The Members of
Precision Electronics Ltd.
Your Directors have pleasure in presenting the 41st Annual Report on the business andoperations of the Company along with the Audited Statements of Accounts for the FinancialYear ended March 31 2020.
1. FINANCIAL HIGHLIGHTS
Your Company's performance during the year as compared with that during the previousyear is summarized below:
(Rs. in million)
|PARTICULARS ||CURRENT YEAR ||PREVIOUS YEAR |
| ||(FY 2019-20) ||(FY 2018-19) |
|Revenue* ||376.9 ||290.4 |
|Profit before Depreciation Interest & Tax ||35.9 ||(23.2) |
|Depreciation ||8.0 ||8.5 |
|Finance Cost ||24.1 ||21.6 |
|Net profit before Tax ||3.8 ||(53.3) |
|Provision for Tax ||(0.6) ||(5.9) |
|Net profit after tax ||4.5 ||(47.4) |
*Revenue is net of Excise duty VAT Sales tax & Service Tax.
This year your Company has earned profits though small. But in view of conservationof financial resources of the Company your Directors do not recommend any dividend forthe financial year under review.
TRANSFER TO RESERVES
The Board does not recommend to transfer any amount to the general reserve.
2. REVIEW OF OPERATIONS AND STATE OF COMPANY'S AFFAIRS
Overall revenue of the Company for the year ended March 31 2020 was recorded at aboutRs.376.9 million which is 29.78% more as compared to previous financial year 2018-19revenue of Rs.290.4 million. Consequently PEL earneda profit of Rs.4.5 million as againstloss of Rs.47.4 million in the previous financial year (2018-19).
There is no change in the nature of business of the Company which is segmented in twobusiness divisions; Electronics & Telecommunication' and Infra services'.
2.1 Electronics & Telecommunication Division
Electronics &Telecom division revenue during the year ended March 31 2020 is Rs.311.29million as against Rs.263.30 million in the previous year (2018-19). Manufacturing plantsare located at Noida UP (in the NCR region) and Roorkee (Uttarakhand)
2.2 Infrastructure (Works Contract) Division
Infrastructure division revenue during the year ended March 31 2020 is Rs.61.10 millionas against Rs.26.20 million in the previous year (2018-19). The division undertakes nicheturnkey assignments of civil electrical networking and turnkey installation andcommissioning of radars sensors data links and setting up the command and control roomat defence establishments.
The changes because of COVID-19 have been discussed in detail under next headingManagement Discussion and Analysis which started before the close of the financial yearand continue till the date of this report which might affect the financial position ofthe Company. The Company has shifted its manufacturing operations from Roorkee to Noidaunit under a consolidation process that would result in efficient resource optimizationand reduce cost. The Roorkee Unit has been leased out.
3. MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
The national leadership's clarion call for an "Atmanirbhar Bharat" to achieveself-sufficiency and reduce dependency on imports from unreliable neighbours has resultedin policies being tweaked tenders recalled and re-floated to ensure that Indian designdeveloped and manufactured equipment are given a clear preference. There is already an RFPasking for an Indian developed and manufactured 4G telecom network with an intention toopen the Telcomarketin the near future for a fully Indian 5G solution. Your company ispoised well to take advantage of this situation.
Opportunities Threats Risk & Concerns
Business opportunities have increased due to Atmanirbhar Bharat policy of theGovernment. Under this national vision special dispensation by way of purchase preferenceis being accorded to the MSME sector. Since your company is in Electronics & Telecomindustry and its presence in the defence sector will result in additional businessopportunities.
Threats Risk & Concerns
Uncertainties have emerged with COVID that caused the shutdown of the country for thefirst two months of the current financial year 2020-2021. With the number of casesincreasing it is expected that State Governments will resort to shutdowns to manage andcontrol the spread. This will create uncertainty of supply-chain; travel restrictionsincreased cost and cash flow will be adversely effected. Since your Company's revenues aredependent on procurement by the Govt. and their undertakings budget allocation under thecurrent financial situation is a cause of concern. Your Company is sanguine of thesituation and is in good financial standing to tide over challenging cash flows which mayhappen as a result of the aforementioned scenarios.
