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Astral Ltd.

BSE: 532830 Sector: Industrials
NSE: ASTRAL ISIN Code: INE006I01046
BSE 13:39 | 06 Dec 2034.30 -6.55
(-0.32%)
OPEN

2036.05

HIGH

2052.25

LOW

2026.90

NSE 13:24 | 06 Dec 2034.95 -5.75
(-0.28%)
OPEN

2042.00

HIGH

2053.75

LOW

2026.30

OPEN 2036.05
PREVIOUS CLOSE 2040.85
VOLUME 18141
52-Week high 2654.00
52-Week low 1584.00
P/E 110.50
Mkt Cap.(Rs cr) 40,991
Buy Price 2033.00
Buy Qty 1.00
Sell Price 2033.95
Sell Qty 1.00
OPEN 2036.05
CLOSE 2040.85
VOLUME 18141
52-Week high 2654.00
52-Week low 1584.00
P/E 110.50
Mkt Cap.(Rs cr) 40,991
Buy Price 2033.00
Buy Qty 1.00
Sell Price 2033.95
Sell Qty 1.00

Astral Ltd. (ASTRAL) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 26th AnnualReport of your Company together with the Audited Statements of Accounts for the year endedMarch 31 2022.

1. FINANCIAL HIGHLIGHTS:

The summary of Standalone and Consolidated Financial Results for theyear ended March 31 2022:

(? in Million)

Particulars

Standalone

Consolidated

FY 21-22 FY 20-21 FY 21-22 FY 20-21
Income from Operations (Net) 34433 24863 43940 31763
Other Income 274 207 349 251
Total Expenditure 28083 19518 36387 25318
Profit Before Depreciation Interest and Tax 6624 5552 7902 6696
Finance Cost 89 76 129 131
Depreciation and amortization expense 1050 962 1269 1165
Profit Before Exceptional Item & Tax 5485 4514 6504 5400
Exceptional Items 19 123 - -
Share of profit/(loss) of joint venture - - (19) (70)
Profit Before Tax 5466 4391 6485 5330
Tax expense 1418 1122 1581 1248
Profit for the year 4048 3269 4904 4082
Add : Other Comprehensive Income (net of tax) 1 2 6 28
Total Comprehensive Income 4049 3271 4910 4110
Less: Currency Translation (Loss)/Gain - - 4 28
Total 4049 3271 4906 4082
Attributable to:
Non- Controlling Interest - - 66 38
Shareholders of the Company 4049 3271 4840 4044
Surplus in Statement of Profit & Loss brought forward 11946 8826 14444 10551
Amount Available for Appropriation 15995 12097 19284 14595
Payment of Dividend (Including tax on dividend) 452 151 452 151
Balance carried to Balance Sheet 15543 11946 18832 14444

2. DIVIDEND:

During the year under review the Board of Directors declared and paidInterim Dividend of ? 1.25 (125%) per equity share. Further your Directors haverecommended a Final Dividend of ? 1.75/- per equity share for the financial year endedMarch 31 2022 subject to approval of shareholders in the ensuing Annual General Meeting.With the above the total dividend for the year under reviewwouldbe?3/- (300%) perequityshare as compared to ? 2 (200%) total dividends paid in the previous year. The FinalDividend if approved in the ensuing Annual General Meeting and Interim Dividend will beabout ? 603 Million during the year under review compared to ? 352 Million absorbed in theprevious year.

The dividend recommended is in accordance with the Company's policy ondividend distribution. The said policy is available on the website of the Company as canbe accessed at https://www.astralpipes.com/uploads/ investor broucher/1628097600 3. policyon dividend distribution.pdf

3. TRANSFER TO RESERVES:

No amount is proposed to be transferred to the reserves during the yearunder review.

4. CONSOLIDATED FINANCIAL AND OPERATIONAL PERFORMANCE:

• Consolidated Revenue from Operations has increased by 38% from ?31763 million to ? 43940 million.

• Consolidated EBIDTA has increased by 19% from ? 6626 million to? 7883 million.

