Choksi Imaging Director Discussions


To, The Members, Choksi Imaging Limited

Your Directors are pleased to present the 31st Annual Report on the business and operations of the Company, together with the Audited Financial Statements for the financial year ended March 31, 2023. The Management Discussion and Analysis is also included in this Report.

HEALTHCARE INDUSTRY & BUSINESS OVERVIEW

Your Company is in the business of manufacturing and trading of healthcare products, mainly Medical X-Ray Films and supply of other products to the Healthcare Industry. Presently, the Company is carrying on the business of processing of Jumbo Rolls of X-Ray films by slitting and cutting it into various sizes of X-Ray Films as per requirement of the customers on a job work basis.

FINANCIAL STATEMENTS & RESULTS

The Companys performance during the year ended March 31, 2023 as compared to the previous financial year, is summarized below: (Rs. in lakh)

Particulars 2022-2023 2021-2022
Total Revenue 192.88 360.88
Profit/(Loss) Before Depreciation, Amortization, (28.11) (31.51)
Exceptional & Extraordinary Items and Tax
Less: Depreciation and Amortization expense 16.33 16.60
Profit/(Loss) Before Exceptional & Extraordinary Items (44.44) (48.10)
And Tax
Net Profit/(Loss) Before Tax (NPBT) (44.44) (48.10)
Less: Tax expenses 3.11 (5.80)
Net Profit/(Loss) After Tax (NPAT) (47.54) (42.30)
Amount available for appropriations (47.54) (42.30)

FINANCES

The total long-term borrowings of your Company as on March 31, 2023 stood at NIL, Cash and Cash Equivalent stood at Rs.408.74 lakh and total investments is NIL at the end of the year.

OPERATIONS AND STATE OF COMPANY?S AFFAIRS

Your Company is engaged in the business of manufacturing & trading of X ray films and supply of other products for the Healthcare Industry. Currently, the Company is undertaking job work activity for other entities. The management of the Company is striving to revive the Silvassa factory of the Company and minimize losses.

PERFORMANCE REVIEW

The turnover of the Company for the year 2022-2023, under review has decreased to Rs.145.80 lakh from Rs.246.42 lakh for the year 2021-2022.

The Company has loss of Rs.47.54 lakh for the year 2022-2023 as compared to loss of Rs.42.30 lakh for the 2021-2022.

DIVIDEND

The Board has not recommended any final dividend for the year 2022-2023.

DIVIDEND DISTRIBUTION POLICY

As per Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as per market capitalization, the Dividend Distributions policy is not applicable to the Company for the year 2022-2023.

TRANSFER TO RESERVES

The Board of Directors has not recommended, transfer of any amount to reserves.

SCHEME OF AMALGAMATION

The Board of Directors of the Choksi Imaging Limited (Transferee Company) and Choksi Asia Private Limited (Transferor Company) have approved in their meeting held on March 22, 2023, respectively, Scheme of Amalgamation (‘Scheme?), between Choksi Asia Private Limited (Transferor Company) and Choksi Imaging Limited (Transferee Company) and their respective Shareholders and Creditors (if any), in respect of amalgamating the entire business of Choksi Asia Private Limited with Choksi Imaging Limited on a going concern basis.

The Transferee Company has made an application to Bombay Stock Exchange Limited on April 15, 2023 pursuant to Regulation 37 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 for the proposed Scheme of Amalgamation under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013. The same is in process for in-principal approval.

All disclosures and other documents pertaining to aforesaid amalgamation are available on website of the Company. i.e. www.choksiworld.com.

INTER SE TRANSFER

During the year, Mr. Samir Choksi Managing Director has acquired 462930 no of shares from existing persons in promoter and promoter group of the Company through inter se transfer of shares pursuant to Regulation 10 (7) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

All disclosures and other documents pertaining to aforesaid inter-se transfer of shares among promoters are available on website of the Company. i.e. www.choksiworld.com and BSE website.

SHARE CAPITAL

The paid-up Equity Share Capital as at March 31, 2023 stood at Rs.390 lakh. During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As on March 31, 2023, none of the Directors of the Company hold instruments convertible into equity shares of the Company.

