 04,2023 subject to the approval of the shareholders at the ensuing Annual General
Meeting.
(c) Mr. Suman Bollina (DIN: 07136443), Non-executive Non-Independent Director resigned
from Board on May 04,2023.
Further, in accordance with the provisions of the Companies Act, 2013, Mr. K P Balaraj,
Nominee Director of the Company is liable to retire by rotation at the ensuing 14th Annual
General Meeting of the Company and being eligible has offered himself for reappointment.
10. Declaration from Independent Directors
The Independent Directors have submitted the Declaration of Independence, stating that
they continue to fulfil the criteria of independence as required pursuant to section 149
of the Companies Act, 2013 and Regulation 16 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
In the opinion of your Board of Directors, the Independent Directors fulfil the
conditions specified in the Act and the rules made there under for appointment as
Independent Directors including the integrity, expertise and experience and confirm that
they are independent of the management.
11. Board Evaluation
The annual evaluation process of the Board, its committees and Individual Directors
were conducted as per the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. A structured exercise was
carried out based on the criteria for evaluation forming part of the Policy on
appointment, remuneration and evaluation of the Directors, Key Managerial Personnel and
Senior Management and the inputs received from the Directors on the functioning and
overall level of engagement of the Board and its committees on parameters such as
composition of Board and committees, execution of specific duties, quality, quantity and
timeliness of flow of information,deliberationsatthemeeting,independence of judgement,
decision-making, management actions etc. The policy on appointment, remuneration and
evaluation of the Directors, Key Managerial Personnel and Senior Management is available
on the website of the Company. (weblink: Appointment, Remuneration and Evaluation policy).
12. Board meetings held during the year
During the financial year ended March 31, 2023, the Board met five times on May 05,
2022, August 05, 2022, November 08, 2022, November 28, 2022 and February 02, 2023. The
maximum time gap between any two Board meetings did not exceed 120 days during the
financial year under review.
13. Committees
Details on composition of various Committees of the Board and number of meetings of the
Board and Committees are given in the Corporate Governance Report enclosed as Annexure D
to this Annual Report.
14. Compliance with Secretarial Standards on Board and General Meetings
Your company has complied with all the provisions of secretarial standards issued by
the Institute of Company Secretaries of India in respect of meetings of the Board of
Directors and general meetings held during the year.
15. Key Managerial Personnel
There were no changes in the office of Key Managerial Personnel (KMP) during the
financial year 2022 - 23. However, the following changes have happened in the office of
the Key Managerial Personnel after the closure of the Financial Year 2022-23.
1. Mr. P. Balaji was appointed as the Additional Director of the Company and designated
as Managing Director by the Board of Directors for a period of five years with effect from
May 04, 2023 subject to the approval of the shareholders.
2. Mr. John Vijayan Rayappa was appointed as the Chief Financial Officer of the Company
with effect from May 04, 2023.
16. Corporate Governance Report
A report on corporate governance as per the SEBI (Listing Obligation & Disclosure
Requirements) Regulations, 2015 is enclosed and is forming part of this Annual Report as
Annexure D.
A certificate from M/s. S. Sandeep & Associates, Practicing Company Secretaries,
confirming compliance with corporate governance norms, as stipulated under the SEBI
(Listing Obligation & Disclosure Requirements) Regulations, 2015, is enclosed and is
forming part of this Annual Report as Annexure J.
17. Management Discussion and Analysis
The Management Discussion and Analysis report as required in term of SEBI (Listing
Obligation & Disclosure Requirements) Regulations, 2015, is enclosed and is forming
part of this Annual Report as Annexure C.
18. Auditors & Auditor's Report
Statutory Auditors
M/s T.R. Chadha & Co. LLP has been appointed as the Statutory Auditors by the
shareholders of the Company for a period of three consecutive financial years viz.
2021-22, 2022-23 and 2023-24 to hold office until the conclusion of the 15th Annual
General Meeting, subject to the satisfaction of the eligibility criteria every year. The
Statutory Auditor's Report for the financial year ended March 31, 2023 is annexed to and
forms part of the financial statements and the same does not contain any qualification,
reservation or adverse remark on the financial statements prepared as per Section 133 of
Companies Act, 2013 and notes on accounts annexed thereto. There were no frauds detected
or reported by the Auditors under sub-section (12) of section 143 of the Companies Act,
2013 during the year.
