The Directors have pleasure in presenting the 60th Annual Report and Accounts for the financial year ended 31st March, 2024. FINANCIAL RESULTS
The highlights of the financial results are as follows:
|
(INR in Lacs
|
|
Particulars
|
Standalone
|
Consolidated
|
| |
Year ended March 2024
|
Year ended March 2023
|
Year ended March 2024
|
Year ended March 2023
|
|
Revenue from operations
|
218,004.15
|
189,233.48
|
234,784.92
|
198,960.93
|
|
Others Income
|
4,704.44
|
4,500.80
|
4,388.38
|
4,106.84
|
|
Earnings before interest, taxes, depreciation
|
31,403.11
|
28,288.24
|
31,582.04
|
29,605.52
|
|
Finance Cost
|
673.24
|
895.54
|
1,206.20
|
919.98
|
|
Depreciation and amortization expenses
|
3,295.20
|
2,813.02
|
3,640.51
|
2,908.67
|
|
Profit before taxation
|
27,434.67
|
24,579.68
|
26,735.33
|
25,776.87
|
|
Add: Share of profit/(loss) of equity accounted investee (net of income tax)
|
-
|
-
|
154.08
|
93.43
|
|
Less: Provision for taxation:
|
|
|
|
|
|
Current tax
|
6,737.13
|
6,203.94
|
7,098.80
|
6,467.63
|
|
Deferred tax
|
288.00
|
(137.86)
|
255.37
|
(93.96)
|
|
Profit after tax
|
20,409.54
|
18,513.60
|
19,535.24
|
19,496.63
|
|
Other comprehensive income (Net of Taxes)
|
(88.39)
|
(234.31)
|
(27.74)
|
(166.29)
|
|
Total Comprehensive income
|
20,321.15
|
18,279.29
|
19,507.50
|
19,330.34
|
OPERATIONS
During the financial year ended 31st March, 2024, the net profit after tax of the company on standalone basis has increased to INR 20,409.54 Lacs as compared to previous year's net profit after tax of INR 18,513.60 Lacs showing an increase of 10.2 percent over the previous year on standalone basis. The Company has achieved a turnover of INR 2,180 crores as compared to INR 1,892 crores for the previous year.
Previous year's figures have been restated to take into consideration amalgamation of Global Composites and Structurals Limited and Ion Exchange Environment Management Limited with Ion Exchange (India) Limited.
DIVIDEND
For the Financial Year 2023-24, the Board has recommended a dividend of INR 1.50 per Equity Share of face value of INR 1/-each (previous year: INR 1.25 per Equity share of face value of INR 1/- each).
FUTURE OUTLOOK
Global GDP growth is projected at 3.1 percent in 2024 and 3.2 percent in 2025, with little change from 3.1 percent in 2023. This is weaker than seen in the decade before the global financial crisis but is close to estimated potential growth rates in advanced and emerging market economies.
As we look to the future, several key trends are expected to shape the global economic and political landscape, impacting various industries, including the water and environment sectors.
With ongoing geopolitical tensions, such as the Israel-Hamas conflict, the attacks in the Red Sea and the aftermath of the Russia-Ukraine war, political stability in many regions remains uncertain, potentially affecting international trade and investment. The global economy is projected to continue its moderate growth in 2024, with advanced economies gradually accelerating while emerging markets face more significant challenges due to climate change, resource constraints, and social unrest.
The global economy is expected to rebound in 2025 with decreased election uncertainties and potential rate cuts from Western central banks. In India, improved capital flows are anticipated to boost private investment and exports, though inflation may ease only in the latter half of the next fiscal year. The focus is on emerging consumer spending patterns, with a rise in middle-income households driving demand for luxury goods and services. However, the challenge of rising household debt and falling savings could impact long-term growth. Controlling household debt is crucial to ensure economic stability and protect households from financial vulnerability. By the end of 2025, most significant economies expect inflation to return to central bank targets.
