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Orient Press Ltd.

BSE: 526325 Sector: Industrials
BSE 00:00 | 28 Jan 78.95 3.85






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OPEN 73.20
52-Week high 123.80
52-Week low 62.20
Mkt Cap.(Rs cr) 79
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Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 73.20
CLOSE 75.10
52-Week high 123.80
52-Week low 62.20
Mkt Cap.(Rs cr) 79
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Orient Press Ltd. (ORIENTLTD) - Director Report

Company director report

Dear Shareholders

Your Directors are pleased to present the 33rd Annual Report on the businessand operations of the Company together with Company's Audited Financial Statements for thefinancial year ended March 31 2021.

1. Financial Performance

The standalone audited financial statements for the financial year ended March 31 2021are prepared in accordance with the relevant Indian Accounting Standards (IND AS) andRegulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015("Listing Regulation") and provisions of the Companies Act 2013("Act").

The Company's financial performance for the year ended March 31 2021 is summarizedbelow:

( ' In Lakhs)

Particulars Year ended 31st March 2021 Year ended 31st March 2020
Gross Revenue from Operations* 15906.60 18987.76
Other Income 202.32 211.34
Profit before Finance Costs Depreciation and Tax 706.04 1113.13
Less: Finance Cost 631.14 623.97
Less: Depreciation and Amortization expenses 565.56 620.63
Profit/(loss) before Tax (490.66) (131.47)
Less: Tax Expenses (143.27) 8.89
Profit/(loss) after Tax (347.39) (140.36)
Other Comprehensive Income/(expense) (net of tax) 23.15 (3.44)
Total comprehensive Income for the year (net of tax) (324.24) (143.80)

including GST

2. results of operations and State of Company’s affairs

During the year the Company has incurred pre-tax Loss of ' 490.66 lakhs as compared topre-tax loss of ' 131.47 lakhs in the previous year. The Gross Turnover of the Company wasat ' 15906.60 Lakhs for the year as against ' 18987.76 Lakhs in previous yearregistering a decrease of 16.23%.

3. COVID19

The detailed impact of COVID 19 on the Company's operations is discussed in"Management Discussion & Analysis Report" which forms an integral part ofthis report.

4. Dividend

In view of losses incurred by the Company your Directors have not recommended anydividend for the financial year 2020-2021.

5. Finance

The Company is availing its Working Capital Limits & Term Loan from Axis Bank Ltd.Indian Bank (Allahabad Bank) and Kotak Mahindra Bank Limited. The company has repaid allloan installments on time. During the year under review CARE Rating Agency awarded"CARE BBB-" Negative rating on the Long term and Short term Bank facilitiesavailed by the Company.

6. Change in Capital Structure

During the financial year under review there was no change in the Capital Structure ofthe Company.

As on March 31 2021 the issued and paid-up capital of your Company stood at '100000000/- divided into 10000000 equity shares of ' 10/- each.

7. Directors and Key Managerial Personnel

There was no change in the composition of the Board during the financial year 2020-21.

In accordance with the provision of Section 152 of Companies Act 2013 Mr. PrakashMaheshwari (DIN 00249736) Whole Time Director of the Company retires by rotation at theforthcoming Annual General Meeting of the Company and being eligible has offered himselffor re-appointment. The Board recommends his re-appointment at the forthcoming AnnualGeneral Meeting of the Company. Brief profile of Mr. Prakash Maheshwari has been given inthe Notice convening the Annual General Meeting.

The Members of the Company vide Postal Ballot Notice dated November 11 2020 havere-appointed Mr.Ramvilas Maheshwari (DIN: 00250378) as Managing Director and Mr. RajaramMaheshwari (DIN: 00249954) as Whole-Time Director designated as "ExecutiveDirector" for a term of 3 (Three) years with effect from October 01 2020.

Mr. Sanjay Maheshwari (DIN: 00250072) and Mr. Prakash Maheshwari (DIN: 00249736) werere-appointed as Whole-time Director for a further period of three years with effect fromNovember 01 2020 to October 30 2023 by the Members vide Postal Ballot Notice datedNovember 11 2020.

