Your directors have pleasure in presenting their 34th Annual Report on the business andoperations of the company and the accounts for the financial year ended March 31 2020.
1. Financial Results :
The details regarding financial performance of the company for financial year ended31st March 2020 are as follows:
| || ||Standalone (Rs. In Lacs) |
|Particulars ||Current Financial ||Previous Financial |
| ||Year ||Year |
| ||(2020) ||(2019) |
|Revenue from Operations ||2242.96 ||2820.45 |
|Other Income ||57.56 ||75.54 |
|Total Income ||2300.52 ||2896.00 |
|Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense ||336.49 ||838.91 |
|Less: Depreciation/ Amortization/ Impairment ||48.63 ||57.46 |
|Add/(less): Exceptional items ||Nil ||Nil |
|Profit /loss before Tax Expense ||287.86 ||781.45 |
|Less: Tax Expense (Current & Deferred) - Excess provision of previous year written back ||-0.66 ||-0.66 |
|Less: Finance Costs ||585.85 ||704.86 |
|Profit /loss before Exceptional items and Tax Expense ||-297.33 ||77.26 |
|Profit /loss for the year (1) ||-297.33 ||77.26 |
|Total Comprehensive Income/loss (2) ||Nil ||Nil |
|Total (1+2) ||-297.33 ||77.26 |
|Balance of profit /loss for earlier years ||667.93 ||590.67 |
|Less: Transfer to Debenture Redemption Reserve ||Nil ||Nil |
|Less: Transfer to Reserves ||Nil ||Nil |
|Less: Dividend paid on Equity Shares ||Nil ||Nil |
|Less: Dividend paid on Preference Shares ||Nil ||Nil |
|Less: Dividend Distribution Tax ||Nil ||Nil |
|Balance carried forward ||370.60 ||667.93 |
2. Overview of the company analysis of financial results and Performance Review
Your company is involved in engineering and manufacturing of transformers and fullrange of HT & LT switchgears Distribution boards Distribution Boxes Control andRelay Panel Feeder Pillars ACB Boxes Single Phase Boxes MCB & MCCB panelsJunction Boxes A.C./D.C. Boards and other related products.
During the year under review the turnover of the company got reduced from 2820.46Lakhs to Rs. 2242.96 Lakhs. The reason for reduction in turnover can be stated to overallslowdown in the economy and poor performance of businesses associated with increasedcompliance burden due to imposition of various legal and procedural formalities. There wasslack in the market and also due to change in political scenario in the state of MadhyaPradesh topline has been adversely affected.
Our vision is that we believe "Customer is the core of all the endeavors".Thus the primary objective of the company is up-holding the value of the"customer". Our Company strives to provide "solutions" rather than"selling of products." Our objectives are to establish the organizationleadership in the area of electrical engineering both in the field of manufacturing andmarketing and to develop high level of satisfied customer profile with dedicated serviceand high grade of products and quality as well as to maintain the growth patternsconsistently both in terms of sales volume and return from sales.
3. Change in nature of business:
There was no change in nature of business of the company during the year under review.
4. Extract of Annual Return:
Pursuant to the provisions of Section 92 (3) and Section 134 (3) (a) of the CompaniesAct 2013 read with rule 12 (1) of the Companies (Management and Administration) Rules2014 an extract of annual return in Form MGT 9 is also uploaded on the website of thecompany i.e. www.shriramswitchgears.com.
The amount of deficit of Rs. 29733522 (Rupees Two Crore Ninety Seven Lakh ThirtyThree Thousand Five Hundred and Twenty Two Only) of Profit and Loss account has beentransferred to Reserve and Surplus account in the Balance Sheet. Final amount of reserveand surplus account as on 31.03.2020 is Rs. 62724082/- including capital reserve of Rs.1634217/- and securities premium account of Rs. 24030000/-.
No dividend is proposed for the current financial year due to non availability ofdistributable profits.
7. Transfer of amount to Investor Education and Protection Fund
There was no amount which was required to be transferred to Investor Education andProtection Fund.
8. Details pertaining to shares in suspense account
There are no shares in demat suspense account/unclaimed suspense account as provided inPara F of Schedule V of the Listing Regulations 2015.
