UDAY JEWELLERY INDUSTRIES LIMITED
Your Directors have pleasure in presenting the Twenty-Second Annual Report togetherwith the audited Financial Statement of the Company for the financial year ended 31stMarch 2021.
1. FINANCIAL HIGHLIGHTS
The highlights of the financial statements of the Company for the financial year endedMarch 31 2021 are as under:
| || ||(Rs. in Lakhs) |
|Particulars ||31.03.2021 ||31.03.2020 |
|Revenue from operations ||9333.50 ||9174.08 |
|Other Income ||108.33 ||42.41 |
|Total income ||9441.82 ||9216.49 |
|Profit before tax ||781.95 ||939.93 |
|Current Tax ||203.82 ||246.87 |
|Deferred Tax ||(2.90) ||(0.65) |
|Income tax pertaining to earlier years ||0.88 ||- |
|Profit after Tax ||580.15 ||693.71 |
|Earnings per share || || |
|Basic ||2.63 ||3.22 |
|Diluted ||2.63 ||3.17 |
2. COMPANY'S PERFORMANCE AND BUSINESS OVERVIEW:
The COVID-19 pandemic has emerged as a global challenge creating disruption across theworld. Global solutions are needed to overcome the challenges - businesses & businessmodels have transformed to create a new work order. The physical and emotional wellbeingof employees continues to be a top priority for the Company with several initiatives tosupport employees and their families during the pandemic.
The performance of the business was affected during the last financial year due tostore closures consequent upon declaration of national lockdown by the Government andsubsequent state- wise lockdowns. During the year under review
Your Company has achieved a turnover of Rs. 9333.50 Lakhs against Rs. 9174.08Lakhs during previous year and registering a growth of 1.74% over the previous year.
The Company reported a Net Profit after Tax of Rs. 580.15 Lakhs as against Rs.693.71 Lakhs earned during the previous year and decline in profit due to high carryingcost of inventory of 16.37%.
Your Company is engaged in the business of manufacturing sale and trading of stonestudded gold jewellery diamond studded jewellery and silver items and cubic zirconic withnatural and color stones in different geographical areas i.e. domestic sales and exportsales.
The Company has not faced material impact on the capital and financial resourcesprofitability liquidity position and assets of the Company. As per present conditionsthe Company is confident of its ability to service debt and other financing arrangements.
3. CHANGE IN THE NATURE OF BUSINESS IF ANY:
There was no change in the nature of business of the Company during the year underreview.
4. FUTURE PROSPECT:
The changes expected in the product-mix portfolio of the Company augers well in thelong run to improve the profits. The vision of your company is to fulfill the aspirationsof the GenX and Gen Z with exclusive gold jewellery at affordable prices to attract themboth for its aesthetic value and also as a tool for investment as Gold continues to be afavorite investment product.
It is expected that the positive impact of polarization on the organized sector islikely to be visible operationally with in a couple of years that would go along way inimproving the margin and turnover for the industry in general and the Company.
Wedding is the biggest economic driver in India thereby increasing the demand ofBridal Jewellery across the country. The Company's economy is culturally and traditionallydriven by Wedding thereby leading to investment in Jewellery as cultural fashion assetclass and lifestyle product from time to time. Uniqueness of color gemstone along withCubic Zerconia (CZ) is core USP. Since the Company supplying to major retailers even theCompany is getting a pull from Customers. Further Government's recent initiative onHallmarking Guidelines (HUID) has also increased the dependency of all organized retailplayers on the organized Manufacturers like your Company. Your Directors are hopeful forbetter future potential of the Uday Jewellery Industries Limited
Plans to Modify/ Enhance the product Offering:
The Management focus to enhance the product offering to the customers hence newproduct innovation is one of the integral plan of the company.
