Conart Engineers Ltd Directors Report.

To the Members of

CONART ENGINEERS LIMITED

Your Directors have pleasure in presenting forty fifth Annual Report of Conart Engineers Limited along with the Audited Financial Statements for the year ended March 31, 2019.

FINANCIAL PERFORMANCE (STANDALONE)

The Financial Performance for fiscal 2018-2019 is summarized in the following table:

(Rs. In Lacs)
Particulars 2018-2019 2017-2018
Revenue from Operations 3102.86 2251.17
Expenses 2871.87 2067.62
Profit Before Finance Cost, Depreciation & Amortization Exp 230.99 183.55
Finance Cost 0.30 4.93
Depreciation & Amortization Exp 49.53 48.77
Profit from operations and Before Tax 181.16 129.85
Other Income 44.85 32.60
Profit before Tax 226.01 162.45
Tax Expenses: (a) Current Tax 58.64 46.20
(b) Deferred Tax 0.18 (3.91)
Profit for the period 167.19 120.16
Net Comprehensive Income 8.35 (9.12)
Profit for the period after Comprehensive Income 175.54 111.03
Paid up Equity Share Capital 314.00 314.00
Earnings Per Share (Rs.) 5.32 3.83

COMPANYS PERFORMANCE OVERVIEW

Your Company has maintained profitability levels and margins for the year under review. The Company has incurred a profit of Rs.

175.54 lacs during the year as compared to previous year profit of Rs. 111.04 lacs and an Earning per Shares of Rs. 5.32 for the year under review. The increase in price of Materials and Labor continues to marginally affect the profits of your Company. Your Company is aggressively marketing to increase orders and increase turnover. Your directors are pursuing various strategies to ensure a promising future.

RESERVES

No amount is transferred to the reserves by the Company.

FINANCE

As on the date of Balance Sheet, the Company is debt free in terms of long term loans, except loan on vehicles.

DIVIDEND

The Board of Directors are of the opinion that the profit is to be ploughed back and hence do not recommend dividend this year.

HOLDING COMPANY

Your Company does not have any holding company, as defined under the Companies Act, 2013 as on March 31, 2019.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

Your Company does not have any material subsidiary, associate or joint venture Company, as defined under the SEBI (LODR) Regulations, 2015 as on March 31, 2019.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report is appended as Annexure-I to this Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board in conjunction with its committees ensures transparency, responsibility and accountability with an aim to create long-term sustainable growth. All Directors are astute professionals coming from varied backgrounds possessing rich experience and expertise. The Board of Directors (the Board) holds a fiduciary position to promote the success of the Company for the benefit of its members. They are entrusted to direct, monitor and guide the Management towards building of such goals and objectives that guarantees effectiveness and enhancement of shareholder value and fulfils their aspirations.

Composition of the Board and shares held in their individual names as on 31st March, 2019

Name of the Director Category No. of Shares held
1. Mr. Jitendra S. Sura Chairman & Managing Director 200,921
2. Mr. Jimish J. Sura Executive Director-Finance & CFO 662,106
3. Mr. Sunil C. Vakil Independent Director 4,000
4. Mr. Chandrakant R. Patel Independent Director 5,000
5. Mr. Umed A. Fifadra Independent Director 4,000
6. Ms. Pooja J. Sura Non-Executive Director 50,000

Changes in the composition of the Board of Directors and other Key Managerial Personnel

During the year 2018-19 under review, there is not any changes in the composition of the Board of Directors and other Key Managerial Personnel.Tenure of Mr. Sunil Vakil and Mr. Chandrakant Patel as Independent Directors are expires in this AGM. On 7th August, 2019, Mr. Asim Chandra and Ms. Deepti Sharma was appointed as Additional Independent Directors. The members are requested to approve their appointment as Directors of the company and will appoint them as the Independent Directors of the Company.

The Companies Act, 2013 read with relevant Rules made there under, facilitates the participation of Director in Board / Committee meetings through video conferencing or other audio visual mode. Accordingly, the option to participate in the meeting was made available for the Directors except in respect of such meetings and/or items which are not permitted to be transacted through video conferencing.

