Your Directors have pleasure in presenting the Annual Report of your Company along with the Audited Statement of Accounts for the financial year ended 31st March 2026. The Report also includes the Management Discussion and Analysis Report and in accordance with the Guidelines on Corporate Governance.
FINANCIAL RESULTS
The Financial results of the Company for the year under review are as follows: (' in Crores)
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Standalone
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Consolidated
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As on 31st March, 2026
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As on 31st March, 2025
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As on 31st March, 2026
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As on 31st March, 2025
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Sales and other revenue
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210.10
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190.53
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210.12
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190.53
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Profit before Finance charges, Depreciation, Tax & other adj's
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46.40
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38.42
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46.28
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35.59
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Less: Finance charges
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2.57
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2.46
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2.57
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2.46
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Profit before Depreciation, Tax & other Adj's
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43.83
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35.96
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43.71
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33.13
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Less: Depreciation
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9.53
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8.97
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9.53
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8.97
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Profit before Exceptional item, Tax & other adj's
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34.30
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26.99
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34.18
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24.16
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Less: Exceptional items
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0.96
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2.61
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---
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---
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Profit before tax & other adj's
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33.34
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24.38
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34.18
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24.16
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Less: Provision for current tax
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9.05
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7.25
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9.05
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7.25
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Taxes of earlier years
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0.26
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(0.57)
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0.26
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(0.57)
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Deferred Tax Asset/Liability adj's
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(0.26)
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(0.61)
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(0.26)
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(0.61)
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Profit before appropriations and carried to Balance Sheet
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24.29
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18.31
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25.13
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18.09
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Add/Less: Other Comprehensive Income (Ind-AS adj's)
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1.01
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0.43
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1.01
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0.43
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Profit before appropriations and carried to Balance Sheet
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25.30
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18.74
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26.14
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18.52
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COMPANY'S PERFORMANCE
Your Directors are pleased to report that the Company has achieved an all-time record in both production and sales during the year under review. Aluminium Fluoride production stood at 17,787 MT, with sales of 18,866 MT, surpassing the previous year's figures of 16,377 MT and 15,831 MT respectively for FY 2024-25. Total Sales and Other Revenue also reached an unprecedented '210.10 crores, compared to '190.53 crores in FY 2024-25.
The record performance was driven by a combination of higher production volumes, an improved average realization per ton, rigorous working capital management, growth in other income and sustained cost control measures. After accounting for a provision of '0.96 crores towards diminution in the value of
investment in the Company's wholly owned subsidiary in Singapore, the Company recorded a Profit Before Tax and other adjustments of '33.34 crores and a Net Profit of '25.30 crores (post Ind-AS and tax adjustments), as against a Net Profit of '18.74 crores in FY 2024-25.
A notable contributor to this improved performance has been the Company's captive green solar energy initiative, which has resulted in a meaningful reduction in power costs. During the year, the Company augmented its existing 3 MW captive solar capacity with an additional 1.1 MW solar plant, further strengthening its commitment to sustainable and cost-efficient operations.
Your Directors report that ALUFLUORIDE INTERNATIONAL PTE. LTD., Singapore, the Company's
wholly owned subsidiary, incurred expenses of '0.14 crores for the period ended 31st March 2026, as compared to '2.80 crores in the previous year - reflecting a significant reduction in subsidiary-level expenditure.
On a consolidated basis, the Profit Before Appropriations carried to the Balance Sheet stood at '26.14 crores, as against '18.52 crores in the previous year, representing a strong year-on-year improvement in the Company's overall financial position.
OUTLOOK FOR THE CURRENT YEAR
Coromandel International Limited (CIL) has commissioned a greenfield Phosphoric Acid plant in Kakinada, from which it has been supplying Hydrofluosilicic Acid (FSA) - a key raw material in the production of Aluminium Fluoride (AlF3) - to the Company with effect from April 2026. In addition, IFFCO Limited, Paradeep, has indicated its intention to supply supplementary FSA quantities in the near term, following the planned revamping of its fluorine recovery facilities.
In anticipation of increased FSA availability, the Company has undertaken a further expansion of its AlF3 production infrastructure. Upon completion, which is targeted by end of June 2026, the enhanced facility will have a production capacity of 80 tons per day (TPD) of Aluminium Fluoride.