The Statutory Auditors have also furnished a declaration confirming their independence.
The Audit Committee reviews the independence of the Statutory Auditors and the
effectiveness of the Audit process.
Secretarial Auditor
M/s. S. Sandeep & Associates, Company Secretaries were appointed to conduct the
secretarial audit of the Company for the financial year 2022 - 23, as required under
Section 204 of the Companies Act, 2013 and rules made thereunder.
The secretarial audit report for the financial year ended March 31, 2023 is enclosed
and forms part of this Annual report as Annexure F and does not contain any
qualifications, reservations or adverse remark.
The Company has complied with the Secretarial Standards issued by the Institute of
Company Secretaries Of India on Board Meetings and Annual General Meetings.
19. Maintenance of cost records and cost audit
Maintenance of cost records and requirements of cost audit as prescribed under the
provisions of section 148(1) of the Act is not applicable for the business activities
carried out by the company.
20. Internal Financial Controls
The Company's internal controls are adequate with its size and the nature of its
operations. These have been designed to provide reasonable assurance with regard to
recording and providing consistent financial and operational information, complying with
the applicable statutes, safeguarding assets from unauthorized use, executing transactions
with proper authorization, and ensuring compliance with policies. The Company has further
strengthened its internal audit process with both in-house and outsourced Internal Audit
teams. The internal audit is conducted based on the annual audit plan which is reviewed
and approved by the Audit Committee. The Internal Audit reports are presented to the Audit
committee on a quarterly basis for their review.
The Management has assessed the effectiveness of the Company's internal control over
financial reporting as of March 31, 2023 and found the same to be adequate and effective.
M/s. T.R. Chadha & Co. LLP, Statutory Auditors have also reviewed the internal
controls systems as existing in the Company and have given an unmodified opinion on the
same.
21. Material Changes and Commitments
There are no material changes and commitments between March 31, 2023 and the date of
this report having an adverse bearing on the financial position of the Company.
22. Annual Return
The copy of Annual Return in Form MGT-7 as required under section 92 and section 134 of
the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 is available on the Company's website at www.aptusindia.com.
23. Risk Management Framework
The Company has a robust risk management framework to identify and evaluate business
risks and opportunities. Risk management process includes risk identification, risk
measurement and evaluation, risk mitigation, risk monitoring and reporting.
Your Company is exposed to various risks which are inherent in financing business, viz.
capital risk, credit risk, interest rate risk, market risk, operational risk, liquidity
risk, information technology risk, regulatory and compliance risk. These risks not only
have a bearing on our financial strength and operations but also on our reputation.
Keeping this in mind, we have put in place Board approved risk related policies, whose
implementation is supervised by the Risk Management Committee. The Committee monitors the
compliance of risk parameters/aggregate exposures with the appetite set by the Board. It
ensures that frameworks are established for assessing and managing various risks faced by
the Company.
We give due importance to prudent lending practices and have put in place suitable
measures for risk mitigation, which include verification of credit history from credit
information bureaus, personal verification of customer's business place and residence,
inhouse technical and legal verification, conservative loan to value and required term
cover for insurance.
The Risk Management Committee guides the development of policies, procedures and
systems for managing risks. It ensures that these are adequate and appropriate to changing
business conditions, the structure and needs of Company and its risk appetite.
24. Human Resources
We continue to stay committed to investing in our people and driving a culture that
emphasizes on our core values. As a Company we provide an environment that facilitates
superior performance and gives our employees ample opportunities for development and
growth through our various learning & development, skill building and talent
management initiatives. Several staff welfare measures are implemented to take care of
employee interests, which in turn improve productivity. To attract, hire and have the best
available talent, the Company promotes diversity and inclusion, provides equal employment
opportunities and the best working conditions. Our attrition levels are low, reflecting a
fairly good job satisfaction index.
