The Directors are pleased to present the 25th Annual Report of the Company togetherwith Audited Accounts for the Financial Year ended 31st March 2020.
The Company's financial performance for the year ended 31st March 2020 is summarizedbelow:
| || ||(Rs. in Lacs) |
|Particulars ||Current Year 31.03.2020 ||Previous Year 31.03.2019 |
|Revenue from Operations (net) ||5291.24 ||9981.88 |
|Other Income ||156.16 ||27.97 |
|Total Revenue ||5447.40 ||10009.85 |
|Profit before Finance Cost Depreciation and Tax ||(1818.21) ||(848.16) |
|Less: Depreciation & Amortisation ||684.05 ||707.77 |
|Less: Finance Cost ||2.55 ||118.70 |
|Less: Tax Expenses ||- ||- |
|Net Profit after Tax ||(2504.81) ||(1674.63) |
|Less: Exceptional Item ||- ||- |
|Other Comprehensive Income/(Loss) (net of Tax) ||(10.11) ||42.04 |
|Total Comprehensive Income/(Loss) ||(2514.92) ||(1632.60) |
Note: Figures of the previous year has been re-grouped/revised wherever necessary.
FINANCIAL AND OPERATIONAL REVIEW
During the year under review the Company has achieved Net Sales/Revenue from operationof Rs.5291.24 lacs as against Rs.9981.88 lacs in previous year registering a decrease of46.99%. The Company incurred a loss of Rs.2504.81 lacs as against Rs.1674.63 lacs in theprevious year. The losses are mainly attributed due to liquidity crunches and increase ininput cost.
The Company has not transferred any amount to the General Reserve due to the lossesincurred during the financial year 2019-20.
In view of the losses incurred by the Company the Directors of the Company do notrecommend any dividend for the financial year 2019-20.
The Board met Five (5) times during the year the details of which are given in theCorporate Governance Report that forms part of this Annual Report. The intervening gapbetween the Meetings was within the period prescribed under the Companies Act 2013 andthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
CHANGES IN SHARE CAPITAL & MEMORANDUM OF ASSOCIATION
There was no change in the Share Capital and Memorandum of Association and Articles ofAssociation of the Company during the financial year 2019-20.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to the provisions of Section 161 of the Companies Act 2013 read with therelevant provisions in the Articles of Association Mr. Sharat Malik (DIN: 08529458) wasappointed as an Additional Director (Non-Executive Independent) by the Board of Directorsof the Company w.e.f. 12th August 2019 and was subsequently regularised as an IndependentDirector in the Annual General Meeting held on 25th September 2019.
Pursuant to the provisions of Section 161 of the Companies Act 2013 read with therelevant provisions in the Articles of Association Mr. Debasish Mukherjee (DIN: 08529465)was appointed as an Additional Director (Non-Executive Independent) by the Board ofDirectors of the Company w.e.f. 12th August 2019 and was subsequently regularised as anIndependent Director in the Annual General Meeting held on 25th September 2019.
Pursuant to the provisions of Section 149 and 152 and other applicable provisions ofthe Companies Act 2013 read with Schedule IV of the SEBI (LODR) Regulations 2015 Mrs.Sujata Agarwal (DIN: 06833458) Non Executive Independent Director of the Company whosetenure as an Independent Director expires on 8th October 2019 has been recommended by theBoard of Directors in their meeting held on 12th August 2019 to hold office for furtherperiod of Five (5) years w.e.f 9th October 2019. The Company has received a notice inwriting from a member proposing her candidature for the office of Non-ExecutiveIndependent Director.
In accordance with the provisions of the Companies Act 2013 Mr. Satish Kumar Singh(DIN: 05295625) retires by rotation and being eligible offers himself forre-appointment.
During the year Mr. Aritro Roy (DIN: 08257216) Additional Director (Non-ExecutiveIndependent) of the Company has resigned from the directorship of the Company w.e.f. 12thAugust 2019 due to some personal and unavoidable reasons.
