You are here » Home » Companies » Company Overview » Voltamp Transformers Ltd

Voltamp Transformers Ltd.

BSE: 532757 Sector: Engineering
NSE: VOLTAMP ISIN Code: INE540H01012
BSE 00:00 | 17 Aug 2820.75 -8.20
(-0.29%)
OPEN

2806.75

HIGH

2879.25

LOW

2784.70

NSE 00:00 | 17 Aug 2818.20 -5.15
(-0.18%)
OPEN

2820.00

HIGH

2885.95

LOW

2781.00

OPEN 2806.75
PREVIOUS CLOSE 2828.95
VOLUME 6875
52-Week high 3686.00
52-Week low 1325.00
P/E 19.85
Mkt Cap.(Rs cr) 2,855
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2806.75
CLOSE 2828.95
VOLUME 6875
52-Week high 3686.00
52-Week low 1325.00
P/E 19.85
Mkt Cap.(Rs cr) 2,855
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Voltamp Transformers Ltd. (VOLTAMP) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 54th Directors' Reportand Financial Statements for the Financial Year ended 31st March 2021.

FINANCIAL RESULTS:

(Rs in lakhs)

PARTICULARS 2020-2021 2019-2020 1
Net Sales and Service Income 69230.99 85857.57
Profit before Finance cost and Depreciation 14931.27 12235.30
Finance Cost 0.01 0.46
Depreciation 885.16 899.24
Profit Before Tax 14046.10 11335.60
Current Tax 2481.74 2990.48
Deferred Tax 252.39 (619.57)
Income Tax of earlier year 90.29 26.98
Net profit after Tax before comprehensive loss 11221.68 8937.71
Other Comprehensive Loss (100.14) (43.86)
Net Profit after Tax 11121.54 8893.85

PERFORMANCE REVIEW & STATE OF THE COMPANY AFFAIRS:

A) OPERATIONS:

In the year under review the Company has posted a sales and servicerevenue of Rs 692.30 crores as compared to Rs 858.57 crore in the previous year. The salesin term of volume decreased to 8729 MVA as compared to 10297 MVA in the previous year. TheProfit Before Tax (PBT) increased to Rs 140.46 crores as compared to Rs 113.35 crores inthe previous year and Profit After Tax (PAT) increased to Rs 111.21 crores as compared toRs 88.93 crores in the previous year. However operating profit was down to Rs 69.68 crorescompare to Rs 107.38 crores in the previous year.

During the year on the business front barring first two quarters of theyear the Company weathered the pandemic very well and able to maintain balance sheetquality and satisfactory performance in most turbulence time which we have not seen ingenerations. The GDP growth was back in positive territory (+0.4%) in 3Q FY: 20-21 after adecline of 24.4% and 7.3% respectively in IQ FY: 20-21 and 2Q FY: 20-21. India saw aV-shaped recovery as most consumption and industrial indicators were back in positivegrowth territory in the September-December quarter after being in deep negative in theJune quarter. The situation started improving slowly but suddenly the more widespread andintense second wave of the pandemic started from the beginning of FY:21-22. Second wave ismore intense compared with the first wave and it has been a setback for India's fledgingeconomic recovery. The second wave of pandemic has led to the reimposition of lockdownacross states resulting in loss of economic activity and disruption in industrialactivities. The uncertainty created by second wave is setback for the revival of theeconomy across regions.

In this uncertain environment created by pandemic and unprecedent risein major raw material prices based on position as on date the Company may not able tosustain past period margins in FY:21-22. However Company believes these are short termchallenges and it continues to pursue its long term growth strategy. With a robustmanufacturing base strong brand affinity and a competent workforce we are confident tolead the recovery in shorter period in post pandemic phase and strive to sustainprofitable and industry level growth in medium term.

The financial year 2021-2022 started with an order backlog of Rs 317.75crores (4431 MVA).

For detailed analysis of the performance please refer to theManagement Discussion and Analysis section of the Annual Report given in Annexure-IV.