Aptus staff strength as at March 31, 2023 was 2405.
25. Particulars of Employees
The disclosure with respect to remuneration as required under section 197 of the
Companies Act, 2013 read with rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is available on the Company's website. Further, the
statements prescribed under rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are available for inspection by the
Members at the Registered Office of the Company during the business hours on all working
days of the Company up to the date of the forthcoming Annual General Meeting. If any
member is interested in obtaining a copy, such member may send an e-mail to the company
secretary at cs@aptusindia.com in this regard.
26. Particulars of Contracts or Arrangements with Related parties
All contracts / arrangements / transactions entered into by the Company during the
financial year with the related parties were on arm's length basis and were in the
ordinary course of business. There were no materially significant related party
transactions with promoters, directors, key managerial personnel or other designated
persons, which may have a potential conflict with the interest of the Company at large.
All Related Party Transactions are placed before the Audit Committee for approval. Prior
omnibus approval of the Audit Committee is obtained on a half yearly basis for the
transactions which are of a foreseen and repetitive nature. The transactions entered into
pursuant to the omnibus approval so granted are placed on a quarterly basis before the
Audit Committee and Board for their review. The policy on Related Party Transactions as
approved by the Board is available on the website of the Company (weblink: Related Party
Transaction Policy). The details of the related party transactions for the financial year
2022-23 in Form AOC-2 is enclosed as Annexure A and forms part of this Annual Report.
27. Conservation of Energy, Technological Absorption, Foreign Exchange Earnings/Outgo
The Company does not have any activity relating to conservation of energy and technical
absorption and does not own any manufacturing facility. Hence the requirement of
disclosure of particulars relating to conservation of energy and technology absorption in
terms of Section 134 of the Companies Act, 2013 and the Rules framed thereunder is not
applicable.
Your Company does not have any foreign currency earnings or expenditure during the
financial year ended March 31, 2023.
28. Disclosure with respect to Non-Convertible Debentures as per the Master Direction
Non-Banking Financial Company Housing Finance Company (Reserve Bank)
Directions, 2021.
(a) The total number of non-convertible debentures which have not been claimed by the
Investors or not paid by the housing finance company after the date on which the
non-convertible debentures became due for redemption: NIL
(b) The total amount in respect of such debentures remaining unclaimed or unpaid beyond
the date of such debentures became due for redemption: NIL
29. Subsidiaries, Associates, Joint Ventures
The Company has one wholly owned subsidiary, Aptus Finance India Private Limited
(AFIPL), which was incorporated on September 18, 2015. In accordance with the provisions
of section 129 (3) of the Companies Act 2013, the Consolidated Financial Statements drawn
up in accordance with the applicable accounting standards forms part of this Annual
Report.
Statement containing salient features of the financial statements of the subsidiary,
pursuant to first proviso to sub section (3) of Section 129 read with rule 5 of
Companies (Accounts) Rules, 2014 in Form AOC 1 forms part of the financial
statements.
AFIPL being a material subsidiary of the Company, the secretarial audit report of AFIPL
is enclosed as Annexure G and forms part of this Annual Report. The Company has adopted a
policy on determining material subsidiaries and the same is published on the website of
the Company (weblink: Policy on determining material subsidiaries).
The Company does not have any associate or joint venture companies.
30. Particulars of Loans, Guarantees or Investments to Wholly Owned Subsidiary
The Company had granted loans and provided guarantees under Section 186 of the
Companies Act, 2013 to Aptus Finance India Private Limited, Wholly Owned Subsidiary For
details refer to Note no. 34.2 in relation to related party transactions disclosed as per
notes to the Standalone Financial Statements.
31. Disclosure of Significant & Material Orders passed by the Regulators or court
or tribunal
During the financial year under review, there were no significant and material orders
passed by the regulators or Courts or Tribunals which would impact the going concern
status of the Company and its future operations.
32. Corporate Social Responsibility (CSR)
As part of its CSR initiatives during the year under review, the Company has undertaken
projects in the areas of promoting healthcare, education and social development. These
projects are in accordance with Schedule VII of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014.