However, for the current financial year (FY 2026-27), the Company's production outlook is subject to certain risks. All Phosphoric Acid-based fertilizer complexes are experiencing uncertainty in the receipt of critical imported raw materials, including Rock Phosphate, Sulphur and Ammonia. This disruption is attributable to the ongoing US-Iran conflict, which has affected shipping routes through the Strait of Hormuz - the primary transit corridor for these materials destined for India. Consequently, the Company may face constrained AlF3 production until the geopolitical situation stabilizes and supply chains normalize.
In response, the Company is actively monitoring raw material availability and calibrating its order book accordingly. Notwithstanding these near-term challenges, the Company remains optimistic about delivering improved financial performance in FY 202627, supported by increased production volumes, agreed realization prices, and enhanced operational efficiencies.
TERM LOAN AND WORKING CAPITAL LIMITS WITH BANKS
Your Directors report that for further expansion of Aluminium Fluoride production facilities, during the year under review, Punjab National Bank, Visakhapatnam (PNB), had sanctioned an additional term loan of
'20.22 crores and at the request of the Company, PNB reduced the working capital limits from '15 crores to '12.50 crores at a competitive rate of interest compared to other banks. A charge was created in favour of PNB, on the assets of the Company for the loans/working capital limits, similar to previous years.
FUTURE PROJECTS
The Company is exploring a new project to manufacture Alumina Hydrate, towards raw material security and as a separate vertical. To initiate this project the objects of the Company were amended, and the shareholders consented to the amendment of the objects through postal ballot on 20th April 2025. Also, the Company is exploring other overseas and domestic projects in the fields of Aluminium Fluoride, transport of Company's required raw materials through Electric Vehicles, fluorine derivatives and value-added products from Silica, a byproduct of Aluminium Fluoride.
EXPORTS
During the year under review, the Company had not registered any Exports Sales for the current and previous year.
INSURANCE
All the properties of the Company including Buildings, Plant and Machinery and Stocks have been adequately insured.
DIVIDEND
Your Directors are pleased to recommend payment of '4 (Rupees Four only) per equity share of '10 (Rupees Ten only) each, i.e., 40% as final dividend for the financial year 2025-26, for the approval of the Members at the ensuing Annual General Meeting (AGM) of the Company.
TRANSFER TO RESERVE
The Company has not transferred any amount to the General Reserve for the financial year 2025-26.
CORPORATE GOVERNANCE
As per Regulation 34 read with chapter IV of the SEBI (Listing obligations & Disclosure Requirements) Regulations, 2015 a separate section on Corporate Governance is enclosed which forms part of the Annual Report. A certificate from the Auditors of the Company on compliance with the conditions of Corporate Governance as stipulated under the SEBI (Listing obligations & Disclosure Requirements) Regulations, 2015 is annexed to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed section of the Management Discussion and Analysis for the period under review as required under SEBI (Listing obligations & Disclosure Requirements) Regulations, 2015 is given as a separate statement forming part of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013 with respect to the Director's Responsibility Statement, it is hereby confirmed:
i. In the preparation of the annual accounts for the financial year ended 31st March 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures;
ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates 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;
iii. The Directors had 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. The Directors had prepared the accounts for the financial year ended 31st March 2026 on a 'going concern' basis; and
v 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;
vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating efficiently.
DIRECTORS & KEY MANAGERIAL PERSONNEL (KMP)
Directors
Sri Venkat Akkineni was reappointed as the Managing Director of the Company for a period of five years with effect from 1st August 2023 to 31st July 2028 at a remuneration subject to a maximum limit of '3,00,00,000 per annum for the period commencing from 1st August 2023 to 31st July 2026. Considering the contribution of Sri Venkat Akkineni towards the overall growth of the company, sourcing adequate supplies of acid, expansion projects in India as well his continued efforts in exploring greenfield overseas Aluminium Fluoride projects, basis the recommendation of Nomination and Remuneration Committee ('NRC') and the Audit Committee, the Board approved remuneration subject
to a maximum limit of '3,00,00,000 per annum for the remaining period commencing from 1st August 2026 to 31st July 2028 payable to him as follows, subject to approval of shareholders of the Company:
1. Remuneration:
(i) Salary - '5,50,000 per month.
(ii) Commission not exceeding 3.5% on the net profits of the Company computed in the manner laid down in Section 198 of the Companies Act, 2013.
2. Perquisites: In addition to the Salary and Commission, he is be entitled to the Perquisites, classified under Category A, B, and C as approved by the shareholders of the Company.
The resolution proposing his remuneration forms part of the Notice of AGM.
