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Silver Oak (India) Ltd.

BSE: 531635 Sector: Consumer
NSE: N.A. ISIN Code: INE870J01019
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NSE 05:30 | 01 Jan Silver Oak (India) Ltd
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OPEN 14.05
CLOSE 14.05
VOLUME 5
52-Week high 20.40
52-Week low 7.42
P/E
Mkt Cap.(Rs cr) 5
Buy Price 14.70
Buy Qty 16.00
Sell Price 17.10
Sell Qty 100.00

Silver Oak (India) Ltd. (SILVEROAKI) - Director Report

Company director report

To

The Members

SILVER OAK (INDIA) LIMITED

CIN: L11531MP1984PLC002635

Your Directors have pleasure in presenting their 35th Annual Report together withAudited Accounts of ti Company for the year ended 31st March 2019.

1. FINANCIAL RESULTS:

a) Standalone figures:

PARTICULARS 2018-19 2017-18
(Rs in Lacs)
Sales and other Income 46.20 73.93
Profit/(Loss) before Depreciation (143.60) (49.50)
Interest 42.66 41.04
Depreciation 8.82 8.91
Profit/(Loss) before Tax (195.08) (99.46)
Less: Provision for Tax 0 (48.69)
Net Profit/(loss) for the year (195.08) (50.76)
Profit/(Loss) brought forward from previous year (265.39) (214.63)
Balance carried to Balance Sheet (460.47) (265.39)

b) Consolidated figures:

PARTICULARS 2018-19 2017-18
Sales and other Income 722.51 3146.49
Profit/(Loss) before Depreciation (160.82) (686.55)
Interest 42.88 40.76
Depreciation 11.36 14.44
Profit/(Loss) before Tax (215.06) (741.76)
Less: Provision for Tax 15.96 (151.93)
Net Profit/(loss) for the year (226.84) (589.93)

2. DIVIDEND:

The Company has incurred a Net loss of Rs. 19508356/- during the financial year2018-19 and further in view of the future expansion plan and other business activitiesyour directors have decided not to recommend any dividend for the year ended 31st March2019.

3. APPROPRIATIONS AND TRANSFER TO RESERVE:

The Company has not created any reserves during the financial year 2018-19.

4. OPERATING RESULTS:

Your Company has incurred a net loss of Rs. 195.08 Lacs on standalone basis during theFinancial Year 2018-19 as against the loss of Rs. 50.76 Lacs on standalone basis duringthe Financial Year 2017-18 after taking into account interest depreciation prior periodadjustments and exceptional items.

5. BORROWINGS:

The Total term Loan amount of the company on standalone basis as on 31.03.2019 is41700977 (Four Crores Seventeen lacs Nine hundred Seventy Seven Only) as against35786306 (Three Crore Fifty Seven Lacs Eighty Six Thousand Three hundred Six Only) loanamount as on 31.03.2018.

6. FINANCE:

The total Cash & Cash Equivalent as on 31st March 2019 is Rs. 1733963/-(Seventeen lacs thirty three thousand nine hundred sixty three only) . Your companycontinues to focus on judicious management of its working capital. ReceivablesInventories & other working capital parameters were kept under strict check throughcontinuous monitoring.

7. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

During the financial year 2018-19 the Company has made no investment in Shares inpursuant to section 186 of the Companies Act 2013. The company has not given any loans oradvances during the year other than to the related parties.

8. FIXED DEPOSITS:

Pursuant to the provisions of Section 73 Read with Companies (Acceptance of Deposit)Rules 2014 the Company has not accepted any deposits from public during the year underreview.

9. SHARE CAPITAL

The paid up equity share capital of the Company as on 31st March 2019 stood at Rs.37902000/- (Three Crore Seventy Nine Lac Two Thousand Only). During the year underreview the Company has neither issued shares with differential voting rights nor grantedany stock options / sweat equity. Mrs. Leela Kalyani Director of the Company holds 4.88%of shares of the Company as on the date of this report.

During the year under review no Stock Options were granted vested or exercised. NoStock Options are in force as on date. Hence there are no disclosures required to be madepursuant to the applicable requirements of the Securities and Exchange Board of India(Share Based Employee Benefits) Regulations 2014.

10. CHANGE IN THE NATURE OF BUSINESS IF ANY:

There is no significant change in the nature of the business of the company.

11. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY:

There are no other material changes and commitments affecting the financial position ofthe Company occurred between the end of the financial year of the company i.e. 31st March2019 and the date of Director's report.

12. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS:

During the year under review the Company has been taken over by M/s. Royal HighlandDistilleries Limited an unlisted Non-banking Finance Company under the guidance and priorapproval of Securities and Exchange Board of India.