During the year Mr. Nanda Samai (DIN: 02566965) Non-Executive Independent Director ofthe Company has resigned from the directorship of the Company w.e.f. 12th August 2019 dueto some personal and unavoidable reasons.
Key Managerial Personnel's (KMPs)
There was no changes in the KMPs in the Company during the year under review.
DIRECTOR'S RESPONSIBILITY STATEMENT
Based on the framework of Internal Financial Controls maintained by the Company workperformed by the Internal Statutory Cost and Secretarial Auditors and external agenciesthe reviews performed by Management and the relevant Board Committees the Board with theconcurrence of the Audit Committee is of the opinion that the Company's InternalFinancial Controls were adequate and effective as on 31st March 2020.
Accordingly pursuant to Section 134(5) of the Companies Act 2013 the Board ofDirectors to the best of their knowledge and ability confirm:
a) that in the preparation of the annual accounts the applicable Accounting Standardshave been followed along with proper explanation relating to material departures;
b) that we have selected such accounting policies and applied them consistently andmade judgements 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) that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;
d) that the annual accounts have been prepared on a "going concern" basis;
e) that proper internal financial controls were laid down and that such internalfinancial controls are adequate and were operating effectively; and
f) that proper systems to ensure compliance with the provisions of all applicable lawswere in place and that such systems were adequate and operating effectively.
During the year under review Credit Rating has not been done. The Company's creditrating for the year 2015-16 for Long-Term debts/facilities was D' and Short-Termfacilities was A4 (A Four) given by ICRA Limited.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
During the year under review no Company has become or ceased to exist as thesubsidiary of the Company. The Company has also not entered into any Joint Venture norbecome an Associate Company during the year under review.
EXTRACT OF ANNUAL RETURN
The details of the extract of the Annual Return in the Form MGT-9 as on 31st March2020 is annexed herewith and forms part of this Report as Annexure-I.
WEB ADDRESS OF ANNUAL RETURN
Pursuant to the provisions of the Companies Act 2013 read with applicable rules madethereunder the extract of Annual Return of the Company has been disclosed on the websiteof the Company at http://impexferrotech.com/extract.html.
The Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.
The properties and insurable assets and interests of the Company like building plantand machinery and stocks among others are adequately insured.
BUSINESS RESPONSIBILITY REPORT
The business responsibility report as per Regulations 34(2) of SEBI (ListingObligations & Disclosure Requirements) Regulations 2015 is not applicable to theCompany as the Company does not fall under Top 500 Listed Companies on the basis of MarketCapitalization.
DIVIDEND DISTRIBUTION POLICY
Pursuant to regulation 43A of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 top 500 listed companies based on market capitalisationare required to formulate a Dividend Distribution Policy. Accordingly the Company is notrequired to formulate the Dividend Distribution Policy.
AUDIT AND AUDITORS
In terms of the Companies Act 2013 M/s. R. Kothari & Co LLP (Formerly known as R.Kothari & Co FRN: 307069E) Chartered Accountants (FRN: E300266) were re-appointedas the Statutory Auditors of the Company for a term of One (1) year from the conclusionof 24th Annual General Meeting till the conclusion of 25th Annual General Meeting.Accordingly the term of M/s. R. Kothari & Co LLP. would be completed upon theconclusion of the ensuing Annual General Meeting. As per the provisions of the CompaniesAct 2013 M/s. R. Kothari & Co LLP Chartered Accountants have a further term of Two(2) years for re-appointment.
The Board of Directors after considering the recommendations of the Audit Committeeat its meeting held on 14th August 2020 has recommended the re-appointment of M/s. R.Kothari & Co LLP Chartered Accountants (FRN: E300266) as the Statutory Auditors ofthe Company for a further period of One (1) year commencing from the conclusion of thisAnnual General Meeting till the conclusion of the 26th Annual General Meeting.
The Company has received consent cum eligibility letter from M/s. R. Kothari & CoLLP Chartered Accountants to the effect that the appointment would be in accordance withlimits specified under the Companies Act 2013. As required under SEBI Regulations theyhave confirmed that they hold valid certificate issued by the Peer Review Board of theInstitute of Chartered Accountants of India.
