Ashima Ltd Directors Report.

Your Directors take pleasure in presenting the Thirty Seventh Annual Report of your Company together with Audited Financial Statements (including Audited Consolidated Financial Statements) for the year ended on March 31,2020.

1. FINANCIAL RESULTS

Your Companys performance during the above year is summarized below:

(I NR in lacs)

Particulars

Standalone

Consolidated

March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Total Income 29320 35404 29320 35404
Profit / (Loss) before Finance Costs, Depreciation and Amortization Expenses, Exceptional Items & Tax Expenses 402 1392 402 1377
Less: Finance Costs 203 794 203 794
Profit/(Loss) before Depreciation and Amortization Expenses, Exceptional Items &Tax Expenses 199 598 199 598
Less: Depreciation and Amortization 537 555 537 555
Profit / (Loss) before Exceptional Items & Tax Expenses before share of profit in associate (339) 42 (339) 42
Share of profit in associate - - - (15)
Profit/(loss) before Exceptional Items & Tax Expenses (339) 42 (338) 27
Add: Exceptional Item (Income) - 3236 - 3236
Profit/(loss) Before Tax (339) 3278 (338) 3263
Less: Tax Expenses - - - -
Profit/(loss) After Tax (339) 3278 (338) 3263
Other Comprehensive Income (93) (35) (93) (35)
Total Comprehensive Income (431) 3243 (431) 3228

2. DIVIDEND

Your Directors do not recommend any dividend on the equity shares as well as preference shares.

3. RESERVES

During the year under review, no amount has been transferred to any reserve.

4. SCHEME OF AMALGAMATION AND ARRANGEMENT

The Scheme of Amalgamation and Arrangement of Ashima Dyecot Private Limited (“Transferor CompanyVADPL”) with the Company and their respective Shareholders and Creditors under section 230-232 of the Companies Act, 2013 (“The Scheme”), was sanctioned by the Honble National Company Law Tribunal, Ahmedabad Bench vide its order dated July 22, 2020 with an appointed date April 1,2019 and the same became effective on and from July 29, 2020 upon latest filing of Certified Copy of the Order with the Registrar of Companies, Gujarat.

5. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

The company has reported a loss of Rs 339 lacs for the year at PBT level compared to profit of Rs 3278 lacs in the preceding year. However, the performance for the previous year includes Rs 3236 lacs being

an exceptional and extraordinary item mainly related to gain on account of sale of surplus land, excluding which, the profit for previous year at PBT level works out to Rs 42 lacs.

On consolidated basis, the total revenue for FY 2020 was Rs 29320 lacs as compared to previous years total revenue of Rs 35404 lacs. The profit aftertax (PAT) stood at Rs (338) lacs as compared to the previous years PAT of Rs 3263 lacs for FY 2019.

Denim Division: The volumes for the division have reduced during the year on account of slowdown in the industry as well as the impact of lockdown at the fag end of the year. The reduction is however limited to domestic brand and distributor segment. Innovative product developments with the help of new rope dyeing facility have helped increased business volumes with garment exporters as well as physical exports. Though pricing pressure continues across product varieties and markets, companys flexibility in offering product range upon upgraded manufacturing facilities have strengthened its pricing capabilities and the company has been able to provide cost effective product developments and improve upon the margins across almost all market segments. Overall, the operational profitability for the division has improved during the year, though not significantly.

Spinfab Division: Cotton yarn dyed fabrics have been facing tough market situation with the shelf space being partly taken up by prints, linen and other fancy shirting products. Over the last few years, the company has been able to strengthen its position with brands and large format stores. As a result, though most of the brands suffered severe slowdown in their seasonal sales volumes across the country, the company could shield itself from its adverse impact to a great extent. However, the business with distributor and garment exporter segments took a hit and has reduced considerably during the year. The division put more efforts in the large format stores segment which was the fastest growing segment in the domestic market and could achieve higher volumes in that segment. However, ongoing pressure on prices limited its ability to improve upon the margins.

