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Tranway Technologies Ltd.

BSE: 542923 Sector: IT
NSE: N.A. ISIN Code: INE0BIW01023
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NSE 05:30 | 01 Jan Tranway Technologies Ltd
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P/E 96.00
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OPEN 7.68
CLOSE 7.68
VOLUME 10000
52-Week high 11.78
52-Week low 3.26
P/E 96.00
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tranway Technologies Ltd. (TRANWAYTECHNOL) - Director Report

Company director report

To

The Members

TRANWAY TECHNOLOGIES LIMITED

(Previously Tranway Technologies Private Limited)

Your directors are pleased to present the 5th Annual Report on the businessand operations of the company together with the Audited Statement of Accounts for thefinancial year ended 31st March 2020.

1. FINANCIAL HIGHLIGHTS (STANDALONE) :

The Company's Financial Performance for the year under review along with the previousyear's figures given under:

(Amount in Rupees )

Particulars For the Year ended 31st March 2020 For the Year ended 31st March 2019
Income from Business Operations 44022202 51338030
Other Income 311619 415021
Total Income 44333821 51753051
Profit before Interest Depreciation & Tax 1130217 3249409
Less: Interest - -
Less: Depreciation - -
Profit after depreciation and Interest 1130217 3249409
Less: Current Income Tax(Inc: earlier year tax) 361790 1095570
Less: Deferred Tax (67932) (248020)
Net Profit/Net Loss after Tax 836359 2401859
Dividend (Including Interim if any and final) - -
Net Profit/Net Loss after dividend and Tax 836359 2401859
Amount transferred to General reserve - -
Balance carried to Balance Sheet 836359 2401859
Earnings per share (Basic -Weighted Average) 0.25 5.72
Earnings per Share(Diluted-Weighted Average) 0.25 5.72

2. DIVIDEND:

No dividend was declared for the financial year ended 31st March 2020 by theBoard of Directors.

3. STATE OF COMPANY' FINANCIAL AFFAIRS:

During the year under review the company has recorded total revenue of Rs. 8 36359/- as compared to the previous year amount of Rs. 24 01859/-. The Expenditureincurred including Depreciation during the year was Rs. 43 203604/-as compared to theprevious year amount of Rs. 48 503642/-. The Company is looking forward to increase itsnumbers in the coming financial year with the support of all the Stakeholders of theCompany.

4. TRANSFER TO RESERVES:

The company has not transferred any amount to any specific reserve fund during thefinancial year under review.

5. INSURANCE:

Your Company has not taken any Insurance on its Assets.

6. MATERIAL CHANGES AND COMMITMENTS. IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY. HAVING OCCURRED SINCE THE END OF THE YEAR TILL THE DATE THE REPORT:

No material changes and commitments affecting the financial position of the Companyhave occurred between the end of the Financial Year and the date of this report.

7. SHARES AND SHARE CAPITAL

At present the Company has only one class of share - Equity shares of face value ofRs. 10/- each. The authorized share capital of the company is Rs. 11 00 00000/- dividedinto 1 10 00000 equity shares of Rs.10/- each. The paid up share capital of the companyis Rs.10 59 88000/- divided into 1 05 98800 equity shares of Rs. 10/- each.

The Company had raised fund through Public Issue of shares in FY 2019-20 and the equityshares of the Company are now listed on SME platform of BSE Limited.

Also during the Financial Year 2019-20 there were:

• No BUY BACK of Equity Shares.

• No Employee Stock Option Plan was passed.

• Bonus Ratio: 20:1 (20 Bonus shares allotted for each 1 held)

• Paid Up Capital before Bonus Issue: 30 28000.

• Paid Up Capital after Bonus Issue: 63588000

• Public Issue of the Equity shares and Listing on BSE start-up Segment of MSMEPlatform-

During the year the company has listed its equity shares on BSE Start up Segment SMEPlatform on 5th of February 2020 and offered shares through an initial publicoffer of 4240000 equity shares at Rs. 10/- each. The amount realized from such issueamounted to Rs. 42400000/- Crores and your directors place their sincere thanks to allthe Investors and SEBI BSE Merchant Bankers and all the Intermediaries and agencies fortheir guidance and support.