B) COVID-19 UPDATE:

The COVID-19 pandemic is a global humanitarian and health crisis whichcontinues to impact all our stakeholders: employees customers vendors investors andcommunities in which we operate in. The actions taken by various state governments tocontain the pandemic such as closing of borders and lockdown restrictions have resultedin significant disruption to people and businesses. While vaccines have been madeavailable there are delays in vaccinating larger populations increased instances ofvariants and infections and consequential stress on the health sector. Consequentlymarket demand in some segments and supply chains have been affected. India isexperiencing a second wave of infections including with new variants of the COVID-19virus. In second wave there is a marked increase in the number of cases across regions anda small percentage of the Company employees or their families have been adverselyaffected. In addition India may experience future waves which may further stress thehealthcare ecosystem.

The Company accorded paramount priority to employees health and safetycontinuously review the rapidly changing situation to ensure that measures arecontinuously implemented to keep employees safe during the covid-19 pandemic and adoptedfollowing steps to combat Covid-19 pandemic situation. and keep business going:

- Suspension of all domestic and international travel.

- Enhanced sanitization at factories.

- Work from home policy wherever feasible.

- Educate employees about importance of masks social distancinghygiene and self-evaluation.

- Engage with customers digitally through webinars for knowledgesharing business development remote technocommercial negotiations and service supportfor trouble shooting and commissioning.

- Executed remote factory acceptance tests on products to helpcustomers to complete their projects in time.

- One time financial aid to all employees (on roll and contract) tomitigate financial hardship.

C) UPDATE ON AMALGAMATION OF KUNJAL INVESTMENTS PVT. LTD AND VOLTAMPTRANSFORMERS LTD :

The Board of Directors of the Company at its meeting held on 11th May2020 have considered and approved a Scheme of Amalgamation (the "Scheme")between Voltamp Transformers Limited ("VTL'' or "Company") and KunjalInvestments Private Limited ("KIPL") under Sections 230 to 232 read withsection 66 and other applicable provisions of the Companies Act 2013 ("2013Act").

The Scheme contemplates the amalgamation of KIPL with the Company andthe dissolution without winding up of KIPL pursuant thereto.

The Scheme has received requisite approval from the statutoryauthorities including SEBI Stock Exchanges Reserve Bank of India and the respectiveshareholders and creditors (secured and unsecured) of the Company and Kunjal InvestmentsPvt. Ltd (KIPL). Both the stock exchanges vide their letter dated February 25 2021directed the Company to file amalgamation Scheme with Hon'ble National Company LawTribunal ("NCLT") Ahmedabad bench for it's sanction. As per the said directionCompany have filed application under Section 230 to 232 of the Companies Act 2013 readwith Companies (Compromise Arrangement and Amalgamations) Rules 2016 seeking directionfor convening and holding the meetings of Equity shareholders Secured Creditor andUnsecured Creditors for considering and if thought fit approving with or withoutmodification a Scheme of Amalgamation of Kunjal Investments Pvt. Limited with VoltampTransformers Limited. The Hon'ble National Company Law Tribunal (NCLT) by an order datedMarch 24 2021 in the Company Application No. CA (CAA) NO.12/NCLT/AHM/2021 has directedinter alia that a meeting of the Equity shareholders Secured Creditor and UnsecuredCreditors of the Company be convened and held on Tuesday April 27 2021 throughvideo-conferencing (VC) or other audio-visual means (OAVM) to consider and if thoughtfit to approve with or without modification the proposed Scheme of Amalgamation betweenKunjal Investments Private Limited ('the Transferor Company') and Voltamp TransformersLimited ('the transferee Company'). Pursuant to the said Order the meetings of EquityShareholders Secured Creditor and Unsecured Creditors were held on April 27 2021through video conferencing / other audio visual means in compliance with the applicableprovisions of the Companies Act 2013 and the Listing Regulations. Said scheme wasapproved with requisite majority by Equity shareholders Secured Creditor and UnsecuredCreditors of the Company.

