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ICDS Ltd.

BSE: 511194 Sector: Financials
NSE: ICDSLTD ISIN Code: INE613B01010
BSE 00:00 | 07 Dec 47.80 2.25
(4.94%)
OPEN

46.90

HIGH

47.80

LOW

43.55

NSE 00:00 | 07 Dec 47.20 2.05
(4.54%)
OPEN

45.15

HIGH

47.40

LOW

45.10

OPEN 46.90
PREVIOUS CLOSE 45.55
VOLUME 1314
52-Week high 143.90
52-Week low 16.45
P/E 956.00
Mkt Cap.(Rs cr) 62
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 46.90
CLOSE 45.55
VOLUME 1314
52-Week high 143.90
52-Week low 16.45
P/E 956.00
Mkt Cap.(Rs cr) 62
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ICDS Ltd. (ICDSLTD) - Director Report

Company director report

To

The Members

Your Board of Directors have pleasure in presenting their 50th Annual Reporton the business and operations of the Company and the accounts for the Financial Yearended March 31 2021.

FINANCIAL SUMMARY

The following table brings out the financial performance of the Company during the F.Y.2020-21:

(' in '000)

Particulars 31-Mar-2021 31-Mar-2020
Income from Operations 8108 19358
Other Income 20807 16426
Total Income 28915 35784
Less: Operating Expenses 16148 22879
Less: Fair value loss on Investments 0 13392
Less: Interest 631 566
Profit/(loss) before Depreciation 12136 (1053)
Less: Depreciation 3248 3300
Profit/(loss) after Depreciation before Tax 8888 (4353)
Less: Provision for Income Tax 0 494
Less: Deferred Tax 214 171
Profit/(loss) after Tax 8674 (5018)
Less: Income Tax for earlier years 63393 (5)
Profit after adjustment (54719) (5013)
Opening balance of retained earnings 27705 33163
Profit/(loss) for the year [a] (54719) (5013)
Other comprehensive income/(loss) [b] (879) (445)
Total comprehensive income/(loss) [a+b] (55598) (5458)
Closing balance of retained earnings (27893) 27705

COMPANY'S STATE OF AFFAIRS

During the year under review the Company has earned Income of '28915 thousand asagainst '35784 thousand in the corresponding previous year. The Income for the yearbasically consists of recovery of dues commission from Insurance related activitiesDividend and Interest. The operating expense for the year is '16148 thousand as against'22879 thousand in the previous year. The increase in operational expenses is mainly onaccount of legal expenses incurred in connection with the Income Tax Block Assessment Casewherein the company had to defend its case by engaging eminent Lawyers. The provision forthe fair value of investments (increase in the value of investments is '18110 thousand asagainst reduction '13392 thousand in the previous year. The profit/(loss) after tax forthe year after adjusting the provision stands at '8674 thousand as against ('5018thousand) in the Previous year. After adjusting for income tax of earlier years theProfit/(Loss) stands at ('54719 thousands) as against ('5013 thousands) in the previousyear. There is erosion in the Net Worth of the company due to the losses incurred onaccount of provision for taxes for the earlier years. The Net worth of the company as atMarch 31 2021 stands at '135708 thousand as against '191306 thousand as at March312020.

FUTURE BUSINESS PLANS

The Company had stopped NBFC business after the filing of scheme of arrangement withHon'ble High Court of Karnataka Bangalore. The Company has repaid the entire publicliabilities applied for fresh Certificate of Registration (COR) with Reserve Bank ofIndia as Non-deposit taking NBFC. Reserve Bank of India has made certain suggestions mostof which the Company has complied with and requested Reserve Bank of India to issue theCOR with an assurance that the other suggestions will be implemented post issuance of COR.Reserve Bank of India vide its letter dated 26th December 2018 informed thecompany that the company's request for the COR has been rejected and advised the companyto approach the Appellate Authority for redressal of grievances if any. The companyaccordingly has filed an application before the Appellate Authority and presented itscase. The Appellate Authority after hearing both the parties dismissed the Company'sappeal vide its order dated 06.08.2020 without giving any cogent reasons as to why theCompany is not entitled to receive the certificate of Registration u/s 45(a) of ReserveBank of India Act 1934 and to enable the Company to carry on the business of NBFC. Beingaggrieved by the order passed by the Appellate Authority vide its order dated 06.08.2020rejecting the appeal filed by the Company the Company has filed writ petition WP4162/2021 before the Hon'ble High Court of Karnataka Bangalore. The High Court ordered toissue notice to both RBI and Ministry of Finance Dept. of Financial Services. The casewas listed before the court on 15.03.2021 and Court has directed to issue notice toReserve Bank of India. Thereafter matter has not been taken due to pandemic as Courts werenot functioning.

