L T Foods Ltd
Chairman Speech
Dear Shareholders,
The world economy weathered a number of challenges in the year gone by.
Businesses and economies faced numerous problems as a result of the Russia-Ukraine war and
the Covid pandemic. However, we are happy to announce that we have achieved robust revenue
growth for yet another year, demonstrating the strength of our business model. The Farm to
Fork approach, global supply chain hubs, wide distribution network across geographies, and
continued investments behind our brands has endowed our business with strength and
resiliency to generate market beating growth and profits.
Business performance
Our segments – Basmati and Other Specialty Rice, Organic Food and
Ingredients, Convenience and Health – have collectively contributed to an impressive
28% Y-o-Y growth wherein Basmati and other specialty segment saw a growth of 31%, Organic
segment grew 11% and convenience and health segment witnessed a growth of 36% i.e. ~2.5%
of our revenue.
Our total revenue witnessed remarkable growth, reaching H 6,979 Crore,
reflecting a substantial 28% increase compared to the previous fiscal year. Our gross
Profit was H 2,401 Crore, an increase of 31% and EBITDA stood at H 744 Crore, a 20%
increase from the previous fiscal year. The PAT stood at H 423 Crore and we achieved a
remarkable growth of 37% over the previous financial year. Our earnings per share stood at
H 12.5 while our debt to equity ratio improved to 0.3.
In India, LT surpassed industry growth with a 14.4% overall growth
rate, with specialty and mid-segment products growing at an even faster pace, delivering
on our strategic goal of premiumisation. Our market share in India has experienced
continued growth, reaching an impressive 29.6% in March 2023. This represents a
significant increase of 230 basis points (bps), as reported by the AC Nielsen Retail
Survey Audit. The number of households consuming products by LT Foods increased by 31.26%
(compared to the category growth of 5.5%) to reach 45.38 Lakh households, as per household
panel data. This is the result of a mix of targeted marketing campaigns across several
platforms and an expanded distribution network, which has enabled us to reach and service
a larger consumer base. Our retail reach also increased by 9.1% and stood at 176,741
outlets.
In our US business, we successfully maintained our market share of 50%+
with our flagship brand, Royal. To cater to the growing demand, we expanded our portfolio,
resulting in a remarkable 37% sales growth for Royal RTH foods. Royal RTH became the
fourth largest brand in the ready-to-heat rice segment in the US. Additionally, we made a
strategic acquisition of the jasmine rice brand Golden Star, and efficiently integrated
their operations into LT Foods America, meeting our expectations.
We have continued to build on our leading share in EU. Our Daawat
business continues to gain market share in UK and in the top consuming countries of the EU
with expanded distribution network and marketing investments and business has overall
increased by 23% during the financial year.
In The Middle East, our business has shown a good double digit growth
resulting in strengthening our market share in the largest Basmati consuming region in the
world. We also hold a leadership position in Israel and other countries as well.
During the fiscal year, we made a strategic deal with SALIC, the Saudi
Sovereign Fund. Through a main and secondary investment of H 455.5 Crore, SALIC now holds
a 9.22% equity share in LT Foods. This accelerates LT Foods' organic and inorganic
expansion plans across business segments. It will increase our growth ambitions, notably
in The Middle East and Saudi Arabia region, and reinforce our leading position in the
industry.
In The Far East, we have further strengthened our leadership position
in markets like Australia and Singapore, building our total share in the Far East to a
leading 16% market share.
It is heartening that despite the price increases impacting overall
exports to this region, we have been able to mitigate the impact and maintain our position
due to brand strengths. Our focus remains on continuing to build on brand, strengthening
the distribution network and expanding product penetration across geographies and
continents.
Growing Responsibly and Sustainably
Our commitment to giving back to society has always been an integral
part of our ethos. As part of our responsible growth strategy, we are continually
embracing the principles of Environment, Social and Governance (ESG). During the fiscal
year, we advanced further towards our ESG goals. Our priority is to make sustainability
the cornerstone of all farm operations. We firmly believe that the well-being and
prosperity of our farmers are intrinsically linked to the preservation of the environment.
By prioritising sustainable practices, we are not only enhancing the economic viability of
our farmers, but also upholding our collective responsibility to protect and conserve the
planet's precious natural resources for future generations.
Therefore, we have set ambitious goals for training farmers in
sustainable farming practices. By 2025, our aim is to train 50,000 farmers in sustainable
farming methods. We are pleased that more than 16,000+ farmers have already been trained
during the year under review.
Some other notable developments include our efforts towards bringing
2.5 Lakh acres of organic farmland under sustainable cultivation by 2030. Indeed, we have
already done so with 1.64 Lakh acres of farmland, paving the way for healthier
agricultural methods and a greener future.
In accordance with our commitment to the environment, we established
ambitious plastic sustainability goals. Guided by the principles of Reduce, Reuse and
Recycle (3Rs), we are diligently working to minimise our plastic footprint. We have
achieved 100% plastic neutrality through Extended Producer Responsibility (EPR).
Enhancing brand equity
During the fiscal year, we continued to strengthen our brand equity
through well-crafted marketing campaigns designed to engage consumers globally. This has
helped us gain more share across geographies. Daawat has attained more than 29%+ share in
India and enjoys close to 50% share of Basmati in US, apart from leadership share in
geographies like Australia, Israel and others in the Far East.
Digitalisation
At LT Foods, we embrace technological advancements in an ever-evolving
world. We have been leveraging the power of data-driven insights and integrating machine
augmentation into our processes. A noteworthy achievement in our digitalisation efforts
has been the comprehensive, end-to-end digitisation across our procurement process,
ensuring seamless efficiency from paddy acquisition at the market yard to unloading; and
likewise, in rice procurement from requirement generation to contract finalisation,
By prioritising sustainable practices, we are not only enhancing the
economic viability of our farmers, but also upholding our collective responsibility to
protect and conserve the planet's precious natural resources for future generations.
Therefore, we have set ambitious goals for training farmers in sustainable farming
practices. In our advanced SAP system. We remain dedicated to refining and optimising our
operations through strategic deployment of cutting-edge technologies.