9. Details relating to material variations
There was no material deviation/variation in use of proceeds of the issue. The issueproceeds were utilized for working capital requirements of the company as defined inobjects of the issue.
10. Directors and Key Managerial Personnel
In compliance with the provisions of Section 149 & 152 read with Schedule IV allthe other applicable provisions of Companies Act 2013 and Companies (Appointment andQualification of Directors) Rules 2014 and SEBI (LODR) regulations 2015 the compositionof board of directors of the company is as follows:
|S. No. ||Name ||DIN/PAN ||Designation |
|1. ||Nilesh Kumar Jhalani ||01462299 ||Managing Director |
|2. ||Rohit Kumar Jhalani ||00666443 ||Whole Time Director |
|3. ||Devraj Jhalani ||01462323 ||Whole Time Director |
|4. ||Sapna Jhalani ||07685341 ||Non Executive Director |
|5. ||Atul Krishna Khandelwal ||00094242 ||Independent Director |
|6. ||Amita Premswaroop Patel ||07687442 ||Independent Director |
|7. ||Naresh Kumar Jhalani ||ABBPJ8084B ||Chief Finance Officer |
|8. ||Garima Mahalaha ||BWWPM8525K ||Company Secretary and Compliance Officer |
During the year there was no change in directors and KMPs.
In accordance with the provisions of Section 152 of the Companies Act 2013 and interms of the Articles of Association of the Company Mr. Rohit Kumar Jhalani (Whole timeDirector) (DIN: 00666443) is liable to retire by rotation and being eligible seeksre-appointment at the ensuing Annual General Meeting. The Board of Directors recommendshis re-appointment. Mr. Rohit Kumar Jhalani is not disqualified under Section 164(2) ofthe Companies Act 2013.
Brief resume of the Director proposed to be reappointed nature of his experience inspecific functions and area and number of public companies in which he holdsmembership/chairmanship of Board and Committees Shareholdings and inter-se relationshipswith other directors as stipulated under Regulation 36(3) of Securities and Exchange Boardof India (Listing Obligations and Disclosure Requirements) Regulations 2015 are providedin the Annexure to the Notice of AGM' forming part of the Annual Report.
Further the term of Shri Nilesh Kumar Jhalani as Managing Director and that of Mr.Devraj Jhalani and Rohit Kumar Jhalani as Whole Time Director will come an end at theensuing Annual General Meeting. All of the above KMPs seek reappointment at the AnnualGeneral Meeting.
Brief resume of the KMPs proposed to be reappointed nature of their experience inspecific functions and area and number of public companies in which they holdmembership/chairmanship of Board and Committees Shareholdings and inter-se relationshipswith other directors as stipulated under Regulation 36(3) of Securities and Exchange Boardof India (Listing Obligations and Disclosure Requirements) Regulations 2015 are providedin the Annexure to the Notice of AGM' forming part of the Annual Report.
The Company has received declaration from the Independent Directors that they meet thecriteria of independence as prescribed u/s 149(6) of the Companies Act 2013. In theopinion of the Board they fulfill the condition for appointment/ re-appointment asIndependent Directors on the Board. Further in the opinion of the Board the IndependentDirectors also possess the attributes of integrity expertise and experience as requiredto be disclosed under Rule 8(5) (iiia) of the Companies (Accounts) Rules 2014.
