You are here » Home » Companies » Company Overview » Keltech Energies Ltd

Keltech Energies Ltd.

BSE: 506528 Sector: Industrials
NSE: N.A. ISIN Code: INE881E01017
BSE 10:21 | 05 Aug 803.40 -43.70






NSE 05:30 | 01 Jan Keltech Energies Ltd
OPEN 860.00
52-Week high 993.60
52-Week low 463.00
P/E 15.94
Mkt Cap.(Rs cr) 80
Buy Price 790.05
Buy Qty 5.00
Sell Price 805.00
Sell Qty 16.00
OPEN 860.00
CLOSE 847.10
52-Week high 993.60
52-Week low 463.00
P/E 15.94
Mkt Cap.(Rs cr) 80
Buy Price 790.05
Buy Qty 5.00
Sell Price 805.00
Sell Qty 16.00

Keltech Energies Ltd. (KELTECHENERGIES) - Director Report

Company director report


Dear Members

Your Directors have pleasure inpresenting their Forty-Third Annual Report on the business and operations of the Companyand the accounts for the Financial Year ended March 31 2020. This report is beingpresented along with the audited financial statements for the year

1. Financial Performance:



in Lakhs except per share data)




Operating Profit










1) Interest





2) Depreciation





Profit for the year before taxation





Less : Provision for taxation - Current Tax





- Deferred Tax





Profit for the year





Other Comprehensive Income





Re-measurements of post-employment benefit obligations





(net of tax)





Profit for the year available for appropriation





2. COVID-19 Outbreak

The COVID-19 pandemic developed rapidlyinto a global crisis forcing governments to enforce lock-downs all economic activity. Forthe Company the focus immediately shifted to ensuring the health and well-being of allemployees and on minimizing disruption to services for all our customers globally. TheCompany Management has made internal assessment of the probable impact on business andbelieves that the impact to be short term in nature and doesn't foresee any significantmedium to long risk in Company's ability to continue as a going concern.

CO VID-19 Epidemic initiatives.

The Operations and the FinancialResults of the Company during the last quarter of 2019-20 were marginally impacted due tothe shutdown of the Company's Plants under the lockdown announced by the State/CentralGovernments after the outbreak of COVID-19 epidemic. The Company has resumed itsoperations of various plants in a phased manner since April 2020 conforming to theguidelines of the State/Central Government's safety and protection of the employees wouldcontinue to be followed.

In assessing the fair value offinancial instruments recoverability of its receivables investments and providing forloss allowance as per Expected Credit Loss the Company has considered internal andexternal information up to the date of approval of these financial statements. Based oncurrent indicators of future economic conditions the Company expects to recover thecarrying amount of its assets.

This response has reinforced customerconfidence in the Company and many of them have expressed their appreciation and gratitudefor keeping their businesses running under most challenging conditions.

Although there are uncertainties dueto the pandemic and reversal of the positive momentum gained in the last quarter ofFinancial Year 2020 the strong financial position profitability and inherent resilienceof the business model position the Company well to navigate the challenges ahead and gainmarket share.

3. Company Affairs:

(MANAGEMENT DISCUSSION AND ANALYSISREPORT / OPERATIONS REPORTS OF COMPANY'S PERFORMANCE): The operations for the year 2019-20 haveresulted in a net profit of Rs.426.91 lakhs after charging depreciation interest tax andcomprehensive income as against Rs. 566.29 lakhs for the corresponding period of theprevious year.

A. Explosives Division

The sale of Explosives for the yearunder review was 39846 MT valued at Rs.15266 lakhs as against 41261 MT valued atRs.16398 lakhs of the previous year. The Sales turnover in Explosives decreased by 3% inquantity terms and in value terms by 7%. During the year the turnover in regard to tradedgoods services and export of finished goods in Explosives sector was Rs.1247 lakhs asagainst Rs.1608 lakhs for the corresponding period of the previous year. The sale ofAccessories during the year under review was valued at Rs.1302 lacs as against Rs.1288lacs during the corresponding period of the previous year.