India's economy is forecast to expand by 6.9 percent in 2024 and 6.6 percent in 2025. The water and environment industry is poised for substantial growth, driven by rapid urbanization, private investment in infrastructure development and government initiatives such as the Jal Jeevan Mission and the Clean Ganga Project. However, challenges like water scarcity,
pollution, and inadequate infrastructure will require robust solutions and collaborative efforts from the public and private sectors.
India has a unique opportunity to become a low-carbon economic powerhouse, avoiding the environmental mistakes of other nations consistent with its vision to achieve net zero goals by 2070 and renewable energy output of 500 GW by 2030 with green hydrogen production of 5 Million Metric tonnes by 2030. Achieving this will require more than just investment in clean energy but also sustainable water resources. The government's Panchamrit initiative, outlined at COP26 in 2021, has already set ambitious climate targets, including tripling non-fossil fuel capacity within six years to meet 50 percent of India's energy needs. If successful, this initiative could reduce carbon emissions by 1 billion tonnes by 2030, achieving a carbon intensity of GDP of less than 45 percent and reaching net zero emissions by 2070.
Technological advancements will drive significant transformations across industries. Innovations in artificial intelligence, machine learning and the Internet of Things (IoT) are anticipated to revolutionize water management systems, making them more efficient and responsive to real-time data. Sustainable practices with resource recoveries, waste to resource and green technologies will become increasingly crucial as businesses and governments prioritize environmental responsibility and compliance with the United Nations Sustainable Development Goals.
Strategy to ensure Business Continuity & Growth
To ensure business continuity and growth, companies should embrace cutting-edge technologies like GenAI, IoT, and advanced data analytics to enhance efficiency and develop innovative solutions. GenAI captures 30 percent of the entire market and will command a value of around $60 billion by 2025. Integrating sustainable practices into core operations is crucial for reducing environmental impact and aligning with global ecological goals. Exploring new markets and diversifying the product portfolio can mitigate geopolitical risks and create growth opportunities. Strategic partnerships with technology leaders and research institutions can drive innovation, while resilient supply chain management ensures stability and minimizes disruptions. Investing in talent development fosters a skilled workforce and a culture of continuous learning. Finally, a customer-centric approach, focusing on personalized services and strong relationships, can secure long-term loyalty and repeat business. Future output and productivity growth must be bolstered through ambitious structural policy reforms to enhance human capital and leverage technological advances.
India is poised to balance environmental awareness with economic development. Adopting a green growth model tailored to the country's needs, will also aim to generate employment for its multi-talented youth, can position India as a leader in the global fight against climate change.
FINANCIAL RESOURCES Fixed Deposits
The Company has not accepted any deposits during the year, within the meaning of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014.
Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
SUBSIDIARY COMPANIES
Aqua Investments (India) Ltd. and Watercare Investments (India) Ltd
During the year ended 31st March, 2024, the Subsidiary Companies M/s. Aqua Investments (India) Limited posted profit after tax of INR 38.98 Lacs compared to INR 31.99 Lacs of the previous year and M/s. Water Care Investments (India) Ltd. posted profit after tax of INR 29.09 Lacs compared to INR 24.05 Lacs of the previous year.
Ion Exchange Enviro Farms Limited (IEEFL)
The Company achieved revenue of Rs. 197.88 Lacs during the year 2023-24 as against previous year income of Rs. 157.17 Lacs.
Pursuant to the appeal filed in Supreme Court against the Securities Appellate Tribunal (SAT) Order of 19th March 2021 and based on legal advice, the Company appointed SEBI empaneled auditors to conduct Special Audit. This Special Audit Report along with additional affidavit was submitted to Supreme Court and after considering the Audit Report and the Company's submissions, supreme Court granted liberty to the Company to approach SEBI with additional material. The Company accordingly made detailed presentation to SEBI with a request for reconsideration of SEBI's earlier directions.SEBI thereafter appointed another independent auditor, who has confirmed that substantially the investors were transferred developed land and submitted its report to SEBI. SEBI thereafter sought certain clarifications from the company which were provided. However SEBI vide order dated 16th May 2024 issued by Recovery Officer stated that transfer of developed land can not be considered as repayment of money and directed the company to deposit an amount of INR 2,202 Lacs towards repayment of money to the investors.The company has once again represented with SEBI to reconsider the matter and has also initiated further steps as per legal advice.
