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Ekam Leasing And Finance Co Ltd.

BSE: 530581 Sector: Financials
NSE: N.A. ISIN Code: INE906L01025
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NSE 05:30 | 01 Jan Ekam Leasing And Finance Co Ltd
OPEN 4.13
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VOLUME 649
52-Week high 6.30
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P/E 14.06
Mkt Cap.(Rs cr) 3
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Sell Price 0.00
Sell Qty 0.00
OPEN 4.13
CLOSE 4.50
VOLUME 649
52-Week high 6.30
52-Week low 3.53
P/E 14.06
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ekam Leasing And Finance Co Ltd. (EKAMLEASING) - Director Report

Company director report

To

The Members

Ekam Leasing and Finance Co. Limited

Your Directors are pleased to have this opportunity to present the 27thAnnual Report of the Company together with the Standalone and Consolidated AuditedFinancial Statements of the Company for the year ended March 31 2020.

1. FINANCIAL HIGHLIGHTS

(Amount in Rs.)

Standalone Consolidated
Particular 2019-20 2018-19 2019-20 2018-19
Revenue from operations 4297553 7445221 4297553 7565221
Other Income 6475719 76901 829736 1266147
Total Expenditure 15579094 7952392 8249320 7322464
Profit / (Loss) before Tax & Provision for NPA (4805822) (430270) (3123030) 1508904
Provision for Tax (14678) (2038975) 439169 (1585403)
Net Profit / (Loss) (4791144) 1608705 (3562199) 2953110
Surplus /Deficit brought forward from previous year 3566607 2279643 17992384 15629895
Surplus/Deficit carried over to Balance Sheet (1224536) 3566607 14430185 17992384

Note: M/s Srimati Trading and Co. Private Limited the associate of company has ceasedto be associate with effect from June 30 2019 and M/s Pramuk Energy Private Limited thewholly owned subsidiary of company has ceased to be subsidiary with effect from September30 2019 hence those accounts has not been consolidatetd for the Financial Year 2019-20.

2. COVID-19

In the last month of FY 2020 the COVID-19 pandemic developed rapidly into a globalcrisis forcing governments to enforce lock-downs of all economic activity. The Indiangovernment had announced countrywide lockdown which is continued at present with somerestrictions. For the Company the focus immediately shifted to ensuring the health andwell-being of all employees. As of March 31 2020 work from home was enabled to close to90 percent of the employees to work remotely and securely. However this pandemic hasresulted in significant decrease in economic activity across the country which has aconsequential impact on the regular operations of the company including lending andcollection activities.

3. DIVIDEND

Keeping in view the requirement of funds for future business operations the Board hasnot recommended any dividend for the financial year ended 31st March 2020.

4. TRANSFER TO RESERVE

Your Directors have proposed not to transfer any sum to the General Reserve. Since thecompany encountered loss in the reporting period hence nothing has transferred to theSpecial Reserve under section 45-IC of the Reserve Bank of India Act 1934.

5. COMPANY'S PERFORMANCE

The Income from operations during the year has been Rs. 42.97 Lacs approx. asagainst Rs. 74.45 Lacs approx. in the previous year. The financial year underreview resulted in Net Loss of Rs. (47.91) Lacs approx. as compared to Net Profitof Rs. 16.08 Lacs in the previous year. The management is optimistic on theperformance of the Company in future and a detailed discussion is provided underManagement Discussion and Analysis Report.

On consolidated basis revenue from operations for F.Y 2019-20 is Rs. 42.97 as againstRs75.65 Lakh in the previous year indicating a decrease of about 43.20% over the lastyear.

6. HUMAN RESOURCE DEVELOPMENT

Human Resource is not only an integral part of any organization but also strive itssuccess and growth. The Company believes that human resources are the key resources andintegral part of the organization and endeavors to create a culture of openness andempowerment amongst its employees and provide good carrier development. Your Companybelieves in trust transparency & teamwork to improve employees productivity at alllevels and is committed to the welfare of the employees and their families by puttingreview and reward system in place.

7. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY

There is no material change noted and observed by the board of the company which haveoccurred between the close of the financial year March 31 2020 to which the financialstatement relates and the date of this report.

However during the financial year under review M/s Srimati Trading and Co. PrivateLimited the associate of the company has ceased to be associate with effect from June30 2019 and M/s Pramuk Energy Private Limited the wholly owned subsidiary of companyhas ceased to be subsidiary with effect from September 30 2019.

8. PERFORMANCE HIGHLIGHTS OF SUBSIDIARY AND ASSOCIATES COMPANIES SUBSIDIARIES

During the year under review the Company has three wholly owned subsidiaries and oneassociate namely:-

1. M/s. S &S Balajee Mercantile Pvt. Ltd. (CIN: U51109DL1993PTC052329) wasincorporated to carry on the business of dealing and trading in all kinds of essentialcommodities/Machinery etc earned Profit of Rs. 487318 as compared to Profit of Rs.696359 /- in previous year.

2. M/s. Jet Air Securities Pvt. Ltd. (CIN: U74899DL1995PTC069004) is mainlyengaged in the business of dealing in securities earned Profit of Rs. 164472 ascompared to Profit of Rs. 150579/- in previous year.

3. M/s. Rex Overseas Private Limited (CIN: U74899DL1988PTC03251) is engage intothe business of import export and all deal in all kind of securities earned Profit of Rs.671397 as compared to Profit of Rs. 655113/- in the previous year.

*Note: M/s Pramuk Energy Pvt. Ltd. has Ceased to be wholly owned subsidiary of Companywith effect from September 30 2019 consequent to the sale of entire stake held by thecompany in it.

ASSOCIATE COMPANY

1. M/s N K J Securities Private Limited (CIN: U74899DL1995PTC070233) has beenstruck off from the register of companies with effect from November 19 2019.

2. M/s Srimati Trading Co. Private Limited (CIN: U51109DL1993PTC055793) hasceased to be associate of Company with effect from June 30 2019 consequent to thesale of entire stake held by company in it.

A Report on all the performance & financial position of the companies and itssubsidiaries & associates is annexed in the prescribed Form AOC-1 to thisreport as Annexure-I.

9. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the board of directors to thebest of their knowledge and ability confirm that:

i) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

ii) they have selected such accounting policies and applied them consistently and madejudgments and

iii) estimates that are reasonable and prudent so as to give a true and fair view ofthe state of affairs of the Company at the end of the financial year and of the profit ofthe Company for that period;

iv) they 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;

v) they have prepared the annual accounts on a going concern basis;

vi) they have laid down internal financial controls to be followed by the Company andsuch internal financial controls are adequate and operating effectively;

vii) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.

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 2019-20.

10. DECLARATION FROM INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Director stating thatthey meet with the criteria of Independence as prescribed under sub-section (6) of Section149 of the Companies Act 2013.

11. REGISTRATION WITH RBI

The Company being a Non-Banking Finance Company (NBFC) and is registered with theReserve Bank of India (RBI) with RBI Registration No 14-00332.

12. RBI GUIDELINES

The Company is complying with all the applicable guidelines/directions of the ReserveBank of India for Non Banking Finance Company pursuant to Non-Banking Financial (Non -Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions 2015and Master direction Non Banking Finacial Company-Non Systematically Important Non Deposittaking company (Reserve Bank) Direction 2016 Master Direction- Non-Banking FinancialCompany Returns (Reserve Bank) Directions 2016 the particulars as applicableto the Company are appended to the Balance Sheet.

13. THE RBI NORMS AND ACCOUNTING STANDARDS

The company continues to comply with the directives and accounting standard as well asthe norms prescribed by Reserve Bank of India for NBFCs for the financial year 2019-20.

