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Euro India Fresh Foods Ltd.

BSE: 538412 Sector: Agri and agri inputs
NSE: EIFFL ISIN Code: INE546V01010
BSE 05:30 | 01 Jan Euro India Fresh Foods Ltd
NSE 00:00 | 26 Nov 124.10 -4.45
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Euro India Fresh Foods Ltd. (EIFFL) - Director Report

Company director report

To

The Members

EURO INDIA FRESH FOODS LIMITED.

Your directors have pleasure to present their 11th ANNUALREPORT along with the Audited Statement of Accounts for the year ended on March 312020.

1.FINANCIAL RESULTS:

Particulars For the year Ended For the year Ended
March 31 2020. March 31 2019.
Revenue from operations 927854760 715780657
Other income 3602298 10674049
Total revenue 931457058 726454706
Profit before exceptional items and tax 7806093 13392306
Less: Exceptional items and tax 110125 -
Profit before tax 7695968 13392306
Less: Tax expenses
Current tax 1190914 2540495
MAT Credit Availed (1190914) (2540495)
Deferred Tax 4167615 4576277
Net Profit/(loss) after tax 3528352 8816029
Earnings per share (basic & diluted) 0.14 0.36

2.PERFORMANCE OF THE COMPANY:

During the year under preview the Company has earned sales incomeRs.927854760/- (Previous Year Rs.715780657) and other income Rs.3602298 (Previousyear Rs.10674049). The Total revenue Rs. 931457058 (Previous year Rs. 726454706).

Profit before Tax (PBT) was review Rs. 7695968 and Profit after Tax(PAT) was review Rs. 3528352 (Previous year Rs. 8816029).

3. DIVIDEND:

The Board of Directors of your Company after considering holisticallythe relevant circumstances and keeping in view to the financial expansion and futuregrowth's perspective of the Company and Stakeholders has decided that it would beprudent not to recommend any Dividend for year under review.

Note: Dividend Distribution Policy is not applicable to our Company.

4. MATERIAL CHANGES:

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

5. COVID-19:

In the month of march of F.Y 2019-20 the COVID-19 pandemic developedrapidly into a global crisis forcing governments to enforce lock-downs of all economicactivity. For the Company the focus immediately shifted to ensuring the health andwell-being of all employees and on minimizing disruption to services for all ourcustomers.

6. SHARE CAPITAL:

The Company's paid up Equity Capital as on March 312020 was Rs.248000000 comprising of 24800000 Equity Shares of Rs. 10/- each fully paid up.

During the F.Y. 2019-2020 the Company has neither issued shares withdifferential voting rights as to dividends voting or otherwise nor issued shares(including sweat equity shares) to the employees or directors of the company under anyscheme such as bonus right issue private placement preferential allotment or by anyother mode as per Companies Act 2013.

No disclosure is required under section 67(3)(c) of the Companies Act2013 read with Rule 16(4) of the Companies (Share Capital and Debentures) Rules 2014 inrespect of voting rights not exercised directly by the employees of the Company as theprovisions of the said section are not applicable.

7. EXTRACT OF ANNUAL RETURN:

An Extract of the Annual Return as of March 312020 pursuant to thesub-section (3) of Section 92 of the Companies Act 2013 and Rule 12 of the companies(Management and Administration) Rules 2014 in Form MGT- 9 is annexed as"Annexure-A" and is available on the Company website at the below mentionedlink: http://euroindiafoods.com/annual-report/ "

8. CREDIT REATING:

During the Year under review Your Company has received the CreditRating of the Bank Loan Facilities. The Rating for Long term is BWR BB (Pronounced as BWRDouble B)/Stable-Upgraded and for Short term is BWR A4 (Pronounced as BWR AFour)-Reaffirmed.

The rating was assigned by Brickwork Ratings India Pvt Ltd.

