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Alka India Ltd.

BSE: 530889 Sector: Industrials
NSE: N.A. ISIN Code: INE061B01020
BSE 00:00 | 21 Sep 0.55 0.02
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NSE 05:30 | 01 Jan Alka India Ltd
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VOLUME 1093977
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Sell Price 0.00
Sell Qty 0.00
OPEN 0.55
CLOSE 0.53
VOLUME 1093977
52-Week high 0.81
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alka India Ltd. (ALKAINDIA) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 26th Annual Report on the business andoperations of the Company together with the Audited Statement of Accounts of Alka IndiaLimited for the year ended March 31 2020.

1. SUMMARISED FINANCIALHIGHLIGHTS:

A summary of the Company's Financial Results for the Financial Year 2019-2020 is asunder:

 

(Amount in lakhs)

Standalone

Consolidate

Particulars 31.03.2020 31.03.2019 31.03.2020 31.03.2019
Revenue from operations & other operating Income 0 0.10 0 .10
Profit/ (Loss) Before taxation & Exceptional Items (15.59) (18.59) (15.85) (3.95)
Add: Exceptional Items 0 (470.60) 0 (470.60)
Profit/ (Loss) before Tax (15.59) (489.18) (15.85) (489.67)
Less: Tax expenses 1.19 (8.21) 1.46 (8.21)
Profit/ (Loss) after Taxation (16.78) (480.97) (17.31) (481.45)
Balance brought forward from the previous year (4074.01) (4782.32)
Balance carried forward to next year (4554.98) (5263.77)

1 ABOUT COVID-19:

In the last month of FY 2020 the COVID-19 pandemic developed rapidly into a globalcrisis forcing governments to enforce lock-downs of all economic activity. For theCompany the focus immediately shifted to ensuring the health an well-being of allemployees and on minimizing disruption to services for all our customers globally.

2 Cmpany FinancePerformance:

During the financial year ended March 31 2020 the total revenue was Nil. The Companyhas incurred post tax loss of Rs. 16.78 lakhs for financial year. The Board of Directorscommend to overcome the losses in the operations of the company .Due to Covid-19 Pandemicthe segments of textile industry has largely affected the finanacial performance of thecompany and efforts has been made to improve the performance of the company

3. Transfer to Reserve:

The Board of Directors do not propose to transfer any amount to general reserve accountduring the financial year ended 31st March 2020

4.Transfer to Reserve:

The Board of Directors do not propose to transfer any amount to general reserve accountduring the financial year ended 31st March 2020

5. Cash Flow Statement:

The Cash Flow statement for the year 2019-2020 is attached to the Balance Sheet.

6. Dividend:

The Board of Directors of your Company after considering holistically the relevantcircumstances has decided that it prudent not to recommend any dividend for the yearunder review.

7. Secretarial Standards

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Direct and ‘General Meetings' respectively havebeen duly complied with.

8. Share Capital:

The paid up Equity Share Capital as at March31 2020 stood at 50 Crore. During the yearunder review the Company has not issued shares with differential voting rights nor hasgranted any stock options or sweat equity as on March31 2020none of the Directors of theCompany hold instruments convertible into equity shares of the Company

However the 250000000 equity shares issued upon conversion of 2500000Non-cumulative Preference Shares of Rs 100 is still pending for listing with the BSE Ltd.

9. Restatement of Financial Statement of the Company

As the Company has listed its shares on the Bombay stock exchange of BSE LIMITED. TheRegulations of SEBI (Issue of Capital and disclosure requirements )Regulations 2018mandates information to be provided in offer document as per restated audited financialstatements for past three years and stub period along with Auditor's qualifications on thesame if any. Therefore the Financials for the Financial Years 16-17 17-18 18-19 and forthe stub period 1st April 2019 to 31st December 2019 were Restated.

The Restated financial were also approved by the Board in their meeting on 14lhFebruary2020

10. Management Discussion & Analysis:

In terms of the provisions of Regulation 34 of the Securities In and Exchange Board ofIndia (Listing Obligations and Disclousre Requirements) Regulations 2015 the ManagementDiscussion & Analysis forms part of the Annual Report.

