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National Steel & Agro Industries Ltd.

BSE: 513179 Sector: Metals & Mining
NSE: NATNLSTEEL ISIN Code: INE088B01015
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VOLUME 6
52-Week high 7.17
52-Week low 2.85
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Mkt Cap.(Rs cr) 16
Buy Price 0.00
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National Steel & Agro Industries Ltd. (NATNLSTEEL) - Director Report

Company director report

Dear Members

Your Directors hereby present the Thirty Fifth Annual Report on the business andoperations of the Company along with the Audited Statement of Accounts for the FinancialYear ended 31st March 2021.

FINANCIAL RESULTS (Rs. in Lakhs)
PARTICULARS Year ended Year ended
31.03.2021 31.03.2020
Revenue from Operations 157848 130933
Earning Before Interest Tax Depreciation and Amortisation (EBITDA) (644) (621)
Finance Cost 19758 18242
Depreciation 4870 4864
Profit/(Loss) Before Tax (PBT) Provision for :- (25272) (23727)
Income Tax/Adjusted for earlier years (Net) - 13
Deferred Tax (Assets)/Liabilities (2532) 5343
Profit/(Loss) After Tax (PAT) (22740) (29083)
Networth (125558) (101873)

FINANCIAL PERFORMANCE OF THE COMPANY

During the year under review the revenue from operations is 157848 Lakhs [PreviousYear 130933]. The Earning Before Interest Tax Depreciation and Amortisation (EBITDA)is (644) Lakhs [Previous year (621) Lakhs]. The Loss Before Tax has been (25272) Lakhs[Previous Year (23727) Lakhs] and Loss After tax is (22740) Lakhs [Previous Year(29083) Lakhs].

OPERATIONAL PERFORMANCE OF THE COMPANY

The disastrous outbreak of Covid-19 pandemic resulted in lockdown/travel restrictionson the movement of people to contain the spread of the virus. However the plantfacilities (Steel Sector) were exempt from the lockdown measures subject to adherence ofhygiene standards and social distancing norms.

During the year under review the Company has utilized 86% (approx) of its productioncapacity of its Colled Rolling Mill Galvanized Plant and Color Coating Line.

The details of the product wise performance of the Company have been covered under theManagement Discussion and Analysis section of the Annual Report.

RE-CLASSIFICATION OF PROMOTERS

During the year under review requests received from four (4) members ofpromoters/promoter group of the Company have been approved by the Board of the Directorsfor re-classification of their shareholding from 'Promoter & Promoter Group' Categoryto 'Public' Category and Removal of names from Promoter and Promoter Group Category.

The resolution seeking shareholders approval to the above forms part of the Noticeconvening the Thirty Fifth (35th) Annual General Meeting.

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis forming part of this report as required underRegulation 34 of Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015{here in after referred as SEBI (LODR)Regulations 2015}is attached separately to this Report.

TRANSFER TO RESERVE IF ANY

In absence of the profits the Company does not propose to transfer any amount toReserves.

DIVIDEND

In absence of divisible profits the Board has not recommended any dividend during theyear under review.

SHARE CAPITAL

During the year under review there was no change in the issued and paid-up sharecapital of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review members of the Company at Thirty Fourth Annual GeneralMeeting (34th AGM) have approved the re-appointment of Mr. Santosh Shahra as aWhole-Time Director of the Company designated as 'Executive Chairman' w.e.f 17thDecember 2019 and appointment of Mr. Manoj Khetan as a Whole-Time Director of the Companydesignated as 'Whole-Time Director & CFO' w.e.f. 30th December 2019.

Pursuant to the recommendation of Nomination and Remuneration Committee the Board ofDirectors has appointed Mr. Sumit Mittal as an Independent Director of the Company w.e.f12th February 2021.

The Independent Directors have submitted the Declaration of Independence in accordancewith Section 149(7) of the Companies Act 2013 ('the Act') and Regulations 16(1)(b) and25(8) of the SEBI (LODR) Regulations 2015 that he/she meets the criteria of independenceas laid out in the Act and SEBI (LODR) Regulations 2015.

In the opinion of the Board there has been no change in the circumstances which mayaffect their status as Independent Directors of the Company and the Board is satisfied ofthe integrity expertise and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules there under) of all Independent Directors on theBoard. In terms of Section 150 read with Rule 6 of the Companies (Appointment andQualification of Directors) Rules 2014 Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of IndependentDirectors maintained with the Indian Institute of Corporate Affairs.

RETIRE BY ROTATION

Pursuant to the provisions of Section 152 of the Companies Act 2013 Mr. Manoj KhetanWhole-Time Director & CFO of the Company retires by rotation and being eligibleoffers himself for re-appointment.

