FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
To
The Members,
Your Directors are pleased to present their 32nd Annual Report
together with Audited Financial Statements of your Company for the Financial Year ended
March 31, 2023.
(Rs. In lacs)
| FINANCIAL RESULTS |
Year ended |
Year ended |
|
31st March, |
31st March, |
|
2023 |
2022 |
| Revenue from Operations |
7221.58 |
6248.39 |
| Other Income |
459.04 |
290.70 |
| Total Income |
7680.62 |
6539.09 |
| Less: Expenses other than |
6264.02 |
5581.67 |
| Depreciation |
|
|
| Profit before Depreciation |
1416.60 |
957.42 |
| Depreciation |
100.10 |
94.64 |
| Profit before Tax |
1316.50 |
862.78 |
| Provision for tax |
337.64 |
228.85 |
| Profit after Tax |
978.86 |
633.93 |
| Dividend Declared |
252.40 |
126.20 |
| Other comprehensive |
2.03 |
1.95 |
| income, net of taxes |
|
|
| Total comprehensive |
976.83 |
631.98 |
| income for the year |
|
|
| Balance brought forward |
10481.55 |
10101.97 |
| from previous year |
|
|
| Balance carried forward to |
11332.18 |
10481.55 |
| Balance Sheet |
|
|
OPERATIONS
With the current business portfolio, the Company is largely operating in Automotive,
Consumer & Industrial and Thermoplastic Additives. During the year under review, the
Company reported gross revenue from operations of Rs. 7,221.58 Lacs as against
Rs. 6,248.39 Lacs during the FY 2021-22. The Company reported Profit before Tax of Rs.
1,316.50 Lacs and Profit after Tax of Rs.978.86 Lacs as against Rs. 862.78 Lac and Rs.
633.93 Lacs respectively for the previous financial year. Revenue during the current
financial year increased by 15.57% as against last year and is mainly on account of
increase in trading segment portfolio sales and increase in selling price of certain
products.
The Companys gross margins improved by 1% from 28.87% to 30.19% in the current year
which is mainly on account of stable raw material prices and increase in traded products
margin. Further the Company has earned interest income on fixed deposits of Rs. 353.75
lakhs owing to changes in monetary policies in India and due to better interest rate
negotiated in the current year. During the year under review, there was no change in the
nature of business of the Company.
DIVIDEND
Based on the performance of the Company for the year, the Board of Directors is pleased
to recommend a final dividend of
Rs. 2/- per equity share subject to approval of the Shareholders at the Annual General
Meeting (‘AGM).
In view of the changes made under the Income-tax Act, 1961, by the Finance Act, 2020,
dividend paid or distributed by the Company shall be taxable in the hands of the
shareholders. The Company shall, accordingly, make the payment of Dividend after deduction
of tax at source to those Shareholders whose names appear in the Register of Members as on
the Book Closure Date.
The Company has not paid any Interim Dividend during the financial year under review.
In terms of Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as amended ("SEBI Listing
Regulations"), the Company has formulated a Dividend Distribution Policy which
details out various factors consideration based on which the Board considers the proposal
for recommendation or declaration of Dividend. The Dividend Distribution Policy of the
Company is available on Companys website at www.multibaseindia.com
TRANSFER TO RESERVES
The Board of Directors have not recommended transfer of any amount of Profit to
reserves during the year under review.
REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES
The Company does not have any Subsidiaries, Associates or Joint venture Companies.
REVISION OF FINANCIAL STATEMENT
There was no revision to the financial statements for any of the preceding financial
years.
BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL
BOARD OF DIRECTORS
The Board of Directors comprises of 6 (Six) Directors, out of which 3 (Three) of the
Board Members are Independent Directors. The composition of the Board complies with the
requirements prescribed in the SEBI Listing Regulations and the Companies Act, 2013
(‘the Act).
