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Chromatic India Ltd.

BSE: 530191 Sector: Industrials
NSE: CHROMATIC ISIN Code: INE662C01015
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OPEN 1.15
PREVIOUS CLOSE 1.10
VOLUME 19509
52-Week high 1.15
52-Week low 0.40
P/E
Mkt Cap.(Rs cr) 8
Buy Price 1.15
Buy Qty 1460.00
Sell Price 1.15
Sell Qty 2000.00
OPEN 1.15
CLOSE 1.10
VOLUME 19509
52-Week high 1.15
52-Week low 0.40
P/E
Mkt Cap.(Rs cr) 8
Buy Price 1.15
Buy Qty 1460.00
Sell Price 1.15
Sell Qty 2000.00

Chromatic India Ltd. (CHROMATIC) - Director Report

Company director report

To the Members

Your Directors present herewith the 32nd Annual Report and the Audited FinancialStatements of the Company for the financial year ended March 31 2019.

Financial Results

The summary of the financial performance of the Company for the financial year endedMarch 31 2019 compared to the previous year ended March 31 2018 is summarized below:

(In Rupees)

Particulars 2018-19 2017-18
Net Sales and Other Income 81246457 433585981
Profit/ (Loss) Before Tax (3705060) (1095822)
Add / (Less): Deferred Tax Adjustments 390815 250613
Less: Current Income Tax - 113500
Less: Fringe Benefit Tax - -
Less: Wealth Tax - -
Profit/(Loss) after Tax (4095875) (2653536)
Add/(Less): Prior Year short provision for Tax - -
Balance Brought Forward 6009865 8766732
Amount Available for Appropriation 1876529 6009865
Appropriations
Dividend/Interim Dividend on Equity Shares - -
Tax on Dividend - -
Surplus / Deficit Carried Forward 1876529 6009865

Operational Performance and State of Affairs of the Company

The total income generated for the financial year ended March 31 2019 is Rs. 8.12crores as against Rs. 43.35 crores for the financialyear ended March 31 2018. The Lossbefore tax is Rs. 37.05 lacs for the year ended 2018-19 compared to Rs. 10.96 lacs for theyear ended 2017-18. The Net profit after tax is Rs. 40.96 lacs for the financial year2018-19 as against Rs 26.53 lacs for the financial year 2017-18.

Dividend

To conserve the financial resources no dividend has been recommended for the yearunder review.

Transfer to Reserve

No amount is proposed to transfer to the General Reserve Account as required under theCompanies Act 2013.

Change in Nature of Business

There is no change in nature of business of the Company during the year under review.

Management Discussion and Analysis

The Management’s Discussion and Analysis on Company’s performance –industry trends and other material changes with respect to the Company and itssubsidiaries pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations 2015 (herein after called as the "ListingRegulations") is presented in a separate section forming part of the Annual Report.

Material Changes/ Commitments affecting the Financial Position of the Company occurredbetween the end of the

Financial Year to which the Financial Statements relate and the date of this Report

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which the financial statements relateand the date of this report.

Internal Financial Control (IFC) System and their adequacy

The Company’s present Internal Control Systems are commensurate with its size.However looking at the growth in the size of the Company and its operations it isstrengthening these systems further. The Company places great emphasis on the maintenanceof effective internal controls both from the point of view of compliance with statutoryrequirements as well as supporting the smooth and efficient running of the business.

The Management is taking further initiatives in terms of adding more capacities whichwould have significant benefit in the coming years.

A process driven framework for Internal Financial Control has been designed andimplemented by the Company within the meaning of the explanation to Section 134(5)(e) ofthe Companies Act 2013. For the financial year ended March 31 2019 the Board is of theopinion that the Company has sound Internal Financial Control commensurate with its sizeand nature of its Business operations and operating effectively and no material weaknessexist.

The Company has appointed M/s. Ponkshe Kulkarni & Co. (FRN: 107962W) CharteredAccountants as Internal Auditors of the Company pursuant to Section 138 of the CompaniesAct 2013 read with Rule 13 of The Companies (Accounts) Rules 2014.

