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Sreeleathers Ltd.

BSE: 535601 Sector: Others
NSE: SREEL ISIN Code: INE099F01013
BSE 00:00 | 18 May 175.25 -1.25






NSE 00:00 | 18 May 175.45 -2.20






OPEN 176.80
52-Week high 233.95
52-Week low 139.75
P/E 23.24
Mkt Cap.(Rs cr) 406
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 176.80
CLOSE 176.50
52-Week high 233.95
52-Week low 139.75
P/E 23.24
Mkt Cap.(Rs cr) 406
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sreeleathers Ltd. (SREEL) - Director Report

Company director report

Your Directors have pleasure in presenting their 30thAnnual Report together with theAudited Financial Statements of the Company for the Year ended March 312021.


(Rs. In Lacs)

Particulars March 312021 March 312020
Receipt from Operations 8336.61 17304.83
Other Income 44.21 32.00
Profit before exceptional items depreciation & taxes 1637.85 4009.95
Less:: Depreciation & Amortisation 123.56 100.52
Operating Profit Before Exceptional Item & Taxes 1514.29 3909.43
Add: Exceptional Income - -
Profit Before Tax 1514.29 3909.43
Less: Provision for:
(a) Income Tax 419.23 1049.66
(b) Deferred Tax (20.06) (16.26)
Profit after tax 1115.12 2876.03
Other Comprehensive Income (net of tax) 1162.05 829.37
Total Comprehensive Income for the period 2277.17 3705.40

The company does not propose to transfer any amount to the General Reserves. An amountof Rs.14699.56 lacs is proposed to be retained in the statement of Profit & Loss.


Revenue from operations of your Company was lower by 51.82% over the Previous yearmainly on account of lower sales due to disruptions owing to the pandemic resulting incontinued slowdown of the economy including decline in consumption of non essential goods.The Gross Revenue from operations stood at Rs. 8336.61 lacs compared to Rs.17304.83 lacsin the Previous Year. The Operating Profit before tax stood at Rs. 1514.29 lacs as againstRs.3909.43 lacs in the Previous Year. The Net Profit for the year stood at Rs.1115.12 lacsagainst Rs.2876.03 lacs reported in the Previous Year.

The company continues to retain and reinforce its market leadership in Leather andNon-Leather footwear and accessories with distribution network comprising of exclusivestores and dealers.

There are no material changes or commitments affecting the financial position of theCompany which have occurred between the end of the financial year and the date of thisReport.


Your Directors do not recommend any dividend for the year under review.


The Authorized Share Capital of your Company as on March 312021 stands at Rs. 2 600lacs divided into 26 000 000 equity shares of Rs. 10/- each. Due to Buyback of equityshares the paid up equity capital as on March 312021 was Rs.2319.42 lacs as againstRs.2515.50 lacs in the Previous year. During the year under review the company has notissued any shares with differential voting rights nor granted stock options nor sweatequity during the year under review. As on March 312021 none of the Directors of thecompany hold instruments convertible into equity shares of the Company. During the yearthe company has bought back equity shares which is discussed separately in the subsequentparagraph.


Pursuant to the resolution passed by the Board of Directors of the Company on24.11.2020 the Company was authorized to buyback its Equity Shares from the open marketthrough stock exchange mechanism for an aggregate amount not exceeding Rs.320000000/-(Rupees Thirty Two Crores only) (“Maximum Buyback Size') and at a price not exceedingRs.160/- ( Rupees One Hundred and Sixty Only) per Equity Share ("Maximum BuybackPrice”). The Company commenced the Buyback on Friday 04.12.2020 from itsshareholders / beneficial owners (other than those who are promoters members of thepromoter group or persons in control) from the open market through stock exchangemechanism i.e. using the electronic trading facilities of BSE Limited and National StockExchange of India Limited in accordance with the Securities and Exchange Board of India(BuyBack of Securities) Regulations 2018 as amended (“Buy-backRegulations").As on 31.03.2021 the Company has bought back 2000000 Equity Sharesat an average price of Rs.146.14 (Rupees One Hundred Forty Six and Paise Fourteen only)per equity share. Accordingly 1960896 no. of shares have been extinguished till 31stMarch 2021 and the balance 39104 no. of equity shares have been extinguished on06.04.2021.


