Your Directors take pleasure in presenting the Thirty Seventh Annual Report of yourCompany together with Audited Financial Statements (including Audited ConsolidatedFinancial Statements) for the year ended on March 312020.
1. FINANCIAL RESULTS
Your Company's performance during the above year is summarized below:
(I NR in lacs)
|Particulars || |
| ||March 31 2020 ||March 31 2019 ||March 31 2020 ||March 31 2019 |
|Total Income ||29320 ||35404 ||29320 ||35404 |
|Profit / (Loss) before Finance Costs Depreciation and Amortization Expenses Exceptional Items & Tax Expenses ||402 ||1392 ||402 ||1377 |
|Less: Finance Costs ||203 ||794 ||203 ||794 |
|Profit/(Loss) before Depreciation and Amortization Expenses Exceptional Items &Tax Expenses ||199 ||598 ||199 ||598 |
|Less: Depreciation and Amortization ||537 ||555 ||537 ||555 |
|Profit / (Loss) before Exceptional Items & Tax Expenses before share of profit in associate ||(339) ||42 ||(339) ||42 |
|Share of profit in associate ||- ||- ||- ||(15) |
|Profit/(loss) before Exceptional Items & Tax Expenses ||(339) ||42 ||(338) ||27 |
|Add: Exceptional Item (Income) ||- ||3236 ||- ||3236 |
|Profit/(loss) Before Tax ||(339) ||3278 ||(338) ||3263 |
|Less: Tax Expenses ||- ||- ||- ||- |
|Profit/(loss) After Tax ||(339) ||3278 ||(338) ||3263 |
|Other Comprehensive Income ||(93) ||(35) ||(93) ||(35) |
|Total Comprehensive Income ||(431) ||3243 ||(431) ||3228 |
Your Directors do not recommend any dividend on the equity shares as well as preferenceshares.
During the year under review no amount has been transferred to any reserve.
4. SCHEME OF AMALGAMATION AND ARRANGEMENT
The Scheme of Amalgamation and Arrangement of Ashima Dyecot Private Limited(Transferor CompanyVADPL) with the Company and their respective Shareholdersand Creditors under section 230-232 of the Companies Act 2013 (The Scheme)was sanctioned by the Hon'ble National Company Law Tribunal Ahmedabad Bench vide itsorder dated July 22 2020 with an appointed date April 12019 and the same becameeffective on and from July 29 2020 upon latest filing of Certified Copy of the Order withthe Registrar of Companies Gujarat.
5. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
The company has reported a loss of Rs 339 lacs for the year at PBT level compared toprofit of Rs 3278 lacs in the preceding year. However the performance for the previousyear includes Rs 3236 lacs being
an exceptional and extraordinary item mainly related to gain on account of sale ofsurplus land excluding which the profit for previous year at PBT level works out to Rs42 lacs.
On consolidated basis the total revenue for FY 2020 was Rs 29320 lacs as compared toprevious year's total revenue of Rs 35404 lacs. The profit aftertax (PAT) stood at Rs(338) lacs as compared to the previous year's PAT of Rs 3263 lacs for FY 2019.
Denim Division: The volumes for the division have reduced during the year onaccount of slowdown in the industry as well as the impact of lockdown at the fag end ofthe year. The reduction is however limited to domestic brand and distributor segment.Innovative product developments with the help of new rope dyeing facility have helpedincreased business volumes with garment exporters as well as physical exports. Thoughpricing pressure continues across product varieties and markets company's flexibility inoffering product range upon upgraded manufacturing facilities have strengthened itspricing capabilities and the company has been able to provide cost effective productdevelopments and improve upon the margins across almost all market segments. Overall theoperational profitability for the division has improved during the year though notsignificantly.
Spinfab Division: Cotton yarn dyed fabrics have been facing tough market situationwith the shelf space being partly taken up by prints linen and other fancy shirtingproducts. Over the last few years the company has been able to strengthen its positionwith brands and large format stores. As a result though most of the brands sufferedsevere slowdown in their seasonal sales volumes across the country the company couldshield itself from its adverse impact to a great extent. However the business withdistributor and garment exporter segments took a hit and has reduced considerably duringthe year. The division put more efforts in the large format stores segment which was thefastest growing segment in the domestic market and could achieve higher volumes in thatsegment. However ongoing pressure on prices limited its ability to improve upon themargins.
