Your Directors have pleasure in presenting the 29th (Twenty Ninth) AnnualReport on the business and operations of the Company for the year ended March 31 2021and the Audited Financial Statement of the Company along with Auditors Report thereon.
1. FINANCIAL HIGHLIGHTS FOR 31.03.2021
| || |
(Rs. In Lacs)
| ||31.03.2021 ||31.03.2020 |
|Revenue from Operations ||3083.73 ||2314.04 |
|Other Income ||54.88 ||48.97 |
|Total Income ||3138.61 ||2363.01 |
|Total Expenses ||2848.08 ||2138.88 |
|Profit/Loss before Tax ||290.53 ||224.13 |
|Tax Expenses ||82.13 ||54.63 |
|Profit/Loss after Tax ||208.41 ||169.51 |
|EPS ||3.02 ||2.46 |
2. COMPANY'S PERFORMANCE AND MATERIAL CHANGES AND COMMITMENTS
The Revenue from operations grew by 33.26% during the year to Rs.3083.73 Lacs from^2314.04 Lacs in previous year. The Profit after tax was grew by 22.94% during the year toRs. 208.41 Lacs from Rs. 169.51 Lacs in the previous year.
Except for impact of Lockdown due to Covid-19 there were no material changes andcommitments occurred between the end of financial year ended as on 31 March 2021 and thedate of this report which affects financial position of the Company.
3. TRANSFER TO RESERVE
An amount of Rs. 208.41 Lacs has been transferred to General Reserve for financial yearended on 31st March 2021.
The Directors have recommended Final Dividend of Rs. 1/- (10%) per equity share of facevalue of Rs. 10/- each for the Financial Year 2020-21. The dividend proposal is subject tothe approval of members at the ensuing Annual General Meeting scheduled to be held onSeptember 29 2021.
5. CHANGE IN NATURE OF BUSINESS IF ANY
During the year under review there was no change in nature of business of the company.
6. DETAIL OF SUBSIDIARY JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any subsidiary Joint Ventures and Associate Company.
7. SHARE CAPITAL
The Paid up equity share capital as on 31st March 2021 was 688.95 Lacs.There was no public issue right issue bonus issue or preferential issue etc. during theperiod under report. The Company has not issued any shares with differential voting rightsnor granted stock options nor sweat equity during the period under report.
8. FIXED DEPOSIT / PUBLIC DEPOSITS
During the year under review the company has neither accepted nor renewed any depositsin Terms of Chapter V of the Companies Act 2013 and Rules framed there under.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL RE-APPOINTMENT OF DIRECTOR
In accordance with the provisions of the Companies Act 2013 Ms. Rekha Aggarwal (DIN:07887630) retires by rotation at the ensuing Annual General Meeting ('AGM') and iseligible for re-appointment. The Board of Directors has recommended her re appointment forconsideration of the Members in the Annual General Meeting.
APPOINTMENT OF DIRECTORS
As on the date of this Annual Report Ms. Shweta Nathani (DIN: 09156909) & Mr.Raghav Aggarwal (DIN:09131499) on the recommendation of Nomination and RemunerationCommittee were appointed as an Additional Independent Director w.e.f. May 3 2021 to holdthe office upto the conclusion of the ensuing AGM. In this regards the Company hadreceived a notice in writing from a Member under Section 160 of the Act proposing theircandidature for the office of Directors of the Company. Appropriate resolution(s) seekingMembers approval for the same has already been included in the Notice of the 29th AGM. Allthe Directors of the Company have confirmed that they are not disqualified to act asDirector in terms of Section 164 of the Act.
RESIGNATION OF DIRECTORS
As on the date of this Annual Report Ms. Shikha Gupta (DIN: 01837337) & Ms. RuchiAggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3 2021. TheCompany expresses their appreciation of the incomparable work performance displayed duringtheir tenure with the company as directors.
KEY MANAGERIAL PERSONNEL
There was no change in the Key Managerial Personnel of the Company during the yearunder review.
10. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company had already constituted Nomination and Remuneration Committee as requiredunder SubSection (1) of Section 178 of the Companies Act 2013 comprising of Ms. RekhaAggarwal (Non-Executive Director) Chairman of the Committee Mrs. Shweta Nathani(Independent Director) Mr. Hemant Mangla (Independent Director) Members of theCommittee.
The Company has also formulated a Policy on directors' appointment and remunerationincluding criteria for determining qualifications positive attributes independence of adirector and other matters provided under Section 178 (3) of the Companies Act 2013 andthe same is annexed as Annexure-I with this report.
11. BOARD EVALUATION
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 thecorporate governance requirements as prescribed under the Companies Act 2013 andSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 ("SEBI Listing Regulations").
The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of the criteria such as the Board composition and structureeffectiveness of Board processes information and functioning etc. The performance of thecommittees was evaluated by the Board after seeking inputs from the committee members onthe basis of the criteria such as the composition of committees effectiveness ofcommittee meetings etc. The Board and the nomination and remuneration committee reviewedthe performance of the individual directors on the basis of the criteria such as thecontribution of the individual director to the Board and committee meetings likepreparedness on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In addition the chairman was also evaluated on the key aspectsof his role.
In a separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the Board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the Board meeting that followed the meeting of theIndependent Directors at which the performance of the Board its committees andindividual directors was also discussed. Performance evaluation of Independent Directorswas done by the entire Board excluding the Independent Director being evaluated.
12. DECLARATION FROM THE INDEPENDENT DIRECTORS
The Company has received necessary declaration from each independent director undersection 149(7) of the Companies Act 2013 that he meets the criteria of independence laiddown in Section 149(6) of the Companies Act 2013 and Regulation 25 of the SEBI (ListingObligations and Disclosures Requirements) Regulations 2015. It may be noted that all theIndependent Directors on the Board of the Company as on March 31 2021 and as on the dateof Annual Report have been registered in the data bank of Independent Directors as perRule 6 of the Companies (Appointment and Qualification of Directors) Rules 2014.Independent Directors shall undertake the online proficiency self-assessment test asapplicable in accordance with the timeline as per Rule & Regulations as applicable.
13. RELATION BETWEEN DIRECTORS INTER -SE AS PER SECTION 2(77) OF THE COMPANIES ACT 2013
|Director ||Inter-se Relationship Between Directors |
| ||Directors ||Relationship |
| ||Ms. Rekha Aggarwal ||Wife |
|Mr. Ashish Aggarwal ||Mr. Raghav Aggarwal ||Son |
There is no other inter se relation between directors as per the provisions ofCompanies Act 2013.
14. DIRECTOR RESPONSIBILITY STATEMENT
Based on the framework of internal financial controls established and maintained by thecompany work performed by the Internal Statutory Secretarial Auditors and externalagencies the review performed by
the management and the relevant Board Committees the Board with the concurrence of theAudit Committee is of the opinion that the company Internal financial controls wereadequate and effective as on 31st March 2021.
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 if any;
b) That we have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of financial year and of the profitand 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 system to ensure compliance with the provisions of all applicable lawswere in place and that such system were adequate and operating effectively; and
f) That proper internal financial control were laid down and that such internalfinancial controls are adequate and were operating effectively.
15. STATUTORY AUDITORS AND AUDITOR'S REPORT
At the twenty-seventh AGM held on September 30 2019 the Members approved appointmentof M/s KASG & Co. Chartered Accountants (Firm Registration No. 002228C) as StatutoryAuditors of the Company to hold office for a period of five years from the conclusion ofthat AGM till the conclusion of the 32nd AGM. The requirement to place thematter relating to appointment of auditors for ratification by Members at every AGM hasbeen done away by the Companies (Amendment) Act 2017 with effect from May 7 2018.Accordingly no resolution is being proposed for ratification of appointment of statutoryauditors at the ensuing AGM and a note in respect of same has been included in the Noticefor this AGM.
The Auditor's in their report does not contain any qualification reservation oradverse remark or disclaimer.
The Auditors have not reported any fraud committed against the Company by its officersor employees during the financial year 2020-21. Therefore no detail is required to bedisclosed under section 134(3)(ca) of Companies Act 2013.
