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Gujarat Intrux Ltd.

BSE: 517372 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE877E01015
BSE 00:00 | 03 Dec 115.25 3.00
(2.67%)
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115.00

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119.90

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NSE 05:30 | 01 Jan Gujarat Intrux Ltd
OPEN 115.00
PREVIOUS CLOSE 112.25
VOLUME 327
52-Week high 143.95
52-Week low 85.00
P/E 13.39
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 115.00
CLOSE 112.25
VOLUME 327
52-Week high 143.95
52-Week low 85.00
P/E 13.39
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Intrux Ltd. (GUJARATINTRUX) - Director Report

Company director report

TO

The Members of

GUJARAT INTRUX LIMITED

Your Directors have pleasure in presenting 29 Annual Report of the Company togetherwith Audited financial Accounts for the year ended on 31 March 2021.

FINANCIAL SUMMARY AND HIGHLIGHTS

(Rs. In Lakhs)

Particulars 2020-21 2019-20
Net Income from Operation and Other Income 3474.23 4869.53
Profit/ (Loss) Before Interest Depreciation & Taxation 666.87 755.12
Less: Interest and financial expenses 17.96 10.86
Depreciation & Amortization 130.14 121.30
Profit/(Loss) Before Taxation 518.77 622.96
Less: Provision for Taxation 131.52 144.96
Add/Less: Prior Year Adjustment 0.00 0.00
Net Profit/(Loss) Available 387.25 478.00

REVIEW OF BUSINESS OPERATION AND FUTURE PROSPECTS

In the financial Year 2020-21 Your Company has experienced 28.65% downfall incomparison to last year in income from operations and other income and the profitabilityof the Company noted downward approximate by 18.98% in comparison to last year. Overallpercentage of profitability and revenue decreased due to unparalleled situation caused byCovid-19. This is during a year in which human kind has passed through challenges whichare not within living memory. Your Company has performed notable in the every aspects.

In the situation like pandemic Company has maintained smooth business operations ofthe company and also achieved notable performance during the year under review.

The 2021 year came with the hope. We got the vaccines against the COVID-19 and whichgives hope for market growth in each area and Global Growth is likely to get boost withthe potential growth of the Nation as well.

EQUITY INFUSION

Your company has not issued any equity shares during the year under review.

TRANSFER TO RESERVE

The Board of Directors of your company has decided not to transfer any amount to theReserves for the year under review and accordingly no amount has been transferred toGeneral Reserve for the financial Year ended on March 31 2021.

DIVIDEND

Your Board has always believed in Shareholder valuations and giving values to them inform of dividend. Board is considering dividend in the Current situation which is verydisrupted and there is slowdown of economic activity due to the outbreak of Corona virus(COVID-19) pandemic globally and in India too still considering the financial results ofthe Company for the year ended on 31st March2021 we are pleased to recommended the FinalDividend of Rs. 3/- per equity share having the face value of Rs. 10/- each(i.e. 30% offace value)for the financial year ended on March 31 2021 payable to those shareholderswhose name appear in the Register of Members as on the Record date. This final dividend issubject to approval of Members at 29th Annual General Meeting.

CHANGE IN NATURE OF BUSINESS AND MAJOR EVENTS

During the year there is no change in the Business of the Company and no major eventsocurred.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY HAVING OCCURRED SINCE THE END OF THE YEAR AND TILL THE DATE OF THE REPORT

There were no material changes and commitments if any affecting the financialPosition of the Company having occurred since the end of the year and till the date ofthe Report. Further Company has expanded its Machining Unit i.e. Machine Shop withrespect to Machined products within the Unit.

CAPITAL STRUCTURE

Your company has not issued any Equity Shares during the year under review and there isno change in the Capital Structure of the Company during the year 2020-21.

TRANSFER OF UNCLAIMED DIVIDEND AND SHARES TO INVESTOR EDUCATION AND PROTECTIONFUND/AUTHORITY

During the year under review the Company has not transferred any equity shares ofwhich dividend remained unpaid/unclaimed for 7 years during the consecutive seven years tothe IEPF Authority and Dividend thereon.