Your Company has prepared the Financial Statements for the financial year ended March312021 in terms of Sections 129 133 and Schedule III to the Companies Act 2013 (asamended) (the “Act”) read with the Companies (Indian Accounting Standards)Rules 2015 as amended. The estimates and judgments relating to Statements are made on aprudent basis so as to reflect in a true and fair manner the form and substance oftransactions reasonably present the Company's state of affairs profits and cash flows forthe year ended March 312021.

The company continues to focus on judicious management of its working capitalreceivables and inventories. Other working capital parameters were kept under strict checkthrough continuous monitoring.


Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.


The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013.

The details of the investments made by company are given in the notes to the financialstatements. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In compliance with the provisions of Sections 124 and 125 of the Act read with theInvestor Education and Protection Fund Authority (Accounting Audit Transfer and Refund)Rules 2016 (“IEPF Rules”) as amended from time to time the Company hasdeposited a sum of Rs.72428/- into the specified bank account of the IEPF Government ofIndia towards unclaimed or unpaid dividend amount for the financial year ended March312013.


Your Company has an effective internal control and risk-mitigation system which areconstantly assessed and strengthened with new/ revised standard operating procedures. TheCompany's internal control system is commensurate with its size scale and complexities ofits operations. The main thrust of internal audit is to test and review controlsappraisal of risks and business processes besides benchmarking controls with bestpractices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy andeffectiveness of the internal control systems and suggests improvements to strengthen thesame. The Company has a robust Management Information System which is an integral part ofthe control mechanism.

The Audit Committee of the Board of Directors and the Business Heads are periodicallyapprised of the internal audit findings and corrective actions taken. Audit plays a keyrole in providing assurance to the Board of Directors. Significant audit observations andcorrective actions taken by the management are presented to the Audit Committee of theBoard. To maintain its objectivity and independence the Internal Audit function reportsto the Chairman of the Audit Committee.


As part of its initiatives under “corporate social responsibility” (CSR) thecompany has contributed funds in accordance with Schedule VII of the Companies Act 2013and the Company's CSR policy.

The Annual Report as required under the Companies (Corporate Social ResponsibilityPolicy) Rules 2014 on CSR activities is annexed herewith as Annexure A and forms anintegral part of this Report.


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

b) No specific investment has been made in reduction in energy consumption.

c) As the impact of measures taken for conservation and optimum utilization of energyare not quantitative its impact on cost cannot be stated accurately.

d) Since the Company does not fall under the list of industries which should furnishthis information in Form A annexed to the aforesaid Rules the question of furnishing thesame does not arise.


The Company doesn't have any in-house R & D Facility. The Company has not importedany technology during the year under review.


There are no material changes or commitments affecting the financial position of theCompany which have occurred between the end of the financial year and the date of thisReport other than the impact of COVID-19 on the business operations of the Companydetailed in this Report as well as Notes to the Financial Statements of the Company.


The Covid-19 outbreak and measures to contain it had caused significant disturbancesand slowdown of economic activities. The Company's operations for the period were impacteddue to temporary suspension of trading activities. The operations are gradually rampingup in spite of limited availability of workforce and supply chain disruptions. Further the sales of the Company during the period were adversly affected however with the easingout of restrictions the demand of the products is gradually increasing. The Company hasconsidered internal and external sources of information and determined exercisingreasonable estimates and judgement that the carrying amount of the assets arerecoverable. Having regard to above the Company's liquidity position is comfortable inmeeting its financial obligations.


During the period under review there was no foreign exchange earnings or out flow.


Industrial relations at all the units of your Company have been harmonious and peacefulwith active involvement of the employees in the collective bargaining process. YourCompany has also encouraged wholehearted participation of the employees in improvingproductivity as well as quality of its products.

