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Singer India Ltd.

BSE: 505729 Sector: Engineering
NSE: SINGER ISIN Code: INE638A01035
BSE 10:32 | 08 Dec 70.10 -0.15
(-0.21%)
OPEN

68.50

HIGH

70.25

LOW

68.50

NSE 05:30 | 01 Jan Singer India Ltd
OPEN 68.50
PREVIOUS CLOSE 70.25
VOLUME 27633
52-Week high 85.20
52-Week low 38.10
P/E 51.93
Mkt Cap.(Rs cr) 376
Buy Price 70.00
Buy Qty 192.00
Sell Price 70.10
Sell Qty 35.00
OPEN 68.50
CLOSE 70.25
VOLUME 27633
52-Week high 85.20
52-Week low 38.10
P/E 51.93
Mkt Cap.(Rs cr) 376
Buy Price 70.00
Buy Qty 192.00
Sell Price 70.10
Sell Qty 35.00

Singer India Ltd. (SINGER) - Director Report

Company director report

TO THE MEMBERS

Your Directors hereby submit the Forty-four Annual Report and the audited financialstatements for the financial year ended on 31st March 2022 .

FINANCIAL RESULTS

(Amounts in Rupees Lakhs except for EPS)

Particulars For the Financial year ended on 31st March 2022 For the Financial year ended on 31st March 2021
Revenue from Operations 45297.87 41453 .41
Other Income 281.65 276.87
Total Income 45579.52 41730.28
Earnings Before Interest Tax Depreciation and Amortization (EBITDA) 1272.27 2083.11
Finance cost 76.41 163.84
Depreciation & Amortization expense 228.10 310.65
Profit before tax 967.76 1608.62
Provision for Tax Expenses 200.67 546.77
Profit After Tax 767.09 1061.85
Other Comprehensive Income net of tax (13.91) (13.28)
Total Comprehensive Income 753.18 1048.57
Earnings per Equity share of Rs. 2/- Basic (Rs.) 1.43 1.98
Earnings per Equity share of Rs. 2/- Diluted (Rs) 1.43 1.98

OPERATIONS

Your Company have seen tough market conditions ever since the onset of the pandemicduring the last two years and the efforts of your Company have been to strengthen thefundamentals of the Company's business with corrective measures and follow the strategiesfor the long term and sustainable growth while protecting the capital and the employees

The year under review (FY 2021-22) has been challenging amidst the Second and Thirdwaves of Covid -19 with significant supply chain headwinds along with continuous steepinflation in raw material cost. The Company's revenue at Rs . 452.9 Crores during the FY2021-22 had grown by more than 9% over the previous FY 2020-21 partly due to upwardrevision of selling prices due to inflation. While sewing machines business grew by 15%home appliances business remained flat. The sale of Zig Zag sewing machines which has beenthe most profitable business of the Company suffered a major setback due to inadequatesupplies from Singer as there has been disruption in their production facilities caused byCovid induced restrictions. The sewing machines business grew more from Government aidedvarious welfare programs where margins are lower. In the home appliances business theefforts to protect gross margins through price increases in this highly price sensitivemarkets led to lower turnover in this segment.

The profitability in operations was severally impacted due to cost/price challengesmore prominently in home appliances segment despite all efforts directed towards reducingthe costs wherever possible. Further the Lockdowns in the previous year/s impacted theprimary sales of the Company in cooling categories due to piling up of inventory in themarket place .

As the world emerges from the pandemic your Company too moved onwards by leveragingupon our 150 years old history of the Company's trusted brand coupled with the strategiesto grow the Company's businesses in sewing machines and home appliances. The supplies ofZig Zag sewing machines have now resumed and the Company do not foresee any disruptions.The Company is also growing its Industrial sewing machines business amidst the growingdemand for these machines Also in home appliances segment the Company have decided tofocus upon the selected categories from the range of appliances currently available andgrow them substantially and make their contribution to the turnover of home appliancesmeaningful

HUMAN CAPITAL

Relations with employees continued to be cordial and harmonious. HR policies of theCompany are aimed at attracting motivating and retaining employees at all levels.