Voting Results of the aforesaid meetings are available on the websiteof the Company. Detail report on said meeting along with Chairman Report and Scrutinizer'sReport was filed with Hon'ble Tribunal for further process.

Final hearing in the said scheme was fixed on 09th June 2021 but onaccount of non availability of bench on the day of hearing matter stands adjourned forhearing on 29th June 2021. After getting sanction from the Hon'ble NCLT (Ahmedabad)bench amalgamation scheme shall be effective from filing of certified true copy of theorder with ROC office. Pending such approvals no accounting effect of the above mentionedScheme has been given in the financial statements for the year ended 31st March 2021.

DIVIDEND:

The Board of Directors has recommended a dividend of Rs 25 per equityshare having face value of Rs 10 each subject to the approval of the members at the 54thAnnual General Meeting ("AGM"). In the previous year the Company had paid aninterim Dividend of Rs 25 per equity share of Rs 10 each.

AMOUNT PROPOSED TO BE TRANSFERRED TO RESERVES :

The Company has made no transfer to reserves during F.Y. 2020-21.

CHANGE IN THE NATURE OF BUSINESS IF ANY:

There is no change in the nature of business during the financial year2020-21.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OFTHE COMPANY:

There have been no material changes and commitments affecting thefinancial position of the Company which have occurred between the end of the financialyear of the Company to which the financial statements relate and the date of the report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS ORCOURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

During the year 2020-21 no significant and material orders were passedby the regulators or courts or tribunals impacting the going concern status and Company'soperations in future.

DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

Your Company has no Subsidiary/Joint Ventures/Associate Companies.

DEPOSITS:

Your Company has not accepted any deposit during the year and there wasno deposit at the beginning of the year. Therefore Chapter V of the Companies Act 2013relating to acceptance of deposits is not applicable and hence no detail of the depositis given in the report.

SHARE CAPITAL:

During the year under review the Company has neither issued anysecurities nor has taken any Corporate Action for cancellation of issues securitieshence there is no change in share capital structure of the Company.

TRANSFER OF UNCLAIMED DIVIDEND AND SHARES TO INVESTOR EDUCATION ANDPROTECTION FUND:

The unclaimed dividend amount aggregating to Rs 204135 for thefinancial year ended on 31st March 2013 was transferred to the Investor Education andProtection Fund established by the Central Government during the financial year endedMarch 31 2021 pursuant to Section 124 of the Companies Act 2013. During the yearCompany has also transferred shares on which dividend remained unclaimed and unpaid for aperiod of consecutive seven years pursuant to the provisions of Investor Education andProtection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 andsubsequent amendments issued thereto by the Ministry of Corporate Affairs Government ofIndia.

DISCLOSURE OF PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The disclosure of particulars relating to conservation of energy andtechnology absorption and foreign exchange earnings and outgo as required by Section134(3) (m) of the Companies Act 2013 read with Rule 8 of the Companies (Accounts) Rules2014 is given in Annexure - I forming part of this report.

EMPLOYEES:

The industrial relations during the year under review have remainedcordial and satisfactory. The Board thanks all the Employees for their valuablecontribution to the working of the Company.

In accordance with the provisions of Section 197(12) of the CompaniesAct 2013 and Rule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 the names and other particulars of employees and theDisclosure pertaining to remuneration and other details are set out in the Annexure - IIto the Directors' Report. However as per the provisions of Section 136(1) of theCompanies Act 2013 the Directors' Report is being sent to the shareholders without thisAnnexure. Shareholders interested in obtaining a copy of the Annexure may write to theCompany Secretary at the Company's Registered Office. The information is also availablefor inspection at the corporate office during working hours up to the date of the AnnualGeneral Meeting.

CORPORATE GOVERNANCE:

In compliance with the requirements of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 a separate report on Corporate Governance isgiven in Annexure -III along with certificate from M/s. CNK & Associates LLPChartered Accountant (FRN : 101961W) confirming compliance with the requirement ofCorporate Governance.

MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed review of the operations performance and future outlook ofthe Company and its businesses is given in the Management Discussion and Analysis Reportwhich forms part of this Report as Annexure - IV.

STATUTORY AUDITORS:

At the 50th Annual General Meeting held on 12th August 2017 M/s. CNK& Associates LLP Chartered Accountant (FRN: 101961W) were appointed as StatutoryAuditors of the Company to hold the office till the conclusion of the Annual GeneralMeeting to be held in the year 2022.

The Report issued by M/s. CNK & Associates LLP CharteredAccountant (FRN: 101961W) Statutory Auditor for FY 2020-21 does not contain anyqualification reservation adverse remark or disclaimer.

The Auditor's certificate confirming compliance with conditions ofcorporate governance as stipulated under Listing Regulations for FY: 2020-21 is enclosedto the Directors' Report.

COST AUDITORS:

The Board of Directors on recommendation of the Audit Committee hasre-appointed M/s Y.S. Thakar & Co. Cost Accountants (Firm Registration No.000318 ) asCost Auditor of the Company for the Financial year ending March 31 2022 at aremuneration as mentioned in the Notice convening the 54th AGM and same is recommended foryour consideration and ratification.

The maintenance of cost records as specified by the Central Governmentunder sub-section (1) of Section 148 of the Companies Act 2013 is required by the Companyand accordingly such accounts and records are made and maintained. The Company has filedthe Cost Audit Report for F.Y. 2019-20 on 8th September 2020 which is within the timelimit prescribed under the Companies (Cost Records and Audit) Rules 2014. The Report doesnot contain any qualification reservation or adverse remark or disclaimer.

SECRETARIAL AUDITORS:

In accordance with the provisions of Section 204 of the Companies Act2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014the Company has appointed M/s. J. J. Gandhi & Company Practicing Company SecretariesVadodara to conduct the Secretarial Audit of the Company for the year ended 31 March2021. The Secretarial Auditor has submitted their report which is appended to this Reportas Annexure V. The Secretarial Audit Report does not contain any qualificationreservation adverse remark or disclaimer.

AUDIT COMMITTEE :

The Company has an Audit Committee pursuant to the requirements of theAct read with the Rules framed thereunder and LODR. Powers and role of the Audit Committeeare included in Corporate Governance Report forming part of this report.

COMMITTEES OF THE BOARD

The details of all committees and their terms of reference are set outin the Corporate Governance Report.

RISK MANAGEMENT POLICY AND INTERNAL FINANCE CONTROL ADEQUACY:

The Company has in place a mechanism to identify assess monitor andmitigate various risks in achieving key objectives of the Company. The Company hasdeveloped and implemented Risk Management Policy of the Company to identify & evaluatebusiness risks and opportunities. This framework seeks to create transparency minimizeadverse impact on the business objectives and enhance the Company's competitive advantage.

The internal control systems are commensurate with the nature size andcomplexity of the business of the Company. These are routinely tested and certified byStatutory as well as Internal Auditors.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors of the Company at their meeting held on 14thAugust 2020 have appointed Smt. Paulomi J. Lashkari as an Additional Director (WomanIndependent) of the Company w.e.f. 14th August 2020 to hold office up to the ensuingAnnual General Meeting pursuant to section 161 (1) of the Companies Act 2013 (the"Act") and the rules made thereunder. In terms of Section 149 and any otherapplicable provisions if any of the Companies Act 2013 Smt. Paulomi J. Lashkari isproposed to be appointed as an Independent Director for five (5) consecutive yearseffective from 14th August 2020 to 13th August 2025. Appropriate resolution for theappointment of Smt. Paulomi J. Lashkari as an Independent Director of the Company is beingplaced for the approval of shareholders of the Company at this AGM. The brief resume andother related information has been detailed in the Notice convening 54th AGM of theCompany.

