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Gensol Engineering Ltd.

BSE: 542851 Sector: Others
NSE: N.A. ISIN Code: INE06H201014
BSE 00:00 | 07 Oct 1356.70 -31.85
(-2.29%)
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NSE 05:30 | 01 Jan Gensol Engineering Ltd
OPEN 1457.95
PREVIOUS CLOSE 1388.55
VOLUME 56924
52-Week high 1990.00
52-Week low 54.45
P/E 134.59
Mkt Cap.(Rs cr) 1,484
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1457.95
CLOSE 1388.55
VOLUME 56924
52-Week high 1990.00
52-Week low 54.45
P/E 134.59
Mkt Cap.(Rs cr) 1,484
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gensol Engineering Ltd. (GENSOLENGINEER) - Director Report

Company director report

To

The Members

Gensol Engineering Limited Chandigarh

Your Directors have pleasure in presenting their Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March 31 2021.

FINANCIAL SUMMARY

(Rs In Lakh)

Particulars F. Y. 2020-21 F.Y. 2019-20
Standalone Consolidated Standalone Consolidated
Total Income 6082.64 6459.72 7797.06 8348.96
Total Expenditure 5720.37 6084.33 7483.20 8005.69
Profit / (Loss) Before Tax 362.27 375.39 313.86 343.27
Less: Current Tax/Provision for Tax 50.13 56.46 98.14 121.94
Profit / (Loss) After Tax 312.14 318.81 215.72 220.69

FINANCIAL HIGHLIGHTS AND OPERATION

During the year your Company has reviewed the possibilities of carrying out businessas per object of the Company.

During the year under review your Company has incurred Standalone profit ofRs.31214000 as compared to profit of 21572000 and Consolidated Rs. 31881000 ascompared to profit of 22069000 in the previous year.

DIVIDEND

With a view to provide a cushion for any financial contingencies in the future and tostrengthen the financial position of the Company your Directors have decided not torecommend any dividend for the period under review.

RESERVES

The company has transferred Reserve and Surplus of rupees 31214000.

CHANGE IN THE NATURE OF BUSINESS

For sustained growth in the future Company wants to rely on the main businesses ofcompany; there is no change in the nature of the business of the Company during the year.

CAPITAL STRUCTURE

A) AUTHORIZED SHARE CAPITAL

The authorized share capital of the company is Rs 90000000/- (Rupees Nine One CroreOnly) divided into 9000000 (Ninety Lacs) Equity Shares of Rs 10/- (Rupees Ten Only)each.

B) PAID UP SHARE CAPITAL

The Paid-up share capital of the Company is Rs 82027370/- (Rupees Eight Crore TwentyLacs Twenty- Seven Thousand Three Hundred Seventy Only) divided into 8202737 (Eighty TwoLakh Two Thousand Seven Hundred Thirty Seven) equity shares of Rs 10/- (Rupees Ten Only)each.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIALSTATEMENTS RELATE AND THE DATE OF THE REPORT

There was no material change and commitment affecting the financial position of theCompany occurred between the financial year ended on March 31 2021 and the date of thisreport.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE

No significant and material orders were passed by the regulators or courts or tribunalswhich affect the going concern status and future operation of the Company.

BOARD DIVERSITY:

The Company recognizes and embraces the importance of a diverse Board in its process.We believe that a truly diverse Board will leverage differences in thought perspectiveknowledge skill regional and industry experience cultural and geographical backgroundage ethnicity race and gender which will help us retain our competitive advantage. TheBoard has adopted the Board diversity policy which sets out the approach to diversity ofthe Board of Directors.

DIRECTORS KEY MANAGERIAL PERSONNEL:

• As per Provisions of Section 152 of the Companies Act 2013 Mr. Anmol SinghJaggi is liable to retire by rotation and is eligible to offer herself for re-appointment.

• During the year Mr. Harish Kaushik resign from Directorship with effect from 31stOctober 2020 and Appointment of Mr. Kamleshkumar Pratapsinh Parmar as Additional Directorwith effect from 14th November 2020.

• Board of Directors of the Company as on date are as follows:

SR. NO NAME OF DIRECTOR DESIGNATION
1. Anmol Singh Jaggi Managing Director
2. Puneet Singh Jaggi Whole-Time Director
3. Jasminder Kaur Non-Executive Director
4. Gaurav Kharbanda Non-Executive Independent Director
5. Kamleshkumar Pratapsinh Parmar Non-Executive Independent Director

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act with respect to Director ResponsibilityStatement the Board of Directors to the best of its knowledge and ability confirm that:

(a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating 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 and ofthe profit of the Company for that period;

(c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act 2013 and Rules madethere under for safeguarding the assets of the company and for preventing and detectingfraud and other irregularities;

(d) The directors had prepared the annual accounts on a going concern basis;

(e) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

(f) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

NUMBER OF BOARD MEETINGS AND ATTENDANCE:

During the year 2020-21 the Board of Directors met 5 times viz. 07.05.202031.07.2020 14.11.2020 04.01.2021 25.03.2021.

