century enka ltd share price Directors report


For the Financial Year ended 31st March 2022

To

The Members,

The Directors present the 56th Annual Report together with audited financial statements of the Company for the financial year ended 31st March 2022 (‘Period under review?).

FINANCIAL HIGHLIGHTS

Rs /Lacs

Particulars FY 22 FY21
Net Revenue from Operations 2,09,783 1,22,280
Profit before Depreciation, Finance Cost, Exceptional Items and Tax 28,492 14,237
Add/(Less):
Depreciation (3,962) (4,088)
Finance Cost (124) (155)
Exceptional Item (Note 1) - (819)
Taxation (Net) (5,990) (2,083)
Net Profit 18,416 7,092

Note 1: Exceptional item in FY21, represents impairment provision on some polyester spinning machines at Bharuch Plant.

DIVIDEND

Based on the performance of the Company, the Board of Directors recommended dividend at the rate of 100% (i.e., Rs 10 per equity share of Rs 10/- each) for the period under review (Previous year dividend at the rate of 80% i.e., Rs 8 per equity share of Rs 10/- each). In terms of the amendment 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 shareholders at applicable rates of tax and the Company shall withhold tax at source appropriately.

UNPAID/ UNCLAIMED DIVIDEND

Equity shares in respect of which dividend remained unpaid/ unclaimed for a period of seven consecutive years shall be transferred to the Investor Education and Protection Fund (‘IEPF?) Authority within the timeline laid down by the Ministry of Corporate Affairs (‘MCA?), Government of India. The dividend of above-mentioned equity shares shall also be transferred to IEPF Authority. However, shareholders can claim equity shares and dividend from IEPF Authority.

The Company has already been transferred equity shares along with dividend for the financial year ended 31st March 2014 to the IEPF Authority. For the financial year ended 31st March 2015, the dividend and equity shares shall be transferred to the IEPF Authority, after the Annual General Meeting, within the timeline laid down under the Companies Act, 2013 and rules made thereunder (‘the Act?).

DIVIDEND DISTRIBUTION POLICY

In terms of provisions of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements)

Regulations, 2015, (?Listing Regulations?), the Company has formulated a Dividend Distribution Policy. To protect the interest of shareholders, the Board of Directors recommended dividend for the financial year based on criteria specified in Dividend Distribution Policy of the Company.

The said policy is hosted on the website of the Company and can be accessed at https://www.centuryenka.com/investor-relations/index. html#parentHorizontalTab6:ChildVerticalTab_211

TRANSFER TO GENERAL RESERVES

The Board of Directors of the Company has decided not to transfer any amount to the General Reserves, for the financial year ended 31st March 2022.

OVERVIEW AND THE STATE OF THE COMPANY?S AFFAIRS

Course of Business-

Net revenue from operations is higher at Rs 2,09,783 lacs compared to Rs 1,22,280 lacs mainly on account of higher volumes in both the products, Nylon Filament Yarn (NFY) and Nylon Tyre Cord Fabric (NTCF) and higher realization. Consequently, the profit before interest, depreciation, and tax (PBIDT) is also higher at Rs 28,492 lacs compared to Rs 14,237 lacs in last year. The net profit increased by 159.67 % from Rs 7,092 lacs to Rs 18,416 lacs.

EXCISE DUTY DEMAND

The Customs, Excise and Service Tax Appellate Tribunal (Appellate Tribunal), vide its order dated 20th December 2019, in the Company?s appeal against the order of the Commissioner of Central Excise Raigadh, upheld the denial of the benefit of Notification No. 6/2000 CE dated 1st March 2000 and remanded the proceedings to the Commissioner of Central Excise with a direction to compute the correct assessable value, allow the permissible deductions, determine the excise duty payable and allow the credit of CENVAT/ MODVAT. The Company has preferred an appeal against the order of the Appellate Tribunal upholding the denial of benefit of Notification No 6/2000 dated 1st March 2000 before the Hon?ble Supreme Court of India on 22nd February 2020. The Hon?ble Supreme Court of India tagged the matter with other appeals involving dispute of the similar nature. An application has been filed for stay on the recovery of Interest and penalty.

