Orchasp Ltd Directors Report.

Dear Members,

Greetings!!!

We herewith present the report on our business and operations for the year ended 31st March 2019.

1. Financial Results

The Companys financial performance for the year under review along with previous years gur es is given hereunder:

Particulars for the year ended For the year ended 31-03-2019 For the year ended 31-03-2018
Net Sales/Income from Business Operations 6,04,447.55 10,46,738.2
Other Income 36,870.89 106.6
Total Income 6,41,318.44 10,46,844.8
Less Interest 12,554.30 -
Profit/(Loss) before Depreciation & Exceptional Items 6,28,764.14 38,795.5
Less Exceptional Items - -
Profit before Depreciation 75,526.75 38,795.5
Less Depreciation 1,493.45 7,718.3
Profit after Depreciation and Interest 74,033.3 31,077.2
Less Current Income Tax 12,407.62 -
Less Previous Year Adjustment of Income Tax - -
Less Deferred tax (440.43) (7,019.6)
Net Prot af ter Tax 62,066.11 38,096.7
Dividend - -
Net Prot af ter dividend and Tax 62,066.11 38,096.7
Amount transferred to General Reserve - -
Balance Carried to Balance Sheet 62,066.11 38,096.7
Earning per Share(Basic) 0.70 0.47
Earning per Share(Diluted) 0.15 0.47

Financial highlights

Revenues-Standalone : Revenue for the year ended 31st March 2019 stands at Rs. 6413.18 lakhs as compared to 10468.44 lakhs the same period last year. The Companys revenues declined by about 38.73 % over the previous year.

Revenues-Consolidated : The subsidiary of the Company situated at USA had been dormant during the year under review, hence on account of consolidation, there is no addition of revenues. The subsidiary at Portugal is yet to commence operations.

Prots- Standalone : The Company had earned a net prot (b efore tax) of Rs. 740.33 Lakhs as against a net prot Rs. 310.77 Lakhs in the previous year.

Prots-Consolidated

Prots-Consolidated : There are no additions to the Prots of the company on consolidated results as there were no operations in the Subsidiary in the US. The subsidiary in Portugal is yet to commence its operations.

Capital Expenditure on Tangible Assets-Standalone

During the year, additions to fixed assets were NIL as in the previous year.

Liquidity

The working capital position of the Company showed signs of improvement due to improved realisations and also the infusion of capital by way of allotment of share warrants to promoters and investors.

During the year, the Company completed the issuance of $10.5 Mn, 1 % Unsecured Foreign Currency Convertible Bonds. These proceeds were invested into wholly owned subsidiary at Portugal as per the ECB guidelines issued by Reserve Bank of India.

2. Dividend

No Dividend is being proposed for the current financial year to conserve resources.

3. Subsidiaries, Joint Ventures and Associate Companies

CIL has revived its subsidiary in the US. The company is in the process of identifying domain specific leadership for commencement of US Operations. Similarly, the company is also in the process of identifying leadership for Operations in the Europe specic to emerging technology areas such as Cyber Security and Analytics. Statement pursuant to Section 129 Subsection (3)(I) of the Companies Act 2013, read with Rule 5 of Companies Accounts Rules, 2014 relating to financial statements of subsidiary companies as formatted in AOC-1 form has been attached as Annexure- D to this report.

4. Directors and Key Managerial Personnel Prole of the Directors:

I. Mr. Chenchaiah Pantulu Pattapurathi

(DIN: 01583136)

He is Seventy-Four (74) years old. He is a commerce graduate and a member of Institute of Chartered Accountants of India (qualied in the year 1971). He has forty-eight (48) years of experience in industries such as Electrical Appliances, Food Processing, Ship Building, Cement, Cement Products, Textiles, Pharmaceuticals etc., to his credit. His experience has been in the area of Financial Management, Management Accounting and Taxation.

