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Akshar Spintex Ltd.

BSE: 541303 Sector: Industrials
NSE: N.A. ISIN Code: INE256Z01017
BSE 00:00 | 24 May 74.50 -1.15
(-1.52%)
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NSE 05:30 | 01 Jan Akshar Spintex Ltd
OPEN 77.00
PREVIOUS CLOSE 75.65
VOLUME 51412
52-Week high 79.40
52-Week low 8.00
P/E 26.70
Mkt Cap.(Rs cr) 186
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.00
CLOSE 75.65
VOLUME 51412
52-Week high 79.40
52-Week low 8.00
P/E 26.70
Mkt Cap.(Rs cr) 186
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Akshar Spintex Ltd. (AKSHARSPINTEX) - Director Report

Company director report

Dear Members

The Directors of your Company have pleasure in presenting their 8th Annual Report ofthe business and operations of the Company along with the Audited Financial Statements forthe financial year ended 31st March 2021.

1. Financial Results

The financial performance of your Company for the financial year ended on 31st March2021 is as under: -

(Rs. In Lakhs)
Particulars 2020-21 2019-20
Revenue from Operations 10953.80 10909.65
Other Income 133.86 199.21
Total Revenue 11087.66 11108.86
Cost of Materials Consumed 8294.77 9248.87
Purchase of Stock in trade 536.56 -
Change in Inventories (17.16) (54.38)
Employee Benefit Expense 473.49 561.04
Finance Costs 252.33 305.91
Depreciation and Amortization Expenses 413.81 410.24
Other Expenses 1152.10 1097.60
Total Expenditures 11105.90 11569.28
Profit/loss Before Tax (18.24) (460.41)
Tax Expenses:
Current Tax - 82.71
Deferred Tax (142.49) 30.04
Profit After Tax 124.25 (573.16)
Earnings per Share:
Basic 0.50 (2.29)
Diluted 0.50 (2.29)

2. Financial Analysis and Review of Operations

Sales & Profitability Review

During the year under review the Company has generated revenue from its operation ofRs. 10953.80

Lacs slightly higher over the previous year's revenue of Rs. 10909.65 Lacs. TheCompany has booked profit before depreciation interest and tax of Rs. 647.90 Lacs asagainst Rs. 255.74 Lacs in the previous year. After providing for depreciation of Rs.413.81 Lacs (previous year Rs. 410.24 Lacs) interest of Rs.252.33 Lacs (previous yearRs.305.91 Lacs) provision for current tax of Rs.0.00 Lacs (previous year Rs.182.71 Lacs)deferred tax (net of adjustments) of Rs.(142.49) Lacs (previous year Rs.30.04 Lacs) theNet profit after comprehensive income worked out to Rs. 124.25 Lacs as compared to loss ofRs.(573.16) Lacs in the previous year.

3. CoVID-19

The whole year reeled under the COVID-19 situation and for that Company has alreadydisclosed the same wide Letter filed with Stock Exchange on 22nd June 2020. Major periodof 1 quarter of the year was under lockdown due to COIVD-19. Recovery of business startedin 2 quarter onwards. The order book started building up from 3 quarter onwards and seemedlike recovery will be long-lasting now. Again the last month of the year 2020-21 like lastyear came under heavy threat of surging COIVD-19 cases. However amid this entireturbulent scenario & amid drastic reduction in demand from the market your companycould put up a moderate total of turnover. The COVID-19 situation provided an opportunityto control the expenses optimally and this helped your company to put up an improvedperformance during the year. The Company does not see any medium to long term risks in thecompany's ability to continue as a going concern and in meeting its liabilities as andwhen they fall due. However the impact assessment of COVID-19 is a continuing processgiven its nature and duration. The management will continue to monitor for any materialchanges to future economic conditions. The Directors regret the loss of life due toCOVID-19 pandemic and are deeply grateful and have immense respect for every person whorisked their life and safety to fight this pandemic.

4. Extract of Annual Return

An Extract of Annual Return as required under Section 92(3) of the Companies Act 2013in form of MGT-9 is annexed hereto and form part of this report as "AnnexureI".