• Other Disclosures and information

That the Company:

i. Has not allotted any shares with differential voting rights during the year hencethere is nothing to disclose under provisions of section 43 of the Act read with Rule 4(4)of the Companies (Share Capital and Debenture) Rules 2014.

ii. Has not allotted any sweat equity shares during the year in accordance with theprovision of section 54(1)(d) of Companies Act 2013 read with Rule 8 (13) of theCompanies (Share Capital and Debenture) Rules 2014.

iii. Has not allotted stock option to any employee during the year as per Rule 12 (9)of the Companies (Share Capital and Debenture) Rules 2014.

iv. The company has not given any loan pursuant to provisions of section 67 of the actto its employees for purchase of its own shares hence there is nothing to disclose underprovisions of section 67(3) of the Act read with 16(4) of the Companies (Share Capital andDebentures) Rules 2014.

8. IPO FUND UTILISATION:

The Company had raised fund through IPO amounting to Rs 424.00 Lacs and out of the saidfunds Rs 49.57 Lacs have been used towards Share Issue Expenses; Rs 374.94 Lacs have beenutilized towards Working Capital Requirements and General Corporate Purpose. The balanceRs 0.51 Lac is lying in the bank Account.

9. DEMATERIALISATION OF EQUITY SHARES:

Equity Share of the Company is in Dematerialized Form with either of the depository'sviz. NSDL and CDSL. The ISIN No. allotted is INEOBIW01023.

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION:

The operations of the company are not energy intensive. Company takes various measuresto reduce energy consumption by using energy efficient computer systems and procuringenergy efficient computer systems and procuring energy equipment. As ongoing processcompany continuously adopts new technologies and techniques to make infrastructure moreenergy efficient.

11. FOREIGN CURRENCY EARNINGS AND OUTGO:

The company has not made any foreign currency transactions during the year.

12. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:

The provisions of Section 135 of the Companies Act 2013 read with Rule 9 of theCompanies (Accounts) Rules 2013 is not applicable to the Company.

13. EXTRACT OF THE ANNUAL RETURN:

The details forming part of the extract of the Annual Return as on the financial yearended on March 31 2020 in form MGT-9 as required under section 92 of the Companies Act2013 (hereinafter referred to as the "Act") and Rule 12(1) of the Companies(Management and Administration) Rules 2014 is available in the website: ww.tranwayinc.comunder the investor Tab.

14. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 185 & 186 OFTHECOMPANIES ACT 2013:

The Company has not given any loan u/s 185 of the Companies Act 2013. However therewere loans and investments made by the Company under Section 186 of the Companies Act2013 during the year under review and the details of which are given in Notes No.28 of theFinancial Statements.

15. DIRECTORS / KEY MANAGERIAL PERSONNEL:

In pursuant to conversion of Company from private limited to public limited thestructure of Board of Directors was reconstituted for better corporate governance andbetter compliance with various norm post listing. The Appointment during financial yearalong with current board structure is as follows:

NAME DATE OF APPOINTMENT CURRENT DESIGNATION
Mr. Bharat 25th March 2015 Managing Director and Whole Time Director
Mrs. Kalavathy Bylappa 25th March 2015 Whole time Director
Mr. Gangisetty Srinivasulu Prashanth 15th November 2019 Independent Director
Mr. Arul Kumar 14th December 2019 Independent Director
Mr. A. Dakshinamoorthy 14th December 2019 Independent Director
Mrs. Preeti Sandeep Byse 14th December 2019 Chief Financial Officer(CFO)
Mrs. Anitha R 17th December 2019 Company Secretary and Compliance Officer (CS)

16. DECLARATION OF INDEPENDENT DIRECTORS:

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules. Also your Company has received annualdeclarations from all the Independent Directors of the Company confirming that they havealready registered their names with the data bank maintained by the Indian Institute ofCorporate Affairs ["IICA"] Manesar as prescribed by the Ministry of CorporateAffairs under the relevant rules.

17. MEETINGS OF THE BOARD:

During the Financial Year 2019-20 total of 15 Board meetings were held. The maximumtime-gap between any two consecutive meetings did not exceed 120 days. The details of theBoard meetings are:

SI No Date
1 18 .07.2019
2 12.10.2019
3 19.11.2019
4 22.11.2019
5 25.11.2019
6 13.12.2019
7 14.12.2019
8 17.12.2019
9 21.12.2019
10 03.01.2020
11 09.01.2020
12 21.01.2020
13 18.02.2020
14 27.02.2020
15 18.03.2020

18. SEPARATE MEETING OF INDEPENDENT DIRECTORS:

As stipulated by the Code of Independent Directors under the Companies Act 2013; aseparate meeting of the Independent Directors of the Company was held on 10thMarch 2020 to review the performance of Non-Independent Directors and the entire Board.The Independent Directors also reviewed the quality content and timeliness of the flow ofinformation between the Management and the Board and its' Committees which is necessary toeffectively and reasonably perform and discharge their duties.

