Alliance Integrated Metaliks Ltd.
|BSE: 534064||Sector: Metals & Mining|
|NSE: N.A.||ISIN Code: INE123D01016|
|BSE 00:00 | 02 Aug||Alliance Integrated Metaliks Ltd|
|NSE 05:30 | 01 Jan||Alliance Integrated Metaliks Ltd|
|BSE: 534064||Sector: Metals & Mining|
|NSE: N.A.||ISIN Code: INE123D01016|
|BSE 00:00 | 02 Aug||Alliance Integrated Metaliks Ltd|
|NSE 05:30 | 01 Jan||Alliance Integrated Metaliks Ltd|
The Members of
Alliance Integrated Metaliks Limited The Board of Directors are pleased to present theCompany's Thirty First (31st) Annual Report of the Company for the FinancialYear ended 31st March 2020.
The financial statements for the financial year ended 31st March 2020 forming part ofthis Annual Report have been prepared in accordance with the Indian Accounting Standards(Ind AS) as notified by the Ministry of Corporate Affairs.
Key highlights of financial performance of your Company for the financial year 2019-20are provided below:
(Rupees in Lakh)
OPERATIONS REVIEW AND THE STATE OF COMPANY'S AFFAIRS
The Company was established in the year 1989 by the name of B. S. Holdings and CreditLimited. The name of the Company was changed to Alliance Integrated Metaliks Limited(hereinafter referred to as "AIML") in the year 2004.
The Company has set up its Production facility to cater all types of Heavy SteelSuperstructures for following segments
Thermal Power Plants
Steel Bridges for Rail Road Metro DFCC and Expressways
Foot Over Bridges
High rise Buildings
Marine equipment requirements
Large Stadiums and Exhibition halls
The customer list of the company includes Delhi Metro Rail Corporation [DMRC] L &T BHEL AFCONS HCC Doosan Power Systems bGr Energy Systems Limited Gyatri ProjectsLtd Ashoka Builcon Ltd Sadbhav Engineering Ltd S.P. Singla Constructions GMRInfrastructure RG BulidWell Gawar Constructions Ltd. etc.
In the FY19-20 Major Focus has been of Steel Bridges Projects of Railways ExpresswaysNHAI and State road Projects
During the period under review based on financial statements the Company earnedrevenue from operations amounting to Rs. 5231.81 Lakhs as compared to Rs. 9857.95 in theprevious year. Loss after Tax stood at Rs. 11482.63 Lakhs as against Loss after Tax ofRs. 17603.41 Lakhs in the previous year.
The shares of the company are listed on BSE Limited.
The state of affairs of the Company is presented as part of the Management Discussionand Analysis Report forming part of this Annual Report.
IMPACT OF COVID-19
The outbreak of the Wuhan Virus and its spread across the globe including the Indiansub-continent has contributed to a significant decline and volatility in the global andIndian financial markets and slowdown in economic activities. On March 112020 the WorldHealth Organisation (WHO) declared the Wuhan Virus as a pandemic and renamed it asCovid-19. This outbreak has had an immense impact on human life and also disrupted thesocial economic and financial structures of the entire world. In India the CentralGovernment declared a national lockdown with effect from March 25 2020. The lockdown isbeing gradually lifted from June onwards. During this period restrictions were imposed onmovement for the entire population of the country as a preventive measure against thespread of the pandemic.
The Company has carried out its initial assessment of the likely adverse impact oneconomic environment and financial risk because of the Wuhan Virus (Covid-19). The Companyis in the business of fabrication of heavy duty steel structures for infrastructuresector which are connected with the construction activities that are in a way fundamentalto the Indian economy. Although there is a significant impact on account of demanddestruction in the short term the management believes that there may not be significantimpact of the Wuhan Virus (Covid-19) pandemic on the financial position and performance ofthe Company in the long-term. The Company expects the economic scenario to recoverwithout there being a major impact on the carrying amount of all its moveable andimmoveable Assets including receivables and restoration of the ordinary course of businessbased on information available on current economic conditions. These expectations aresubject to uncertainty and may be affected by the severity and duration of pandemic. TheCompany is continuously monitoring any material change in future economic conditions.
