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SBC Exports Ltd.

BSE: 542725 Sector: Others
NSE: SBC ISIN Code: INE04AK01010
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VOLUME 57896
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P/E 62.54
Mkt Cap.(Rs cr) 114
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OPEN 114.05
CLOSE 113.40
VOLUME 57896
52-Week high 118.90
52-Week low 37.55
P/E 62.54
Mkt Cap.(Rs cr) 114
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SBC Exports Ltd. (SBC) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting this 9th Annual report on theaffairs of the Company together with the Audited Statement of Accounts for the year endedon 31st March 2020.

1. FINANCIAL SUMMARY (STANDALONE):-

The Company's financial performance for the year under review along with previousyear's figures is given hereunder:-

31.03.2020 31.03.2019
PARTICULARS
(In Lakhs) (In Lakhs)
Revenue from Operations 10021.64 7305.53
Other Income 15.11 41.37
Total Revenue 10036.75 7346.91
Total Expenditure 9836.55 716157
Profit/Loss before taxation 195.20 185.34
72.83 57.02
Less: Tax Expenses
Profit /loss for the year 127.52 133.50

2. OPERATIONS:-

The Company has reported total revenue of 10021.64 Lakhs for the current year against7305.53 Lakhs for the previous year. The Net profit for the year under review amounted to127.52 Lakhs in the current year as compared to Profit incurred in last year amounting to133.50 Lacs.

3. TRANSFER OF RESERVES:-

An amount of 127.52 Lakhs of profit has been transferred to Reserve & SurplusAccount.

4. DIVIDEND

Although the Company had earned a good profits as compared to previous year but theBoard of Directors of your company do not recommend any dividend on equity shares for thefinancial year under review rather they recommended reinvest the earnings in the business.

5. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES ALONG WITH THEIR PERFORMANCEAND FINANCIAL POSITION

The Company does not have any Subsidiary Joint venture or Associate Company.

6. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:-

There have been no other material changes and commitments except the listing of thesecurities of the Company on the BSE SME Platform affecting the financial position of theCompany which have occurred between the end of the financial year of the Company to whichthe financial statements relate and the date of the report.

7. CHANGE IN SHARE CAPITAL

Authorised Share capital

During Financial Year 2019-2020 there was not any changes in the capital structure ofthe Company. As on 31st March 2020 Authorised Capital of the Company Rs.111000000/-comprising of 11100000/-equity shares of Rs. 10/- each.

Paid up Share Capital

During the year the Company had increased its Paid up share Capital from Rs.76000000/- comprising of 7600000/- equity shares of Rs. 10/- each to Rs.105820000/- comprising of 10582000/- equity shares of Rs. 10/- each by way of IPO of2982000 Equity Shares.

Initial Public Offering (IPO)

Further the Company had entered into the Capital Market with its Initial PublicOffering (IPO) of 2982000 Equity Shares of a Face Value of Rs. 10/- each for cash at aprice of Rs. 22/- per equity share (including a share premium of Rs. 12 per equity share)aggregating to Rs. 656.04 lakhs

("THE ISSUE).

The Issue opened for Subscription on 24th June 2019 and closed on 26thJune 2019 in accordance with SEBI (Issue of Capital and Disclosure Requirements)Regulations 2018. Your Directors are pleased to inform you that the IPO of the Companywas successfully subscribed. The response of the investors was really very encouraging.

The Securities of the Company have been Listed and admitted to dealings on the BSE SMEPlatform of the Bombay Stock Exchange (BSE) w.e.f. 4th July 2019 having thesymbol of "SBC"

At present the paid up share capital of your Company is Rs. 105820000/- dividinginto 10582000 Equity Shares of Rs. 10 each.

8. DEPOSITORY SYSTEM

As the Members are aware your Company's shares are tradeable compulsorily inelectronic form and your Company has established connectivity with both NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL). In view of the numerous advantages offered by the depository system the membersare requested to avail the facility of Dematerialization of the Company's shares on NSDL& CDSL. The ISIN allotted to the Company's Equity shares is INE04AK01010.

