MEERA INDUSTRIES LIMITED
The Board of directors are pleased to present the 14th Annual Report together with theAudited Financial Statements for the year ended 31st March 2020.
Performance of your company for F.Y. 2019-20 is summarized as under:
| || |
| ||2019-20 ||2018-19 ||2019-20 ||2018-19 |
| ||Amt.in Rs. ||Amt. in Rs. ||Amt.in Rs. ||Amt. in Rs. |
|Income from Operations ||201563159.76 ||344776370.31 ||202653586.71 ||355841539.61 |
|Other income ||8532526.15 ||8331459.73 ||8532550.26 ||8331600.26 |
|Total Income ||210095685.91 ||353107830.04 ||211186136.97 ||364173139.87 |
|Less: Total Expenditure before Int. Depreciation &Tax ||197561816.94 ||287144618.08 ||198976046.76 ||293268238.18 |
|Profit/(Loss) before Int. Depreciation & Tax ||12533868.97 ||65963211.96 ||12210090.21 ||70904901.69 |
|Less : Interest ||331566.60 ||786218.71 ||338824.22 ||822575.81 |
|Profit/(Loss) before Depreciation & Tax ||12202302.37 ||65176993.25 ||11871265.99 ||70082325.88 |
|Less : Depreciation ||4216696.00 ||3730671.00 ||4259752.36 ||3773113.02 |
|Profit/(Loss) before Exceptional and extraordinary items and Tax ||7985606.37 ||61446322.25 ||7611513.63 ||66309212.86 |
|Less : exceptional items ||0.00 ||0.00 ||0.00 ||0.00 |
|Profit/(Loss) before Tax ||7985606.37 ||61446322.25 ||7611513.63 ||66309212.86 |
|Less : Current Tax ||1760497.00 ||14549968.00 ||1760497.00 ||15138477.42 |
|: Deferred Tax ||508664.24 ||1713319.61 ||508664.24 ||1713319.61 |
|: Prior period items ||129500.00 ||290838.11 ||129500.00 ||290838.11 |
|Profit/(Loss) after Tax ||5586945.13 ||44892196.53 ||5212852.39 ||49166577.72 |
|Add: Surplus/Deficit B/F. from Pre. Year ||67441171.44 ||22558289.91 ||70056805.82 ||20899543.10 |
|Less: Amount Transferred From Sundries (Others) ||0.00 ||0.00 ||0.00 ||0.00 |
|Less: Interim Dividend ||4449500.00 ||0.00 ||4449500.00 ||0.00 |
|Less: Provision for Final Dividend ||13348500.00 ||0.00 ||13348500.00 ||0.00 |
|Less: Dividend Distri. Tax ||3658890.00 ||9315.00 ||3658890.00 ||9315.00 |
|Balance Carried to B/s. ||51571226.57 ||67441171.44 ||53812768.21 ||70056805.82 |
STATE OF COMPANY'S PERFORMANCE (STANDALONE):
During the year under review the Company has earned lower profit compared to theprevious year due to global level recession acute competition and economic slowdown. Thesituation of heavy pressure on margin continued in the year:
The revenue of the company decreased to Rs. 210095685.91/- as compared to Rs.353107830.04/- in the previous year.
The net profit after Tax also decreased to Rs. 5586945.13/- as compared to Rs.44892196.53 /- in the previous year.
STATE OF COMPANY'S PERFORMANCE (CONSOLIDATED):
The revenue of the company decreased to Rs. 211186136.97/- as compared to Rs.364173139.87/- in the previous year.
The net profit after Tax also decreased to Rs. 5212852.39/- as compared to Rs.49166577.72/- in the previous year.
CHANGE IN NATURE OF BUSINESS IF ANY AND FUTURE OUTLOOK:
There has been no significant change in the business carried on by the company and itcontinued to be plant and machinery for textiles and yarn trade. At present your companyhas no plan to enter into any other business. Further the Company continues with itsefforts to maintain growth even during the economic downturn and face new challenges.
