Aaron Industries Ltd Directors Report.

To,

The Members,

Your Directors are pleased to present the 8th Annual Report of your Company together with the Audited Financial statements and Auditors Report for the year ended on 31st March, 2021.

1. FINANCIAL HIGHLIGHTS & STATE OF AFFAIRS:

The financial performance of the Company for the financial year ended 31st March, 2021 is summarized below:

(Rs in Lakhs)
Particulars 2020-21 2019-20
Revenue from Operations 2492.44 2139.92
Other Income 12.19 3.74
Net Income 2504.63 2143.66
Profit/(Loss) Before Tax & Exceptional/Extraordinary Items 245.62 196.19
Less: Exceptional/Extraordinary items 0.00 0.00
Profit/(Loss) Before Tax 245.62 196.19
Less: Tax Expense :
- Current Tax 41.00 33.61
- Deferred Tax Charge/ (Credit) 11.92 28.18
Net Profit/(Loss) After Tax 192.70 134.40

The Net Income of your Company for the current year was increased to 2504.63 Lakhs as against 2143.66 Lakhs of the previous year. Accordingly, the Companys Net Profit after Tax has been increased to 192.70 Lakhs for the current year as against the Net Profit after Tax of 134.40 Lakhs of the previous year.

2. DIVIDEND:

The Board of Directors do not recommend any dividend for the financial year 2020-21.

3. TRANSFER OF UNCLAIMED DIVIDEND TO THE INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

In accordance with the provisions of Sections 124 and 125 of the Companies Act, 2013 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules ("IEPF Rules"), dividends of a company which remain unpaid or unclaimed for a period of seven years from the date of transfer to the Unpaid Dividend Account shall be transferred by the Company to the Investor Education and Protection Fund ("IEPF").

In terms of the foregoing provisions of the Act, there is no dividend which remains outstanding or remains to be paid & require to be transferred to the IEPF by the Company during the year ended 31st March 2021.

4. SHARE CAPITAL:

During the year under review, your Companys Authorised Share Capital has been increased from Rs. 6,00,00,000/- (Rupees Six Crore) divided into 60,00,000 (Sixty Lakh) equity shares of Rs. 10/- each to Rs. 11,00,00,000/- (Rupees Eleven Crore) divided into 1,10,00,000 (One Crore Ten Lakh) equity shares of Rs. 10/- each.

During the year under review, your Companys issued, subscribed & paid up Equity Share Capital has been increased from Rs. 5,26,11,140/- (Rupees Five Crore Twenty Six Lakh Eleven Thousand One Hundred and Forty) consisting of 52,61,114 (Fifty Two Lakh Sixty One Thousand One Hundred and Fourteen) equity shares of Rs. 10/- each to Rs. 10,04,39,390/- (Rupees Ten Crore Four Lakh Thirty Nine Thousand Three Hundred and Ninety) consisting of 100,43,939 (One Crore Forty Three Lakh Nine Hundred and Thirty Nine) equity shares of Rs. 10/- each by way of issue of Bonus shares in the proportion of 10:11.

5. TRANSFER TO RESERVES:

The Company has not transferred any amount to the Reserves for the financial year ended 31st March 2021.

6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34(2) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Management Discussion and Analysis Report is presented in a separate section forming part of this Annual Report.

7. CORPORATE GOVERNANCE:

Your Company has incorporated the appropriate standards for the Corporate Governance. During the year, the Company has migrated from SME platform (NSE Emerge) to the main board of National Stock Exchange (NSE) w.e.f. 6th November, 2020. Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the SMEs are not required to mandatorily comply with the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and as the Company was SME listed prior to the said date of migration to the main board of NSE, Company has not filed the Corporate Governance Report for the quarters ended prior to and on 30th June, 2020 and 30th September, 2020 to the Stock Exchange. However, the Company has complied with major requirements of Corporate Governance norms. Further, post Migration of the Company to the main board of NSE, Company has filed all the quarterly compliance reports on Corporate Governance within the due time line to the Stock Exchange, as specified in regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and all other Corporate Governance norms mentioned under the said regulation dully complied by the Company.

