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Cords Cable Industries Ltd.

BSE: 532941 Sector: Engineering
NSE: CORDSCABLE ISIN Code: INE792I01017
BSE 00:00 | 28 Nov 66.55 -0.90
(-1.33%)
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68.80

HIGH

68.80

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66.30

NSE 00:00 | 28 Nov 66.55 -0.90
(-1.33%)
OPEN

67.80

HIGH

68.85

LOW

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OPEN 68.80
PREVIOUS CLOSE 67.45
VOLUME 6656
52-Week high 76.50
52-Week low 45.35
P/E 12.56
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.80
CLOSE 67.45
VOLUME 6656
52-Week high 76.50
52-Week low 45.35
P/E 12.56
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cords Cable Industries Ltd. (CORDSCABLE) - Director Report

Company director report

To

Dear Members

Your Directors have pleasure in presenting the 30th Annual Report of yourcompany together with the audited financial statement of your company for financial yearended March 31 2021.

FINANCIAL HIGHLIGHTS (` in Lacs)

Particulars FY 2020-21 FY 2019-20
Revenue from Operations 32337.00 42089.07
Other Income 137.60 151.75
Total Income 32474.60 42240.82
Operating Expenditure 28863.89 37932.97
Profit before interest tax and depreciation (PBITD) 3610.71 4307.85
Finance Cost 2283.32 2561.83
Depreciation 708.31 661.33
Profit before tax (PBT) 619.08 1084.69
Provision for Tax (including deferred tax) 183.55 17.93
Other Comprehensive Income 6.06 (12.49)
Profit after Tax (PAT) 441.59 1054.27
Profit brought forward from previous year 7562.46 6894.04
Impairment of right of use assets / prior period taxes written off - (385.85)
Profit available for appropriations 8004.06 7562.46
Transferred to General Reserve - -
Profit carried forward 8004.06 7562.46

COMPANY’S PERFORMANCE/STATE OF COMPANY’S AFFAIRS

During the financial year 2020-21 company’s total income stood at ` 32474.60 lacsas against ` 42240.82 lacs in the previous year. Your Company earned Profit BeforeInterest Tax and Depreciation of ` 3610.71 lacs as against a PBITDA of ` 4307.85 lacsin the previous year. The finance cost was ` 2283.32 lac as against ` 2561.83 lacs inthe previous year. The finance cost includes the Preference Share Dividend and tax thereonas and when approved and declared in Annual General Meeting (AGM). Preference Dividendpaid in F.Y. 2019-20 was ` 19.29 lacs and in the FY 2020-21 it is ` 16.00 lacs.

Your company earned profit after tax for the year of` 441.59 lacs as against a PAT of `1054.27 lacs earned in the previous year.

In the financial year 2019-20 the company got registered as an approved vendor withone of the Japanese Engineering and consultancy & contracting major for supply ofdifferent types of cables.

Government rolled out the National Infrastructure Pipeline (NIP) at the end of calendaryear 2019 The NIP is introduced with a vision to spend ‘100 tn on infra over thefive year between FY20-25 which twice the of the investment amount projected for last 5years between FY 14-19.

FY21 & FY22 will witness peak investments under NIP thereby boosting demand forCables across sectors. In the power (conventional and renewable energy) the NIP plans toIncrease the total capacity from 356GW to 619GW.

Under Jal Jeevan Mission all rural households to have piped water supply by 2024which will boost demand for cables used for water desalination process.

Newly added prestigious export/domestic clients

Your Company in the last Financial Year obtained approval from prestigious domestic /global customers covering sector like Hydrocarbon Fertilisers and Chemicals CementsMetros and Railways and have obtained approval from various customers like Cinda HRRLHURL U P Jal Nigam Rajasthan Water Supply and Sewerage Management for Power ControlInstrumentation and Communication cables.

Your Company has also executed large volume orders between INR 20 to 30 Cr. fromprestigious customers like BGR - A/c Ghatampur Power Station L&T Hydrocarbon - A/cIOCL Paradip and HURL Petrofac - A/c BPCL Kochi Technip - A/c HURL Ultratech CementNayara Energy and others.

Your Company’s current focus is on increasing its business from various factorincluding the Hydrocarbons Freight Corridor Metros Water Projects Process IndustryRailway signalling Protection systems and infrastructure projects among others.

CAPITAL STRUCTURE

During the Financial Year under review Company has not issued any Equity/ Preferenceshares to its shareholders.

The Authorised Capital of the Company is ` 171000000/ - (Rupees Seventeen Crores TenLakhs Only) divided into no(s) 13500000 (One Crore Thirty Five Lacs) Equity Shares of `10/- (Rupees Ten) each and no(s) 360000 (Three Lacs Sixty Thousand) CumulativeRedeemable Non- Convertible Preference Share of ` 100/- (Rupees Hundred) each.

Also the Issued Subscribed and paid up share capital of the Company is `145277800/- (Rupees Fourteen Crores Fifty Two Lakhs Seventy Seven Thousand EightHundred only) divided into no(s) 12927780 (One Crore Twenty Nine Lakh Twenty SevenThousand Seven Hundred and Eighty only) Equity shares of ` 10/- (Rupees Ten) each andno(s) 160000 (One Lakh Sixty Thousand) Cumulative Redeemable Non- Convertible PreferenceShares of ` 100/- each fully paid.

APPROPRIATIONS

a) Transfer to Reserves

Your Directors do not propose to transfer any amount to reserves during the FinancialYear ended March 31 2021.

b) Dividend

The Board of Directors of your Company recommend a Dividend @ 10% p.a. on No(s)160000 Cumulative Redeemable Non-Convertible Preference Shares of ` 100 each (fully paidup) for the Financial Year 2020-21 subject to approval of the Members at the ensuing 30th(Thirtieth) Annual General Meeting (AGM). These shares are not listed on any stockexchanges.

The Board of Directors after duly considering the requirement of funds for WorkingCapital and repayment of loan instalments have not recommended any dividend on equityshares for the year under review in view to further strengthen the financial position ofyour Company.