In view of losses incurred during the period under review the Board of Directors hasnot recommended any dividend on equity shares for the period ended 31st March2020.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
As per Section 124(6) of the Companies Act 2013 read with Investor Education andProtection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 as amendedfrom time to time all the shares in respect to which dividend has remainedunclaimed/unpaid for a period of seven consecutive year or more are required to transferin the name of IEPF but the company is not required to transfer any amount to the IEPFestablished by the Central Government as the company has not declared any dividend in anyfinancial year.
TRANSFER TO RESERVES
Your Company has not transfered any amount under the head Reserve in the FinancialStatements for the Financial Year ended March 312020. However the company has incurredlosses during the said period and has transfered the amount under the head RetainedEarnings in Other Reserves in the Financial Statements for the Financial Year ended March31 2020 as duly prepared according to Indian Accounting Standards (Ind AS).
CAPITAL STRUCTURE OF THE COMPANY
The Share Capital Structure of the Company is categorised into two classes:-
During the period under review there was no public issue rights issue bonus issue orpreferential issue etc. during the year The Company has neither issue any shares withdifferential voting rights sweat equity shares nor has it granted any stock options.
DEMATERIALISATION AND LISTING
The equity shares of the Company are admitted to the depository system of NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL). As on 31st March 2020 10347497 Equity Shares representing 89.107% of theEquity Share Capital of the Company are in dematerialized form. The Equity Shares of theCompany are compulsorily traded in dematerialized form as mandated by the Securities andExchange Board of India (SEBI). The International Securities Identification Number (ISIN)allotted to the Company with respect to its Equity Shares is INE123D01016.
The Equity shares of the Company are listed on BSE Limited.
RECONCILIATION OF SHARE CAPITAL AUDIT
As per the directive of the Securities & Exchange Board of India theReconciliation of Share Capital Audit was carried out on quarterly basis for the quarterended 30th June 2019 30th September 2019 31stDecember 2019 and March 31st 2020 by a Company Secretary in Practice. Thepurpose of the audit was to reconcile the total number of shares held in NationalSecurities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL)and in physical form with respect to admitted issued and paid up capital of the Company.
The above mention Reconciliation of Share Capital Audit Report were submitted to theBSE Limited where the equity shares of the Company are listed.
CHANGE OF REGISTERED OFFICE
During the financial year under review there was no change in the Address ofregistered office of the Company but after closure of the financial year registeredoffice of the company has been shifted from D-15 Pamposh Enclave Greater Kailash-1 NewDelhi-110048 to 5th Floor Unit No. 506 Building No. 57 Manjusha Building Nehru PlaceNew Delhi South Delhi DL 110019 w.e.f September 23 2020.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY
There were no material changes and commitments affecting the financial position of theCompany between the end of the financial year and date of this report. There has been nochange in the nature of business of the Company.
FINANCIAL STATEMENTS OF THE COMPANY
The Financial Statement of the Company for the FY 2019-2020 are prepared in compliancewith the applicable provisions of the Act Accounting Standards and as prescribed bySecurities and Exchange Board of India (SEBI) under SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 (hereinafter referred to as the SEBI ListingRegulation).
The Audited Financial Statement along with Auditor's Report for the FY 2019-2020 intoconsideration have been annexed to the Annual Report and are also made available on thewebsite of the Company which can be accessed at www.aiml.in.
SUBSIDIARIES JOINT VENTURES AND ASSOCIATES
During the year under review as on 31st March 2020 the company does not have anysubsidiary Joint Venture and associates company.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors hereby confirm that:
a. in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
b. the Directors have 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 at the end of the financial year and ofthe profit and loss of the Company for that period;
c. the Directors have 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;
d. the Directors have prepared the annual accounts on a going concern basis; and
e. the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and operating effectively;
f. the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.
