Investor Presentaiton
MRP
d)
Annual accounts have been prepared on a going concern basis;
e)
f)
Internal financial controls had been laid down and followed by the
Company and such internal financial controls are adequate and
were operating effectively; and
Proper systems to ensure compliance with the provisions of all
applicable laws have been devised and such systems were adequate
and operating effectively.
Risk Management
The company has developed and implemented a detailed risk management
policy for the Company including identification therein of elements of
risk, if any, which in the opinion of the Board may threaten the existence
of the Company as required under the Companies Act, 2013 read with
Regulation 21 of the Listing regulations. The Company has constituted
a Risk Management Committee of the Board comprising of executive
directors and an independent director of the Company as required
under Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Committee reviews the
risk management initiatives taken by the Company on a half yearly basis
and evaluate its impact and the plans for mitigation. During the year the
Committee met on 9th September, 2022 and 3rd March, 2023.
Adequacy of Internal Financial Control
Internal financial control means the policies and procedures adopted by
the Company for ensuring the orderly and efficient conduct of its business,
including adherence to Company's policies, the safeguarding of its assets,
timely prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of
reliable financial information. The Company has put in place well defined
procedures, covering financial and operating functions. Delegation of
authority and segregation of duties are also addressed to ensure that the
financial transactions are properly authorized. Further the Company has
an integrated ERP system connecting head office, plant and other locations
to enable timely processing and proper recording of transactions. Physical
verification of fixed assets is carried out on a periodical basis. The Internal
audit department reviews the effectiveness of the internal control systems
and key observations are reviewed by the Audit Committee. These, in the
view of the Board, are designed to collectively provide an adequate system
of internal financial control with reference to the financial statements
commensurate with the size and nature of business of the Company.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
Information as required to be given under section 134(3)(m) read with Rule
8(3) of the Companies (Accounts) Rules, 2014 is provided in Annexure I,
forming part of this Report.
Corporate Social Responsibility (CSR)
As required under section 135 of the Companies Act, 2013, the CSR
Policy was formulated by the CSR Committee and thereafter approved
by the Board. CSR Policy is available on the Company's website:
https://www.mrftyres.com/investor-relations/corporate-social-
responsibilty The details of the CSR initiatives undertaken during the
financial year ended 31st March, 2023 and other details required
to be given under section 135 of the Companies Act, 2013 read with
the Companies (Corporate Social Responsibility Policy) Rules, 2014 as
amended are given in Annexure II forming part of this Report.
Board and Key Management Personnel
During the year under review, the following Managing Directors / Whole-
time Directors were re-appointed:
1.
2.
3.
Mr. Rahul Mammen Mappillai (DIN: 03325290) as Managing
Director for a term of five years with effect from 4th May, 2022. The
aforesaid appointment was approved by the shareholders by postal
ballot on 3rd May, 2022.
Mr. Samir Thariyan Mappillai (DIN: 07803982) and Mr.Varun
Mammen (DIN: 07804025) as Whole-time Directors of the
Company for a term of five years with effect from 4th August, 2022.
The aforesaid appointment was approved by the shareholders at the
Annual General Meeting of the Company held on 4th August, 2022.
Mr. Arun Mammen (DIN: 00018558) as Managing Director of the
Company (with the designation "Vice Chairman and Managing
Director" or such other designation as approved by the Board from
time to time) for a term of five years with effect from 1st April 2023.
The aforesaid appointment was approved by the shareholders by
postal ballot on 31st March, 2023.
Further, in November 2022, the Board decided to induct new Independent
Directors taking into consideration that six of the serving Independent
Directors (viz. Mr. Ashok Jacob, Mr. V Sridhar, Mr. Vijay R Kirloskar,
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