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Arfin India Ltd.

BSE: 539151 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE784R01015
BSE 00:00 | 30 Sep 214.85 1.70
(0.80%)
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NSE 05:30 | 01 Jan Arfin India Ltd
OPEN 213.15
PREVIOUS CLOSE 213.15
VOLUME 11584
52-Week high 314.00
52-Week low 59.35
P/E 31.55
Mkt Cap.(Rs cr) 341
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 213.15
CLOSE 213.15
VOLUME 11584
52-Week high 314.00
52-Week low 59.35
P/E 31.55
Mkt Cap.(Rs cr) 341
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Arfin India Ltd. (ARFININDIA) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the 29th Annual Report on theBusiness and Operations of the Company together with Audited Accounts for the financialyear ended on March 31 2021.

1. Financial Summary Rs. In Lakhs
Particulars 2020-21 2019-20
Revenue From Operations 30344.58 35857.27
Other Income 197.73 171.99
Total Income 30542.31 36029.26
Total Expenses 30086.86 38079.50
Profit/(Loss) Before Tax 455.45 (2050.24)
Provisions for Income Tax Including Deferred Tax 53.94 106.94
Profit/(Loss) After Tax 401.51 (2157.18)
Other Comprehensive Income 6.36 22.65
Total Comprehensive Income for the Period 407.87 (2134.53)
Earnings Per Equity Share
Basic 2.53 (13.57)
Diluted 2.53 (13.57)
Proposed Dividend - -
Transfer to General Reserves - -
Profit Carried to Balance Sheet 401.51 (2157.18)
Accumulated Balance of Profit 2119.82 1718.31

Financial Highlights and State of Company's Affairs

The revenue from operation for the financial year 2020-21 stands at Rs.30344.58 Lakhsin compare to Rs.35857.27 Lakhs for previous financial year 2019-20. Total net profit forthe year stood at Rs.401.51 Lakhs in compare to (' 2157.18) Lakhs for the previousfinancial year 2019-20.

2. Transfer to Reserve

The closing balance of the retained earnings of the Company for FY 2020-21 after allappropriation and adjustments was Rs.2119.82 Lakhs. The Board of Directors of the Companyhas not proposed any amount to be transferred to the General Reserve.

3. Dividend

In order to conserve the profits for future operations the Board of Directors of theCompany has decided not to recommend any final dividend on equity shares for the financialyear ended on March 31 2021.

4. Listing on Stock Exchanges

As on March 31 2021 the equity shares of the Company were listed on BSE Limited. TheCompany has paid the annual listing fees for the financial year ended on March 31 2021within time. The equity shares of the Company have been delisted from the Calcutta StockExchange Limited w.e.f. July 23 2020.

5. Details in Respect of Adequacy of Internal Financial Control with Reference to theFinancial Statements and Audit

The Company has designed and implemented process driven framework for internalfinancial controls within the meaning of explanation to Section 134(5)(e) of the Act.

For the year ended on March 31 2021 the Board is of the opinion that the Company hasadequate internal control systems commensurate with the size scale and complexity of itsbusiness operations.

The internal control systems comprising of policies and procedures are designed toensure sound management of your Company's operations safe keeping of its assets optimalutilization of resources reliability of its financial information and compliances. Theinternal financial control operates effectively and no material weakness exists. TheCompany has a process in place to continuously monitor the same and identify gaps if anyand implement new and/or improved internal controls whenever the effect of such gaps wouldhave a material effect on the Company's operations.

The Board of Directors at the recommendations of the Audit Committee appointed Mr.Anant Patel Cost Accountant as Internal Auditor of the Company for the financial year2021-22. Other details in respect of internal financial control and their adequacy areincluded in the Management Discussion and Analysis which is a part of this report.

6. Details of Subsidiary/Joint Venture/Associate Companies

The Company doesn't have any subsidiary joint venture or associate Company. GroupCompanies to the Arfin India Limited includes Krish Ferro Industries Private Limited andArfin Alucop Private Limited*.

*Arfin Alucop private limited is covered under group companies till December 11 2020.

