You are here » Home » Companies » Company Overview » Tavernier Resources Ltd

Tavernier Resources Ltd.

BSE: 531190 Sector: Others
NSE: N.A. ISIN Code: INE355H01015
BSE 00:00 | 27 May 9.00 -0.35
(-3.74%)
OPEN

9.35

HIGH

9.35

LOW

9.00

NSE 05:30 | 01 Jan Tavernier Resources Ltd
OPEN 9.35
PREVIOUS CLOSE 9.35
VOLUME 300
52-Week high
52-Week low
P/E 300.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.35
CLOSE 9.35
VOLUME 300
52-Week high
52-Week low
P/E 300.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tavernier Resources Ltd. (TAVERNIERRES) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the 27th Annual Report on thebusiness and operations of TAVERNIER RESOURCES LIMITED ["the Company"] togetherwith the Audited Financial Statements of the Company for the Year ended March 312021.

FINANCIAL SUMMARY

The summarized financial performance of your Company for 2020-21 and 2019-20 is givenbelow:

(Rs. in Lakhs except earnings per share)

PARTICULARS FOR THE YEAR ENDED
March 31 2021 March 31 2020
Revenue from Operations 190.88 355.67
Other Income 2.04 2.40
Earnings before interest tax depreciation exceptional items and amortization (EBITDA) 192.92 358.07
Less : Finance Costs 28.29 25.04
Less: Depreciation and amortization expense 0.27 2.53
Less : Purchase of traded goods 173.56 309.50
Less: Cost of Material Consumed - -
Less: Changes in inventories of finished goods work-in- progress and stock -in-trade - 21.29
Less: Employee benefit expense 9.03 14.89
Less: Doubtful Debt - 329.94
Less: Other expenditure 20.20 30.79
Profit/(Loss) before Exceptional Items and Tax (38.43) (375.91)
Exceptional Items - -
Profit/(Loss) before Tax (38.43) (375.91)
Less: Tax Expenses 0.38 0.12
Profit/(Loss) After Tax (38.81) (376.03)
Surplus from previous year brought forward (17.24) 358.79
Transfer to General Reserve - -
Amount available for appropriation (56.05) (17.24)

RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS

During the financial year under review your Company's Operating Income was ' 190.88Lakhs as against '355.67 Lakhs in the previous year. Other Income for the financial year2020-21 stood at '2.04 Lakhs as against ' 2.40 Lakhs in the previous year.

The Company has reported Net Loss of ' 38.81 Lakhs as against Net Loss of ' 376.03Lakhs in the previous year.

IMPACT OF COVID-19 PANDEMIC

In the light of the COVID-19 pandemic fiscal 2021 was a challenging year forbusinesses globally. The COVID-19 pandemic is a global humanitarian and health crisisthat continues to impact all our stakeholders- employees clients investors andcommunities. The actions taken by various governments to contain the pandemic such asclosing of borders and lockdown restrictions have resulted insignificant disruption topeople and businesses. While vaccines have been made available there are delays invaccinating larger populations increased instances of variants and infections andconsequential stress on the healthcare sector. Consequently market demand and supplychains have been affected. The Company has considered the possible effects that may resultfrom the pandemic relating to COVID-19 in the preparation of its financial statements.

The COVID-19 pandemic has impacted and may further impact all our stakeholders -employees clients vendors investors and communities we operate in. The impact maycontinue in the next financial year as well. In addition to the above other consequentrisks related to the COVID-19 pandemic that may materialize in future.

TRANSFER TO RESERVES

During the year under review your Company has not made any transfer to the Reserves.

SHARE CAPITAL

The Paid-up Share capital as on March 312021 was ' 59790000. During the year underreview the Company has not issued any shares or convertible securities or shares withdifferential voting rights nor has granted any stock options or sweat equity or warrants.As on March 31 2021 none of the Directors of the Company hold instruments convertibleinto Equity Shares of the Company.

DIVIDEND

During the year under review the Board of Directors has not recommended any dividendon the Equity Shares of the Company.

PUBLIC DEPOSITS

Your Company has not accepted any deposits from the public within the meaning ofSection 73 of the Act read with the Companies (Acceptance of Deposits) Rules 2014 andhence there are no unpaid/unclaimed deposits nor there is any default in repaymentthereof.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

During financial year under review the Company has not transferred any amount toInvestor Education and Protection Fund (IEPF).

MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and date of this Report. There has beenno change in the nature of business of the Company.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

Management's Discussion and Analysis Report for the year under review as stipulatedunder the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 ("Listing Regulations") is presented in aseparate section forming part of the Annual Report. Refer Annexure I of thisReport.

SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company has no Subsidiaries Joint Ventures and Associate Companies.

DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the Internal Statutory andSecretarial Auditors including audit of internal financial controls over financialreporting by the Statutory Auditors and the reviews performed by the Management and therelevant Board Committees including the Audit Committee the Board is of the opinion thatthe Company's internal financial controls were and effective during F.Y. 2020-21.

Accordingly pursuant to the requirements of sub section (3)(c) and sub section (5) ofSection 134 of the Act with respect to Directors Responsibility Statement it is herebyconfirmed that:

a) in the preparation of the annual accounts for the year ended 31st March 2021 theapplicable accounting standards read with requirements set out under Schedule III to theAct have been followed and there are no material departures from the same;

b) the Directors have 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 March 312021 and of the profit &loss of the Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts for the financial year ended March312021 on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and

f) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE

The Company is not required to comply with the provisions of Regulation 17 toRegulation 27 and clause (b) to clause (i) of sub regulation (2) of Regulation 46 and ParaC D and E of Schedule V as mentioned in Regulation 15 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 as the Paid-up Share Capital of the Companyis less than Rs.100000000 (Rupees Ten Crores Only) and the Net Worth of the Company isalso less than Rs. 250000000 (Rupees Twenty-Five Crores Only) based on the AnnualAudited Financial Results of the Company for the year ended March 312021.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188 OF THE COMPANIES ACT2013

During the financial year under review the Company had not entered into materialrelated party transactions.

Members may refer Note No. 32 to the financial statement which sets out related partydisclosures pursuant to Ind AS 24.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the Financial Year under review the provisions of section 135 of the CompaniesAct 2013 pertaining to Corporate Social Responsibility are not applicable to the company.

RISK MANAGEMENT POLICY

Pursuant to the requirement of Section 134(3)(n) of Companies Act 2013 the Companyhas in place a structured risk management policy. Your Company believes that managingrisks helps in maximising returns. The Risk management process is designed to safeguardthe organisation from various risks through adequate and timely actions. It is designed toanticipate evaluate and mitigate risks in order to minimize its impact on the business.

The Risk Management Policy is designed to assist the Board in its oversight of variousrisks review and analyse the risk exposure related to specific issues provide oversightof risk across the organisation.

INTERNAL CONTROL SYSTEM

Tavernier Resources Limited's internal control system is designed to ensure operationalefficiency protection accuracy and promptness in financial reporting and compliance withlaws and regulations. The internal control system is supported by an internal auditprocess for reviewing the design adequacy and efficacy of the Company's internalcontrols including its systems and processes and compliance with regulations andprocedures. Internal Audit Reports are discussed with the Management and are reviewed bythe Audit Committee of the Board and necessary corrective actions are taken.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

Your Company has put in place adequate policies and procedures to ensure that thesystem of internal financial control is commensurate with the size and nature of theCompany's business. The Audit Committee of the Board of Directors actively reviews theadequacy and effectiveness of the internal control systems and suggests improvements tostrengthen the same.

A regular audit and review processes ensure that the controls are reinforced on anongoing basis. Such controls have been assessed during the year taking into considerationthe essential components of internal financial controls. There are no reportable materialweakness or significant deficiencies in the design or operation of internal financialcontrols were observed during the year ended March 312021. Based on the above the Boardbelieves that adequate Internal Financial Controls exist and are effective.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of theCompany Mrs. Aditi Aditya Dugar Director of the Company retires by rotation at theensuing Annual General Meeting and being eligible has offered herself for re-appointment.The Board of Directors on the recommendation of the Nomination and Remuneration Committeehas recommended her re-appointment.

During the year under review Mrs. Rajkumari Sudhir Naheta who was eligible to retireby rotation was re-appointed as a Director at the 26thAnnual General Meetingheld on September 19 2020.

Mr. Mayur Jamnadas Vora was appointed as a regular Director designated as Non-ExecutiveIndependent Director for a period of 5 years w.e.f. 14th November 2019 at the26thAnnual General Meeting held on September 19 2020.

Mr. Shailesh Mavji Vora was appointed as a regular Director designated as Non-ExecutiveIndependent Director for a period of 5 years w.e.f. 28th February 2020 at the26thAnnual General Meeting held on September 19 2020.

Ms. Priyanka Chauhan (Membership No.: A25596) has resigned from post of CompanySecretary and Compliance Officer of the Company w.e.f. December 312021 due to somepersonal reasons.

