You are here » Home » Companies » Company Overview » Riddhi Corporate Services Ltd

Riddhi Corporate Services Ltd.

BSE: 540590 Sector: Others
NSE: N.A. ISIN Code: INE325X01015
BSE 13:25 | 08 Dec 145.50 -4.50
(-3.00%)
OPEN

145.50

HIGH

145.50

LOW

145.50

NSE 05:30 | 01 Jan Riddhi Corporate Services Ltd
OPEN 145.50
PREVIOUS CLOSE 150.00
VOLUME 1
52-Week high 168.00
52-Week low 140.85
P/E 50.17
Mkt Cap.(Rs cr) 166
Buy Price 145.50
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00
OPEN 145.50
CLOSE 150.00
VOLUME 1
52-Week high 168.00
52-Week low 140.85
P/E 50.17
Mkt Cap.(Rs cr) 166
Buy Price 145.50
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00

Riddhi Corporate Services Ltd. (RIDDHICORPORATE) - Director Report

Company director report

To

The Members

Riddhi Corporate Services Limited

Your Directors have pleasure in presenting the 10th Annual Report togetherwith the Audited accounts of the Company for the financial year ended on March 31 2020.

(i) STANDALONE FINANCIAL RESULTS: (Rs. In lacs)

PARTICULARS FOR THE YEAR ENDED ON 31st MARCH 2020 FOR THE YEAR ENDED ON 31st MARCH 2019
Net Total Income 8171.91 5209.69
Less: Operating and Admin. Exps 7710.45 4843.40
Profit before depreciation and Taxes 461.46 366.29
Less: Depreciation 29.03 27.08
Less: Extraordinary/Exceptional Items 331.06
Profit before Tax (PBT) 101.37 339.22
Less: Taxes (including deferred tax and fringe benefit tax) 156.14 81.96
Profit after Tax (PAT) (54.77) 257.26
Surplus Carried to Balance Sheet (54.77) 257.26
Earnings Per Equity Share
Basic (0.48) 2.26
Diluted (0.48) 2.26

(ii) CONSOLIDATED FINANCIAL RESULTS

PARTICULARS FOR THE YEAR ENDED ON 31st MARCH 2020 FOR THE YEAR ENDED ON 31st MARCH 2019
Net Total Income 8274.13 6092.02
Less: Operating and Admin. Exps 7842.72 5947.71
Profit before depreciation and Taxes 431.41 144.31
Less: Depreciation 35.17 37.07
Less: Extraordinary/Exceptional Items 39.68 -
Profit before Tax (PBT) 356.57 107.23
Less: Taxes (including deferred tax and fringe benefit tax) 211.71 25.93
Profit after Tax (PAT) 144.86 81.30
Surplus Carried to Balance Sheet 144.86 81.30
Earnings Per Equity Share
Basic 1.27 0.71
Diluted 1.27 0.71

HIGHLIGHTS OF PERFORMANCE:

The company has posted a good performance for the year under review as compared toprevious year

i.e.2018-2019. The total revenue of the Company has increased from Rs. 520968890/-to Rs. 817191177/-.

DIVIDEND;

During the Period under review the board of directors of company has not recommendeddeclaring the dividend to plough back profit.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.

BOARD MEETINGS HELD DURING THE YEAR:

SR NO. DATE ON WHICH BOARD MEETINGS WERE HELD TOTAL STRENGTH OF THE BOARD NO OF DIRECTORS PRESENT
1 13/04/2019 8 7
2 29/04/2019 8 7
3 30/05/2019 8 7
4 11/07/2019 10 9
5 17/07/2019 10 8
6 07/09/2019 10 9
7 29/11/2019 10 10
8 14/12/2019 10 9
9 14/02/2020 10 9
10 22/02/2020 10 9
11 04/03/2020 10 9
12 31/03/2020 10 9

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS:

SR No. NAME OF DIRECTORS NO. OF MEETING HELD NO. OF MEETING ATTENDED
1. ALPITKUMAR P. GOR 12 12
2. PRAVINCHANDRA K. GOR 12 12
3. J AYSHREEBEN P. GOR 12 12
4. SOUMYARANJAN K. PRADHAN 12 12
5. KALPESHBHAI C. SHUKLA 12 12
6. UMESH ARVINDBHAI BHADRESWARA 12 12
7. SUBHASISH CHAKRABORTY 12 1
8. BHAVIN KIRITKUMAR PANDYA 8 8
9. KALPANABEN DIPAKBHAI SUTHAR 7 7
10. J ASHUBHAI M PATEL 2 2

DEPOSITORY SYSTEM:

All the Shareholding of the company is in Dematerialized form only.

SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY:

- During the Year under review Company had 3 (Three) Subsidiary Companies and 1 (One)Step- Down Subsidiary Company. The details of the same areas under:

1. RCSPL Share Broking Private Limited.

2. RCSPL Multicommodities Private Limited.

3. RCSPL Share Broking IFSC Private Limited. (Step-Down Subsidiary)

4. Vibhin Online Services Private Limited.

Company had make disinvestment from all 3 (Three) Subsidiaries Company on 31stMarch 2020 for which necessary approval of members of the company was obtained by passingSpecial Resolution through Postal Ballot as per Provision of Section 180(1)(a) ofCompanies Act 2013.

Company does not have any Subsidiary / Associate / Joint Venture Company as on 31stMarch 2020.

CORPORATE GOVERNANCE:

Pursuant to the provisions of Regulation 34(3) read with Schedule V(C) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations") the Report on Corporate Governance is annexed hereto and forms part ofthis Report. Your Company is committed to transparency in all its dealings and places highemphasis on business ethics. The requisite Compliance Certificate as required under Part Eof Schedule V of the Listing Regulations issued by Mr. Amrish N. Gandhi (C P No. 5656)proprietor of M/s. Amrish Gandhi & Associates Practising Company SecretariesAhmedabad pertaining to the compliance of the conditions of Corporate Governance is alsoannexed herewith as "Annexure - E".

EXTRACT OF ANNUAL RETURN AS PER SECTION 92 (3) OF COMPANIES ACT 2013:

The details forming part of the extract of the Annual Return in form MGT- 9 is annexedherewith as "Annexure -A".

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

- In terms of Section 152 of the Companies Act 2013 Mr. Umesh Arvindbhai Bhadreswara(DIN: 07582046) is liable to retire by rotation at forthcoming AGM and being eligibleoffers himself for reappointment.

- The Company has received necessary declaration from each independent director underSection 149(7) of the Companies Act 2013 that he/she meets the criteria of independencelaid down in Section 149(6) of the Companies Act 2013.

All the directors of the Company have confirmed that they are not disqualified frombeing appointed as directors in terms of Section 164 of the Companies Act 2013.

4- CHANGES IN THE DIRECTORSHIP OF THE COMPANY

During the period under review following changes taken place in the Directorship of theCompany.

Appointment of Mr. Nishith Shirishbhai Desai (DIN: 08500515) and Mr. Bhavin KiritkumarPandya as an Additional Directors (Independent Director) w.e.f 11th July 2019.

Appointment of Mrs. Kalpanaben Dipakbhai Suthar (DIN: 08513009) as an AdditionalDirectors (Independent Director) w.e.f 17th July 2019.

- Mr. Nishith Shirishbhai Desai (DIN: 08500515) had resigned from the Directorship ofthe Company w.e.f 17th July 2019.

Mr. Vipul Surendrabhai Pandit (DIN: 07768639) had resigned from the Directorship of theCompany w.e.f 22nd February 2020.

Appointment of Mr Jashubhai M Patel (DIN: 08513009) as an Additional Directors(Independent Director) w.e.f 4th March 2020.

