To The Members:
Your Directors have pleasure in presenting their 27th Twenty Seventh AnnualReport together with the Audited Accounts of the company for the year ended 31stMarch 2020.
The Company's financial performance for the year ended is 31st March2020. Summarized below:
| ||(Rs. In Lakhs) ||(Rs. In Lakhs) |
|Particulars ||31s* March 2020 ||31st March2019 |
|Gross Sales ||7073.11 ||7107.25 |
|Less : GST ||917.62 ||1129.21 |
|Net Sales ||6155.49 ||5978.04 |
|Other Income ||95.30 ||113.72 |
|Total ||6250.79 ||6091.76 |
|Profit before depreciation & taxation ||549.14 ||526.59 |
|Less : Depreciation ||412.07 ||319.74 |
|Less : Provision for taxation ||65.73 ||79.49 |
|Less: Prior period adjustment (Taxation) ||0 ||0 |
|Add: Deferred Tax withdrawn ||-14.41 ||-64.68 |
|Profit after taxation ||85.75 ||192.04 |
|Add: Balance brought forward from previous year/Other Equity ||4938.86 ||4926.18 |
|Surplus available for appropriation ||0 ||0 |
|Appropriations ||0 ||0 |
|General Reserve ||0 ||0 |
|Proposed Dividend ||37.40 ||62.33 |
|Tax on Dividend ||0 ||12.69 |
|Additional depreciation on fixed asset as per Companies Act 2013 ||0 ||0 |
|Balance carried to Balance sheet ||4938.86 ||4926.18 |
|Total ||4938.86 ||4926.18 |
The Change in the Nature of Business if any:
There was no change in nature of business for the period under review. However thecompany is in process of setting up a facility for manufacture of steroids/API which willadd value to the existing business.
Transfer to reserves:
The company does not propose to transfer any amount to the General Reserves.
Based on the performance of the Company and the need for conservation of internalaccruals while maintaining the dividend for the shareholders your Directors are pleasedto recommend a final dividend of Rs. 0.60 per equity share at the rate of 6 % subject tothe approval of members. The dividend if approved by the Members will result in the outflow of Rs. 37.40 lakhs from the Company Dividend if declared will be paid to the Memberswhose names appear in the Register of Members as on the record date as on 13thAugust 2020.
Transfer of Unclaimed Dividend to Investor Education and Protection Fund & Transferof Shares To Investor Education And Protection Fund
In terms of the Companies Act any unclaimed or unpaid Dividend relating to thefinancial year 2012-13 will be transferred to the Investor Education andProtection Fund established by the Central Government after the conclusion of 27thAnnual General Meeting.
Pursuant to Section 124(6) of the Companies Act 2013 all shares in respect of whichDividend has not been paid or claimed for seven consecutive years or more shall betransferred in the name of Investor Education and Protection Fund (IEPF).
The unclaimed equity shares pertaining to financial year 2011-12 to 2017-18 has beentransferred as per the provisions of the Act.
The details of the said shares transferred are provided on the website of the Companyat http://www.naturalcapsules.com/pages/bes-compliance.html
During the year under consideration there was no change in the paid up capital.However 62500 stock options equity shares were issued to employee as per the statutoryprovisions for which in-principle approval has been obtained from the exchange. Thepresent share capital stands at Rs. 62327000 Comprising of 6232700 Equity Sharesof Rs. 10/- only each. Further the company has not made any fresh issue of shares forthe Financial Year 2019-20.
The global economy is confronting with an unprecedented COVID- 19 pandemic which has arippling effect on the real GDP business of all the affected countries. In Indian contextalmost all the sectors are impacted due to lock down and the social distancingrestrictions resulting in contraction of demand for banking products /services. Theresilience depends on the health & societal factors like disease progression vaccinedevelopment spending habits timely availability of labour force etc. However pharma andhealthcare industry is supposed to be one of the few segments which have not beenadversely affected but for limited impact due to sudden lockdown lack of availability oflabour drop in retail sales of medicines during initial phases of lockdown.
