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Catvision Ltd.

BSE: 531158 Sector: Others
NSE: N.A. ISIN Code: INE660B01011
BSE 00:00 | 26 Oct 5.30 0.04
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NSE 05:30 | 01 Jan Catvision Ltd
OPEN 5.48
PREVIOUS CLOSE 5.26
VOLUME 10248
52-Week high 8.82
52-Week low 4.94
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.25
Buy Qty 200.00
Sell Price 5.50
Sell Qty 1000.00
OPEN 5.48
CLOSE 5.26
VOLUME 10248
52-Week high 8.82
52-Week low 4.94
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.25
Buy Qty 200.00
Sell Price 5.50
Sell Qty 1000.00

Catvision Ltd. (CATVISIONLTD) - Director Report

Company director report

To

The Members

Your Directors take pleasure in presenting their 34th Annual Report covering the business and operations and Audited Financial Statement of your Company for the financial year ended on 31st March 2019.

1. Financial Highlights:

The highlights of the financial statement of your Company for the year under review along with previous year's figures are given as under:

(Rs. in Lacs)
ParticularsStandaloneConsolidated
Year Ended 31.03.19Year Ended 31.03.18Year Ended 31.03.19Year Ended 31.03.18
Total Revenue4398.647793.974398.647793.97
Earnings Before Interest Depreciation Taxation and Amortization (EBIDTA)104.95567.86104.95597.70
Interest(86.30)(59.04)(86.30)(88.86)
Depreciation(68.21)(57.26)(68.21)(57.27)
Profit Before Tax(49.56)451.56(49.56)451.56
Provision for Tax -Current year-(155.35)-(155.35)
Provision for Assets(0.35)3.70(0.35)3.70
Profit After Tax(53.54)299.91(66.53)282.29

2. Results of operations:

The financial statements of the Company have been prepared in accordance with Ind AS and as per the Companies (Indian Accounting Standards) Rules 2015 as amended and notified under Section 133 of the Companies Act 2013 (hereinafter referred to as the `Act') and other relevant provisions of the Act.

(a) Standalone Results:

In the financial year 2018-19 total revenue of your Company was Rs.4398.64 lacs as compared to the last year of Rs. 7793.96 lacs a drastic decline of 44 % in comparison with the previous year. During the financial year 2018-19 the Company suffered a loss of Rs. 53.54 lacs against the profit after tax of Rs. 299.91 lacs earned during the previous year 2017-18.

(b) Consolidated Results:

On a consolidated basis the gross revenue of the Company has decreased to Rs. 4398.64 lacs as compared to Rs. 7793.97 lacs in the previous year. During the financial year 2018-19 the Company suffered a loss of Rs. 66.53 lacs as against the profit after tax of Rs. 282.29 lacs earned during the previous year 2017-18.

3. Consolidated Financial Statements:

As per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (hereinafter referred to as the `Listing Regulations') and applicable provisions of the Act read with the Rules issued thereunder the Consolidated Financial Statements of the Company for the financial year ended 31st March 2019 have been prepared in compliance with applicable Accounting Standards and on the basis of audited financial statements of the Company its associate companies.

The Consolidated Financial Statements together with the Auditor's Report form part of this Annual Report.

4. Dividend:

Due to the loss suffered by the Company during the Financial Year 2018-19 your Company is not in a position to declare any dividend for the shareholders and hence Board of Directors have not recommended any dividend for the financial year 2018-19

5. Corporate Review:

Cable TV Division: Digitalization of cable TV in India had been completed in 2017-18. When 2018-19 started all cable TV networks were already digital and all TV homes had set top boxes. As a result the previous year saw a marked decline in sales of digital headends and set top boxes.

The year 2018-19 also saw video streaming or Over the Top (OTT) television emerging as a serious threat to traditional forms of broadcasting like cable TV and satellite TV.

But the situation is not as gloomy as it seems. The FICCI 2019 report on the Media & Entertainment sector in India projects a long period of OTT+ wherein cable TV and streaming exist together. In smaller towns and rural areas (your company's main markets) TV viewing averages 3.5 to 4 hours per day. This makes OTT a costly proposition vis--vis traditional broadcasting in the foreseeable future. In fact in these markets the competition will still be between cable TV and satellite TV.

