JIGAR CABLES LIMITED
The Directors present their 5th Annual Report along with the AuditedFinancial Statement of Accounts for the Financial Year 2020-21.
The key aspects of Financial Results of the Company for the Financial ended on March31 2021 are as under:
| ||Standalone ||Consolidated |
|Particulars ||Year Ended on March 31 2021 ||Year Ended on March 31 2020 ||Year Ended on March 31 2021 ||Year Ended on March 31 2020 |
| ||(In Rs.) ||(In Rs.) ||(In Rs.) ||(In Rs.) |
|Revenue From Operation ||134720734/- ||121197884/- ||144211825/- ||137117767/- |
|Other Income ||4489913/- ||4966058/- ||7259130/- ||4416063/- |
|Total Revenue ||139210647/- ||126163942/- ||151470955/- ||141533830/- |
|Expenditure ||134420004/- ||122286410/- ||145972122/- ||137069383/- |
|Profit(loss) before Tax (PBT) ||4751524/- ||3947639/- ||5459714/- ||4534554/- |
|Tax Expenses : || || || || |
|Current Tax ||1310875/- ||1149943/- ||1538369/- ||1381022/- |
|Deferred Tax (Credit) ||(135695)/- ||753366/- ||(271326)/- ||701801/- |
|Net Profit/loss After Tax (PAT) ||3576344/- ||2044330/- ||4192671/- ||2451731/- |
|Earning per Equity Share: || || || || |
|Basic ||0.51 ||0.29 ||0.60 ||0.35 |
|Diluted ||0.51 ||0.29 ||0.60 ||0.35 |
STATEMENT OF COMPANIES AFFAIRS:
The Key highlights pertaining to the business of the Company for the Year 2020-21 havebeen given hereunder:
Your Company's performance has overall improved. On Consolidated basis the totalrevenue for the Financial Year 2020-21 was Rs. 151470955. The Profit After Taxattributable to shareholders for Financial Year 2020-21 was Rs. 4192671 71% higher than2451731 in Financial Year 2019-20.
Jigar Cables Limited achieved total revenue of Rs. 139210647 and net profit of Rs.3576344 during the year under review 10.34% and 74.94% higher respectively as comparedto the Financial Year 2019-20.
Furthermore your Director assured that the Company will achieve its strategicobjectives of sustainable and profitable growth by improving the product excellenceexploring markets and delivering customer delight in the year to come.
CHANGE IN THE NATURE OF BUSINESS IF ANY:
During the year under review there is no change in nature of business of the Company.However there us addition of new object clause in the main object clause of the Company.
WEB LINK OF ANNUAL RETURN:
According to Section 134 sub-section (3) (a) the Company has annexed the extract ofAnnual Return in "Annexure- A" in form MGT-9 with Director Report. TheAnnual Return is available at following link www.sigmacab.com.
BOARD OF DIRECTORS AND THE NUMBER OF MEETING OF THE BOARD OF DIRECTORS:
a. Composition of Board of Directors:
During the year under review Mrs. Sangeetaben Niteshkumar Vaghasiya Managing Director(DIN: 06910845) Mr. Ramnik Pershotambhai Vaghasiya Whole-Time Director (DIN: 06965718)and Mr. Shailesh Bhikhubhai Khatara Non Executive Independent Director (DIN: 08980436)was appointed w.e.f. January 02 2021 who were appointed as an Additional Directors atthe Meeting of Board of Directors held at December 03 2020. Further Mr. KantilalGordhandas Lakhani Non Executive Independent Director (DIN: 08682980) was appointed atthe Annual General Meeting dated September 29 2020.
Furthermore Mr. Dhirajlal Sakhia (DIN: 07756790) an Independent Director of theCompany tendered his resignation w.e.f. September 04 2020 due to some personal reasons.In addition to that Mrs. Vaishali Shingala (DIN: 07662204) and Mr. Vijay Shingala (DIN:07662235) Director and Managing Director of the Company resigned w.e.f. December 03 2020and January 09 2021 respectively.
