You are here » Home » Companies » Company Overview » Wanbury Ltd

Wanbury Ltd.

BSE: 524212 Sector: Health care
NSE: WANBURY ISIN Code: INE107F01022
BSE 00:00 | 29 Nov 53.45 2.00
(3.89%)
OPEN

50.70

HIGH

53.90

LOW

50.70

NSE 00:00 | 29 Nov 53.50 1.80
(3.48%)
OPEN

52.00

HIGH

54.00

LOW

50.55

OPEN 50.70
PREVIOUS CLOSE 51.45
VOLUME 1830
52-Week high 111.75
52-Week low 49.15
P/E
Mkt Cap.(Rs cr) 175
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 50.70
CLOSE 51.45
VOLUME 1830
52-Week high 111.75
52-Week low 49.15
P/E
Mkt Cap.(Rs cr) 175
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wanbury Ltd. (WANBURY) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting herewith the 34thAnnual Report of the business and operations alongwith Audited Financial Statements of theCompany for the Financial Year ended 31stMarch 2022

FINANCIAL HIGHLIGHTS (STANDALONE):

The summarised financial highlights for the year under review are asunder:

(Rs in Lakhs)

PARTICULARS 2021-2022 2020-2021
Total Revenue from operations 51118.57 39251.75
Other Income 150.79 240.40
Total Income 51269.36 39492.15
Total Expenses 50793.35 40732.72
Profit /(Loss) Before Exceptional Items & Tax 476.01 (1240.57)
Exceptional Items - Gain on Sale of Brands 7636.76 -
Profit /(Loss) Before Tax 8112.77 (1240.57)
Less: Tax including deferred Tax (34.62) 20
Net Profit / (Loss) after tax 8147.39 (1260.57)

CONSOLIDATED ACCOUNTS:

The Consolidated Financial Statements of your Company for the FinancialYear 2021-2022 are prepared in compliance with applicable provisions of the Companies Act2013 read with Ind AS 110 -'Consolidated Financial Statements'. The Consolidated FinancialStatements have been prepared on the basis of audited financial statements of yourCompany its subsidiaries and associate companies as approved by the respective Board ofDirectors.

TRANSFER TO RESERVES:

During the year under review no amount was transferred to generalreserves.

OPERATIONAL REVIEW/AFFAIRS OF THE COMPANY & FUTURE OUTLOOK:

The Financial Highlights are as under:

The Total Income for the Financial Year under review was ' 51118.57Lakhs as against ' 39251.75 Lakhs in the previous year. The Total Expenses incurredin the current Financial Year was ' 50793.35 Lakhs as against ' 40732.72 Lakhs inthe previous year.

The Profits for the Financial Year under review was ' 8147.39 Lakhsas against a loss of ' 1260.57 Lakhs in the previous Financial Year.

SHARE CAPITAL:

The paid up capital of the Company is ' 326654980/- The Company hadissued 5450000 convertible warrants shares by way of preferential issue during thefinancial year 2021-2022.

MANAGEMENT'S DISCUSSION AND ANALYSIS:

In terms of the provisions of Regulation 34 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 a separate section onManagement Discussion and Analysis (MDA) which also includes further details on the stateof affairs of the Company forms part of this Annual Report.

DIVIDEND:

As the networth of the Company is negative the Board of Directors ofthe Company has not recommended any dividend for the Financial Year 2021-2022.

ANNUAL RETURN:

Pursuant to the provisions of Sections 134(3)(a) and 92(3) of the Actread with Rule 12(1) of the Companies (Management and Administration) Rules 2014 theAnnual Return as on 31st March 2022 is placed on the website of the Company athttp://www. wanbury.com/.

DEPOSITS:

The Company has not accepted any deposits during the year under review.Further there are no deposits which remained unpaid / unclaimed at the beginning or atthe end of the year under review.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors of the Company consists of the following:

Sr. Name of Directors No. Category
1 Mr. K. Chandran Promoter and Executive Director
2 Mr. N. K. Puri Non-Executive Independent Director
3 Ms. Pallavi P Shedge Non-Executive Independent Woman Director
4 Mr. Binod Chandra Maharana # Non-Executive Independent Director
5 Dr. Manisha Juvekar $ Non-Executive Independent Director
6 Ms. Anupama Vaidya* Non-Executive Independent Director (w.e.f. 17.03.2022)

# Mr. Binod Chandra Maharana (DIN - 07095774) was re-appointed asa Director in the capacity of Non-Executive Independent Director of the Company at theExtra-Ordinary General Meeting held on 17th March 2022..