The same report gives the figure of TV Homes (homes with a TV) in India as 66% of total homes. New sales of set top boxes are expected to come from increased TV penetration upgrades to high definitionand replacement sales. While this business will continue to be significant to get growth the company has decided to participate in the emerging streaming business in two ways: (1)

Launching hybrid and OTT set top boxes that convert existing TVs to smart TVs and (2) launching fibre-to-the-home GPON systems that will enable cable operators to provide broadband internet services to the same homes that subscribe to their cable TV service. Almost all cable operators have started or plan to start installing GPON systems with the intention of securing their cable TV customers and increasing ARPU by providing the additional internet service.

Hospitality Division: In this division your company provides cable TV as a service to premium hotels (your company has a cable operator license). The good news is that the hospitality industry has begun to come out of a recession; both tariffs and occupancy rates are starting to improve. In addition the TRAI's new order on broadcasting equalizes the cost of pay channel content across all operators. This will enable your company to compete more aggressively in providing cable TV services to hotels. In addition to hotels your company has added another customer - premium hospitals - to this division. They too have emerged as customers of cable TV services.

A couple of new solutions have been added to your company's portfolio - nurse call systems (NCS) for hospitals and room management systems (RMS) for hotels. The company is in the process of strengthening its hospitality division and expanding its scope to more enterprise-based solutions in areas where the company holds expertise.

Channel Marketing Division: The performance of the channel marketing division of your company which distributes three foreign channels - TV5MONDE France 24 and Euronews - to cable DTH and OTT operators was steady. The company continues to look for new channels for distribution and for growth opportunities with the existing channels.

6. Subsidiary/Associate/ Joint Venture Companies:

As at 31st March 2019 the Company does not have any subsidiary. However your Company has 50:50 Joint Ventures with Unitron Group of Belgium under the name of Catvision Unitron Private Limited and Unicat Limited.

These joint ventures companies were created with an objective to design and develop new products with advanced technologies and sell them to both the joint venture partners.

A separate statement containing the salient features of the financial statements of the joint ventures of your Company is given in Form AOC-1 and forms a part of consolidated financial statements in compliance with Section 129(3) and other applicable provisions if any of the Act read with Rule 5 of the Companies (Accounts) Rules 2014.

Pursuant to the provisions of Section 136 of the Act the Standalone Audited Financial Statements and Consolidated Financial Statements along with the relevant documents forming part of the Annual Report are available on the website of the Company.

7. Public Deposits:

During the current financial year the Company has accepted Fixed Deposits from its Members in accordance with the provisions of Sections 73 and 76 and other applicable provisions of the Companies Act 2013 (the Act) and the Companies (Acceptance of Deposits) Rules 2014. During the year under review there was no default in repayment of deposits or payment of interest due thereon. The details relating to Deposits in terms of Rule 8(5) (v) of the Companies (Accounts) Rules 2014 are given herein under

Sr. No.ParticularsAmount
(in Rs.)
a.Details of deposits which are not in compliance with the requirement of Chapter V of the ActNA
b.Deposits accepted during the financial year1997779/-
c.Deposits renewed during the financial year3853819/-
c.Unpaid and unclaimed deposit at the end of the yearNA
d.Is there is any default in repayment of deposit or payment of interest thereon during the yearNO

8. Internal Financial Control Systems and their Adequacy:

Your Company has an Internal Control System commensurate with the size scale and complexity of its operations. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company its compliance with operating systems accounting procedures and policies at all locations of the Company. Based on the report of internal audit function process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board. The Statutory Auditors has also commented on the internal financial control system in their report.

The compliance team in the Legal and Secretarial department ensures amongst others that there are adequate systems and processes in the Company commensurate with its size and operations to monitor and ensure compliance with applicable laws rules regulations and guidelines. The Human Resources department carries out similar exercise for ensuring compliance with all relevant legislation.