During the year under review the composition of Board of Directors has changed and thedetails of the same given below:
|Sr. No. Name ||DIN ||Designation |
|1. Mr. Vijay Gopalbhai Shingala (Resigned w.e.f. 09/01/2021) ||07662235 ||Managing Director and Chairman |
|2. Mrs. Sangeetaben Niteshkumar Vaghasiya (Appointed w.e.f. 03/12/2020) ||06910845 ||Managing Director and Chairperson |
|3. Mr. Parshottambhai Laljibhai Vaghasiya ||07662195 ||Whole-time Director |
|4. Mr. Ramnik Pershotambhai Vaghasiya (Appointed w.e.f. 03/12/2020) ||06965718 ||Whole-time Director |
|5. Mrs. Vaishali Vijay Shingala (Resigned w.e.f. 03/12/2020) ||07662204 ||Director |
|6. Mr. Dhirajbhai Bhawanbhai Sakhiya (Resigned w.e.f. 04/09/2020) ||07756790 ||Independent Director |
|7. Mrs. Shardaben Nanjibhai Bhalala ||08467162 ||Independent Director |
|8. Mr. Kantilal Gordhandas Lakhani (Appointed w.e.f. 29/09/2020) ||08682980 ||Independent Director |
|9. Mr. Shailesh Bhikhubhai Khatara (Appointed w.e.f. 03/12/2020) ||08980436 ||Independent Director |
b. Number of Board Meeting:
During the year under review i.e. Financial Year 2020-21 8 (Eight) Board meetings wereheld.
The dates on which the Board meetings were held are: June 10 2020 June 26 2020 July28 2020 September 04 2020 November 09 2020 December 03 2020 January 09 2021 andMarch 25 2021. The intervening gap between the Meetings was within the period prescribedunder the Companies Act 2013.
c. Attendance of Directors at Board Meeting and Annual General Meeting (AGM):
|Name of the Director ||Nature of Directorship ||Number of Board Meeting attended during the year ||Whether attended last AGM |
|Mr. Vijay Gopalbhai Shingala ||Managing Director ||7 ||Yes |
|Mrs. Sangeetaben Niteshkumar Vaghasiya ||Managing Director ||2 ||No |
|Mr. Parshottambhai Laljibhai Vaghasiya ||Whole Time Director ||8 ||Yes |
|Mr. Ramnik Pershotambhai Vaghasiya ||Whole Time Director ||2 ||No |
|Mrs. Vaishali Vijay Shingala ||Director ||6 ||Yes |
|Mr. Dhirajlal Bhavanbhai Sakhia ||Independent Director ||4 ||No |
|Mrs. Shardaben Nanjibhai Bhalala ||Independent Director ||8 ||Yes |
|Mr. Kantilal Gordhandas Lakhani* ||Independent Director ||4 ||No |
|Mr. Shailesh Bhikhubhai Khatara ||Independent Director ||2 ||No |
*Attended AGM as an Invitee
d. Director Retired by rotation:
Mr. Parshottambhai Laljibhai Vaghasiya (DIN: 07662195) as a Whole-Time Director who isliable to retire by rotation at the ensuing Annual General Meeting. Being eligible heoffers himself for reappointment in the ensuing Annual General Meeting.
e. Independent Directors:
Mr. Shailesh Bhikhubhai Khatara Non Executive Independent Director (DIN: 08980436) wasappointed w.e.f. January 02 2021 who were appointed as an Additional Director at theMeeting of Board of Director held at December 03 2020. Further Mr. Kantilal GordhandasLakhani Non Executive Independent Director (DIN: 08682980) was appointed at the AnnualGeneral Meeting dated September 29 2020. Furthermore Mr. Dhirajlal Sakhia (DIN:07756790) an Independent Director of the Company tendered his resignation w.e.f.September 04 2020 pursuant to some personal reasons.
Meeting of Independent Directors:
Pursuant Regulation 25(3) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Separate meeting of the Independent Directors of the Company washeld on March 19 2021 at registered office of the Company
CHANGE IN KEY-MANAGERIAL PERSONNEL:
During the year under review Mr. Vijay G. Shingala Managing Director of the Companyresigned w.e.f. January 09 2021. Mrs. Sangeetaben N. Vaghasiya was appointed as ManagingDirector w.e.f. January 02 2021.