The Composition of Board of directors and the details of meetings attended by themembers during the year are given below.

Name of Director Category No. of Board Meetings Held & Entitled to Attend No. of Board Meetings Attended
Mr. Anmol Singh Jaggi Chairman & Managing Director 5 5
Mrs.Puneet Singh Jaggi Whole-time Director 5 5
Mrs. Jasminder Kaur Non-Executive Director 5 5
Mr. Gaurav Kharbanda Independent Director 5 5
Mr.Harish Kaushik Independent Director 2 0
Mr. Kamleshkumar Pratapsinh Parmar Independent Director 3 3

MEETING OF AUDIT COMMITTEE:

The Audit Committee of the Company is constituted in line with the provisions ofSection 177 of the Companies Act 2013 and as per Regulation 18 of the SEBI (ListingObligation and Disclosure Requirements) Regulations 2015. The Audit Committee met 4 timesduring the year 2020-21 i.e. on 07.05.2020 31.07.2020 14.11.2020 and 25.03.2021.

Mr. Gaurav Kharbanda (DIN: 08440746) is the Chairman of Audit Committee.

Members Category Meetings held during the tenure of the Directors Meetings attended
Mr. Gaurav Kharbanda Independent & NonExecutive Director 4 4
Mr.Harish Kaushik Independent & NonExecutive Director 2 0
Mr. Kamleshkumar Pratapsinh Parmar Independent & NonExecutive Director 2 2
Mr. Anmol Singh Jaggi Chairman & Managing Director 4 4

MEETING OF NOMINATION AND REMUNERATION COMMITTEE

The Nomination & Remuneration Committee of the Company is constituted in line withthe provisions of Section 178 of the Companies Act 2013 and as per Regulation 19 of theSEBI (Listing Obligation and Disclosure Requirements) 2015. The Nomination andRemuneration Committee met 1 times during the year 2020-21 i.e. on 14.11.2020.

Mr. Kamleshkumar Pratapsinh Parmar (DIN: 08958788) is the Chairman of Nomination andRemuneration Committee.

Members Category Meetings held during the tenure of the Directors Meetings attended
Mr. Kamleshkumar Pratapsinh Parmar Independent & NonExecutive Director 1 1
Mr. Gaurav Kharbanda Independent & NonExecutive Director 1 1
Mr. Jasminder Kaur Non-Executive Director 1 1

MEETING OF STAKEHOLDER RELATIONSHIP COMMITTEE

The Stakeholder Relationship Committee of the Company is constituted in line with theprovisions of Section 178 of the Companies Act 2013 and as per Regulation 20 of the SEBI(Listing Obligation and Disclosure Requirements) 2015. The Stakeholder RelationshipCommittee met 1 times during the year 2020-21 i.e. on 14.11.2020

Mrs. Jasminder Kaur (DIN: 01441131) is the Chairman of Stakeholder RelationshipCommittee

Members Category Meetings held during the tenure of the Directors Meetings attended
Mrs. Jasminder Kaur Non- Executive Director 1 1
Mr. Gaurav Kharbanda Independent & NonExecutive Director 1 1
Mr. Kamleshkumar Pratapsinh Parmar Independent & NonExecutive Director 1 1

MEETING OF INDEPENDENT DIRECTORS

In accordance with the provisions of Schedule IV (Code for Independent Directors) ofthe Companies Act 2013 and Regulation 25 of the Securities Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015 a meeting of theIndependent Directors of the Company was held on 14.11.2020.

Mr. Gaurav Kharbanda (DIN: 08440746) is the Chairman of Independent Directors Meeting.

