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Ahmedabad Steelcraft Ltd.

BSE: 522273 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE868C01018
BSE 00:00 | 18 May 18.00 -0.50
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NSE 05:30 | 01 Jan Ahmedabad Steelcraft Ltd
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OPEN 18.50
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VOLUME 217
52-Week high 25.65
52-Week low 13.80
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ahmedabad Steelcraft Ltd. (AHMSTEELCRAFT) - Director Report

Company director report

MANAGEMENT DISCUSSION AND ANALYSIS

TO

THE MEMBERS

AHMEDABAD STEELCRAFT LIMITED (CIN: L27109GJ1972PLC011500)

Your Directors are pleased to present the Forty Ninth (49th) Annual Report on thebusiness and operations of the Company along with the Audited Financial Statements for thefinancial year ended 31st March 2021 (FY 2020-2021).

1. FINANCIAL PERFORMANCE

A summary of the Company's Financial Performance for the financial year ended 31stMarch 2021 compared to the previous financial year ended on 31st March 2020 is givenbelow:

(Rupees in Lakhs)

Particular 2020-2021 2019-2020
Total Revenue from operation 193.62 705.66
Other Income 109.62 107.58
Total Income 303.24 813.24
Less: Total Expenditure 336.77 883.95
Profit/Loss Before Tax (33.53) (70.71)
Provision for taxation (10.92) 20.03
Profit/Loss after Taxation (22.60) (90.74)
Other Comprehensive Income - Not to be reclassified to Profit or loss 10.47 (77.33)
Other Comprehensive Income -to be reclassified to Profit or loss (2.63) 0.30
Total Comprehensive Income 79.48 (167.78)
Transfer to statutory Reserves -- --
Transfer to General Reserve -- --

2. COMPANY'S PERFORMANCE AND FUTURE OUTLOOK:

• COMPANY'S PERFORMANCE

The Company's operations were impacted from the month of February 2020 last year dueto spreading of COVID-19 a pandemic caused by the novel Corona virus globally. Because ofCOVID 19 export and import of most of countries were closed. Due to nationwide lockdownby the Government of India the Company has shut its operations from 23rd March 2020.

Further during the year under review the Company's revenue from operations stood atRs 193.62 lacs (previous year Rs. 705.66 lacs) and the other income stood at Rs 109.62lacs (previous year Rs. 107.58 lacs) and hence the total income stood at Rs 303.24 lacs(previous year Rs. 813.24 lacs). The company has incurred a net loss of Rs (22.60) lacs(previous year net loss of Rs. 90.74 lacs). The Other Comprehensive Income (OCI) for theyear stood as Rs 10.21 lacs (previous year Rs. - 77.03 lacs). The total comprehensiveincome for the year stood at Rs 79.48 lacs (previous year Rs. - 167.78 lacs).

Your Board as usual continues to make its best possible efforts to improve the overallworking and financial performance of your Company.

• IMPACT OF THE COVID-19 PANDEMIC ON THE BUSINESS :

On account of outbreak of Covid-19 pandemic and consequent lockdown imposed by theGovernment the Exports of the Company were temporarily shut down during the start of thecurrent year. These were opened in a phased manner in the months of June and July 2020 asthe lockdown conditions were relaxed. Accordingly sales volume of the current year isimpacted. As at the year end the country is again witnessing surge in Covid-19 casesreferred to as second wave of pandemic. Although the Government of India has ruled out anationwide lockdown as of now local and regional lockdowns / restrictions are implementedin certain areas. In these circumstances safety of our employees continues to be our keypriority.

Further in view of such highly uncertain economic environment which is continuouslyevolving the Company has considered the possible effects that may result from Covid- 19pandemic in the preparation of these standalone financial statement including therecoverability of carrying amounts of financial and non-financial assets. The Company hasused internal and external sources of information for such assessment at the date ofapproval of these financial results and does not anticipate any challenge in the Company'sability to continue as a going concern. The impact of pandemic on the Company's financialresults in subsequent periods is highly dependent on the situations as they evolve andthe eventual impact may differ from that estimated as at the date of approval of thesefinancial Statements.

• FUTURE OUTLOOK

The catastrophic year 2020-21 after creating one of the greatest challenges of thecentury came to an end reversing the hopelessness with lots of positivity. The feel-goodperiod however appears short-lived as the second wave of the pandemic is ravaging someparts of the country and threatens to spread at a supersonic speed to the remaining statesof the country. Speed in vaccination covering the vulnerable sections while maintainingall possible mandatory precautions against the disease remains the only solution left tofight the menace. Events that would take shape in the next fortnight would only tell if2021-22 would be a better year than 2020-21.

