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Loyal Equipments Ltd.

BSE: 539227 Sector: Engineering
NSE: N.A. ISIN Code: INE876S01017
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NSE 05:30 | 01 Jan Loyal Equipments Ltd
OPEN 49.15
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OPEN 49.15
CLOSE 48.75
VOLUME 3461
52-Week high 51.85
52-Week low 25.35
P/E
Mkt Cap.(Rs cr) 50
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Loyal Equipments Ltd. (LOYALEQUIPMENTS) - Director Report

Company director report

To

The Shareholders

LOYAL EQUIPMENTS LIMITED

Your Directors have pleasure in presenting the 14th (Fourteen) Annual Reporttogether with the Audited Financial Statements of your Company for the financial yearended March 31 2021.

1. FINANCIAL RESULTS:

The Company's financial performance for the year ended March 31 2021 is summarized asbelow:

Based on Consolidated Financial Statement: -

Particulars Current Year (2020-21) Previous Year (2019-20)
Revenue from operations 271647.06 340006.98
Other income (net) 11742.20 1652.72
Total Income 283389.26 341659.70
Less:
Operating & Administrative expenses 243381.71 282080.21
Profit Before Depreciation Interest & Tax 40007.55 59579.49
Less:
Depreciation and amortization expense 14821.00 11460.70
Finance costs 11295.24 9926.08
Profit before exceptional item and tax 13891.32 38192.71
Exceptional item -- --
Profit before tax (PBT) 13891.32 38192.71
Tax expense 4939.88 9401.35
Profit after tax for the year (PAT) 8951.44 28791.36
Other Comprehensive Income (Net of Tax) (620.66) (146.60)
Total Comprehensive Income 8330.78 28644.77

Based on Standalone Financial Statement: -

Particulars Current Year (2020-21) Previous Year (2019-20)
Revenue from operations 256267.61 334512.16
Other income (net) 18519.01 1984.82
Total Income 274786.62 336496.98
Less:
Operating & Administrative expenses 235652.26 276917.50
Profit Before Depreciation Interest & Tax 39134.36 59579.48
Less:
Depreciation and amortization expense 14081.53 11460.70
Finance costs 11226.20 9926.08
Profit before exceptional item and tax 13826.63 38192.70
Exceptional item -- --
Profit before tax (PBT) 13826.63 38192.70
Tax expense 4888.27 9401.34
Profit after tax for the year (PAT) 8938.36 28791.36
Other Comprehensive Income (Net of Tax) (620.65) (146.60)
Total Comprehensive Income 8317.71 28644.76

2. OPERATION & REVIEW:

Consolidated Revenue from the operations of your Company for the year 2020-21 was Rs2833.89 which is 17.06% lower than Rs. 3416.60 Lakhs in the previous year. Profit beforeDepreciation Interest & Tax for the current year was Rs 400.08 Lakhs against Rs.595.79Lakhs in the previous year. Total Comprehensive Income after tax for the current year atRs. 83.31 Lakhs was decrease by 70.90% over Rs. 286.45 Lakhs in the previous year.Detailed report on operations of and structure of Business of the Company has beenincluded in Management Discussion and Analysis Report which forms part of this AnnualReport.

Standalone Revenue from the operations of your Company for the year 2020-21 was Rs2747.87 Lakhs which is 18.34% lower than Rs. 3364.97 Lakhs in the previous year. Profitbefore Depreciation Interest & Tax for the current year was Rs 391.34 Lakhs againstRs. 595.79 Lakhs in the previous year. Total Comprehensive Income after tax for thecurrent year at Rs. 83.18 Lakhs was decrease by 70.96% over Rs. 286.45 Lakhs inthe previous year. Detailed report on operations of and structure of Business of theCompany has been included in Management Discussion and Analysis Report which forms partof this Annual Report.

3. COVID-19 IMPACT

During the year 2020-21 the COVID-19 pandemic developed rapidly into a global crisisforcing governments to enforce lock-downs of all economic activity. For the Company thefocus immediately shifted to ensuring the health and well-being of all employees.

