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Jay Shree Tea & Industries Ltd.

BSE: 509715 Sector: Agri and agri inputs
NSE: JAYSREETEA ISIN Code: INE364A01020
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VOLUME 1448
52-Week high 145.00
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P/E 42.63
Mkt Cap.(Rs cr) 252
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OPEN 86.35
CLOSE 88.00
VOLUME 1448
52-Week high 145.00
52-Week low 73.60
P/E 42.63
Mkt Cap.(Rs cr) 252
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jay Shree Tea & Industries Ltd. (JAYSREETEA) - Director Report

Company director report

for the year ended 31st March 2021

Dear Shareholders

We present the 75th Annual Report of the Company together with the AuditedStatements of Accounts for the year ended 31st March 2021

FINANCIAL RESULTS

(Rs in lakh)

31st March 2021 31st March 2020
Total Revenue 56623 56666
Profit before finance costs depreciation and tax 10479 4459
Less : Finance costs 3068 4224
: Depreciation/Amortisation expenses 1593 1744
Profit/(Loss) before tax 5818 (1509)
Less: Tax expense
a) Current Tax - 225
b) Deferred Tax credit 47 1123
c) Tax related to earlier period - (69)
Profit/(Loss) for the year 5771 (2788)

EQUITY DIVIDEND

In order to conserve the resources the Board has decided not to recommend any dividendfor the year.

SHARE CAPITAL

During the year ended 31st March 2021 there is no change in the issued and subscribedcapital of your Company. The outstanding capital as on 31st March 2021 is Rs1443.87 lakh comprising of 28877488 equity shares of Rs 5/- each. None of thedirectors or KMP of the Company holds instruments Convertible into equity shares of theCompany.

TRANSFER TO RESERVES

As permitted under the Act the Board do not propose to transfer any amount to generalreserve and has decided to retain the entire amount of profit for 2020-21 in the Profit& Loss Account.

REVIEW OF PERFORMANCE

The Indian output of tea was 1258 mn Kg compared to 1390 mn kg. last year. Due toCovid-19 pandemic and related restrictions there was complete lockdown in tea estatesinflicting crop losses of around 10% throughout the Country.

The largest health and economic crisis in recent history forced Companies acrosssectors to take extra-ordinary measures to protect their people and maintain operations.Your Company gave top-most priority to ensure health and well-being of all its employeesand maintain supply of tea fertilizers to its customers with minimized disruption.

Shortfall in tea production at start of the season resulted in early supply squeeze.There was pantry stocking by consumers for all essential commodities which resulted in teademand being more than the supply. This raised the price level in domestic andInternational market.

The major factors attributing to the operations of the company are:

i) Decrease in Cachar Assam and Darjeeling crop

ii) Rise in tea prices due to its stocking by consumers given the uncertainties of thelockdown

iii) Increase in input cost of labour & energy raising the cost of production

iv) Overall decline in exports because of lower production and tough competition fromAfrican Countries

v) Record profitability of the Single Superphosphate Plant at Khardah West Bengal andgood performance of Sulphuric Acid plant at Pataudi Haryana

vi) Reduction in debt resulting in saving of financial cost

Tea Estates

All India production in 2020 was lower at 1258 million kg. compared to 1390 million kg.in 2019. The Global Tea production was lower at 6013 million kg as against 6150 million kgin the previous year. However the prices were higher in the year compared to the previousyear with improved sales realization.

Your company's own production was lower at 148.90 lakh kg compared to 178.23 lakh kglast year. The bought leaf production was further decreased to 5.71 lakh kg against 16.86lakh kg last year as green leaf prices touched all time high and margins declinedsharply. The overall price realization of your company was higher by Rs 86/- perKg. Assam and Darjeeling prices were up by around Rs 100/- per kg. Dooars and Teraiby Rs 76/- and South India by Rs 43 per kg. Your Company's initiatives toupgrade the quality across estates was well received by all sections of the buyers and JayShree Tea re-established itself as one of the top quality producers of India.

