TRL Krosaki Refractories Limited Unlisted Shares

Annual Report: 2021

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Year: 2021

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Annual Report Summary

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.

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