Members Category Meetings held during the tenure of the Directors Meetings attended
Mr. Gaurav Kharbanda Independent & NonExecutive Director 1 1
Mr. Kamleshkumar Pratapsinh Parmar Independent & NonExecutive Director 1 1

CORPORA TE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee of the Company is constituted in linewith the provisions of Section 135 of the Companies Act 2013 read with Rule 5 of theCompanies (Corporate Social Responsibility) Rules 2014 The Corporate SocialResponsibility Committee met 1 times during the year 2020-21 i.e. on 14.11.2020

Mr. Gaurav Kharbanda (DIN: 08440746) is the Chairman of Corporate Social ResponsibilityCommittee

Members Category Meetings held during the tenure of the Directors Meetings attended
Mr. Gaurav Kharbanda Independent & NonExecutive Director 1 1
Mr. Puneet Singh Jaggi Wholetime Director 1 1
Mr. Anmol Singh Jaggi Managing Director 1 1

ANNUAL EVALUATION OF BOARD'S PERFORMANCE:

The Board of Directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and SEBIListing Regulations. The performance of the board was evaluated by the board after seekinginputs from all the directors on the basis of criteria such as the board composition andstructure effectiveness of board processes information and functioning etc. Theperformance of the committees was evaluated by the board after seeking inputs from thecommittee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc. The above criteria are based on the GuidanceNote on Board Evaluation issued by the Securities and Exchange Board of India on January5 2017. In a separate meeting of independent directors performance of nonindependentdirectors the board as a whole and the Chairman of the Company was evaluated taking intoaccount the views of executive directors and non-executive directors. The Board and theNomination and Remuneration Committee reviewed the performance of individual directors onthe basis of criteria such as the contribution of the individual director to the board andcommittee meetings like preparedness on the issues to be discussed meaningful andconstructive contribution and inputs in meetings etc. In the board meeting that followedthe meeting of the independent directors and meeting of Nomination and RemunerationCommittee the performance of the board its committees and individual directors was alsodiscussed. Performance evaluation of independent directors was done by the entire boardexcluding the independent director being evaluated.

DECLARATION OF INDEPENDENCE:

Your Company has received declarations from all the Independent Directors under Section149(7) of the Companies Act 2013 confirming that they meet the criteria of independenceas prescribed under Section 149(6) of Companies Act 2013 read with the Schedules andRules issued there under as well as under Regulation 16(b) of the Securities ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations 2015.

INTERNAL CONTROLS AND THEIR ADEQUACY:

The Company implemented suitable controls to ensure its operational compliance andreporting objectives. The Company has adequate policies and procedures in place for itscurrent size as well as the future growing needs. These policies and procedures play apivotal role in the deployment of the internal controls. They are regularly reviewed toensure both relevance and comprehensiveness and compliance is ingrained into themanagement review process.

Adequacy of controls of the key processes is also being reviewed by the Internal Auditteam. Suggestions to further strengthen the process are shared with the process owners andchanges are suitably made. Significant findings along with management response and statusof action plans are also periodically shared with and reviewed by the Audit Committee. Itensures adequate internal financial control exist in design and operation.

M/s. K C Parikh & Associates Chartered Accountants Ahmedabad (ICAI FirmRegistration No.107550W) is the internal auditor of the Company who conducts internalaudit and submit half yearly/yearly reports to the Audit Committee. The Internal Audit isprocessed to design to review the adequacy of internal control checks in the system andcovers all significant areas of the Company's operations. The Audit Committee reviews theeffectiveness of the Company's internal control system.

INTERNAL FINANCIAL CONTROLS

The Company has adequate internal controls and checks in commensurate with itsactivities. The Board has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable Financial disclosures.

DETAILS OF HOLDING SUBSIDIARY AND ASSOCIATES

There was one subsidiary i.e. Gensun Renewable Private Limited one associate companyie. Solarig Gensol Utilities Private Limited and no holding company as on March 312021.The AOC-1 with this Directors Report Annexed as "Annexure- A-1"

CORPORATE GOVERNANCE REPORT:

As per regulation 15(2) of the Listing Regulation the Compliance with the CorporateGovernance provisions shall not apply in respect of the following class of the Companies:

a. Listed entity having paid up equity share capital not exceeding Rs. 10 Crore and Networth not exceeding Rs. 25 Crore as on the last day of the previous financial year;

b. Listed entity which has listed its specified securities on the SME Exchange.

Since our Company falls in the ambit of aforesaid both exemption; hence compliancewith the provisions of Corporate Governance shall not apply to the Company and it does notform the part of the Annual Report for the Financial Year 2020-2021.

PARTICULARS OF EMPLOYEES:

During the year under review there was no employee who has drawn remuneration inexcess of the limits set out under section 197 (12) of the Companies Act 2013 read withrule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 and Disclosures pertaining to remuneration and other details as required underSection 197 (12) of the Act read with rule 5 (1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is attached as "Annexure A-2".