LISTING OF COMPANY'S SHARES IN NSE & BSE

We are pleased to inform the stakeholders that BSE Ltd. (BSE) and National StockExchange of India Ltd. (NSE) vide their respective communications dated 25thJune 2021 and pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January22 2020 (Erstwhile SEBI Circular No. SEBI/HO/CFD/ CMD/CIR/P/2018/77 dated May 3 2018)the suspension of the trading in the securities of the company has been revoked w.e.f.July 02 2021 and trading has been permitted in both the exchanges from July 02 2021onwards upon satisfactory redressal of issues of non-compliance in respect of theerstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

FEE BASED ACTIVITIES

The Company is working on recovery of amounts due from Hire Purchase/lease/loans andother dues. However due to the pandemic the progress in this area is slow. In order togenerate additional income to meet the operating expenses your Company is working asCorporate Agent for Life and General Insurance Companies registered under IRDAI and earncommission from that besides collection of rent from premises leased.

TRANSFER TO RESERVES

The Company has not transferred any amount to reserves during the financial year.

DIVIDEND

In view of the losses incurred during the year and in order to conserve the resourcesfor future business your directors expressed their inability to recommend dividend duringthe year under report.

SHARE CAPITAL

The paid-up Share Capital as on 31st March 2021 was '130267000. Duringthe year under review the Company has neither issued any shares nor issued shares withdifferential voting rights. It has neither issued employee stock options nor sweat equityshares and does not have any scheme to fund its employees to purchase the shares of theCompany.

DEPOSITS

The Company has not accepted any deposits from the public/ shareholders during the yearunder review as per Section 73 of the Companies Act 2013.

CORPORATE GOVERNANCE

Pursuant to the Regulation 34(3) read with Schedule V of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 Corporate Governance Report and Auditor'sCertificate regarding Compliance of conditions of Governance are made a part of thisReport.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Change in Directors

Mr.Tonse Mohandas Pai [DIN: 00104336] Non-Executive Director retire by rotation at theforthcoming Annual General Meeting and being eligible offer himself for reappointmentsubject to approval of members at the ensuing AGM by way of Special Resolution.

The term of Mr. Bharath Krishna Nayak as Managing Director (holding DIN: 00776729) ofthe Company expires on 4th December 2021. The Board of Directors at itsmeeting held on August 11 2021 reappointed him as Managing Director of the Company for afurther period of two years w.e.f. 5th December 2021 upto 4thDecember 2023 subject to approval of shareholders in ensuing Annual General Meeting andon the basis of recommendation of Nomination and Remuneration Committee.

A brief profile of the Directors seeking confirmation/appointment nature of expertisein specific functional area name of other public companies in which he/she holdsdirectorship and membership/chairmanship of the committees of the Board of Directors andthe particulars of the shareholding as stipulated under Regulation 36(3) of SEBI (ListingObligations & Disclosure Requirements) Regulations 2015 and Secretarial Standards 2(SS 2 on General Meetings) is appended to the Notice.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed both under theCompanies Act 2013 and Regulations of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015.

MEETINGS

A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe year four Board Meetings were convened and held on 29.06.2020 14.09.2020 10.11.2020and 10.02.2021. The intervening gap between the Meetings was within the period prescribedunder the Companies Act 2013.

AUDIT COMMITTEE

The Audit Committee comprises independent directors namely Mr. Sujir Prabhakar(Chairman) Mr. A. Giridhar Pai and Mrs. Vimal Chandrashekar Kamath as other members. Allthe recommendations made by the Audit Committee were accepted by the Board. Details ofAudit Committee meetings are enumerated in the Corporate Governance Report.

The role and terms of reference of Audit Committee cover the areas mentioned inRegulation 72 of the SEBI (Listing Obligation & Disclosure Requirements) Regulations2015 and Section 179 of the Companies Act 2013 besides other terms referred to by theBoard of Directors from time to time. During the year the Committee met on 29.06.202014.09.2020 10.11.2020 and 10.02.2021.

REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES OF THE COMPANY

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as per the provisions of Section 135(1) of the Companies Act 2013 as the saidprovisions are not applicable to the Company for the time being.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 astatement showing the names of the top ten employees in terms of remuneration drawn andnames and other particulars of the employees drawing remuneration in excess of the limitsset out in the said rules forms part of this Report.

Disclosures relating to remuneration and other details as required under Section197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 forms part of this Report.

Further the report and the accounts are being sent to the Members excluding theaforesaid annexure. In terms of Section 136 of the Act the said annexure is open forinspection and any Member interested in obtaining a copy of the same may write to theCompany Secretary.

i) Particulars pursuant to Section 197(12) of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014are provided as under: In line with the internal guidelines of the company no payment ismade towards commission to the Non-Executive Directors of the company and hence ratio tomedian remuneration is not stated.

i) Percentage of increase in remuneration to Chief Financial Officer: Nil

ii) Percentage of increase in remuneration to Company Secretary: 2.08%

ii) The percentage increase in the median remuneration of employees in the financialyear:14.5%

iii) The number of permanent employees on the rolls of Company: 17

iv) Average percentile increase already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration: TheManaging director is not drawing any remuneration.

v) Affirmation that the remuneration is as per the remuneration policy of the Company:The Remuneration is as per the policy of the Company.

Under Section 197(14) of the Companies Act 2013 it is hereby informed that none ofthe Directors are in receipt of commission from the Company and its Subsidiary.

RISK MANAGEMENT

Your Company recognizes that risk is an integral part of business and is committed tomanaging the risks in a proactive and efficient manner.

Your Company through its risk management process strives to contain impact andlikelihood of the risks from time to time.

SUBSIDIARY/ASSOCIATE COMPANIES

The Company formulated a Policy for determining Material Subsidiaries. The policyavailable on the Company's website and can be accessed at www.icdslimited.com.During the year under review Manipal Properties Limited is material subsidiary of theCompany as per listing regulations.

The Consolidated Financial Statements of the Company and its subsidiary ManipalProperties Limited prepared in accordance with Indian Accounting Standard issued by theInstitute of Chartered Accountants of India form part of the Annual Report and arereflected in the Consolidated Financial Statements of the Company.

The Annual Accounts of the subsidiary company and related detailed information will bekept at the Registered Office of the Company as also at the registered offices of thesubsidiary company and will be available to investors seeking information at any time.

Salient features of financial statements of subsidiary company pursuant to Section129(3) of the Companies Act 2013 have been covered in the Financial Statements in FormAOC-1.

Further pursuant to the provisions of Section 136 of the Act the financial statementsof the Company consolidated financial statements along with relevant documents andseparate audited financial statements in respect of subsidiaries are available on theCompany's website on www.icdslimited.com.

RELATED PARTY TRANSACTION

All related party transactions that were entered into were on an arm's length basis inthe ordinary course of business and were in compliance with the applicable provisions ofCompanies Act 2013 ("the Act"). There were no materially significant relatedparty transactions made by the Company during the year that would have requiredshareholders' approval under the provisions of the Act. Details of the transactions withrelated parties are provided in the Note No. 40 of accompanying standalone financialstatements. Form AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Actand Rule 8(2) of the Companies (Accounts) Rules 2014 is annexed herewith marked as AnnexureI.

BOARD EVALUATION

Pursuant to the provisions of Companies Act 2013 and SEBI (LODR) Regulations 2015Board has carried out an annual performance evaluation of its own performance and theDirectors individually. The manner in which the evaluation has been carried out aredetailed below:

The performance evaluation of Chairman and Non-Independent Directors was carried out bythe Independent Directors. The Independent Directors evaluated the parameters viz. levelof engagement duties responsibilities performance obligations and governancesafeguarding the interest of the Company. The performance evaluation of Independentdirectors was carried out by the entire Board.

AUDITORS

Pursuant to the provisions of the Companies Act 2013 the Company at its 46thAGM held on 25th September 2017 had appointed M/s Pathak H. D. &Associates Chartered Accountants Mumbai (FRN: 107783W) as the Statutory Auditors of theCompany for period of five years till the conclusion of the 51st Annual GeneralMeeting to be held in the year 2022.

AUDITORS' REPORT

Auditors report does not contain any qualifications reservations or adverse remarks.

