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Technocraft Industries (India) Ltd.

BSE: 532804 Sector: Metals & Mining
NSE: TIIL ISIN Code: INE545H01011
BSE 00:00 | 27 Nov 301.80 0.35
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OPEN 301.70
PREVIOUS CLOSE 301.45
VOLUME 640
52-Week high 399.40
52-Week low 144.00
P/E 8.85
Mkt Cap.(Rs cr) 738
Buy Price 298.00
Buy Qty 125.00
Sell Price 304.80
Sell Qty 5.00
OPEN 301.70
CLOSE 301.45
VOLUME 640
52-Week high 399.40
52-Week low 144.00
P/E 8.85
Mkt Cap.(Rs cr) 738
Buy Price 298.00
Buy Qty 125.00
Sell Price 304.80
Sell Qty 5.00

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

Company director report

To

The Members

Your Directors have pleasure in presenting twenty seventh Annual Report on thebusiness and operations of the Company together with the audited accounts for theFinancial Year ended March 31 2019.

Financial highlights

(Rs. In Lakhs)

Particulars Standalone Consolidated
2018-19 2017-18 2018-19 2017-18
Revenue from Operations 115105.30 101390.12 131345.94 118795.44
Other Income 3386.03 4617.14 3737.52 5206.68
Total Income 118491.33 106007.26 135083.46 124002.12
Earnings before Interest Depreciation and Tax (EBITA) 20157.89 19584.14 23486.26 22207.68
Less: Finance Costs 2903.14 1726.54 3240.39 2289.25
Depreciation 3073.36 2303.57 3835.24 2929.07
Profit before Tax 14181.39 15554.03 16410.63 16989.36
Less: Tax Expense 3946.23 4691.77 4507.03 4991.54
Profit After Tax 10235.16 10862.26 11903.60 11997.82
Add: Other Comprehensive Income -47.40 -286.71 -41.64 -279.13
Total Comprehensive income carried to Other Equity 10187.76 10575.55 12076.81 11718.69

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 General Reserve out of theamount available for appropriation and an amount of Rs. 10187.76 Lakhs is proposed to beretained in the retained earnings.

As on March 31 2019 aggregate Reserve and Surplus was Rs. 72528.77 Lakhs as compareto Rs. 62317.60 Lakh as on March 31 2018.

Operations

During the year under review the Company has closed the year with total standalonerevenue of Rs. 115105.30 Lakhs. On Consolidated basis the total revenue is Rs. 131345.94Lakhs.

Standalone EBITA improved to Rs. 20157.89 Lakhs compared to Rs. 19584.14 Lakhs ofprevious year which is higher by 2.93%. Consolidated EBITA improved to Rs. 23486.26Lakhs compared to Rs. 22207.68 Lakhs which is higher by 5.76%.

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 deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014 (including any statutory modification(s) orre-enactment(s) thereof for the time being in force);.

Conservation of energy technology absorption and foreign exchange earnings and outgo

The information relating to the Conservation of Energy Technology Absorption andForeign Exchange Earnings and Outgo as required to be disclosed under the Companies(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/sKhandelwal Prakash Murari Bhandari & Co.) Chartered Accountants Mumbai.

At the 25th Annual General Meeting of the Company M/s Khandelwal Prakash MurariBhandari & Co. Chartered Accountants was appointed as the Statutory Auditors of theCompany to hold office for a term of fiveconsecutive years from the conclusion of the25th Annual General Meeting till the conclusion of the Annual General Meeting to be heldin the year 2022.

During the Financial Year name of the Partnership Firm of the Statutory Auditor waschanged from ‘M/s Khandelwal Prakash Murari Bhandari & Co.’ to ‘M/sDhiraj & Dheeraj" w.e.f. 28.08.2018.

Auditors’ Report

The Auditors’ Report to the Members on the Accounts of the Company for theFinancial Year ended March 31 2019 does not contain any qualification reservation oradverse remark.

Secretarial Audit

Secretarial Audit for the Financial Year 2018-19 was conducted by M/s Pramod Jain &Co Company Secretaries in Practice in accordance with the provisions of Section 204 ofthe Act. The Secretarial Auditor’s Report is attached to this Report as Annexure II.There are no qualifications or observations or remarks made by the Secretarial Auditor inhis Report.