9. CHANGE IN THE NATURE OF BUSINESS:-

There is no change in the nature of the business of the company in the review period.

10. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:-

During the year under review there has been not any such significant and materialorders passed by the regulators or courts or tribunals impacting the going concern statusand company's operations in future.

11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required under Regulation 34 of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations") and Circular/ Notifications/ Directions issued by Reserve Bank of Indiafrom time to time the Management Discussion and Analysis of the financial condition andresult of consolidated operations of the Company for the year under review is presented ina separate section forming part of the Annual Report as Annexure-I.

12. CORPORATE GOVERNANCE

We wish to inform the members that in term of Regulation 15 (2) (b) of the SEBI(Listing Obligations & Disclosure Requirements) Regulations 2015 CorporateGovernance is not applicable to our Company as we have listed our securities on the SMEExchange. However your Company has been practicing the principles of good corporategovernance as it is committed to maintain the highest standards of Corporate Governance.

13. DEPOSITS

During the year the Company has neither accepted any deposits from the public nordoes it have any scheme to invite any such deposits.

14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financialyear with related parties were on an arm's length basis and in the ordinary course ofbusiness under the Companies Act 2013 and not material under the Listing Regulations andhence did not require members' prior approval under the Companies Act 2013 and the ListingRegulations. The particulars of contracts or arrangements with related parties referred toin sub-section (1) of section 188 is attached as Annexure-II in the Form AOC-2.

15. AUDITORS AND AUDITORS' REPORT

M/s. STRG & Associates Chartered Accountants (FRN 014826N) having its office atNew Delhi has been appointed as the Statutory Auditors of the Company on 2ndday of December 2019 who shall hold their office for (5) Five Years i.e. from theFinancial Year 2019-20 to 2023-24. Further the Auditors' Report and Notes to the Accountsreferred to in the Auditors' Report are self-explanatory and therefore does not call forany further comments and explanations. The observations of the Statutory Auditors whenread together with the relevant notes to the accounts and accounting policies areself-explanatory and do not calls for any further comment.

16. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of Companies Act 2013 and Companies(Appointment and Remuneration of Managerial Personnel Rules) 2014 Company had appointedM/s. Kumar Mandal and Associates Company Secretaries in Practice on 22nd Dayof August 2019 for the Financial Year 2019-20 and onwards to undertake the SecretarialAudit of the Company. The Secretarial Audit Report for the financial year 2019-20 isattached as Annexure-III

17. BOARD MEETINGS

During the year under review the Board met Ten (10) times on April 10 2019 April 232019 June 03 2019 July 2 2019 August 22 2019 September 16 2019 September 232019 September 25 2019 November 30 2019 and January 20 2020. The maximum intervalbetween any two meetings did not exceed 120 days.

18. GENERAL MEETINGS

During the year under review there were 2 (Two) General Meetings held including AnnualGeneral Meeting on September 30th 2019 and December 2nd 2019.

19. COMMITTEES OF BOARD

There are four Committees constituted as per Companies Act 2013 which are as follows;a) Audit Committee; b) Nomination and Remuneration Committee; c) Stakeholder'sRelationship Committee. d) Risk Management Committee

A. Audit Committee

The Board had constituted qualified Audit Committee pursuant to provision of CompaniesAct 2013 as well as Regulation of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. The committee has its charter for functioning having primary objectiveof the committee is to monitor and provide effective supervision of the management'sfinancial reporting process to ensure accurate and timely disclosures with the highestlevels of transparency integrity and quality of financial reporting. During the financialyear the Committee met Four (4) times; 23rd April 2019 2nd July 2019 23rdOctober 2019 and 20th January 2020.