SECRETARIAL AUDIT REPORT

In terms of Section 204 of the Act and Rules made there under CS Shrinivas M.Devadiga Practicing Company Secretary (Membership No. 22381 CoP No. 10372) from Bangalorehas been appointed as Secretarial Auditor of the Company. The report of the SecretarialAuditor is enclosed as Annexure II to this report. Secretarial Auditors' Report does notcontain any qualifications reservations or adverse remarks. The Comments made by theSecretarial Auditors are corresponding explanations given by the Board are as under:

Sl.No.Comment by Secretarial Auditor Board's Reply
1. During the period under review and as per the explanations and clarifications given to me and representations made by the Management the trading in shares was suspended by NSE since June 27 2002 and by BSE since July 5 1999. However the Company has complied with all the requirements as required by the respective stock exchanges and the process of revocation of suspension is in progress. BSE Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE) vide their respective communications dated 25th June 2021 & Pursuant to SEBI Circular No. SEBI/HO/ CFD/CMD/CIR/P/2020/12 dated January 22 2020 (Erstwhile SEBI Circular No. SEBI/HO/CFD/ CMD/CIR/P/2018/77 dated May 3 2018) the suspension of the trading in the securities of the company will be revoked w.e.f. July 02 2021 and trading will be permitted in both the exchanges from July 02 2021 onwards upon satisfactory redressal of issues of non-compliance in respect of the erstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
2 Company was received show cause notice in the earlier year by ROC for violation of Section 203(1) R/W Section 203(4) of the Companies Act 2013 for non-appointment of Company Secretary from 01.04.2014 to 08.08.2016. Company has made an application for adjudication of penalties with Registrar of Companies Karnataka and the matter is still pending with Registrar of Companies Karnataka.
3 During the period under review and as per the explanations and clarifications given to me and representation made by the Management on 9th October 2002 RBI had cancelled NBFC licence of the Company; hence Company is not complying with RBI regulation guidelines and Direction to NBFC since suspension of its Licence. The Company had stopped NBFC business after the filing of scheme of arrangement with Hon'ble High Court of Karnataka Bangalore. The Company has repaid the entire public liabilities applied for fresh Certificate of Registration (COR) with Reserve Bank of India as Non-deposit taking NBFC. Reserve Bank of India has made certain suggestions most of which the Company has complied with and requested Reserve Bank of India to issue the COR with an assurance that the other suggestions will be implemented post issuance of COR. Reserve Bank of India vide its letter dated 26th December 2018 informed the company that the company's request for the COR has been rejected and advised the company to approach the Appellate Authority for redressal of grievances if any. The company accordingly has filed an application before the Appellate Authority and presented its case.
The Appellate Authority after hearing both the parties dismissed the Company's appeal vide its order dated 06.08.2020 without giving any cogent reasons as to why the Company is not entitled to receive the certificate of Registration u/s 45(a) of Reserve Bank of India Act 1934 and to enable the Company to carry on the business of NBFC.
Being aggrieved by the order passed by the Appellate Authority vide its order dated 06.08.2020 rejecting the appeal filed by the Company the Company has filed writ petition WP 4162/2021 before the Hon'ble High Court of Karnataka Bangalore. The High Court ordered to issue notice to both RBI and Ministry of Finance Dept. of Financial Services. The case was listed before the court on 15.03.2021 and Court has directed to issue notice to Reserve Bank of India. Thereafter matter has not been taken due to pandemic as Courts were not functioning.

INTERNAL FINANCIAL CONTROL

The Company has implemented and evaluated the Internal Financial Controls which providea reasonable assurance in respect of providing financial and operational informationcomplying with applicable statutes and policies safeguarding of assets prevention anddetection of frauds accuracy and completeness of accounting records. The Company hasappointed Internal Auditor with dedicated internal audit team. The internal audit reportswere reviewed by the Audit Committee. Further the Audit Committee annually reviews theeffectiveness of the Company's internal control system. The Directors and Managementconfirm that the Internal Financial Controls (IFC) is adequate with respect to theoperations of the Company. A report of Auditors pursuant to Section 143(3)(i) of theCompanies Act 2013 certifying the adequacy of Internal Financial Controls is annexed withthe Auditors Report.