He promoted CIL in the year 1994 and has led the company since its inception and has been instrumental in shaping and executing strategy and financial structuring. At present he is Managing Director and Chief Executive Ocer of CIL. He is a Trustee of Chennarayudu Public Charitable Trust. He is a promoter of the company and holds 1,68,15,820 shares of the company in his name as on March 31, 2019.

ii. Mr.Satya Shiva Kumar Kanakadandi

(DIN: 02103299)

He is Fifty-Wree (53) years old. He is a science graduate. He has more than twenty-eight (28) years of experience in Software Development, Training and Heading MIS Departments. He has been instrumental in launching various corporate training programs for Universities, banks, and other training establishments.

He has made signicant contribution in setting up of the operations of the company since inception and has also been instrumental in providing a marketing base to the company and for delivering solutions in emerging technologies in yester years.

At present he is Director Operations and Chief Operating Ocer of CIL. He is a promoter of the company and holds 8,93,010 shares of the company in his name as on March 31, 2019.

iii. Mr. Chandra Sekhar Pattapurathi

(DIN: 01647212)

He is forty-Four (44) years old. He is a commerce graduate and a member of the Institute of Cost and Works Accountants of India (qualied in the year 1998). He began his career with CIL as an Executive in Finance & Account. He has worked with a large retail chain in international markets as a Senior Financial Analyst before joining the Board of CIL He has experience in, Finance, Accounts, Corporate Strategy, Financial Management, Taxation, Secretarial and International Trade Practices.

He has been appointed a director of CIL since 30th June 2006 .At present he is Director - Finance and Chief Financial Ocer of the Company.

He is a promoter of the company and holds 3, 03,100 shares of the company in his name as on March 31, 2019.

iv. Mr. Koteswara Rao Kanamarlapudi

(DIN: 06401491)

He is seventy-one (71) years old. He is a commerce graduate and a member of the Institute of Chartered Accountants of India (qualied in the year 1972). He has worked with large logistics, Food Processing industries in India before setting up of a Construction and Contracting company in Doha, Qatar

He joined the Board of CIL on 30th September 1996 as a non-executive promoter director

He is a promoter of the company and holds 1,78,200 shares of the company in his name as on March 31, 2019.He is a member of the Stake holders relationship committee.

v. Callepalli Kamakshi Bharathi

(DIN: 07144611)

She is forty-three (43) years old. She is a post graduate in Electronics. She has worked extensively in the elds of Software Dened Radio (HD Radio) and 4G Base station technology (PHY and MAC layers). Currently, she is associated with start-ups working on Machine learning and deep learning. She is a Non-Executive and independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company.

She joined the board on 27th March 2015 as an independent (woman) director.

She is the chairperson of Nomination and Remuneration committee and a member of Audit Committee.

vi. Vegunta Sai Roop Kumar

(DIN: 05317482)

He is forty-four (44) years old, a commerce graduate and a fellow member of the Institute of Chartered Accountants of India (qualied in the year 2003) and graduate member of the institute of Cost Accountants of India. (qualied in the year 1998)

He started his career working with an audit rm and later moved into heading nance function for a diversied group viz Hospitality, Real Estate and Technology before setting up his professional practice as a Chartered Accountant.

Mr. Vegunta Sai Roop Kumar joined the board on 07th March 2016 as a Non-Executive Independent Director and is not a shareholder of the company. He is the Chairperson of Audit Committee and a member of Nomination and remuneration committee.

vii. Mr. Bade Srinivasa Reddy

(DIN: 01384074)

He is fty (50) years old, He is a M.B.A (Finance), Certified Investment Adviser, National Stock Exchange of India Certied Market Professional (NCMP Level 5 - Highest Level), He is pursuing Ph.D., in Investment Management (part time).

He has more than 22 years of Hands on Experience in Financial Markets and Services Sector as Financial Analyst, Head of the firm with Stock Exchange Membership, Investment Advisory, Private Equity and other Businesses.

He is an Empanelled Corporate Trainer for SEBI Promoted NISM, American Academy of Financial Management (AAFM), National Stock Exchange of India (NSE) and others.