Pursuant to Regulation 34(3) read with Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, a report on Corporate Governance, forms an integral part of this Annual Report is given in Annexure – 1.

8. CERTIFICATE ON CORPORATE GOVERNANCE:

A certificate received from a Practicing Company Secretary regarding compliance of conditions of Corporate Governance, as required under Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached herewith in Annexure – 2.

9. CORPORATE SOCIAL RESPONSIBILITY (CSR):-

The provisions of the CSR expenditure and Composition of Committee as provided in the Section 135 of the Companies Act, 2013 is not applicable to the Company.

10. MATERIAL CHANGES AND COMMITMENT – IF ANY, AFFECTING FINANCIAL POSITION OF THE

COMPANY FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT:

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

11. COVID-19 AND ITS IMPACT:

Your Directors have been periodically reviewing with the Management, the impact of COVID-19 on the Company. The Covid-19 impact remains a serious concern for governments and businesses. The Company has implemented Standard Operating Procedures of social distancing, workplace sanitization and employee health monitoring, and these are being followed strictly across all its manufacturing locations and its registered office. Company has also taken various Initiatives focusing on safeguarding workforce health. Further Company is also taking effective steps to control cost in all quarters and assess how profitability, loans, revolving credit and cash flows can support ongoing operations in a low revenue environment.

12. RISK MANAGEMENT POLICY:-

The Company has been exempt under regulation 21 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 from reporting of risk management.

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The board is fully aware of Risk Factor and is taking preventive measures wherever required.

13. VIGIL MECHANISM/WHISTLE BLOWER POLICY:-

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to the Directors and employees to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct or Ethics Policy. The Policy provides for adequate safeguards against victimization of employees, who avail of the mechanism and provides to employees direct access to the Chairman of the Audit Committee. It is affirmed that no personnel of the Company have been denied access to the Audit Committee. The Whistle Blower Policy has been posted on the Website of the Company at https://aaronindustries.net/wp-content/uploads/2020/10/Whistle-Blower-Policy-Vigil-Mechanism.pdf.

14. INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:-

The Company has in place a policy on prevention, prohibition and redressal of Sexual Harassment at workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Internal Complaints Committee has been setup to redress the complaints received on the sexual harassment. All employees of the Company are covered under this policy.

The details of complaints received and disposed off during the financial year 2020-21 is as follows:

S. No. Particulars Remarks
1 Number of complaints filed during the financial year Nil
2 Number of complaints disposed of during the financial year Nil
3 Number of complaints pending as on end of the financial year Nil

15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:-

All Related Party Transactions that were entered into during the Financial Year under review were on an arms length basis and in the ordinary course of business and are in compliance with the applicable provisions of the Act and the Listing Regulations. There were no materially significant Related Party Transactions made by the Company during the year that required shareholders approval under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

All Related Party Transactions are placed before the Audit Committee for prior approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature or when the need for these transactions cannot be foreseen in advance.

Particulars of contracts or arrangements with Related Parties as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure - 3 in Form AOC - 2 and forms part of this Report.

The Company has adopted a Policy for dealing with Related Party Transactions. The Policy as approved by the Board is available at the web link https://aaronindustries.net/wp-content/ uploads/2019/07/Related-Party-Transaction-Policy.pdf.

16. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE

ACT:

The Company has not given any loan or provided any guarantee or made any investment under provision of Section 186 of the Companies Act, 2013.

17. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE FINANCIAL YEAR:

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year 2020-2021.

18. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF

ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF DURING THE FINANCIAL YEAR:

Not applicable during the financial year 2020-2021.

19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

TRIBUNALS:

There were no significant or material orders passed by the Regulators or Courts or Tribunals during the financial year 2020-2021 impacting the going concern status and Companys operations in future.