The Company takes pride in the commitment competence and dedication of its employeesin all areas of the business. The Company has a structured induction process at alllocations and management development programs to upgrade skills of managers. Objectiveappraisal systems based on key result areas (KRAs) are in place for senior managementstaff.

The Company is committed to nurturing enhancing and retaining its top talent throughsuperior learning and organizational development. This is a part of our Corporate HRfunction and is a critical pillar to support the organization's growth and itssustainability in the long run.

In order to retain good talent within the organization your Company has strengthenedthe goal setting and measurement process during the year supported with structureddevelopment plans for high potential people to move into different roles. This hasresulted in higher retention levels across the organization.


There are no significant and material orders passed by the Regulators/Courts that wouldimpact the going concern status of the Company and its future operations.


There is no change in the composition of the Board of Directors during the period underreview.

Ms. Rochita Dey (DIN: 02947831) was re-appointed as whole time Director of the Companyat the 29th Annual General Meeting of the Company held on 29.09.2020.She will be liable toretire by rotation.


Ms. Shipra Dey (DIN: 00570021) Whole-time Director of the Company is liable to retireby rotation at the ensuing AGM and being eligible has offered herself for re-appointment.Your Board recommends the reappointment of Ms. Shipra Dey as a Director of the Companyliable to retire by rotation.

Necessary Resolution(s) alongwith disclosure(s) / information(s) in respect of thedirector seeking appointment / re-appointment at the ensuing AGM is being given in theNotice convening the ensuing AGM.


As on the date of this report Mr. Satyabrata Dey(DIN: 00569965) Managing DirectorMrs. Shipra Dey (DIN:00570021) wholetime director Ms. Rochita Dey(DIN: 02947831)wholetime director Mr. Sujay Bhattacherjee Chief Financial Officer and Mr. Bijoy KumarRoy Company Secretary and Compliance Officer are the key managerial personnel (KMP) ofyour company.


Mr. Anil Chandra Bera (DIN: 02002208) Mr. Kalidas Sarkar( DIN: 08200786) and Smt.Sadhana Adhikary (DIN: 02974882) Independent Directors of your Company have declared tothe Board of Directors that they meet the criteria of Independence as laid down in Section149(6) of the Act and Regulations 16(1)(b) and 25(8) of the Listing Regulations and thereis no change in the status of their Independence and have confirmed that they are notaware of any circumstance or situation which exists or may be reasonably anticipated thatcould impair or impact their ability to discharge their duties.

The Board of Directors further confirms that the Independent Directors also meet thecriteria of expertise experience integrity and proficiency in terms of Rule 8 of theCompanies (Accounts) Rules 2014 (as amended).


Pursuant to the provisions of the Companies Act 2013 and the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 a structured questionnaire was preparedafter taking into consideration the various aspects of the Board's functioningcomposition of the Board and its Committees culture execution and performance ofspecific duties obligations and governance.

The performance evaluation of the Independent Directors was completed. The performanceevaluation of the Managing Director and the Non- Independent Directors was carried out bythe Independent Directors. The Board of Directors expressed their satisfaction with theevaluation process.


The Board has on the recommendation of the Appointment & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The Remuneration Policy is stated in the Corporate Governance Report.;


A calendar of Meetings is prepared and circulated in advance to the Directors.

During the year eight Board Meetings and four Audit Committee Meetings were convenedand held. The details of which are given in the Corporate Governance Report. Theintervening gap between the Meetings was within the period prescribed under the CompaniesAct 2013.


The financial statements are prepared in accordance with Indian Accounting Standard(IND AS) under the historical cost convention on accrual basis (except for certainfinancial instrument). The IndAS are prescribed under section 133 of the Companies Act2013 (‘the Act') read with Rule 3 of the Companies (Indian Accounting Standards)Rules 2015 and Companies (Indian Accounting Standards) Amendment Rules 2016. EffectiveApril 2017; the Company has adopted all the Ind AS standards and the adaptation wascarried out in accordance with applicable transition guidance. Accounting Policies havebeen consistently applied

To the best of knowledge and belief and according to the information and explanationsobtained by them your Directors make the following statement in terms of Section 134(3)(c) of the Companies Act 2013:

i) In the preparation of the annual accounts for the year ended March 31 2021 theapplicable accounting standards have been followed along with proper explanation relatingto material departures if any;

ii) The directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at 31.03.2021 and of the profit orloss of the Company for the year ended on that day.

iii) 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.

iv) The directors had prepared the annual accounts on a going concern basis.