Mr. Mark Stephen Metaxas, (DIN:09607494) was appointed as an Additional Director
(Non-executive) of the Company with effect from May 26, 2022. The Shareholders at their
Annual General Meeting held on September 26, 2022 appointed him as Non-Executive & Non
Independent Director of the Company.
Mr. R T Paullin, (DIN: 08759596), Director (Non-Executive & Non-Independent), has
resigned from the Companys Board with effect from May 26, 2022 due to his pre-occupancy
with other assignments. The Board places on record its appreciation for the valuable
services rendered by him, during his tenure as a Director of the Company.
Mr. Deepak Arun Dhanak, (DIN: 03157491) was re-appointed as the Managing Director of
the Company for the period of 3 years effective from March 02, 2023 as per the terms and
conditions as approved by Shareholders.
Pursuant to the provisions of Section 152 of the Act, Mr. Krishan Kumar Phophalia (DIN:
08395171), Director (Non-Executive & Non-Independent) of the Company is liable to
retire by rotation at the ensuing AGM of the Company and being eligible has offered
himself for re-appointment. A resolution seeking shareholders approval for his
reappointment forms part of the Notice of the 32nd AGM of the Company.
None of Directors are disqualified from being appointed / reappointed as Directors of
the Company as per the disclosure received from them pursuant to Section 164(2) of the
Companies Act, 2013. All Directors have given a certificate to the Compliance Officer
confirming the adherence to the Code of Conduct & Ethics Policy of the Company for the
financial year 2022-23.
Key Managerial Personnel (KMP):
In terms of provisions of Section 203 of the Act, the following are the KMP of the
Company as on date: i. Mr. Deepak Dhanak – Managing Director ii. Mr. Pankaj Holani
– Chief Financial Officer iii. Ms. Parmy Kamani – Company Secretary and
Compliance Officer Apart from the above, no other Director or KMP was/were appointed or
had retired or resigned during FY 2022-23.
COMMITTEES OF BOARD OF DIRECTORS
The Company has four (4) primary Board-level Committees, which have been established in
compliance with the provisions of the Act and Listing Regulations:
- Audit Committee;
- Nomination and Remuneration Committee;
- Stakeholders Relationship Committee;
- Corporate Social Responsibility Committee
AUDIT COMMITTEE
Your Directors have, in compliance with the provisions of Section 177 of the Act and
Regulation 18 of the SEBI Listing
Regulations constituted the Audit Committee of the Board. As on date, the members of
the Audit Committee are Mr. Harish Narendra Motiwalla (Chairman), Mr. Ashok Faqirchand
Chhabra (Member) and Mr. Krishan Kumar Phophalia (Member).
The scope and terms of reference of the Audit Committee is in accordance with the Act
and it reviews the information as required under SEBI Listing Regulations.
During the year under review, there were no instances of recommendation by the Audit
Committee not being accepted by the Board of Directors of the Company.
The Company Secretary acts as Secretary of the Committee.
NOMINATION AND REMUNERATION COMMITTEE
Your Directors have, in compliance with the provisions of Section 178 of the Act and
Regulation 19 of the SEBI Listing Regulations constituted the Nomination and Remuneration
Committee of the Board. As on date, the members of the Nomination and Remuneration
Committee are Mr. Ashok Faqirchand Chhabra (Chairman), Mr. Harish Narendra Motiwalla
(Member), Mr. Krishan Kumar Phophalia (Member) and Ms. Bharti Pradeep Dhar (Member).
The scope and terms of reference of the Nomination and Remuneration Committee is in
accordance with the Act and it reviews the information as required under SEBI Regulations.
During the year under review, there were no instances of the recommendation by the NRC
Committee not being accepted by the Board of Directors of the Company.
The Company Secretary acts as Secretary of the Committee.
STAKEHOLDERS RELATIONSHIP COMMITTEE
Your Directors have, in compliance with the provisions of Section 178 of the Act and
Regulation 20 of the SEBI Listing Regulations constituted the Stakeholders Relationship
Committee of the Board. As on date, the members of the Stakeholders Relationship
Committee are Mr. Ashok Faqirchand Chhabra (Chairman), Mr. Harish Narendra Motiwalla
(Member), Mr. Deepak Arun Dhanak (Member).