• Consolidated Profit Before tax has increased by 22% from ? 5330million to ? 6485 million.

• Consolidated Profit After tax has increased by 20% from ? 4082million to ? 4904 million.

5. PROJECT IMPLEMENTATION AND PERFORMANCE REVIEW:

• During the year under review your Company has increased itsinstalled capacity by 6.54% from 257946 MT to 274822 MT. Sales Volume of your Companyhas increased from 136593 M.T. to 149569 M.T.

• During the year under review your Company has incurred capitalexpenditure to the tune of ? 2151 Million towards plant & machineries factorybuilding and other capital expenditure.

6. MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OFTHIS REPORT:

There have been no material changes and commitments which affect thefinancial position of your Company that have occurred between the end of the financialyear to which the financial statements relate and the date of this report.

7. MERGER & ACQUISITION:

During the year under review the Board of Directors approved theScheme of Amalgamation of subsidiaries of your Company viz. Resinova Chemie Limited andAstral Biochem Private Limited with your Company. The "no-objection" of thestock exchanges was received. Subsequently approval of shareholders and creditors ofrespective companies have been obtained as per the direction of the Hon'ble NationalCompany Law Tribunal Ahmedabad bench (NCLT). The matter is currently pending with NCLT.

As a part of your Company's strategy to expand its product portfoliounder building material segment the Board of Directors of your Company in their meetingheld on April 29 2022 approved to acquire 51% controlling equity stake in Operating PaintBusiness of Gem Paints Private Limited. Gem Paints Private Limited is a companyincorporated under the provisions of the Companies Act 1956 having its registered officeat Bangaluru and is in the business of manufacturing and supply of various types of paintscoatings products related to home decor industrial paints and as dealers in all types ofchemicals essences enamels polishes distempers colours etc. Accordingly your Companyentered into definitive agreements with Gem Paints Private Limited and its shareholders.As per the agreements your Company initially invested ? 194 Crores in Gem Paints PrivateLimited by subscribing to Optionally Convertible Debentures (OCDs) equivalent to value of51% equity stake of Operating Paint business of Gem Paints on June 21 2022. The OperatingPaint Business of Gem Paints Private Limited is proposed to be demerged to a wholly ownedsubsidiary of Gem Paints Private Limited viz. Esha Paints Private Limited with anAppointed Date of April 1 2022. Upon the completion of demerger your Company shallacquire 51% equity shares of Esha Paints Private Limited against the redemption of OCDs.The name of Esha Paints Private Limited is proposed to be changed to

Gem Paints Private Limited under the demerger scheme. As per the termsof Debenture Subscription Agreement your Company acquired right to appoint majoritydirectors on the Board of Gem Paints Private Limited and Esha Paint Private Limited andthereby said companies have become subsidiaries of the Company w.e.f June 21 2022 as perthe provisions of the Companies Act 2013.

8. NEW PRODUCT:

During the year under review the Board of Directors of your Companydecided to enter into the business of faucets and sanitaryware and related products.Accordingly the product will be launched into market by August 2022.

During the year under review your Company also altered "ObjectClause" of Memorandum of Association for the said purpose.

9. SUBSIDIARY/JOINT VENTURE COMPANIES:

As at March 31 2022 your Company had 4 direct subsidiaries 1 stepdown subsidiary and 1 joint venture company. There is no change is subsidiary/jointventure company during the year under review.

The highlights of performance of subsidiaries of your Company have beendiscussed and disclosed under the Management Discussion and Analysis section of the AnnualReport. The statement containing salient features of the financial statement of eachsubsidiary/ joint venture (associate) company including contribution of eachsubsidiary/joint venture company in terms of the revenue and profit in the prescribedformat Form AOC-1 as per Companies (Accounts) Rules 2014 is attached to the financialstatements of the Company.