Corporate Governance and Shareholders Information

Your Company has taken adequate steps to adhere to all the stipulations laid down inthe provisions of the Listing Regulations. A report on the Corporate Governance isincluded as a part of this Report. A Certificate from the Practicing Company Secretaryconfirming the compliance with the conditions of the Corporate Governance as stipulatedunder Listing Regulations forming a part of this Report.

Subsidiary Company / Associate / Joint Venture Company

As on March 31 2019 your Company has two wholly owned subsidiaries (WOS) namely

1. Chromatic Ferro Alloys Limited (under the process of strike off)

2. Chromatic International FZE

The Company has incorporated two 100% wholly owned subsidiary namely Chromatic FerroAlloys Limited and Chromatic International FZE on 13th September 2011 and 21st October2010 respectively.

The Company will make available on request the annual accounts of the subsidiarycompany Chromatic International FZE and the related information to any member of theCompany who may be interested in obtaining the same. These documents will also be keptopen for inspection during the business hours at the registered office of the Company. TheConsolidated Financial Statements presented by the Company includes the financial resultof its subsidiary company.

During the year under review Company does not have any associate company and jointventure company pursuant to the provisions of Companies Act 2013. Your company hasinitiated the process to close down a subsidiary company viz. Chromatic Ferro AlloysLimited which has not yet started any operation.

Pursuant to Section 129(3) of the Companies Act 2013 read with Rule 5 of the Companies(Accounts) Rules 2014 a statement in Form AOC-1 containing the prescribed details ofsubsidiaries is attached to this Annual Report as Annexure A

Policy for determining material subsidiaries is disclosed on the website of the Companyat www.chromatic.in

Further the Company does not have any Joint Venture or Associate Company.

Listing of Equity Shares

The equity shares of your company are listed on Bombay Stock Exchange Limited (BSE) andNational Stock Exchange of India Limited (NSE). The equity shares of the Company waslisted and admitted for dealing on National Stock Exchange with effect from 29th May2012. The annual listing fees for the year 2019-20 is already paid to the Bombay StockExchange Limited and National Stock Exchange of India Limited.

Human Resource Development

Company encourages a culture that develops and empowers people promotes team buildingand nurtures new ideas. The Company’s recruitment practice ensures that suitablecandidates with merit are recruited and provided with the right opportunities to growwithin the organization.

Depository System

Your Company’s equity shares are available for dematerialization through NationalSecurities Depository Limited and Central Depository Services (India) Limited. As of March31 2019 99.64% of the Equity shares were held in demat form. In view of the numerousadvantages offered by the Depository system members holding shares in physical mode areadvised to avail of the facility of dematerialization form either of the Depositories.Company’s ISIN is INE662C01015.

SEBI has decided that securities of listed Companies can be transferred only indematerialized form with effect from October 2 2018. In view of the above and to availvarious benefits of dematerialization members are advised to dematerialise shares held bythem in physical form.

Buy-Back of Shares

During the financial year under review Company has not announced any Buy-back of itsShares.

Share Capital

During the financial year under review there is no change in the capital structure ofthe Company by way of further issue bonus sweat equity share employee stock optionscheme or in any other manner. The paid up equity share capital of the

Company as on March 31 2019 was Rs. 710461000/- divided into 71046100 equityshares of Rs. 10/- each. As on March

31 2019 Directors shareholding in the Company is as mentioned in this Annual Report.

Pledge of shares

As on March 31 2019 the Promoter of the Company does not have any shares which areencumbered / pledged.

Board Meetings

During the Financial year five Board Meetings were held and the details of which aregiven in the Corporate Governance Report.

The provisions of the Companies Act 2013 Secretarial Standards as prescribed by theInstitute of Company Secretaries of

India and the Listing Regulations were adhered to while considering the time gapbetween the two meetings.

Directors / Key Managerial Personnel

1. Composition of Directors a. Appointment

Ms. Hiral Hitesh Bavishi (DIN: 08147837) was appointed as an Additional Director(Independent) on the Board with effect from June 29 2019. Hence the Board of Directorsseek your confirmation for appointment of Ms. Hiral Hitesh Bavishi as an IndependentDirector for a term upto five consecutive years i.e. with effectfrom the date of this(32nd)

Annual General Meeting up to the Annual General meeting to be held in the year 2024.Resolution with respect to the same has been incorporated in the Notice of the 32nd AnnualGeneral Meeting of the Company.

