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Univastu India Ltd.

BSE: 538442 Sector: Infrastructure
NSE: UNIVASTU ISIN Code: INE562X01013
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Univastu India Ltd. (UNIVASTU) - Director Report

Company director report

Dear Members

The Directors of your Company are pleased to present the Twelfth (12th)Annual Report of your Company together with the Audited Financial Statements for the year2020-21 ended on 31 March 2021.

i. FINANCIAL RESULTS OF OUR OPERATIONS:

Your Company's Standalone Financial Statements are prepared on the basis of theSignificant Accounting Policies that are carefully selected by Management the Board ofDirectors. These Accounting policies are reviewed from time to time.

(Rs. In Lakhs)

PARTICULARS 31 March 2021 31 March 2020
Total Revenue 5111.72 10260.70
Total Expenditure 3854.52 9708.02
Profit/(loss) before Tax 1295.55 552.68
Tax Expenses: Current Tax 344.04 120.88
Deferred Tax 2.13 17.26
Net Profit/(Loss) After Tax 949.38 414.54

Your Company continues with its rigorous cost restructuring exercises and efficiencyimprovements which have resulted in significant savings through continued focus on costcontrols and process efficiencies thereby enabling the Company to maintain profitablegrowth in the current economic scenario.

ii. consolidated financial results of the company:

The Consolidated Financial Statements of the Company and its Subsidiary and Associatescompanies prepared in accordance with the Companies Act 2013 and applicable AccountingStandards along with all relevant documents and the Auditors' Report form part of thisAnnual Report. The Consolidated Financial Statements presented by the Company include thefinancial results of its associates Companies:

(Rs. In Lakhs)

PARTICULARS 31 March 2021 31 March 2020
Total Revenue 5162.76 10646.86
Total Expenditure 3849.49 10062.42
Profit/(loss) before Tax 1313.27 584.44
Tax Expenses: Current Tax 349.75 127.76
Deferred Tax-C.Y. 2.29 17.64
Net Profit/(Loss) After Tax 961.23 439.04

iii. DIVIDEND:-

Considering the future growth plans of the Company the Board of Directors does notrecommend any dividend for the financial year ended on 31 March 2021.

IV. MANAGEMENT DISCUSSION AND analysis REPORT:

Management Discussion and Analysis Report for the year under review as requiredpursuant to the provisions of Regulation 34(2)(e) read with Schedule V(B) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 is annexed herewith videAnnexure I and forms an integral part of this Annual Report.

V. PARTICULARS OF INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO SECTION134 OF THE COMPANIES ACT 2013 RULE 8 OF THE COMPANIES (ACCOUNTS) RULES 2014 AND RULE 5OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014:

1. EXTRACT OF ANNUAL RETURN:

In terms of Section 92(3) read with Section 134 (3) (a) of the Companies Act 2013read with Rule 12 of the Companies (Management and Administration) Rules 2014 includingamendments thereunder the Annual Return filed with the Ministry of Corporate Affairs(MCA) for the Financial Year 2019-2020 is available on the website of the Company viz.www.univastu.in and the Annual Return for the Financial Year 2020-21 will be madeavailable on the website of the Company once it is filed with the MCA.

2. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR:

The Board met 6 (Six) times during the Financial Year the details of which are givenin the Corporate Governance Report that forms part of this Annual Report. The interveninggap between any two meetings was within the period prescribed by the Companies Act 2013.

3. CHANGE(S) IN THE NATURE OF BUSINESS IF Any

There is no change in the nature of business of the Company during the financial yearunder review.

4. DIRECTOR'S RESPONSIBILITY STATEMENT:-

Pursuant to the provisions contained in Section 134(5) of the Companies Act 2013 yourDirectors confirm that:

a. in the preparation of the annual accounts for the year ended 31st March2021 the applicable accounting standards have been followed and there were no materialdepartures;

b. the directors had selected accounting policies as mentioned in the Notes formingpart of the Financial Statements and applied them consistently. Further made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the stateof affairs of the company at the end of the financial year and Profit of the Company forthat period;

c. proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions this 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. proper internal financial controls were in place and that the internal financialcontrols were adequate and were operating effectively;

f. proper systems to ensure compliance with the provisions of all applicable laws andthat such systems were adequate and operating effectively.

5. DETAILS OF APPOINTMENT AND RESIGNATION OF DIRECTORS/ KEY MANAGERIAL PERSONNEL:

Director's appointed/re-appointed during the year:

Name of Director Designation Appointment/ Resignation
Mrs. Rajashri Khandagale Non-Executive Director Re-appointed w.e.f. 29 September 2020 (AGM) subject to retirement by rotation.
Mr. Narendra Bhagatkar Independent Director Appointed as Director w.e.f 1 June 2020.
Executive Director Change in designation and appointment as a Whole Time Director designated as "Executive Director" w.e.f. 1 July 2020.