Ms. Reena Namdev Gavle (Membership No.: A34439) is appointed as a Whole-time KeyManagerial Personnel / Whole-time Company Secretary and Compliance Officer of the Companywith effect from December 312020.

Mr. Prasad Sadanand Parkar has resigned from post of Whole-time Key ManagerialPersonnel / Chief Financial Officer of the Company w.e.f. January 01 2021 to pursue acareer in other areas and explore another new industry/environment.

Mr. Krishna Mahadeo Sawant is appointed as a Whole-time Key Managerial Personnel /Chief Financial Officer of the Company with effect from January 012021.

The Company has received individual declaration from following Independent Director(s)of the Company stating that they meet the criteria of independence as laid down underSection 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations. TheIndependent Directors of the Company as on March 312021 are as under:

a) Mr. Aditya Shashikant Mhatre

b) Mr. Mayur Jamnadas Vora

c) Mr. Shailesh Mavji Vora

The above-mentioned Independent Directors have confirmed that they have complied withthe Code for Independent Directors prescribed in Schedule IV to the Act. The IndependentDirectors have further confirmed that they are not aware of any circumstance or situationwhich exist or may be reasonably anticipated that could impair or impact their ability todischarge their duties with an objective independent judgment and without any externalinfluence and that he is independent of the management.

A brief resume of the Directors seeking appointment/re-appointment at the forthcomingAnnual General Meeting and other details as required to be disclosed in terms ofRegulation 36(3) of the SEBI Listing Regulations and Secretarial Standard on GeneralMeeting (SS-2) forms part of the Notice calling the AGM. None of the Directors aredisqualified for appointment/re-appointment under Section 164 of the Act. None of theDirectors are related inter-se to each other save and except Mr. Sudhir Milapchand NahetaMrs. Rajkumari Sudhir Naheta and Mrs. Aditi Aditya Dugar.

NOMINATION AND REMUNERATION POLICY

In terms of requirements prescribed under Section 178(3) of the Companies Act 2013the Company has formulated the Nomination and Remuneration Policy inter-alia providing theterms for appointment and payment of remuneration to Directors and Key ManagerialPersonnel is annexed to this Report as Annexure II.

EVALUATION OF THE BOARD ITS COMMITTEES AND INDIVIDUAL DIRECTORS

Pursuant to the provisions of Sections 134(3)(p) 149(8) and Schedule IV of theCompanies Act 2013 Sub rule (4) of Rule 8 of Companies (Account) Rules 2014 and inaccordance with the Guidance Note on Board Evaluation issued by Securities and ExchangeBoard of India the Directors have carried out the annual performance evaluation of theBoard Independent Directors Non-executive Directors Executive Directors Committees andthe Chairman of the Board. The performance was evaluated based on inputs received from allthe directors after considering criteria such as Board composition and structureeffectiveness of Board / Committee processes and information provided to the Board etc.

A separate meeting of the Independent Directors was also held during the year for theevaluation of the performance of non-independent Directors performance of the Board as awhole and that of the Chairman. The Board expressed their satisfaction with the evaluationprocess.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

Independent Directors ('IDS') inducted to the Board are provided orientation on theCompany's business operations products organization structure as well as the Boardconstitution and its procedures through various programmes/presentations.

The details of programme for familiarisation of Independent Directors with the Companyindustry in which it operates their roles rights responsibilities are made available onthe website of the Company at the link- http://www.tavernier.com.

STATUTORY AUDITORS AND AUDITORS' REPORT

STATUTORYAUDITORS

M/s. Rajeev & Rajesh Chartered Accountant (Firm Registration No. 120382W) wereappointed as the Statutory Auditors of the Company at 25th Annual GeneralMeeting held on 09th August 2019 for a period of 5 years.

AUDITORS REPORT

The Notes on financial statement referred to in the Auditors' Report areself-explanatory and do not call for any further comments. The Auditors' Report does notcontain any qualification reservation adverse remark or disclaimer.

No instances of fraud have been reported by the Statutory Auditors of the Company underSection 143(12) of the Act.

MAINTAINENCE OF COST RECORDS AS SPECIFIED UNDER SECTION 148(1) OF THE COMPANIES ACT2013

Central Government has not prescribed the maintenance of cost records under section148(1) of the Companies Act 2013 for any of the products/services dealt by the Company.Accordingly maintenance of such accounts and records is not applicable to the Company.