During the year the government of India declared lockdown in various states whichimpact the normal business operation of the Company. The company has continued itsoperations in factory in line with guideline issued by Government of India. The Companydoes not anticipate any challenges in its ability to continue as going concern or meetingits financial obligation.

4. RISK MANAGEMENT AND INTERNAL CONTROL

Your Company recognizes that risk is an integral part of business and is committed tomanaging the risks in a proactive and efficient manner. The Company at regular intervalsmonitors the financial operational legal risk to the Company through procedures likeaudit inspections etc.

There is no risk which in the opinion of the Board may threaten the existence of theCompany. The internal financial controls are adequate and are monitored at regularintervals.

5. DIVIDEND

The Board thinks that the profits should be retained for the expansion of the Companywhich is in pipeline for more growth and value addition to the company and forming astrong business base so that revenue flows from many channels and hence the Directors ofyour Company do not recommend any dividend for FY 2020-21

6. SHARE CAPITAL

As on March 31 2021 The Authorised share capital of the Company was Rs. 1500 Lacsconsisting of 150 Lacs equity shares of Rs. 10 each and the Issued and Paid up ShareCapital of the Company is Rs. 1020 Lacs consisting of 10200000 equity shares of Rs.10/- each.

7. TRANSFER TO RESERVES

The Company has not transferred any amount to the General Reserve account during thereporting period.

8. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

During the period under review there is no unpaid/unclaimed dividend which is requiredto transfer in IEPF (Investor Education and Protection Fund) as per the provisions of theCompanies Act 2013.

9. MANAGEMENT AND DISCUSSION ANALYSIS REPORT:

A Separate report on Management Discussion and Analysis Report as required under clause34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 hasbeen presented in a separate section forming part of this Annual Report.

10. CHANGE IN NATURE OF THE BUSINESS

There was no change in the nature of business of the Company during the year underreview.

11. HUMAN RESOURCE DEVELOPMENT

The Company sees its employees as critical to the future and believes that everyemployee needs to possess apart from competence capacity and capabilities sustainablevalues current and contemporary which would make them useful and relevant and competitivein managing the change constructively for overall growth of the organization. To this endthe company's approach and efforts are directed towards creating a congenial workatmosphere for individual growth creativity and greater dedicated participation inorganizational development. The Company believes that the success of an organizationlargely depends on the quality of its workforce. Employee relations remained cordial andpeaceful throughout the year.

12. QUALITY INITIATIVES:

The Company is committed to the highest level of quality and continuous improvementprogramme are organized at all the level. The manufacturing operation of the Company isSMERA MSE 2 U-Stamp and U2- Stamp certified by the independent originations.

13. INFORMATION ABOUT HOLDING / SUBSIDIARIES / ASSOCIATE COMPANY

The Company doesn't have any Holding and Associate Company as on March 31 2021.

Our Company has wholly owned Subsidiary i.e. Loyal Equipments Inc. incorporated inTexas USA hence Company is presenting the Standalone and Consolidated financial statementas per the requirement of the provision of Section 136 of the Companies Act 2013.

During the year under review the Board of Directors (the "Board") alsoreviewed the affairs of the subsidiaries. Pursuant to the provisions of Section 129(3) ofthe Companies Act 2013 (the "Act") the Company has prepared the Consolidated

Financial Statements of the Company which forms part of this Annual Report. Further aStatement containing salient features of the performance and financial positions of theSubsidiary in the prescribed format AOC-1 pursuant to Section 129(3) of the Act read withthe Companies (Accounts) Rules 2014 is annexed as "Annexure II" to this

Report.

In accordance with Section 136(1) of the Companies Act 2013 the Annual Report of yourCompany containing inter alia Financial Statements including consolidated financialstatements has been placed on the website of the Company at www.loyalequipments.com.Further the financial statements of the subsidiaries have also been placed on the websiteof the Company at www.loyalequipments.com.