In compliance with the Regulation 34 read together with Schedule V of the ListingRegulations a detailed report on Corporate Governance is given as an Annexure and formsan integral part of the Annual Report. A Certificate from the Practicing Company Secretaryconfirming compliance of the conditions of Corporate Governance as stipulated under theListing Regulations is appended to the Corporate Governance Report. A Certificate of theWholetime Director (WTD) and Chief Financial Officer (CFO) of the Company in terms ofRegulation 17(8) of the Listing Regulations is also annexed.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the Financial year ended March 312020 Mr. Devinder Singh Sodhi Mr. GauravPabby and Ms. Anurdaha Kapur have resigned from the office of Independent Director of theCompany w.e.f.14th June 2019 17th August 2019 and 14thOctober 2019 respectively and the Board places on record its appreciation for theircontinuous support guidance and contribution during their tenure as Directors on theBoard of the Company.
Pursuant to the provisions of Sections 149 and 152 read with Schedule IV and otherapplicable provisions if any of the Companies Act 2013 read with Companies (Appointmentand Qualification of Directors) Rules 2014 and Regulations 16 and other applicableprovisions if any of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 The Board have appointed Mr. Ashwini KumarSyal and Mr. Rajiv Kapur Kanika Kapur as an Independent Director in its meeting held on29th November 2019 for a period of five years subject to approval of the shareholders atensuing Annual General Meeting.
The Board of Directors at their meeting held on 31st August 2019 re-appointed Mr.Daljit Singh Chahal (DIN - 03331560) as Whole-time Director of the Company with effectfrom 02nd December 2019 for a period of five years on the basis of recommendation ofNomination & Remuneration Committee and subsequently shareholders have also approvedthe reappointment at 30th Annual General Meeting held on 26thSeptember 2019.
In accordance with the provisions of Section 152 the Companies Act 2013 and theArticle of Association of the Company read together with Companies (Appointment andQualification of Directors) Rules 2014 Mr. Daljit Singh Chahal (DIN - 03331560) retiresby rotation at the ensuing Annual General Meeting and being eligible offers himself forre-appointment.
A brief resume of the Director proposed to be appointed/ re-appointed highlightingtheir industry expertise in specific functional areas names of Companies in which theyhold directorships is provided in the notice forms part of the notice forming part ofAnnual Report.
During the period under review Mr. Saurabh Kumar Jain has been appointed as CompanySecretary and Compliance Officer of the Company w.e.f. 3rd June 2019.
As on 31.03.2020 Composition of Board and KMPs is as under:
*Mr. Mahesh Ochani and Mr. Ashwini Kumar Syal have resigned from the Company w.e.f.23rd November 2020 and 22nd April 2020.
INDEPENDENT DIRECTORS DECLARATION
All the Independent Directors of the Company have given their respective requisitedeclarations that they meet the criteria of independence as provided in Section 149(6) ofthe Companies Act 2013 and Regulations 16 & 25 of SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015.
As per requirement under the provisions of Section 178 of the Companies Act 2013 readwith Companies (Meeting of the Board and its powers) Rules 2014 and SEBI (ListingObligations and Disclosure Requirements) Requirements 2015 your Company has adopted afamiliarisation programme for independent directors to familiarise them with the Companytheir role rights responsibilities in the Company nature of the industry in which theCompany operates business model management structure industry overview internalcontrol system and processes risk management framework functioning of various divisionsHR Management CSR activities etc.
Your company aims to provide its independent Directors insight into the Companyenabling them to contribute effectively. The Company arranges site visit for theDirectors giving them insight of various projects and Directors are also informed ofvarious developments relating to the industry on regular basis and are provided withspecific regulatory updates from time to time.