The management has assessed the potential impact on COVID-19 on the Company. Based onthe current assessment the management is of the view that the impact of the COVID-19 onthe operations of the Company and the carrying value of its assets and liabilities is notlikely to be material. In assessing the recoverability of receivables intangible assetsand Loans & advances the Company has considered internal and external informationupto the date of approval of financial results.
However the impact assessment of COVID-19 is a continuing process given theuncertainties associated with its nature and duration. The Company will continue tomonitor any material changes to future economic conditions.
Extract of Annual Return:
Pursuant to Section 92(3) and Section 134(3)(a) of the Act read with Rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of the Annual Return isattached and marked as Annexure 7 to this report and also uploaded on the website of theCompany web link www.naturalcapsules.com
Board Meetings and Its Committees Conducted During The Period Under Review:
|Board Meeting No. ||Date of Board Meeting ||Board Strength ||No. of Director's Present |
|128th ||Thursday 30th May 2019 ||9 ||8 |
|129th ||Friday 9th August 2019 ||10 ||8 |
|130th ||Tuesday 12th November 2019 ||8 ||7 |
|131st ||Saturday 21st December 2019 ||8 ||7 |
|132nd ||Saturday 8th February 2020 ||8 ||7 |
Further details of the same have been enumerated in the Corporate Governance Reportannexed in Annexure-5 to this report.
Company has not accepted any deposits within the meaning of Section 73 of the CompaniesAct 2013 and the Companies (Acceptance of Deposits) Rules 2014.
Particulars of Loans. Guarantees or Investments:
The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013. The details of the investments made by company aregiven in the notes to the financial statements.
Internal control systems and their adequacy:
Internal financial controls means the policies and procedures adopted by the companyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information; The Company has adequate internal controlsystems to monitor business processes financial reporting and compliance with applicableregulations. The systems are periodically reviewed for identification of controldeficiencies and formulation of time bound action plans to improve efficiency at all thelevels. The Audit Committee of the Board constantly reviews internal control systems andtheir adequacy significant risk areas observations made by the internal auditors oncontrol mechanism and the operations of the Company and recommendations made forcorrective action through the internal audit reports. The Committee reviews the statutoryauditors' report internal audit reports secretarial audit reports project repotsquarterly budgets significant processes and accounting policies and other key issues fromtime to time.
Directors' Responsibility Statement
The Directors confirm that -
(a) In the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures from those standards.
(b) They have selected such accounting policies and applied them 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 end of the financial year and of the profitof the Company for that period;
(c) They have taken proper and sufficient care for maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act for safeguarding the assetsof the
Company and for preventing and detecting fraud and other irregularities;
(d) They have prepared the annual accounts on a going concern basis;
(e) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such system were adequate and operating effectively. Basedon the framework of internal financial controls established and maintained by the Companywork performed by the Internal Statutory and Secretarial Auditors reviews performed bythe management and the relevant Board Committees the Board in concurrence with the AuditCommittee is of the opinion that the Company's internal financial controls were adequateand effective as on March 31 2020.
(f) They have duly complied with Secretarial Standards issued by Institute of CompanySecretaries of India (ICSI) from time to time.
Information Pertaining to Auditors and Other Allied Matters:-
Details In Respect Of Frauds Reported By Auditors under Section 143(12) Other ThanThose Which Are Reportable To the Central Government
There were no instances of frauds identified or reported by the Statutory Auditorsduring the course of their audit pursuant to Section 143(12) of the Companies Act 2013.