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

vi) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such system were adequate and operating effectively.


All transactions entered with Related Parties for the year under review were on arm'slength basis and in the ordinary course of business and that the provisions of Section 188of the Companies Act 2013 and the Rules made thereunder are not attracted. Thusdisclosure in form AOC-2 in terms of Section 134 of the Companies Act 2013 is notrequired. Further there are no material related party transactions during the year underreview with the Promoters Directors or Key Managerial Personnel. The policy on RelatedParty Transactions as approved by the Board of Directors has been uploaded on the websiteof the Company and can be viewed at


The Company does not have any subsidiary.


The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day to day business operations ofthe company. The Company believes in “Zero Tolerance” against briberycorruption and unethical dealings / behavior of any form and the Board has laid down thedirectives to counter such acts. The code laid down by the Board is known as “Code ofBusiness Conduct” which forms an Appendix to the Code. The Code has been posted onthe Company's website at

The Code lays down the standard procedure of business conduct which is expected to befollowed by the Directors and the designated employees in their business dealings and inparticular on matters relating to integrity in the work place in business practices andin dealing with stakeholders. The Code gives guidance through examples on the expectedbehavior from an employee in a given situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliancewith the Code. All Management Staff were given appropriate training in this regard.


The Company has a Whistle Blower Policy to report genuine concerns or grievances. TheWhistle Blower Policy has been posted on the website of the Company at


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 shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Company Secretary is thecompliance officer who is responsible for implementation of the Code.

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

Disclosure under the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013

The Company has an Anti-harassment policy in line with the requirements of the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.Internal Complaint Committee are set up at shop floor level to redress complaints receivedregularly and are monitored by women line supervisors who directly report to the ManagingDirector. All employees (permanent contractual temporary trainees) are covered underthe policy. There was no compliant received from any employee during the financial year2020-2021 and hence no complaint is outstanding as on 31.03.2021 for redressal.



• The Auditors' Report for the Fiscal 2021 does not contain any qualificationreservation or adverse remark. The Auditors' Report is enclosed with the financialstatements in this annual report.

• The secretarial Auditors' Report for the Fiscal 2021 does not contain anyqualification reservation or adverse remark. The secretarial Auditors' Report isenclosed to the Board Report in this Annual Report.

• As required by the Listing Regulations the Auditors' Certificate on CorporateGovernance is enclosed to the Board Report. The Auditors' Certificate for Fiscal 2021 doesnot contain any qualification reservation or adverse remark.


The observation made in the Auditors' Report read together with relevant notes thereonare self explanatory and hence do not call for any further comments under Section 134 ofthe Companies Act 2013.

As required under section 204 (1) of the Companies Act 2013 the Company has obtained asecretarial audit report. The Secretarial Audit Report read together with relevant notesthereon are self- explanatory and hence do not call for any further comments.


In terms of the provisions of Section 139 of the Companies Act 2013 read withprovisions of the Companies (Audit and Auditor) Rules 2014 as amended M/s. Chanani &Associates Chartered Accountants (ICAI Firm Registration No. 325425E) was appointed atthe 26th^Annual General Meeting as the Auditors of the Company for a consecutive period offive years from the conclusion of the said Annual General Meeting until the conclusion ofThirty first Annual General Meeting scheduled to be held in the year 2022.

The Members may note that consequent to the changes made in the Companies Act 2013 andthe Companies (Audit & Auditors) Rules 2014 by the Ministry of Corporate Affairs(MCA) vide notification dated 07.05.2018 the proviso to Section 139 (1) of the CompaniesAct 2013 read with explanation to sub-rule 7 of Rule 3 of the Companies (Audit &Auditors) Rules 2014 the requirement of ratification of appointment of Auditors by theMembers at every AGM has been done away with. Therefore the Company is not seeking anyratification of appointment of M/s.Chanani &Associates Chartered Accountants as theAuditors of the Company by the Members at the ensuing AGM.