Key Managerial Personnel appointed during the year:

During the period under review there has been no change in the Key ManagerialPersonnel of the Company.

Directors and Key Managerial Personnel resigned during the year 2020-21:

During the year under review there has been no change in Directors and Key ManagerialPersonnel of the Company.

6. DETAILS OF DIRECTOR APPOINTED/RE-APPOINTED AT THE ENSUING ANNUAL GENERAL MEETING:

Mrs. Rajashri Khandagale retires by rotation at the ensuing Annual General Meeting andbeing eligible offers herself for re-appointment.

Non-executive Independent Director Major General (Dr.) Vijay P. Pawar AVSM VSM willattain the age of 75 years on 24 September 2021. In accordance with the provisions ofRegulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the matter of continuation of his directorship is proposed at theensuing Annual General Meeting.

The brief resumes and other details relating to Directors who are proposed to bere-appointed as required to be disclosed under Regulation 36 (3) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 forms part of the Statementsetting out material facts annexed to the Notice of the Annual General Meeting.

The resolutions seeking approval of members for the re-appointment of these Directorshave been incorporated in the Notice of the forthcoming Annual General Meeting of theCompany

7. declaration under SECTION 149(6) Of THE COMPANIES ACT 2013 From THE INDEPENDENTDIRECTORS:-

All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149 (6) of the Companies Act 2013 and Rulesthereunder including amendments thereto and Regulation 16 (1) (b) and 25 (8) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 including amendmentsthereto and also confirmed that they have complied with the Code for Independent Directorsprescribed in Schedule IV to the Act.

Further pursuant to Sub-rule (1) and (2) of Rule 6 of the Companies (Appointment andQualifications of Directors) Rules 2014 and amendments thereto all Independent Directorsconfirmed that they have enrolled their name in the data bank with the Institute ofCorporate Affairs New Delhi India within prescribed time period.

The Company has laid down a Code for the Board of Directors and Senior Management ofthe Company (Code of Conduct). The Code of Conduct is available on the Company's websiteviz. www.univastu.in.

All the Board Members and Senior Management Personnel of the Company have affirmedcompliance with the Code of Conduct.

8. BOARD'S OPINION REGARDING INTEGRITY EXPERTISE AND EXPERIENCE (INCLUDING THEPROFICIENCY) OF INDEPENDENT DIRECTORS

No Independent director was appointed during the year.

9. company's policy on directors' appointment AND REMUNERATION:

The Board has on the recommendation of the Nomination and Remuneration Committeeadopted Policy for selection and appointment of Directors Key Managerial Personnel andSenior Management Personnel and their remuneration.

The Nomination and Remuneration Policy is available on the website of the Company viz.www.univastu.com

10. DISCLOSURES UNDER SECTION 197 (12) OF THE COMPANIES ACT 2013 AND RULE 5 OF THECOMPANIES (APPOINTMENT And Remuneration Of Managerial Personnel) Rules 2014:

In accordance with the provisions of Sec. 197(12) of the Companies Act 2013 read withrule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 as amended is not applicable to the Company as there was no employee drawingremuneration of Rs. One Crore and Two lakh per annum or Rs. Eight lakh and Fifty thousandper month during the year ended March 31 2021.

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 is provided in a separate annexure forming part of thisreport. Further the report and the accounts are being sent to the members excluding theaforesaid annexure. In terms of Section 136(1) of the Act the said annexure is open forinspection at the Registered Office of the Company. Any shareholder interested inobtaining a copy of the same may write to the Company Secretary.

11. PERFORMANCE EVALUATION:

Regulation 4 (2) (f) (ii) (9) of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 mandates that the Board shall monitor and review the Boardevaluation framework. Also the Companies Act 2013 states that a formal annual evaluationneeds to be made by the Board of its own performance and that of its Committees andindividual Directors. In addition Schedule IV to the Companies Act 2013 states that theperformance evaluation of Independent Directors shall be done by the entire Board ofDirectors excluding the Director being evaluated. The Board works with the Nomination& Remuneration Committee to lay down the evaluation criteria for the performance ofExecutive / Non Executive / Independent Directors.

The evaluation of all the Directors Committees and the Board as a whole was conductedbased on the criteria and framework adopted by the Board. The Board approved theevaluation results as collated by the Nomination & Remuneration Committee.