B. P erlite Division

The sale of Perlite and Perlite basedproducts for the year under review was 11462 MT valued at Rs.2210 lakhs as against10990 MT valued at Rs.2092 lakhs for the corresponding period of the previous yearwhich resulted in increase of 4% in quantity terms and 6% increase in value terms. Theincrease in sales was mainly due to increase in cryogenic and trade market.

The turnover of service contracts andspecial products during the year under review was Rs.571 lakhs as against Rs.448 lakhs forthe corresponding period of the previous year.

4. Basic Earnings Per Share

The Company's Basic Earnings per sharestood at INR 47.40 (Previous year– INR 60.25).

5. Risk Management Report:

The combination of policies andprocesses concerned to the operations of the Company are adequately adopted theanticipated risks associated with the Company's business. The Senior Management of theCompany periodically reviews the risk management framework so as to effectively addressthe emerging challenges in a dynamic business environment.

6. Dividend

The Directors have recommended adividend of Rs.1.50 per share (15%) of Rs.10/- (Face Value) paid-up equityon the capitalof the Company.

7. Business Focus and Highlights


There was reduction in both quantityand value in explosives sector and selling prices were under pressure. The Coal sectorshad already finalized orders at aggressive prices which the Company did not accept.However the Company's products are well accepted in other segments of business and thenon-coal segment of business. In regard to Accessories the demand was consistent andmarginal improved capacity utilization was achieved.


The sale of Perlite and Perlite basedproducts showed significant growth during the year under review.


The industrial relations during theyear under review were cordial and there were no industrial disputes.

D. OUTLOOK FOR 2020-21.

During the current financial year2020-21 on account of stiff competition on price sale of Explosives is expected to beunder pressure. The Company is striving to consolidate its presence in the Explosivesaccessories and Perlite and Perlite based Products business in the face of Covid 19situation having lost some volumes due to lock-down situation. The performance ofinfrastructure Industry in the Country will be crucial for continued growth of Company'sbusiness. Y our Company will continue to make all efforts for optimizing the overallperformance.


The statements expressionsinformation given in this Management Discussions and Analysis Report describing theCompany's objectives projections estimates expectations or predictions may be deemed tobe as “forward looking statements”. Actual results might substantially ormaterially different from those expressed or implied.

Important developments that couldaffect the Company's operations included demand supply conditions changes in Governmentglobal economic scenario and such other developments different from Company'scomprehension.

8. Transfer to General Reserve

The Company proposes to transfer a sumof Rs.200 lacs to General Reserve.

9. Deposits

The Company has not received anydeposits during the financial year 2019-20.

10. Quality

The quality function at KEL has been atthe forefront of enabling delivery and support functions in optimization and de-risking.While we continue to comply with international standards such as ISO 9001-201514001-2015 & OHSAS 18001 our quality and engineering departments drove changeinitiatives for productivity improvements.

11. Infrastructure

The Company is in the process ofimproving the infrastructure at Vishwasnagar Garamsur and other Units.

12. Related Party Transactions

The Company has entered in to relatedparty transactions which are in arms-length basis as mentioned in Annexure I tothis report.

13. Board Committees

The Company has following Committeesof the Board: a) Audit Committee; b) Stakeholders Relationship Committee; c) Committee ofDirectors (Share Transfer Committee); d) Independent Directors Committee; e) CorporateSocial Responsibility Committee; and f) Nomination and Remuneration Committee

The composition of each of the aboveCommittees their respective role and responsibility is as detailed in the Report ofCorporate Governance.

14. Particulars of Loans Guaranteesor Investments

The Company has not given any loansguarantees and has not made any investments in other entities.

15. Directors a) Appointments:

Shri. Prashant K. Asher (DIN:00274409) Mumbai and Shri Ashvin Chadha (DIN: 01962798) were appointed as AdditionalDirectors on the Board with effect from 17th May 2019. b) Re-appointment i.Shri Kaiyoze Beji Billimoria (DIN : 00021204) his term of directorship expired on 23rdJanuary 2020 who was eligible for a second term of directorship offered his consent toact as Director for the said term and accordingly he was appointed by the Board at itsMeeting held on 23rd January 2020 as an Additional Director subject toapproval of the members at the ensuing Annual General Meeting.