Board Meetings held and attendance of Directors during the year 2018-19

Date of Board Meeting Total No. of Directors Total No. of Directors Present
1. 14th May, 2018 6 5
2. 29th June, 2018 6 6
3. 8th August, 2018 6 5
4. 29th October, 2018 6 6
5. 7th February, 2019 6 6

None of the Directors on the Board is a member in more than 10 Committees and Chairman in more than 5 committees, as specified in Regulation 26(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [the "SEBI (LODR) Regulations, 2015"], across all Companies in which he/she is a Director. The necessary disclosures regarding Committee positions have been made by the Directors.

Retirement by rotation

In accordance with the provision of Companies Act, 2013 and the Articles of Association of the Company, Mr. Jitendra Sura retires by rotation and is eligible for the re-appointment. Necessary information for Directors liable to retire by rotation has been included in the notice convening the ensuing AGM and requisite details have been provided in the explanatory statement of the notice. Your directors recommend the said appointment.

INDEPENDENT DIRECTOR

Your Company appointed Independent Directors who are renowned people having expertise / experience in their respective field/profession. In compliance with Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing Regulations, all Independent Directors have given a declaration that they meet the criteria of independence as provided under law. None of the

Independent Directors are promoters or related to Promoters. The Non-executive Independent Directors have no pecuniary relationship or transactions with the Company in their personal capacity except for sitting fees drawn by them for attending the meeting of the Board and Committee(s) thereof and further do not hold two percent or more of the total voting power of the Company.

During the year, meeting of Independent Directors was held on 25th March, 2019 to review the performance of the Board as a whole on parameters of effectiveness and to assess the quality, quantity and timeliness of flow of information between the management and the Board. The Independent Directors discussed, among other matters, the performance of the Company and risk faced by it, the flow of information to the Board, competition, strategy, leadership strengths and weaknesses, governance, compliance, Board movements, human resources matters and performance of executive directors including Chairman.

Familiarisation Programme for Independent Directors

Independent Directors are familiarised with their roles, rights and responsibilities in the Company as well as with the nature of industry and business model of the Company through induction programmes at the time of their appointment as Directors and through presentations on economy & industry overview, key regulatory developments, strategy and performance which are made to the Directors from time to time.

AUDIT COMMITTEE

The Audit Committee which acts as a link between the management, external and internal auditors and the Board of Directors of the Company is responsible for overseeing the Companys financial reporting process by providing direction to audit function and monitoring the scope and quality of internal and statutory audits.

The composition of the Committee is in compliance with the provisions of Section 177 of the Companies Act, 2013 and Regulation

18 SEBI (LODR) Regulations, 2015. The Chairperson of the Committee is a Non-Executive Independent Director.

Composition of Audit Committee of the Company:

Name of Director Category Designation
1. Mr. Sunil Chinubhai Vakil Independent Director Chairman
2. Mr. Chandrakant Revandas Patel Independent Director Member
3. Mr. Umed Amarchand Fifadra Independent Director Member

The Audit Committee also meets the Companys Statutory Auditors to ascertain their views on the financial statement. The Committee members meet regularly and make their recommendations in accordance with the terms of reference specified by the Board. Such recommendations are thoroughly discussed in Board meetings and by and large accepted for implementation.

Audit Committee Meetings held and attendance of Directors during the year 2018-19

Date of Board Meeting Total No. of Directors Total No. of Directors Present
1. 14th May, 2018 3 2
2. 29th June, 2018 3 3
3. 8th August, 2018 3 3
4. 29th October, 2018 3 3
5. 7th February, 2019 3 3

The Audit Committee acts in accordance with the broad terms of reference specified by the Board of Directors in adherence to Section 177 of the Companies Act, 2013 (the ‘Act). The scope of activities of the Audit Committee includes the areas laid out in Section 177 of the Act and Part C of Schedule II of SEBI (LODR) Regulations, 2015.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The composition of the Committee is in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 SEBI (LODR) Regulations, 2015. The Chairman of the Committee is a Non-Executive Independent Director.

Composition of Stakeholders Relationship Committee of the Company:

Name of Director Category Designation
1. Mr. Chandrakant Revandas Patel Independent Director Chairman
2. Mr. Umed Amarchand Fifadra Independent Director Member
3. Mr. Jimish Jitendra Sura Executive Director Member

Ms. Kavaljitkaur Dhillon is Compliance Officer appointed forcomplying with the requirements of the Listing Regulations and requirements of securities laws, including SEBI (Prohibition of Insider Trading) Regulations, 2015. The role of Stakeholders Relationship Committee includes as specified in Part D of the Schedule II of the SEBI (LODR) Regulations, 2015.