Explanation and Comments on Auditor Reports:
The reports of the Statutory Auditors (annexed elsewhere in the Annual Report) and thatof the Secretarial Auditors (annexed hereto as Annexure-2) and the explanations onthe observations of Secretarial Audit Report is given below:
|Comments/Observations of the Secretarial Auditor: ||Company's Response/Explanations: |
|The Company has not consolidated Financials of its subsidiary M/s Natural Phyto Pharma Private Limited (Formerly known as Natural Drug Discoveries Private Limited) for the quarter ended June 2019. ||The Company has since rectified deficiency and submitted the same to BSE on receipt of Notice and payment of levied fine. |
|Some of the Promoter Shareholders holding 3600 equity share belonging to promoter's group is yet to demat his share/s ||The Company is in the process of dematerializing the shares of the said promoter. |
|There were few instances of delays in filing of E forms with the Registrar of Companies with additional fees. ||The said delay was due to inadvertence and the forms have been filed with additional fees and there were no instance of noncompliance. |
|The adjudication for default U/s 203(1) read with Rule 8A of Companies (Appointment and Remuneration of Managerial personnel) Rules 2014 regarding Non Appointment of whole time Company Secretary for the earlier period 01/04/2014 to 25/03/2015 is pending with ROC ||the company's application for adjudication of the default is pending disposal with ROC. |
M/s P. Chandrasekar LLP Chartered Accountants were appointed as the StatutoryAuditors of the Company for a term of five consecutive years at the 24th AnnualGeneral Meeting held on 29th August 2017 subject to annualratification by shareholders. However with the advent of Companies (Amendment) Act 2017the requirement of annual ratification of the appointment of the Statutory Auditors of theCompany by the shareholders at the Annual General meeting has been done away with.Accordingly M/s P. Chandrasekar LLP Chartered Accountants will continue to be theStatutory Auditors of the Company for the FY 2020-21 and for the remaining tenure.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 (as amended from timeto time) the Company has appointed Shri R. Parthasarathy Company Secretary in practice toundertake the Secretarial Audit of the Company. The Secretarial Audit report is annexedherewith as Annexure - 2.
The provisions of Section 148 of the Companies Act 2013 read with the Companies (CostRecords and Audit) Amendment Rules 2014(as amended from time to time) is currently notapplicable to the company.
Significant and Material Orders Passed By the Regulators or Courts:
There are no significant material orders passed by the Regulators / Courts which wouldimpact the going concern status of the Company and its future operations.
Declaration of Independent Directors:
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as stipulated in Section 149(6) ofthe Companies Act 2013 so as to qualify themselves to act as Independent Directors underthe provisions of the Companies Act 2013 and the relevant rules.
Shri. Laxminarayan Mundra and Smt. Jyoti Mundra Directors retire byrotation and being eligible offer themselves for re appointment.
During the year under consideration Mr Sunil L Mundra and Mr. Satyanarayana Mundrawere reappointed as MD and WTD respectively for a period of 5 years and 3 years.
Mr. Laxminarayana Mundra's tenure as Whole time director is ending on 31.08.2020.Considering his immense contribution to the progress of the company as a promoter andexecutive director since inception the Board recommends his reappointment for a furtherperiod of 3 years.
All independent directors have given declarations that they meet the criteria ofindependence as laid down under section 149 (6) of the Companies Act 2013 and Regulation25(3) of SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015. AllDirectors have given declaration relating to compliance with code of conduct.
Nomination and Remuneration SCompensation Committee and Policy:
As per the requirements of the provisions of the Companies Act 2013 a Nomination andRemuneration & Compensation Committee of Directors was constituted by the Board ofDirectors and the details of the Members of the Committee are disclosed elsewhere in thisAnnual Report. The Board has on the recommendation of the Nomination and RemunerationCommittee framed a policy on Director's appointment and remuneration including criteriafor determining qualification positive attributes independence of a Director and othermatters provided under sub-section (3) of Section 178. The said Policy is available on thewebsite of the Company various web links of the company's policy is detailed under thehead Policy.
Related Party Transactions:
All transactions of the Company with the related parties were in the ordinary course ofbusiness and on an arm's length pricing basis. There were no material significant relatedparty transactions having potential conflict with the interest of company.
The Policy on Related Party Transactions (including the revised policy applicable forrelated party transactions effective April 01 2019) is available on the Company'swebsite and can be accessed athttp://www.naturalcaDSules.com/pdf/Dolicv-on-related-Dartv-transactions.pdf
As prescribed by Section 134(3)(h) of the Companies Act 2013 read with Rule 8(2) ofthe Companies (Accounts) Rules 2014 particulars of contracts/arrangements with relatedparties are given in Form AOC-2 annexed as Annexure -1 to this report.