16. SECRETARIAL AUDITORS
The Board has appointed M/s Mehak Gupta & Associates (Membership No. FCS 10703 CPNo. 15013) Practicing Company Secretaries New Delhi to conduct secretarial audit forthe financial year 2020-21.
The Secretarial Audit Report for the financial year ended 31 March 2021 is enclosed as Annexure-II.The said Secretarial Audit Report does not contain any qualification reservationdisclaimer or adverse remark.
The Auditors have not reported any fraud committed against the Company by its officersor employees during the financial year 2020-21. Therefore no detail is required to bedisclosed under section 134(3)(ca) of Companies Act 2013.
17. INTERNAL AUDITORS
Mr. Surendra Parsad employee of the Company is the Internal Auditor of the Company forthe financial year 2020-21. During the period under review no fraud was reported by theAuditors. Therefore no detail is required to be disclosed under section 134(3)(ca) ofCompanies Act 2013.
18. COST AUDITORS
There is no statutory requirement to appoint the Cost Auditor as per Section 148 of theCompanies Act 2013 read with Companies (Cost Records and Audit) Rules 2014.
19. CORPORATE GOVERNANCE
As per Regulation 15(2) of the listing Regulations the compliance with corporategovernance provision as specified in Regulation 17 to 27 and clause (b) to (i) ofregulation 46 (2) and para C D E of Schedule V is not applicable to the Company duringthe year under review.
20. EXTRACTS OF ANNUAL RETURN
The details forming Part of the Extracts of Annual Return in Form MGT-9 as per section92(3) of the Companies Act 2013 are given as Annexure III which form part of thisreport.
The Annual Return will be hosted on website of the Company at www.jaganlamps.com afternecessary certification and filling the same with the authority.
21. BOARD MEETINGS
During the financial year 2020-21 09 (Nine) Board Meetings (11.04.2020 20.05.202030.06.2020 23.07.2020 28.08.2020 11.11.2020 01.01.2021 12.02.2021 & 31.03.2021)were convened and held. The detail of the attendance of Board meeting mentioned below:
|Name of Director ||Designation ||Category || |
| || || ||Board Meetings ||Last AGM |
|Mr. Ashish Aggarwal ||Managing Director ||Promoter/Executive Director ||09709 ||Yes |
|Mrs. Rekha Aggarwal ||Director ||Promoter/Non Executive Director ||09/09 ||Yes |
|Mrs. Shikha Gupta ||Director ||Promoter/ Non Executive Director ||08/09 ||Yes |
|Ms. Ruchi Aggarwal ||Director ||Independent Non Executive Director ||08/09 ||Yes |
|Mr. Hemant Mangla ||Director ||Independent Non Executive Director ||08/09 ||Yes |
|Mr. Saras Kumar ||Director ||Independent Non Executive Director ||08/09 ||Yes |
None of the directors of the Board serve as Member of more than 10 committees nor dothey chair more than 5 Committees as per the requirements of the Listing Agreement.
22. COMPOSITION OF AUDIT COMMITTEE
The Board has constituted an Audit Committee as required under companies act 2013which comprises of Mr. Saras Kumar as the Chairman Mrs. Shikha Gupta and Ms. RuchiAggarwal as Members of the Committee. All the recommendations made by the Audit committeewere accepted by the Board.
During the financial year 2020-21 Five Audit Committee Meetings (30.06.202028.08.2020 11.11.2020 12.02.2021 & 31.03.2021) were convened and held.
As on the date of this Annual Report Ms. Shikha Gupta (DIN: 01837337) & Ms. RuchiAggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3 2021. The Boardhas re-constituted the Audit Committee as required under companies act 2013 whichcomprises of Mr. Saras Kumar as the Chairman Mrs. Shweta Nathani and Ms. Rekha Aggarwalas Members of the Committee.
23. COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE
The Board has constituted an Nomination & Remuneration Committee as required undercompanies act 2013 which comprises of Ms. Ruchi Aggarwal as the Chairman Mrs. ShikhaGupta and Mr. Hemant Mangla as the Members. All the recommendations made by the committeewere accepted by the Board.