As on the date of this report Mr. Ramvilas Maheshwari Chairman & ManagingDirector Mr. Rajaram Maheshwari Executive Director Mr. Sanjay Maheshwari and Mr.Prakash Maheshwari Whole- Time Directors Mr. Gopal Somani Chief Financial Officer andMrs. Shubhangi Lohia Company Secretary & Compliance Officer of the Company are theKey Managerial Personnel of the Company in accordance with the provisions of Section 2(51)read with Section 203 of the Companies Act 2013.

8. Declaration of Independence by Independent Director(s) & adherence to theCompany's Code of Conduct for Independent Directors.

All the Independent Directors have submitted their disclosures to the Board that theyfulfil all the requirements/ criteria as stipulated in Section 149(6) of the CompaniesAct 2013 and Regulation 16(1) (b) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and they have registered their names in the IndependentDirector's Databank.

Further all the Independent Directors have affirmed that they have adhered andcomplied with the Company's Code of Conduct for Independent Directors which is framed inaccordance with Schedule IV of the Act. In terms of requirements of the ListingRegulations the Board has identified core skills expertise and competencies of theDirectors in the context of the Company's businesses for effective functioning which aredetailed in the Corporate Governance Report.

As per the provision of Companies Act 2013 the Independent Directors are not liable toretire by rotation. The Independent Directors of your Company have given the certificateof Independence to your Company stating that they meet the criteria of independence asmentioned under Section 149(6) of the Companies Act 2013 and Listing Regulations.

In the opinion of the Board the independent directors possess the requisite integrityexperience expertise proficiency and qualifications.

9. Director's Responsibility Statement

Your Directors to the best of the knowledge and belief and according to theinformation explanations and representations obtained by them and after due enquiry makethe following statements in terms of Section 134(3) (c) and 134(5) of the Companies Act2013 that:

i. In the preparation of the annual accounts for the year ended March 31 2021 theapplicable accounting standards read with requirements set out under Schedule III of theCompanies Act 2013 have been followed with proper explanation relating to materialdepartures if any;

ii. The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year 20202021and of the loss of the Company for the year under review;

iii. The Directors 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;

iv. The Directors have prepared the annual accounts on a going concern basis;

v. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively;

vi. The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

10. Meeting held during the year

During the year under review seven meetings of the Board of Directors and four AuditCommittee Meetings were convened and held. The details of which are given in the CorporateGovernance Report which forms part of this Annual Report. The intervening gap between theMeetings was within the period prescribed under the Companies Act 2013. All therecommendations made by the Audit Committee were accepted by the Board.

Pursuant to the requirements of Schedule IV to the Companies Act 2013 and the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 a separate Meeting ofthe Independent Directors of the Company was also held on February 12 2021 without thepresence of non-independent directors and members of the management to review theperformance of nonindependent directors and the Board as a whole the performance of theChairperson of the company taking into account the views of Directors and also to assessthe quality quantity and timeliness of flow of information between the company managementand the Board.

11. Committees of the Board

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

The details of the Committees along with their composition number of meetings andattendance at the meetings are provided in the Corporate Governance Report.

12. Statutory Auditors

M/s. Sarda & Pareek. LLP Chartered Accountants (Firm Registration No.109262W/W100673) were appointed as Statutory Auditors at the 29th AnnualGeneral Meeting of the Company till the conclusion of 34th Annual GeneralMeeting to be held in the year 2022 subject to ratification

of their appointment by the Members at every Annual General Meeting. However as perthe amended provision of the Companies (Amendment) Act 2017 notified on 07.05.2018Company is not required to ratify the appointment of auditors at every annual generalmeeting therefore it is not proposed to ratify the appointment of auditors at theensuing Annual General Meeting. The Members are required to fix their remuneration for theFinancial Year 2021-2022 for that necessary Resolution has been included in the Notice ofAnnual General meeting.

13. Auditors' Report

The Auditors' Report for the financial year ended March 31 2021 on the financialstatements of the Company forms part of the Annual Report. The Auditors' Report does notcontain any qualifications reservations adverse remarks disclaimer or matter ofemphasis.