11. Directors Responsibility Statement:

Pursuant to requirement of Section 134(5) of the Companies Act 2013 with respect toDirectors Responsibility Statement Directors of your Company hereby state and confirmthat:

a) in the preparation of the Annual Accounts for the year ended 31st March2020 the applicable accounting standards have been followed along with proper explanationrelating to material departures;

b) they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitof the company for the same period;

c) the Directors have taken proper and sufficient care for the maintenance of adequateaccountingrecordsinaccordancewiththeprovisionsoftheCompaniesAct2013forsafeguardingtheassets of theCompany and for preventing and detecting fraud and other irregularities;

d) they have prepared the Annual Accounts on a going concern basis;

e) they have laid down Internal Financial Controls in the Company that are adequate andwere operating effectively.

f) They have devised proper systems to ensure compliance with the provisions of allapplicable laws and these are adequate and are operating effectively.

12. Subsidiaries:

The Company has following subsidiaries:

Vintage FZE (India) Private Limited.

The Company's Policy for determining material subsidiaries is available on theCompany's website at www.alkaindia.in

The financial statements of the Subsidiary Companies as on March31 2020 .forms part ofConsolidated Financial Statements in compliance with Section 129 and other applicableprovisions if any of the Companies Act 2013 and the same are prepared in accordancewith applicable Accounting Standards. The Financial Statements both Standalone andConsolidated are prepared in accordance with applicable Accounting Standards and as perSchedule III of the Companies Act 2013 and applicable rules thereto.

13. Corporate Governance Report:

Pursuant to Schedule V of the SEBI Listing Regulations the Corporate Governance Reportalong with Certificate by the Auditors of the Company on its Compliance ManagementDiscussion and Analysis Report forms a part of this Annual Report

14. Corporate Social Responsibility:

The provisions of the CompaniesAct2013 regarding Corporate Social Responsibility arenot attracted to the Company yet

15. Internal Control Systems and their Adequacy

The company has adequate systems of Internal Control covering all financial andoperational activities. The Internal Control is designed to provide reasonable assurancewith regard to maintaining proper accounting controls protecting assets from unauthorizedlosses and ensuring reliability of financial and operational information and propercompliance with regulations. In the opinion of the Board an internal control systemadequate to the size of the Company is in place.

16. Insurance:

The Company's property equipment and stocks are adequately insured against major risksafter taking into account all the relevant factors.

17. Directors and Key Managerial Personnel:

The Changes in the composition of the Board of Directors and Key Managerial Personnelthat took place during the year under review were carried out in compliance with theprovisions of the Act and Listing Regulations.

• Mr.Neel Ashok Doctor has resigned from Executive Independent Director the postof Non w.e.f.29.05.2019.

• Mr.Madan lal Balchand Purhoit resigned from the post of Non ExecutiveIndependent Director w.e.f. 13.06.2019.

Retires by rotation

In accordance with the applicable provisions of the Companies Act 2013 ('the Act') andthe Articles of Association of the CompanyMr.Ramakant Gokulchand Sharma(DIN:03636385)executive director retires by rotation at the ensuing Annual GeneralMeeting('AGM') and being eligible offers himself for reappointment

Your Directors recommend the re-appointment of Mr.Ramakant Gokulchand Sharmaas aexecutive director of the company.

Declaration by Independent Director(s):

All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Sectionl49(6) of the CompaniesAct2013and Regulationl6 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.Hereinafterreferred to as 'Listing Regulations'. In the opinion of the Board they fulfill theconditions of independence as specified in the Act and the Listing Regulations and areindependent of the management. Further the Independent Directors have complied with theCode for Independent Directors prescribed in Schedule IV to the Act.

Familiarization programme for Independent Directors:

The Familiarization Programme is formulated with the aim to make the IndependentDirectors of Alka India Limited aware about their role responsibilities and liabilitiesin the Company and to learn about the nature of the industry in which the companyoperates business model of the Company etc. The policy on Company's familiarizationprogramme for Independent Director has been uploaded on the website of the Company atwww.alkaindia.in.