The scope and terms of reference of the Stakeholders Relationship Committee is in
accordance with the Act and it reviews the information as required under SEBI Listing
Regulations.
A Share Transfer Committee comprising of Mr. Deepak Arun Dhanak (Chairman) and Mr.
Krishan Kumar Phophalia (Member) has been constituted for the purpose of Dematerlisation
of Shares, Transfer of Shares, Issue of Duplication Shares, Loss of Share Certificate and
any other purpose deems to be fit for Transfer/Transmission of Shares of the Shareholders
of the Company.
During the year under review, there were no instances of the recommendation by the SRC
Committee not being accepted by the Board of Directors of the Company.
The Company Secretary acts as Secretary of the Committee.
CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES
Your Board of Directors has formulated the Corporate Social Responsibility (CSR) Policy
pursuant to the provisions of Section 135 of the Act read with the Companies (Corporate
Social Responsibility Policy) Rules, 2014, based on the recommendations of the CSR
Committee. The CSR Policy is available on the website of the Company http://www.
multibaseindia.com/pdf/Multibase%20CSR%20Policy%20. pdf.
As on date, the members of the CSR Committee are Mr. Harish Narendra Motiwalla
(Chairman), Mr. Ashok Faqirchand Chhabra (Member), Mr. Deepak Arun Dhanak (Member) and Ms.
Bharti Pradeep Dhar (Member).
A brief outline of the CSR Policy of the Company and the Annual Report on CSR
activities as required by the Companies (Corporate Social Responsibility Policy) Rules,
2014, are set out in ‘Annexure II to this Report.
DECLARATION FROM INDEPENDENT DIRECTORS
During the financial year under review, declarations were received from all the
Independent Directors of the Company that they satisfy the "criteria of
Independence" as defined under Regulation 16(1)(b) of SEBI Listing Regulations and
Section 149(6) of the Act read with the Schedules and Rules made there under. Further, all
the Independent Directors of the Company have complied with the Code for Independent
Directors as prescribed in Schedule IV of the Act. There has been no change in the
circumstances or situation that could impair or impact their ability to discharge their
duties. None of the Directors of the Company are disqualified for being appointed as
Directors as specified under Section 164(2) of the Act read with Rule 14(1) of the
Companies (Appointment and Qualification of Directors) Rules, 2014.
CHANGE IN SHARE CAPITAL
During the year under review, there is no change in the Share Capital of the Company.
DEPOSITS
The Company has not accepted or renewed any amount falling within the purview of
provisions of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules,
2014 during the year under review. Hence, the requirement for furnishing of details of
deposits which are not in compliance with the Chapter V of the Act is not applicable.
As on March 31, 2023, there were no deposits which were unclaimed and due for
repayment.
STATUTORY AUDITORS
M/s. Price Waterhouse LLP Chartered Accountants (ICAI Firm Registration No.
301112E/E300264) were appointed as the Statutory Auditors of the Company at the AGM of the
Company held on September 21, 2021 for a term of five years to hold the office till the
conclusion of the 35th Annual General Meeting of the Company.
However, they have tendered resignation with effect from August 08, 2023. The Statutory
Auditors resignation is voluntary and not on account of any concern.