14. Internal Auditors

Pursuant to provisions of Section 138 of the Companies Act 2013 read with Companies(Accounts) Rules 2014 the company had appointed "M/s. Shambhu Gupta & Co."a firm of Chartered Accountants in practice as Internal Auditors of the Company for theFinancial Year 2020-2021.

15. Corporate Social Responsibility

The Corporate Social Responsibility Committee was formed pursuant to section 135 of theCompanies Act 2013 read with the Companies (Corporate Social Responsibility Policy)Rules 2014 to formulate and recommend to the Board a Corporate Social ResponsibilityPolicy indicating the activities to be undertaken by the Company as specified in ScheduleVII to the Act to recommend the amount of expenditure to be incurred on such activitiesand to monitor the Corporate Social Responsibility Policy of the company from time totime.

During the year under review the CSR provisions were applicable to the Company as itsProfits before taxation for financial year 2017-18 was above ' 5 crores. In compliancewith Section 135 of the Companies Act 2013 the Board had constituted the "CorporateSocial Responsibility" Committee. During the year under review the CSR Committee metonce on February 12 2021. CSR Liability arrived for the Financial Year 2020-21 was '228123/-

As part of CSR initiative your Company during the financial year 2020-21 made acontribution of ' 200000/- in favor of "The Krishnadas Jajoo Samark Trust"based in Bhilwara district of Rajasthan a registered Public Charity Trust for spending itfor the project of promotion of educational activities empowering women eradicatinghunger & poverty of economically backward group of society.

Further an amount of ' 36735/- was contributed towards purchase of Dental MedicalEquipment and other surgical products and were given to Parmarth Chikitsalay (ParmarthSeva Samiti Mumbai) is registered as a Charitable Trust to meet the requirement of CSRfor F.Y 2020-2021.

The report on CSR activities is attached as "Annexure 1" to this report.

16. Annual return

The Annual Return (draft Form No. MGT-7) of the Company as on March 31 2021 isavailable on the Company's website and can be accessed at in thepath as follows:

Investor Info ^ News ^ Form MGT-7(F.Y. 2020-21)

Final Signed Form No. MGT-7 will also be made available after the Annual GeneralMeeting & within the time prescribed for filing the same with the Registrar ofCompanies Mumbai.

17. Secretarial Audit report

Pursuant to provisions of Section 204 of the Companies Act 2013 read with Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsof the Company had appointed M/s V. K. Mandawaria & Co. Company Secretaries toundertake Secretarial Audit of the Company for the financial year 2020-21. The SecretarialAudit Report is attached as "Annexure 2" and forms an integral part of thisreport. The observations/ remarks made by the Secretarial Auditor in their Report are selfexplanatory so no further explanation is required.

18. Annual Secretarial Compliance report

A Secretarial Compliance Report for the financial year ended March 31 2021 oncompliance of applicable SEBI Regulations and circulars/ guidelines issued thereunder wereobtained from M/s V.K. Mandawaria & Co. Company Secretaries and was submitted to boththe stock exchanges where shares of the Company are listed.

19. Management Discussion and Analysis report

Management Discussion and Analysis Report for the financial year under review asstipulated under Regulation 34 read with Schedule V of the SEBI (LODR) Regulations 2015is presented in a separate section forming part of this Report.

20. Corporate Governance

A detailed Report on Corporate Governance practices followed by your Company in termsof Regulation 34(3) of SEBI Listing Regulations 2015 together with a Certificate from theAuditors confirming compliance with the conditions of Corporate Governance is providedseparately and forms an integral part of this Report.

21. related Party Transactions

All Contracts/arrangements/transactions entered by the Company with related partieswere in ordinary course of business and at arm's length basis.

During the year under review the Company had not entered into anycontracts/arrangements/transactions with related parties which qualify as material inaccordance with the policy of the Company on materiality of the related partytransactions.

All transactions with related parties were reviewed and approved by the Audit Committeeand are in accordance with the Policy on related party transactions formulated by theCompany.

