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Bhalchandram Clothing Ltd.

BSE: 532583 Sector: Others
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Bhalchandram Clothing Ltd. (BHALCHANDR) - Director Report

Company director report



Your Company's Directors the take pleasure in presenting the 16th Director'sReport along with Audited Financial Statements of your Company for the Financial Yearended March 31 2021.

Financial Highlights

The financial performance of the Company for the year ended March 31 2021 issummarized below:

(in Rs.)
Particulars March 31 2021 March 31 2020
Sales 20574911 137296173
Other Income 335702 14516119
Total Income 20910613 151812292
Less: Operating and Admin. Expenses 44474881 134904627
Profit/Loss Before Tax (23564268) 16907665
Depreciation 0 0
Current Tax - 3786064
Tax adjustment of earlier years (62902) 127911
Deferred Tax 0
Profit/(Loss) after Tax (23501366) 12993690
Earnings per share (Rs.) : Basic (41.97) 23.20
Diluted (41.97) 23.20


I Segment-wise position of business and its operations No there is no Segment-wise position of business and its operations
Ii Change in status of the company No
Iii Key business developments -
Iv Change in the financial year No Company follows the same Financial Year
V Capital expenditure programs -
Vi Details and status of acquisition merger expansion modernization and diversification Company has neither plan for Acquisition/Merger nor any of the activity done during the Financial Year 2020-21
Vii Any other material event having an impact on the affairs of the company -

Results of Operations

During the year under review your Company has reported a total income of Rs. 209.10lakhs as compared to previous years proceeds of Rs. 151.81. Management poses a sincereconfidence to perform well in the coming years.


Owing to inadequacy of profit no Dividends are recommended for the year under review. Transferof amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).

Transfer to Reserves

Company has not transferred any amount to the Reserves during the Financial Year2020-21.

Nature of Business and Changes therein:

The Company is engaged in the business of trading of Cotton textiles and to specializein the export of quality Cotton Yarns and fabrics. The Company covers a wide variety ofCotton

Yarns including carded & combed ring spun yarns of coarse & fine counts plyyarns special yarns and grey fabrics.

During the year under review there has been no change in the nature of business of theCompany.

Management Discussion and Analysis Report

As per the provisions of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Management Discussion and Analysis of the financial condition andresults of consolidated operations of the Company under review is annexed and forms anintegral part of the Annual Report.

Subsidiary Companies Joint Ventures and Associate Company

The Company does not have any subsidiary Company Joint Venture or Associate Companyand no such Company ceased to exist as per the provisions of Section 2(87) of theCompanies Act 2013 as on March 31 2021.


During the year under review your Company did not accept any deposits in terms ofSection 73 of the Companies Act 2013 read with the Companies (Acceptance of Deposit)Rules 2014. No amounts were outstanding which were classified as 'Deposits' under theapplicable provisions of Companies Act 2013 as on the date of Balance Sheet and hencethe requirement for furnishing of details of deposits which are not in compliance with theChapter V of the Companies Act 2013 is not applicable.

Particulars of Contracts or Arrangements with Related Parties

The Section 188 of the Companies Act 2013 read with the Companies (Meetings of Boardand its Powers) Rules 2014 specifies the requirement for approval of the Board and/or theMembers as and when applicable in related party transactions in relation tocontracts/arrangements.

During the year under review the Company has not entered into related partytransactions as per the provisions of Section 188 of the Companies Act 2013. Transactionswith the related parties consist off only unsecured loans accepted which are outside thepurview of section 188 of the Act hence disclosure in Form AOC-2 is not required.

Particulars of Loans Guarantees and Investments

The Company has not provided any Loans Guarantees during the year.

Board of Directors and Key Managerial Personnel

As on the date of this report the Company's Board consists of the following Directors:

1. Mr. Prakash R. Bang - Independent Director

2. Mr. Mahesh M. Bhattad - Independent Director

3. Ms. Meghna V. Panchal - Independent Director

4. Mr. Ujwal R. Lahoti - Managing Director

5. Mr. Umesh R. Lahoti - Executive Director

6. Mr. Aadhitiya U. Lahoti - Non - Executive Director

Appointments and Resignations.

