Human resources The Company treasures its human capital as its most important asset. It continues to foster a supportive work culture where all its personnel feel secure and appreciated. Aiming to attract, develop and retain talent in a dynamic operating environment, the Company’s human resources policies also promote trust, transparency and cooperation. The Company regularly conducts a structured induction process at all locations, along with 71 skill development programmes and management development programmes to enhance managerial skills. The employee recognition programme is a vital part of the Company. Regular communication with top management helps identify and reward top performers across functions. An objective appraisal system based on KPIs is in place to incentivise employees. The Company currently has a workforce comprising over 3000 people. Internal control systems and their adequacy The Company has a well-designed internal control system appropriate for the scope and character of its operations. These internal controls guarantee the protection of assets from unauthorised use or disposal, accurate recording and reporting of all transactions and adherence to all relevant regulatory requirements. To keep up with the changes in the business environment and statutory requirements, internal control systems are continuously reviewed and modifi ed. The Company’s internal audit team mainly concentrates on the framework. The results of the internal audit are periodically reported to the Board’s Audit Committee. The internal control system is evaluated by the audit committee, which also makes recommendations for improvements and takes corrective action whenever required. The Company’s strong management information system is a crucial component of the control system. Quality and safety The Company’s top priorities are quality and safety. It ensures that the quality control measures are in place and that the products go through rigorous quality inspections. The Company off ers a variety of products across various market segments and the goods are produced in accordance with strict industry standards ensuring quality, safety and nutrition. The operating principle is always to put milk quality and safety fi rst. The Company has been certifi ed under the ‘Safety and Health Management System’ which complies with ISO 45001:2018 and the Environment Management System which complies with ISO 14001:2015. Sustainable model The Company aims to reduce its environmental footprint and develop a sustainable business model. It prioritises energy conservation and ensures optimal energy use in all areas of operations. The Company is ESG-responsible. It has a total renewable energy generation capacity of 10.50 MW, generated from renewable energy sources for captive consumption within its facilities. The Company has consistently invested in renewable energy projects for captive consumption. It has installed and distributed energy using 11 captive solar and wind power facilities. To lower the environmental demand placed on natural resources, the Company endeavours to reduce its environmental impact. The Company won all three Prestigious CII National Energy Conservation Awards in 2021, Certifi cations for environmental management systems that adhere to ISO 14001:2015. Packaging and plastic waste management Plastic is essential in securing product safety and preventing leakage. As a responsible organisation, the Company recognises the impact its business operations on the natural ecosystem. Therefore, it is dedicated to shape a greener future by actively engaging in plastic recycling. Supply chain In today’s digital era, technology plays a crucial role in business operations. The Company recognises the importance of meeting the needs of its diverse customer base, which is why it has embraced sales automation and digital processes. By using various digital tools and technologies, the Company aims to enhance its engagement with partners, improve response times for customers, ensure transparency in value chain processes, and achieve seamless product delivery. Cautionary statement The MDA section includes forward-looking statements that highlight the potential future prospects of the company. These statements are accompanied by inherent risks and uncertainties that may cause actual results to diff er materially. Additionally, the macro-environmental changes and the unpredictable nature of global events, such as the Pandemic, unforeseen challenges for the Company and its operating environment. The information provided in the report is based on assumptions derived from both internal and external sources, and these assumptions may change over time, leading to corresponding adjustments in the estimates provided. It’s important to note that these forwardlooking statements refl ect the Company’s current intentions, beliefs, or expectations and are valid as of the date they were made. The Company does not have an obligation to update or revise these statements in light of new information or future events unless required by applicable regulations. Heritage Foods Limited | 31st Annual report 2022-23 148
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