Further in terms of the provisions mentioned in the Companies Act 2013 upon expiry of7 consecutive years' period unclaimed dividend amount pertaining to the Year 2013-14together with shares if anywill be transferred to the said fund on or before 1 November2021.

Details of the shares/shareholders in respect of which dividend has not been claimedand whose shares has been transferred to IEPF Authority is available on the Website of theCompany at www.gujaratintrux.com.

Nodal-officer (IEPF): Mr. Jay K. Rathod Company Secretary GUJARAT INTRUX LIMITEDSurvey No. 84/p 17 K.M. Rajkot-Gondal Road Village: Shapar Taluka: Kotda SanganiDistrict: Rajkot-360 024 Gujarat. email id: investor@gujaratintrux.comjay.r@gujaratintrux.com. Phone No. 02827-252851/52.

HOLDING/SUBSIDIARY/ASSOCIATE

The Company has no Holding Subsidiary and Associate Company.

OVERVIEW OF THE INDUSTRY EXTERNAL ENVIRONMENT & ECONOMIC OUTLOOK

The outbreak of the deadly COVID-19 virus and the ensuing lockdown imposed across thecountry affected business operations. The health of the employees and workers became apriority; stoppage of operations for an uncertain period resulted in a large financialburden on the one hand and workforce idling on the other. COVID-19 is an unprecedentedchallenge. The lockdown gave India time to make a concerted effort to flatten the outbreakcurve. However towards later part of the year consequent to significant opening of theeconomic activity across the nation the demand picked up compared to that during theinitial period of Covid-19.

India is currently experiencing a massive sectioned wave of Covid-19 infections.However we expect no major changes in the economic activity as the nation is preparing toface the Pandemic with vaccines and preparedness.

The United Nations has raised India's growth forecast to 7.5 per cent for calendar year2021 but said the country's outlook for the year remains highly fragile. The Indianeconomy is projected to grow GDP by more than 10% in FY 21-22 as per various institutionalestimates making it one of the fastest-growing economies. India's growth journey could bethe result of a culmination of favorable tailwinds like consistent flattening of theCOVID-19 infection curve increase in government spending reforms & reliefs and anefficient roll-out of the vaccine among others.

The steel and metal casted products demand got impacted adversely as key consumingsegments struggled to operate amidst weakening economic activities major hubs inred/containment zonesworking capital constraints migrant labour issues and logisticchallenges. These situation are likely to get better soon as world is opening up. GujaratIntrux Limited has also faced disruptions on operating and non-operating cycle. Governmentof India has imposed nationwide lockdown to prevent COVID-19 community spread and itsignificantly impact the business operations of the company by way of interruption inproduction supply chain disruptions unavailability of personnel non-availability ofraw-materials etc. this blow has push everyone to a Starting Line! But to bounce back isthe aim of business and world economy has observed harmful slowdown even before COVID-19although it has got the track right. Getting back to Normalcy and probably doing betterthan what it was pre-lockdown. We should certainly not get disheartened.

Indian is one of the largest producers of metal casted products. Our companymanufactures Steel and Alloy steel Sand casting single piece weight of from few Kgs. to2200 kgs. The industry is gaining decent demand in the market after the COVID-19 outbreakwith the relaxed restrictions within the Country and internationally as well. Concern hasbeen shifted to the Raw Materials and Man powers from the industry expansion. As of nowsome variations were noted in the demand of the steel products but all the units of steelindustry putting more efforts to maintain and create similar demand graph in future too.We aim to perform in export as we hope better demand because world is getting back ontrack and we always put emphasis to expand our horizon.

Your Company is committed towards of all its customer suppliers and all othergovernment and non-government institutions and for that company is putting various effortsto maintain balanced situation with minimal disturbance. Your Company has positiveattitude towards the future aspects and expects/assure that company will recover frompandemics' impact very soon.

DEPOSIT

Company has not accepted any deposits and as such no amount of Principal or Interestwas outstanding as of the Balance Sheet.