Pursuant to the provisions of Section 134(3)(a) of Companies Act 2013 the web addressof the Annual Return of the Company is http://aksharspintex.in/annual-return.html .

5. Dividend

With a view to plough back of profits and using Net Profit for liquidity purpose andday-to day operational activities your Board of Directors does not recommend any dividendfor the F.Y. 2020-21.

6. Transfer to Reserves

The Board of Directors of your Company does not propose to transfer any amount to anyreserve.

7. Directors

Liable to retire by rotation:

In accordance with the provisions of the Articles of Association of the Company Mr.Amit Vallabhbhai Gadhiya (DIN: 06604671) Director of the Company retires by rotation atthe conclusion of the forthcoming Annual General Meeting and being eligible offershimself for reappointment. The Board recommended his reappointment for the considerationof the members of the Company at the ensuing Annual General Meeting.

Independent Directors:

Mr. Nirala Indubhai Joshi was appointed as Independent Director of the Company by theMembers of the Company in the 5th Annual General Meeting to hold office w.e.f. 17thJanuary 2018 for a term of consecutive five years.

Mr. Vipul Vallabhbhai Patel was appointed as Independent Director of the Company by theMembers of the Company in the 5th Annual General Meeting to hold office w.e.f. 8th March2018 for a term of consecutive five years and thereafter he was resigned from the saidpost of Independent Director of the Company w.e.f. 23rd August 2021 due to his personalreasons.

Mr. Rohit Bhanjibhai Dobariya was appointed as Independent Director of the Company bythe Members of the Company in the 5th Annual General Meeting to hold office w.e.f.14th March 2018 for a term of consecutive five years. Mr. Parshotam Lakhabhai Vasoya hasbeen appointed as Additional Director in the capacity of Non-Executive IndependentDirector w.e.f. 23rd August 2021 subject to approval of shareholders in forthcomingannual general meeting. Necessary resolutions relating to his appointment as IndependentDirector for a period of five years w.e.f. 23rd August 2021 is included in the Notice ofAnnual General Meeting. The relevant details are given in the Notes/Annexures to theNotice of the Annual General Meeting.

Declaration under Section 149(6):

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013read with Schedule IV thereof and code of Conduct for Independent Directors and for SeniorManagement formulated by Company.

Formal Annual Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance itsCommittees and individual Directors pursuant to the requirements of the Act and theListing Regulations.

Further the Independent Directors at their exclusive meeting held on 22nd March 2021during the year reviewed the performance of the Board its Chairman and Non-ExecutiveDirectors and other items as stipulated under the Companies Act 2013 and ListingRegulations.

Formal Updation Programs for Independent Directors:

The Company conduct familiarization and updation programs for independent directors onneed basis. Conducted by knowledgeable persons from time to time.

8. Key Managerial Personnel:

In compliance with provisions of Section 203 of the Companies Act 2013 following arethe KMPs of the Company as on 31st March 2021:

Sr. No. Name Designation
1 Mr. Harikrushna Shamjibhai Chauhan [Appointed w.e.f. 8th January 2021) Chairman cum Whole Time Director
2 Mr. Amit Vallabhbhai Gadhiya [Appointed w.e.f. 8th January 2021) Managing Director
3 Mr. Jagdish D. Otradi [Appointed w.e.f. 16th February 2021) Chief Financial Officer
4 Mr. Kishor M. Kikani (Appointed w.e.f. 16th February 2021) Company Secretary

During the year under review Mr. Ashwin N. Chavda Company Secretary and ComplianceOfficer of the Company was resigned from the said post with effect from 26th August 2020due to his personal reasons and in place of him Company has appointed Mr. Kishor Kikanias Company Secretary and Compliance Officer of the Company w.e.f. 16th February 2021.During the year under review Mr. Pratik R. Raiyani Chief Financial Officer (CFO) of theCompany was resigned from the said post with effect from 24th July 2020 due to hispersonal reasons and in place of him Company has appointed Mr. Jagdish D. Otradi as ChiefFinancial Officer (CFO) of the Company w.e.f. 16th February 2021. During the year underreview Designation of Mr. Ashok Shukan Bhalala was changed from Chairman and ManagingDirector to Executive Director w.e.f. 8th January 2021 and thereafter he was resignedfrom the said post of Executive Director of the Company w.e.f. 23rd August 2021 due tohis personal reasons. During the year under review Mr. Harikrushna Shamjibhai Chauhan hasbeen appointed as Chairman cum Whole Time Director w.e.f. 8th January 2021 and Mr. AmitVallabhbhai Gadhiya has been appointed as Managing Director w.e.f. 8th January 2021subject to approval of shareholders in forthcoming annual general meeting.