There is no change in the Directors Key Managerial Personnel during the Financial Year2020-21. Independent Director Ms. Meghna Vijay Panchal being reappointed for furtherperiod of 5 years.

By rotation and Re-appointments

Section 152 of the Act provides that unless the Articles of Association provide forretirement of all directors at every Annual General Meeting ("AGM") not lessthan two-third of the total number of directors of a public company (excluding theindependent Directors) shall be persons whose period of office is liable to determinationby retirement of directors by rotation of which one-third are liable to retire byrotation. Accordingly Mr. Ujwal Lahoti (DIN: 00360785) Managing Director of the Companyretires by rotation at the ensuing AGM and being eligible offers herself forre-appointment. A Profile of Mr. Ujwal Lahoti (DIN: 00360785) as required by Regulation36(3) of the LODR is given in the Notice convening the forthcoming AGM.

Committees of Board

The Board has 3 Committees: Audit Committee Stakeholder's Relationship Committee andNomination and Remuneration Committee. A detailed note on the functions of the Board andCommittee are provided hereunder. The Composition of the Committees are as follows:

1. Audit Committee

The Company has constituted the Audit committee ("Audit Committee") as perthe provisions of Section 177 of the Companies Act 2013

The Audit Committee comprises of the following members:

Name of the Director Designation in the Committee
Mr. Prakash R Bang (Independent Director) Chairman
Mr. Mahesh M Bhattad (Independent Director) Member
Mr. Umesh R Lahoti (Executive Director) Member

All the members are financially literate and have accounting/related financialmanagement expertise.

The Audit Committee advises the Management on the areas where internal control systemcan be improved. The Company has appointed Mittal & Mittal. Chartered Accountants asInternal Auditors to review and report on the internal control system. The report of theinternal auditors is reviewed by the Audit Committee. The Internal Auditors submits theirrecommendations for the Audit Committee and provides their road map for future action.

The Role function responsibility and constitution of the Audit Committee is inaccordance to the provisions of Section 177 of the Companies Act 2013 and as per SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015.

The Audit Committee functions according to its Charter that defines its compositionauthority responsibilities and reporting functions. The terms of reference of the AuditCommittee inter alia includes the following function:

• To investigate any activity within its terms of reference.

• To seek information from any employee

• To obtain outside legal or other professional advice

• To secure attendance of outsiders with relevant expertise if it considersnecessary

• Oversight of the Company's financial reporting process and the disclosure of itsfinancial information to ensure that the financial information is correct sufficient andcredible.

• Recommending to the Board of Directors the appointment re-appointment and ifrequired the replacement or removal of the statutory auditor and the fixation of auditfees.

• Approval of payment to statutory auditors for any other services rendered by thestatutory auditors

• Reviewing with the management the annual financial statements beforesubmission to the Board of Directors for approval with particular reference to:

a. Matters required to be included in the Directors' Responsibility Statement to beincluded in the Director's report in terms of clause (2AA) of section 217 of the CompaniesAct 1956.

b. Changes if any in accounting policies and practices and reasons for the same.

c. Major accounting entries involving estimates based on the exercise of judgment bymanagement.

d. Significant adjustments arising out of audit.

e. Compliance with listing and other legal requirements relating to financialstatements.

f. Disclosure of any related party transactions.

g. Qualifications in the draft audit report.

• Reviewing with the management the half-yearly financial statements beforesubmission to the Board of Directors for approval.

• Reviewing with the management the statement of uses/application of fundsraised through an issue.

• Reviewing with the management performance of statutory and internal auditorsand adequacy of the internal control systems.

• Reviewing the adequacy of internal audit function if any including thestructure of the internal audit department staffing and seniority of the officialheading the department reporting structure coverage and frequency of internal audit.

• Discussion with internal auditors any significant findings and follow up thereon.