During the financial year 2020-21 two Nomination & Remuneration Committee Meetings(28.08.2020 & 11.11.2020) were convened and held.
As on the date of this Annual Report Ms. Shikha Gupta (DIN: 01837337) & Ms. RuchiAggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3 2021.
The Board has re-constituted the Nomination & Remuneration Committee as requiredunder companies act 2013 which comprises of Mrs. Shweta Nathani as the Chairman Mr.Hemant Mangla and Ms. Rekha Aggarwal as Members of the Committee.
24. COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE
The Stakeholder relationship Committee has formed pursuant to the listing regulationsfor specifically looks in to redressal of shareholders and investors' complaints such astransfer of shares non receipt of share certificates non-receipt of Balance sheet nonreceipt of declared dividends if any and to ensure expeditious transfer process etc. Thecommittee comprises of Ms. Ruchi Aggarwal as the Chairman Mr. Saras Kumar and Mr. AshishAggarwal as Members of the committee.
During the Financial Year 2020-21 2 (Two) Stakeholders Relationship Committee meetings(10.11.2020 & 31.03.2021) were convened and held.
As on the date of this Annual Report Ms. Ruchi Aggarwal (DIN: 08181352) has resignedfrom the directorship w.e.f. May 3 2021. The Board has re-constituted the Stakeholderrelationship Committee as required under Companies Act 2013 which comprises of Ms. ShwetaNathani as the Chairman Mr. Saras Kumar and Mr. Ashish Aggarwal as Members of thecommittee.
25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The particulars of contracts or arrangements with Related Parties referred to inSection 188(1) of the Companies Act 2013 for the Financial Year 2020-21 in the prescribedformat AOC-2 is annexed as Annexure-IV to the Board Report. The policy on Related PartyTransactions has been uploaded on the website i.e. www.jaganlamps.com.
26. PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS
During the year under review Company neither gave any Loans Guarantees nor madeInvestments which are covered under the Provisions of Section 186 of the Companies Act2013.
26. DISCLOSURE ON THE COMPLIANCE OF SECRETARIAL STANDARDS
The Directors of the Company confirm to the best of their knowledge and belief that thecompany has complied with provisions of all the applicable Secretarial Standards issued bythe Institute of Company Secretaries of India.
27. POLICY FOR PROCEDURE OF INQUIRY IN CASE OF LEAK OF UNPUBLISHED PRICE SENSITIVEINFORMATION ("UPSI")
In pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015 the company hasformulated a written policy and procedures for inquiry in case of leak of unpublishedprice sensitive information and initiate appropriate action on becoming aware of leak ofunpublished price sensitive information and inform the Board promptly of such leaksinquiries and results of such inquiries. In pursuant to this regulation the Company hasadopted the Policy for Procedure of Inquiry in Case of Leak of Unpublished Price SensitiveInformation ("UPSI"). Policy for procedure of Inquiry in case of Leak ofUnpublished Price Sensitive information ("UPSI") can be accessed on thecompany's website at www.jaganlamps.com.
28. INSIDER TRADING -CODE OF CONDUCT
In pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015 the Company hasadopted the Insider Trading Code. The Code provides framework for dealing with thesecurities of Company in mandated manner. The above Insider Trading-code of conduct can beaccessed on the company's website at www.jaganlamps.com.
29. FINANCIAL YEAR
The Company follows the Financial Year commence from 1 April and ends 31 March ofsubsequent year.
30. INSURANCE OF PROPERTIES AND ASSETS OF THE COMPANY
The properties and assets of the company are adequately insured during the period underreview.
31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
No significant and material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and Company's operations in future.
32. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION BETWEENTHE END OF FINANCIAL YEAR AND THE DATE OF REPORT
There were no material changes and commitments affecting Financial Position between theend of the financial year and the date of report.
33. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The Financial Statements of the Company comply with the Ind AS specified under Section133 of the Act. Your Company has put in place adequate internal controls with reference toaccuracy and completeness of the accounting records and timely preparation of reliablefinancial information commensurate with the size scale and complexity of operations andensures compliance with various policies and statutes in keeping with the organization'space of growth increasing complexity of operations prevention and detection of fraudsand errors. The design and effectiveness of key controls were tested and no materialweaknesses were observed. The Audit Committee reviews and evaluates the adequacy ofinternal financial control periodically. Efficacy of Internal control systems are testedperiodically by Internal Auditors with and Internal Control over financial reporting istested and certified by Statutory Auditors. The internal financial control system of theCompany is supplemented with internal audits regular reviews by the management and checksby the Internal Audit Team. During the year under review no material or seriousobservation has been highlighted for inefficiency or inadequacy of such controls.
34. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING ANDOUTGO
(A) CONSERVATION OF ENERGY
The Company has continued its efforts to organize incremental improvements in energyconservation across plant locations plant equipment and technologies.
(i) Regular review of energy conservation consumption and effective control andutilization of energy.
(ii) The Company is under discussion to Install Solar power Plant.
(iii) The capital investment on energy conservation equipments:- Under Negotiations
(B) TECHNOLOGY ABSORPTION
(i) The efforts made towards technology absorption:-
The Company has installed latest Technology Equipment using PLC Controls.
(ii) The benefits derived like product improvement cost reduction product developmentor import substitution:- The Company is now using 52.55% of Imported raw Material duringthe financial year 2020-21 as against 58.39% until last financial Year 2019-20.
(iii) in case of imported technology- Not Applicable
(a) The details of technology imported;
(b) The year of import;
(c) Whether the technology been fully absorbed;
(d) If not fully absorbed areas where absorption has not taken place and the reasonsthereof; and
(iv) the expenditure incurred on Research and Development: NIL
Your company is manufacturing Halogen Lamps with well established technologies andhence does not require any Research and Development efforts.
|(C) FOREIGN EXCHANGE EARNING AND OUTGO ||(Rs. in Lakhs) |
|Earnings from Exports ||1145.49 |
|Outgo Import of Raw Material & Capital Goods ||1201.45 |
|Foreign Travel / Mkt. Expenses ||0.00 |
|Exhibition ||0.00 |
|Commission ||23.29 |
|Others ||2.10 |
|NET EARNING ||(81.35) |
35. RISK MANAGEMENT
Your Company has taken necessary steps for risk management including identifying riskwhich may threaten the existence/operations of the Company.
36. VIGIL MECHANISM AND WHISTLE BLOWER POLICY
Your Company has established a Vigil Mechanism Policy/Whistle Blower Policy to dealwith instances of fraud and mismanagement and to enable Directors and Employees to reportgenuine concerns about unethical behavior actual or suspected fraud or violation of Codeof Conduct and to report incidents of leak or suspected leak of unpublished pricesensitive information. The said Policy ensures that strict confidentiality is maintainedin respect of whistle blowers whilst dealing with concerns and also specified that nodiscrimination will be meted out to any person for a genuinely raised concern. The Policyon Vigil Mechanism/ Whistle Blower Mechanism can be accessed through website of theCompany viz. www.jaganlamps.com.
During the financial year under review no complaint pertaining to the Company wasreceived under the Whistle Blower Mechanism.
37. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
Pursuant to the requirements of Section 22 of the Sexual Harassment of Women atWorkplace (Prevention Prohibition & Redressal) Act 2013 read with the Rulesthereunder your Company has formulated and adopted a Policy on Prevention of SexualHarassment at Workplace. Your Company has complied with the provisions relating to theconstitution of Internal Complaints Committee (ICC) under the Sexual Harassment of Womenat Workplace (Prevention Prohibition and Redressal) Act 2013 to redress complaintsreceived regarding sexual harassment. During the financial year under review nocomplaints were received from any of the employees regarding Sexual Harassment atworkplace.
38. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The information required pursuant to Section 197 read with Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employeesof the Company will be provided upon request. In terms of Section 136 of the CompaniesAct 2013 the Board Report and Accounts are being sent to the Members and others entitledthereto excluding the information on employees' particulars which is available forinspection by the Members at the Registered Office and / or Corporate Office of theCompany during business hours between 10.00 am to 12.00 noon on working days (ExceptSaturday) of the Company up to the date of the ensuing Annual General Meeting. If anyMember is interested in obtaining a copy thereof such Member may write to the CompanySecretary in this regard.