9. Board Committees:

In compliance with the requirement of the Companies Act 2013 and the Listing Regulations your Board has constituted various Board Committees including Audit Committee Nomination and Remuneration Committee Stake Holders Relationship Committee. Details of the scope constitution number of meetings held during the year under review along with attendance of the Committee

Members therein form part of the Corporate Governance Report annexed to this report.

10. Policy on Directors' Appointment and Remuneration:

The policy of the Company on directors' appointment and remuneration including criteria for determining qualifications positive attributes independence of a Director and other matters provided under Section 134(3) (e) and 178(1) to (3) of the Act is available on the website of the Company www.catvisionindia.com

11. Directors and Key Managerial Personnel: Board of Directors

During the period under review the Company has following persons as Directors of the Company:

1. Mr. Syed Athar AbbasManaging Director
2. Mrs. Hina AbbasWhole Time Director
3. Mr. Sudhir DamodaranNon-Executive-Non- Independent Director
4. Dr. Sunil AnandNon-Executive- Independent Director
5. Mr. Jagdish PrasadNon-Executive- Independent Director
6. Mr. Raman Rajeev Misra Non-Executive-Independent Director
7. Mr. Vinod Singh RawatExecutive Director & CFO*

* Mr. Vinod Singh Rawat was appointed as an Additional Executive Director w.e.f 1st October 2018 for a period of 3 (Three) years subject to approval of Members at ensuing General Meeting of the Company but subsequently he resigned on 29th April 2019 due to personal reasons.

Key Managerial Personnel

During the period under review the following person have been designated as the Key Managerial Personnel of the Company in compliance to the provisions of Section 203 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014:

a) Mr. Syed Athar AbbasManaging Director
b) Mrs. Hina AbbasWhole Time Director
c) Mr. Vinod Singh Rawat Executive Director & CFO
d) Mrs. Ankita GandhiCompany Secretary*
e) Mr. Sameer AroraCompany Secretary**
f) Mr. Nitish NautiyalCompany Secretary#

* Mrs. Ankita Gandhi has resigned as Company Secretary w.e.f. 31.10.2018

** Mr. Sameer Arora appointed as Company Secretary w.e.f 06.02.2019 and thereafter he has resigned w.e.f 25.03.2019 from the position of Company Secretary.

# Mr. Nitish Nautiyal appointed as Company Secretay w.e.f 01.05.2019.

12. Directors seeking Appointment/reappointment

In accordance with the Act and the Articles of Association of your Company Mr. Sudhir Damodaran (DIN:01091518) retires by rotation at the forthcoming Annual General Meeting and being eligible offers himself for reappointment as Director of the Company.

Dr. Sunil Anand Mr. Jagdish Prasad and Mr. Raman Rajeev Misra were appointed as an Independent Directors at the 29th Annual General Meeting (AGM) held on 30th September 2014 for a term of five years which shall come to an end in ensuing AGM. The Nomination and Remuneration Committee and Board based on their performance has recommended the re-appointment of Dr. Sunil Anand Mr. Jagdish Prasad and Mr. Raman Rajeev Misra as an Independent Directors for the second term of five years with effect from conclusion of the ensuing AGM.

Pursuant to the provisions of Section 149 of the Act the independent directors have submitted declarations that each of them meets the criteria of independence as provided under Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations). There has been no change in the circumstances affecting their status as independent directors of the Company.

Brief resume of the directors seeking reappointment together with the nature of their expertise in the specific functional areas name of the companies in which they hold directorship as required in the Listing Regulations is provided in the Notice to the AGM.

13. Board Effectiveness:

Your Company has adopted the Corporate Governance Guideline which inter-alia covers all aspects relating to composition and role of the Board Managing Directors definition of independence Director's terms retirement age and the Committee of the Board. They also cover aspects relating to nomination appointment induction and development of Directors Director's remuneration Code of Conduct Board Effectiveness and role of the Committee.

(i) Board Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance Board Committees and individual Directors pursuant to the provisions of the Act Listing Regulations and the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India dated January 5th 2017.