Strategic objectives
We continue our work on our three core strategic pillars::
Growth: We are pursuing a target 5-Year revenue CAGR of 10-12%
we will also continue to grow our core Basmati business by investing more on brands and
expanding our distribution reach with Revised Route to Market and product portfolio
expansion by leveraging the brand equity and the existing distribution network. In organic
segment we will grow with expansion of portfolio as well as stock and sell model in
different geographies.
We will also further solidify our presence in existing regions and
expand our reach in new geographical areas. Further, we will focus on new products in the
Ready-to-Eat, Ready-to-Cook and Rice-based snacks segments.
Margin expansion: We aim to increase our 5-Year EBITDA margin by
140-150 basis points (bps). We will implement measures that lead to a change in product
mix, optimise efficiencies across the value chain, and capitalise on economies of scale.
Strengthen financial metrics: We will focus on further
strengthening our balance sheet metrics and return ratios. Our aim is a Return on Capital
Employed (ROCE) of 23% by FY 2024-25, and a Return on Equity (ROE) of 20% by FY 2024-25.
These financial metrics will reflect our efficient use of capital and commitment to
delivering value to our shareholders.
Daawat has attained more than 29%+ share in India and has enjoys close
to 50% share of Basmati in US, apart from leadership share in geographies like Australia,
Israel and others in the Far East.
Looking ahead
We remain steadfast in our commitment to delivering exceptional value
to our stakeholders through continuous growth in our business, our financial matrices and
products that delight global consumers, while operating in a environmentally and socially
responsible manner.
Our strategic focus on a robust supply chain, expanded global
distribution networks, digitisation and sustainability enabled by investments in our
global talent pool, will continue to strengthen our position as a global consumer food
Company. We are confident that we can scale new heights, meet the evolving needs of our
consumers and drive sustained growth in the years to come.
We thank our consumers, shareholders, business partners and key
advisors for their continued trust in our Company. With the support of our shareholders,
we look forward to nurturing goodness while maximising our shareholders' returns. We
will create a fully integrated, global, sustainable, predictable, profitable and growing
consumer business across all geographies, in line with our commitment to grow responsibly.
Thanks, and regards,
| Vijay Kumar Arora |
| Chairman & Managing Director |
| Ashwani Kumar Arora |
| Managing Director & |
| Chief Executive Officer |
  Â
L T Foods Ltd
Directors Reports
To
The Members
Your Directors take pleasure in presenting the 33rd Annual
Report on the business and operations of the Company and the accounts for the financial
year ended March 31, 2023.
Financial Highlights
In compliance with the provisions of the Companies Act, 2013 ("Act"),
and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the Company has prepared its financial statements as per Indian
Accounting Standards ("IndAS") for the financial year 2022-23. The
financial highlights of the Company's operations are as follows: (H in Lakhs)
| Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from Operations |
3,91,459.99 |
2,83,999.61 |
6,93,579.19 |
5,42,737.17 |
| Other Income |
3,682.45 |
2,358.76 |
4,302.14 |
2,320.91 |
| Operating Profit before Finance Costs, Depreciation, |
26,354.81 |
20,400.79 |
77,159.06 |
61,495.55 |
| Tax and Extraordinary items |
|
|
|
|
| Less: Depreciation and amortisation expenses |
2,889.97 |
3,246.54 |
12,690.72 |
12,263.24 |
| Less: Finance Cost |
2,396.79 |
2,278.55 |
8,210.03 |
6,872.62 |
| Less: Other Expense |
57,916.90 |
37,842.95 |
1,29,798.44 |
92,701.00 |
| Share of net profit/(loss) of associates and joint ventures
accounted for using the equity method |
- |
- |
2,786.22 |
(485.17) |
| Profit Before Tax |
21,068.05 |
14,875.70 |
56,258.31 |
42,359.69 |
| Less: Tax Expense |
5,036.83 |
3,651.10 |
13,982.53 |
11,439.38 |
| Profit After Tax |
16,031.22 |
11,224.60 |
42,275.78 |
30,920.31 |
| Total Comprehensive income for the year |
15,666.24 |
11,037.56 |
45,893.31 |
29,063.53 |
Company's Performance Overview:
During the financial year 2022-23, LT Foods on a consolidated basis
recorded revenue from operations of Rs. 6,93,579.19 lacs 27.79% higher than Rs.
5,42,737.17 lacs in FY 2021-22. Profit before and after tax for the financial year 2022-23
was at Rs. 56,258.31 lacs and Rs. 42,275.78 lacs, respectively as compared to profit
before and after tax of Rs. 42,359.69 lacs and Rs. 30,920.31 lacs, respectively for the
financial year 2021-22, with an increase of 32.81% and 36.72% in profit before and after
tax respectively. On a standalone basis LT Foods recorded revenue from operations of Rs.
3,91,459.99 lacs 37.84% higher than Rs. 2,83,999.61 lacs in FY 2021-22. Profit before and
after tax for the financial year 2022-23 was at Rs. 21,068.05 lacs and Rs. 16,031.22 lacs,
respectively as compared to profit before and after tax of Rs. 14,875.70 lacs and Rs.
11,224.60 lacs, respectively for the financial year 2021-22, with an increase of 41.63%
and 42.82% in profit before and after tax respectively.
For detailed analysis of the financial performance of the Company,
please refer to the Management Discussion & Analysis Report, forming part of the
Annual Report.
Highlights of performance of Subsidiaries, Associates, Joint Ventures
and their contribution to the overall performance of the Company.
A statement providing details of performance and salient features of
the financial statements of Subsidiary / Associate / Joint Venture companies, as per
Section 129(3) of the Act, are provided in Annexure I.
The companies which have become and /or ceased to be
Subsidiary/Associate of the Company during the financial year 2022-23 are also mentioned
in Annexure I.
The financial statements of the subsidiaries, as required, are
available on the Company's website and can be accessed at
http://www.ltgroup.in/index.html.
The Company has formulated a Policy for determining Material
Subsidiaries. The Policy is available on the Company's website and can be accessed at
http://ltgroup. in/pdf/LT-Foods-Material-Subsidiary-Policy-2021.pdf. DAAWAT Foods Limited
(Subsidiary) and LT Foods Americas,Inc.(FellowSubsidiary)arematerialsubsidiaries of the
Company, as per the Listing Regulations.
