You are here » Home » Companies » Company Overview » Sprayking Agro Equipment Ltd

Sprayking Agro Equipment Ltd.

BSE: 540079 Sector: Engineering
NSE: N.A. ISIN Code: INE537U01011
BSE 00:00 | 24 Mar Sprayking Agro Equipment Ltd
NSE 05:30 | 01 Jan Sprayking Agro Equipment Ltd
OPEN 25.80
PREVIOUS CLOSE 25.90
VOLUME 24000
52-Week high 44.70
52-Week low 20.85
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 25.80
CLOSE 25.90
VOLUME 24000
52-Week high 44.70
52-Week low 20.85
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sprayking Agro Equipment Ltd. (SPRAYKINGAGRO) - Director Report

Company director report

Dear Shareholders

The Board of Directors hereby submits the report of the business and operations of yourCompany (‘the Company') along with the audited financial statements for thefinancial year ended March 31 2021.

Financial Highlights:

PARTICULARS YEAR ENDED 31.03.2021 YEAR ENDED 31.03.2020
I. Net Sales/Income from Operations 186018962.00 256389373.81
II. Other Income 19019676.33 8522893.74
III. Total Revenue (I+II) 205038638.33 264912267.55
IV. Earnings Before Interest Taxes Depreciation and 14419167.46 10425739.83
Amortization Expense
V. Finance Cost 4014486.80 5537421.70
VI. Depreciation and Amortization Expense 1639908.00 4448293.12
VII. Profit Before Tax (IV-V-VI) 8764772.66 440025.01
VIII. Tax Expense:
i Current Tax Expense 2200000.00 348000.00
ii Differred 361050.00 (198050.00)
IX. Profit After Tax (VII-VIII) 6203722.66 290075.01

REVIEW OF BUSINESS OPERATION

Financial performance:

During the year under review Company has earned total income of Rs. 1860.19 Lakhs asagainst the total income of Rs. 2563.89 lakhs of previous Financial Year 2019-20. TheTotal Income of the company was decreased by 27.45% over previous year. Further profitbefore tax in the financial year 2020-21 stood at Rs.87.65 Lakhs as compared to Rs.4.4Lakhs of last year and net profit after tax stood at Rs.62.04 Lakhs compared to profit of2.90 Lakhs for previous year. The profit of the Company increased as compared to previousfinancial year. The major increase in profit is due to increase in total income of theCompany as compared to increase in total expenses of the Company.

Dividend

With a view to conserve and save the resources for future prospect of the Company yourDirectors regret to declare dividend for the financial year 2020-21 (Previous year - Nil).

Net Profit Transfer to Reserve

The Company has not transferred any amount to any reserve for the financial year2020-21. All the profit of the Company was transferred to carry forward credit balance ofProfit and Loss account of the Company.

Change in the registered office:

During the year under review registered office of the company is shifted within thelocal limit of city from GIDC Phase II Plot No 590 Dared Jamnagar -361005 to Plot No237/B Shop No. 4 GIDC Phase II Dared Jamnagar 361005.

Change in Nature of Business:

During the year your Company has not changed its business or object and continues tobe in the same line of business as per main object of the Company.

Share capital:

During the year under review there was no change in capital and capital stood asfollows:

Authorized Capital:

Rs. 35000000- (Rupees Three Crores Fify Lakh Only) divided into 3500000 EquityShares of Rs. 10/- each. Issued subscribed & paid-up capital: The present paid-upissued and subscribed capital of the Company is Rs. 31727690- (Rupees Three CroresSeventeen Lakhs Twenty seven Thousand Six Hundred Ninety Only) divided into 3172769Equity Shares of Rs. 10/- each.

Board of directors and key managerial personnel: Constitution of Board:

As on the date of this report the Board comprises following Directors;

No. of Committee1

Name of Director Category Cum Designation Date of Appointment at current Term & designation Total Director ship2 in which Director is Members in which Director is Chairman No. of Shares held as on March 31 2021
Mr. Hitesh PragajibhaiDu dhagara Chairman and Managing Director March 05 2016 2 - - 1171670
Mr. PragjibhaiMeg hjibhai Patel Whole-time Director March 05 2016 1 1 - 471349
Ms. Ronak Hitesh Dudhagara Executive Director February 27 2016 2 1 - 316270
Ms. DipeshPravinc handra Pala Independent Director February 29 2016 6 3 1 -
Mr. KaushikKantil alDudhagara Independent Director December 31 2018 1 - 2 -

 1 Committee includes Audit Committee and Shareholders' GrievancesCommittee across all Public Companies.

 2 Excluding Section 8 Company & struck of Companies

The composition of Board complies with the requirements of the Companies Act 2013("Act"). Further in pursuance of Regulation 15(2) of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015

("Listing Regulations") the Company is exempted from requirement of havingcomposition of Board as per

Regulation 17 of Listing Regulations.