The Company has launched "Bagicha-by Jay Shree Tea" as a start-up unit withexperienced team of Executives. This launch is being amplified through online mediumswhich includes its website www.bagichatea.com various social media platforms besidesvisibility drives in trade to build excitement. For the first time these teas have beenmade available to customers at their freshest best - directly dispatched from our gardensto their doorstep. Bagicha teas conform to a multitude of international certifications orstandards. Our farm-to-table philosophy makes our teas traceable to each pluck whichensures unadulterated purity.

There is no material change and/or commitment affecting the financial position of theCompany occurred between the end of the financial year and the date of this report.

The Jay Shree Chemicals & Fertilisers Khardah

The sale of Single Super Phosphate (SSP) during the year increased by 11% with furtherincrease in market share. The quality being maintained by your Company is always wellreceived in the market. There was steep increase in the cost of raw materials and lookingto this the Government of India revised and increased subsidy on Phosphatic fertiliserswith effect from 20.05.2021.

The figures of production and despatches are as under:

Production (M.T.) Despatch (M.T.)
2020-21 2019-20 2020-21 2019-20
Single Super Phosphate 67315 66812 77187 69633

The Jay Shree Chemicals & Fertilizers Gurugram

The area where your factory is situated was highly affected by the Pandemic and therewas complete lockdown for first 3 months of the year. Your unit achieved better pricerealization which helped in maintaining profitability.

The figures of production and despatches are as under:

Production (M.T.) Despatch (M.T.)
2020-21 2019-20 2020-21 2019-20
Sulphuric Acid 25139 28346 25187 28903
Oleum 1435 2527 1412 2545

COVID-19-IMPACT AND ANALYSIS

The impact of pandemic started from March 2020 with Governments announcing lockdownacross the World to contain the virus. Thereafter there was easing of restrictions butthe second wave forced further lockdowns (including localized lockdowns). There waspositive news in the latter half of the year with India approving various vaccines formanufacturing. The Government of India launched its vaccination drive in a very big &systemized way for safeguarding its large population and to mitigate economic hardships.

Your Company saw varied effects across different business segments. The tea businesswas positively impacted with increase in at home consumption and pantry loading. There wasstruggle initially due to various uncertainties and movement of transport but thededicated team of Executives & Staff streamlined operations successfully.

In terms of the financial impact the higher per unit realization of tea helped inimproved profitability for Company as a whole. Both the fertiliser plants were runefficiently in tough circumstances to derive better results.

Export of Tea

India's tea exports in fiscal 2020-21 fell both in respect of volume and value. Therewas increase in the unit price compared to the previous year. Total export from India was202 million kg as against 241 million kg last year. The drop in exports was mainly due tolower production pandemic and higher prices of Indian CTC Teas compared to that of Kenya.The production of Kenya was higher at 570 million kg compared to that of 459 million kg inprevious year i.e an increase of 24%. As their offerings in International market was highat lower rates. The Indian market remained uncompetitive. Your Company exported tea worthof Rs. 59.33 crore as against Rs. 58.41 crore last year.

SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

The Balance sheet Statement of Profit & Loss and other documents of subsidiarycompanies Majhaulia Sugar Industries Pvt. Ltd North Tukvar Tea Company Limited JayantikaInvestment & Finance Ltd.Bidhannagar Tea Company Pvt Ltd Divyajyoti Tea Company PvtLtd and offshore investment arm Birla Holdings Limited U.A.E are not being attached withthe Balance Sheet of the company. These documents are kept for inspection at theregistered office of the company and those of respective subsidiary companies. Any memberinterested to obtain copy of the same may write to the Company separately. These documentsshall be made available either in physical form or electronic mode as per Green Initiativeof the MCA. Pursuant to section 129(3) of the Companies Act 2013 read with Rule 5 of theCompanies (Accounts) Rules 2014 a statement containing salient features of the financialstatements of Subsidiary Companies & Joint Venture is given in Form AOC-1 and forms anintegral part of the Annual Report.

