TRL Krosaki Refractories Limited Unlisted Shares

Annual Report: 2024

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Year: 2024

Annual Report Summary

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.

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