Details of the familiarization programme of the Independent Directors is available onthe website of the Company (URL: http://www.aiml.in/investors.php)
The Board had met Nine (9) times during the period the details of which are providedin the Corporate Governance
Report that forms part of the Annual Report. The intervening gap between the meetingswas within the period prescribed under the Companies Act 2013 and SEBI ListingRegulations 2015.
As per SEBI(Listing Obligations and Disclosure Requirements) Regulations2015 andCompanies Act 2013 the Board evaluated the effectiveness of its functioning and that ofthe committees and of individual Directors by seeking their inputs on various aspects ofBoard/Committee governance such as the Board composition and structure effectiveness ofboard processes active participation and contribution of directors in the Board/Committee meetings and the fulfilment of Directors obligation and their fiduciaryresponsibilities.
Further the Independent Directors at their meeting reviewed the performance of theBoard Chairman of the Board and of the Non-Executive Directors. The meeting also reviewedthe co-ordination between the Company management and the Board which is required for theBoard to perform their duties effectively and reasonably.
POLICY ON APPOINTMENT AND REMUNERATION
Pursuant to Section 178(3) of the Companies Act 2013 the Nomination and RemunerationCommittee of the Board has framed a policy for selection and appointment of Directors andsenior management personnel which inter alia includes the criteria for determiningqualifications positive attributes and independence of a Director(s)/Key managerialpersonnel and their remuneration. The nomination and remuneration policy is available onthe website of the Company (http://www.aiml.in/investors)
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place adequate internal financial control across the organization.The same is subject to the review periodically by the internal auditor for itseffectiveness. The management has established internal control systems commensurate withthe size and complexity of the business. The internal control manual provide for astructured approach to identify rectify monitor and report gaps in the internal controlsystems and processes. To maintain its objectivity and independence the internal auditfunction reports to the chairman of the Audit Committee and all significant auditobservations and corrective actions are presented to the Committee.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of section 92 & section134(3)(a) of the CompaniesAct2013 read with rule 12 of the Companies (Management and Administration) Rules 2014extract of Annual return of the Company in form MGT- 9 is attached as Annexure I to thisreport.
And in terms of section 134(3) (a) of the Companies Act 2013 extract of Annual Returnis also available on the website of the Company (http://www.aiml.in/investors.php).
TRANSACTIONS WITH RELATED PARTIES
In line with the requirements of the Companies Act 2013 and Listing Regulations yourCompany has formulated a Policy on Related Party Transactions which is available onCompany's website at www.aiml.in.
In accordance with Section 134(3) (h) of the Companies Act 2013 read with Rule 8(2) ofCompanies (Accounts) Rules 2014 the particulars of contracts or arrangements withrelated parties referred to in Section 188(1) of the Companies Act 2013 in theprescribed Form AOC-2 is attached as Annexure II to this Report.
STATUTORY AUDITORS AND THEIR REPORT
During the period under review M/s Arora & Choudhary Associates (FirmRegistration No.003870N) Chartered Accountants were reappointed as the StatutoryAuditors of the Company to hold office for a term of five consecutive years from theconclusion of 30th Annual General Meeting until the conclusion of the 35thAnnual General Meeting of the Company to be held for the Financial Year 2023-24
The Company has received a consent letter from the statutory auditors for theirappointment and a certificate as prescribed under the Companies Act 2013 that they arenot disqualified for appointment.
The Auditor's Report on Financial Statements is a part of this Annual Report. TheAuditor's Report is self-explanatory however there is a qualification that Trade payablestrade receivables and other loans and advances subject to reconciliation / confirmation.Further some of the term loan accounts with the banks are also subject to reconciliation/confirmation.
Management comment on audit qualification:
In India the Central Government declared a National Lockdown with effect from March25 2020. During this period restrictions were imposed on movement for the entirepopulation of the country as a preventive measure against the spread of the pandemic. Wefailed to obtain confirmation for the Trade payables trade receivables and other loansand advances from various parties because of precarious situation created due the Covid-19.