7. Material Changes Transactions and Commitment if any affecting the FinancialPosition of the Company

There are no material changes and commitments affecting the financial position of theCompany which has occurred between the closure of financial year on March 31 2021 towhich the financial statements relate and on the date of this report.

8. Significant and Material Orders passed by the Regulators or Courts

There have been no significant and material orders passed by the regulators or courtsor tribunals impacting the going concern status and Company's operations. Howevermembers' attention is drawn to the statement on contingent liabilities commitments in thenotes forming part of the financial statements under note no. 35.

9. Deposits

During the financial year under report your Company has not accepted any depositswithin the meaning of Sections 73 and 74 of the Companies Act 2013 and the Companies(Acceptance of Deposits) Rules 2014 as amended nor did it have any amount of depositscarried forward from the previous financial year.

10. Statutory Auditors

M/s. Sanjay Bajoria & Associates Chartered Accountants Ahmedabad (FRN: 117443W)were appointed as Statutory Auditors of the Company to hold the office for a term of fiveyears from the conclusion of the 26th annual general meeting held on September24 2018 until the conclusion of the 31st annual general meeting of theCompany. Pursuant to the notification dated May 7 2018 issued by the Ministry ofCorporate Affairs ("The Companies Amendment Act 2017") amending Section 139 ofthe Companies Act 2013 the mandatory requirement for ratification of appointment ofStatutory Auditors by members at every annual general meeting has been omitted and henceyour Company has not proposed ratification of appointment of M/s. Sanjay Bajoria &Associates Chartered Accountants at the ensuing annual general meeting. The Auditors'Report issued by M/s. Sanjay Bajoria & Associates for the financial year ended onMarch 31 2021 forms part of this annual report and there is no qualificationreservation adverse remark or disclaimer given by the Statutory Auditors in their report.

11.Compliance with Secretarial Standards

The Company complies with all applicable mandatory secretarial standard issued by theInstitute of Company Secretaries of India.

12.Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsof your Company has re-appointed M/s. Kamlesh M. Shah & Co. Practicing CompanySecretary Ahmedabad as Secretarial Auditors to conduct an audit of secretarial recordsand compliances of the Company for the financial year ending on March 31 2022.

The Secretarial Audit Report for the financial year ended on March 31 2021 is annexedherewith as Annexure - 5 and the same is unmodified i.e. does not contain anyqualification reservation adverse remark or disclaimer.

13. Reporting of Frauds by Auditors

During the year under report neither the Statutory Auditors nor the SecretarialAuditors have reported to the Audit Committee under Section 143(12) of the Companies Act2013 any instances of fraud committed against the Company by its officers or employees.

14. Cost Auditors

The Board has on the recommendation of the Audit Committee appointed M/s. AshishBhavsar & Associates Cost Accountant (FRN: 000387) as a Cost Auditor for conductingthe audit of cost records of the Company for the financial year 2020- 21 as well as forfinancial year 2021- 22. M/s. Ashish Bhavsar & Associates have confirmed that theirappointment is within the limits of Section 141(3)(g) of the Companies Act 2013 and havealso certified that they are free from any disqualifications specified under Section141(3) and proviso to Section 148(3) read with Section 141(4) of the Companies Act 2013.The Audit Committee has also received a certificate from Cost Auditors certifying theirindependence and arm's length relationship with the Company.

As per the provisions of the Companies Act 2013 the remuneration payable to CostAuditor is required to be placed before the members in a general meeting for theirratification. Accordingly a resolution seeking member's ratification for the remunerationpayable to M/s. Ashish Bhavsar & Associates Cost Auditor is included in the noticeconvening the ensuing annual general meeting.

15.Share Capital

During the financial year under report the Company has not issued any further sharecapital. The detail of the capital structure of the Company is tabulated as below:

Authorized Share Capital

Issued Sub Paid-up Sh

scribed and are Capital

Event date Particulars No. of Equity Amount in Rs. No. of Equity Amount in Rs.
April 1 2020 Share Capital at the Beginning of the Financial Year 31500000 315000000 15892405 158924050
Changes During the Year NA NA NA NA
March 31 2021 Resultant Share Capital/Capital at the End of the Financial Year 31500000 315000000 15892405 158924050

16.Di rectors & Key Managerial Personnel

I. Details of KMPs and Appointments

During the financial year under report followings have been designated as the keymanagerial personnel of the Company pursuant to Sections 2(51) and Section 203 of theCompanies Act 2013 read with the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014:

(a) Mr. Mahendra R. Shah - Chairman & Wholetime Director

(b) Mr. Jatin M. Shah — Managing Director

(c) Mr. Vijay Lathi - Chief Financial Officer

(d) Ms. Hetal Koradia - Company Secretary

There is change in the composition of Board of Directors of the Company during thefinancial year ending on March 31 2021 details of which are given herein further.