BOARD EVALUATION

Pursuant to the applicable provisions of the Companies Act 2013 and SEBI (LODR)Regulations 2015 the Board has carried out an annual performance evaluation of its ownperformance its Committees and the Directors. The manner in which the evaluation has beencarried out explained in the Corporate Governance Report.

AUDIT COMMITTEE

The Audit Committee comprises of below mentioned directors:

Name Category Designation
Mr. Rajesh Nema Independent Director Chairman
Mr. Ashutosh Upadhyay Independent Director Member
Mr. Santosh Shahra Executive Director Member

There are no recommendations of the audit committee which have not been accepted by theboard during the year under review.

Details of terms of reference of Audit Committee and meetings of Audit Committee heldduring they ear under review have been given in Corporate Governance Report.

NOMINATION AND REMUNERATION POLICY

The Board has on there commendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Director(s) Senior Management Personneland their remuneration. The salient features of the Policy are:

^ It acts as a guideline for matters relating to appointment remuneration removal andevaluation of directors Key Managerial Personnel and Senior Management Personnel.

^ It contains guidelines for determining qualificationspositive attributes ofdirectors and independence of a Director.

^ It lays down the criteria for Board Membership and the approach of the Company onboard diversity.

^ It lays down the criteria for determining independence of a director in case ofappointment of an

Independent Director.

^ It lays down the parameters based on which payment of remuneration (including sittingfees and remuneration) should be made to Independent Directors (IDs) and Non-ExecutiveDirectors (NEDs).

^ It lays down the parameters based on which remuneration (including fixed salarybenefits and perquisites bonus/performance linked incentive commission retirementbenefits) should be given to whole-time directors KMPs and Senior Management.

During the year under review there were no changes in the Policy and the same isavailable on the website of the Company at http://nsail.com/downloads/Nomination %20&%20 Remuneration %20 Policy. pdf. The composition of the Nomination &Remuneration Committee has complied with the requirements of the provisions of Section 178of the Companies Act 2013 and of Regulation 19 the SEBI (LODR) Regulations 2015.

Details of terms of reference of Nomination & Remuneration Committee and meetingsof Nomination & Remuneration Committee held during the year under review have beengiven in Corporate Governance Report.

BOARD MEETINGS

During the year under review 5 (five) Board Meetings were held on 31st July2020 2nd September 2020 15th September 2020 10thNovember 2020 and 12th February 2021. The details of the Board Meetings aregiven in the Corporate Governance Report.

The intervening gap between the meetings was within the period prescribed under theCompanies Act 2013 and the SEBI (LODR) Regulations 2015.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 of the Companies Act 2013 your Directorsconfirm that:

a) in the preparation of the annual accounts for the financial year ended 31stMarch 2021 the applicable Accounting Standards had been followed along with properexplanation relating to material departures if any;

b) the Accounting Policies had been selected and applied consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the financial year ended 31st March2021 and of the loss of the Company for that period;

c) proper and sufficient care had been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d) the Annual Accounts had been prepared on a going concern basis;

e) Internal Financial Controls were laid down to be followed and that these controlswere adequate and operating effectively; and

f) proper systems to ensure compliance with the provisions of all applicable laws werein place and were adequate and operating effectively.

RELATED PARTY TRANSACTIONS

Proper systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.

All Related Party Transactions were placed before the Audit Committee and the Board ofDirectors pursuant to applicable provisions of SEBI (LODR) Regulations 2015 &Companies Act 2013. Omnibus approval of the Audit Committee has been obtained forentering into related party transactions. The transaction entered into pursuant to theomnibus approval so granted are audited and a statement giving details of all relatedparty transactions is placed before the Audit Committee and the Board of Directors.Thepolicy on Related Party Transactions as approved by the Board is available at theCompany's website at www.nsail.com.

Details of Related Party Transactions are given in "Annexure-A."

RISK MANAGEMENT

The Board has constituted a Risk Management Committee to assess risks in the operationsof business of the Company to mitigate and minimise risks assessed periodic monitoringof risks and other matters to be delegated to the Committee by the Board from time totime.

Following are the members of the Committee :

1. Mr. Santosh Shahra : Chairman
2. Mr. Rajesh Nema : Member
3. Mr. Ashutosh Upadhyay : Member

CORPORATE SOCIAL RESPONSIBILITY

During the period under review the Company is not required to spend towards CorporateSocial Responsibility (CSR).