Ion Exchange Asia Pacific Pte Ltd., Singapore and Ion Exchange Asia Pacific (Thailand) Ltd., Thailand and Pt Ion Exchange Asia Pacific, Indonesia
The Company achieved consolidated operating income of INR 1982.42 Lacs during the year under review as compared to INR 1808.26 Lacs in previous year. The Company made consolidated net profit after tax of INR 4.15 Lacs as compared to net profit after tax of INR 15.46 Lacs.
The Company has good order backlog at the year end and many new orders are at advanced stage of negotiations. The Company has increased sale of products such as Resins, Chemicals and Membranes during the year. The Company is confident to improve its revenue and profitability in the current year.
IEI Environmental Management [M] SDN.BHD, Malaysia
The Company appointed Official Liquidator for winding up of the company and also applied for voluntary winding up of the company during March 2024.
Ion Exchange Environment Management (BD) Limited, Bangladesh
The Company achieved turnover of INR 1,308.92 Lacs during the year as compared to INR 1213.83 Lacs in the previous year. The Company made net profit after tax of INR 50.61 Lacs as compared to loss of INR 42.30 Lacs.
The growth of business during the year under review was affected due to the economic and financial conditions of the country particularly the restrictions imposed by their Central Bank on foreign exchange transactions. The Bangladesh economy is one of the major growing developing economies. It has seen robust growth after the Pandemic with macro-economic stability and improvement in infrastructure and trade flows.
Your Company is focusing on Textile Segment and Infrastructure projects of government and municipal authorities for higher growth in its operations.
Ion Exchange WTS (Bangladesh) Limited, Bangladesh
The Company is currently not in operation.
Ion Exchange & Co. LLC, Oman
The Company achieved a turnover of INR 2368.58 Lacs during the year under review compared to INR 2064.41 Lacs in the previous year. The Company made net profit after tax of INR 164.06 Lacs. Major revenue is from Operations & Maintenance of water treatment plants in Oman. The existing O & M order from PDO is in force till December 2024. The company is also providing O & M services to other medium and small customers for optimum utilization of its resources.
In order to achieve higher growth and returns the Company is aggressively bidding for O & M contracts across all sectors and offering competitive pricing for supply of plants and projects including O & M services. Oman economy is on recovery path after it witnessed slump due to Covid pandemic. This has helped the Company to show growth durings the year under review and are hopeful that the Company will continue its growth trajectory in the coming years.
Ion Exchange LLC, USA
The Company achieved a turnover of INR 4835.03 Lacs for the year under review as compared to INR 5361.17 Lacs in the previous year. Net profit after tax is INR 188.32 Lacs as compared to INR 392.58 Lacs in previous year. The lower turnover and higher input costs have affected company's profitability during the year under review.
Ion Exchange Projects and Engineering Limited
The Company achieved a turnover of INR 3009.57 Lacs for the year under review as against INR 3978.34 Lacs in previous year.
The Company incurred loss of INR 757.15 Lacs for the year as against profit after tax of INR 761.90 Lacs.
The Company provides Project Management services and design services to the parent company for its ongoing contracts.
The Scheme of Amalgamation of Ion Exchange Projects and Engineering Limited with Ion Exchange (India) Limited has been returned by Bombay Stock Exchange and National Stock Exchange. Therefore, the Board of Directors of Ion Exchange (India) Limited has decided to withdraw the said scheme and to refile an amended scheme in due course of time.
Ion Exchange Safic (Pty) Limited, South Africa
The Company achieved a turnover of INR 1977.54 Lacs during the year under review as compared to INR 2000.89 Lacs in the previous year and the Company made a net profit after tax of INR 61.84 Lacs for the year as compared INR 66.77 Lacs in the previous year. The decrease in turnover in INR is due to devaluation of ZAR during the year but in terms of ZAR the sale has grown by 6%.