Stakeholders Relationship Committee Meetings held and attendance of Directors during the year 2018-19

Date of Board Meeting Total No. of Directors Total No. of Directors Present
1. 14th May, 2018 3 2
2. 8thAugust, 2018 3 3
3. 29thOctober, 2018 3 3
4. 7th February, 2019 3 3

M/s. Sharex Dynamic (India) Pvt. Ltd. is the Registrar and Share Transfer Agent of the Company. The delegated authority is taking measures so that the share transfer formalities are attended to atleast once in a fortnight. The Company Secretary is also authorized by the Board to do all the acts, deeds and matters and sign all the documents that may be required in the matter relating to shares from time to time. No complaint was remained unattended and pending to be resolved as on March 31, 2019.

Status of Investor Complaints /other Correspondence

Subject matter of Correspondence Pending as on 31st March, 2018 Received & resolved during the year Pending as on 31st March, 2019
Non-receipt of Share Certificates - - -
Non-receipt of Dividend - - -
Non-receipt of Annual Report - - -
Query -Transfer of shares - 1 -
Total complaints - - -

NOMINATION AND REMUNERATION COMMITTEE

The composition of the Committee is in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the of the SEBI (LODR) Regulations, 2015. The Chairperson of the Committee is a Non-Executive Independent Director.

Composition of Nomination & Remuneration Committee of the Company:

Name of Director Category Designation
1. Mr. Chandrakant Revandas Patel Independent Director Chairman
2. Mr. Sunil Chinubhai Vakil Independent Director Member
3. Mr. Umed Amarchand Fifadra Independent Director Member

The role of NRC includes the areas laid out in Section 178 of the Act and Part D of Schedule II of the SEBI (LODR) Regulations, 20 15. The Board of Directors on recommendation of the NRC has adopted a policy for evaluation of the Board, its Committees.

The details of remuneration paid to all Directors are provided under the head "Disclosures" in this Report. Nomination & Remuneration Policy has been framed, adopted and implemented by the Nomination and Remuneration Committee, with broad objectives, for determining and recommending the remuneration of the Directors, KMP and Senior Management to the Board. The NRC meeting held on 14th May, 2018 during the year 2018-19.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI (LODR) Regulations, 2015 the Board has carried out an annual performance evaluation of its own performance and that its statutory committee and that of the individual directors. Independent Directors at their meeting without the participation of the Non-independent Directors and Management considered / evaluated the Boards performance, Performance of the Chairman and other Non-independent Directors. The Board has undergone a formal review which comprised Board effectiveness and review of materials.

AUDITORS

Statutory Auditors

M/s. Pereira & Subramanian, Chartered Accountants, Mumbai (ICAI Firm Registration No. 112364W) were appointed as Statutory Auditors of the Company pursuant to the provisions of Section 139(8) and other applicable provisions, if any, of the Companies Act, 2013 as amended from time to time or any other law for the time being in force (including any statutory modification or amendment thereto or re-enactment thereof for the time being in force),till the conclusion of the 49th Annual General Meeting of the Company to be held in the year 2023, at such remuneration plus applicable Tax, out of Pocket Expensesin connection with the audit as the Board of Directors of the Company may fix in this behalf in consultation with the Auditors.

As per the Companies (Amendment) Act, 2017, enforced on May 7, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified by the Members at every Annual General Meeting., so the said ratification of Auditors

Secretarial Auditors

During the year, Secretarial Audit was carried out by M/s. Sanjay Dholakia & Associates (Membership No. F2655), a firm of Company Secretaries in Practice, the Secretarial Auditor of the Company for the financial year 2018-19, Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The detailed report on the Secretarial Audit is attached as Annexure-V of this Annual Report.

SHARE CAPITAL

The Issued, subscribed and Paid-up Equity Share Capital of Company has remained unchanged during the year. During the year under review the Company has not issued any securities, convertible Warrants/Bonds and/or other debtsecurities, which has likely impact on the Equity of the Company.

DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of Chapter V –Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 20 14.