Board Evaluation:

Pursuant to the provisions of the Companies Act 2013 read with Rule8(4)of theCompanies(Accounts) Rules 2014 and Regulation 17 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board has carried out an annual performanceevaluation of the directors individually as well as the evaluation of the working of itsCommittees including the Chairman of the Board.

The board's performance for the current year was assessed on the basis of participationof directors quality of information provided/available quality of discussion andcontribution etc. A structured questionnaire was prepared after taking into considerationinputs received from the Directors covering the aforesaid aspects of the Board'sfunctioning.

The overall performance of the Board and Committees of the Board was foundsatisfactory. The overall performance of Chairman Executive Directors and theNon-Executive Directors of the Company is satisfactory. The review of performance wasbased on the criteria of performance knowledge analysis quality of decision making etc.

Nomination and Remuneration Policy

The Board has on there commendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Key Managerial PersonnelSenior Management and their remuneration. The summary of Remuneration Policy is stated inthe Corporate Governance Report and is also available on the Company's websitewww.alkaindia.com

18. Auditors & Auditors' Report

Statutory Auditor

M/s. Pipara & Co. LLP Chartered Accountants (Firm Registration No. 107929W) wereappointed as the Statutory Auditor for the term of 5 years in 24th AGM held on 29September 2018 of the Company on a remuneration mutually agreed upon by the Board ofDirectors and the Statutory Auditors.

Their appointment was subject to ratification by the Members at every subsequent AGM.Pursuant to the amendments made to Section 139 of the Act by the Companies (Amendment)Act 2017 effective from May 07 2018 the requirement of seeking ratification of theMembers for the appointment of the Statutory Auditors has been withdrawn from the Statute.

In view of the above ratification by the Members for continuance of their appointmentat this AGM is not being sought. The Statutory Auditors have given a confirmation to theeffect that they are eligible to continue with their appointment and that they have notbeen disqualified in any manner from continuing as Statutory Auditors

The Notes on financial statement referred to in the Auditors' Report areself-explanatory and do not call for any further comments. The Auditors' Report does notcontain any qualification reservation or adverse remark.

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

The Auditors' Report on standalone and consolidated financial statements forms part ofthe Annual Report The Auditors' Report does not contain any qualifications reservationsadverse remarks and itisnotaffectingCompany'sprofitmaterially.NotestotheFinancialStatementsareself-explanatoryanddo not call for any further comments. The Statutory Auditors of the Company have notreported any fraud as specified under the second proviso of Section 143(12) of theCompanies Act 2013 (including any statutory modification(s) or re-enactment for the timebeing in force).

Internal Auditor

The company has appointed Mr Brijesh Yadav Employee of the Company as Internal Auditorof the Company for the financial year 2019-20 according to the section 138 of theCompanies Act2013 and read with the rule 13 of the Companies (Accounts) Rules2014 andfor conducing Internal Audit of the Company for the financial year 2019-20

Cost Auditor

The Company is not required to appoint Cost Auditor and maintain a cost records duringthe year under review.

Secretarial Auditor & their Report

Pursuant to the provisions of Section204 of the CompaniesAct2013 and The Companies(Appointment and Remuneration of Managerial Personnel)Rules2014theCompanyhasappointedM/s.BR Gupta & Co.

Practicing Company Secretary to undertake the Secretarial Audit of the Company. TheSecretarial Audit Report is annexed to this Report.

19. Deposits:

The Company has not accepted any deposits within the meaning of Section 73(1) of theCompanies Act 2013 and the Rules made there under

20. THE DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TOTHE FINANCIAL STATEMENTS

The Company has adequate internal financial controls beside timely statutory auditlimited reviews and internal audits taking place periodically.

21.Disclosures

AuditCommittee

The Audit Committee comprises two Non Executive Independent Directors namely Mr. AlokJain (Chairman) Ms. Hiramani Babulal Sharma (Member) and Mr. Satish Ramswroop Panchariya(member).

The Audit Committee played an important role during the year. It coordinated with theStatutory Auditors and other key personnel of the Company and has rendered guidance in theareas of internal audit and control finance and accounts. All the transactions by theAudit Committee were accepted by the Board.