CHANGE IN THE NATURE OF BUSINESS IF ANY

There was no change in the nature of business of the Company during the financial yearended March 31 2021.

PARTICULARS OF SUBSIDARIARIES JOINT VENTURES AND ASSOCIATES

As on date of this report your company does not have any subsidiary joint venturesand Associate Company. Further during the period under review no company become or ceasedto be its subsidiaries joint venture or Associate Company.

LISTING OF SHARES

The shares of the Company are listed on the National Stock Exchange of India Limited(NSE) and BSE Limited (BSE). The listing fee for the year 2020-21 has already been paid tothe stock exchanges.

ISO CERTIFICATES

Your company is to be awarded the globally recognized prestigious ISO 9001: 2015 ISO14001:2015 ISO 9001:2015 ISO 45001:2018 and BS OHSAS 18001:2007 Certification formeeting international standards of Quality Environmental Occupational Health and SafetyManagement Systems.

CREDIT RATING

Credit Analysis and Research Ltd. (CARE Ratings) reaffirmed the credit ratings of thecompany’s long term / short term bank facilities:

Facilities Rating Remarks Rating Definition
Long term Bank Facilities CARE BBB; Stable (Triple B; Outlook: Stable) Reaffirmed This rating is applicable to facilities having tenure of more than one year. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. ‘Stable’ outlook indicates expected stability (or retention) of the credit ratings in the medium term on account of stable credit risk profile of the entity in the medium term.
Short term Bank Facilities CARE A3 (A Three) Reaffirmed This rating is applicable to facilities having tenure up to one year. Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations.

DEPOSITORY SYSTEM

Your Company’s Equity Shares are available for dematerialization through NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL).

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the period under review no material order has been passed by any regulator orcourt or tribunal which would impact the going concern status and the Company’sfuture operations excepting to the extent as may be mentioned in the Notes to Accountsattached to the Financial Statements forming part of the Annual Report.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of your Company during the Financial Year 2020-21 comprised ofthe following Directors:

S. No. Particulars Designation Remarks
1 Mr. Naveen Sawhney (DIN:00893704) Managing Director In terms of the applicable provisions of the Act and the Articles of Association of the Company Mr. Naveen Sawhney Managing Director of the company shall retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for re-appointment.
On the recommendation of Board the proposal regarding his re- appointment as Director is placed for your approval.Brief resume and other details of Mr. Naveen Sawhney who is proposed to be re-appointed as a Director of your company have been furnished in the Explanatory Statement to the Notice of the ensuing Annual General Meeting.
2 Mr. Sanjeev Kumar (DIN:07178759) Whole Time Director Mr. Sanjeev Kumar was appointed as Whole Time Director of the company w.e.f. May 30 2020 for a period of three years and his appointment was approved by shareholders in their meeting held on September 29 2020.
3 Mr. Vijay Kumar (DIN:01291193) Independent Director Second term of appointment of Mr. Vijay Kumar as an Independent Director had comes to an end on January 09 2021.
4 Mr. Parveen Kumar (DIN:08952635) Independent Director Mr. Parveen Kumar was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on November 11 2020 and subject to the approval of Shareholders Mr. Parveen Kumar shall hold office for a period up the date of next annual general meeting scheduled to be held in the calendar year 2022.
5 Mrs. Asha Bhandari (DIN:00212254) Independent Director Second term of appointment of Mrs. Asha Bhandari as an Independent Director had comes to an end on March 31 2021.
6 Mrs. Anju Khera (DIN:05322575) Independent Director Mrs. Anju Khera was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on March 30 2021 to hold office for a period of 1 (one) year w.e.f. April 01 2021 (subject to shareholders' approval).
But due to personal reasons and family commitments Mrs. Anju Khera has tendered her resignation w.e.f. June 17 2021.
7 Mr. Vimal Dev Monga (DIN:06803618) Independent Director Second term of appointment of Mr. Vimal Dev Monga as an Independent Director had comes to an end on April 22 2021.
8 Mr. Om Prakash Bhandari (DIN:00046524) Independent Director Mr. Om Prakash Bhandari was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on March 30 2021 to hold office for the period of 5 (five) year w.e.f. April 23 2021 (subject to shareholders' approval). But on April 24 2021 suddenly and unexpectedly Mr. Om Prakash Bhandari passed away.
9 Mr. Prem Kumar Vohra (DIN: 00186923) Independent Director Mr. Prem Kumar Vohra was appointed as an "Additional Director" (Non-Executive & Independent) by the Board of Directors with effect from March 14 2020 for a period of 1 (one) year and his appointment was subsequently approved by the shareholders in their meeting held on September 29 2021 to hold office w.e.f. March 14 2020 to March 13 2021.
Mr. Prem Kumar Vohra was reappointed by Board as an Independent Director w.e.f. March 30 2021 and subject to the approval of shareholders shall hold office for the period of 5 (five) years.
10 Mr. Rahul Mohnot (DIN:00488475) Independent Director Mr. Rahul Mohnot was appointed as an "Additional Director" (Non-Executive & Independent) by the Board of Directors in their meeting held on June 30 2021 and subject to the approval of shareholders Mr. Rahul Mohnot shall hold office for a period up the date of next annual general meeting scheduled to be held in the calendar year 2022.
11 Mrs. Eila Bhatia (DIN: 09274423) Independent Director The Board of Directors in their meeting held on August 13 2021 approved appointment of Mrs. Eila Bhatia as an "Additional Director" (Non-Executive & Independent) w.e.f. September 01 2021 subject to the approval of shareholders at the ensuing Annual General Meeting of the Company. If appointed she shall hold office for a period up the date of next annual general meeting scheduled to be held in the calendar year 2022.

Key Managerial Personnel (KMP):

In term of Section 2(51) and Section 203 of the Company’s Act 2013 read withCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 followingpersons are the Key Managerial Personnel (KMP) of the Company:

• Mr. Naveen Sawhney (Managing Director)

• Mr. Sanjeev Kumar (Whole Time Director)

• Mr. Sandeep Kumar* (Chief Financial Officer) and

• Ms. Garima Pant (Company Secretary)

* Manoj Kumar Gupta CFO of the company has tendered his resignation w.e.f. April24 2021 and Mr. Sandeep Kumar General Manager of the Company was designated as CFOw.e.f. April 25 2021.

