Your Company strives to make a difference in the lives of people
with a special focus on neighbouring areas. Your Company has
implemented various CSR programmes / projects which made
positive impacts mainly in the areas of sanitation and promoting
education. The CSR programmes initiated by the Company
includes taking steps for preventive health care, constructing
sanitation facilities in the schools near the manufacturing
facilities, contributing to the education and social economic
development of under privileged children and for slum area /
rural area development. These CSR initiatives are implemented
directly and through various trusts/ societies / NGOs.
These projects are in accordance with Schedule VII of the
Companies Act, 2013.
The Annual report on CSR activities as required under the
Company’s Corporate Social Responsibility Policy Rules, 2014
is set out as Annexure-3 forming part of this Report. The
Company has incurred CSR expenditure of Rs 3.60 crore during
the current financial year. The Company has spent about 94%
of the proposed CSR Budget. The small shortfall of 6% in the
required expenditure on CSR was due to non-identification of
appropriate projects / activities in line with the CSR policy of the
Company.
Risk Management
A risk management policy in terms of provisions of Section
134(3)(n) of the Companies Act, 2013 is already in place
and is uploaded on the website of the Company i.e www.
kajariaceramics.com
The policy outlines the parameters of identification, assessment,
monitoring and mitigation of various risks which are key to the
business objectives. This is an ongoing process and the Audit
Committee periodically reviews all the risks and suggest the
necessary steps to mitigate the risk if any, which may threaten
the existence of the Company
There is no such risks which in the opinion of the Board may
threaten the existence of the Company
Internal Financial Control and its Adequacy
The Company has policies and procedures for ensuring
the orderly and efficient conduct of its business including
adherence to Company’s policies, safeguarding of its assets,
prevention and detection of frauds and errors, accuracy and
completeness of accounting records and timely preparation of
reliable financial information.
The Internal auditors, monitor and evaluate the efficacy and
adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures,
and policies at all locations of the Company and its subsidiaries.
Based on the report of internal audit, process owners undertake
corrective actions in their respective areas and thereby
strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee
of the Board.
Further adequacy of internal financial control system has also
been tested independently by the Statutory Auditors during the
financial year 2015-16 as mandated under the provisions of
Companies Act 2013.
In the opinion of the Board, the Company has an Internal
Financial Control System, commensurate with the size, scale
and complexity of its operations.
Directors and Key Managerial Personnel
i. Mr. Ashok Kajaria (DIN 00273877) was re-appointed as
Chairman & Managing Director of the Company by the
Board of directors in its meeting held on 27th January 2016
on the recommendation of Nomination and Remuneration
Committee and subject to the approval of the members.
ii. Mr. Basant Kumar Sinha (DIN 03099241) was re-appointed
as Director-Technical of the Company by the Board of
directors in its meeting held on 27th January 2016 on
the recommendation of Nomination and Remuneration
Committee and subject to the approval of the members.
He is also liable to retire by rotation and being eligible
offered himself for re-appointment at the ensuing Annual
General Meeting.
The Board recommends for their re-appointment in the
forthcoming Annual General Meeting.
All Independent directors have given declarations that they meet
the criteria of independence as laid down under section 149(6)
of the Companies Act 2013 and SEBI (LODR) Regulations 2015.
No director has resigned during the year under review.
Board Evaluation
The Board has carried out an annual performance evaluation
ANNUAL REPORT 2015-16
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