$ Dr Manisha Juvekar (DIN - 09053979) was re-appointed as aDirector in the capacity of Non-Executive Independent Director of the Company at theExtra-Ordinary General Meeting held on 17th March 2022.

* Ms. Anupama Vaidya (DIN - 02713517)) was appointed as Director inthe capacity of Non-Executive Independent Director of the Company at the Extra-OrdinaryGeneral Meeting held on 17th March 2022.

Mr. N. K. Puri Ms. Pallavi P Shedge Mr. Binod Chandra Maharana DrManisha Juvekar and Ms. Anupama Vaidya are Independent Directors who are not liable toretire by rotation.

During the year under review Mr. S. K. Bhttacharyya Non-executiveIndependent Director passed away on 27th January 2022. The Board places onrecords its deepest condolence on the sad demise of Mr. S. K. Bhattacharyya. The Boardalso places on record its sincere appreciation for the contribution made by him during histenure as Independent Director.

The terms and conditions of appointment of the Independent Directorsand details of the familiarization programs formulated to educate the Directors regardingtheir roles rights and responsibilities in the Company and the nature of the industry inwhich the Company operates the business model of the Company etc. are placed on thewebsite of the Company < http://www.wanburv. com/>.

In accordance with the provisions of Section 152 (6) of the Act and theArticles of Association of the Company Mr. K. Chandran Executive Director who has beenlongest in the office retires by rotation at the ensuing Annual General Meeting and beingeligible offers himself for re-appointment.

The notice convening the AGM includes the proposal for re-appointmentof Mr. K. Chandran as an Executive Director.

Other than this no Director or Key Managerial Personnel was appointedor has resigned during the year under review.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

Five (5) Board Meetings were held during the Financial Year 2021-2022.These meetings were held on 28th June 2021 20th October 2021 25thNovember 2021 8th February 2022 and 17th February 2022.

DECLARATION BY INDEPENDENT DIRECTORS:

Independent Directors have given necessary declaration that they meetthe criteria of independence as provided in sub-section (6) of Section 149 of theCompanies Act 2013 read with the Schedules and Rules made thereunder as well asRegulation 16(1) (b) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

Further all the Independent Director are registered on IndependentDirector Database.

ANNUAL PERFORMANCE EVALUATION:

The Company has devised a policy for performance evaluation ofIndependent Directors Board Committees and other Individual Directors which includescriteria for performance evaluation of the Non-Executive Directors and ExecutiveDirectors.

The Company follows the best practices prevalent in the industry withrespect to evaluation of Board Members.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS UNDER SECTION 186:

The Company has not given any loans guarantee and made any investmentspursuant to the provisions of Section 186 of Companies Act 2013 during the year underreview.

DETAILS OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES:

Your Company has four foreign subsidiaries viz. Wanbury Holdings B. V.(Netherland) Wanbury Global FZE (UAE) Ningxia Wanbury Fine Chemicals Co. Ltd. (China)and Cantabria Pharma S. L. (Spain).

The accounts of Cantabria Pharma S. L. is not available due to theCompany is being into liquidation.

The salient features of the financial statements of the subsidiaries inpursuance of Section 129 (3) of the Companies Act 2013 read with Rule 5 of the Companies(Accounts) Rules 2014 are given in prescribed Form AOC-1 attached as Annexure -I to this report.

The Company is not having any Holding Company or Joint Venture or anyAssociate Company.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Pursuant to the provisions of Section 188 of Companies Act 2013 allcontracts / arrangements / transactions entered into by the Company during the FinancialYear with related parties were in the ordinary course of business and on an arm's lengthbasis. During the year under review the Company had not entered into any contract /arrangement / transaction with related parties which could be considered material inaccordance with the policy of the Company on materiality of related party transactions.

The transactions entered into with M/s. Wanbury Infotech PrivateLimited related party are in the normal course of business and at arm's length basis. ThePolicy on materiality of Related Party Transactions and dealing with Related PartyTransactions as approved by the Board may be accessed on the Company's website atwww.wanburv.com.

The details in specified format in Form AOC-2 of thetransactions with the related parties are given in the Annexure - II forming partof this report.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIALPOSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE COMPANYTO WHICH FINANCIAL RESULTS RELATE AND THE DATE OF THIS REPORT:

No material changes and commitments which could affect the Company'sfinancial position have occurred between the end of the financial year of the Company anddate of this report.

STATUTORY AUDITORS:

M/s. V. Parekh & Associates Chartered Accountants (FirmRegistration No. 107488W) Mumbai was appointed as Statutory Auditors of the Company bythe Members vide resolution dated 28th September 2021 until the conclusion ofthe ensuing Annual General Meeting.