20. EXTRACT OF ANNUAL RETURN:

As required under Section 92(3) and 134(3)(a) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014 (as amended), an extract of Annual Return in Form MGT-9 is available on the website of the Company at the web-link www.aaronindustries.net.

21. DEPOSITS:

During the year under review, your Company has neither invited nor accepted any Public Deposits within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014.

22. DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATES COMPANIES:-

As on 31st March, 2021, your Company does not have any Subsidiaries, Joint Ventures and Associates Company.

23. CHANGE IN THE NATURE OF BUSINESS:-

During the year under review, there has been no change in the Companys nature of business.

24. DIRECTORS:

The Board of the Company comprises of Six (6) directors; one Managing Director, one Whole-time Director, One Executive Director and remaining three (3) being Independent Directors. As on the date of this report, the Board of the Company constitutes of the following directors:

Name of Directors Category & Designation
Mr. Amar Chinubhai Doshi Executive Chairman & Managing Director
Mr. Karan Amar Doshi Executive Whole-Time Director
Mr. Monish Amarbhai Doshi Executive Director
Mr. Pradeepkumar Sanmukhlal Choksi Non-Executive Independent Director
Mr. Hetal Mehta Non-Executive Independent Director
Mrs. Shrungi Kiranbhai Desai Non-Executive Independent Director

During the financial year 2020-2021 under review, Mr. Amar Doshi (DIN: 00856635), Chairman & Managing Director and Mr. Karan Doshi (DIN: 06690242) Whole Time Director of the Company, who were re-appointed as Managing Director and Whole Time Director respectively at the Board Meeting held on 16th January, 2021 for a period of three years w.e.f. 1st February, 2021 to 31st January, 2024, subject to approval of the members in the ensuring general meeting.

As per the provisions of the Companies act, 2013, Mr. Amar Doshi (DIN: 00856635), Managing Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

25. KEY MANAGERIAL PERSONNEL:

As per the provisions of the Section 2(51) and Section 203 of the Companies Act, 2013; the Key Managerial Personnel (KMP) of the Company are as follow:

Name of KMP Designation
Mr. Amar Chinubhai Doshi Managing Director
Mr. Karan Amar Doshi Whole-Time Director
Mr. Monish Amarbhai Doshi Director & CFO
Mr. Ankitkumar Tank* Company Secretary
Mr. Nitinkumar Maniya# Company Secretary

* Resigned w.e.f. 16th January, 2021 # Appointed w.e.f. 16th January, 2021

26. INTERNAL FINANCIAL CONTROL:

In terms of Section 134(5)(e) of the Act, the term Internal Financial Control means the policies and procedures adopted by a company for ensuring orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

Internal Control over Financial Reporting (ICFR) remains an important component to foster confidence in a companys financial reporting, and ultimately, streamlining the process to adopt best practices. Your Company through Internal Audit Program is regularly conducting test of effectiveness of various controls. The ineffective and unsatisfactory controls are reviewed and remedial actions are taken immediately. The internal audit plan is also aligned to the business objectives of the Company which is reviewed and approved by the Audit Committee. Further, the Audit Committee monitors the adequacy and effectiveness of your Companys internal control framework.

Adequate internal financial controls are in place which ensures the reliability of financial and operational information. The regulatory and statutory compliances are also ensured.

27. AUDITORS:

a) STATUTORY AUDITOR:

The members at the 6th Annual General Meeting of the Company had appointed M/s. P. J. Desai & Co., Chartered Accountants (FRN 102330W) as the Statutory Auditors of the Company to hold office from the conclusion of the said Annual General Meeting until the conclusion of 10th the Annual General Meeting to be held in the year 2023. The Ministry of Corporate Affairs vide its Notification dated 7th May, 2018, has dispensed with the requirement of ratification of Auditors appointment by the shareholders, every year. Hence, the resolution relating to ratification of Auditors appointment is not included in the Notice of the ensuing Annual General Meeting.