MATTERS AS PRESCRIBED UNDER SUB-SECTIONS (1) AND (3) OF SECTION 178 OF THE COMPANIESACT 2013:

The policy of the Company on directors' appointment and remuneration includingcriteria for determining qualifications positive attributes independence of a directorand other matters provided under Sub section (3) of Section 178 of the Companies Act2013. We affirm that the remuneration paid to the directors is as per the terms laid outin the nomination and remuneration policy of the Company.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual evaluation of its own performance the directors individually as well as theevaluation of the working of its Committees. At the meeting of the Board all the relevantfactors that are material for evaluating the performance of individual Directors theBoard and its various committees were discussed in detail. A structured questionnaire eachfor evaluation of the Board its various Committees and individual Directors was preparedand recommended to the Board by Nomination & Remuneration Committee for doing therequired evaluation after taking into consideration the input received from the Directorscovering various aspects of the Board's functioning such as adequacy of the composition ofthe Board and its Committees execution and performance of specific duties obligationsand governance etc.

AUDITORS:

- STATUTORY AUDITORS

M/s. NITIN K. SHAH & CO Chartered Accountant the Statutory Auditors of theCompany has been appointed by the company at its 8th Annual General Meetingheld on 28th September 2018 till the conclusion of its 11th Annual GeneralMeeting to be held for the financial year ending on 31st March. 2021.

Your Company has received letter from M/s. NITIN K. SHAH & CO CharteredAccountant to the effect that their appointment is within the prescribed limits underSection 141 of the Companies Act 2013 read with rules made there under and that they arenot disqualified for such appointment.

The Statutory Auditors report for the financial year ended March 2020 is attached tothis report.

No Qualification or Adverse Remarks made in Statutory Report by Statutory auditors forthe financial year 2019-2020.

- SECRETARIAL AUDITORS

Your directors have appointed Amrish Gandhi & Associates Company Secretary 504Shivalik Abaise Opp. Shell Petrol Pump Anandnagar Road Satellite Ahmedabad-380015 assecretarial auditors for the financial year 2019-20.

The Secretarial Audit Report for the Financial Year ended March 2020 is attached tothis report as "Annexure-C".

- COST AUDITORS

Provision for appointment of Cost Auditor is not applicable to your company.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

Your Company has established effective internal control systems to ensure accuratereliable and timely compilation of financial statements to safeguard assets of yourCompany and to detect and mitigate irregularities and frauds. Your Company's managementhas established adequate internal control procedures over financial reporting.

In accordance with the requirements of Section 143(3)(i) of the Act the StatutoryAuditors have confirmed the adequacy and operating effectiveness of the internal financialcontrol systems over financial reporting.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Details of Loans Guarantees and Investments under the provisions of Section 186 of theCompanies Act 2013 are given in the Financial Statement of the company.

AUDIT COMMITTEE:

Audit Committee comprises of three members and all members are Independent Directors.All transactions with related parties are on an arm's length basis. During the year thereare no instances where the Board had not accepted the recommendations of the AuditCommittee.

The composition of the Audit Committee of the Board of Directors of the Companymentioned below:

NAME OF DIRECTORS Resignation nature of directorship
Soumyaranjan Pradhan Chairman Independent Director
Kalpeshbhai Shukla Member Independent Director
Vipul Pandit (Till 14th February 2020) Member Independent Director
Bhavin kiritkumar Pandya (w.e.f 14th February 2020) Member Independent Director

NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Committee comprises of three members of which threeincluding the Chairman of the Committee are Independent Directors. The composition of theNomination and Remuneration Committee of the Board of Directors of the Company ismentioned below:

NAME OF DIRECTORS RESIGNATION NATURE OF DIRECTORSHIP
Vipul Pandit (Till 14th February 2020) Chairman Independent Director
Bhavin kiritkumar Pandya (w.e.f 14th February 2020) Chairman Independent Director
Kalpeshbhai Shukla Member Independent Director
Soumyaranjan Pradhan Member Independent Director

STAKEHOLDER RELATIONSHIP COMMITTEE:

Stakeholder Relationship Committee comprises of three members of which three includingthe Chairman of the Committee are Independent Directors. The composition of theStakeholder Relationship Committee of the Board of Directors of the Company is mentionedbelow:

NAME OF DIRECTORS RESIGNATION RATURE OF Directorship
Soumyaranjan Pradhan Chairman Independent Director
Kalpeshbhai Shukla Member Independent Director
Vipul Pandit (Till 14th February 2020) Member Independent Director
Bhavin kiritkumar Pandya (w.e.f 14th February 2020) Member Independent Director

RELATED PARTY TRANSACTIONS:

All the related party transactions entered into during the financial year were on anarm's length basis and were in the ordinary course of business. Accordingly thedisclosure of related party transactions as required under Section 134(3) (h) of theCompanies Act 2013 in Form AOC-2 which is attached with this report as "Annexure-B".