(A). Name of the related party and nature of relationship where control exists:
|Name of Related Party ||Nature of Relationship |
|M/s. Mundra enterprises ||Entity in which Director or KMP is related: |
| ||Mr. Sunil Laxminarayana Mundra- Partner |
| ||Mr. Laxminarayana Mundra-His wife is a Partner |
| ||Mr. Sathyanarayana Mundra- Partner |
| ||Mr. Sushil Kumar Mundra- Partner |
| ||Mrs. Jyothi Mundra- Her husband is partner |
(B) (i) Related Party Transactions:
|Name of Related Party ||Nature of Transaction ||Amount of Transaction ||Amount Outstanding at the end of year || |
| || || ||Credit (Rs.) Current Year\(Previous Year) 201920 ||Debit (Rs.) Current Year\(Previous Year) 2018-19 |
|Mr. Sunil Laxminarayana Mundra ||Directors Remuneration ||4440000 ||227110 ||236340 |
|Mr. Laxminarayana Mundra ||Directors Remuneration ||3180000 ||156270 ||173370 |
|Mr. Sathyanarayana Mundra ||Directors Remuneration ||31.80000 ||180420 ||173450 |
|Mr. Prasanna Junnarkar ||Salaries ||1047774 ||65177 ||63526 |
|Mr. Skandan p. Jain ||Salaries ||277481 ||0.0 ||28790 |
|Mrs. Shilpa Burman ||Salaries ||234234 ||37250 ||0.0 |
|Mr. Sushil Kumar Mundra ||Sitting Fees ||75000 ||- ||- |
|Mrs. Jyothi Mundra ||Sitting Fees ||60000 ||- ||- |
|M/s. Mundra Enterprises ||Operating ||0.0 || ||0.0 |
|M/S Natural Phyto Pharma Private Limited (Formerly known as Natural Drug Discoveries Private Limited) ||Investment in Equity Shares ||0.0 ||0.0 ||75000 |
Material Changes and Commitments Affecting the Financial Position of the Company:
There is no material change or commitments after the closure of the financial year ason 31st March 2020 and till the date of this report except COVID Impacton the performance of the Company has already been mentioned in this report.
Conservation Of Energy Technology Absorption. Foreign Exchange Earnings and Outgo:
The information pertaining to conservation of energy technology absorption ForeignExchange Earnings and Outgo as required under section 134 (3) (m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 (as amended from time totime) is attached herewith as Annexure - 3 to this report.
The Company follows a comprehensive and integrated risk management process. The riskmanagement process is designed to safeguard the organization from various risks throughadequate and timely actions. It is designed to anticipate evaluate and mitigate risks inorder to minimize its impact on the business. The potential risks are inventoried andintegrated with the management process such that they receive the necessary considerationduring decision making and are periodically reviewed and revised by the Board ofDirectors.
Corporate Social Responsibility:
The CSR Committee was reconstituted due to retirement of Dr. CM Gurumurthy. The presentCommittee members are Shri Anjan Kumar Roy Shri Sunil L Mundra and Shri SushilKumar Mundra. In view of profits being less than the prescribed limits as per section 135of the Companies Act 2013 CSR provisions are not applicable to the Company.
The Companies Act 2013 states that a formal annual evaluation needs to be made by theBoard of its own performance and that of its committees and individual directors. ScheduleIV of the Companies act 2013 states that the performance evaluation of independentdirectors shall be done by the entire Board of Directors excluding the director beingevaluated. Pursuant to the provisions of the Act the Board has carried out an annualevaluation of its own performance the individual Directors (including the Chairman) aswell as an evaluation of the working of all Board Committees. The performance evaluationwas carried out on the basis of inputs received from all the Directors / Members of theCommittees as the case may be.
The Independent Directors of the Company have also convened a separate meeting for thispurpose. All the results of evaluation have been communicated to the Chairman of the Boardof Directors.
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 mandates thatthe Board shall monitor and review the Board evaluation framework. The framework includesthe evaluation of directors on various parameters such as:
Board dynamics and relationships
Relationship with stakeholders
Company performance and strategy
Tracking Board and committees effectiveness
The evaluation process has been explained in the corporate governance report. The Boardapproved the evaluation results as collated by the nomination and remuneration committee.