A resolution proposing their re-appointment of M/s. R. Kothari & Co. LLP CharteredAccountants as the Statutory Auditor of the Company from the conclusion of the ensuingAnnual General Meeting till the conclusion of the 26th Annual General Meeting of theCompany at a remuneration fixed by the Board of Directors is submitted at the AnnualGeneral Meeting for approval of the members.
STATUTORY AUDITOR OBSERVATION
The Statutory Auditor has put the qualification remark in their report. The details areas follows:-
The Auditors have drawn attention to Note No. 4 of the accompanying FinancialStatements regarding non provision of interest expense on the borrowings of the Companyamounting to Rs.961.56 Lacs for the quarter ended 31st March 2020 and Rs.3670.82 Lacsfor the year ended 31st March 2020 (Cumulative Non Provisioning of Rs.13795.93 Lacs till31st March 2020) and penal interest and charges thereof (amount remaining unascertained)which is not in accordance with the requirements of Ind AS 23: Borrowing Costs read withInd AS 109: Financial Instruments.
Had the aforesaid interest expense been recognized the finance cost for the quarterended 31st March 2020 would have been Rs.962.02 Lacs instead of Rs.0.46 Lacs and financecost for the year ended 31st March 2020 would have been Rs.3673.37 Lacs instead ofreported amount of Rs.2.55 Lacs. The total expenses for the quarter and year ended 31stMarch 2020 would have been Rs.2851.59 Lacs and Rs.11623.03 Lacs instead of Rs.1890.03Lacs and Rs.7952.21 Lacs respectively. The Net Loss after tax for the quarter and yearended 31st March 2020 would have been Rs.1684.28 Lacs and Rs.6175.63 Lacs instead ofRs.722.72 Lacs and Rs.2504.81 Lacs respectively. Total comprehensive Loss for the quarterand year ended 31st March 2020 would have been Rs.1724.40 Lacs and Rs.6185.74 Lacsinstead of reported amount of Rs.762.84 Lacs and Rs.2514.92 Lacs respectively. Otherequity as on 31st March 2020 would have been Rs.(44486.93 Lacs) instead of reportedamount of Rs.(30691 Lacs) and current financial Liability as on 31st March 2020 wouldhave been Rs.32208.85 Lacs instead of reported amount of Rs.18412.92 Lacs.
Our comments are as under:
The lenders have stopped charging interest on debts since the dues from the Companyhave been categorized as Non- Performing Asset. The Company is in activediscussion/negotiation with its lenders to restructure its debts at a sustainable levelincluding waiver of unpaid interest. In view of the above pending finalization of therestructuring plan the Company has stopped providing interest accrued and unpaideffective 1st April 2016 in its books. The amount of such accrued and unpaid interest notprovided for stands at Rs.3670.82 Lacs for the year ended 31st March 2020 andaccordingly the same has not been considered for compilation of Results for the year ended31st March 2020.
In terms of Section 148 of the Companies Act 2013 read with rule 14 of the Companies(Audit and Auditors) Rules 2014 on the recommendation of Audit Committee the Board ofDirectors has reappointed M/s. A.J.S. & Associates Cost Accountants (FRN : 000106)as Cost Auditor of the Company at a remuneration of Rs.40000/- plus applicable taxes andre-imbursement of out of pocket expenses incurred by them to conduct an audit of the costaccounting records maintained by the Company for the current financial year beginning from1st April 2020 and ending on 31st March 2021.
The Company has duly prepared and maintained the cost records of the businessactivities carried out by the Company during the financial year 2019-20 as requiredpursuant to the provisions of section 148(1) of the Companies Act 2013 read withCompanies (Cost Records and Audit) Rules 2014.
As required under Section 148 of the Companies Act 2013 read with rule 14 of theCompanies (Audit and Auditors) Rules 2014 the remuneration payable to Cost Auditor isbeing placed at the ensuing Annual General Meeting for ratification by the members.