Appointment of Independent Director

Based on the recommendations of the Nomination & Remuneration Committee the Boardof Directors of the Company has at its meetings held on July 04 2020 appointed Mr.Jitendra Shankerlal Shah (DIN: 08781998) as Additional Independent Director(s) of theCompany to hold office for a period of five consecutive years from the date of theirappointment at the respective Board meeting(s). As Additional Director Mr. Jitendra Shahhold the office of Independent Director(s) from the date of their appointments till thedate of ensuing annual general meeting or due date thereof.

The Board recommends the resolutions in relation to appointment of Mr. Hardik ShantilalHundia and Mr. Jitendra Shankerlal Shah as Independent Director(s) for the approval byshareholders of the Company.

Also appointment of Mr. Hardik Shantilal Hundia and Mr. Jitendra Shankerlal Shah madeon January 27 2020 and July 04 2020 respectively were approved by the shareholders ofthe Company at their 28th annual general meeting held on September 28 2020.

Pursuant to the provisions of Section 149 of the Act all the Independent Directorshave submitted declarations that each of them meets the criteria of independence asprovided in Section 149(6) of the Act along with Rules framed thereunder and Regulation16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015.

There has been no change in the circumstances affecting their status as IndependentDirectors of the Company.

II. Retirement by Rotation

In accordance with the provisions of Section 152(6) of the Companies Act 2013 and thearticles of association of the Company Mrs. Pushpa M. Shah (DIN: 00182754) will retire byrotation at this annual general meeting and being eligible she offers herself forreappointment. The Board recommends her appointment.

III. Evaluation of the Board's Performance

Pursuant to the provisions of the Companies Act 2013 and the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board has carried out anannual evaluation of its own performance and that of its committees as well as performanceof the directors individually considering various aspects of the board's functioning suchas adequacy of the composition of the Board and its committee(s) board cultureexperience & competencies execution and performance of specific duties &obligations governance etc.

Separate exercise was carried out to evaluate the performance of each of the individualdirectors including the board's chairman who were evaluated on parameters such asattendance contribution at the meetings and otherwise independent judgmentssafeguarding of minority shareholders' interest etc.

The evaluation of the Independent Directors was carried out by the entire boardexcluding Independent Directors and that of the Chairman and the performance evaluation ofthe NonIndependent Director and the board as a whole was carried out by the IndependentDirectors.

The performance evaluation of the Executive Chairman of the Company was also carriedout by the Independent Directors taking into account the views of the Managing Directorand other NonExecutive Director(s).

The Directors were satisfied with the evaluation results which reflected the overallengagement of the board and its committees with the Company. This may be considered as astatement under provisions of Section 134(3)(p) of the Companies Act 2013 and Rule 8(4)of the Companies (Accounts) Rules 2014. As at closure of the financial year the board ofyour Company is composed with proper number of Executive and NonExecutive Director(s).

IV. Remuneration Policy

The Company follows a Policy on Remuneration of Directors and Senior ManagementEmployees. The policy has been approved by the Nomination & Remuneration Committee andthe board. More details on the same have been given in the corporate governance report.

The Policy on Remuneration of Directors Key Managerial Personnel and Senior Employeescan be accessed on website of the Company at the following web link: http://arfin.co.in/pdf/policies/remuneration-of-Directors-key- managerial-personnel-and-senior- employees-policy.pdf

17. Number of Meetings of Board of Directors

The Board of Directors met 8 times during the financial year ended on March 31 2021.The details of the board meetings and the attendance of the directors are provided in thecorporate governance report which is a part of this report.