DECLARATION BY INDEPENDENT DIRECTORS:
All Independent Directors have given declarations to the effect that they meet thecriteria of independence as laid down under Section 149(6) of the Companies Act 2013 readwith Regulation 16 of SEBI (Listing obligations and Disclosures Requirements) Regulations2015. In the opinion of the Board Independent Directors fulfill the conditions specifiedin the Act Rules made there under and Listing Regulations.
FORMAL ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD ITS COMMITTEES ANDINDIVIDUAL DIRECTORS:
During the year the Board carried out an Annual Evaluation of its own performance andthe performance of individual Directors as well as evaluation of the Committees of theBoard under the provisions of Section 134 (3)(p) of the Act relevant Rules asprescribed. They were satisfied with the overall performance of the Directors individuallyand that the Directors generally met their expectations of performance.
CHANGES IN SHARE CAPITAL:
During the year under review there was no change in the share capital of the Company.The Paid-up Share Capital of the Company as March 31 2021 is 70320000/- divided into7032000 Equity Shares of 10/- each fully paid up.
DISCLOSURE RELATED RESTRICTION ON PURCHASE BY COMPANY BY OR GIVING OF LOANS FORPURCHASE OF ITS SHARES:
During the year under review the Company has not provided any loan or financialassistance to any person for purchase or subscription of shares in the Company u/s 67.Hence no disclosure was required to be provided.
EQUITY SHARES WITH DIFFERENTIAL RIGHTS AS TO SWEAT EQUITY & ESOS:
No Equity shares with Differential rights sweat equities or share under employee stockoption scheme were issued during the year.
LOANS GUARANTEES AND INVESTMENTS U/S 186:
The Company has not provided any loan and guarantee during the year.
The Company has make investment in securities in Wholly-Owned Subsidiary Company.Disclosure is required as per section 134(3)(g) of the Act provided as under.
|Sr. No. Particular ||Information |
|01 Investment in Wholly-Owned Subsidiary Company (Jigar Polymers Limited) ||50000 equity share of Rs. 10 each [As on March 10 2017] |
| ||1000000 equity share of Rs. 10 each [Right Issue] [As on December 10 2018] |
RESERVE AND SURPLUS:
In year under review the Company has not transferred any amount to Reserves andSurplus account.
During the year under review no dividend has been recommended by the Board ofDirectors of the Company at their meeting.
CONTRACT OR ARRANGEMENT WITH RELATED PARTY U/S 188 (1):
All contracts/arrangements/transactions entered by the Company during the FinancialYear with related parties were in the ordinary course of business and on an arm's lengthbasis. During the year the Company had entered into contract/arrangement/transaction withrelated parties which could be considered material in accordance with Rule 15 of theCompanies (Meeting of Board and Its Powers) Rules 2014. Further the most of transactionis entered with its Subsidiary Company. Being a Material transaction it is required toprovide the details of transaction in "AOC-2" and Justification ofcontract which are attached as "Annexure-B".
MATERIAL CHANGES AFFECTING FINANCIAL POSITION:
There have been no material changes and commitments for the likely impact affectingfinancial position between end of the Financial Year and the date of the report.
GLOBAL PANDEMIC - COVID-19
At Jigar Cables Limited the health and safety of our employees has always been our toppriority. which was especially emphasised during the pandemic. We undertook proactivesafety precautions and followed all government guidelines - both during and post lockdown.We operated our facilities batch-wise to ensure compliance with government guidelines onmaintenance of social distancing at work.
The COVID-19 pandemic situation is unprecedented and exceptional. The Company hasevaluated an impact of this pandemic on its business operations and financial position andbased on its review of current indicators of future economic conditions there is nosignificant impact on its financial statements as at March 31 2021. However the impactassessment of COVID-19 is a continuing process given the uncertainties associated with itsnature and duration and accordingly the impact may be different from that estimated as ofnow.
However the Company is confident about adapting to the changing business environmentand gear up to overcome the upcoming challenges with particular focus to ensure thatadequate liquidity is available till normalcy returns.