14. DIRECTORS & KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 149 and 152 of the Companies Act 2013 andrules made there under as amended from time to time and Regulation 17 of the SEBI (LODR)Regulations 2015 Mr. Prakash Goyal and Mr. Saurabh Jain was appointed as independentdirector of the company. They have submitted a declaration that each of them meets thecriteria of independence as provided in section 149(6) of the Act & SEBI (LODR)Regulations 2015 and there has been no change in the circumstances which may affect theirstatus as independent director during the year.

In accordance with the provisions of Section 149 and 152 of Companies Act 2013 andrules made there under as amended from time to time and Regulation 17 of SEBI (ListingObligations and Disclosure) Regulations 2015 Mrs. Mamta Jain (DIN: 05274582) Nonexecutive director retire by rotation at the ensuring Annual General Meeting and beingeligible offers herself for reappointment

As per the provision of Companies Act 2013 Mrs. Mamta Jain (DIN: 05274582 ) has beenappointed as NonExecutive (Non Independent) Woman Director and her term expired at19/03/2020. She has wide experience in Business Management and it will immensely benefitto your Company. The Board of Directors on the recommendation of the Nomination andRemuneration Committee and in accordance with the provisions of the Act and ListingRegulations recommends her re-appointment for the term of five(5) years commencing from20th March 2020 to 19th March 2025for the approval of the Membersby way of Ordinary Resolution.

15. NUMBER OF MEETINGS OF BOARD OF DIRECTORS

The Board of Directors of your Company during the period under review i.e. Financialyear ended March 31 2020 met 8 (Eight) times on 1st April 2019 30thMay 2019 28th August 2019 13th September 2019 30thSeptember 2019 6th December 2019 24th December 2019 and 10thFebruary 2020. The details of which are given in the Corporate Governance Report. Theintervening gap between the Meetings was within the period prescribed under the CompaniesAct 2013 and as per SEBI (Listing Obligations & Disclosure Requirement) Regulations2015.

16. BOARD EVALUATION

The board of directors has carried out an annual evaluation of its own performanceBoard committees and individual directors pursuant to the provisions of the Companies Act2013 and the corporate governance requirements as prescribed under SEBI (ListingObligation and Disclosure Requirements) Regulations 2015.

The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of the criteria such as the Board composition and structureeffectiveness of board processes information and functioning etc.

The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of the criteria such as the composition of committeeseffectiveness of committee meetings etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed theperformance of the individual directors on the basis of the criteria such as thecontribution of the individual directors to the Board and committee meetings likepreparing on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In addition the Chairman was also evaluated on the key aspectsof his role.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued bythe Securities and Exchange Board of India on January 5 2017.

In a separate meeting of independent directors performance of non-independentdirectors performance of the board as a whole and performance of the chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent directors at which the performance of the board its committees andindividual directors was also discussed. Performance evaluation of independent directorswas done by the entire board excluding the independent director being evaluated.

17. KEY MANAGERIAL PERSONNEL (KMP)

Mr. Rakesh Jain Managing Director and Mr. Krishan Kumar Didwaniya Chief FinancialOfficer are the Key Managerial Personnal as per the provision of Section(s) 2(51) 203 ofthe Companies Act 2013 read with the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.

During the year there were no changes in the Key Managerial Personnel. However Ms.Komal has resigned from the post of Company Secretary dated 16th June 2020 andthe company is in process of appointing new Company Secretary.

18. CORPORATE GOVERNANCE

The report on Corporate Governance as stipulated in SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as integral part of this Annual Report.

19. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD MEETING AND GENERAL MEETING

The Company has complied with Secretarial Standards issued by the Institute of CompanySecretaries of India on Board Meetings and General Meetings.

20. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Company's policy on directors' appointment and remuneration and other mattersprovided in Section 178(3) of the Act has been disclosed in the corporate governancereport which forms part of the directors report. The board on the recommendation ofNomination and Remuneration Committee approved remuneration policy for Directors KeyManagerial Personnel and Senior Management Employee the link of the policy is alsoavailable at the website www.ekamleasing.com of the Company.

