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Technocraft Industries (India) Ltd.

BSE: 532804 Sector: Metals & Mining
NSE: TIIL ISIN Code: INE545H01011
BSE 00:00 | 19 Aug 952.10 46.25
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NSE 00:00 | 19 Aug 950.00 45.15
(4.99%)
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OPEN 910.50
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VOLUME 4736
52-Week high 1235.00
52-Week low 712.10
P/E 11.42
Mkt Cap.(Rs cr) 2,329
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 910.50
CLOSE 905.85
VOLUME 4736
52-Week high 1235.00
52-Week low 712.10
P/E 11.42
Mkt Cap.(Rs cr) 2,329
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Technocraft Industries (India) Ltd. (TIIL) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting twenty ninth Annual Reporton the business and operations of the Company together with the audited accounts for thefinancial year ended March 312021.

Financial highlights

(Rs In Lakhs)

Particulars Standalone Consolidated
2020-21 2019-20 2020-21 2019-20
Revenue from operations 99519.44 118876.42 129454.37 135910.11
Other Income 4479.23 3851.85 5779.47 4229.09
Total Income 103998.67 122728.27 135233.84 140139.20
Earnings before Interest Depreciation and Tax (EBITA) 22976.41 20264.81 28374.69 24591.51
Less: Finance costs 2410.38 3167.21 2880.52 3743.99
Depreciation 5939.92 4472.47 6750.79 5238.07
Profit before tax from continuing operations 14626.11 12625.13 18743.38 15609.45
Less: Tax expense 3427.78 2657.93 4060.58 3290.36
Profit after tax from continuing operations 11198.33 9967.20 14682.80 12319.09
Net profit / (loss) for the period from discontinued operations (1269.62) 301.94 (1269.62) 301.94
Net profit / (loss) for the period from continuing & discontinued operations 9928.71 10269.14 13413.18 12621.03
Add: Other comprehensive income 69.68 -27.04 -114.14 -581.92
Total comprehensive income carried to other equity 9998.39 10242.10 13299.04 12039.15

Dividend

During the Financial Year under review no dividend was declared.

Buy-Back of Shares

During the Financial Year no shares were bought during the year.

Reserves

Your Company does not propose to transfer amounts to the GeneralReserve out of the amount available for appropriation and an amount of Rs 9998.39 Lakhsis proposed to be retained in the retained earnings.

The closing balance of the retained earnings of the Company forfinancial year 2020-21 after all appropriation and adjustments was Rs 79923.11 Lakhs.

Operations

During the year under review the Company has closed the year with totalstandalone revenue of Rs 99519.44 Lakhs. On Consolidated basis the total revenue is Rs129454.37 Lakhs.

Standalone EBITDA improved to Rs 32976.41 Lakhs compared to Rs30264.81 Lakhs of previous year which is higher by 13.38%. Consolidated EBITDA improvedto Rs 38374.69 Lakhs compared to Rs 34591.51 Lakhs which is higher by 15.38%.

The Company is a multi-product manufacturing company it manufactureshigh precision and sophisticated products mainly for discerning worldwide markets. TheCompany enjoys a significant position in five main business industries viz. DrumClosures Scaffolding systems Cotton Yarn Fabric Garments and Engineering Services.

The product line of the Company expands beyond Drum Closures intoScaffolding and 100% Cotton Yarn Fabric and Garments.

The Cotton Yarn division uses the most modern equipment to manufactureits product assuring world-class quality to its customer. Technocraft is certified ISO9001:2000 for its Cotton Yarn division.

The Company has diversified operations and manufacturing includingvertically Integrated Textile division of manufacturing of Yarn Fabric Garments it hasfacility of producing cotton yarn melange yarn also having facility of knitting dyeingand printing and garmenting.

The Drum Closures Scaffolding Yarn & Garment divisions arelocated at Murbad District Kalyan Maharashtra and one Yarn Manufacturing Unit is locatedat Amravati Maharashtra. The Company is also having manufacturing facility of drumclosures and scaffolding at China.

Your Directors have been periodically reviewing with the Managementthe impact of COVID-19 on the Company. The Board and the Management will continue toclosely monitor the situation as it evolves and do its best to take all necessarymeasures in the interests of all stakeholders of the Company.