Majhaulia Sugar Industries Pvt Ltd-in its sugar mill produced 17285 tonnes of whitesugar in the year compared to 63213 tonnes last year. The sugarcane crushed was 223006tonnes in the year compared to 649163 tonnes last year. The recovery in sugar season2020-21 was 7.74% compared to 9.75% in the previous year. The lower production isattributable to the devastation caused by unprecedented flood in Bihar particularly inthe mill region. The low recovery was partly due to production of ethanol from B heavymolasses and partly due to poor quality of cane from 40% low lying flood affected areas.

Your Company is now fully geared up to operate the distillery plant at its ratedcapacity of 45KLPD and is under expansion to 56 KLPD. The full benefit for this could notmaterialize due to shortage of molasses and steps are being taken to optimize the mix offeed stock. During the year the production of ethanol was 14918 KL compared to 7250 KL inpart of the last year.

India's 2020-21 sugar production is estimated at around 30.80 million tonnes comparedto 27.41 million tonnes last year. There was an opening stock of 10.70 million tonnes sothe total availability is around 41.50 million tonnes. Considering a consumption of 26million tonnes and export of 5.70 million tonnes India could end up with a closing stockof 9.80 million tonnes of sugar. Recent interventions by both the Central Government andthe State Government reflect a clear shift in the mind-set of policy makers which augurswell for the industry.

The Government set an ambitious target of ethanol blending with petrol of 20% andpreponed the year of achieving the target to 2023 from 2030 earlier. This increase augurswell for the industry. Many sugar units produced ethanol from B heavy molasses and somesugar mills directly from sugarcane juice. The real transformation is expected from sugarseason 2022-23 onwards when more sugar companies produce ethanol directly from sugarcanejuice resulting in a substantial sacrifice of sugar production that moderates the problemof surplus sugar production.

The sugar industry in India continues to be dependent on the Government interventionand the following measures has been taken by the Government to support the Industry:-

a) Retention of minimum ex-factory selling price of sugar at Rs.3100 per quintal. Theindustry has demanded an increase in Minimum Support Price (MSP) to Rs.3400 per quintal sothat the availability of sugar mills to clear cane price dues could be strengthened

b) Monthly release mechanism to regulate and moderate the availability of sugar in theopen market and to maintain price levels

c) Announcement of Maximum Admissible Export Quota (MAEQ) of 6 million tonnes andsubsidy of Rs.6000 per metric tonne to mills exporting sugar under the allocated quota.

d) Ethanol procurement price fixed at Rs.45.69 paise per litre (C heavy molasses)Rs.57.61 per litre (B heavy molasses) and Rs.62.65 paise per litre in case ofmanufacturing from sugarcane juice

Birla Holdings Limited (BHL) is a wholly owned subsidiary of the company in Dubai(UAE). Kijura Tea Company Limited and Bondo Tea Estates Limited Uganda are step downsubsidiaries of BHL. Kijura Tea Estate owned by these companies manufactured 24.45 lakhkg. of tea compared to 25.27 lakh kg. last year. The average sale price realized was USD1.11 per kg. against USD 0.94 per kg. last year. During the year the company recorded acash profit of USD 349010 (INR 262.83 lakh) on sales turnover of USD 2.86 million (INR2154 lakh) as against last year cash loss of 175970 (INR 120.76 lakh) on sales turnover ofUSD 2.31 million (INR 1747 lakh).

CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 a separate report on corporate Governance isenclosed as a part of this Annual Report. A certificate from the Auditors of the Companyregarding compliance as per SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 is annexed to the Report on Corporate Governance.

The declaration by the Chairperson & Managing Director stating that all the Boardmembers and Senior Management personnel have affirmed their compliance with the Company'sCode of Conduct for the year ended 31st March 2021 is forming part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has been helping various schools and health care centers in adjoining areasof its operation. It has fully equipped hospital at tea estates to provide best healthcare to the people of the region. It is also helping self help centres for vocationaltraining programmes. The company is doing afforestation/vegetation on non-tea areas.

The composition of the members of CSR Committee remains the same namely: MrsJayashreeMohta Chairperson & Managing Director alongwith Mr.S.K.Tapuriah and Mr.Vikash Kandoias members.