Ms. Hiral Hitesh Bavishi has consented to act as an Independent Director of theCompany. The Company has also received a declaration that he is not disqualified frombeing appointed as a Director u/s 164 of the Companies Act

2013 and meets the criteria of independence as prescribed under both Companies Act andSEBI Regulations.

b. Re-appointment

Mr. Vinod Kumar Kaushik Whole time Director of the Company re-appointed for a periodof fiveyears with effect from

01.04.2019. The resolution seeking approval of the members for the re-appointment ofMr. Vinod Kumar Kaushik as Whole time Director has been incorporated in the Notice of the32nd Annual General Meeting of the Company.

All the appointment(s) and reappointment(s) has been recommended by the Nomination andRemuneration Committee of the Company.

c. Resignation

Ms. Diana M Joshi Non-Executive Independent Director has resigned from the Board witheffect from June 21 2019. The Board wishes to place on record its deep appreciation forthe valuable contributions made by her to the Board and the Company during her tenure asDirector.

2. Declaration by Independent Directors

The Company has received declaration from all the Independent Directors of the Companyincluding the relevant proposed appointee confirming that they meet with the criteria ofindependence as prescribed both under sub-section (6) of section 149 of the Companies Act2013.

3. Key Managerial Personnel a. CFO

Mr. Nitinkumar Chhotalal Kothari has been appointed as Chief Financial Officer of theCompany w.e.f. April 16 2019.

b. Company Secretary

During the financial year under review Ms. Suruchi Wadher has resigned from the postof Company Secretary & Compliance Officer w.e.f. November 20 2018 and Ms. RoshniJigar Shah has been appointed for the said designation w.e.f. April 16 2019.

Apart from above there is no other change in Key Managerial Personnel of the Company.

Familiarization programme for Independent Directors

The Company proactively keeps its Directors informed of the activities of the Companyits management and operations and provides an overall industry perspective as well asissues being faced by the industry.

Company’s policy relating to Directors Appointment Payment of Remuneration anddischarge of their duties

The provisions of Section 178(1) of the Companies Act 2013 relating to constitution ofNomination and Remuneration Committee are applicable to the Company and hence the Companyhas devised a policy relating to appointment of Directors payment of Managerialremuneration Directors qualifications positive attributes matters as provided under theaforesaid provisions.

Board Evaluation

In accordance with the provisions of the Companies Act 2013 Companies (Amendment)Act 2017 and Chapter II Regulation

4 of the Listing Regulations annual evaluation has been carried out of the performanceof the Board and Audit Nomination and Remuneration and Stakeholder RelationshipCommittees.

Directors Responsibility Statement

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:

a. In the preparation of Annual Accounts for the year ended March 31 2019 theapplicable Accounting Standard have been followed along with proper explanation relatingto material departure and there are no material departures from the same;

b. The Directors have 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

2019 and loss of the company for the year ended on that date;

c. The Directors have taken proper and sufficient care for the maintenance with theprovision of Companies Act 2013 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;

d. The Directors have prepared the Annual financial statements of the Company on agoing concern basis;

e. Proper internal financialcontrols were in place and that the financial controls wereadequate and were operating effectively; and

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.

Auditors and Auditors’ Report

Pursuant to section 139 of the Companies Act 2013 and rules framed thereunder theCompany had appointed M/s. S. K. Badjatya & Co. Chartered Accountants (ICAI FirmRegistration no. 004017C) in the (31st) Annual General Meeting held on September 262018 as the Statutory Auditor of the Company who shall hold office till the conclusion ofAnnual General

Meeting of the Company to be held in the year 2020 on such remuneration as may bedetermine by the Board of Directors of the Company on the recommendation of the AuditCommittee.

The Company has received confirmation from M/s S. K. Badjatya & Co. to the effectthat their re-appointment is within the prescribed limits under Section 141(3) of theCompanies Act 2013 and that they are not disqualified for such re-appointment within themeaning of Section 141 of the Companies Act 2013. As required under Regulation 33(d) ofthe Listing Regulations the auditors have also confirmed that they hold a validcertificate issued by the Peer Review Board of the Institute of Chartered Accountants ofIndia.