• Reviewing the findings of any internal investigations by the internal auditorsinto matters where there is suspected fraud or irregularity or a failure of internalcontrol systems of a material nature and reporting the matter to the Board of Directors.

• Discussion with statutory auditors before the audit commences about the natureand scope of audit as well as post-audit discussion to ascertain any area of concern.

• To look into the reasons for substantial defaults in the payment to thedepositors debenture holders shareholders (in case of non-payment of declared dividends)and creditors.

• To review the functioning of the Whistle Blower mechanism in case the same isexisting.

• Approval of appointment of CFO (i.e. the whole-time Finance Director or anyother person heading the finance function or discharging that function) after assessingthe

qualifications experience & background etc. of the candidate.

• Carrying out any other function as mentioned in the terms of reference of theAudit Committee.

In addition to the above carry out such other functions/powers as may be delegated bythe Board of Directors to the Committee from time to time.

2. Stakeholder's Relationship Committee

The Stakeholder's Relationship Committee comprises of the following members:

Name of the Director Designation in the Committee
Mr. Mahesh M. Bhattad (Independent Director) Chairman
Mr. Ujwal R. Lahoti (Managing Director) Member
Mr. Umesh R. Lahoti (Executive Director) Member

The terms of reference of Shareholders/Investors Grievance Committee complies withrequirements of as per SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 and as per the provisions of Section 178 of the Companies Act 2013. Mr. Mahesh R.Bhattad is the Chairman of Shareholders/Investors Grievance Committee.

The terms of reference of Stakeholders Relationship Committee inter alia includes thefollowing:

• Redressal of Shareholders' debenture holders' and other security holders'investors complaints including complaints related to transfer of shares;

• Allotment of shares approval of transfer or transmission of shares debenturesor any other securities;

• Issue of duplicate certificates and new certificates onsplit/consolidation/renewal;

• Non-receipt of declared dividends balance sheets of the Company; and

• Carrying out any other function as prescribed in the Listing Regulations.

3. Nomination and Remuneration Committee:

The Nomination and Remuneration Committee comprises of the following:

Name of the Director Designation in the Committee
Ms. Meghna V Panchal (Independent Director) Chairperson
Mr. Mahesh M Bhattad (Independent Director) Member
Mr. Prakash R Bang (Independent Director) Member

In compliance with Section 178 of Companies Act 2013 and Regulation 19 of SEBI(Listing

Obligation and Disclosure Requirement) Regulations the Board Constituted the Nomination

and Remuneration Committee comprising of Three Non-Executive Independent Directors of

the company with the following Roles and functions:

• To lay down criteria and terms and conditions with regard to identifying personswho are qualified to become Directors (Executive and Non-Executive) and persons who may beappointed in Senior Management and Key Managerial positions to determine theirremuneration.

• To determine their remuneration based on the Company's size financial positiontrends and practices on remuneration prevailing in peer companies.

• To formulate criteria for evaluation and carry out evaluation of performance ofdirectors as well as Key Managerial Independent Directors and Senior ManagementPersonnel.

• To provide them reward linked directly to their effort performance dedicationand achievement relating to Company's operations.

• To retain motivate and promote talent and to ensure long term sustainability oftalented managerial personnel and create competitive advantage.

• To ensure no violation by an employee of any applicable laws in India oroverseas including:

i) The Securities Exchange Board of India (Insider Trading) Regulations 1992; or

ii) The Securities Exchange Board of India (Prohibition of Fraudulent and Unfair TradePractices relating to the Securities Market) Regulation 1995.

• To formulate detailed terms and conditions of employee stock option schemesincluding details pertaining to quantum of options to be granted conditions for lapsingof vested options exercise period adjustments for corporate actions and procedure forcashless exercise and such other functions as are required to be performed by theRemuneration

Committee under the Securities Exchange Board of India(Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999 as amended ("ESOP Guidelines")in particular those stated in Clause 5 of ESOP Guidelines; as and when required.

• To devise a policy on Board Diversity.

• To identifying persons who are qualified to become directors and may beappointed on senior management in accordance with the criteria laid down and recommend tothe board their appointment and removal.