REVISION OF FINANCIAL STATEMENTS

During the year under the review, there is no change in accounting policy of the Company. During the year, the Company has not followed or used any treatment different from that prescribed in an Accounting Standard.

REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

During the year under review, your Company did not have any subsidiary, associate and joint venture company.

CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per Regulation 15 (2) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company does not require to submit corporate governance report.

A detailed Management Discussion and Analysis Report on Industry Structure and Developments, Operations, Performance, Business Outlook, Opportunities & Threats and Risks and Concerns, is presented in a separate section forming a part of the Annual Report as Annexure I.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Director Retiring by Rotation

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Samir Choksi and Mr. Jay Choksi retires by rotation at the ensuing Annual General Meeting and being eligible, offered themselves for re-appointment and as recommended by Nomination and Remuneration Committee for reappointment. Your Directors recommended their approval.

Re-appointment of Managing / Executive Directors

During the year, the Company has regularized Mr. Samir Choksi as Managing Director of the Company and Mr. Jay Choksi as Whole time Director of the Company w.e.f. August 1, 2022.

Appointment/ Resignation of Independent Directors and declaration of independence

During the year, the Company has appointed Mrs. Brijal Desai as an Additional Independent Woman Director with effect from January 6, 2023.

In the opinion of the Board, she fulfils the condition for appointment as an Independent Directors on the Board. Further, in the opinion of the Board, she also possesses the attributes of integrity, expertise and experience as required to be disclosed under Rule 8 (5) (iiia) of the Companies (Accounts) Rules, 2014.

Declaration by Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act 2013, read with rules made thereunder, and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Appointment/Resignation of Key Managerial Personnel

During the year, the Company has appointed Mr. Samir Choksi as Managing Director and Mr. Jay Choksi as Whole time Director of the Company w.e.f. August 1, 2022 and Mr. Jay Choksi as Chief Financial Officer of the Company w.e.f. February 2, 2023. Mr. Gaurav Choksi has resigned as Chief Financial Officer of the Company w.e.f. August 28, 2022 due to pre-occupation. Mr. Tushar Choksi, Mr. Naimish Choksi and Mr. Sunil Choksi have resigned in month of December 2022 due to preoccupation. All outgoing Directors have confirmed that there is no other material reason for resignation.

NOMINATION & REMUNERATION POLICY

The Company has adopted a Nomination and Remuneration Policy for the Directors, Key Managerial Personnel and other employees, pursuant to the provisions of the Companies Act, 2013. The policy on Nomination & Remuneration of Directors and KMP is available on website of the Company at www.choksiworld.com.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Company has conducted the Annual Performance Evaluation process, evaluating the performance of the Board, its Committees and all the individual directors (including Independent Director, Non-Independent Director & Chairman).

DIRECTOR?S RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended March 31, 2023, the Audit committee and Board of Directors hereby confirms that: a. In the preparation of the annual accounts for the year ended March 31, 2023, 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 Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d. The Directors have prepared the annual accounts on a going concern basis; e. The Directors have 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 have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DETAILS OF BOARD AND COMMITTEES? COMPOSITION AND MEETINGS

Board Meetings

During the year 2022-2023, the Board of Directors of the company met five times on May 28, 2022, July 27, 2022, October 11, 2022, February 2, 2023 and March 22, 2023.

Composition of Board of Directors;

Sr. No. Name Designation
1. Mr. Himanshu Kishnadwala Independent Director
2. Mr. Tushar Parikh Independent Director
3. Mrs. Brijal Desai Independent Director
4. Mr. Samir Choksi Managing Director
5. Mr. Jay Choksi Whole time Director and CFO

Committees of the Board

With a view to have a more focused attention on business and for better governance and accountability, the Board has constituted the mandatory committees viz. Audit Committee, Stakeholders? Relationship Committee and Nomination and Remuneration Committee.

The Board has accepted and executed all recommendation given by Audit Committee or any other Committee of the Board.