Remuneration and other details of the said Key Managerial Personnel for the financialyear ended March 31 2021 are mentioned in ANNEXURE - 1 which is attached asannexure to the Board Report.

There were no other changes in Key Managerial Personnel during the year.

Declaration from Independent Director(s)

Your Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of Independence as laid down under section 149(6) of theCompanies Act 2013 read with rule 6 of the Companies (Appointment and Qualification ofDirectors) Rules 2014 and Regulation 16 of SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 and in terms of Regulation 25(8) of SEBI ListingRegulations they have confirmed that they are not aware of any circumstance or situationwhich exist or may be reasonably anticipated that could impair or impact their ability todischarge their duties with an objective independent judgement and without any externalinfluence. The Board of Directors of the Company has taken on record the declaration andconfirmation submitted by the Independent Directors after undertaking due assessment ofthe veracity of the same.

In the opinion of the Board they fulfil the conditions of independence as specified inthe Act and the Rules made thereunder and are independent of the management. There hasbeen no change in the circumstances affecting their status as Independent Directors of theCompany. The Board is of the opinion that the Independent Directors of the Company possessrequisite qualifications experience and expertise in the fields of science andtechnology industry experience strategy finance and governance IT and digitalisationhuman resources safety and sustainability etc. and that they hold the highest standardsof integrity.

The Independent directors also confirmed that they have complied with theCompany’s Code of Conduct for Independent Directors prescribed in Schedule IV to theCompanies Act 2013. The Certificate of Independence received from all the IndependentDirectors have been duly noted by the Board.

STATEMENT OF THE BOARD OF DIRECTORS WITH REGARD TO INTEGRITY EXPERTISE AND EXPERIENCEOF INDEPENDENT DIRECTORS APPOINTED DURING THE FINANCIAL YEAR 2020-21:

Mr. Parveen Kumar who was appointed as an "Additional Director"(Non-Executive & Independent Director) of the Company by the Board of Directors attheir Meeting held on November 11 2020 and subject to the approval of Shareholders atensuing Annual General Meeting who shall hold office for a period up the date of nextannual general meeting scheduled to be held in the calendar year 2022 have also possessesthe requisite integrity expertise and experience.

Mr. Prem Kumar Vohra who was appointed as an "Additional Director"(Non-Executive & Independent Director) of the Company by the Board of Directors at itsMeeting held on March 30 2021 and subject to the approval of Shareholders at ensuingAnnual General Meeting who shall hold office for a period of 5 (five) years i.e. fromMarch 30 2021 to March 29 2026 have also possesses the requisite integrity expertiseand experience

Mr. Rahul Mohnot who was appointed as an "Additional Director"(Non-Executive & Independent Director) of the Company by the Board of Directors at itsMeeting held on June 30 2021 and subject to the approval of Shareholders at ensuingAnnual General Meeting who shall hold office for a period up the date of next annualgeneral meeting scheduled to be held in the calendar year 2022 have also possesses therequisite integrity expertise and experience.

The Board of Directors of the Company at their meeting held on August 13 2021 approvedappointment of

Mrs. Eila Bhatia as an "Additional Director" (Non-Executive &Independent Director) of the Company w.e.f. September 01 2021 and subject to the approvalof Shareholders at ensuing Annual General Meeting who shall hold office for a period upthe date of next annual general meeting scheduled to be held in the calendar year 2022have also possesses the requisite integrity expertise and experience.

Apart from above

• Mr. Om Prakash Bhandari (demise on April 24 2021)

• Mrs. Anju Khera (Resigned on June 17 2021) was also appointed as an AdditionalDirector w.e.f. April 23 2021 and April 01 2021 respectively.

All the Independent Directors of your Company have successfully registered their namefor inclusion in the ‘Independent Directors Data Bank’ maintained by the IndianInstitute of Corporate Affairs Manesar.

BOARD AND ITS COMMITTEES

The Board of Directors of your Company had already constituted various Committees inCompliance with the provisions of the Companies Act 2013 and SEBI Listing Regulationsviz. Audit Committee Nomination and Remuneration Committee Stakeholders RelationshipCommittee Committee of Directors and Corporate Social Responsibility (CSR) Committee.

All decisions pertaining to the constitution of Committees appointment of members andfixing of terms of reference/ role of the committees are taken by the Board of Directors.

Details of the role and composition of these committees including the numbers ofmeetings held during the financial year and attendance at meetings are provided in theCorporate Governance Section which forms part of the Annual Report.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the year under review 6 (Six) meetings of the Board of Directors were held. Fordetails of the meetings of the Board please refer to the corporate governance reportwhich forms part of this Annual Report.

Pursuant to Ministry of Corporate Affairs (MCA) general circular no. 11/2020 datedMarch 24 2020 issued in view of COVID-19 outbreak the mandatory requirement of holdingBoard meeting within the interval of one hundred and twenty (120) days provided in Section173 of the Companies Act 2013 was relaxed and extended by a period of sixty (60) days forthe companies.

In view of the above relaxation the first Board Meeting for FY 2020-21 was conductedon June 27 2020 which was as per the revised timelines of the MCA circular.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors make the following statement in term of Section 134 of the CompaniesAct 2013 which is to the best of their knowledge and belief and according to theinformation and explanations obtained by them:

a) that in the preparation of the annual accounts for the Financial Year ended March31 2021 the applicable accounting standards have been followed along with properexplanation 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 as at March 31 2021 and of the profit ofthe company for the financial year ended on March 31 2021;

c) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

d) that the annual accounts for the financial year ended on March 31 2021 have beenprepared on a going concern basis;

e) that the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and are operatingeffectively; and

f) that the directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the internal statutory andsecretarial auditors and external consultants and the reviews performed by management andthe relevant board committees including the audit committee; the board is of the opinionthat the Company’s internal financial controls were adequate and effective during thefinancial year 2020-21.

