TRL Krosaki Refractories Limited Unlisted Shares Annual Reports

TRL Krosaki Refractories Limited Unlisted Shares

Sixty-fifth Annual Report 2023 - 24 TRL Krosaki's 65th Annual General Meeting will be held on September 18, 2024, to transact business including adopting audited standalone and consolidated financial statements for the year ended March 31, 2024. Declaration of a dividend of 28.50 per equity share of 10 each for the financial year 2023-24 is also on the agenda. Mr. Sachihiko Asaya, retiring by rotation, is proposed for re-appointment. Mr. Jumpei Konishi will not be reappointed. Prasanta Kumar Naik, newly appointed as Additional Director and Managing Director for three years starting May 1, 2024, and Mr. Sunanda Sengupta, newly appointed as Additional Director and Whole Time Director starting August 2, 2024, are proposed for appointment. Approval of the cost auditors' remuneration is sought. The company reported a turnover of ₹2515.89 Crores for 2023-24, compared to ₹2299.15 Crores in 2022-23. Profit Before Interest, Depreciation & Taxes was ₹373.90 Crores, and Profit After Taxes was ₹241.22 Crores. The Board recommends a dividend of 28.50 per share. Global growth is projected at 3.1 percent in 2024. ADB has increased India's GDP growth forecast for 2024-25 to 7 percent. The company achieved record revenue and profit, with revenue increasing to ₹2516 Crores. Export revenue was ₹321 Crores. The company plans to further improve its capacity and customer service. The company is also focusing on mechanization in application services and investments to improve quality. Alumina Graphite (AG) refractories are giving good results. The company is improving customer service by continuous monitoring the performance of refractories by technical experts at customer’s sites and adopting best safety practices by its safety officers. Revenue from stockiest sales has increased by 22%. TRL Krosaki Asia Pte. Ltd. Singapore and Almora Magnesite Limited are associates. Health, Safety and Environment (HSE) initiatives are emphasized. TRL Krosaki is the first Refractories Company to get certified to SA 8000 standard and to Integrated Management Systems (IMS). The company also won several awards and recognitions for safety and environment. TRL Krosaki's environment management initiatives look beyond mere compliances. They are starting the use of natural gas, working on recovering and reusing used refractories, and focusing on air pollution control. The company's greenbelt coverage stands at around 35% of the total land area. Corporate Social Responsibility (CSR) initiatives include education, healthcare, and infrastructure development. ₹268.11 Lakhs were spent on CSR initiatives. A formal annual evaluation of the board and directors' performance was conducted and was found to be satisfactory. The company’s is implementing ethical corporate governance. The copy of the Annual Return is placed on the Company's website. Vigil mechanism policies are in place. There is a committee on the board. Meetings and audit are done by internal and external auditors. M/s BSR & Co. LLP have audited the accounts for the financial year ended March 31, 2024. Ashok Mishra & Associates are the Secretarial Auditors. Saroj K. Babu & Co. are the Cost Auditors. There were no reported instances of fraud. The Company complied with secretarial standards. The company developed a risk management framework and policy. By Order of the Board of Directors is Asim Kumar Meher, Company Secretary. Mr. Prasanta Kumar Naik was appointed Managing Director of the Company for a period of 3 years, while Mr. Sunanda Sengupta was appointed as Whole Time Director. Information regarding remuneration and terms is listed in the statement pursuant to section 102(1) of the Companies Act, 2013. The independent auditors' report expresses an unqualified opinion on the consolidated financial statements as of March 31, 2024. BSR & Co. LLP are the Chartered Accountants for TRL Krosaki. They have audited the company's books for the financial year ended March 31, 2024, and no material misstatements were found. The key financial statement components, along with comparative data, are listed in the report.