21. RISK MANAGEMENT POLICY

Effective risk management is essential to success and is an integral part of ourculture. While we need to accept a level of risk in achieving our goals sound riskmanagement helps us to make the most of each business opportunity and enables us to beresilient and respond decisively to the changing environment.

Our approach to risk management assists us in identifying risks early and addressingthem in ways that manage uncertainties minimize potential hazards and maximizeopportunities for the good of all our stakeholders including shareholders customerssuppliers regulators and employees. Risks can be broadly classified as StrategicOperational Financial and Legal/Regulatory.

In accordance with the requirements of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 Company has adopted riskmanagement policy approved by Board of Directors and established a risk managementframework to identify mitigate and control the risk and threatens of risk.

22. CORPORATE SOCIAL RESPONSIBILITY

The Company is not required to formulate Corporate Social Responsibility(CSR) Policyand Committee as it does not fulfill the criteria specified under Section 135 of theCompanies Act 2013.

23. INTERNAL CONTROL SYSTEMS

The Company's internal control systems are audited by B. Rattan and AssociatesChartered Accountant.

The Internal Auditor independently evaluates the adequacy of internal controls andreviews major transactions. The Internal Auditor reports directly to the Audit Committeeto ensure complete independence.

24. BOARD COMMITTEES

Detailed composition of the mandatory Board Committees viz. Audit Committee Nominationand Remuneration Committee Stakeholder Relationship Committee and number of meetings heldduring the year under review and other related details are set out in the CorporateGovernance Report which forms a part of this Report.

25. AUDIT COMMITTEE

The role terms of reference authority and powers of the Audit Committee are inconformity with Section 177 of the Companies Act 2013 read with Regulation 18 of SEBI(Listing Obligations & Disclusure Requirements) Regulations 2015 and the details ofwhich are given in the Corporate Governance Report. The Committee met periodically duringthe year and had discussions with the auditors on internal control systems and internalaudit report.

26. AUDITORS

STATUTORY AUDITORS & THEIR REPORT

Pursuant to the provisions of section 139 of the Act and the rules framed thereafter M/sDoogar & Associates Chartered Accountants (Firm registration No. 000561N) consideredfor appointment as the Statutory Auidtors in the board meeting held on 10thAugust 2017. Further based on recommendation of Audit Committee the board has appointed M/sDoogar & Associates Chartered Accountants as statutory auditors of the Companyfrom the conclusion of the 24th annual general meeting (AGM) of the Companytill the conclusion of the 29th AGM whose appointment is being recommend bythe Board through notice convening 24th AGM for approval of members .

 

In accordance with the Companies (Amendment) Act 2017 enforced on 7 May 2018 by theministry of Corporate Affiars the appointment of statutory auditor is not required to berectified at every Annual General Meeting.

SECRETARIAL AUDITORS & THEIR REPORT

In terms of Section 204 of the Companies Act 2013 and Rules framed there under and onthe recommendation of the Audit Committee the Board of Directors of the Company havevoluntarily appointed M/s. KKS & Associates Company Secretaries as theSecretarial Auditor of the Company for the financial year 20192020. The Company hasreceived consent from M/s. KKS & Associates Company Secretaries for theirappointment and the Secretarial Audit Report given by them is annexed as Annexure-V tothis Report in prescribed Form MR-3.

Further in pursuant to Regulation 24A of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended vide SEBI Circular No. CIR/CFD/CMD1/27/2019dated February 08 2019 the Annual Secretarial Compliance Report for the Financial Yearended on March 31 2020 as issued by M/s. KKS & Associates Company Secretaries isalso available at BSE India.com.

INTERNAL AUDITOR

M/S B. Rattan and Associates Chartered Accountant was continue to be the InternalAuditors of your company for the financial year 2019-20.