The Chairman informed the Board on 22nd June 2020 that due to the sadDemise of Mr. Dheerendra Kumar Gupta audit committee needs to be reconstituted. The Boarddiscussed the matter pursuant to Section 177 of the Companies Act 2013 read with theCompanies (Meetings of Board and its Powers) Rules 2014 and applicable provisions of theArticles of Association of the Company the consent of the Members be and is herebyaccorded to the reconstitution of the Audit Committee of the Board is as below:

Name of Director Designation Nature of Directorship
Govindji Gupta Member Additional Director- Executive
Manish Gupta Chairman Independent Director- Non- Executive
Amit Jaiswal Member Independent Director- Non- Executive

Role of the audit committee:

1. Overseeing the Company's financial reporting process and the disclosure of itsfinancial information to ensure that the financial statements are correct sufficient andcredible.

2. Recommending to the Board the appointment re-appointment and if required thereplacement or removal of the statutory auditor and the fixation of audit fees.

3. Approval of payment to statutory auditors for any other services rendered by thestatutory auditors.

4. Reviewing with the management the annual financial statements before submission tothe board for approval with particular reference to:

a) Matters required being included in the Directors Responsibility Statement to beincluded in the Board's report in terms of clause (c) of sub section 3 of section 134 ofthe Companies Act 2013. b) Changes if any in accounting policies and practices andreasons for the same. c) Major accounting entries involving estimates based on theexercise of judgment by management. d) Significant adjustments made in the financialstatements arising out of audit findings.

e) Compliance with listing and other legal requirements relating to financialstatements. f) Disclosure of any related party transactions. g) Modified opinion(s) in theaudit report.

5. Reviewing with the management the half yearly and annual financial statementsbefore submission to the board for approval.

6. Reviewing with the management the statement of uses / application of funds raisedthrough an issue (public issue rights issue preferential issue etc.) the statement offunds utilized for purposes other than those stated in the offerdocument/prospectus/notice and the report submitted by the monitoring agency monitoringthe utilization of proceeds of a public or rights issue and making appropriaterecommendations to the Board to take up steps in this matter.

7. Reviewing and monitoring the auditor's independence and performance andeffectiveness of audit process.

8. Reviewing the adequacy of internal audit function if any including the structureof the internal audit department staffing and seniority of the official heading thedepartment reporting structure coverage and frequency of internal audit.

9. Discussion with internal auditors on any significant findings and follow up thereon.

10. Reviewing the findings of any internal investigations by the internal auditors intomatters where there is suspected fraud or irregularity or a failure of internal controlsystems of a material nature and reporting the matter to the board.

11. Discussion with statutory auditors before the audit commences about the nature andscope of audit as well as post-audit discussion to ascertain any area of concern.

12. to look into the reasons for substantial defaults in the payment to the depositorsdebenture holders shareholders (in case of non-payment of declared dividends) andcreditors.

13. To review the functioning of the Whistle Blower mechanism in case the same isexisting.

14. Approval of appointment of CFO (i.e. the whole-time Finance Director or any otherperson heading the finance function or discharging that function) after assessing thequalifications experience & background etc. of the candidate.

15. To overview the Vigil Mechanism of the Company and took appropriate actions in caseof repeated frivolous complaints against any Director or Employee.

16. Reviewing with the management performance of statutory and internal auditorsadequacy of the internal control systems.

17. Scrutiny of inter-corporate loans and investments.

18. Valuation of Undertakings or assets of the company wherever it is necessary.

19. Evaluation of internal financial controls and risk management systems.

20. Reviewing with the management performance of statutory and internal auditorsadequacy of the internal control systems.

21. Monitoring the end use of funds raised through public offers and related matters.

The Audit Committee shall mandatorily review the following information:-

1. Management Discussion and Analysis of financial condition and results of operations.

2. Statement of significant related party transactions (as defined by the AuditCommittee) submitted by management. 3. Management letters / letters of internal controlweaknesses issued by the statutory auditors. 4. Internal audit reports relating tointernal control weaknesses.