None of the Directors of Board is a member of more than ten Committees or Chairman ofmore than five committees across all the Public companies in which they are Director. Thenecessary disclosures regarding Committee positions have been made by all the Directors.None of the Director of the Company is serving as a Whole-Time Director or ManagingDirector in any Listed Company and is holding position of Independent Director in morethan 3 Listed Company and none of the Director of the Company is holding position asDirector in more than eight listed entities and none of the Director is serving asIndependent Director in more than 7 Listed Company. None of the Directors of the Companyis disqualified for being appointed as Director as specified in Section 164 (2) of theCompanies Act 2013. Board Meeting Regular meetings of the Board are held at least once ina quarter. The Board of the Company regularly meets to discuss various Businessopportunities. Additional Board meetings are convened as and when requires to discuss anddecide on various business policies strategies and other businesses. During the yearunder review Board of Directors of the Company met 6(six) times on June 152020September 08 2020; November10 2020; February 01 2021; The details of theattendance of each Director at the Board Meetings are given below;

Name of Director Date of Original Appointment Date of Cessation Number of Board Meetings Eligible to attend Number of Board Meetings attended
Mr. Hitesh PragajibhaiDudhagara February 17 2005 - 4 4
Mr. PragjibhaiMeghjibhai Patel February 17 2005 - 4 4
Ms. Ronak Hitesh Dudhagara February 27 2016 - 4 4
Ms. DipeshPravinchandra Pala February 29 2016 - 4 4
Mr. KaushikKantilalDudhagara December 31 2018 - 4 4

The gap between two consecutive meetings was not more than one hundred and twenty daysas provided in section 173 of the Act. General meetings: During the year under reviewonly 1 shareholder meeting held as Annual General Meeting on September 30 2020.Independent Directors: In terms of Section 149 of the Companies Act 2013 and rules madethere under the Company has three Non-Promoter Non-Executive Independent Directors inline with the act. The Company has received necessary declaration from each IndependentDirector under Section 149 (7) of the Companies Act 2013 that they meet the criteria ofindependence laid down in Section 149 (6) of the Act. Further all the IndependentDirectors of the Company have registered themselves in the Independent Director Data Bank.A separate meeting of Independent Directors was held on February 01 2021 to review theperformance of Non-Independent Directors and Board as whole and performance of Chairpersonof the Company including assessment of quality quantity and timeliness of flow ofinformation between Company management and Board. Information on Directorate: During theyear under review there was no change in constitution of the Board of Directors of theCompany. In accordance with the provisions of the Articles of Association and Section 152of the Companies Act 2013 Ms. Ronak Hitesh Dudhagara(DIN: 05238631) Executive Directorof the Company retires by rotation at the ensuing annual general meeting. She beingeligible has offered herself for re-appointment as such and seeks re-appointment. TheNomination and Remuneration Committee and Board of Directors recommends her reappointmenton the Board. The relevant details as required under Regulation 36 (3) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 ("SEBI ListingRegulations") and Secretarial Standard of the person seeking re-appointment/appointment as Director are also provided in Notes to the Notice convening the 16thAnnual General meeting. Key Managerial Personnel: During the year under review there wasno change in Key Managerial Personnel. In accordance with Section 203 of the CompaniesAct 2013 the Company has Mr. Hitesh PragajibhaiDudhagara Managing Directorwho is actingas Managing Director of the Company. Further Mr. RajnikVallabhbhaiVasoyaand Ms. HetalPrakash Vachhani acting as Chief Financial Officerand Company Secretaryrespectively.

