Annual Report: 2023
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):
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:
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:
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.
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