MYSTIC ELECTRONICS LIMITED
Your Directors are pleased to present the 10th Annual Reportalong with the Audited Accounts for the Financial Year ended 31st March 2021.
1. FINANCIAL PERFORMANCE OF THE COMPANY
(Rs. In Lakhs)
|Particulars ||Year ended 31st March 2021 ||Year ended 31st March 2020 |
|Profit/(Loss) before interest depreciation tax and Extra Ordinary Items ||(64.92) ||(341.18) |
|Less: Depreciation/amortization ||0.038 ||0.103 |
|Profit/(Loss) before interest tax and Extra Ordinary Items ||(64.957) ||(341.28) |
|Less: Finance Costs ||0.199 ||26.38 |
|Profit/(Loss) before tax and Extra Ordinary Items ||(65.156) ||(367.76) |
|Less: Provision for taxes on income || || |
|--Current tax ||7.00 ||- |
|--Deferred tax liability / (asset) ||0.027 ||0.011 |
|Profit/(Loss) before Extra-Ordinary Items ||(72.18) ||(367.77) |
|Extra Ordinary Items (Net of Tax) ||- ||- |
|Profit/ (Loss) for the year ||(72.18) ||(367.77) |
|Other Comprehensive Income ||12.13 ||(103.51) |
|Total Comprehensive Income for the year ||(60.06) ||(471.28) |
2. STATE OF COMPANY'S AFFAIRS
Your Directors regret to report that the company has continued to incurlosses amounting to Rs. 7218494/- after tax in the financial year under review ascompared to losses incurred during the previous financial year.
Due to losses in the previous years your directors are striving torecover the losses and have been exploring the other prospective growth avenues to restorethe Company's financial position.
3. DIVIDEND & RESERVES
Your Directors do not recommend any dividend for the year ended 31stMarch 2021 and no amount was transferred to Reserves.
4. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March 2021 isRs. 197662480/- (Rupees Nineteen Crores Seventy-Six Lakhs Sixty-Two Thousand FourHundred and Eighty Only) divided into 19766248 (One Crore Ninety-Seven Lakh Sixty-SixThousand Two Hundred and Forty-Eight) Equity Shares of the face value of Rs. 10/- each.During the year under review the Company has not issued any shares with or withoutdifferential voting rights. It has neither issued employee stock options nor Sweat EquityShares and does not have any scheme to fund its employees to purchase the shares of theCompany.
5. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Director retires by rotation:
In accordance with the provisions of Section 152 of the Companies Act2013 and in terms of Articles of Association of the Company Mr. Krishan KhadariaDirector of the Company retires by rotation at the forthcoming Annual General Meeting(AGM) and being eligible offers himself for re-appointment. Your Directors recommend hisre-appointment as Director of the Company. The brief resume of Mr. Krishan Khadaria andother relevant details are given in the accompanying notice of AGM.
Appointment and cessation of Directors during the year:
During the year under review there were no appointments and cessationsof Directors on Board of the Company.
Declaration by Independent Directors:
In terms of the provisions of sub-section (6) of Section 149 of the Actand Regulation 16 of SEBI Listing Regulations including amendments thereof the Companyhas received declarations from all the Independent Directors of the Company that they meetwith the criteria of independence as provided in the Act and SEBI Listing Regulations.There has been no change in the circumstances affecting their status as an IndependentDirector during the year. Further the NonExecutive Directors of the Company had nopecuniary relationship or transactions with the Company.
The Board is of the opinion that the Independent Directors of theCompany possess requisite qualifications experience and expertise and they hold higheststandards of integrity.
The Independent Directors have confirmed that they have registeredtheir names in the data bank maintained with the Indian Institute of Corporate Affairs('IICA'). In terms of Section 150 of the Act read with Rule 6(4) of the Companies(Appointment & Qualification of Directors) Rules 2014 the Independent Directors arerequired to undertake online proficiency self-assessment test conducted by the IICA withina period of one year from the date of inclusion of their names in the data bank. TheIndependent Directors to whom the provisions of proficiency test are applicable willtake the said online proficiency self-assessment test in due course.
