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Kriti Nutrients Ltd.

BSE: 533210 Sector: Industrials
NSE: N.A. ISIN Code: INE798K01010
BSE 12:33 | 24 Sep 44.25 -1.10






NSE 05:30 | 01 Jan Kriti Nutrients Ltd
OPEN 45.35
VOLUME 18482
52-Week high 53.30
52-Week low 29.45
P/E 25.00
Mkt Cap.(Rs cr) 222
Buy Price 44.05
Buy Qty 201.00
Sell Price 44.25
Sell Qty 100.00
OPEN 45.35
CLOSE 45.35
VOLUME 18482
52-Week high 53.30
52-Week low 29.45
P/E 25.00
Mkt Cap.(Rs cr) 222
Buy Price 44.05
Buy Qty 201.00
Sell Price 44.25
Sell Qty 100.00

Kriti Nutrients Ltd. (KRITINUTRIENTS) - Director Report

Company director report

Dear Members

Your Directors are pleased to present their 25th Annual Report on the affairs of theCompany together with the Audited Financial Statements for the Financial Year ended on31st March 2021.


The summarised financial highlights for the year vis-a-vis the previous year are asfollows:

(Rs. In Lakhs )

PARTICULARS 31.03.2021 31.03.2020
Revenue from Operations 69005.57 52037.79
Other Income 245.07 328.48
Total Revenue 69250.63 52366.27
Operating Expenses 67222.34 50140.70
Profit/ (Loss) before Exceptional Items and Tax 2028.09 2225.57
Exceptional Items 0.00 0.00
Profit/ (Loss) before Tax 2028.09 2225.57
Tax Expenses
(a) Current Tax 539.40 554.54
(b) Deferred Tax (16.78) (229.48)
Profit/ (Loss) after Tax 1505.67 1900.51
Profit/(Loss) from discontinued operations 0.00 0.00
Tax expenses on discontinued operations 0.00 0.00


During the Financial Year ended on 31st March 2021 your Company has achieved anoperational turnover of Rs. 69005.57 Lakhs as compared to an operational turnover of Rs.52037.79 Lakhs in the previous Financial Year and the Profit after Tax is Rs. 1505.67Lakhs as compared to Profit after Tax of Rs. 1900.51 Lakhs in the previous Financial Year.


According to The Reserve Bank of India (RBI) the resurgence of Covid-19 has dented butnot debilitated economic activity in the first half of the first quarter of 2021-22.Although still extremely tentative the overall assessment is that the loss of momentum isnot as severe as it was at this time a year ago. The impact of the second wave on the realeconomy seems to be limited so far in comparison with the first wave. Evidently thelocalised nature of lockdowns better adaptation of people to work-from- home protocolsonline delivery models e-commerce and digital payments were at work. Real economyindicators moderated in April and May 2021 as many states-imposed restrictions to arrestthe renewed surge in infections.

"The second wave" has intensified in metros/cities and relative to the firstwave it has spread rapidly across states regions and into rural pockets. On the globalfront a strong bounce back in the US economy appears to be underway notching anannualised growth rate of 6.4% in Q1:2021 on the back of stimulus vaccinations and easingof lockdowns.

The British economy has emerged out of lockdown from the onset of Q2:2021. New surgesof the virus have pushed the Eurozone into a double-dip recession with widelydifferentiated growth profiles among members.

MSME sector the second highest employer after agriculture has been impacted very muchand would require financial assistance. The government might tweak the existing EmergencyCredit Line Guarantee Scheme to provide immediate help to the sector the sources added.Currently around 6.5 Cr Micro Small and Medium Enterprises (MSMEs) contribute 30% of theGDP Recently the RBI also announced a loan restructuring scheme for small borrowers amidthe pandemic.

However it is said that fiscal stimulus would be effective only once local lockdownsease and restrictions on business due to curfews are lifted. Most of the states haveimposed curfews in their states to contain spiraling COVID infections and deaths. Alsothe second COVID wave has dealt a blow to both consumer and investor sentiments whichalso need to be lifted.