COST AUDITORS

The appointment of Cost Auditor is not applicable to the Company as per Companies Act2013.

SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

In terms of provisions of Section 204 of the Act the Secretarial Audit of the Companyfor the Financial Year 2020-21 was conducted by M/s. Sonal Kothari & AssociatesCompany Secretaries in Practice.

The Board had appointed M/s. Sonal Kothari & Associates Practising CompanySecretary to conduct Secretarial Audit for the Financial Year 2020-21. The SecretarialAudit Report for the financial year ended March 31 2021 is annexed herewith marked as AnnexureIII to this Report.

MEETINGS OF THE BOARD

Six meetings of the Board of Directors were held during the Financial Year 2020-21 andthe dates for the same are as under: -

- June 272020

- August 19 2020

- November 11 2020

- December 31 2020

- February 08 2021

- March 012021

COMMITTEES OF THE BOARD OF DIRECTORS

During the year under review all the recommendations made by the Audit Committee wereaccepted by the Board. There were no instances where the Board has not accepted anyrecommendation of the Audit Committee.

CONSTITUTION OF COMMITTEES V AUDIT COMMITTEE

The Audit Committee comprises of the following Independent Directors:

Name Designation
Mr. Aditya Shashikant Mhatre Chairperson
Mr. Mayur Jamnadas Vora Member
Mr. Shailesh Mavji Vora Member

V STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee comprises of the following IndependentDirectors:

Name Designation
Mr. Aditya Shashikant Mhatre Chairperson
Mr. Mayur Jamnadas Vora Member
Mr. Shailesh Mavji Vora Member

V NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee comprises of the following IndependentDirectors:

Name Designation
Mr. Aditya Shashikant Mhatre Chairperson
Mr. Mayur Jamnadas Vora Member
Mr. Shailesh Mavji Vora Member

V CORPORATE SOCIAL RESPONSIBILITY ("CSR") COMMITTEE

The Company is not mandatorily required to contribute towards CSR pursuant to theprovisions of Section 135 of the Companies Act 2013 for the Financial Year 2020-21.However the Company has in its place a duly constituted CSR Committee which comprises ofthe following Independent Directors:

Name Designation
Mr. Aditya Shashikant Mhatre Chairperson
Mr. Mayur Jamnadas Vora Member
Mr. Shailesh Mavji Vora Member

ANTI-SEXUAL HARASSMENT COMMITTEE AND DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN ATWORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Woman at Workplace (Prevention Prohibition and Redressal)Act 2013. All women employees (permanent contractual temporary and trainee) are coveredunder this Policy.

The following is a summary of Sexual Harassment complaints received and disposed offduring the year:

a) No. of Complaints received: Nil

b) No. of Complaints disposed off: Nil

RISK MANAGEMENT COMMITTEE

Pursuant to Regulation 21 of the Securities and Exchange Board of India the Company isnot included in the top 1000 listed entities determined on the basis of marketcapitalization as at the end of the immediate previous financial year i.e. 2020-21.Therefore constitution of Risk Management Committee is not applicable to the Company.

INDEPENDENT DIRECTORS MEETING

During the year under review the Independent Directors of the Company met on MondayFebruary 08 2021 inter-alia to discuss:

i. Evaluation of performance of Non-Independent Directors and the Board of Directors ofthe Compan as a whole.

ii. Evaluation of performance of the Chairman of the Company taking into view ofExecutive and Non- Executive Directors.

iii. Evaluation of the quality content and timelines of flow of information betweenthe Management and the Board that is necessary for the Board to effectively and reasonablyperform its duties.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In compliance with the provisions of Section 177 of the Act and Regulation 22 of theSEBI Listing Regulations the Company has established a part of vigil mechanism for itsDirectors and employees to report their concerns or grievances. The said mechanism interalia encompasses the Whistle Blower Policy and it provides for adequate safeguardsagainst victimization of persons who use it.

The Vigil Mechanism provides appropriate avenues to the Directors and employees toreport to the management concerns about unethical behaviour actual or suspected fraud orviolation of the code of conduct or policy/ies of the Company as adopted/framed from timeto time. The Whistle Blower Policy is available website of the Company athttp://www.tavernier.com/docs/Policies/New_Revised/Whistle_Blower_Policy.pdf

LOAN FROM BODY CORPORATE

During the year under review the Company has not taken any loan from Body Corporate.

LOAN FROM DIRECTORS

Particulars of loan from Directors of the Company are provided in the financialstatement. Refer Note No. 14 and Note No.32 to the financial statement.