Dyecot Division: The fabric processing division has reported improved profitabilitythough the volumes and capacity utilisation suffered on account of turbulent marketconditions. Overall business sentiment was not positive particularly from Indian domesticmarket especially during the second half of the year leading to sharp reduction inorders. The division keeps on working on new and value-added products on a continuousbasis and could make deeper inroads with few of the existing customers by offering suchproducts.
Garment Division: The division has reported subdued performance during the year.Sale volumes have been maintained however value addition per unit has significantlydropped both in case of export business as well as for domestic business. In domesticmarkets owing to the prevailing conditions of lower liquidity and drop in sales thebrands lowered their retail prices and were looking for cheaper alternatives. The Companyhas been able to develop alternative customers and that helped to maintain the volumes tosome extent.
Brand business and others: Overall profitability of brand and other businesses hasmoved up. Though there were some improvement in branded volumes profitability hasimproved primarily on account of other income resulting from government subsidy andinterest income on loans.
A detailed discussion on performance appears as part of Management Discussion andAnalysis attached to this report.
The year under review already witnessed impact of global slowdown consequent uponinternational trade disputes and geopolitical tensions. The nationwide lockdown of about10 weeks between March 2020 to May 2020 and substantial restrictions on movements havealready disrupted manufacturing operations and adversely affected operational performanceof the company which would be more profoundly reflected in financials of next year.
Management has already taken measures to contain the adverse impact by way ofoptimizing plant operations cashflow and liquidity management and effective costmanagement. The business situation is likely to remain very challenging in times to come.
6. CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company are prepared in accordance withrelevant Indian Accounting Standards issued by the Institute of Chartered Accountants ofIndia and form part of this Annual Report.
7. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF OURCOMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTSRELATE AND THE DATE OF THE REPORT
There are no material changes and commitments which affect the financial position ofthe Company occurring between the end of financial year and the date of this Reportexcept as stated specifically in this Report.
8. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has one Associate Company as on March 31 2020. On account of the Scheme ofAmalgamation and merger all investments made by Transferor Company have been vested intothe Company and hence Shardul Garments Private Limited became Associate of the Company.Except this no company has become or ceased to be Company's subsidiary Joint Venture.Pursuant to the provisions of the Section 129(3) of the Companies Act 2013 and rules madethere under a statement containing salient features of financial statements of AssociateCompany in Form AOC-1 is attached at Annexure-1.
The Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 read with the Companies (Acceptance of Deposits) Rules 2014. Therewere no unpaid or unclaimed deposits as on March 312020.
10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
Pursuant to Section 134(3) (m) of the Companies Act 2013 read with Rule 8 of theCompanies (Accounts) Rules 2014 information on conservation of energy technologyabsorption and foreign exchange earnings and outgo forms part of this Report and annexedat Annexure-2.
11. RISK MANAGEMENT
The Company has framed and adopted a Risk Management Policy to identifymonitor minimize and mitigate risks and determine the responses to various risks tominimize their adverse impact on the organization. The Company is exposed to variousfinancial risks viz. credit risk liquidity risk foreign currency risk interest raterisk etc. The executive management oversees the risk management framework and the AuditCommittee evaluates internal financial controls and risk management systems. However thedetails of risk management objectives and policies made by the Company under the saidprovision is given in the notes to the Financial Statements. In the opinion of Boardthere are no risk which may threaten the existence of the Company. The Risk ManagementPolicy is placed on the website of the Company at www.ashima.in.
12. CORPORATE SOCIAL RESPONSIBILITY INITIATIVE
In terms of requirements of Section 135(1) the Board of Directors at its meeting heldon August 112017 has constituted a Corporate Social Responsibility (CSR) Committee. TheCSR Committee consists of 3 (Three) Directors viz. Mr. Chintan N. Parikh-Chairman Dr.Bakul Dholakia- Independent Director and Mrs. Koushlya Melwani- Independent Director ason March 312020.
During the financial year the said Committee met on November 9 2019 forconsideration review and recommendation to the Board of Directors of the Company for CSRexpenditure. The Committee has noted that no amount was required to be spent towards CSRexpenditure for the FY 2019-20 in terms of Section 135(5) of the Companies Act 2013. TheCSR Policy is placed on the website of the Company at www.ashima.in.
13. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF COMPANIESACT 2013
During the year under review the Company has granted loan and made investments.However there are no guarantees given or security provided under Section 186 of theCompanies Act 2013. The details of loan granted and investments made as on March 31 2020are given in the Notes to the Financial Statements forming part of the Annual Report.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES.