SECRETARIAL AUDIT REPORT
In terms of Section 204 of the Companies Act 2013 and rules made there under CSHanuman Mal Choraria of M/s. H M Choraria & Co. Practicing Company Secretary havebeen appointed as Secretarial Auditor of the Company for the financial year 2019-20. Thereport of the Secretarial Auditor in Form MR-3 is enclosed as Annexure-II to this report.
SECRETARIAL AUDITOR OBSERVATION
The Secretarial Auditor has the following observation in Form MR-3 enclosed as AnnexureII
i. The Company has defaulted in payment of statutory dues within the prescribed time.
Our comment is as under:
i. Statutory payments were delayed mainly due to poor liquidity position.
SECRETARIAL COMPLIANCE REPORT
Pursuant to SEBI Circular no. CIR/CFD/CMD1/27/2019 dated 8th February 2019 andRegulation 24(A) of the SEBI Listing Regulations Secretarial Compliance Report for thefinancial year ended 31st March 2020 issued by M/s. H.M. Choraria & Co. (Prop. Mr.Hanuman Mal Choraria FCS - 2398) Practicing Company Secretary is annexed herewith andmarked as Annexure - III to this report. The Secretarial Compliance Report does notcontain any qualifications reservation or adverse remarks.
In terms of Section 138 of the Companies Act 2013 read with rule 13 of the Companies(Accounts) Rules 2014 on the recommendation of Audit Committee the Board of Directorshas re-appointed M/s. NR & Associates Cost Accountants (FRN: 102903) as InternalAuditor of the Company for the financial year 2020-21 at a remuneration fixed by the Boardof Directors of the Company in consultation with the Auditors.
INTERNAL FINANCIAL CONTROL SYSTEM
The Companies Act 2013 has mandated the Company to have a formal framework of InternalFinancial Controls (IFC) and has also laid down specific responsibilities on the BoardAudit Committee Independent Directors and Statutory Auditors with regard to IFC.
The financial control system and framework is required to ensure:
The orderly and efficient conduct of its business
Safeguarding of its assets
The prevention and detection of frauds and errors
The accuracy and completeness of the accounting records and
The timely preparation of reliable financial information.
The Board reviews the effectiveness of controls documented as part of Internal Affairsand Financial Control (IAFC) framework and take necessary corrective actions whereweaknesses are identified as a result of such reviews. This review covers entity levelcontrols fraud risk controls and information technology environment.
The policies and procedures adopted by the Company ensures the orderly and efficientconduct of its business and adherence to the Company's policies prevention and detectionof frauds and errors accuracy and completeness of the records and the timely preparationof reliable financial information. Based on this evaluation no significant events hadcome to notice during the year that have materially affected or are reasonably likely tomaterially affect our IFC. The management has also come to the conclusion that the IFC andother financial reporting was effective during the year and is adequate considering thebusiness operations of the Company.
The Statutory Auditor of the Company has audited the IFC over Financial Reporting andtheir Audit Report is annexed to the Independent Auditors' Report under FinancialStatements.
DETAILS RELATING TO REMUNERATION OF DIRECTORS. KEY MANAGERIAL PERSONNEL AND EMPLOYEESOF THE COMPANY
Disclosure pertaining to remuneration and other details as required under Section134(3)(q) 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of theBoard's Report as Annexure-IV.
ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
A statement giving details of Conservation of Energy Technology Absorption and ForeignExchange Earning and Outgo as required under Section 134(3)(m) of the Companies Act 2013read with rule 8 of the Companies (Accounts) Rules 2014 is annexed to this report asAnnexure- V.
DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT
The Board has formulated a Code of Conduct for the Board Members and Senior Managementof the Company which has been posted on the website of the Company.
It is hereby affirmed that all the Directors and Senior Management Personnel havecomplied with the Code and a confirmation to that effect has been obtained from theDirectors and the Senior Management.