CHANGE IN THE NATURE OF BUSINESS

There has been no change in the nature of business of the Company

DIVIDEND

The Board of Directors at their meeting held on 27th May 2022 have recommended a finaldividend of 50% (Rs. 1.00 /-) per equity share of face value of Rs. 2/- each for thefinancial year ended 31st March 2022. The final dividend if approved by the Members atthe Annual General Meeting to be held on 26th September 2022 will be paid to the Memberswhose names appear in the Register of Members as of the close of business hours on 09thSeptember 2022 within the statutory limit of 30 days from the date of declaration.

In terms of the provisions of the Income Tax Act 1961 as amended by the Finance Act2020 dividend paid or distributed by a company on or after April 01 2020 is taxable inthe hands of the shareholders . The tax shall be deducted at the rates prescribed underthe Income Tax Act 1961 as amended which varies based upon the category and residentialstatus of the shareholder. In accordance with the new provisions the Company deducted taxat source ('TDS') at the applicable rates from the payment of final dividend for thefinancial year 2021-22. Shareholders are requested to update their residential status KYCand PAN numbers with their depository participants in case of shares held in demat modeand with the Registrar and Share Transfer Agent of the Company in case the shares areheld in physical mode for determining the applicable rate of TDS .

AMOUNT TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to the reserves

SHARE CAPITAL

The paid up capital of the Company as on 31st March 2022 was Rs. 1074.31 Lakhs. Duringthe year under review the Company did not issue any class or category of shares EmployeeStock Options Convertible securities and consequently there is no change in the capitalstructure since previous year

MATERIAL CHANGES AND COMMITMENTS IF ANY 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

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which these financial statements relateand the date of this Report .

TRANSFER OF UNPAID DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of Section 124 of the Act Investor Education and ProtectionFund Authority (Accounting Audit Transfer and Refund) Rules 2016 ("IEPFRules") read with the relevant circulars and amendments thereto the amount ofdividend remaining unpaid or unclaimed for a period of seven years from the due date isrequired to be transferred to the Investor Education and Protection Fund("IEPF") constituted by the Central Government. Further according to theRules the shares in respect of which dividend has not been paid or claimed by the membersfor seven consecutive years or more shall also be transferred to the demat account createdby the IEPF Authority .

The Company had sent individual notices and also advertised in the newspapers seekingaction from the members who have not claimed their dividends for seven consecutive yearsor more. Thereafter the Company had accordingly transferred Rs . 68368.50/- being theunpaid and unclaimed dividend amount pertaining to financial year 2013-14 and transmitted5200 (on account of Unclaimed Dividend for FY 2013-14) Equity Shares of the Company intothe DEMAT Account of the IEPF Authority held with CDSL (DPID/ Client ID 1204720013676780)during the financial year 2021-22 in terms of the provisions of section 124(6) of theCompanies Act 2013 and the IEPF Authority (Accounting Audit Transfer and Refund) Rules2016 as amended from time to time.

Members whose shares unclaimed dividend have been transferred to the IEPF dematAccount or the Fund as the case may be may claim the shares or apply for refund bymaking an application to the IEPF Authority in Form IEPF - 5 (available onhttp://www.iepf.gov.in) along with requisite fee as decided by the IEPF Authority fromtime to time. The member can file only one consolidated claim in a financial year as perthe IEPF Rules .

The Company will be transferring the final dividend and corresponding shares for thefinancial year 2014-15 within statutory timelines. Members are requested to ensure thatthey claim the dividends and shares referred above before they are transferred to thesaid Fund . The due dates for transfer of unclaimed dividend to IEPF are provided in thereport on Corporate Governance . Details of shares/ shareholders in respect of whichdividend has not been claimed are provided on website of the Company at www . singerindia.net. The shareholders who have not encashed their dividend warrants for the financialyear 2014-15 or any subsequent year are requested to lodge their claims for revalidationof dividend warrants. The shareholders are encouraged to verify their records and claimtheir dividends of all the earlier seven years if not claimed .