Further, the Annual Accounts and related documents of the subsidiary
Companies shall be kept open for inspection at the Registered & Corporate Office of
the Company. The Company shall also make available copy thereof upon specific request by
any member of the Company interested in obtaining the same. The Consolidated Financial
Statements presented by the Company in this Annual Report include the financial
information of its subsidiaries.
Share Capital
During the year, the Board of Directors in its meeting held on February
28, 2023, allotted 27,408,164 (Twenty Seven Million Four Hundred Eight Thousand One
Hundred and Sixty Four) ("Equity Shares") at face Value of Re. 1/- per Equity
Share and Securities Premium of Rs. 141.23/- (Rupees One Hundred and Forty One and Twenty
Three Paise) per Equity Share aggregating Rs. 142.23/- (Rupees One Hundred and Forty Two
and Twenty Three Paise) per Equity Share amounting to 7.89% (Seven point Eight Nine
Percent) of the share capital of the Company on a fully diluted basis for an aggregate
subscription amount of Rs. 3,898,263,165.72/- (Rupees Three Billion Eight Hundred and
Ninety Eight Million Two Hundred and Sixty Three Thousand One Hundred Sixty Five and Seven
Two Paise) equity shares to SALIC International Investment Company ("Salic") a
limited liability company duly incorporated under the laws of the Kingdom of Saudi Arabia
on Preferential basis. Shareholders, at the Extra Ordinary General Meeting held on
December 07, 2022, approved the issuance of securities to SALIC. Post allotment, paid
–up share capital of the Company has increased to Rs. 34,72,52,944/- of face value of
Re. 1/- each.
Pursuant to the provisions of Regulation 32(4) of the Listing
Regulations there are no deviations in the utilization of proceeds from the objects stated
in the offer document pertaining to preferential allotment of shares to SALIC.
Reserves
During the financial year, there was no amount proposed to be
transferred to the Reserves.
Dividend
The Board of Directors at their meeting held on July 28, 2023, have
recommended payment of Rs. 0.50 (50%) per equity share of the face value of Re. 1 /- each
as final dividend for the financial year ended March 31, 2023. The payment of final
dividend is subject to the approval of the shareholders at the ensuing Annual General
Meeting (" AGM") of the Company.
During the year under review, the Board of Directors of the Company at
their meeting held on October 31, 2022, declared an Interim dividend of Rs. 0.50 (50%) per
equity share of the face value of Re. 1 each. The interim dividend was paid to the
shareholders within the stipulated time period. The total dividend amount for the
financial year 2022-23, including the proposed final dividend, amounts to Rs. 1.00 (100%)
per equity share of the face value of Re. 1 each. In view of the changes made under the
Income-Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the
Company shall be taxable in the hands of the shareholders. The Company shall, accordingly,
make the payment of the final dividend after deduction of tax at source, at the rates as
prescribed. Further, the Board of Directors at thir meeting held on July 28, 2023,
declared an interim dividend of Rs. 0.50 (50%) per equity share of the face value of Re. 1
/- for the financial year 2023-24. The interim dividend shall be paid to the shareholders
within the stipulated time period. The dividend recommended by the Board is in accordance
with the Dividend Policy of the Company. The Dividend Policy, in terms of Regulation 43A
of the Listing Regulations is available on the Company's website:
http://www.ltgroup.in/pdf/Dividend-Policy_Final.pdf.
Particulars of Loans, Guarantees or Investments
The particulars of loans given, investments made and guarantees
provided by the Company, under Section 186 of the Companies Act, 2013, as at March 31,
2023, are furnished in Annexure – II and forms part of this Report.
Details relating to deposits covered under Chapter V of the Companies
Act, 2013
The Company has not accepted any deposits from the public under Chapter
V of the Act and, as such, no amount of principal or interest was outstanding as on the
balance sheet date.
Directors and Key Managerial Personnel
In accordance with the provisions of Section 152 and other applicable
provisions, if any, of the Act and the Articles of Association of the Company, Mr. Ashwani
Kumar Arora, Managing Director & CEO of the Company, is liable to retire by rotation
at the ensuing AGM and being eligible has offered himself for re-appointment.
A brief resume, nature of expertise, details of directorships held by
Mr. Ashwani Kumar Arora in other companies, along with his shareholding in the Company, as
stipulated under Secretarial Standard – 2, issued by Institute of Company Secretaries
of India, and Regulation 36 of the Listing Regulations, is appended as an Annexure to the
Notice of the ensuing AGM.
Your Company and the Board expresses their deep condolences on the
untimely and sad demise of Mr. Anil Khandelwal (DIN: 03473632), Independent Director of
the Company, on February 22, 2023. Mr. Anil Khandelwal was appointed as an Independent
Director of the Company w.e.f. July 22, 2021, during his tenure, he played crucial
leadership role which benefitted the Company immensely. Mr. Anil Khandelwal's sudden and
unexpected demise will be an irreparable loss to the Company and the Company convey deep
sympathy, sorrow and condolences to his family. The Board of Directors in its meeting
dated February 28, 2023, approved the appointment of Mr. Alrumaih Sulaiman Abdulrahman S
(DIN: 09091328) as a Non- Executive Non- Independent Director of the Company. Mr. Alrumaih
holds a bachelor's & Masters' degree in Electrical Engineering from King
Saud University, KSA. He has more than twenty years of diverse experience with a focus on
Investments, Commercial & Business Development strategy. Throughout his career he was
associated with Tamimi Group, as Chief Executive Officer, General Electric (GE) and Saudi
Electric Company. Further, the Shareholders approved his appointed through postal ballot
process on June 21, 2023.
Further, on the recommendation of the Nomination and Remuneration
Committee and the Board of Directors subject to the approval of the shareholders of the
Company, Mr. Satish Chander Gupta, (DIN: 00025780) has been appointed as an Independent
Director of the Company with effect from June 16, 2023. Mr. Satish Chander Gupta, has a
degree of Masters in Commerce and has completed CAIIB from Indian Institute of Banking and
Finance. He is having an experience of over 41 years in Banking Industry, is a retired
Chairman and Managing Director from Punjab National Bank and had previously held positions
of Chairman & Managing Director at Indian Overseas Bank, Chairman at ISMT Ltd. and
Kamanwala Housing & Construction Ltd, to name a few. The approval of the shareholders
shall be taken through Postal Ballot Process. During the year under review, Mr. Ashwani
Kumar Arora resigned from the position of Chief Financial Officer and Mr. Sachin Gupta has
been appointed as Chief Financial Officer of the Company effective from May 30, 2022.