SEGMENTWISE/PRODUCT WISE PERFORMANCE
The Company has a well-balanced product portfolio of in-house designed and engineeredproducts MRO services and niche EPC contracts that are qualified by both defence and thecivil sector customers. Efforts are being made to expand the product offering. PneumaticMasts were manufactured and delivered. Segment wise performance of the Company is asfollows:
Electronics & Telecom Segment: Telecom equipment has contributed nearly two thirdsof the revenues of the Company. The Company this year bagged and executed a large exportcontract involving intricate fabrication machining and fitting of electronics parts.Telecom equipment to BSNL/MTNL and power systems to GE Healthcare continues to bemanufactured and delivered to the customers. In addition SATCOM products that were addedin the product portfolio last year are expected to bring-in sizable revenues during thecurrent FY 2020-21. Long standing service contract to provide technical assistance onboard the Navy new-buildships and MRO services of UAV ground control equipment of the Armyon behalf of our foreign Israeli partner continues.
Infra (EPC) Services: Your Company continues to be active in this sector and hascontracts in hand from GAIL and Telecom service providers in the North East region. Inaddition sizable business opportunities to install networking system in Defenceinstallation are under consideration.
OUTLOOK / BUSINESS PLAN:
Business environment is undergoing dramatic changes with no clear cut path for thefuture. Experts are of the opinion that COVID will be around for nearly a year and itseffect well beyond the current FY. It is also recognized that Government expenditurebudget may undergo a change and expenditure would be prioritized or would be curtailed.Keeping these factors in mind your Company has initiated its own: "BUSINESSCONTINUITY PLANNING" that revolves around optimization of its operations and to turnthe adverse conditions into opportunities and increase revenues and profits despitedisruptions during current FY 2020-21. Under this exercise it is proposed to:
a) Optimization of workforce: A detailed study of the present work force wascoordinated with orders in hand and orders that are projected to fructify during the year.Based on this a required skill matrix was created and activities that could be undertakenfrom home were identified and encouraged. This is expected to result in a cost reductionof about 30%while ensuring that all the competences of the Company are intact.
b) Cost Optimization: One of the critical decisions under this head was to shift theRoorkee Unit to Noida wherein additional infrastructure and capacity exists. This willresult in vertical integration of operations under the same roof and would result insignificant cost savings and operational efficiencies. In addition the Roorkee facilityis being leased out from August' 20 onwards.
c) Investment in Business Development: Additional efforts are being made to identifyprograms and customers wherein funding is in place programs are strategic in nature andhence are less likely to get curtailed. Our efforts are to ensure that all prospectivecustomers are contacted regularly and any opportunity wherein your Company can participatein not missed. Since we are a design and manufacturing company this will add to ourproduct portfolio in the long run. In addition due to closure many of our competitors maynot be as active as before and this can be an added advantage.
d) The following are the significant changes in the key financial ratios:
|Particulars ||Financial Year 2019-20 ||Financial Year 2018-19 ||Explanation Thereof |
|1 Debt Equity Ratio ||0.45 ||0.76 ||The company policy is to remain within 2.00 the normal prevalent standard. The main factor behind the change is reduction in debt. |
|2 Receivables turnover ||4.41 ||2.24 ||The ratio indicates the management of the debtors and sales by the company. The company is managing its debtors effectively. |
|3 Interest coverage ratio ||(0.81) ||(3.79) ||The Interest Coverage Ratio (ICR) is a financial ratio that is used to determine how well a company can pay the interest on its outstanding debts. The company has improved its position. |
|4 Net Profit Margin Ratio ||1.42 ||(16.61) ||The company has earned profit in prevailing stressed market conditions. |
|5 Operating profit Margin ||1.03 ||(18.39) ||Operating Profit Margin is profitability or performance ratio that reflects the percentage of profit a company produces from its operations prior to subtracting taxes and interest charges. |
|6 NET WORTH ||1455.38 ||1401.54 ||The net worth of the company has increased due to profits earned. |
INTERNAL FINANCIAL CONTROL& OTHERS
The Company has in place adequate internal financial controls with reference tofinancial statements. During the year no reportable material weakness in the system wasobserved. The Audit Committee Internal Auditors and the Senior Management periodicallyexamine analyze and evaluate the internal controls prevalent in the Company. The internalcontrol provides reasonable assurance about the integrity and reliability of the Company.