Mr. Bade Srinivasa Reddy joined the board on 07th March 2016 as a Non-Executive Independent Director and is not a shareholder of the company. He is the chairperson of Stakeholders relationship committee and a member of nomination and remuneration committee.

viii. Mr.Suraj Bharadwaj

(DIN: 08351558)

He is 39 years old. He is an MBA (Finance) with 13+ years of diverse experience in Corporate Finance, Project Finance, Debt syndication & restructuring, financial planning and analysis, Private Banking, Wealth Management and Business Development.

Mr. Suraj Bharadwaj joined the board on 31st January 2019 as an Additional Director and is not a shareholder of the Company.

Independence of directors

The Board has received statement of disclosures from all the Independent Directors highlighting the fullment of all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules. Every such statement submitted by the independent directors has been taken note of by the board.

Resignations & Appointments

During the year, Mr. Suraj Bharadwaj (DIN 08351558) was appointed as an additional director on 31st January 2019.

Re-appointments

Managing Director

Mr. P.C. Pantulu, Managing Director was reappointed as Chairman, Managing Director & CEO of the Company with effect from conclusion of the 25th Annual General Meeting up to conclusion of the 26th Annual General Meeting of the company for the year 2019-20 in the meeting of the Board of Directors held on the 14th August 2019.

Directors

Mr. K.S. Shiva Kumar, Director was re-appointed as Director-Operations and COO of the Company with effect from conclusion of the 25th Annual General Meeting up to conclusion of the 26th Annual General Meeting of the company for the year 2019-20 in the meeting of the Board of Directors held on the 14th August 2019.

Disclosures about receipt of any commission by MD /WTD from company or any commission / remuneration from the subsidiaries

The Managing Director, or Whole-time directors are not in receipt of any commission from the company or any remuneration or commission from the subsidiaries.

5. Remuneration Policy

Your Directors has, on the recommendation of the Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management Personnel and their remuneration in accordance with Section 197 of the Companies Act, 2013 and Regulation 19 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 (including any statutory modification(s) or re-enactment(s) for the time being in force).

The salient aspects covered in the Nomination and Remuneration Policy have been outlined in the Corporate Governance Report which forms part of this report.

The remuneration paid to your Directors and Managerial Personnel is in accordance with the Nomination and Remuneration Policy thus formulated.

The information required under Section 197 (12) of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure I.

6. Declaration by Independent Directors

Pursuant to sub section (6) of Section 149 of the Companies Act, 2013 and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, all the Independent Directors of your Company have given declaration that they have met the criteria of independence as required under the Act and the regulations.

7. Formal Annual Evaluation of Performance of the Board and its Committees

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the board evaluation framework.

The framework includes evaluation of directors on parameters such as

• Peer Evaluation

• Decision Making

• Analysis of Information

• Board Dynamics & Relationships

• Corporate Strategy

• Participation at Board Committees

The Companies Act 2013 states that a formal evaluation needs to be made by the board of its own performance and that of its committees and individual directors. Schedule IV to the Companies Act States that the performance evaluation of independent directors shall be done by the entire board of directors excluding the director being evaluated.

The evaluation process has been explained in Corporate Governance Report.

8. Board Committees

Detailed composition of the mandatory Board committees namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Grievances Committee, number of meetings held during the year under review and other related details are set out in the Corporate Governance Report which forms a part of this Report.

The members of the board have reconstituted the committees as follows with effect from 27th May 2019.

The Company in its Board meeting dated 06th August 2019 has formulated a Corporate Social Responsibility Committee on account of Company surpassing the threshold limit on applicability of Corporate Social Responsibility (CSR) as provided pursuant to Section 135 of Companies Act, 2013, the details of members of the Committee are provided below

Audit Committee
Name of the Member Designation
Mr.V.S.Roop Kumar Chairman
Ms.C.Kamakshi Bharathi Member
Mr.Suraj Bharadwaj Member
Nomination and Remuneration Committee
Ms.C.Kamakshi Bharathi Chairman
Mr.B.Srinivasa Reddy Member
Mr.V.S.Roop Kumar Member
Stakeholders Relationship Committee
Mr.B.Srinivasa Reddy Chairman
Ms.C.Kamakshi Bharathi Member
Mr.Suraj Bharadwaj Member
Corporate Social Responsibility Committee
Mr. Suraj Bharadwaj Chairman
Mrs. Kamakshi Bharathi Member
Mr. P Chandra Sekhar Member

9. Deposits

The Company has neither accepted nor renewed any deposits during the year under review.