ii. Shri Arjun A.Chowgule [DIN:00033528] retires by rotation at the ensuing Annual General Meeting and is eligible forre-appointment. Pursuant to Section 149 of the Companies Act 2013 the office ofindependent directors are not liable to retire by rotation and they shall hold office fora term upto five consecutive years from the date they were appointed as IndependentDirectors by the Members in the General Meeting. c) Board Evaluation

The Board has reviewed and evaluatedthe performance of all individual directors and the independent directors have reviewedand evaluated the performances of Chairman Managing Director and non-independentDirectors during the year at their meeting held on 23rd January 2020. Theyfound that none of the board members have contravened any of the statutory provisions ofCompanies Act 2013 and its relevant rules regulations guidelines etc. applicable tothem in exercise of their duties and responsibilities. d) Declaration by IndependentDirectors

A declaration from IndependentDirectors as required in sub-section (6) & (7) of Section 149 of the Companies Act2013 is obtained and the same are placed before the Board for noting. An independentdirector shall hold office for a term up to five consecutive years on the Board of aCompany but shall be eligible for reappointment for next five years.

 e)P olicy on Director's appointment and remuneration

As per Section 178 of the CompaniesAct 2013 the Company was required to constitute a Nomination and Remuneration Committeefor the purpose of identifying qualified persons for appointment of Directors and Senior/Key Managerial Personnel in future and to fix their remuneration and other allowances.Currently the Company has an agreement with the Managing Director of the Company for aperiod of 5 years with effect from 29th April 2019.

 f)Number of meetings of the board

During the year four meetings of Boardof Directors were held i.e. on 17th May 2019 23rd July 2019 21stOctober 2019 and on 23rd January 2020. These meetings were held as per theprovision of section 173 of the Companies Act 2013.

g) Vigil Mechanism/Whistle BlowerPolicy

The Company has established a WhistleBlower Policy for Directors and employees to report their genuine concern. The details ofthe same have been explained in the Corporate Governance Report and the same was insertedin the website of the Company.

16. Auditors

A. Statutory Auditors and Auditors'Report

M/s. Khimji Kunverji & Co. LLPChartered Accountants (FRN105146W/W100621) have been appointed as Statutory Auditors ofthe Company for a period of five years effective from the conclusion of Fortieth AnnualGeneral Meeting till the conclusion of 45th Annual General Meeting at theBoard meeting of the Company held on 18th May 2017.

B. Cost Auditors

Pursuant to the provisions of Section148 of the Companies Act 2013 and the Companies (Audit & Auditors) Rules 2014 ShriVikas Vinayak Deodhar Practising Cost Accountant Membership No.3813 the Cost Auditorappointed by the Company to conduct audit of the cost records of the Company for thefinancial year 2019-20.

C. Secretarial Auditors

Pursuant to the provisions of Section204 of the Companies Act 2013 and the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 Shri Swaroop Suryanarayana C.P.No.9997 Prop: M/sSwaroop Suri and Associates Bengaluru Practising Company Secretaries have beenappointed for conducting the Secretarial Audit for the year ended 31st March2020 and their report is annexed as Annexure 2 to this report. Pursuant to toRegulation 24A of SEBI (Listing Obligations and Disclosure Requirements) (Amendment)Regulations

2018 Shri Swaroop SuryanarayanaC.P.No.9997 Prop: M/s Swaroop Suri and Associates Bengaluru Practising CompanySecretaries Bengaluru conducted the Audit and issued the Secretarial Compliance Reportfor the year ended 31st March 2020 and their report is annexed as Annexure3 to this report.

17. Key Managerial Personnel A.Managing Director

Pursuant to section 203 of theCompanies Act 2013 the Company has entered into an agreement with the Managing DirectorShri Santhosh L Chowgule for a period of 5 years with effect from 29th April2019.

B. Chief Financial Officer and CompanySecretary

Pursuant to section 203 of theCompanies Act 2013 the Company has appointed Mr. Prabhudev P. as Chief Financial Officerand Ms. Shalu Tibra as Company Secretary with effect 1st March 2015.

18. Extract of Annual Return

The extract of annual return in Form No.MGT – 9 as required under Section 92(3) of the Companies Act 2013 Rule 12 ofCompanies (Management and Administration) Rules 2014 is available on the Website at theLink: www.