Secretarial Audit

According to the provisions of Section 204 of the Companies Act 2013 read with Rule 9of the Companies (Appointment and Remuneration of Managerial Personnel) 2014 The Boardof Directors had appointed M/s. R N Gupta & Co. a firm of Company Secretary inPractice to undertake the Secretarial Audit of the Company for the financial year 2018-19.The Report of the Secretarial Audit Report submitted by them is enclosed as a part of thisReport as Annexure B.

However M/s. R N Gupta & Co. has resigned as Secretarial Auditor of the Companyw.e.f. May 15 2019.

The Company on May 15 2019 had appointed Ms. Nishi Jain Practicing Company Secretary(COP No. 8429 and FCS No. 22386) as Secretarial Auditor in place of M/s. R N Gupta &Co.

Explanation or Comments on Qualifications Reservations or Adverse Remarks orDisclaimers made by the in their Reports:

(i) Statutory Auditor:

The observations and comments given in the report of the Auditors are as follows:

• We draw reference to note 24 to the standalone financial statements. SundryDebtors and Loans & Advances (other than advances to subsidiaries) includes amount ofRs 38.61 crore and Rs 1.06 crore respectively which are outstanding for a period of morethan 3 years.

• We draw reference to note 25 to the standalone financial statement. Loans &Advances includes non-interest bearing unsecured loan of Rs. 2494920653/- given toChromatic International FZE the subsidiary of the company for overseas BusinessDevelopment. The subsidiary did not do any business during the year. Company has not madethe accounting treatment as prescribed in Ind AS 109 (Financial Instruments) and Ind AS113 (Fair Value Measurement)

• We draw reference to note 26 to the standalone financial statement. Company hasclassified one of its Building which has been given on rent as Investment Property as perInd AS 40 (Investment Property) and elected to continue with the carrying value recognisedas at 1 April 2016 measured as per previous GAAP. Company has not measured the Investmentproperty at Fair value as on 31.03.2019 as prescribed in Ind AS 40.

• We draw reference to note 28 to the standalone financial statements. During theyear 2018-19 Commissiomer of Income Tax (Appeal) has passed the order for the A.Y.2012-13 against the Company for the Income Tax demand of Rs 19468328/-. Said demand hasnot yet provided in the books as on 31st March 2019.

• We draw reference to note 29 to the standalone financial statements. Capitalwork in progress includes an amount of Rs. 105.72 Crores paid during previous accountingyears for setting up of power plant. The procurement has not been done for pendingclearances from the Govt. These advances are subject to confirmation and reconciliationand outstanding for more than 3 years

• We draw reference to the note 6(d). Company carrying heavy cash in hand balancewhich in our opinion is not line with the size of business. We have not physicallyverified the cash balance.

Explanation or comments under Section 134(f)(i) of the Companies Act 2013 in respectof the above Auditors observations are as follows:

• The management has estimated that the current assets loans and advances shallhave value on realization in the ordinary course of business. Though balances of sundrydebtors sundry creditors loans and advances and other personal accounts are subject toconfirmation and reconciliation the management feels the same are recoverable.

• The management is of the opinion that the subsidiary would commence business andthe advances lent to the subsidiary would be utilized for the purpose of its business.

• The Company is awaiting the required approvals for proceeding to set up thepower plant.

• The amount has been shown as Long Term Loans & Advances in the FinancialStatements. Unfortunately the company has been liquidated during the year 2011-12 andhence recovery of the same is estimated as doubtful.

• The subsidiary did not do any business during the year but it is positivelyestimated that the aforesaid subsidiary may commence business in the next financial year.

Reporting of Fraud

The Auditors of the Company have not reported any fraud as specified under the secondproviso of Section 143 (12) of the Companies Act 2013.

Shares in suspense account

No equity share of the Company was in suspense account as on March 31 2019.

Cost Audit

As per the Cost Audit Orders Cost Audit is not applicable to the Company’sproducts /business for the financial year 2018-19.

Deposits

Your Company has not accepted any deposits under Section 73 of the Companies Act 2013for the year under review and as such; no amount on account of principal or interest ondeposits was outstanding during the period under review.