PARTICULARS OF LOANS GIVEN INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIESPROVIDEDUNDER SECTION 186 OF THE COMPANIES ACT 2013

Particulars of loans are provided in the Financial Statements. Refer Note No.5 of theFinancial Statements.

During the Financial Year under review the Company has not made any investmentneither given any guarantee nor provided any security.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOCONSERVATION OF ENERGY:

Considering the nature of activities in which the Company operates energy consumptionis in accordance to the normal business practices and does not require any specificinstallations. In its regular course of business the Company is always vigilant toconserve the resources and continuously implements measures required to save energy.

TECHNOLOGY ABSORPTION:

The business activities of the Company are not specific to any technology requirements.In the course of its operations processes are formed and implemented to achieveoperational efficiencies which provide maintaining product quality and cost control.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company does not have any Foreign Exchange earnings or outgo during the financialyear under review.

The particulars relating to conservation of energy technology absorption foreignexchange earnings and outgo as required to be disclosed under the Companies Act 2013are provided in Annexure IV to this Report.

EXTRACT OF ANNUAL RETURN

The Annual Return of the Company as on March 312021 is available on the Company'swebsite and can be accessed at viz.http://www.tavernier.com/docs/Extract_of_Annual_Return.pdf

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures with respect to the remuneration of Directors and employees as requiredunder Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are provided under Annexure Vwhich is annexed to this Report.

None of the employees of the Company were in receipt of monthly or yearly remunerationin excess of the limits specified under the Act and Rule 5(2) & Rule 5(3) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

DEMATERIALIZATION

Your Company has tied up with National Securities Depository Ltd. (NSDL) and CentralDepository Services (India) Ltd. (CDSL) to enable the members to trade and hold shares inan electronic/ dematerialized form. The shareholders are advised to take benefits ofdematerialization.

LISTING OF SHARES

The Company's equity shares continue to be listed on The Bombay Stock Exchange Limited(BSE). The Scrip Code of the Company is 531190 and the ISIN of the Company isINE355H01015.

UNCLAIMED AND UNPAID DIVIDENDS

The Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).

CERTIFICATE FROM COMPANY SECRETARY IN PRACTICE

M/s. Sonal Kothari & Associates Practicing Company Secretary has issued acertificate as required under the Listing Regulations confirming that none of theDirectors on the Board of the Company has been debarred or disqualified from beingappointed or continuing as director of the SEBI / Ministry of Corporate Affairs or anysuch statutory authority. The certificate is enclosed with this section as Annexure VI.

SECRETARIAL STANDARDS

The Company has in place proper systems to ensure compliance with the provisions of theapplicable Secretarial Standards issued by the Institute of Company Secretaries of Indiaon Board and General Meetings and such systems are adequate and operating effectively.

ACCOUNTING STANDARDS

In accordance with the notification issued by the Ministry of Corporate Affairs theCompany has adopted Ind AS notified under the Companies (Indian Accounting Standards)Rules 2015. The Financial Statements have been prepared in accordance with Ind AS asnotified under the Companies (Indian Accounting Standards) Rules 2015 read with Section133 of the Act. The transition was carried out from IGAAP as prescribed under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 to Ind AS.

CHANGE IN THE NATURE OF BUSINESS IF ANY

There was no change in the nature of business of the Company during the year underreview.

SIGNIFICANT / MATERIAL ORDERS PASSED BY THE REGULATORS

There were no significant / material orders passed by the regulators or courts ortribunals impacting the going concern status of your Company and its operations in future.

COMPANY AFFIRMATION OF READINESS TOWARDS COVID-19

India is going through a tough phase of a global pandemic-Novel Coronavirus disease(COVID-19). The Indian government is taking all possible measures to keep a check on thespread of this disease within the country.

Accordingly your Company also took part in the mission of social distancing by:

- Conduct of meetings through VC telephone computerised & other electronic means;

- Strictly adhering to the "Do's and Don'ts" advised by the Public HealthAuthorities; and

- To follow other preventive measures prescribed by the local authorities from time totime.

APPRECIATIONS AND ACKNOWLEDGEMENT

The Board of Directors wish to place on record its deep sense of appreciation for thecommitted services by all the employees of the Company.

Your Directors wish to take the opportunity to place on record their sincereappreciation and gratitude to the Government of India various State Governmentsparticularly the States of Maharashtra Regulatory Authorities Banks FinancialInstitutions shareholders and concerned Government departments and agencies for theircontinued support.

.