M/s. Royal Highland Distilleries Limited through the Merchant Banker Arihant CapitalMarkets Limited had filed an Open Offer Letter with SEBI on 20th March 2017 which wasapproved by the SEBI on 19th March 2018 resulting M/s. Royal Highland Distilleries Ltd.and Mrs. Leela Kalyani become the New Promoters of the Company with the total holding of64.71% of total Paid-up share Capital of the Company Royal Highland Distilleries Limitedholds 59.83% and Mrs. Leela Kalyani the Person Acting in Concert (PACs) holds 4.88%.

Except the above there are no significant and material orders passed by the regulatorsor courts or tribunals impacting the going concern status and company's operations infuture.

13. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

During the financial year 2018-19 there is no change in the material subsidiary theCompany's investment in M/s APT Infrastructure Private Limited (CIN:U45400DL2007PTC170319) which is a subsidiary to your company stands at 600000 (Sixlacs) Equity shares of Rs. 10 (Rupees ten only) each for Rs. 6000000/- (Sixty lacs only)and also 7000 (Seven thousand) convertible debentures for Rs. 15047083 (One CroreFifty lacs forty seven thousand and eighty three only).

Statement containing salient features of the financial statement of subsidiary companypursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies(Accounts) Rules 2014) has been annexed with this report as "Annexure "K".

14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A) Industry Structure & Development and Outlook

Indian Made Foreign Liquor (IMFL) is "state subject" and as such every Statehas its own policies in respect of this industry. Madhya Pradesh the state in which thecompany operates has its own policy both for manufacture as well as formarketing/distribution. The industry is expected to achieve average annual growth and manynew players are expected to be stepping into the industry.

B) Opportunities & Threats Risks & Concerns

The Company's strength is built around domestic marketing network. The growth of theindustry provides the necessary opportunities for the company to grow. However theindustry is under constant pressure due to steep competition from unorganized sector andthe industrial scenario in the nearby area.

C) Internal Controls and their adequacy

The company has adequate internal control systems commensurate with the size andoperations of the company. The scope of the internal audit is to ensure the controlsystems established by the management are correctly implemented and to suggest anyadditional changes required to strengthen the existing systems. These Systems andprocedure are reviewed at regular intervals through internal audits statutory audits andaudit committee.

D) Human Resource and Industrial Relations

Industrial relations continue to remain peacefully at the factory and other offices ofthe Company and all the employees are working with the company for a common objective.Industrial relations of the company were cordial during the year.

15. DIRECTORS AND KEY MANAGERIAL PERSONNEL DIRECTOR

There is no change in the Board of Directors of the Company till the date of thisreport.

KEY MANAGERIAL PERSONNEL

In terms of Section 203 of the Companies Act 2013 the following are the KeyManagerial Personnel (KMP) of the Company:

01. Mr. Shirish Jaltare : Whole-time Director
02. Mr. Sunil Khandelwal : Chief Financial Officer
03. Mr. Deepak Meena : Company Secretary

No KMP has been appointed retired or resigned during the year.

16. INDEPENDENT DIRECTORS DECLARATION:

The Company has received the necessary declaration from each Independent Director inaccordance with Section 149(7) of the Companies Act 2013 that he/she meets the criteriaof independence as laid out in sub-section (6) of Section 149 of the Companies Act 2013and Regulation 16(b) SEBI (Listing Obligations and Disclosure Requirements) Regulations2015.

17. COMMITTEES OF THE BOARD OF DIRECTORS

The Board of Directors of the Company has constituted the following committees in termsof the provisions of The Companies Act 2013 and applicable Regulations of SEBI(ListingObligations & Disclosure Requirements) Regulations 2015:

I. Audit Committee:

Our Audit Committee was properly constituted as laid under sec. 177 of The CompaniesAct 2013 and Regulation 18 of SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015. The Committee has adopted a Charter for its functioning.

The primary objective of the Committee is to monitor and provide effective supervisionof the Management's financial reporting process to ensure accurate and timelydisclosures with the highest levels of transparency integrity and quality of financialreporting. The Committee met seven times during the year the details of which are givenin the Corporate Governance Report that forms part of this Annual Report.

The constitution of the committee during the financial year under review is as follows:

Name of the Director Category
Mr. Suresh Kejriwal Independent Director
Mr. Prakash Kumar Gadia Independent Director
Mr. Shirish Jaltare Executive Director

II. VIGIL MECHANISM COMMITTEE:

The Board of the company has approved the reconstitution of Vigil Mechanism committeethat provides a formal mechanism for all Directors employees and vendors of the Companyto approach the Ethics Counsellor/Chairman of the Audit Committee of the Board and makeprotective disclosures about the unethical behaviour actual or suspected fraud orviolation of the Code of Conduct of the company.