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Nomination and Remuneration Committee ("The NRC") is responsible fordeveloping competency requirements for the Board based on the industry and strategy of theCompany. The Board composition analysis reflects in-depth understanding of the Companyincluding its strategies environment operations financial condition and compliancerequirements. The Committee is also responsible for reviewing the profiles of potentialcandidate’s vis--vis the required competencies and meeting potential candidatesprior to making recommendations of their nomination to the Board. At the time ofappointment a specific requirement for the position including expert knowledge expectedis communicated to the appointee.

During the year under review the Board has also reviewed the list of core skillsexpertise and competencies of the Board of Directors as are required in the context of thebusinesses and sectors applicable to the Company which were mapped with each of theDirectors on the Board. The same is disclosed in the Corporate Governance Report formingpart of the Annual Report

Criteria for Determining Qualifications Positive Attributes and Independence of aDirector:

The NRC has formulated the criteria for determining qualifications positive attributesand independence of Directors in terms of provisions of Section 178(3) of the Act andRegulation 19 read with Part D of Schedule II of the SEBI Listing Regulations.

Independence: In accordance with the above criteria a Director will be consideredas an ‘Independent Director’ if he/ she meets the criteria for Independence aslaid down in the Act and Rules framed thereunder as amended and Regulation 16(1)(b) ofthe SEBI Listing Regulations.

Qualifications: A transparent Board nomination process is in place that encouragesdiversity of thought experience knowledge perspective age and gender. It is alsoensured that the Board has an appropriate blend of functional and industry expertise.While recommending the appointment of a Director the NRC considers the manner in whichthe function and domain expertise of the individual will contribute to the overallskill-domain mix of the Board.

Positive Attributes: In addition to the duties as prescribed under the Act theDirectors on the Board of the Company are also expected to demonstrate high standards ofethical behaviour strong interpersonal and communication skills and soundness ofjudgement. Independent Directors are also expected to abide by the ‘Code forIndependent Directors’ as outlined in Schedule IV to the Act.

REMUNERATION POLICY

On the recommendation of the NRC the Board has adopted and framed a RemunerationPolicy for the Directors Key Managerial Personnel and other employees pursuant to theprovisions of the Act and the Listing Regulations. The remuneration determined forExecutive Directors is subject to the recommendation of the Nomination and RemunerationCommittee and approval of the Board of Directors. The Executive Directors are not paidsitting fees; the Independent Directors are entitled to sitting fees for attending theBoard Meetings.

It is affirmed that the remuneration paid to Directors Key Managerial Personnel andall other employees is in accordance with the Remuneration Policy of the Company. TheCompany’s Policy on Directors’ Appointment and Remuneration and other mattersprovided in Section 178(3) of the Act and Regulation 19 of the Listing Regulations havebeen disclosed in the Corporate Governance Report which forms part of the Annual Report.

The Remuneration Policy of your Company can be viewed at the following link:http://cordscable.com/cordscable/ Nomination_Remuneration_Policy.pdf and The Remunerationdetails of the Directors Chief Financial Officer and Company Secretary along withdetails of ratio of remuneration of each Director to the median remuneration of employeesof the Company for the FY under review are provided as ANNEXURE - 1.

PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors KMPs and employees asrequired under Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are given in ANNEXURE- 1 to this Report.

MANAGERIAL REMUNERATION

The remuneration paid to the Directors and Key Managerial Personnel of the Companyduring the Financial Year 2020-21 was in accordance with the Nomination and RemunerationPolicy of the Company. Statement containing particulars of top 10 employees and theemployees drawing remuneration in excess of limits prescribed under Section 197 (12) ofthe Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is provided in the Annexure forming part of this report.In terms of proviso to Section 136(1) of the Act the Report and Accounts are being sentto the shareholders including the aforesaid Annexure. The said Statement is also open forinspection at the Registered Office of the Company up to the date of the ensuing AnnualGeneral Meeting. Any member interested in obtaining a copy of the same may write to theCompany Secretary at csco@cordscable.com.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

The Independent Directors attend a Familiarization / Orientation Program on beinginducted into the Board. The details of Familiarization Program are provided in theCorporate Governance Report and are also available on the Company’s website athttp://cordscable.com/ cordscable/Familiarisation_Programme.pdf.

ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OFDIRECTORS:

Pursuant to the applicable provisions of the Act and SEBI Listing Regulations theBoard has carried out an annual evaluation of its own performance performance of theDirectors as well as the evaluation of the working of its Committees. The NRC has definedthe evaluation criteria procedure and time schedule for the Performance Evaluationprocess for the Board its Committees and Directors. The performance of the Board andindividual Directors was evaluated by the Board after seeking inputs from all theDirectors. The performance of the Committees was evaluated by the Board after seekinginputs from the Committee Members.

The criteria for performance evaluation of the Board included aspects such as Boardcomposition and structure effectiveness of Board processes contribution in the long-termstrategic planning etc. The criteria for performance evaluation of the Committeesincluded aspects such as structure and composition of Committees effectiveness ofCommittee Meetings etc. The above criteria are broadly based on the Guidance Note onBoard Evaluation issued by the Securities and Exchange Board of India on January 5 2017.

The Board of Directors has expressed its satisfaction with the evaluation process.