The CSR policy is available on the website of the Company. (weblink: CSR policy) A
report on the CSR initiatives of the Company during the year under review is enclosed as
Annexure B and forms part of this Annual Report.
33. Business Responsibility & Sustainability Report (BRSR)
In terms of Regulations 34(2)(f) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the top 1000 listed entities, based on the market
capitalization, calculated as on 31st March of every financial year, shall submit business
responsibility and sustainability report for FY23 describing the initiatives taken by
these listed entities from an environmental, social and governance perspective, in the
format as specified by SEBI from time to time. The business responsibility and
sustainability report for the year under review forms part of this Annual Report and is
enclosed as Annexure E.
34. Whistle Blower Policy & Vigil Mechanism
The Company has established a whistle blower mechanism to provide an avenue for
reporting concerns about unethical behavior or violation of the Company's code of conduct
for the directors/employees by providing adequate safeguards against victimization of
directors/employees who avail this mechanism. The Company has laid down a Whistle Blower
policy which contains the process to be followed for dealing with complaints and also
provides for direct access to the Chairman of the Audit Committee. The whistle blower
policy and vigil mechanism is available on the website of the Company (weblink: Whistle
Blower & Vigil Mechanism).
35. Policy on Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013
The Company has in place a policy on prevention of sexual harassment in line with the
requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition
& Redressal) Act, 2013. The said policy is available on the website of the Company
(weblink: Policy on prevention of sexual harassment) . An Internal Complaints Committee
has been constituted as per the Act to redress complaints received regarding sexual
harassment. The Company has not received any complaints pertaining to sexual harassment
during the year under review.
36. Code For Prevention of Insider Trading
The Board has adopted a code to regulate, monitor and report trading by insiders in
securities of the company in accordance with the provisions of SEBI (Prohibition of
Insider Trading) Regulations, 2015 as amended from time to time. The code inter alia
requires pre-clearance for dealing in the securities of the company and prohibits the
purchase or sale of securities of the company while in possession of unpublished price
sensitive information in relation to the company and during the period when the trading
window is closed. The Board has further approved the code for practices and procedures for
fair disclosure of unpublished price sensitive information and policy governing the
54 procedure of inquiry in case of actual or suspected leak of unpublished price
sensitive information. The said code is available on the website of the company (weblink:
Code of practices & procedures for fair disclosure of UPSI)
37. Directors' Responsibility Statement
The Board of Directors have instituted/put in place a framework of internal financial
controls and compliance systems, which is reviewed by the management and the relevant
board committees, including the audit committee and independently reviewed by the
internal, statutory and secretarial auditors.
Pursuant to Section 134
(5) of the Companies Act, 2013, the Board of Directors confirms that:
(i) in the preparation of the annual accounts, the applicable accounting standards have
been followed and that there were no material departures therefrom;
(ii) they have, in the selection of the accounting policies, consulted the statutory
auditors and have applied their recommendations consistently and made judgments and
estimates that are reasonable and prudent so as to give true and fair view of the state of
affairs of the company as at March 31, 2023 and the profit of the company for the year
ended on that date;
(iii) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013, for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
(iv) they have prepared the annual accounts on a going concern basis;
(v) they have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively during
the year ended March 31, 2023; and
(vi) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively during the
year ended March 31, 2023.
Acknowledgement
Your Directors wish to place on record their appreciation and sincerely acknowledge the
contribution and support from shareholders, customers, debenture holders, debenture
trustees, Central and State Governments, Bankers, Reserve Bank of India, National Housing
Bank, Registrar of Companies, Securities and Exchange Board of India, BSE Limited,
National Stock Exchange of India Limited, Registrar & Share Transfer Agents, Credit
Rating Agencies and other Statutory and Regulatory Authorities for the kind co-operation
and assistance provided to the Company. The Directors also extend their special
appreciation to the employees at all levels for their contribution towards the growth of
the Company which was made possible by their hard work, dedication and continued support.
For and on behalf of the Board of Directors
|
M Anandan |
Chennai |
Executive Chairman |
May 04, 2023 |
DIN: 00033633 |
|