ANNUAL RETURN

As required pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of theCompanies (Management and Administration) Rules 2014 a copy of annual return in MGT-7is available on the Company's website www.icdslimited. com (link:https://icdslimited.com/annual-retum). As per provisions of Section 134(3)(a) of theCompanies Act 2013 the Annual return for financial year 2020-21 is placed on website ofthe company i.e. www.icdslimited.com.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There are no such material changes to be reported in this regard.

CHANGE IN NATURE OF BUSINESS

There is no change in nature of business.

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

Your Directors wish to state that there have been no significant or material ordersthat were passed by the Regulators or Courts or Tribunals which may impact the goingconcern status and operations of the Company in future.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186

Details of Loans: Nil

Details of Guarantee/Security Provided: Company has not provided any Guarantee/Securityduring the financial year.

Investments made are of the nature quoted/unquoted equity shares and investment inproperty. Particulars of such investments are provided in the financial statements videNote No.11.

OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

In order to prevent sexual harassment of Women at work place a new Act called TheSexual Harassment of Women at Work Place (Prevention Prohibition & Redressal) Act2013 has been notified on 9th December 2013. In terms of the said Act yourCompany has constituted an Internal Complaints Committee to look into complaints of sexualharassment at work place of any women employee. The company has adopted a policy forprevention of sexual harassment of women at work place and has set up internal committeefor implementation of the said policy. During the year your Company has not received anycomplaint of sexual harassment of any women employee.

The following is a summary of sexual harassment complaints received and disposed offduring the year 2020-21:

a. No. of complaints received : Nil

b. No. of complaints disposed off : Nil

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The company did not have any activity in relation to conservation of energy ortechnology absorption. The company had no foreign exchange earnings or outgoings duringthe year under report.

POLICY ON DIRECTORS' 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 is a part of this report and is also available on website www.icdslimited.com.

Details of remuneration paid to the Directors and Key Managerial Personnel are given inthe Form MGT-7 which is available in the Company's website under linkhttps://icdslimited.com/annual- return.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors hereby report in terms of clause (c) of sub-section (3) of Section 134of the Companies Act 2013 that -

(a) in the preparation of the annual accounts the applicable Indian accountingstandards have been followed along with proper explanation relating to materialdepartures;

(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 and loss of the company for that period;

(c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities.

(d) the directors have prepared the annual accounts on a going concern basis; and

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

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of the Investor Education and Protection Fund Authority(Accounting Audit Transfer and Refund) Rules 2016 the Company has already filed thenecessary form and uploaded the details of unpaid and unclaimed amounts lying with theCompany as on the date of last AGM (i.e. 28.09.2020) with the Ministry of CorporateAffairs.

DETAILS OF FRAUD REPORT BY AUDITOR

As per auditors' report no fraud u/s 143(12) reported by the auditor.

VIGIL MECHANISM

The Company has a Whistle Blower Policy for Directors and employees and adopted theWhistle Blower Policy in terms of Section 177(9) and (10) of the Companies Act 2013 andSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 to report genuineconcerns if any about unethical behavior wrongful conduct and violation of Company'scode of conduct or ethics. The Whistle Blower Policy is available on the Company's websitewww.icdslimited.com.

SECRETARIAL STANDARDS

The Company has complied with all the provisions of applicable Secretarial Standardsissued by Institute of Company Secretaries of India and notified by the Ministry ofCorporate Affairs.

IMPACT OF COVID-19 ON ECONOMY

The COVID-19 pandemic has impacted businesses globally so is in India. The Company hascontinued its assessment of likely adverse impact on economic environment in general andfinancial risks on account of COVID-19. The Company however believes strongly that itsofferings to the customer would not significantly impact its revenue.

The impact on future revenue streams could come from lower rental incomes on account ofwaivers/concessions in rent sought by the tenants and cancellation of lease agreementwhich is the major source of income for the Company. The Company expects the rental incometo be back to the existing levels post the pandemic. However the impact assessment ofCOVID-19 is a continuing process given the uncertainties associated with its nature andduration.

However due to the nature of the pandemic and emerging multiple new variants ofCOVID-19 and treatment for its eradication the Company will continue to be vigilant onvarious developments/ impacts in the future so as to insulate itself from any materialadverse impact.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation of the services andco-operation extended by our Bankers Investors and Members of Staff of the Companyduring the year under report. Your directors also wish to thank the shareholders for theirsupport.

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.

Your directors also wish to place on record their deep sense of appreciation of theservices rendered by the staff members at all levels.

.