19. EXTRACT OF THE ANNUAL RETURN:

The details forming part of the extract of the Annual Return as on the financial yearended on March 31st 2020 in form MGT-9 as required under section 92 of the CompaniesAct 2013 (hereinafter referred to as the "Act") and Rule 12(1) of the Companies(Management and Administration) Rules 2014 is available in the website:www.tranwayinc.com under the investor Tab.

20. COMMITTEES:

The Company has constituted an Audit Committee Stakeholders Relationship Committee andNomination and Remuneration Committee.

> AUDIT COMMITTEE :

The Company has a duly Constituted Audit Committee. During the year One AuditCommittee meetings took place on 04th March 2020 and The Board of directors has acceptedall the recommendations given by the Audit Committee. The Regulation of the Companies Act2013 regarding Audit Committee was not applicable before listing. The Composition of theAudit Committee is as follows:

Name of the Director Status in Committee Nature of Directorship
Mr. Gangisetty Srinivasulu Prashanth Chairman Independent Director
Mr. A Dakshinamoorthy Member Independent Director
Mr. Bharat Member Executive Director

> STAKEHOLDER RELATIONSHIP COMMITTEE:

The Board has constituted a Stakeholders relationship Committee as require underSecurities Exchange Board of India (Listing obligations and Disclosure Requirements)Regulations 2015 ("the Regulations"). The Board of directors hasaccepted all the recommendations given by the Stakeholders relationship Committee. TheStakeholders Relationship Committee had one meeting which took place on 04th March 2020.The Relationship of the Companies Act 2013 regarding the Stakeholders RelationshipCommittee was not applicable before listing. The Composition of the StakeholdersRelationship Committee is as follows:

Name of the Director Status in Committee Nature of Directorship
Mr. Arul Kumar Chairman Independent Director
Mr. A Dakshinamoorthy Member Independent Director
Mr. Gangisetty Srinivasulu Prashanth Member Independent Director

> NOMINATION AND REMUNERATION COMMITTEES:

The Board has constituted a Nomination and Remuneration committee as required underSecurities Exchange Board of India (Listing obligation and Disclosure Requirements)Regulations 2015 ("the Regulations"). The Board of Directors hasaccepted all the recommendations given by the Nomination and Remuneration Committee hadone meeting which took place on 04th March 2020. The regulations of the Companies Act2013 regarding the Stakeholder relationship Committee were not applicable before listing.The Composition of the NRC is as follows:

Name of the Director Status in Committee Nature of Directorship
Mr. Gangisetty Srinivasulu Prashanth Chairman Independent Director
Mr. Arul Kumar Member Independent Director
Mr. A Dakshinamoorthy Member Independent Director

The Nomination and Remuneration Policy setting out the criteria for evaluationqualifications etc. is attached with this Report as Annexure A.

21. PARTICULARS OF THE EMPLOYEES AND RELATED DISCLOSURES:

None of the employee has received remuneration exceeding the limit as stated in Rule5(2) of the Companies (Appointment and remuneration of Managerial Personnel) Rules 2014.

Disclosures pertaining to the remuneration as required u/s 197 (12) of the CompaniesAct 2013 read with Rule 5(1) of the Companies (Appointment and remuneration of ManagerialPersonnel) Rules 2014 are given as Annexure B forming part of this Report.

22. NON-APPLICABILITYOF THE INDIAN ACCOUNTING STANDARDS (IND-AS)

As per provision to regulation Rule 4(1) of the Companies (Indian Accounting Standards)Rules 2015 notified vide Notification No.G.S.R.111(E) on 16th Feb. 2015 Companies whoseshares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capitaland Disclosure Requirements) Regulations 2009 are exempted from the compulsoryrequirement of adoption of IND-AS w.e.f. 1st April 2017. As your Company is listed on BSEStart-up Segment SME Platform of BSE Limited it is covered under the exempted categoryand is not required to comply with IND-AS for preparation of financial statementsbeginning with the period on or after 1st April 2017.

23. SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company has one direct subsidiary. In accordance with Section 129 (3) of the Act aseparate statement containing salient features of the financial statement of thesubsidiaries of the Company in Form AOC-1 is given in Annexure C. and your Companydoes not have any Associate or Joint Venture during the year under review.

24. DEPOSITS:

The Company has neither accepted nor renewed any deposits during the year under review.

25. AUDITORS:

> STATUTORY AUDITOR

M/s. Luharuka & Co. Chartered Accountants (FRN.: 328700E) Kolkata were appointedby the Board of Directors of the Company on 23/12/2019 as the Statutory Auditors to fillthe casual vacancy caused by the resignation of M/s. Sanjay K & Co. CharteredAccountants (FRN.: 014445S) Bangalore to hold the office until the conclusion of theensuing Annual General Meeting (AGM).