CSR Policy is placed on the website of the company "www.jayshreetea.com". Theaverage net loss of the last 3 financial years was Rs 8.41 lakhs and so theprescribed expenditure is Nil. However the company has spent Rs 9 lakhs under CSRactivities during the year as per the Annexure forming part of this Report.

PROSPECTS

The outlook for tea fertilisers and sugar business appears positive. Going ahead thecompany will focus on capital efficiency enhancing the production of tea with qualitystandard; improve market share in fertilisers; increase sugar production with massive canedevelopment work utilizing full capacity of ethanol production by change in mix of feedstock. We shall also moderate working capital outlay increase liquidity and enhance valuein the hands of all those who own a stake in our company's progress.

Your Company has re-established itself as a quality manufacturing hub and is hopefulthat with firm market prices our teas will fetch Rs.20/- per kg higher than that of lastyear. Your Company's initiative of "Bagicha-by Jay Shree Tea" is likely to bringmore customers to its doorstep. We shall continue to monetize certain assets to improvefinancial parameters.

With all these factors you can take reasonably optimistic view about the future of thecompany.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors would like to inform members that the audited accounts containing thefinancial statements for the year 2020-21 are in conformity with the requirements of theprovisions of Section 134(3)(c) read with Section 134(5) and all other applicableprovision of the Companies Act 2013 and they believe that the financial statementsreflect fairly the form and substance of transactions carried out during the year andreasonably present the Company's financial condition and results of operations. TheStatutory Auditors S.R Batliboi & Co. LLPChartered Accountants Kolkata have auditedthese financial statements.

Based on the same your Directors further confirm that according to their information:

i. in the preparation of the annual accounts applicable accounting standards have beenfollowed and there are no material departures;

ii. the accounting policies selected by directors are consistently followed and appliedand judgements and estimates made are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company;

iii. proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities.

iv. the annual accounts have been prepared on a going concern basis.

v. that there is adequate proper internal financial controls with reference to thefinancial statement have been laid down for the company and such internal financialcontrols are adequate and were operating effectively.

vi. that proper systems have been devised to ensure compliance with the provisions ofall applicable laws and such systems were adequate and operating effectively.

BUSINESS RESPONSIBILITY REPORT (BR)

In terms of SEBI (LODR) Regulations 2015 Top 1000 listed entities are required tosubmit as part of their Annual Reports Business Responsibility Reports describing theinitiatives taken by them from an environmental social and Governance perspective. Yourcompany does not fall under this category. However BR Report on environment humanresources and segment wise performance in short forms part of the Management discussionand analysis report.

PARTICULARS OF EMPLOYEES

The prescribed particulars of employees required under Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is attached.

The Information as required under Section 197(12) of the Companies Act 2013 read withRules 5(2) and 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are given in the Annexure forming part of the Report. In terms ofSection 136(1) of the Act the report and accounts are being sent to members without theaforesaid Annexure. Any member interested in obtaining a copy of the same may write tothe company.

The aforesaid Annexure is also available for inspection by members at the RegisteredOffice of the company.

PUBLIC DEPOSITS

The company has not accepted or renewed any deposit during the year.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

Particulars of loans Guarantees and investment covered under the provisions of Section186 of the Companies Act 2013 is given in the Standalone Financial Statement forming partof the Annual Report.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS

Your Company has in place adequate internal financial controls commensurate with itssize scale and operations. All data pertaining to payment to employees purchasesplucking manufacturing selling despatch and others are computerized. The Company hasimplemented Enterprise Resource Planning (ERP) software to manage day-to-day businessactivities such as accounting procurement and supply chain operations.Internal controlsystem ensures that transactions are executed with management authorization and they arerecorded in such a way that permit preparation of financial statements in conformity withestablished accounting principles and that the assets are adequately safeguarded againstmisuse or loss.

The company's internal control systems are periodically tested and supplemented byextensive program of internal audit by independent firms of Chartered Accountants. Auditsare finalized and conducted based on internal risk management. Significant findings arebrought to the notice of the Audit Committee of the Board and corrective measures arerecommended for implementation.

