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Olympic Oil Industries Ltd.

BSE: 507609 Sector: Others
NSE: N.A. ISIN Code: INE286E01019
BSE 00:00 | 25 May 31.05 -0.60
(-1.90%)
OPEN

32.30

HIGH

32.30

LOW

31.05

NSE 05:30 | 01 Jan Olympic Oil Industries Ltd
OPEN 32.30
PREVIOUS CLOSE 31.65
VOLUME 58
52-Week high 59.00
52-Week low 31.05
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.30
CLOSE 31.65
VOLUME 58
52-Week high 59.00
52-Week low 31.05
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Olympic Oil Industries Ltd. (OLYMPICOILIND) - Director Report

Company director report

To The Members

Your Directors have pleasure in presenting the Forty First DirectorsReport along with the Audited Financial Statements for the year ended 31stMarch 2021.

1. FINANCIAL HIGHLIGHTS

The Financial Performance of your Company for the year ended 31stMarch 2021 is summerized below:

(Figures in Rs.)

Particulars 2020-21 2019-20
Income
Revenue from Operations - -
Other Income 7362879 476724
Total Income 7362879 476724
Expenses
Operating Depreciation and Other Expenses 2543761 94160971
Salaries and Benefits 1890112 6177882
Total Expenses 4433873 100338853
Profit/(Loss) before Tax and Appropriations 2929006 (99862129)
Provision for Deferred Tax 1224625 65828
Provision for Income Tax
Excess Provision of Income Tax for last year 703751
Total Tax Expenses 1224625 769579
Profit / (Loss)after Tax 1704381 (100631708)
A) Items that will not be reclassified to Profit & Loss (2208823) (486075)
B) Items that will be reclassified to Profit & Loss
Total Comprehensive Income for the year (2208823) (486075)
Profit carried to the Balance Sheet (504442) (101117783)

2. STATE OF COMPANY'S AFFAIRS

During the year under the review your Company has not generated anyoperating income. However your Company's other income has increased fromRs.476724/- to Rs.7362879/- as compared to the previous year. Your Directors arestriving hard to cope with the growth opportunities if any for the Company in the presentscenario.

The Company has booked loss of Rs. 504442/- in financial year2020-21.

3. DIVIDEND

Considering the loss incurred in the current financial year yourDirectors have not recommended any dividend for the financial year under review.

4. TRANSFER TO RESERVES

Considering the loss incurred in the current financial year yourDirectors is not in a position to recommend any amount to transfer in to the reserves.

5. SHARE CAPITAL AND CHANGES THEREIN

There was no change in the Authorized share capital of the Companyduring the financial year. As on 31st March 2021 the paid up equity sharecapital of your Company was Rs. 28540000 divided into 2854000 equity shares ofRs.10/- each.

6. ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) of the Companies Act2013 the Annual Return for the financial year ended 31st March 2021 inaccordance with Section 92(3) of the Companies Act 2013 read with Companies (Managementand Administration) Rules 2014 is available on the website of the Company athttp://www.olympicoil.co.in/

7. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board ofDirectors to the best of their knowledge and ability confirms that:

i. In the preparation of the annual accounts for financial year ended March 31 2021the applicable accounting standards have been followed along with proper explanationrelating to material departures;

ii. 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 financial year and of the Loss forthat period;

iii. Have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularities;

iv. Have prepared the annual accounts for financial year ended March 31 2021 on a‘going concern' basis;

v. Had laid down internal financial control to be followed by the Company and that suchinternal financial controls are adequate and have been operating efficiently; and

vi. Have devised proper systems to ensure compliance with provisions of all applicablelaws and that such systems were adequate and operating effectively.

8. DEPOSITORY SYSTEM

Your Company's Equity Shares are available for dematerializationthrough National Securities Depository Limited (NSDL) and Central Depository Services(India) Limited (CDSL). As on March 31 2021 92.93% of the Equity Shares of your Companywere held in dematerialized form.

9. Number of Meetings of the Board

During the financial year the Board of Directors met 5 (Five) times on03rd August 2020; 19th September 2020; 08th November2020; 13th February 2021 and 04th March 2021.

10. Committees of the Board A. Audit Committee Composition:

The Audit Committee of the Company comprises of one Executive Directorand one Independent Directors as on 31st March 2021. The Audit Committeecomprised of Two members i.e. Mr. Arvind Srivastava (Independent Directors); and Mr.Nipun Verma (Whole-time Director). Mr. Arvind Srivastava (Independent Director) is thechairman of the committee. The Board of Directors is in process to appoint one newIndependent Director on the Board of the Company after appointment Board willreconstitute the Audit Committee in alignment with the provisions of Section 177 ofCompanies Act 2013.

