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Chartered Logistics Ltd.

BSE: 531977 Sector: Others
NSE: N.A. ISIN Code: INE558F01026
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NSE 05:30 | 01 Jan Chartered Logistics Ltd
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Buy Price 3.00
Buy Qty 2010.00
Sell Price 3.16
Sell Qty 569.00
OPEN 2.92
CLOSE 3.02
VOLUME 5802
52-Week high 5.56
52-Week low 1.77
P/E
Mkt Cap.(Rs cr) 31
Buy Price 3.00
Buy Qty 2010.00
Sell Price 3.16
Sell Qty 569.00

Chartered Logistics Ltd. (CHARTLOGISTICS) - Director Report

Company director report

To

The Shareholders

Chartered Logistics Limited

Yours Directors are pleased to present the 24th Annual Report together withthe Audited Accounts of the Company for the year ended on 31st March 2019.

1. Financial summary or highlights/Performanceofthe Company (Standalone)

The Board's Report shall be prepared based on the stand alone financial statements ofthe company.

(Rs. in lakhs)

Particulars 31/33/2019 31/33/2018
Gross Income 14238.50 14232.19
Profit Before Interest and Depreciation 1100.67 943.03
Interest & Finance Charges 645.12 583.31
Depreciation 257.92 224.31
Profit Before Tax 197.63 135.41
Less: Provision for Tax 40.62 28.10
Deferred Tax Credit 59.83 (82.40)
Add: MAT Credit entitlement 0 0
Profit/Loss After Tax 216.84 24.91
Other Comprehensive income -2.21 1.94
Excess/Short Provision of earlier year 0 0
Net Profit 214.63 26.85

The financial statements for the financial year 2018-19 of the company are prepared inaccordance with relevant Indian Accounting Standards issued by the Institute of CharteredAccountants of India and form part of this Annual Report.

2. Operational and Financial Performance during the year

Your company's operational and financial performance has improved slightly. During thefinancial year 2018-19 as compared to previous year during the year company has reportedtotal income of Rs. 14238.50 Lakhs as against total income of Rs. 14232.19 lakhs in theprevious year. The interest and financial expenses have been increased this year ascompared to previous year. Profit before tax (PBT) has been reported at Rs. 197.63 Lakhsin the current year as against Profit before tax (PBT) of Rs. 135.41 Lakhs in the previousyear. The net profit after tax for the current year 2018-19 is Rs.214.63 Lakhs as comparedto Rs.26.85 Lakhs in the previous year.

Inspite of the tough market conditions and increased prices of the diesel throughoutthe year company has achieved the position during the year.

3. Issue of share capital

During the financial year under report the company has neither made any issue ofequity shares with differential voting rights sweat equity shares or under employee stockoption scheme nor it has made any provision of money for purchase of its own shares byemployees or by trustees for the benefits of the employees.

4. Dividend

After looking at the performance of the company your directors have decided not torecommend dividend for the year.

5. Transfer to reserves

The Board of your company has decided not to transfer any amount to the Generalreserves for the financial year 2018-19.

6. Business Outlook

For last two decades Chartered Group is scaling new heights in the logistics industry.We have created an impressive track record of value addition to our customers. Our basicprinciples behind growth are our values i.e. Honesty and Integrity CommitmentEfficiency Safety. With our ardent passion and focused vision which we have outlined as'To BE A PREMIUM LOGISTICS COMPANY WITH FOCUS ON BETTER THAN THE BEST" and ourmission is to achieve it. It is unflinching goal of Chartered to become a force to reckonwith and the roadmap has been designed to translate out dreams into reality.

We have an exciting future ahead. The actions taken internally within the company andthe improving macro-economic situation in the country further buoyed by recent policyinitiatives and the regulatory changes being pursued by the government including the muchanticipated introduction of GST framework in the this financial year all point towards agreat year in the new fiscal 2019-20.The future holds immense opportunities and we arefully geared to deliver on our commitments to various stakeholders.

Business Strategy

We have introduced a number of strategic initiatives during the year to spur overallgrowth and productivity in the Company. The following are some of the broad areas coveredby these initiatives:

• Cost optimization: A series of measures have been initiated to yield high levelsof cost optimization. These include focusing on location Optimization deploying people inthe right jobs and eliminating unnecessary costs.