DISCLOSURES AS PER THE COMPANIES (ACCOUNTS) RULES 2014

Sr. No. Particulars Remarks
1 Change in Nature of Business if any None
2 Details of Directors / Key Managerial Personnel (KMP) who were appointed or have resigned during the Financial Year 2020-21; • Second term of appointment of Mr. Vijay Kumar as an Independent Director had comes to an end on January 09 2021;
• Mr. Parveen Kumar was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on November 11 2020 to hold office w.e.f. January 10 2021 and subject to the approval of Shareholders Mr. Parveen Kumar shall hold office for a period up the date of next annual general meeting scheduled to be held in the calendar year 2022;
• Second term of appointment of Mrs. Asha Bhandari as an Independent Director had comes to an end on March 31 2021;
• Mrs. Anju Khera was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on March 30 2021 to hold office for a period of 1 (one) year w.e.f. April 01 2021 (subject to shareholders' approval). But due to personal reasons and family commitments Mrs. Anju Khera has tendered her resignation on June 17 2021;
• Second term of appointment of Mr. Vimal Dev Monga as an Independent Director had comes to an end on April 22 2021;
• Mr. Om Prakash Bhandari was appointed as "Additional Director" (Non-Executive & Independent) by Board of Directors in their meeting held on March 30 2021 to hold office for the period of 5 (five) year w.e.f. April 23 2021(subject to shareholders' approval).
But on April 24 2021 suddenly and unexpectedly Mr. Om Prakash Bhandari passed away;
• Mr. Prem Kumar Vohra was appointed as an "Additional Director" (Non-Executive & Independent) by the Board of Directors with effect from March 14 2020 for a period of 1 (one) year and his appointment was subsequently approved by the shareholders in their meeting held on September 29 2020 to hold office w.e.f. March 14 2020 to March 13 2021. Mr. Prem Kumar Vohra was reappointed by Board as an Independent Director w.e.f. March 30 2021 and subject to the approval of shareholders shall hold office for the period of 5 (five) years;
• Mr. Rahul Mohnot was appointed as an "Additional Director" (Non-Executive & Independent) by the Board of Directors in their meeting held on June 30 2021 and subject to the approval of shareholders Mr. Rahul Mohnot shall hold office for the period up the date of next annual general meeting scheduled to be held in the calendar year 2022.
• The Board of Directors in their meeting held on August 13 2021 approved appointment of Mrs. Eila Bhatia as an "Additional Director" (Non-Executive & Independent) w.e.f. September 01 2021 and subject to the approval of shareholders Mrs. Eila Bhatia shall hold office for a period up the date of next annual general meeting scheduled to be held in the calendar year 2022.
3 Names of Companies which have become or have ceased to be Subsidiaries Joint Ventures or Associate Companies during the Financial Year 2020-21. Nil
4 Details of Deposits covered under Chapter V of the Companies Act 2013 (i) Accepted during the year: Nil
(ii) Remained unpaid or unclaimed during the year: Nil
(iii) Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so number of such cases and total amount involved:
a. At the beginning of the year : Nil
b. Maximum during the year : Nil
c. At the end of the year : Nil
(iv) Details of Deposits which are not in compliance with the requirements of Chapter V of the Companies Act 2013: None.
5 Details of Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the going concern status and the Company's operations in future. No significant and material orders have been passed by the regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.
6 Details in respect of Adequacy of Internal Financial Controls with reference to the Financial Statement. In the opinion of the Board of Directors Internal Financial Controls are adequate.

INDEPENDENT DIRECTORS’ MEETING

The Independent Directors met once during the Financial Year 2020-21 i.e. on February12 2021 pursuant to Regulation 25 of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 and Schedule IV to theCompanies Act 2013 inter-alia to discuss:

• Evaluation of performance of Non-Independent Directors and the Board ofDirectors as a whole;

• Evaluation of performance of Chairman of the Company taking into views ofExecutive and Non Executive Directors;

• Evaluation of the quality content and timelines of flow of information betweenthe Management and the Board that is necessary for the Board to effectively and reasonablyperform its duties.

The Meeting of the Independent Directors was conducted without the presence of theChairman/Managing Director Non-Executive Directors Chief Financial Officer and theCompany Secretary & Compliance Officer of the Company.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has in place adequate internal financial controls with reference to theFinancial Statements. The Audit Committee of the Board reviews the internal controlsystems including internal financial control system the adequacy of internal auditfunction and significant internal audit findings with the management Internal Auditorsand Statutory Auditors. The details in respect of internal financial control and theiradequacy are also included in the Management Discussion and Analysis which forms part ofthis report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were onarm’s length basis in the ordinary course of business and were in compliance withthe applicable provisions of the Act and the SEBI Listing Regulations.

No material related party transactions were entered into during the financial year bythe Company. Therefore the disclosure of related party transactions as required underSection 134(3)(h) of the Act in Form No. AOC-2 is not applicable to the Company and hencethe same is not provided.

Apart from the transaction mentioned above there were no materially significantrelated party transactions entered into by your Company with the Promoters Directors KeyManagerial Personnel or other designated persons which might have potential conflict withthe interest of the Company at large during the FY 2020-21.

Further the related party transactions attracting the compliance under Section 177 ofthe Companies Act 2013 and/or SEBI Listing Regulations were placed before the AuditCommittee on quarterly basis for necessary approval/review. Also a statement of allrelated party transactions entered was presented before the Audit Committee on quarterlybasis specifying the nature value and any other related terms and conditions of thetransactions.

During the period under review Related Party transactions were also disclosed to theBoard on regular basis as per IND AS -24. Details of related party transactions as per INDAS- 24 may be referred to in Note 29 (D) of the Financial Statement.

The Company has a Policy on Related Party Transactions in place which is in line withthe Act and the SEBI Listing Regulations and the same is also available on theCompany’s website at http://www.cordscable.com/ cordscable/corporate.php. None of theDirectors has any pecuniary relationship or transaction(s) vis-a-vis the company exceptremuneration and sitting fees.

DISCLOSURES OF TRANSACTIONS OF THE COMPANY WITH ANY PERSON OR ENTITY BELONGING TO THEPROMOTER / PROMOTER GROUP

Transactions with persons or entities belonging to the promoter/ promoter group whichhold(s) 10% or more shareholding in the Company as required under Schedule V Part A (2A)of the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulation 2015 have been disclosed in the accompanying FinancialStatements.