HUMAN RESOURCE DEVELOPMENT
The total number of employees of the Company as on 31st March 2020 stood at 178.
Your Company believes that employees are the most valuable assets of an organizationand the optimum utilization of the skill knowledge and attitude they possess areinstrumental to the growth of the organization. Your Company has lived and encouragedmeritocracy entrepreneurship teamwork and performance driven culture. The focus has beenon creating reserves through cross functional and interdisciplinary exposure at all levelsto ensure redundancy and robustness in the organization.
The Company continues to enjoy the support of its bankers South Indian Bank Noidabranch for both fund and non-fund based facilities.
4. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act 2013 with respect to DirectorsResponsibility Statement it is hereby confirmed:
a) that in the preparation of the annual accounts for the Financial Year ended 31March 2020 the applicable Accounting Standards had been followed along with properexplanation relating to material departures;
b) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the Profit and Loss of the Company for the year under review;
c) that 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;
d) that the Directors have prepared the annual accounts on a going concern'basis;
e) the directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and
f) that the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
5. CORPORATE GOVERNANCE
In compliance with the requirements of Regulation 34(3) read with schedule V of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 a separate report onCorporate Governance along with the certificate from M/s Munish K Sharma & AssociatesCompany Secretaries on its compliance forms a part the Annual Report.
6. ANNUAL SECRETARIAL COMPLIANCE REPORT
In compliance with SEBI circular dated February 8 2019 bearing reference no.CIR/CFD/CMD1/27/2019 an annual secretarial compliance report by Practicing CompanySecretary M/s Munish K Sharma & Associates Company Secretaries is attached asAnnexure I.
7. CORPORATE SOCIAL RESPONSIBILITY(CSR)
The company is not covered for Corporate Social Responsibility pursuant to theprovision of Section 135 of the Companies Act 2013 ("the Act") read with theCompanies (Corporate Social Responsibility Policy) Rules 2014.
8. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
There were contracts or arrangement with related parties on arm length basis referredto in Section 188 (1) of the Companies 2013 during the financial year under review.
Form AOC-2 is attached herewith as Annexure II to show the related party transactions.The transaction entered was on arm length basis in its normal course of business for theperiod beginning from April 2019 to March 2020.
Mr. Ashok Kumar Kanodia Managing Director and Mr. Nikhil Kanodia Whole Time Directorcum President form part of promoter and promoter group. The transactions with them duringthe financial year 2019-20 are given in Note 42 of Balance sheet.
9. RISK MANAGEMENT
Your Company has formulated a Risk Assessment and Management plan which includesprocedures to assess and curtail risk. The factors that affect the Company's profitabilityand operations are regularly monitored.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board is well balanced with professionals legal experts and persons with businessbackground who are connected with the industry and have the requisite expertise andexperience to guide the Company.
In accordance to Section 203 of the Companies Act 2013 Key Managerial Personnel of theCompany are: Mr. Ashok Kumar Kanodia (Managing Director) Mr. Nikhil Kanodia (Whole TimeDirector cum President) Mr. Jagjit Singh Chopra (Chief Financial Officer) and Ms.VeenitaPuri (Company Secretary and Compliance Officer).
During the year under review changes were as under :
a) Mr. Deepto Roy Non-Executive Director has been appointed as an IndependentDirector w.e.f 02.05.2019;
b) Maj. Gen. Lav Bikram Chand has been appointed as Non Executive Director cumChairperson of the Company w.e.f 14.05.2019;
c) Mr. Sharvan Kumar Kataria Independent Director has been re-appointed as anIndependent Director w.e.f 26.09.2019;
d) Mrs. Ranjna Gudoo Non Executive Director of the Company has retired w.e.f26.09.2019.
e) Mrs. Preeti Grover has been appointed as an Additional Director of the Company w.e.f19.12.2019to hold office till the conclusion of ensuing Annual General Meeting of theCompany
Pursuant to the provisions of Section 149 of the Companies Act 2013 Non-ExecutiveIndependent Directors are not liable to retire by rotation. As per the disclosure receivedfrom the Directors none of the Directors are disqualified from being appointed asDirectors as specified in Section 164(2) of the Companies Act 2013.