The annual report on Corporate Social Responsibility ('CSR') containing details of CSRPolicy composition of CSR Committee CSR projects undertaken and web-link thereto on thewebsite of the Company as required under Companies (Corporate Social ResponsibilityPolicy) Rules 2014 is set out in "Annexure - B" forming part of this Report.

AUDITORS

(a) Statutory Auditors :

The Equity Shareholders of the Company in their Thirty Third Annual General Meetingheld on 6thAugust 2019 had accorded their approval pursuant to the provisionsof Sections 139 and other applicable provisions of Companies Act 2013 and Rules madethere under to appoint M/s. Fadnis & Gupte Chartered Accountants (FRN No. 006600C)as the Statutory Auditor of the Company for the period of five years commencing from theconclusion of Thirty Third Annual General Meeting until the conclusion of Thirty EighthAnnual General Meeting.

Any qualification reservation adverse remark or disclaimer in the Auditors' Report tothe Members read alongwith notes to the accounts are self explanatory needs no furtherclarification or explanation. Further no fraud has been reported by the Auditors undersection 143(12) of the Companies Act 2013 requiring disclosure in the Board's Report.

(b) Cost Auditors :

Pursuant to Section 148(1) of the Companies Act 2013 your Company is required tomaintain cost records as specified by the Central Government and accordingly such accountsand records are made and maintained.

Pursuant to the provisions of Section 148(2) read with the Companies (Cost Records andAudit) Amendment Rules 2014 your Company is also required to get its cost accountingrecords audited by a Cost Auditor. Accordingly the Board of your Company had appointed M.Goyal & Co. Cost Accountants (FRN No. 000051) as the Cost Auditor of the Company forthe financial year 2020-21. The Cost Audit Report with Annexure shall be submittedalongwith full information and explanation on every reservation or qualification containedtherein if any to the Central Government within stipulated time period.

The Cost Audit Report for the financial year ended 31st March 2020 wasfiled with the Central Government (Ministry of Corporate Affairs) vide SRN R67438861 dated16th October 2020.

(c) Secretarial Auditor :

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hadappointed Mr. Ashish Garg Company Secretary in Practice (FCS5181/CP4423) to undertake theSecretarial Audit of the Company.

The Secretarial Audit Report is annexed herewith as "Annexure-C". TheSecretarial Audit Report does not contain any qualification reservation or adverse remarkor disclaimer except as under:

i. In respect of improper composition of Board of the Company; owing to falling undertop 2000 listed entities determined on the basis of market capitalization as at the end ofthe immediate previous financial year the Company was required to have atleast sixdirectors on the Board. However the Board of the Company comprises of five directors. TheCompany has appointed Mr. Sumit Mittal as Independent Director of the Company w.e.f. 12thFebruary 2021.

ii. In respect of SEBI ex-parte ad-interim order; SEBI has passed final Order No.WTM/AB/IVD/ ID11/8666/2020-2021 dated 12th August 2020 revoking the directionsof restraining the Company from buying selling or dealing in the securities market eitherdirectly or indirectly with immediate effect.

iii. In respect of case filed before Debt Recovery Tribunal (DRT) by the lender banks;The Company has adopted legal course of action to defend the same.

iv. In respect of Applications/Petitions filed under the Insolvency and BankruptcyCode 2016;The Company is taking necessary legal recourse to defend the same.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

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 annexed herewith as"Annexure-D".

EXTRACT OF ANNUAL RETURN

The Annual Return as required under Section 92 and Section 134 of the Companies Act2013 read with Rule 12 of the Companies (Management and Administration) Rules 2014 isavailable on the Company's website athttps://www.nsail.com/downloads/Draft_Annual_Return_%202020-21.pdf.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the Notes to the Financial Statements and arewithin the limits.

PARTICULARS OF JOINT VENTURE SUBSIDIARY & ASSOCIATE COMPANY

The Company does not have any joint venture subsidiary or associate company during theyear. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adopted policies and procedures for ensuring the orderly and efficientconduct of its business including adherence to the Company's Policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of accounting records and the timely preparation of financial disclosures.

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. These are routinely tested and certified by Statutory aswell as Internal Auditor. Significant audit observations and corrective action arereported to the Audit Committee.

The concerned executives monitors and evaluates the efficacy and adequacy of internalcontrol system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company. Based on the report of internalaudit function process owners undertake corrective action in their respective areas andthereby strengthen the controls. Significant audit observations and corrective actionsthereon represented to the Audit Committee.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

Your Company has formulated a mechanism called "Vigil Mechanism/ Whistle BlowerPolicy" for directors and employees to report to the management instances ofunethical behavior actual or suspected fraud or violation ofthe Company's Code of Conductand provided a framework to protect employees wishing to raise a concern about seriousirregularities within the Company.