CORPORATE GOVERNANCE

The Governance Corporate Secretarial and Legal functions of the Company ensuremaintenance of good governance within the organisation. They assist the business infunctioning smoothly by being compliant at all times and providing strategic businesspartnership in the areas including legislative expertise corporate restructuringregulatory changes and governance. As required by Regulation 34 of the Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 (‘Listing Regulations’) a detailed report on Corporate Governance togetherwith the Auditors’ Certificate on its compliance forms part of the Annual Report as ANNEXURE- 2. Certificate from M/s Gupta Gulshan & Associates Company Secretariesregarding compliance with the conditions of Corporate Governance as stipulated inRegulation 34(3) and Schedule V of SEBI (Listing Obligation and Disclosure Requirements)2015 has been obtained and is annexed at the end of Corporate Governance Report. Alsodeclaration signed by the Managing Director stating that the members of the Board ofDirectors and Senior management personnel have affirmed the compliance with code ofconduct of the Board of Directors and Senior Management is forms part of this report. Thecode can be viewed at the following link: http://cordscable.com/cordscable/media/policies/Code-of-Conduct-for-Directors-Management-Team.pdf.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis and the Business Responsibility Report asrequired under the SEBI Listing Regulations form part of this Annual Report.

EXTRACT OF THE ANNUAL RETURN

In terms of Rule 12 of the Companies (Management and Administration) Rules 2014 yourCompany is not required to attach the extract of the annual return with the Board’sreport in Form No. MGT-9 as the annual return of the company shall be placed on thewebsite of the company as required under sub-section (3) of section 92 of the CompaniesAct 2013. Accordingly the annual return of the Company may be accessed at web-linkhttps://www.cordscable.com/cordscable/cordscable industries.php.

DEPOSITS FROM PUBLIC

Your Company has neither accepted nor renewed any deposits during FY 2020-21 in termsof Chapter V of the Companies Act 2013 and as such no amount on account of principal orinterest on deposits from public was outstanding as on the date of the balance sheet.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting the financial position ofthe Company which have occurred between the end of the financial year of the Company towhich the financial statements relate and the date of the report.

IMPACT OF COVID 19

The year started amidst a strict nationwide lockdown in India with tough restrictionson economic activity and mobility. The company initiated temporary suspension of entiremanufacturing operations of the company on March 22 2020 in view of situation arisingout of the outbreak of COVID-19 pandemic & in line with various government & localauthorities’ guidelines. Our manufacturing operations at Chopanki & Kaharaniboth situated in Rajasthan were partially re-commenced on 25th & 28th April 2020respectively after obtaining requisite consent(s) from concerned government/authoritiesas applicable. We are currently operating at around 55% production capacity.

Due to outbreak of COVID-19 globally and in India the Company’s management hasmade initial assessment of likely adverse impact on business and financial risks andbelieves that the impact is likely to be short term in nature. The management does not seeany medium to long term risks in the Company’s ability to continue as a going concernand meeting its liabilities as and when they fall due and compliance with the debtcovenants as applicable.

ORGANISATIONAL RESILIENCE & COMBATING COVID-19

In these difficult times of the Covid-19 pandemic resilience for an organisation isparamount. During the year the Company focussed on achieving its business goalshand-in-hand with improving cash from operations and cutting costs. Necessary efforts weremade towards business continuity and resilience.

The Company continued extending its support to the workers and employees. The officebased employees sustained the practice of remote working/working from home with the helpof adequate digital and other assistance and those working from plants and other locationsensured undertaking utmost care and precaution at all times.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 of COMPANIES ACT2013.

During the financial year ended on March 31 2021 Company has not given any loaninvestments and guarantees made/given by the Company pursuant to provisions of Section 186of Companies Act 2013.

RISK MANAGEMENT POLICY

Your Company has a well defined risk management framework in place to ensureappropriate identification measurement mitigation and monitoring of business risks andchallenges across the Company. The Company's success as an organisation largely depends onits ability to identify opportunities and leverage them while mitigating the risks thatarise while conducting its business. Further in the opinion of board; any element whichmay threaten the existence of your company does not exist as on date of report and do notconsider that such element may arise in future.

WHISTLEBLOWER POLICY / VIGIL MECHANISM

The Company has established a vigil mechanism by adopting a Whistle Blower Policy forstakeholders including directors and employees of the Company and their representativebodies to report genuine concerns in the prescribed manner to freely communicate theirconcerns / grievances about illegal or unethical practices in the Company actual orsuspected fraud or violation of the Company's Code or Policies. The vigil mechanism isoverseen by the Audit Committee and provides adequate safeguards against victimisation ofstakeholders who use such mechanism. It provides a mechanism for stakeholders to approachthe Chairman of Audit Committee or Chairman of the Company. During the year no person wasdenied access to the Chairman of the Audit Committee or to the Chairman of the Company orto the Corporate Governance Cell. The Whistle Blower Policy of the Company is available atweb link http:// www.cordscable.com/cordscable/corporate.php.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company's guiding principle for CSR is to build its relationship with stakeholdersand the community at large and contribute to their long term social good and welfare. TheCompany in every financial year in line with the Companies Act 2013 pledges to spendminimum 2% of the average net profits made during the three immediately precedingfinancial years towards CSR initiatives. In terms of section 135 and Schedule VII of theCompanies Act 2013 read with Companies (Corporate Social Responsibility Policy) Rules2014 the Board of Directors of your Company have constituted a Corporate SocialResponsibility Committee for details of the committee constitution of the CSR pleaserefer to the corporate governance report which forms part of this Annual Report.

The Company has revised the CSR Policy and the terms of reference pursuant to theCompanies (Corporate Social Responsibility) Amendment Rules 2021. The revised CSR Policyis available on the website of the Company at http://cordscable.com/cordscable/CSR_Policy.pdf The Company's commitment to CSR will bemanifested by investing resources in any of the areas stipulated in Schedule VII to theCompanies Act 2013 as amended from time to time. The Company gives preference to thelocal area and area around it where it operates for spending the amounts earmarked for CSRactivities. During the year the Company has spent Rs. 53.76 lakh as against the statutoryrequirement of CSR expenditure of Rs. 53.76 lakh. The Annual Report on CSR activities isprovided as ANNEXURE - 3 and forms an integral part of this Annual Report.