The COVID-19 pandemic is a worldwide crisis and has meant that the economies will haveto operate alongside the disease now as the attention has started shifting from lockdownto safe reopening. The Company expects the market for textile machine manufacturing &twisting machines will contribute to the World textile Machine Industry's growth.Accordingly Company is taking effective steps to improve operational efficiency. India'sstable macroeconomic environment and strong growth outlook stand out relative to otheremerging markets. As the Indian growth story pans out along with it is the growth of itsrobust textile machine industries. With India's ever growing requirements of yarn &machines planned by the Government through various Initiatives demand remained stablewith the previous year trend there exists substantial opportunity for future growth asthe Company's products are geared up for the requirements. However trade tensions &COVID-19 Pandemic among major economies impacted global growth prospects and has largerconcerns on slowing down of world trade. The uncertainties associated with the pandemicCOVID-19 may have adverse impact on the demand and supply chain in the short-term inTextile machine segments and the Company is working to minimize the impact of suchaberrations to sustain the operations and identify new opportunities to grow. Accordinglythe company is executing the strategies to mitigate the impact of slowdown of trade
The Company has declared Interim Dividend @ Rs. 1.00/- (Rupee one) per equity share ofRs. 10/- (Rupees Ten only) each for the F.Y 2019-20. At present your company has notrecommended final dividend for the year ended March - 2020.
EXTRACT OF ANNUAL RETURN:
The extract of Annual return as requires under section 134(3)(a) read with Section92(3) of the Companies Act 2013 and rules made thereunder in Form MGT-9 for the FinancialYear 2019-20 is attached as Annexure- A and forms part of this report.
USE OF PROCEEDS IPO/FPO:
The proceeds from the Issue of the Company vide prospectus dated 21st April 2017 wasof Rs. 388.80 Lakhs out of which Company had utilized full amount for the purpose ofobjects as stated in prospectus. There is no deviation of funds raised by IPO.
Further the proceeds from the Issue of the Company vide prospectus dated 04 June 2019was of Rs. 1174.50 Lakhs and there has been no deviation or variation in the utilizationof issue proceeds for the said half year ended March 31 2020 and the funds raised fromthe above mentioned issue has been utilized for the purposes for which the funds wereraised for the said half year ended March 312020.
FURTHER PUBLIC OFFERING:
Your Company issued a prospectus on dated 04th June 2019. your company had come withthe Public issue through Further Public Offer of 522000 Equity Shares of Rs. 10/- eachat a premium of Rs. 215 per share aggregating to Rs. 117450000. The Company hadallotted fully paid up 522000 Equity Shares of Rs. 10/- each to the eligible applicants.The Equity Shares of the Company got listed on BSE SME Platform. After the Further PublicIssue issued subscribed and paid up share capital of our company stands at Rs.44495000/- divided into 4449500 equity shares of Rs. 10/- each.
After Further Public offering pursuant to the provisions of Section 63 and otherapplicable provisions if any of the Companies Act 2013 and rules framed thereunderSEBI (LODR) 2018 and with the consent of other regulatory authorities and resolutionpassed by the shareholders of the Company the Company had allotted in its meeting held on13th February 2020 6229296 (Sixty Two Lakhs Twenty Nine Thousands Two hundred andNinety Six) Equity Shares of the face value of Rs. 10/- (Rupees Ten only) each as fullypaid up Bonus Shares to the shareholders of the Company in the proportion of 7 (Seven)fully paid up equity share of Rs. 10/- (Rupees Ten only) each for every 5 (Five) existingfully paid up equity share of Rs. 10/- (Rupees Ten only) each by capitalizing a sumamounting to Rs. 62292960/- from the Reserves & Surplus.
The Equity Shares of the Company got listed on BSE SME Platform. After the Bonus Issueissued subscribed and paid up share capital of our company stands at Rs. 106787960/-divided into 10678796 equity shares of Rs. 10/- each.