TRL Krosaki Refractories Limited Unlisted Shares

TRL KROSAKI 64TH ANNUAL REPORT 2022-23 SUMMARY TRL Krosaki Refractories Limited's 64th Annual Report for the financial year 2022-23 covers various aspects of the company’s performance, financial results, and future outlook. **Notice and AGM Details:** The Sixty-fourth Annual General Meeting (AGM) will be held on Tuesday, 12th September 2023, at 05:00 PM IST at the Registered Office in Belpahar, Odisha. Key items on the agenda include adoption of Audited Standalone and Consolidated Financial Statements, declaration of dividend of ₹22.50 per equity share of ₹10 each, and appointment/re-appointment of directors. There is a revision in the remuneration of Mr. Priyabrata Panda and the re-appointment of the managing director. **Board of Directors & Key Personnel:** The report lists the Board of Directors as of July 27, 2023, including Mr. H. M. Nerurkar (Chairman) and Mr. P. B. Panda (Managing Director), along with other executive officers, the Company Secretary (Mr. Asim Kumar Meher), and the auditors. **Financial Highlights (Standalone):** * Turnover: ₹2299.15 Crores (Previous Year: ₹1923.97 Crores) * Profit Before Interest, Depreciation & Taxes: ₹268.76 Crores * Profit After Taxes: ₹155.28 Crores * Dividend: ₹47.03 Crores (₹22.50 per share) * Shareholders' Funds: ₹707.83 Crores * Employees: 1437 **Financial Results (Standalone):** * Gross Revenue: ₹2299.15 Crores * Profit before taxes: ₹207.32 Crores * Profit after taxes: ₹155.28 Crores **Economic Environment:** The global economy in 2022 was impacted by inflation, the Russia-Ukraine war, and COVID-19 resurgence in China. Global growth is expected to fall in 2023 before slowly rising in 2024. India's economic growth rate is stronger than many peer economies and reflects robust domestic consumption and lesser dependence on global demand. **Business Strategy:** The company is focused on improving customer service, increasing capacity in key departments, and consolidating its position in the steel industry. Its multi-pronged growth strategy involves increasing market share of focused products, improving technical services, and reducing costs. **Safety, Health & Environment Management:** The company prioritizes safe operations and implementation of Health, Safety, and Environment (HSE) initiatives. It aims for "Zero reportable accident," "zero occupational disease," and "zero effluent discharge," while reducing carbon footprint. The company is the first Refractories Company to be certified on Social Accountability (SA 8000) standard. **Corporate Social Responsibility (CSR):** The company focuses on inclusive growth and supports socio-economic development in its operating communities, emphasizing initiatives in Education, Health Care, Drinking Water and Sanitation, Sustainable Livelihood, and Infrastructure Development. The company spent ₹221.39 Lakhs towards its CSR initiatives during the year. **Vigil Mechanism & Internal Control:** The company is committed to conducting business affairs with honesty and integrity and has whistle-blower policies in place. The Board of Directors ensures Internal Financial Controls (IFC) are laid down and implemented. **Directors' Responsibility Statement:** The Board confirms that in the preparation of annual accounts, applicable accounting standards were followed, appropriate accounting policies were selected and applied, judgments and estimates were reasonable and prudent, and proper internal financial controls were laid down and operating effectively. **Auditors:** * M/s BSR & Co. LLP were appointed as Statutory Auditors. * Ashok Mishra & Associates were appointed as Secretarial Auditors. * M/s Saroj K Babu & Co. were approved as the Cost Auditors. **Particulars of Loans, Guarantees or Investments:** Investments Made (Refer Note 2 to Standalone Accounts) : 16.22 Crores **Risk Management:** The company developed and implemented a risk management policy with the help of a consultant to identify and mitigate risks. **Other Key Points:** * TRL Krosaki is lodging its entire shareholding with NSDL to facilitate dematerialization. * The company has implemented measures for energy conservation, technology absorption, and Corporate Governance. **Annexure A:** Annual Report on Corporate Social Responsibility Activities highlights areas of focus and amounts spent, in compliance with Companies Act, 2013 Section 135. **Annexure D:** Shows details of directors, experience, and remuneration as per Section 197 of the Companies Act, 2013. **Annexure E:** Details on the conservation of energy, technology absorption, and foreign exchange earnings and outgo. **Annexure F:** Management Discussion and Analysis, with key financial ratios and an economic outlook. **Annexure G:** Report on corporate governance practices. This comprehensive summary captures the core information provided in the document.