The policy permits all the directors and employees to report their concerns to theCompetent Authority Executive Chairman/Executive Director of the Company and if theWhistle Blower believes that there is a conflict of interest between the CompetentAuthority and the Whistle Blower he/she may send his/her protected disclosure directly tothe Chairman of the Audit Committee.

The policy with the name and address of the Competent Authority ExecutiveChairman/Executive Directorof the Company and Chairman of the Audit Committee has beencommunicated to the employees by uploading the same on the website of the Company.

DEPOSITS

Your Company did not accept any deposit from the Public during the year under review.

INSURANCE

Your Company's Fixed Assets have been adequately insured.

CORPORATE GOVERNANCE

Your Company has been particular in implementing and complying with the norms ofCorporate Governance and complying all the mandatory requirements as specified inRegulations 17 to 27 clause (b) to (i) and (t) of sub-regulation (2) of Regulation 46 andparagraph C D and E of Schedule V of the SEBI (LODR) Regulations2015. A detailed reporton Corporate Governance along with Certificate from Practicing Company Secretaryconfirming the compliance of the conditions of Corporate Governance is attached separatelyto this Report.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Companies Act 2013 read with Rule5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 astatement showing the names and other particulars of the employees drawing remuneration inexcess of the limits setout in the said rules are provided in "Annexure-E"forming part of this report.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION ANDREDRESSAL) ACT 2013

The Company has zero tolerance towards sexual harassment at the workplace and to thisend has adopted a policy in line with the provisions of Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013. The Company has complied withthe Constitution of Internal Compliant Committee under Sexual Harassment of Women atWorkplace (PreventionProhibition and Redressal) Act 2013.

Your Directors state that during the year under review there was no complaintfiled/pending pursuant to the provisions of "Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013".

MATERIAL CHANGES AND COMMITMENTS

There is no material change and commitment has occurred 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 except:

1. A review petition was filed by Madhya Pradesh Paschim Kshetra Vidyut Vitaran CompanyLimited (MPPKVVCL) for reviewing the order passed by the Hon'ble High Court MadhyaPradesh (MP) in Writ Petition (WP) No. 22734 of 2017 wherein court had directed MPPKVVCLto issue fresh demand in connection with the demand raised by MPPKVVCL for the period fromMay 2009 to May 2016 without penalty but with interest calculated as per agreement rate.The review petition was allowed by the Hon'ble High Court of MP by its order dated 13thMay 2020 ("May 2020 Court Order"). There after MPPKVVCL had issued a demandnotice for 79.18 Crores including interest calculated at the rate of 16% per annumcompounded in every six months for the period from 12th June 2015 to 31stMay 2020 along with an amount of 31.46 Crores which was due to be paid. Thereafter Company has filed Special Leave Petition (SLP) before Hon'ble Supreme Court. TheSLP was allowed and order passed in Writ Petition 22734 of 2017 and order passed in ReviewPetition 1765 of 2018 have been dismissed and MPPKVVCL has been instructed to consider therepresentations made by the Company to MPPKVVCL but MPPKVVCL has dismissed request made bythe Company therefore a Writ Petition No. 7851 of 2021 has been filed which is pendingfor hearing with the Hon'ble High Court of MP Indore Bench.

SIGNIFICANT AND MATERIAL ORDERS PASSED

Following are the significant and material orders passed during the year under review:

1. An application under Section 9 of Insolvency and Bankruptcy Code 2016 had beenadmitted against the Company on June 09 2020. Thereafter dues were settled by thecompany through a settlement deed with the applicant "Argrocorp International Pte.Ltd.". Upon settlement an application for withdrawal of the insolvency proceedingwas filed. NCLT has dismissed the insolvency proceeding by allowing the said applicationby its order dated June 23 2020.

2. An award had been passed against the company in the matter of Arbitration atHongkong initiated by Smart Timing Steel Ltd (STSL). STSL got the award confirmed fromHigh Court of Mumbai and it has initiated execution against the company by attaching oneof its properties and in process to put the said property on auction. Simultaneously STSLfiled a petition under Insolvency and Bankruptcy Code 2016 (IBC) before National CompanyLaw Tribunal (NCLT) Mumbai which was dismissed by NCLT. STSL has preferred an appealbefore National Company Law Appellant Tribunal Delhi (NCLAT) against the order of NCLTand the same is dismissed. Further STSL has filed a civil appeal to Supreme Court whichis pending for hearing.

3. In August 2010 the Company has started obtaining electricity through open access(from outside the state). Government of Madhya Pradesh (MP) enacted Vidyut ShulkAdhiniyam 2012 whereby electricity duty was imposed on the consumption of electricitythrough open access in the state.