The Vigil Mechanism comprises three policies viz.

i. the Whistle Blower Policy for Directors & Employees

ii. Whistle Blower Policy for Vendors and

iii. Whistle Blower Reward & Recognition Policy for Employees.

The constitution of the committee during the financial year under review is as follows:

Name of the Director Category
Mr. Suresh Kejriwal Independent Director
Mr. Prakash Kumar Gadia Independent Director
Mr. Shirish Jaltare Executive Director

III. Nomination and Remuneration Committee:

a. Selection of New Directors and Board Membership Criteria

The Nomination and Remuneration Committee works with the Board to determine theappropriate characteristics skills and experience for the Board as a whole and itsindividual members with the objective of having a Board with diverse backgrounds andexperience in business government education and public service. Characteristics expectedof all Directors include independence integrity high personal and professional ethicssound business judgment ability to participate constructively in deliberations andwillingness to exercise authority in a collective manner. The policy on appointment andremoval of Directors and determining Directors' independence is annexed to this report.

b. Compensation Policy for Board and Senior Management

Based on the recommendations of the Nomination and Remuneration Committee the Boardhas approved the Remuneration Policy for Directors KMP and all other employees of theCompany. As part of the policy the Company strives to ensure that:

i. the level and composition of remuneration is reasonable and sufficient to attractretain and motivate Directors of the quality required to run the Company successfully;

ii. relationship between remuneration and performance is clear and meets appropriateperformance benchmarks; and

iii. remuneration to Directors KMP and senior management involves a balance betweenfixed and incentive pay reflecting short and long-term performance objectives

iv. Appropriate to the working of the Company and its goals.

The constitution of the committee during the financial year under review is as follows:

Name of the Director Category
Mr. Suresh Kejriwal Independent Director
Mr. Prakash Kumar Gadia Independent Director
Mrs. Leela Kalyani Non-executive Director

IV. STAKEHOLDER RELATIONSHIP COMMITTEE:

The constitution of the committee during the financial year under review is as follows:

Name of the Director Category
Mr. Suresh Kejriwal Independent Director
Mrs. Leela Kalyani Non Executive Director
Mr. Shirish Jaltare Executive Director

V. Finance Committee

The Finance Committee was properly constituted as laid under sec. 179 of The CompaniesAct 2013 as per section 179 of the Companies Act 2013 the power to borrow monies powerto invest the funds of the company and power to grant loans or give guarantee or providesecurity in respect of loans needs to be exercised at a Board Meeting or may be delegatedby the Board to a Committee of the Directors. In view of the above the Board formedFinance Committee of the Board to consider the abovementioned matters and report to theBoard on regular basis.

The Committee has adopted a Charter for its functioning.

The constitution of the committee during the financial year under review is as follows:

Name of the Director Category
Mr. Suresh Kejriwal Independent Director
Mr. Shirish Jaltare Whole Time Director
Mrs. Leela Kalyani Non-executive Director
Mr. Sunil Kahndelwal Chief Financial Officer

18. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Company has conducted 06 (SIX) Board Meetings in the financial year 2018-19 i.e.30/05/2018 14/08/2018 18/08/2018 31/08/2018 13/11/2018 and 14/02/2019.

19. DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:

The Company has zero tolerance towards sexual harassment at the workplace and hasadopted a policy on prevention prohibition and redressal of sexual harassment at workplacein line with the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the Rules thereunder.

20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Company has entered into transaction with the related party during the financialyear 2018-19 with the related parties referred to in sub-section (1) of section 188 of theCompanies Act 2013 and the Statutory auditors of the company has also verified in itsthrough its Auditor's Report that the related party transactions are undertaken at Arm'sLength Price. Details of the transactions are disclosed in Form AOC 2 as Annexure"G".

21. SECRETARIAL AUDIT REPORT:

As required by Section 204 of the Act 2013 read with rule 9 of The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Secretarial AuditReport for the year 201819 given by FCS Varun Bhomia Practicing Company SecretaryIndore is attached to this report as Annexure "F".

22. EXPLANATION TO OBSERVATIONS RAISED BY SECRETARIAL AUDITOR:

FCS Varun Bhomia Practicing Company Secretary has not raised any observations inSecretarial Audit Report prepared pursuant to Section 204 of the Companies Act 2013 andRule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014.

23. RISK MANAGEMENT POLICY:

The Company has an integrated Risk Management Policy identifying the possible risks& mitigates factors thereto.