CONSERVATION OF TECHNOLOGY ENERGY ABSORPTION & FOREGIN EXCHANGE EARNINGSAND OUTGOING:
The Company has nothing to report in respect of Conservation of Energy and TechnologyAbsorption in terms of Section 134(3)(m) of the Companies Act 2013 read with the Rule 8of the Companies (Accounts) Rules 2014 since the Company is engaged in manufacturingrelated business.
The details of conservation of energy technology absorption foreign exchange earningsand outgo are as follows:
A. Conservation of Energy:
|(i) The steps taken or impact on conservation of energy ||Apart from regular practices and measures for energy conservation no new initiatives were driven across the units. |
|(ii) The steps taken by the Company for utilizing alternate sources of energy ||Not Applicable |
|(iii) The capital investment on energy conservation equipments ||NIL |
We continue to focus on the energy usage water management healthy wealthy and safeenvironment and various other recourse consumptions.
B. Technology absorption:
|(i) The efforts made towards technology absorption ||No efforts have been made |
|(ii) The benefits derived like product improvement cost reduction product development or import substitution ||Not Applicable |
|(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the Financial Year)- ||During the year there was no import of any technology |
|(a) the details of technology imported ||Not applicable |
|(b) the year of import ||Not applicable |
|(c) whether the technology been fully absorbed ||Not applicable |
|(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; and ||Not applicable |
|(iv) The expenditure incurred on Research and Development ||Capital & Revenue Expenditure - NIL |
Company as not a separate Research and Development Department though we haveimplemented the advance research and which results into the highest quality products. Wehave well equipped manufacturing unit with latest plant machinery and laboratory withultra modern and sophisticated type testing equipments for complete testing of the cables.
C. Foreign Exchange Earnings and Outgo:
During the year under review there were no foreign exchange earnings and foreignexchange outgo.
RISK MANAGEMENT POLICY:
The Company has framed a risk management framework to identify business risk andchallenges across the Company. The Business risk is managed through across businesses. TheBoard takes responsibility for the overall process of risk management throughout theorganisation.
SUBSIDIARY JOINT VENTURE OR ASSOCIATES COMPANY:
Detailed information of subsidiary Company has been annexed under "Annexure-C"along with its performance.
DETAILS OF DEPOSIT:
During the year under review the Company has not accepted any deposit covered underthe Chapter V of the Companies Act 2013. The Statement for pertaining to the details isfurnished here as below:
|Sr. No. Particulars ||Amount in (Rs.) |
|1. Accepted during the year ||Nil |
|2. Remained unpaid or unclaimed as at the end of the year ||Not Applicable |
|3. Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so number of such cases and the total amount involved ||Not Applicable |
|3.1 at the beginning of the year ||Not Applicable |
|3.2 maximum during the year ||Not Applicable |
|3.3 at the end of the year ||Not Applicable |
|4. Deposits which are not in compliance with the requirements of Chapter V of the Act ||Nil |
The Company has provided security deposit to supplier for the performance of thecontract for supply of goods as per the mutually agreed terms and conditions in theordinary course of business.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS:
There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company's future operations.
REVISION OF FINANCIAL STATEMENT:
According to section 131 (1) of the Companies Act 2013 there is not required torevised the financial statement.
DISCLOSURE RELATED TO EMPLOYEE:
The details relating to the provisions of Rule 5(2) & (3) of the Companies(Appointment & Remuneration of Managerial Personnel) Rules 2014 Rule 5(2) & (3)of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014during the Financial Year 2020-21 are given in "Annexure-D".
The Company believes in the conduct of the affairs of its constituents in a fair andtransparent manner by adopting the highest standards of professionalism honestyintegrity and ethical behaviour. The Company has established a robust Vigil Mechanism inaccordance with provisions of the Section 177 of the Companies Act 2013. The Company hasformulated a Whistle Blower Policy as prescribed under Section 177(8) & Section177(10) of the Companies Act 2013 which is available at the website of the Company onwww.sigmacab.com.