19. Secretarial Standards

The Company has complied with allapplicable Secretarial Standards.

20. Link to policies on website

The policies of the Company can beaccessed at

(i) Code of Conduct

(ii) Vigil Mechanism / Whistle BlowersPolicy

 (iii)Corporate Social Responsibility policy (iv) P olicy on related party transactions

 (v)Nomination & renumeration policy

(vi) P olicy on determining materiality& archival disclosures

(Note: All the policies andrelevant information shall be provided in the website owing to the Website Guidelines asrequired under Companies Act 2013 and SEBI (LODR) Regulations 2015)

21. Investor Education and ProtectionFund (IEPF)

Pursuant to applicable provisions ofCompanies Act read with the IEPF Authority (Accounting Audit Transfer and Refund)Rules 2016 all unpaid and unclaimed dividends are required to be transferred by theCompany to the IEPF established by the Government of India after the completion of 7years. Further according to the rules the shares on which the dividend has not been paidor claimed by the shareholders for 7 consecutive years or more shall be transferred to thedemat account of the IEPF authority. Accordingly the company has transferred theunclaimed and unpaid dividends of Rs.128435/- for the financial year 2011-12. Furthercorresponding shares shall be transferred as per the requirements of the IEPF Rules. Thedetails are available on our website.

22. Significant and material orders.

The Company has sufficient orders onhand for Explosives and Perlite products for sustaining current level of operations.

23. Internal Financial Control

The Company has effective systems andprocedures of internal financial control for ensuring orderly and efficient of itsbusiness safeguarding its assets prevention and detection of frauds and errors accuracyand completeness of accounting records and timely preparation of reliable financialinformation. These systems are periodically reviewed by the Audit Committee of the Boardof Directors. The Audit Committee and the Board have ensured that the said system isadequate considering the nature of business and size of transactions.

24. Committees of the Board

A detailed note on the Board and itsCommittees is provided under the Corporate Governance Report in this Annual Report. Thecomposition of the Committees and compliances as per the applicable provisions of the Actand Rules are as follows:

style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">


Audit Committee

Composition of the Committee & Role

Highlights of duties responsibilities and activities

a) Shri Kaiyoze Beji Billimoria- Chairperson

(i) All the recommendations made by the Audit Committee during the year were accepted by the Board.

b) Ms.Arati Saran - Member

 (ii) The Company has adopted the Whistle Blower mechanism for Directors and all employees to report concerns about unethical behavior actual or suspected fraud or violation of the Company's Code of Business Conduct and Ethics. In accordance with the listing requirements the Company has formulated policies on Related Party Transactions and Material Subsidiaries. The policies including the Whistle Blower Policy are available on our website.

c) Shri Prashant K.Asher - Member


d) Shri Ashvin Chadha Member


e) Shri Santosh L. Chowgule - Member



style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">

Nomination and Remuneration Committee


Composition of the Committee & Role

Highlights of duties responsibilities and activities

a) Ms. Arati Saran - Chairperson

(i) The Committee oversees and administers executive compensation operating under a written charter adopted by the Board of Directors.

b) Shri K aiyoze Beji Billimoria - Member

  (ii) The Committee has designed and continuously reviews the compensation programme for Managing and senior executives to align both short-term and long-term compensation with business objectives and to link compensation with the achievement of measurable performance goals.

c) Shri P rashant K.Asher – Member


d) Shri Ashvin Chadha - Member



(iii) The Committee structures compensation to ensure that it is competitive in the global markets in which the Company operates in order to attract and retain the best talent. In the future the Committee plans to use a combination of stock options restricted stock units and performance- based stocks to align senior employee compensation with shareholder value.