• To develop a succession plan for the Board and to regularly review the plan.

Declaration by Independent Directors

Mr. Prakash R. Bang Ms. Meghna V. Panchal and Mr. Mahesh M. Bhattad are theIndependent Directors on the Board of the Company. All Independent Directors havesubmitted the declaration of independence pursuant to the provisions of Section 149(7) ofthe Act and Regulation 25(8) of the SEBI Listing Regulations stating that they meet thecriteria of independence as provided in Section 149(6) of the Act and Regulations 16(1)(b)of the SEBI Listing Regulations and they are not aware of any circumstance or situationwhich exist or may be reasonably anticipated that could impair or impact his/her abilityto discharge his/ her duties with an objective independent judgment and without anyexternal influence.

In compliance with Rule 6 of Companies (Appointment and Qualification of Directors)Rules 2014 all the Independent Directors ("IDD") of the Company haveregistered themselves with the India Institute of Corporate Affairs (IICA) Manesar toinclude their names in the databank of Independent Directors within the statutorytimeline. They have also confirmed that they will appear for the online proficiency testwithin a period of one/two year wherever applicable.

Further there has been no change in the circumstances affecting their status as IDDsof the Company.

Ms. Meghna V. Panchal is being re-appointed as an Independent Director of the Companyfor a second term of Five Consecutive Years from September 28 2021. Proposed resolutionand explanatory statement have been provided in the Notice of Annual General Meeting.

Vigil Mechanism/Whistle Blower

The Vigil Mechanism as envisaged in the Companies Act 2013 and the Rules prescribed isimplemented through the Whistle Blower Policy to provide for adequate safeguards againstvictimization of persons who use such mechanism and make provision for direct access tothe Chairman of Audit Committee. This vigil mechanism has been formulated with a view toprovide a mechanism for Directors/ Employees of the Company to approach the Chief EthicsOfficer of the Company or Chairman of the Audit Committee of the Company or Chairman ofthe Company or Corporate Governance Cell.

Company has made arrangements of vigil mechanism under which Company has formed somerules regulation & Code of Conducts. All these mechanisms are for proper & fluentworking of the business activities. Following are the Objectives of Vigil Mechanism:

• To encourage employees to bring ethical and legal violations they are aware ofto an internal authority so that action can be taken immediately to resolve the problem.

• To minimize the organization's exposure to the damage that can occur whenemployees circumvent internal mechanisms.

• To let employees know the organization is serious about adherence to codes ofconduct.

To support this Vigil Mechanism of the Company in full measure members are requestedto send their opinion Suggestions or complaints on following address:

Add.: 307 Arun Chambers Tardeo Road Mumbai - 400034 E-mail

Directors' Responsibility Statement

Pursuant to sub-section (5) of Section 134 of the Companies Act 2013 and to the bestof their knowledge and belief and according to the information and explanations obtained/received from the operating management your Directors make the following statement andconfirm that-

(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 profit and 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;

(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; and

(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

Auditors and Auditors' Report

Lahoti Navneet & Company Chartered Accountants (ICAI FRN: 116870W) StatutoryAuditor of the Company who are currently the Statutory Auditor of the Company haveexpressed their willingness to be continue to act as Statutory Auditor of the Company.

As required under the provisions of the Section 139 of the Companies Act 2013 theCompany has obtained written confirmation from M/s. Lahoti Navneet & CompanyChartered Accountants if made would be in conformity with the limits specified in theSection. Your Directors propose and wish the ratification of their appointment for thebenefit of the Company and request the Shareholders to approve the ratification ofappointment of the Statutory Auditors and fix their remuneration.

In terms of the provisions relating to statutory auditors forming part of the CompaniesAmendment Act 2017 notified on May 7 2018 ratification of appointment of StatutoryAuditors at every AGM is no more a legal requirement. Accordingly the notice conveningthe ensuing AGM does not carry any resolution on Ratification of the appointment of theStatutory Auditors.