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.

MATERIAL CHANGES:

There are following material changes and commitments that would affect financialposition of the company:

DATE event
04/06/2019 Company had Passed Special Resolution through Postal Ballot and E-voting for Migration of Securities Listed on SME Platform of BSE Limited to the Main Board of BSE Limited
26/08/2019 Approval of BSE Limited received on 22nd August 2019 for Migration of Securities of the Company on the Main board Platform which were listed on SME Platform of BSE Limited.
27/03/2020 Board has taken necessary approval of making disinvestment from all 3 (Three) Subsidiary Companies i.e
1. RCSPL Share Broking Private Limited.
2. RCSPL Multicommodities Private Limited
3. Vibhin Online Services Private Limited
by passing Special Resolution through Postal Ballot and E-voting on 27th March 2020

CHANGES IN CAPITAL STRUCTURE OF THE COMPANY:

During the Period under review there is no change in Capital Structure of the Company.

RESERVES:

The Company has not transferred any amount to General Reserve / Capital RedemptionReserve during the Period under review.

EMPLOYEE STOCK OPTION:

The Company has not issued any shares during the financial year under the EmployeeStock Option Scheme.

CASH FLOW ANALYSIS:

The Cash Flow Statement for the year under reference forms part of the Annual Report.

CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPOTION FOREIGNEXCHANGE EARNINGS AND OUTGO:

A) CONSERVATION OF ENERGY:

The clause is not applicable.

B) TECHNOLOGY ABSORPTION:

Your company has not made any efforts towards technology absorption and neitherimported any technology nor made any expenditure on research and developments.

C) FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange inflow (Rs.): NIL

Foreign Exchange outflow (Rs.): NIL

MANAGEMENT DISCUSSION AND ANALYSIS:

- ECONOMIC SCENARIO:

The year 2019-20 has been a difficult year for the global economy with world outputgrowing at its slowest pace of 2.9% since the global financial crisis in 2009. A weakenvironment for global manufacturing trade and demand has adversely impacted the Indianeconomy. The GDP growth rate is reported to be 4.2% in 2019-20 as compared to 6.1% in2018-19 according the provisional estimates released by the National Statistical Officein May 2020. GDP growth for the last quarter of FY 2019-20 slowed to 3.1%. In 2020-21India's GDP growth rate is expected to be in the sub-2% range. The Covid-19 pandemic hasplunged the world into one of the deepest recessions in decades with its impact oneconomy and life likely to be felt for a considerable amount of time. The situation isconstantly evolving as frantic efforts are being undertaken across the world to controlthe spread of the virus and to develop a vaccine.

India is currently the world's sixth-largest economy by nominal GDP and the thirdlargest by purchasing power parity (PPP). This growth has been achieved in a scenario oflower inflation improved current account balance and reduction in the fiscal deficit toGDP ratio. The Consumer Price Index (CPI) based inflation increased from 3.7% in 2018-19to 4.1% in 2019-20. This increase was mainly due to food inflation. The fiscal deficit for2019-20 widened to 4.6% of GDP according to Controller General of Accounts (CGA) datareleased in May 2020.

The Covid-19 Pandemic has wreaked havoc on the world. First reports of the novelcoronavirus emerged in Wuhan China in the month of December 2019. The first reportedcases outside China emerged in Thailand Japan and South Korea in the second half ofJanuary 2020. The virus spread quickly across the world with the World HealthOrganisation declaring the outbreak a pandemic in early March 2020. Countries enforcedmeasures ranging from social distancing guidelines to severe lockdowns as governmentsattempted to curb the spread of the virus. As of early June 2020 the WHO reported that216 countries had confirmed cases of Covid-19 with the total confirmed cases at over 8million people and death toll at over 0.40 million.