During the year the Statutory Auditors have not reported any matter under Section143(12) of the Companies Act 2013. Therefore no detail is required to be disclosed underSection 134(3) (ca) of the Companies Act 2013.
SECRETARIAL AUDITORS AND THEIR REPORT
Pursuant to the provisions of Section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board ofDirectors had appointed M/s S. Khurana & Associates Practicing Company Secretaries(CP No. 13212) to undertake the Secretarial Audit of the Company for the Financial Yearended on March 31 2020. The Secretarial Audit Report in Form MR-3 is annexed herewith asAnnexure III which forms an integral part of this report.
During the year the Secretarial Auditors had not reported any matter under Section143(12) of the Companies Act 2013. Therefore no detail is required to be disclosed underSection 134(3) (ca) of the Companies Act 2013.
The said report containts following observations give below. The management commentsare provided their under:
1. In Accordance with the requirement of Section 398 read with Rule 7 of the Companies(Registration Offices and Fees) Rules 2014 at few instances the correspondences /documents authenticated by Director and/or Company Secretary were not having membershipnumber and address as applicable:
The company missed to mentioning the Address of Director and Membership no. of CompanySecretary in few instances but subsequently the company has followed the provisions andcomplied accordingly.
2. It has been observed that there is generally a delay in intimating and filing ofdocuments to Stock Exchange under various regulations of SEBI (LODR) Regulations 2015:
Due to some unavoidable circumstances there was a delay to filing some compliances ontime but the company assures that in future it will try to comply on time as best aspossible.
3. The Annual Report required to be filed under section 21 of the Sexual Harassment ofWomen at Workplace (Prevention Prohibition and Redressal) Act 2013 and the Rules thereunder has not been submitted by the Company during the reporting period.
During the Financial Year there was no complaints received by the company and nocomplaints pending as on 31/03/2020 under the sexual harassment so the Company did notfile nil return under the said Act.
Secretarial Compaliance Report
Pursuant to the provisions of Regulation 24A of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 M/s S. Khurana & Associates CompanySecretaries in practice have given the Secretarial Compliance Report of the Company forthe financial year 2019-20.
Pursuant to the provisions of Section 138 of the Companies Act 2013 read with therules made there under the Board of Directors had appointed M/s VKP & AssociatesPracticing Chartered Accountatnts (FRN 019955C) to undertake the Internal Audit of theCompany for the Financial Year ended on March 31 2020.
Further company has appointed M/s. VGG & Company Chartered Accountants (FRN031985N) as Internal Auditor for the FY 2020-21
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Disclosure on particulars relating to loans guarantees or investments under section186 of the Companies Act 2013 have been provided if any as part of the financialstatements.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34 of the Listing Regulations a separate section on ManagementDiscussion and Analysis for the year ended March 31 2020 forms an integral part of thisAnnual Report.
COMMITTEES OF THE BOARD
The Company's Board has the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders' Relationship Committee
4. Corporate Social Responsibility Committee
The details with respect to composition powers roles no. of meetings held andattendance at the meetings of the above Committees of the board are provided in theCorporate Governance Section of the annual report.
ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information as required under Section 134(3)(m) of the Companies Act 2013 readwith Rule 8 of the Companies (Accounts) Rules 2014 for the financial year ended March 312020 with respect to the Conservation of Energy Technology Absorption and ForeignExchange Earnings and Outgo has been annexed as Annexure IV to this report which forms anintegral part of this report.
CORPORATE SOCIAL RESPONSIBILITY
A brief outline of the Corporate Social Responsibility Policy of the Company and therelated details for the period 2019-2020 are set out in Annexure V of this report as perthe format prescribed in the Companies (Corporate Social Responsibility Policy) Rules2014. The Composition of CSR committee and other related details are provided in theCorporate Governance section forming part of this Report. The policy is available on thewebsite of the Company (http://www.aiml.in/investors).
The Audit Committee of the Board has been constituted in terms of Listing Regulationsand Section 177 of the Companies Act 2013. The details pertaining to the composition ofthe Audit Committee are included in the Corporate Governance Report which is the part tothis report.