RISK MANAGEMENT

The company has laid down the procedures to inform to the Board about the riskassessment and minimization procedures which shall be responsible for framingimplementing and monitoring the risk management plan of the company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURT OR REGULATORS

There have been no significant and material orders passed by the court or regulators ortribunals impacting the going concern status and company's operations. Your attention isdrawn to the Contingent Liabilities and commitments shown in the notes to financialstatements forming part of this Annual Report.

DISCLOSURE OF PARTICULARS WITH REGARD TO CONSERVATION OF ENERGY TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGE EARNINGS AND OUTGO

Necessary information on conservation of energy technology absorption foreignexchange earnings and outgo required to be given pursuant to the provisions of Section134 of the Companies Act 2013 read with the Companies (Accounts) Rules 2014 is presentedin Annexure to this Report.

ENVIRONMENT AND SAFETY

The company is conscious of clean environment and safe operations. It ensures safety ofall concerned compliance with environmental regulations and preservation of naturalresources.

As required by the Sexual Harassment of women at Workplace (Prevention Prohibition& Redressal) Act 2013 the company has an internal policy on prevention of sexualharassment at workplace with a mechanism of lodging complaints. During the year underreview no complaints were reported to the Board.

STATUTORY AUDITORS AND AUDITORS' REPORT

The auditors S.R. Batliboi & Co. LLP Chartered Accountants were appointed asStatutory Auditors of the company for the year 2018-19 and to hold office from theconclusion of the Annual General Meeting held on 31st July 2017 till theconclusion of 76th Annual General Meeting of the company at a remuneration tobe fixed by the Board. No ratification of their appointment is required as pernotification dated May 7 2018 issued by the Ministry of Corporate Affairs. The Auditorshave confirmed that they hold a valid certificate issued by the Peer Review Board of ICAI.The Auditors Report form part of this Annual report. The Report does not contain anyqualifications other than for non-provision of tax. Since the Scheme for Amalgamation isunder process with the NCLT we are of the view that there will be no tax outflow for themerged entity.

COST AUDITORS

The Audit Committee in its meeting held on 29th June 2021 has recommendedthe reappointment of D. Sabyasachi & Co. the Cost Auditor to conduct the cost auditof the company for the financial year 2021-22 in terms of section 148(3) of the CompaniesAct 2013. Accordingly the Board appointed the said firm of Cost Accountants to carry outthe cost audit for the year 2021-22 on the remuneration as recommended by the Board to befixed by members in the ensuing Annual General Meeting of the Company.

INTERNAL AUDIT

The Company continued to engage reputed firms of Chartered Accountants as its internalauditors at its units and tea estates. Their scope of work and the plan for audit isapproved by the Audit Committee. The report submitted by them is regularly reviewed andtheir findings are discussed with the process owners and suitable corrective action takenon an ongoing basis to improve efficiency in operations.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the company hasappointed Messrs MR & Associates Practicing Company Secretaries to undertake theSecretarial Audit of the company. The report of the Secretarial Audit is annexed herewith.Regarding observations: The company had a pending case under Section 58(A) of theCompanies Act 1956 with the court relating to acceptance of a small amount during theperiod of approval of form by the Board and its filing with ROC and the matter issubjudice.

INSURANCE

Adequate insurance cover has been taken for properties of the company includingbuildings plant and machineries and stocks against fire earthquake and other risks asconsidered necessary.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Based on the recommendation by the Nomination and Remuneration Committee the Board hadappointed MrsJayashree Mohta (DIN 01034912) as Chairperson of the Company on 14thAugust 2019. Mr.D.PMaheshwari the Managing Director of the Company retired from theservices with effect from 16th September 2020. The Board then appointedMrsJayashree Mohta as Chairperson cum Managing Director with effect from 16thSeptember 2020. Mrs.Mohta has attained the age of seventy years on 12th May2021 and hence continuation of her employment as Managing Director requires the approvalof members by a special resolution. She has been looking after day to day affairs of theCompany and is guiding force behind its performance. Keeping in view the vast experienceof Mrs.Mohta the Board as recommended by the Nomination and Remuneration Committeeproposes continuation of her employment as Chairperson & Managing Director of theCompany.