The Indian Government announced an unprecedented 21-day lockdown on 23rd March2020 in a bid to halt the spread of the virus. This has been followed by extensions inlockdowns and other measures which have continued into June 2020 although the severityof lockdowns has been gradually eased in individual States depending on the evolvingsituation in every State. Several rating agencies have downgraded growth targets for theIndian economy in light of the disruptive impact of the pandemic with several agencieseven predicting a recession for FY 2020-21. Several monetary and fiscal measures have beenannounced by the Government and the RBI in an attempt to relieve the stress on the economycaused by the pandemic. This includes a revision in the definition of MSMEs (allowing morecompanies to avail the benefits of being an MSME) announcements of collateral free loansand government guarantees for MSMEs a partial credit guarantee scheme extension ofcertain tax deadlines amongst various other measures.

- INDUSTRY REVIEW:

As per the report of NASSCOM (The National Association of Software and ServicesCompanies) IT-BPM sector grew by 7.7% y-o-y garnering a total revenue of USD 191 billionin FY2020. On the side-lines of the flagship NASSCOM Technology and Leadership Forum(NTLF) 2020 the industry body showcased its Strategic Review - 'Techade: The New Decade'which captured the performance of the technology industry and upcoming trends.

NASSCOM announced that IT Services sector garnered the highest revenue of USD 97billion (growth of 6.7%) followed by E-commerce which stood at USD 54 billion (growth25.6%). The sector generated exports of over USD 147 billion in revenues in FY2020growing at 8.1% from the previous year. The maiden report for this decade showcased thegrowth of the industry commemorating several milestones between FY2009-FY2019 such ascrossing USD 105 billion in overall revenue adding 2 million employees/jobs and creating10k new technology companies in overall consolidation.

A key trend witnessed last year was the continued focus on digital revenues which grewby over 23% once again a testimony to the prominence digital technologies and systems aregaining across portfolios. Investing in digital skills continues to rise as an imperativefor the industry with organisations building their capabilities and aligning businessmodels to digital practices as up to 28% of organisational revenues was recorded fordigital. Indian enterprises spent over USD 2 billion domestically to accelerate digitaltransformation.

- REVIEW AND FUTURE OUTLOOK OF THE COMPANY:

The Company is continuously trying to accomplish the desired results. Steps have beentaken for cost diminution and quality of work by the Company. The Company will achievemore turnover by various marketing strategies offering more quality products launchingnew products and services etc. in coming years followed by increase in profit margin byway of various cost cutting techniques and optimum utilization of various resources of theCompany.

- INTERNAL CONTROL SYSTEM:

The Company has proper and adequate system of internal control commensurate with thesize and nature of its business. Regular Internal Audits and Checks carried out and alsomanagement reviews the internal control system and procedures to ensure orderly andefficient conduct of business and to ensure that all assets are safeguarded and protectedagainst loss from unauthorized use or disposition and that transactions are authorizedrecorded and reported correctly. The Company has well defined internal control system. TheCompany takes abundant care to design review and monitor the working of internal controlsystem. Internal audit in the organization is an independent appraisal activity and itmeasures the efficiency adequacy and effectiveness of other controls in the organization.The Audit Committee comprising Independent Directors regularly reviews audit planssignificant audit findings adequacy of internal controls and compliance with AccountingStandards among others.

- HUMAN RESOURCES:

The Company believes that its people are its most important asset and thus continuouslystrives to scale up its employee engagement through well structured systems and avisionary HR philosophy. The Company continues to lays emphasis on building and sustainingthe excellent organization climate based on human performance. Performance management isthe key word for the Company. Pursuit of proactive policies for industrial relations hasresulted in a peaceful and harmonious situation in the Company. We are highly focused ondeveloping our employees to perform with the same excellence for the challenges and hugebusiness opportunities that are envisaged in future. The Company firmly believes thatintellectual capital and human resources is the backbone of the Company's success.