Terms of Reference

The brief terms of reference of Audit Committee are as under -

I. Overseeing the company's financial reporting process and the disclosure of itsfinancial information to ensure that the financial statements are correct sufficient andcredible;

II. Examination of the financial statement and the auditors' Examination of thefinancial statement and the auditors' report thereon

III. Recommending to the Board the appointment reappointment and if required thereplacement or removal of the auditor and the fixation of audit fees;

IV. Review and monitor the auditor's independence and performance and effectiveness ofaudit process;

V. Approving initial or any subsequent modification of transactions of the company withrelated parties

VI. Scrutinizing inter-corporate loans and investments

VII. Valuation of undertakings or assets of the company wherever it is necessary;

VIII. Monitoring the end use of funds raised through public offers and related matters

IX. Reviewing with the management performance of statutory and internal auditors andadequacy of the internal control systems;

X. Reviewing the adequacy of internal audit function if any including the structureof the internal audit department staffing and seniority of the official heading thedepartment reporting structure coverage and frequency of internal audit;

XI. To carry out any other function as is mandated by the Board from time to time and/or enforced by any statutory notification amendment or modification as may beapplicable.

XII. To perform such other functions as may be necessary or appropriate for theperformance of its duties.

The Audit Committee duly met five times during the Financial Year from April 01 2019to March 312020.

The dates on which meeting were held are as follows:

Stakeholders' Relationship Committee

The Company has a Stakeholders' Relationship Committee to oversee grievance andredressal mechanism and recommended measures to improve the level of investor's servicesand to look into and decide matters pertaining to share transfer duplicate sharecertificates and related matters. The Committee comprises of three Directors namely Mr.Alok Jain Non Executive Independent Director (Chairman) Ms. Hiramani Babulal Sharma NonExecutive Independent Director (Member) and Mr. Rajesh Yashwant Nalavade Non ExecutiveIndependent Director (Member).

29.05.2019 13.08.2019 10.09.2019 14.11.2019 13.02.2020

Stakeholders' Relationship Committee

The Company has a Stakeholders' Relationship Committee to oversee grievance andredressal mechanism and recommended measures to improve the level of investor's servicesand to look into and decide matters pertaining to share transfer duplicate sharecertificates and related matters. The Committee comprises of three Directors namely Mr.Alok Jain Non Executive Independent Director (Chairman) Ms. Hiramani Babulal Sharma NonExecutive Independent Director (Member) and Mr. Rajesh Yashwant Nalavade Non ExecutiveIndependent Director (Member).

Terms of Reference-

The brief terms of reference of this committee are as under-

Redressal of shareholders' and investors' complaints including and in respect of:

I. Allotment transfer of shares including transmission splitting of shares changingjoint holding into single holding and vice versa issue of duplicate shares in lieu ofthose torn destroyed lost or defaced or where the cages in the reverse for recordingtransfers have been fully utilized.

II. Issue of duplicate certificates and new certificates onsplit/consolidation/renewal etc.;

III. Review the process and mechanism of redressal of Shareholders /Investors grievanceand suggest measures of improving the system of redressal of Shareholders /Investorsgrievances

IV. consolidate and resolving grievances of the security holders of the Companyincluding complaints related to the transfer of shares non-receipt of annual report andnon-receipt of declared dividends;

V. Oversee the performance of the Registrar & Share Transfer Agent and also reviewand take note of complaints directly received and resolved them.

VI. Oversee the implementation and compliance of the Code of Conduct adopted by theCompany for prevention of Insider Trading for Listed Companies as specified in theSecurities & Exchange Board of India (Probation of insider Trading) Regulations 1992as amended from time to time.

VII. Carrying out any other function contained in the equity listing agreements as andwhen amended from time to time.

VIII. Tocarry out any other function as is mandated by the Board from time to time and/or enforced by any statutory notification amendment or modification as may beapplicable.