The Nomination and Remuneration Committee has framed the Nomination and Remuneration policy.


style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">

Stakeholders Relationship Committee

Composition of the Committee & Role


a) Ms. Arati Saran - Chairperson

(i) The Committee reviews and ensures redressal of investor grievances.

b) Shri K aiyoze Beji Billimoria - Member

(ii) The Committee noted that all the grievances of the investors have been resolved during the year.

c) Shri P rashant K.Asher - Member


d) Shri Ashvin Chadha – Member


e) Shri Santosh L. Chowgule – Member



style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">

Committee of Directors (Share Transfer Committee)

Composition of the Committee

Highlights of duties responsibilities and activities

a) Shri Ashok V. Chowgule - Chairperson

The Committee shall overview the process of share transfers

b) Shri Umaji V. Chowgule – Member

transmissions etc. during the period and shall note the same as to


delay or approvals in time.

c) Shri Santosh L. Chowgule - Member



style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">

Independent Directors Committee

Composition of the Committee

Highlights of duties responsibilities and activities

a) Ms.Arati Saran - Chairperson

(i) The Committee shall review the performance of the

b) Shri K aiyoze Beji Billimoria

- Member Non-Independent Directors of the Company.

c) Shri P rashant K.Asher – Member

(ii) The review is pursuant to provisions of Part VIII of Schedule IV of the Companies Act 2013.

d) Shri Ashvin Chadha - - Member



style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">


Corporate Social Responsibility Committee


Composition of the Committee

Highlights of duties responsibilities and activities.

a) Shri Shri Kaiyoze Beji Billimoria -

(i) The Committee shall plan implement process and spend the funds allocated to corporate social responsibility activities.



b) Shri Umaji V. Chowgule - Member

(ii) This process is pursuant to Section 135 of the Companies Act 2013.

c) Shri P rashant K.Asher - Member


d) Shri Ashvin Chadha – Member


e) Shri Santosh L. Chowgule - Member


25. Risk Management Policy

The Company has implemented a riskmanagement policy for the Company including identification therein of elements of risk ifany and the same has been inserted in the website of the Company.

26. Corporate Governance

The Corporate Governance certificatereceived from M/s. Khimji Kunverji & Co. LLP Chartered Accountants Mumbai(FRN:105146W/W100621) regarding compliance of conditions of corporate governance asstipulated in Regulation 34(3) read with Schedule V (C) of Securities and Exchange Boardof India (Listing Obligations and Disclosure Requirements) Regulations 2015 is annexedwith the report.

27. Director's ResponsibilityStatement

Y our Company's Directors make thefollowing statement in terms of sub-section (5) of Section 134 of the Companies

Act 2013 which is to the best oftheir knowledge and belief and according to the information and explanations received fromthem are noted by the Board-

1. The financial statements have beenprepared in conformity with the applicable Accounting Standards and requirements of theCompanies Act 2013 (”the Act”) to the extent applicable to the Company; on thehistorical cost convention; as a going concern and on the accrual basis. There are nomaterial departures in the adoption of the applicable Accounting Standards.

2. The Board of Directors have selectedsuch accounting policies and applied them consistently and made judgments and estimatesthat are reasonable and prudent so as to give a true and fair view of the state of affairsof the Company at the end of the financial year and of the profit of the Company for thatperiod.

3. The Board of Directors have taken properand sufficient care for the maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting fraud and other irregularities. The Board of Directors have laid downinternal financial controls to be followed by the company and that such internal financialcontrols are adequate and were operating effectively.

4. The Board of Directors have devisedproper systems to ensure compliance with the provisions of all applicable laws and thatsuch systems were adequate and operating effectively.

5. The financial statements have beenaudited by M/s. Khimji Kunverji & Co. LLP Chartered Accountants Mumbai theCompany's Auditors.

28. Particulars of Employees

The total number of employees of thecompany as on March 31 2020 was 238 as against 238 as on March 31 2019.

29. Compliance under the SexualHarassment of Women at the Workplace (Prevention Prohibition and Redressal) Act 2013

The Company has a robust mechanism inplace to redress complaints reported under it. The Company has with provisions relating tothe constitution of Internal Complaints Committee. During the year ended 31.03.2020 nocases of sexual harassment were reported in your Company. During the course of the yearseveral initiatives were undertaken to demonstrate the Company's zero tolerance philosophyagainst discrimination and sexual harassment which included creation of comprehensive andeasy to understand training and communication material which are also made easilyaccessible.

30. Particulars of loans guaranteesor investments under section 186

During the year the company has notsanctioned any loans given securities and made any investments as prescribed undersection 186 of the Companies Act 2013.

31. Conservation of energy researchand development technology absorption foreign exchange and outgo

The details of conservation of energytechnology absorption foreign exchange earnings and outgo are as follows:


This is not applicable to ExplosivesIndustry.