Further, based on the recommendation of the Audit Committee, and the confirmation
received from MSKA & Associates, Chartered Accountants (Firms Registration No:
105047W) on their eligibility, the Board recommends to the Members their appointment as
the Statutory Auditors of the Company in Casual Vacancy to hold office with effect from 08th
August, 2023 till the conclusion of this Annual General Meeting at the ensuing Annual
General Meeting of the Company. The Board of Directors, on the recommendation of the Audit
Committee, also recommends to appoint MSKA & Associates, Chartered Accountants (Firms
Registration No: 105047W) as Statutory Auditors for a term of five (5) years to hold
office from the conclusion of this Annual General Meeting till the conclusion of the 37th
Annual General Meeting of the Company to be held in the year 2028. Further, the report of
the Statutory Auditors on standalone Ind AS Financial Statements along with notes to
Schedules prepared by Price Waterhouse LLP, Chartered Accountants, Firms Registration No:
301112E/E-300264 forms part of the Annual Report. The Report is self-explanatory and does
not contain any qualification, reservation, adverse remark, disclaimer or emphasis of
matter.
SECRETARIAL AUDITORS
Pursuant to Section 204 of the Act read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, your Company appointed M/s Dhrumil M.
Shah & Co, Practicing Company Secretary, to conduct the Secretarial Audit of your
Company for the financial year 2022-23. The Secretarial Audit Report issued by M/s.
Dhrumil M. Shah & Co. LLP is enclosed as ‘Annexure I to this report. The
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
COST AUDITORS
As per the provisions of Section 148 of the Act, the Company is required to appoint
Cost Accountant, to carry out the cost audit of cost records that has been maintained for
the Companys manufacturing unit(s). The Company has appointed M/s B F Modi &
Associates, Cost Accountants as Cost Auditors of the Company for the financial year
2023-24. The remuneration as fixed by the Board of Directors is required to be ratified by
members at the 32nd AGM of the Company.
The Cost Audit Report for the financial year 2022-23 does not contain any
qualification, reservation, or adverse remarks.
INTERNAL AUDITORS
M/s. Mukund & Rohit, Chartered Accountants have been appointed as Internal Auditors
of the Company for the financial year 2023-24.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Act, in relation to the audited financial statements
of the Company for the year ended March 31, 2023, the Board of Directors hereby confirms
that a. in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures; b. the
directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
and loss of the Company for that period; c. the directors had taken proper and sufficient
care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities; d. the directors had prepared the annual accounts on a
going concern basis; e. the directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; and f. the directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and that such systems were adequate
and operating effectively.
MANAGEMENT DISCUSSION & ANALYSIS
A separate report on Management Discussion & Analysis is appended to this Annual
Report and forms part of this Directors Report.
CORPORATE GOVERNANCE
In compliance with Regulation 34(3) read with Schedule V of the SEBI Listing
Regulations, a detailed Report on Corporate Governance is enclosed as a part of this
Annual Report. A certificate from a Practicing Company Secretary regarding compliance of
the conditions of Corporate Governance as stipulated under Schedule V (E) of the SEBI
Listing Regulations, is appended to this Annual Report and forms part of this Directors
Report.
RISK MANAGEMENT
The Company recognizes risk management as an integral component of good corporate
governance and fundamental in achieving its strategic and operational objectives. It
improves decision-making, defines opportunities and mitigates material events that may
impact shareholder value. The Board has also adopted a Risk Management Policy. The Company
has adopted an enterprise wide framework that incorporates a system of risk oversight,
risk management and internal control designed to identify, assess, monitor and manage
risks consistent with the size of the business. Multibase applies risk management in a
well-defined, integrated framework that promotes awareness of risks and understanding of
the companys risk tolerances. The Risk Management Framework enables a systematic approach
to risk identification, leverage of any opportunities and provides treatment strategies to
manage, transfer and avoid risks.
INTERNAL FINANCIAL CONTROL AND INTERNAL AUDIT
The Company has an adequate Internal Financial Control System commensurate with the
size and nature of its business. The Company continues to engage M/s. Mukund
& Rohit, Chartered Accountants as its Internal Auditor. During the year, the
Company continued to implement their suggestions and recommendations to improve the
control environment. Their scope of work includes review of processes for safeguarding the
assets of the Company, review of operational efficiency, effectiveness of systems and
processes, and assessing the internal control strengths in all areas. Internal Auditors
findings are discussed with the process owners and suitable corrective actions are taken
as per the directions of Audit Committee on an ongoing basis to improve efficiency in
operations.