9. DETAILS OF BOARD OF DIRECTORS:

The Board of Directors Comprises of Ten (10) Directors including Two(2) Women Director. The Chairperson of the Board is an Executive Director. The Compositionof the Board is as below:

Particulars of Directors
Mr. Manhar J. Sanspara Chairman & Managing Director (DIN: 02623366) Mr. Ghanshyam A. Patel Independent Director (DIN:07583294)
Mr. Dinesh J. Sanspara Joint Managing Director (DIN: 02623367) Mr. Parth V. Saspara Independent Director (DIN: 07584098)
Mr. Mahesh V. Mavani Executive Director (DIN: 02623368) Mr. Snehal M. Patel Independent Director (DIN: 07584295)
Mr. Dipesh D. Sanspara Executive Director (DIN: 07890494) Mr. Paresh B. Lathiya Independent Director (DIN: 07595049)
Mrs. Maya D. Sanspara Non-Executive Director (DIN:07601393) Mrs. Manjula K. Mehta Independent Director (DIN:08086052)

During the year under review your Company has not appointment anyDirectors nor any of the Directors has been ceased or resign from the Company.

During the year under review none of the Directors have beendisqualified under the various applicable provisions of Companies Act or SEBI Act or SEBI(LODR) or any other applicable Act's.

10. DETAILS OF KEY MANGERIAL PERSONNEL:

The Key Managerial Personnel's (KMPs) of the Companies inaccordance with the provisions of Section 2(51) and Section 203 of the Companies Act 2013read with Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014(including any statutory modification(s) or re-enactment(s) for the time being in force)are as follows:

NAME DESIGNATION
Mr. Manhar J. Sanspara Chairman and Managing Director
Mr. Dinesh J. Sanspara Joint Managing Director
Mr. Mukesh A. Navadia (Dr.) Chief Executive Officer
Mr. Jay B. Pansuria Company Secretary and Compliance Officer
Mr. Shailesh M. Sardhara Chief Financial Officer

During the year under review your Company has not appointment any KMPsnor any of the KMPs has been ceased or resign from the Company.

11. MEETINGS OF THE COMPANY'S BOARD OF DIRECTOR'S:

During the year under review the Board has conducted Five (05) BoardMeetings. The details are as below:

Sr. No. Date of Meeting Board's Strength No. of Director's Present
1. 13/04/2019 10 10
2. 25/05/2019 10 10
3. 23/08/2019 10 09
4. 13/11/2019 10 08
5. 14/02/2020 10 10

During the year meeting of Independent Director was held on 14/02/2020where all the Independent directors were present.

12. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITSSUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

During the year under review no entity became or ceased to be thesubsidiary joint venture or associate of the Company.

13. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions under Section 134(5) of the Companies Act2013 with respect to Directors Responsibility Statement the Directors confirm:

(a) that in the preparation of the Annual Accounts for the year endedMarch 31 2020 the applicable Accounting standards have been followed and that there areno material departures;

(b) that appropriate accounting policies have been selected and appliedconsistently and judgments and estimates that are reasonable and prudent have been made soas to give a true and fair view of the state of affairs as at March 312020 and of theprofit of the Company for the Financial year ended March 312020;

(c) that proper and sufficient care has been taken for the maintenanceof adequate accounting records in accordance with the provisions of the Companies Act2013 for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(d) that the annual accounts for the year ended March 31 2020 havebeen prepared on a going concern basis;

(e) that they had laid down internal financial controls to be followedby the Company and that such internal financial controls are adequate and were operatingeffectively; and

(f) that they had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

14. DECLARATION BY INDEPENDENT DIRECTOR(S) AND RE APPOINTMENT. IF ANY:

(1) Mr. Ghanshyam A. Patel

(2) Mr. Parth V. Saspara

(3) Mr. Snehal M. Patel

(4) Mr. Paresh B. Lathiya

(5) Mrs. Manjula K. Mehta.

Independent Directors of the Company as on March 312020 pursuant tothe provisions of Section 149(10) of the Companies Act 2013.

The Board of Directors of the Company hereby confirms that all theIndependent Directors duly appointment by the Company have given the declaration and theymeet the criteria of Independence as provided under Section 149(6) of the Companies Act2013 read with SEBI Listing Regulations so as to qualify themselves to be appointed asIndependent Directors under the provisions of the Companies Act 2013 and SEBI ListingRegulations.