PREVENTION OF INSIDER TRADING
The Company already had a structured Code of Conduct for Prevention of Insider Tradingwith a view to regulate trading insecurities by the Directors and designated employees ofthe Company. The Code has been further streamlined to keep parity with the Companies Act2013 and SEBI (Prohibition of Insider Trading) Regulations 2018 and be named asCode of Conduct for Regulating Monitoring and Reporting of Trading by Insiders'which is also displayed on the website of the Company www.impexferrotech.com.
The Code requires pre-clearance for dealing in the Company's shares and prohibits thepurchase or sale of Company's shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code.
All the Directors and designated employees who hold any shares in the Company haveconfirmed compliance with the Code.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNALS
To the best of our knowledge the Company has not received any such order byRegulators Courts or Tribunals during the year under review which may impact the GoingConcern status or the Company's operations in future during year under review. The Companyhas complied with all the requirements of the Uniform Listing Regulations with the StockExchanges as well as regulations and guidelines of SEBI.
MATERIAL CHANGES AFFECTING THE COMPANY
In the financial year 2019-20 the Corona Virus (COVID-19) pandemic developed rapidlyinto a global crisis forcing Governments to enforce lockdowns of all economic activity.This pandemic has affected the business operations of the Company by way of interruptionin production activities supply chain and availability of manpower during the period. Thedemand for Company's products and supply chain were badly hit due to lockdown causingfurther worsening of the liquidity position of the Company. After the lockdown norms wererelaxed by the Government of India and the District Administration of respective StateGovernments the manufacturing activities gradually commenced at our plant location withreduced manpower and keeping in view all safety precautions and measures as directed bythe Government. Due to huge outstanding debts the Company is in a severely distressedcondition as a result of which it is continuously facing liquidity problem keep its plantin running condition. However the Company is trying its best to tide over the liquiditycrunches as far as practicable.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
The Company has not given any loans or guarantees covered under the provisions ofSection 186 of the Companies Act 2013. The details of the investments made by Company aregiven in the notes to the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RET.ATF.D PARTIES
All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on arm's lengthbasis. During the year the Company had not entered into anycontract/arrangement/transaction with related parties which could be considered materialin accordance with the policy of the Company on materiality of related party transactionsbetween the Company and the Directors the management or the relatives except for thosedisclosed in the Financial Statements. The Company has seeked omnibus approval for RelatedParty Transactions as per Regulation 23 (3) of SEBI LODR Regulations 2015 for theFinancial Year 2019-20.
Accordingly particulars of contracts or arrangements entered into by the Company withrelated parties referred to in Section 188(1) of the Companies Act 2013 in Form AOC-2(Annexure VI) is NIL.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Board has on the recommendation of the Nomination and Remuneration Committee frameda policy for selection and appointment of Directors Key Managerial Personnel and theirremuneration. A note on Remuneration Policy has been made a part of the CorporateGovernance Report.
RISK MANAGEMENT POLICY
The Company has a defined Risk Management framework to identify assess monitor andmitigate various risks to key business objectives. Major risks identified by thebusinesses and functions are systematically addressed through mitigating actions on acontinuing basis.
The Risk Management Policy provides for identification of risk its assessment andprocedures to minimize risk. The policy is periodically reviewed to ensure that theexecutive management controls the risk as per decided policy.
POLICY ON PREVENTION OF SEXUAL HARASSMENT
The Company has an Sexual Harassment Policy in line with the requirements of the SexualHarassment of any employee at workplace. The Audit Committee will redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy.
No complaints pertaining to sexual harassment were received during the financial year2019-20.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SECTION 149(6)
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as laid down under Section 149(6)of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 with the Stock Exchanges.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keeps its Directors informed of the activities of the Companyits management and operations and provides an overall industry perspective as well asissues being faced by the Industry. The familiarisation programmes policy and details offamiliarisation programme provided to the Directors of the Company is available on theCompany's website www.impexferrotech.com.
The composition and terms of reference of the Audit Committee has been furnished in theCorporate Governance Report forming part of this Annual Report. There has been no instancewhere the Board has not accepted the recommendations of the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE
The composition and terms of reference of the Nomination and Remuneration Committee hasbeen furnished in the Corporate Governance Report forming part of this Annual Report.