Dyecot Division: The fabric processing division has reported improved profitability though the volumes and capacity utilisation suffered on account of turbulent market conditions. Overall business sentiment was not positive particularly from Indian domestic market, especially during the second half of the year, leading to sharp reduction in orders. The division keeps on working on new and value-added products on a continuous basis and could make deeper inroads with few of the existing customers by offering such products.

Garment Division: The division has reported subdued performance during the year. Sale volumes have been maintained however value addition per unit has significantly dropped, both in case of export business as well as for domestic business. In domestic markets, owing to the prevailing conditions of lower liquidity and drop in sales, the brands lowered their retail prices and were looking for cheaper alternatives. The Company has been able to develop alternative customers and that helped to maintain the volumes to some extent.

Brand business and others: Overall profitability of brand and other businesses has moved up. Though there were some improvement in branded volumes, profitability has improved primarily on account of other income resulting from government subsidy and interest income on loans.

A detailed discussion on performance appears as part of Management Discussion and Analysis attached to this report.

Outlook:

The year under review already witnessed impact of global slowdown consequent upon international trade disputes and geopolitical tensions. The nationwide lockdown of about 10 weeks between March 2020 to May 2020 and substantial restrictions on movements have already disrupted manufacturing operations and adversely affected operational performance of the company, which would be more profoundly reflected in financials of next year.

Management has already taken measures to contain the adverse impact by way of optimizing plant operations, cashflow and liquidity management and effective cost management. The business situation is likely to remain very challenging in times to come.

6. CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are prepared in accordance with relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of India and form part of this Annual Report.

7. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF OUR COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments which affect the financial position of the Company occurring between the end of financial year and the date of this Report, except as stated specifically in this Report.

8. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company has one Associate Company as on March 31, 2020. On account of the Scheme of Amalgamation and merger, all investments made by Transferor Company have been vested into the Company and hence Shardul Garments Private Limited became Associate of the Company. Except this, no company has become or ceased to be Companys subsidiary, Joint Venture. Pursuant to the provisions of the Section 129(3) of the Companies Act, 2013 and rules made there under, a statement containing salient features of financial statements of Associate Company in Form AOC-1 is attached at Annexure-1.

9. DEPOSITS

The Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014. There were no unpaid or unclaimed deposits as on March 31,2020.

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

Pursuant to Section 134(3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, information on conservation of energy, technology absorption and foreign exchange earnings and outgo forms part of this Report and annexed at Annexure-2.

11. RISK MANAGEMENT

The Company has framed and adopted a “Risk Management Policy” to identify, monitor, minimize and mitigate risks and determine the responses to various risks to minimize their adverse impact on the organization. The Company is exposed to various financial risks viz. credit risk, liquidity risk, foreign currency risk, interest rate risk etc. The executive management oversees the risk management framework and the Audit Committee evaluates internal financial controls and risk management systems. However, the details of risk management objectives and policies made by the Company under the said provision is given in the notes to the Financial Statements. In the opinion of Board, there are no risk which may threaten the existence of the Company. The Risk Management Policy is placed on the website of the Company at www.ashima.in.

12. CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

In terms of requirements of Section 135(1), the Board of Directors at its meeting held on August 11,2017 has constituted a Corporate Social Responsibility (CSR) Committee. The CSR Committee consists of 3 (Three) Directors viz., Mr. Chintan N. Parikh-Chairman, Dr. Bakul Dholakia- Independent Director and Mrs. Koushlya Melwani- Independent Director, as on March 31,2020.

During the financial year, the said Committee met on November 9, 2019 for consideration, review and recommendation to the Board of Directors of the Company for CSR expenditure. The Committee has noted that no amount was required to be spent towards CSR expenditure for the FY 2019-20 in terms of Section 135(5) of the Companies Act, 2013. The CSR Policy is placed on the website of the Company at www.ashima.in.

13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF COMPANIES ACT, 2013

During the year under review, the Company has granted loan and made investments. However, there are no guarantees given or security provided under Section 186 of the Companies Act, 2013. The details of loan granted and investments made as on March 31, 2020 are given in the Notes to the Financial Statements forming part of the Annual Report.

14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES.