10. Particulars of Loans, Guarantees or Investments made under section 186 of the Companies Act, 2013.

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review.

11. Disclosures under Sexual Harassment of Women at Workplace

In accordance with the provisions of the Sexual Harassment of Women at the workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company is required to have an Anti- sexual harassment policy through which an Internal Complaints Committee is constituted. The said committee meets at regular intervals to redress any complaints received by the committee in these lines and after due deliberation aims at disposing o the complaints. However, there has been no such complaint led within the company till date.

12. Signicant and material orders passed by the regulators or court

NCLT Order: During the year 2017-18, an individual and an overseas corporate had approached the National company Law Tribunal, Hyderabad claiming amounts as financial creditors under section 7 of the Insolvency and Bankruptcy code 2016.

The Company had made submissions before the NCLT denying the allegations and dues to the petitioners. The NCLT, Hyderabad passed orders on the 26th March 2018 admitting the petition and appointed an Insolvency Resolution Professional thereby suspending the board of the company.

The IRP took charge and made announcements in the news papers on the 01st May 2018 inviting claims of the creditors.

The IRP also issued a notice of meeting of Committee of Creditors to be held on the 21st May 2018. Meanwhile Mr. P. Chandra Sekhar, one of the promoters of the Company led an appeal before the National Company Law Appellate Tribunal, New Delhi (NCLAT) seeking a stay on the IBC proceedings.

The NCLAT was not inclined to grant a stay and posted the matter for hearing on the 21st May 2018.

Aggrieved by the order of the NCLAT not inclined to grant a stay, Mr. P. Chandra Sekhar, approached the Honourable Supreme Court of India seeking a stay on the IBC proceedings. The Honble Supreme Court granted a stay on the 18th May 2018 on the order of the NCLT dated 26-03-2018. us, the board of the company was restored. The matter is pending adjudication before the Honble Supreme Court of India.

The complainant has led his counter before the supreme court and the Company is now preparing its re-joinder.

Statutory Auditors have placed this aspect on emphasis of matters and also commented that in case the orders in this litigation are adverse the same would aeect the continuance of the companys operations as a going concern.

However, the management is condent that the outcome of this litigation is not likely to result in adverse orders on the basis of merits.

13. Material changes and commitments, if any aecting the financial position of the company occurred between the end of the financial year to which these financial statements relate and the date of the report.

a. Search on premises by Director General of Goods and Services Tax Intelligence Unit

During the year 2018-19, the Director General of Goods and Services Tax Intelligence (DGGSTI), Hyderabad Zonal Unit conducted a search on the premises of the company, the residence of one of the promoter Mr. P.Chandra Sekhar and also the Oce of the Statutory Auditors of the company.

The company had extended its co-operation during the search. The DGGSTI team concluded the search on the same day and have recovered documents as declared in the panchanama dated 13th June 2018.

The company has submitted the necessary information and is awaiting orders from the DGGSTI on this matter.

b. Allotment of Shares Consequent to Conversion of Share warrants of Promoters and Investors.

During the year, the investors have subscribed to the share warrants in full.

Thus, there are no share warrants pending nor did any share warrants lapse.

c. Allotment of Foreign Currency Convertible Bonds

The company had on the 10th July 2018, received subscription in full for the 1% Unsecured, 10,500,000 Foreign Currency Convertible Bonds and has allotted 105 bonds for USD 1,00,000 to each bondholder thus raising an amount of USD 10,500,000. Five bonds were converted into equity shares during the year. As at 31st March 2019, 100 bonds of USD 1,00,000 were outstanding and restated in accordance with the IAS.

As per the term sheet dated 8th March 2018 between the bond holders and the company, interest is payable along with the principal only at the end of the term of v e years.