27. QUALIFICATIONS IN AUDIT REPORTS

There is no qualification disclaimer reservation or adverse remark or disclaimer madeeither by the statutory auditors in his report and by the company secretary in practice(Secretarial Auditor) in his secretarial audit report.

28. FUTURE PROSPECTS

The Management is very optimistic and aggressively focusing on to exploit theopportunities available to NBFC in India and exploring and evaluating various businessmodels for implementation in order to enhance the turnover of the company to escalate tonew heights. The Board expects that the Company will continue to improve its overallperformance and excel to enhance the profitability of the Company.

In the present economic scenario and growth momentum of Indian economy via itsstrategy competency operational efficiencies and successful implementation of its newbusiness models.

29. CONSOLIDATED FINANCIAL STATEMENT

In accordance with Section 129(3) of the Companies Act 2013 and as per SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Consolidated FinancialStatements of the Company including the financial details of its subsidiaries associatesforms part of this Annual Report .The Consolidated Financial Statements have been preparedin accordance with the applicable Accounting Standards issued by the Institute ofChartered Accountants of India.

30. VIGIL MECHANISM /WHISTLE BLOWER POLICY

Pursuant to Section 177 of the Companies Act 2013 and regulation 22 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board has adopted vigilmechanism in the form of Whistle Blower Policy to deal with instances of fraud ormismanagement if any. The Policy can be accessed at the website of the company atwww.ekamleasing.com.

31. RELATED PARTY TRANSACTIONS

The Company has developed a Related Party Transactions policy for purpose ofidentification and monitoring of such transactions. The policy on Related PartyTransactions approved by the Board is uploaded on the Company's website.

All Related Party Transactions are placed before the Audit Committee and also theBoard/Members for their approval wherever necessary. The related party transactionsentered during the financial year were on an arm's length basis and were in the ordinarycourse of business. The details of the same are annexed herewith as "Annexure-II"in the prescribed Form AOC-2.

There were no materially significant related party transactions during the financialyear except with wholly owned subsidiary and associate as mentioned in AOC-2.

32. PECUNIARY RELATIONSHIP OR TRANSACTIONS OF THE NON-EXECUTIVE DIRECTORS ANDDISCLOSURES ON THE REMUNERATION OF THE DIRECTORS

All pecuniary relationship or transactions of the non executive directors vis-a-vis thecompany along with criteria for such payments and disclosures on the remuneration ofdirectors along with their shareholding are disclosed Form MGT-9 which forms a part ofthis Report.

33. INTER SE RELATIONSHIPS BETWEEN THE DIRECTORS

Mrs. Mamta Jain Woman Director of the Company is wife of Mr. Rakesh Jain ManagingDirector of the Company.

34. SHARE CAPITAL

The paid up Equity Share Capital as on March 31 2020 was Rs. 30000000/-. During theyear under review there is no change and Company has not issued any shares withdifferential voting rights nor granted stock options nor sweat equity. As on March 312020 Mr. Rakesh Jain Managing Director holds 778000 Equity Shares (12.96%) and Mr.Prakash Goyal Director holds 23000 Equity Shares (0.38%) respectively in the Company.

However during the year under review the company had split/sub-divide the face valueof its equity shares from Rs. 10 to Rs. 5 each and the share capital structure of thecompany changed from 3000000 equity shares of Rs. 10 to 6000000 equity shares of Rs. 5with no change on total paid-up share capital. The existing paid-up share capital of thecompany is Rs. 30000000 divided into 6000000 shares of Rs. 5 each.

35. E-VOTING

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 the Companies Act 2013 and Rule 20 of the Companies (Management andAdministration) Rules 2014 and Regulation 44(2) of the SEBI (Listing Obligations andDisclosure requirements) Regulations 2015. To comply with the requirements of CompaniesAct 2013. The instruction(s) for e-voting for ensuing Annual General Meeting is alsoprovided with notice to shareholders of this Annual Report.