Declaration from Directors
None of the Directors of the Company are disqualified from being
appointed as Directors, as specified in Section 164(2) of the Act read with Rule 14(1) of
the Companies (Appointment and Qualification of Directors) Rules, 2014.
Declaration by Independent Director(s) and reappointment, if any
The Company has received declarations of Independence as stipulated
under Section 149(7) of the Act from Independent Directors confirming that he/she is not
disqualified from being appointed/ continuing as Independent Director as laid down in
section 149(6) of the Act read with rules related thereto and Regulation 16(1) (b) of
Listing Regulations. The Independent Directors have complied with the Code for Independent
Directors prescribed in Schedule IV to the Act. The Independent Directors of the Company
have registered themselves with the data bank maintained by Indian Institute of Corporate
Affairs. They have also confirmed on the compliance of Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014.
Board Diversity
The Company recognizes and embraces the importance of a diverse Board
in its success. We believe that a truly diverse Board will leverage differences in
thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical backgrounds, age, ethnicity, race and gender, that will help the Company
retain its competitive advantage.
Performance Evaluation
InpursuanceofSection178oftheActreadwithRegulation 4(2), 17(10) and
19(4) read with Schedule II Part D of the Listing Regulations and Secretarial Standard-I,
the Nomination and Remuneration Committee has framed the evaluation process and the
performance evaluation of Independent Directors, Executive Directors and of the Board as a
whole as well as working of its Committees has been carried out during the financial year
2022-23.
Performance Evaluation of Individual Directors & Chairman
The Independent Directors of the Company met separately on March 27,
2023 without the presence of Non-Independent Directors and inter-alia reviewed the
performance of the Non-Independent Directors, Board as a whole, performance of the
Chairman of the Company and the Committees after taking into consideration the views of
Executive and Non-Executive Directors.
Performance evaluation of the Board and Committees
In compliance with the provisions of SEBI Listing Regulations, the
Board of Directors have also carried out evaluation of every Independent Director's
performance during the year. The Board members had submitted to Nomination and
Remuneration Committee, their response on a scale from 5 to 1 (Excellent to Performance
Needs Improvement) for evaluating the entire Board, Committees including Chairman of the
Board.
Evaluation Outcome
It was further acknowledged that every individual Member and Committee
of the Board has contributed best in the growth of the organization. It was noted that the
Board as a whole is functioning as a cohesive body which is well engaged with different
perspectives. The Board has a right balance of discussion between strategic and
operational issues. The Board members are from different backgrounds and are enriched by
such diversity which brings about different deliberations in the Board and Committee
Meetings. The Board is actively engaged on the key issue concerning strategy, talent, risk
and governance. It was also noted that the Committees are functioning well and besides the
Committee's terms of reference as mandated by law, important issues are brought up
and discussed in the Committees & the Board was thereafter updated on the same.
FamiliarizationProgrammeforIndependent Directors
The members of the Board of the Company are provided with many
opportunities to familiarise themselves with the Company, its management and operations.
The Directors are provided with all the documents to enable them to have a better
understanding of the Company, its operations and the industry in which it operates.
All the Independent Directors of the Company are made aware of their
roles and responsibilities at the time of their appointment through a formal letter of
appointment, which also stipulates the terms and conditions of their engagement. Directors
are also informed of the various developments in the Company through presentations during
the meetings.
Pursuant to Regulation 25(7) of the Listing Regulations, the Company
imparted various familiarization programmes for its Directors which includes review of
industry outlook, regulatory updates with respect to the Act, Listing Regulations,
taxation and other matters by Auditors, Company Secretary and experts, internal control
over financial reporting, Prevention of Insider Trading Regulations, framework for related
party transactions. Pursuant to Regulation 46 of the Listing Regulations, the details
required are available on the website of your Company at the following web link:
http://www.ltgroup. in/business-and-investors.html#investor-updates
Directors' Responsibility Statement
Pursuant to Section 134(3)(c) of the Act, the Directors to the best of
their knowledge hereby state and confirm that:
1. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
2. The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit and loss of the Company for that period;
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
4. The Directors had prepared the annual accounts on a going concern
basis;
5. The Directors, had laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; and
6. The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
Particulars of Directors and Employees
The ratio of remuneration of each Director to the median
employees' remuneration as per Section 197(12) of the Act read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended,
is disclosed in Annexure III to this report. The statement containing particulars
of remuneration of employees as required under Section 197(12) of the Act, read with Rule
5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, as amended, is available on the Company's website at
http://www.ltgroup.in/index.html. Any Member desirous of obtaining a copy of the said
annexure may access the aforesaid weblink or write to the Company Secretary at
ir@ltgroup.in.
Board and its Committees
In compliance with the statutory requirements, the Company has
formulated mandatory Committees viz. Audit Committee, Nomination and Remuneration
Committee, Corporate Social Responsibility Committee, Risk Management Committee and
Stakeholders' Relationship Committee. During the year under review, all the
recommendations made by the Committees of the Board, including the Audit Committee, were
accepted by the Board.
The Board of Directors met six (6) times during the financial year
ended March 31, 2023, i.e. on May 30, 2022, July 29, 2022, October 31, 2022, November 11,
2022, January 31, 2023 and February 28, 2023. A detailed update on the Board, its
composition, governance of committees including detailed charter, terms of reference of
various Board Committees, number of Board and Committee meetings held during the financial
year ended March 31, 2023 and attendance of the Directors at each meeting is provided in
the Report on Corporate Governance, which forms part of the Annual Report.
Further, the Board of Directors at their meeting held on July 28, 2023,
approved the closure of Governance Committee and Capital Raising Committee since these
were incorporated for specific reasons and the Company do not anticipate the requirement
of these committees in near future.
Audit Committee
The Company has constituted the Audit Committee, in accordance with the
provisions of Section 177 of the Act read with Regulation 18 of Listing Regulations. As on
March 31, 2023 the Audit Committee comprises of Mr. Abhiram Seth, Mrs. Neeru Singh, Mrs.
