Climate Change Data

Environmental Metrics

ESG Focus Areas

• Eradicating hunger, poverty and malnutrition
• Promoting health care and sanitation
• Promoting education and employment
• Promoting gender equality
• Ensuring environmental sustainability
• Protection of national heritage, art and culture
• Measures for the benefit of armed forces veterans
• Promoting rural sports

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Corporate Social Responsibility

Governance Achievements

• Established five committees (Audit, Stakeholders’ Relationship, Nomination & Remuneration, CSR, and Management) to enhance ethical and transparent processes.
• Implemented a Code of Conduct for Board members and Senior Management.
• Conducted annual performance evaluations of the Board, Committees, Chairman, and Directors.
• Established a Whistle Blower Policy/vigil mechanism.

Climate Goals & Targets

Environmental Challenges

• Non-compliance with SEBI (LODR) 2015 regulations regarding the composition of the Nomination & Remuneration Committee due to a director's resignation.

Mitigation Strategies

• Appointed a new member to the Nomination & Remuneration Committee in the next Board Meeting.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Companies Act, 2013

Environmental Metrics

ESG Focus Areas

• Poverty eradication
• Healthcare
• Education
• Gender equality
• Environmental sustainability
• Rural development
• Social inclusion
• Sports promotion

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Governance Achievements

• Established a whistleblower mechanism.
• Devised a framework to avoid insider trading and abusive self-dealing.
• Implemented a Board Diversity Policy.

Climate Goals & Targets

Environmental Challenges

• Extreme shortage of working capital resulting in a mismatch of cash flow and delays in payments to lenders.
• Default in repaying Foreign Currency Convertible Bonds (FCCBs).

Mitigation Strategies

• Pursuing with lenders to sign an Inter Creditor Agreement and seeking a new lender to achieve a one-time settlement to correct the default and restore a fair credit rating.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Sustainability
• Employee well-being
• Safety

Environmental Achievements

• Received ISO 14001:2015 certification for Environmental Management System Standard.
• Replaced fluorescent tube lights & Compact fluorescent lamps with Light-Emitting Diode (LED) Lamps.
• Installed ECO Friendly and efficient chilling plants using refrigerant R134.

Social Achievements

• Prioritizes employee well-being, growth, and development, providing a nurturing and inclusive work environment.
• Continued investment in training and development programs.
• Maintained cordial and harmonious personnel relations at all levels.

Governance Achievements

• Established a whistle blower mechanism.
• Established a framework to avoid insider trading and abusive self-dealing.
• Complied with all mandatory requirements of the Listing Regulations relating to Corporate Governance.

Climate Goals & Targets

Environmental Challenges

• Net losses for FY 2023-24 (Standalone: Rs. 1850.88 Million; Consolidated: Rs. 1840.94 Million).
• Significant uncertainty regarding the Company’s ability to continue as a going concern.
• Severe working capital shortage.
• High raw material prices.
• Defaults in repayment of bonds, leading to credit rating downgrade.
• Fluctuations in polymer prices (tied to crude oil prices).
• Foreign currency exchange rate fluctuations.
• Fragmented FIBC industry with low entry barriers and pricing pressure.
• High labor intensity and worker retention challenges.

Mitigation Strategies

• Evaluating options to improve cash flow (working capital injection, long-term funding, cost cutting).
• One-time settlement with TPG Growth, International Finance Corporation, and IFCI Limited.
• Hedging strategies to mitigate polymer price and foreign exchange rate fluctuations.
• Increasing presence across geographies to diversify risk.
• Developing unique products at competitive costs.
• Creating awareness of new technologies among end-users.
• Implementing restructuring agreement.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: BRC Global Standard for Packaging Material (BRCGS), ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 45001:2018

Certifications: BRCGS, ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 45001:2018, Kosher Certification Limited, Quality council of India for WASH

Awards & Recognition

• Country’s Highest Exporter Award for FIBC for 13 years in a row