All the recommendations made by the Audit Committee if any were accepted by the Boardof Directors during the financial year 2019-20.
PARTICULARS OF EMPLOYEES
The details as required in terms of the provisions of Section 197 read with Rule 5(1)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 areattached as Annexure - VI to this Report.
The Particulars of employees as required in terms of the provisions of Section 197 readwith Rules 5 (2)& (3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) rules2014 are also included in Annexure - VI to this Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable mandatory Secretarial Standards issued bythe Institute of Company Secretaries of India with respect to Board Meeting & GeneralMeeting.
During the period under review the Company has not accepted any deposits from publicmembers or employees under the Companies Act 2013 and as such no amount of principal orinterest on public deposits was outstanding as on the date of balance sheet.
SIGNIFICANT AND MATERIAL ORDERS
No significant and material orders have been passed by any regulators or courts ortribunals impacting the going concern status and Company's operations in future.
The Company has formed a Whistle Blower Policy for establishing a vigil mechanism forDirectors and Employees in Compliance with Section 177(9) of the Act and Regulation 22 ofthe SEBI Regulations to report genuine concerns regarding unethical behavior andmismanagement if any. It aims at providing avenues for employees to raise complaints andto receive feedback on any action taken and seeks to reassure the employees that they willbe protected against victimization and for any whistle blowing conducted by them in goodfaith. The policy is intended to encourage and enable the employees of the Company toraises serious concerns within the organization rather than overlooking a problem orhandling it externally.
The Company is committed to the highest possible standard of openness probity andaccountability. It contains safe guards to protect any person who uses the Vigil Mechanismby raising any concern in good faith. The Company protects the identity of the whistleblower if the whistle blower so desires however the whistle blower needs to attend anydisciplinary hearing or proceedings as may be required for investigation of the complaint.The mechanism provides for a detailed complaint and investigation process.
If circumstances so require the employee can make a complaint directly to the Chairmanof the Audit Committee. The confidentiality of those reporting violations is maintainedand they are not subjected to any discriminatory practice. The said Whistle Blower Policyhas been disseminated on the Company's website at www.aiml.in.
The Company has developed and implemented a Risk Management Policy. The details ofelements of risk are provided in the Management Discussion and Analysis section of thisAnnual Report.
ANTI SEXUAL HARASSMENT POLICY
The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at the Workplace (Prevention Prohibition and Redressal)Act 2013. An Internal Complaints Committee consisted with the following persons namelyMr. Rajiv Vasisht- Plant Head Mr. Rajesh Kumar- HR Head Mr. Mandeep Singh- ProductionHead Ms. Ashvinder Kaur- Asst. Manager- Marketing Mrs. Jaspreet Kaur- HR Assistant andMrs. Manpreet Kaur- Computer Operator to redress complaints received regarding sexualharassment.
All women employees (permanent contractual temporary trainees) are covered underthis policy. During the period 2019-20 no complaints were received by the committee.
HUMAN RESOURCES MANAGEMENT AND INDUSTRIAL RELATIONS
During the period under review the relations between the Management and the workmenwere highly cordial. Human resources initiatives such as skill up gradation trainingappropriate reward & recognition systems and productivity improvement were the keyfocus areas for development of the employees of the Company.
Industrial relation continued to remain cordial at all level of the employee during theyear.
Your Company always endeavors to promptly respond to shareholders' requests/grievances.Each and every issue raised by the shareholders is taken up with utmost priority and everyeffort is made to resolve the same at the earliest. The Stakeholders RelationshipCommittee of the Board periodically reviews the status of the redressal of investors'grievances.
Your Directors wish to place on record the sincere and dedicated efforts of all theemployee of the Company. Your Directors also take this opportunity to offer their sincerethanks to the Financial Institutions Banks and other Government Agencies valuedcustomers and the investors for their continued support co-operation and assistance.