The re-appointment of Statutory Auditors for a term of 5 (Five) yearfrom the conclusion of 34th (this) Annual General Meeting till the conclusionof 39th Annual General Meeting was recommended by the Audit Committee and theBoard of Directors respectively in their meeting held on 22nd June 2022subject to the approval of the Members in the ensuing Annual General Meeting to be held onWednesday 28th September 2022. The Company has received a certificate fromthe auditors to the effect that their re-appointment if made would be in accordance withthe provisions of Section 141 of the Companies Act 2013.

AUDITOR'S REPORT:

The Notes on Financial Statements referred to in the Auditors Reportsare self-explanatory and do not call for any comments and explanation.

The observations made in the Standalone Auditor's Report read togetherwith relevant notes thereon are self explanatory and explained in notes to accounts andhence do not call for any further comments under the Companies Act 2013. Auditors' Reportto the Shareholders for the year under review does not contain any qualificationreservation or adverse remark or disclaimer.

COST AUDITOR:

Your Directors have appointed M/s. Manish Shukla & Associates CostAccountant Mumbai as the Cost Auditor for the Financial Year 2021-2022. M/s. ManishShukla & Associates Cost Accountant Mumbai will submit the Cost Audit Reportalongwith necessary annexure to the Central Government (Ministry of Corporate Affairs) inthe prescribed form within specified time and at the same time forward a copy of suchreport to your Company.

The Cost Audit Report for the Financial Year ended 31stMarch 2021 which was due for filing upto 31st October 2021 was filed with theCentral Government (Ministry of Corporate Affairs) on 20th October 2021.

The Board of Directors at its meeting held on 22nd June2022 has appointed M/s. GMVP & Associates LLP Cost Accountant Mumbai as CostAuditor of the Company for the Financial Year 2022-2023 in place of M/s. Manish Shukla& Associates .As required by Section 148 of the Act necessary resolution has beenincluded in the Notice convening the 34th Annual General Meeting seekingapproval by Members for the appointment & remuneration proposed to be paid to M/s.GMVP & Associates LLP Cost Accountant Mumbai as Cost Auditor of the Company for theFinancial Year 2022-2023.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS & INTERNAL AUDIT:

Your Company has in place adequate internal financial control systemscommensurate with the size scale and complexity of its operations. During the year suchcontrols were tested and no reportable material weakness in the operations was observed.The Company has appropriate policies and procedures for ensuring the orderly and efficientconduct of its business including adherence of the Company's policies safeguarding ofits assets prevention and detection of frauds and errors accuracy and completeness ofaccounting records and timely preparation of reliable financial information.

M/s. BDO India LLP Mumbai Internal Auditors of the Company monitorand evaluate the efficacy and adequacy of internal control systems in the Company. Basedon the report of the Internal Auditors respective departments undertake corrective actionin their respective areas and thereby strengthen the controls. Significant auditobservations and corrective actions thereon are presented to the Audit Committee of theBoard.

Your Company has a robust financial closure self-certificationmechanism wherein the line managers certify adherence to various accounting policiesaccounting hygiene and accuracy of provisions and other estimates.

SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Companyhas appointed Ms. Kala Agarwal Practicing Company Secretary [FCS No.: 5976 and COP No.:5356] to conduct the Secretarial Audit of the Company for the Financial Year ended on 31stMarch 2022 (i.e. from 1st April 2021 to 31st March 2022). TheSecretarial Audit Report in Form MR-3 is annexed as Annexure - III to thisreport.

The observations made in the Secretarial Audit Report are as under:

i. Only 76.79% of the Shareholding of Promoter & Promoter Group isin dematerialised form. However as per SEBI circular No. SEBI/Cir/ISD/05/2011 &Regulation 31(2) of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 100 % Shareholding of Promoter & PromoterGroup has to be in dematerialised form.

ii. As per Regulation 17 of SEBI (LODR) Regulation 2015 the BoardComposition of top 2000 listed entities must comprise not less than six directors. Thetenure of Mr. Binod Chandra Maharana and Dr. Manisha Juvekar as an Independent Directorexpired on 05th February 2022 and both were re-appointed at the Extra Ordinary GeneralMeeting held on 7th March 2022 as the Independent Director of the Company for a periodone year. Thus for the period from 06th February 2022 to 17th March 2022 the BoardComposition comprise of only three directors.

iii. As per Regulation 33 the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015 every listed Companyis required to approve their quarterly un-audited/audited Financial Statements within 45days from end of each quarter however the Company had delayed in holding Board Meetingfor approving Financial Statements for the quarter ended 30th June 2021 and 30thSeptember 2021 and the Company had paid the penalty to BSE and National Stock Exchangefor the said delays.