The Board of Directors of the Company at their meeting held on 14thAugust 2020 have appointed Shri Rajendra C. Patel as an Additional Director (Independent)of the Company w.e.f. 14th August 2020 to hold office up to the ensuing Annual GeneralMeeting pursuant to section 161 (1) of the Companies Act 2013 (the "Act") andthe rules made thereunder. In terms of Section 149 and any other applicable provisions ifany of the Companies Act 2013 Shri Rajendra C. Patel is proposed to be appointed as anIndependent Director for five (5) consecutive years effective from 14th August 2020 to13th August 2025. Appropriate resolution for the appointment of Shri Rajendra C. Patel asan Independent Director of the Company is being placed for the approval of shareholders ofthe Company at this AGM. The brief resume and other related information has been detailedin the Notice convening 54th AGM of the Company.

The Board of Directors of the Company by resolution dated 14th August2020 appointed Smt. Taral K. Patel (DIN: 00023066) as an Additional Director(Non-executive) liable to retire by rotation of the Company w.e.f. 14th August 2020 tohold office up to the ensuing Annual General Meeting pursuant to section 161 (1) of theCompanies Act 2013 (the "Act") and the rules made thereunder. Appropriateresolution for the appointment of Smt. Taral K. Patel (DIN: 00023066) as a Non-executiveDirector of the Company is being placed for the approval of shareholders of the Company atthis AGM. The brief resume and other related information has been detailed in the Noticeconvening 54th AGM of the Company.

During the year there is no change in Key Managerial Personnel of theCompany.

RETIREMENT BY ROTATION AND SUBSEQUENT RE-APPOINTMENT:

Shri Kanubhai S. Patel Chairman and Managing Director of the Companyis liable to retire by rotation at this 54th AGM pursuant to section 152 and otherapplicable provisions if any of the Companies Act 2013 read with Companies(Appointment and Qualification of Directors) Rule 2014 (including any statutorymodification(s) or re-enactment(s) thereof for the time being in force) and beingeligible has offered himself for re-appointment. Appropriate resolution for hisreappointment is being placed for the approval of shareholders of the Company at this AGM.

DIRECTORS RESPONSIBILITY STATEMENT:

In terms of Section 134(3) (c) of the Companies Act 2013 theDirectors to the best of their knowledge and belief and according to the information andexplanations obtained by them in the normal course of their work state that in allmaterial respects:

(a) that in the preparation of the annual financial statements for theyear ended March 31 2021 the applicable accounting standards had been followed alongwith proper explanation relating to material departures if any;

(b) that the Directors have selected such accounting policies andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the Company at the end ofthe financial year March 31 2021 and of the profit of the Company for that period;

(c) that proper and sufficient care has been taken for the maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

(d) that Financial Statements have been prepared on a going concernbasis;

(e) that internal financial controls to be followed by the Company havebeen laid down and that such internal financial controls are adequate and are operatingeffectively. and

(f) that proper systems to ensure compliance with the provisions of allapplicable laws are in place and that such systems are adequate and operating effectively.

INDEPENDENT DIRECTORS:

The Independent Directors hold office for a fixed term and are notliable to retire by rotation.

Each Independent Director has given written declaration to the Companyconfirming that he/she meets the criteria of independence as mentioned under Section149(6) of the Act and regulation 16(1)(b) of the Listing Regulations. The IndependentDirectors have also submitted a declaration that they are not aware of any circumstance orsituation which exist or may be reasonably anticipated that could impair or impact theirability to discharge their duties with an objective independent judgment and without anyexternal influence pursuant to Regulation 25 of the Listing Regulations.