CORPORATE SOCIAL RESPONSIBILITY:
The criteria specified under section 135 of the Companies Act 2013 is not applicableto the Company. However the Company has formulated a policy which is available at thewebsite of the Company on www.sigmacab.com which is applicable to the Company as and whensection applicable to the Company.
DETAILS OF INTERNAL FINANCIAL CONTROL:
The Company's internal control systems are commensurate with the nature of itsbusiness the size and complexity of its operations and such internal financial controlswith reference to the Financial Statements are adequate.
REASON FOR RESIGNATION OF DIRECTOR [SECTION 168(1)1:
The following Directors submitted their resignation from the Directorship of theCompany due to some personal reasons:
1. Dhirajbhai Bhawanbhai Sakhiya Independent Director (Resigned w.e.f. 04/09/2020)
2. Vijay Gopalbhai Shingala Managing Director (Resigned w.e.f. 09/01/2021)
3. Vaishali Vijay Shingala Director (Resigned w.e.f. 03/12/2020)
The details of Audit Committee in terms of Section 177(2) of the Companies Act 2013 ofthe Company are as under:
|Sr. No. Name of Member ||Designation ||Designation in Committee ||No. of Meeting Attended |
|1. Dhirajlal B. Sakhia (DIN:07756790) (Resigned from September 04 2020) ||Independent Director ||Chairman ||2 |
|2. Vijaybhai G. Shingala (DIN:07662235) (Resigned from January 09 2021) ||Managing Director ||Member ||3 |
|3. Shardaben N. Bhalala (DIN:08467162) ||Independent Director ||Member Chairperson (w.e.f. November 09 2020) ||4 |
|4. Kantilal G. Lakhani (DIN:08682980) (Appointed on September 29 2020) ||Independent Director ||Member (w.e.f. November 09 2020) ||1 |
|5. Ramnik P. Vaghasiya (DIN:06965718) (Appointed on December 03 2020) ||Whole-Time Director ||Member (w.e.f. December 03 2020) ||1 |
NOMINATION AND REMUNERATION COMMITTEE:
The details of Nomination and Remuneration Committee in terms of Section 178 (4) of theCompanies Act 2013 of the Company are as under:
|Sr. No. Name of Member ||Designation ||Designation in Committee ||No. of Meeting Attended |
|1. Shardaben N. Bhalala (DIN:08467162) ||Independent Director ||Chairperson ||3 |
|2. Vaishali V. Shingala (DIN:07662204) (Resigned from December 03 2020) ||Director ||Member ||2 |
|3. Dhirajlal B. Sakhia (DIN:07756790) (Resigned from September 04 2020) ||Independent Director ||Member ||1 |
|4. Kantilal G. Lakhani (DIN:08682980) (Appointed on September 29 2020) ||Independent Director ||Member (w.e.f. November 09 2020) ||2 |
|5. Shailesh B. Khatara (DIN:08980436) (Appointed on December 03 2020) ||Independent Director ||Member (w.e.f. December 03 2020) ||1 |
STAKEHOLDERS RELATIONSHIP COMMITTEE:
The details of Nomination and Remuneration Committee in terms of Section 178 of theCompanies Act 2013 of the Company are as under: (w.e.f. December 03 2020)
|Sr. No. Name of Member ||Designation ||Designation in Committee ||No. of Meeting Attended |
|1. Kantilal G. Lakhani (DIN:08682980) (Appointed on September 29 2020) ||Independent Director ||Chairman ||1 |
|2. Shardaben N. Bhalala (DIN:08467162) ||Independent Director ||Member ||1 |
|3. Shailesh B. Khatara (DIN:08980436) (Appointed on December 03 2020) ||Independent Director ||Member ||1 |
AUDITORS AND AUDIT REPORTS:
1. STATUTORY AUDITOR:
M/s. M. N. MANVAR & CO (Firm Registration No.: 106047W) was appointed at theFourth Annual General Meeting of the Company to hold office from the Conclusion of thatAnnual General Meeting till the Conclusion of the this Annual General Meeting. The Boardwishes to continue their term and hereby the Board of Directors recommend to appoint M/sM. N. MANVAR & CO (Firm Registration No.: 106047W) as a Statutory Auditors of theCompany. They have confirmed their eligibility to the effect that their appointment ifmade would be within the prescribed limits under the Act and that they are notdisqualified for appointment. It is recommended to appoint them for the period fromconclusion of this Annual General Meeting till the Conclusion of Next Annual GeneralMeeting.