TRL Krosaki Refractories Limited Unlisted Shares

TRL Krosaki Refractories Limited, in its 63rd Annual Report for 2021-22, showcases record-breaking performance marked by highest-ever revenue, profit before and after taxes. The company achieved a revenue of Rs. 1924 Crores, a 35% increase from the previous year, with export revenue reaching Rs. 312 Crores, a 29% increase. Gross production reached 240443 MT and sales volume amounted to 313077 MT, representing 14% and 11% increases, respectively. Despite challenges related to the availability of imported raw materials and increased freight and fuel prices, profit before tax and other comprehensive income stood at Rs. 133 Crores, a 171% increase. The company attributes this improved performance to higher selling prices, a better product mix, enhanced operational efficiencies, improved product performance, and technical services. ICRA assigned a credit rating of "[ICRA] AA" for fund-based working capital facilities and "A1+" for non-fund based working capital. Directors recommend a dividend of 15 per share (150%) for the year. The report discusses the global economic environment, highlighting the impact of the war between Russia and Ukraine, causing global price surges, particularly for oil and natural gas. The conflict is expected to slow global growth in 2022, elevate inflation, and potentially cause economic fragmentation. India’s economy is expected to rebound after COVID-19, although the war may impact it negatively. The company’s business strategy focuses on increasing sales, expanding international presence, and enhancing product performance. TRL Krosaki aims to increase capacity, improve product quality, and leverage its technology. The company emphasizes safety, health, and environmental management, with a vision of zero harm. Its SHE management systems are based on ISO 14001 and ISO 45001. The company pursues initiatives to improve safety, health, and environmental protection. It has also lodged its entire shareholding with NSDL to facilitate dematerialization. The ISIN No. is INE 012L01014. Corporate governance practices are followed by the company. It conducts business affairs ethically and transparently. Vigil mechanisms and policies have been established. The Board of Directors ensures internal financial controls are adequate and effective. The company is compliant with various acts and regulations. The report includes information required by Section 197 (12) of the Companies Act, 2013, regarding employees. It also details energy conservation efforts, technology absorption, and foreign exchange earnings and outgo as stipulated under Section 134(3)(m) of the Companies Act, 2013. The company confirms that it is in compliance with the Secretarial Standards. No significant material orders have been passed by regulators or courts. The company has a policy against sexual harassment. Details on CSR initiatives and industrial relations are also provided. The report includes annexures covering the notice, financial statements, director details, CSR activities, auditor's report, secretarial audit report, and corporate governance. BSR & Co. LLP are the statutory auditors, and Ashok Mishra & Associates are the Secretarial Auditors.