The current strategy is to increase growth across geography by appointing more retainers and distributors.
Ion Exchange Arabia For Water
The Company achieved higher turnover of INR 1969.00 Lacs during the year under review compared to INR 721.54 Lacs in previous year. The company incurred loss of INR 138.74 Lacs compared to INR 233.35 Lacs in previous year.
The Company is in the process of strengthening its sales & marketing network to cover Riyadh and Jeddah area. The chemical business segment is given top priority and sales team appointed in Riyadh and Jeddah area. Also, the chemical blending facility is in the process of being operational during current year. The company is hopeful of improving its performance in the coming years.
Total Water Management Services (India) Ltd.
The Company achieved a turnover of INR 54.99 Lacs for the year under review, as against INR 31.15 Lacs for the previous year.
The Company is in the business of providing total water management consultancy across the spectrum.
Ion Exchange Purified Drinking Water Pvt. Ltd.
The Company achieved a turnover of INR 1724.21 Lacs for the year under review, as against INR 1874.45 Lacs for the previous year. The Company made profit after tax of INR 208.03 Lacs as compared to INR 238.53 Lacs in previous year.
The Company is set-up as a special purpose vehicle to implement PPP (Public Private Partnership) project for bottle water supply to Indian Railway Catering and Tourism Corporation Limited (IRCTC).
Ion Exchange Europe, LDA
The Company achieved a turnover of INR 1829.57 Lacs for the year under review as compared to INR 1188.68 Lacs in previous year. The company achieved net profit after tax of INR 104.25 Lacs as compared to INR 97.87 Lacs in previous year.
MAPRIL - Produtos Qufmicos e Maquinas Para a Industria, Lda
During the year under review, Ion Exchange (India) Limited acquired 100% stake in MAPRIL - Produtos Qmmicos e Maquinas Para a Industria, Lda, (MAPRIL), Portugal on 22nd June, 2023. The Company acquired 11,11,000 Equity shares of MAPRIL for a total consideration of INR 24 Crores. The Company is an existing manufacturing and distribution company in Portugal.
The Company achieved a turnover of INR 9268.68 Lacs for the year under review since the date of acquisition. The company made net profit after tax of INR 254.90 Lacs.
Scheme of Amalgamations
During the previous year, the Board had approved the scheme of Amalgamation of Global Composites and Structurals Limited and Ion Exchange Environment Management Limited (wholly owned subsidiaries) with Ion Exchange (India) Limited. We are pleased to inform you that we have received the formal approval from the NCLT, Mumbai Bench and all other regulatory/ governmental authorities for the amalgamation.
During the previous year, the Board had approved the scheme of Amalgamation between Ion Exchange Projects and Engineering Limited (Subsidiary Company) with Ion Exchange (India) Limited. further the Company has received a letter from BSE Ltd. and National Stock Exchange of India Limited (NSE), informing that the captioned Scheme has been returned due to reasons stated in their letter, the copy of which is available on the website of the respective Stock Exchanges.
In light of the above, the Board of Directors at its meeting held on March 21 & March 22, 2024, decided not to currently proceed with the Scheme and thereby withdraw the said Scheme and is also contemplating that an amended scheme shall be refiled in due course of time.
ACQUISITION
ASSOCIATE AND JOINT VENTURE COMPANIES
A statement as required under Section 129 of the Companies Act, 2013, is attached to the Annual Report in form AOC - 1.
DIRECTORS
Pursuant to the recommendation of Nomination and Remuneration Committee, the Board of Directors have, on 2nd August, 2024, approved the appointment of Mr. Amitava Guharoy, Mr. Gopalaraman Padmanabhan, and Mrs. Alka Arora Misra as Additional Directors in the capacity of Independent directors, subject to the approval of the shareholders of the company. Necessary resolution for the appointment is being placed for the approval of the shareholders as part of the notice of the 60th AGM.