15. POLICY ON DIRETOR'S APPOINTMENT AND REMUNERATION:

The Company's policy on Director's appointment andremuneration and other matters provided in Section 178 of the Companies Act 2013 has beendisclosed in the Corporate Governance Report.

16. STATUTORY AUDITOR:

M/s J N Shah & Co. Chartered Accountants (Firm Registration No.118020W) were appointed as Statutory Auditor of the Company for a term of 5 (Five)consecutive years at the Annual General Meeting held on 25th September 2017.They have confirmed that they are not disqualified from continuing as Auditor of theCompany.

The Notes on financial statement referred to in the Auditors'Report are self-explanatory and do not call for any further comments. The Auditors'Report does not contain any qualification reservation adverse remark or disclaimer.

17. DEPOSITS:

During the year under review your company has not accepted anydeposits under Section 73 of the Companies Act 2013 and therefore not required to furnishinformation as per Rule 8(5)(V) and (vi) of the Companies (Accounts) Rules 2014.

18. LOANS. GUARANTEE OR INVESTMENTS UNDER SECTION 186:

Details of Loans Guarantees and Investments covered under theprovisions of Section 186 of the Companies Act 2013 are given in the notes to theFinancial Statements.

The Loans Guarantees and Investments mentioned in the notes to theFinancial Statements are within the ambit of Section 186 of the Companies Act 2013.

19. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

With reference to section 134(3)(h) of the Companies Act 2013 allcontracts and arrangements with related parties under section 188 of the Companies Act2013 entered by the company during the financial year were in ordinary course of businessand at arm's length basis. Details of the related party transactions made during theyear are annexed below as "Annexure-B" in form AOC-2.

The Company has adopted and approved Related Party Transactions Policy.

The Related Party Transaction Policy had uploaded on our Company'swebsite the link is mentioned below:http://euroindiafoods.com/wp-content/uploads/2017/05/Related-Partv-Transaction-Policy.pdf

20. CONVERSATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREGIN EXCHANGEEARNING AND OUTGO:

The information relates to the conversation of energy Technologyabsorption and foreign exchange earnings and outgo as per provision under Section 134(3)(m) of the Companies Act 2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014is annexed below as "Annexure-C".

21. CORPORATE SOCIAL RESPONSIBILITY:

The Company has not developed and implemented any Corporate SocialResponsibility initiatives and Corporate Social Responsibility Committee; as the companydoes not fall in the criteria of section 135 of the Companies Act 2013.

22. MANAGEMENT DISUCUSSION AND ANALYSIS REPORT:

As per Regulation 34 of SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 the Management Discussion and Analysis Report is annexedas "Annexure - D".

23. CORPORATE GOVERANCE:

Your Company was listed on NSE Emerge Platform on March 312017 as perthe provision of Regulation 15(2) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the company was not came under the ambit of the saidregulation and it is not mandatory for the SME Listed companies to comply with theprovisions of the Regulation 27 (2) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

The Company prepared the Corporate Governance report on voluntary basisfor the Investor's for their convince and thorouly knowledge about the company thesame is annexed as "Annexure - E".

24. RISK MANAGEMENT:

Risk is in itself sound as a huge responsibility for the organizationto identify evaluate access formulate and reduce it. It is the internal as well asexternal part of the Organization Risk factor works in the day to day operations of theCompany. There are different kinds of Risk to evaluate and reduce i.e. Market riskLiquidity Risk Operation Risk Management Risk Interest rate risk etc. The Company hastaken necessary steps to overcome the Risk factor and helps the organization to runsmoothly.

The Company has adopted and approved Risk Management Policy.

The Risk Management Policy had uploaded on our Company's websitethe link is mentioned below:http://euroindiafoods.com/wp-content/uploads/2017/05/Risk-Management-Policy.pdf

25. AUDIT COMMITTEE:

Your Company has constituted an Audit Committee ("AuditCommittee") as per section 177 of the Companies Act 2013 and Regulation 18 of SEBI(Listing Obligation and Disclosure Requirements) Regulations 2015 vide resolution passedat the meeting of Board of Directors held on 9th September 2016.