Strategizing the Marketing & Business Development:
a. Customer Acquisition Policy: Customer acquisition is important for businesses of anyage and size. The goal of this process is to create a systematic sustainable customer whocan sell the Company's products in the long term.
b. The credit policies are kept dynamic based on client profiles to allow credit to theparties which vary from 45- 60 days depending on the retention margin on the products. Sobefore adding a new customer a due diligence is done to understand the credit worthinessof the client.
c. Business Development Policy:
A Business Development Policy is being evolved to cater to ever changing marketpreferences but with a focus on growth and how to achieve it. It's a longterm plan thatoutlines strategies for steady and sustainable business growth over the coming years. Itsscope covers both the marketing and sales functions as they are interlinked in theJewellery Industry.
The Company's marketing team at present is catering to the following category of buyergroup:
1. National Chains - Retail Chains having National level presence
2. Local Chains - Retail Chains having regional/local level presence
3. Family Jewellers - Well known Family jewellers having 1 or 2 stores.
4. Distributors and
The Company is developing new creations to provide a wide range of collection to itscustomers and we expect the new collections will help us to penetrate the market. Thestrategy of the Company is to target multiple sales channels online selling of productsand to explore overseas market as the products are contemporary and have a large audience.
The various initiatives taken by the Company in formulating strategies andimplementation on all sphere of business activities will result in a sustainable revenueand profit growth over a period of time.
5. SHARE CAPITAL
The Authorised Share Capital of the Company is Rs. 260000000/- (Rupees Twenty SixCrore) dividend into 26000000 (Two Crore Sixty Lakhs) Equity Shares of Rs.10/- each.The Issued Subscribed and Paid up Equity Share Capital of the Company is Rs.220219000/- (Rupees Twenty Two Crore Two Lakhs NineteenThousandonly) divided into22021900 (Two CroreTwenty Lakhs Twenty one Thousand nine hundredonly) Equity shares ofRs. 10/- each.
Further during the financial year 2020-21 there were no
(i) Re-issue of forfeited shares out of 3162900 Equity shares pending re-issue.
(ii) Issue of shares with differential rights
(iii) Issue of sweat equity shares
(iv) Issue of ESOP
In order to conserve resources for further expanding business of the Company yourdirectors have opined not to recommend any dividend for the year under review.
7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
The provisions of Section 125(2) of the Companies Act 2013 do not apply as the Companyhas not declared and paid dividend in previous year.
Amount to be carried forward to the reserves is Rs.580.15/- Lakhs being Profit for theyear.
9. KEY MANAGERIAL PERSONNEL:
|1. ||Mr. Ritesh Kumar Sanghi ||- Managing Director |
|2. ||Mr. Rakesh Agarwal ||- Chief Financial officer |
|3. ||CS. Lekhpal Sahu ||- Company Secretary & Compliance Officer |
The following changes have been occurred in KMPs composition during the period underreview till the date of Board Meeting.
CS Sher Singh Verma (A58060) resigned from the position from the CompanySecretary and Compliance Officer of the Company w.e.f 08.10.2020 the Board placed onrecord appreciation for the services and contribution made by him during his tenure.
CS Khwaish Kamlani (A47534) has appointed as Company Secretary and ComplianceOfficer of the Company w.e.f. 05.11.2020 and She resigned from the position of CompanySecretary and Compliance officer of the Company w.e.f 29.01.2021 the Board placed onrecord appreciation for the services and contribution made by her during her tenure.
Mr. Lekhpal Sahu (A48183) has been appointed as Company Secretary and ComplianceOfficer w.e.f. 03.05.2021.
10. DIRECTORS :
In accordance with the provisions of Section 152 of the Companies Act 2013 and theArticles of Association of the Company Mrs.Pritha Sanghi(DIN: 02681491) Directorof theCompany retires by rotation at the forthcoming Annual General Meeting and being eligibleoffers herself for re-appointment. The Board recommends her re-appointment.
Shri Ramprasad Vempati (DIN: 01903161) Shri Vikram Goel (DIN: 05104754) Shri. SunilGarg (DIN: 08851283) were the Independent Directors during the Financial Year 2020-21 andall have given declarations that they continue to meet the criteria of independence aslaid down under section 149(6) of the Companies Act 2013 and regulations 16(1)(b) of theLODR Regulations and that they are not debarred form holding the office of director byvirtue of any SEBI order or any other such authority.