The Indian steel industry like its global counterparts belongs to one of those coreindustries is looking forward for a steady growth in 2021 onwards.

3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the Listing Regulations the Management Discussion andAnalysis Report for the year under review is presented in a separate section formingpart of the Annual Report.

4. DIVIDEND

Due to covid -19 Company wants to conserve the reserves and as there is noprofitability it has been decided not to recommend Dividend by the Directors of theCompany for the year under review.

5. DIVIDEND DISTRIBUTION POLICY

• DIVIDEND DISTRIBUTION POLICY

The Board of Directors in their meeting held on 29th June 2021 adopted this DividendDistribution Policy as required by Regulation 43A of the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 (the "Listing Regulations").

• CIRCUMSTANCES UNDER WHICH THE SHAREHOLDERS MAY OR MAY NOT EXPECT DIVIDEND

The Board of Directors of the Company while declaring or recommending dividend shallensure compliance with statutory requirements under applicable laws including theprovisions of the Companies Act 2013 and Listing Regulations. The Board of Directorswhile determining the dividend to be declared or recommended shall take into considerationthe advice of the Executive management of the Company and the planned and furtherinvestments for growth apart from other parameters set out in this policy. The Board ofDirectors of the Company may not declare or recommend dividend for a particular period ifit is of the view that it would be prudent to conserve Capital for the then ongoing orplanned business expansion or other factors which may be considered by the Board.

• PARAMETERS TO BE CONSIDERED BEFORE RECOMMENDING DIVIDEND

The Board of Directors of the Company shall consider the following Financial/InternalParameters while declaring or recommending Dividend to Share Holders.

1) Profits under during the Financial Year.

2) Retained Earnings

3) Earnings outlook for next three to five years

4) Expected Future Capital/liquidity Requirements

5) Any other relevant factors and material events

The Board of Directors of the Company shall consider the following external parameterswhile declaring or recommending dividend to shareholders:

1) Macro-Economic Environment - Significant changes in macro - economic environmentmaterially affecting the businesses in which the Company is engaged in the geographies inwhich the Company operates.

2) Regulatory Changes - Introduction of new regulatory requirements or material changesin existing taxation or regulatory requirements which significantly affect the businessesin which the Company is engaged.

3) Technological changes which necessitate significant new investments in any of thebusinesses in which the Company is engaged.

• CONFLICT IN POLICY

In the event of any conflict between this policy and the Provisions contained in theListing Regulations the Listing Regulations shall prevail.

• AMENDMENTS

The Board may from time to time make amendments to this Policy to the extent requireddue to change in applicable laws and Listing Regulations or as deemed fit on a review.

6. UNPAID/UNCLAIMED DIVIDEND AND IEPF

Section 124 of the Companies Act 2013 read with the Investor Education and ProtectionFund Authority (Accounting Audit Transfer and Refund) Rules 2016 ("theRules") mandates that companies transfer dividend that has remained unclaimed for aperiod of seven years from the unpaid dividend account to the Investor Education andProtection Fund (IEPF). Further the Rules mandate that the shares on which dividend hasnot been paid or claimed for seven consecutive years or more be transferred to the IEPF.

The following table provides a list of years for which unclaimed dividends and theircorresponding shares would become eligible to be transferred to the IEPF on the datesmentioned below

Year Dividend per share Date of declaration Due date for transfer
2013-14 Rs 1.00 (10%) 04-09-2014 09-10-2021
2014-15 Nil
2015-16 Rs 0.75 (7.5%) 08-09-2016 13-10-2023
2016-17 Rs 0.50 (5%) 04-09-2017 09-10-2024
2017-18 Rs 0.50 (5%) 19-09-2018 24-10-2025
2018-19 Rs 0.50 (5%) 22-08-2019 02-08-2026

In order to educate the shareholders and with an intent to protect their rights theCompany also sends regular reminders to shareholders to claim their unclaimed dividends /shares before it is transferred to IEPF. Shareholders may note that both the

unclaimed dividends and corresponding shares transferred to IEPF including allbenefits accruing on such shares if any can be claimed from IEPF following the procedureprescribed in the Rules. No claim shall lie in respect thereof with the Company.