Composition of Audit Committee:

Name of Director Status in Committee Nature in Directorship
Mr. Parth V. Saspara Chairman Independent Director
Mr. Paresh B. Lathiya Member Independent Director
Mr. Mahesh V. Mavani Member Executive Director

Meeting Held and attended during the year:

Sr. No. Date of Meeting Committee Strength Members Present
1 25/05/2019 3 3
2. 23/08/2019 3 3
3. 13/11/2019 3 2
4. 14/02/2020 3 3

26. NOMINATION AND REMUNERATION COMMITTEE:

Your Company has constituted a Nomination and Remuneration Committeeas per section 178 of the Companies Act 2013 and Regulation 19 of SEBI (ListingObligation and Disclosure Requirements) Regulations 2015 vide resolution passed at themeeting of Board of Directors held on 9th September 2016.

Composition of Nomination and Remuneration Committee:

Name of Director Status in Committee Nature in Directorship
Mr. Ghanshyam A. Patel Chairman Independent Director
Mr. Snehal M. Patel Member Independent Director
Mr. Paresh B. Lathiya Member Independent Director

Meeting Held and attended during the year:

Sr. No. Date of Meeting Committee Strength No. of Members Present
1 23/08/2019 3 3
2. 14/02/2020 3 3

27. STAKEHOLDERS AND INVESTOR GRIVENCES COMMITTEE:

Your Company has constituted a Stakeholder and Investor GrievanceCommittee as per section 178(5) of the Companies Act 2013 and Regulation 20 of SEBI(Listing Obligation and Disclosure Requirements) Regulations 2015 vide resolution passedat the meeting of Board of Directors held on 9th September 2016.

Composition of Stakeholders and Investor Grievances Committee:

Name of Director Status in Committee Nature in Directorship
Mr. Paresh B. Lathiya Chairman Independent Director
Mr. Ghanshyam A. Patel Member Independent Director
Mr. Mahesh V. Mavani Member Executive Director

Meeting Held and attended during the year:

Sr. No. Date of Meeting Committee Strength No. of Members Present
1 23/08/2019 3 3
2. 14/02/2020 3 3

28. VIGIL MECHANISM:

Your Company has established a vigil mechanism as pursuant Section177(9) of Companies Act 2013 and Regulation 22 of SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 to tackle the circumstances occurred in the organizationsuch as fraud misrepresentation etc. The vigil mechanism shall provide for adequatesafeguards against victimization of Director(s) or employee(s) or any other person whoavail the mechanism and also provide for direct access to the chairperson of the auditcommittee.

The Company has also adopted a Vigil Mechanism/ Whistle Blower Policy.The Policy was approved by the Board and same was uploaded on the Company's website:

http://euroindiafoods.com/wp-content/uploads/2017/05/Vigil-Mechanism-Whistle-Blower-Policy.pdf

29. BOARD EVUATION:

Your Company evaluates the board in the different committee pursuant tothe provision of the Companies Act 2013 and the Regulation 17(10) of SEBI (ListingObligation and Disclosure Requirements) Regulations 2015 the board has carried out anannual performance evaluation of its own performances. The Company delegates theresponsibilities in the committee formulated by the company such as Audit Committeenomination and remuneration Committee and Stakeholder Grievance Committee.

The Company has also adopted a Performance Evaluation Policy. ThePolicy was approved by the Board and same was uploaded on the Company's website:

http://euroindiafoods.com/wp-content/uploads/2017/05/Performance-Evaluation-Policy.pdf

30. REMUNERATION POLICY:

The Remuneration paid to the Executive directors of the Company isrecommended by the Nomination and Remuneration Committee of the Company and then the Boardof the company approve in their duly held meeting. The remuneration of executive directorsis decided by considering various criteria like Qualification experienceresponsibilities value addition to the company and financial position of the company.Board is taking permission of the members if required at any time for paying remunerationto executive directors.

Company is not paying any remuneration to non-executive and independentdirectors of the company.