There are no materiality significant related party transactions that may have potentialconflict with the interest of the Company at large.

Suitable disclosures as required by Indian Accounting Standard (IND AS) - 24 have beengiven in the notes to the financial statements. The related party transactions policy asapproved by the Board has been uploaded on the company's website

Form AOC-2 pursuant to section 134(3)(h) of the Companies Act 2013 read with rule 8(2) of the Companies (Accounts) Rules 2014 is set out in the "Annexure 3"forming part of this report.

22. Conservation of Energy Technology Absorption & Foreign Exchange Earning &Outgo Information on Conservation of Energy Technology Absorption Foreign ExchangeEarnings and Outgo required under Section 134(3)(m) of the Companies Act 2013 read withRule 8 of the Companies (Accounts) Rules 2014 is given in "Annexure 4" formingpart of this Report.

23. Particulars of Employees

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 asamended none of the employee of the Company has drawn remuneration in excess of the limitset out in the said rules during the year under review. However as required under theseRules a statement showing the names remuneration drawn by them and other particulars oftop 10 employees which forms part of this Report is not being sent with this Annual Reportbut the same is available to any Member of the Company for inspection on request.Disclosures relating to remuneration and other details as required under Section 197(12)of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are provided in the "Annexure 5" to theBoard's Report.

24. Segment Reporting

The Company operates in three reportable primary business segments i.e. PrintingSegment Flexible Packaging Segment & Paper Board Packaging Segment. The segment wiseperformance has been given in Management Discussion and Analysis Report which forms anintegral part of this Report.

25. vigil Mechanism Policy/Whistle Blower Policy

Pursuant to the provisions of Section 177 (10) of the Companies Act 2013 andRegulation 22 of SEBI (LODR) Regulations 2015 the Company has established a vigilmechanism. The details of Vigil Mechanism are provided in the Corporate Governance Report.The Vigil Mechanism / Whistle Blower Policy may be accessed on the Company's website

26. Evaluation of the Board its Committees and Individual Directors

The Nomination and Remuneration Policy of the Company empowers the Nomination andRemuneration Committee to formulate a process for evaluating the performance of DirectorsCommittees of the Board and the Board as a whole.

The process for evaluation of the performance of the Director(s)/ Board / Committees ofthe Board for the financial year 2020-2021 was initiated by sending out questionnaireswhich were prepared by Nomination & Remuneration Committee in the previous financialyear designed for the performance evaluation of the Directors Committees Chairman andthe Board as a whole.

In terms of provisions of Companies Act 2013 and Schedule II - Part D of Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 the Board carried out the annual performance evaluation of its own including thevarious Committees and individual Directors with a detailed questionnaire covering variousaspects of the Board's functioning like composition of Board and its Committees Boardculture performance of specific duties and obligations.

In a separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the Board as a whole and performance of the Chairman wasevaluated. Based on the feedback received from the Independent Directors and taking intoaccount the views of Executive Directors and the Non-Executive Directors the Boardevaluated its performance on various parameters such as composition of Board and itscommittees experience and competencies performance of duties and obligationscontribution at the meetings and otherwise independent judgment governance issueseffectiveness of flow of information.

27 Familiarization Programme for Independent Directors

The Company has formulated a Familiarization Programme for Independent Directors interms of Regulation 25 (7) of the SEBI (Listing Obligation & Disclosures Requirements)Regulations 2015. with an aim to familiarize the Independent Directors on their rolesrights responsibilities in the Company nature of the industry in which the Companyoperates business model of the Company etc. from time to time.

During the year under review The Company had organized a familiarization programme onthe recent amendments made by the Central Government The Companies Amendment Bill 2020highlighting the changes in the definition of listed companies Remuneration ofIndependent Directors Reduced timeframe for rectification of name and powers granted tothe Central Government thereunder.

• Amendments in the Companies (Appointment and Qualification of Directors) Rules2014.

• Amendments in Corporate Social Responsibility (CSR) Rules vide CompaniesAmendment Act 2019Companies Amendment Act 2020 & Companies (CSR Policy) AmendmentRules 2021 w.e.f. 22/01/2021.