Dividend remitted to IEPF

Financial Year Date of declaration Date of transfer to IEPF Amount transferred to IEPF
2010-11 28-09-2011 26/09/2019 152513
2011-12 21-09-2012 06/11/2019 177973
2012-13 22-08-2013 07/10/2020 180997

Shares transferred to IEPF

During the year the Company transferred 8250 (F.Y. 2012-13) shares on October 22 2020due to dividend remained unclaimed for seven consecutive years in accordance with IEPFrules.

7. SHARE CAPITAL

The paid up Equity Share Capital as at March 31 2021 stood at 4.09 crore. During theyear under review the Company has not issued shares or convertible securities or shareswith differential voting rights nor has granted any stock options or sweat equity orwarrants.

8. TRANSFER TO RESERVES:

No amount has been transferred to General Reserve.

9. DETAILS OF SUBSIDIARY COMPANIES ASSOCIATE COMPANY & LLP/PARTNERSHIP

Sr. ' Name of Company Nature of Relationship No. of Share held/Capital Contribution
1. Light Works LLC Associate Company 50.00%
2. Endor Properties LLP Partner 6.22%
3. Tesla Properties LLP Partner 11.72%
4. View Port Properties LLP Partner 2.92%
5. Aavkar Projects (Ambawadi) Partner 11.10%
6. Aavkar Realty Partner 46.00%
7. Farpoint Properties LLP Partner 2.89%
8. Aavkar Projects Paldi Partner 11.42%
9. Voyager Properties LLP Partner 2.78%
10. Crusade Project LLP Partner 3.94 % Profit 4.63 % Loss
11. Travis Properties LLP Partner 5%

Note:

1) There is no Subsidiary of Company hence no such information is provided

2) The Company is presenting the stand alone results due to erosion of entire capitalof Light Works LLC which is defunct. The Matter is pending before FEMA. The Company isawaiting the order which may allow the Company to adjust the capital erosion from theprofits of the Company

10. Corporate Governance

Maintaining high standards of Corporate Governance has been fundamental to the businessof your Company since its inception. A separate report on Corporate Governance is providedtogether with a Certificate from the Statutory Auditors of the Company regardingcompliance of conditions of Corporate Governance as stipulated under Listing Regulations.A Certificate of the CEO and CFO of the Company in terms of Listing Regulations interalia confirming the correctness of the financial statements and cash flow statementsadequacy of the internal control measures and reporting of matters to the Audit Committeeis also annexed.

11. DIRECTORS

The Board comprises of Nine Directors as on March 31 2021 viz.

SR. DIN NO NAME DESIGNATION
1. 00022507 Ashok Chandrakant Gandhi Chairman & Independent Director
2. 00009350 Shreyas ChinubhaiSheth Independent Director
3. 02087840 Shrujal Sudhirbhai Patel Independent Director
4. 00489773 Darshan Ashokbhai Jhaveri Managing Director
5. 00489833 Anand Navinchandra Jhaveri Whole time Director
6. 00545449 Shashank Indulal Shah Whole time Director
7. 03225876 Nitaben Girishchandra Shah Whole time Director
8. 01988972 Kartikeya Shashankbhai Shah Non-Exe & Non-Independent Director
9. 08076497 Aniruddh Darshanbhai Jhaveri Non-Exe & Non-Independent Director

(a) INDEPENDENT NON EXECUTIVE DIRECTORS

(i) Ashok C. Gandhi

(ii) Shreyas Chinubhai Sheth

(iii) Shrujal S. Patel

(b) WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act 2013 and the ListingRegulations specified Companies are required to have at least one Woman Director in theirBoard. Smt. Nita G Shah was appointed as on 22nd January 2015 as Woman Whole TimeDirector on Board.

(c) CHAIRMAN OF THE BOARD

Ashok C Gandhi DIN 00022507 has been Chairman and Independent Director of the Company.

(d) MANAGING DIRECTOR CEO & CFO

• Mr. Darshan Jhaveri DIN 00489773 has been the Managing Director since 29thJune 1995.

• Mr. Anand Shah is re-appointed as CEO of the Company for period of 5 years inthe Board meeting held on 29th June 2020.

• Mr. Viral Jhaveri is re-appointed as CFO of the Company for period of 5 years inthe Board meeting held on 29th June 2020.