Ambika Sharma, Independent Directors and Mr. Alrumaih Sulaiman Abdulrahman S, being Non-
Executive Non- Independent Director. Company Secretary & Compliance Officer, Chief
Financial Officer,StatutoryandInternalAuditorsarethepermanent invitees to the Committee.
Further details relating to the Audit Committee, including number of meetings held during
the year, are provided in the Corporate Governance Report forming part of the Annual
Report. During the year under review, all recommendations made by the Audit Committee were
accepted by the Board of Directors.
AUDITORS
Statutory Auditors
M/s MSKA & Associates, Chartered Accountants, (Firm Registration
Number 105047W), were appointed as the Statutory Auditors of the Company, for a period of
five years, at the 30th AGM of the Company to hold office till the conclusion
of the 35th AGM.
The Auditors have issued an unmodified opinion on the financial
statements of the Company for the financial year ended March 31, 2023. The said Report of
the Auditors is self-explanatory and therefore does not require further comments and
explanations. The Auditors' Report for the financial year ended March 31, 2023 on the
financial statements of the Company forms part of this Annual Report.
Secretarial Auditors
In terms of Section 204 of the Act and Rules made there under, M/s. D
Dixit & Associates, Practicing Company Secretary has been appointed as Secretarial
Auditors of the Company. M/s. D Dixit & Associates, Company Secretaries, (Certificate
of Practice No. 7871), appointed as the Secretarial Auditors, have carried out an audit of
the secretarial records of the Company for the financial year 2022-23. The Secretarial
Audit Report for the financial year ended March 31, 2023 under the Act, read with Rules
made thereunder and Regulation 24A of the Listing Regulations, is set out in Annexure
IV to this Directors Report.
Observations/ remarks specified in the said reports alongwith status of
the said observations / remarks as on the date of this report are mentioned below: During
the Audit Period it was found that Two Designated employees of the Company has violated
the code of conduct framed under SEBI (Prohibition of Insider Trading) Regulations, 2015
as they have conduct trading during closure of trading window as well as also done contra
trade. Company has issued warning letters to those Designated Persons and have warned them
to remain cautious going forward. The requirement of maintaining half of the Board as
Independent Director is not met as on March 31, 2023. However, the said requirement was
complied by the Company during the quarter ended June 30, 2023.
Pursuant to requirement of Regulation 24A of the Listing Regulations,
the Secretarial Audit Report of DAAWAT Foods Limited, material unlisted subsidiary,
incorporated in India, of the Company, is annexed to this report as Annexure V to
this Report Pursuant to requirement of Regulation 24A of the Listing Regulations, the
Secretarial Compliance Report for the financial year ended March 31, 2023, in relation to
compliance of all applicable SEBI Regulations and circulars/guidelines issued thereunder,
issued by M/s. D Dixit & Associates, Company Secretaries, has been filed with the
stock exchanges within the prescribed time limit. Pursuant to the provisions of section
204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the Board, on the recommendation of the Audit Committee, have appointed M/s.
D Dixit & Associates, as the Secretarial Auditor for the financial year ending March
31, 2024. M/s. D Dixit & Associates, Company Secretaries, have provided a consent to
the Company to act as the Secretarial Auditors for conducting the audit of the secretarial
records for the financial year ending March 31, 2024, and have also confirmed that their
appointment, if made, would be within the limits laid down by the Act and Rules made
thereunder and they are not disqualified for being appointed as Secretarial Auditors under
the provisions of applicable laws. They have also confirmed that their firm is peer
reviewed by The Institute of Company Secretaries of India.
Cost Auditors and Cost Records
Maintenance of cost records and requirement of cost audit as prescribed
under the provisions of Section 148(1) of the Act read with Rule 3 and Rule 4 of The
Companies (Cost Records and Audit) Rules, 2014, are not applicable for the business
activities carried out by the Company.
Reporting by Auditors
During the year under review, the Statutory Auditors and the
Secretarial Auditors have confirmed that they have not come across any event indicating
commitment of any fraud by the officers or employees of the Company and thus, no reporting
under the provisions of section 142(12) of the Act and the Rules made thereunder was
required.
Internal Auditor
In terms of compliance of Section 138 of the Act read with the
Companies (Accounts) rules, 2014, the Board of Directors on the recommendation of Audit
Committee approved the appointment of Grant Thornton, Bharat LLP as its Internal Auditors
of the Company for reporting year 2023-24.
Sustainability Journey
The Environment, Social and Governance ("ESG") components are
factors that help ascertain both investment decisions and risk management with a lens of
sustainability within the organization. The primary objective is to build a culture that
encourages, promotes and achieves ethical business conduct which is more environmentally
and socially conscientious, while adhering to prescribed/ applicable rules and
regulations, and are more likely to sustainably succeed in the long run. During the
financial year 2022-23, the Company undertook a comprehensive materiality assessment
exercise to gather insights on emerging ESG issues that may impact its business in the
future. The objective was to assess the Company's current status as an organization
basis the worldwide tested parameters of ESG Key Performance Indicators and to lay down
the road map for future actions to effectively contribute in achieving the global vision
of considerably reducing carbon footprint.
The Company relentlessly strives to provide long-term sustainable value
to all its stakeholders including customers, investors, suppliers, employees, government
& regulatory bodies and communities. The Company has formulated an ESG Policy to
monitor and regulate its ESG initiatives which has been uploaded on the website of the
Company and can be accessed at: http://www.ltgroup.in/
pdf/ESG-Policy.pdf. During the financial year 2022-23, the Board renamed the Corporate
Social Responsibility Committee as CSR & ESG Committee w.e.f May 30, 2022, to
discharge its oversight responsibility on matters related to organization-wide ESG
initiatives, priorities, and leading ESG practices. The CSR & ESG Committee reports to
the Board and meets on regular intervals to review progress on the ESG initiatives
undertaken by the Company.