Employee Stock Option Scheme (ESOP)

Your Company does not have any Employee Stock Option Scheme (ESOP).

Deposits

During the year under review the Company has not accepted any depositwithin the meaning of Sections 73 and 74 of the Companies Act 2013 read with theCompanies (Acceptance of Deposits) Rules 2014 (including any statutory modification(s)or re-enactment(s) thereof for the time being in force).

Conservation of energy technology absorption and foreign exchangeearnings and outgo

The information relating to the Conservation of energy technologyabsorption and foreign exchange earnings and outgo as required to be disclosed under theCompanies (Accounts) Rules 2014 is given in Annexure-I forming part of this Report.

Statutory Auditors

Statutory Auditors of the Company is M/s. Dhiraj & Dheeraj(Formerly known as M/s Khandelwal Prakash Murari Bhandari & Co.) CharteredAccountants Mumbai.

At the 25th Annual General Meeting of the Company M/s. Dhiraj &Dheeraj (Formerly known as M/s Khandelwal Prakash Murari Bhandari & Co.) CharteredAccountants was appointed as the Statutory Auditors of the company to hold office for aterm of five consecutive years from the conclusion of the 25th Annual GeneralMeeting till the conclusion of the Annual General Meeting to be held in the year 2022.

Auditors' Report

The Auditors' Report to the Members on the Accounts of the Companyfor the financial year ended March 312021 does not contain any qualification reservationor adverse remark.

Secretarial Audit

Secretarial Audit for the financial year 2020-21 was conducted by M/sPramod Jain & Co Company Secretaries in practice in accordance with the provisions ofSection 204 of the Act. The secretarial auditor's report is attached to this reportas Annexure -II. There are no qualifications or observations or remarks made by thesecretarial auditor in his report.

Cost Audit

In compliance with the provisions of Section 148 of the Act the Boardof Directors of the Company at its meeting held on June 25 2021 has appointed M/s NKJ& Associates Cost Accountant as Cost Auditors of the Company for the Financial Year2021-22.

The Company has made and maintained the cost records for the FinancialYear ended March 31 2021 as specified by the Central Government under sub-section (1) ofsection 148 of the Companies Act 2013 and the said cost records were audited by M/s NKJ& Associates Cost Accountant as Cost Auditors of the Company.

In terms of the provisions of Section 148 (3) of the Act read with Rule14(a)(ii) of The Companies (Audit and Auditors) Rules 2014 the remuneration of the CostAuditors has to be ratified by the members. Accordingly necessary resolution shall beproposed at the ensuing AGM for ratification of the remuneration payable to the CostAuditors for Financial Year 2021-22.

Particulars of Loans. Guarantees or Investments

Particulars of loans guarantees and investments made during the yearas required under the provisions of Section 186 of the Act are given in the notes to thestandalone financial statements forming part of the Annual Report.

Also pursuant to Schedule V of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirement) Regulations 2015 (hereinafter asthe "SEBI Listing Regulations") particulars of loans/ advances given tosubsidiaries have been disclosed in the notes to the standalone financial statementsforming part of the Annual Report.

Subsidiaries Companies. Associate Companies and Joint Ventures:

As on March 312021 there were 17 subsidiaries of the Company:

Direct Indian subsidiaries:

1. Technosoft Engineering Projects Limited ("TEPL")

2. Technocraft Tabla Formwork Systems Private Limited

3. Techno Defence Private Limited

4. Shivale Infraproducts Private Limited

5. Technocraft Fashions Limited Direct foreign subsidiaries:

6. Technocraft International Limited UK (WOS of the Company)("TIL-UK")

7. Technocraft Trading Spolka Zoo Poland (WOS of the Company)

8. Technocraft Australia Pty. Ltd Australia (WOS of the Company)

9. Anhui Reliable Steel Technology Co Ltd China (WOS of the Company)

10. Technocraft NZ Limited New Zealand (WOS of the Company)

Step down subsidiaries:

11. Technosoft Engineering Inc USA (WOS of TEPL) ("TEI-USA")

12. Technosoft Engineering UK Ltd UK (WOS of TEPL)

13. Technosoft GMBH Germany (Subsidiary of TEPL)

14. Highmark International Trading FZE UAE (WOS of TIL-UK)("HITF-UAE")

15. AAIT / Technocraft Scaffold Distribution LLC USA (Subsidiary ofTIL-UK).

16. Technosoft Innovations INC USA (WOS of TEI-USA)

17. Technosoft Services INC USA (WOS of TEI-USA)

During the year under review Technocraft Fashions Limited has becomethe new subsidiary.