PUBLIC DEPOSITS

During the year under review your Company has not accepted deposits from the publicfalling within the ambit of Section 73 of the Companies Act 2013.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

During the year under review your Company has not made any loan or given anyguarantee or provided any security and/or made investments and thus the compliance ofSection 186 of the Companies Act 2013 is not applicable.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENT

Brand Trading (India) Private Limited ("BTIPL") a wholly owned subsidiary ofthe Company is a non-material non- listed subsidiary of the Company pursuant to LODR.

On 13 November 2019 the Board of this subsidiary company accorded its consent for thecommencement of voluntary liquidation of its affairs under Section 59 of the Insolvencyand Bankruptcy Code 2016 read with Insolvency and Bankruptcy Board (Voluntary LiquidationProcess) Regulations 2017 subject to the approval of its shareholders creditors andany other concerned party Further the subsidiary in its Extraordinary General Meetingheld on 31 January 2020 formally resolved to windup the operations and accordinglyappointed the liquidator. The Bombay Stock Exchange and the Insolvency & BankruptcyBoard of India were informed . As at 31 March 2022 the liquidation proceedings are inprocess owing to the hindrances faced on account of the prevailing Coronavirus (Covid-19)pandemic situation. Financial information of the subsidiary had been consolidated till 31January 2020 on a line-by-line basis and intra-group balances and transactions wereeliminated upon consolidation for the period ended on that date and accordinglyconsolidated financial results had not been prepared and presented since the quarter ended30 June 2020.

STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/ASSOCIATE COMPANIES/ JOINT VENTURES

Statement pursuant to Section 129(3) of the Companies Act 2013 related to SubsidiaryCompany as on 31st March 2022 in Form AOC-1 is annexed to this Report as Annexure -5

DEPOSITORY SYSTEM

The Company's shares are available for dematerialization with National SecuritiesDepository Ltd. (NSDL) and Central Depository Services (I) Ltd. (CDSL). 99.81% of thetotal shareholding of the Company was held in dematerialized form as on 31st March 2022

DIRECTORS

Mr. Gavin John Walker (DIN:01216863) Director retires by rotation at the ensuingAnnual General Meeting and being eligible offer himself for reappointment. Resolutionseeking your approval on this item along with profile of the Director and the terms andconditions are included in the Notice convening the Annual General Meeting.

KEY MANAGERIAL PERSONNEL

In terms of Section 203 of the Act the Company has the following Key ManagerialPersonnel:

Mr. Rajeev Bajaj Managing Director

Mr. Subhash Chand Nagpal Chief Financial Officer and

Ms . Priyanka Gandhi Company Secretary.

CORPORATE GOVERNANCE

As required under Regulation 34 read with Schedule V of Securities Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (hereinaftercalled "the Listing Regulations") a separate report on Corporate Governance isenclosed as a part of this Annual Report duly certified by B S R & Co. LLP CharteredAccountants the Auditors of the Company confirming the compliance of the conditions ofCorporate Governance.

DECLARATIONS BY INDEPENDENT DIRECTORS

Your Company had received declarations from all the Independent Directors of theCompany confirming that they meet with the criteria of independence as prescribed bothunder sub-section (6) of Section 149 of the Companies Act 2013 along with Rules framedthereunder and Regulation 16 and Regulation 25 of the SEBI Listing Regulations and are notdisqualified to act as Independent Directors. They have also complied with requirements ofCode for Independent Directors prescribed in Schedule IV of the Companies Act 2013 .There has been no change in the circumstances affecting their status as independentdirectors of the Company Independent Directors are familiarized with their roles rightsand responsibilities as well as with the nature of industry and business model throughinduction program at the time of their appointment as Directors and through presentationson economy & industry overview key regulatory developments strategy and performancewhich are made to the Directors from time to time. The terms & conditions ofappointment of Independent Directors can be accessed athttp://www.singerindia.net/investor-relations/ independent-directors/

BOARD MEETINGS

During the year under review 4 (Four) Board meetings were held. For details ofmeetings of the Board please refer to the Corporate Governance Report which is a part ofthis report .