IX. To perform such other functions as may be necessary or appropriate for theperformance of its duties

The Committee duly met three times during the Financial Year from April 012019 toMarch 312020. The dates on which meeting were held are as follows:

29.05.2019 13.08.2019 14.11.2019

Nomination & Remuneration Committee

The Nomination and Remuneration Committee recommends to the Board the suitability ofcandidates for appointment as Key Managerial Personnel Directors and the remunerationpackages payable to them and other employees. Nomination and Remuneration Committee metonce during the year. The Committee comprises of three Directors namely Mr. Alok Jain NonExecutive Independent Director (Chairman) Ms. Hiramani Babulal Sharma Non ExecutiveIndependent Director (Member) and Mr. Rajesh Yash want Nalavade Non Executive IndependentDirector(Member).

The Committee duly met two times during the Financial Year from April01 2019 toMarch31 2020. The dates on which meeting were held are as follows:

29.05.2019 13.08.2019

Vigil Mechanism / Whistle Blower Policy

Your Company believes in promoting a fair transparent ethical and professional workenvironment. The Board of Directors of th Company has established a Whistle Blower Policy& Vigil Mechanism in accordance with the provisions of the Companies Act 2013 and theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 reporting the genuine concerns or grievances or concerns of actual orsuspected fraud or violation of the Company's code c conduct. The said Mechanism isestablished for Directors and employees to report their concerns. The policy provides theprocedure and other details required to be known for the purpose of reporting suchgrievances or concerns. The same is uploade on the website of theCompany(www.alkaindia.com).

Meetings of Board

The Board of Directors duly met 5 times during the financial year from April 01 2019to March 31 2020.

The dates on which meetings were held are as follows:

29.05.2019 13.08.2019 10.09.2019 14.11.2019 13.02.2020

Particulars of Loans Investments Guarantees by the Company

The provisions of sectionl86 of the Act in respect of loans and advances given.investments made and guarantees given has been complied with by the Company Theparticulars of loans guarantees and investments made/given by the Company in the year2019-2020 as per Section 186 of the Companies Act 2013 is stated in the Notes to Accountwhich forms part of this Annual Report.

Particulars of Contracts or Arrangements with Related Parties

During the year under review all transactions entered into by the Company with relatedparties as defined under the Companies Act 2013 and Regulation 23 of SEBI (ListingObligations and Disclosure Requirements] Regulations 2015 were in the ordinary course ofbusiness and on an arm's length basis.

Disclosure of transactions with related parties as required under the AccountingStandard (AS18] has been made in the notes forming part of the financial statements.Accordingly the disclosure of related party transactions as required under Section134(3)(h) of the Companies Act 2013 read with rule 8 (2] of the companies (Account) Rules2014 are given.

There were no materially significant related party transitions that may have potentialconflict with the interest of Company at large with its promoters director's or relativesunder the scope of Section 188(1) of the Companies Act 2013. Information on transactionswith related parties pursuant to Sectionl34(3)

(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules 2014 are given.

The disclosure on related party transactions has been attached in for Form AOC-2 asAnnexure.

Deposits Loans and Advances:

Your Company has not accepted any Public Deposits and as such no amount on account ofprincipal or interests on public deposits was outstanding as on March 31 2020. Thedetails of loans and advances which are required to be disclosed in the Company's annualaccounts pursuant to Regulation 34(3) and 53(f) of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 with the Stock Exchanges are mentioned inNotes to accounts forming a part of this Report

Policy on Related Party Transactions:

The Board of Directors of the Company has on there commendation of the AuditCommittee adopted a policy to regulate transactions between the Company and its RelatedParties in compliance with the applicable provisions of the Companies Act 2013 the Rulesthere under and the Listing Regulations. This Policy was considered and approved by theBoard has been uploaded on the website of the Company at www.alkaindia.in

Prevention Prohibition and Redressal of Sexual Harassment at Workplace:

Your Company has always believed in providing a safe and harassment free workplace forevery individual working in Company's premises through various interventions andpractices. The Company always endeavours to create and provide an environment that is freefrom discrimination and harassment including sexual harassment.