MEETINGS OF THE BOARD OF DIRECTORS:
During the year under the review 8 (Eight) Board Meetings were held with gap notexceeding the period prescribed under Companies Act 2013 and Rules made thereunder.Details of Board Meetings held during the year are given in the table below. Board meetingdates are finalized in consultation with all Directors and agenda papers backed up bycomprehensive notes and detailed background information are circulated well in advancebefore the date of the meeting thereby enabling the Board to take informed decisions. Theintervening gap between the Board Meetings was within the period prescribed under theCompanies Act 2013.
|Sr. No. ||Date of Meeting ||Board Strength ||No. of Directors Present |
|1 ||24/04/2019 ||Five ||Five |
|2 ||17/05/2019 ||Five ||Four |
|3 ||04/06/2019 ||Five ||Five |
|4 ||24/06/2019 ||Five ||Four |
|5 ||07/08/2019 ||Five ||Four |
|6 ||13/11/2019 ||Five ||Four |
|7 ||30/12/2019 ||Five ||Three |
|8 ||13/02/2020 ||Five ||Five |
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to provisions contained in section 134(5) of the companies Act 2013 yourdirectors after due inquiry confirm that:
a) in the preparation of the annual accounts for the financial year ended 31st March2020 the applicable accounting standards have been followed and no material departureshave been made from the accounting standards;
b) the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company as at 31st March 2020 and of theprofit/loss 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 the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;
d) the directors had prepared the annual accounts on a going concern basis; and
e) the directors have laid down internal financial controls as stated in explanation tosection 134(5)(e) of the Companies Act 2013 to be followed by the company and that suchinternal financial controls are adequate commensurate with the nature and size of itsbusiness and are operating effectively;
f) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.
AUDITORS AND REPORT THEREON:
Ratification of Auditor's Appointment:
The requirement to place the matter relating to appointment of Auditors forratification by members at every Annual General Meeting is done away with videnotification dated May 7 2018 issued by the Ministry of Corporate Affairs New Delhi.Accordingly no resolution is proposed for ratification of appointment of Auditors whowere re-appointed in the Annual General Meeting held on August 02nd 2018.
The report of the Auditors is self-explanatory. There are no qualifications or adverseremarks in the Auditors' Report which require any clarification/ explanation. The Notes onfinancial statements are self-explanatory and needs no further explanation. Further theAuditors' Report for the financial year ended 31st March 2020 is annexed to the BalanceSheet.
As required by Section 134(3)(f) of the Companies Act 2013 your directors report thatthere is no fraud reported by the auditors in their report which is required to bereported here.
Your company has installed adequate internal financial controls with reference to theFinancial Statements as reported by Auditors for the year ended 31st March 2020.
Pursuant to Section 204 of the Companies Act 2013 read with Rules thereof the Boardof Directors had appointed M/s. A. G. Shaikh & Co. Practicing Company SecretarySurat as Secretarial Auditors of the Company to conduct the Secretarial Audit for F.Y.2019-20. A Secretarial Audit Report for F.Y 2019-2020 is annexed herewith as Annexure B.There are no qualification reservation or adverse remarks in secretarial audit reportwhich is self-explanatory.
Pursuant to provisions of Section 138 of Companies Act 2013 read with Rule 13 of theCompanies (Accounts) Rules 2014 and other applicable provisions if any of the CompaniesAct 2013 M/s Riki Desai & Associates Chartered Accountants were appointed asInternal Auditor of Company for period of 1 year from the F.Y. 2019-20.
The Company continued to implement her suggestions and recommendations to improve thecontrol systems. Their scope of work includes review of processes for safeguarding theassets of the Company review of operational efficiency effectiveness of systems andprocesses and assessing the internal control strengths in all areas. Internal Auditor'sfindings are discussed with the process owners and suitable corrective actions taken asper the directions of Audit Committee on an ongoing basis to improve efficiency inoperations.
Provisions for Cost Auditor is not applicable to your company.
PARTICULARS OF LOAN GUARANTEE AND INVESTMENT UNDER SECTION 186:
Pursuant to the provisions of Section 186 of the Companies Act 2013 with respect to aloan guarantee security or investments covered under are disclosed in the notes to theFinancial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
In compliance of listing regulations the company has framed the policy fortransactions with Related Parties. There were no materially significant related partytransactions entered between the Company Directors management or their relatives exceptfor those disclosed in the financial statements.
