Your Directors are pleased to present the 11th Annual Report on thebusiness and operations of the Company and the financial results for the year ended 31stMarch 2020.
1. FINANCIAL PERFORMANCE (Amount in )
|PARTICULARS ||2019-20 ||2018-19 |
|Revenue from operations ||204402928.03 ||225875719.45 |
|Other Income ||5751602.00 ||4238906.00 |
|Total Expenditure ||182425293.96 ||183519163.73 |
|Finance Cost ||856931.04 ||1263745.89 |
|Depreciation ||5265657.75 ||6230744.73 |
|Profit before taxation ||21606647.28 ||39100971.11 |
|Tax Expenses ||5084722.65 ||10452041.14 |
|Net Profit ||16521924.63 ||28648929.96 |
During the year under the review Revenue from operations of the Company stood at Rs.20.44 Crs. as against the revenue from operations of Rs. 22.58 Crs in the previous year.Net profit for the period stood at Rs. 1.65 Crs as against Rs. 2.86 Crs.in the previousyear.
? Consultancy services for preparation of comprehensive water supply and seweragemaster plan for 2 Urban Sectors (South B and East A)of Nagpur Metropolitan region.
? Design and project management Consultancy services for capacity enhancement of Ravetpumping station and Nigadi Water Treatment Plant (WTP) by 100 MLD.
? Additional work under AMRUT of Project Management Consultancy for implementation andoperation and maintenance of Continuous (24x7) Pressurized Water Supply system in 60% Areaof Pimpri-Chinchwad Municipal Corporation.
? Project Management Consultancy for implementation of Continuous (24x7) PressurizedWater Supply system in 60% Area of Pimpri-Chinchwad Municipal Corporation O&M Phase.
? Energy Audit for pumping machineries equipments instruments and electrical system insewage Treatment Plant and sewage pump House in PCMC area.
? consultancy Services for PPP Design and transaction support for interception anddiversion works (I&D) and Sewage treatment Plant in Budhana and Muzaffarnagar in UttarPradesh.
? consultancy Services for PPP Design and transaction support for interception anddiversion works (I&D) and Sewage treatment Plant in Asansol Burwan and DurgapurMunicipalities in West Bengal.
? Design consultancy Services for Khatumba to Samalasar brine Pipeline replacement-Tata Chemical Limited Project.
? Technical and Engineering Consultancy Services for utilities i.e Water SewerageCompressed air cooling Process water system Fire fighting Fuel Oil System and PowerPlant of CG Cement at Sardeba Palpa Nepal.
? Consultancy Services Review and recommendations on utilities drawings of Mangrol L3and reviews and recommendation on drawings of Nimbahera at JK Cement project.
? Project Management consultancy For Implementation of Continuous (24x7) PressurizedWater Supply system in 60% Area of Pimpri-Chinchwad Municipal Corporation.
? Project Management Services for Sourcing of Water from Andra Dam and Bhama Askhed Damfor Pimpri-Chinchwad City
? Project Management Consultancy Services for ABD Area Water Supply and SewerageNetwork System Improvement Work Indore Smart City.
? Project Management Consultancy Services for Water Supply and Sewerage ImprovementWorks including SCADA for Indore Municipal Corporation under AMRUT Yojana Indore PMC.
? Implementation of 24X7 Water Supply Project for un-interrupted Water Supply andReduction of Non-Revenue Water / Unaccounted-for Water with Improvement in Level ofServices to the Consumers for Nagpur City through PPP.
? Project Management & Construction Supervision for Augmentation to Nagpur CityWater Supply Pench-IV Scheme for Nagpur Municipal Corporation A Project Sanctioned underJawaharlal Nehru National Urban Renewal Mission.
? Improvement and Revamping the existing Water Supply System including Water AuditConsumers Survey GIS Mapping Measures to Reduce Non Revenue Water / Unaccounted-forWater Achievement of Service Level Benchmark and Upgrading the System for Continuous(24X7) Water Supply to the command area of Ahmedabad Municipal Corporation
? Preparation of Detailed Project Report (Pre-Feasibility Report and TransactionalAdvisory Services) for Funding and O&M of 40 Electric Buses for Nagpur City under DHIFAME Scheme Phase II for Urban Transport System of Nagpur Municipal Corporation TransportDepartment.
2. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS
The Shareholders at their meeting held on 20th April 2020 has approved related partytransaction under section 188 of the Companies Act 2013 and Regulation 23 OF SEBI (LODR)Regulations 2015 of transfer of immovable property of Mr. Dinesh Rathi Managing Directorto the Company M/s. DRA Consultants Limited for a consideration of Rs. 6.50 Crs.
3. CHANGE IN THE NATURE OF BUSINESS IF ANY
The company has not changed the nature of business during the financial year underreview.
With a view to conserve the resources of the Company Your Directors do not propose torecommend any dividend. These retained earnings can be utilized in future for financingexpansion programmes and for meeting the fixed or working capital needs of the Company.
5. TRANSFER TO RESERVES
Your Company proposes to transfer Rs. 16521924.63/-to the General Reserve.
A. BOARD MEETINGS
During the year ten Board Meetings were held the details are as mentioned below:
|SR. NO. ||DATE OF MEETING ||TOTAL NO OF DIRECTORS AS ON MEETING ||ATTENDANCE |
|1. ||12.04.2019 ||6 ||5 |
|2. ||24.05.2019 ||6 ||6 |
|3. ||30.05.2019 ||6 ||6 |
|4. ||28.07.2019 ||6 ||5 |
|5. ||19.08.2019 ||6 ||4 |
|6. ||17.09.2019 ||6 ||4 |
|7. ||14.11.2019 ||6 ||4 |
|8. ||06.01.2020 ||6 ||5 |
|9. ||18.02.2020 ||6 ||4 |
|10. ||03.03.2020 ||6 ||5 |
B. COMMITTEE MEETINGS:
? AUDIT COMMITTEE MEETINGS
During the year Three Audit Committee Meetings were held the details are given asunder:
|Sr. No. ||Date of meeting ||Total no of directors as on meeting ||Attendance |
|1 ||30.05.2019 ||3 ||3 |
|2 ||14.11.2019 ||3 ||3 |
|3 ||06.01.2020 ||3 ||3 |
7. COMPOSITION OF COMMITTEES
The composition terms of reference and other details of all Board level committeeshave been elaborated below:
A. AUDIT COMMITTEE
BRIEF DESCRIPTION AND TERMS OF REFERENCE
The role and terms of reference of the Audit Committee have been updated to be in linewith Section 177 of the Companies Act 2013 besides other terms as may be referred by theBoard of Directors. The said Committee reviews reports of the Statutory Auditors andInternal Auditors periodically to discuss their findings and suggestions internal controlsystem scope of audit observations of the auditors and other related matters and reviewsmajor Accounting policies followed by the Company.
COMPOSITION AND MEETING:
Composition of Audit Committee as on 31stMarch 2020:
|Name of the Director ||Status in Committee ||Nature of Directorship ||Number of Meetings held during the Financial Year 2019-20 |
| || || ||Held ||Attended |
|Mr. Jeetendra Nayak ||Chairman ||Independent Director ||3 ||3 |
|Mr. Dinesh Rathi ||Member ||Chairman and Managing Director ||3 ||3 |
|Mr. Manavendra Jaypal ||Member ||Independent Director ||3 ||3 |
B. NOMINATION AND REMUNERATION COMMITTEE
BRIEF DESCRIPTION AND TERMS OF REFERENCE
The objective of Nomination and Remuneration Committee is to assess the remunerationpayable to the Managing Director/Whole Time Directors; sitting fee payable to theNon-Executive Directors; remuneration policy covering policies on remuneration payable tothe senior executives.