All the transactions with Related Parties are placed before the Audit Committee for its approval and at the Board of Directors for information. Prior omnibus approval of the Audit Committee is obtained for the transactions which are of a foreseeable and repetitive nature. The transactions entered into pursuant to omnibus approval are placed before Audit Committee and Board of Directors on quarterly basis. The policy on Related Party Transaction (RPT) is available at the Companys website at www.ashima.in.

All the related party transactions were on arms length basis and hence disclosure in Form AOC-2 is not required. There were no materially significant transactions with any of the related parties that may have potential conflict with the interest of the Company at large.

Transactions with related parties as per requirements of IND-AS are disclosed in the notes to the Financial Statements.

15. NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for appointment of Directors, Key Managerial Personnel and Senior Management and their remuneration. The same is posted on Companys website at www.ashima.in.

16. ANNUAL EVALUATION OF BOARDS PERFORMANCE

The Nomination and Remuneration Committee have laid down the manner in which formal evaluation of the performance of the Board, its Committees and individual Directors has to be made, which is broadly in compliance with the Guidance Note on Board Evaluation issued the by SEBI vide its Circular dated January 5, 2017. The Board has carried out the annual performance evaluation of its own performance, Board Committees and Individual Directors pursuant to the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, performance of the Board as a whole and performance of the Chairman & Managing Director was evaluated.

The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

17. ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9, as required under Section 92 of the Companies Act, 2013, is included in this Report as Annexure-3. The Annual Return of the Company has been placed on the website of the Company at www.ashima.in.

18. WEBSITE OF YOUR COMPANY

Your Company maintains a website www.ashima.in where detailed information of the Company and specified details in terms of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 have been provided.

19. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

During the year, 5 (five) meetings of the Board of Directors were held, as required under the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The details of Board meetings held during the financial year 2019-20 have been furnished in the Corporate Governance Report forming part of this Annual Report.

During the year, your Company has complied with applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

20. DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointment/Re-appointment:

1. Mr. Shrikant Pareek: The Board of Directors on recommendation of Nomination & Remuneration Committee (NRC) appointed Mr. Shrikant Pareek as an Additional Director (Whole-Time Director), designated as Director (Operations)” w.e.f. August 1,2020 for a period of 3 (three) years, with terms and conditions including remuneration, at the meeting of Board of Directors held on July 30, 2020. Your Board recommends the special resolution in relation to his appointment as Whole Time Director.

2. Mr. Chintan Parikh: The current tenure of Mr. Chintan Parikh as Managing Director expired on February 6, 2020 and the Board of Directors on recommendation of NRC, re-appointed him for a further period of 3 years w.e.f. February 07, 2020 as a Managing Director, subject to approval of members of the Company in the 37th Annual General Meeting. Your Board recommends the resolution in relation to his re-appointment as Managing Director.

3. Mr. Vipul Naik: The Board appointed him as an additional director w.e.f. May 25, 2020. The shareholders have appointed him as Director (Non-Executive Non-Independent) of the Company, at the 36th AGM held on August 10, 2019

4. Further, the shareholders at the 36th Annual General Meeting held on August 10, 2019 approved appointment of Directors as follows:

(a) Mr. Sanjay Majmudar as Independent Director for first term 5 (five) consecutive years commencing from November 03, 2018 to November 02, 2023.

(b) Re-appointment of Dr. Bakul H. Dholakia as an Independent Director for second term of 5 (five) consecutive years commencing from September 29, 2019 on recommendation of the Board. Since he shall be attaining age of 75 years on July 15, 2022 during his second term, specific approval has been obtained to this effect.

(c) Re-designation of Mrs. Koushlya Melwani from Non-Independent Director to Independent Director and appointment as an Independent Director of the Company, for a first term of 5 (five) consecutive years commencing from May 25, 2019 to May 24, 2024.

5. Due to re-organisation in the position of Finance and Secretarial functions in the company, Mr. Hiren S. Mahadevia, Company Secretary and Mr. Jayesh C. Bhayani, Chief Financial Officer, who were looking after the secretarial and finance functions, have relinquished their positions w.e.f. July 30, 2020.