INSIDER TRADING CODE

The Company has adopted an ‘Internal Code of Conduct for Regulating Monitoringand Reporting of Trades by Designated Persons’ ("the Code") in accordancewith the SEBI (Prohibition of Insider Trading) Regulations 2015 (The PIT Regulations).The Code is applicable to Promoters Member of Promoter’s Group all Directors andsuch Designated Employees who are expected to have access to unpublished price sensitiveinformation relating to the Company. The Company Secretary is the Compliance Officer formonitoring adherence to the said PIT Regulations.

The Company has also formulated 'The Code of Practices and Procedures for FairDisclosure of Unpublished Price Sensitive Information (UPSI)' in compliance with the PITRegulations. This Code is displayed on the Company's website viz. http://cordscable.com.

All Board Directors and the designated persons have confirmed compliance with the Code.

DISCLOSURE FOR PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has adopted aPolicy on Prevention Prohibition and Redressal of Sexual Harassment at workplace in linewith the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the rules made thereunder. The Policy aims toprovide protection to employees at workplace and prevent and redress complaints of sexualharassment and for matters connected or incidental thereto with the objective ofproviding a safe working environment where employees feel secure.

The company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013. An Internal Complaints Committee has been set up to redresscomplaints received regarding sexual harassment as per applicable provisions.

No complaints were pending at the beginning of the year. Further the Company did notreceive any complaints of sexual harassment during the year and accordingly no complaintswere pending as at the end of the financial year.

AUDIT COMMITTEE

Pursuant to the provisions of Section 177 of the Companies Act 2013 read with Rule 6of the Companies (Meetings of the Board and its Powers) Rules 2014 and Regulation 18 ofSEBI (Listing Obligations and Disclosures Requirements) Regulations 2015 the detailspertaining to composition of audit committee are included in the Corporate GovernanceReport which forms part of this Annual Report. Board of your Company has accepted allrecommendations of the Audit Committee.

AUDITORS AND AUDITOR’S REPORT Statutory Auditors

The Members at their 25th Annual General Meeting (AGM) held on September 302016 had appointed M/s Alok Misra & Co. Chartered Accountants (FRN 018734N) as theStatutory Auditor of the company to hold the office for a term of five years i.e. fromthe conclusion of 25th Annual General Meeting until the conclusion of 30thAnnual General Meeting at the remuneration of ` 6 Lacs p.a. plus Taxes as applicable.

As the tenure of statutory auditor stands comes to an end Hence on the recommendationof Audit Committee Board recommends the appointment of M/s Alok Misra & Co. CharteredAccountants (FRN 018734N) as the Statutory Auditor of the company to hold office forsecond term of five year i.e. from the conclusion of 30th Annual GeneralMeeting until the conclusion of 35th Annual General Meeting at the remunerationof ` 7 Lacs p.a. plus Taxes as applicable.

Therefore the resolution relating to appointment of Auditor’s is included in theNotice of the ensuing Annual General Meeting.

The Statutory Auditors "M/s Alok Misra & Co. Chartered Accountants"have submitted a certificate confirming their eligibility under Section 139 of the Act andmeet the criteria for appointment specified in Section 141 of the Act.

Further the company has also received declaration from the Auditors that they are notdisqualified for such appointment/ reappointment under the said act.

Statutory Auditors’ Report

The Auditors Report to the members on the Financial Statement of the company for thefinancial year ended on March 31 2021 does not contain any qualifications reservationsor adverse remarks. The observations of statutory Auditors in their report read withrelevant Notes to Accounts are self explanatory and and therefore do not require furthercomments.

REPORTING OF FRAUDS

There have been no instances of fraud reported by the Statutory Auditors under Section143(12) of the Act and Rules framed there under either to the Company or to the CentralGovernment.

COST AUDITORS

In terms of the provisions of Section 148 of the Act read with the Companies (CostRecords and Audit) Rules 2014 as amended from time to time the Board of Directors intheir meeting held on June 30 2021 (based on the recommendation of the Audit Committee)has appointed M/s S. Chander & Associates Cost Accountants (Firm Regn. No. 100105)as Cost Auditor of the Company for conducting the Cost Audit for the financial year2021-22 at a remuneration of ` 1.07 Lacs p.a. plus taxes as applicable and out of pocketexpenses incurred in connection with the aforesaid audit. Since the remuneration payableto the Cost Auditor is required to be ratified by the shareholders the Board recommendsthe same for approval by members at ensuing AGM. A Certificate from M/s S. Chander &Associates Cost Accountants (Firm Regn. No. 100105) has been received to the effect thattheir appointment as Cost Auditor of the Company if made would be in accordance with thelimits specified under Section 141 of the Act and Rules framed thereunder.

The Company has made and maintained cost accounts and records as specified by theCentral Government under sub-section (1) of Section 148 of the Companies Act 2013 and theCompanies (Cost Records and Audit) Rules 2014 for the Financial Year 2020-21 and filledcost audit report for the previous financial year 2019-20 with the Ministry of CorporateAffairs on December 30 2020.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act 2013 read withCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 M /s GuptaGulshan & Associates Company Secretaries who have provided their consent andconfirmed their eligibility to act as the "Secretarial Auditors" of the Companyto conduct the Secretarial Audit for the Financial Year 2021-22 at a remuneration of `1.50 Lacs p.a. plus taxes as applicable and out of pocket expenses incurred in connectionwith the aforesaid audit.

Secretarial Audit Report

Pursuant to Section 204 of the Companies Act 2013 and Rules there under aSecretarial Audit Report for the FY 2020-21 in Form MR 3 given by M/s. Gupta Gulshan &Associates Company Secretary in practice is attached as ANNEXURE - 4 with thisreport. There has been no qualification reservation adverse remark or disclaimer givenby the Secretarial Auditors in their Report.

Annual Secretarial Compliance Report

SEBI vide its circular no CIR/CFD/CMD1/27/2019 dated February 08 2019 directs alllisted entities and their material subsidiaries to submit annual secretarial compliancereport within 60 days from the end of the financial year. Compliance Report for the F. Y.March 31 2021 prepared by M/s. Gupta Gulshan & Associates Company Secretary inpractice is attached as ANNEXURE – 4A with this report.