Board diversity and evaluation:

The Company recognizes and embraces the importance of a diverse board in overallsuccess. We believe that a truly diverse board will leverage differences in thoughtperspective knowledge skill regional and industry experience cultural and geographicalbackground age ethnicity race and gender that will help us retain our competitiveadvantage. Pursuant to provisions of Companies Act 2013 and Rules made there under SEBIListing Regulations and Guidance Note on Board Evaluation issued by Securities andExchange Board of India on January 05 2017 The Board of Directors has carried out anannual evaluation of its own performance performance of Individual Directors BoardCommittee including the Chairman of the Board on the basis of composition and structureattendance contribution effectiveness of process information functions and variouscriteria as recommended by Nomination and Remuneration Committee. The evaluation of theworking of the Board its committees experience and expertise performance of specificduties and obligations etc. were carried out. The Directors expressed their satisfactionwith the evaluation process and outcome. The performance of each of the Non-IndependentDirectors (including the Chairman) were also evaluated by the Independent Directors at theseparate meeting held between the Independent Directors of the Company on March 2 2021.

Performance 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. Theperformance of the board was evaluated by the board after seeking inputs from all thedirectors on the basis of the criteria such as the board composition and structureeffectiveness of board processes information and functioning etc.

The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of the criteria such as the composition of committeeseffectiveness of committee meetings etc. The Board and the Nomination and RemunerationCommittee reviewed the performance of the individual Directors on the basis of thecriteria such as the contribution of the individual Director to the Board and CommitteeMeetings like preparedness on the issues to be discussed meaningful and constructivecontribution and inputs in meetings etc. In addition the chairman was also evaluated onthe key aspects of his role.

Directors' Responsibility Statement:

Pursuant to section 134(5) of the Companies Act 2013 the board of directors to thebest of their knowledge and ability confirm that:

a) In preparation of annual accounts for the year ended March 31 2021 the applicableaccounting standards have been followed and that no material departures have been madefrom the same;

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 and ofthe profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care 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) The Directors had prepared the annual accounts for the year ended March 31 2021 ongoing concern basis.

e) The Directors had laid down the internal financial controls to be followed by theCompany and that such Internal Financial Controls are adequate and were operatingeffectively; and

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.

Committee Of Board

The Board of Directors in line with the requirement of the act has formed variouscommittees details of which are given hereunder. A. Audit Committee:

The Company has formed audit committee in line with the provisions Section 177 of theCompanies Act 2013. Audit Committee meeting is generally held for the purpose ofrecommending the half yearly and yearly financial result. Additional meeting is held forthe purpose of reviewing the specific item included in terms of reference of theCommittee. During the year under review Audit Committee met 2 (Two) times viz on June 152020 and November 11 2020. The composition of the Committee and the details of meetingsattended by its members are given below:

Number of meetings during the financial year 2020- 21

Name Category Designatio n Eligible to attend Attended
Mr.KaushikDudha gara Non-Executive Independent Director Chairman 2 2
Mr. Pragjibhai Patel Whole-time Director Member 2 2
Mr. Dipesh Pala Non-Executive Independent Director Member 2 2

The Statutory Auditors of the Company are invited in the meeting of the Committeewherever requires. Chief Financial Officer of the Company is a regular invitee at theMeeting. Recommendations of Audit Committee have been accepted by the Boardwherever/whenever given. Vigil Mechanism: The Company has established a vigil mechanismand accordingly framed a Whistle Blower Policy. The policy enables the employees to reportto the management instances of unethical behavior actual or suspected fraud or violationof Company's Code of Conduct. Further the mechanism adopted by the Company encourages theWhistle Blower to report genuine concerns or grievances and provide for adequate safeguards against victimization of the Whistle Blower who avails of such mechanism and alsoprovides for direct access to the Chairman of the Audit Committee in exceptional cases.The functioning of vigil mechanism is reviewed by the Audit Committee from time to time.None of the Whistle blowers has been denied access to the Audit Committee of the Board.The Whistle Blower Policy of the Company is available on the website of the Companyspraykingagro@yahoo.com B. Stakeholder's Grievance & Relationship Committee:The Company has constituted Stakeholder's Grievance & Relationship Committee mainly tofocus on the redressal of Shareholders' / Investors' Grievances if any like Transfer /Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report;Dividend Warrants; etc. During the year under review

Stakeholder's Grievance & Relationship Committee met 4 (Four) times viz on June 152020; September 08 2020; November 11 2020 and February 01 2021. The composition of theCommittee and the details of meetings attended by its members are given below:

Number of meetings during the financial year 2019- 20

Name Category Designatio n Eligible to attend Attended
Mr.KaushikDudhag ara Non-Executive Independent Director Chairman 4 4
Mr. RonakDudhagara Executive Director Member 4 4
Mr. Dipesh Pala Non-Executive Independent Director Member 4 4