Considering the same, Board of Directors on recommendation of NRC appointed Mr. Hiren S. Mahadevia as Chief Financial Officer, designated as “Group CFO” and Mr. Dipak S. Thaker (ACS:4141) as Company Secretary and Compliance officer of the Company w.e.f. July 30,2020.

The Company has received requisite Notices from Member(s) under Section 160 of the Companies Act, 2013 in respect of Directors stated at Sr. 1 & 2, proposing their candidature for the office of Director. The resolutions for appointment/re-appointment along with their brief profile form part of the Notice of the 37th AGM and the respective resolution is recommended for approval of members.

Retirement by Rotation:

In accordance with the Articles of Association and the relevant provisions of the Companies Act, 2013, Mr. Chintan N. Parikh retires by rotation at the ensuing Annual General Meeting of the Company and being eligible seeks re-appointment. Your Board recommends his re-appointment.

Cessation:

1. Mr. Atulkumar Singh, Independent Director of the Company, resigned from the office of Director with effect from May 25, 2019.

2. Mr. Krishnachintan Parikh, Executive Director of the Company, resigned from the office of Director with effect from December 20, 2019.

3. Mr. Vipul Naik, Non- Executive Non Independent Director, resigned from the office of Director with effect from August 1,2020.

Except as stated above, there was no change in the composition of the Board of Directors and Key Managerial Personnel.

21. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Act, the Board of Directors confirms that to the best of its knowledge and belief:

(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 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; and

(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 system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

22. DECLARATION OF INDEPENDENT DIRECTORS

All the Independent Directors have given their declaration to the Company stating their independence pursuant to Section 149(6) and Regulation 16(1 )(b) of SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015. They have further declared that they are not debarred or disqualified from being appointed or continuing as directors of companies by the SEBI /Ministry of Corporate Affairs or any such statutory authority. In the opinion of Board, all the Independent Directors are person of integrity and possess relevant expertise and experience including the proficiency.

The terms and conditions of the appointment of Independent Directors have been disclosed on the website of the Company at www.ashima.in.

23. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

In compliance with the requirements of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has put in place a Familiarization Program forthe Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model etc. The same is posted on the website of the Company at www.ashima.in.

24. INSURANCE

The Companys plant, property, equipments and stocks are adequately insured against major risks. The Company has also taken Directors and Officers Liability Insurance Policy to provide coverage against the liabilities arising on them.

25. PARTICULARS OF EMPLOYEES

i) Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report and is annexed as Annexure-4 to this Report.

ii) The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and Rule 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this report. However, the said statement is not being sent along with this Annual Report to the members in line with the provisions of Section 136 of the Companies Act, 2013. The same is open for inspection at the Registered Office of the Company. Copies of this statement may be obtained by the members by writing to the Company Secretary.

26. AUDITORS

(a) STATUTORY AUDITORS

M/s. Mukesh M. Shah &Co., Chartered Accountants, Ahmedabad (Firm Registration No. 106625W) were appointed as Statutory Auditors of the Company for a term of five (5) consecutive financial years i.e. commencing from FY 2017-18 at the 34th Annual General Meeting held on August 11,2017. The appointment was subject to ratification by the members at every subsequent AGM thereafter. Pursuant to The Companies Amendment Act, 2017 the requirement of seeking ratification of the Members for the appointment of the Statutory Auditors has been withdrawn from the Statute. In view of the above, ratification by the Members for continuance of their appointment at this AGM is not being sought

The Statutory Auditors have given a confirmation to the effect that they are eligible to continue with their appointment and have not been disqualified in any manner from continuing as Statutory Auditor. The remuneration payable to the Statutory Auditor shall be determined by the Board of Directors based on the recommendation of the Audit Committee.

The Auditors Report for FY 2019-20 forms part of this Annual Report and does not contain any qualification, reservation or adverse remark or disclaimer.

(b) COST AUDITOR

On recommendation of the Audit Committee, the Board of Directors have appointed M/s. Ankit Sheth & Co., Cost Accountant (Membership No: M/ 34404) as Cost Auditor of the Company for the financial year 2020-21 under Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, on a remuneration as mentioned in the Notice convening the 37th Annual General Meeting for conducting the audit of the cost records maintained by the Company.