Necessary resolutions relating to Directors who are seeking appointment / reappointmentare included in the Notice of Annual General Meeting. The relevant details of the saidDirectors are given in the Notes/Annexures to the Notice of the Annual General Meeting.

9. Number of Board Meetings:

During the year under review the Board met 9 times and the intervening gap between anytwo meetings was within the period prescribed under the Companies Act 2013 on followingdates;

30.05.2020 29.06.2020 24.07.2020 26.08.2020 03.11.2020
12.11.2020 02.01.2020 25.01.2021 16.02.2021

Attendance of Director are as follows;

Sr. Name of Director No. Designation No. of Meetings entitled to attend No. of Meeting Attended
1 Harikrushna Shamjibhai Chauhan *C&WTD 9 9
2 Amit Vallabhbhai Gadhiya *MD 9 9
3 Ilaben Dineshbhai Paghdar Exe. Director 9 9
4 Ashok Shukan Bhalala *Exe. Director 9 9
5 Nirala Indubhai Joshi Ind. Director 9 6
6 Vipul Vallabhbhai Patel #Ind. Director 9 6
7 Rohit Bhanjibhai Dobariya Ind. Director 9 8
8 Mr. Parshotam Lakhabhai Vasoya @ Add. Ind. Director 0 0

*Mr. Harikrushna Shamjibhai Chauhan has been appointed as Chairman cum Whole TimeDirector w.e.f. 8th January 2021 and Mr. Amit Vallabhbhai Gadhiya has been appointed asManaging Director w.e.f. 8th January 2021. Designation of Mr. Ashok Shukan Bhalala waschanged from Chairman and Managing Director to Executive Director w.e.f. 8th January 2021and thereafter he was resigned from the said post of Executive Director of the Companyw.e.f. 23rd August 2021 due to his personal reasons. #Mr. Vipul Vallabhbhai Patel wasresigned from the post of Independent Director of the Company w.e.f. 23rd August 2021 dueto his personal reasons.

@Mr. Parshotam Lakhabhai Vasoya has been appointed as Additional Director in thecapacity of Non-Executive Independent Director w.e.f. 23rd August 2021 subject toapproval of shareholders in forthcoming annual general meeting.

10. Vigil Mechanism:

Pursuant to the provisions of Section 177(9) of the Companies Act 2013 the Companyhas established a "Vigil Mechanism" incorporating whistle blower policy in termsof SEBI (Listing

Obligations and Disclosure Requirements) Regulations 2015 for employees and Directorsof the Company for expressing the genuine concerns of unethical behavior actual orsuspected fraud or violation of the codes of conduct by way of direct access to theChairman/ Chairman of the Audit Committee. The Company has also provided adequatesafeguards against victimization of employees and Directors who express their concerns.The Policy on Vigil Mechanism and whistle blower policy as approved by the Board may beaccessed on the Company's website at thelink:http://aksharspintex.in/corporate-governance.html.