Composition of Committees of the Board;

Sr. No. Name Audit Committee Nomination & Remuneration Stakeholders Relationship
1. Mr. Himanshu Kishnadwala Chairman Committee Member Committee Chairman
2. Mr. Tushar Parikh Member Chairman Member
3. Mrs. Brijal Desai - Member -
4. Mr. Samir Choksi Member - Member
5. Mr. Jay Choksi - - -

RELATED PARTY TRANSCATIONS

All contracts / arrangements / transactions entered by the Company during the financial year with related parties are given in Annexure II in form AOC-2.

Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.

Further, the details of the related party transactions as required under Accounting Standard - 24 are set out in Note to the financial statements forming part of this Annual Report. The disclosures of transactions of the Company with any person or entity belonging to the promoter/promoter group which hold(s) 10% or more shareholding in the Company has been provided in the format prescribed in the relevant accounting standards in financial result.

The Policy on Related Party Transactions as approved by the Board has been uploaded on the website of the Company i.e www.choksiworld.com.

DEPOSITS

During the year under review, the Company neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as ‘Deposits? in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

AUDITORS AND THEIR REPORTS

Appointment of Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, Audit committee and Board of Directors of the Company had reappointed M/s. Karia & Shah, Chartered Accountants (FRN: 112203W), as a Statutory Auditors of the Company for second term of five years from conclusion of 30th Annual General Meeting till conclusion of 35th Annual General Meeting of the Company to be held in the year 2027 at a remuneration of Rs.1,50,000 (Rupee One Lakh Fifty Thousand only) excluding out of pocket expenses. The Company has received a confirmation from the Auditors that they are not disqualified to act as the Auditors and are eligible to hold the office as Auditors of the Company.

Statutory Auditors? Report

The Reports given by the Statutory Auditors on the Financial Statements of the Company for financial year 2022-2023 does not contain any qualification, reservation or adverse remarks and forms part of the this Annual Report

Details in respect of frauds reported by Auditors

No frauds have been reported by the Statutory Auditors during the financial year 2022-2023.

Appointment of Secretarial Auditors

Pursuant to provisions of Section 204 read with rules made thereunder, Mrs. Nikita Pedhdiya, Nikita Pedhdiya & Associates, Practicing Company Secretaries (C.P No. 14295) had been appointed to undertake Secretarial Audit of the Company for the year 2022-2023.

Secretarial Audit Report

The report of the Secretarial Auditor is annexed herewith as Annexure III.

The said report does not contain any observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013 except remark that E form INC-22 of MCA required to be submitted for change of registered office address is pending.

On the above remark, the management had replied that the Company has filed E form INC -22 on June 16, 2023.

Annual Secretarial Compliance Report

In accordance with Regulation 24A of the of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Secretarial Compliance Report for the financial year ended 2022-2023 on compliance of all applicable SEBI Regulations and circulars/ guidelines is not applicable to the Company.

Internal Auditors

Pursuant to provisions of Section 138 read with rules made thereunder, the Board had appointed R. S. Bindra & Co., Chartered Accountants, (Membership No. 49684), as an Internal Auditors of the Company for the period 2022-2023 to check the internal controls and functioning of the activities and recommend ways of improvement. The half yearly internal audit reports were placed in the Audit Committee Meeting and the Board Meeting for their consideration and direction.

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

Cost Auditors

Provisions of Section 148 of the Companies Act, 2013 read with Notifications/Circulars issued by the Ministry of Corporate Affairs from time to time, the requirement of appointment of Cost Auditor is not applicable to your Company.

INTERNAL CONTROL & FINANCIAL REPORTING SYSTEMS

The Company has in place an adequate system of internal controls on Financial Statements. It is designed to provide a reasonable assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, protecting assets from unauthorized use or losses and compliance with regulations.

Adequate internal control systems commensurate with the nature of the Company?s business and size and complexity of its operations has been recognized. Internal control systems ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

REPORTING UNDER NFRA

During the year, the reporting under National Reporting Financial Authority is not applicable to the Company.

RISK MANAGEMENT

In accordance with Section 134 of Companies Act, 2013, the Company has in place a system for risk assessment and minimization to avoid events, situations or circumstances which may lead to negative consequences on the Companys businesses and define a structured approach to manage uncertainty. Key business risks and their mitigation are considered in the business plans and in periodic management reviews.