CORPORATE SOCIAL RESPONSIBILITY

Since the Companys net worth does not exceed Rs. 500 crores or Companys turnover does not exceed Rs. 1,000 crores or the Companys net profit does not exceed Rs. 5 crore for any financial year, the provisions of section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility activities are not applicable to the Company.

RISK MANAGEMENT POLICY AND FRAMEWORK

The Companys risk management policy and framework is based on a clear understanding of various risks, disciplined risk assessment and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are continuously benchmarked with industry best practices. The Board of Directors has oversight on all the risks assumed by the Company. The Board reviews the level and direction of major risks pertaining to market, liquidity, operational, compliance, and capital at risk as part of risk profile overview.

The Audit Committee of the Board provides direction to and monitors the quality of the internal audit function and also monitors compliance with inspection and audit reports of statutory and internal auditors of the Company.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has in place a Policy on Vigil Mechanism/ Whistle Blower and the same has been hosted on the website of the Company. This Policy inter-alia provides a direct access to the Chairman of the Audit Committee. A policy enables stakeholders (including Directors and employees) to report unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct.Your Company hereby affirms that no Director/employee has been denied access to the Chairman of the Audit Committee and that no complaints were received during the year.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN MARCH 31, 2019 AND DATE OF THIS REPORT.

There were no material changes and commitments affecting the financial position of the Company between the end of financial year (March 31, 2019) and the date of this Report.

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the Companys operations in future.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures with respect to the remuneration of Directors and employees as required under Section 197(12) of Companies Act,

20 13 and read with Rule 5(1) and (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

20 17have been annexed as Annexure-II to this report.

PARTICULARS OF EMPLOYEES

As per provision of Section 197 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, particulars of the employees are required to be annexed in respect of the employees of the Company who were in receipt of total remuneration of Rs. 1.02 Crores perannum or 8.50 Lakh per month. During the financial year

20 18-19, there is no employee drawing remuneration as above.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company has formulated a policy on dealing with Related Party Transaction. The policy is placed on the website of the Company. All the transactions entered into with Related Parties as defined under the Companies Act 2013, Regulation 2(1)(zc) and Regulation 23 of SEBI (LODR) Regulations, 2015 during the financial year were in the ordinary course of business and on an arms length basis and do no attract the provisions of Section 188 of the Companies Act, 2013. During the year, the Company has not entered into any contract / arrangement / transactions with related parties which can be considered material in nature. The Related Party Transactions are disclosed in the notes of financial statements for the financial year 2018-19 and the same is furnished in Form AOC-2 and is appended as Annexure-III.

EXTRACT OF ANNUAL RETURN

The extract of Annual Return pursuant to the provisions of Section 92 of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as Annexure-IV to this Report and also placed at the website of the Company at Investors Desk in Annual Reports option on www.conartengineers.com.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Details Loans, guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to financial statements.

CORPORATE GOVERNANCE

In view of the Regulation 15(1) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements), Regulations 2015, the provisions related to Corporate Governance as specified in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V are not applicable to the Company and hence the same is not given in the Report. However the Company continues to adheres the best practices prevailing in Corporate Governance and follows the same in its true spirit.

FUND UTILIZATION

Company allotted 140,000 equity shares of face value of Rs. 10/- per equity shares at an issue price of Rs. 51.24/- (including security premium of Rs. 41.24) per equity share to promoters & promoters group of the company on preferential basis. In view of the Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the purpose and object of the issue were to increase the promoters holding and to utilize the funds so raised for future needs of the company.There was no deviation or variation in the utilization of the issue proceeds utilized for the purpose for which they were issued.

INSURANCE

Your Company has taken appropriate insurance for all assets against foreseeable perils.

TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND.

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no amount required to be transferred to Investor Education & Protection Fund.

COMPANYS CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

In accordance with the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,

19 92, the Company has also in place a comprehensive code of conduct for prevention of insider trading.

COMPANYS CODE OF PRACTICES AND PROCEDURE FOR "FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE LNFORMATION."

With reference to the provisions of Regulation 3 and 8 of the SEBI (Prohibition of lnsider Trading) Regulations, 2018, the Board of Directors of Company has formulated a "Conart Engineers Limited - Code of Practices and Procedure for "Fair Disclosure of Unpublished Price Sensitive lnformation".

INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Company has been employing women employees in various cadres. There were no instances taken place in the Company during the year which are required to be reported under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

QUALITY POLICY

Your Company strive for ‘excellence by providing customized solutions, products & services that best satisfies the requirements of our Customers and continuously improve quality, reliability & service with the help of an effective Quality Management System, encompassing all statutory, regulatory, health, safety & environment requirements at our work place.

HUMAN RESOURCE

Your Companys Human Resource agenda remained focused on reinforcing the key thrust areas, building an inclusive culture and a strong talent pipeline, institutionalising mission critical capabilities in the organisation, driving greater employee engagement and continuing to focus on progressive employee relation policies.

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished

(A) Conservation of energy:

Steps taken / impact on conservation of energy, with special reference to the following:

(i) Steps taken by the company for utilizing alternate sources of energy including waste generated: Nil

(B) Technology absorption:

(i) Efforts, in brief, made towards technology absorption. Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product development, import substitution, etc: The Company has not taken any technical know-how from anyone and hence not applicable.

(ii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year), following information may be furnished: The Company has not imported any technology and hence not applicable.

(iii) Expenditure incurred on Research and Development : Nil

(C ) Foreign exchange earnings and Outgo: (i) Foreign Exchange earnings: Nil (ii) Foreign Exchange outgo: Nil

The Company has used information technology extensively in its operation and is continuously upgrading in consonance with the latest technology as per industry standard.

INTERNAL CONTROL AND ITS ADEQUACY

The Company has adequate internal controls and processes in place with respect to its financial statements which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These controls and processes are driven through various policies, procedures and certifications. The processes and controls are reviewed periodically. The Company has a mechanism of testing the controls at regular intervals for their operating effectiveness to ascertain the reliability and authenticity of financial information.

LISTING FEES

Your Company has listed its securities at Bombay Stock Exchange Limited and paid the listing fees up to 31st March, 2020 to the Bombay Stock Exchange on 24th April, 2019.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors to the best of their knowledge and ability, confirm that:

a) In the preparation of the annual financial statements for the year ended March 31, 2019, the applicable Accounting Standards have been followed and there are no material departures.

b) They have 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 financial year and of the Profit and Loss of the Company for that period.

c) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The annual financial statements have been prepared on a going concern basis.

e) Proper internal financial controls were followed by the Company and that such internal financial controls are adequate and are operating effectively.

f) Proper systems to ensure compliance with the provisions of all applicable laws are in place and that such systems are adequate and operating effectively.

Based on the framework of internal financial control and compliance systems established by the Company, work performed by internal, statutory and Secretarial Auditors and external consultant(s) and reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of opinion that the Companys internal financial controls were adequate and effective during the financial year 2018-19.

SECRETARIAL STANDARDS

The Company Secretary, while preparing the agenda, notes on agenda and minutes of the meeting(s), is responsible for and is required to ensure adherence to all applicable laws and regulations, including the Companies Act, 2013 read with rules issued thereunder, Listing Regulations and Secretarial Standards issued by the Institute of Company Secretaries of India.

AUDITORS REPORT

The Report given by the Auditors on the financial statements of the Company is part of this Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditors in their Report and by Company Secretary in practice in his Secretarial Audit Report.

APPRECIATION

The Board wishes to place on record its gratitude to the Companys customers, consultants, auditors and various Government authorities for their valuable support and guidance. The Board also places on record its sincere gratitude to all stakeholders including shareholders, valued clients, architect, consultant, contractors, suppliers and well-wishers for their goodwill, patronage and wholehearted support. The Board also records the concentrated efforts put in and the valuable contribution made by the staff at all levels of your Company and looks forward to their unwavering commitment and teamwork for the all-round progress of the Company.

As part of the Companys Green Initiative, the Company will send documents like Notice convening the general meetings, Financial Statements, Directors Report, etc. to the e-mail address provided by the members.

We, therefore appeal to the members, who have yet not registered themselves, to be a part of the said ‘Green Initiative and request the members to register their name for receiving the said documents in electronic mode by sending an email giving their Registered Folio Number and/or DP ID/Client ID to the dedicated email address at investor@sharexindia.com and register their request.

Your Directors are thankful to the shareholders for actively participating in the Green Initiative and seek your continued support for implementation of the green initiative.

On behalf of the Board Sd/-

Jitendra Shankerlal Sura

Chairman & Managing Director DIN : 00480172

Place : Vadodara

Date : 7th August, 2019