Terms of Reference:

The terms of reference of the Audit Committee approved by the Board asper the provisions of section 177 of the Companies Act 2013.

The primary objective of the Audit Committee is to monitor and provideeffective supervision of the management's financial reporting progress with a view toensuring accurate timely and proper disclosures and transparency integrity and quality offinancial reporting. The Committee oversees the work carried out by the managementinternal auditors statutory auditors on the financial reporting process and thesafeguards employed by them. The Recommendation by the Audit Committee as and when made tothe Board has been accepted by it.

No. of Meetings:

During the financial year members of the Audit Committee met 4 (Four)times on 03rd August 2020; 19th September 2020; 08th November2020 and 13th February 2021.

B. Nomination Remuneration & Compensation Committee Composition:

The Company has constituted Nomination and Remuneration Committee atthe Board level with the powers and roles that are in accordance with Section 178 of theCompanies Act 2013

Terms of Reference:

The terms of reference of the Nomination Remuneration and CompensationCommittee approved by the Board as per the provisions of section 178 of the Companies Act2013 are as follows:

a. Formulation of the criteria for determining qualifications positive attributes andindependence of a director and recommend to the board of directors a policy relating tothe remuneration of the directors key managerial personnel and other employees;

b. Formulation of criteria for evaluation of performance of independent directors andthe board of directors;

c. Devising a policy on diversity of board of directors;

d. Identifying persons who are qualified to become directors and who may be appointedin senior management in accordance with the criteria laid down and recommend to the boardof directors their appointment and removal;

e. Whether to extend or continue the term of appointment of the independent directoron the basis of the report of performance evaluation of independent directors;

f. Recommend to the Board all the remuneration in whatever form payable to seniormanagement.

Number of Meetings

During the financial year the members of the Nomination Remunerationand Compensation Committee met 2 (Two) times on 19th September 2020 and 13thFebruary 2021.

C. Stakeholders Relationship Committee

The scope of the Stakeholders Relationship Committee is to review andaddress the grievances of the shareholders in respect of share transfers transmissionissue of duplicate/consolidated share certificates allotment and listing of sharesnon-receipt of annual report non- receipt of balance sheet non-receipt of dividend etc.and other related activities. In addition the Committee also looks into matters that canfacilitate better investor's services and relations.

Composition:

Composition of Stakeholders Relationship Committee is in alignment withthe provisions of Section 178 of Companies Act 2013.

Terms of Reference:

The scope of the Stakeholders Relationship Committee is to review andaddress the grievances of the shareholders in respect of share transfers transmissionissue of duplicate/consolidated share certificates allotment and listing of sharesnon-receipt of annual report non- receipt of balance sheet non-receipt of dividend etc.and other related activities. In addition the Committee also looks into matters that canfacilitate better investor's services and relations.

Status of Investor Complaints for the Financial Year ended March 31 2021:
Complaints outstanding as on April 01 2020 0
Complaints received during the financial year ended March 31 2021 0
Complaints resolved during the financial year ended March 31 2021 0
Complaints outstanding as on March 31 2021 0

No. of Meetings

During the financial year members of the Stakeholders RelationshipCommittee met 1 (One) time on 13th February 2021.

11. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Policy of the Company on Directors appointment and remunerationincluding criteria for determining qualifications positive attributes independence of aDirector and other matters as provided under sub-section (3) of section 178 is appendedas Annexure I to this Report.

12. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186

The details of loans given Investments made and guarantees given andsecurities provided under the Section 186 of the Companies Act 2013 as on 31stMarch 2021 have been provided in the notes to the Financial Statements forming part ofAnnual report.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Companyduring the financial year under review with related parties as defined under the CompaniesAct 2013 and Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 were in the ordinary course of business and on an arm's lengthbasis. During the year the Company had not entered into any contract / arrangement /transaction with related parties which could be considered material. Accordingly thedisclosure of Related Party Transactions as required under Section 134(3) of the CompaniesAct in Form AOC-2 is not applicable. Attention of the members is drawn to the disclosuresof transactions with the related parties as per Indian Accounting Standard (IND AS) 24 isset out in Notes to Accounts forming part of the financial statement forming part ofAnnual report. The Policy on dealing with related party transactions is disclosed onwebsite of the Company and the same may be accessed at the www.olympicoil.co.in

14. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITIONOF THE COMPANY

There have been no material changes and commitments affecting thefinancial position of the Company which have occurred between 31st March 2021and the date of the report other than those disclosed in this report.

15. PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGE EARNINGS AND OUTGO

Conservation of Energy

Your Company has taken necessary steps and initiative in respect ofconservation of energy to possible extent to conserve the energy resources.

Technology Absorption

Your Company is not engaged in any manufacturing activity theparticulars technology absorption as required under Section 134(3)(m) of the CompaniesAct 2013 read with the Companies (Accounts) Rules 2014 are not applicable.

Foreign Exchange Earnings and Outgo

During the period under review the Company had not earned any foreignexchange nor incurred any outflows in foreign exchange.

16. RISK MANAGEMENT

Your Company is aware of the risks associated with the business. Itregularly analyses and takes corrective actions for managing/ mitigating the same. YourCompany has institutionalized the policy/process for identifying minimizing andmitigating risk which is reviewed. The key risks and mitigation actions are placed beforethe Audit Committee.

17. CORPORATE SOCIAL RESPONSIBILITY

In terms of Section 135 of the Companies Act 2013 provisions ofCorporate Social Responsibility are not applicable to the Company during the year underreview.

18. ANNUAL EVALUATION ON PEFORMANCE OF THE BOARD

The Board adopted a formal mechanism for evaluating performance of theBoard its Committees and individual Directors including the Chairman of the Boardpursuant to the provisions of the Companies Act and the Corporate Governance requirementsas prescribed by SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.The exercise was carried out through an evaluation process as formulated by Nomination& Remuneration Committee (NRC) covering various aspects of the Board'sfunctioning such as composition of the Board & committees experience &competencies performance of specific duties & obligations contribution at themeetings and otherwise independent judgement governance issues etc.

All Directors participated in the evaluation. Evaluation was carriedout on individually excluding the Director being evaluated. In a separate meeting ofIndependent Directors performance of Non Independent Directors performance of the Boardas a whole and performance of the Chairman was evaluated taking into account the views ofexecutive directors and non-executive directors.

19. CHANGE IN THE NATURE OF BUSINESS

During the financial year 2020-21 there was no change in the nature ofbusiness of the Company.

20. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Section 152(6)(e) of theCompanies Act 2013 read with the Articles of Association of the Company Mrs. PoonamSingh (DIN: 07099937) Director of the Company retires at the ensuing annual generalmeeting and being eligible for re-appointment offers herself for re-appointment.

The Board of Directors on the recommendation of NominationRemuneration and Compensation Committee at its meeting held on September 19 2020appointed Mr. Kulpreet Singh Bhogal as Company Secretary (KMP) & Compliance Officer ofthe Company. Mr. Manoj Kumar Upadhyay resigned from the post of Chief Financial Officer(CFO) of the Company w.e.f. November 09 2020. The Board places on record its appreciationfor the valuable services and guidance given by him during his tenure as the CFO of theCompany Mr. Gopal Saxena (DIN: 06656177) resigned from the post of Director of the Companyw.e.f. October 08 2020. The Board places on record its appreciation for the valuableservices and guidance given by him during his tenure as the Director of the Company

21. DECLARATION BY INDEPENDENT DIRECTORS

All Independent Directors have submitted declarations to the Companythat they meet the criteria of Independence as laid down under Section 149(6) of theCompanies Act 2013 and Regulation 16 of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015.

22. FAMILARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details of familiarization programme to Independent Directorstheir roles rights responsibilities in the Company nature of the industry in which theCompany operates business model of the Company and related matters is uploaded on thewebsite of the Company at the link http://www.olympicoil.co.in.

23. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company complies with Secretarial Standards on Meetings of theBoard of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of CompanySecretaries of India.

24. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES OR LLP'S

The Company does not have any subsidiary Joint Venture AssociateCompany or LLP's during the financial year.

25. DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THECOMPANIES ACT 2013

The Company has not accepted any Deposits within the purview of Section73 to 76 of the Companies Act 2013 read with The Companies (Acceptance of Deposits)Rules 2014. Further no amount on account of principal or interest on public deposits wasoutstanding as on 31st March 2021.

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTSOR TRIBUNALS

There are no significant material orders passed by theRegulators/Courts which would impact the going concern status of the Company and itsfuture operations.

27. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH RESPECT TO FINANCIALSTATEMENTS

Your Company has an internal financial control system commensurate withrespect to its financial statements which provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements. The AuditCommittee has in place a mechanism to identify assess monitor and mitigate various risksto key business objectives. The Audit Committee has a process for timely check forcompliance with the operating systems accounting procedures and policies. Major risksidentified by the businesses and functions are systematically addressed through mitigatingaction on continuing basis.