Mr. M.P Patni, Director of the company, retires by rotation and being eligible has offered himself for re-appointment.
All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.
In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are independent of the management.
BOARD PERFORMANCE EVALUATION
Pursuant to the provisions of the Section 149 Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the directors individually, as well as the evaluation of the working of its Committees. The evaluation was done after taking into consideration the criteria laid down by Nomination and Remuneration committee. The criteria for evaluation included participation in deliberations, specific contributions made,
compliance with company's code of conduct, carrying out assigned tasks in timely and efficient manner and planning and formulating the company's strategies. The performance evaluation of Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman, Non- Independent Directors and the Board and its Committee was carried out by Independent Directors. The Board of Directors expressed satisfaction with the evaluation process.
The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(3)(c) of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed that:
- In the preparation of the annual accounts for the year ended 31st March, 2024, the applicable accounting standards have been followed along with proper explanation given relating to material departures, if any;
- Appropriate accounting policies have been selected and applied consistently and judgments and estimates were made that were 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 of the Company for that period;
- 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 have been taken to the best of their knowledge;
- The annual accounts have been prepared for the financial year ended 31 st March, 2024 on a going concern basis.
- Proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.
- The directors have devised proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
KEY MANAGERIAL PERSONNEL
The Company has following persons as Key Managerial Personnel.
|
Sr.
No.
|
Name of the Person
|
Designation
|
|
1
|
Mr. Rajesh Sharma
|
Chairman & Managing Director
|
|
2
|
Mr. Vasant Naik
|
Chief Financial Officer
|
|
3
|
Mr. Milind Puranik
|
Company Secretary
|
NUMBER OF MEETINGS OF THE BOARD
The details of number of meetings of the Board held during the financial year 2023-24 forms part of the Corporate Governance Report.
WHISTLE BLOWER POLICY
The Company has a whistle blower policy to report genuine concerns or grievances. The Whistle Blower Policy has been posted on the website of the Company [https:// ionexchangeglobal.com/pdf/ionindia/Whistle%20Blower%20 Policy. pdf]
RELATED PARTY TRANSACTIONS
All transactions entered with related parties for the year under review were on arm's length basis and in the ordinary course of business and that the provisions of section 188 of the Companies Act, 2013 are not attracted. Further, there are no material related party transactions under review with the promoters, directors or key managerial personnel. The Company has developed a related party transactions framework through standard operating procedures for the purpose of identification and monitoring of such transactions.
As per the policy on Related Party Transactions, the Audit Committee granted omnibus approval for the transactions which are repetitive in nature. The related party transactions were placed before the Audit Committee and the Board on quarterly basis for review, pursuant to omnibus approval.
The policy on related party transactions as approved by the board of directors has been uploaded on the website of the company. The web link of the same has been provided in the corporate governance report. None of the directors has any pecuniary relationship vis-a-vis the Company.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
QUALITY INITIATIVES
Ion Exchange prioritizes quality as a key strategic parameter. All facilities adhere to standardized systems to ensure exceptional experiences and are certified for ISO 9001:2015 Quality Management System. Internal quality norms are regularly reviewed to meet required standards, focusing on process excellence through 'Lean Six Sigma.'
We are committed to enhancing quality, delivery, innovation, and efficiency in its business processes to achieve best-inclass performance. The quality of incoming materials is regularly monitored to meet company standards, ensuring high-quality solutions for customers and setting new benchmarks in the industry.
Certifications and Standards Manufacturing Facilities:
• Resins (Ankleshwar, Gujarat): Certified for ISO 14001:2015 Environmental Management System, WHOGMP, NSF/ANSI/CAN, Kosher, Halal, EU and Canadian Health, GMP, GLP, ICIM.
• Chemicals (Patancheru, Telangana): Certified for ISO 14001:2015 and ISO45001:2018 Occupational Health and Safety Management System. Holds Kosher, Halal, NSF/ANSI, GOTS, REACH, ZDHC MRSL, IIP-UN certifications.