TRL Krosaki Refractories Limited Unlisted Shares

Sixty-second Annual Report 2020-2021 **Awards & Accolades:** TRL Krosaki received several awards including: * Sarvashreshtha Suraksha Puraskar 2020 * ICC Social Impact Award 2021 * CII ESH Award 2020 * State Export Award * Tata Innovista Most Innovative Partner Award 2020 * Golden Peacock HR Excellence Award 2020 **Contents:** The report includes information on the Board of Directors, Notice of the Annual General Meeting, Highlights, Directors' Report, Management Discussion and Analysis, Corporate Governance Report, Standalone Financial Statement, Consolidated Financial Statement, and Accounting Policies. The standalone and consolidated financial statements include Independent Auditors' Reports, Balance Sheets, Statements of Profit & Loss, Cash Flow Statements, and Accounting Policies. **Board of Directors:** * H.M. Nerurkar (Chairman) * P.B. Panda (Managing Director) * Sudhansu Pathak * Shuang Zhu * Hisatake Okumara * Sachihiko Asaya * Jumpei Konishi * Anirban Dasgupta * Pradeep Vasudeo Bhide * Raghupathy Ranganath Rao **Notice:** The 62nd Annual General Meeting will be held on September 29, 2021, via Video Conference. The meeting will address the adoption of audited standalone and consolidated financial statements, declaration of dividend of ₹6.40 per equity share of ₹10, and the appointment/re-appointment of directors (Hisatake Okumura, H.M. Nerurkar, Sachihiko Asaya, and Jumpei Konishi). The remuneration of Cost Auditors (M/s. JUP & Associates) will also be ratified. **Highlights:** A table of financial metrics, in ₹ Crores, is given for the years 2016-17 through 2020-21, including: * Turnover, Profit Before Interest, Depreciation & Taxes, Depreciation, Profit before Taxes, Profit After Taxes, Shareholders’ Funds, Borrowings, Dividends, Shareholders’ Funds-per Share (Rs.), Dividend (%), and Employee Numbers. * In 2020-21, TRL Krosaki achieved a Turnover of 1,429.73, Profit Before Interest, Depreciation & Taxes of 90.62, Depreciation of 28.94, Profit before Taxes of 57.14, and Profit After Taxes of 44.48. **Directors' Report:** * The Board presents the 62nd Annual Report along with the Audited Statement of Account for the year ended March 31, 2021. * The Board recommends a dividend of ₹6.40 per share (64%) for the year ended March 31, 2021, subject to shareholder approval. The Board decided to retain the entire amount of profit in the profit and loss account. * The COVID-19 pandemic has severely impacted the global economy, causing a sharp contraction in 2020. The economic outlook remains challenging, with continued uncertainty about the pandemic's duration. * Despite challenges, the Company's overall business performance remained strong. The Company has expanded Tap Hole Clay (THC) and Burnt Dolomite capacity and is putting up a green field Alumina Graphite (AG) refractories manufacturing facility. A multi-pronged growth strategy focusing on customers and products has helped the company. * ICRA has assigned [ICRA] AA and A1+ ratings to the Company’s facilities. * TRL Krosaki Asia Pte. Ltd. Singapore and Almora Magnesite Limited are two Associates of the Company. * TRL Krosaki has an unyielding commitment to safety, health, and environmental protection and continues to focus on various measures for improvement and is certified under Integrated Management System (ISO 9001, ISO 14001 and ISO 45001). * The Company continues its CSR initiatives, spending ₹224.37 Lakhs. Initiatives were undertaken to address the COVID-19 pandemic. TRL Krosaki was declared the WINNER of the prestigious Social Impact Award under Health Care by the Indian Chamber of Commerce (ICC). * A set of Vigil Mechanism policies are followed including TRL Krosaki Code of Conduct, Whistle Blower Policy, and Anti-Bribery and Anti-Corruption (ABAC) policy. The Company undertook communication through training programs. * Internal financial controls have been laid down in the Company and that such controls are adequate and effective. * There have been no materially significant related party transactions. * The following Directors retired by rotation: Mr. Hisatake Okumura and Mr. H.M. Nerurkar. Shuang Zhu and Anirban Dasgupta were appointed as Directors. Sachihiko Asaya and Jumpei Konishi were appointed as Directors. Sambit Mishra was appointed as Company Secretary effective October 27, 2020. * Information is provided on energy conservation, technology absorption, and foreign exchange earnings and outgo. * There have been no significant material orders passed by the regulators or courts. * TRL Krosaki has zero tolerance for sexual harassment at the workplace and has a policy on prevention, prohibition, and redressal of sexual harassment. The Company has received no complaint for sexual harassment. * The Company has not accepted any deposits under the Companies Act, 2013. **Highlights (Numbers):** * Directors are recommending a dividend of ₹6.40/share, i.e. 64%, for FY21. * As per the IMF in January 2021, it is estimated that the global growth contraction for 2020 is -3.5%, which is 0.9% higher than earlier projection. * Third quarter GDP outturns mostly surprised on the upside in Australia, Euro area, India, Japan, Korea, New Zealand, Turkey, United States. * As per IMF, Indian economy is expected to grow at 11.5% in 2021 and 6.8% in 2022. * On standalone basis the gross production during the year was 2,10,194 MT against 2,29,053 MT of previous year; a decrease of 8%. * As per a payment chart for employees from 2016-2021, the total payments for 2021 amounted to about 130 crores. **Annexures:** * Annexure A is a Format for The Annual Report on CSR Activities to be Included in the Board’s Report for Financial Year Commencing on or After 1st Day of April, 2020 * Annexure B is Details of Unspent CSR amount for the preceding three financial years. * Annexure C is the Secretarial Audit Report * Annexure D is the Statement pursuant to Section 197 of the Companies Act, 2013 read with Rules of The Companies (Appointment and Rumuneration of Managerial Personnel) Rule, 2014 * Annexure E is for conservation of energy and technology absorption. * Annexure F is the Management Discussion and Analysis * Annexure G is the Corporate Governance Report for the year 2020-21.