It is understood that "Niti Aayog" is working on the focus areas of economyand what could be done to stimulate demand in sectors that have been impacted the most byCOVID. However rating agencies have lowered growth forecasts for India saying that thesecond wave of infections will hamper economic recovery. They however projected that thenegative impact on economic output will be limited to the April-June quarter. Moody's hasprojected growth of 9.3% for current fiscal lower than 13.7% estimated earlier.

S&P Global Ratings has said growth could drop to 9.8% in a 'moderate' scenario ofinfections and could be even as low as 8.2% in a 'severe' scenario. S&P had earlierestimated growth of 11% for the current fiscal. According to Fitch Ratings India's slowpace of vaccination could mean that the country remains vulnerable to further waves of thepandemic.

As per the official estimate the country's economy is projected to contract by 8% in2020-21.

Soon after the pandemic hit the country and a nationwide lockdown was imposed thegovernment in March 2020 announced a RS. 1.70 Lakh crore-Pradhan Mantri Garib KalyanYojana (PMGKP) to protect the poor and vulnerable from the impact of the pandemic. It wasfollowed by the "Aatmanirbhar Bharat Abhiyan" package in May 2020 largelyfocused on supply- side measures and long-term reforms. To boost consumption during thefestival season the government in October 2020 announced measures that were worth closeto Rs.73000 Cr to stimulate consumer spending in an effort to rein in the slowdown due tothe pandemic. Aatmanirbhar Bharat Abhiyaan 3.0 unveiled in November 2020 ahead of Diwaliwas worth Rs.2.65 Lakh crore. Of the total amount the maximum of Rs.1.45 Lakh Cr wasallocated to give a boost to manufacturing activities.

The business of Kriti was affected more in second wave as compared to first wave duringpeak seasons however with a focused attention on other non-seasonal products and betterinventory management Kriti has been able to maintain the volumes by registering marginalgrowth in different verticals and achieving better efficiency and cost reduction in FY2020-21.


Your directors pleased to recommend a dividend @ 18% (Rs.0.18/- per equity shares ofRs.1/- each on 50103520 Equity Shares) for the Financial Year 2020-21 aggregating toRs.90.19 Lakhs (Previous year @ 18% {Rs..0.18 per equity shares of Rs.1/- each on 50103520Equity Shares aggregating to Rs..90.18 Lakhs}) payable to those Shareholders whose namesappear in the Register of Members as on the Book Closure / Record Date.


There is no change in control and nature of business activities during the period underreview.


There is no transfer of business during the period under review.


During the year the Company has transferred Rs. 150 Lakhs (Previous year Rs. 150Lakhs) to the general reserves.


The paid-up Equity Share Capital as on 31st March 2021 was Rs. 501.04 Lakhs dividedinto 50103520 equity shares of H1/- each. There is no change in Equity Share Capital ofthe Company during the year the shares of the Company are listed and regularly traded atthe trading platform of BSE Ltd.


Your Company has not accepted deposit from the public falling within the ambit ofsection 73 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014 and there were no remaining unpaid or unclaimed deposits as on 31st March 2021.Further the Company has not accepted any deposit or loans in contravention of theprovisions of the Chapter V of the Companies Act 2013 and the Rules made there under.

S. No. Particulars Amt in Rs.
1. Details of Deposits accepted during the year Nil
2. Deposits remaining unpaid or unclaimed at the end of the year Nil
3. Default in repayment of deposits N.A.
At the beginning of the year
Maximum during the year
At the end of the year
4. Deposits not in compliance with law N.A.
5. NCLT/ NCLAT orders w.r.t. depositors for extension of time and penalty imposed N.A.

There are no deposit which are not in compliance with the requirements of Chapter V ofthe Companies Act 2013 and there rules made thereunder.


Directors liable to retire by rotation seeking re-appointment:

In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the Company Members at their 24th Annual General Meeting held on 8thAugust 2020 has re-appointed Shri Shiv Singh Mehta (DIN: 00023523) and Shri Saurabh SinghMehta (DIN: 00023591) Directors of the Company as director liable to retire by rotationwho was eligible for reappointment.