Apart from the Related Party transactions in the ordinary course of business and atarm's length basis details of which are given in the notes to the financial statementsthere were no other related party transactions requiring disclosure in the Director'sReport for compliance with section 134(3)(h) of the Companies Act 2013.
However Form AOC - 2 related with particulars of contract or arrangements with relatedparties are annexed herewith as Annexure-C.
AMOUNTS TRANSFERRED TO RESERVES:
The company has transferred the whole amount of Profit under the head Reserve andsurplus account as per attached audited Balance sheet for the year ended on March 312020.
MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
In the opinion of board of directors there are no material changes & have occurredafter balance sheet date till the date of the report affecting the financial position ofthe company.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy technology absorption foreign exchangeearnings and outgo as required U/S 134(3)(m) of Companies Act 2013 are enclosed inAnnexure -D.
RISK MANAGEMENT POLICY:
The company has been exempted under regulation 21 of SEBI (Listing Obligation andDisclosure requirements) Regulations 2015 from reporting of risk management.
The board is fully aware of Risk Factor and is taking preventive measures whereverrequired.
CORPORATE SOCIAL RESPONSIBILITIES (CSR) POLICY:
At present the company is not covered under CSR provisions as per criteria laid downunder section 135(1) of the Companies Act 2013but company has voluntarily constitutedCSR Committee and the said committee has framed CSR policy as per schedule VII. Thereforeexpenditure of Rs. 500000 has been incurred during the year as prescribed under section135(5) of the Companies Act 2013 the details of committee is enclosed in Annexure -J.
PARTICULARS OF DEPOSITS:
Company has not accepted any deposits falling within purview of the section 73 to 76 ofThe Companies Act 2013 read with rules made there under. There Are no overdue publicdeposits unclaimed public deposits as on the last day of financial year.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS:
Your directors confirmed that no significant and material orders have been passed byRegulators or Courts or Tribunals impacting the going concern status and companies'operations in future.
INTERNAL FINANCIAL CONTROLS:
The internal audit covers a wide variety of operational matters and ensures compliancewith specific standard with regards to availability and suitability of policies andprocedures. The Company has placed proper and adequate internal financial control systemwhich ensures that all the assets are safeguarded and protected.
Yours directors are of the opinion that looking to the size and nature of business ofthe company there is adequate internal financial control system and the said system isoperating effectively. Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 is attached as Annexure A of theAuditors Report.
DIRECTORS AND KMP:
COMPANIES POLICIES ON DIRECTORS APPOINTMENT AND REMUNERATION:
Pursuant to provisions of section 178(3) of the Companies Act 2013 and otherapplicable provisions if any Company has constituted Nomination and Remunerationcommittee which determines criteria for the qualifications positive attributes andindependence of the Director Key Managerial Personnel and other employees.
The Remuneration Policy is framed in accordance with Listing regulations and provisionsof Companies Act 2013.
The composition of Nomination and Remuneration committee and policy has been attachedas Annexure- E and forms part of this report.
ANNUAL EVALUATION OF PERFORMNACE OF BOARD DIRECTORS AND COMMITTES:
Though the company has been exempt from annual evaluation of its own performance andperformance of directors and committees thereof under SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 but in terms of Rule 8(4) of the Companies(Accounts) Rules 2014 company has laid down specific criteria for evaluation of annualperformance and has developed qualitative and quantitative bench marks to ensure effectiveimplementation of the same.
The performance of Board and its Committees individual Directors and Chairpersonswere found satisfactory. MEETING OF INDEPENDENT DIRECTORS:
The Independent Directors of company met one time during the year on THURSDAY 13THFEBRUARY 2020 where all the Independent Directors were present under the requirement ofRegulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
DECLARATION BY INDEPENDENT DIRECTORS:
Independent Director have given necessary declaration under Section 149(7) of theCompanies Act 2013 and as per the said declarations they fulfill the criteria ofIndependence as provided in Section 149(6) of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.