Your Company has received a certificate from M/s.Chanani & Associates CharteredAccountants confirming their eligibility to continue as Auditors of the Company in termsof the provisions of Section 141 of the Companies Act 2013 and the Rules framedthereunder.


Pursuant to provisions of section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the company hasappointed SA & Associates a firm of Company Secretaries in practice to undertake theSecretarial Audit of the Company. The Secretarial Audit report is annexed herewith as“Annexure B”.


The details forming part of the extract of the Annual Return in form MGT-9 as requiredunder Section 92 of the Companies Act 2013 is annexed as Annexure - C and forms anintegral part of this Report. Also Pursuant to Section 134(3)(a) and Section 92(3) of theAct read with Companies (Management and Administration) Rules 2014 the Annual Return ofthe Company in Form MGT-7 will be placed on the Company's website


During the year under review the Company has duly complied with the applicableprovisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) andGeneral Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).


The Central Government has not prescribed the maintenance of cost records under Section148(1) of the Companies Act 2013 and Rules framed thereunder with respect to theCompany's nature of business.


The information required under section 197(12) of the Companies Act 2013 and the rulesmade thereunder as amended has been given in the annexure appended hereto and form partof this report. The company does not have any employees who were employed throughout theyear and were in receipt of remuneration of more than Rs. 102 lacs per annum or employedfor part of the year and were in receipt of remuneration of more than Rs. 8.50 lacs permonth.


The company has not given any employee stock option scheme during the financial year2020-2021. Previous year: Nil


a) The ratio of remuneration of each director to the median employee's remuneration forthe financial year and such other details as prescribed is as given below:

Name Ratio
SatyabrataDey (Managing Director) 4.71:1
Shipra Dey (Director) 3.54:1
Rochita Dey (Director) 3.54:1
SujayBhattacherjee (Chief Financial Officer) 3.66:1
Bijoy Kumar Roy (Company Secretary) 2.35:1

For this purpose Sitting fees paid to the Directors have not been considered asremuneration.

b) The % increase in the remuneration of each Director Chief FinancialOfficer Chief Executive Officer Company Secretary or Manager if any in the financialyear:

*Satyabrata Dey (Managing Director) Nil
*Shipra Dey Nil
*Rochita Dey Nil
Bijoy Kumar Roy (Company Secretary) 8.84%
Sujay Bhattacherjee (Chief Financial Officer) 1.43%

*Refer to nomination & remuneration Committee and policy under Corporate GovernanceReport.

c) The % increase in the median remuneration of employees in the financial year: 17.47%

d) The number of employees on the rolls of company: 47

e) The explanation on the relationship between average increase in remuneration andcompany performance:

The Company's PAT stands Rs 1115.12 lacs as against Rs. 2876.03 lacs in the previousyear a decrease of 61.23% against which the average increase in remuneration is17.47% .

f) Comparison of the remuneration of the Director and Key Managerial Personnel againstthe performance of the company: The increase in remuneration to the Directors keymanagerial persons as well as employees of the company are based on annual reviewmechanism which takes care of the individual performance of the employee as well as theoverall growth of the company.

Variations in the market capitalization of the company as at the closing date of thecurrent financial year and previous financial year.