DIRECTORS' RESPONSIBILITY STATEMENT

On the basis of Compliance certificates received from the executives of the Company& subject to the disclosures in the annual accounts & also on the basis of thediscussions with the Statutory Auditors/Internal Auditors of the Company from time to timeyour Directors make the following statements Pursuant to Section 134 (3)(c) of theCompanies Act 2013 with respect to Directors' Responsibility Statement:

a) that in the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departures if any;

b) that such accounting policies have been selected and applied consistently andjudgment and estimates have been made that are reasonable and prudent to give a true andfair view of the state of affairs of the Company as at 31st March 2022 and of the profitof the Company for the twelve months period ended on that date;

c) 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;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controlwere adequate and were operating effectively;

f) that proper systems to ensure compliance with the provisions of all applicable lawswere in place and were adequate and operating effectively.

The Company's Internal Auditors have conducted periodic audits to provide reasonableassurance that the Company's established policies and procedures have been followed

BOARD EVALUATION

In compliance with the Companies Act 2013 and Regulation 17 of Listing Regulations theBoard adopted a formal mechanism for evaluating its performance and as well as that of itsCommittees and individual Directors including the Chairman of the Board . The exercisewas carried out through a structured evaluation process covering various aspects of theBoard functioning such as composition of the Board & Committees experience &competencies performance of specific duties & obligations contribution at themeetings and otherwise independent judgment governance issues etc .

The evaluation criteria of the Company can be accessed at http://www . singerindia .net/investor-relations/policies- codes/

AUDIT COMMITTEE

The details pertaining to the composition of the Audit Committee are included in theCorporate Governance Report which is a part of this report. All the recommendations ofthe Audit Committee have been duly accepted by the Board whenever made by the Committeeduring the year.

NOMINATION AND REMUNERATION POLICY

The powers role and terms of reference of the Nomination and Remuneration Committeecovers the areas as contemplated under Section 178 of the Act and Regulation 19 of theListing Regulations. The role includes formulation of criteria for determiningqualifications positive attributes and independence of a director and recommending to theBoard a policy relating to the remuneration for the directors key managerial personneland other employees; formulation of criteria for evaluation of Independent Directors andthe Board; devising a policy on diversity of Board of Directors; and identification ofpersons who are qualified to become directors and who may be appointed in seniormanagement in accordance with the criteria laid down and recommending to the Board theirappointment removal and noting their cessation; recommendation on extension orcontinuation of the terms of appointment of the Independent Directors; and recommendationto the Board of all remuneration in whatever form payable to senior management . Briefdetails of the Managerial Remuneration Policy are provided in the Corporate GovernanceReport .

The Nomination & Remuneration Policy of the Company can be accessed athttp://www.singerindia.net/investor- relations/policies-codes/

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures designed toeffectively control the operations at its various functions. The internal control systemsare designed to ensure that the financial and other records are reliable for thepreparation of financial statements and for maintaining assets . The Company has welldesigned Standard Operating Procedures which have also been reviewed/ modifiedperiodically to further enhance the control aspects. Internal Auditors carried outquarterly procedures to verify effectiveness and efficacy of internal controls and theirfindings are reviewed by the management and by the Audit Committee of the Board ofDirectors.

Based on the deliberations with Statutory Auditors to ascertain their views on thefinancial statements including the Financial Reporting System and Compliance to AccountingPolicies & Procedures the Audit Committee was satisfied with the adequacy andeffectiveness of the Internal Control and Systems followed by the Company .

INDIAN ACCOUNTING STANDARDS (IND AS) 2015

The annexed financial statements comply in all material aspects with Indian AccountingStandards (Ind AS) notified under Section 133 of the Act [Companies (Indian AccountingStandards) Rules 2015] and other relevant provisions of the Act

RISK MANAGEMENT

The Company has laid down a well-defined Risk Management Policy to identify the risksassociated with the business of the Company. The Board where appropriate periodicallyreviews the significant risks to mitigate the risk exposure. More details are given in theManagement Discussions and Analysis report in the Annual Report.

The Risk Management Policy of the Company can be accessed athttp://www.singerindia.net/investor-relations/ policies-codes

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted a Corporate Social Responsibility (CSR) Committee and hasframed a CSR Policy. The brief details of CSR Committee are provided in the CorporateGovernance Report . The Annual Report on CSR activities provided in Annexure -2 to thisReport. The CSR Policy of the Company can be accessed at https://singerindia.net/wp-content/uploads/2021/06/CSR-POLICY.pdf

During the year under review the Company had taken initiatives to run skilldevelopment centers for the benefit of the underprivileged women & men whereby theyare being trained to develop their skills in the field of sewing embroidery work andother related work to make them selfproficient and independent working member of theirfamily.