The same has been recorded by the Board of Directors.
CHANGE IN COMPOSITION OF BOARD:
In accordance with the provisions of the Act and the Articles of Association ofthe Company Mr. MAYANK Y.
DESAI Director of the Company retires by rotation at the ensuing Annual GeneralMeeting and being eligible has offered herself for re-appointment.
In terms of section 177(2) read with section 134(3) of the Companies Act 2013 thecompany constituted audit committee. The composition of Audit committee has been attachedas Annexure- F and forms part of this report.
The board has accepted and taken steps to implement all recommendation of AuditCommittee.
COMPANIES (AUDITOR'S REPORT) ORDER 2015
In terms of section 143(11) of the Companies Act 2013 CARO has been attached as partof Auditors Report.
DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS:
The Company has not issued Equity Shares with differential rights.
DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES:
The Company has not issued sweat Equity shares during the Financial Year 2019-20.
The Company has Issued in its meeting held on 13th February 2020 6229296 (SixtyTwo Lakhs Twenty Nine Thousands Two hundred and Ninety Six) Equity Shares of the facevalue of Rs. 10/- (Rupees Ten only) each as fully paid up Bonus Shares to the shareholdersof the Company in the proportion of 7 (Seven) fully paid up equity share of Rs. 10/-(Rupees Ten only) each for every 5 (Five) existing fully paid up equity share of Rs. 10/-(Rupees Ten only) each by capitalizing a sum amounting to Rs. 62292960/- from theReserves & Surplus.
DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTIONS:
The Company has not issued Employee Stock Options during the Financial Year 2019-20.
REDEMPTION OF SHARES/DEBENTURES:
The Company has not redeemed any shares during the Financial Year 2019-20.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION PROTECTION FUND:
As on 31st March 2020 dividend amounting to Rs. 30500 has not been claimed byshareholders of the Company. Shareholders are required to lodge their claims with theRegistrar Kfintech Technologies Pvt. Ltd. for unclaimed dividend. Pursuant to theprovisions of Investor Education and Protection Fund (Uploading of Information regardingunpaid and unclaimed amounts lying with Companies) rules 2012 this details shall beuploaded on the website of the Company.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
Pursuant to Section 177(9) and (10) of the Companies Act 2013 and Regulation 22 ofthe Listing Regulations the Company has formulated Whistle Blower Policy /vigil mechanismfor Directors and employees to report to the management about the unethical behaviourfraud or violation of Company's code of conduct. The mechanism provides for adequatesafeguards against victimization of employees and Directors who use such mechanism andmakes provision for direct access to the chairman of the Audit Committee in exceptionalcases. The Policy on vigil mechanism and whistle blower policy may be accessed on theCompany's website at www.meeraind.com.
PREVENTION OF INSIDER TRADING :
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code. All Board Directors and the designated employees haveconfirmed compliance with the Code.
The company is exempted from reporting on corporate governance as per Regulation 15 ofSEBI (Listing Obligation and Disclosure requirements) Regulations 2015. the Company isnot required to mandatorily comply with the provisions of certain regulations of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015. Hence company is notfiling Corporate Governance Report to stock exchange. Therefore Corporate GovernanceReport is not attached. However Company is complying with the Non applicabilitycertificate on Corporate Governance to the Authority.
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:
As per Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Management Discussion and Analysis Report forms part of this AnnualReport being attached as Annexure - G.
DETAILS OF SUBSIDIARY JOINT VENTURE OR ASSOCIATES:
Your company has one Subsidiary name 'MEERA INDUSTRIES USA LLC situated in USA. Yourcompany has no joint venture or associates. However particulars of Statement containingsalient features of the financial statement of subsidiaries/associate companies/jointventures in the prescribed format AOC-1 has been enclosed under Annexure- H with thereport and forms part of this report.
BUSINESS RESPONSIBILITY REPORT:
The company has been exempted from reporting on Business Responsibility Report as perRegulation 34(2)(f) of SEBI (Listing Obligation and Disclosure requirements) Regulations2015.