HUMAN RESOURCES

The Company takes pride in the commitment competence and dedication different aspectsof Human Resource Management such as recruitment promotion compensation trainingselections etc. The Company ensures equal just fair and unbiased approach in hiringpromoting and developing an employee.

Your Directors would also like to place on records their appreciation of the commitmentand efficient services rendered by all employees of the company without whose wholehearted efforts the overall satisfactory performance of the company would not have beenpossible.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors have devised proper systems and processes for complying with therequirements of applicable Secretarial Standards issued by the Institute of CompanySecretaries of India and that such systems were adequate and operating effectively.

ELECTRONIC FILLING

The Company is also periodically uploading Annual Reports Financial Results andShareholding Pattern etc. on its website viz. www.cordscable.com within the prescribedtime limit.

MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER CERTIFICATION

Chief Financial Officer has given a certificate to the Board as contemplated underRegulation 17(8) of SEBI (Listing Obligation and Disclosure Requirements) 2015 providedin a separate section as ANNEXURE - 5 and forms part of this Report.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION

The particulars relating to conservation of energy technology absorption foreignexchange earnings and outgo as required to be disclosed under section 134 (3) (m) of theCompanies Act 2013 read with Companies (Accounts) Rules 2014 are provided as ANNEXURE- 6 and form an integral part of this Annual Report.

FOREIGN EXCHANGE EARNING AND OUTGO

(a) Activities relating to export initiatives taken to increase exports development of new export markets for products and export plans During the year under review the Company's products were exported mainly to Middle-East countries. Company participated in Exhibitions Technical Seminars & Conferences in foreign countries for promotion of its products. Efforts continue to enlarge the geographical reach on export market in order to maximize foreign exchange inflow and every effort made to minimize the foreign exchange outflow.
(b) Total Foreign Exchange used & earned:
Earnings ` 1272.84 Lacs
Outgo ` 1.15 Lacs

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to Section 125 and other applicable provisions of the Companies Act 2013read with the Investor Education and Protection Fund Authority (Accounting AuditTransfer and Refund) Rules 2016 ("IEPF Rules") all the unpaid or unclaimeddividends are required to be transferred to the IEPF established by the CentralGovernment upon completion of 7 (seven) years. Further according to the IEPF Rules theshares in respect of which dividend has not been paid or claimed by the Shareholders for 7(seven) consecutive years or more are also required to be transferred to the demat accountcreated by the IEPF Authority.

Your Company does not have any unpaid or unclaimed dividend or shares relating theretowhich is required to be transferred to the IEPF till the date of this Report.

STATUTORY DISCLOSURES

Your Directors state that there being no transactions with respect to following itemsduring FY under review no disclosure or reporting is required in respect of the same:

1. Deposits from the public falling within the ambit of Section 73 of the CompaniesAct 2013 and the Companies (Acceptance of Deposits) Rules 2014.

2. Issue of equity shares with differential rights as to dividend voting or otherwise.

3. Issue of shares (including sweat equity shares) to employees of your Company underany scheme save and except ESOS referred to in this Report.

4. Neither the Managing Director nor the Whole-time Director of your Company receivesany remuneration or commission from any of its subsidiaries as there was no suchsubsidiary company during the period under review.

5. No significant or material orders were passed by the Regulators or Courts orTribunals which impact the going concern status and Company’s operations in future.

6. Buy back of shares.

7. Particular about valuation in case of one-time settlement : During the financialyear under review the Company has not entered into one time settlement with banks orfinancial institution in respect of loans availed by the Company. Therefore the reasonsand other disclosures regarding difference between the amount of the valuation done at thetime of one time settlement and the valuation done while taking loan from the bank orfinancial institution is not applicable.

8. Detail of application under Insolvency and Bankruptcy Code 2016 : During the periodunder review no application was filed against the Company under Insolvency and BankruptcyCode 2016 for default in payment of debt. As no application was filed or pending duringthe financial year under review therefore no disclosure applicable in this regard.

GREEN INITIATIVE IN THE CORPORATE GOVERNANCE

In view of the Green Initiative in Corporate Governance introduce by the Ministry ofCorporate Affairs vide its circular no. 17/2011 dated 21.04.2011 your company started asustainability initiative with the aim of going green and minimizing its impact on theenvironment.

Your Company sincerely appreciates shareholders who have contributed towardsfurtherance of Green Initiative. We further appeal to other shareholders to contributetowards furtherance of Green Initiative by opting for electronic communication.

Electronic copies of the Annual Report 2020-21 and Notice of the 30th AnnualGeneral Meeting are sent to all members whose email addresses are registered with thecompany/Depository participants. For members who have not registered their emailaddresses physical copies of Annual Reports 2020-21 and Notice of the 30th AnnualGeneral Meeting are sent in the permitted mode. Members requiring physical copies can senda request to Company Secretary.

The Company is providing e-voting facility to all members to enable them to cast theirvotes electronically on all resolutions set forth in the notice. This is pursuant tosection 108 of Companies Act 2013 and Companies (Management and Administration) Rules2014. The instructions for e-voting are provided in the Notice. The Company is alsoperiodically uploading Annual Reports Financial Results and Shareholding Pattern etc. onits website viz. www.cordscable.com within the prescribed time limit.

APPRECIATION

The Directors hereby acknowledge the dedication loyalty hard work solidarity andcommitment rendered by the employees of the Company during the year. They would also liketo place on record their appreciation for the continued co-operation and support receivedby the Company during the year from bankers financial institutions governmentauthorities business partners shareholders customers and other stakeholders withoutwhom the overall satisfactory performance would not have been possible.

The Directors deeply regret the losses suffered due to the Covid-19 pandemic and placeon record their sincere appreciation to all the front-line workers and those who have gonebeyond their duties in battling against the pandemic.

ON BEHALF OF THE BOARD OF DIRECTORS
Naveen Sawhney Sanjeev Kumar
Managing Director Whole Time Director
DIN : 00893704 DIN : 07178759
New Delhi
August 24 2021

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