CRITERIA FOR APPOINTMENT OF DIRECTORS AND RELATED MATTERS
The criteria for appointment of Directors and Senior Management, related matters and
the remuneration policy is provided in ‘Annexure III to this Report. The
remuneration policy of the Company is designed to attract, motivate and retain employees
in a competitive market. The Nomination and Remuneration Policy can be accessed on the
website of the Company at http://www.multibaseindia.com/.
ANNUAL EVALUATION OF THE DIRECTORS AND THE BOARD
Pursuant to the provisions of the Act and Regulation 17 of the SEBI Listing
Regulations, the Board has carried out an annual performance evaluation of its own
performance and the Directors individually. The evaluation of the Chairman,
Non-independent Directors and the Board was conducted at the Independent Directors meeting
held on February 9, 2023.
The Major Evaluation Criteria, amongst other criteria, applied are: (a) For Independent
Directors:
Knowledge and Skills
Professional conduct
Duties, roles and functions
(b) For Executive Directors
Performance as Team Leader/ Member;
Evaluating Business Opportunity and analysis of
Risk Reward Scenarios;
Professional Conduct, Integrity;
Sharing of Information with the Board.
The Directors were satisfied with the evaluation process undertaken during the year.
Further, in the opinion of the Board, all the Independent Directors possess utmost
integrity professional expertise and requisite experience including proficiency.
The criteria for evaluation are provided in ‘Annexure III of this report.
DETAILS WITH RESPECT TO THE PROGRAMME FOR FAMILIARISATION OF INDEPENDENT DIRECTORS
The Independent Directors of the Company are informed about their roles, rights,
responsibilities in the Company, nature of the industry in which the Company operates, and
related matters. Periodic presentations are made at the Board and Committees meetings
relating to the Companys performance.
The details of the familiarization programme are uploaded on the website of the Company
http://www.multibaseindia.com/. In the Opinion of the Board of the Directors of the
Company, the Independent Directors of the Company fulfills the conditions specified in
Listing Regulations and are independent of the management of the Company.
RELATED PARTY TRANSACTIONS
All Related Party Transactions entered by the Company during the financial year were in
the ordinary course of business and at arms length basis. Form AOC-2 pursuant to Section
134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set
out in ‘Annexure IV to this Report. All transactions with related parties were
placed before the Audit Committee for its approval. An omnibus approval of the Audit
Committee is obtained for the Related Party Transactions which are repetitive in nature.
As per the requirement of Regulation 23 of the SEBI Listing Regulations, approval of the
Audit Committee was received for all the Related Party Transactions.
The Company has adopted a policy to deal with related party transactions and for
determining material subsidiary. The policy is on the website of the Company.
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES
There were no loans taken nor any guarantees were provided and also there were no
investments under the provisions of Section 186 of the Act read with the Companies
(Meetings of Board and its Powers) Rules, 2014, as on March 31, 2023.
VIGIL MECHANISM POLICY
In compliance with the provisions of Section 177(9) of the Act read with Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014, the Company has an established
Vigil Mechanism Policy-Whistle Blower Policy for Directors and employees to report
concerns about unethical behavior, actual or suspected fraud or violation of the Companys
Code of Conduct or ethics policy.
The employees of the Company have the right to report their concern or grievance to the
Chairman of the Audit Committee. The Whistle Blower Policy is available on the website of
the Company http://www.multibaseindia.com/pdf/mil-whistle-blower-policy.pdf.
No instances under the Whistle Blower Policy was reported during the financial year
2022-23.
MEETINGS OF THE BOARD
A calendar of Meetings is prepared and circulated in advance to the Directors. During
the year, 5 (Five) Board Meetings and 4(Four) Audit Committee Meetings were convened and
held. All the recommendations made by the Audit Committee during the year were accepted by
the Board. The details of meeting and attendance of Board/Committee Members have been
provided in the Corporate Governance Report. The intervening gap between the Meetings was
within the period prescribed under SEBI Listing Regulations and the Companies Act, 2013.