In a separate meeting of independent directors performance of non-independent directors the Chairman of the Company and the Board as a whole was evaluated taking into account the views of executive directors and non-executive directors.

At the meeting of the Board all the relevant factors that are material for evaluating the performance of the Committees and of the Board were discussed in detail.

(ii) Nomination & Remuneration Policy:

In adherence to the provisions of Section 134(3) (e) and 178(1)(3) of the Act the Board has on the recommendation of the Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors Senior Management and their remuneration. The Remuneration Policy is available on your Company's website www.catvisionindia.com

14. Change in the nature of Business:

During the year under review there has been no change in the nature of business of the Company and there are no material changes affecting the financial position of the Company which have occurred during the year under review and the date of this Report.

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which the financial statements relate and the date of the report.

15. Conservation of energy technology absorption and foreign exchange earnings and outgo:

(i) Conservation of Energy:

We strive to continue saving energy and believe that eco-sustainability is the key received from the Operating important factor for an Organisation. Though the overall energy consumption of the Company is not substantial as being an electronic manufacturer; its processes require very little energy it has successfully implemented various energy and fuel conservation projects with internal expertise and continued its emphasis on energy conservation through operational optimization continuous monitoring and implementation of energy saving mechanisms. During the year the Company has taken initiative by going for LED lighting at the manufacturing facility to meet general lighting requirements.

(ii) Research and Development:

Research & Development of new designs frameworks process and methodologies continue to be most important to the Company. This allows the Company to enhance quality productivity and customer satisfaction. Your Company has successfully deployed a diverse team of experienced people to meet these challenges. Your Company continues to upgrade existing technology on an on-going basis. This enables the Company to upgrade existing products and introduces new products to meet changing market needs.

(iii) Technology Absorption Adoption and Innovation:

Your Company has made efforts towards technology absorption adoption and innovation. Continuous efforts are made with an objective to achieve development of new products/application improvement in productivity reduction in product wastage etc. Your Company strives to remain abreast of state-of-the-art systems and has used tested proven and appropriate technology to suit the special needs of its customers. Technical help especially in software design was taken from consultants and component vendors. Several tangible and intangible benefits are derived.

(iv) Foreign Exchange Earning and outgo:

ParticularsYear Ended 31.03.2019Year Ended 31.03.2018
(Rs.)(Rs.)
1.??Foreign Exchange Inflow:
a) Exports & Merchant52701342135115797
Trading
b) Services2391052421537008
2. Foreign Exchange Outflow:
a) Materials207054950343306442
b) Travelling & Other9838963008979
Expenses
c) Rent298348269690

16. Directors' Responsibility Statement:

Pursuant to the provisions contained in Section 134 (3)(c) of the Act your Directors to the best of their knowledge and belief and based on the representation and compliance certificate Management and after enquiry pursuant to Section 134(5) of the Act confirm that:

a. in the preparation of the annual accounts for the financial st March 2019 the applicableyearended accounting standards have been followed along with proper explanation and that there are no material departures.

b. such accounting policies have been selected and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as on 31st March 2019 and of the profit Company for the year ended on that date;

c. proper and adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;

d. the financial statements for the financial year ended 31st March 2019 have been prepared on a going concern basis;

e. proper internal financial controls were in place and that such internal financial controls were adequate and were operating effectively; and f. the systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

17. Contracts or Arrangements or Transactions with Related Parties:

In accordance with the requirements of the Companies Act and Listing Regulations your Company has also adopted the Policy on Related Party Transactions and the updated policy is available on the website of your Company www.catvisionindia.com. All RPT entered into during the financial year 2018-19 were in the ordinary course of business and were on at arm's length basis and were placed before the Audit Committee for its approval. During the year under review there has been the no materially significant Company as defined under Section 188 of the Act and Regulations 23 the Listing Regulations and accordingly no transactions are required to be reported in Form AOC-2 as per Section 188 of the Companies Act 2013.

18. Related Party transactions with person or entity belonging to promoter/promoters' group:

Disclosure of transactions with any person or entity belonging to the promoter/promoters' group which holds 10% or more shareholding in the listed entity have been disclosed in the accompanying financial statements.