In accordance with Section 136 of the Companies Act 2013 the auditedfinancial statements including consolidated financial statements and audited accounts ofeach of the subsidiary are available on https://www.astralpipes.com/ uploads/investorbroucher/1659513427 financials subsidiaries - 2021-2022.pdf. These documents will also beavailable for inspection during working hours at the registered office of your Company atAhmedabad Gujarat. Any member interested in obtaining such document may write to theCompany Secretary and the same shall be furnished on request.

The Company has formulated policy for determining "MaterialSubsidiaries". The said policy can be accessed athttps://www.astralpipes.com/uploads/investor broucher/1628097519 11. material subsidiarypolicy. pdf. As on March 31 2022 Resinova Chemie Limited is material subsidiary of theCompany.

10. CHANGES IN SHARE CAPITAL:

During the year under review the Company's paid up equity sharecapital was increased from ? 200907768 to 7 200920181 upon allotment of 12413shares under Employee Stock Option Scheme.

11. CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements of your Company prepared inaccordance with the provisions of the Companies Act 2013 Listing (Obligations andDisclosure Requirement) Regulations 2015 and applicable Accounting Standards issued by theInstitute of Chartered Accountants of India form part of this Annual Report.

12. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report prepared pursuant to SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 forms part thisDirectors' Report.

13. CORPORATE GOVERNANCE:

Corporate Governance Report prepared pursuant to SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 forms part of this Directors'Report.

14. SECRETARIAL STANDARDS:

During the year under review your Company has complied with theprovisions of Secretarial Standard -1 and Secretarial Standard - 2 issued by the Instituteof Company Secretaries of India.

15. VIGIL MECHANISM:

Your Company promotes ethical behavior in all its business activitiesand has put in place a mechanism for reporting illegal or unethical behavior. The Companyhas a Vigil mechanism and Whistle blower policy under which the employees are free toreport violations of applicable laws and regulations and the Code of Conduct. Employeesmay also report to the Chairman of the Audit Committee. During the year under review noemployee was denied access to the Audit Committee. Whistle blower policy of the Companyhas been uploaded on the website of the Company and can be accessed athttps://www.astralpipes.com/uploads/ investor broucher/1628097744 9. vigil mechanism &whistle blower policy.pdf.

16. BUSINESS RESPONSIBILITY REPORT:

Business Responsibility Report prepared pursuant to SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 forms part of this Directors'Report.

17. INSURANCE:

Your Company's manufacturing facilities properties equipment andstocks are adequately insured against all major risks. The Company has also takenDirectors' and Officers' Liability Policy to provide coverage against the liabilitiesarising on them.

18. FIXED DEPOSITS:

Your Company has not accepted any Fixed Deposits as defined underSection 73 of the Companies Act 2013 and rules framed there under.

19. PARTICULARS OF LOANS GUARANTEES OR INVESTMENT:

Details of Loans Guarantees and Investments covered under theprovisions of Section 186 of the Companies Act 2013 are given in the notes to theFinancial Statements.

20. CORPORATE SOCIAL RESPONSIBILITY:

In accordance with the provisions of section 135 of the Companies Act2013 and the rules made thereunder your Company has constituted Corporate SocialResponsibility Committee of Directors. The role of the Committee is to formulate annualaction plan in pursuance of CSR policy and review CSR activities of the Companyperiodically and recommend to the Board amount of expenditure to be spent on CSR annually.CSR policy of the Company inter alia provides for CSR vision of the Company includingproposed CSR activities and its implementation monitoring and reporting framework.

During the year under review your Company has spent ? 62.29 Millioni.e. 2% of average net profit of last three financial years on CSR activities as perapplicable statutory provisions.

Annual Report on CSR activities carried out by the Company during FY2021-22 is enclosed as Annexure - A to this report.

21. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(3)(c) of the CompaniesAct 2013 with respect to Directors' Responsibility Statement your Directors herebyconfirm the following:

a) In the preparation of the annual accounts for the financial yearended March 31 2022 the applicable accounting standards have been followed;

b) The directors have selected such accounting policies and appliedconsistently and made judgements and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit and loss of the Company for that period;

c) The directors have taken proper and sufficient care towards themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;

d) The directors have prepared the annual accounts on a going concernbasis;

e) The directors have laid down internal financial controls which areadequate and operating effectively;

f) The directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and such systems are adequate and operatingeffectively.