5. The appointment removal and terms of remuneration of the chief internal auditorshall be subject to review by the audit committee. 6. Statement of deviations: a) Halfyearly statement of deviation(s) including report of monitoring agency if applicablesubmitted to stock exchange(s) in terms of Regulation 32(1). b) Annual statement of fundsutilized for purposes other than those stated in the offer document/prospectus/notice interms of Regulation 32(7).

Powers of the Audit Committee:

investigating any activity within its terms of reference; Seeking information from anyemployee; Obtaining outside legal or other professional advice; and

Securing attendance of outsiders with relevant expertise if it considers necessary.

B. Nomination and Remuneration Committee

The nominated and remuneration policy is being formulated in compliance with section178 of the Companies Act 2013 and rules made there under and Regulations of SEBI (ListingObligation and Disclosure Requirements) regulations 2015.

During the year Committee met on August 22 2019.

Composition of Nomination and Remuneration Committee is as under;

Name of Director Designation Nature of Directorship
Manish Gupta Member Independent Director- Non- Executive
Manupriya Mishra Chairperson Independent Director- Non- Executive
Amit Jaiswal Member Independent Director- Non- Executive

The terms of reference of the Nomination and Remuneration Committee are:

To recommend to the Board the remuneration packages of the Company's Managing/JointManaging/Deputy Managing/Whole time / Executive Directors including all elements ofremuneration package (i.e. salary benefits bonuses perquisites commission incentivesstock options pension retirement benefits details of fixed component and performancelinked incentives along with the performance criteria service contracts notice periodseverance fees etc.);

To be authorized at its duly constituted meeting to determine on behalf the Board ofDirectors and on b half of the shareholders with agreed terms of reference the Company'spolicy on specific remuneration packages for Company's Managing/Joint Managing/ DeputyManaging/ Whole time/Executive Directors including pension rights and any compensationpayment;

Such other matters as may from time to time be required by any statutory contractualor other regulatory requirements to be attended to by such committee.

C. Stakeholders Relationship Committee:

Pursuant to Provisions of Companies Act 2013 and rules made there under and Regulation20 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015; OurStakeholder Relationship Committee members personally looking forward the issues if anyrelated to the stakeholders. The primary objective of the Committee is to consider andresolve the grievances of Security Holders of the Company.

During the year Committee met on August 22 2019.

The Chairman informed the Board on 22nd June 2020 that due to the sadDemise of Mr. Dheerendra Kumar Gupta Stakeholder Relationship Committee needs to bereconstituted. The Board discussed the matter pursuant to Section 178 of the CompaniesAct 2013 read with the Companies (Meetings of Board and its Powers) Rules 2014 andapplicable provisions of the Articles of Association of the Company the consent of theMembers be and is hereby accorded to the reconstitution of the Audit Committee of theBoard is as below:

Name of Director Designation Nature of Directorship
Govindji Gupta Member Additional Director- Executive
Manish Gupta Member Independent Director- Non- Executive
Amit Jaiswal Chairman Independent Director- Non- Executive

The Stakeholder Relationships Committee shall oversee all matters pertaining toinvestors of our Company. The terms of reference of the Investor Grievance Committeeinclude the following:

Redressal of shareholders' /investors' complaints;

Reviewing on a periodic basis the Approval of transfer or transmission of sharesdebentures or any other securities made by the Registrar and Share Transfer Agent;

Issue of duplicate certificates and new certificates on split/consolidation/renewal;Non-receipt of declared dividends balance sheets of the Company; and

Carrying out any other function as prescribed under the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015.

D. Risk Management Committee:

Pursuant to Provisions of Companies Act 2013 and rules made there under The RiskManagement Committee is formed for the purpose of looking into the various risks affectingthe smooth functioning of the Company. There are various factors including internal aswell as external which may affect the stability of the Company. The Committee has adopteda Charter for its functioning. The primary objective of the Committee is to consider andresolve the grievances of Security Holders of the Company.