PARTICULARS OF LOANS GURANTEES OR INVESTMENTS

The Company has not given any loan Guarantee and has not made any investments duringthe year under review. Your Company has not made any transactions falling under the ambitof section 186 of the Companies Act 2013.

RELATED PARTY TRANSCATIONS

Company has entered into transactions with Related Parties in the ordinary courses ofbusiness at Arm's length basis. Particulars of contracts or arrangements with relatedparties referred in to Section 188(1) of the Companies Act 2013 in the prescribed FormAOC-2 is appeared as Annexure 02 to the Board's report.

INTERNAL FINANCIAL CONTROLS AND INTERNAL AUDIT

The Company's internal audit system has been continuously monitored and updated toensure that assets are safeguarded established regulations are complied with and pendingissues are addressed promptly. Your Company has implemented Periodic Review Mechanism aspart of Internal financial Controls to review receivables inventories tangible andintangible assets investments and other financial parameters for the financial year2020-21. The audit committee reviews reports presented by the internal auditor on aroutine basis. The committee makes note of the audit observations and takes correctiveactions wherever necessary. It maintains constant dialogue with statutory and internalauditors to ensure that internal control systems are operating effectively. Based on itsevaluation (as provided under Section 177 of the Companies Act 2013 and Clause 18 of SEBIListing Regulations) the Audit Committee has concluded that as of 31st March 2021 theInternal financial Controls were adequate and operating effectively.

INSURANCE

The assets of the Company including buildings plant & machinery stocksadditionally public liability etc. Wherever necessary and to the extent required have beenadequately insured against various risk. Moreover Company is also securing personalhealth of its employees by taking various insurance like workman compensation grouppersonal accident and group mediclaim including Covid-19.

SEGMENT REPORTING

The Company is engaged in the Casting business only and therefore there is only onereportable segment in accordance with the Accounting standards on segment reporting IND-AS108 (Operating Segment).

INDUSTRIAL AND HUMAN RESOURECS

The Company believes that the quality of employees is the key to its success. In viewof this it is committed to equip them with skills enabling them to evolve withtechnological advancements.

During the year the Company organised training programmes in technical skillsbehavioral skills business excellence general management advanced managementleadership skills customer orientation safety values and code of conduct. Consideringthe health and safety of employees and advisories orders and directions issued by Stateand Central Governments to restrict the novel coronavirus.

The HR Department of the Company has continuously created the awareness of Covid 19among the employees of the Company through E-mails and has also educated the employees inrespect of personal hygiene and precautions which needs to be taken in this situation ofpandemic. The company has conducted the interviews through telephone and meetings throughVideo Conferencing in order to maintain social distancing which is most essential due tothe spread of Covid 19. The Company has implemented a systematic operating plan to dealwith Covid 19 issue. The Company is providing training through digital platforms and alsomaking aware them regarding digital platform usage.

GUJARAT INTRUX LIMITED is expressing sympathy and paying tribute to our valuableemployees died due to COVID-19.

POLICY ON PRVENTION OF SEXUAL HARASSMENT OF WOMAN AT WORKPLACE

The Company has in place a policy on Prevention of Sexual Harassment of Women atworkplace in line with the requirements of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and Rules framed there under andInternal Complaint's Committee has also been set up to redress complaints regarding sexualharassment. During the year no complaints were received by the Company. Your Company hasalways believed in providing a safe and harassment free workplace for every individualworking in Gujarat Intrux's premises through various interventions and practice. Thepolicy on prevention of sexual harassment is placed on the website of the company athttp://www.gujaratintrux.com/investors.php (Scan QR code for direct access)

It is hereby stated that company has complied with provision relating to theconstitution of Internal Complaints Committee under the Sexual harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013.

REMUNERATION OF DIRECTORS' KEY MANAGERIAL PERSONNEL EMPLOYEES AND GENERAL

Disclosures pertaining to remuneration and other details required under Act read withRule of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014and amendments thereof are provided in the Annual Report. Particulars of Employees interms of the provision of Section 197(12) of the Act read with Rules 5 (1) (2) &(3) isattached with this report as Annexure 03.