The Company have also received a declaration from all the IndependentDirectors under Rule 6 sub-rule (3) of The Companies (Appointment and Qualifications ofDirectors) Rules 2014 regarding inclusion of their name in Data Bank of IndependentDirector maintained by the Indian Institute of Corporate Affairs at Manesar.
Appointment and Cessation of Key Managerial Personnel (KMP) during theyear:
During the year under review Ms. Manisha Swami Company Secretary andCompliance Officer of the Company resigned from the position. The resignation waseffective from 22nd March 2021. Consequently in the Financial Year of2021-22 Board held its meeting on 27thMay 2021 in which they appointed Ms.Rishika Sharma as Company Secretary and Compliance Officer of the Company w.e.f. 27thMay 2021.
In addition Mr. Naresh Kedia resigned from the post of Chief FinancialOfficer. The resignation was effective from 31st July 2021. The resignationwas accepted by the board in its meeting held on 04 th August 2021.
Information regarding the directors seeking appointment/re-appointment:
The Resume/ Profile and other information regarding the directorsseeking appointment/re- appointment as required by the Regulation 36(3) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 & SS-2 of ICSIhave been given in the Notice convening the 10th AGM of the Company.
In terms of Regulation 25 of the SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015 the Company periodically organizes a program inorder to familiarize Independent Directors with the Company's operations. The details offamiliarization programme have been posted on the website of the Company under the weblink: http://www.mystic- electronics.com/investors.html.
Key Managerial Personnel:
As on date Mr. Mohit Khadaria Managing Director & Miss. RishikaSharma Company Secretary are the KMPs of the Company.
None of the Directors are disqualified from being appointed asDirectors as specified in section 164 of Companies Act 2013.
6. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable mandatory SecretarialStandards issued by the Institute of Company Secretaries of India.
7. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134 of the Act the Board ofDirectors to the best of their knowledge and ability confirm that:
a) in the preparation of the annual accounts for the year ended 31stMarch 2021 the applicable Accounting Standards have been followed and there is nomaterial departure from the same;
b) they have selected such accounting policies and applied themconsistently and made judgments 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 and of the profit of the Company for that period;
c) they have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
d) they have prepared the annual accounts for the financial year ended31st March 2021 on a going concern basis;
e) they have laid down internal financial controls to be followed bythe Company and that such internal financial controls are adequate and were operatingeffectively; and
f) they have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems are adequate and operatingeffectively.
8. MEETINGS OF THE BOARD
During the year under review 7(Seven) meetings of the Board ofDirectors were held. For details of the meetings of the board please refer to theCorporate Governance Report which forms part of this report.
9. COMMITTEES OF THE BOARD
Pursuant to requirement under Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board of Directors hasconstituted various committees of Board such as:
a) Audit Committee;
b) Nomination & Remuneration Committee; and
c) Stake Holders Relationship Committee.
The details with respect to the composition powers roles terms ofreference number of meetings held attendance at the meetings etc. of statutorycommittees are given in detail in the Corporate Governance Report which forms part ofthis Report.
10. DETAILS OF SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES
Your Company does not have any subsidiary joint ventures and associatecompany for the year ended 31st March 2021.
11. EMPLOYEE STOCK OPTION SCHEME
Presently the Company does not have a scheme for grant of stockoptions to its employees.
12. PARTICULARS OF EMPLOYEES
The information as per the provisions of Section 197(12) of theCompanies Act read with Rule 5(2) and 5(3) of Companies (Appointment & Remuneration ofManagerial Personnel) Rules 2014 forms part of this Report. However as per first provisoto Section 136(1) of the Act and second proviso of Rule 5(2) of the Rules the Report andFinancial Statements are being sent to the Members of the Company excluding the statementof particulars of employees under Rule 5(2) and 5(3) of the Rules. Any Member interestedin obtaining a copy of the said statement may write to the Company Secretary at theRegistered Office of the Company or on the email address of the Company firstname.lastname@example.org.