14. MATERIAL CHANGES AND COMMITMENTS

There is no material change and commitments affecting the Financial Position of theCompany which have occurred between the end of the financial year of the Company to whichthe financial statements relate and the date of the report.

15. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The members of the Company's Board of Directors are eminent persons of provencompetence and integrity. Besides experience strong financial acumen strategicastuteness and leadership qualities they have a significant degree of commitment towardsthe Company and devote adequate time to the meetings and preparation. The Board meets atregular intervals to discuss and decide on Company / Business policy and strategy apartfrom other Board business.

The Board exhibits strong operational oversight with regular presentations in everyquarterly meeting. The Board/Committee meetings are convened by giving appropriate noticewell in advance to help them plan their schedule and ensure meaningful participation inthe meetings.

The Directors / Members are provided with appropriate information in the form of agendaitems in a timely manner to enable them to deliberate on each agenda item and makeinformed decisions and provide appropriate directions to the Management in this regard.The Board of Directors of the Company comprises of six Directors consisting of threeIndependent Directors and two Executive Directors including one Whole Time Director (WomenDirector) & one Managing Director as on March 31 2021 who brings in a wide range ofskills and experience to the Board.

There was no change in any Key Managerial Personnel of the Company during the yearexcept cessation of Mr. Rameshchandra Nathalal Patel w.e.f. December 14 2020 due todeath.

16. NUMBER OF MEETINGS OF THE BOARD

Eight (10) meetings of the board and one (01) meeting of Independent Director were heldduring the year. For details of the meetings of the board please refer to the CorporateGovernance Report which forms part of this report.

17. BOARD EVALUATION

The Board evaluated the effectiveness of its functioning and that of the Committees andof individual directors by seeking their inputs on various aspects of Board/CommitteeGovernance. The evaluation covered functioning and composition of the Board and itscommittees understanding of the roles and responsibilities experience competenciesparticipation at the Board and Committee meetings corporate governance practices etc.

Evaluation of the Board and its compositions was carried out through a defined processcovering the areas of the Boards functioning viz. composition of the Board and Committeesunderstanding of roles and responsibilities experience and competencies contribution atthe meetings etc.

18. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

Pursuant to the requirement of Section 134(3)(e) and Section 178(3) of the CompaniesAct 2013 the Board has on the recommendation of the Nomination and RemunerationCommittee framed a policy on appointment of Directors including criteria for determiningqualifications positive attributes independence of a Director and the policy onremuneration of Directors KMP and other senior management has been disclosed in thecorporate governance report which forms part of this report.

19. AUDIT COMMITTEE

During the year under review the Company constituted the Audit Committee and theprimary objective is to monitor and supervise the financial reporting to ensure accurateand timely disclosures transparency integrity and quality of financial reporting. As ofthe date of this report the audit committee is comprised of Mr. Babubhai Patel(Chairman) Mr. Alkesh Rameshchandra Patel (Member) and Mr. Kalpesh Lalitchandra Joshi(Member). The meeting of Audit committee are detailed in Corporate Governance Reportannexed with this Report.

20. STAKEHOLDER'S RELATIONSHIP COMMITTEE

Stakeholder's Relationship Committee has been constituted by the Board in accordancewith Section 178 of the Companies Act 2013. The details regarding composition terms ofreferences powers functions scope meetings attendance of members and the status ofcomplaints received during the year are included in Corporate Governance Report whichforms part of the Annual Report. The meeting of Audit committee are detailed in CorporateGovernance Report annexed with this Report.

21. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee has been constituted by the Board inaccordance with section 178 of Companies Act 2013 and Regulation 19 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. All the members of thecommittee are Independent Directors. The details regarding composition terms ofreferences powers functions scope meetings and attendance of members are included inCorporate Governance Report which forms part of the Annual Report. The meeting of Auditcommittee is detailed in Corporate Governance Report annexed with this Report.

22. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee (the "CSR Committee") has beenconstituted by the Board in accordance with section 135 of Companies Act 2013. Thedetails regarding composition terms of references powers functions scope meetings andattendance of members are included in Corporate Governance Report which forms part of theAnnual Report.

23. STATUTORY AUDITORS

M/s A Y and Company Chartered Accountants Jaipur (Registration no. 020829C areStatutory Auditor of the Company for a period of five years i.e. from the conclusion ofthe 12th Annual General Meeting till the conclusion of 17th AnnualGeneral Meeting of the Company at such remuneration as may be fixed by the Board ofDirectors of the Company on the recommendation of the Audit Committee.

24. SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company has appointed Mr. VivekSharma Proprietor of M/s Sharma Vivek & Associates Company Secretary in practice toundertake the Secretarial Audit of the Company for the year under review. The Board hasduly reviewed the Secretarial Auditor's Report and the comments appearing in the reportare self-explanatory and do not call for any further explanation by the Board of Directorsas provided under section 134 of the Act. The Secretarial

Audit Report is annexed herewith as "Annexure IV".

25. INTERNAL AUDITORS

Your Company has appointed J.M Patel & Bros Chartered Accountant as InternalAuditor. During the year the company continued to implement their suggestion andrecommendations to improve the control environment. Their scope of work includes review ofprocess for safeguarding of assets of the Company review of operational efficiencyeffectiveness of systems and processes and assessing the internal control strengths inall areas. Internal Auditor's findings are discussed with the process owners and suitablecorrective actions taken as per the directions of Audit Committee on an ongoing basis toimprove efficiency in operations.

26. DISCLOSURE WITH RESPECT TO MAINTENANCE OF COST RECORDS

Your Company doesn't fall within the scope of Section 148(1) of the Companies Act 2013and hence does not require to maintain cost records as specified by the CentralGovernment.

27. PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Details of loans guarantees and investments under the provisions of Section 186 of theAct read with the Companies (Meetings of Board and its Powers) Rules 2014 as on March31 2021 are set out in the Financial Statements of the Company

28. VIGIL MECHANISM /WHISTLE BLOWER POLICY

As per the provisions of Section 177 (9) & (10) of the Companies Act 2013 readwith Regulation 22 of Securities and Exchange Board Of India (Listing Obligations andDisclosure Requirements) Regulations 2015 your Company has a Whistle Blower Policy witha view to provide vigil mechanism to Directors employees and other stakeholders todisclose instances of wrong doing in the workplace and report instances of unethicalbehavior actual or suspected fraud or violation of the Company's code of conduct orethics policy. The Whistle Blower Policy also states that this mechanism should alsoprovide for adequate safeguards against victimization of Director(s)/ Employees who availof the mechanism and also provide for direct access to the Chairman of the Audit Committeein exceptional cases. The

Policy is available on the Company's website at https://www.loyalequipments.com

29. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION

PROHIBITION AND REDRESSAL) ACT 2013

Your Company has zero tolerance towards any action on the part of any of its officialswhich may fall under the ambit of "Sexual Harassment" at workplace. Pursuant tothe provisions of Section 21 of the Sexual Harassment of Women at the Workplace(Prevention Prohibition Redressal) Act 2013 the Company formulated an Policy onPrevention of Sexual Harassment at Workplace. All employees (permanent contractualtemporary trainees etc) are covered under this policy. An Internal Complaints Committee(ICC) was constituted which is responsible for redressal of complaints related to sexualharassment at the workplace.

Pursuant to the requirements of Section 22 of Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013 read with Rules thereunder theInternal Complaints Committee of the Company has not received any complaint of SexualHarassment during the year under review and no complaint was pending as of 31st March2020.

The following is a summary of Sexual Harassment complaints received and disposed offduring the financial year 2020-21:

No. of Complaints received: NIL No. of Complaints disposed off: NIL

30. TRANSACTIONS WITH RELATED PARTIES

Pursuant to the provisions of Section 134 (3) read with Section 188 (2) of theCompanies Act 2013 details of transaction for the year under review are given in FormAOC-2 as Annexure III to this report and in the section on Related Party Transactions inCorporate Governance Report.