MANAGEMENT DISCUSSION AND ANLYSIS REPROT

Management discussion and analysis report for the year under review as stipulatedunder SEBI (LODR) Regulations 2015 and amendments thereof is presented in separatesection and forms part of the Annual Report.

CORPORATE GOVERNANCE

The Company has taken adequate steps to ensure that all mandatory provisions ofCorporate Governance as prescribed under SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 are complied with. As per Regulation 34(3) Read withSchedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015aseparate section on corporate governance and a certificate from the statutory auditors ofthe company regarding compliance of conditions of corporate governance has been obtainedand is enclosed herewith Annexure 04. Corporate Governance Report forms part ofAnnual Report.

CEO & CFO CERTIIFCATION

Pursuant to the Regulation 17(8) of SEBI (LODR) Regulations 2015 the CEO & CFOCertification for preparation of financial statements etc. is forming part of CorporateGovernance report.

NUMBER OF MEETINGS OF THE BOARD

The Board has met four (4) times during the year 2020-21 details of which are given inthe report on Corporate Governance.

DIRECTORS AND KMP

Mr.Dilipbhai M. Dudhagara (DIN:00422189) and Mr. Madhubhai S. Patoliya (DIN:00187119)Directors of the Company retires at the ensuing Annual General Meeting pursuant toprovision of section 152(6) of the Companies Act 2013 and being eligible offer themselvesfor re-appointment.Brief profile of both the directors seeking re-appointment and otherterms of reappointment is given in Annexure 01 of the Boards Report.

In terms of the Rule 6 of the Companies (Appointment and Qualification of Directors)Rules 2014 all Independent Directors of the Company have enrolled themselves on theIndependent Directors Databank.

DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT

It is hereby stated that:

(a) that necessary declaration with respect to independence has been received from allthe Independent Directors of the company under section 149(7) of the Companies Act 2013that he/she meets with criteria laid down under section 149(6) of the Companies Act 2013.

(b) that the Independent Directors have complied with the Code of Independent Directorsprescribed in Schedule IV to the Act.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Company's policy relating to appointment of Directors payment of Managerialremuneration Directors' qualifications and positive attributes Independence ofDirectors and other related matters as provided under Section 178(3) of the Companies Act2013 is furnished in Corporate Governance Report which forms part of this Annual reportand said policy is placed on the website of the Company athttp://www.gujaratintrux.com/investors.php (Scan QR code for direct access) Furtherinformation about Managing Director's remuneration and directors' sitting fees has alsodisclosed in the corporate governance report.

BOARD EVALUATION

As per Companies Act 2013 and SEBI (LODR) Regulations 2015 Board has made the annualevaluation of its own performance and also of its committees and individual Directors. Theperformance of the board evaluated by the Board after seeking inputs from all thedirectors and performance of the committees also evaluated by the board after seeking allinputs regarding committees and its members. In the separate meeting of independentDirectors the performance of non-independent directors the board as whole includingChairman of the Company was evaluated. The Board and Nomination and Remuneration committeereviewed the performance of individual directors on the basis of different criteria.Performance evaluation of Independent Directors was done by the entire board excludingthe Independent Director being evaluated.

Evaluation parameters generally are knowledge and competency duties andresponsibilities under the Code of Conduct integrity and participation at the BoardMeeting etc.

COMMITTES OF THE BOARD

At present the Company is having five (5) Committees as mentioned below:

1) AUDIT COMMITTEE:

The Company has an adequately qualified Audit Committee constituted in accordance withthe provision of section 177 of the Companies Act 2013 and Regulation 18 of SEBI (LODR)Regulations 2015. All the Recommendations of the Audit Committee were accepted by theBoard.

2) NOMINATION AND REMUNERATION COMMITTEE:

The Company has also constituted Nomination and Remuneration Committee Pursuant tosection 178 of the Companies Act 2013 and Regulation 19 of SEBI (LODR) Regulations 2015.