(e) APPOINTMENT/ RE-APPOINTMENT/ RESIGNATION/ RETIREMENT OF DIRECTORS

In order to ensure compliance with Section 152 (6) of the Act the Board has consideredMr. Kartikeya Shashankbhai Shah (DIN: 01988972) Mr. Aniruddh Darshanbhai Jhaveri (DIN:08076497) who are liable to retire by rotation and being eligible offer themselves forreappointment.

(f) CHANGE IN DIRECTORS:

There has been no change in the composition in the Board of Directors during the Year.

12. BOARD MEETINGS:

During the FY 2020-21 the Board of Directors of the Company met 5 times. The meetingdetails are given in the Report of Corporate Governance that forms part of Annual Report.The maximum interval between any two meetings did not exceed 120 days as prescribed inthe Companies Act 2013.

13. DECLARATION BY INDEPENDENT DIRECTOR:

The Company has received declaration from all the Independent Directors under theCompanies Act 2013 and rules made there under.

14. STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BYTHE BOARD OF ITS OWN PERFORMANCE ITS DIRECTORS AND THAT OF ITS COMMITTEES:

During the year the Board adopted a formal mechanism for evaluating its performanceand as well as that of its Committees and individual Directors including the Chairman ofthe Board. The exercise was carried out through a structured evaluation process coveringvarious aspects of the Boards functioning such as composition of the Board &committees experience & competencies performance of specific duties &obligations governance issues etc. Separate exercise was carried out to evaluate theperformance of individual Directors including the Board Chairman who were evaluated onparameters such as attendance contribution at the meetings and otherwise independentjudgment safeguarding of minority shareholders interest etc.

The evaluation of the Independent Directors was carried out by the entire Board andthat of the Chairman and the Non-Independent Directors were carried out by the IndependentDirectors. The Directors were satisfied with the evaluation results which reflected theoverall engagement of the Board and its Committees with the Company.

15. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act 2013 yourdirectors confirm that:

a) In the preparation of the annual accounts for the financial year ended 31st March2021 the applicable accounting standards had been followed along with proper explanationrelating to material departures;

b) The directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at 31st March 2021

c) and of the profit /loss of the Company for that period;

d) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

e) The directors had prepared the annual accounts on a going concern basis;

f) The directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

g) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

16. STATEMENT OF PARTICULARS OF APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL

The Statement of particulars of Appointment and Remuneration of Managerial Personnel asper Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is annexed to this Board's Report as Annexure- I.

17. ANNUAL GENERAL MEETING

In view of the continuing Covid-19 pandemic the Ministry of Corporate Affairs("MCA") has permitted the holding of Annual General Meeting through VC or OAVMwithout the physical presence of Members at a common venue. In compliance with the MCACirculars the 49th Annual General Meeting is being held through VC/OAVM. The Company hasappointed Link Intime Private Limited (RTA) to provide this facility. Details are given inthe Notice of the 49th Annual General Meeting. Members are requested to read theinstructions in the Notice.

18. VIGIL MECHANISM:

The Vigil Mechanism of the Company incorporates Whistle Blower Policy in terms of theListing Agreement. Protected disclosures can be made by a Whistle Blower through a mail ora letter to the Chairman of the Company. The Policy on Vigil Mechanism and Whistle BlowerPolicy can be accessed on Company's Website at www.steelcraft.co.in.

19. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:

The Company is not falling within the criteria of Section 135 of the Companies Act2013 and hence the Company is not required to form CSR committee.

20. NOMINATION & REMUNERATION COMMITTEE POLICY:

The Board of Directors has framed a policy which lays down a framework in relation toremuneration of Directors Key Managerial Personnel and Senior Management of the Company.The Policy broadly lays down the guiding principles philosophy and the basis for paymentof remuneration to Executive and Non-executive Directors (by way of sitting fees andcommission)Key Managerial Personnel Senior Management and other employees. The policyalso provides the criteria for determining qualifications positive attributes andIndependence of Director and criteria for appointment of Key Managerial Personnel /SeniorManagement and performance evaluation which are considered by the Nomination andRemuneration Committee and the Board of Directors while making selection of thecandidates. Remuneration Committee consists of Ashok C. Gandhi (DIN: 00022507) ShrujalPatel (DIN: 02087840) and Shreyas Chinubhai Sheth DIN (00009350). All of them areindependent Directors. The above policy has been posted on the website of the Company atwww.steelcraft.co.in.