19. Code of Conduct:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and Senior Management Personnel of the Company. The Company believes in Zero Tolerance against bribery corruption and unethical dealings/ behaviors of any form31 and the Board has laid down the directives to counter such acts. The updated Code of Conduct is available on the website of the Company www.catvisionindia.com. The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the Senior Management Personnel in their business dealings and in particular on matters relating to integrity in the work place in business practices and in dealing andlossofthe with stakeholders.

All the Board Memberscare and for the Senior maintenance Management of personnel have confirmed compliance with the Code as on 31st March 2019. A declaration to this effect signed by the Managing Director in terms of Listing Regulations form part of the Corporate Governance Report.

20. Prevention of Insider Trading:

The Company has adopted a Code of Conduct to regulate monitor and report trading by insiders under the SEBI (Prohibition of Insider Trading) Regulations 2015. This Code requires pre-clearance for dealing in the company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

21. Auditors and Auditors' Qualification:

(i) Statutory Auditors:

Pursuant to the provisions of Section 139 of the Act read with Companies (Audit and Auditors) Rules 2014 as amended from time to time M/s Agrawal and Gaur Chartered Accountants (Firm Registration Number 010550N) were appointed as Statutory Auditors of the Company from the conclusion of 32nd Annual General Meeting (AGM) held on 29th September 2017 till the conclusion of 35th AGM of the Company in 2020 subject to ratification by the Shareholders every year. Pursuant to the amendment to Section 139 of the Companies Act 2013 with effect from 7th May 2018 the requirement of seeking Shareholders ratification is no longer applicable and accordingly the Notice of the ensuing Annual General Meeting does not include the proposal of seeking Shareholder ratification for continuance of Statutory Auditors.

The Auditors' Report on the financial statements for the financial year ended March 31 2019 does not contain any qualification observation emphasis of matter of adverse remark and doesn't contain any instances of fraud as mentioned under Section 143 of the Act. The Auditors' Report is enclosed with the financial statements as a part of this Annual Report.

(ii) Secretarial Auditors:

During the year under review the Secretarial Audit of your Company was carried out by M/s Pramod Kothari & Co. a practicing firm of Company Secretaries holding Practicing No. 11532 in compliance with Section 204 of the Companies Act 2013 and their unqualified Secretarial Audit report forms part of this Report which is given in Form No. MR-3 is annexed with this Report as `Annexure A'.

22. Reporting of Fraud by Auditors:

During the year under review the Statutory Auditors and Secretarial Auditor have not reported any instances of frauds committed by the Company by its officer or employees to the Audit Committee under Section 143(12) of the Act including rule made there under (if any) details of which needs to be mentioned in this Report.

23. Business Risk Management:

Your Company considers that risk is an integral part of the business and therefore it takes proper steps to manage all risks in proactive and efficient manner.

The Company recognizes that these risks need to be managed and mitigated to protect its shareholders and other stakeholders to achieve its business objectives and enable sustainable growth. The Company's management periodically assesses risk in the internal and external environment and incorporate suitable risk treatment processes in its overall business planning and operating processes. In the opinion of your Board of Directors there are no risks which threatens the very existence of your Company. The Company believes that the overall risk exposure of present and future risks remains within risk capacity.

24. Management Discussion and Analysis:

Information of the operation and financial performance among others is given in the Management Discussion and Analysis report which is annexed to this Report and has been prepared in accordance with Regulation 34 and Schedule V of the Listing Regulations.

25. Depository System:

Trading in Equity Shares of your Company in the dematerialized form is compulsory for all shareholders with effect from 25th September 2000 in terms of the notification issued by the Securities and Exchange Board of India (SEBI). The Equity Shares of the Company are available for dematerialization with the National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) under ISIN No. INE 660B01011.70.25% of the Equity Shares of the Company are in the demat form as on 31st March 2019.

26. Listing of Shares:

The equity shares of the Company are listed on the Bombay Stock Exchange. The listing fee for the year 2019-20 has already been paid.