The Constitution of Risk Management Policy and Committee is not applicable to your Company.

Some of the risks and threats that the company is exposed to are-

Technological Obsolescence

The company strongly believes that technological obsolescence is a practical reality. Technological obsolescence is evaluated on a continual basis. The use of technology is mainly concentrated in the area of manufacturing of Medical and Industrial X-ray films. The innovation and advancement in technology is concentrated on improving the quality of the films, increasing the output by reducing the time-lag involved and reducing the wastages.

Fluctuations in Foreign Exchange

While our functional currency is the Indian rupee, we transact a non-significant portion of our business in USD. The Company make appropriate provision considering risk on account of adverse currency movements in global foreign exchange markets.

Legal Factors

Legal risk is the risk in which the Company is exposed to legal action. As the Company is governed by various laws and the Company has to do its business within four walls of law, where the Company is exposed to legal risk exposure.

HUMAN RESOURCES

The Company regards its human resource as amongst its most valuable assets and proactively reviews policies and processes by creating a work environment that encourages initiative, provides challenges and opportunities and recognizes the performance and potentials of its employees.

At Choksi Imaging Limited, there is consistent emphasis on each individual?s sense of responsibility, while simultaneously working as a part of a team. This results in our people?s ability to work in perfect harmony despite coming from different disciplines. As of March 31, 2023, the number of employees on our payroll was 5.

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

(A) Conservation of energy-

(i) The steps taken or impact on conservation of energy;

We had replaced Voltas Air Condition Plant which was having rotary compressors with Bluestar Scroll compressor-based plant. This has resulted in 25% saving in energy consumption.

(ii) The steps taken by the company for utilizing alternate sources of energy;

The Company is finding ways for utilizing alternate sources of energy.

(iii) The capital investment on energy conservation equipments;

N.A.

(B) Technology absorption-

(i) the efforts made towards technology absorption;

During the year, the Company has not absorbed or imported any technologies.

(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;

N.A.

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

N.A.

(iv) the expenditure incurred on Research and Development.

N.A.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Sr. No. Particulars Current year Previous Year
(Rs. In Lakh) (Rs. In Lakh)
1. Foreign Exchange Earnings 0.00 0.00
2. Foreign Exchange Outgo 0.00 0.00

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required under Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is provided in Annexure IV forming part of this report.

The details of top ten employee and details of employee as per Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 does not form part of aforesaid report. Any member interested in obtaining a copy of the same may write to the Company Secretary at rishi.dave@choksiworld.com

None of the employees in said annexure is a relative of any Director of the Company.

DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year under review has been marked as Annexure IV.

REMUNERATION TO THE DIRECTORS

The Criteria for making payments to non-executive directors has been disclosed on website at www.choksiworld.com.

CODE OF CONDUCT

The Board has adopted code of conduct for Directors and senior management of the Company. The code of conduct is available on the website of the Company. The Company has received declaration of compliance with the Code of Conduct from all Directors and senior management. The Declaration by

Chairperson & Managing Director affirming compliance of the Board of Directors and senior management to the code of conduct is appended to this Report.

WHISTLE BLOWER POLICY /VIGIL MECHANISM 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 Company?s Code of Conduct or ethics policy. The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism and also provides for 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 Company has not received any complaint pursuant to Whistle Blower Policy/Vigil Mechanism policy during the financial year 2022-2023.

SEXUAL HARRASMENT POLICY

In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules made thereunder, the Company has framed and adopted a policy for Prevention of Sexual Harassment at Workplace.

The Company has not received any complaint of sexual harassment during the financial year 2022-2023.

DECLARATION SIGNED BY THE CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR

The certification by the Chairman & Managing Director and Chief Financial Officer of the Company, in compliance of Regulation 17(8) read with Part B, Schedule II of the SEBI Listing Regulations, is annexed here with as a part of the report.

SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of Companies Act, 2013 pertaining to Corporate Social Responsibility is not applicable to your Company.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circulars issued from time to time, the Business Responsibility and Sustainability Reporting for the financial year ended March 31, 2023 is not applicable to the Company.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return of the Company as on March 31, 2023 is available on the website of the Company at www.choksiworld.com in the investor section.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY

The particulars of Loans, Guarantees, and Investments, if any have been disclosed in the Financial Statements read together with Notes annexed to and forming an integral part of the Financial Statements.