Cost Audit

In compliance with the provisions of Section 148 of the Act the Board of Directors ofthe Company at its meeting held on May 28 2019 has appointed M/s NKJ & AssociatesCost Accountant as Cost Auditors of the Company for the Financial Year 2019-20.

The Company has made and maintained the cost records for the Financial Year ended March31 2019 as specified by the Central Government under sub-section (1) of section 148 ofthe 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 Rule 14(a)(ii) ofThe Companies (Audit and Auditors) Rules 2014 the remuneration of the Cost Auditors hasto be ratified by the members. Accordingly necessary resolution shall be proposed at theensuing AGM for ratification of the remuneration payable to the Cost Auditors forFinancial Year 2019-20.

Particulars of Loans Guarantees or Investments

Particulars of Loans Guarantees and Investments made during the year as required underthe provisions of Section 186 of the Act are given in the notes to the StandaloneFinancial Statements forming part of the Annual Report.

Also pursuant to Schedule V of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirement) Regulations 2015 (Hereinafter as the "SEBIListing Regulations") particulars of Loans/ Advances given to Subsidiaries have beendisclosed in the notes to the Standalone Financial Statements forming part of the AnnualReport.

Subsidiaries:

As on March 31 2019 there were 19 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

Limited Liability Partnership:

4. Shreyan Infra & Power LLP

Direct foreign Subsidiaries:

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

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

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

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

9. Technocraft NZ Limited New zealand (WOS of the Company)

Step down subsidiaries:

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

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

12. Technosoft GMBH Germany (Subsidiary of TEPL)

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

14. AAIT / Technocraft Scaffold Distribution LLC USA (Subsidiary of TIL-UK).

15. Crosswall International Trading Ltd. UAE (Subsidiary of HITF-UAE).

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

17. 2045690 Alberta Ltd Canada [Step Engineering] (Subsidiary of TEI-USA)

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

19. Swift Projects Inc. USA (WOS of 2045690 Alberta Ltd Canada [Step Engineering])

During the year under review Technocraft NZ Limited has become the new Subsidiary.Further during the Financial Year under review following company ceased to besubsidiaries of the Company.

1. TIL Marketing Private Limited (Erstwhile TIL Packaging Private Limited) (DirectSubsidiary)

2. Paithan Eco Foods Private Limited (Erstwhile Technocraft Closures Private Limited)(Direct Subsidiary)

3. Swift Engineering Inc. Canada (which was WOS Subsidiary of HITF-UAE)

Further Crosswall International Trading Ltd. UAE strike off on December 27 2018 dueto non-renewal as company has not started its business.

Except the above no other company has become/ceased to be a subsidiary joint ventureor associate during the financial year 2018-19.

Pursuant to Section 129(3) of the Act a statement containing the salient features ofthe financial statements of each of the subsidiary in the prescribed form AOC-1 is annexedto the Annual Report the financial statements of the subsidiaries are kept for inspectionby the shareholders at the Registered Office of the Company. The said financialstatementsof the subsidiaries are also available on the website of the Companywww.technocraftgroup.com under the Investors Section.

As required under Rule 8 of the Companies (Accounts) Rules 2014 the highlights ofperformance of subsidiaries and their contribution to the overall performance of thecompany during the period are duly explained in the form AOC-1 read with consolidatedfinancial statement annexed to the Annual Report.

The Company has also formulated a Policy for determining material subsidiaries whichis uploaded on the website of the Company i.e. www.technocraftgroup.com and can beaccessed athttp://www.technocraftgroup.com/pdf/Policy-For-Determining-Material-Subsidiary-Companies.pdf

Consolidated Financial Statements

Your Directors have pleasure in attaching the Consolidated Financial Statementspursuant to Section 129(3) of the Act and SEBI Listing Regulations and prepared inaccordance with the Accounting Principles generally accepted in India including the IndianAccounting Standards specified under Section 133 of the Act.

In accordance with the Section 129(3) of the Act the audited Consolidated FinancialStatements are provided in this Annual Report.

Corporate Governance

Your Company is in compliance with the Corporate Governance guidelines as laid out inthe SEBI Listing Regulations.

As per Regulation 34 (3) read with Schedule V of the SEBI Listing Regulations aseparate section on corporate governance practices followed by the Company together witha certificate from M/s. Pramod Jain & Co. Company Secretaries confirming complianceforms an integral part of this Report.