As the tenure of the Statutory Auditors are expiring in this AGM on the recommendationof the Audit Committee subject to the approval of the members the Board is of theopinion to appoint M/s. Luharuka & Co. for a term of 5 consecutive years form theconclusion of this AGM till the conclusion of the 10th AGM of the Company.

> INTRENAL AUDITOR

In pursuant to Section 138 of the Companies Act 2013; the Company has appointed M/s. AGangopadhay & Co Chartered accountants (Firm Registration Number: 330308E) asInternal Auditor of the Company.

26. SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act 2013 the Company hasappointed M/s Arpan Sengupta and Associates Practicing Company Secretaries (CP No.14416) to undertake the Secretarial Audit of the Company. The Secretarial Audit reportfor the FY 2019-2020 of the Company has been annexed with the Board's Report as AnnexureD.

27. OBSERVATIONS AND REMARKS OF AUDITOR:

The Company has adequate system of internal control to safeguard and protect from lossunauthorized use or disposition of its assets. No observation or remark has been given bythe Auditor during the period under review.

28. FRAUD REPORTING BY THE AUDITORS:

During the year under review neither the statutory auditors nor the SecretarialAuditors has reported to the audit committee u/s 143(12) of the Companies Act 2013 anyfraud committed against the Company by any of its officers employees.

29. CORPORATE GOVERNANCE:

As your company has been listed on BSE Start-up Segment SME Platform of BSE Limited byvirtue of Regulation 15 of the SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015 the compliance with the corporate Governance provisions as specified inregulation 17 to 27 and Clause

(b) to (i) of sub regulation (2) of Regulation 46 and Para C D and E of schedule V arenot applicable to the company. Hence Corporate Governance Report does not form a part ofthis Board Report though we are committed for the best corporate governance practices.

30. BOARD EVALUATION:

The Companies Act 2013 and SEBI (LODR) Regulation 2015 mandates that the Board carryout an annual evaluation of its own performance the Board committee and the individualDirectors pursuant to the provision of the Act. The performance of the Board was evaluatedby the Board after seeking inputs from all the directors on the basis of the criteria suchas the Board composition and structure effectiveness of Board processes informationflow frequency of meetings and functioning etc.

31. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION OFPROHIBITION AND REDRESSAL) ACT 2013:

The Company has in place a Sexual harassment Policy in line with the requirements ofthe Sexual Harassment of Women at the Workplace (Prevention Prohibition and Redressal)Act 2013. All women employees (permanent contractual temporary trainees) are coveredunder this policy. No complaints for sexual harassment were received during the year.

32. HUMAN RESOURCES:

During the period under review the personal and work relationship with the employeesremained cordial in all respects. The management has always carried out systematicappraisal of performance and imparted training at periodic intervals. The Companyrecognizes talent and has judiciously followed the principle of rewarding performance.

33. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATION OR COURT ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE:

There were no significant and material Orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company's operations in future.

34. COST AUDIT:

Pursuant to Section 148 of the Companies Act 2013 read with the Companies (CostRecords and Audit) Rules 2014 cost audit and maintenance of cost records is notapplicable to the Company for the Financial Year 2019-20.

35. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:

The Company has complied with the provisions of Secretarial Standards (I & II)issued by the Institute of Company Secretaries of India and approved by the CentralGovernment under section 118(10) of the Companies Act 2013.

36. POLICIES:

The Companies Act 2013 along with the SEBI (LODR) Regulation 2015 and mandate toformulation of certain policies for all listed Companies. Accordingly the Company hasformulated the Policies for the same as the Company believed to retain and Courage highlevel of ethical standard in business transaction.

A. VIGIL MECHANISM/ WHISTLE BLOWER POLICY :

The company is committed to adhere to the highest standards of ethical moral and legalconduct of business operations. In compliance with Section 177 of the Companies Act 2013and other applicable provisions the company has formulated a Vigil Mechanism / WhistleBlower Policy (Mechanism) for its Stakeholders Directors and Employees in order topromote ethical behavior in all its business activities and in line with the bestgovernance practices. Vigil Mechanism provides a channel to report to the managementconcerns about unethical behavior actual or suspected fraud or violation of the code ofconduct or policy. It provides adequate safeguards against victimization of directorsemployees and all stakeholders. It also provides direct access to the Chairman of theAudit Committee.