All the transactions with Related Parties are placed before the Audit Committee for itsapproval and at the Board of Directors for information. Prior omnibus approval of theAudit Committee is obtained for the transactions which are of a foreseeable and repetitivenature. The transactions entered into pursuant to omnibus approval are placed before AuditCommittee and Board of Directors on quarterly basis. The policy on Related PartyTransaction (RPT) is available at the Company's website at www.ashima.in.
All the related party transactions were on arm's length basis and hence disclosure inForm AOC-2 is not required. There were no materially significant transactions with any ofthe related parties that may have potential conflict with the interest of the Company atlarge.
Transactions with related parties as per requirements of IND-AS are disclosed in thenotes to the Financial Statements.
15. NOMINATION AND REMUNERATION POLICY
The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for appointment of Directors Key Managerial Personnel and SeniorManagement and their remuneration. The same is posted on Company's website atwww.ashima.in.
16. ANNUAL EVALUATION OF BOARD'S PERFORMANCE
The Nomination and Remuneration Committee have laid down the manner in which formalevaluation of the performance of the Board its Committees and individual Directors has tobe made which is broadly in compliance with the Guidance Note on Board Evaluation issuedthe by SEBI vide its Circular dated January 5 2017. The Board has carried out the annualperformance evaluation of its own performance Board Committees and Individual Directorspursuant to the requirements of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.
In a separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the Board as a whole and performance of the Chairman &Managing Director was evaluated.
The manner in which the evaluation has been carried out has been explained in theCorporate Governance Report.
17. ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form MGT-9 as requiredunder Section 92 of the Companies Act 2013 is included in this Report as Annexure-3. TheAnnual Return of the Company has been placed on the website of the Company atwww.ashima.in.
18. WEBSITE OF YOUR COMPANY
Your Company maintains a website www.ashima.in where detailed information of theCompany and specified details in terms of the Companies Act 2013 and SEBI (ListingObligations & Disclosure Requirements) Regulations 2015 have been provided.
19. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the year 5 (five) meetings of the Board of Directors were held as requiredunder the Companies Act 2013 and SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015. The details of Board meetings held during the financial year 2019-20have been furnished in the Corporate Governance Report forming part of this Annual Report.
During the year your Company has complied with applicable Secretarial Standards issuedby the Institute of Company Secretaries of India (ICSI).
20. DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointment/Re-appointment:
1. Mr. Shrikant Pareek: The Board of Directors on recommendation of Nomination &Remuneration Committee (NRC) appointed Mr. Shrikant Pareek as an Additional Director(Whole-Time Director) designated as ''Director (Operations) w.e.f. August 12020for a period of 3 (three) years with terms and conditions including remuneration at themeeting of Board of Directors held on July 30 2020. Your Board recommends the specialresolution in relation to his appointment as Whole Time Director.
2. Mr. Chintan Parikh: The current tenure of Mr. Chintan Parikh as Managing Directorexpired on February 6 2020 and the Board of Directors on recommendation of NRCre-appointed him for a further period of 3 years w.e.f. February 07 2020 as a ManagingDirector subject to approval of members of the Company in the 37th AnnualGeneral Meeting. Your Board recommends the resolution in relation to his re-appointment asManaging Director.
3. Mr. Vipul Naik: The Board appointed him as an additional director w.e.f. May 252020. The shareholders have appointed him as Director (Non-Executive Non-Independent) ofthe Company at the 36th AGM held on August 10 2019
4. Further the shareholders at the 36th Annual General Meeting held onAugust 10 2019 approved appointment of Directors as follows:
(a) Mr. Sanjay Majmudar as Independent Director for first term 5 (five) consecutiveyears commencing from November 03 2018 to November 02 2023.
(b) Re-appointment of Dr. Bakul H. Dholakia as an Independent Director for second termof 5 (five) consecutive years commencing from September 29 2019 on recommendation of theBoard. Since he shall be attaining age of 75 years on July 15 2022 during his secondterm specific approval has been obtained to this effect.
(c) Re-designation of Mrs. Koushlya Melwani from Non-Independent Director toIndependent Director and appointment as an Independent Director of the Company for afirst term of 5 (five) consecutive years commencing from May 25 2019 to May 24 2024.
5. Due to re-organisation in the position of Finance and Secretarial functions in thecompany Mr. Hiren S. Mahadevia Company Secretary and Mr. Jayesh C. Bhayani ChiefFinancial Officer who were looking after the secretarial and finance functions haverelinquished their positions w.e.f. July 30 2020.
Considering the same Board of Directors on recommendation of NRC appointed Mr. HirenS. Mahadevia as Chief Financial Officer designated as Group CFO and Mr. DipakS. Thaker (ACS:4141) as Company Secretary and Compliance officer of the Company w.e.f.July 302020.