Management Response to the aforesaid observations verbatim are asunder:

i. The share certificate aggregating 3024000 Equity Shares held byM/s. Kingsbury Investment INC. (Promoter Group Company) of Wanbury Limited. These sharesheld by them are in physical mode. The Company is undertaking necessary steps todematerialize these shares.

ii. The Company has paid Penalty aggregating to ' 145000/- to the BSELimited on 21st September 2021 and NSE Limited on 21st September 2021 respectively fornon-compliance of Regulation 33 of Listing Regulations regarding delay in declaring UFRfor the quarter ended 30th June 2021 .

iii. The Company has paid Penalty aggregating to '. 50000/- to BSELimited on 20th December 2021 and NSE Limited 20th December 2021 respectively .fornon-compliance of Regulation 33 of Listing Regulations regarding delay in declaring UFRfor the quarter ended 30th September 2021.

CORPORATE SOCIAL RESPONSIBILITY POLICY:

Provisions of Section 135 of the Companies Act 2013 relating toCorporate Social Responsibility are not applicable to the Company.

Therefore the Company has not constituted Corporate SocialResponsibility Committee.

AUDIT COMMITTEE:

Your Company's Audit Committee has been constituted in accordance withthe provisions of Section 177 of the Companies Act 2013 and Regulation 18 of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 and Section 177 of theCompanies Act 2013.

During the year under review Four (4) meetings of the Audit Committeewere held on 28th June 2021 20th October 2021 25thNovember 2021 and 8th February 2022 along with the Board Meetings.

Following are the Members of the Audit Committee:

Name of Directors Designation Category
Mr. N. K. Puri Chairperson/Member I & NED
Ms. Pallavi P Shedge Member I & NED
Mr. K. Chandran Member P & WTD
Mr. Binod Chandra Maharana Member I & NED
Dr. Manisha Juvekar Member I & NED
Ms. Anupama Vaidya Member I & NED

The details pertaining to the Broad terms and conditions of the AuditCommittee are included given in Corporate Governance Report which form part of thisreport

NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Policy inter alia containing appointmentcriteria qualifications positive attributes independence of Directors removalretirement and remuneration of Directors Key Managerial Personnel (KMP) and SeniorManagement Personnel of the Company has been formulated by the Nomination and RemunerationCommittee of the Company and approved by the Board of Directors.

Following are the Members of the Nomination and Remuneration Committee:

Sr. No. Name of Directors Designation Category
1 Mr. N. K. Puri Member I & NED
2 Ms. Pallavi P Shedge Chairperson/Member I & NED
3 Mr. K. Chandran Member P & WTD
4 Mr. Binod Chandra Maharana Member I & NED
5 Dr. Manisha Juvekar Member I & NED
6 Ms. Anupama Vaidya Member I & NED

Nomination and Remuneration Policy is available on the website of theCompany at www.wanburv.com STAKEHOLDERS RELATIONSHIP COMMITTEE:

Your Company Stakeholder Relationship Committee has been constituted inaccordance with the Regulation 20 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 in order to specifically look in to the mechanism ofRedressal of grievances of Shareholders.

Following are the Members of the Stakeholder Relationship Committee:

Sr. No. Name of Directors Designation Category
1 Mr. N. K. Puri Chairperson/Member I & NED
2 Ms. Pallavi P Shedge Member I & NED
3 Mr. K. Chandran Member P & WTD
4 Mr. Binod Chandra Maharana Member I & NED
5 Dr. Manisha Juvekar Member I & NED
6 Ms. Anupama Vaidya Member I & NED

RISK MANAGEMENT COMMITTEE:

The Board of Directors of the Company has constituted Risk ManagementCommittee to consider the potential risks of the business of the Company and to plan forthe mitigation of the same.

Following are the members of the Risk Management Committee:

Sr. Name of Directors No. Designation Category
1 Mr. N. K. Puri Chairperson/Member I & NED
2 Ms. Pallavi P. Shedge Member I & NED
3 Mr. K. Chandran Member P & WTD
4 Mr. Binod Chandra Maharana Member I & NED
5 Dr Manisha Juvekar Member I & NED
6 Ms. Anupama Vaidya Member I & NED

CORPORATE GOVERNANCE:

In compliance with Regulation 34 (3) read with Schedule V (C) of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 a Report onCorporate Governance forms part of this Annual Report. The Auditors' certificatecertifying compliance with the conditions of Corporate Governance as prescribed underSchedule V (E) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 is annexed to the Corporate Governance Report.