22. AUDITORS:

Statutory Auditor:

SRBC & CO. LLP Chartered Accountants were appointed as Auditors ofyour Company for a term of five years at the Annual General Meeting held on August 082017. They hold office upto the conclusion of ensuing Annual General Meeting. The Board ofDirectors has recommended to the shareholders for their re-appointment for a furtherperiod of five consecutive years. The Auditors have confirmed that they are notdisqualified from continuing as Auditors of your Company.

The Notes on financial statement referred to in the Auditors' Reportare self-explanatory and do not call for any further comments. The Auditors' Report doesnot contain any qualification reservation adverse remark or disclaimer.

Cost Auditors:

Pursuant to Section 148 of the Companies Act 2013 read with theCompanies (Cost Records and Audit) Rules 2014 (including any statutory modifications andre-enactments thereof) Your Company has maintained cost records in respect of plastic andpolymers activity and the same is required to be audited. Your Directors have on therecommendation of the Audit Committee appointed M/s V. H Savaliya & Associates CostAccountants to audit the cost accounts of your Company for the financial year 2022-23 at aremuneration of ? 0.22 Million. As required under the Companies Act 2013 theremuneration payable to the cost auditor is required to be placed before the members in ageneral meeting for their ratification. Accordingly a resolution seeking members'ratification for the remuneration payable to M/s V. H Savaliya & Associates isincluded in the Notice convening the ensuing Annual General Meeting.

Cost Audit Report for the Financial year 2021-22 will be submitted tothe Central Government in due course.

Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act 2013and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theBoard of Directors appointed Ms. Monica Kanuga Practicing Company Secretary to undertakethe Secretarial Audit of the Company for FY 2021-22. Secretarial Audit Report for FY2021-22 is enclosed as Annexure - B1 to this report.

As per regulation 24A of SEBI (LODR) regulation 2015 as amended fromtime to time your Company's unlisted material subsidiary viz. Resinova Chemie Limited hasundertaken Secretarial Audit for FY 2021-22. Copy of Secretarial Audit Report of ResinovaChemie Limited is enclosed as Annexure- B2.

The Secretarial Audit Report of your Company and Resinova ChemieLimited does not contain any qualification reservation or adverse remark.

23. RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROL:

The Risk Management Policy of your Company provides for the proactiveidentification and prioritization of risks based on the scanning of the externalenvironment and continuous monitoring of internal risk factors. Your Company has anInternal Financial Control System commensurate with the size scale and complexity of itsoperations. Your Company has adopted proper system of Internal Control and Risk Managementto ensure that all assets are safeguarded and protected against loss from unauthorised useor disposition and that the transactions are authorized recorded and reported quickly.

24. SIGNIFICANT AND MATERIAL ORDERS:

There are no significant and material orders passed by any regulator orcourt or tribunal impacting the going concern status and your Company's operations infuture.

25. BOARD EVALUATION:

The Board carried out an annual performance evaluation of its ownperformance and that of its committees and independent directors as per the formalmechanism for such evaluation adopted by the Board. The performance evaluation of theChairman the Non-Independent Directors and the Board as a whole was carried out by theIndependent Directors in a separate meeting held on February 4 2022. The exercise ofperformance evaluation was carried out through a structured evaluation process coveringvarious criteria as recommended by the Nomination and Remuneration Committee.

26. RELATED PARTY TRANSACTIONS:

Pursuant to the provisions of section 188 of Companies Act 2013. Allthe related party transactions entered into during the financial year under review were inordinary course of business and on an arm's length basis. There were no materiallysignificant transactions with related parties during the financial year which were inconflict with the interest of the Company. Accordingly information in form AOC-2 is notannexed.