3) STAKEHOLDER RELATIONSHIP COMMITTEE:

To consider and resolve the Grievances of stakeholders the company has framedStakeholders Relationship Committee in accordance with the provision of section 178 of theCompanies Act 2013 and Regulation 20 of SEBI (LODR) Regulations 2015.

4) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Your Company has duly constituted CSR Committee in accordance with the provisions ofsection 135 of the Companies Act 2013. During the year 2020-21 Company has spent CSRExpenditure on activities specified in Schedule-VI of the Companies Act 2013 and detailsof the same is given separately in this Board's Report.

5) RISK MANAGEMENT COMMITTEE:

The Company has voluntarily framed Risk Management Committee which mainly aims atidentification of Risk level at various stages of Business operations/activities and tomanage the Risk and Evaluation.

The details of composition of committees and other relevant details are given in theReport on Corporate Governance.

STATEMENT FOR COMPLIANCE OF APLLICABLE SECRETARIAL STANDARDS

We the Directors of the Company hereby states the Company has complied all applicableSecretarial Standards to the extend its applicable.

DIRECTORS RESOPNSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act 2013your directors confirm to the best of their knowledge and belief;

a) that in the preparation of the annual accounts for the year 2020-21 the applicableaccounting standards had been followed and there were no material departures in thepreparation of the annual accounts;

b) that such accounting policies have been selected and applied consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year 2020-21 and theprofit and loss of the company for that period;

c) that the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other obligations;

d) that the directors had prepared the annual accounts for the year ended 31st March2021 on going concern basis;

e) that the directors had devised proper system to ensure compliance with theprovisions of all applicable laws and that such system were adequate and operatingeffectively.

f) that the Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and operating effectively.

AUDITORS AND AUDITOR'S REPORT STATUTORY AUDITORS

M/s.Chandabhoy & Jassobhoy & Co. having firm Registration No. 101648WChartered Accountants were appointed as Statutory Auditor of the Company to hold officetill conclusion of the Annual General Meeting concerning of the financial year 2021-22.

The Statutory Auditor has confirmed their eligibility and submitted the certificate inwriting that they are not disqualified to hold statutory auditor. Further in terms of theListing Regulations the Auditors have confirmed that they hold a valid certificate by thePeer Review Board of the ICAI.

STATUTORY AUDITOR REPORTS

The Notes on financial statements referred to in the Auditor's Report areself-explanatory and do not call for any further comments. The Auditors' report does notcontain any qualification reservation adverse remark or disclaimer. No fraud has beenreported by the Auditors under section 143(12) of the Companies Act 2013 requiringdisclosure in the Board's Report.

SECRETARIAL AUDITOR

Pursuant to Provision of section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Boardhas appointed M/s. K. P. Rachchh & Co. Practicing Company Secretary to conductSecretarial Audit for the financial year 2020-21.

SECRETARIAL AUDIT REPORT

Pursuant to section 204(1) of the Companies Act 2013 and rule No. 9 of the Companies(Appointment and Remuneration Personnel) Rules 2014 and Regulation 24A of SEBI (LODR)Regulations 2015 The Secretarial Audit Report for the financial year ended on March 31 2021 is annexed herewith to this Report. Secretarial Auditors' Report in the prescribedformat i.e. MR-3 attached in this report as Annexure 05.

COST AUDIT

The Company is not required to conduct Cost Audit as required under section 148 of theCompanies Act 2013.

ANNUAL RETUNRN

Draft Annual Return in Form MGT-7 along with Draft MGT-8 is placed athttp://www.gujaratintrux.com/investors.php Corporate Governance Section.(Scan QR code fordirect access)

CORPORATE SOCIAL RESPONSIBILITY

In accordance with the provision of section 135 of the Companies Act 2013 yourcompany has already constituted Corporate Social Responsibility (CSR) Committee to performsocial duty and spread welfare towards the society at large.