The Company has also adopted a Remuneration Committee Policy. ThePolicy was approved by the Board and same was uploaded on the Company's website:

http://euroindiafoods.com/wp-content/uploads/2017/05/Remuneration-Committee-Policy.pdf

31. CODE OF CONDUCT:

The Board has laid down a code of Conduct for all Board Members andSenior Management of the Company. All the Board Members and Senior Management Personnelhave affirmed compliance with the Code on an annual basis.

32. INSIDER TRADING:

The Board has in consultation with the Stakeholder's RelationshipCommittee laid down the policy to regulate and monitor Insider Trading. The Committeeregularly analyses the transactions and monitors them to prevent Insider Trading.

The Company has also adopted a Prohibition of Insider trading Policy.The Policy was approved by the Board and same was uploaded on the Company's website:

http://euroindiafoods.com/wp-content/uploads/2017/05/Prohibition-Insider-tradingPolicy.pdf

33. SECRETARIAL AUDITOR AND REPORT:

Pursuant to the provisions of Section 204 of the Companies Act 2013and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theCompany has appointed Mr. Dhiren R. Dave Practicing Company Secretary of Surat toconduct the Secretarial Audit of the Company for the Financial Year 2019-2020.

The Secretarial Audit Report is annexed herewith as "Annexure -F". The Secretarial Audit Report does not contain any qualifications reservation oradverse remarks.

34. INTERNAL AUDITOR:

Pursuant to the provisions of Section 138 of the Companies Act 2013the Board had appointed M.s Sejal Maniar & Co. Surat as an Internal Auditor of theCompany.

35. COST AUDIT:

Pursuant to the provisions of Section 148 of the Companies Act 2013read with the Companies (Cost Records and Audit) Amendment Rule the activity of yourcompany does not fall under any sectors as specified under Rule 3 of Companies (CostRecords and Audit) Rules 2014 and hence maintenance of cost records as well as the costaudit as the case may be has not applicable to the company for the Financial Year2019-2020.

36. PARTICULAR OF EMPOYEES AND RELATED DISLOSURES:

None of the employee has received remuneration exceeding the limit asstated in section 197 of the companies' act 2013 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

37. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013:

The Company had not received any case related to sexual harassment ofwomen at workplace. The Senior Management monitoring in the matter relates to thewomen's safety at workplace. If the Compliant received by any women employee tosenior management the senior management have to convey directly to Chairman and ManagingDirector relates to any Complaints in matter to sexual Harassment.

38. MATERIAL ORDER PASSED BY THE COURT:

The below mentioned cases details were settled from the party and yourcompany has to pay a sum of Rs. 2500000/- (Rupees Twenty-Five Lacs only) as a full andfinal settlement amount.

Civil Suit No. Name of Parties
34-B/2015 Jitendra v/s Euro India
21-B/2015 Prakashchand v/s Euro India
F.A.818/2017 Euro India v/s Smt. Vimla bai.

Your company got a refund of Rs. 150000/- as a court fee in thematter of F.A.818/2017.

The small execution petition No. 47/2018 was ordered to be disposed ofas withdrawn on Dt. 29/04/2019 by the additional judge small cause court Surat.

39. ACKNOWLEDGEMENT:

The Board of Directors would like to express their sincere appreciationfor the assistance and co-operation received from the financial institutions banksGovernment authorities customers vendors and members during the year under review. TheBoard of Directors also wish to place on record its deep sense of appreciation for thecommitted services by the Company's executives staff and workers.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 of the SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 the Listed Companies are required to furnishManagement Discussion and Analysis Report (MDAR) as a part of Director's Report tothe Shareholders.

As per Schedule V of SEBI (Listing Obligations and DisclosuresRequirements) Regulations 2015 Annual Report shall contain the below points in theManagement Discussion and Analysis Report (MDAR):

• Industry Structure and developments.

• Opportunities and Threats.

• Segment- Wise or Product- wise performance.

• Outlook.

• Risk and Concern.

• Internal Control System and their adequacy.

• Discussion on Financial performance with respect to operationalperformance.

• Material developments in Human Resources/ Industrial Relationsfront including number of people employed.

1. INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Indian food industry is poised for huge growth increasing itscontribution to world food trade every year. In India the food sector has emerged as ahigh-growth and high-profit sector due to its immense potential for value additionparticularly within the food processing industry. The Government of India has beeninstrumental in the growth and development of the food processing industry. The governmentthrough the Ministry of Food Processing Industries (MoFPI) is making all efforts toencourage investments in the business. It has approved proposals for joint ventures (JV)foreign collaborations industrial licenses and 100 per cent export-oriented units.

The Indian food and grocery market are the world's third largestwith retail contributing majority of the sales. The Indian food processing industryaccounts for moderate per cent of the country's total food market one of the largestindustries in India and is ranked in higher number in terms of production consumptionexport and expected growth. It contributes around 8.80 and 8.39 per cent of Gross ValueAdded (GVA) in Manufacturing and Agriculture respectively 13 per cent of India'sexports and six per cent of total industrial investment. The Indian gourmet food market iscurrently valued at US$ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR)of 20 per cent.

2. OPPORTUNITIES AND THREATS:

2.1 Opportunities:

• Indian and multinational FMCG players can leverage India as astrategic sourcing hub for cost-competitive product development and manufacturing to caterto international markets.

• Indian consumers are highly adaptable to new and innovativeproducts.

• Creating strong distribution networks and skills to deliver tothe last mile.

• Low penetration levels offer room for growth across consumptioncategories.

• Increasing demand for healthier foods.

• Major players are focusing on rural markets to increase theirpenetration in those areas.

2.2 Threats:

• Spending on advertisements is aggressive.

• Huge investments in setting up distribution network andpromoting brands.

• Saturated fast food markets in the developed economies.

3. SEGMENT WISE OR PRODUCT WISE PERFORMANCE:

The Company is engaged in the business of manufacturing and selling ofprocessed food and beverages which is considered to be the only reportable businesssegment on Segment Reporting. The Company mainly operates in India and there is no othersignificant geographical segment.

4. OUTLOOK:

FMCG is the fourth largest sector in the Indian economy. FMCG Market isvery much expand day by day in the country like India. The Food sector depends on itstaste and Quality the FMCG known for the Fastest Moving consumer goods. The company haddrastically improving their performance day by day for achieving the sales goals. TheCompany has its own outlet in majority of the cities such as Surat Ahmedabad BhavnagarMumbai and many mores. The Company export in various counties.

5. RISK AND CONCERN:

Risk is in itself sound as a huge responsibility for the organizationto identify evaluate access formulate and reduce it. It is the internal as well asexternal part of the Organization Risk factor works in the day to day operations of theCompany. There are different kinds of Risk to evaluate and reduce i.e. Market riskLiquidity Risk Operation Risk Management Risk Interest rate risk etc. The Company hastaken necessary steps to overcome the Risk factor and helps the organization to runsmoothly.

6. INTERNAL CONTROL SYSTEM:

The Company has in place an adequate system of internal controlcommensurate with its size and nature of its business. These have been designed to providereasonable assurance that all assets are safeguarded and protected against loss fromunauthorized use or disposition and that all transactions are authorized recorded andreported correctly and the business operations are conducted as per the prescribedpolicies and procedures of the Company. The Audit committee and the management havereviewed the adequacy of the internal control systems and suitable steps are taken toimprove the same.

7. FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

During the year under preview the Company has earned sales IncomeRs.927854760 (Previous Year Rs.715780657) and other Income Rs.3602298 (Previous yearRs.10674049). The Total revenue Rs. 931457058 (Previous year Rs. 726454706).

Profit before Tax (PBT) was review Rs. 7695968 and Profit after Tax(PAT) was review Rs. 3528352 (Previous year Rs. 8816029).

8. HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS:

Your Company firmly believes that its human resources are the keyenablers for the growth of the Company and important asset. Hence the success of theCompany is closely aligned to the goals of the human resources of the Company. Taking intothis account your Company continued to Invest in developing its human capita andestablishing its brand on the market to attract and retain the best talent. Employeerelations during the period under review continued to be healthy cordial and harmoniousat all levels and your Company is committed to maintain good relations with the employees.

.