Associate/Joint Venture:

During the financial year under review your Company had one jointventure namely Benten Technologies LLP as 50:50 percentage.

Except the above no other company has become/ceased to be a subsidiaryjoint venture or associate during the financial year 2020-21.

Pursuant to Section 129(3) of the Act a statement containing thesalient features of the financial statements of each of the subsidiary in the prescribedform AOC-1 is annexed to the Annual Report the financial statements of the subsidiariesare kept for inspection by the shareholders at the Registered Office of the Company. Thesaid financial statements of the subsidiaries are also available on the website of theCompany www.technocraftgroup.com under the Investors Section.

As required under Rule 8 of the Companies (Accounts) Rules 2014 thehighlights of performance of subsidiaries and their contribution to the overallperformance of the company during the period are duly explained in the form AOC-1 readwith consolidated financial statement annexed to the Annual Report.

The Company has also formulated a policy for determining materialsubsidiaries which is uploaded on the website of the Company i.e.www.technocraftgroup.com and can be accessed athttp://www.technocraftgroup.com/pdf/Policy-For-Determining-Material-Subsidiary-Companies.pdf

Consolidated Financial Statements

Your directors have pleasure in attaching the consolidated financialstatements pursuant to section 129(3) of the Act and SEBI Listing Regulations and preparedin accordance with the Accounting Principles generally accepted in India including theIndian Accounting Standards specified under Section 133 of the Act.

In accordance with the Section 129(3) of the Act the auditedconsolidated financial statements are provided in this Annual Report.

Corporate Governance

Your Company is in compliance with the Corporate Governance guidelinesas laid out in the SEBI Listing Regulations.

As per Regulation 34 (3) read with Schedule V of the SEBI ListingRegulations a separate section on corporate governance practices followed by the Companytogether with a certificate from M/s. Pramod Jain & Co. Company Secretariesconfirming compliance forms an integral part of this Report.

The Annual Report of the Company contains a certificate by the ChiefExecutive Officer in terms of SEBI Listing Regulations on the compliance declarationsreceived from the directors and the senior management personnel and a Certificate by M/s.Pramod Jain & Co. Company Secretaries who have examined the requirements of CorporateGovernance with reference to SEBI Listing Regulations and have certified the complianceas required under SEBI Listing Regulations.

Internal Control systems and their Adequacy

The Company has Internal Control Systems commensurate with the sizescale and complexity of its operations. The Internal Auditor monitors and evaluates theefficacy and adequacy of internal control systems in the Company accounting proceduresand policies within the Company. Based on the report of internal audit function processowners undertake corrective action in respective areas and thereby strengthen thecontrols. Significant observations and corrective actions thereon are presented to theAudit Committee from time to time.

Internal Financial Controls and their adequacy

The Company has in place adequate internal financial controlscommensurate with the size scale and complexity of its operations. The Company haspolicies and procedures in place for ensuring proper and efficient conduct of itsbusiness the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timely preparationof reliable financial information. The Company has adopted accounting policies which arein line with the Accounting Standards and the Act.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the ActAnnual Return of the Company is available on the Company's website onhttp://technocraftgroup.com/Annual-Return.aspx

Share Capital

During the financial year ended March 312021 the Share Capital was Rs344616870/- consisting of 24461687 Equity Shares of Rs 10/- each.

During the year under review the Company has not issued shares withdifferential voting rights nor has granted any stock options or sweat equity. As on March312021 none of the Directors of the Company holds instruments convertible into equityshares of the Company.

Directors and Key Managerial Personnel

As per the provisions of Section 152 of the Act Mr. Sudarshan KumarSaraf Co-Chairman & Managing Director and Mr. Sharad Kumar Saraf Chairman &Managing Director of the Company retires by rotation at the ensuing Annual General Meetingand being eligible have offered themselves for re-appointment.