During the year under review Mr. Praveen Kumar Agarwal Independent Director of theCompany resigned w.e.f 11th August 2020. Your directors place on record their sincereappreciation for the valuable contribution made by Mr. Praveen Kumar Agarwal during histenure.In his place Mr. Sunil Garg has been appointed as additional Director wef27.08.2020 and regularized in Annual General Meeting on 11.12.2020 and appointed as anIndependent Director of the Company for 5 years.
All the above changes in the composition of the Board and KMP were made on therecommendation of the Nomination & Remuneration Committee.
11. DECLARATION ON INDEPENDENT DIRECTORS:
Pursuant to sub section (6) of Section 149 of the Companies Act 2013 and Regulation16(1)(b) of the Listing Regulations all the Independent Directors of your Company havegiven declaration that they meet the criteria of independence as required under the Actand the regulations.
12. NUMBER OF MEETINGS OF THE BOARD
During the year Eight (8) Board meetings were held on 29.06.202030.07.202027.08.2020 14.09.2020 05.11.2020 23.11.2020 28.01.2021 and 02.02.2021. Forfurther details please refer to Report on Corporate Governance. The intervening gapbetween two Board Meeting is as per the section 173 of Companies Act 2013 except firstBoard meeting.
The Ministry of Corporate Affairs has issued guild linesin respect of conduct of BoardMeeting through General Circular No. 11/2020 Dated 24th March 2020 and allowed themaximum gap of 180 days can be taken between two Board meetings. These guidelines wereissued after looking into the situation and spread of COVID-19 Pandemic.
13. BOARD EVALUATION:
The Board of your Company on the recommendation of Nomination and RemunerationCommittee had laid down the criteria for evaluation of performance of the Board itsCommittees and individual Directors. Accordingly annual performance evaluation processwas carried out based on evaluation forms which include a rating mechanism. IndependentDirectors also reviewed the performance of the Board as a whole Non Independent Directorsand the Chairman.
The criteria for performance evaluation of the Board and its Committees amongst othersincludes their structure and composition processes information and functioning terms ofreference of theCommittees etc. The criteria for performance evaluation of individualDirectors including Executive and Independent Directors amongst others includes theirattendance and contribution at the meetings devotion of time and efforts to understandthe Company its business their duties and responsibilities and adherence to the code ofconduct etc. The said policy is available at the website of the Company atwww.udayjewellery.comThe Independent Directors had met separately on 11th February2021 without the presence of Non-Independent Directors to discuss the performance ofthe Non-Independent Directors and the Board as a whole.
14. POLICY ON DIRECTORS' APPOINTMENT & REMUNERATION AND CRITERIA FOR DETERMININGQUALIFICATIONS POSITIVE ATTRIBUTES & INDEPENDENCE OF A DIRECTOR:
Your Company has always considered sound advice from the Board and Key Managerialpersons as invaluable assets of the Company. The Nomination & Remuneration Policy ofthe Company is designed to identify the persons for appointment as Director KeyManagerial Personnel and other Senior Management Personnel and to attract motivateimprove productivity and retain manpower by creating a congenial work atmosphereencouraging initiatives and team work by creating a sense of belonging and involvementbesides offering appropriate remuneration packages.
The objective of the Policy on Criteria for determining Qualifications PositiveAttributes and Independence of a Director is to determine qualifications positiveattributes and independence of a director.
The Nomination & Remuneration Policy as well as Criteria for determiningQualifications Positive Attributes and Independence of a Director are placed on theCompany's website www.udayjewellery.com in the Investor Section.
15. BOARD COMMITTEES :
The detailed composition of the Board committees namely Audit Committee Nomination andRemuneration Committee and Corporate Stakeholders Relationship Committee number ofmeetings held during the year under review and other related details are set out in theCorporate Governance Report which forms a part of this Report.
16. AUDIT COMMITTEE:
The details pertaining to the composition of the audit committee are included in theCorporate Governance Report which is a part of this report.
All the recommendations made by the Audit Committee were accepted by the Board ofDirectors of the Company.