The Board appointed Mr.Vikram Swarup (DIN 00163543) as an Additional Director on 9thFebruary 2021 who shall hold office upto the date of the ensuing Annual General Meeting.The Company has received a notice as per the provisions of Section 160(1) of the CompaniesAct 2013 from a member proposing his appointment as a director. Mr.Vikram Swarup anhonorary fellow of the Indian Institute of Chemical Engineers & a Mechanical Engineerfrom Jadavpur University is the Managing Director of Paharpur Group and has held variouspositions in Friends of Tribal Society Indo-American Chamber of Commerce (East IndiaCouncil) and Vice Chairman of Kalyan Bharti Trust which manages The Heritage Group ofEducational Institutions. It would be prudent to appoint him as an Independent Directorto hold office for five consecutive years until the 80th Annual General Meetingof the Company. A resolution has been included in the Agenda of the ensuing Annual GeneralMeeting of the Company which we recommend.

As per provisions of Section 152 of the Companies Act 2013 Mr.Vikash Kandoi (DIN00589438) retires by rotation and being eligible offers himself for reappointment. TheBoard recommends his re-appointment.

The independent directors have submitted the declaration of independence as requiredunder Section 149 of the Companies Act 2013 and the Board is of the opinion that they areindependent within the meaning of the said requirement of the Act.

There is no change in the Key Managerial Personnel during the year.

OTHER DISCLOSURES

EXTRACT OF ANNUAL RETURN

The details for the financial year ended 31st March 2021 has been providedin our website at www.jayshreetea.com

NUMBER OF BOARD MEETINGS

The Board of Directors met six times during the year ended 31st March 2021. Thedetails of the Board meetings and the attendance of Directors are provided in theCorporate Governance Report.

COMPOSITION OF COMMITTEE OF DIRECTORS

The Board has constituted the following Committees of Directors:

(a) Audit Committee

(b) Nomination & Remuneration Committee

(c) Stakeholder relationship Committee

The detailed composition of the above Committees along with number of meetings andattendance at the meetings are given in Corporate Governance Report.

(d) Corporate Social Responsibility Committee

The detailed composition of the above Committee is given under the head CorporateSocial Responsibility (CSR).

ANNUAL GENERAL MEETING

Annual General Meeting of the Company is scheduled to be held on Tuesday the 28thSeptember 2021.

WHISTLE BLOWER POLICY

The company has formulated Whistle Blower Policy in terms of Section 177(9) of theCompanies Act 2013 the details of which is being provided in the Corporate GovernanceReport. The Whistle Blower Policy has also been posted on the website of the Company.

RELATED PARTY TRANSACTIONS

All the related party transactions for the year under review are entered on arm'slength basis and are in compliance with the Companies Act 2013 and the ListingRegulations. There are no materially significant related party transactions made by theCompany with Promoters Directors or Key Managerial Personnel etc which may havepotential conflict with the interest of the Company at large. All related partytransactions are presented to the Audit Committee and the Board for its approval.

The related party transactions policy as approved by the Board is uploaded on theCompany's website "www.jayshreetea.com".

The details of the transactions with related party is given in the Standalone FinancialStatement forming part of the Annual Report.

EVALUATION OF BOARD'S PERFORMANCE

In compliance with the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the performance evaluation of the Board was carried outduring the year under review. The Board of Directors expressed their satisfaction with theevaluation process. More details on the same is given in the Corporate Governance Report.

AUDITOR'S REPORT & ACCOUNTS

All notes to the Accounts referred to in the Auditors' Report are self-explanatory andtherefore do not call for any further comments.

APPRECIATION

The Board wishes to place on record its appreciation of the efforts put in by yourcompany's workers staff and executives.

For and on behalf of the Board Jayashree Mohta

(Chairperson and Managing Director) (DIN:01034912)
Kolkata 30th June 2021

.