All Related Party Transactions are placed before the Audit Committeeand the Board for approval. Prior omnibus approval of the Audit Committee is obtained forthe transactions which are of a foreseen and repetitive nature. The transactions enteredinto pursuant to the omnibus approval so granted are placed before the Audit Committee andthe Board of Directors for their review and approval on a quarterly basis.

The policy on Related Party Transactions as approved by the Board isuploaded on the Company's website and the same can be accessed at https://www.astralpipes.com/uploads/investor broucher/1657880968 rpt policy astral.pdf. The details of thetransactions with Related Party are provided in the accompanying financial statements.

27. NUMBERS OF BOARD MEETINGS:

The Board of Directors met 7 (seven) times during the year underreview. The details of Board Meetings and the attendance of the Directors are provided inthe Corporate Governance Report.

28. DIRECTORS:

Resignation:

During the year under review Mr. Anil Kumar Jani Non ExecutiveDirector of your Company resigned due to other pre-occupations with effect from July 012021. The Board placed on record the contribution and support rendered by him during histerm as Director and expressed sense of appreciation and gratitude for the same.

Appointment / Re-Appointment:

Mr. Girish Joshi was appointed as Whole Time Director of your Companywith effect from July 01 2021. The Shareholders have already approved his appointment inthe previous Annual General Meeting.

Mr. Sandeep Engineer was re-appointed as Managing Director of yourCompany w.e.f. April 01 2022 by the Board of Directors in their meeting held on February04 2022. Subsequently approval of Shareholders was obtained by passing Special Resolutionthrough Postal Ballot dated June 25 2022.

Pursuant to Section 152 of the Companies Act 2013 and the Articles ofAssociation of the Company Mr. Girish Joshi is liable to retire by rotation at theensuing Annual General Meeting and being eligible offers himself for reappointment.

The requisite particulars in respect of Director seeking re-appointmentare given in Notice convening the Annual General Meeting.

Independent Director Declaration:

Your Company has received necessary declaration from each independentdirector under section 149(7) of the Companies Act 2013 that they meet the criteria ofindependence laid down in section 149(6) of the Companies Act 2013. The IndependentDirectors of the Company have confirmed that they have enrolled themselves in theIndependent Directors' Databank maintained with the Indian Institute of Corporate Affairs('IICA') in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment& Qualification of Directors) Rules 2014.

Declaration for non-disqualification:

All the directors of your Company have confirmed that they are notdisqualified from being appointed as directors in terms of Section 164 of the CompaniesAct 2013.

29. CHANGES IN KEY MANAGERIAL PERSONNEL:

During the year under review there was no change in Key ManagerialPersonnel except appointment of Mr. Girish Joshi as Whole Time Director as mentionedabove.

30. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:

The Board of Directors has on the recommendation of the Nomination andRemuneration Committee framed a policy for selection and appointment of Directors KeyManagerial Personnel and Senior Management and their remuneration. Salient features ofNomination and Remuneration Policy have been disclosed in Corporate Governance Report. Thesame is available on the website of the Company at https://www.astralpipes.com/uploads/investor broucher/1628097569 13. nomination & remuneration policy.pdf

31. COMMITTEES OF BOARD:

With an objective of strengthen the governance standards and to complywith the applicable statutory provisions the Board has constituted various committeesDetails of such Committees constituted by the Board are given in the Corporate GovernanceReport which forms part of this Annual Report.

32. REPORTING OF FRAUD:

During the year under review the Statutory Auditors Cost Auditors andSecretarial Auditors have not reported any instances of frauds committed in the Company byits officers or employees to the Audit Committee under Section 143(12) of the Act.

33. PREVENTION OF SEXUAL HARASSMENT:

Your Company has zero tolerance towards sexual harassment at theworkplace and have a policy on prevention prohibition and redressal of sexual harassmentat workplace in line with the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and the Rules thereunder. As requiredunder law an Internal Complaints Committee has been constituted for reporting andconducting inquiry into the complaints made by the victim on the harassments at the workplace. During the year under review there were no cases filed pursuant to the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

34. ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) oftheActtheAnnual Return ason March 31 2022isavailable on the Company's website athttps://www.astralpipes. com/uploads/investor broucher/1658904087 form mgt 7 draft2021-2022 (1).pdf.