The annual report of the Company contains certificate by the Chief Executive Officerinterms of SEBI Listing Regulations on the compliance declarations received from theDirectors and the Senior Management personneland Certificate by M/s. Pramod Jain & Co.Company Secretaries who have examined the requirements of Corporate Governance withreference to SEBI Listing Regulations and have certified the compliance as required underSEBI Listing Regulations.

Internal Control systems and their Adequacy

The Company has Internal Control Systems commensurate with the size scale andcomplexity of its operations. The Internal Auditor monitors and evaluates the efficacy andadequacy of internal control systems in the Company accounting procedures and policieswithin the Company. Based on the report of internal audit function process ownersundertake corrective action in respective areas and thereby strengthen thecontrols.Significantobservations and corrective actions thereon are presented to the AuditCommittee from time to time.

Internal Financial Controls and their adequacy

The Company has in place adequate internal financial controls commensurate with thesize scale and complexity of its operations. The Company has policies and procedures inplace for ensuring proper and efficient conduct of its business the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial information.The Company has adopted accounting policies which are in line with the AccountingStandards and the Act.

Extract of the Annual Return

The details forming part of the extract of Annual Return in prescribed Form MGT 9 isannexed hereto as Annexure-III and forms the part of this Report. Annual Report having theextract of Annual Return shall be available on the website of the Company i.e.www.technocraftgroup.com.

Share Capital

During the Financial Year ended March 31 2019 the Share Capital was Rs. 244616870/-consisting of 24461687 Equity Shares of Rs. 10/- each.

During the year under review the Company has not issued shares with differentialvoting rights nor has granted any stock options or sweat equity. As on March 31 2019none of the Directors of the Company holds instruments convertible into equity shares ofthe Company.

Directors and Key Managerial Personnel

As per the provisions of Section 152 of the Act Mr. Ashish Kumar Saraf Whole-timeDirector& CFO and Mr. Sudarshan Kumar Saraf Co-Chairman & Managing Director ofthe Company retires by rotation at the ensuing Annual General Meeting and being eligiblehave offered themselves for re-appointment.

During the financial year 2018-19 Mr. Aubrey Rebello was appointed as AdditionalDirector with effect from May 30 2018. Further in the AGM held on September 28 2018 hewas appointed as independent director of the company pursuant to provisions of the Section149 150 and 152 of the Act for the period from May 30 2018 upto May 29 2023.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of Independence as prescribed under Section149(6) of the Act and Regulation 16 (1) (b) of the SEBI Listing Regulations.

Details of the Director seeking appointment at the Annual General Meeting as requiredin terms of Regulation 36(3) of the SEBI Listing Regulations is provided in the Annexureto the Explanatory Statement to the Notice.

Pursuant to the provisions of Section 203 of the Act the Key Managerial Personnel ofthe Company are Mr. Sharad Kumar Saraf Chairman & Managing Director Mr. SudarshanKumar Saraf Co-Chairman & Managing Directors Mr. Navneet Kumar Saraf CEO& Whole-time Director Mr. Ashish Kumar Saraf Whole-time Director & ChiefFinancial Officer Mr. Atanu Choudhary Whole-time Director and Mr. Neeraj Rai CompanySecretary of the Company. There was no change in the Key Managerial Personnel during theperiod under review.

The Remuneration and other details of Key Managerial Personnel for the financial yearended March 31 2019 are mentioned in the Extract of the Annual Return which is attachedto the Board’s Report.

Meetings of the Board of Directors

The Board of Directors of your Company met 4 (four) times during 2018-19. The Meetingswere held on May 30 2018 August 10 2018 November 14 2018 and February 13 2019. Thetime gap between any two consecutive meetings did not exceed one hundred and twenty days.

Audit Committee

As on the date of the Board Report the Audit Committee comprised of fiveIndependentDirectors 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 and Regulation 22 of theSEBI Listing Regulations the Company has a Whistle Blower Policy (the "WBPolicy") with a view to provide vigil mechanism to Directors employees and otherstakeholders to disclose instances of wrongdoing in the workplace and report instances ofunethical behavior actual or suspected fraud or violation of the Company’s code ofconduct or ethics policy. The WB Policy also states that this mechanism should alsoprovide for adequate safeguards against victimization of Director(s)/ Employees who availof the mechanism and also provide for direct access to the Chairman of the Audit Committeein exceptional cases. The Whistle Blower Policy has been posted on the website of theCompany at the link http://www.technocraftgroup.com/pdf/ Whistle-Blower-Policy.pdf.