The statement of Disclosure of Remuneration under Section 197(12) ofthe Act read with the Rule 5 (1) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 ("Rules") is mentioned below.
Statement of Disclosure of Remuneration under Section 197 of CompaniesAct 2013 and Rule 5(1) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014:
1. The Ratio of the remuneration of each director to the medianremuneration of the employees of the company for the Financial Year 2020-21: Notapplicable as your Company is not providing any remuneration to the Directors of thecompany.
2. Percentage increase in remuneration of each Director CFO andCompany Secretary:
During the year under review no Sitting fees or remuneration was paidto the Directors & percentage increase in the salary of CFO and Company Secretary isNIL.
3. The percentage increase in the median remuneration of employees inthe Financial Year 202021: During the Year under review the median remuneration is Rs.237200 p.a. and the Percentage increase in Median Remuneration of employee is 57.86%
4. During the year there were 5 employees on the roll of the Company.As on 31.03.2021 the number of permanent employees on the rolls of company: Two
5. Average percentile increase already made in the salaries ofemployees other than the managerial personnel in the last financial year and itscomparison with the percentile increase in the managerial remuneration and justificationthereof and point out if there are any exceptional circumstances for increase in themanagerial remuneration:
Not applicable as the Company has not increased the salary of any ofthe employee other than key managerial personnel during the last financial year. There areno other exceptional circumstances for increase in the remuneration of key managerialpersonnel and increase in remuneration has been in accordance with the Company's policies.
6. It is hereby affirmed that the remuneration paid during the year isas per the Remuneration Policy of the Company.
13. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
Your Company has in place a formal policy for prevention of sexualharassment of its women employees in line with "The Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013.
During the year under review there were no complaints filed pursuantto the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013.
Your Company has adopted a Policy under the provisions of the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013. Theconstitution of Internal Complaints Committee under the Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013 is not applicable on yourCompany and there was no complaint about sexual harassment during the year under review.
14. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Since the Company is neither engaged in any manufacturing activity northe Company has any manufacturing unit therefore there prescribed particulars withregards to compliance of rules relating to conservation of Energy and Technologyabsorption pursuant to Section 134 (3) (m) of the Companies Act 2013 read with Rule - 8(3) of the Companies (Accounts) Rules 2014 are not applicable on your Company.
15. FOREIGN EXCHANGE EARNINGS AND OUT-GO
During the year under review there were no foreign exchange earnings orout flow.
During the year under review your Company has not invited or acceptedany deposits from the public in terms of Chapter V of the Companies Act 2013.
17. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
The details of loans and Investments covered under section 186 of theCompanies Act 2013 read with the Companies (Meetings of Board and its Powers) Rules 2014for the financial year 202021 are given in the Notes to the financial statement.
18. RELATED PARTY TRANSACTIONS
In line with the requirements of the Act and SEBI (Listing Obligationand Disclosure Requirements) Regulations 2015 your Company has formulated a policy onrelated party transactions which is available on Company's website at http://www.mystic-electronics.com/pdfs / Policy% 20on% 20Related% 20Party% 20T ransaction.pdf
Omnibus approval was obtained for related party transactions which areof repetitive nature and entered in the ordinary course of business and at arm's lengthbasis. Pursuant to Regulation 23 of the SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 all related party transactions were placed before theAudit Committee for their review and approval.
During the year under review in terms with the provisions ofRegulation 23 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015the Company had entered into material related party transactions and details of which isgiven in the notes to the Financial Statement and those transactions were in ordinarycourse of business and on arm's length basis.
Further the disclosure of material related party transactions pursuantto Section 134(3) of Companies Act 2013 in Form AOC-2 is not applicable to the Company.
The related party disclosures as specified in Para A of Schedule V readwith Regulation 34(3) of the Listing Regulations are given in the Financial Statements.