11. Meetings of the Board of directors:
The directors of the company met at regular intervals with the gap between two meetingsnot exceeding 120 days to take a view on company's policies and strategies apart from theboard matters. The notices of the meetings are given well in advance to all the directorsof the company. Additional meetings were held depending upon the requirements of thecompany. During the year under review the board met 10 times and dates of board meetingsare as follows:
|S No. ||Date of board meeting |
|1. ||29.04.2019 |
|2. ||18.05.2019 |
|3. ||12.06.2019 |
|4. ||29.06.2019 |
|5. ||19.08.2019 |
|6. ||26.08.2019 |
|7. ||13.11.2019 |
|8. ||30.11.2019 |
|9. ||15.01.2020 |
|10. ||20.03.2020 |
Attendance of directors:
|S. No. ||Name of director ||Number of board meetings |
| || ||Held ||Attended |
|1. ||Nilesh Kumar Jhalani ||10 ||10 |
|2. ||Rohit Kumar Jhalni ||10 ||10 |
|3. ||Devraj Jhalani ||10 ||10 |
|4. ||Sapna Jhalani ||10 ||9 |
|5. ||Atul Krishna Khandelwal ||10 ||4 |
|6. ||Amita Premswaroop Patel ||10 ||3 |
12. Directors' Responsibility Statement
Pursuant to the provisions of clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 your directors state 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 had selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitand loss of the company for that period; (c) The directors had taken proper and sufficientcare for the maintenance of adequate accounting records in accordance with the provisionsof this Act for safeguarding the assets of the company and for preventing and detectingfraud and other irregularities; (d) The directors had prepared the annual accounts on agoing concern basis; and (e) The directors had devised proper systems to ensure compliancewith the provisions of all applicable laws and that such systems were adequate andoperating effectively. (f) The directors had laid down internal financial controls to befollowed by the company
13. Board's Evaluation
In compliances with the provisions of Section 134(3)(p) of the Act read with Rule 8(4)of the Companies (Accounts) Rules 2014 the board carried out annual evaluation of itsown performance that of its Committees and individual directors.
The performance of board and its committees was evaluated by the board after seekinginput from all the directors on the basis of the criteria such as composition andstructure of the Board quality of deliberations effectiveness of the procedures adoptedby the Board participation at the Board and committee meetings governance reviews etc.Performance of individual directors was evaluated on the basis of criteria liketransparency analytical abilities qualifications leadership qualities experienceparticipation in the long-term strategic planning and responsibilities shouldered.
The Committees of the Board were assessed on the basis of degree of fulfillment of keyresponsibilities adequacy of committee composition and effectiveness of meetings. TheCompany does not have a regular Chairman however the Chairman appointed for the Boardmeetings was also evaluated by all the Directors on the basis of managing relationsleadership competence and diligence.
The performance evaluation of Independent Directors was carried out by the entireBoard excluding the Director being evaluated. The performance evaluation of the Chairmanappointed for the Board meeting and the Non- Independent Directors was carried out by theIndependent Directors who also reviewed the performance of the Board as a whole. The Boardof Directors expressed their satisfaction with the evaluation process.
14. Declaration by Independent Director(s) and re-appointment if any
All the Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 so as to qualify themselves to be appointed as Independent Directorsunder the provisions of the Companies Act 2013 and the relevant rules.
15. Statement regarding opinion of the Board with regard to integrity expertise andexperience (including the proficiency) of the Independent Directors appointed during theyear
This is the new disclosure introduced by the Ministry of Corporate Affairs effectivefrom December 1 2019. The Company has not appointed any Independent Director betweenDecember 1 2019 to March 31 2020. However the Board of Directors reviewed thedeclarations as mentioned in the point no 14 and have positive outlook towards theintegrity and expertise of the Independent Directors. The Independent Directors are yet toappear for the online proficiency self-assessment test and hence the opinion on theaforesaid would be provided in the next year's annual report.
16. List of core skills/expertise/competencies
As the company is involved in the manufacturing of transformers and related electricalitems the basic skill required in directors is that of technical expertise to monitor themanufacturing operations properly. Further the directors must possess excellent infinancial and communication skills. As the major customers of the company are StateElectricity Boards the directors must have very good liasioning abilities. All theexecutive directors of the company posses all of the above expertise. Our ManagingDirector Mr. Nilesh Kumar Jhalani and Whole time director are technical experts havingvast experience of 25 years in the field. Other whole time director Mr. Devraj Jhalani isa young dynamic talent possessing excellent business management capabilities. Our CFO Mr.Naresh Jhalani is an expert in financial matters as well as being an ardent communicator.
17. Particulars of loans guarantees or investments under section 186
The details of loans guarantees and investments covered under the provisions ofSection 186 of the Companies Act 2013 and rules made thereunder are shown under Note No.11 & 15 in the notes to the Financial Statements.
18. Related Party Transaction:
All related party transactions entered into by the company during the year were on anarm's length basis and in the ordinary course of business. During the year no transactionwas entered into by the company with key managerial personnel. The company did not enterinto any related party transactions which were in conflict with its interest. Statement oftransaction with related parties in summary form are periodically placed before the auditcommittee and are approved by committee in compliance with Section 134 (3) (h) of the Actand rule 8 (2) of companies (Accounts ) Rules 2014. Particulars of Related Partytransactions are given form of AOC-2 as Annexure I to this report.