18. Audit Committee

The Audit Committee of the Company is constituted with Mr. Hardik Shantilal Hundia asChairman and Mr. Mukesh Shankerlal Chowdhary Mr. Mahendra R. Shah and Mr. Jitendra S.Shah as members of the committee. All the recommendations if any made by the AuditCommittee were accepted by the Board of Directors during the period under report. Moredetails on the Audit Committee have been provided in the corporate governance report.

19. Nomination and Remuneration Committee

The Nomination and Remuneration Committee of the Company is constituted unanimously bythe Non-Executive Directors of the Company. Mr. Mukesh Shankerlal Chowdhary holds positionof Chairman of the committee and Mr. Hardik Shantilal Hundia and Mr. Jitendra ShankerlalShah are members of the committee.

The Company has complied with the provisions of Regulation 19(1) of the SEBI (ListingObligation and Disclosure Requirement) 2015 w.e.f. July 04 2020. The Policy required tobe formulated by the Nomination and Remuneration Committee under Section 178(3) of theCompanies Act 2013 is uploaded on the Company's website at the following web link: http://arfin.co.in/pdf/policies/remuneration-of-Directors-key- managerial-personnel-and-senior- employees-policy.pdf

More details on the committee have been provided in the corporate governance report.

20.Stakeholder Relationship

Committee

In order to redress the grievances of stakeholders timely and in efficient manner andas statutorily required the Company has formulated a committee named StakeholderRelationship Committee which is headed by Mr. Mukesh Shankerlal Chowdhary as Chairman andis further constituted with Mr. Mahendra R. Shah Mrs. Pushpa M. Shah and Ms. HetalKoradia as members of the committee.

More details on the committee have been provided in the corporate governance report.

21.Internal Complaints Committee (ICC)

The Company has in place an AntiSexual Harassment Policy in line with the requirementsof the Sexual Harassment of Woman at Workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment.

All employees (permanent contractual temporary trainees) are covered under thispolicy. The policy is gender neutral and provides the employees safety against harassmentif any. The said policy adopted by the Company for prevention of sexual harassment atworkplace is available on its website at the following web link: http://arfin.co.in/pdf/policies/prevention-of-sexual-harassment- policy.pdf

During the financial year ended on March 31 2021 the Company did not receive anycomplaint pertaining to sexual harassment.

22.Related Party Transactions

All the Related Party Transactions if any are being entered on arm's length basis inordinary course of business and in compliance with the applicable provisions of theCompanies Act 2013 and relevant Regulations of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

Your directors further confirm that there were no materially significant Related PartyTransactions made by the Company with promoters directors or key managerial personneletc. which may have potential conflict with the interest of the Company at large.

All the Related Party Transactions are presented to the Audit Committee and to theboard. Omnibus approval has been obtained from Audit Committee Board of Directors andmembers of the Company for the transactions with the related parties.

The policy on Related Party Transactions as approved by the board has been uploaded onthe Company's website at the following weblink: http://arfin.co.in/pdf/policies/related-party-transactions-policy.pdf

23.Establishment of Vigil Mechanism/Whistle Blower Policy for Directors and Employees

The Company promotes ethical behavior in all its business activities and has put inplace a mechanism wherein the employees are free to report illegal or unethical behaviorimproper practice wrongful conduct taking place actual or suspected fraud or violationof the Company's code of conduct or corporate governance policies or any improper activityto the Chairman of the Audit Committee of the Company or to the Chairman of the board. TheWhistle Blower Policy has been duly communicated within the Company.

Under the Whistle Blower Policy the confidentiality of those reporting violation(s) isprotected and they are not subject to any discriminatory practices. No personnel have beendenied access to the Audit Committee in this regard. The said Vigil Mechanism/WhistleBlower Policy has been uploaded on website of the Company and can be accessed at thefollowing web link: http://arfin.co.in/pdf/policies/vigil- mechanism-or-whistle-blower-policy.pdf

24.Loans Guarantees or Investments under Section 186 of the Companies Act 2013

The Company did not provide any guarantee in respect of loans availed by any otherperson under the provisions of Section 186 of the Companies Act 2013 and Rules framedthereunder during the financial year under report. Details of loans and investmentscovered under the provisions of Section 186 are given in the notes forming part of thefinancial statements which form part of this annual report.