19. STATUTORY AUDITORS & AUDITORS' REPORT
The Company's Auditors M/s. Sunil Vankawala & AssociatesChartered Accountants (Registration No. 110616W) who were appointed with your approval asStatutory Auditors of the Company at 9thAnnual General Meeting (AGM) for theperiod of 5 years will complete their present term on the conclusion of the ensuing 14thAGM of the Company.
In accordance with section 40 of the Companies (Amendment) Act 2017the appointment of Statutory Auditors is not required to be ratified at every AGM. ThusM/s. Sunil Vankawala & Associates Chartered Accountants will continue to hold officetill the conclusion of 14th AGM.
The Auditor's Report on financial statements is a forming part of thisAnnual Report. There has been no qualification reservation adverse remark or disclaimergiven by the Auditors in their Report. During the year the Statutory & InternalAuditors had not reported any matter under Section 143(12) of the Companies Act 2013therefore no detail is required to be disclosed under Section 134(3)(ca) of the CompaniesAct 2013.
20. SECRETARIAL AUDITORS & AUDITORS' REPORT
Pursuant to the provisions of Section 204 of the Act M/s. KomalKhadaria & Co. Practicing Company Secretary had been appointed to undertake thesecretarial audit of the Company for the financial year 2020-21. The Secretarial AuditReport is annexed herewith as ANNEXURE I which forms an integral part of this report.
During the year the Secretarial Auditors had not reported any matterunder Section 143(12) of the Act therefore no detail is required to be disclosed underSection 134(3) (ca) of the Act.
The responses of your Directors on the observations made by theSecretarial Auditor are as follows: -
Observation No. 1
The Company has not paid Fees and other charges to be paid to therecognized stock exchange(s) as per Regulation 14 of The Securities and Exchange Board ofIndia (Listing obligations and disclosure Requirements) Regulations 2015 for theFinancial Year 2020-21.
Response to observation no.1:
The Auditor stated that the Company has not paid fees and other chargesto be paid to the recognized stock exchange(s) for the Financial Year 2020-21. Howeverthe management admitted and responded that due to on-going COVID-19 outbreak the Companyis facing financial crisis.
Hence the payment of Annual Listing Fees for F.Y. 2020-21 is yet to bepaid. The Company has made representation to Bombay Stock Exchange (BSE) on this behalf.
Further the management committed to streamline in future.
21. CORPORATE GOVERNANCE
In compliance with the Regulation 34 read with Schedule V of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 a detailed report onCorporate Governance is given as Annexure and forms an integral part of this AnnualReport. A Certificate from the statutory auditors M/s. Sunil Vankawala & Associatesconfirming compliance of the conditions of Corporate Governance as stipulated under theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is appended tothe Corporate Governance Report. A Certificate of the CEO/MD and CFO of the Company interms of Regulation 17(8) of the Listing Regulations is also forming part of CorporateGovernance Report.
22. ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act 2013 read with Rule12(1) of the Companies (Management and Administration) Rules 2014 the Annual Return ofthe Company in Form MGT-9 and as referred in Section 134(3)(a) of the Companies Act 2013for the financial year ended 31st March 2021 is placed on the website of theCompany at www.mystic-electronics.com.
23. CORPORATE SOCIAL RESPONSIBILITIES INITIATIVES
The prerequisite in terms of Section 135 of the Companies Act 2013 ofcorporate social responsibility does not apply to the Company.
24. INTERNAL CONTROL SYSTEMS
The Company has adequate and robust Internal Control Systemcommensurate with the size scale and complexity of its operation. The Internal ControlSystem is placed to safeguard and protect from loss unauthorized use or disposition ofits assets. All the transactions are properly authorized recorded and reported to theManagement. Internal Audit is carried out in a programmed way and follow up actions weretaken for all audit observations. Your Company's Statutory Auditors have in their reportconfirmed the adequacy of the internal control procedures.
25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Regulation 34 (3) of the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 a detailed Management Discussion and AnalysisReport have been given separately forming part of the Annual Report.
26. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Your Company has formed a Whistle Blower Policy for establishing avigil mechanism for directors and employees to report genuine concerns regarding unethicalbehavior and mismanagement if any. The said mechanism also provides for strictconfidentiality adequate safeguards against victimization of persons who use suchmechanism and makes provision for direct access to the chairperson of the Audit Committeein appropriate cases. No personnel have been denied access to the Audit Committeepertaining to the Whistle Blower Policy.
The said Whistle Blower Policy has been disseminated on the Company'swebsite at www.mystic- electronics.com.
27. PERFORMANCE EVALUATION OF THE BOARD
Pursuant to the provisions of Section 134(3) Section 149(8) andSchedule IV of the Act read with SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015 Annual Performance Evaluation of the Board the Directors as well asCommittees of the Board has been carried out.
The performance evaluation of all the Directors and the Board as awhole was conducted based on the criteria and framework adopted by Nomination &Remuneration Committee details of which are provided in the Corporate Governance Report.
The performance evaluation of the Independent Directors was carried outby the entire Board and the performance evaluation of the Non-Independent Directors wascarried out by the Independent Directors in their separate meeting. The Board of Directorsexpressed their satisfaction with the evaluation process.
28. RISK MANAGEMENT
The Board of Directors of the Company has made a Risk Management Policywhich requires them to aware the shareholders of the Company regarding development andimplementation of risk management plan for the Company including identification thereinof elements of risks if any which in their opinion might threaten the existence of theCompany the management plan to mitigate the same and ensuring its effectiveness. TheAudit Committee has additional oversight in the area of financial risks and controls. Thedetails of the Policy have been posted on the Company's websitewww.mystic-electronics.com.
29. DIRECTORS' APPOINTMENT AND REMUNERATION POLICY
The Board of Directors has framed a Policy which lays down a frameworkin relation to remuneration of Directors KMP and other employees of the Company.
The said Policy is available on the Company's websitehttp://www.mystic- electronics.com/pdfs/NominationRemunerationPolicy.pdf
The shares of your Company continued to be listed at BSE Limited. Owingto the critical financial health and cash crunch position the Listing fee for thefinancial year 2020-21 is yet to be paid by the Company. The Company has made arepresentation in this behalf to the Stock exchange i e. BSE Ltd. Further it has beenassured by the Management of the Company that the Annual Listing fees for the FY 2021-22will be shortly paid to the Exchange.
31. MATERIAL CHANGES AND COMMITMENTS
There are no material changes and commitments affecting the financialposition of the Company between the end of the financial year of the Company i.e. 31stMarch 2021 and the date of this Report.
32. COST RECORDS AND COST AUDIT
In accordance with Section 148(1) of the Companies Act 2013 theprovision relating to maintenance of cost records and requirement of cost audit are notapplicable to the Company during the year under review due to business activities carriedout by the Company.
Your Directors state that no disclosure or reporting is required inrespect of the following items as there were no transactions on these items during theyear under review:
i) Issue of equity shares with differential rights as to dividendvoting or otherwise.
ii) No change in nature of business.
34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORSOR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS INFUTURE
During the financial year 2020-21 your company received from SEBI(Securities and Exchange Board of India) an order dated 26th June 2020 andvide order no. WTM/GM/EFD/13/2020-2021 under Under Section 11(1) 11(4) & 11B of SEBIAct 1992. Show Cause Notice in this matter alleged that your company and other noticesmentioned in the order violated Regulations 3(a)/(b)/(c)/(d)and Regulation 4(1) 4 (2) (a) 4 (2) (e) of SEBI (Prohibition of Fraudulent and UnfairTrade Practices) Regulations 2003.
Accordingly as per the said order of Whole-time Member SEBI the SCNserved on Noticees Mystic Electronics Ltd. Krishan Khadaria and Asha Khadaria aredisposed of without any directions.