During the year under review, the appointment of Sri Aditya Akkineni (DIN: 01629979) as Whole-Time Director designated as Chief Executive Officer on the Board of the Company with effect from 10th March 2025 was approved by the shareholders through postal ballot on 20th April 2025.
Sri Aditya Akkineni (DIN: 01629979) was appointed as Whole-time Director designated as Chief Executive Officer on the Board of the Company for a term of three year effective from 10th March, 2025 up to 9th March, 2028 whose office was liable to retirement by rotation and he shall be the Key Managerial Personnel of the Company, at the following remuneration:
1. Salary & allowances: '5,15,000 per month.
2. Perquisites: As per company policy - like HRA, Medical, Bonus, LTA, PF, Gratuity etc.
Considering his performance, responsibilities being shouldered and his valuable contributions in the growth of the Company and based on the recommendation of the Nomination and Remuneration Committee ('NRC') and Audit Committee, the Board approved to increase the remuneration of Sri Aditya Akkineni as follows: Remuneration subject to a maximum limit of '2,00,00,000 per annum payable to him as follows, subject to approval of shareholders of the Company:
Remuneration:
(i) Salary - '5,50,000 per month with effect from 1st March, 2026.
(ii) Commission not exceeding 1% on the net profits of the Company computed in the manner laid down in Section 198 of the Companies Act, 2013 with effect from 1st April, 2026.
(iii)Perquisites: As per Company policy - like HRA, Medical, Bonus, LTA, PF, Gratuity etc.
The resolution proposing his remuneration forms part of the Notice of AGM.
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Smt. Jyothsana Akkineni (DIN: 00150047) retires at the ensuing Annual General Meeting and has conveyed her consent for re-appointment as Director of the Company. Your Directors recommend the re-appointment of the said Director.
Particulars in pursuance of Regulation 36 of the SEBI LODR Regulations read with Secretarial Standard - 2 on General Meetings relating to Sri Venkat Akkineni, Sri Aditya Akkineni and Smt. Jyothsana Akkineni are given in Notice of AGM.
Key Managerial Personnel
During the year under review, there has been no change in the Key Managerial Personnel of the Company. Smt. Vaishali Kohli continues to be the Company Secretary and Compliance Officer of the Company.
The Company has named the Managing Director, Director - Finance & Commercial as CFO, CEO and Company Secretary as its Key Managerial Personnel under the provisions of Section. 203 of the Companies Act, 2013.
DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS
Sri Yugandhar Meka, Sri Sohrab Chinoy Kersasp and Dr. Ravi Prasad Gorthy are the Independent Directors of the Company. The terms and conditions of appointment of Independent Directors are as per Schedule IV of the Act. They have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Act & Regulation 25(8) of SEBI (LODR) Regulations, 2015 and there has been no change in the circumstances which affects their status as Independent Director during the year.
NUMBER OF MEETINGS OF THE BOARD
Six meetings of the Board were held during the year. For details of the meetings of the Board, please refer to the corporate governance report, which forms part of this report.
BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual Directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (“SEBI”) under SEBI (Listing obligations &
Disclosure Requirements) Regulations, 2015. The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc. The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.
The Board reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.
In a separate meeting of independent Directors, performance of non-independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and NonExecutive Directors. The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and Individual Directors was also discussed.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on Directors' Appointment and Remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the Directors' report.
The Board at its meeting held on 31st May, 2025, approved payment of commission to the Independent Directors not exceeding 1 (one) percent of the profits of the Company in a financial year computed as per and subject to the provisions of the Act, at the end of the financial year or not exceeding aggregate of '12,00,000/- (Rupees Twelve Lakhs only) p.a., whichever is lower, to be paid equally among all the Independent Directors. The same was approved by the Shareholders at the AGM held on 16th September 2025.
DISCLOSURE AS REQUIRED UNDER RULE 5 OF COMPANIES (APPOINTMENT& REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014
The Disclosure as required under Rule 5 of Companies (Appointment & Remuneration of
Managerial Personnel) Rules 2014 is appended in Annexure - A to the Board Report.
RISK MANAGEMENT
The Board of Directors oversee the various strategic, operational and financial risks that the organization faces, along with assessment of risks, their management and mitigation procedures. In the Board's view, there are no material risks, which may threaten the existence of the Company.
SECRETARIAL STANDARDS
The Directors state that applicable Secretarial Standards, i.e., SS-1 relating to 'Meetings of the Board of Directors' and SS-2, relating to 'General Meetings', have been duly followed by the Company.