28. STATUTORY AUDITORS AND AUDITORS' REPORT

M/s. Bhatter & Paliwal Chartered Accountants Statutory Auditorswere appointed as Statutory Auditors of the Company at Annual general Meeting held onSeptember 28 2017 till the conclusion of Annual general Meeting to be held for thefinancial year 2021-22.

There are no qualifications reservations or adverse remarks ordisclaimers mentioned in Audit Report made by M/s. Bhatter & Paliwal CharteredAccountants Statutory Auditors in their report except to the following observations:Emphasis of Matter We draw attention to:

1) Note no. 13 regarding credit facilities from banks became Non Performance accountduring the previous year and forensic audit has been carried for the working of thecompany and interest has not been provided since August 2018 being NPA. Pending theultimate outcome of this matter which is presently unascertainable hence no adjustment hasbeen made.

2) Note no. 33 regarding net worth of the company has been fully eroded due to lowervolume and finance cost accounts are prepared on going concern basis. Further the Companyhas defaulted in repayment of principal and interest payable to Banker in respect ofworking capital facilities which indicate existence of liquidity stress and materialuncertainty that may cast significant doubt on the Company's ability to continue as agoing concern. However the management is hopeful to meet the Company's financialobligation and continuing business operations. Having regards to this financialstatements have been prepared on the basis of going concern. Hence no adjustments havebeen made to the carrying value of Assets and Liabilities of the Company.

Management Reply: Credit facilities from Indian Overseas Bank Kanpurand Oriental Bank of Commerce New Delhi have become Non Performance accounts (NPA) duringthe year and forensic audit has been carried for the working of the company and replieswere sent by company to both Banks. As the Report contents were found unsatisfactorycompany referred the matter to a law firm who on the basis of another full audit byanother reputed firm of CAs have formed a different opinion and Management is thereforecontemplating contesting the same in Courts.

Net worth of the company has been fully eroded due to lower volumes andfinance cost. The management is hopeful to meet the Company's financial obligationsand continuing business operations and therefore accounts are prepared on going concernbasis.

29. SIGNIFICANT MATTERS RELEVANT TO THE YEAR UNDER REVIEW

a. Forensic Audit

Credit facilities from Indian Overseas Bank Kanpur and Oriental Bankof Commerce New Delhi have become Non-Performance accounts (NPA) during the previous yearand forensic audit has been carried for the working of the company and replies were sentby the company to both the Banks. As the forensic auditors did not consider company'ssubmissions duly substantiated with documentary supports and audit report being foundmalicious and dissatisfactory the matter was referred to a reputed law firm by thecompany. The law firm on the basis of another comprehensive Forensic Exercise by a highlyreputed firm of CAs and forensic audit specialists formed a significantly differentopinion and rebutted entire Forensic Audit Report. The Management has contested thefindings of the Forensic Audit Report in Courts. The company accordingly filed a WritPetition before the Honorable Delhi High Court seeking among other reliefs quashing ofthe forensic audit conducted by the banks and all subsequent actions taken pursuant tosuch report. The matter is pending before the Honorable High Court however the Court hasgranted the company certain interim reliefs. The Honorable Court vide their decisionclearly stated that no further measures will be taken to the Company being declared afraud. The net worth of the company has been completely eroded due to lower volumes ofbusiness and the burden of finance cost. However the management is hopeful to meet theCompany's financial obligations and continuing business operations and thereforeaccounts have been prepared as a going concern.

b. CBI Inquiry

The company has received the official Notice from CBI Department forsubmission of information's / statements and the company will strive to provide allrequired support in terms of documentation and otherwise required by the department toenable them to complete their investigation.

30. SECRETARIAL AUDITORS AND AUDITORS' REPORT

Pursuant to the provisions of Section 204 of the Companies Act 2013Board of Directors of the Company has appointed M/s. Gopesh Sahu Practicing CompanySecretary as Secretarial Auditor to conduct the Secretarial Audit and his Report for thefinancial year ended 31st March 2021 is appended as ANNEXURE II to thisReport.

There are no other qualifications reservations or adverse remarks ordisclaimers made by Mr. Gopesh Sahu Company Secretary in Practice in his secretarialaudit report except to the following observations:

a. The Company has not complied with the provision of Section 138 of the Companies Act2013 with respect to appointment of Internal Auditor.

b. After resignation of an Independent Director the Company has not appointed anIndependent Director in term of the provision of Section 149 of Companies Act 2013 readwith the Companies (Appointment and Qualifications of Directors) Rules 2014.

c. After resignation of an Independent Director the composition of the Audit Committeeand Nomination Remuneration and Compensation Committee of the Board are not in compliancewith the provisions of Sections 177 and 178 of the Companies Act 2013.

d. Due to resignation of Chief Financial Officer (Key Managerial Personnel) w.e.f. 09thNovember 2020 and the Companies has not appointed a Chief Financial Officer as KeyManagerial Personnel to comply with the provisions of Section 203 of the Companies Act.