12. AUDITORS:-

a) Statutory Auditors

At the annual general meeting of the company held on 29 September 2020 M/s P. V. PAGE& Co. Chartered Accountants Mumbai were re-appointed as statutory auditors of thecompany for a second term of five consecutive years (i.e. from the FY 2020-21 to FY2024-25) to hold office up to the conclusion of the annual general meeting of the Companyto be held in the year FY 2025-26.

The Company has received a certificate from the Statutory Auditors to the effect thatthey are fulfilling requirements prescribed under the provisions of Section 141 of theAct.

b) Secretarial Auditors

Section 204 of the Companies Act 2013 inter-alia requires every listed company toannex with its Board's report a Secretarial Audit Report given by a Company Secretary inpractice in Form MR-3.

The Board of Directors appointed CS Neha Amol Limaye Practicing Company SecretariesPune as the Secretarial Auditor to conduct Secretarial Audit of the Company for FinancialYear 2020-21 and their report is annexed to this Board report as Annexure II.

CS Neha Amol Limaye has submitted Secretarial Compliance Report as laid down in SEBICircular CIR/CFD/ CMD1/27/2019 dated 8 February 2019 and has also confirmed that theCompany has complied with of all applicable SEBI Regulations and circulars / guidelinesissued thereunder for the Financial Year 2020-21.

CS Neha Amol Limaye Practicing Company Secretaries was re-appointed as SecretarialAuditor to conduct Secretarial Audit for the financial year 2021-22.

c) internal Auditors

M/s. K H S & Associates Chartered Accountant Mumbai (FRN W131893) werere-appointed as internal auditors of the Company for the Financial Year 2021-22 to performthe duties of internal auditors and their report is reviewed by the audit committee fromtime to time.

d) Cost Audit/Cost Record :

As per the requirements of the Section 148 of the Act read with the Companies (CostRecords and Audit) Rules 2014 the Company is required to maintain cost records andaccordingly such accounts are made and records has been maintained in respect of theapplicable products for the year ended 31st March 2021.

M/s. Shekhar Joshi & Co Cost Accountants Mumbai were appointed as Cost Auditor ofthe company for the financial year 2021-22 to conduct audit of Cost records.

13. AUDITORS REPORT:

The Statutory Auditors' Report does not contain any qualification reservation oradverse mark.

14. fraud reporting BY auditors:

The Auditor of the company in the course of the performance of his duties as auditorhas not found any fraud committed by its officers or employees during the financial year2020-21. However no fraud reporting made by the Auditor to the Board of Directors of thecompany under section 143(12) of the Companies Act 2013.

15. explanation or comments on remarks made by the statutory auditors and thesecretarial

AUDITORS in THEIR REPORTS:

There were no qualifications reservations or adverse remarks made by the StatutoryAuditors and Secretarial Auditors in their report.

16. COMPOSITION OF THE AUDIT COMMITTEE:

The composition of the Audit Committee has been reported in the Report on CorporateGovernance annexed to this Report.

17. VIGIL MECHANISM:-

The Company has a Whistle Blower Policy / Vigil Mechanism (the Policy) to deal withinstances of fraud unethical behavior etc. The Policy provides a mechanism for Directorsand employees of the Company and other persons dealing with the Company to report genuineconcerns including but not limited to unethical behavior actual or suspected fraud orviolation of the Company's Code of Conduct for Board of Directors and Senior Management orethics policy or leakage of Unpublished Price Sensitive Information (UPSI) by any personwho is in possession of UPSI to any other person in any manner whatsoever except asotherwise permitted under the SEBI (Prohibition of Insider Trading) Regulations 2015 orany other instance to the Chairman of the Audit Committee of the Board of Directors of theCompany. The Policy is placed on the Company's website viz. www.univastu.in.

18. STATE OF COMPANY'S AFFAIRS AND BUSINESS OVERVIEW:

Discussion on state of Company's affairs and business overview has been covered in theManagement Discussion and Analysis Report forming part of this Annual Report.

19. CHANGES IN SHARE CAPITAL:

During the year The Authorised Share capital of the company was Rs. 120000000(Twelve crore) comprising of 12000000 (One crore Twenty Lac) equity shares of Rs 10/-each and the paid up equity share capital of the Company was Rs. 113646000 (ElevenCrore Thirty Six Lacs Fourty Six Thousand) comprising of 11364600 (One crore TwentyLac) equity shares of Rs 10/- each as on 31 March 2021.