Mr. Rahul Goenka Non-Executive Director retires by rotation and has offered himselffor re-appointment. The Board recommends his re-appointment at the ensuing Annual GeneralMeeting of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board confirming thatthey continue to fulfill all the requirements to qualify for their appointment asIndependent Director under the provisions of the Companies Act 2013 and SEBI (LODR)Regulations 2015. During the year under review Mr. Sharvan Kumar Kataria wasreappointed as Non Executive Independent Director for another period of 5 years and Mr.Deepto Roy as a Non-Executive Independent Director for a period of 5 years. Alsoresolution proposing the appointment of Mrs. Preeti Grover as a Non-Executive IndependentDirector for a period of 5 years shall be taken up in the ensuing Annual General Meetingby means of ordinary resolution.
The Board of Directors has carried out an annual evaluation of its own performanceBoard committees and individual directors which include criteria for performanceevaluation of the Non-Executive Directors and Executive Directors pursuant to theprovisions of the Act and the corporate governance requirements as prescribed bySecurities & Exchange Board of India (SEBI) under SEBI (LODR) Regulations 2015. TheCompany has devised an evaluation matrix for the performance evaluation and an externalconsultant "M/s Munish K Sharma & Associates" was engaged to collate andevaluate the results.
A meeting of Independent Director was held on July 23 2020 without the attendance ofother directors (Non-Independent) to review the performance of Non-Independent Directorsthe Board as a Whole and the Chairman of the Company and to assess the flow of informationbetween Company Management and the Board.
Pursuant to Rule 8(iiia) of The Companies (Accounts) Rules 2014 and the performanceevaluation carried on by the Board the Board is of the opinion that the independentdirectors are expert in their fields and have relevant experience to serve the Company inthe long run. During the financial year 2019-20 Mr. Sharvan Kumar Kataria IndependentDirector qualified the online proficiency self assessment test for Independent Director'sdatabank and Mr. Deepto Roy Independent Director shall do so.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The requisite details as required by Section 134(3)(e) is disclosed under the CorporateGovernance Report.
11. AUDITORS AND AUDITOR'S REPORT
At the Annual General Meeting held on September 25 2017 M/s Nemani GargAgarwal &Co. Chartered Accountants bearing (F.R.N. 010192N) were appointed as Statutory Auditorsof the Company to hold office till the conclusion of the 43 Annual General Meeting.
The notes on financial statements referred to in the Auditor's report areself-explanatory and do not call for any further comments. The Auditor's Report does notcontain any qualification reservation or adverse remark.
The Board has appointed M/s Munish K Sharma & Associates Company Secretaries toconduct Secretarial Audit for the financial year 2019-20. The Secretarial Audit Report forthe financial year ended March 31 2020 is annexed herewith marked as Annexure III to thisReport and the qualifications thereof are explained with the Management comments.
The Board of Directors has pursuant to Section 138 of the Companies Act 2013 and onrecommendation of the Audit Committee has appointed M/s Rajendra K. Goel& Co.Chartered Accountants as the Internal Auditors of the Company for the financial year2019-20.
A vigil mechanism of the Company which also includes a Whistle Blower Policy pursuantto Section 177(9) & 10 of Companies Act 2013 has been established and can beaccessed on the Company website www.pel-india.com.
