New Delhi: RITES Limited, a Miniratna PSU under the Ministry of Railways, has been awarded as a winner under the 'Plaque' category at the ICAI awards for 'Excellence in Financial Reporting' for the financial year 2019-20.
RITES Limited has received the award under the category of public sector entities for its annual report and financial statement for the year ended March 31, 2020. RITES' Director (Finance) Bibhu Prasad Nayak and Chief Financial Officer (CFO) Parmod Kumar Narang received the award from Union Minister of State for Parliamentary Affairs and Heavy Industries & Public Enterprises Arjun Ram Meghwal at a glittering ceremony on January 17.
The award recognises accounting practices, policies adopted by RITES Limited for disclosure and presentation of financial statements and the company's degree of compliance with accounting standards, statutory guidelines, regulation etc.
The award was presented by The Institute of Chartered Accountants of India (ICAI), the national professional accounting body of the country.
RITES Limited is a Miniratna PSU under the Ministry of Railways. It is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has experience spanning 46 years and has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).
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