E-voting facility of our company will remain open from 26.09.2020 9:00 a.m. till28.09.2020 5:00 p.m.

36. LISTING

The equity shares of the Company continue to remain Listed on Bombay Stock ExchangeLimited.

37. EXTRACT OF ANNUAL RETURN

As required under Section 92 (3) read with Rule 12 of Companies (Management &Administration) Rules 2014 the extract of the Annual Return in the prescribed form MGT-9 is annexed herewith as "Annexure IV" and the Link of the Form MGT-9also available at the website www.ekamleasing.com of the Company.

38. PARTICULARS AS PER SECTION 134 OF THE COMPANIES ACT 2013

Your company does not have any employee whose particulars are required to be givenunder the provision of Section 134 of The Companies Act 2013 read with the Companies(Accounts) Rules 2014.

Disclosure with respect to Conservation of Energy Technology Absorption &Foreign Exchange Earning And Outgo pursuant to section 134 of the Companies Act 2013read with rule 8 of the Companies (Accounts) Rules 2014 are not applicable to theCompany.

39. PUBLIC DEPOSITS

During the year the Company has not received any Deposits from public covered underChapter V of the Companies Act 2013.

40. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

In terms of Section 134 (3) (g) towards inclusion of the details of particulars ofLoans Guarantees and Investments covered under the provisions of Section 186 of theCompanies Act 2013 & Rules made thereunder in this report the same are given in thenotes to the Financial Statements.

41. PARTICULARS EMPLOYEES PURSUANT TO SECTION 197 OF THE COMPANIES ACT 2013 READ WITHRULE 5 (1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES2014

The information required pursuant to Section 197 read with Rule 5 of The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and Companies(Particulars of Employees) Rules1975 in respect of Managerial Personnel Directors andEmployees of the Company is furnished in Annexure III.

42. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate in securities by the Directors and designated employees of the Company. TheCode prohibits the purchase or sale of Company shares by the Directors and the designatedemployees while in possession of unpublished price sensitive information in relation tothe Company and during the period when the Trading Window is closed. The Code of Conductto regulate monitor and report Insider trading is uploaded on the Company's website:www.ekamleasing.com

43. DISCLOSURE REGARDING MAINTAINANCE OF COST RECORD

The Company is not required to maintained the cost record as specified by the CentralGovernment under subsection (1) of section 148 of the Companies Act 2013.

44. FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSEWHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

During the year under review there was no frauds reported by auditors undersub-section (12) of section 143 of the Companies Act 2013

45. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

Your Company gives utmost importance for prevention of sexual harassment at workplaceand Comply with the provisions of the Sexual Harassment of Women at the Workplace(Prevention Prohibition and Redressal) Act 2013. During the year there were nocomplaints regarding sexual harassment by any women employee (permanent contractualtemporary trainees) who are covered under this policy till the date of this report.TheCompany has complied with the provision relating to the constitution of InternalComplaints Committee under the Sexual harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013.

46. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators / Courts which wouldimpact the going concern status of the Company and its future operations.

47. COMPLIANCE WITH THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)REGULATIONS 2015

The company's equity shares continue to be listed on the Stock Exchange Bombay (BSE)which has nationwide trading terminals. The company has paid the Annual Listing Fees toBSE for the Financial Year 2019-2020. All compliances with respect to the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 has been duly made by thecompany.

48. ACKNOWLEDGEMENT

The Directors thank the Company's employees customers vendors investors and academicpartners for their continuous support. The Directors place on record their warmappreciation of the assistance and cooperation extended by various Government DepartmentsAuthorities and Business Partners etc. The Directors regret the loss of life due toCOVTD-19 pandemic and are deeply grateful and have immense respect for every person whorisked their life and safety to fight this pandemic. The Directors thank you and lookforward to your continuance support.

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