In connection with the said violation the order of AdjudicatingOfficer(AO) was awaited. On 29th April 2021 the Company received the order ofAdjudicating Officer vide Order No. Order/SBM/JR/2021-22/11604-11606. In this order theshow cause notice dated 20th December 2016 served by AO to the Company hasbeen disposed of by AO as the AO was in agreement with the conclusion drawn by the WTMagainst the said Noticees in their order.
The Company has complied with all the requirement of regulatoryauthorities. Except for the above material orders passed by SEBI no other significant andmaterial orders passed by the regulators or courts or tribunals impacting the goingconcern status and company's operations in future.
35. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THEINSOLVENCY AND BANKRUPTCY CODE 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUSAS AT THE END OF THE FINANCIAL YEAR
During the year under review there was no application made beforeNational Company Law Tribunal for initiation of insolvency proceeding against the Companynor any proceeding were pending under the insolvency and bankruptcy code 2016 (31 of2016).
36. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE ATTHE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS ORFINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year the requirement of this clause was not applicable.
37. GREEN INITIATIVES
The Company supports and pursues the "Green Initiative" ofthe Ministry of Corporate Affairs Government of India. Members are requested to supportgreen initiative by registering their email id (a) in case of electronic / demat holdingwith their respective Depository Participant and (b) in case of physical holding eitherwith the RTA by sending e-mail to email@example.com or with the Company by sendinge-mail to firstname.lastname@example.org by quoting name and folio number.
This initiative would enable the members to receive communicationpromptly besides paving way for reduction in paper consumption and wastage. You wouldappreciate this initiative taken by the Ministry of Corporate Affairs and your Company'sdesire to participate in the initiative. If there is any change in e-mail id shareholdercan update his / her e-mail id in same manner as mentioned above.
Further pursuant to the MCA Circulars and SEBI Circular in view ofthe prevailing situation owing to the difficulties involved in dispatching of physicalcopies of the Notice of the 10th AGM and the Annual Report for the financial year 2020-21are being sent only by email to the Members. Members may note that this Notice and AnnualReport 2020-21 will be available on the Company's website www.mystic-electronics.comwebsites of the Stock Exchanges i.e. BSE Limited at www.bseindia.com.
38. IMPACT OF NOVEL CORONAVIRUS (COVID-19) PANDEMIC:
The beginning of this Financial Year was in amidst on the COVID-19outbreak and nationwide lockdown. The State and Central Governments slowly lifted therestrictions and lockdown in the country. Your Company keeping in mind the safety andgood health of the office staff resumed the business with minimum staff working on thealternate days. As the situation was improving since June 2020 Company started resumingpartial operations in its registered office after taking requisite precautions as issuedby Government authorities; but we were faced with the second wave of the pandemic in April2021 has raised economic concern and brought a new downfall in the market which againaffected the Company's current financial capacity. Again the operations of your Companywas paused for few weeks to comply with the guidelines of the State Government andconsidering the safety of the office staff. This led to disruptions in conductingday-to-day business to a complete lockdown of certain industries and activities. Althoughthe knowledge about the pandemic has increased and infection rates have decreasedsignificantly in many parts of the nation it remains a major risk for the rest of theyear and probably beyond. Standing by its core commitment the Company is navigatingthrough these unprecedented times by building stronger and deeper relationships withconsumers and its partners. The Company is supporting various Government Initiatives andhelping communities around to fight the pandemic.
Your Directors express deep sense of appreciation to the membersinvestors bankers service providers customers and other business constituents fortheir continued faith abundant assistance and cooperation extended to the Company. YourDirectors would like to make a special mention of the support extended by the variousDepartments of Government of India the State Governments particularly the TaxAuthorities the Ministry of Commerce Ministry of Corporate Affairs Securities andExchange Board of India and others and look forward to their continued support in allfuture endeavors.
Your Directors also sincerely appreciate the high degree ofprofessionalism commitment and dedication displayed by employees at all levels therebycontributing largely to the growth and success of the Company.