Business Responsibility and Sustainability Report (BRSR)
In November 2018, the Ministry of Corporate Affairs ("MCA")
constituted a Committee on Business Responsibility Reporting ("the Committee")
to finalize business responsibility reporting formats for listed and unlisted companies,
based on the framework of the National Guidelines on Responsible Business Conduct. Through
its report, the Committee recommended that Business Responsibility Report be replaced with
BRSR, where disclosures are based on ESG parameters, compelling organizations to
holistically engage with stakeholders and go beyond regulatory compliances in terms of
business measures and their reporting. The BRSR disclosures forms part of this Annual
Report, which would follow the format detailed in the amendment to Regulation 34(2) (f) of
Listing Regulations vide Gazette notification no. SEBI/LAD-NRO/GN/2021/22 dated May 05,
2021 and will form a part of this Annual Report. The BRSR for the financial year 2022-23
is aligned with the nine principles of the National Guidelines on Responsible Business
Conduct notified by the Ministry of Corporate Affairs, Government of India. We have
further enhanced our existing strong reporting structure and mechanisms to ensure we
capture reliable and accurate data for the requirements of BRSR disclosures.
Corporate Governance Certificate
Your Company is committed to maintain the highest standards of
Corporate Governance and adheres to the Corporate Governance requirements set out by the
Securities and Exchange Board of India. The report on Corporate Governance as stipulated
under the Listing Regulations forms part of this Annual Report. Your Company has duly
complied with the Corporate Governance requirements as set out under Chapter IV of the
Listing Regulations. CS Debasis Dixit, Practicing Company Secretary, vide their
certificate dated July 10, 2023, has confirmed that the Company is and has been compliant
with the conditions stipulated in the Chapter IV of the Listing Regulations except that
the Board composition of the Company, as on March 31, 2023, did not met the criteria
specified under Regulation 17(1) of the Listing Regulations. The said certificate is
annexed to the Corporate Governance Report forming part of this Annual Report. A
Certificate of the CEO and CFO of the Company in terms of Listing Regulations, inter-alia,
confirming the correctness of the financial statements and cash flow statements, adequacy
of the internal control measures and reporting of matters to the Audit Committee, is also
annexed to the Corporate Governance Report.
Management Discussion and Analysis Report
Pursuant to Regulation 34 of the Listing Regulations, the Management
Discussion and Analysis Report for the year under review is presented in a separate
section forming part of this Annual Report.
Corporate Social Responsibility
In terms of the provisions of section 135 of the Act read with
Companies (Corporate Social Responsibility Policy) Rules, 2014 and any amendment thereof,
the Board of Directors of your Company has constituted a Corporate Social Responsibility
("CSR") Committee which has been renamed as CSR & ESG Committee w.e.f. May
30, 2022. The said Committee is chaired by Mrs. Neeru Singh, Independent Director. The
other members of the Committee are Mr. Abhiram Seth, Independent Director, Mr. Vijay Kumar
Arora, Managing Director and Mr. Ashwani Kumar Arora, Managing Director & CEO.
Further, Mrs. Monika Chawla Jaggia, Company Secretary & Compliance Officer and Mr.
Sachin Gupta, Chief Financial Officer are the permanent invitees to the Committee. Further
details relating to the CSR & ESG Committee, including number of meetings held during
the year, are provided in the Corporate Governance Report forming part of the Annual
Report.
The CSR & ESG Committee confirms that the implementation and
monitoring of the CSR Policy was done in compliance with the CSR objectives and Policy of
the Company. The Company's CSR Policy and annual report on the CSR activities
undertaken during the financial year ended March 31, 2023, in accordance with Section 135
of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014
("CSR Rules") is set out in Annexure VI to this Report. The CSR Policy of
the Company is available on its website viz. http://www.
ltgroup.in/pdf/LT-Foods-CSR-Policy-2021.pdf.
Your Company is a caring corporate entity and lays significant emphasis
on development of the communities around which it operates. During the year, on the
recommendation of the CSR & ESG Committee and as approved by the Board, your Company
has executed several projects in the areas of Trainings to the farmers with sustainable
farming practices, water conservation, Education, Health Care, Girl Child Education,
village adoption. As per section 135 of the Act, read with CSR
Rules, companies are required to spend minimum 2% of their average net
profit for the last three financial years. Basis which the minimum requirement for the
Company was Rs. 2.73 crores for the financial year 2022-23.
Risk Management
Risk management is embedded in Company's operating framework. The
Company believes that risk resilience is key to achieving higher growth. To this effect,
there is a process in place to identify key risks across the functions and prioritise
relevant action plans to mitigate these risks. To have a more robust process, the Company
had constituted a Risk Management Committee to focus on risk management, including
determination of the Company's risk appetite, risk tolerance and regular risk
assessments (risk identification, risk quantification and risk evaluation).
The Risk Management Framework is reviewed periodically by the Risk
Management Committee, which includes discussing the management submissions on risks,
prioritising key risks and approving action plans to mitigate such risks. The objective of
the Company's Risk Management Policy is to have a well-defined approach to risk. The
policy lays down broad guidelines for timely identification, assessment, and
prioritisation of risks affecting the Company in the short term and in the foreseeable
future. The policy suggests framing an appropriate response action for the key risks
identified, so as to make sure that the risks are adequately addressed or mitigated.
Details of the Committee including number of meetings held during the year, are provided
in the Corporate Governance Report forming part of the Annual Report.
Details on risk management forms part of the Management Discussion and
Analysis Report under the section ‘Opportunities & Threats', which forms
part of this Annual Report. The Company has in place a comprehensive Risk Management
Policy which has been uploaded on the website of the Company and can be accessed at
http:// ltgroup.in/pdf/LT-Foods%20-Risk-Management.pdf.
Internal Financial Controls
The Company has adequate Internal Financial Control System over
financial reporting which ensures that all transactions are authorized, recorded, and
reported correctly in a timely manner. The Company's Internal Financial Control over
financial reporting is designed to provide reliable financial information and to comply
with applicable accounting standards.
The Company periodically tracks all amendments to Accounting Standards
and makes changes to the underlying systems, processes and financial controls to ensure
adherence to the same. All resultant changes to the policy and impact on financials, if
any, are disclosed after due validation with the Statutory Auditors and the Audit
Committee.
Your Company has in place adequate internal financial controls with
reference to the Financial Statements commensurate with the size, scale and complexity of
its operations. Such controls have been assessed during the year under review taking into
consideration the essential components of internal controls stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by The Institute of
Chartered Accountants of India. Based on the results of such assessments carried out by
the management, no reportable material weakness or significant deficiencies in the design
or operation of internal financial controls was observed.