The Board of Directors have proposed to increase Authorized Share Capital of theCompany from Rs. 120000000 (Rupees Twelve Crore Only) divided into 12000000 (OneCrore Twenty Lacs) equity shares of Rs. 10/- each to Rs. 200000000 (Rupees Twenty CroreOnly) divided into 20000000 (Two Crore) equity shares of Rs. 10/- each by creation ofadditional 8000000 (Eighty Lacs) equity shares of Rs. 10/- each subject to approval ofshareholders at the ensuing Annual General Meeting.

The company did not issue shares with differential voting rights nor sweat equity norgranted employee stock option scheme during the financial year under review. During theyear under review the company has not launched any scheme for the provision of money forpurchase of its own shares by employees or by trustees for the benefit of employees.

20. ALTERATION OF MEMORANDUM OF ASSOCIATION:

As a part of expansion plan the Board of Directors have proposed to alter the Mainobjects of the Memorandum and Articles of Association of Company to enable the Company tostep into the business of Agricultural Waste Recycling; Aerospace defense and internalsecurity; Agriculture and Allied Activities and Home Automation that would be profitablefor the Company as part of long term plan; subject to approval of the members by way ofspecial resolution at the ensuing Annual General meeting.

21. DETAILS OF SUBSIDIARY :

Your Company has one Subsidiary Company viz. Univastu HVAC India Private Limited.

The performance of the Company for the FY 2020-21 is explained in detail in ManagementDiscussion and Analysis section of the Annual report.

The audited financial statements in respect of subsidiary company shall be kept openfor inspection at the Registered Office of the Company on all working days between 11.00a.m. to 1:00 p.m. up to the date of the forthcoming AGM. Further the Company will makeavailable the audited annual accounts and related information of the subsidiary companiesupon request by any Member of the Company.

22. NAMES Of THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES JOINTVENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

None.

23. PARTICULARS OF SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES:-

During the financial year the Board reviewed the affairs of its associate companiesand pursuant to provisions of Section 129(3) of the Companies Act 2013 details ofassociate companies in prescribed Form AOC-1 is enclosed as Annexure iii as a part of thisBoard's Report.

There are no Joint Ventures of the Company.

24. PARTICULARS OF CONTRACTS OR AGREEMENTS WITH RELATED PARTIES (SECTION 188):-

The transactions with the related parties are governed by prevailing regulatoryrequirements and company's policy on dealing with such transactions.

All contracts / arrangements / transactions entered by the Company during the financialyear with related parties were in its ordinary course of business and on arms' lengthbasis.

Particulars of contracts or arrangements with related parties within the meaning ofSection 188 (1) of the Companies Act 2013 in Form AOC-2 of the Companies (Accounts)Rules 2014 are enclosed as Annexure-IV to this report.

25. CASH FLOW:

A Cash Flow Statement for the year ended 31 March 2021 is attached to the BalanceSheet as a part of the Financial Statements.

26. COMPLIANCES WITH RESPECT TO APPLICABLE SECRETARIAL STANDARDS:

During the year under review the Company has complied with all the applicablesecretarial standards.

27. AMOUNT TRANSFERRED TO RESERVES:

During the year the Company has not received any premium on allotment of EquityShares. However an amount of Rs. 44207398/- has been lying in share premium accountbesides no other amount has been transferred to general Reserves.

28. PARTICULARS Of LOANS GUARANTEES OR INVESTMENTS (SECTION 186):

The Company has not granted any loan given guarantee or made investment during theyear ending on 31 March 2021.

29. UNSECURED LOANS ACCEPTED FROM DIRECTORS OR THEIR RELATIVES:

During the financial year 2020-21 the Company has not accepted unsecured loans fromdirectors. The outstanding balance of the same as on 31March 2021 was Rs.36.67 Lacs.

30. DEPOSITS:-

The Company has not accepted any deposits within the meaning of section 73 of theCompanies Act 2013 during the year ending on 31 March 2021.

31. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND IF ANY:

The company was not required to transfer the unclaimed dividend to Investor Educationand Protection Fund during the year under review.

32. DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT: (PARA F OF SCHEDULE V OF THE SEBILISTING REGULATIONS 2015)

The Company doesn't have shares in suspense account.

33. Significant OR MATERIAL ORDERS:-

During the year ending on 31 March 2021 no regulatory or court or tribunal has passedany order impacting the going concern status of the company and its operations in future.

34. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION FROM THE END OFTHE FINANCIAL YEAR TO THE DATE OF THIS REPORT:

There have no material changes and commitments affecting the financial position of thecompany from the end of the year up to the date of this report. Further there has been nochange in the nature of business carried on by the Company.