The Company has received a certificate from M/s. P. J. Desai & Co., confirming that they are not disqualified from continuing as Statutory Auditors of the Company.

The Auditors Reports for the Financial Year 2020-21 do not contain any qualification, reservation, adverse remark or disclaimer. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments. Pursuant to provisions of Section 143 (12) of the Companies Act, 2013, the Statutory Auditors have not reported any incident of fraud to the Audit Committee or Central Government during the year under review.

b) INTERNAL AUDITOR:

M/s. VCAS & Co. Chartered Accountant, Surat, who are Internal Auditor have carried out Internal Audit for the financial year 2020-2021. Their reports were reviewed by the Audit Committee. c) COST AUDITOR:

During the year, the maintenance the cost records as specified by the Central Government under subsection (1) of section 148 of the Companies Act, 2013, is not applicable to the Company.

d) SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Mr. Dhiren R. Dave, Company Secretary in Practice, to undertake the Secretarial Audit of the Company for the year ended 31st March, 2021. The Secretarial Audit Report issued in this regard is annexed as Annexure - 4.

The Auditors Report and the Secretarial Audit Report for the Financial Year ended 31st March, 2021 do not contain any qualification or reservation or adverse remarks.

28. MEETINGS OF BOARD AND COMMITTEE:

During the Financial Year 2020-21, the Board of Directors met eight (8) times and the details of the meetings of the Board and its Committees are given in the Corporate Governance Report (Annexure-1). The gap intervening between two meetings was within the time prescribed under the Act and LODR Regulations.

Details of attendance of meetings of the Board, its Committees and Annual General Meeting are included in the Report on Corporate Governance, which forms part of this Annual Report.

29. MEETING OF INDEPENDENT DIRECTORS:

In terms of requirements under Schedule IV of the Companies Act, 2013 and Regulation 25 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate meeting of the Independent Directors was held on 28th October, 2020 & 23rd March, 2021.

The Independent Directors at the meeting, inter alia, reviewed the following:-

? Performance of Non-Independent Directors and Board as a whole.

? Performance of the Chairman of the Company, taking into account the views of Executive Directors and Non-Executive Directors.

? Assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

30. DECLARATION FROM INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Directors under Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) read with Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming compliance with the criteria of independence as stipulated thereunder.

All Independent Directors of the Company have affirmed compliance with the Schedule IV of the Act and Companys Code of Conduct for Directors and Employees for the FY 2020-21.

The Independent Directors of the Company have registered themselves with the Indian Institute of Corporate Affairs (‘IICA) towards the inclusion of their names in the data bank maintained with it. The online proficiency self-assessment test conduct by the said institute is yet to be passed by them.

31. NON EXECUTIVE DIRECTORS COMPENSATION AND DISCLOSURES:

None of the Independent / Non- Executive Directors has any pecuniary relationship or transactions with the Company which in the Judgment of the Board may affect the independence of the Directors.

32. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The Company has adopted a familiarization programme for Independent Directors with an objective of making the Independent Directors of the Company accustomed with the business and operations of the Company through various structured orientation programmes. The familiarization programme also intends to update the Directors on a regular basis on any significant changes therein so as to be in a position to take well informed and timely decision.

The details of the Familiarization programme undertaken have been uploaded on the Companys website.

33. PERFORMANCE EVALUATION OF BOARD AND ITS COMMITTEES:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as per Guidance Note on Board Evaluation issued by SEBI on 5th January, 2017, the Board has carried out annual performance evaluation of its own performance, the Directors individually as well as evaluation of the working of its Committees.