The Commissioner, pursuant to the aforesaid order of the Appellate Tribunal, passed an order dated 8th September 2020, recomputed the excise duty and confirmed the duty demand of Rs 7.30 crores, (as against the original demand of Rs 229.27 crores) with the interest thereon and imposed equal amount of penalty. The Department of Central Excise has filed an appeal on 22nd January 2021 before the Appellate Tribunal against the order of Commissioner dated 8th September 2020 for not following the procedure in recomputing the differential excise duty, granting CENVAT/MODVAT credit and permissible expenditure.

The Company has been advised by legal experts that it has a reasonably good case to succeed before the Hon?ble Supreme Court.

EXPANSION AND MODERNISATION

Projects for modernizing the plants and augmenting the tyre reinforcement material, draw texturized and mother yarn capacity are progressing well. Orders for all the long delivery items are placed. Commissioning of these projects is expected in FY23 & FY24 in phased manner.

CHANGE IN THE NATURE OF BUSINESS

During the period under review, there was no change in the nature of business of the Company.

REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

During the period under review, the Company did not have any subsidiaries, associates, and joint venture company.

ENVIRONMENT

This comprises risks associated with environmental pollution through the discharge of waste and emissions, which may cause damage to the local ecology and environment. During the year, consumption of water, fuel and resources was within prescribed State Pollution Control Board (SPCB) limit. Generation and treatment of wastewater, hazardous waste and gaseous emission was within SPCB norms. The Company has well-organized Environment Management System certified for ISO 14001:2015 standard. Both the plant sites of the Company are environment compliant in terms of environment regulations. The details about Environment, Health & Safety (EHS) have been provided elsewhere in the report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

Information on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo as required to be disclosed pursuant to Section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014, are set out in a separate statement and attached hereto as Annexure-I and forming part of the report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the period under review as stipulated under Regulation 34 of the Listing Regulations, forms an integral part of the Annual Report. It comprises details about the performance of the Company, industry structure and risk management etc.

CORPORATE GOVERNANCE

The Board of Directors reaffirmed their continued commitment towards good corporate governance practices. Corporate Governance principles form an integral part of the core values of the Company. The Company has complied with the provisions relating to corporate governance. The Corporate Governance Report for the period under review, as stipulated under regulation 34 of the Listing Regulations, is presented in a separate section, and forms an integral part of the Annual Report.

POLICY ON DIRECTORS? APPOINTMENT

Policy on Directors? appointment is to follow the criteria as laid down under the Act and Listing Regulations. Emphasis has been given to people from diverse fields or/and professions.

POLICY ON REMUNERATION

Guiding policy on remuneration of Directors, Key Managerial Personnel and employees of the Company is that: Remuneration to unionized workmen is based on the periodical settlement with the workmen union.

Remuneration to key managerial personnel, senior executives, managers, staff, and workmen (non-unionized) is industry-driven in which it is operating, taking into account the performance leverage and such factors so as to attract and retain quality talent. For Directors, it is based on the shareholder?s resolutions pursuant to the provisions of the Act and Rules framed thereunder, circulars and guidelines issued by the Central Government and other authorities from time to time.

ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES, AND INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Act and the Listing Regulations, the Board of Directors has carried out an annual evaluation of its own performance, Independent Directors, Non-Executive Directors, Executive Director, and the Chairperson of the Board. The evaluation framework for assessing the performance of the Directors of the Company comprises contributions at meetings and strategic perspective or inputs regarding the growth and performance of the Company, among others.

The Nomination and Remuneration Committee and the Board have laid down the way in which formal annual evaluation of the performance of the Board and Individual Directors has to be made. It includes circulation of evaluation forms to respective Directors for evaluation of the Board and its Committees, Independent Directors / Non-Executive Directors / Executive Directors, and the Chairperson of the Company. The Board expressed satisfaction on the overall functioning of the Board and its Committees and is satisfied with the contribution of directors, in their respective capacities, which reflected overall engagement of individual directors.

DECLARATION OF INDEPENDENCE BY THE INDEPENDENT DIRECTORS

Necessary declarations have been obtained from Independent Directors that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) & Regulation

25(8) of Listing Regulations. The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company?s Code of Conduct. In the Board?s opinion, there has been no change in the circumstances which may affect the status of independent directors of the Company and the Board is satisfied of the integrity, expertise and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent Directors on the Board. In terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, all the Independent Directors of the Company have registered their names in the databank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

DIRECTORS? RESPONSIBILITY STATEMENT

The audited financial statements for the period under review are in conformity with the requirements of the Act and the applicable Accounting Standards. The financial statements reflect fairly the form and substance of transactions carried out during the period under review and reasonably present the Company?s financial condition and results of operations.