SECRETARIAL STANDARDS
The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating
to ‘Meetings of the Board of Directors and ‘General Meetings, respectively,
have been duly followed by the Company.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
There were no significant orders passed by the regulators or courts or tribunals
impacting the going concern status of your Company and its operations in future.
DISCLOSURES UNDER SECTION 134(3)(L) OF THE COMPANIES ACT, 2013
Except as disclosed elsewhere in the report, no material changes and commitments have
occurred which could affect the Companys financial position between the end of the
financial year of the Company and the date of this report.
INSURANCE
During the year, the properties, assets and inventories of your Company are safeguarded
properly.
INDUSTRIAL RELATIONS
The Company considers human resources as its most critical asset and is putting in
place various practices to ensure healthy work environment. Industrial relations continued
to be cordial and harmonious throughout the year.
DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER DISCLOSURES AS
PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014
Details of employees remuneration as required under the provisions of Section 197 of
the Act and Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are available at the Registered Office of the Company
during working hours and shall be made available to any shareholder on request. The
information required pursuant to Section 197 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are furnished in
Annexure V which forms part of this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3)(m) of the Act, read
with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy,
technology absorption, foreign exchange earnings and outgo etc. are furnished in
‘Annexure VI which form parts of this Report.
ANNUAL RETURN
The Annual Return of the Company as on March 31, 2023 in e-Form MGT-7 in accordance
with Section 92(3) of the Act read with the Companies (Management and Administration)
Rules, 2014, is available on the website of the Company at http://www.multibaseindia.com/.
FRAUD REPORTING
During the year under review, there were no material or serious instances of fraud,
falling within the purview of Section 143(12) of the Act and rules made there under, by
officers or employees of the Company during the course of the audit conducted.
POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has formulated a Policy on Prevention of Sexual Harassment in accordance
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules made thereunder which is aimed at
providing every woman at the workplace a safe, secure and dignified work environment. The
Company has complied with the applicable provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder,
including constitution of the Prevention of Sexual Harassment Committee (Internal
Complaints Committee).
No. of complaints filed during Financial Year 2022-23 NIL No. of complaints disposed
off during Financial Year NIL 2022-23 No. of complaints pending as on 31st
March, 2023 NIL
GENERAL
Your Directors state that no disclosures or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
a) Issue of equity shares with differential rights as to dividend, voting or otherwise and
under Employees Stock Option Scheme as per provisions of Section 62(1) (b) of the Act read
with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014. b) Issue of
shares (including sweat equity shares) to employees of the Company under any scheme. c)
Exercising of voting rights in respect of shares purchased directly by employees under a
scheme pursuant to Section 67(3) of the Act. d) There was no Unpaid/Unclaimed Dividend
transferred to Investor Education and Protection Fund ("IEPF") in terms of
applicable provisions of the Act read with the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. e) No application has been
made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the
details of application made or any proceeding pending under the Insolvency and Bankruptcy
Code, 2016 (31 of 2016) during the year along with their status as at the end of the
financial year is not applicable. f) The requirement to disclose 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 Financial Institutions along with the reasons
thereof, is not applicable.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the contributions made by the
employees at all levels enabling the Company to achieve the performance during the year
under review.
Your Directors thank the Central Government, Government of Diu & Daman Union
Territory as also the Government agencies, bankers, local bodies, Registrar of Companies,
stock exchanges, depositories, shareholders, customers, vendors, associates of the Company
and other related organizations for their continuous co-operation and support in progress
of the Company and also look forward to their continued confidence and trust in the
Company.
For and on Behalf of the Board
| H.N. Motiwalla |
Deepak Dhanak |
| Chairman |
Managing Director |
| DIN: 00029835 |
DIN: 03157491 |
+91-9892691696