Composition of Nomination and Remuneration Committee as on 31stMarch 2020
|Name of the Director ||Status in Committee ||Nature of Directorship |
|Mr. Jeetendra Nayak ||Chairman ||Independent Director |
|Mr. Manvendra Jaypal ||Member ||Independent Director |
|Mr. Aditya Rathi ||Member ||Non- Executive Director |
During the year on 03rd March 2020 Nominationand RemunerationCommittee Meeting was held.
C. NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework in relation toremuneration of Directors Key Managerial Personnel and Senior Management of the Company.The policy also lays down criteria for selection and appointment of Board Members. Thedetails of this policy are given below:-
Criteria and Qualification for Nomination & Appointment
The Committee shall identify and ascertain the integrity qualification expertise andexperience of the person for appointment as Director KMP or at Senior Management leveland recommend to the Board his/her appointment.
A person should possess adequate qualification expertise and experience for theposition he/she is considered for appointment. The Committee has discretion to decidewhether qualification expertise and experience possessed by a person is sufficient/satisfactory for the concerned position.
The Company shall not appoint or continue the employment of any person as Whole time
Director who has attained the age of seventy years. Provided that the term of theperson holding this position may be extended beyond the age of seventy years with theapproval of shareholders by passing a special resolution based on the explanatorystatement annexed to the notice for such motion indicating the justification for extensionof appointment beyond seventy years.
Policy on Remuneration
The Company's Remuneration policy considers human resources as its invaluable assetsThe
Remuneration policy for all the employees are designed in a way to attract talentedexecutives and remunerate them fairly and responsibly this being a continuous ongoingexercise at each level in the organization.
The Remuneration of Directors should be in accordance with the provisions of theCompanies Act 2013 read with Schedule-V of the companies Act 2013 as amended from timeto time.
To ensure that the level and components of remuneration is reasonable and sufficient toattract retain and motivate Directors KMP and other employees of the quality required torun the Company successfully.
No director/KMP/other employee are involved in deciding his or her own remuneration.The trend prevalent in the similar industry nature and size of business are kept in viewand given due weight age to arrive at a competitive quantum of remuneration.
It is to be ensured that relationship of remuneration to the performance is clear &meets appropriate performance bench marks which are unambiguously laid down andcommunicated.
Improved performance should be rewarded by increase in remuneration and suitableauthority for value addition in future.
Provisions of all applicable laws with regard to making payment of remuneration to theBoard of
Directors KMP and Senior Management as maybe applicable from time to time shall becomplied.
Whenever there is any deviation from the Policy the justification/reasons should alsobe indicated/ disclosed adequately.
Managing Director and Executive Directors
The Company remunerates its Managing Director and Executive Director's by way ofsalary perquisites and allowances. Remuneration is paid within the limits recommended bythe Nomination & Remuneration Committee and the Board and as approved by theshareholders within the stipulated limits of the Companies Act 2013 and the Rules madethereunder. The remuneration paid to the Managing Director and the Executive Director's isdetermined keeping in view the industry benchmark and the relative performance of theCompany to the industry performance.
Non-executive Directors are presently not paid any remuneration. Your Company has notpaid any sitting fees for attending the meeting of the Board and its Committees as per theprovisions of the Companies Act 2013 and the rules made thereunder. The Company howeverreimburses the expenses incurred by the Non Executive Directors to attend the meetings.
Key Managerial Personnel and other senior employees
The remuneration of KMP and other employees largely consists of basic salaryperquisites and allowances. Perquisites and retirement benefits are paid according to theCompany policy. The components of the total remuneration vary for different grades and aregoverned by the industry pattern qualification & experience/merits performance ofeach employee. The Company while deciding the remuneration package takes intoconsideration current employment scenario and remuneration package of the industry and itspeer group.