• Enhancing sales productivity: We are focusing on reinvigorating our sales teamsand enabling them with better systems training and processes. We have made all branchesof the company online located at the various locations of the country. This help us ingetting the MIS Report daily from all branches which enable us to focus and improving thesales productivity of all branches thereby winning large revenue for the company

• Improving Service effectiveness: Our delivery services have always been of ahigh order and we want to re-focus on strengthening it further.

7. Material changes and commitments affecting the financial position of the company

There are no material changes and commitments affecting the financial position of theCompany which have been occurred between the end of the financial year i.e. 31stMarch2019 and the date of the signing of directors report i.e. August 21st 2019.

8. Subsidiary

The Company has no Subsidiaries / Associates or Joint venture companies during theperiod under review. As such the requirement for submission of report on the performanceand the financial position of the Subsidiary/ Associate/ Joint venture companies is notapplicable to the Company.

9. Stock Exchange

The company's shares are listed on Bombay Stock Exchange Limited (BSE) the company haspaid necessary listing fees for the year 2019-2020.

10. Dematerialization of Shares

96.72% of the company's paid up equity share capital is in dematerialized form as on 31stMarch 2019 and balance 3.27% is in physical form. The company's Registrars are SkylineFinancial Services Private Limited having their office at D-153-AlstFloorOkhla Industrial AreaPhase-1New Delhi-110020Delhi.

11. Particulars of Loans guarantees & Investment

Loans Guarantees & investment under Section 186 of Companies Act 2013 form partof notes to financial statement provided in this Annual Report.

12. Contracts or Arrangements Made With the Related Parties

All related party transactions that were entered during the financial year were in theordinary course of the business of the Company and were on arm's length basis. There wereno materially significant related party transactions entered by the Company withPromoters Directors Key Managerial Personnel or other persons which may have a potentialconflict with the interest of the Company.

Your Directors have on the recommendation of the Audit Committee adopted a policy toregulate transactions between your Company and its Related Parties in compliance with theapplicable provisions of the Companies Act 2013 the Rules made thereunder and theSecurities and Exchange Board of India (Listing Obligations and Disclosures Requirements)Regulations 2015.

The transactions were in ordinary course of business and on arms length basisdetailsof which are provided in Section 134(3)(h) of the Act are disclosed in Form AOC-2 whichforms part of Annual report. The same are also given in the Standalone financial statementof the company for the year ended 31st March 2019.Apart from the above thecompany has not entered into any transactions with any person or entity belonging to thepromoter group which holds 10% or more shareholding in the company.

There are no materially significant transactions with the related parties during thefinancial year which were in conflict with the interest of the company. Suitabledisclosure as required by the Accounting Standard(AS-18) has been made in the notes to thefinancial statements you may refer to related party transactions in the note of thestandalone financial statements.

13. Fixed Deposits

The company has not accepted any fixed deposits and as such no amount of principal orinterest was outstanding as of Balance sheet date.

14. Employee Stock Option Scheme

The company has not issued any Employee Stock Option Plans. As such no Employee StockOption Schemes have been framed.

15. Corporate Governance

The Company has been observing the best corporate governance practices and benchmarkingitself against each such practice on an ongoing basis. A separate section on CorporateGovernance as per the Listing Agreement is annexed to the Directors Report and aCertificate from the Statutory Auditors of the Company regarding compliance of theconditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreementswith the Stock Exchanges and as per schedule v of SEBI (Listing obligation and disclosurerequirements) 2015 forms part of this Annual Report.

The company is committed to transparency in all its dealings and places high emphasison business ethics. Your company has complied with the requirement of Securities &Exchange Board of India (listing obligations & disclosure requirement)regulation 2015regarding Corporate governance forms part of this AR along with required certificate fromPCA regarding compliance of the condition of CG as stipulated under said regulation.

16. Corporate Social Responsibility

The Board of your company has formed CSR committee in compliance with the requirementsof Section 135 of the Act. The role of the Committee includes formulation and recommendingto the Board a CSR Policy which shall indicate the activities to be undertaken by theCompany as specified in Schedule VII of the Act and any amendments thereto recommendationof the amount of expenditure to be incurred on the CSR activities as enumerated inSchedule VII of the Act and referred to in the CSR Policy of the Company as also tomonitor the CSR Policy from time to time.