The details regarding Independent Directors Familiarisation Programme imparted duringthe FY-2020-21 are given under the "Policies & Programme" in the"Investor Info" section on the website of the company i.e.

28. Obligation of Company under the Sexual Harassment of Women at Workplace(Prevention Prohibition and redressal) Act 2013

The Company has complied with provisions relating to the constitution of InternalComplaints Committee under Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and formed an

Internal Complaint Committee to which employees can write their complaints to theCommittee. Also the Company has sexual harassment norms in which it formalized a free andfair enquiry process with clear timeline.

The following is a summary of sexual harassment complaints received and disposed offduring the year 2020-2021:

• No. of complaints received- Nil

• No. of complaints disposed off - Nil

29. Particulars of Loans Guarantees or Investments

During the year under review the Company has not given any loan or guarantee or madeany investment covered under the provisions of Section 186 of the Companies Act 2013.Details of Investments made in earlier years have been mentioned in the Note no. 06 tothe Balance Sheet of the Company for the financial year ended on March 31 2021.

30. Particulars of loans Accepted from Directors

The Particulars of Loans accepted by the Company from its Directors during thefinancial year under report are given in Note no. 35 J of the Balance Sheet of the Companyfor the financial year ended on March 31 2021.

31. Risk Management

The Company has in place Risk Management policy which takes care of riskidentification assessment and mitigation. There are no risks which in the opinion of theBoard threatens the existence of the Company. Risk factors and its mitigation are coveredextensively in the Management Discussion and Analysis Report forming part of the AnnualReport.

32. Fixed Deposits

Your Company has accepted fixed deposit from its Members as per the provisions ofSection 73 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014 during the year under review. Your Company does not have any unpaid or unclaimedpublic deposits at the end of the financial year March 31 2021. The Company has accepted' 500.60 Lakhs during the financial year ended March 2021 and Amortization loss effect asper Ind As is '1.15 Lakhs and Outstanding fixed deposits as on March 31 2021 is ' 771.25Lakhs (after adjustment of Amortization loss effect as per Ind As which is '1.15 Lakhs).The Company has been consistent in timely repayments of Fixed Deposits and does not failto repay the deposit or part thereof or any interest thereon.

33. Significant or Material orders passed by the Regulators/ Courts

During the year under review no significant or material orders were passed by theRegulators or Courts or Tribunals which impact the going concern status and Company'soperations in future.

34. Material changes and commitments that have occurred after the close of thefinancial year till date of this report which affects the financial position of theCompany (Pursuant to Section 134(3)(I) of the Companies Act 2013).

There are no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the financial year 2020-21 and the date ofthis report.

35. Transfer to Investor Education and Protection Fund

(A) Transfer of unpaid Dividend

Pursuant to the provisions of Section 124(5) of the Companies Act 2013 your Companyhad during the year under review transferred ' 32286.50/- to Investor Education andProtection Fund for unclaimed Dividend declared in the year 2012-13. This amount was lyingunclaimed/ unpaid with the Company for a period of 7 (Seven) years.

(B) Transfer of shares underlying unpaid Dividend

The Company also transferred 3150 Equity Shares of the Company into the DEMAT Accountof the IEPF Authority in terms of the provisions of section 124(6) of the Companies Act2013 and the IEPF Authority (Accounting Audit Transfer and Refund) Rules 2016 asamended from time to time. These Equity Shares were the Shares of such Shareholders whoseunclaimed/ unpaid dividend pertaining to financial year 2012-13 had been transferred intoIEPF and who have not encased their dividends for 7(Seven) consecutive financial years.

Concerned Shareholders may still claim the shares or apply for refund of dividend tothe IEPF Authority in Web Form No. IEPF-5 available on in. The voting rightson shares transferred to the IEPF Authority shall remain frozen until the rightful ownerclaims the shares. The shares held in such DEMAT account shall not be transferred or dealtwith in any manner whatsoever except for the purposes of transferring the shares back tothe claimant as and when he approaches the Authority.

All benefits except rights issue accruing on such shares e.g. bonus shares splitconsolidation fraction shares etc. shall also be credited to such DEMAT account.