24. INTERNAL CONTROL AND THEIR ADEQUACY:

The Company has a proper and adequate internal control system to ensure that all theassets of the Company are safeguarded and protected against any loss and that all thetransactions are properly authorized and recorded. Information provided to management isreliable and timely and statutory obligations are adhered to.

25. INTERNAL FINANCIAL CONTROL:

The Company has an established internal financial control framework including internalcontrols over financial reporting operating controls and anti-fraud framework. Theframework is reviewed regularly by the management and tested by internal audit team andpresented to the audit committee. Based on the periodical testing the framework isstrengthened from time to time to ensure adequacy and effectiveness of InternalFinancial Controls.

26. CEO/CFO CERTIFICATION:

Certificate obtained from Mr. Shirish Jaltare Whole-time Director and Mr. SunilKhandelwal Chief Financial Officer pursuant to Regulation 33 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 for the year under review hasbeen duly placed before the board and a copy of the certificate on the financialstatements for the year ended March 31 2019 is annexed as annexure "D" alongwith this report.

27. DIRECTORS RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) ofsection 134 of companies act 2013 shall state that

a. In the preparation of the annual accounts for the financial year ended 31st March2019 the applicable accounting standards had been followed along with proper explanationrelating to material departures;

b. the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year ended31st March 2019 and of the profit and loss of the company for that period;

c. The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

d. The directors had prepared the annual accounts on a going concern basis; and

e. The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

Explanation.—For the purposes of this clause the term "internal financialcontrols" means the policies and procedures adopted by the company for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information;

f. the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

28. RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THEEMPLOYEES OF THE COMPANY:

Pursuant to the provisions of Section 197(12) read with Rule 5 of (Appointment andremuneration of managerial Personnel) Rules 2014 the details is given in Annexure"I".

29. PARTICULARS OF REMUNERATION OF EMPLOYEES:

During the year under review none of the employees received remuneration in excess ofthe prescribed limit as laid under section Section 197(12) read with Rule 5 of(Appointment and remuneration of managerial Personnel) Rules 2014.

Therefore there is no information to disclose in terms of the provisions of TheCompanies Act 2013.

30. AUDITORS:

M/s Mahendra Badjatya And Company Chartered Accountants Indore have been appointedas Auditors of the company to hold office from the conclusion of 33rd Annual GeneralMeeting till the conclusion of Thirty Eighth Annual General Meeting of the Company.

31. AUDITORS REPORT:

The notes to the accounts referred to in the Auditors' Report are self-explanatory andtherefore do not call for any further comments.

32. EXTRACT OF THE ANNUAL RETURN:

The extract of annual return in Form No. MGT - 9 is annexed as Annexure "H"along with this report.

33. CORPORATE SOCIAL RESPONSIBILITY (CSR):

As the provisions of Section 135 of the Companies Act 2013 and the rules there underare not applicable on the Company. Therefore the Company is not required to comply withthe section.

34. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:

Information in respect of Conservation of Energy Technology Absorption and ForeignExchange earnings and outgo pursuant to provisions of Section 134 of the Companies Act2013 read with the Companies (Accounts) Rules 2014 for the financial year ended31.03.2019 is attached as Annexure" A" which forms part of this Report.

35. LISTING OF EQUITY SHARES ON STOCK EXCHANGES:

The Company's shares are listed in Bombay Stock Exchange Limited with Security Code531635 and ISIN INE870J01019.

36. BOARD EVALUATION

Pursuant to the provisions of the Companies Act 2013 and Listing Regulations theBoard has carried out an annual performance evaluation of its own performance thedirectors individually as well as the evaluation of the working of its Committees.

A separate exercise was carried out to evaluate the performance of directorsindividually including Chairman of the Board who were evaluated on parameters such aslevel of engagement and contribution independence of judgment safeguarding the interestof the Company and its minority members etc. The Performance evaluation of the IndependentDirectors was carried out by the entire Board. The performance evaluation of the Chairmanand Non-executive Independent Directors was also carried out by the Independent Directorsat their separate meeting. The Directors expressed their satisfaction with the evaluation.

37. Internal Auditor

As per requirements of Section 138(1) of the Companies Act 2013 read with rule 13 ofthe Companies (Accounts) Rules 2014 the Board of Directors of the Company has appointedM/s A.B. Doshi & Co. Chartered Accountants Indore as Internal Auditor of the Companyto conduct Internal Audit of business processes financial reporting & controlscompliance with applicable laws regulations etc. During the year under review nomaterial or serious observation has been received from the Internal Auditors of theCompany.