The Company has received requisite Notices from Member(s) under Section 160 of theCompanies Act 2013 in respect of Directors stated at Sr. 1 & 2 proposing theircandidature for the office of Director. The resolutions for appointment/re-appointmentalong with their brief profile form part of the Notice of the 37th AGM and therespective resolution is recommended for approval of members.
Retirement by Rotation:
In accordance with the Articles of Association and the relevant provisions of theCompanies Act 2013 Mr. Chintan N. Parikh retires by rotation at the ensuing AnnualGeneral Meeting of the Company and being eligible seeks re-appointment. Your Boardrecommends his re-appointment.
1. Mr. Atulkumar Singh Independent Director of the Company resigned from the officeof Director with effect from May 25 2019.
2. Mr. Krishnachintan Parikh Executive Director of the Company resigned from theoffice of Director with effect from December 20 2019.
3. Mr. Vipul Naik Non- Executive Non Independent Director resigned from the office ofDirector with effect from August 12020.
Except as stated above there was no change in the composition of the Board ofDirectors and Key Managerial Personnel.
21. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Act the Board ofDirectors confirms that to the best of its knowledge and belief:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively;
(f) the directors had devised proper system to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
22. DECLARATION OF INDEPENDENT DIRECTORS
All the Independent Directors have given their declaration to the Company stating theirindependence pursuant to Section 149(6) and Regulation 16(1 )(b) of SEBI (ListingObligations & Disclosure Requirements) Regulations 2015. They have further declaredthat they are not debarred or disqualified from being appointed or continuing as directorsof companies by the SEBI /Ministry of Corporate Affairs or any such statutory authority.In the opinion of Board all the Independent Directors are person of integrity and possessrelevant expertise and experience including the proficiency.
The terms and conditions of the appointment of Independent Directors have beendisclosed on the website of the Company at www.ashima.in.
23. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
In compliance with the requirements of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 the Company has put in place a Familiarization Programforthe Independent Directors to familiarize them with the Company their roles rightsresponsibilities in the Company nature of the industry in which the Company operatesbusiness model etc. The same is posted on the website of the Company at www.ashima.in.
The Company's plant property equipments and stocks are adequately insured againstmajor risks. The Company has also taken Directors' and Officers' Liability InsurancePolicy to provide coverage against the liabilities arising on them.
25. PARTICULARS OF EMPLOYEES
i) Disclosures pertaining to remuneration and other details as required under Section197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are forming part of this report and isannexed as Annexure-4 to this Report.
ii) The statement containing particulars of employees as required under Section 197(12)of the Companies Act 2013 read with Rule 5(2) and Rule 5 (3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of thisreport. However the said statement is not being sent along with this Annual Report to themembers in line with the provisions of Section 136 of the Companies Act 2013. The same isopen for inspection at the Registered Office of the Company. Copies of this statement maybe obtained by the members by writing to the Company Secretary.
(a) STATUTORY AUDITORS
M/s. Mukesh M. Shah &Co. Chartered Accountants Ahmedabad (Firm Registration No.106625W) were appointed as Statutory Auditors of the Company for a term of five (5)consecutive financial years i.e. commencing from FY 2017-18 at the 34th AnnualGeneral Meeting held on August 112017. The appointment was subject to ratification by themembers at every subsequent AGM thereafter. Pursuant to The Companies Amendment Act 2017the requirement of seeking ratification of the Members for the appointment of theStatutory Auditors has been withdrawn from the Statute. In view of the above ratificationby the Members for continuance of their appointment at this AGM is not being sought
The Statutory Auditors have given a confirmation to the effect that they are eligibleto continue with their appointment and have not been disqualified in any manner fromcontinuing as Statutory Auditor. The remuneration payable to the Statutory Auditor shallbe determined by the Board of Directors based on the recommendation of the AuditCommittee.
The Auditors' Report for FY 2019-20 forms part of this Annual Report and does notcontain any qualification reservation or adverse remark or disclaimer.
(b) COST AUDITOR
On recommendation of the Audit Committee the Board of Directors have appointed M/s.Ankit Sheth & Co. Cost Accountant (Membership No: M/ 34404) as Cost Auditor of theCompany for the financial year 2020-21 under Section 148 of the Companies Act 2013 readwith The Companies (Cost Records and Audit) Amendment Rules 2014 on a remuneration asmentioned in the Notice convening the 37th Annual General Meeting for conducting the auditof the cost records maintained by the Company.