19. Commission from holding or subsidiary company:
As the company is not having any holding or subsidiary company details as requiredregarding receipt of commission by Managing or whole time director of the company fromholding or subsidiary of the company in accordance with the provisions of Section 197 (14)are not applicable.
20. Particulars Of Employee and Related Disclosures
The ratio of remuneration of each Director to the median of employees' remuneration asper Section 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of theBoard's Report under "Annexure II " as Median Remuneration.
The company was not having any employee who was in receipt of remuneration asspecified under Rule 5 (2) Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 hence the details as required under that rule are not applicableon the company.
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014 thelist of the top 10 employees in terms of remuneration forms part of the Board's Reportunder "Annexure-III''
21. Audit Committee
The company constituted an Audit Committee pursuant to the provisions of Section 177 ofthe Companies Act 2013.
The terms of reference of Audit Committee covers the matters specified for AuditCommittee in Section 177 of the Companies Act 2013 read with Rule No. 6 of the Companies(Meetings of Board and its Power) Rules 2014. The Role of the Audit Committee is asprescribed under Section 177 of the Companies Act 2013.
The chairman of the Audit Committee is Mr. Atul Krishna Khandelwal. During the year2019 -20 three Audit Committee meeting were held on 18th May 2019 13th November 2019and 20th March 2020.
The composition of the Audit Committee and number of meetings attended by the membersare given below:
|Name of director ||Position held ||No. of meetings attended |
|Mr. Atul Krishna Khandelwal (DIN : 00094242) Independent ||Chairman ||3 |
|Director || || |
|Ms. Amita Premswaroop Patel ||Member ||2 |
|(DIN : 07687442) Independent || || |
|Director || || |
|Mr. Nilesh Kumar Jhalani ||Member ||3 |
|(DIN : 01462299) Managing Director || || |
22. Nomination and Remuneration Committee
The company constituted Nomination & Remuneration Committee pursuant to theprovisions of Section 178 of the Companies Act 2013. The details of members of theNomination and Remuneration committee are as follows:
|Name of director ||Position held ||Attendance at meeting |
|Mr. Atul Krishna Khandelwal (DIN ||Chairperson ||1 |
|: 00094242) Independent Director || || |
|Ms. Amita Premswaroop Patel ||Member ||1 |
|(DIN : 07687442) || || |
|Independent Director || || |
|Ms. Sapna Jhalani ||Member ||1 |
|(DIN : 07685341) - Non Executive || || |
|Director || || |
During the year 2019 - 20 one meeting of Nomination and Remuneration Committee washeld on 18th May 2019 to discuss general working conditions and remuneration of KMPs andemployees. Considering unfavorable market conditions no change in remuneration of any KMPwas proposed by the committee.
The function performed by the Nomination and Remuneration are as prescribed underCompanies Act 2013 and rules made thereunder.
23. Stakeholders' Relationship Committee
The company constituted a Stakeholders' Relationship Committee pursuant to theprovisions of Section 178 (6) of the Companies Act 2013. The details of members andmeetings of the Stakeholder's Relationship Committee are as follows:
|Name of director ||Position held ||No. of meetings attended |
|Ms. Sapna Jhalani ||Chairperson ||1 |
|(DIN : 07685341) || || |
|Non Executive Director || || |
|Mr. Atul Krishna Khandelwal ||Member ||1 |
|(DIN : 00094242) || || |
|Independent Director || || |
|Ms. Amita Premswaroop Patel ||Member ||1 |
|(DIN : 07687442) || || |
|Independent Director || || |
24. Vigil Mechanism/whistleblower Policy
In Compliance with the provision of section 177(9) of the Act read with Rule 7 ofCompanies (Meeting of Board and its Power) Rules 2014 the company formulated a VigilMechanism for directors and employees to report concerns.
25. Corporate Social Responsibility (CSR)
As the company does not fall into any of the category mentioned thereunder theprovisions of Section 134 (3) (o) read with Section 135 and Rule 9 of Companies (Accounts)Rules 2014 related with Corporate Social Responsibility are not applicable on thecompany.