NUMBER OF MEETINGS OF THE BOARD:

During the financial year under review five Board Meetings of theBoard of Directors were held. The details of the attendance of Directors at the BoardMeetings are mentioned in the report on the Corporate Governance annexed hereto.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:

The Policy of the Company on Directors' appointment and remunerationincluding criteria for determining qualifications positive attributes independence of aDirector and other matters provided under sub-section (3) of section 178 is appended asAnnexure - VI to this Report. The Policy has been posted on the website of the Company(http://www.voltamptransformers.com/ pdf/nomination_remuneration_policy.pdf)

ANNUAL EVALUATION BY THE BOARD:

The evaluation framework for assessing the performance of Boardincluding the individual Directors are based on certain key measures viz. Attendance ofBoard Meetings and the Committee Meetings qualitative contribution in deliberations onagenda items long term view in the inputs regarding development and sustainability of theCompany and consideration of shareholders and other stakeholders' interests.

The evaluation involves Self-Evaluation by the Board Member andsubsequently assessment by the Board of Directors. A member of the Board does notparticipate in the discussion of his / her evaluation. The Board of Directors hasexpressed their satisfaction to the evaluation process.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:

There are no guarantees and securities given in respect of whichprovision of section 186 of the Act are applicable. Provision of section 186 in respect ofloans and advances given and investment made have been complied with by the Company.Details of the same is available in notes to the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERREDTO IN SECTION 188(1):

There are no contracts or arrangements entered into with relatedparties except payment of managerial remuneration to Managing Directors and Whole-timeDirector. Further the policy on Related Party Transactions duly approved by the Board ofDirectors of the Company has been posted on the website of the Company.(http://www.voltamptransformers.com/pdf/related_party_transactions_policy.pdf)

CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility (CSR) Committee was constituted bythe Board of Directors pursuant to Section 135 of the Companies Act 2013 and CSR policyhas also been framed by the Board as per the said Section and the Rules made thereunder.The Policy on CSR has been posted on the website of the Company(http://www.voltamptransformers.com/pdf/ corporate_social_responsibility_policy.pdf).

The details about initiatives taken by the Company on Corporate SocialResponsibility during the year is appended at Annexure - VII of the report.

EXTRACT OF ANNUAL RETURN:

Extract of Annual Return in Form MGT-9 as on 31.03.2021 is appended tothis Report as Annexure VIII in compliance with section 134(3)(a) of the Act.

ANNUAL RETURN:

In accordance with the provisions of Section 92(3) of the Act AnnualReturn of the Company can be accessed at http://www.voltamptransformers.com.

VIGIL MECHANISM /WHISTLE BLOWER POLICY:

The Whistle Blower Policy (Vigil Mechanism) was constituted by theBoard of Directors pursuant to Section 177 of the Companies Act 2013 and the Rules madethereunder to report genuine concerns of Directors and Employees. The Policy has beenposted on the website of the Company(http://www.voltamptransformers.com/pdf/whistle_blower_policy.pdf).

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

The Company has in place an Anti Sexual Harassment Policy in line withthe requirements of the Sexual Harassment of Women at the Workplace (PreventionProhibition and Redressal) Act 2013 and Rules framed thereunder. Internal ComplaintCommittee (ICC) has been set up to redress complaints received regarding sexualharassment. All employees (permanent contractual temporary trainees) are covered underthis policy. During the year under review no complaints were reported to the Board.

BUSINESS RESPONSIBILITY REPORT:

As stipulated under the listing Regulations the BusinessResponsibility Report describing the initiatives taken by the Company from anenvironmental social and governance perspective is attached in the format prescribed asAnnexure IX and forms integral part of the Annual Report.

SECRETARIAL STANDARD:

The Company comply with all applicable secretarial standards issued bythe Institute of Company Secretaries of India.

APPRECIATION AND ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for thecontinued support & co-operation extended during the year by the Company's customersbusiness associates vendors bankers investors Govt. authorities & otherStakeholders.

The Board also expresses its appreciation towards the contribution madeby all the Employees of the Company.

FOR AND ON BEHALF OF THE BOARD
Place : Vadodara KANUBHAI S. PATEL
Date : June 25 2021 CHAIRMAN & MANAGING DIRECTOR

.