Management Reply:

a. The Board is in process to appoint an internal Auditor of the Company who willcarry out the internal audit of the Company.

b. As one of the Independent Director of the Company has resigned on 08thOctober 2020 the Board is in process to identify a suitable person to be appointed as anIndependent Director on the Board.

c. Once Independent director is appointed on the Board of the Company the Board willre-constitute both the Committees i.e. Audit Committee and Nomination Remuneration andCompensation Committee in compliance with the Section 177 and 178 of the Companies Act2013.

d. The Board is in process to identify and appoint Chief Financial Officer (KeyManagerial Personnel) in due course in compliance with in the terms of Section 203 of theCompanies Act 2013.

31. MAINTENANCE OF COST RECORDS & COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribedunder the provisions of Section 148(1) of the Act are not applicable for the businessactivities carried out by the Company.

32. INSTANCES OF FRAUDS IF ANY REPORTED BY AUDITORS

During the financial year under review the statutory auditors andsecretarial auditor has not reported to the audit committee any instances of fraud underSection 143(12) of the Companies Act 2013.

33. WHISTLE BLOWER POLICY/ VIGIL MECHANISM

The Company has a Whistle Blower Policy in line with the provisions ofthe Section 177 of the Companies Act 2013 and Regulation 22 of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015. This policy establishes a vigil mechanismfor directors and employees to report their genuine concerns actual or suspected fraud orviolation of the Company's code of conduct.

The said mechanism also provides for adequate safeguards againstvictimisation of the persons who use such mechanism and makes provision for direct accessto the chairman of the Audit Committee.

The administration of the vigil mechanism is being done through AuditCommittee. We confirm that during the financial year 2020-2021 no employee of the Companywas denied access to the Audit Committee.

The said Whistle Blower Policy is available on the website of theCompany at www.olympicoil.co.in.

34. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION & REDRESSAL) ACT 2013

Your Company is committed to creating and maintaining an atmosphere inwhich employees can work together without fear of sexual harassment exploitation andintimidation. Your Company has complied with the provisions relating to the constitutionof Internal Complaints Committee under the Sexual Harassment of Women at the Workplace(Prevention Prohibition & Redressal) Act 2013. Internal Complaints Committee (ICC)was set up to redress complaints received regarding sexual harassment.

The following is a summary of sexual harassment complaints received and disposed of during the year:
No. of Complaints received Nil
No. of Complaints disposed off Nil

35. REPORT ON CORPORATE GOVERNANCE

In terms of Regulation 15(2) of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as amended from time to time the complianceof provisions of the Corporate Governance under Regulation 27(2) of the ListingRegulations is not applicable to the Company as paid up equity share capital of theCompany is not exceeding Rs. 10 Crores and net worth is not exceeding Rs. 25 Crores as onthe last day of previous financial year i.e. as on 31st March 2021.

Pursuant to the provisions of the Listing Regulations your Company hastaken adequate steps to ensure that all mandatory provisions of Corporate Governance asprescribed under the Listing Regulations are complied with.

36. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

The Management's Discussion and Analysis Report for the financialyear ended 31st March 2021 as stipulated under Regulation 34(2) of SEBIListing Obligation and Disclosure Requirements) Regulation 2015 is appended as ANNEXUREIII to this report.

37. PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors and employeesas required under Section 197 of the Companies Act and Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 as amended has beenappended as ANNEXURE IV to this Report.

There were no such employees of the Company for which the informationrequired to be disclosed pursuant to Section 197 of the Companies Act read with Rule5(2)&(3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 as amended.

38. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THEINSOLVENCY AND BANKRUPTCY CODE 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUSAS AT THE END OF THE FINANCIAL YEAR

There are no applications made or any proceeding pending against theCompany under Insolvency and Bankruptcy Code 2016 (31 of 2016) during the financial year.

39. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THETIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS ORFINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

There are no instances of one time settlement during the financialyear.

40. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT / UNCLAIMEDSUSPENSE ACCOUNT

The Company does not have any shares lying in its Demat SuspenseAccount / Unclaimed Suspense Account.

41. ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation and sincerethanks to the State Governments Government agencies Banks & Financial Institutionscustomers shareholders vendors and other related organizations who through theircontinued support and co-operation have helped as partners in your Company'sprogress. Your Directors also acknowledge the hard work dedication and commitment of theemployees.

.