Pursuant to Regulation 34 of the SEBI (LODR) Regulations 2015 Report on CorporateGovernance Management Discussion and Analysis Report and Auditors Certificate regardingcompliance of conditions of Corporate Governance provided in Annexure-5 inthis Report and the same forms part of the Directors' Report.
Composition of Audit Committee and Vigil Mechanism/Whistle Blower Policy:
The Audit Committee was reconstituted due to retirement of Dr. CM Gurumurthy. Thepresent Committee members are Mr. CP Rangachar Mr. Pramod Kasat Mr. Anjan Kumar Roy& Mr. Sunil L Mundra. The Board has constituted an Audit Committee details ofwhich are enumerated in the Corporate Governance Report. The Company has devised a vigilmechanism in the form of a Whistle Blower Policy in pursuance of provisions of Section177(10) of the Companies Act 2013 and the policy is explained in corporate governancereport. During the year under review there were no complaints received under thismechanism.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention. Prohibitionand Redressal) Act 2013:
The Company has in place a policy on Sexual Harassment of Women at Workplace in linewith the requirements of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. An Internal Complaint Committee has been set up toredress complaints received. All employees (permanent contractual temporary trainees)are covered under this policy. There were no complaints from any employee pendingresolution during the financial year 2019-20.
a) details of establishment of vigil mechanism whistle blower policy andaffirmation that no personnel has been denied access to the audit committee;
b) details of compliance with mandatory requirements and adoption of thenon-mandatory requirements;
c) web link where policy for determining material' subsidiaries is disclosed;
d) web link where policy on dealing with related party transactions;
e) a certificate from a company secretary in practice that none of the directors onthe board of the company have been debarred or disqualified from being appointed orcontinuing as directors of companies by the Board/Ministry of Corporate Affairs or anysuch statutory authority.
Particulars of Employees:
Disclosures with respect to the remuneration of Directors and employees as requiredunder Section 197 of Companies Act 2013 and Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 has been appended as Annexure - 6to this Report.
Employee Stock Option Schemes
Pursuant to Rule 12(9) of the Companies (Share Capital and Debentures) Rules 2014 readwith Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations 2014 TheCompany has implemented ESOP Scheme 2018 to reward and retain the qualified and skilledemployees and to give them an opportunity to participate in the growth of the Company.These Schemes are administered by the Nomination Remuneration and Compensation Committeeof the Company has been appended as Annexure - 7 to this Report
Subsidiaries. Joint Ventures and Associate Companies:
The name of subsidiary company has since been changed from M/s Natural Drug DiscoveriesPrivate Limited to M/S Natural Phyto Pharma Private Limited and its main objects has beenamended to include new objects for diversification of business such as manufacture ofchemical intermediates and API (Active Pharmaceuticals Ingredients)
Internal Control Systems and Their Adequacy:
The Company has an adequate Internal Control System commensurate with its size andoperations. Management has overall responsibility for the Company's Internal ControlSystem to safeguard the assets and to ensure reliability of financial records. AuditCommittee reviews all financial statements and ensures adequacy of internal controlsystems. The Company has engaged the services of an Independent Chartered Accountant tocarry out the internal audit and ensure that recording and reporting are adequate andproper the internal controls exist in the system and that sufficient measures are takento update the internal control system. The system also ensures that all transaction areappropriately authorized recorded and reported. Exercises for safeguarding assets andprotection against unauthorized use are undertaken from time to time. The company has alsoinstalled an extensive CCTV Surveillance system to cover the entire factory premises. Allthese measures are continuously reviewed by the management and as and when necessaryimprovements are affected.
Discussions on financial performance with respect to operational performance:
The Net Sales during the year was Rs. 5978.04 lakhs and your Companycould make Net Profit of Rs.192.04 Lakhs after tax.