INTERNAL FINANCIAL CONTROLS
The Company has adequate internal financial controls commensurate with its size and nature of its business. During the financial year under review, Internal Auditors of the Company have reviewed the effectiveness and efficiency of these systems and procedures. As per the said assessment, Board is of the view that IFC were adequate and effective during the financial year.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED IN SUB -SECTION (1) OF SECTION 188
Details of transactions with related parties falling under the scope of Section 188(1) of the Act & Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 (Form No. AOC- 2) is given in Annexure B to the Board Report.
STATUTORY AUDITOR
Pursuant to the provisions of Section 139 of the Act and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment (s) thereof, for the time being in force), Brahmayya & Co., Chartered Accountants, Visakhapatnam (FRN No: 000513S), were appointed as Statutory Auditors of the Company in the Annual General Meeting held on 9th July 2022 for a term of 5 (five) years until conclusion of the Annual General Meeting to be held in the year 2027.
SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Act and the rules framed there under Mr. G.M.V. Dhanunjaya Rao of GMVDR & Associates, Company Secretaries was appointed as Secretarial Auditor of the Company and the Secretarial Audit Report issued
by them for the financial year 2025-26 is made a part of this Report.
Further the Board at its meeting held on 31st May, 2025, approved the appointment of Sri GM.V. Dhanunjaya Rao (GMVDR & Associates) as the Secretarial Auditor of the Company for a term of five years commencing from the financial year 2025-26 up to financial year 2029-2030 at a remuneration fixed by Managing Director/Director - Finance & Commercial of the Company in consultation with Audit Committee from time to time. The same was approved by the Shareholders at the AGM held on 9th July 2025.
COST AUDITOR
The Company maintains cost records for its products as specified by the Central Government under subsection (1) of Section 148 of the Act, and accordingly such accounts and records are made and maintained in the prescribed manner.
M/s. J K & Co., Cost Accountants, Vijayawada (Firm Registration No.: 004010), were appointed as the Cost Auditor to conduct the audit of the Company's cost records for the financial year ended 31st March 2026. The Cost Audit Report, for FY 2025-26, will be filed with the Central Government within the statutory timelines.
In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration to be paid to the Cost Auditor for FY 2025-26 is required to be ratified by the members, the Board of Directors recommends the same for ratification at the ensuing AGM. The proposal forms a part of the notice of the AGM.
M/s. J K & Co. Cost Accountants, Vijayawada (Firm Registration No.: 004010), are appointed as the Cost Auditor to conduct the audit of the Company's cost records for the financial year ended 31st March 2027. M/s. J K & Co. have confirmed their eligibility for the said appointment.
ANNUAL RETURN
The Annual Return of the Company in prescribed Form MGT-7 is available on the website of the Company at www.alufluoride.com.
SUBSIDIARIES
As on 31st March 2026, the Company had one subsidiary, i.e. Alufluoride International Pte. Ltd., Singapore.
The Company does not have any joint venture / associate company(ies) within the meaning of Section 2(6) of Companies Act, 2013.
Pursuant to the first proviso to Section 129(3) of the Act and Rule 5 and Rule 8(1) of the Companies (Accounts) Rules, 2014, the salient features of financial statements, performance and financial position of subsidiary is given in Form AOC-1 as Annexure C to this Report.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The Auditors' Report and Secretarial Auditors' Report does not contain any qualifications, reservations or adverse remarks.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY.
There are no material changes and commitment affecting the financial position of the Company.
Corporate Social Responsibility
The Company has constituted a Corporate Social Responsibility (CSR) Committee in terms of Section 135(1) of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014. The committee constitution is as follows as on 31st March 2026:
1. Dr. Ravi Prasad Gorthy Chairman
2. Sri Yugandhar Meka Member
3. Sri Ashok Vemulapalli Member
4. Smt. Jyothsana Akkineni Member
5. Sri K. Purushotham Naidu Member
6. Sri Aditya Akkineni Member
The CSR activities, projects and programs that are undertaken by the Company are those which are approved by the committee that is constituted / reconstituted by the Board of Directors of the Company in this regard (CSR Committee). The CSR Committee approves the undertaking of such activities, projects and programs as are covered under the following areas set out in Schedule VII of the Companies Act, 2013. Our company is committed to ensuring the social wellbeing of the society through its Corporate Social Responsibility (CSR) initiatives. Our focus is on rural development programs, Swachh Bharat, promoting education, promoting health care including
preventive health care and sanitation facilities to weaker sections of society through organizing health camps, meeting operation expenditure of children and poor people.