17. MANAGEMENT DISCUSSION AND ANALYSIS (MD & A):
The report on Management Discussion and Analysis (MD & A Report) for the financialyear under review as stipulated under Regulation 34 of the SEBI-LODR Regulations 2015 ispresented in a separate section and forms part of the Annual Report.
18. RISK MANAGEMENT:
The Management has put in place adequate and effective system and man power for thepurposes of risk management. The Company is exposed to the risk of price fluctuation ofraw material as well as finished goods. The Company proactively manages these risksthrough forward booking and inventory management. It has the best quality products and avigorous marketing team that helps to mitigate risk relating to price fluctuation offinished goods.
19. INTERNAL CONTROL SYSTEMS:
Your Company has established and maintained a framework of internal financial controlsand compliance systems. Based on the framework of internal financial controls andcompliance systems established and maintained by the Company the work performed by theinternal and statutory auditors and external consultants including the audit of internalfinancial controls over financial reporting by the statutory auditors and the reviewsperformed by management and the relevant Board committees including the Audit committeethe Board is of the opinion that the Company's internal financial controls were adequateand your Company is constantly endeavoring to improve the standards of internal control invarious areas and taking steps to strengthen the internal control system to make itcommensurate and effective with the nature of its business.
20. MANAGERIAL REMUNERATION
The Company's policy on Director's appointment and remuneration in accordance withSection 178 (3) of the Companies Act 2013 the same is available at the website of theCompany at www.udayjewellery.com. No remuneration is being paid to the Managing Directoror any other Director of the Company. The information required pursuant to Section 197read with rule 5 of the Companies (Appointment and Remuneration) Rules 2014 and Companies(Particulars of Employees) Rules 1975 in respect of employees of the Company andDirectors is furnished hereunder:
a. All pecuniary relationship or transactions of the non-executive directors of theCompany:
The Non-executive Directors does not have any pecuniary relationship or transactions ofthe Company.
b. Details of remuneration of each Director and CFO and Company Secretary in theFinancial Year 2020-21are as follows:
|Name ||Designation || |
Remuneration (in Rs.)
| || ||2020-21 ||2019-20 |
|Ritesh Kumar Sanghi ||Managing Director ||- ||- |
|Sanjay Kumar Sanghi ||Director ||- ||- |
|Rakesh Agarwal ||Chief Financial Officer ||515000 ||600000 |
|Priyanka Agarwal ||Company Secretary ||- ||11000* |
|Sher Singh Verma ||Company Secretary ||184060* ||399023* |
|Ms. Khwaish Kamlani ||Company Secretary ||142534* ||- |
*For the part of financial year
c. Details of fixed component and performance linked incentives along with theperformance criteria: The Company does not have any performance linked incentives for theDirectors and CFO the appointments are made for a fixed period of time on the terms andconditions in the respective resolution passed by the Board/Members in the Meeting.
d. Number of permanent employees on the rolls of the Company as on 31st March 2021 are62.
e. Stock option details: Nil
21. PARTICULARS OF EMPLOYEES:
During the year under report none of the employees was in receipt of remunerationexceeding the limit prescribed under Section 197(12) of the Companies Act 2013 and Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.
22. HUMAN RESOURCES:
Your Company treats its manpower as one of its most important assets. Your Companycontinuously invests in attraction retention and development of talent on an ongoingbasis. A number of programs that provide focused people attention are currently underway.Your Company thrust is on the promotion of talent internally through job rotation and jobenlargement.
23. INSIDER TRADING REGULATIONS:
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations2015 as amended from time to time the Code of Conduct for prohibition of insidertrading as approved and adopted by the Directors and designated Employees of the Company.The Code requires pre-clearance for dealing in the Company's shares and prohibits thepurchase or sale of Company shares by the Directors and designated employees while inpossession of unpublished price sensitive information during the period of Trading WindowClosure. The Board is responsible for implementation of the Code. All Board of Directorsand designated employees have confirmed compliance with the Code. The Board hasappointedCS Lekhpal Sahu Compliance officer under the code after resignation of CS KhwaishKamlani.
24. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
There are no subsidiaries or associate companies or joint ventures to the Company as onthe date of this report.
25. STATUTORY AUDITORS:
The Auditors M/s Venugopal & Chenoy Chartered Accountants Hyderabad (Firm RegnNo.- 004671S) were re-appointed in the Annual General Meeting held on 28th September 2020to hold office until the conclusion of the 22nd Annual General Meeting of the Company tobe held in the calendar year 2021.
They have audited the financial statements of the Company for the financial year underreview. The observations of Statutory Auditors in their Report read with relevant Notes toAccounts are self-explanatory and therefore do not require further explanation.
The Auditors' Report does not contain any qualification reservation adverse remark ordisclaimer of the Auditors that may call for any explanation from the Directors.Thedeclaration for unmodified Auditor's Report in accordance with Regulation 33(3)(d) of SEBI(Listing Obligations and Disclosure Requirements) (Amendment) Regulations 2016 as amendedby SEBI vide notification no. SEBI/ LAD-NRO/GN/2016-17/001 dated 25.05.2016has beensubmitted to the Stock Exchanges.
As the term of Ms/ Venugopal &Chenoy is ending at the ensuing Annual GeneralMeeting the Board subject to the approval of the Members at the Annual General Meetingin their meeting held on 29th June 2021 has approved the appointment of M/s Anant Rao& Mallik Chartered Accountants (Registration No. 006266S) as Statutory Auditors ofthe Company to hold office for a period of 5years from the conclusion of the 22ndAnnualGeneral Meeting till the conclusion of Annual General Meeting to be held in the year 2026in place of the outgoing Auditors at such remuneration and reimbursement out of pocketexpenses incurred in connection with the audit conducted by them as may be decided by theBoard and Statutory Auditors from time to time
26. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act 2013 and rules madethere under CS Arpita Dhar Practicing Company Secretary (COP No.- 24137) has beenappointed as Secretarial Auditor of the Company for the financial year 2020-21.TheSecretarial Audit report does not contain any qualification reservations or adverseremark. The report of the Secretarial Auditors in the prescribed Form MR-3 is enclosed as AnnexureI to this report.
The report Annual Secretarial Compliance report for the FY 2020-21 as per Regulation24A of SEBI (LODR) Regulation 2015 as amended issued by Shri Ajay Suman ShrivastavaPracticing Company Secretary Hyderabad (COP No. 3479)is enclosed as Annexure II tothis report.
27. COST RECORDS:
Your Company is not required to maintain cost records as specified under Section 148 ofthe Act.
28. VIGIL MECHANISM:
The Whistle-blower Policy has been approved and adopted by Board of Directors of theCompany in compliance with the provisions of Section 177 (10) of the Companies Act 2013and Regulation 22 of the Listing Regulations which provides for a vigil mechanism thatencourages and supports its Directors and employees to report instances of illegalactivities unethical behaviour actual or suspected fraud or violation of the Company'sCode of Conduct. It also provides for adequate safeguards against victimization of personswho use this mechanism.Further the Whistle- blowerPolicy is available on the website ofyour company atwww.udayjewellery.com.
29. EXTRACT OF ANNUAL RETURN:
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and Administration) Rules 2014 is available on Companywebsite at www.udayjewellery.com.
30. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THEFINANCIAL YEAR AND DATE OF REPORT:
There have been no material changes and commitments affecting financial position of theCompany between end of the financial year and the date of the report.
31. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Company has not given any loan or guarantee or security or made any investmentduring the financial year in terms of Section 186 of the Companies Act 2013.
The Company has not given any guarantee or provided any security in connection with anyloan to any other body corporate in accordance with Section 186 of the Companies Act2013.
32. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of every contract or arrangements entered into by the Company withrelated parties referred to in sub-section (1) of section 188 of the Companies Act 2013and SEBI- Listing Obligation Disclosure Regulation (LODR) 2015 during the financial yearended March 312021is disclosed in Form No. AOC-2 as Annexure III to this report.