D. STAKEHOLDER'S RELATIONSHIPCOMMITTEE
BRIEF DESCRIPTION AND TERMS OF REFERENCE
The Board has delegated the powers to a committee to approve transfer/transmission ofshares considering and resolving the grievances to oversee the performance of theRegistrar & Share Transfer Agent Oversee the implementation and compliance of theCode of Conduct adopted by the Company for prevention of Insider Trading and to attend allother matters related thereto:
Composition of Stakeholder's Relationship Committee as on 31st March 2020:
|Name of the Director || |
Status in Committee
|Nature of Directorship |
|Mr. Jeetendra Nayak || |
|Independent Director |
|Name of the Director ||Status in Committee ||Nature of Directorship |
|Mr. Manavendra Jaypal ||Member ||Independent Director |
|Ms. Aditya Rathi ||Member ||Non- Executive Director |
E. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
The company has not crossed the threshold limit as prescribed under section 135 of theCompanies Act 2013 hence has not been constituted the Corporate Social ResponsibilityCommittee for the year.
8. DIRECTORS AND KEY MANAGERIAL PERSONS:
A. COMPOSITION OF THE BOARD:
|Sr. No. Name of the Director ||Designation ||Appointment ||Resignation |
|1. Mr. Dinesh Chhaganlal Rathi ||Managing Director ||05.05.2009 || |
|2. Mrs. Uma Dinesh Rathi ||Executive Director ||05.05.2009 || |
|3. Ms. Siddhi Dinesh Rathi ||Executive Director ||25.08.2016 || |
|4. Mr. Jeetendra Chandrakant Nayak ||Independent Director ||25.06.2016 || |
|5. Mr. Manavendra Jaypal ||Independent Director ||16.08.2018 || |
|6. Mr. Aditya Dinesh Rathi ||Non Executive Director ||12.12.2017 || |
-Retirement by Rotation
Pursuant to provisions of the Companies Act 2013 Mr. Aditya Dinesh Rathi (DIN:08012021) Director will retire at the ensuing Annual General Meeting and being eligibleoffers himself for reappointment. The Board recommends his re-appointment.
B. COMPOSITION OF KEY MANAGERIAL PERSONNEL
The details of the Key Managerial personnel of the Company are as tabled below:
|Sr. No. Key Managerial personnel ||Designation ||Appointment ||Resignation |
|1 Ms. Ankita N Daga ||Company Secretary ||04.07.2016 || |
|2 Mr. Ravindra Ashok Gaikwad ||Chief Financial Officer ||05.03.2020 || |
|3 Ms. Satya Iyer ||Chief Financial Officer ||16.10.2018 ||20.02.2020 |
9. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS
The Company has received declarations from all the Independent Directors of the Companyas per the provisions of Section 149 subsection (7) of the Companies Act 2013 confirmingthat they meet the criteria of independence as prescribed both under Section 149sub-section (6) of the Companies Act 2013 read with the Rule 4 of Companies (Appointmentand Qualification of Directors) Rule 2014 and the SEBI (Listing Obligations andDisclosures Requirement) Regulations 2015.
10. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of the business. There are nomaterially significant related party transactions made by the company with Promoters KeyManagerial Personnel or other designated persons which may have potential conflict withinterest of the company at large. Further enclosing Form AOC-2 in "ANNEXURE I"
11. CHANGES IN SHARE CAPITAL
There was no Change in the Share Capital structure of the Company. The Share Capitalstructure at March 31 2020 stood as mentioned below:
|PARTICULARS ||NO. OF SHARES ||SHARE CAPITAL (IN RS.) |
|Authorised Share Capital ||12000000 ||Rs. 120000000.00/- |
|Paid up Share Capital ||11970000 ||Rs. 119700000.00/- |
12. VIGIL MECHANISM
In order to ensure that the activities of the Company and its employees are conductedin a fair and transparent manner by adoption of highest standards of professionalismhonesty integrity and ethical behavior the Company has adopted a Vigil mechanism/WhistleBlower Policy.
The Vigil (Whistle Blower) Mechanism aims to provide a channel to the Directors andemployees to report genuine concerns about unethical behavior actual or suspected fraudor violation of the Code of Conduct policy.
The Company is committed to adhere to the highest standards of ethical moral and legalconduct of business operations and in order to maintain these standards the Companyencourages its employees who have genuine concerns about suspected misconduct to comeforward and express these concerns without fear of punishment or unfair treatment.