Company has framed CSR Policy and the same is displayed on the Website of the Companyat http://www.gujaratintrux.com/investors.php (Scan QR code for direct access) In the year2020-21 Company was required to Spent Rs. 1146861/- and has spent Rs. 1200000/-toward the Education sector. Details of the composition of Committee Expense to beincurred Expenses made is disclosed in Annual Report on CSR Activities attached as Annexure06 of the Boards Report.

During the year CSR Committee has met two (2) times on 22nd June 2020 and 22nd March2021.

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's operations in future.

CONVERSATION OF ENERGY RESEARCH AND DEVLOPMENT TECHNOLOGY ABSORPTION FOREIGNEXCHNAGE EARNINGS AND OUTGO

The information pertaining to conversation of energy technology absorption Foreignexchange earnings and outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2015 is furnished in Annexure07 attached to this report.

RISK MANAGEMENT

The Company has voluntary framed Risk Management Committee who asses and develop andidentify the elements of risk and reports to the Board. In furtherance various Riskelements and management of Risk is disclosed in the Management Discussion and AnalysisReport which is attached separately and forms part of Annual Report.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

Gujarat Intrux Limited has framed Whistle Blower policy (vigil mechanism) whichprovides a format mechanism for all stakeholders employees and directors of the companyto approach the Ethics Counselors/CEO/Chairman of the Audit Committee of the company andmake protective disclosures about the unethical behavior towards stakeholder/employee ofthe company leak of UPSI actual or suspected fraud or violation of the Company's Code ofConduct. The Whistle Blower Policy is an extension of existing Code of Conduct of theCompany which requires every employee director stakeholder to promptly report to theManagement any actual or possible violation of the Code or an event he becomes aware ofthat could affect the business or reputation of the Company. The disclosures reported areaddressed in the manner and within the time frames prescribed in the policy. Under thePolicy each Stakeholders Employees and Directors of the Company has an assured access tothe Ethics Counselors/CEO/Chairman of the Audit Committee. Whistle Blower Policy isavailable at the website of the Company http://www.gujaratintrux.com/investors.php. (ScanQR code for direct access)

ACKNOWLEDGMENT

Your Directors wish to express their sincere appreciation for the continuedco-operation and undoubted services rendered by their valuable customers and suppliers.The Directors further expressing their sincere appreciation for the continued cooperationsupport and assistance during the year under report by the Bankers of the Companyincluding Governments and Government agencies. The Board of Directors also wishes topraise the efforts and contribution made by the employees at all levels during the yearunder report. Stakeholders support is also acknowledged by the Management of the Company.The Directors deeply regret the loss of life caused due to the outbreak of COVID-19 andare grateful to every person who risked their life and safety to fight this pandemic.

for and on behalf of the Board of
Gujarat Intrux Limited
Place :Shapar (Dist. Rajkot) Ramankumar D. Sabhaya
Date : 29 July 2021 (Chairman) DIN- 00569058

Annexure 04

AUDITORS' CERTIFICATE ON CORPORATE GOVERNANCE

To

The Members of

Gujarat Intrux Limited

We have examined the compliance conditions of corporate governance by GUJARAT INTRUXLIMITED for the financial year ended March 31 2021 as Chapter IV of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 and amendment thereof pursuantto the Listing Agreement of the said Company with stock exchanges.

The compliance of conditions of Corporate Governance is the responsibility of themanagement. Our examination was limited to procedures and implementation thereof adoptedby the Company for ensuring compliance of the conditions of Corporate Governance. It isneither an audit nor an expression of opinion on the financial statements of the Company.In our opinion and to the best of our information and according to the explanations givento us we certify that the Company has complied with the conditions of CorporateGovernance as stipulated in the above mentioned Listing Agreement. We further state thatsuch compliance is neither an assurance as to the future viability of the Company nor theefficiency or effectiveness with which the management has conducted the affairs of theCompany.

Place : Ahmedabad For Chandabhoy & Jassoobhoy
Date : 15 June 2021 Chartered Accountants
UDIN : 21100932AAACGS9646 Partner
Membership No. 100932
Firm Reg. No. 101648W

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