Pursuant to Section 134(3)(c) read with Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability confirm that:

in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

• they had selected such accounting policies and applied them consistently and made judgments & estimates, which 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 of the Company for that period;

• they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• they had prepared the annual accounts on a going concern basis;

• they 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

• they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Appointment/Re-appointment of Directors & Key Managerial Personnel

In accordance with the provisions of section 152 and other applicable provisions, if any, of the Act read with the Companies (Appointment & Qualification of Directors) Rules, 2014, and the Articles of Association of the Company, Mr. Devajyoti Nirmal Bhattacharya (DIN: 00868751),

Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and, being eligible, has offered himself for re-appointment. Brief profile of Mr. Devajyoti Nirmal Bhattacharya forms part of the notice convening the 56th AGM to be held on 18th August 2022. The Board recommended his re-appointment.

There are no further changes in Directors and Key Managerial Personnel during the period under review.

Key Managerial Personnel

Following are the Key Managerial Personnel of the Company: Mr. Suresh Sodani – Managing Director (MD) Mr. K. G. Ladsaria – Chief Financial Officer (CFO) Mr. Rahul Dubey – Company Secretary (CS)

Meetings of Board of Directors

During the period under review, 5 (five) Board meetings were held. The details thereof are furnished in the Corporate Governance Report. The intervening gap between the meetings was within the period prescribed under the Act and the Listing Regulations.

During the period under review, a meeting of the Independent Directors was held on 12th March 2022.

Details of Committees of Directors

The Company has six Board-level Committees, which have been established in compliance with the relevant provisions of applicable laws and statutes:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders Relationship Committee

• Corporate Social Responsibility Committee

• Risk Management Committee

• Share Transfer Committee

The composition of aforesaid committees, number of meetings held of each Committee, during the period under review, and meetings attended by each member of the Committee are provided in Corporate Governance Report, and forms an integral part of the Annual Report.

The recommendations of the Committees, as and when made to the Board, have been accepted by Board.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There are no transactions with related parties which require disclosure under Section 134(3)(h) of the Act read with Rule 8 (2) of the Companies (Accounts) Rules, 2014.

LOANS, INVESTMENTS AND GUARANTEES BY THE COMPANY

There are no loans or guarantees given or securities provided by the Company to any entity, under Section 186 of the Act. However, the Company has invested surplus fund of the Company in Inter Corporate Deposits after due compliance with the provisions of the Act.

INTERNAL FINANCIAL CONTROLS

The Company has put in place adequate internal control systems that are commensurate with the size of its operations. Internal control systems and procedures are periodically reviewed to keep pace with the Company?s operations. The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal auditors, the process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the public during the financial year ended 31st March 2022 and there are no outstanding deposits in terms of the Companies (Acceptance of Deposits) Rules, 2014.

COMPLIANCE OF SECRETARIAL STANDARDS

The Company is in compliance with the Secretarial Standards issued by the Institute of Company Secretaries of India and notified by the Ministry of Corporate Affairs of India.

RISK MANAGEMENT

Pursuant to the requirement of Listing Regulations, the Company has constituted Risk Management Committee, which is mandated to review the risk management plan/process of the Company. Risk evaluation and management is an ongoing process within the organization. The Company has comprehensive Risk Management Policy which is periodically reviewed by the Risk Management Committee. The composition and terms of reference of the Risk Management Committee are provided in the Corporate Governance Report, which forms an integral part of the Annual report.

The Risk Management Policy is available on the website of the Company and can be accessed at https://www.centuryenka.com/ investor-relations/index.html#parentHorizontalTab6:ChildVertical Tab_211

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company promotes ethical behaviour in all its business activities and has put in place a mechanism for reporting illegal and unethical behaviours. The Company has a Vigil Mechanism/Whistle Blower Policy under which employees are free to report any actual or potential violation of our code, policies or laws. During the year under review, no employee was denied access to the Audit Committee.

We have a Code of Conduct and Vigil Mechanism/Whistle Blower Policy in place through which we promote highest standards of professionalism, honesty, integrity and ethical behaviour in all our business activities.