The mechanism provides for adequate safe-guards against victimization of Directors andemployees to avail of the mechanism and also provide for direct access to the Chairman ofthe Audit Committee in exceptional cases. This neither releases employees from their dutyof confidentiality in the course of their work nor can it be used as a route for raisingmalicious or unfounded allegations about a personal situation.
13. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (5) of the Companies Act 2013 the Directors confirm that: a)in the preparation of the annual accounts for the year ended 31st March 2020the applicable accounting standards had been followed along with proper explanationrelating to material departures;
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 at the end of the financial year 31stMarch 2020 and of the loss of the company for that period.
c) the Directors have 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 have prepared the annual accounts for the period ended 31stMarch 2020 on a going concern basis.
e) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
14. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES
Your Company has no subsidiaries joint ventures and associate companies during theyear.
15. EXTRACT OF ANNUAL RETURN
As required pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in FormMGT-9 as a part of this Annual Report is in "ANNEXURE II".
16. PARTICULARS OF EMPLOYEES
The details pursuant to Section 197 (12) of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 isenclosed as
Further during the year under review none of the employees were entitled to receiveremuneration exceeding the prescribed limit set under Rule 5 (2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.
17. REGISTRAR AND TRANSFER AGENT
The Board had appointed M/s. Bigshare Services Private Limited as Registrar andTransfer Agent (RTA) at their meeting held on 25th August 2016. The Company'sRegistrar & Share Transfer Agents M/s. Bigshare Services Private Limited is fullyequipped to carry out the transfers of shares and redress Investor complaints.
A. STATUTORY AUDITORS:
M/s Amit Gharlute & Co. Chartered Accountants Nagpur were appointed as StatutoryAuditors of your Company in the Annual General Meeting (AGM) held on 02nd July2016 for a term of 5 (Five) consecutive years to hold office till the conclusion of the 12thAnnual General Meeting of the Company to be held in the Calendar year 2021 subject to theratification of their appointment at every AGM. As per the provisions of Section 139 ofthe Companies Act 2013 the appointment of Auditors is required to be ratified by Membersat every AGM.
The Report given by the Auditors on the financial statements of the Company is part ofthe Annual Report. There is no qualification reservation adverse remark or disclaimergiven by the Auditors in their Report. However the Report is self-explanatory and doesnot require any comments or clarification.
B. SECRETARIAL AUDITOR
The Board has appointed M/s. Kunal Dutt & Associates Practicing CompanySecretaries to conduct Secretarial Audit of the Company for the financial year ended 31stMarch 2020 in compliance with the provisions of Section 204 of the Companies Act2013.
The report of the Secretarial Audit Report in Form MR-3 is enclosed as "ANNEXUREIV" to this Report.
C. INTERNAL AUDITOR
In accordance with the provisions of Section 138 of the Act and rules made thereunderthe Board of Directors of the Company has appointed M/s K N D & Associates CharteredAccountant as an Internal Auditor to conduct the Internal Audit of the Company.
The Board has re-appointed M/s K N D & Associates Chartered Accountant (FRN:112180W) as Internal Auditor to conduct the Internal audit of your Company for thefinancial year 2020-21.
19. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO
Particulars of Energy Conservation Technology Absorption and Foreign Exchange Earningsand Outgo required under the Rule 8 of the Companies (Accounts) Rules 2014 is annexed andmarked "ANNEXURE V" and forms part of this Report.
20. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:
The Company has effective internal financial controls' that ensure an orderly andefficient conduct of its business including adherence to Company's policies safeguardingof its assets prevention and detection of frauds and errors accuracy and completeness ofthe accounting records and timely preparation of reliable financial information.
21. THE DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
No significant or material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and company's operations in future during the yearunder review.
22. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY
There were no material changes and commitments in the business operations of theCompany from the Financial Year ended 31st March 2020 to the date of signingof the Director's Report.