Obligation of Company under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company believes that every employee should have the opportunity to
work in an environment free from any conduct which can be considered as sexual harassment.
The Company is committed to treating every employee with dignity and respect. The Company
has formulated a policy on ‘Prevention of Sexual Harassment at Workplace Policy'
as per the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 and Rules made thereunder. The policy is applicable
to all the establishments of the Company located in India. The Company has constituted
Internal Complaints Committees to ensure implementation and compliance with the provisions
of the aforesaid Act and the Rules.
This Policy addresses the following major objectives:
• To define Sexual Harassment;
• To lay down the guidelines for reporting acts of Sexual
Harassment at the workplace; and
• To provide the procedure for the resolution and redressal of
complaints of Sexual Harassment.
The policy lays down a detailed procedure for making a complaint,
initiating enquiry therein and satisfactory redressal of the complaint. During the
financial year 2022-23, no complaint was reported under the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
Rules made thereunder and none was pending from the previous financial year.
Whistle Blower Policy / Vigil Mechanism
Company encourages an open and transparent system of working and
dealing amongst its stakeholders. LT Foods has adopted a ‘Whistle Blower Policy'
which encompasses a comprehensive framework of managing complaints of every stakeholder.
It encourages its employees and various stakeholders to raise concerns about illegal /
unethical behaviour observed in the Company, compromise / violation of Company's Code
of Conduct or legal or regulatory provisions, corruption, misuse of office, actual or
suspected fraud and other malpractices detrimental to the interest of the Company without
any fear of reprisal, discrimination, harassment or victimization of any kind.
The policy also covers reporting of instances of leakage/ suspected
leakage of unpublished price sensitive information which are in violation to SEBI
(Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct
for Regulating, Monitoring and Reporting Trading by Designated Persons. Complaints, if
any, are received by the Ombudsman through a dedicated email ID or by way of letter
addressed to the Ombudsman. In case the whistle blower wishes to raise a complaint
directly to the members of the Audit Committee, and not through above mentioned normal
channels, the complaint may be directly made to the Chairperson of the Audit Committee.
Details of whistle blower complaints received, if any, and the
functioning of the whistle blower mechanism are reviewed periodically by the Audit
Committee. No person has been denied access to the Chairperson of the Audit Committee.
During the financial year 2022-23, no complaint was received under the Whistle Blower
Policy of the Company. Details of whistle blower policy are available in the Corporate
Governance Report that forms part of this Annual Report.
The Whistle Blower Policy is available on the website of the Company at
the link http://ltgroup.in/pdf/Whistle-Blower%20Policy_August%202021.pdf.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy of the Company, inter alia,
provides that the Nomination and Remuneration Committee shall: • lay down the
effective manner of performance evaluation of the Board, its Committees and the Directors
• formulate the criteria for Board membership, including the appropriate mix of
Executive & Non-Executive Directors and Board Diversity;
• approve and recommend compensation packages and policies for
Directors, Key Managerial Personnel and Senior Management Personnel; and • such other
matters as provided under section 178 of the Act and under the provisions of Listing
Regulations.
The salient features of the Nomination and Remuneration Policy of the
Company are outlined in the Corporate Governance Report which forms part of this Annual
Report. The Policy is available on the website of the Company at:
http://www.ltgroup.in/pdf/LT-Foods-Remuneration-Policy.pdf.
Particulars of contracts or arrangements with Related Parties
All arrangements/ transactions entered into by the Company with its
related parties during the financial year 2022-23 were in the ordinary course of business
and on an arm's length basis. During the year under review, the Company had taken
shareholders' approval for all the arrangement/ transaction with related parties
which could be considered material in accordance with the Company's Policy on Related
Party Transactions, as amended, read with the Listing Regulations. As per the requirements
of Indian Accounting Standards 24, details of all the transactions of the Company with its
related parties have been disclosed in the financial statements forming part of this
Annual Report. A declaration in Form AOC-2, as required under sections 134(3)(h) read with
188(1) of the Act is enclosed as Annexure VII to this report. The Policy on the
Related Party Transactions is available on the Company's website at:
http://www.ltgroup.in/pdf/LT-Food-Related-Party-Transactions-2022.pdf. A detailed note on
the procedure adopted by the Company in dealing with contracts and arrangements with
related parties is provided in the Report on Corporate Governance, which forms part of
this Annual Report.
Compliance with the provisions of Secretarial Standards
The mandatory Secretarial Standards issued by the Institute of Company
Secretaries of India, have been duly complied with by the Company, during the year under
review.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
The details of energy conservation, technology absorption and foreign
exchange earnings and outgo as required under section 134(3) of the Act read with Rule 8
of Companies (Accounts of Companies) Rules, 2014 is as follows:
1. Bringing Maximum Control into System through Process
Automation
We have strategized the implementation of plant automation using SCADA
across our primary packing and processing facilities. This aims to uphold optimal
efficiency and quality while minimizing the slightest possibility of manual errors.
2. Section wise Efficiency Improvement Projects
We are actively engaged in executing multiple in-house projects aimed
at enhancing efficiency. These projects encompass areas such as loading optimization,
minimizing concealed wastage tied to manpower and materials, optimizing power consumption,
introducing high-efficiency machinery along with IE4 motors, and maximizing the
utilization of renewable energy sources.
3. Inclusion of Bar Codes for improved planning &
traceability
We have incorporated Bar Codes as a pivotal tool and are striving to
uphold seamless production planning and comprehensive traceability from the production
process to invoicing. This initiative will enable us to monitor even the slightest
discrepancies and ensure accurate scheduling and thorough traceability.
4. 2nd stage of Digitization
We embarked on our journey towards digitization a year ago and have now
progressed to the second phase with the valuable assistance of our esteemed consultants in
the field.
5. Using by-product (Husk) for electricity generation
By harnessing green energy from a turbine that utilizes husk a by
product for the Company, to generating an impressive capacity of 3.5 MW per hour,
resulting in minimum utilisation of electricity.
6. Renewable (Solar) Energy Generation
Company with the help of solar panels have been able to generate solar
energy of approx. 5,00,000 KWH on a yearly basis, resulting in energy conservation and
reduction in green house gas emissions.