Managing and Whole-time Directors seeking their reappointment at the ensuing AnnualGeneral Meeting:

Upon the recommendation of the Nomination and Remuneration Committee your Board ofDirectors has recommended the re-appointment of the following directors by passing Specialresolutions at the ensuing Annual General Meeting:

1. Re-appointment of Shri Shiv Singh Mehta (DIN: 00023523) as the Chairman and ManagingDirector of the company for a further period of 5 (Five) years w.e.f. 12th January 2022 to11th January 2027 and will also attaining the age of 70 years during the proposed tenure.

2. Re-appointment of Shri Saurabh Singh Mehta (DIN: 00023591) as the Whole-timeDirector of the company for a further period of 5 (Five) years w.e.f. 1st August 2022 to31st July 2027.

Necessary information on the Director(s) seeking re-appointment has been given in theNotice of the ensuing Annual General Meeting.

INDEPENDENT DIRECTORS - The Company has received declarations from all the IndependentDirectors of the Company confirming that they meet the criteria of independence asprescribed both under Section 149 (6) of the Companies Act 2013 and the SEBI ListingRegulations. The Board considered and formed an opinion that the independent directorsmeet the criteria of independence as required under the Companies Act 2013 and the SEBI(LODR) Regulations 2015. All the Independent Directors have also registered themselveswith Independent Directors' Databank.


The following are the Key Managerial Personnel's (KMPs) of the Company during theperiod under review:

i) Mr. Shiv Singh Mehta (DIN 00023523) Chairman and Managing Director

ii) Mr. Saurabh Singh Mehta (DIN 00023591) Whole-time Director

iii) Mr. Suresh Chand Jajoo Chief Financial Officer (ceased w.e.f 30th October 2020)

iv) Mr. Shashank Belkhede Chief Financial Officer (appointed w.e.f. 1st November2020)

v) Mr. Sachin Upadhyay Company Secretary and Compliance Officer (ceased w.e.f. 20thFebruary 2021).

vi) Mrs. Swati Tiwari Company Secretary and Compliance Officer (appointed w.e.f. 24thMarch 2021).

There is no change in the KMPs of the Company except the above during the period underreview.


The Board of Directors of the Company is committed to get its performance evaluated inorder to identify its strengths and areas in which it may improve its functioning. To thatend the Nomination and Remuneration Committee (NRC) has established the process forevaluation of performance of Directors including Independent Directors the Board and itsCommittees. The evaluation of performance of Executive Directors is done by IndependentDirectors.

The Company has devised a Policy for performance evaluation of Independent DirectorsBoard Committees and other individual Directors which includes criteria and process forperformance evaluation of the Non-Executive Directors and Executive Directors to judge theknowledge to perform the role time and level of participation performance of dutiesprofessional conduct independence etc. The appointment/re-appointment/continuation ofDirectors on the Board shall be based on the outcome of evaluation process.

During the year under review as per the policy for the performance evaluation formalevaluation of performance of Directors including Independent Directors the Board and itsCommittees was made by the Independent Directors and the NRC in their respective meetingsand the evaluation result was placed before the Board for its information andconsideration.


During the year total five (5) Board Meetings were convened and held. The details ofwhich are given in the Corporate Governance Report. The intervening gap between theMeetings was within the period prescribed under the Companies Act 2013/SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.


The Company has a policy for selection and appointment of Directors KMPs and SeniorManagement Personnel and for determination of their remuneration. The salient features ofNomination & Remuneration Policy is stated in the Corporate Governance Report. TheNomination & Remuneration Policy duly approved by the Board has been posted on theCompany's website


In accordance with the Companies Act 2013 and SEBI (LODR) Regulations 2015 the Boardhas the following four (4) committees:

i) . Audit Committee

ii) . Nomination and Remuneration Committee

iii) . Stakeholders' Relationship Committee

iv) . Corporate Social Responsibility Committee

Apart from the aforesaid committees the Company has also constituted Internal ComplainCommittee (ICC) under the Sexual Harassment of Women at the Workplace (PreventionProhibition & Redressal) Act 2013. A detailed note on the Committees is provided inthe Corporate Governance Report.