The company had formed CSR Policy as per the recommendation of CSR committee. TheCompany chooses its CSR programs among many options in the CSR committee and boardmeetings and does not get persuaded by any external influences other than those shortlisted in the best spirit and which can add the social value in the pragmatic andidealistic sense.

In line with the Company's CSR policy your company's CSR efforts continue to bedirected towards community welfare education vocational skills training.

Your company is committed to transparency in all its dealings and places high emphasison business ethics. A report on Corporate Governance along with a certificate fromPracticing Chartered Accounts regarding compliance with the conditions of Corporategovernance as stipulated under Schedule V of the Listing regulations form part of Annualreport. For the Financial year 2018-19 the Company is not required to comply with CSRNorms as it is applicable to the Companies which has - a. Networth of more than 500 croresb. Turnover of morethan 1000 Crores OR c. Net Profit of more than 5 Crores. So CSR is notapplicable this year.

17. Directors Responsibility Statement

As per the Section 134(5) of Companies Act 2013 the Board hereby submits itsresponsibility statement. The company prepares its financial statement in accordance withIND AS.

a. In preparation of annual accounts the applicable accounting standards have beenfollowed 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; 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 systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

18. Insurance

All the properties of the company have been adequately insured.

19. Board Composition

As on date of this report your company is in conformity with Section 149 of theCompanies Act2013 and Regulation 17 of SEBI Listing regulations which stipulates that theBoard should have optimum combination of Executive and NonExecutive directors with atleast1 woman director and atleast 50% of the board should consist of Independent directorsasthe Chairman of the board is an executive director.

As on March 312019 the board comprised of 5 directors. Out of these 1 is ManagingDirector1 executive director3 independent director and out of 31 is woman independentdirector.

LalitKumar Gandhi Managing Director
Harsh Gandhi Executive Director
Ashok Kavdia Independent Director
Mittal Mistry Independent Director
Sandeep Shah Independent Director

20. Directors and Key Managerial Persons (KMP)

a) Directors Retiring by Rotation:

Pursuant to provisions of Section 152 of Companies Act2013 and in accordance with theArticles of Association of the Company Mr. Harsh Gandhi Director of the company retiresby rotation at ensuing Annual General Meeting and being eligible offers himself forre-appointment. The Board of Directors recommends his re-appointment.

b) Independent Directors:

In terms of the definition of 'Independence' of Directors as prescribed under Clause 49of the Listing Agreement entered with Stock Exchanges and Section 149(6) of the CompaniesAct 2013 Mr. Sandeep Shah Mr. Ashok Kavdia and Mrs. Mittal P. Mistry are theNon-executive Independent Directors on the Board of the Company. None of the IndependentDirectors are liable for rotation and due for re appointment.

The Independent Directors have given declarations confirming that they meet thecriteria of independence as prescribed both under the Companies Act 2013 and Clause 49 ofthe Listing Agreement with the Stock Exchange read with SEBl(Listing obligation anddisclosure requirement) 2015. There has been no change in the circumstances affectingtheir status as Independent directors.

c) Declaration of Independent Directors

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013and as per SEBI(Listing obligation and disclosure requirement)2015 so as to qualifythemselves to be appointed as Independent Directors under the provisions of the CompaniesAct 2013 and the relevant rules.

d) Appointment of directors during the year:

There were no appointments during the financial year 2018-19.

e) Resignation of Directors:

There were no resignations of the Directors during the financial year 2018-19.

f) Key Managerial Persons(KMP):

Ms. Khushi Bhatt was appointed as Company Secretary cum Compliance Officer of thecompany w.e.f 4th May 2018.