The Company has received declarations from all the IndependentDirectors of the Company confirming that they meet with the criteria of Independence asprescribed under Section 149(6) of the Act and Regulation 16 (1) (b) of the SEBI ListingRegulations.

Details of the Directors seeking appointment at the Annual GeneralMeeting as required in terms of Regulation 36(3) of the SEBI Listing Regulations isprovided in the annexure to the explanatory statement to the notice.

Pursuant to the provisions of Section 203 of the Act the KeyManagerial Personnel of the Company are Mr. Sharad Kumar Saraf Chairman & ManagingDirector Mr. Sudarshan Kumar Saraf Co-Chairman & Managing Directors Mr. NavneetKumar Saraf CEO & Whole-time Director Mr. Ashish Kumar Saraf Whole-time Director& Chief Financial Officer Mr. Atanu Choudhary Whole-time Director and Mr. NeerajRai Company Secretary of the Company. There was no change in the Key Managerial Personnelduring the period under review.

The Remuneration and other details of Key Managerial Personnel for thefinancial year ended March 31 2021 are mentioned in the Corporate Governance Reportforming part of this report.

Meetings of the Board of Directors

The Board of Directors of your Company met 4 (four) times during2020-21. The Meetings were held on July 30 2020 August 312020 November 112020 andFebruary 112021. The time gap between any two consecutive meetings are in compliance withthe provision of the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

Audit Committee

As on March 31 2021 the Audit Committee comprised of five IndependentDirectors namely Mr. Vinod Agarwala (Chairman) Mr. Aubrey Rebello Mr. Jagdeesh MalMehta Mr. Vishwambhar C. Saraf and Ms. Vaishali Choudhari all the recommendations madeby the Audit Committee were accepted by the Board.

Whistle Blower Policy/ Vigil Mechanism

In Compliance with the provisions of Section 177 of the Act andRegulation 22 of the SEBI Listing Regulations the company has a Whistle Blower Policy (the"WB Policy") with a view to provide vigil mechanism to directors employees andother stakeholders to disclose instances of wrongdoing in the workplace and reportinstances of unethical behavior actual or suspected fraud or violation of theCompany's code of conduct or ethics policy. The WB Policy also states that thismechanism should also provide for adequate safeguards against victimization ofdirector(s)/ employees who avail of the mechanism and also provide for direct access tothe chairman of the audit committee in exceptional cases. The whistle blower policy hasbeen posted on the website of the company at the link http://www.technocraftgroup.com/pdf/Whistle-Blower-Policy.pdf.

Nomination and Remuneration Committee

As on March 312021 the Nomination and Remuneration Committeecomprised of five Independent Directors namely Mr. Vishwambhar C. Saraf - (Chairman) Mr.Vinod Agarwala Mr. Jagdeesh Mal Mehta Ms. Vaishali Choudhari and Mr. Aubrey Rebellomembers of the committee.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy recommended by the Nominationand Remuneration Committee is duly approved by the Board of Directors of the Company andthe Remuneration Policy of the Company is attached to the Board's Report asAnnexure-III.

Corporate Social Responsibility (CSR)

Pursuant to Section 135 of the Act a Corporate Social Responsibility(CSR) Committee was constituted. As at March 312021 the CSR Committee comprised of twoExecutive Directors and one Independent Director namely Mr. Sharad Kumar Saraf -(Chairman) Mr. Sudarshan Kumar Saraf and Ms. Vaishali Choudhari members of thecommittee.

Corporate Social Responsibility Policy recommended by CSR Committee ofthe Directors has been approved by the Board of Directors of the Company. The same isavailable on the website of the Company i.e. www.technocraftgroup. com and also attachedto this Report as Annexure-IV.

The disclosure relating to the amount spent on Corporate SocialResponsibility activities of the Company for the financial year ended March 312021 isattached to this Report as Annexure-V.