The notes on accounts referred to the Auditor's Report are self - explanatory and therehas been no qualification/ remark made there under.

Being the Statutory Auditors for the Financial Year 2020-21 M/s Lahoti Navneet &Company Chartered Accountants have audited the Books of Accounts of the company.

The observations made in the Auditors Report read together with relevant notes thereonare self explanatory and hence do not call for any further comments under Section 134 ofthe Companies Act 2013.

Reporting of Frauds by Auditors

For the Financial year 2020-21 the Statutory Auditor has not reported any instances offrauds committed in the Company by its Officers or Employees.

Credit Rating of Securities

Taking of Credit Rating from credit Rating Agency is not applicable on the Company.

Corporate Insolvency Resolution Process initiated under The Insolvency and BankruptcyCode 2016 (IBC)

No such process initiated during the period under review under the Insolvency andBankruptcy Code 2016 (IBC)

Failure to Implement any Corporate Action

All the corporate action taken during financial year 2020-21 and reporting for the samewith the concerned department has been completed within specified time limit.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Atul Kulkarni and Associates a Practicing Company Secretary to undertake theSecretarial Audit of the Company. The Report of the Secretarial Audit Report forms part ofthis report as "Annexure-1".

Equity Shares with Differential Rights.

The Company has not issued any equity shares with differential rights/sweat equityshares/ employee stock options or not made any provision of its own shares by employees orby trustees for the benefit of employees during the financial year 2020-2021 The Companyhas not made any purchase or provision of its own shares by employees or by trustees forthe benefit of employees during the financial year 2020-2021.

Disclosure of Remuneration paid to Director and Key managerial personal

The table containing the names and other particulars of employees in accordance withthe provisions of Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appendedas Annexure-2 to the Board's report.

Significant and Material Orders

There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.

Annual Return

The Annual Return in Form MGT-7 for the financial year ended 31st March 2021 isavailable on the website of the Company at

Number of meetings of the Board and other Committees

1. Board of Directors Meetings.

During the Financial Year 2020-21 the Company held 4 board meetings of the Board ofDirectors as per Section 173 of Companies Act 2013 which is summarized below. The gapbetween two meetings held during the year 2020-21 exceeds 120 days due to global PandemicCovid - 19 and SEBI has granted the exemption to all the Companies to conduct their BoardMeeting with the Maximum gap of 180 days.

S No. Date of Meeting Board Strength No. of Directors Present
1 31/07/2020 6 6
2 21/08/2020 6 6
3 11/11/2020 6 6
4 12/02/2021 6 6

2. Meeting of Audit Committee.

Audit Committee Meetings were convened and held on 31/07/2020 21/08/2020 11/11/2020and 12/02/2021.

3. Meeting of Stakeholders Committee.

Stakeholder Relationship Committee Meetings were convened and held on 31/07/202021/08/2020 11/11/2020 and 12/02/2021.

4. Meeting of Nomination & Remuneration Committee.

Nomination & Remuneration Committee Meetings was held on 31/07/2020.

Annual Evaluation of the Board

For Board Evaluation : Manner of Evaluation

The Board evaluated its performance against the parameters laid down by the Nomination& Compensation Committee the evaluation of individual Directors was carried outagainst the laid down parameters anonymously in order to ensure objectivity. Reports onfunctioning of Committees were placed before the Board by the respective CommitteeChairman after discussions with their Committee members.

The Independent Directors Committee of the Board also reviewed the performance of theChairman other non-Independent Directors and the Board pursuant to Schedule IV to theAct and Regulation 25 of the Listing Regulations.

Remuneration policy

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The remuneration is decided after considering various factors such asqualification experience performance responsibilities shouldered industry standards aswell as financial position of the Company.

Explanation or comments by the board on qualifications reservations or adverse remarksor disclaimer made

Auditors report read with notes to Financial Statements are self explanatory and do notcall for any further comments.