During the year the Company had not received any complaints from the Shareholders.There was no complaint pending as on March 31 2021. C. Nomination and RemunerationCommittee:

The Company has formed Nomination and Remuneration committee in line with theprovisions of Section 178 of the Companies Act 2013. Nomination and RemunerationCommittee meetings are generally held for identifying the persons who are qualified tobecome Directors and may be appointed in senior management and recommending theirappointments and removal. During the year under review Nomination and RemunerationCommittee met 2 (Two) times viz on September08 2020 and February 01 2021. Thecomposition of the Committee and the details of meetings attended by its members are givenbelow:

Number of meetings during the financial year 2019-20

Name Category Designation Eligible to attend Attended
Mr. Dipesh Pala Non-Executive Independent Director Chairman 2 2
Mr. KaushikDudhagara Non-Executive Independent Director Member 2 2
Mr. Hitesh Pragajibhaidudhagara Managing Director Member 2 2

Nomination and Remuneration Policy:

Nomination and Remuneration Policy in the Company is designed to create a highperformance culture. It enables the Company to attract motivated and retained manpower incompetitive market and to harmonize the aspirations of human resources consistent withthe goals of the Company. The Company pays remuneration by way of salary benefitsperquisites and allowances to its Executive Directors and Key Managerial Personnel. Annualincrements are decided by the Nomination and Remuneration Committee within the salaryscale approved by the members and are effective from April 1 of each year. The Nominationand Remuneration Policy as adopted by the Board of Directors is placed on the website ofthe Company at www.spraykingagro.com and is annexed to this Report as Annexure A.

Remuneration of Director:

The details of remuneration paid during the Financial Year 2020-21 to Directors of theCompany is provided in Form MGT-7 available on website of the company atwww.sprayking.com.The aggregate amount paid towards Directors remuneration during the FY2020-21 is Rs. 2110028/-

Public Deposit:

The company has not accepted any deposits from the public. Hence the directives issuedby the Reserve Bank of India & the Provision of Section 73 to 76 of the Company Act2013 or any other relevant provisions of the Act and the Rules there under are notapplicable.

Particulars of Loans Guarantees Investments & Security:

Details of Loans Guarantees Investments and Security covered under the provisions ofSection 186 of the Companies Act 2013 are given in the notes to the Financial Statement.

Subsidiaries associates and joint venture of the company:

Our Company does not has any Subsidiary Associate and Joint Venture Company.

Contracts or arrangements with related parties:

All the Related Party Transactions entered into during the financial year were on anArm's Length basis and in the Ordinary Course of Business. There are no materiallysignificant Related Party Transactions i.e exceeding 10% of the annual consolidatedturnover as per the last audited financial statement made by the Company with PromotersDirectors Key Managerial Personnel (KMP) and other related parties which may have apotential conflict with the interest of the Company at large were entered during the yearby your Company. Accordingly the disclosure of Related Party Transactions as requiredunder Section 134(3)(h) of the Companies Act 2013 in Form AOC-2 is not applicable..Further prior omnibus approval of the Audit Committee is obtained on yearly basis for thetransactions which are of a foreseen and repetitive nature. The transactions entered intopursuant to the omnibus approval so granted were placed before the Audit Committee and theBoard of Directors for their approval on quarterly basis. The details of the related partytransactions for the financial year 2020-21 is given in notes of the financial statementswhich is part of Annual Report. The Policy on Related Party Transactions as approved bythe Board of Directors is available on the website of the Company at www.spraykingagro.com

Secretarial standards of ICSI:

The Company is in compliance with the Secretarial Standard on Meetings of the Board ofDirectors (SS-1) and General Meeting (SS-2) issued by the Institute of Company Secretariesof India and approved by the Central Government.

Annual Return

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management andAdministration) Rules 2014 the Annual Return is available on the website of the Companyon the following link: www.spraykingagro.com

Particular of employees:

The ratio of the remuneration of each whole-time director to the median of employees'remuneration as per

Section 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed to thisReport as Annexure B.

Material changes and commitment:

There are no material changes and commitments affecting the financial position of theCompany have occurred between the end of Financial Year of the Company i.e. March 31 2021to the date of this Report.

Significant and material orders:

There are no significant and material orders passed by the regulators or courts ortribunals which impact the going concern status and the Company's operations in future.