Nomination and Remuneration Committee

As on the date of the Board Report the Nomination and Remuneration Committee comprisedof five Independent Directors namely Mr. Vishwambhar C. Saraf - (Chairman) Mr. VinodAgarwala Mr. Jagdeesh Mal Mehta Ms. Vaishali Choudhari and Mr. Aubrey Rebello membersof the committee.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy recommended by the Nomination and RemunerationCommittee is duly approved by the Board of Directors of the Company and the RemunerationPolicy of the Company is attached to the Board’s Report as Annexure-IV.

Corporate Social Responsibility (CSR)

Pursuant to Section 135 of the Act a Corporate Social Responsibility (CSR) Committeewas constituted. As at March 31 2019 the CSR Committee comprised of two ExecutiveDirectors and one Independent Director namely Mr. Sharad Kumar Saraf Mr. Sudarshan KumarSaraf and Ms. Vaishali Choudhari.

Corporate Social Responsibility Policy recommended by CSR Committee of the Directorshas been approved by the Board of Directors of the Company. The same is available on thewebsite of the Company i.e. www.technocraftgroup. com and also attached to this Report asAnnexure-V.

The disclosure relating to the amount spent on Corporate Social Responsibilityactivities of the Company for the financial year ended March 31 2019 is attached to thisReport as Annexure-VI.

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

In accordance with the provisions of Sections 124 125 and other applicable provisionsif any of the Companies Act 2013 read with the Investor Education Protection FundAuthority (Accounting Audit Transfer and Refund) Rules 2016 (hereinafter referred to as"IEPF Rules") (including any statutory modification(s) or re-enactment(s)thereof for the time being in force) the amount of dividend remaining unclaimed or unpaidfor a period of seven years from the date of transfer to the unpaid dividend account isrequired to be transferred to the IEPF maintained by the Central Government.

In pursuance of this the dividend remaining unclaimed or unpaid in respect ofdividends declared upto the financial year ended March 31 2011 have been transferred tothe IEPF. The details of the unclaimed dividends so transferred are available on theCompany’s website www.technocraftgroup.com and in the website of the Ministry ofCorporate Affairs at www.mca.gov.in

It may be noted that the unclaimed dividend for the financial year 2011-12 declared onSeptember 28 2012 is due to be transferred to the IEPF by November 4 2019. The same canhowever be claimed by the Members before it. Members who have not encashed the dividendwarrant(s) from the financial year ended March 31 2012 onwards may forward their claimsto the Company’s Registrar and Share Transfer Agents before they are due to betransferred to the IEPF.

In accordance with Section 124(6) of the Act read with the IEPF Rules all the sharesin respect of which dividend has remained unclaimed or unpaid for seven consecutive yearsor more are required to be transferred to the demat Account of the IEPF Authority.Accordingly all the shares in respect of which dividends were declared upto the financialyears ended March 31 2011 and remained unpaid or unclaimed were transferred to the IEPF.The details of such shares transferred have been uploaded in the Company’s websitewww.technocraftgroup.com.

The shares and unclaimed dividend transferred to the IEPF can however be claimed backby the concerned shareholders from IEPF Authority after complying with the procedureprescribed under the IEPF Rules. The Member/Claimant is required to make an onlineapplication 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 Rs.177289.00 toInvestor Education and Protection Fund (IEPF) pursuant to Section 125 of the CompaniesAct 2013. The said amount represents dividend for the Financial Year 2010-11 whichremained unclaimed by the members of the Company for a period exceeding 7 years from itsdue date of payment. During the Financial Year the Company has also transferred 484 EquityShares of 9 Shareholders into IEPF pursuant 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 the ordinary course ofbusiness and on an arm’s length basis.

All transactions with Related Parties are placed before the Audit Committee as also theBoard for approval if required. Prior omnibus approval of the Audit Committee and theBoard is obtained for the transactions which are foreseeable and of a repetitive nature.The transactions entered into pursuant to the approvals so granted are subjected to auditand a statement giving details of all related party transactions is placed before theAudit Committee on a quarterly basis. The statement is supported by a certificate from theCFO.