OTHER DISCLOSURE

The Board of Directors of the Company vide their meeting held on March 22, 2023 has approved amalgamation of Choksi Asia Private Limited and Choksi Imaging Limited. The detailed scheme of amalgamation and other related documents are available on the website of the Company.

During the year 2022-2023 and after March 31, 2023, the Company has received several requests from person in promoter and promoter group of the Company to re-classify themselves from Promoter and Promoter group to public category. The detailed disclosures on reclassifications are available on BSE portal and website of the Company.

The Company had received of order from Commissioner of Customs from the Authority for payment of Special Additional Duty along with penalty against exemption availed by the Company pursuant to Notification No. 45/2005 - Customs dated May 16, 2005.

The Company has filed an appeal against order with Customs, Excise & Service Tax Appellate Tribunal, west zonal bench, Mumbai on May 25, 2015.

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 against the Company, during the year.

Except mentioned above, no significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company?s operations in future.

During the year, the registered office of the Company has been changed to 163/164, Choksi Bhuvan, Nehru Road, Vile Parle (E), Mumbai 400057.

AWARDS AND ACCOLADES

During the year, the Company has not received any Award.

DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT

As per regulation 34(3) read with Schedule V of the Listing Regulations, no shares of the Company are lying in the suspense account.

DETAILS OF UNCLAIMED AND UNPAID DIVIDENDS AND TRANSFER OF SHARES TO IEPF

In accordance with Section 125 of the Companies Act, 2013 read with the IEPF rules made thereunder, the amounts of dividend that remain unpaid or unclaimed for a period of seven years will be transferred to the Investor Education and Protection Fund (IEPF) established by the Central

Government. Members can claim the unclaimed dividend from the Company before transfer to the IEPF by making their claim to the Company or by contacting the Registrar and Transfer Agent.

Further, in terms of Section 124(6) of the Companies Act, 2013, read with the IEPF rules made thereunder, all the shares in respect of which dividend has remained unpaid/unclaimed for seven consecutive years or more from the date of transfer to the unpaid dividend account are required to be transferred to the demat account of the IEPF.

Members are advised that in terms of the provisions of Section 124 of the Companies Act, 2013, once unclaimed dividend and shares are transferred to IEPF, no claim shall lie against the Company in respect thereof. However members may apply for the same with the IEPF authority by making an application in the prescribed web Form No. IEPF-5. Accordingly, all the shares in respect of which dividends were declared upto the financial year ended 2014-15 and remained unclaimed for a continuous period of seven years have been transferred to the demat account of IEPF. The details of unpaid/ unclaimed dividend and equity shares so transferred are uploaded on the website of the Company at www.choksiworld.com as well as that of the Ministry of Corporate Affairs, Government of India at http:// www.mca.gov.in

HEALTH AND SAFETY MEASURES

The standards of health of workers and safety measures has been taken into consideration as required by the Factories Act, 1948 and the rules framed there under have been maintained by your Company.

CAUTIONARY STATEMENT

Statements in this Board?s Report and annexures, Management Discussion and Analysis Report describing the Company?s objectives, expectations or predictions may be forward looking within the meaning of applicable securities, laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company?s operations include change in government regulations, tax laws, economic & political developments within and outside the country.

ACKNOWLEDGEMENTS AND APPRECIATION

Your Directors wish to thank all the employees of the Company for their dedicated service during the year. They would also like to place on record their appreciation for the continued co-operation and support received by the Company during the year from bankers, financial institutions, business partners and other stakeholders.

Your Directors give their warm gratitude to the shareholders for their faith in the Company. The Directors also sincerely appreciate the professionalism and dedication displayed by the employees of the Company.

Date: August 14, 2023 On behalf of the Board of Directors
Place: Mumbai Choksi Imaging Limited (CIN: L24294MH1992PLC388063)
Sd/- Sd/-
Samir Choksi Jay Choksi
DIN:00049416 DIN:07151509