Annual Report: 2022
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.
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