Investor Presentaiton
MRP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023
j.
k.
I.
m.
iv)
v)
Inventories
Secured Loan of *80.92 Crores was availed under SIPCOT soft loan in March 2020, further, additional SIPCOT Loan (secured) of 7.75 Crores
was availed in March 2023. Interest is payable quarterly at a rate of 0.10% (Previous year - 0.10%). These loans are secured by way of second
charge on the Fixed Assets created at the company's plants at Perambalur, near Trichy, Tamil Nadu. These loans will be repaid in full in April
2033 and April 2036 respectively.
Deferred payment credit is repayable along with interest (at varying rates) in 240 consecutive monthly instalments ending in March 2026.
Provision for obsolescence and Non-moving stocks for the year amounts to 0.01 Crores (Previous year - 16.70 Crores) net of reversal. The amount of
write down of inventories to net realizable value recognised as an expenses was 4.31 crores( Previous year - 15.44 crores). The reversal of write-down
is on account of offtake/usage and better price realization. The cost of inventories recognised as an expense during the year in respect of continuing
operations was 15637.04 Crores (Previous year - 12812.74 Crores).
Managerial Remuneration
During the current financial year ended 31st March 2023, the company has complied with the provisions of Sections 197 & 198 of the Companies Act,
2013 in respect of payment of remuneration to managerial personnel. Further, necessary approval is being sought from the shareholders of the Company
in compliance with the provision of Regulation 17(6)(e)(ii) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of
remuneration of Promoter Executive Directors of the Company.
The amount due and paid during the year to "Investor Education and Protection Fund" is 0.05 Crores (Previous year - * 0.38 Crores).
Corporate Social Responsibility
As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for
the immediately preceeding three financial years on corporate social responsibility (CSR) Activities, which for the financial year ended 31st March 2023
amounts to *29.13 crores (Previous year *33.92 crores). A CSR Committee has been formed by the Company as per the Act. During the financial year
ended 31st March 2023, the Company has incurred an amount of *17.49 Crores.
Amount spent during the year on:
Particulars
Amount required to be spent by the company during the year
1)
2)
(i)
Amount of expenditure incurred on:
Construction/acquisition of any asset
(ii) On Purposes other than (i) above
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3)
Shortfall at the end of the year
4)
Total of previous years shortfall
5)
Reason for shortfall
6)
Nature of CSR activities
7)
Details of related party transactions in relation to CSR expenditure as per relevant Accounting Standard
- Contribution to MRF Foundation in relation to CSR expenditure
Year Ended
31.03.2023
29.13
(Crores)
Year Ended
31.03.2022
33.92
7.60
8.57
9.89
9.05
11.64
16.30
15.66
**
16.42
*The shortfall in CSR expenditure was on account of delay in implementation of projects and project duration extending beyond one financial year as per
their original schedule of implementation. The shortfall is transfered to unspent CSR Bank account on 25th April, 2023 (Previous year 27th April, 2022).
The amount spent, during the year, out of the shortfall at the end of the previous year is 9.09 Crores.
**Disaster Management including Relief, Promotion of Education, Environmental Sustainability, Livelihood enhancement, Vocational Skill development,
Promoting Health care, Safe drinking water, Training for Sports, Sanitation and Hygiene, Rural Development projects.
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