SEXUAL HARASSMENT:

The Company has complied with the provisions relating to the Constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. There was no case filed or registered with theCommittee during the year under the Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013. Further Company ensures that there is a healthyand safe environment for every women employee at the workplace and made the necessarypolicies for safe and secure environment for women employee.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Financial statements are prepared under the historical cost convention and onaccrual basis in accordance with applicable accounting standards referred to in section133 read with rule 7 of the Companies (Accounts) rules 2014.

RISK MANAGEMENT

The Company has established a well-defined process of risk management wherein theidentification analysis and assessment of the various risks measuring of the probableimpact of such risks formulation of risk mitigation strategy and implementation of thesame takes place in a structured manner. Though the various risks associated with thebusiness cannot be eliminated completely all efforts are made to minimize the impact ofsuch risks on the operations of the Company.

Necessary internal control systems are also put in place by the Company on variousactivities across the board to ensure that business operations are directed towardsattaining the stated organizational objectives with optimum utilization of the resources.The Company through its risk management process aims to contain the risks within itsappetite. There are no risks which in the opinion of the Board threaten the existence ofthe Company.

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet as per section 73 and 76 of the Companies Act 2013read with Companies(Acceptance of Deposits) Rules 2014.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Loans Guarantees and Investments covered under Section 186 of the Companies Act 2013

> Gensol Engineering Limited has given Guarantees as per the Loan Agreement dated02-09-2020 executed between M/s. Gensun Renewables Private Limited and INDIAN RENEWABLEENERGY DEVELOPMENT AGENCY LIMITED.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH THE RELATED PARTIES

All related party transactions that were entered into during the year under the reviewwere on an arm's length basis and were in the ordinary course of business. There are nomaterially significant related party transactions made by the Company which may have apotential conflict with the interest of the Company at large. Your Directors draw yourattention to related parties' transactions entered as per section 188 of the companiesduring the year as are detailed in "Annexure-A-3" attached to this report.

VIGIL MECHANISM:

The Vigil Mechanism/Whistle Blower Policy has been adopted to provide appropriateAvenues to the employees to bring to the attention of the management the concerns aboutany unethical behavior by using the mechanism provided in the Policy. In cases related tofinancial irregularities including fraud or suspected fraud the employees may directlyapproach the Chairman of the Audit Committee of the Company. We confirm that no directoror employee has been denied access to the Audit Committee during F.Y. 2020-21.

The Policy provides that no adverse action shall be taken or recommended against anyemployee in retaliation to his/her disclosure if any in good faith of any unethical andimproper practices or alleged wrongful conduct. This Policy protects such employees fromunfair or prejudicial treatment by anyone in the Company.

AUDITORS:

1. STATUTORY AUDITORS:

M/s. K C Parikh & Associate. Chartered Accountants Ahmedabad (Firm RegistrationNo. 107550W) were appointed as Statutory Auditors of the Company for the period of five(5) consecutive years from the conclusion of 7th Annual General Meeting tillthe conclusion of 11th Annual General Meeting of the Company to be held in theyear 2024.

Pursuant to the Companies (Amendment) Act 2017 read with notification issued by theMinistry of Corporate Affairs on 7th May 2018 first proviso to sub-section (1)of Section 139 of the Companies Act 2013 was amended. Accordingly the mandatoryrequirement for ratification of appointment of Auditors by the Members at every AGM hasbeen omitted and hence your Company has not proposed ratification of appointment of M/s. KC Parikh & Associate. Chartered Accountants Ahmedabad at the forthcoming AGM.

The Auditors' Report does not contain any qualification reservation or adverse remark.

2. SECRETARIAL AUDITOR:

The Board of directors pursuant to Section 204 of the Companies Act 2013 read withRule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 has appointed CS Jatin Kapadia (CP. No. 12043) Practicing Company SecretaryAhmedabad as Secretarial Auditor of the Company to conduct the Secretarial Audit as perthe provisions of the said Act for the Financial Year 2020-21.

A Secretarial Audit Report for the Financial Year 2020-21 is annexed herewith as"Annexure-A-4" in Form MR-3. There are no adverse observations in theSecretarial Audit Report which call for explanation.

3. INTERNAL AUDITOR

The Board of directors has appointed M/s. Talati & Talati LLP CharteredAccountants Ahmedabad as the internal auditor of the company. The Internal Auditorconducts the internal audit of the functions and operations of the Company and reports tothe Audit Committee and Board from time to time.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not falling under the purview of Section 135 of the Act and hencedisclosures with respect to CSR activities are not applicable to the Company.

REVIEW OF AUDITORS REPORT AND SECRETARIAL AUDITORS REPORT:

There are no qualifications reservations or adverse remarks made by Statutory AuditorsM/s K C Parikh & Associate Chartered Accountants Ahmedabad in the Auditor's reportand by Secretarial Auditors CS Jatin Kapadia (COP No. 12043) Practicing CompanySecretary in their Secretarial Audit Report for the Financial Year ended March 31 2021.