M/s. Ankit Sheth & Co., Cost Accountants have confirmed that they are free from disqualification specified under section 141 and 148 of the Companies Act, 2013 and Rules framed thereunder.

The Company has filed the Cost Audit Report for the financial year 2018-19 within the stipulated timeline prescribed under the Companies (Cost Records and Audit) Rules, 2014.

(c) SECRETARIAL AUDITOR

Pursuant to provisions of Section 204 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015 as amended, the Company has appointed Mr. Tapan Shah, Practicing Company Secretary, Ahmedabad, to undertake the Secretarial Audit of the Company for the financial year ended March 31,2020. The Secretarial Audit Report is annexed herewith as Annexure-5.

The Secretarial Audit Report for the year ended on March 31,2020 does not contain any qualifications, reservations or adverse remarks.

27. REPORTING OF FRAUD BY AUDITORS

There have been no instances of fraud reported by the Auditors u/s 143 (12) of the Companies Act, 2013 and rules framed thereunder either to the Company or to the Central Government.

28. VIGIL MECHANISM

Your Company has established Vigil Mechanism (whistle blower policy) for Directors and employees to report their genuine concerns, details of which have been given in the Corporate Governance Report annexed to this Report and displayed on the website of the Company at www.ashima.in.

29. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY.

There has been no significant and material order passed by the regulators or courts or tribunals impacting the going concern status and Companys operations. All orders received by the Company during the year are of routine in nature which have no significant / material impact.

30. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY.

The details on Internal Control Systems and their adequacy are provided in the Management Discussion and Analysis which forms part of this Report.

31. LISTING WITH STOCK EXCHANGES

Your Company is listed with the BSE Limited and National Stock Exchange of India Ltd. and the Company has paid the listing fees to each of the Exchanges.

32. AUDIT COMMITTEE

The Company has an Audit Committee pursuant to the requirements of the Companies, Act, 2013 read with the rules framed thereunder and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The details of composition of Audit Committee and other details relating to the same are given in the Report of Corporate Governance forming part of this Report. During the Financial Year 2019-20, there has been no instance where the Board has not accepted the recommendations of the Audit Committee.

33. CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required under Regulation 34 (3) read with Schedule V (C) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, a report on Corporate Governance along with certificate of compliance from M/s. Mukesh M. Shah & Co, Chartered Accountants and Management Discussion and Analysis Report forms part of this report as Annexure 6 & 7 respectively.

34. SHARE CAPITAL

On account of the Scheme as stated above, the Authorised Share Capital of the Company has increased from Rs 15000 Lacs to Rs 20898 Lacs due to amalgamation of Ashima Dyecot Private Limited with the Company. The paid-up equity share capital of the Company has reduced from Rs 12845.39 Lacs to Rs 5317.19 Lacs upon cancellation of shares pursuant to the Scheme. In accordance with the exchange ratio as stated in the Scheme, the Company shall issue and allot 13,84,88,161 Equity Shares of Rs 10/- each and for this purpose authorised capital shall be increase to the extend required.

Your Directors state that no disclosure 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.

b. Issue of shares (including sweat equity shares) to employees of the Company under any scheme including Employee Stock Option Scheme.

c. Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees.

35. COST RECORDS

The Company is required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 for the reporting year and accordingly such accounts and records are made and maintained.

36. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has constituted an Internal Complaints Committee (ICC) in due compliance with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints received regarding sexual harassment.

Your Directors state that during the year under review, no complaints relating to sexual harassment were received during the year nor any cases filed pursuant to the said Act.

37. APPRECIATION

Your Directors express their gratitude for the dedicated services put in by all the employees of the Company.

38. ACKNOWLEDGEMENTS

Your Directors places on record their sincere thanks to the customers, vendors, investors and banks for their continued support. Your Directors are also thankful to the Government of India, State Government and other authorities for their support and solicit similar support and guidance in future.

For and on behalf of the Board
Place: Ahmedabad Chintan N. Parikh
Date: July 30, 2020 Chairman and Managing Director
(DIN:00155225)