11. Constitution of Various Committees& Its Meeting;

Audit Committee;

Particulars of Meetings

Sr. No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings Attended
1 Mr. Nirala Joshi Chairman 4 4
2 Mr. Vipul Patel resigned w.e.f. 23.08.2021 Member 4 1
3 Mrs. Ilaben Paghdar Member 4 4
4 Mr. Parshotam Vasoya appointed w.e.f. 23.08.2021 Member 0 0
5 Mr. Rohit Dobariya appointed w.e.f. 23.08.2021 Member 0 0

Nomination and Remuneration Committee;

Particulars of Meetings
Sr. No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings attended
1 Mr. Rohit Dobariya Chairman 4 4
2 Mr. Nirala Joshi Member 4 4
3 Mr. Vipul Patel resigned w.e.f. 23.08.2021 Member 4 -
4 Mr. Parshotam Vasoya appointed w.e.f. 23.08.2021 Member 0 0

Stakeholder Relation Committee;

Particulars of Meetings
Sr. No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings attended
1 Mr. Vipul Patel resigned w.e.f. 23.08.2021 Chairman 4 -
2 Mr. Harikrushna Chauhan Member 4 4
3 Mr. Amit Gadhiya Member 4 4
4 Mr. Parshotam Vasoya appointed w.e.f. 23.08.2021 Chairman 0 0
Risk Management Committee
Particulars of Meetings
Sr. No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings attended
1 Mr. Ashok Bhalala resigned w.e.f. 23.08.2021 Chairman 1 1
2 Mr. Harikrushna Chauhan Member 1 1
3 Mr. Amit Gadhiya appointed w.e.f. 23.08.2021 Chairman 1 1
4 Mrs. Ilaben Paghdar appointed w.e.f. 23.08.2021 Member 0 0
Internal Complaints Committee

Particulars of Meetings

Sr. No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings attended
1 Mrs. IlabenPaghdar Chairman 1 1
2 Mr. Ashok Bhalala resigned w.e.f. 23.08.2021 Member 1 1
3 Mr. Harikrushna Chauhan Member 1 1
4 Mr. Amit Gadhiya appointed w.e.f. 23.08.2021 Member 0 0

Corporate Social Responsibility Committee

Particulars of Meetings
No. Name of the Person Designation No. of Meetings entitled to attend No. of Meetings attended
1 Mr. Nirala Joshi Chairman 1 1
2 Mr. Amit Gadhiya Member 1 1
3 Mr. Harikrushna Chauhan Member 1 1

12. Corporate Social Responsibility

The Company's vision on CSR is that the Company being a responsible Corporate Citizenwould continue to make a serious endeavor for a quality value addition and constructivecontribution in building a healthy and better society through its CSR related initiativesand focus on education environment health care and other social causes.

The Corporate Social Responsibility (CSR) Policy of the Company indicating theactivities to be undertaken by the Company as approved by the Board may be accessed onthe Company's website at the linkhttp://aksharspintex.in/corporate-governance.html.

The disclosures related to CSR activities pursuant to Section 134(3) of the CompaniesAct 2013 read with Rule 9 of Companies (Accounts) Rules 2014 and Companies (CorporateSocial Responsibility)

Rules 2014 is annexed hereto and form part of this report as "AnnexureII".

13. Internal Financial Controls:

The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weakness in the design or operation was observed. A report on the InternalFinancial Controls under clause (i) of sub-section 3 of section 143 of the Companies Act2013 as given by the Statutory Auditors of the Company forms part of Independent Auditor'sReport on Financial Statements.

14. Particulars of Contracts or Arrangements made with Related Parties;

All contracts/arrangements/transactions entered into by the Company during thefinancial year with related parties were in the ordinary course of business and on anarm's length basis. During the year the Company had not entered into anycontract/arrangement/transaction with related parties which could be considered materialin accordance with the provisions of Regulation 23 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015. Accordingly the disclosure of Related PartyTransactions as required under Section 134(3)(h) of the Companies Act 2013 in Form AOC-2is not applicable. The Policy on dealing with related party transactions as approved bythe Board may be accessed on the Company's website at the linkhttp://aksharspintex.in/corporate-governance.html. Your Directors draw attention of themembers to Note 31 to the financial statement which sets out related party transactiondisclosures.

15. Particulars of Loans Guarantees or Investments made under section 186 of theCompanies Act 2013:

Particulars of loans given investments made guarantees given and securities providedalong with the purpose for which the loan or guarantee or security is proposed to beutilized by the recipient are provided in the financial statement (Please refer to NoteNo. 12 to the financial statement).

16. Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo:

Energy conservation continues to be an area of major emphasis in our Company. Effortsare made to optimize the energy cost while carrying out the manufacturing operations.Particulars with respect to conservation of energy and other areas as per Section134(3)(m) of the Companies Act 2013 read with the Companies(Accounts) Rules 2014 areannexed hereto and form part of this report as

"Annexure III".

17. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review as stipulatedunder Regulation 34(2)(e) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 is presented in a separatesection as a "Annexure IV" forming part of this Annual Report.

18. Human Resources /Industrial Relations:

Human resource is considered as the most valuable of all resources available to theCompany. The Company continues to lay emphasis on building and sustaining an excellentorganization climate based on human performance. The Management has been continuouslyendeavoring to build high performance culture on one hand and amiable work environment onthe other hand. The remuneration paid to the Directors is in accordance with theNomination and Remuneration Policy formulated in accordance with Section 178 of theCompanies Act 2013 and Regulation 19 of the

Listing Regulations (including any statutory modification(s) or reenactment(s) for thetime being in force). Details of employee as per Rule 5(2) & 5(3) of theCompanies(Appointment and Remuneration of Managerial Personnel) Rules 2014 are availableat the Registered Office of the Company during working hours 21 days before the AnnualGeneral Meeting and shall be made available to any Shareholder on request. Such detailsare also available on your Company's websitehttp://www.aksharspintex.in/annual-report.html.Disclosures pertaining to remuneration andother details as required under Section 197(12) of the Act read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are annexedto this report as

"Annexure V".

19. Material Changes and Commitment if any Affecting the Financial Position of theCompany occurred between the end of the Financial Year to which this Financial Statementsrelate and the date of the report

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statements relateon the date of this report.

20. Auditors & Auditors Report: Statutory Auditor;

Pursuant to provisions of Section 139 of the Companies Act 2013 M/s. H. B.Kalaria & Associates Chartered Accountants (FRN: 104571W) were appointed as aStatutory Auditors of the Company to hold office from Conclusion of 3rd Annual GeneralMeeting till the conclusion of 8th Annual General Meeting to be held for the FinancialYear ended on 31st March 2021. The Board of Directors of the Company on therecommendation of the Audit Committee recommended for the approval of the Members thereappointment of M/s. H. B. Kalaria & Associates as the Auditors of the Company for aperiod of five years from (FY 2021-22 to FY 2025-26) the conclusion of this 8th AGM tillthe conclusion of the 13th AGM. M/s. H. B. Kalaria & Associates have given theirconsent to act as the Auditors of the Company and have confirmed that the saidappointment if made will be in accordance with the conditions prescribed under Sections139 and 141 of the Act.

Further the Statutory Auditor of the Company have submitted Auditors' Report on theaccounts of the Company for the accounting year ended 31st March 2021. This Auditors'Report is selfexplanatory and no comments requires. - Secretarial Auditor; M/s.Varsha & Associates Company Secretaries in Practice has appointed as a SecretarialAuditors of the Company by the Board of Directors in the Meeting held on 28th June 2021to conduct the Secretarial Audit of the Company for records for the Financial Year2021-22. M/s. Varsha & Associates Company Secretaries in Practice was appointed as aSecretarial Auditors of the Company for the Financial Year 2020-21 and have submittedtheir Report in Form No. MR-3 as required under Section 204 of the Companies Act 2013 forthe financial year ended 31st March 2021. The Report forms part of this report as AnnexureVI.

This Secretarial Auditors' Report is self-explanatory and no further comments requires.

Cost Records and Audit;

M/s. Mitesh Suvagiya & Co. Cost Accountant were appointed as a Cost Auditor ofthe Company to conduct the Cost Audit of the records for the Financial Year 2020-21 M/s.Mitesh Suvagiya & Co. Cost Accountant have appointed as a Cost Auditor of theCompany by the Board of Directors in their Meeting held on 28th June 2021 on therecommendation of the Audit Committee to conduct the Cost Audit of the records for theFinancial Year 2021-22 on a remuneration as mentioned in the Notice of Annual GeneralMeeting for conducting the audit of the cost records maintained by the Company. ACertificate from M/s. Mitesh Suvagiya & Co. Cost Accountants has been received to theeffect that their appointment as Cost Auditor of the Company if made would be inaccordance with the limits specified under Section 141 of the Act and Rules framedthereunder. A resolution seeking Member's ratification for the remuneration payable toCost Auditor forms part of the Notice of the Annual General Meeting of the Company andsame is recommended for your consideration and approval. The Company is maintaining theCost Records as specified by the Central Government under section 148(1) of CompaniesAct 2013. Cost Audit report for the financial year ended March 31 2020 were filed onSeptember 19 2020 which was within the time limit as prescribed in Companies (CostRecords and Audit) Rules 2014 as amended.