• Membrane (Goa): Certified for ISO 14001:2015 and ISO 45001:2018 Occupational Health and Safety Management System.
R&D Laboratories:
• Patancheru and Vashi: Certified by DSIR.
• Bangalore: Certified by NABL.
Service Site:
• Bhatinda: Renewed ISO 45001:2018 Occupational Health and Safety Management System certificate.
• Technology Division: Obtained ISO 13485:2016 Quality Management System for Medical Devices.
AUDITORS
Statutory Auditors
Statutory Auditors M/s B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) will complete their present term on conclusion of the ensuing 60th AGM. There is no incident of fraud requiring reporting by the Auditors under Section 143(12) of the Act.
Pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with the rules framed thereunder as amended from time to time (including any statutory modification(s) or re-enactment thereof for the time being in force) and pursuant to the recommendation of Audit Committee and the Board of Directors, it is proposed to appoint M/s Deloitte Haskins & Sells LLP, Chartered Accountants, (Firm Registration No. 117366W/W-100018) as the Statutory Auditors of the Company, to hold office for a term of five
consecutive years from the conclusion of the 60th Annual General Meeting (AGM) until the conclusion of the 65th Annual General Meeting of the Company to be held in the year 2029, on such remuneration as may be mutually agreed upon between the Board of Directors and the statutory auditors.
Branch Auditors
The Branch Auditors, M/s. Angadi & Co., appointed to conduct Audit of Ion Exchange Services [A division of Ion Exchange (India) Limited], Bengaluru, hold office until the conclusion of this meeting and are eligible for appointment. Pursuant to the provisions of section 139 and 143(8) of the Companies Act 2013 and rules framed there under, it is proposed to appoint M/s. Angadi & Co., as branch auditors of the Company from the conclusion of forthcoming AGM till the conclusion of next AGM.
Cost Auditors
Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its Chemicals, Membranes and Standard water treatment plants manufacturing activity are required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia & Associates to audit the cost accounts of the Company for the financial year ending 31st March, 2025. As required under the Companies Act, 2013, the remuneration payable to the cost auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member's ratification for the remuneration payable to M/s. Kishore Bhatia & Associates, Cost Auditors is included in the Notice convening the Annual General Meeting.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Companies Act, 2013 (The Act), read with the Companies (Accounts) Rules, 2014, SEBI (Listing Regulations) and Ind AS 110 - Consolidated Financial Statements and Ind AS 28 - Investment in Associates and Joint Venture - the audited consolidated financial statements are provided in this report.
The consolidated financial statements have been prepared on the basis of the audited financial statements of the company, its Subsidiaries, Joint Venture and Associate companies, as approved by their Board of Directors.
The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the subsidiary companies are placed on Company's website and the same are open for inspection at the Registered Office of the Company.
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Regulation 34 of Listing Regulations read with Schedule V (Part C) forms part of this annual report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Report on Management discussion and analysis as required under Regulation 34 of Listing Regulations forms part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Business Responsibility Report as Required under Regulation 34 of Listing Regulations read with Schedule V (Part B) forms part of this Annual Report.
ANNUAL RETURN
The annual return of the Company as required under the Companies Act, 2013 will be available on the website of the Company https:// ionexchangeglobal.com/investor-relation/annual-return/
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. GMJ & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as “Annexure I”.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As a part of its initiative under the “Corporate Social Responsibility” (CSR) drive, the Company has undertaken projects in the areas of environment, education and safe drinking water. These projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company's CSR Policy. The Report on CSR activities as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as “Annexure II” forming part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO
Information in accordance with Section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014 and forming part of this Report for the year ended 31st March, 2024 is given in “Annexure IN”.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Board of Directors of the company hereby confirm that, during the period under review the company has complied with the provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).
ACKNOWLEDGEMENTS
Your Board conveys its deep appreciation of the co-operation extended by customers, suppliers, banks, financial institutions, contribution made by employees for the company's growth, shareholders and fixed deposit holders.
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