Transfer of unclaimed / unpaid dividend to Investor Education andProtection Fund (IEPF)

In accordance with the provisions of Sections 124 125 and otherapplicable provisions if any of the Companies Act 2013 read with the InvestorEducation Protection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016(hereinafter referred to as "IEPF Rules") (including any statutorymodification(s) or re-enactment(s) thereof for the time being in force) the amount ofdividend remaining unclaimed or unpaid for a period of seven years from the date oftransfer to the unpaid dividend account is required to be transferred to the IEPFmaintained by the Central Government. In pursuance of this the dividend remainingunclaimed or unpaid in respect of dividends declared upto the financial year ended March31 2013 have been transferred to the IEPF. The details of the unclaimed dividends sotransferred are available on the Company's website www.technocraftgroup.com and inthe website of the Ministry of Corporate Affairs at www.mca.gov.in

In accordance with Section 124(6) of the Act read with the IEPF Rulesall the shares in respect of which dividend has remained unclaimed or unpaid for sevenconsecutive years or more are required to be transferred to the demat account of the IEPFAuthority. Accordingly all the shares in respect of which dividends were declared uptothe financial years ended March 31 2013 and remained unpaid or unclaimed were transferredto the IEPF. The details of such shares transferred have been uploaded in theCompany's website www.technocraftgroup.com.

The shares and unclaimed dividend transferred to the IEPF can howeverbe claimed back by the concerned shareholders from IEPF Authority after complying with theprocedure prescribed under the IEPF Rules. The Member/Claimant is required to make anonline application to the IEPF Authority in Form IEPF -5 (available on www.iepf.gov.in)

During the year under review the Company has transferred a sum of Rs156592 (for final dividend of FY 2012-13) to Investor Education and Protection Fund(IEPF) pursuant to Section 125 of the Companies Act 2013. The said amount representsdividend for the Financial Year 2012-13 which remained unclaimed by the members of theCompany for a period exceeding 7 years from its due date of payment. During the FinancialYear the Company has also transferred 1862 Equity Shares of 19 Shareholders into IEPFpursuant to Section 124(6) of the Act.

Particulars of contracts or arrangements with related parties

All related party transactions entered during the year were in theordinary course of business and on an arm's length basis.

All transactions with Related Parties are placed before the AuditCommittee and also the Board for approval if required. Prior omnibus approval of theAudit Committee and the Board is obtained for the transactions which are foreseeable andof a repetitive nature. The transactions entered into pursuant to the approvals so grantedare subjected to audit and a statement giving details of all related party transactions isplaced before the Audit Committee on a quarterly basis. The statement is supported by acertificate from the CFO.

The policy on Related Party Transactions as approved by the Board ofDirectors has been uploaded on the Company's website and can be seen at the linkhttps://www.technocraftgroup.com/pdf/Policy-On-Related-Party-Transactions.pdf

All transactions entered into with related parties during the year wereon arm's length basis and were in the ordinary course of business. The details of thematerial related party transactions entered into during the year as per the policy onRelated Party Transactions approved by the Board have been reported in Form AOC-2 annexedto the Directors' Report as Annexure-VI.

Further the details of the transactions with related parties areprovided in the Company's financial statements in accordance with the AccountingStandards.

The Policy on materiality of related party transactions and dealingwith related party transactions as approved by the Board is available on website of theCompany at the link:http://www.technocraftgroup.com/pdf/Policy-On-Related-Party-Transactions.pdf

Particulars of Employees and other additional information

Disclosures pertaining to remuneration and other details as requiredunder Section 197(12) of the Act read with Rule 5 (1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 form part of this Report and areannexed as Annexure-VII.

The information as required under Rule 5 (2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 will be provided on therequest by any member of the Company. In terms of Section 136 (1) of the Companies Act2013 the Report and the Accounts are being sent to the members excluding the saidAnnexure. Any member interested in obtaining copy of the same may write to the CompanySecretary at the Registered Office of the Company.

Risk management policy

Pursuant to the requirement of Section 134 (3) (n) of the Act theCompany has in place a structured risk management policy. The Risk management process isdesigned to safeguard the organisation from various risks through adequate and timelyactions. It is designed to anticipate evaluate and mitigate risks in order to minimizeits impact on the business.

Performance Evaluation

Pursuant to the provisions of Section 134 (3) (p) 149(8) and ScheduleIV of the Act and Regulation 17 of the SEBI Listing Regulations annual PerformanceEvaluation of the Directors as well as of the Committees of the Board has been carriedout same has been explained in detail in the Corporate Governance Report enclosedherewith.