M/s. Ankit Sheth & Co. Cost Accountants have confirmed that they are free fromdisqualification specified under section 141 and 148 of the Companies Act 2013 and Rulesframed thereunder.
The Company has filed the Cost Audit Report for the financial year 2018-19 within thestipulated timeline prescribed under the Companies (Cost Records and Audit) Rules 2014.
(c) SECRETARIAL AUDITOR
Pursuant to provisions of Section 204 read with Rule 9 of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 and the SEBI (Listing Obligations& Disclosure Requirements) Regulations 2015 as amended the Company has appointedMr. Tapan Shah Practicing Company Secretary Ahmedabad to undertake the SecretarialAudit of the Company for the financial year ended March 312020. The Secretarial AuditReport is annexed herewith as Annexure-5.
The Secretarial Audit Report for the year ended on March 312020 does not contain anyqualifications reservations or adverse remarks.
27. REPORTING OF FRAUD BY AUDITORS
There have been no instances of fraud reported by the Auditors u/s 143 (12) of theCompanies Act 2013 and rules framed thereunder either to the Company or to the CentralGovernment.
28. VIGIL MECHANISM
Your Company has established Vigil Mechanism (whistle blower policy) for Directors andemployees to report their genuine concerns details of which have been given in theCorporate Governance Report annexed to this Report and displayed on the website of theCompany at www.ashima.in.
29. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS OF THE COMPANY.
There has been no significant and material order passed by the regulators or courts ortribunals impacting the going concern status and Company's operations. All orders receivedby the Company during the year are of routine in nature which have no significant /material impact.
30. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY.
The details on Internal Control Systems and their adequacy are provided in theManagement Discussion and Analysis which forms part of this Report.
31. LISTING WITH STOCK EXCHANGES
Your Company is listed with the BSE Limited and National Stock Exchange of India Ltd.and the Company has paid the listing fees to each of the Exchanges.
32. AUDIT COMMITTEE
The Company has an Audit Committee pursuant to the requirements of the Companies Act2013 read with the rules framed thereunder and SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015. The details of composition of Audit Committee and otherdetails relating to the same are given in the Report of Corporate Governance forming partof this Report. During the Financial Year 2019-20 there has been no instance where theBoard has not accepted the recommendations of the Audit Committee.
33. CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Regulation 34 (3) read with Schedule V (C) of the SEBI (ListingObligations & Disclosure Requirements) Regulations 2015 a report on CorporateGovernance along with certificate of compliance from M/s. Mukesh M. Shah & CoChartered Accountants and Management Discussion and Analysis Report forms part of thisreport as Annexure 6 & 7 respectively.
34. SHARE CAPITAL
On account of the Scheme as stated above the Authorised Share Capital of the Companyhas increased from Rs 15000 Lacs to Rs 20898 Lacs due to amalgamation of Ashima DyecotPrivate Limited with the Company. The paid-up equity share capital of the Company hasreduced from Rs 12845.39 Lacs to Rs 5317.19 Lacs upon cancellation of shares pursuant tothe Scheme. In accordance with the exchange ratio as stated in the Scheme the Companyshall issue and allot 138488161 Equity Shares of Rs 10/- each and for this purposeauthorised capital shall be increase to the extend required.
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:
a. Issue of equity shares with differential rights as to dividend voting or otherwise.
b. Issue of shares (including sweat equity shares) to employees of the Company underany scheme including Employee Stock Option Scheme.
c. Provision of money by company for purchase of its own shares by employees or bytrustees for the benefit of employees.
35. COST RECORDS
The Company is required to maintain cost records as specified by the Central Governmentunder Section 148(1) of the Companies Act 2013 for the reporting year and accordinglysuch accounts and records are made and maintained.
36. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
The Company has constituted an Internal Complaints Committee (ICC) in due compliancewith the provisions of Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 to redress complaints received regarding sexual harassment.
Your Directors state that during the year under review no complaints relating tosexual harassment were received during the year nor any cases filed pursuant to the saidAct.
Your Directors express their gratitude for the dedicated services put in by all theemployees of the Company.
Your Directors places on record their sincere thanks to the customers vendorsinvestors and banks for their continued support. Your Directors are also thankful to theGovernment of India State Government and other authorities for their support and solicitsimilar support and guidance in future.
| ||For and on behalf of the Board |
|Place: Ahmedabad ||Chintan N. Parikh |
|Date: July 30 2020 ||Chairman and Managing Director |
| ||(DIN:00155225) |