34. DIRECTORS APPOINTMENT AND REMUNERATION POLICY:

Pursuant to provision of Section 178(3) of the Companies Act, 2013, the Company has, on the recommendation of the Nomination & Remuneration Committee framed and adopted a Policy for selection, appointment, cessation, remuneration and evaluation of Directors, Key Managerial Personnel and senior management personnel including criteria for determining qualifications, positive attributes and independence of Directors. The Nomination and Remuneration Policy of the Company is available on the website of the Company at web-link https://aaronindustries.net/wp-content/uploads/2019/07/Nomination-Remuneration-policy.pdf

35. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The table containing the names and other particulars of ratio of Directors Remuneration to Median Employees Remuneration in accordance with the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached to this report as Annexure – 5 and forms part of this Report.

None of the employee has received remuneration in excess of the limits as prescribed under Section 197(12) of the Companies Act, 2013, read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

36. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as stipulated under Section 134(3)(m) of the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure - 6 and forms part of this Report.

37. DIRECTORS RESPONSIBILITY STATEMENT:

The Directors Responsibility Statement referred to in Section 134(3)(c) of the Companies Act, 2013, shall state 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.

(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.

38. SECRETARIAL STANDARDS:

The Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

39. CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION:

As required under Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a declaration by CFO was placed before the Board, certifying the accuracy of Financial Statements and the adequacy of internal controls system pertaining to Financial Reporting for the year ended 31st March, 2021 is attached herewith as per Annexure - 7.

40. DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT

PERSONNEL WITH THE COMPANYS CODE OF CONDUCT:

The Board of Directors has formulated and adopted the code of Conduct for all Board Members and Senior Management Personnel of the Company. All the Board Members and Senior Management Personnel have affirmed compliance with the Code on annual basis. In this regard certificate from Managing Directors as required under Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been received by the Board and the same is attached herewith as per Annexure - 8.

Code of Conduct for Board of Directors and Senior Management Personnel is available on the website of the Company at web link https://aaronindustries.net/wp-content/uploads/2019/07/ Code-of-Conduct-for-Board-Members-and-Senior-Management-Personnel.pdf.

41. REPORTING OF FRAUDS :

During the year under review, neither the Statutory Auditor nor the Secretarial Auditor has reported to the Audit Committee and/or Board, any instances of fraud as required under Section 143(12) of the Act and the rules made thereunder.

42. REGISTRAR AND SHARE TRANSFER AGENT:

Your Company has appointed M/s. Bigshare Services Private Limited as its Registrar and Share Transfer Agent and executed post IPO agreement between Company and M/s. Bigshare Services Private Limited on 3rd September, 2018.

43. INSURANCE:

Your Company has taken the required insurance coverage for its assets against the possible risks like fire, flood, burglary etc.

44. GREEN INITIATIVES:

In commitment to keep in line with the Green Initiative and going beyond it to create new green initiatives, electronic copy of the Notice of 8th Annual General Meeting of the Company including the Annual Report for FY 2020-21 are being sent to all Members whose e-mail addresses are registered with the Company/Depository Participant(s). For members who have not registered their e-mail addresses, physical copies are sent through the permitted mode.

45. CAUTIONARY STATEMENT:

The Annual Report including those which relate to the Directors Report, Management Discussion and Analysis Report may contain certain statements on the Companys intent expectations or forecasts that appear to be forward-looking within the meaning of applicable securities laws and regulations while actual outcomes may differ materially from what is expressed herein. The Company bears no obligations to update any such forward looking statement. Some of the factors that could affect the Companys performance could be the demand and supply for Companys product and services, changes in Government regulations, tax laws, forex volatility etc.

46. APPRECIATION:

The Directors take this opportunity to thank the private equity investors, bankers and the financial institutions for their co-operation and support to the operations and look forward for their continued support in future. The Directors also thank to all the customers, vendor partners, and other business associates for their continued support during the year. The Directors place on record their appreciation for the hard work put in by all employees of the Company.

For and on behalf of the Board

Amar Doshi

Date: 06/08/2021 Chairman & Managing Director Place: Surat DIN: 00856635