II. ABSORPTION OF RESEARCH ANDDEVELOPMENT (FORM ‘B') A. Specific areas in which R&D is carried out by theCompany.

I. Cost reduction.

II. Product and Technology Developmentfor Explosives. III. Technical Services to monitor use of Explosives by Customers. IVDevelopment of value added Explosive products. .

V Development of improved and moreefficient equipment. . VI. Refinements and Developments in Packaging.

VII. Product Development in relationto application of Explosives and Perlite. B. Benefits derived as a result of the aboveR & D:

I. Introduction of products fordifficult blasting conditions.

II. Setting up of productionfacilities with indigenous Plant Equipment for Bulk and Packaged Explosives. III. Higherefficiency in use of Explosives to Customers.

IV Higher efficiency in manufacturingprocess. . V Reduction in cost of production. .

VI. Entry into Export market.

VII. New applications of ourExplosives.

VIII.Application of perlite concretefor cryogenic tanks.

IX. Development of Air Decking systemfor blasting in boreholes. X. Export of Perlite Concrete Insulation Blocks.

XI. Overseas Contracts deployingMobile Perlite Expanders. XII. Application of Filter Aid products in Industries.

XIII.Application of Perlite productsin horticulture.

C. Future Plan of Action:

I. Continue development work onExplosives. II. Evaluate other systems for SMS.

III. Develop new usage of perliteincluding horticultural applications. IV Explore new products for diversification. .

D. Expenditure on R & D:

I. Capital - Nil.

II. Recurring – Rs.38.86 lacs.III. Total – Rs.38.86 lacs.

IV Total R & D expenditure as a %total turnover – 0.18% .


1. Efforts in brief made towardstechnology absorption adaptation and innovation: Strict Monitoring of emulsion explosivesand making necessary improvements to meet the field requirements.

2. Benefits derived as a result of theabove efforts e.g. product improvement cost reduction product development importsubstitution etc.

3. Emulsion products with fully indigenousequipment have been produced and supplied. These products have been well accepted bycustomers for use in difficult strata conditions.

4. Safety standards have been maintainedboth during manufacture and usage based on periodic feedback.

5. In case of imported technology (importedduring the last five years reckoned from the beginning of the financial year) followinginformation may be furnished.

(a) Technology imported: (b) Y ear ofimport:

(c) Has the technology been fullyabsorbed? } Not Applicable (d) If not fullyabsorbed areas where this has not taken place reasons there for and future plan ofaction


style="border-collapse:collapse; mso-table-layout-alt:fixed;mso-padding-alt:0pt 0pt 0pt 0pt">

a. Activities relating to exports etc

The Company has exported goods worth Rs.1323.52 lacs (C & F) during the year

b. Total Foreign exchange used and earned

The Company has used Foreign Exchange amounting to Rs.31.46 lacs and earned Rs.1052.45 lacs during the year.

32. Corporate Social Responsibility(CSR)

The disclosure as per Rule 9 ofCompanies (Corporate Social Responsibility Policy) Rules 2014 the Company was required tospend a sum of Rs.18.96 lacs towards Corporate Social Responsibility Policy andaccordingly the Company has spent the same.

33. Green initiatives

Electronic copies of the annual report2019-20 and the notice of the 43rd Annual General Meeting are sent to allmembers whose e-mail addresses are registered with the Company/Depository Participants.

34. Acknowledgments

Y our Directors place on record theirthanks to the Canara Bank and State Bank of India for their unstinted co-operation andtimely assistance. Your Directors would like to make a special mention of the supportextended by the various Departments of Government of India the State Government agenciesthe Tax Authorities including the Customs and Excise Departments Department of IndustrialPolicy and promotion Ministry of Corporate Affairs Securities and Exchange Board ofIndia and others and look forward to their continued support in all future endeavours. TheDirectors acknowledge the support and co-operation extended by valued customers of theCompany. Your Directors also place on record their appreciation for the dedicated servicesrendered by the employees at all levels during the year under review.

Place: Goa

Date: 26th June 2020

For and on behalf of the Board ofDirectors

Ashok V. Chowgule Chairman