Sexual Harassment of Women at Workplace:

To foster a positive workplace environment free from harassment of any nature we haveinstitutionalized the Anti-Sexual Harassment Initiative (ASHI) framework through which weaddress complaints of sexual harassment at the all workplaces of the Company. Our policyassures discretion and guarantees non-retaliation to complainants. We follow agender-neutral approach in handling complaints of sexual harassment and we are compliantwith the law of the land where we operate. During the year under review there were noincidences of sexual harassment reported.

Energy Conservation Technology Absorption and Foreign Exchange Earnings and Outgo: A.Conservation of energy

i.) The steps taken or impact on conservation of energy:

Company ensures that the operations are conducted in the manner whereby optimumutilisation and maximum possible savings of energy is achieved.

ii.) The steps taken by the Company for utilizing alternate sources of energy:No alternate source has been adopted

iii.) The capital investment on energy conservation equipment: No specificinvestment has been made in reduction in energy consumption. B. Technologyabsorption

i.) The effort made towards technology absorption: Not Applicable.

ii.) The benefit derived like product improvement cost reduction productdevelopment or import substitution: Not Applicable

iii.) in case of imported technology (imported during the last three yearsreckoned from the beginning of the financial year) -

a. The details of technology imported: Nil.

b. The year of import: Not Applicable.

c. Whether the technology has been fully absorbed: Not Applicable.

d. If not fully absorbed areas where absorption has not taken place and thereasons thereof: Not Applicable.

iv.) The expenditure incurred on Research and Development: Nil C. ForeignExchange Earnings & Expenditure:

i.) Details of Foreign Exchange Earnings: Rs. 20801959/-

ii.) Details of Foreign Exchange Expenditure: Rs. 77692015/-

Risk Management:

A well-defined risk management mechanism covering the risk mapping and trend analysisrisk exposure potential impact and risk mitigation process is in place. The objective ofthe mechanism is to minimize the impact of risks identified and taking advance actions tomitigate it. The mechanism works on the principles of probability of occurrence and impactif triggered. A detailed exercise is being carried out to identify evaluate monitor andmanage both business and non-business risks.

Internal Financial Control Systems and their Adequacy:

The Company has adequate and efficient internal and external control system whichprovides protection to all its assets against loss from unauthorized use and ensurescorrect reporting of transactions. The internal control systems are further supplementedby internal audits carried out by the respective Internal Auditors of the Company andPeriodical review by the management. The Company has put in place proper controls whichare reviewed at regular intervals to ensure that transactions are properly authorisedcorrectly reported and assets are safeguarded.

Corporate Governance:

Integrity and transparency are key factors to our corporate governance practices toensure that we achieve and will retain the trust of our stakeholders at all times.Corporate governance is about maximizing shareholder value legally ethically andsustainably. Our Board exercises its fiduciary responsibilities in the widest sense of theterm. Our disclosures seek to attain the best practices in international corporategovernance. We also endeavor to enhance long-term shareholder value and respect minorityrights in all our business decisions.

As our company has been listed on SME Platform of BSE Limited by virtue of Regulation15 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 thecompliance with the corporate Governance provisions as specified in regulation 17 to 27and Clause (b) to (i) of sub regulation (2) of Regulation 46 and Para C D and E ofSchedule V are not applicable to the company. Hence Corporate Governance Report does notform a part of this Board Report though we are committed for the best corporategovernance practices.

Management Discussion and Analysis Report:

In terms of Regulation 34 and Schedule V of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a review of the performance of the Company for the yearunder review Management Discussion and Analysis Report is presented in a separatesection forming part of this Annual Report.

Statutory Auditor and Their Report:

Pursuant to the provisions of Section 139 of the Companies Act 2013 read with rulesmade thereunder M/s. D G M S & CO Chartered Accountant Jamnagar (formerly known asM/s. DoshiMaru& Associates Chartered Accountant Jamnagar) (FRN: 0112187W) wereappointed as Statutory Auditors of the Company to hold office from the 13thAnnual General Meeting (AGM) till conclusion of the 17th Annual GeneralMeeting(AGM) of the Company to be held in the calendar year 2021. The Notes to thefinancial statements referred in the Auditors Report are self-explanatory and therefore donot call for any comments under Section 134 of the Companies Act 2013. The Auditors'Report does not contain any qualification reservation or adverse remark. The Auditors'Report is enclosed with the financial statements in this Annual Report.

Reporting of Fraud:

The Auditors of the Company have not reported any fraud as specified under Section143(12) of the Companies Act 2013.