The Audit Committee comprises of following three Independent Directors and during theFinancial Year 2019-20 five meeting(s) of the committee were convened the attendancerecord of members of the committee is as follows:
|Name of Directors ||Category ||Status || |
|1. Mr. Sharvan Kumar Kataria ||NEID ||Chairman ||5 |
|2. Mr. Neeraj Bajaj ||NEID ||Member ||5 |
|3. Mr. Deepto Roy ||NEID ||Member ||1 |
The recommendations if any made to the Board by the Audit Committee during the yearunder review were accepted.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee consists of following members and during theFinancial Year 2019-20 two meetings of the committee were convened the attendance recordof members of the committee are as follows:
|Name of Directors ||Category ||Status || |
|1. Mr. Sharvan Kumar Kataria ||NEID ||Chairperson ||2 |
|2. Mr. Neeraj Bajaj ||NEID ||Member ||2 |
|3. Mr. Deepto Roy ||NEID ||Member ||2 |
The recommendations if any made to the Board by the Nomination and RemunerationCommittee during the year under review were accepted. Also Nomination and RemunerationPolicy of the Company can be accessed on the Company website at www.pel-india.com.
Your Board has approved policy on the terms and conditions of appointment ofindependent directors which is available on Company's website"www.pel-india.com".
MEETINGS OF THE BOARD
The Board of Directors met five times on 02.05.2019 24.05.2019 10.08.2019 13.11.2019and 13.02.2020 during the financial year 2019-20. For further details please refer reporton Corporate Governance of this Annual Report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS.
There was no transaction of the nature covered under Section 186 of the Companies Act2013.
As required pursuant to section 134 of the Companies Act 2013 Annual Return in MGT 7shall be available at the Company's website at www.pel-india.com.
PARTICULARS OF CONSERVATION OF ENERGY ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGEEARNINGS AND OUTGO
The information relating to conservation of energy as required under Section 134(3)(m)of the Companies Act 2013 read with Rule 8 of The Companies (Accounts) Rules 2014 asrequired to be disclosed under the Act is provided in Annexure IV to this Report.
PARTICULARS OF EMPLOYEES
The table containing the names and other particulars of employees in accordance withthe provisions of Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appendedas Annexure V to this Report.
The Company does not have any employees employed throughout the financial year and inreceipt of remuneration of Rs. 1.02 crore or employed for part of the year and in receiptof Rs. 8.50 Lakh or more a month under Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. The list of top ten employees of theCompany in terms of their remuneration is as follows:
Mr. Yogesh Singh (38) Sr. Manager - Production 03.10.2007 915600 MBA (Operations)(19) Ahuja Radios Private Limited. Mr. Rohit Kumar Nagaich (32) Deputy Manager Mechanical 29.10.2019 1150872 M. Tech (Mechanical) (7) SRK Tele Energy India PrivateLtd. Ms. Puneet Kaur Arora (37) AGM HR & Admin 01.06.2009 1290240 MBA (HR) (12)Digi Tech Information Technologies Private Limited Mr. Ashok Verma
(48) AGM (Design) 17.12.2007 1800000/- B.E (E & C) (19) Copper ConnectionsMr. Amit Mittal (50) Senior Deputy General Manager 14.02.2006 1920000/- B.E(E&C) (26) Punjab Wireless system Ltd. Mr. Jagjit Singh Chopra (51) Chief FinancialOfficer 25.04.2014 2379996/- Chartered Accountant (22) Blessings Advertising Pvt.Ltd. Mr. Amitbir Singh Banga (27) Joint President 02.05.2019 2400000/- Master ofScience in Finance Victora Auto Pvt. Ltd. son of Mr. Hardeep Singh Banga Non ExecutiveDirector Mr. Deepak Jagga (48) Senior Vice President Marketing 01.04.2002 2630916/-B.E (Electronics) (30) Mr. Ashok Kumar Kanodia (69) Managing Director 01.05.1979 0.74%equity shares 2990729/- B.E. Electrical (41) Mr. Nikhil Kanodia (43) Whole TimeDirector cum President 24.67% equity shares 6349800/- M.S. Electrical & ComputerEngineering (22) Fujitsu Network Communications Son of Mr. Ashok Kumar Kanodia ManagingDirector. .
Please note that none of the above employee is employed on contractual basis.
The Company has not invited or accepted any deposits during the year under review or inthe past and hence no amount of principal or interest was outstanding as of the BalanceSheet date.
SIGNIFICANT & MATERIAL ORDERS:
There is no significant or material order for the period under review i.e. Financialyear 2019-20.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION &REDRESSAL) ACT 2013.