26. Material changes and commitments affecting the financial position of the company
In the last month of FY 2019-20 the COVID-19 pandemic developed rapidly into a globalcrisis forcing government to enforce lock-downs for various periods from March to July indifferent parts of the country. Due to lockdown the business activities of your companywere also halted. The board is trying to bring back normalcy in business operations whilefollowing various SOPs suggested by the government at diffract levels of operations. Theimpact of lockdown on financial position of the company is not determinable but the boardis trying to keep it to minimum.
Apart from above there were no material changes and commitment affecting the financialposition of the Company which occurred between the end of the financial year of theCompany and date of the Report.
27. Compliance of Secretarial Standard
The Company has complied with all the applicable Secretarial Standards during the year.
28. Conservation of Energy Technology Absorption and Foreign Exchange Earnings andOutgo
The details of conservation of energy technology absorption foreign exchange earningsand outgo in terms of Section 134 (3) (m) read with Rule 8 (3) of the Companies (Accounts)Rules 2014 are given in Annexure IV which is part of this Report.
29. Details of Subsidiary/Joint Ventures/Associate Companies
As the company is not having any subsidiary/joint venture/Associate Companies thedetails in terms of Section 134 (3) (q) read with Rule 8 (5) (iv) of the Companies(Accounts) Rules 2014 are nil.
30. SEBI Complaints Redress System (SCORES)
The investor complaints are processed in a centralized web based complaints redresssystem. The salient features of this system are centralized database of all complaintsonline upload of Action Taken Reports (ATRs) by the concerned companies and online viewingby investors of actions taken on the complaint and its current status. Your Company hasbeen registered on SCORES and makes every effort to resolve all investor complaintsreceived through SCORES or otherwise within the statutory time limit from the receipt ofthe complaint. The Company has not received any complaint on the SCORES during financialyear 2019-20.
As the company has not accepted any deposits covered under Chapter V of the Act thedetails in terms of Section 134 (3) (q) of the Companies Act 2013 read with Rule 8 (5)(v) and (vi) of the Companies (Account) Rules 2014 are nil. The unsecured loan as areappearing in the balance sheet are the amount which are brought in by the promoters andtheir relatives in pursuant to the stipulation imposed by the financing banks and the sameshall not be treated as deposits in terms of provisions of Rule 2 (c) (XIII) of Companies(Deposit) Rules 2014.
32. Details of significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future
No significant or material orders are passed during the financial year by theregulators or courts or tribunals which might impact the going concern status andcompany's operation in future.
33. Details in respect of adequacy of internal financial controls with reference to the
Your Company has put in place adequate internal financial controls with reference tothe financial statements some of which are outlined below:
Your Company has adopted accounting policies which are in line with the AccountingStandards prescribed in the Companies (Accounting Standards) Rules 2006 that continue toapply under Section 133 and other applicable provisions if any of the Companies Act2013 read with Rule 7 of the Companies (Accounts) Rules 2014 and relevant provisions ofthe Companies Act 1956 to the extent applicable.
A system of strict internal control including suitable monitoring procedures hasalways believed that transparency systems and controls are important factors in thesuccess and growth of any organization.
The Company has an adequate system of internal control supported by an extensiveprogramme of internal control; and systems are established to ensure that financial andother records are reliable for preparing financial statements.
Internal Audit Reports and significant Audit observations are brought to the attentionof the Audit Committee of the company. The internal controls existing in the Company areconsidered to be adequate vis-a-vis the business requirements.
Your Company ensures adequacy with its current size and business to ensure operationalefficiency protection and conservation of resources accuracy and promptness in financialreporting and compliance of laws and regulations. It is supported by the internal auditprocess and will be enlarged to be adequate with the growth in the business activity.
34. Internal Auditors
In accordance with the provisions of Section 138 of the Companies Act 2013 read withRule 13 of Companies (Accounts) Rules 2014 the company had appointed CA Mahak KakaniChartered Accountant Ratlam as internal auditor of the company. The purpose of internalaudit is to examine that the company is carrying out its operations effectively andperforming the processes procedures and functions as per the prescribed norms. Theinternal auditors review the adequacy and efficiency of the key internal controls guidedby the Audit Committee.