Internal Auditor;

In terms of Section 138 of the Companies Act 2013 read with Companies (Accounts)Rules 2014 the Company has appointed Mr. Mehulkumar Parmar as an Internal Auditor of theCompany in the Meeting of Board of Directors held on 28th June 2021.

21. Directors Responsibility Statement

Pursuant to provisions of Section 134 (5) of the Companies Act 2013 the Board herebyconfirmed that:— a. In the preparation of the annual accounts the applicableaccounting standards have been followed along with the proper explanation relating tomaterial departures; b. Appropriate accounting policies have been selected and appliedconsistently and have made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the Company as at 31st March 2021and of the profit of the Company for the year ended on 31st March2021; c. Proper andsufficient care has been taken for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act 2013 for safeguarding the assets ofthe Company and for preventing and detecting fraud and other irregularities; d. The annualaccounts have been prepared on a going concern basis; e. The Internal financial controlshas been laid down to be followed by the Company and that such internal financial controlsare adequate and are operating effectively; and f. A proper system has been devised toensure compliance with the provisions of all applicable laws and such systems are adequateand operating effectively.

22. Capital Structure

During the period under review there has been no change in the authorized sharecapital and paid up capital of the Company.

23. General Disclosures

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend voting or otherwise.

3. Significant or material orders passed by the Regulators or Courts or Tribunals whichimpact the going concern status and Company's operations in future.

4. Change in nature of Business of Company.

5. No fraud has been reported by the Auditors to the Audit Committee or the Board.

6. There is no Corporate Insolvency Resolution Process initiated under the Insolvencyand Bankruptcy Code 2016.

7. There has been no instance of any revision in the Board's Report or the financialstatement under Section 131(1) of the Act. Further your Directors state that the Companyhas complied with the provisions relating to constitution of Internal Complaints Committeeunder the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013 and there was no complaint filed under the said Act.

24. Details of Holding/Subsidiaries/Associates Company

The clause is not applicable as there is no associate/subsidiary or Joint VentureCompany is there with the company.

25. Corporate Governance

Pursuant to Regulation 15(2)(a) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the compliance with the corporate governance provisionsshall not apply to the listed entity which has listed its specified securities on the SMEExchange. As the Equity Shares of the Company are listed on SME Platform of BSE Limitedprovisions regarding Corporate Governance not applicable to your Company. Your companyhave complied with applicable Secretarial Standards issued by the Institute of CompanySecretaries of India (ICSI) and approved by Central Government from time to time.

26. Risk & Mitigating Steps

The Board has adopted a risk management policy where various risks faced by the Companyhave been identified and a framework for risk mitigation has been laid down. Even thoughnot mandated the Company has constituted a Risk Management Committee to monitor reviewand control risks. The risks and its mitigating factors are discussed in the Board.

27. Acknowledgement:

Your Directors are pleased to place on record their sincere gratitude to theGovernment Financial Institutions Bankers Business Constituents and Shareholders fortheir continued and valuable cooperation and support to the Company and look forward totheir continued support and co-operation in future too. They also take this opportunity toexpress their deep appreciation for the devoted and sincere services rendered by theemployees at all levels of the operations of the Company during the year.

For and on Behalf of Board of Directors
AKSHAR SPINTEX LIMITED
Date: 23.08.2021
Place: Haripar (Jamnagar)
Amit V. Gadhiya Harikrushna S. Chauhan
Managing Director Chairman cum Whole Time Director
[DIN : 06604671] [DIN :07710106]

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