25. Managerial Remuneration

The Company follows a Policy on Remuneration of Directors KMP and Senior ManagementEmployees. The Company has paid remuneration to the Executive as well as sitting fees tothe NonExecutive Directors during the financial year under report. More details on themanagerial remuneration have been given in the annual return and in the corporategovernance report.

26. Management Discussion and Analysis Report

A detailed analysis of the Company's performance is made in the management discussionand analysis report which forms part of this annual report.

27. Corporate Governance Report

The Company has a rich legacy of ethical governance practices many of which wereimplemented by the Company even before they were mandated by Law.

The Company is committed to transparency in all its dealings and places high emphasison business ethics. A report on corporate governance as per the provisions of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 forms part of thisannual report.

28. Code of Conduct

The Board of Directors has laid down a Code of Conduct ("Code") for the boardmembers managerial personnel and for senior management employees of the Company. ThisCode has been posted on the Company's website at http://arfin.co.in/code-conduct.html.

All the board members and senior management personnel have affirmed compliance withthis code. A declaration signed by the Managing Director to this effect forms part of thecorporate governance report.

The Board of Directors has also laid down a Code of Conduct for the IndependentDirectors pursuant to the provisions of Section 149(8) and Schedule IV to the CompaniesAct 2013 via terms and conditions for appointment of Independent Directors which is aguide to the professional conduct for Independent Directors and has been uploaded on thewebsite of the Company at the following weblink: http://arfin.co.in/pdf/disclosures/terms-and-conditions-of- appointment-of-independent- Directors.pdf

29. Risk Management Policy

The Company has a well-defined risk management framework in place which provides anintegrated approach for identifying assessing mitigating monitoring and reporting ofrisks associated with the business of the Company. The Company has developed RiskManagement Policy in accordance with the provisions of the Act and the SEBI (ListingObligations and Disclosure Requirements) Regulation 2015 ("SEBI ListingRegulations"). It establishes various levels of accountability and overview withinthe Company while vesting identified officials with responsibility for each significantrisk.

The board has delegated responsibility to the Committee to monitor and review riskmanagement assessment and minimization procedures and to develop implement and monitorthe risk management plan and identify review and mitigate all elements of risks which theCompany may be exposed to. The Audit Committee and the board also periodically review therisk management assessment and minimization procedures.

The board takes responsibility for the overall process of risk management in theorganization. Through Enterprise Risk Management Programme business units and corporatefunctions address opportunities and attend the risks with an institutionalized approachaligned to the Company's objectives. This is facilitated by internal audit. The businessrisk is managed through cross functional involvement and communication across businesses.

A Risk Management Policy adopted by the board in this regard includes identification ofelements of risks which mainly covers strategic risk operational risk financial risk andhazardous risks which can be accessed from the website of the Company at the following weblink: http://arfin.co.in/pdf/policies/risk- management-policy.pdf

More details on the risk and concern factors have been given in the managementdiscussion and analysis report.

30.Corporate Social Responsibility

Pursuant to the provisions of Section 135 of the Companies Act 2013 including Rulesframed thereunder during the financial year under report the Company attracted thecriteria for applicability of corporate social responsibility. Accordingly it hasconstituted a Corporate Social Responsibility Committee which comprises of:

Sr. No. Name of the Member Nature of Membership
1 Mr. Mahendra R. Shah Chairman
2 Mr. Mukesh Chowdhary Member
3 Mrs. Pushpa M. Shah Member

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Companyand the initiatives undertaken by the Company on CSR activities during the year are setout in Annexure - 6 of this report in the format prescribed in the Companies (CSRPolicy) Rules 2014. The Policy is available on Company's website of the Company at thefollowing web link: http://arfin.co.in/pdf/policies/corp orate-social-responsibility-policy.pdf

31.Directors' Responsibility Statement

In accordance with the provisions of Section 134(5) of the Companies Act 2013 withrespect to the director's responsibility statement it is hereby stated:

a. that in the preparation of the annual financial statements for the year ended onMarch 31 2021 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;

b. that such accounting policies as mentioned in notes to the financial statements havebeen selected and applied consistently and judgment and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as on March 31 2021 and of the profit of the Company for the year ended on thatdate;

c. that proper and sufficient care has been taken 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. that the annual financial statements for the year ended on March 31 2021 have beenprepared on a going concern basis;

e. that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively; and

f. that the system to ensure the compliances with the provisions of all applicable lawswas in place and were adequate and operating effectively.