Independent Directors Meeting

During the financial year under review the Independent Directors ofthe Company met on February 112021 inter-alia to discuss:

i) Evaluation of performance of Non-Independent Directors and the Boardof Directors of the Company as a whole.

ii) Evaluation of performance of the Chairman of the Company takinginto view of Executive and Non-Executive Directors.

iii) Evaluation of the quality content and timelines of flow ofinformation between the Management and the Board that is necessary for the Board toeffectively and reasonably perform its duties.

Directors' Responsibility Statement

In accordance with the provisions of Section 134 (5) of the Act yourDirectors based on the representation/confirmation received from the Chairman and from theChief financial Officer confirm that:

a) in the preparation of the annual accounts the applicable accountingstandards have been followed along with proper explanation relating to materialdepartures if any.

b) the selected accounting policies were applied consistently and theDirectors made judgments and estimates that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at March 31 2021 and of theprofit of the Company for the year ended on that date.

c) proper and sufficient care has been taken for maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities.

d) the annual accounts have been prepared on a going concern basis.

e) the internal financial controls have been laid down to be followedby the Company and such controls are adequate and are operating effectively.

f) proper systems to ensure compliance with the provisions of allapplicable laws have been devised and such systems are adequate and are operatingeffectively.

Requirement of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013

As per the requirement of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and Rules made thereunder your Companyhas constituted an Internal Complaints Committee (ICC). During the year under review nocases were received/ filed pursuant to the provisions of the Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013

Material changes & commitment if any. affecting financial positionof the Company from the end of financial year till the date of the report.

There have been no material changes and commitments if any affectingthe financial position of the Company which have occurred between the end of the financialyear of the Company to which the Financial Statements relate and the date of this Report.

Reporting of Frauds:

There have been no instances of fraud reported by the StatutoryAuditors under Section 143(12) of the Act and Rules framed thereunder either to theCompany or to the Central Government.

Familiarization Programmes for Board Members

The Familiarization program aims to provide insight to the IndependentDirectors to understand the business of the Company. Upon induction the IndependentDirectors are familiarized with their roles rights and responsibilities.

All the Directors of the Company are updated as and when required oftheir role rights responsibilities under applicable provisions of the Companies Act andthe SEBI Listing Regulations Secretarial Standards; nature of industry in which theCompany operates business model of the Company etc. The Company holds Board and theCommittee Meetings from time to time. The Board of Directors has complete access to theinformation within the Company. The Independent Directors have the freedom to interactwith the Company's management. Directors are also informed of the variousdevelopments in the Company through various modes of communications. All efforts are madeto ensure that the Directors are fully aware of the current state of affairs of theCompany and the industry in which it operates.

The details of such familiarization programmes for IndependentDirectors of the Company are posted on the website of the Companyhttp://www.technocraftgroup.com/pdf/Details-of-the-familiarization-programmes-imparted-to-independent-directors.pdf

Secretarial Standards

Pursuant to Section 118(10) of the Companies Act 2013 the Company hascomplied with Secretarial Standards issued by the Institute of Company Secretaries ofIndia on Meetings of the Board of Directors and General Meetings;

Significant and material Orders passed by the Regulators/Courts if any

There are no significant material orders passed by the Regulators /Courts which would impact the going concern status of your Company and its futureoperations.

Business Responsibility Report

The ‘Business Responsibility ReportRs (BRR) of the Company for theyear ended March 31 2021 forms part of this Annual Report as required under Regulation34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015as Annexure-VIII.

Acknowledgements

Your Directors would like to acknowledge and place on record theirsincere appreciation to all stakeholders clients Financial Institutions Bank Centraland State Governments the Company's valued investors and all other business partnersfor their continued co-operation and excellent support received during the year.

Your Directors recognize and appreciate the efforts and hard work ofall the employees of the Company and their continued contribution to its progress.

Registered Office: For and on behalf of the Board of Directors
Plot No. 47 ‘Opus Centre' Second Floor
Central Road MIDC Andheri (East)
Mumbai 400093. Sharad Kumar Saraf
CIN: L28120MH1992PLC069252 Chairman & Managing Director
www.technocraftgroup.com DIN 00035843
Place: Mumbai
Date: June 25 2021

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