Secretarial Auditor and Their Report:

Pursuant to the provisions of Section 204 of the Act read with The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 your Company hasappointed Ms. Zarna Solanki Practicing Company Secretary Jamnagar to conduct theSecretarial Audit of the Company for the financial year 2020-21. The Secretarial AuditReport is annexed herewith as Annexure D to this Report. There have been fewcommonannotations reported by the above Secretarial Auditors in their Report with respectto

1) Deactivation of DIN due to non filing of DIR-3 KYC of Mr. Pragjibhai MeghjibhaiPatel Whole Time Director and Mrs. Ronak Hitesh Dudhagara Executive Director.

2) The Company has not disclose on its website all such events or information which hasbeen disclosed to stock exchange(s) under this regulation and such disclosures shall behosted on the website of the listed entity for a minimum period of five years andthereafter as per the archival policy of the listed entity as disclosed on its website.

3) Company has not disclosed Information required under Reg 46(2) of LODR Regulations2015 on its Website

4) Non Submission of Initial Disclosure w.r.t. Large Corporate Entity for the FY2019-20

5) Trading Window remained opened from April 1 2020 till June 1 2020 for the purposeof Disclosure of Financial Results for half year and year ended on March 31 2020

6) Non Submission of Continual/Annual Disclosure under Regulation 30(1)/30(2) of SEBISubstantial Acquisition of

7) Shares and Takeovers Regulations 2011 for the Financial year ended March 31 2020

8) Non Submission of disclosure of Material impact of Covid- 19 on Company pursuant toSEBI Circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated May 20 2020.

9) Company has yet not appointed any depository for monitoring of Foreign Investmentlimits in Company . 10)Company has not implemented and has not updated the details ofpromoters and promoter group of the company Directors CEO and upto two levels below theCEO of the Company 11)Form DIR-12 not filed for Appointment cum Regularization of Mr.Kaushik Kantilal Dudhagara Independent Director who was regularized/appointed in 16th AGMw.e.f December 31 2018. 12)Form MGT-14 not filed for Approval of Accounts and Approval ofDirector Report 13)Form MGT-15 not filed for 16th AGM held on September 30 2020. 14)16thAGM was not in compliance with MCA General Circular No. 20/2020 dated May 5 2020. 15)Thefacility of VC or OAVM to allow other members of the company to participate in 16th AGMwas provided to Shareholders. 16)Independent Directors of Company are not registered withIndependent Director Database of Indian Institute of Corporate Affairs. 17)As perRegulation company needs to be submitting annual report when copy of annual report sent toshareholder but the company submitted the same as on September 30 2020.

Director Comments: Your Company will take due care for making all compliances w.r.tapplicable laws and their amendments within due dates in future. General Disclosure: YourDirectors state that the Company has made disclosures in this report for the itemsprescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules2014 and other applicable provisions of the act and listing regulations to the extent thetransactions took place on those items during the year. Your Directors further state thatno disclosure or reporting is required in respect of the following items as there were notransactions on these items during the year under review; (i) Issue of Equity Shares withdifferential rights as to dividend voting or otherwise; (ii) Issue of shares (includingsweat equity shares) to employees of the Company under any scheme save and ESOS; (iii)Annual Report and other compliances on Corporate Social Responsibility; (iv) There is norevision in the Board Report or Financial Statement; (v) No significant or material orderswere passed by the Regulators or Courts or Tribunals which impact the going concern statusand Company's operations in future; (vi) Information on subsidiary associate and jointventure companies.

Website:

As per Regulation 46 of SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015 the Company has maintained a functional website namely"www.spraykingagro.com" containing basic information about the

Company.

The website of the Company is containing information like Policies ShareholdingPattern Financial and information of the designated officials of the Company who areresponsible for assisting and handling investor grievances for the benefit of allstakeholders of the Company etc.

Acknowledgement:

Your Directors wish to place on record their sincere appreciation for significantcontributions made by the employees at all levels through their dedication hard work andcommitment enabling the Company to achieve good performance during the year under review.

Your Directors also take this opportunity to place on record the valuable co-operationand support extended by the banks government business associates and the shareholdersfor their continued confidence reposed in the Company and look forward to having the samesupport in all future endeavors.

For and on behalf of Board of Directors
Sprayking Agro Equipment Limited
Hitesh PragjibhaiMeghjibhai Patel
PragajibhaiDudhagara Whole-time Director
Managing Director DIN 00414510
DIN 00414604

Place: Ahmedabad

Date: September 08 2021

.