B. PROTECTION OF WOMEN AGAINST SEXUAL HARASSMENT:

Your company believes in providing a healthy safe and harassment-free workplace forall its employees. Further company ensures that every women employee is treated withdignity and respect. The Company has in place an Anti-Sexual Harassment Policy as per therequirements of The Sexual Harassment of Women at the Workplace (Prevention Prohibition& Redressal) Act 2013. During the year under review no complaints of sexualharassment have been received by the company.

C. POLICY ON PRESERVATION OF THE DOCUMENTS:

The Company has formulated a Policy pursuant to regulation 9 of the Securities ExchangeBoard of India (Listing obligation and Disclosure Requirements) Regulations 2015 ( "Regulations") on Preservation of the Document ensure safekeeping of the record and safeguard theDocuments from getting mutilated or destroyed while at the same time avoiding superfluousinventory of Documents.

D. POLICY ON CRITERIA FOR DETERMINING MATERIALITY OF EVENTS:

The Policy is framed in accordance with the requirements of the Regulation 30 ofSecurities and Exchange Board of India (Listing Obligation and Disclosure Requirements)Regulations2015 ("Regulations"). The object of the policy is todetermine materiality of events of information of the

Company and to ensure that such information is adequately disseminated in pursuancewith the Regulation and to provide an overall governance framework for such determine ofmateriality.

37. INSIDER TRADING REGULATIONS:

Based on the requirement under SEBI (Prohibition of Insider Trading) Regulation1992read with SEBI (Prohibition of Insider Trading) Regulation2015 as amended from time totime the code of conduct for prevention of insider trading and the Code for FairDisclosure ("Code") as approved by the Board from time are in force bythe Company. The objective of this Code is to Price the interest of shareholders at largeto prevent misuse of any price sensitive information and to prevent any Insider Tradingactivity by dealing in shares of the Company by its Directors designated employees andother employees and other employees. The Company also adopts the concept of Trading windowclosure to prevent its Directors Officers designated employees and other employees fromtrading in the securities of Tranway Technologies Limited at the time when there isunpublished price sensitive information.

38. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All transactions entered with Related Parties for the year under review were at ArmsLength and a disclosure in Form AOC-2 as Annexure E forming part of the Report interms of Section 134 of the Companies Act 2013. Further there are no material relatedparty transactions during the year under review with the Promoters Directors or KeyManagerial Personnel(s) (KMP(s)). All related party transactions are mentioned in thenotes to the accounts. The Company has formulated a Policy on "Materiality of RelatedParty Transactions" and on "the process of dealing with such transactions"which are in line with the provisions of Section 188 of the Companies Act 2013 andRegulation 23 of SEBI LODR Regulations 2015. The same is also available on the companywebsite

During the year under review there were no material related party transactions underRegulation 23 (4) of SEBI LODR Regulations 2015 entered into by the Company whichnecessitates approval of Shareholders.

39. RISK MANAGEMENT:

The Board has adopted policies and procedures for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies safeguarding ofits assets prevention and detection of fraud error reporting mechanisms accuracy andcompleteness of the accounting records and timely preparation of reliable financialdisclosures.

40. CODE OF CONDUCT:

The Company has adopted the Code of Conduct for all its Senior Management Personnel andDirectors and the same is affirmed by all the Board Members and Senior ManagementPersonnel.

41. MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

In terms of the provisions of Regulation 34 and schedule V of the SEBI (ListingObligation and Disclosure Requirements) Regulations 2015 the Management's discussion andanalysis report is annexed in "ANNEXURE-F.

42. CEO/CFO CERTIFICATION:

In compliance with Regulation 17(8) of the Listing Regulations the CE0/CFOcertification on the financial statements duly signed by the Managing Director & theWhole- time Director & CEO/CFO of the Company for the year ended March 31 2020 isenclosed at the end of the Report. The Company has adopted a back-up certification systemby Business & Functional Heads for compliance with respect to their concerned areas inorder to imbibe a compliance & ethical culture in the organization.

43. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility Statement:—

(a) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

(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 the end of the financial year and ofthe profit and loss of the company for that period;

(c) The directors have 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;

(d) the directors have prepared the annual accounts on a going concern basis; and

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

(f) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

44. ACKNOWLEDGEMENTS:

Your Director's place on record their appreciation for their overwhelming co-operationand assistance received from investors customers business associates banker vendorsas well as regulatory and governmental authorities Your Directors also thank the employeeat all levels our consistent growth was made possible by their hard work solidaritycooperation and support.

For and on behalf of Tranway Technologies Limited
Bharat
Managing director
DIN: 03542954
Date: 04.12.2020
Place: Bangalore