Any further dividend received on such shares shall be credited to the IEPF Fund.

(C) unpaid/ unclaimed Dividend

In terms of the provisions of the Companies Act 2013 dividends remaining unpaid/unclaimed for a period of seven years have to be statutorily required to be transferred tothe Investor Education and Protection Fund (IEPF) administered by the Central Government.

Unclaimed Dividend in respect of the Financial Year 2013-14 is due for transfer toInvestor Education and Protection Fund on November 2 2021 in terms of Section 124 of theCompanies Act 2013. Members who have not encashed their Dividends for the financial yearended March 31 2014 or any subsequent year(s) are requested to lodge their claims withthe Company.

In respect of Final Dividend for the Financial Year ended March 31 2014 it will notbe possible to entertain claims which will be received by the Company after November 022021. Also Company will have to transfer the shares of those shareholders who will notclaim their dividend for Financial Year 2013-14 & subsequent years during the periodof consecutive seven years. Members are advised that in terms of the provisions of Section124(5) of the Companies Act 2013 once unclaimed dividend & shares are transferred toIEPF no claim shall lie against the Company in respect thereof. However members may applyfor refund with the IEPF authority by making an application in the prescribed Form alongwith fee.

36. Listing

The Equity Shares continue to be listed on the BSE Limited (BSE) and the National StockExchange of India Limited (NSE). Both these Stock Exchanges have nation-wide terminals andtherefore shareholders/Investors are not facing any difficulty in trading in the sharesof the Company from any part of the country. The Company has paid annual listing fee up tothe Financial Year 2021-22 to BSE & NSE.

37. Industrial Relations

During the year under review your Company enjoyed cordial relationship with workersand employees at all levels.

38. Nomination and Remuneration Policy

The policy of the Company on Directors appointment and remuneration including thecriteria for determining qualification positive attributes independence of a Directorand other matters provided under Section 178(3) of the Companies Act 2013 adopted by theBoard is available on Company's website i.e. www.orientpressltd. com.The details ofcomposition terms of reference of the Nomination and Remuneration committee number anddates of meeting held attendance of the Directors and remuneration paid to them are givenseparately in the attached Corporate Governance Report forming part of the Boards' Report.

39. Cost Audit & Auditor

Maintenance of Cost records as specified by the Central Government under sub-section(1) of Section 148 of the Companies Act 2013 is applicable to the Company and accordinglysuch accounts and records have been made and maintained by the Company for the financialyear ended March 31 2021.

In conformity with the directives of the Central Government the Company had appointedM/s Bhanwarlal Gurjar & Co. CMA Surat (Membership No. 22597) as the Cost Auditoru/s 148 of the Companies Act 2013 for the audit of the Cost accounts for the Financialyear ended on March 31 2021 at a remuneration of ' 200000/- plus GST and reimbursementof actual expenses if any. The remuneration is subject to ratification by members in theforthcoming Annual General Meeting of the Company in terms of Section 148 of the CompaniesAct 2013 read with Companies (Audit and Auditors) Rules 2015. There was no qualificationor adverse remark in the Cost Audit Report of the Company for the financial year endedMarch 31 2020 given by M/s Bhanwarlal Gurjar & Co Cost Auditor.

40. Other Disclosures

a) The Company has complied with Secretarial Standards issued by the Institute ofCompany Secretaries of India on Meetings of the Board of Directors its CommitteesGeneral Meetings & Postal Ballot.

b) None of the Auditors of the Company have reported any fraud as specified under thesecond proviso of Section 143(12) of the Companies Act 2013 (including any statutorymodification(s) or re-enactment for the time being in force).

41. Acknowledgements

Your Company and its Directors wish to extend their sincere thanks to the Members ofthe Company Bankers State Government Local Bodies Customers Suppliers ExecutivesStaff and workers at all levels for their continuous co-operation and assistance.

For and on behalf of the Board of Directors
ramvilas Maheshwari
Place: Mumbai Chairman & Managing Director
Date: August 13 2021 DIN: 00250378