- CAUTIONARY STATEMENT:

Statement in the Management Discussion and Analysis describing Company's objectivesprojections estimates expectation may be forward-looking statements within the meaningof applicable securities laws and regulations. Actual result could differ materially fromthose expressed or implied. Important factors that could make a difference to theCompany's operation include economic conditions affecting demand/supply and priceconditions in the Government regulations tax laws and other status and other incidentalfactors.

Further the discussion following herein reflects the perceptions on major issues as ondate and the opinion expressed here are subject to change without notice. The Companyundertakes no obligations to publicly update or revise any of the opinions of forwardlooking statements expressed in this report consequent to new information future eventsor otherwise. Readers are hence cautioned not to place undue reliance on these statementsand are advised to conduct their own investigation and analysis of the informationcontained or referred to this statement before taking any action with regard to specificobjectives.

- RISK MANAGEMENT:

The Board of Directors have developed & implemented a robust risk management policywhich identifies the key elements of risks that threatens the existence of the Company.The Audit Committee reviews the Company's financial and risk management policies and stepstaken by the Company to mitigate such risks.

- CORPORATE SOCIAL RESPONSIBILITY:

The Clause regarding Corporate Social Responsibility is not applicable to the Company.

i PREVENTION OF SEXUAL HARASSMENT POLICY:

The Company has in place Prevention of Sexual Harassment Policy in line with therequirements of The Sexual Harassment of Women at Workplace (Prevention Prohibition &Redressal) Act 2013. All employees (permanent contractual temporary trainees) arecovered under this policy. Your Directors state that during the year under review therewere no cases filed pursuant to the aforesaid Act.

- DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors to thebest of their knowledge and ability state the following:

- that in the preparation of the annual financial statements for the year ended March31 2020 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;

- that such accounting policies as mentioned in Notes to the Financial Statements havebeen selected and applied consistently and judgment and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as at 31st March 2020 and of the profit of the Company for the yearended on that date;

- that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

- That the annual financial statements have been prepared on a going concern basis.

- That proper internal financial controls were in place and that the financial controlswere adequate and were operating effectively.

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

- KEY MANAGERIAL PERSON:

Mr. Pravinchandra Gor Chairman & Managing Director (C&MD) Mr. Manish JoshiChief Financial Officer (CFO) and Mr. Parth Pandya Company Secretary Cum ComplianceOfficer(CS) are the Key Managerial Personnel of the Company.

ENVIRONMENT AND POLLUTION CONTROL:

The Company is well aware of its responsibility towards a better and clean environment.Our efforts in environment management go well beyond mere compliance with statutoryrequirements. The Company has always maintained harmony with nature by adoptingeco-friendly technologies and upgrading the same from time to time incidental to itsgrowth programmers.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Your Company is committed to highest standards of ethical moral and legal businessconduct. Accordingly the Board of Directors has formulated a Whistle Blower Policy whichis in compliance with the provisions of Section 177(10) of the Companies Act 2013. Thecompany has adopted Whistle Blower Policy to deal with any instance of fraud andmismanagement. The employees of the company are free to report violations of any lawsrules regulations and concerns about unethical conduct to the Audit Committee under thispolicy. The policy ensures that strict confidentiality is maintained whilst dealing withconcerns and also that no discrimination with any person for a genuinely raised concern.

THE CHANGE IN NATURE OF BUSINESS:

There is no material changes in the company held during the year.

i PARTICULARS OF EMPLOYEES:

A statement 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 - D" to this report.

ACKNOWLEDGMENT:

Your Directors are grateful to the Central Government the State Government theRegistrar of Companies Gujarat Securities and Exchange Board of India and otherRegulatory Authorities Bankers Financial Institutions Vendors and Customers for theircontinued support co-operation and guidance. We would like to express our deep sense ofappreciation for the hard work and efforts put in by the employees at all levels. We wouldlike to thank our shareholders for their cooperation and assistance during the year underreport.

By order of the Board of Directors RIDDHI CORPORATE SERVICES LIMITED
Place: - AHMEDABAD

Date: - 05/12/2020 CIN:L74140GJ2010PLC062548

PRAVINCHANDRA GOR CHAIRMAN & MANAGING DIRECTOR DIN:03267951

.