38. Cost Auditor

The Ministry of Corporate Affairs (MCA) vides Notification dated 31st December 2014made amendment in the Companies (Cost Records and Audit) Rules 2014 through Companies(Cost Records and Audit) Amendment Rules 2014. As per the said amendment rules ourCompany is exempted from the requirement to conduct Cost Audit. Therefore the Company didnot appointed Cost Auditor for financial year 2018-19.

39. INDEPENDENT DIRECTOR'S FAMILIARIZATION PROGRAMME

The Company continued with its Independent directors' familiarization program whenneeded for familiarizing them with company's operations regulatory and critical aspectswhich would enable them to effectively discharge responsibilities and functions conferredon them. Policy about familiarization Programme is placed on the Company's website.

40. CORPORATE GOVERNANCE:

[A report on Corporate Governance along with Auditors Certificate is annexed herewithas annexure "B".

41. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company's shares by the Directors and the designated employeeswhile in possession of unpublished price sensitive information in relation to the Companyand during the period when the Trading Window is closed. The Board is responsible forimplementation of the Code.

All Directors and the designated employees have confirmed compliance with the Code.

42. CASH FLOW ANALYSIS

In conformity with the provisions of Regulation 34 of the Listing Regulations the CashFlow Statement forms part of annual report.

43. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and safeoperations. The Company's policy requires conduct of operations in such a manner so as toensure safety of all concerned compliances of environmental regulations and preservationof natural resources.

In order to prevent sexual harassment of women at work place a new act the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 hasbeen notified on 9th December 2013. As per the said act every company is required to setup an Internal Complaints Committee (ICC) to look into complaints relating to sexualharassment at work place of any women employee.

Accordingly the Company has adopted a policy for prevention of Sexual Harassment ofWomen at workplace and has set up an Internal Complaints Committee for implementation ofsaid policy.

There were no incidences of sexual harassment reported during the year under review.

44. POLICIES AS PER SEBI LISTING REGULATIONS

As per requirements of provisions of Listing Regulations the Company has adopted thefollowing policies:

• Policy for Preservation of Documents. (Regulation 9)

• Policy for Determination and Disclosure of Material Events. (Regulation 30(4)(ii))

• Archival Policy (Regulation 30(8))

• Policy on Material Related Party Transactions. (Regulation 23)

• Familiarization Programme for independent directors as per Regulation 25 of theListing Regulations.

As the Company does not have any subsidiary hence not formulated policy on materialsubsidiary as stipulated under regulation 16(1)(c).

45. BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Reporting as required by Regulation 34(2) (f) of theListing Regulations is not applicable to your Company for the financial year ending March31 2019.

46. DISCLOSURES

The Company does not have any scheme of provision of money for the purchase of its ownshares by employees or by trustees for the benefit of employees.

The Company has devised proper systems to ensure compliance with the provisions of allapplicable Secretarial Standards issued by the Institute of Company Secretaries of Indiaand that such systems are adequate and operating effectively.

The Board of Directors state that except disclosures as given above no furthermandatory disclosure or reporting is required to give with this report.

47. GREEN INITIATIVE

The Ministry of Corporate Affairs had taken the Green Initiative in Report on CorporateGovernance by allowing paperless compliances by Companies through electronic mode.

Your Company supports the Green Initiative and has accordingly decided to sendnecessary communications to its Shareholders to their respective registered E-mailaddresses.

Your Company appeals to its Shareholders who are yet to register the E-mail addressesthat they take necessary steps for registering the same so that you can also become a partof the initiative and contribute towards a Greener environment.

48. CAUTIONARY STATEMENT:

The statement in this report is based on the experience and information available tothe company in its businesses and assumptions with regard to economic conditionsGovernment and regulatory policies. The performance of the company is dependent on thesefactors. It may be materially influenced by various factors including change in economicconditions government regulations tax laws and other incidental factors which arebeyond the company's control affecting the views expressed in or perceived from thisreport.

49. ACKNOWLEDGEMENT:

Your Directors take this opportunity to place on record their appreciation for theconfidence reposed and co-operation extended to the Company by the Bankers of the CompanyState Bank of Travancore other Banks Central and State Government Authorities BusinessAssociates the family of Shareholders and others.

Your Directors also wish to place on record their appreciation for the dedicated andhard work put in by the Officers Employees and Other Staff Members at all levels.

FOR SILVER OAK (INDIA) LTD.
CIN: L11531MP1984PLC002635
Place: Indore (M.P.) Sd/- Sd/-
Date : 05th September 2019 Leela Kalyani Shirish Jaltare
SILVER OAK (INDIA) LTD. Director Director
CIN: L11531MP1984PLC002635 DIN:06625369 DIN:00070935