As on the date of this report the following persons are the Key ManagerialPersonnel(s) of the Company:

a) LalitKumar Gandhi - Managing Director
b) Harsh Gandhi - Executive Director
c) Ashok Kavdia - Independent Director
d) Sandeep Shah - Independent Director
e) Mittal Mistry - Independent woman director
f) Ms.Mamta Patel - CFO
g) Ms.Khushi Bhatt - Company Secretary

Performance evaluation of the Board

In accordance with the provision of regulations 17(10) of the SEBI (Listing obligationsand Disclosure Requirements) 2015 and schedule iv of the Companies Act 2013 evaluationof performance of Independent Directors by the Non-Independent Directors and review of theperformance of Non-Independent Directors and the Board as a whole by the IndependentDirectors was made during the financial year under report. The Directors were satisfiedwith the evaluation results which reflected the overall engagement of the Board and itsCommittees with the Company.

21. Nomination and Remuneration Policy

The Board on recommendation of the Nomination & Remuneration committee The Companyfollows a policy on remuneration of directors and senior management employees The policyhas been approved by the Nomination & Remuneration Committee and the Board ofDirectors. More details has been given in Corporate Governance report.

22. Disclosures regarding Meeting

a) Number of Board Meetings:

The Board of Directors met five (5) times during the year. The details of Boardmeetings and attendance of directors are provided in the Corporate Governance report whichforms part of this report.

Separate Meeting of Independent Directors

The independent directors of your company meets atleast once in the year withoutpresence of the Non-Independent director CFO of the company.Your company has receivedannual declaration from all Independent directors of company confirming that they meetwith Sectionl49(6) of Companies Act2013 and regulation 16(l)(b) and 25 of SEBI(ListingObligation and Disclosure Requirement)Regulation2015 and there has been no change in thecircumstances which may affect their status as Independent director during the year.

A separate meeting of Independent directors of the Company was held on 30th March2019in accordance with the provisions of clause vii of the schedule iv of the Companies Act2013.The Independent director reviewed performance of Non-Independent director and boardas whole; taking into account the views of executive and non-executive directors andassessed quality quantity and timeliness of flow of information between companymanagement and board that is necessary for Board to effectively and reasonably performtheir duties.

b) Committees of Board:

Detailed composition of the mandatory Board committees namely Audit CommitteeNomination and Remuneration Committee Corporate Social Responsibility CommitteeStakeholders Relationship Committee number of meetings held during the year under reviewand other related details are set out in the Corporate Governance Report which forms apart of this Report.

The board has accepted all the recommendations made by the Audit committee during theyear.

23. Auditors & Audit report

a) Statutory Auditors & Audit report:

In accordance with Section 139 of the Companies Act 2013 and rules made thereunderM/s Vidya & Co. Chartered Accountants Ahmedabad were re-appointed as StatutoryAuditors the Company has received a certificate from the above Auditors to the effect thatif they are reappointed it would be in accordance with the provisions of Section 141 ofthe Companies Act 2013. The said appointment is subject to ratification by the membersevery year. However the requirement of ratification of appointment of Statutory auditorsunder proviso to Section 139 of the Companies Act2013 was done away with under theCompanies) Amendment) Act2017. As such your Board does not seek members ratification fortheir re-appointment.

Auditors Report

The notes to the accounts referred to in the Auditors Reports are self -explanatoryand therefore do not call for any further comments.

There are no qualifications or adverse comments in the Auditor's report needingexplanation. The statutory auditors have not reported any incident of fraud to the Auditcommittee in the year under review.

b) Internal Auditors

In accordance with the provisions of section 138 of the Companies Act 2013 and rulesframed there under your company has re- appointed M/S Gandhi Gandhi & Co. a firm ofPractising Chartered Accountants as the internal Auditors of the Company in the Boardmeeting held on August 21st 2019 to conduct the internal audit of the functionsand activities of the company for the financial year 2019-2020.

c) Secretarial Auditor

Pursuant to the provisions of section 204 of Companies Act 2013 Ms. Anamika JajooPracticing Company Secretary was re-appointed as the Secretarial auditor by the Board ofDirectors to conduct the secretarial audit of the company for the financial year 2019-20.The Report of the secretarial audit for the year ended 31st March 2019 is annexedherewith and forming part of the annual report.

There is a remark made by Secretarial auditor on audit conducted by her in the reportunder the review which is as follow:

1) The Company has not transferred all the shares in the name of Investor Education andProvident Fund in respect of which dividend(declared by company as on 20th July 2011 and25th October 2011 ) have not been paid or claimed for seven consecutive years or more.