Particulars March 312021 March 312020
Market Capitalization (Rs. in Crs) 345.01 311.79

g) Percentage increase or decrease in the market quotations of the shares of thecompany in comparison to the rate at which the company came out with the last publicoffer:

Market Price as on March 312021 Rs.148.75
Price at the time of public issue of 18 10 200 equity shares made in the fiscal 1997 - 1998. Rs. 10.00
% increase of market price over the price at the time of public issue 1387.50%

Note: Closing share price of ordinary shares at NSE Ltd. has been used for the abovetable.

h) Average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and any exceptionalcircumstances for increase in the managerial remuneration: Average increase inremuneration is17.47% for employees other than managerial Personnel which is higher thanthe increase in salary of managerial personnel.

i) The key parameters for any variable component of remuneration availed by thedirectors: There is no variable component for any director key managerial personnel aswell as any employee of the company during the financial year.

j) The ratio of the remuneration of the highest paid director to that of the employeeswho are not directors but receive remuneration in excess of the highest paid directorduring the year: Not Applicable.

k) Affirmation that the remuneration is as per the remuneration policy of the company:The remuneration for Managing Director Non-Independent Directors KMP and rest ofemployees is as per the remuneration policy of the company.

l) Comparison of each remuneration of the key managerial personnel against theperformance of the company:

Sri Satyabrata Dey Managing Director Mrs. Shipra Dey Director Miss Rochita Dey Director Sri Sujay Bhattacherjee Chief Financial Officer Sri Bijoy Kumar Roy Company Secretary
Remuneration in Fiscal 2021 (in lacs) 9.60 7.20 7.20 8.16 5.23
Revenue (in lacs)


Remuneration as % of revenue 0.12 0.09 0.09 0.10 0.06
Profit / (loss) before Tax (in lacs)


Remuneration (as % of PBT) 0.63 0.48 0.48 0.54 0.35

Details of significant changes in key financial ratios along with explanation

In compliance with the requirement of the Listing Regulations the key financial ratiosof the Company alongwith explanation for significant changes (i.e. for change of 25% ormore as compared to the immediately previous financial year will be termed as‘significant changes') has been provided hereunder:

Sl No Particulars 2020-21 2019-20
i Debtors to Sales (in days) 1.7 1.45
ii Inventory to Turnover Ratio (in months) 0.62 1
iii Interest Coverage Ratio 2567.59 651.49
iv Current Ratio 2.04 1.51
v Operating Profit Margin(%) 18.16 22.59
vi Net Profit Margin(%) 13.38 16.62
vii Return on Networth(%) 7.25 11.44

• Interest coverage ratio increased due to reduction of interest payment duringthe year.

• Net Profit Margin and Return on Net worth decreased is due to impact ofCovid-19.


As per Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 a separate section on corporate governancepractices followed by the Company together with a certificate from the Company's Auditorsconfirming compliance forms an integral part of this Report.

The Management Discussion and Analysis Report on the operations of the Company asrequired under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 isprovided in a separate section and forms an integral part of this Report.


In compliance with Regulation 34(2)(f) of the Listing Regulations read with the SEBICircular No. CIR/CFD/CMD/ 10/2015 dated November 04 2015 your Company has prepared a BRRin the prescribed format provided in a separate section and forms an integral part of thisreport for the financial year ended March 312021 describing initiatives undertaken by itfrom an environmental social and governance perspective.


A certificate confirming that none of the Directors on the Board of the Company hasbeen debarred or disqualified from being appointed or continuing as directors of companiesby the Securities and Exchange Board of India Ministry of Corporate Affairs or any suchother Statutory Authority has been received from Company Secretaries and the same isannexed to this Report


Statements in the Management Discussion and Analysis Report describing the estimatesexpectations or predictions may be ‘forward-looking statements' within the meaning ofapplicable laws and regulations. Actual results could differ materially from thoseexpressed or implied. Important factors that would make a difference to the Company'soperations include demand-supply conditions material prices changes in GovernmentRegulations tax regimes economic developments within the Country and outside the Countryand other factors such as litigation and labor negotiations.


Your Directors wish to place on record their appreciation for the contribution made bythe employees at all levels but for whose hardwork and support your Company'sachievements would not have been possible. Your Directors also wish to thank itscustomers dealers agents suppliers investors and bankers for their continued supportand faith reposed in the Company.

For and on behalf of the Board of Directors of Sreeleathers Limited

Satyabrata Dey K.D Sarkar
Kolkata Managing Director Director
30th June 2021 (DIN : 00569965) (DIN : 08200786)