During the year under review there were no cases filed pursuant to the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

22.Extract of Annual Return

In terms of provisions of Section 92 (3) of the Companies Act 2013 an extract ofAnnual Return in prescribed format is annexed to this Report as part of the Annual Report.The details forming part of the extract of the Annual Return in Form MGT-9 is annexedherewith. The same is as on 31st March 2020 the sameis posted on the website of theCompany www.alkaindia.com

23 Conservation of Energy Technology Absorption Foreign Exchange:

The provisions of Section 134(3)(m) of the Companies Act 2013 relating toconservation of energy and technology absorption are not applicable to the Company.However the Company has been continuously and extensively using technology in itsoperations.

There were no foreign exchange earnings and foreign exchange outgo during the year.

24. Particulars of Employees

The information required pursuant to Section 197 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 (including anyreenactment/modification thereof) in respect of employees of the Company is as follows:

During the period under review the company had two (2) Executive Director one(l) NonExecutive Director Four(4) Non Executive Independent Director.

No sitting fees has been paid to any Director during the year. The particulars of theemployees who are covered by the provisions contained in Rule 5(2) and (3) of Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 are:

a) Employed throughout the year Nil

b ) Employed for part of the year Nil

The remuneration paid to all Key Management Personnel was in accordance withremuneration policy adopted by the Company. The information required pursuant to section197(12) read with rule 5 of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect to remuneration to the Whole time directors and Keymanagerial Personnel is prepared separately forming part of this report.

Having regard to the first proviso of sectionl36(l) of the CompaniesAct2013 the AnnualReport is being sent to the members of the Company excluding the aforesaid information.However the said information is available for inspection at the Registered Office of theCompany during business hours on working days.

25. Details of significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.

SEBI has imposed penalty of Rs. 2500000/- on June 27 2017 and Rs. 50000/- on March26 2018 for nonthing of Action Taken Report (ATR) and non-resolving of investor disputeswithin the stipulated period of time. An appeal has been filed for the matter pertainingto penalty of Rs. 2500000/- and the same is sub- judice before Securities AppellateTribunal (SAT).

SEBI vide its letter bearing no. SEB1/HO/ISD/OW/P/2017/18183 dated August 7 2017 hasforwarded a list of 331 suspected shell companies to the Exchange(BSELtd) as identified byMinistry of Corporate Affairs out of these 331 companies exchange identified name of ourCompany as a suspected shell company and trading in all such listed securities includingour Company were placed in Stage VI of the Graded Surveillance Measure (GSM).Afterreceiving the notice from exchange regarding suspected Shell Company the Company hasgiven reply along with all supporting documents as required by the Exchange. The Exchangehad considered our detailed reply and satisfied with the same had removed name of ourCompany from Stage VI of the Graded Surveillance Measure(GSM). Further with regards to thematter pertaining to name of our Company in the list of suspected Shell Company issub-judice before the Exchange.

We assure the investors that the Company has not conducted any activities which are inviolation of the law and thus the shareholders be rest assured that the Company shallobtain a clean status from the so called "list of shell companies" very shortly.

Corporate Governance and Shareholders Information

The Company has taken adequate steps to adhere to all the stipulations laid down inSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. A report onCorporate Governance is included as a part of this Annual report Certificate from thePracticing Company Secretary confirming the compliance with the conditions of CorporateGovernance as stipulated under SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 is included as a part of this report

26. Listing with Stock Exchanges

The Company confirms that it has paid the Annual Listing Fees for the year to BSE wherethe Company's shares are listed.

27. Appreciation and Acknowledgements:

Your Directors wish to place on record their appreciation and sincere gratitude to thevarious Departments of the Central and State Government Company's Bankers clients mediaand business constituents for their valuable assistance and support. The Directors alsoacknowledge the continued support received from investors and shareholders and theconfidence reposed by them. The Directors place on record their appreciation for thesincere and dedicated servicesr endered by all the employees of the Company at all levels.

For and on behalf of the Board of Directors

Sd/- Sd/-
Place: Mumbai Ramakant Gokulchand Satish Panchariya
Date: 04-12-2020 Director Chairman & Director
DIN:03636385 DIN:00042934

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