During the period under review the Company did not have any Subsidiary AssociateCompany and Joint Venture. Therefore disclosure in the Statement pursuant to section 129of the Companies Act 2013 read with Rule 5 of the Companies (Accounts) Rules 2014 inForm AOC-I is not applicable to the company. However your company is a subsidiary ofSakam Trading Private Limited which holds about 52.09% of the total paid-up capital of thecompany.


During the period under review all related party transactions that were entered on anarm's length basis and in the ordinary course of business. There are no materiallysignificant related party transactions made by the Company with Promoters Directors

KMPs or other designated persons which may have a potential conflict with the interestof the Company at large. Since there is no material related party transactions in thecompany. Therefore the company is not required to annex Form AOC-2 with this report.

Separate disclosure as per regulation 34(3) of SEBI (LODR) Regulations 2015 is made inthe report. The policy on Related Party Transactions duly approved by the Board on therecommendation of the Audit Committee has been posted on the Company's website


The Annual Report on CSR activities is attached as "Annexure A" and forms apart of this Report. The salient features of CSR policy are stated in the aforesaid Reporton CSR activities. The policy on CSR duly approved by the Board has been posted on theCompany's website


The information required pursuant to section 197(12) of the Companies Act 2013 readwith Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 as amended in respect of employees of the Company forming part of Directors' Reportis given in "Annexure B" to this Report. A statement of top-10 employees interms of remuneration drawn as per rule 5(2) read with rule 5(3) of Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 as amended may be obtained byrequest to the Company Secretary of the Company at

None of employees are in receipt of the remuneration in excess of H102.00 Lakh or moreper annum or H8.50 Lakhs per month for part of the year. Also none of the employeesreceived remuneration in excess of that drawn by the Whole-time director. Further ShriShiv Singh Mehta Chairman and Managing Director is not withdrawing any remuneration fromthe company being he is drawing remuneration from other company. None of the employeeshold two percent of the equity shares of the Company.


The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated under section 134(3)(m) of the Companies Act 2013 read withRule 8 of the Companies (Accounts) Rules 2014 is attached as "Annexure C" andforms part of this Report.


The details of the Loans Guarantees and Investment are given in the notes to theFinancial Statements. Hence no further disclosure is being given here to avoid repetition.


The report on Corporate Governance as stipulated under Regulation 34(3) read withSchedule V of the SEBI (LODR) Regulations 2015 along with the requisite certificate fromthe

Practicing Company Secretary confirming compliance with the conditions of the CorporateGovernance is appended and forms a part of this report along with the certificate ofDisqualification of Directors received from Practicing Company Secretary as the Annexure 1and 2 of the Corporate Governance Report.


The Company has a well-defined process to ensure the risks are identified andmitigation steps are put in place. The Company's Risk Management process focus on ensuringthat these risks are identified on a timely basis and reasonably addressed. The AuditCommittee oversees financial risks and controls. Major risks are identified by thebusinesses and functions and these are systematically addressed through mitigating actionson continuing basis.


The Company has established a Vigil Mechanism that enables the Directors and Employeesto report genuine concerns. The Vigil Mechanism provides for -

A. adequate safeguards against victimization of persons who use the Vigil Mechanism;and

B. direct access to the Chairperson of the Audit Committee of the Board of Directors ofthe Company in appropriate or exceptional cases.

Details of the Vigil Mechanism Policy are made available on the Company's website and have also been provided as "Annexure D" of partof this Report.


Pursuant to section 134(3)(c) read with section 134(5) of the Companies Act 2013 theBoard of Directors to the best of their knowledge and ability confirm that: -

a) that in the preparation of the annual financial statements for the year ended 31stMarch 2021 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;

b) that the Directors have selected such accounting policies and applied themconsistently and have made judgment and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year ended 31st March 2021 and of the profit 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 financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively.

f) that the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems are adequate and operatingeffectively.