No. of Employees:
|PLACE ||REGULAR ||TRANIEE ||TOTAL ||PLACE ||REGULAR ||TRANIEE ||TOTAL |
|HO ||21 ||0 ||21 ||HO ||22 ||0 ||22 |
|UNIT-1 ||34 ||0 ||34 ||UNIT-1 ||32 ||0 ||32 |
|UNIT-2 ||86 ||1 ||87 ||UNIT-2 ||75 ||9 ||84 |
|UNIT-3* ||8 ||4 ||12 ||- ||4 ||5 ||9 |
Unit 3 is established for the proposed API Project.
Management Discussion and Analysis Report:
1 .Industry structure and developments:
During the year under review Indian Pharma Industry has grown by around 9%. Indomestic market the industry is expected to grow at around 12%. At the same time theexports are likely to grow at the rate of 8 to 10%. Your company during the Financial Year2019-20 had a gross turnover of Rs. 7073.11 Lakhs as against Rs.7107.25 Lakhs in the previous year a marginal growth declined of 0.48 %. Profitbefore depreciation and taxation was Rs.549.14 Lakhs as against Rs.526.59 lakhs inthe previous year. The net profit of the Company for the year under review was placed at Rs.85.75 Lakhs as against Rs. 192.04 Lakhs previous year. PostCOVID-19 Indian Pharma industry is expected to get boost and will perform better thanearlier years.
Opportunities and threats:
1. Opening of export opportunities for Gelatine capsules in various countries due tolesser competition from china.
2. Increase in demand for capsules within the country due to JAN AUSHADHI Programme ofthe Government.
3. New dosage formulations using hard capsules.
4. Company new API project will market products which are currently being imported andhence will have good demand and margins.
1. General slow down in international business due to COVID-19.
2.Increase in prices of raw material due to short supply in domestic market and higherimport costs due to devaluation of Indian currency.
3. Slowdown in exports due to challenges in international economy.
c). Segment -wise or product wise performance is not relevant in view of the companyhaving single product.
Based on the company's performance up to the date of this report orders on hand andrealizing the incremental capacity post up gradation of machines your company is hopefulof achieving a turnover of around Rs. 7073.11 Lakhs in the current year. However due toincrease in input costs company may still earn lower margins as compared to earlieryears. New API project once commissioned will give a big boost to company's revenue andprofits.
e). Risks & Concerns
Risk of competition and exchange fluctuations may have an adverse impact on theprojections. Risk of delay in receiving payments for both local & internationalcustomers can lead to higher finance cost. Risk of short supplies of raw material cancause loss of business to some extent.
f). Discussions on financial performance with respect to operational performance:
The Net Sales During the year was Rs. 6155.48 Lakhs and your company could make NetProfit of Rs. 87.81 Lakhs after tax.
2. Disclosure of Accounting in case of different from the prescribed AccountingStandards: No deviation
|Management Discussion and Analysis: ||(in Lakhs except % Rate) |
|(h) Material developments in Human Resources / Industrial Relations front including number of people employed. ||N.A |
|(i) details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios along with detailed explanations therefor including: ||N/A |
|(i) Debtors Turnover ||1.97 |
|(ii) Inventory Turnover ||4.74 |
|(iii) Interest Coverage Ratio ||2.78 |
|(iv) Current Ratio ||2.10 |
|(v) Debt Equity Ratio ||1.23 |
|(vi) Operating Profit Margin (%) ||3.15 |
|(vii) Net Profit Margin (%) or sector-specific equivalent ratios as applicable. ||3.21 |
|(j) details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof ||NIL |
|(i) the amounts if any which it proposes to carry to any reserves; ||NIL |
|Other Disclosures: || |
|(k) total fees for all services paid by the listed entity and its subsidiaries on a consolidated basis to the statutory auditor and all entities in the network firm/network entity of which the statutory auditor is a part.] ||300000 |
The Board acknowledges the continued assistance from the Bankers State GovernmentsLocal Bodies Customers Suppliers Executives Staffs workers at all levels and theShareholders for their continuous cooperation and assistance.
| || |
For and on Behalf of the Board
| ||Sd/- ||Sd/- |
| ||Sunil L Mundra ||Satyanarayan Mundra |
|Place : Bengaluru ||Managing Director ||Whole Time Director |
|Date : 05th June 2020 || || |