23. PARTICULARS OF LOANS GIVEN INVESTMENT MADE GUARANTEES GIVEN AND SECURITIESPROVIDED:
Your Company has not given any loan or guarantee to any person or body corporate norinvested in anybody corporate during the Financial Year under review pursuant to Section186 of Companies Act 2013.
24. RISK MANAGEMENT
The Board has formally adopted steps for framing implementing and monitoring the riskmanagement plan for the Company by way of Risk Management Policy. The Board is veryvigilant in working and also have proper internal control systems to minimize theoperational and business risk. Company also encourages Whistle Blower system in thecompany.
25. FORMAL ANNUAL EVALUATION
Your Company has devised a Policy for selection of Directors determining independenceof Directors and for performance evaluation of Independent Directors Board Committeesand other individual Directors which include criteria for performance evaluation of thenon-executive directors and executive directors.
26. DECLARATION WITH THE COMPLIANCE WITH THE CODE OF CONDUCT BY MEMBERS OF THE BOARDAND SENIOR MANAGEMENT PERSONNEL
The Company has complied with the requirements about code of conduct for Board membersand Sr. Management Personnel.
27. MECHANISM FOR BOARD EVALUATION
SEBI (LODR) Regulations 2015 states that the board shall monitor and review the boardevaluation framework. The Companies Act 2013 states that a formal annual evaluation needsto be made by the Board of its own performance and that of its committees and individualdirectors. The Schedule IV of the Companies act 2013 states that the performanceevaluation of the independent directors shall be done by the entire Board of Directorsexcluding the Director being evaluated.
The Directors evaluation was broadly based on the parameters such as understanding ofthe Company's vision and objective skills knowledge and experience participation andattendance in Board/ Committee meetings; governance and contribution to strategy;interpersonal skills etc. The Board has carried out the annual performance evaluation ofits own performance the Directors individually as well as evaluation of the working ofits Board Committees. A meeting of the Independent Directors was also held which reviewedthe performance of Non Independent Directors Chairman and the quality quantity and timelines of flow of information between the Company management and Board.
28. CORPORATE GOVERNANCE
Since the Company has listed its securities on SME platform of BSE Limited during theyear under review the provisions of Corporate Governance as specified in regulations ofSEBI (LODR) Regulation 2015 are not applicable to the Company for the financial yearended 31st March 2020.
29. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL)ACT 2013 (SHWWA):
Your Company is committed to providing a work environment that is professional andmature free from animosity and one that reinforces the value of integrity that includesrespect for the individual. The Company has always believed in providing a safe andharassment free workplace for every individual working in the Company's premises throughvarious interventions and practices. The Company always endeavors to create and provide anenvironment that is free from discrimination and harassment including sexual harassment.All employees are treated with dignity with a view to maintain a work environment free ofsexual harassment whether physical verbal or psychological. The Policy aims to develop aharmonious and productive working environment free from sexual harassment. The Companyalso ensures all allegations of sexual harassment are investigated and dealt witheffectively and appropriately.
30. SECRETARIAL STANDARDS
Your company has complied with the Secretarial Standards issued by the Institute ofCompany Secretaries of India.
Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
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 the Company underany scheme save and except ESOS referred to in this Report
4. Neither the Managing Director nor the Whole-time Directors of the Company receiveany remuneration or commission from any of its subsidiaries as the company has nosubsidiaries.
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.
The Board of Directors are pleased to place on record their appreciation of theco-operation and support extended by ICICI Bank Limited various State and CentralGovernment agencies Stock Exchange and other Agencies. The Board would like to thank theCompany's shareholders
Customers Service providers for the support and the confidence which they havereposed in its management. The Board also wishes to place on record its highestappreciation of the valuable services rendered by all the employees of the Company.
|For and on behalf of the Board of Directors |
|For DRA Consultants Limited |
| ||Sd/- ||Sd/- |
| ||Dinesh Rathi ||Uma Rathi |
|Place : Nagpur ||(Managing Director) ||(Executive Director) |
|Date : 28th August 2020 ||(DIN : 01516715) ||(DIN : 02578611) |