The Board of Directors of the Company is responsible for ensuring that InternalFinancial Controls have been established in the Company and that such controls areadequate and operating effectively. The Company has laid down certain guidelines andprocesses which enables implementation of appropriate internal financial controls acrossthe organization. Such internal financial controls encompass policies and proceduresadopted by the Company for ensuring orderly and efficient conduct of business includingadherence to its policies safeguarding of its assets prevention and detection of fraudsand errors the accuracy and completeness of accounting records and the timely preparationof reliable financial information.

The Statutory Auditors in their audit report have opined that these controls areoperating effectively. The Audit team develops an audit plan based on the risk profile ofthe business activities. The annual internal audit plan is approved by the AuditCommittee which also reviews compliance to the plan. The Internal Audit team monitors andevaluates the efficacy and adequacy of internal control systems in the Company itscompliance with operating systems accounting procedures and policies at all locations ofthe Company. Based on the report of internal audit function process owners undertakecorrective action(s) in their respective area(s) and thereby strengthen the controls.Significant audit observations and corrective action(s) thereon are presented to the AuditCommittee.

The Audit Committee reviews the reports submitted by the Internal Auditors.

The Board has implemented systems to ensure compliance of all applicable laws. Thesesystems were effective and operative. At every quarterly interval the Managing Directorand the Company Secretary place before the Board a certificate certifying compliance oflaws and regulations as applicable to the business and operations of the Company afterobtaining confirmation from all business unit and functional heads responsible forcompliance of such applicable laws and regulations.

During the Financial Year no frauds were reported by auditors in terms of section143(12) of the Companies Act 2013.


The Annual Return in Form MGT-7 of the Company as at 31st March 2021 is available onthe Company's website and can be accessed at


The consecutive 5 years term of M/s R.S. Bansal & Co. Chartered Accountants(FRN:000939C) Indore as Statutory Auditors of the Company will expire at the conclusionof ensuing 25th Annual

General Meeting (AGM). Accordingly in terms of provisions of section 139 of theCompanies Act 2013 the Audit Committee and Board recommends the appointment of M/s MMehta & Co Chartered Accountants (FRN: 000957C) Indore as Statutory Auditors of theCompany to hold office of the Auditors for a term of 5 consecutive years from theconclusion of 25th AGM till the conclusion of 30th Annual General Meeting to be held inthe year 2026 on such remuneration as may be mutually decided by the Auditors and Board.As required under Regulation 33(d) of the SEBI (LODR) Regulation 2015 the proposedauditor has confirmed that they hold a valid certificate issued by the Peer Review Boardof the Institute of Chartered Accountants of India.

The Auditors Report and the Notes on financial statement for the year 2020-21 referredto in the Auditor's Report are self explanatory and does not contain any qualificationreservation or adverse remark therefore do not call for any further comments.


Your company is maintaining the cost records as specified by the Central Governmentunder section 148(1) of the Companies Act 2013 is required to be maintained by theCompany and accordingly such accounts and records are made and maintained. In pursuance ofSection 148 of the Companies Act 2013 your Directors appointed Mr. S.PS. Dangi CostAccountant (FRN 100004) Indore to conduct the Audit of the Cost Accounting records forthe financial year 2020-21. The Company has filed the Cost Audit Report for the year2019-20 to the Central Government.

The Board on the recommendation of the Audit Committee at its meeting held on 15thMay 2021 has re-appointed Mr. S.PS. Dangi as the Cost Auditors to conduct the Audit ofthe Cost Accounting records for the financial year 2021-22. As required under section148(3) of the Companies Act 2013 read with Rule 14 of the Companies (Audit and Auditors)Rules 2014 the remuneration payable to the Cost Auditors is to be ratified by theshareholders. Therefore the Board of Directors recommend the remuneration payable to Mr.S.PS. Dangi Cost Auditors for the financial year 2021-22 for the ratification by theMembers in the ensuing Annual General Meeting.


Pursuant to the provisions of section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board has appointedM/s. Kaushal Agrawal & Co. Company Secretaries Indore to conduct Secretarial Auditfor the financial year 2020-21.

The Secretarial Audit Report for the financial year ended 31st March 2021 in Form MR-3is attached as "Annexure E" and forms part of this Report. The observations madeby secretarial auditor in their audit report are self explanatory for Para No. i to iii ;hence no further explanation is required.