During the year Committee met on August 22 2019.

The Chairman informed the Board on 22nd June 2020 that due to the sadDemise of Mr. Dheerendra Kumar Gupta Stakeholder Relationship Committee needs to bereconstituted. The Board discussed the matter and the consent of the Members be and ishereby accorded to the reconstitution of the Audit Committee of the Board is as below:

Name of Director Designation Nature of Directorship
Govindji Gupta Member Additional Director- Executive
Manish Gupta Member Independent Director- Non- Executive
Amit Jaiswal Chairman Independent Director- Non- Executive

20. SEPARATE MEETING OF INDEPENDENT DIRECTORS:

Pursuant to code of Independent Directors in compliance with Schedule IV the CompaniesAct 2013 and rules made there under and regulation 25 (3) of the SEBI ListingRegulations 2015 a separate meeting of the Independent Directors of the Company was heldon November 30 2019 to review the performance of Non-independent directors (including theChairman) and the Board as a whole. The Independent directors also reviewed the qualitycontent and timeliness of the flow of information between the Management and the Board andits committees which is necessary to effectively and reasonably perform and dischargetheir duties.

21. CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORS AND KMPs

? During the year under review no changes took place on the Board.

? Cessation of Mr. Dheerendra Kumar Gupta from Managing Director and Appointment of Mr.Govindji Gupta as Additional Director of the Company w.e.f. 22nd June 2020.

22. RETIREMENT OF DIRECTOR BY ROTATION:

No Director is liable to retire by rotation at the ensuing Annual General Meeting.

23. BOARD'S INDEPENDENCE

Definition of ‘Independence' of Directors is in conformity with Section 149(6) ofthe Companies Act 2013 and the requirements of Listing Regulations. Based on theconfirmation / disclosures received from the Directors and on evaluation of therelationships disclosed the following Non-

Executive Directors are Independent in terms of Section 149(6) of the Companies Act2013 and the requirements of Listing Regulations :-

1. Mr. Akshat Gupta

2. Mr. Vinod Kumar

3. Mrs. Manupriya Mishra

4. Mr. Amit Jaiswal and

5. Mr. Manish Gupta

The independent directors have submitted the declaration of independence as requiredunder section 149(7) of the Companies Act 2013 stating that they meet the criteria ofindependence as provided in section 149(6) of the Companies Act 2013.

24. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act 2013 with respectto Directors' Responsibility Statement it is hereby stated that:

(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures; (b) theDirectors have selected such accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of the financial year and of theprofit and loss of the company for that period; (c) the Directors have taken proper andsufficient care for the maintenance of adequate accounting records in accordance with theprovisions of this Act for safeguarding the assets of the company and for preventing anddetecting fraud and other irregularities; (d) the Directors have prepared the annualaccounts on a going concern basis; (e) the Directors have laid down internal financialcontrols to be followed by the company and that such internal financial controls areadequate and were operating effectively; and (f) the Directors have devised proper systemsto ensure compliance with the provisions of all applicable laws and that such systems wereadequate and operating effectively.

25. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBIListing Regulations').

The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc.

The evaluation framework for assessing the performance of Directors comprises of thefollowing key areas:

• Expertise;

• Objectivity and Independence;

• Guidance and support in context of life stage of the Company; •Understanding of the Company's business; • Understanding and commitment to duties andresponsibilities;

• Willingness to devote the time needed for effective contribution to Company;• Participation in discussions in effective and constructive manner; •Responsiveness in approach;

• Ability to encourage and motivate the Management for continued performance andsuccess.

The evaluation involves Self-Evaluation by the Board Member and subsequent assessmentby the Board of Directors. A member of the Board will not participate in the discussion ofhis/her evaluation. Accordingly a process of evaluation was followed by the Board for itsown performance and that of its Committees and individual Directors and also the necessaryevaluation was carried out by Nomination and Remuneration Committee and IndependentDirector at their respective meetings held for the purpose.