Reply : Pursuant to provision of Section 124(6) of Companies Act 2013 and Rules madethere under the shares pertaining to unclaimed dividend for finacial year 2010-112011-12 were not transferred to demat account of IEPF due to in advertance and oversightof the Company which will be tranferring in this financial year.

Secretarial Compliance report:

Pursuant to Regulation 24(A) of SEBI (Listing obligations and DisclosureRequirements)Regulations 2015 and other provisions as may be applicable the company hasobtained the Secretarial compliance report from Ms. Anamika Jajoo Practicing CompanySecretary. The report is annexed herewith.

24. Extract of Annual Report

The Extract of Annual Return in form MGT-9 as per section 92(3) of Companies Act 2013duly certified by Practicing Company Secretary is annexed hereto and forms the part ofthis report.

25. Management Discussion and Analysis

A detailed chapter on Management Discussion and Analysis as per Clause - 49 of theListing Agreement and as per SEBI(Listing obligation and disclosure requirement)2015forming part of the Directors' Report is included in this Annual Report.

26. PAYMENT OF THE OBLIGATIONS TO FINANCIAL INSTITUTIONS

The Company has not defaulted in payment of its obligations to any financialinstitutions during FY 2018-19.

27. INSIDER TRADING REGULATIONS

Based on the requirements under SEBI( Prohibition of Insider Trading) Regulations2005 as amended from time to time the code of conduct for prevention of insider trading& code for corporate disclosures are in force. The Company has adopted Code of Conductfor prevention of Insider Trading with a view to regulate trading in securities by theDirectors & designated persons of the company as per SEBI(Prohibition of InsiderTrading) Regulations 2015.

The board is responsible for implementation of the code.

28. Compliance with Secretarial Standards

The directors have devised proper systems to ensure compliance with the provisions ofall applicable Secretarial Standards viz Secretarial Standard-1 on Board Meetings(SS-l)and the Secretarial Standard-2 on General Meetings(SS- 2) issued by the Institute ofCompany Secretaries of India and approved by the Central Government and that such systemsare adequate and operating effectively.

During the year under review your company followed compliance with applicableSecretarial Standards-SS-1 and SS-2.

29. Policies

We seek to promote and follow the highest level of ethical standards in all ourbusiness transactions guided by our value system. The SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 mandated the formulation of certain policiesfor all listed companies. All our corporate governance policies are available on ourwebsite. The policies are reviewed periodically by the Board and updated based on need andnew compliance requirement. The key policies that have been adopted by us as follows:

1. Archival policy

2. Policy on preservation of documents

3. Policy on disclosure of material events and information

4. Whistle bowler and vigil mechanism policy

5. Insider trading policy

6. Related party transactions policy

7. Risk management policy

8. Policy on corporate social responsibility

30. Internal Financial Controls

Your Company has established and maintained a framework of internal financial controlsand compliance systems. Based on the same and the work performed by the internal auditorsstatutory auditors and the reviews performed by Top

Management team and the Audit Committee your Directors are of the opinion that yourCompany's Internal Financial Controls were adequate and effective during the financialyear 2018-19. Further the statutory auditors of your company has also issued anattestation report on internal control over financial reporting (as defined in section 143of Companies Act 2013) for the financial year ended March 31 2019 which forms part tothe Statutory Auditors report.

31. Vigil Mechanism/Whistle Blower Mechanism

The company pursuant to section 177 of Companies Act 2013 read along with the rulesmade thereunder and Regulation 22 of SEBI LODR have established vigil mechanism forDirectors and Employees to report concerns about has adopted a Whistle Blower Policyestablishing vigil mechanism to provide a formal mechanism to the Directors and employeesto report their concerns about unethical behaviour actual or suspected fraud or violationof the Company's Code of Conduct or ethics policy. The policy provides for adequatesafeguards against victimization of employees who avail of the mechanism and also providesfor direct access to the Chairman of the Audit Committee. It is affirmed that no personnelof the Company has been denied access to the Audit Committee. The policy of vigilmechanism is available on the Company's website.