39. DISCLOSURE OF REMUNERATION UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 READWITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULE2014
(I) The ratio of the remuneration of each Director to the median remuneration of theemployees of the Company for the financial year 2020-21:
Except the remuneration paid to Mr. Ashish Aggarwal Managing Director of the Company& Ms. Shikha Gupta Non Executive Director of the Company none of other directorsdrawing remuneration from the Company.
The ratio of the remuneration of Mr. Ashish Aggarwal Managing Director to the medianremuneration of the employees is 15.70% and Ms. Shikha Gupta Non Executive Director is0.86%.
(ii) The percentage increase in remuneration of each Director Chief Financial officerand Company Secretary during the Financial Year 2020-21 are as under:
|S.No ||Name of Director/KMP and Designation ||% Increase in remuneration in FY 202021 |
|1 ||Mr. Ashish Aggarwal- (Managing Director) ||0.00% |
|2. ||Ms. Shikha Gupta (Non executive Director) ||0.00% |
|3. ||Ms. Rekha Aggarwal (CFO) ||0.00 |
|4. ||Mr. Sandeep Yadav (Company Secretary ) ||8.85% |
(iii) The percentage increase in the mediation remuneration of employees of the Companyfor the financial year 2020-21:
The median remuneration of the employees in the financial year 2020-21 was decreased by- 9.10% as compared to last financial year.
(iv) The number of permanent employees on the rolls of the Company as on 31.03.2021:
There were 34 permanent employees on the rolls of the company as on 31.03.2021.
(v) The average percentile increase already made in the salaries of employees otherthan managerial personnel in the last financial year i.e. 2020-21 and its comparison withthe percentile increase in the managerial remuneration and justification thereof and pointout if there are any exceptional circumstances for increase in the managerialremuneration:
Average percentile increase in the salaries of employees excluding the managerialpersonnel for financial year2020-21 is 1.77%.
Average percentile increase in the remuneration of managerial personnel in the lastfinancial year 2020-21 is 0.00%.
(vi) Particulars of employees posted and working in a country outside India not beingdirectors or their relatives drawing more than 60 lakh rupees per financial year or fivelakh rupees per month:
None of the employees posted and working outside India not being directors or theirrelatives drawing more than 60 lakh rupees per financial year or five lakh rupees permonth.
40. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 of the SEBI (LODR) Regulations 2015("ListingRegulations") The Management Discussion and Analysis Report for the year underreview is presented in a separate section forming part of the Annual report attached as Annexure-V.
41. CORPORATE SOCIAL RESPONSIBILITY
The Company is not required to constitute a Corporate Social Responsibility Committeeas it does not fall within preview of Section 135(1) of the Companies Act 2013 and henceit is not required to formulate policy on corporate social responsibility.
42. CAUTIONARY STATEMENT
Statements in this Directors' Report and Management Discussion and Analysis describingthe Company's objectives projections estimates expectations or predictions may be"forward-looking statements" within the meaning of applicable Securities Lawsand Regulations. Actual results could differ materially from those expressed or implied.Important factors that could make difference to the Company's operations include changesin the government regulations developments in the infrastructure segment tax regimes andeconomic developments within India.
The Directors thank the Company's employees customers vendors and investors for theircontinuous support.
The Directors also thank the Government of India Governments of various states inIndia Governments of various countries and concerned Government departments and agenciesfor their co-operation.
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.
The Directors appreciate and value the contribution made by every member of the JAGANfamily. Their dedicated efforts and enthusiasm has been integral to your Company's growth.
| || ||For and on Behalf of the Board |
| || ||For Jagan Lamps Ltd. |
| ||Sd/- ||Sd/- |
|Dated: 28.08.2021 ||Ashish Aggarwal ||Rekha Aggarwal |
|Place : Kundli (Haryana) ||Managing Director ||Director |
| ||DIN-01837337 ||DIN-07887630 |