S. No. of the Report Auditor's Observation Management's Explanation
iv Under the head of "indebtedness" amount of Rs.326.42 Lakhs shown in Form MGT-9 under the head unsecured Loans for the financial year ended 31.03.2020 (enclosed with Board Report dated 29.06.2020) not matched with of the Audited Financial Statements for the Financial Year ended 31.03.2020. There was typographical error in providing details in the Form MGT-9. However in the Financial Statements the correct figures was shown. Further That in the Form No. DPT-3 as well as Annual Return in Form no. MGT-7 correct figure was shown.
v Number of shares transferred to Investor Education and Protection Fund as filled in Form IEPF-4 was not matched with number of shares disclosed at BSE under shareholding pattern for the quarter ended 31.03.2021. The IEPF-4 disclose the total number of shares transferred by the company to IEPF authority whereas the shareholding pattern states the shares available with the IEPF authority and the difference between these two figures due to sum of shares claimed by the claimant from the IEPF authority.

Further the Board of Directors of the Company on the recommendation of the AuditCommittee at its meeting held on 15th May 2021 has appointed M/s. Ajit Jain & Co.Company Secretaries to conduct Secretarial Audit for the financial year 2021-22.


No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.


Pursuant to the provisions of the Companies Act 2013 read with the IEPF Authority(Accounting Audit Transfer and Refund) Rules 2016 ("the Rules") notified bythe Ministry of Corporate Affairs the unclaimed and unpaid dividends amount for the year2013-14 is required to be transferred to IEPF in the due date as specified in the Noticeof the AGM and shares of the respective shares on which no dividend is claimed for aconsecutive 7 (Seven) years will also be transferred to IEPF Authority as per therequirement of the IEPF rules on due date. The details related to dividend remainsunpaid-unclaimed in the Company has been given in the Corporate Governance Report attachedwith the annual report of the Company. The details of the nodal officer appointed by thecompany under the provisions of IEPF is available on the Company's website at

An amount of Rs.116244/- in respect of unpaid/unclaimed dividend declared for the FY2012-2013 was transferred to the Investor Education and Protection Fund Authority as wellas 104939 equity shares of face value of Rs.1 each in respect of unpaid/unclaimeddividend declared for FY 2012-2013 was also transferred and credited to the IEPFAuthority by the Company during the year ended 31st March 2021.

The investors may claim their unpaid dividend and the shares from the IEPF Authority byapplying in the Form IEPF-5 and complying with the requirements as prescribed.


The company has complied with provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. Internal Complaints Committee (ICC) has been set upto redress complaints received regarding sexual harassment. All employees (permanentcontractual temporary trainees) are covered under this policy. There were no complaintsreceived during the year:


Your Company is providing E-voting facility as required under section 108 of theCompanies Act 2013 read with Rule 20 of the Companies (Management and Administration)Amendment Rules 2015. The ensuing AGM will be conducted through Video Conferencing/OVAMand no physical meeting will be held and your company has made necessary arrangements withCDSL to provide facility for remote e-voting and e-voting at AGM. The details regardinge-voting facility is being given with the notice of the Meeting.


Your Directors state that during the year under review:

a) The Company has not issued shares (including sweat equity shares) to employees ofthe Company under any scheme.

b) Neither the Managing Director nor the Whole-time Directors receive any remunerationor commission from its subsidiary.

c) The Company has complied with the applicable Secretarial Standards under theCompanies Act 2013.

d) There have been no material changes and commitments affecting the financial positionof the Company which have occurred between financial year ended on 31st March 2021 towhich the financial statements relate and the date of this report.


Your Directors place on record their sincere appreciation and gratitude for all thecooperation extended by Government Agencies Bankers Financial Institutions BusinessAssociates and Shareholders. The Directors also record their appreciation for thededicated services rendered by all the Executive Staff and Workers of the Company at alllevels in all units and for their valuable contribution in the working of the Company.

For and on behalf of the Board of Directors
Shiv Singh Mehta
Date: 15 th May 2021 Chairman and Managing Director
Place: Indore (DIN: 00023523)