21. RISK MANAGEMENT POLICY:

The Company has developed a very comprehensive risk management policy and the same isreviewed by the Audit Committee at periodical intervals which in turn informs the Boardabout the risk assessment and minimization procedures adopted by the management.Suggestions or guidance given by the audit committee members are immediately implemented.At the corporate level major risks are reviewed by the Managing Directors and directionsin this regard are issued accordingly.

22. DECLARATION OF FINANCIAL PERFORMANCE

Yearly/half - yearly/Quarterly Declaration of financial performance including summaryof significant events in the last six months is currently not being send to each householdof shareholders. However the Company publishes its results in national and state levelnewspapers having wide circulation. The results are also posted on the website of theCompany i.e. www.steelcraft.co.in

23. COMPOSITION OF AUDIT COMMITTEE

The company has constituted an audit committee in terms of the requirement of the Actand regulation 18 of SEBI (LODR) Regulations. The composition of the same is disclosed inthe report on Corporate Governance.

24. STATUTORY AUDITORS

Under section 139 of the Companies Act 2013 and Rules made there under it ismandatory to rotate the Statutory Auditors on completion of the maximum term permittedunder the provisions of Companies Act 2013. In line with the requirement of the CompaniesAct 2013 M/s. Nautam R Vakil & Co. Chartered Accountants (FRN: 106980W) was appointedas the Statutory Auditors of the Company to hold the office for a period of fourconsecutive years from the conclusion of the 46th AGM of the Company held on 19thSeptember 2018 till the conclusion of 50th AGM to be held in the year 2022. Therequirement for the Annual ratification of Auditor's appointment at the AGM has beenomitted pursuant to Companies (Amendment) Act 2017 notified on May 7 2018

During the year the statutory auditors have confirmed that they satisfy theIndependence criteria required under Companies Act 2013 Code of Ethics issued byInstitute of Chartered Accountants of India.

25. SECRETARIAL AUDIT REPORT:

In terms of Section 204 of the Companies Act 2013 and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company has appointed M/s D. N.Motwani & Co. to undertake Secretarial Audit. The Secretarial Audit Report submittedby M/s. D. N. Motwani & Co. is furnished as Annexure-II.

26. ANNUAL SECRETARIAL COMPLIANCE REPORT

The Company has undertaken an audit for the financial year 2020-21 for all applicablecompliances as per Securities and Exchange Board of India Regulations andCirculars/Guidelines issued there under. The Annual Secretarial Compliance Report issuedby M/s D. N. Motwani & Co. Firm of Practicing Company Secretary Ahmedabad has beensubmitted to the Stock Exchanges within the specified time and same is annexed here withas Annexure-III.

27. EXPLANATION TO AUDITOR'S REMARKS

The remarks made by the Auditors in their Report have been suitably dealt with in theschedules and notes and therefore do not call for any further clarification.

28. SYSTEM FOR INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY

The Financial Statements are prepared based on Computer system outputs. Responsibilityof preparation of Financial Statements is entrusted to a dedicated unit which iscompletely independent of business risk audit or other functions. This unit does notoriginate accounting entries except for limited matters such as Share Capital Taxes andTransfers to Reserves. The Company has implemented adequate procedures and internalcontrols which provide reasonable assurance regarding reliability of financial reportingand preparation of Financial Statements and that such internal financial controls wereadequate and were operating effectively during the year.

29. PARTICULARS OF LOAN GUARANTEES AND INVESTMENTS UNDER SECTION 186:

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Act are given in the notes to Financial Statements forming a part of thisannual report.

30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

None of the transactions with related parties falls under the scope of Section 188(1)of the Act. The information on transactions with related parties pursuant to Section134(3)(h) of the Act read with Rule 8(2) of the Companies(Accounts) Rules 2014 are givenin Annexure IV in Form No. AOC-2 and the same forms part of this report.

31. EXTRACT OF ANNUAL RETURN

The extract of annual return in Form MGT-9 as required under Section 92(3) of theCompanies Act 2013 and Rule 12 of the Companies (Management and Administration) Rules2014 is appended as an Annexure V to this Annual Report and also available on thewebsite of the Company at www.steelcraft.co.in.

32. MATERIAL CHANGES AND FINANCIAL COMMITMENTS IF ANY

No material changes and financial commitments have occurred between the end of thefinancial year of the Company to which the balance sheet relates and the date of thisReport.

33. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO:

The details of Energy Technology Absorption Foreign Exchange Earnings and Outgo areas under:

A. Conservation of Energy: Particulars with respect to Conversation of Energy are notapplicable as the Company has not done any manufacturing activities.

B. (1) Research and Development: Not Applicable

(2) Technology absorption : Not Applicable

C. Foreign Exchange earnings and outgo:

(1) Activities relating the export: Company exports steel related items.

(2) Foreign Exchange earned : 17963281

(3) Foreign Exchange used : 13945080

34. DEPOSITS (AS PER THE DEFINITION SECTION 2(31) OF THE COMPANIES ACT 2013)

The following details of deposits covered under Chapter V of the act:

I. Deposits Accepted during the year: Nil

II. Remained unpaid or unclaimed as at the end of the year: Nil

III. Whether there has been any default in repayment of deposits or payment of interestthereon during the year and if so number of such cases and the total amount involved-N.A.

A. At the beginning of the year: Nil

B. Maximum during the year: Nil

C. At the end of the year: Nil

IV. The details of deposits which are not in compliance with the requirements ofChapter: There is no such Deposit held by the Company.

35. POLICY ON PREVENTION PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN ATWORKPLACE

The Company has zero tolerance for sexual harassment at the Workplace and has adopted a'Policy on Prevention Prohibition and Redressal of Sexual Harassment of Women at WorkPlace' in line with the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and the Rules made thereunder.

The Policy aims to provide protection to women employees at the workplace and preventand redress complaints of sexual harassment and for matters connected or incidentalthereto with the objective of providing a safe working environment. However no complaintwas registered with regard to the same.

36. GREEN INITIATIVES

During fiscal 2011 we started a sustainability initiative with the aim of going greenand minimizing our impact on the environment. Like the previous years this year too weare publishing only the statutory disclosures in the print version of the Annual Report.Additional information is available on our website www.steelcraft.co.in.

Electronic copies of Annual Report 2020-21 and Notice of 49th Annual General Meetingare sent to all members whose email addresses are registered with the Company / DepositoryParticipant(s).For members who have not registered their email addresses can get theirEmail ID registered as follows:

• Members holding shares in electronic/demat form please update your emailaddress with your Depository Participant. However Members may temporarily register thesame with the Company's Registrar and Share Transfer Agent i.e. M/s Link Intime IndiaPrivate Limited at https://linkintime.co.in/EmailReg/Email Register.html on their websitewww.linkintime.co.in in the Investor Services tab by providing details such as Name DPID Client ID PAN Mobile No. and Email Address.

• Members holding shares in physical form and who have not registered their emailaddress may register the same with the Company's Registrar and Share Transfer Agent i.e.M/s Link Intime India Private Limited athttps://linkintime.co.in/EmailReg/EmailRegister.html on their website www.linkintime.co.inin the Investor Services tab by providing details such as Name Folio No. CertificateNo. PAN Mobile No. and Email Address and also upload the image of share certificate inPDF or JPEG format. (Up to 1 MB).

On submission of the shareholders details an OTP will be received by the shareholderwhich needs to be entered in the link for verification.

The Company is providing remote e-voting facility ("remote e-voting") to allits Members to cast their votes on all resolutions set out in the Notice of the AnnualGeneral Meeting.

Additionally the Company is providing the facility of voting through e-voting systemduring the Annual General Meeting ("e-voting"). Detailed procedure for remote e-voting/e- voting is provided in the Notice of the Annual General Meeting.

37. DEPOSITORY SYSTEM

As the Members are aware the Company's equity are tradable in electronic form. As onMarch 31 2021 out of the Company's total paid up share capital comprising of 4092000equity shares only 187553 equity shares were in physical form and the remaining shareswere in electronic form. In view of the numerous advantages offered by the depositorysystem the Members holding shares in physical form are advised to avail themselves of thefacility of dematerialization.

38. ACKNOWLEDGMENT

The Directors express their sincere appreciation to the valued shareholders bankersemployees vendors and clients for their support.

The Directors also thank the Government of India Governments of various states inIndia Governments of various countries and concerned Government departments and agenciesfor their co-operation.

For Ahmedabad Steel Craft Limited
Darshan A. Jhaveri Anand N. Jhaveri
Date: 29.06.2021 Managing Director Whole-time Director
Place: Ahmedabad (DIN:00489773) (DIN: 00489833)

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