The Company had spent Rs. 40.47 Lakhs during the financial year ended 31st March 2022on these skill development centers

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as required under the Listing Regulationsforms part of this report and annexed thereto .

OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

As per the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 every company is required to set up an InternalComplaints Committee to look into complaints relating to sexual harassment at workplace ofany women employee .

The Company had adopted a policy for prevention of Sexual Harassment of Women atworkplace and had set up a committee for implementation of said policy. During the yearthe Company had conducted a workshop for employees to build awareness about the POSHPolicy and the provisions of POSH Act.

During the Financial year ended 31st March 2022 the Company had not received anycomplaint of harassment.

The Prevention of Sexual Harassment Policy of the Company can be accessed athttp://www.singerindia.net/investor- relations/policies-codes/

EXTRACT OF ANNUAL RETURN

In terms of Section 92(3) of the Companies Act 2013 and Rule 12 of the Companies(Management and Administration) Rules 2014 the Annual Return of the Company is availableon the website of the Company at https://www.singerindia.net/investor-relations/annual-return/

RELATED PARTIES TRANSACTIONS

Your Company has adopted a Related Party Transactions Policy. The Audit Committeereviews this policy from time to time and also reviews and approves all related partytransactions to ensure that the same are in line with the provisions of applicable lawand the Related Party Transactions Policy. The Committee approves the related partytransactions and wherever it is not possible to estimate the value approves limit for thefinancial year based on best estimates. All the related party transactions of the Companyare reviewed by the Audit Committee and presented to the Board on a quarterly basis. Thesetransactions were at arm's length basis and in the ordinary course of business and are incompliance with the provisions of Section 188 of the Companies Act 2013 read withCompanies (Meeting of Board and its Powers) Rules 2014 and Listing Regulations. Therewere no materially significant related party transactions entered into by the Company.Hence Form AOC-2 under these rules is not applicable to the Company . The disclosuresrelating to related parties are explained in Note 36 in the Notes to Accounts attached tothe Balance sheet.

The policy of the Company on Related Party Transactions can be accessed athttp://www.singerindia.net/investor- relations/policies-codes/

PARTICULARS OF THE COMMITTEES OF THE BOARD

The details with regard to the composition of the committees of the Board and thenumber of meetings held during the year of such committees as required under SEBI ListingRegulations is separately provided in the Report on Corporate Governance forming part ofthis Annual Report .

VIGIL MECHANSISM / WHISTLE BLOWER POLICY

The Company has adopted a whistle blower policy and has established the necessary vigilmechanism for employees and directors to report concerns about unethical behavior. Noperson has been denied access to the Chairman of the Audit Committee.

During the Financial year ended 31st March 2022 under review there were no casespertaining to whistle blower policy

The said policy of the Company can be accessed at http:// www . singerindia.net/about-us/policy/

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS OF THE COMPANY

There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company's future operations.

STATUS OF APPEALS OF UNSECURED CREDITORS UNDER THE BOARD FOR INDUSTRIAL AND FINANCIALRECONSTRUCTION (BIFR) REHABILITATION SCHEME

The Order passed by the Hon'ble Appellate Authority for Industrial and FinancialReconstruction (AAIFR) dated 22.12.2015 in respect to the litigation with the nineunsecured creditors is in appeals before the Hon'ble Delhi High Court and Supreme Court .Meanwhile the Company had amicably settled out of the Court with seven parties out ofthese nine litigating parties.

STATUTORY AUDITORS

As per provisions of Section 139(1) of the Companies Act 2013 at the forthcomingAnnual General Meeting M/s B S R & Co LLP Chartered Accountant (Regn No. 101248W/W-100022) are completing their 1st five year term as Statutory Auditors .