In accordance with the provisions of Section 135 of the Companies Act, 2013, the Annual Report on CSR Activities is given in Annexure E to this report.
DEPOSITS
The Company has not accepted any deposits during the year under review. As such no amount of principal or interest was outstanding on the date of the Balance Sheet.
UNPAID / UNCLAIMED DIVIDEND
Out of the Interim Dividend amount of '156.41 lakhs declared by your directors during the FY 2019-20, an amount of '7.68 lakhs remained unclaimed /unpaid as on 31.03.2026. Out of the Final Dividend amount of '78.40 lakhs, '156.41 lakhs, '234.61 lakhs and '234.61 lakhs declared by your directors during the FY 2021-22, FY 2022-23, FY 2023-24 and FY 2024-25, an amount of ' 3.40 lakhs and ' 6.56 lakhs, '10.94 lakhs and '9.85 lakhs respectively remained unclaimed/unpaid as on 31.03.2026.
Further, there is no amount(s) of Dividend which remained unclaimed for a period of 7 years and hence the requirement of transfer of such amount(s) to Investor Education & Protection Fund (IEPF) doesn't arise.
INTERNAL CONTROL
The Company has proper and adequate systems of internal control to ensure all the assets are safeguarded and protected against loss from unauthorized use or disposition and the transactions are authorized, regarded and reported correctly. The internal control is supplemented by an extensive program of internal audits, review by management and procedures. The internal control is designed to ensure that the financial and other records are reliable for preparing financial statements and other data, and for maintaining accountability of assets.
The Company's Internal Audit Department is regularly carrying out the Audit in all areas. Additionally, the Audit committee is reviewing all Audit Reports with significant control, all issues raised by internal and external auditing regularly, reports on the business development, all the past and the future plans are given to the Board of Directors, Internal Auditor's reports are regularly circulated to all the senior management to comply with the findings.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Additional information on conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed in terms of Section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 is given in Annexure D and forms part of this report.
POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Company always believed in providing an encouraging work environment devoid of discrimination and harassment including sexual harassment and has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder. The objective of the policy is to prohibit, prevent and address issues of sexual harassment at the workplace. The policy covers all employees irrespective of their nature of employment and also applicable in respect of all allegations of sexual harassment made by an outsider against an employee. An Internal Complaints Committee (ICC) has also been set up to redress complaints received on sexual harassment. No complaint was pending at beginning of the year, and none have been received during the year.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177(9) of the Act, the Board of Directors of the Company has framed the Vigil Mechanism / Whistle Blower Policy for Directors and Employees of the Company. Under the said Policy, provisions have been made to safeguard persons who use this mechanism from victimization.
The Policy also provides access to the Chairperson of the Audit Committee under certain circumstances. The Whistle Blower Policy is uploaded on the website of the Company at www.alufluoride.com.
EMPLOYEE RELATIONS
During the year under review, the company has enjoyed cordial relationship with all sections of employees. The company believes that the employees play a vital role in increasing the turnover and profitability of the company and the strength of the company lies in harnessing the manpower in achieving sustained long-term growth in all spheres. The Company provides health insurance for all employees and their families.
ENVIRONMENT & SAFETY MEASURES
Following the ISO Certifications of 9001, 14001 and OHSAS 45001 the Company will continue taking all
the necessary measures to maintain high standards of Environment, Cleanliness and Green Belt, Water Harvesting, Pollution Control, Health and Safety Precautions.
DISCLOSURES UNDER THE ACT
Change in Nature of Business, if any:
During the financial year 2025-26, there was no change in the nature of business of the Company.
Significant and Material Orders:
The Company has not received any significant or material orders passed by any regulatory authority, court or tribunal which shall impact the going concern status and Company's operations in future.
Reporting of Frauds by Auditors:
During the year under review, there were no frauds reported by Auditors under Section 143(12) of the Act.
Details on Insolvency and Bankruptcy Code:
During the year under review, no application has been made by the Company nor is any proceeding pending against the Company under the Insolvency and Bankruptcy Code.
Disclosure with respect to Valuation:
During the year under review there was no instance of onetime settlement with any Bank or Financial Institution. Accordingly, disclosure relating to the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable to the Company.
ACKNOWLEDGEMENT
Your Directors take this opportunity in expressing their gratitude to the Government of India and the Andhra Pradesh, State Government. The Board is also thankful to all its Bankers, Contractors, Customers and Shareholders for their unstinted support to the Company.
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