Statutory disclosures

The particulars as prescribed under sub-section (3)(m) of Section 134 of the CompaniesAct 2013 read with the Companies (Accounts) Rules 2014 as amended up-to-date are setout hereunder:

Energy Conservation Measures Technology Absorption and R & D Efforts and ForeignExchange Earnings and Outgo

Your Company is not engaged in any manufacturing activity and thus its operations arenot energy intensive. However adequate measures are always taken to ensure optimumutilization and maximum possible saving of energy. The Company has installed energyconservative equipment's like LED (Light Emitting Diode) lights instead of CFL (CompactFluorescent Lamp).

The Company has maintained a technology friendly environment for its employees to workin. Your Company uses latest technology and equipment's. However since the Company is notengaged in any manufacturing the information in connection with technology absorption isNIL.

Foreign Exchange Earnings and Outgo:

During the period under review the Company has earned Foreign Exchange of Rs. Nil whencompared to previous year earning of Rs. 8351138/-. There has been Exchange Lossof Rs. 5060312/- when compared to previous year loss of Rs. Nil

Code of conduct:- Principles Practices and Values

Your Company is committed to the principles of effective corporate governance. Webelieve that adherence to these principles is essential to maintaining shareholder trustand securing long-term growth. We are of the opinion that growth governance empowermenttransparency compliance are all equally relevant and applicable to businesses - not justto Government.

Thus the Corporate Governance practices of the Company provide transparency indisclosures of the Company's activities business plans operating results and futurestrategy.

Obligation of company under the sexual harassment of women at workplace (preventionprohibition and redressal) Act 2013

In order to prevent sexual harassment of women at work place a new act The SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 hasbeen notified on 9th December 2013. Under the said Act every company is required to setup an Internal Complaints Committee to look into complaints relating to sexual harassmentat work place of any women employee.

Company has adopted a policy for prevention of Sexual Harassment of Women at workplaceand has set up Committee for implementation of said policy. During the year Company hasnot received any complaint of harassment.

Internal Financial Control

The Board has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures.

Risk Management

Risk management is the identification assessment and prioritization of risks followedby coordinated and economical application of resources to minimize monitor and controlthe probability and/or impact of unfortunate events or to maximize the realization ofopportunities. Risk management's objective is to assure uncertainty does not deflect theendeavor from the business goals.

The Company is in the process of laying down procedures to inform the members of theBoard about the risk assessment and minimization procedures.

Corporate Social Responsibility

The Corporate Social Responsibility criteria is not applicable to the Company.

Details of Significant and Material orders passed by the regulators or Courts orTribunals impacting the going concern status and Company's operations in future

No significant and Material Orders passed by the Regulatory authority or Court ofTribunals impacting the going concern Status and Company's operation in future during thefinancial year ended March 31 2021.

Business Responsibility Report

Business responsibly report is applicable to top five hundred listed companies based onmarket capitalization as on March 31 2021 therefore business responsibility report is notapplicable for this company.

Secretarial Standards:

The Company has complied with all the Secretarial Standards.


The Certificate from the practicing Company secretary as per Schedule V (C) (10) (i) ofSEBI (LODR) certifying that none of the directors on the board of the company have beendebarred or disqualified from being appointed or continuing as directors of companies bythe Board/Ministry of Corporate Affairs or any such statutory authority is annexed to thisDirector's Report as Annexure-3

Report on Corporate Governance

As per the provisions of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Corporate Governance requirements are not applicable to the Companywhose shares are listed on SME Exchange or ITP Platform therefore report on CorporateGovernance is not applicable to your Company as it is listed on ITP Emerge Platform.


Your Directors wish to express their grateful appreciation for co-operation and supportreceived from customers financial institutions Banks regulatory authorities customersvendors and members and the society at large.

Deep sense of appreciation is also recorded for the dedicated efforts and contributionof the employees at all levels as without their focus commitment and hard work theCompany's consistent growth would not have been possible despite the challengingenvironment.

For and on behalf of the Board of Directors
Sd/- Sd/-
Place: Mumbai Ujwal R. Lahoti Umesh R. Lahoti
Date: August 19 2021 (Managing Director) (Director)
(DIN 00360785) (DIN:00361216)