The Company had challenged the collection of electricity duty by filing writ petitionin High Court of MP which was dismissed thereafter the order was challenged in SupremeCourt but same had been dismissed on December 19 2019. Now the Company has startedmaking payment of amount of electricity duty and interest thereon in installments. TheCompany has paid an amount of 1.25 Crores against the total demand of 10.50 Crs.(including interest 24% p.a. on principal amount) till date.

ASSIGNMENT OF DEBT OF THE COMPANY

On 31st March 2021 five (5) lender banks of the Company namely IDBI BankLimited State Bank of India Union Bank of India (earlier Andhra Bank) Central Bank ofIndia and Bank of Maharashtra [collectively hereinafter referred as "Banks"]through a Joint Assignment Agreement has assigned their debt extended to the Company toJM Financial Asset Reconstruction Company Limited ("JMFARC") along with allunderlying securities rights title and interest thereof.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 (31 OF 2016) ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIALYEAR 2020-21

The details of applications/petitions filed under the Insolvency and Bankruptcy Code2016 (IBC) by/ against the Company are as under:

A. Insolvency Proceedings to which Company is/was Respondent:

S. No. Particulars Type of Creditor Case No. and Forum before which the matter is/was pending. Amount involved Status as at the end of the Financial Year
1. Agrocorp International Pte. Ltd. Operational Creditor National Company Law Tribunal Mumbai Bench. [C.P. (IB)-798(MB)/ 2019] USD 978508 equivalent to 71675711. Withdrawn by NCLT Order CP(IB) No. 798/MB)C-IV /2019 dated June 9 2020 pursuant to settlement agreement entered between the parties.
2. Korea Trade Insurance Corporation Operational Creditor National Company Law Tribunal Mumbai Bench. [C.P. (IB)- 4169(MB)/ 2019] USD 3500960 equivalent to 245837439/- Pending before the NCLT.
3. Ripley & Co. Stevedoring & Handling Private Limited Operational Creditor National Company Law Tribunal Mumbai Bench. [C.P. (IB)- 1869(MB)/ 2019] 7785271/- Pending before the NCLT.
4. Smart Timing Steel Limited Operational Creditor Supreme Court of India. (Civil Appeal No. 9435 of 2019) USD 426494 and HKD 769654 equivalent to 37669550/- Pending before Supreme Court
5. Bank of India Financial Creditor National Company Law Tribunal Mumbai Bench. [C.P. (IB)- 2067(MB)/ 2019] 1278095977/- Pending before the NCLT.

B. Insolvency Proceedings to which Company is/was Plaintiff:

S. No. Particulars Type of Debtor Case No. and Forum before which the matter is/was pending. Amount involved (in Rs.) Status as at the end of the Financial Year
1. Rite Bite Trading Private Limited Operational Debtor National Company Law Tribunal Mumbai Bench. [C.P. (IB)-1459 (MB)/ 2020] 786105760/- Pending before the NCLT
2. Mitesh Trading Private Limited Operational Debtor National Company Law Tribunal Mumbai Bench. [C.P. (IB)- 3231(MB)/ 2019] 403941054/- Pending before the NCLT.
3. Shimita Trading Private Limited Operational Debtor National Company Law Tribunal Mumbai Bench. [C.P. (IB)- 2510(MB)/ 2019] 131480928/- Pending before the NCLT.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONS THEREOF:

The Company proposed One time Settlement (OTS) to its Lender Banks which was approvedby 70% (approx) of its lenders. However in the absence of arrangement of requisite fundsthe proposal was withdrawn. Accordingly the clause is not applicable to the Companyduring the year under review.

SECRETARIAL STANDARDS

The Company has in place proper systems to ensure compliance with the provisions of theapplicable Secretarial Standards issued by The Institute of Company Secretaries of India(ICSI) and such systems are adequate and operating effectively.

ACKNOWLEDGEMENT

The Board of Directors take this opportunity to express their gratitude to the CentralGovernment State Government and Local Authorities Lenders Customers Dealers Vendorsand all the stakeholders for their continued cooperation and support to your Company.

The Board of Directors wishes to express its appreciation to all the employees of theCompany for their continuous contribution in the COVID-19 era towards successfuloperations of the Company. The Board also wishes for better health of its Stakeholders andhope for faster recovery from the current pandemic and look for prosperity growth andconstructive development of our country and world at large.

The Board specially thank to the shareholders for their continued confidence and faithin the Company.

For and on behalf of the Board of Directors
Place : Indore Santosh Shahra
Date : 30th June 2021 Executive Chairman

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