REPORTING OF FRAUDS BY AUDITORS:

During the year under review neither the Statutory nor the Secretarial Auditors hasreported to the Audit Committee under Section 143(12) of the Companies Act 2013 anyinstances of fraud committed against the Company by its officers or employees the detailsof which would need to be mentioned in the Board's Report.

DEMATERIALISATION OF SHARES:

During the year under review all the equity shares were dematerialized throughdepositories viz. National Securities Depository Limited and Central Depository Services(India) Limited which represents 100% of the total paid-up capital of the Company. TheCompany ISIN No. is INE06H201014 and Registrar and Share Transfer Agent is link IntimeIndia Private Limited.

DISCLOSURES BY DIRECTORS:

The Board of Directors have submitted notice of interest in Form MBP 1 under Section184(1) as well as information by directors in Form DIR 8 under Section 164(2) anddeclarations as to compliance with the Companies Act 2013.

DISQUALIFICATIONS OF DIRECTORS:

During the financial year 2020-2021 under review the Company has received Form DIR-8from all Directors as required under the provisions of Section 164(2) of the CompaniesAct 2013 read with Companies (Appointment and Qualification of Directors) Rules 2014that none of the Directors of your Company is disqualified.

SECRETARIAL STANDARD:

Your Directors states that they have devised proper systems to ensure compliance withthe Secretarial Standards and that such system are adequate and operating effectively.

SEBI COMPLAINTS REDRESS SYSTEM (SCORES):

The investor complaints are processed in a centralized web based complaints redresssystem. The salient features of this system are centralized database of all complaintsonline upload of Action Taken Reports (ATRs) by the concerned companies and online viewingby investors of actions taken on the complaint and its current status. Your Company hasbeen registered on SCORES and makes every effort to resolve all investor complaintsreceived through SCORES or otherwise within the statutory time limit from the receipt ofthe complaint. The Company has not received any complaint on the SCORES during financialyear 2020-21.

INVESTOR GRIEVANCES REDRESSAL STATUS:

During the Financial Year 2020-21 there were no complaints or queries received fromthe shareholders of the Company. Company Secretary acts as the Compliance Officer of theCompany is responsible for complying with the provisions of the Listing Regulationsrequirements of securities laws and SEBI Insider Trading Regulations. The Investor can besent their query at cs@gensol.in

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 regardingconservation of energy technology absorption and foreign exchange earnings and outgo areunder:

 

CONSERVATION OF ENERGY:

Energy conservation is very important for the company and therefore energy conservationmeasures are undertaken wherever practicable in its plant and attached facilities. TheCompany is making every effort to ensure the optimal use of energy avoid waste andconserve energy by using energy efficient equipment's with latest technologies.

 

TECHNOLOGY ABSORPTION:

Your Company firmly believes that adoption and use of technology is a fundamentalbusiness requirement for carrying out business effectively and efficiently. While theindustry is labour intensive we believe that mechanization of development throughtechnological innovations is the way to address the huge demand supply gap in theindustry. We are constantly upgrading our technology to reduce costs and achieve economiesof scale. Innovation and focus of continuously launching a new offering drivedifferentiation and creating value has become a norm for the Industry Thus a robust focuson developing new features and technology solutions to capture the consumer's imaginationand fuel the desire for enhanced experiences continues to be critical for Organizations.

 

FOREIGN EXCHANGE EARNINGS AND OUTGO:

The foreign exchange earnings and out flow during the period under review as follows:

Particulars 2020-21 2019-20
Total foreign exchange outgo - -
Total foreign exchange inflow - -

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company is pleased to report that during the year under reporting the industrialrelations were cordial.

ACKNOWLEDGEMENT:

Your directors take this opportunity to place on record the appreciation of thevaluable contribution and dedication shown by the employees of the Company RTA Auditorsand Practicing Company Secretary which have contributed to the successful management ofthe Company's affairs.

The Directors also take this opportunity to thank all the stakeholders InvestorsClients Banks Government Regulatory Authorities and Stock Exchange for their continuedsupport.

The Directors regret the loss of life due to COVID-19 pandemic and are deeply gratefuland have immense respect for every person who risked their life and safety to fight thispandemic.

Date: 04/09/2021 By the order of Board of Directors
Place: Ahmedabad Gensol Engineering Limited
Sd/-
Anmol Singh Jaggi
Managing Director
DIN:01293305

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