ThepolicyonVigilMechanism/WhistleBlowerisavailableonthewebsite of the Company and can be accessed at https://www.centuryenka. com/investor-relations/index.html#parentHorizontalTab6:Child Vertical Tab_211.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder for prevention and redressal of complaints of sexual harassment at workplace. The Company is committed to providing equal opportunities without differentiating race, caste, sex, religion, colour, nationality, disability etc. All women associate (permanent, temporary, contractual and trainees) along with any women visiting the Company?s office premises or women service providers are covered under this policy. All employees are treated with dignity with a view to maintain a work environment free of sexual harassment whether physical, verbal or psychological. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress and resolve any complaints received regarding sexual harassment at the workplace.

The details of complaints received, disposed of, and pending during the period under review are given below:

No. of complaints received: 0

No. of complaints disposed of: NA

No. of complaints pending: 0

CORPORATE SOCIAL RESPONSIBILITY

In terms of the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors of the Company has constituted a Corporate Social Responsibility (‘CSR?) Committee. The composition and terms of reference of the CSR Committee is provided in the Corporate Governance report, which forms an integral part of the Annual Report. The particulars required to be disclosed pursuant to the Companies (Corporate Social Responsibility Policy) Rules, 2014 are given in Annexure-II and forming part of this Report.

The CSR Policy of the Company is available on its website and can be accessed at https://www.centuryenka.com/investor-relations/index.html#parentHorizontalTab6:Child%20Vertical%20 Tab_211:ChildVerticalTab_215 The Chief Financial Officer has given a certificate to the Board that the funds so disbursed have been utilised for the purposes and in the manner as approved by the Board.

ANALYSIS OF REMUNERATION

The disclosure pursuant to Section 197(12) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, regarding the ratio of the remuneration of each Director to the median employee?s remuneration and such other details as specified in aforesaid Rule is annexed herewith as Annexure-III and forming part of this Report.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required underSection197(12)oftheActreadwiththeCompanies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, are attached as Annexure-IV and forming part of the report. In accordance with the aforesaid provisions, the names and other particulars of employees drawing remuneration in excess of the limits set out in the aforesaid Rules forms part of this Report.

None of the employees listed in the said Annexure is a relative of any Director of the Company. None of the employees hold (by himself or along with his/her spouse and dependent children) more than two percent (2%) of the equity shares of the Company.

AUDITORS

Statutory Auditors

Pursuant to the provisions of section 139 of the Act, read with the Companies (Audit and Auditors) Rules, 2014, as amended from time to time, M/s. Khimji Kunverji & Co. LLP, (formerly, M/s Khimji Kunverji & Co), Chartered Accountants, (ICAI Firm Registration No. FRN 105146W/100621) were appointed as Statutory Auditors of the Company to hold office for a term of 5 (five) consecutive years from the conclusion of the 55th Annual General Meeting (AGM) until the conclusion of the 60th AGM and confirmation of shareholder of the Company has been obtained in the 55th AGM held on 13th August 2021.

Cost Auditors

Pursuant to the provisions of section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, as amended, notifications/circulars issued by the Ministry of Corporate Affairs from time to time, the cost accounts and records are duly prepared and maintained by the Company. On 28th July 2021, the Company has received a communication from a family member regarding sad demise of Mr. M. R. Dudani, the proprietor of M/s. M. R. Dudani & Co., Cost Accountants (erstwhile Cost Auditor of the Company). On 30th July 2021, the Board, on the recommendation of the Audit Committee, has appointed M/s Dhananjay V. Joshi & Associates, Cost Accountants as a Cost Auditor of the Company for the financial year 2020-21 and 2021-22, at a remuneration as mentioned in the Notice convening the AGM for financial year 2021-22, for auditing the cost records of Nylon and Polyester products of the Company as covered under the aforesaid laws.

Further, the Board of the Company in its meeting held on 11th May 2022 has re-appointed M/s Dhananjay V. Joshi & Associates, Cost Accountants, as a Cost Auditor of the Company for the financial year 2022-23 at a remuneration as mentioned in the Notice convening the AGM for auditing the cost records of Nylon and Polyester products of the Company as covered under the aforesaid laws.