Consolidated Financial Statements

Your Directors provides Audited Consolidated Financial Statements in this AnnualReport. The statement containing the salient features of the financial statement of theSubsidiary Company as required under Section 129(3) of the Companies Act 2013 in FormAOC-1 is annexed herewith as ‘Annexure A’. However your Company does not haveAssociate or Joint Venture as on 31st March 2019.

Foreign Exchange Earnings and Outgo

During the year under review Company has made following transactions in ForeignCurrency.

Particular 2018-19 2017-18
Expenditure in Foreign Currency 0.44 15.99
Earning in Foreign Currency 548.91 3346.20

Conversation of Energy Technology Absorption & Foreign Earnings and Outgo:

Information in accordance with the provision of Section 134(3)(m) of the Companies Act2013 read with Rule 8 of the Companies (Accounts) Rules 2014 regarding conversation ofenergy and technology absorption are as per Annexure-C and forms part of thisreport.

Environment and Social Concern

Your Company continues its efforts for the betterment of the environment andconservation of scarce natural resources.

Details of Policy Developed and Implemented by the Company on its Corporate SocialResponsibility Initiatives

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable on the Company for the financialyear ending March 31 2019.

Vigil Mechanism

In pursuant to the provisions of the Section 177(9) and (10) of the Companies Act2013 a Vigil Mechanism for Directors and Employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company atwww.chromatic.in.

Risk Management

Your company has been regularly assessing the risk and ensures that the risk mitigationplans are in place.

Disclosure under Sexual Harassment of Women at Workplace (Prevention Prohibition &Redressal) Act 2013

Our Company has in place an Anti-Sexual Harassment Policy at workplace. Our policy aimsat prevention of harassment of employees as well as contractors and lays down theguidelines for identification reporting and prevention of sexual harassment. YourDirectors state that during the year under review there were no cases reported pursuantto the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013.

a. number of complaints filed during the financial year Nil
b. number of complaints disposed of during the financial year Nil
I c. I number of complaints pending as on end of the financial year Nil

Company has constituted Internal Complain Committee in accordance with Section 4 ofSexual Harassment of Women at Workplace (Prevention Prohibition & Redressal) Act2013.

Significant and Material Orders Passed by the Regulators or Courts

material orders passed by the Regulators / Courts which would impact During they earunder review there are no significant the going concern status of the Company and itsfuture operations.

Disclosure of Composition of Audit Committee

The provisions of Section 177 of the Companies Act 2013 read with Rule 6 and 7 of theCompanies (Meetings of the Board and its Powers) Rules 2013 is applicable to the Company.The Composition is in line with the provisions of the Listing

Regulations read with Section 177 of the Companies Act 2013.

Disclosure of Composition of Stakeholders Relationship Committee

The provisions of Section 178 of the Companies Act 2013 is applicable to the Company.The Composition is in line with the provisions of the Listing Regulations read withSection 178 of the Companies Act 2013.

Related Party Transactions

During the year Company has not entered into any transaction referred to insub-section (1) of Section 188 of the Companies Act 2013 read with Rule 15 of theCompanies (Meetings of Board and its powers) Rules 2014 with related parties.

The Related Party Transactions that were entered during the financial year were on theArm’s Length Basis and were in the ordinary course of business. There were no RelatedParty Transactions (RPTs) entered into by the Company during the financial year whichattracted the provisions of section 188 of the Companies Act 2013.

There were no materially significant transactions with the Company’s Promoters;Directors; Management KMP or their Relatives which could have a potential conflict withthe interests of the company. Transactions with related parties entered by the Company inthe normal course of the business are periodically placed before the committee for itsomnibus approval.

There being no ‘material’ related party transactions as defined underregulation 23 of SEBI Listing Regulations 2015 there are no details to be disclosed inForm AOC-2 in that regard. During the year 2018-19 pursuant to section 177 of theCompanies

Act 2013 and regulation 23 of SEBI Listing Regulations 2015 all RPTs were placedbefore the Audit Committee for its approval.

The Board of Directors of the Company has on the recommendation of the AuditCommittee adopted a policy to regulate transactions between the company and its relatedparties in compliance with the applicable provisions of the Companies.