35. Explanation or comments on Auditor's Report:
Auditor's report being self explanatory no comments are required to be given in termsof Section 134 (3) (f) (i).
36. Secretarial Audit
Pursuant the provision of the Section 204 of the Companies Act 2013 read with Rule 9of the Companies (Appointment and Remuneration of Managerial personal) Rules 2014 theboard appointed CS Shweta Garg Practicing Company Secretary Indore to conductSecretarial Audit of the Company for the financial year 2019 - 2020. The Secretarial Auditreport in Form MR 3 is attached as Annexure V and forms part of this report. TheSecretarial Audit Report is self explanatory and no comments are required to be given onthe same.
37. Maintenance of Cost Records and Cost Audit
The Company is not falling under the category prescribed under sub-section (1) ofSection 148 of the Act and Rules 3 4 of the Companies (Cost Records and Audit) Rules2014 (as amended from time to time) to whom the requirements of maintenance of CostRecords and the requirement of Cost Audit is applicable.
38. Management Discussion and Analysis
Management Discussion and Analysis Report for the year 2019 - 20 as stipulated underRegulation 34(2)(e) of Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 is attached as Annexure VI forming part of thisAnnual Report and gives detail of overall industry structure developments performanceand state of affairs of the Company's operations during the year.
39. Risk Management Policy
The risk management framework of the company defines roles and responsibilities forarriving at risk rating criteria for assessing risk impact likelihood of risks andeffectiveness of mitigations plans. The process includes identifications of risks involvedin various areas zeroing on risk that matter' assessing mitigation plan andpreparedness to face risk that matter.' The Company has developed and implemented arisk management policy which identifies major risks which may threaten the existence ofthe Company. The same has also been adopted by your Board and is also subject to itsreview from time to time. Risk mitigation process and measures have been also FORMULATEDand clearly spelled out in the said policy.
40. Disclosure in respect of loan to employees for purchase of own shares
The company has not given any loan to any of the employees for purchasing its shareshence the information pursuant of Section 67 of the Act read with Rule 16 of Companies(Share Capital & Debentures) Regulations 2014 are nil.
41. Disclosure under Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013
As per the requirement of The Sexual Harassment of Women at Workplace (PreventionProhibition &Redressal) Act 2013 (Act') and rules made there under yourCompany has adopted a Sexual Harassment Policy for women to ensure healthy workingenvironment without fear of prejudice gender bias and sexual harassment.
The Board states that there were no cases or complaints filed pursuant to the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.
42. Reporting of fraud by statutory auditors
There was no fraud in the Company which was required to be reported by statutoryauditors of the Company under sub- section (12) of section 143 of Companies Act 2013during the financial year.
43. Issue of Equity shares with differential voting rights Sweat Equity ESOP etc.
The company has not issued any equity shares with differential voting rights SweatEquity Shares or Shares to its employees under "Employee Stock Option Scheme"during the financial year.
44. Changes in Share Capital
There was no change in the share capital of the company during the financial year 2019- 2020.
The members at the Annual General Meeting held on 30.09.2017 appointed M/s KVNG &ASSOCIATES Chartered Accountants Indore as statutory auditor to hold office for aperiod of 5 years till 2022. The auditors have given a declaration to the company to theeffect that the firm is not disqualified to continue as auditor in terms of the provisionsof Section 141 of the Companies Act 2013 read with Rule 4 and Rule 10 of the Companies(Audit & Auditors) Rules 2013.
Your Directors convey a sense of high appreciations to all the employees of the companyfor their hard work dedication continued commitment and significant contributions. YourDirectors are grateful to acknowledge the support and cooperation's received from variousdepartments of the Central and State Governments shareholders business associatesanalysts banks Financial Institutions customers distributors and suppliers.
For & on behalf of the Board of Directors
| ||Sd/- ||Sd/- |
|Place : Ratlam ||Devraj Jhalani ||Nilesh Kumar Jhalani |
|Date : 05.09.2020 ||Whole Time Director (DIN : 33333333) ||Managing Director (DIN: 01462299) |
| ||Shri Ram Bhawan Goshala Road ||242/243 Gaushala Road |
| ||Ratlam 457001 Madhya Pradesh ||Shri Ram Bhawan Ratlam |
| ||India ||457001 MP IN |