27. Statutory Disclosures:

(i) Particulars of Loans Guarantees or investments:

Details of loans guarantees and investments under the provisions of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules 2014 as on 31st March 2019 are set out in Notes to the financial statements of the Company.

(ii) Vigil Mechanism / Whistle Blower Policy:

The Vigil Mechanism as envisaged in the Act the Rules prescribed thereunder and the Listing Regulations is implemented through the Company's Whistle Blower Policy. This comprehensive policy ensures gender equality right to work with dignity and provides for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairman of the Audit Committee.

The Company has Whistle Blower Policy which is available on the website www.catvisionindia.com. Further details are available in the Report on Corporate Governance that forms part of this Annual Report.

(iii) Board Meetings and Annual General Meeting

During the financial year 1st April 2018 to 31st March 2019 5 (five) Board Meetings and 4 (four) Audit Committee Meetings were held. The details of meetings including dates of meetings indicating the number of meetings attended by each director are given in the Corporate Governance Report. The 33nd Annual General Meeting (AGM) of the Company was held on 28th September 2018.

(iv) Corporate Governance:

In compliance with Regulation 34 of the Listing Regulations a separate report on Corporate Governance along with a certificate from the is appended with this report and the same forms part of the Annual Report.

(v) Secretarial Standards:

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

(vi) Extract of Annual Return:

As per the requirements of Section 92(3) of the Act the Extract of the annual return as prescribed in Form No. MGT-9 of the Companies (Management and Administration) Rules 2014 is given in `Annexure B' which is a part of this Report.

(vii) Significant and Material Orders passed by the Regulators or Courts or Tribunal:

There are no significant Regulators/Courts/Tribunal impacting the going concern status of the Company and its future operations. There are also no material changes and commitments after the closure of the year till the date of this report which affect the financial position of the Company.

(viii) The Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013:

The Company has zero tolerance for sexual harassment at workplaces and has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Work Place (PreventionProhibition and Redressal) Act 2013 and Rules made there under. An internal complaints Committee has been set up to redress complaints received regarding sexual harassment. All the employees (permanent contractual temporary trainees) are covered under this policy.

No complaints pertaining to sexual harassment were received during the financial year 2018-19.

(ix) Particulars of Employees and Related Disclosures:

Disclosures with respect to the remuneration of Directors and employees as required under Section 197(12) of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 has been appended as `Annexure C' to this Report. The information required pursuant to Section 197 of the Act read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employees of your Company is available during business hours on working days up to the date of the ensuing Annual General Meeting. If any member is interested in obtaining a copy thereof such member may write to the Company Secretary whereupon a copy would be sent.

As required under Section 197(12) of the Act and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 a statement containing the details of the top ten employees in terms of remuneration drawn is enclosed.

(x) Change in Share Capital:

There has been no change in the capital structure of the Company during the year under review.

(xi) Transfer to Reserve:

During the year under review your Company has suffered orders passed by the a loss therefore no amount is proposed to be transferred to General Reserve.

(xii) Declaration by Independent Directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Act that they meets the criteria of independence laid down in section 149(6) of the Act and Regulation 25 of the Listing Regulations.

28. Green Initiatives:

Electronic copies of the Annual Report 2018-19 and Notice of the Annual General Meeting are sent to all members whose email address are registered with the Company/Depository Participant(s). For members who have not registered their email address physical copies will be sent to them in the permitted mode.

29. Acknowledgement and Appreciation:

Your Directors would like to place on records their sincere appreciation for the continues co-operation assistance and support made by all its stakeholders i.e. shareholders customers suppliers contractors bankers government authorities and international business associates and the immediate society during the year. Your Directors place on record our appreciation of the contributions made by its management and employees at all level. The Company's consistent growth was not possible without their hard work solidarity cooperation and support.

The Board appreciates and value the contribution made by every member of Catvision family.

For and on behalf of the Board of Directors Syed Athar Abbas
Managing Director
(DIN: 00770259)
Hina Abbas
Place : NoidaExecutive Director
Date : 14.08.2019(DIN : 01980925)

   

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