26. PARTICULARS OF EMPLOYEES

There were no employee in receipt of remuneration of Rs. 1.02 crores Rupees per annumif employed for whole of the year or Rs. 8.50 Lakhs per month if employed for part of theyear whose particulars are required to be given under Rule 5(2) and (3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

27. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System which is commensurate with the size scaleand complexity of its operations. To maintain its objectivity and independence theInternal Audit reports to the Chairman of the Audit Committee of the Board and to theManaging Director. The Internal Audit Department reviews the effectiveness and efficiencyof these systems and procedures to ensure that all assets are protected against loss andthat the financial and operational information is accurate and complete in all respects.Company policies guidelines and procedures provide for adequate checks and balances andare meant to ensure that all transactions are authorized recorded and reported correctly.

28. WHISTLE BLOWER POLICY /VIGIL MECHANISM

In compliance with the requirement of the Companies Act 2013 and SEBI ListingRegulations the Company has established a Whistle Blower Policy / Vigil Mechanism Policythat enables the Directors and Employees to report genuine concerns. The vigil mechanismprovides for (a) adequate safeguards against victimization of persons who use the vigilmechanism; and (b) direct access to the Chairperson of the Audit Committee of the Board ofDirectors of the Company in appropriate or exceptional cases.

No complaint of this nature has been received by the Audit Committee during the yearunder review.

29. EXTRACT OF ANNUAL RETURN:-

The Company is maintaining a website where the extract of Annual Return can beaccessible. The Link of the website is www.sbcexportslimited.com.

30. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143 (12) OTHER THAN

THOSE WHICH ARE REPORTABLE TO THE CENTRAL GEOVERNMENT:-

There were no frauds as reported by the Statutory Auditors under sub-section 12 ofSection 143 of the Companies Act 2013 along with Rules made there-under other than thosewhich are reportable to the Central Government.

31. CORPORATE SOCIAL RESPONSIBILITY

As per the provisions of section and 135 of the Companies Act 2013 Corporate SocialResponsibility (CSR) is not applicable to the Company during the year under review sothere are no disclosures required under section134 (3)(o) of the Companies Act 2013.

32. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The provisions/requirement of Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 (Acts) and Rules made thereunder are being followedby the Company and the company is providing the proper environment of working to allemployees and has proper internal control Mechanism for prevention prohibition andredressal of sexual harassment at workplace. The Company has complied with the provisionsof constitution of Internal Complaints Committee under the Act. There were nocases/complaints filed under this Act during the year.

33. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

The particulars of loans given or guarantees given or investments made or securitiesprovided are given in notes to financial statements.

34. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks to Key business objectives. Major risks identified by the Board and systematicallysteps taken to mitigate on a continuous basis. The Company's internal control system iscommensurate with the nature of its business and the size and complexity of operations

35. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND

OUTGO

Conservation of energy: Not applicable Technology absorption: Not applicable

Foreign exchange earnings and outgo: There was no foreign exchange inflow or Outflowduring the year.

36. COVID-19

The COVID-19 pandemic has caused a huge disruption creating an unprecedented impact onthe financial well-being of nations corporations and individuals. A detailed discussionon impact of COVID-19 on the Company is covered in the ‘Management Discussion andAnalysis.'

37. ACKNOWLEDGEMENTS

Your Board of Directors would like to place on record their sincere appreciation forthe wholehearted support and contributions made by all the employees of the Company aswell as customers suppliers consultants bankers and other authorities. The Directorsalso thank the Central and State Government of India and concerned Government Departments/Agencies for their cooperation. The directors appreciate and value the contributions madeby every member of the company.

For SBC EXPORTS LIMITED

GOVINDJI GUPTA DEEPIKA GUPTA
Director Director
DIN: 01632764 DIN: 03319765
Date: 28.11.2020
Place: Sahibabad

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