Pursuant to Section 148(3) of the Act read with Rule 14 of Companies (Cost Records and Audit) Rules 2014, the remuneration payable to the Cost Auditor is required to be ratified by the members of the Company and accordingly, a resolution seeking the ratification for the remuneration payable to M/s Dhananjay V. Joshi & Associates, Cost Accountants for the financial 2020-21, 2021-22 and 2022-23 are included in the Notice convening the 56th AGM to be held on 18th August 2022. The Company maintained the the cost records as specified by the Central Government under Section 148(1) of the Act. The cost audit report given by M/s Dhananjay V. Joshi & Associates, Cost Accountants, Cost Auditor for the financial year 2020-21 was filed with the Ministry of Corporate Affairs on 13th October 2021.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Sanjay Sangani & Co., Company Secretaries in practice (CP No.-3847), to undertake the Secretarial Audit of the Company for the financial year ending 31st March 2022. The Secretarial Audit Report for the period under review is annexed herewith as Annexure-V and forming part of the report. There are no qualifications or observations or adverse remarks or disclaimer in the Secretarial Audit Report for the period under review which calls for any explanation or comments from the Board of Directors.

Further, M/s. Sanjay Sangani & Co., Company Secretaries in practice (CP No.-3847), have been re-appointed to undertake the Secretarial Audit of the Company for the financial year ending 31st March 2023. The Secretarial Compliance Report for the period under review, in relation to compliance of all applicable SEBI Regulations/circulars/ guidelines issued thereunder, pursuant to requirement of regulation 24A of the Listing Regulations, is available on the website of the Company and can be accessed at https://www.centuryenka.com/ investor-relations/index.html#parentHorizontalTab6:Child%20%20 Vertical%20Tab_211:ChildVerticalTab_216

REPORTING OF FRAUDS BY AUDITORS

During the period under review, the Statutory Auditors, Cost Auditors and the Secretarial Auditors have not reported any instances of fraud committed against the Company by its officers and employees to the Audit Committee under section 143(12) of the Act.

ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92 of the Act read with Rule 12(1) of the Companies (Management and Administration)

Rules, 2014, the Annual Return of the Company as on 31st March 2022 in Form MGT-7 is available on the website of the Company and can be accessed at https://www.centuryenka.com/investor-relations/index.html#parentHorizontalTab6:Child% 20%20Vertical%20 Tab_211:ChildVerticalTab_212

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

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.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERNS STATUS AND COMPANYS OPERATIONS IN FUTURE

The Company has not received any significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company?s operations in future.

INTEGRATED REPORT (IR) INCLUDING BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR)

Pursuant to SEBI Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10th May 2021 filing of BRSR shall be mandatory for the top 1000 listed companies (by market capitalization) with effect from the financial year 2022-2023 and shall replace the existing BRR. Filing of BRSR is voluntary for the financial year 2021-22. BRSR ensures that stakeholders shall have access to effective compliance and communication through standardized disclosure. The Company has voluntarily provided Integrated Report along with BRSR in place of BRR for financial year 2021-22 and forms an integral part of the Annual Report. This report is prepared in alignment with the Integrated Reporting (IR) Framework laid down by the International Integrated Reporting Council (IIRC) and aims at presenting the value creation approach for our stakeholders.

GENERAL DISCLOSURES

During the period under review,

the Company has not issued any shares with differential voting rights.

there was no revision in the financial statements. the Company has not issued any sweat equity shares.

the Company has not made any application under Insolvency and Bankruptcy Code, 2016. Further, there is no proceeding pending under the said code as at the end of the financial year.

the Company has not undergone any one-time settlement with any banks or financial institutions and therefore the disclosure in this regard is not applicable.

the Company is not having any Employee Stock Option Scheme under Section 62(1) of the Act and SEBI (Share Based Employee Benefits) Regulations, 2014.

ACKNOWLEDGEMENT

The Board of the Company express their deep sense of gratitude to the Central & the State Governments, Company?s bankers, financial institutions, stakeholders, business associates, for their co-operation & support extended to the Company and look forward to their continued support in future. The Board very warmly thanks all employees of the Company for their contribution to the Company?s performance. We have immense respect for every person and applaud them for their superior levels of competence, dedication, and commitment to the Company.

For and on behalf of the Board of Directors
S.K. Jain Suresh Sodani
Director Managing Director
DIN: 02843676 DIN: 08789604
Place: Pune
Date: 11th May 2022