Pursuant to Regulation 34(3) read with Schedule V of the Listing Regulations theCompany shall make disclosures in compliance with the Accounting Standard on "RelatedParty Disclosures" as per the following:

Sr. No. In the accounts of Chromatic India Limited Disclosures of amounts at the year end and the maximum amount of loans / advances / Investments outstanding during the year.
1 Holding Company: Loan Taken by the Company = Rs. 8182402/-
Cheetah Multitrade Private Limited
2 Subsidiary:
a Chromatic International FZE Loan Given by the Company = Rs 2494920653
b Chromatic Ferro Alloys Limited (under the process of liquidation) Loan Given by the Company is written off
3 Holding Company Investments by the loan in the shares of parent company and subsidiary company when the company has made a loan or advance in the nature of loan= NA

Disclosures of transactions of the listed entity with promoter / promoter group:

The Company has only one promoter i.e. Cheetah Multitrade Private Limited. The Companyhas taken loan of Rs. 8182402/- form the promoter apart from this there is no othertransaction with the promoter. Disclosures of transactions of the Company with thePromoter as per the applicable Ind AS are forming part of the financial Statements of theCompany.

Particulars of Loans Guarantees or Investments

In pursuance to the provisions of Section 186 of the Companies Act 2013 the detailsof the Loans guarantees or investments are given in the notes to the financial statementsin this Annual Report.

Annual Return

As per Companies (Amendment) Act 2017 Annual Return of the Company has been uploadedon the website www.chromatic.in

Particulars of Employees

The information required pursuant to Section 197 read with Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and Companies(Particulars of Employees) Rules 1975 in respect of the employees of the Company is asfollows:

a) Employed throughout the year NIL
b) Employed for part of the year NIL

The Company has not employed any individual whose remuneration falls beyond the purviewof the limits prescribed under the provisions Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

The remuneration paid to all the Key Managerial Personnel was in accordance with theremuneration policy adopted by the Company. The details pursuant to Section 197 read withRule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are annexed as ‘Annexure –D.

Remuneration Ratio of the Director’s/Key Managerial Personnel (KMP)/Employees

The information required pursuant to Section 197 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and Companies(Particulars of Employees) Rules 1975 in respect of employees of the

Company and Director’s/Key Managerial Personnel is furnished hereunder:

Sr. No Name Designation Remuneration paid in F.Y 2018-19 Remuneration paid F.Y. 2017-18 Increase in Remuneration from Previous year Ratio/Times per Median of Employees Remuneration
(Rs. In Lakhs) (Rs. In Lakhs) (Rs. In Lakhs)
1 Mr. Vinod Kumar Kaushik Whole Time Director 12.69 11.82 7.27% -
2 *Ms. Suruchi Wadher Company Secretary 2.06 2.97 - -

*Ms. Suruchi Wadher resigned w.e.f. 20th November 2018.

Relationship between average increase in remuneration and Company’s performance:

In line with Company’s reward philosophy merit increases and annual bonuspay-outs of its Employees including Key Managerial Personnel are directly linked toindividual performance as well as that of the business. Given the superior businessperformance and the performance rating of the Key Managerial Personnel appropriate rewardby way of merit increase or variable pay have been awarded to the Key Managerial Personnelfor the current year. This was duly reviewed and approved by the Nomination &Remuneration Committee of the Company.

Acknowledgement

Your Directors take this opportunity to thank all investors customers vendorsbanks/financial institutions regulatory and government authorities and Stock Exchangesfor their consistent support and encouragement to the Company. The Directors also place onrecord their sincere appreciation to all employees of the Company for their hard workdedication and commitment.

The enthusiasm and unstinting efforts of the employees have enabled the Company toremain at the forefront of the

Statements in the Board’s Report and the Management Discussion & Analysisdescribing the Company’s objectives expectations or forecasts may be forward-lookingwithin the meaning of applicable securities laws and regulations. Actual results maydiffer materially from those expressed in the statement. Important factors that couldinfluence the Company’s operations include global and domestic market conditionsaffecting cost as well as the selling prices of the services changes in governmentregulations tax laws economic developments within the country and other factors such aslitigation and industrial relations.

By order of the Board of Directors

For Chromatic India Limited
Mayank Rasiklal Kotadia Vinod Kumar Kaushik
Place: Mumbai Director Director
Date: August 14 2019 DIN: 07484438 DIN: 02586479