35. RISK MANAGEMENT Policy:

Risk management is the process of identification assessment and prioritization ofrisks followed by coordinated efforts to minimize monitor and mitigate/control theprobability and/or impact of unfortunate events to maximize the realization ofopportunities. The company has a process of preparing a comprehensive risk assessment andminimization procedure. These procedures are meant to ensure that executive managementcontrols risk by way of a properly defined framework. The major risks are being identifiedby the company and its mitigation process/measures being formulated in areas ofoperations recruitment financial processes and reporting human resources and statutorycompliance.

36. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:-

The management of your company would like to share the highlights of its performancereview on the conservation of energy technology absorption foreign exchange earnings andoutgo as below:

A. CONSERVATION OF ENERGY:-

(i) Steps taken or impact on conservation of energy: Energy conservation dictates howefficiently a Company can conduct its business operations and the Company has understoodthe value of energy conservation in decreasing the deleterious effects of global warmingand climate change. Whereas the Company is running its business by optimal use of energywhich providing the Company and its management the new challenging task to perform.

(ii) Steps taken by the company for utilizing alternate sources of energy: The Companymakes every possible effort to save the energy. It makes timely maintenance of accessoriesused in providing services to make optimum utilization of electricity. As a result theelectricity bill of the Company is stabilized and controlled.

(iii) Capital investment on energy conservation equipment's: The Company found enoughsystem and equipment; hence it was not required to make additional investment on energyconservation related equipment's.

B. TECHNOLOGY ABSORPTION:-

(i) The Company has started its business operations effectively whereas no such newtechnology was absorbed.

(ii) The Company was not required to import any technology related equipment during theperiod under review.

(iii) The Company is running its business operations effectively and in this regardsthe management has also hired a good team of technical professionals into its businessprofile who always work for an improvement of Company's business objectives. The Companywas not required to have separate department of research and development activities as ofnow.

C. FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review there were neither earnings nor outgo of any money inForeign exchange.

37. details in respect of adequacy of internal financial control with reference to thefinancial

STATEMENTS:

The Company has developed a strong two-tier internal control framework comprisingentity level controls and process level controls. The entity level controls of the Companyinclude elements such as defined Code of Conduct Whistle Blower Policy / Vigil Mechanismrigorous management review and Management Information System (MIS) and strong internalaudit mechanism. The process level controls have been ensured by implementing appropriatechecks and balances to ensure adherence to Company policies and procedures efficiency inoperations and also reduce the risk of frauds.

Regular management oversight and rigorous periodic testing of internal controls makesthe internal controls environment strong at the Company. The Audit Committee along withthe Management oversees results of the internal audit and reviews implementation on aregular basis.

38. CORPORATE SOCIAL RESPONSIBILITY (CSR):-

In compliance with provisions Section 135 read with Schedule VII of the Companies Act2013 CSR Committee has been constituted and CSR policy has been adopted by the Company.Reporting on CSR in format specified is annexed as 'Annexure V' to this Report.

39. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:-

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this Policy. The Policy is gender neutral.

During the year under review no complaints received regarding harassment by thecompany from its employees (permanent contractual temporary trainees).

40. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE ENDOF THE FINANCIAL YEAR.

None as at 31 March 2021.

41. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONETIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONS THEREOF.

Not applicable.

42. CORPORATE GOVERNANCE:-

A separate section on Corporate Governance standards followed by the Company asstipulated under regulation 34(3) read with schedule V of SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015 is enclosed as an Annexure to this report. Thereport on Corporate Governance also contains certain disclosures required under theCompanies Act 2013. Report on Corporate Governance is enclosed as an Annexure VI to thisReport.

In terms of Regulation 34 (3) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a Report on the Corporate Governance along with theCompliance Certificate issued by the Statutory Auditors of the Company is attached andforms part of the Annual Report.

43. CAUTIONARY STATEMENT:

Statements in this Report particularly those which relate to Management Discussion andAnalysis describing the Company's objectives projections estimates and expectations mayconstitute 'forward looking statements' within the meaning of applicable laws andregulations. Actual results may differ materially from those either expressed or implied.

44. ACKNOWLEDGEMENT:-

The directors wish to convey their gratitude and place on record their appreciation forall the employees at all levels for their hard work valuable contribution and dedicationduring the year.

The Directors also wish express their deep sense of appreciation to CustomersShareholders Vendors Bankers Business Associates Regulatory and Government Authoritiesfor their consistent support.

For and on behalf of the Board of Directors
Sd/- Sd/-
Mr. Pradeep Khandagale Mrs. Rajashri Khandagale
Chairman and Managing Director Non-executive Director
Place: Pune
Date: 24 June 2021

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