STAKEHOLDERS' RELATIONSHIP COMMITTEE
The composition and terms of reference of Stakeholders' Relationship Committee has beenfurnished in the Corporate Governance Report forming part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILTY (CSR)
In line with the provisions of the Companies Act 2013 the Company has framed itsCorporate Social Responsibility (CSR) policy for the development of programmes andprojects for the benefit of weaker Sections of the society and the same has been approvedby the CSR Committee and the Board of Directors of the Company. The Company has not spentany amount in CSR activities since the Company has incurred losses during the last 3 yearseroding the entire net worth.
VIGIL MECHANISM POLICY
In terms of Section 177 of the Companies Act 2013 rules framed there under andRegulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the Company has a vigil mechanism in place for the Directors and Employees of theCompany through which genuine concerns regarding various issues relating to inappropriatefunctioning of the organisation can be communicated. For this purpose the Board has aVigil Mechanism Policy and the same has been uploaded on the website of the Company i.e.www.impexferrotech.com. The policy provides access to the Chairman of the Audit Committeein certain circumstances. During the year under review there has been no incidencereported which requires action by the Audit Committee.
The Board has carried out an annual evaluation of its own performance the Directorsindividually as well as the evaluation of the functioning of various Committees. TheIndependent Directors also carried out the evaluation of the Chairman and the NonIndependent Directors the details of which are covered in the Corporate GovernanceReport.
The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements set out in Regulation 34(3) read withSchedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. The Report on Corporate Governance as stipulated under the above Regulation forms anintegral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management's Discussion and Analysis for the year under review as stipulated underRegulation 34(3) read with Schedule V of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 is presented in a separate Section forming part of thisAnnual Report.
As required by Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations& Disclosure Requirements) Regulations 2015 the CEO/CFO certification has beensubmitted to the Board and forms an integral part of this Annual Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
During the financial year the Company has complied with applicable SecretarialStandards issued by the Institute of Company Secretaries of India (ICSI).
AWARDS & ACHIEVEMENTS
During the year under review the Company has not received any awards.
GREEN INITIATIVES IN CORPORATE GOVERNANCE
Ministry of Corporate Affairs has permitted Companies to send electronic copies ofAnnual Report notices etc. to the e-mail IDs of shareholders. The Company hasaccordingly arranged to send the soft copies of these documents to the e-mail IDs ofshareholders wherever applicable.
The Company has made arrangement with CDSL/NSDL/RTA for updating the email address ofthe concerned shareholders for supply of Annual Report in electronic means due to nonprinting of Annual Report physically for the outbreak of novel Corona Virus (CoVID-19).
To support the Green Initiative' the members who have not registered their emailaddresses are requested to register the same with the Registrar & Share TransferAgent/Depositories for receiving all communication including Annual Report NoticesCirculars etc from the Company electronically.
The Directors wish to extend their thanks and appreciation for the valuable andcontinued support received from the Shareholders Company's Bankers Central and StateGovernment Authorities Stock Exchange(s) Depository Participants (DP's) and all otherBusiness Associates for the growth of the organisation.
The Directors also wish to place on record their deep appreciation to all the employeesfor their commitment and continued contribution to the Company.
ANNEXURE FORMING PART OF THE DIRECTORS REPORT
The Annexures referred to in this Report and other information which are required to bedisclosed are annexed herewith and forms part of the Directors Report:
|Annexure ||Particulars |
|I ||Extract of the Annual Return (Form MGT-9) |
|II ||Secretarial Audit Report (Form MR 3) |
|III ||Secretarial Compliance Report |
|IV ||Particulars of Employees |
|V ||Prescribed particulars of Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo |
|VI ||Particulars of Contract or Arrangements with Related Parties (Form AOC 2) |
| ||For and on behalf of the Board |
| ||Impex Ferro Tech Limited |
|Place: Kolkata ||Suresh Kumar Patni |
|Date: 12th November 2020 ||Chairman cum Managing Director |