The policy on Related Party Transactions as approved by the Board of Directors has beenuploaded on the Company’s website and can be seen at the linkhttps://www.technocraftgroup.com/pdf/Policy-On-Related-Party-Transactions.pdf Alltransactions entered into with related parties during the year were on arm’s lengthbasis and were in the ordinary course of business. The details of the material relatedparty transactions entered into during the year as per the policy on Related PartyTransactions approved by the Board have been reported in Form AOC 2 annexed to theDirectors’ Report as Annexure-VII.

Further the details of the transactions with related parties are provided in theCompany’s financial statements in accordance with the Accounting Standards.

The Policy on materiality of related party transactions and dealing with related partytransactions as approved by the Board is available on website of the Company 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 required under Section197(12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 form part of this Report and are annexed asAnnexure-VIII.

The information as required under Rule 5 (2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 will be provided on the request by anymember of the Company. In terms of Section 136 (1) of the Companies Act 2013 the Reportand the Accounts are being sent to the members excluding the said Annexure.

Any member interested in obtaining copy of the same may write to the Company Secretaryat the Registered Office of the Company.

Risk management policy

Pursuant to the requirement of Section 134 (3) (n) of the Act the Company has in placea structured risk management policy. 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.

Performance Evaluation

Pursuant to the provisions of Section 134 (3) (p) 149(8) and Schedule IV of the Actand Regulation 17 of the SEBI Listing Regulations annual Performance Evaluation of theDirectors as well as of the Committees of the Board has been carried out same has beenexplained in detail in the Corporate Governance Report enclosed herewith.

Independent Directors Meeting

During the financial year under review the Independent Directors of the Company met onFebruary 13 2019 inter-alia to discuss:

i) Evaluation of performance of Non-Independent Directors and the Board of Directors ofthe Company 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.

Further the Independent Directors were also met on May 28 2019 to discuss the above.

Directors’ Responsibility Statement

In accordance with the provisions of Section 134 (5) of the Act your Directors basedon the representation/confirmation received from the Chairman and from the Chief financialOfficer confirm that:

a) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures if any.

b) the selected accounting policies were applied consistently and the Directors madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company as at March 31 2019 and of the profit of theCompany for the year ended on that date.

c) proper and sufficient care has been taken for maintenance of adequate accountingrecords in accordance with provisions of the Act for safeguarding the assets of theCompany 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 followed by the Companyand such controls are adequate and are operating effectively.

f) proper systems to ensure compliance with the provisions of all applicable laws havebeen devised and such systems are adequate and are operating effectively.

Requirement of the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013

As per the requirement of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and Rules made thereunder your Company hasconstituted an Internal Complaints Committee (ICC). During the year under review no caseswere 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 position of the Companyfrom the end of financial year till the date of the report.

There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany 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 Statutory Auditors under Section143(12) of the Act and Rules framed thereunder either to the Company or to the CentralGovernment.

Familiarization Programmes for Board Members

The Familiarization program aims to provide insight to the Independent Directors tounderstand the business of the Company. Upon induction the Independent Directors arefamiliarized with their roles rights and responsibilities.

All the Directors of the Company are updated as and when required of their rolerights responsibilities under applicable provisions of the Companies Act and the SEBIListing Regulations Secretarial Standards; nature of industry in which the Companyoperates business model of the Company etc. The Company holds Board and the CommitteeMeetings from time to time. The Board of Directors has complete access to the informationwithin the Company. The Independent Directors have the freedom to interact with theCompany’s management. Directors are also informed of the various developments in theCompany through various modes of communications. All efforts are made to ensure that theDirectors are fully aware of the current state of affairs of the Company and the industryin which it operates.

The details of such familiarization programmes for Independent Directors of the Companyare 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 has complied withSecretarial Standards issued by the Institute of Company Secretaries of India on Meetingsof the Board of Directors and General Meetings;

Significant and material Orders passed by the Regulators/Courts if any materialorders passed by the Regulators / Courts which would impact the going concern statusTherearenosignificant of your Company and its future operations.

Acknowledgements

Your Directors would like to acknowledge and place on record their sincere appreciationto all stakeholders clients Financial Institutions Bank Central and State Governmentsthe Company’s valued investors and all other business partners for their continuedco-operation and excellent support received during the year.

Your Directors recognize and appreciate the efforts and hard work of all the employeesof 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: May 28 2019

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