Upon the recommendation of the Audit Committee the Board of Directors approves andrecommends for shareholders' approval the re- appointment of M/s B S R & Co LLPChartered Accountant (Registration No. 101248W/ W-100022) for a second term of 5 (five)years to hold office from the conclusion of this 44th Annual General Meeting until theconclusion of the 49th Annual General Meeting of the Company to be held in the year 2027.

STATUTORY AUDITORS' REPORT

The report given by the Auditors on the financial statements of the Company is part ofthe Annual Report . There has been no qualification reservation adverse remark ordisclaimer given by the Auditors in their Report . During the year under review theAuditors had not reported any matter under Section 143 (12) of the Act therefore nodetail is required to be disclosed under Section 134 (3) (ca) of the Act.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act 2013 read withcorresponding Rules framed thereunder M/s H.O. Gulati & Co. were appointed as theSecretarial Auditors of the Company to carry out the secretarial audit for the year ending31st March 2022 .

The Board of Directors of the Company have appointed M/s H.O. Gulati & Co.Practicing Company Secretaries (Certificate of Practice No. 9337) as the SecretarialAuditor to conduct audit of the secretarial records for the financial year 2022-23pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. As per Sections 139 and 141 of the Actand relevant rules prescribed thereunder Company has received consent from M/s H.O.Gulati & Co. to act as the Secretarial Auditor for conducting audit of thesecretarial records for the financial year ending 31st March 2023 confirming that theirappointment is within the limits laid down by the Act and Rules made thereunder and theyare not disqualified for being appointed as Secretarial Auditors under the provisions ofapplicable laws .

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rules madethere under the Company had appointed M/s H.O. Gulati & Co. to undertake theSecretarial Audit of the Company The Secretarial Audit Report for the financial year ended31st March 2022 is provided as Annexure-1. There were no qualifications reservation oradverse remarks given by Secretarial Auditor of the Company

ANNUAL SECRETARIAL COMPLIANCE REPORT

A Secretarial Compliance Report for the financial year ended 31st March 2022 oncompliance of all applicable SEBI Regulations and circulars/ guidelines issued thereunderwas obtained from M/s H.O. Gulati & Co. Secretarial Auditors and submitted to thestock exchange.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is in compliance with the applicable Secretarial Standards issued by theInstitute of Company Secretaries of India

INTERNAL AUDIT

During the Financial year ended 31st March 2022 your Company has engaged the servicesof M/s. KAMG & Associates Chartered Accountants as Internal Auditors to carry outthe Internal audit of the Company The reports of the Internal Auditors along withcomments from the management are placed for review before the Audit Committee. The AuditCommittee in consultation with the Statutory Auditor also scrutinizes the audit plan andthe adequacy of Internal controls .

COST RECORDS

During the year ended 31st March 2022 the Company is engaged in Manufacturing andprimarily in Trading of Sewing Machines & related accessories and Trading of HomeAppliances and most of its revenue comes from the trading activities and our manufacturingactivities are very less the turnover generated of the items manufactured is below thethreshold limit to come under the purview of Cost Audit as per Section 148 of theCompanies Act 2013

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Companies Act 2013 read with Rule5(1) and Rule5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 are provided in Annexure-3 to this Report.

The Board of Directors wishes to thank all employees for their contributions to theCompany's operations throughout the year. The Company's growth has been aided by thecollective spirit of cooperation among all levels of personnel as well as their sense ofownership and devotion.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO

A statement giving details of conservation of energy technology absorption foreignexchange earnings and outgo in accordance with Section 134(3) (m) of the Companies Act2013 read with Rule 8 of the Companies (Accounts) Rules 2014 is provided in Annexure - 4to this Report .

ACKNOWLEDGEMENT

The Directors place on record their sincere thanks and appreciation to SINGER ourother Shareholders all our customers dealers/distributors suppliers and banksauthorities Government of Jammu & Kashmir members and associates for theirco-operation and support at all time and to all our employees for their valuedcontribution to the growth and profitability of your Company's business and look forwardto their continued support. We also thank all employees of the Company for theirwhole-hearted support during this difficult time.

For and on behalf of the Board of Directors of
Singer India Limited
P N Sharma
Chairman
Place: New Delhi
Date : 27.05.2022

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