32. Transfer to IEPF

In compliance with Section 124(5) of the Companies Act 2013 sum of Rs. 125287.00/-being unclaimed dividend declared by the Company for F.Y.2011-12 was transferred toInvestor Education and Protection Fund of Central Government on 05/10/2018.Whereas sum ofRs. 271445.00 being unclaimed dividend declared by the Company for F.Y. 2011-12 wastransferred to Investor Education and Protection Fund on 10/12/2018.

The details of unclaimed dividend along with their due dates for transfer to IEPF isprovided in Corporate Governance report which forms part of this Annual report.

Pursuant to the provisions of Section 124(6) of the Companies Act 2013 and the Rulesmade thereunder the shares pertaining to the unclaimed dividend for the FY 2010-112011-12were not transferred to the demat account of Investor Education and Protection Fund(IEPF)due to inadvertence and oversight the company will be transferring the same in thisfinancial year.

33. Risk Management

During the year the Audit Committee evaluated the Risk Management Policy of theCompany to make it more focused in identifying and prioritising the risks role of variousexecutives in monitoring. The Audit Committee evaluated various risks and that there is noelement of risk identified that may threaten the existence of the Company.

34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There was no order passed by the Regulators or Courts or Tribunals impacting the goingconcern status and Company's operations during FY 2018-19.

35. Winning Award and Certificate of recognition

Chartered Logistics Limited received "Certificate of Commendation" waspresented to Mr.Lalit Kumar GandhiManaging Director of the company for consideration inEntrepreneur of the Year from Indian Oil Limited on 26th April 2019. It waspriviledge for the company to receive such certificate as it recognises the exceptionalperformance by the Top 5 Shortlisted businesses in the field of Road Logistics.

Mr.Lalitkumar Gandhi received certificate of recognition as a key account customer fromTata Motors Limited on 23rd October 2018.

36. Particulars Regarding Conservation Of Energy/ Technology Absorption/ ForeignExchange Earnings & Outgo

The disclosures to be made under Section 134 (3) (m) of the Companies Act 2013 readwith Rule (8)(3) of the Companies (Accounts) Rules 2014 pertaining to conservation ofenergy and technology absorption and foreign exchange earnings and outgo are notapplicable to the Company as the company is neither involved in any manufacturingprocessing activities nor any of its transactions involve foreign exchange earnings andoutgo. Particulars Required to be Furnished by The Companies (Disclosure of Particulars inThe Report of The Board of Directors) Rules1988.

37. Disclosure Under The Sexual Harassment of Women At Workplace!PreventionProhibition And Redressal) Act 2013

The Company has been employing women employees in various cadres. A policy of theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013has also been laid and circulated to every female employee of the Company so as to informthem about the redressal mechanism available to them in the cases of such harassment. YourDirectors state that during the year under review there were no cases filed or compliantreceived from any employee pursuant to the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013.

No. of complaints filed during the year No. of complaints disposed off during the year No. of complaints pending
Nil Nil Nil

38. Particulars of Employees

The information required pursuant to Section 197 read with rule 5(1) of theCompanies(Appointment and Remuneration of Managerial Personnel) Rules2014in respect ofthe employees of the Company.

In view of the above the company is not required to submit the statement containingdetails as required under Rule 5(2) of the Companies(Appointment and Remuneration ofManagerial Personnel)Rules2014.

39. Green Initiatives

As per the Green initiative of Ministry of Corporate affairs (MCA) Electronic copies ofthe Annual Report 2018-2019 and Notice of the 24th AGM are sent to all memberswhose email addresses are registered with the Company / Depository Participant(s). Formembers who have not registered their email addresses physical copies of the AnnualReport 20182019 and the Notice of the 24th AGM are sent in the permitted mode. Membersrequiring physical copies can send a request to the Company Secretary.

40. Acknowledgements

Your Directors thank their customers vendors investors and bankers for theircontinued support during the year. We place on record our appreciation of the contributionmade by our employees at all levels. Our consistent growth was made possible by their hardwork solidarity cooperation and support .We also thank the Government of Indiaparticularly the Ministry of Corporate Affairs the Income Tax Department and othergovernment agencies for their support and look forward to their continued support in thefuture.

For and on behalf of Board of Directors
Lalit KumarGandhi
Place: Ah meda bad (Managing Director)
Date : August 21 2019 DIN: 00618427