PARTICULARS OF COMMITTEES:
Particulars of Audit Committee Nomination & Remuneration Committee StakeholdersRelationship Committee & CSR Committee are attached as Annexure-F Annexure-EAnnexure-I & Annexure-J respectively forming part of this report.
1. 13th Annual General Meeting of the Company was held at 2126 Road No. 2 GIDCSachin Surat - 394230 on Wednesday 18th September 2019 11:30 A.M. for F.Y 2018-19.
2. Postal Ballot e-voting Facility for the purpose of Bonus Issue of the Company wascommenced on 9:00 Hours (IST) on Friday January 03 2020 Ended of e-voting on 17:00 Hours(IST) on Saturday February 012020.
MD AND CFO CERTIFICATION:
The MD and CFO of the company required to gives annual certification on financialreporting and internal controls to the board in terms of Regulation 17(8) of listingregulation and certification on financial results while placing the financial resultbefore the board in terms of Regulation 33 of listing regulation and same is published inthis report as Annexure - K.
DISCLOSURE RELATING TO EMPLOYEES:
The information required under Section 197 of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are provided in separate annexure forming part of this Report as Annexure-L.
The statement containing particulars of employees as required under Section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 will be provided upon request. However having regard tothe provisions of the proviso to Section 136(1) of the Act and as advised the AnnualReport excluding the aforesaid information is being sent to the members of the Company.The said information is available for inspection at the registered office of the companyduring working hours and any member interested in obtaining such information may write tothe Company Secretary and the same will be furnished on request.
DISCLOSURE UNDER SECTION 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:
The Company always endeavours to create and provide an environment which is safe freefrom discrimination and harassment including sexual harassment to every individual in thepremises. As per the requirements of The Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013 and rules made thereunder yourCompany has constituted Internal Complaints Committee (ICC) which is responsible forredressal of complaints related to sexual harassment. During the year under review therewere no complaints pertaining to sexual harassment.
CHANGES IN SHARE CAPITAL IF ANY:
The paid up equity share capital of the company as on March 312020 was Rs.106787960/- divided into 10678796 Equity Shares of Rs. 10/- (Rupees ten only) each.During the year under review the company has made Public issue through Further PublicOffer of 522000 Equity Shares of Rs. 10/- each at a premium of Rs. 215 per shareaggregating to Rs. 117450000. Also has issued shares through Bonus Issue of 6229296(Sixty Two Lakhs Twenty Nine Thousands Two hundred and Ninety Six) Equity Shares of theface value of Rs. 10/- (Rupees Ten only) each as fully paid up Bonus Shares amounting toRs. 62292960/- from the Reserves & Surplus. Hence as on date subsequent to theFurther Public Issue & Bonus Issue paid up share capital of the company stands at Rs.106787960/- divided into 10678796 equity shares of Rs. 10/- each.
Your Directors wish to extend their sincere thanks to the Government as well as theGovernment agencies banks customers shareholders vendors and other relatedorganizations who have helped in your Company's progress as partners through theircontinued support and co-operation.
Your Directors also wish to place on record their sincere appreciation for thededicated efforts and consistent contribution made by the employees at all levels toensure that the Company continues to grow and excel.
COVID 19 :
The COVID 19 pandemic is a worldwide crisis and has meant that the economies will haveto operate alongside the diseases now as the attention has started shifting from lockdownto safe reopening. The Company strictly followed the guidelines issued by the local stateand central governments and beyond to protect the health and well-being of its workforceand ensured minimum disruption to its customers. The Company closed its manufacturing andits corporate office during Lock-down and now Company is taking all possible stepsrequired to adjust to the new normal of working and growing. The demand is expected toremain uncertain in the foreseeable future. The Company contributed in its own small wayto Gujarat Chief Minister Relief Fund.
|Place: Sachin Surat ||For and on behalf of Board of Directors |
|Date: 06.11.2020 ||MEERA INDUSTRIES LIMITED |
| ||Sd/- |
| ||Dharmesh V. Desai |
| ||Chairman and Managing Director |