7. Rain Water Harvesting increased
Company has installed a new rainwater harvesting well and constructed a
pond within its plant premises, with an aim to significantly increase its capacity of
rainwater harvesting and enhancing groundwater recharge capacity. Consequent to which
water stress level will be reduced and will help in restoring the land with rain water.
8. Technology / Machine modification
Company has been working towards implementing advanced energy-efficient
technologies by installing synchronization meters to effectively manage the power
generated from DG (Diesel Generator), turbines, and solar sources. This has resulted in
energy saving and productivity improvement in the operations of the Company.
9. Electric Fork Lift introduced
During the year under review, Company has replaced Diesel Operated Fork
Lift with Battery Operated fork lift which has impacted in reducing Fossil fuel
consumption and air emission inside the plant premises, making it a healthier environment
for the plant workforce.
10. New Plantation in Factory Land
Company has taken an initiative of building a mini forest in approx. 2
acers of land within the Company premises for creating a healthier environment within the
factory premises and taking a step in contributing towards Company's ESG Targets.
Foreign Exchange Earnings and Outgo:
During the year, the total foreign exchange spent was depicted below in
Lakhs and the total foreign exchange earned were as follows: Lakhs
|
|
Lakhs |
| Particulars |
31-03-2023 |
31-03-2022 |
| Value of imports on CIF basis |
|
|
| Capital goods |
11.20 |
96.44 |
| Stores and spares |
910.72 |
14.71 |
| Rice |
106.99 |
- |
| Packing Material |
- |
20.86 |
| Other |
4.62 |
- |
| Other Food Items |
- |
- |
| Total |
1,033.54 |
132.00 |
| Expenditure in foreign currency |
|
|
| Legal & Professional |
102.66 |
16.79 |
| Interest and other charges to bank |
53.96 |
281.38 |
| Clearing & Forwarding Expense |
6,238.37 |
5,968.80 |
| Advertisement |
78.27 |
- |
| Sales promotion |
61.94 |
187.12 |
| Commission on export sales |
124.08 |
284.92 |
| Others |
17.71 |
107.31 |
| Total |
6,676.99 |
6,846.32 |
| Earnings in foreign currency |
|
|
| FOB value of exports |
1,52,053.80 |
1,18,787.69 |
| Total |
1,52,053.80 |
1,18,787.69 |
Change in the nature of business
There is no change in the nature of the business operations of the
Company, during the financial year ended March 31, 2023.
Material changes and commitments, if any, affecting the financial
position between the end of the financial year and the date of Report.
There are no material changes and commitments, affecting the financial
position of the Company between the end of the financial year ended March 31, 2023 and the
date of this Report. Except that a Step-Down wholly owned subsidiary company of LT Foods
Limited in the name of "LT Foods UK Limited" has been incorporated on July 17,
2023 to expand and strengthen our presence in United Kingdom.
Investor Education and Protection Fund
In accordance with the applicable provisions of the Act read with
Investor Education and Protection Fund (Accounting, Audit, Transfer, and Refund) Rules,
2016 ("IEPF Rules"), all unclaimed dividends are required to be transferred to
the Investor Education and Protection Fund ("IEPF") after completion of seven
consecutive years. Further, according to IEPF Rules, the shares on which dividend has not
been claimed by the shareholders for seven consecutive years or more shall be transferred
to the demat account of the Investor Education and Protection Fund Authority ("IEPF
Authority"). After the transfer, the concerned shareholders can claim the said
sharesalongwiththedividend(s)bymakinganapplication to IEPF Authority in accordance with
the procedure available on www.iepf.gov.in and on submission of such documents as
prescribed under the IEPF Rules. On receipt of the application, the Company shall send an
online verification report to the IEPF Authority after verifying all the necessary details
which is duly certified by the Nodal Officer. All corporate benefits accruing on such
shares including dividend shall be credited to IEPF. During the year under review, unpaid
or unclaimed dividend amounting to Rs. 2,42,315.50/- in respect of shares transferred
earlier to IEPF Authority, was transferred by the Company to the IEPF, established by the
Government of India.
The dividend declared for the financial year 2015-16, is due to be
transferred to IEPF account during the financial year 2023-24.
The Company has been regularly sending communications to members whose
dividends are lying unclaimed requesting them to claim their outstanding dividend amount
by providing/updating their bank details with the RTA/Company/ Depository Participant, as
the case may be so that their dividend amount do not remain unclaimed for seven
consecutive years and thus attracting the provision of transferring the corresponding
shares to IEPF Authority. Further the amount of Dividend unclaimed/unpaid are lying in the
respective unpaid / unclaimed dividend accounts and can be claimed by the respective
shareholders by sending required documents to the Company's Registrar and Share
Transfer Agent (RTA) i.e. Big Share Services Private Limited, before the due date of
transferring the same in IEPF account.
Annual Return
A copy of the Annual Return of the Company containing the particulars
prescribed under section 134(3)(a) and 92(3) of the Act read with Rule 12(1) of the
Companies (Management and Administration) Rules, 2014, as amended, in Form MGT-7, as they
stood on the close of the financial year i.e. March 31, 2023 is uploaded on the website of
the Company and can be accessed through the following link:
http://ltgroup.in/investor-updates/ annual-return.html.
Details of significant and material orders passed by the regulators or
courts
During the financial year 2022-23, no significantly material order was
passed by the regulators or courts or tribunals impacting the going concern status and the
Company's operations in the future.
Affirmations
To the best of our knowledge and the information available, no
application against the Company was filed in any court in India under the Insolvency and
Bankruptcy Code, 2016, nor any proceedings thereunder is pending as on March 31, 2023.
During the year under review, there was no instance of onetime
settlement with any bank or financial institution.
Acknowledgements
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The Board places on record its
appreciation for the support and co-operation your Company has been receiving from all its
business partners - suppliers, distributors, retailers and others associated with it. Your
Company looks upon them as partners in progress and share with them the rewards of growth.
Your Directors also express their sense of gratitude to all the shareholders, customers,
vendors, banks and regulatory authorities, both at the Central and State level, and look
forward to their continued support.
|
For and on behalf of |
|
Board of Directors of LT Foods Limited |
| Gurugram, |
Vijay Kumar Arora |
| July 28, 2023 |
Chairman and Managing Director |
  Â