The company has constituted Internal Complain Committee for reporting of cases if anyrelated to sexual harassment. Committee meetings are held at regular intervals andemployees are sensitized on the issue on regular interval. No case was reported and/orfiled during the year under the aforesaid Act.
13. LISTING OF SECURITIES
The Shares of the Company are listed with The Bombay Stock Exchange LimitedPherozeJeejeebhoy Towers Dalal Street Mumbai. (Scrip Code: 517258). It is confirmed thatthe Company has paid Annual Listing Fee for the financial year 2019-20 to BSE.
14. ENVIRONMENTAL PROTECTION HEALTH AND SAFETY
The Safety & Health of employees and external stakeholders are embedded in the coreorganizational values of the Company. This aims to ensure safety of public employeesplant & equipment ensure compliance with all statutory rules and regulationsimparting training to its employees carrying out safety audits of its facilities andpromoting eco - friendly activities.
The Company continues to maintain excellent track record on safety. The site had noaccidents during the year 2019-20. PEL also has a Workman Safety Committee under section41G of Factories Act 1948. This Committee meets at regular intervals to take measures forworker's protection in order to make PEL a safe place to work.
15. CAUTIONARY STATEMENT
Certain Statements made in Management Discussion & Analysis Report relating to theCompany objectives projections outlook expectations estimates etc. may constituteforward looking statements' within the meaning of applicable laws & regulations.Actual results may differ from such expectations projections etc. whether express orimplied.
16. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB- SECTION (12) OF
As per the explanations given by the Auditors in their report no material fraud on orby the Company or any fraud in the Company by its officers or employees has been noticedor reported during the year.
17. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES / JOINT
VENTURES / ASSOCIATE COMPANIES DURING THE YEAR
No Company has become or ceased to be subsidiary/joint venture/associate company of theCompany during the year under review. Hence Form AOC 1 containing salient features of thesubsidiary/joint venture/associate company is not required.
18. CAPITAL STRUCTURE:
The paid up share capital of the Company is Rs.138487620/- (Rupees Thirteen CroreEighty Four Lakhs Eighty Seven Thousand Six Hundred and Twenty Only) comprising of13848512 fully paid up equity shares of Rs.10/- each amounting to Rs.138485120/- andRs.2500/- on account of forfeited shares. The Company has neither made any issue/allotmentnor made any buy back of securities during the Financial Year 2019-20.
19. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has duly complied with the provisions of applicable secretarial standardsas issued by Institute of Company Secretaries of India.
20. MAINTENANCE OF COST RECORDS:
Asper the provisions of Section 148(1) of the Companies Act 2013 and Rules madethereunder the Company being classified as "Small" company under Micro Smalland Medium Enterprises Development Act 2006 (27 of 2006)] was not required to make adisclosure of maintenance of cost records as specified by the Central Government.
21. RECEIPT OF AMOUNT FROM DIRECTORS:
During the Financial Year 2019-20 the Company has received following amounts from theDirectors as referred in sub-clause (viii) of clause (c) of sub-rule (1) of Rule 2 ofCompanies (Acceptance of Deposits) Rules 2014 along with declarations thereof:
|Name of Director ||Amount Received by the Company ||Date of Receipt |
|1. Mr. Ashok Kumar Kanodia ||Rs. 2500000 ||02.03.2020 |
Your Directors express their deep appreciation and gratitude for the valuable supportreceived from South Indian Bank Noida branch its Customers Business AssociatesGovernment Departments and Shareholders and look forward to similar support andco-operation in future. Your directors appreciate the sincere efforts put in by theemployees at all levels.
| ||FOR AND ON BEHALF OF THE BOARD |
|Place: Noida ||Ashok Kumar Kanodia ||Nikhil Kanodia |
|Date: 13.08.2020 ||Managing Director ||Whole Time Director cum |
| ||DIN: 00002563 ||President |
| ||Add: D-1081 New Friends ||DIN: 03058495 |
| ||Colony Delhi -110025 ||Add: D-1081 New Friends |
| || ||Colony Delhi -110025 |