PARTICULARS OF EMPLOYEES:

Disclosure pertaining to the remuneration and other details as requiredunder Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 are attached as Annexure-IV and forms part of this Report.

Information pursuant to Section 197(12) of the Companies Act 2013 readwith Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 pertaining to the top ten names and other particulars of employeesalso form part of this report. However this information is not sent along with thisreport pursuant to the proviso to Section 136(1) of the Act. Any shareholder interested inobtaining a copy of the same may write to the Company Secretary/Compliance Officer at theRegistered office address of the Company and the same will be furnished on request.

SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

Nil.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Company pursuant to Section 177 of the Companies Act 2013 readalong with the rules made thereunder and Regulation 22 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 have established vigil mechanism for Directorand Employees to report concern about unethical behaviour actual or suspected fraud orviolation of Company's code of conduct or ethics policy. The Whistle Blower Policy isposted on the website of the Company at www.wanburv.com.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION &REDRESSAL) ACT 2013:

The Company has in place an Anti Sexual Harassment Policy in line withthe requirements of The Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013.

Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (permanent contractualtemporary trainees) are covered under this policy.

The Company has not received any sexual harassment complaint during theFinancial Year under review.

EMPLOYEE STOCK OPTION SCHEME:

The Company has instituted Employee Stock Option Scheme 2016("Wanbury ESOP 2016") which was approved by the shareholders vide theirresolution dated 29th September 2016 to reward eligible employees. Pursuant tothe said scheme and on the recommendation of the Nomination and Remuneration Committeethe Board had granted 710000 options to employees. During the year ended 31stMarch 2022 35000 options were allotted. 30000 options are outstanding as on 31stMarch 2022.

The information required to be disclosed in terms of the provisions ofthe SEBI (Share Based Employee Benefits) Regulations 2014 is enclosed as Annexure-V tothis report.

SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards i.e. SS-1and SS-2 relating to 'Meetings of the Board of Directors' and 'General Meeting'respectively have been duly followed by the Company.

UNCLAIMED DIVIDEND & SHARES

Pursuant to the applicable provisions of the Companies Act 2013 readwith the Investor Education and Protection Fund Authority (Accounting Audit Transfer andRefund) Rules 2016 (the Rules) all unpaid or unclaimed dividends are required to betransferred by the Company to the IEPF established by the Central Government after thecompletion of the seven years. Further according to the Rules the shares on which thedividend has not been paid or claimed by the shareholders for seven consecutive years ormore shall also be transferred to the demat account of the IEPF Authority. Accordinglythe Company has transferred the unclaimed and unpaid dividend of ' 414937/- for theFinancial Year 2009-10.

Further 338865 corresponding shares were transferred as per therequirement of the IEPF Rules. The details are available on the website atwww.wanburv.com/PaidUnpaidDividends.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO:

As required by Section 134(3)(m) of the Companies Act 2013 read withthe Companies (Accounts) Rules 2014 the relevant data pertaining to conservation ofenergy technology absorption and foreign exchange earnings and outgo is given as Annexure- VI forming part of this report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of sub-section (5) of Section 134 of theCompanies Act 2013 your Directors confirm that:

i. in the preparation of the annual accounts for the Financial Yearended on 31st March 2022 the applicable accounting standards had been followedalong with proper explanation relating to material departures;

ii. the accounting policies had been selected and applied 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 ended on31st March 2022 and of the profit and loss of the Company for that year;

iii. proper and sufficient care had been taken for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv. the annual accounts had been prepared on a going concern basis;

v. internal financial controls to be followed by the Company havebeen laid down and these controls are adequate and were operating effectively; and theCompany has devised proper systems which are in place to ensure compliance with theprovisions of all applicable laws which are considered adequate and are operatingeffectively.

GREEN INITIATIVE:

Your Company has adopted green initiative to minimize the impact on theenvironment. The Company has been circulating the copy of the Annual Report in electronicformat to all those members whose email addresses are available with the Company. YourCompany appeals other Members also to register themselves for receiving Annual Report inelectronic form.

ACKNOWLEDGEMENTS:

Your Company and its Directors wish to extend their sincere thanks tothe Bankers Central & State Government Customers Suppliers Stakeholders and Stafffor their continuous co-operation and guidance and also looking forward for the same infuture.

For and on behalf of the Board of Directors
K. Chandran Pallavi Shedge
Mumbai 22nd June 2022 Vice Chairman Director
DIN:00005868 DIN: 08356412

.