31. ANNUAL RETURN

In accordance with the provisions of Section 134(3) read with Section 92(3) of theCompanies Act 2013 the Annual Return as on March 31 2021 is available on website of theCompany and can be viewed at http://www.loyalequipments.com. By virtue of amendment toSection 92(3) of the Companies Act 2013 the Company is not required to provide extractof Annual Return (Form MGT-9) as part of the Board's report

32. CORPORATE GOVERNANCE

Our corporate governance practices are a reflection of our value system encompassingour culture policies and relationships with our stakeholders. Our board exercises itsfiduciary responsibilities in the widest sense of the term. Our disclosures seek to attainthe best practices in Corporate Governance. Also endeavour to enhance long termshareholder value and respect minority rights in all our business decisions. The Report onCorporate Governance as per the requirement of SEBI LODR 2015 forms part of this AnnualReport.

A Certificate from the MD and CFO of the Company in terms of SEBI LODR 2015 interalia confirming the correctness of the Financial Statements and Cash Flow Statementsadequacy of the internal control for financial reporting and reporting of matters to theAudit Committee is also forming part of this Annual Report.

33. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies(Appointment & Remuneration of Managerial Personnel) Rules 2014 in respect ofemployees of the Company will be provide upon request. In terms of Section 136 of the Actthe reports and accounts are being sent to the members and others entitled theretoexcluding the information on employee's particulars which is available for inspection bymembers at the registered office of the Company during the business hours on all workingdays of the Company up to the date of ensuing Annual General Meeting of the Company. Ifany member is interested in inspection the same the member may write to the CompanySecretary in advance.

34. DEPOSITS FROM PUBLIC

During the financial year ended March 31 2021 the Company has not accepted depositsfrom the public falling within the ambit of Section 73 and 74 of the Companies Act 2013and the Rules framed there under and hence no amount on account of principal or intereston public deposits was outstanding as on the date of the Balance Sheet.

35. DIRECTORS' RESPONSIBILITY STATEMENT

As required by Section 134 (5) of the Companies Act 2013 the Directors herebyconfirm:

(i) in the preparation of the annual financial statements applicable accountingstandards have been followed and there are no material departures from the said standards;

(ii) such accounting policies have been selected and applied consistently and judgmentsand estimates made that are reasonable and prudent so as to give a true and fair view ofthe state of affairs of the company as at March 31 2021 and of the profit of the companyfor the year ended on that date;

(iii) proper and sufficient care has been taken for maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of thecompany and for prevention and detection of fraud and other irregularities;

(iv) the annual financial statements have been prepared on a going concern basis;

(v) proper internal financial controls are in place and are adequate and are operatingeffectively; and

(vi) the systems to ensure compliance with the provisions of all applicable laws are inplace and are adequate and operating effectively.

36. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS

AND OUTGO CONSERVATION OF ENERGY:

Details of the energy conservation technology absorption and foreign exchange earningsand outgo are annexed to this report as "Annexure I".

37. REPORTING OF FRAUDS

During the year under review neither the Statutory Auditors nor the SecretarialAuditor has reported to the Audit Committee under Section 143(12) of the Companies Act2013 any instances of fraud committed against the Company by its officers or employeesthe details of which would need to be mentioned in boards report.

38. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

TRIBUNALS IMPACTING THEGOING CONCERN STATUS OF THE COMPANY:

There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company' future operations

39. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF

THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OFTHE COMPANY TOWHICH THE FINANCIAL STATEMENT RELATED AND THE DATE OF REPORT

There are no Material changes and commitments in the business operations of the Companyfrom the financial year ended March 31 2021 to the date of signing of the Boards Report.

40. AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS

The Company hereby affirms that during the year under review the Company has compliedwith all the applicable mandatory secretarial standards (including any modifications oramendments thereto) issued by the Institute of

Company Secretaries of India. The Company has complied with applicable SecretarialStandards issued by the Institute of Company Secretaries of India on Board and GeneralMeetings

41. PREVENTION OF INSIDER TRADING

The Board has Insider Trading Policy for regulating monitoring and reporting ofTrading of Shares by Insiders. The Code lays down guidelines procedures to be followedand disclosures to be made while dealing with shares of the Company. The copy of the sameis available on the website of the Company at the www.loyalequipments.com

42. ‘THINK GREEN GO GREEN' INITIATIVE

The Companies Act 2013 permits companies to send documents like Notice of AnnualGeneral Meeting Annual Report and other documents through electronic means to its membersat their registered email addresses besides sending the same in physical form.

As a responsible Corporate Citizen the Company has actively supported theimplementation of ‘Green Initiative' of Ministry of Corporate Affairs (MCA) andeffected electronic delivery of Notices and Annual Reports to those shareholders whoseemail ids were already registered with the respective Depository Participants (DPs) andwho have not opted for receiving such documents in physical form.

Members who have not registered their e-mail addresses so far are requested toregister their e-mail address with the Registrar and Share Transfer agent (R&TA) ofthe Company/Depository participant (DP) of respective member and take part in the GreenInitiative of the Company for receiving electronic communications and support the"THINK GREEN GO GREEN" initiative.

Further pursuant to Section 108 of the Companies Act 2013 read with Rule 20 of theCompanies (Management and Administration) Rules 2014 the Company is providing e-votingfacility to all members to enable them to cast their votes electronically in respect ofresolutions set forth in the Notice of Annual General Meeting (AGM). The detailedinstructions for e-voting are provided in the Notice of AGM.

43. CAUTIONARY NOTE

Statements in this Board's Report and Management Discussion and Analysis describing theCompany's objectives projections estimates expectations or predictions may be"forward-looking statements" within the meaning of applicable securities lawsand regulations. Actual results could differ materially from those expressed or implied.

Important factors that could make difference to the Company's operations include rawmaterial availability and its prices cyclical demand and pricing in the Company'sprinciple markets changes in Government regulations Tax regimes economic developmentsin the Country and other ancillary factors.

44. DISCLOSURE IN REFERENCE OF SUB RULE 1 CLAUSE (C) SUB CLAUSE (VIII) OF RULE 2 OF

COMPANIES (ACCEPTANCE OF DEPOSITS) RULES 2014

During the period Company has not accepted loan/borrowing from its Director.

45. OTHER DISCLOSURES

The Board state that no disclosure or reporting is required in respect of the followingitems as there were no transactions on these items during the year under review:

a.) As per rule 4(4) the Companies (Share Capital and Debentures) Rules 2014 theCompany has not issued equity shares with differential rights as to dividend voting orotherwise. b.) As per rule 8(13) the Companies (Share Capital and Debentures) Rules 2014the Company has not issued shares (including sweat equity shares) to employees of theCompany under any scheme; c.) As per rule 12(9) the Companies (Share Capital andDebentures) Rules 2014 the Company has not issued equity shares under the scheme ofemployee stock option; d.) No application has been made under the Insolvency andBankruptcy Code; hence the requirement to disclose the details of application made or anyproceeding pending under the Insolvency and Bankruptcy Code 2016 (31 of 2016) during theyear along with their status as at the end of the financial year is not applicable; ande.) During the year the Company is in compliance with the applicable SecretarialStandards issued by the Institute of Company Secretaries of India (ICSI).

46. ACKNOWLEDGEMENT

We thank our customers vendors dealers investors business associates and bankersfor their continued support during the year. We place on record our appreciation of thecontribution made by employees at all levels.

For and on behalf of the Board
Loyal Equipments Limited
Sd/- Sd/-
Alkesh Rameshchandra Patel Jyotsanaben Rameshchandra Patel
Chairman & Managing Director Whole Time Director
DIN 02672297 DIN 01307770

Date: September 07 2021

Place: Dahegam Gandhinagar.

.