35. EMPLOYEES STOCK OPTION SCHEME:

Your Company approved formulation of Employee Stock Option Scheme('ESOS') viz. Astral Employee Stock Option Scheme 2015 (Astral ESOS 2015) in October 2015which was further amended vide shareholders resolution passed in 24th AnnualGeneral Meeting held on August 21 2020. The said scheme is administered by the Nominationand Remuneration Committee for the benefit of the employees of the Company. During the

year under review an aggregate of 12413 stock options at an exerciseprice of ? 30/- per share were granted to eligible employees. Further during the yearthe eligible employees were allotted 12413 equity shares (post bonus adjustment) at anexercise price of ? 30/- per share (post bonus adjustment).

There is no material change in Astral ESOS 2015 during the year underreview and the Scheme is in compliance with Securities and Exchange Board of India (ShareBased Employee Benefits) Regulations 2014 and (Share Based Employee Benefits and SweatEquity) Regulations 2021. The certificate of Secretarial Auditor regarding implementationof scheme shall be made available for inspection of members in electronic mode at AGM. Thedisclosures as required under Regulation 14 of the said regulations have been placed onthe investor relation page of the website of the Company athttps://www.astralpipes.com/uploads/investor broucher/1659155950 esos sebi disclosure2022.pdf

36. PARTICULARS OF EMPLOYEES:

A statement containing the names and other particulars of employees inaccordance with the provisions of section 197(12) of the Companies Act 2013 read withrule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is appended as Annexure - C to this report.

The information required under Rules 5(2) and 5(3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 The certificate ofSecretarial Auditor regarding implementation of scheme shall be made available forinspection of members in electronic mode at AGM. forms part of this Annual Report. Havingregard to the provisions of Section 134 and Section 136 of the Companies Act 2013 theReports and Accounts are being sent to the Members excluding such information. Howeverthe said information is available for inspection by the Members at the Registered Officeof the company during business hours on working days of the Company up to the date ofensuing AGM. Any shareholder interested in obtaining a copy of such statement may write tothe Company Secretary at the Registered Office of the Company or e-mail toco@astralpipes.com

37. DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars under Section 134(3)(m) of the Companies Act 2013 withrespect to conservation of energy technology absorption and foreign exchange earnings andoutgo pursuant to the Companies (Accounts) Rules 2014 are provided in the Annexure - Dto the Report.

38. GENERAL:

The Board of Directors state that no disclosure or reporting isrequired in respect of the following matters as there were no transactions orapplicability pertaining to these matters during the year under review:

i) Issue of equity shares with differential rights as to dividendvoting or otherwise.

ii) Scheme of provision of money for the purchase of its own shares byemployees or by trustees for the benefit of employees.

iii) Payment of remuneration or commission from any of its subsidiarycompanies to the Managing Director of the Company.

iv) Change in the nature of business of the Company.

v) Issue of debentures / bonds / warrants / any other convertiblesecurities.

vi) Details of any application filed for corporate insolvency underCorporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016.

vii) Instance of one-time settlement with any Bank or FinancialInstitution.

ix) Statement of deviation or variation in connection with preferentialissue.

39. ACKNOWLEDGMENTS:

Your Company has maintained healthy cordial and harmonious industrialrelations at all levels. The enthusiasm and unstinted efforts of the employees haveenabled your Company to remain at the forefront of the industry. Your Directors place onrecord their sincere appreciation for significant contributions made by the employeesthrough their dedication hard work and commitment towards the success and growth of yourCompany. Your Directors take this opportunity to place on record their sense of gratitudeto the Banks Financial Institutions Central and State Government Departments theirLocal Authorities and other agencies working with the Company for their guidance andsupport.

On behalf of the Board of Directors
Sandeep P. Engineer
Chairman & Managing Director
DIN: 00067112
Date: July 01 2022
Place: Ahmedabad

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