STATUTORY AUDITORS' REPORT:
The Statutory Auditors' Report on the Accounts (Standalone and Consolidated both) ofthe Company for the Financial Year ended on March 31 2021 is attached to the financialstatements. Further the Audit Report does not contain any qualification reservationadverse remarks or disclaimer.
Further the Statutory Audit Report of the Wholly Owned Subsidiary Company i.e. JigarPolymers Limited is also not contained any qualification reservation adverse remarks ordisclaimer. The same has not been annex separately herewith.
2. SECRETARIAL AUDITOR:
The Board has appointed CS Piyush Jethva Practicing Company Secretary Rajkot as aSecretarial Auditor of the Company in the meeting of the Board of Directors of the Companyheld on September 04 2020.
SECRETARIAL AUDIT REPORT:
The Report given by Auditor u/s 204 of the Companies Act 2013 is annex with the AnnualReport as "Annexure-E".
M/s. Jigar Polymers Limited being a Wholly Owned Subsidiary of the Listed PublicCompany is required to get Secretarial Audit Report and the same Secretarial Auditor hasbeen appointed to conduct the Audit for the M/s. Jigar Polymers Limited. Further theSecretarial Audit Report of the Wholly Owned Subsidiary Company is not annex herewith asit is not mandatory to attach the same with the Annual Report of the Parent HoldingCompany.
The Secretarial Auditor have not made any adverse remarks or observation in hisSecretarial Audit Report of the Wholly Owned Subsidiary company M/s Jigar PolymersLimited.
EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE STATUTORY AUDITORS/SECRETARIAL AUDITORS:
There are no qualifications reservations or adverse remarks made by the StatutoryAuditors in their report for the Financial Year ended on March 31 2021.
However there are certain remarks which were there in the Secretarial Audit Reportgiven by CS Piyush Jethva Practicing Company Secretary for which the Company clarifiesthat it does not affect the financial position of the Company negatively and furtherManagement clarifies that non filing or filing of Form late in time is only a proceduralmistake.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OFSECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT:
During the year under consideration there were no such instances.
DISCLOSURE OF COMMISSION:
According to section 197(14) of the Companies Act 2013 no Director received acommission from the Company and none of the Managing Director/Whole-time Director of theholding Company was disqualified from receipt of any remuneration or commission form anyCompany.
DISCLOSURE ABOUT DISQUALIFICATION:
None of the Directors of the Company are disqualified under Section 164 (2) of TheCompanies Act 2013.
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL)ACT 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted aPolicy on Prevention Prohibition and Redressal of sexual harassment at workplace in linewith the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and rules framed thereunder. The Company has notreceived any complaints during the year.
SECRETARIAL STANDARDS COMPLIANCES:
The Directors state that the applicable Secretarial Standards i.e. SS-1 and SS-2issued by the Institute of Company Secretaries of India relating to Meetings of Board ofDirectors and General Meetings respectively have been duly complied with.
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report forms an integral part of the Report asstipulated under the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 ("Listing Regulations") and providesdetails of the overall industry structure developments performance and state of affairsof the Company's various businesses. The same is presented in "Annexure-F"herewith.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby declares that:
a. In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
b. The Directors had selected such accounting policies and applied them consistentlyand made 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 of the Company for that period;
c. The Directors had 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 had prepared the annual accounts on a going concern basis;
e. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
f. The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
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 wish to convey their appreciation to all of the Company'semployees for their contribution towards the Company's performance. The Directors wouldalso like to thank the customers Shareholders bankers auditors end users businesspartners and other business constituents for their continuous support to the Company andtheir confidence in its management.
|Date: August 27 2021 ||By Order of the Board |
|Place: Gondal ||For JIGAR CABLES LIMITED |
| ||Sd/- Mrs. Sangeetaben N. Vaghasiya Chairperson & Managing Director [DIN:06910845] |