33. CORPORATE GOVERNANCE CERTIFICATE:
Your Company is committed to maintain the high standards of corporate governance andadhere to the requirements set out by the Securities and Exchange Board of India.TheReport on Corporate Governance as stipulated under the Listing Regulations forms part ofthe Annual Report. The certificate from the Practicing Company Secretary confirmingcompliance of conditions of Corporate Governance as stipulated under Part E of Schedule Vof the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is annexedas Annexure IV to this report.
34. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO
A. CONSERVATION OF ENERGY
In its endeavour towards conservation of energy your Company ensures optimal use ofenergy avoid wastages and conserve energy as far as possible. Since the Jewellerymanufacturing does not entail major electricity consumption no major efforts are requiredfor conservation except the optimal usage of
B. TECHNOLOGY ABSORPTION
The Company has not carried out any research and development activities. Hence theinformation relating to technology absorption is NIL.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review the foreign exchange earnings of the Company isRs.1249.57 Lacs only.
35. CORPORATE SOCIAL RESPONSIBILITY (CSR):
During the year under review the Company has fallen continue second year under thecriteria of "Corporate Social Responsibility" pursuant to the provisions ofSection 135 of the Companies Act 2013 read with the Companies (Corporate SocialResponsibility Policy) Rules 2014
The Company has depositedRs.1136010 as per the requirement of said provisions onseparate bank account for financial year 2019-20. The said fund has been allocated andwill be utilised towards providing relief to the poor and vulnerable sections of societywho are facing severe disruptions to their livelihoods.
Due to pandemic the Company has not formulated a CSR Policy yet to take up Projects orprograms relating to CSR activities and the Corporate Social Responsibility Committee isunder process to formulate the CSR Policy in accordance with Section 135 read withSchedule VII to the Companies Act 2013.
Further the CSR Committee and the Board of the Company are now planning for effectiveimplementation of CSR Activity and also under the process to deposit the CSR contributionfor the financial year 2020-21 in separate bank account as per the above said provisionsof CSR .
36. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors would like to inform the members that the Audited Financial Statementfor the financial year ended 31st March 2021 are in full conformity with the requirementof the Act and they believe that the financial statements reflect fairly the form andsubstance of transactions carried out during the year and reasonably present the Company'sfinancial condition and results of operations. These Financial Statements are audited byM/s Venugopal & Chenoy Chartered Accountants Statutory Auditors of the Company.
Pursuant to the requirement of Section 134(5) of the Companies Act 2013 yourDirectors further confirm that:
a) In the preparation of the Annual Accounts the applicable Accounting Standards havebeen followed along with proper explanations 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 on 31stMarch 2021 and of the 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 the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;
d) The Directors have prepared the annual accounts on a going concern basis.
e) The directors in case of listed company have laid down internal financial controlsto be followed by the company and such controls are adequate and are operatingeffectively.
f) The Directors have devised proper system to ensure compliance with the provisions ofall applicable laws and that such systems are adequate and are operating effectively.
Your Company's equity shares are listedand traded on BSE limited.The Company has dulycomplied with all the applicable provisions of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 and the amendments therein.
38. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
As per the requirement of the Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 (POSH Act') and Rules made thereunder. TheCompany has constituted an Internal Complaints Committee headed by Smt. Pritha SanghiDirector for redressal of complaints on sexual harassment. During the year the Companyhad not received any complaint on sexual harassment and no complaint was pending as on31st March 2021.
39. DETAILS OF SIGNIFICANT& MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNAL:
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.
The Directors thank the Company's employees customers vendors and investors for theircontinuous support. The Directors also wish to place on record its appreciation for thesupport from Banks Stock Exchange & Other authorities for their able guidance andsupport.
|Date: 27.08.2021 || || |
|Place: Hyderabad || || |
| || |
For and on behalf of Board of Directors
| ||Sd/- ||Sd/- |
| ||(Ritesh Kumar Sanghi) ||(Sanjay Kumar Sanghi) |
| ||Managing Director ||Director |
| ||DIN:00628033 ||DIN:00629693 |