32. Disclosure u/s 164(2) of the Companies Act 2013

On the basis of the written representations received from the Directors as on March 312021 and taken on record by the Board of Directors none of Directors is disqualified ason March 31 2021 from being appointed as a Director in terms of Section 164(2) of theCompanies Act 2013 read with Rule 14(1) of the Companies (Appointment and Qualificationof Directors) Rules 2014.

33. Transfer of Amount(s) and Shares to the Investor Education and Protection Fund

Section 124 of the Companies Act 2013 mandates that companies shall transferdividend(s) that remain unpaid or unclaimed for a period of seven years from the unpaiddividend account to the Investor Education and Protection Fund.

In this respect the stakeholders are requested to take note that Company has not yetcompleted seven years from its first dividend paying financial year and thus there were nodividend amounts or corresponding equity shares which were required to be transferred tothe Investor Education and Protection Fund by the Company. Information aboutunclaimed/unpaid dividends and unclaimed shares to be transferred to IEPF is provided inthe notes to the Notice of AGM.

34. Conservation of Energy Technology Absorption and Foreign Exchange Earnings andOutgo

The particulars as to conservation of energy technology absorption and foreignexchange earnings and outgo required to be disclosed in terms of Section 134 of theCompanies Act 2013 and Rule 8 of the Companies (Accounts) Rules 2014 have been givenseparately as Annexure - 1.

35. Annual Return

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act 2013 the Companyhas placed a copy of the Annual Return as at March 31 2021 on its website at http://www.arfin.co.in/annual-return.html. By virtue of amendment to Section 92(3) of the Companies Act 2013 theCompany is not required to provide extract of Annual Return (Form MGT-9) as part of theBoard's Report.

36. Form AOC-2

Form AOC - 2 pursuant to clause (h) of sub Section (3) of Section 134 of the CompaniesAct 2013 and Rule 8(2) of the Companies (Accounts) Rules 2014 for disclosure ofparticulars of contracts/arrangements if any entered into by the Company with therelated parties as referred in Section 188(1) of the Companies Act 2013 for financialyear ended March 31 2021 is enclosed herewith as Annexure - 2.

37. Particulars of Employees and Remuneration

As required by the provisions of Section 197 of the Companies Act 2013 read with Rule5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 asamended from time to time the particulars are set out in Annexure - 3.

38. Secretarial Audit Report

The Secretarial Audit Report given by Mr. Kamlesh M. Shah proprietor of M/s. KamleshM. Shah & Co. Practicing Company Secretary Ahmedabad for the financial year endedon March 31 2021 is enclosed herewith as Annexure - 4.

39. Auditors Certificate on Corporate Governance

A certificate from Statutory Auditors of the Company regarding compliance of conditionsof corporate governance as stipulated under the provisions of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 is annexed herewith as Annexure- 5.

40. Acknowledgments

Your Directors wish to convey their appreciation to all of the Company's employees fortheir enormous efforts as well as their collective contribution co-operation activeparticipation and professionalism as all such things have collectively made the Company'sgrowth possible.

The Directors would also like to thank the Shareholders Customers Dealers SuppliersBankers Government Regulatory Authorities and all other Business Associates for theircontinuous support to the Company and their confidence in its management. Finally theDirectors thank you all for your continued trust and support.

Registered Office For and on behalf of Board of Directors
B-302 3rd Floor Pelican House
Gujarat Chamber of Commerce Building
Ashram Road Ahmedabad - 380009 Mahendra R. Shah
Gujarat India. (Chairman)
CIN: L65990GJ1992PLC017460 (DIN: 00182746)
Tel. No.: +91 79 26583791 92
Email: investors@arfin.co.in Place: Ahmedabad
Website: www.arfin.co.in Date: July 30 2021

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