The company has remitted interest to the bond holders for the r st half of the period on the 8th January 2019 and seeks to accrue the same for subsequent period in accordance with the term sheet dated 22nd March 2018 and the Oeering Circular dated 08th July 2018.

14. Particulars of Contracts or Arrangements made with Related Parties.

All Contracts/arrangements/transactions entered by the company during the financial year 2018-19 with related parties were in the ordinary course of business and on an arms length basis.

In this regard, we draw your attention to Note 28 containing a Statement Pursuant to Clause (h) of sub section 134 of the companies Act 2013, and Rule 8(2) of the Companies (Accounts) Rules, 2014, to the financial statements which sets out related party disclosures.

15. Number of Board meetings conducted during the year under review.

The directors of the company have met four (4) times during the financial year under review for the purposes of discussing the aair s of the company and its business, the details of which are listed below:

Date of Meeting Time Place Meeting No Qtr
29-May-18 10.30 am Regd & Corp Oe 01/2018-19 Apr-Jun
13-Aug-18 11.00 am Regd & Corp Oe 02/2018-19 Jul-Sep
09-Nov-18 10.30 am Regd & Corp Oe 03/2018-19 Oct-Dec
07-Feb-19 10.30 am Regd & Corp Oe 04/2018-19 Jan-Mar

16. Vigil Mechanism

The Company has established a vigil mechanism and oversees through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the chairman of the Audit Committee on reporting issues concerning the interests of co employees and the Company. The company has also set out a whistle blower policy in terms of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, so as to ensure that the business is conducted with integrity and the companys financial information is accurate.

The Policy on Vigil Mechanism and whistle blower policy may be accessed on the companys website.

17. Training of independent directors

Whenever, new Non-executive and Independent Directors are inducted in the Board they are introduced to our Companys culture through appropriate orientation session and they are also introduced to our organization structure, our business, constitution, Board procedures, our major risks and management strategy.

18. Directors Responsibility Statement

Pursuant to the requirement under Section 134 (3) (c) of the Companies Act 2013 with respect to Directors Responsibility Statement, it is hereby conrmed.

i. That in the preparation of the Annual Accounts for the financial year ended Mar ch 31, 2019 the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of aair s of the Company as at the end of the financial year and of the prot and loss of the Company for that period.

iii. That the Directors had taken proper and su?cient care towards 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.

iv. That the Directors had prepared the accounts for the financial year ended March 31, 2019 on a going concern basis.

v. That proper internal financial controls were in place and that the financial controls were adequate and were operating eecti vely

vi. That systems to ensure compliance with the provision of all applicable laws were in place and were adequate and operating eecti vely.

19. Extract of Annual Return

Form MGT 9 containing details, forming part of the extract of the Annual return is annexed to this report as Annexure “III” [pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014].

20. Statement concerning development and implementation of Risk Management Policy of the company.

The Company has constituted a Risk Management Committee in the meeting of the Directors on Board held on the 28th May 2015 and the details of the risk management framework under the purview of the Risk Management Committee of the Company has been discussed under the Management Discussion and Analysis Report which forms a part of this report.

However, this committee was dissolved as the Risk Management framework is yet not applicable to the Company as per the statute.

21. Details of Policy developed and implemented by the company on its Corporate Social Responsibility initiatives.

Pursuant to Section 135 of the Companies Act, 2013 every Company having

• Net worth of rupees five hundred crore or more, or

• Turnover of rupees one thousand crore or more or

• Net prot of rupees v e crore or more during any financial year, shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

During the year, on the basis of the Net Profit earned, the company qualies for Corporate Social Responsibility initiatives. The company has constituted a committee for the same (as provided under “Boards Committee” - Point No. 9 ) and plan for the CSR activities in due course.

22. Transfer of Unclaimed Dividend to Investor

Protection Fund.

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.

23. Adequacy of Internal Financial Controls

The Company has established and is maintaining internal controls and procedures. The Board of Directors have evaluated the effectiveness of the Companys internal controls and procedures and conrm that they are adequate based on the size and the nature of its business.

24. Internal Audit

The Company has a well-established system of Internal Audit which carries out audit on Risk Management framework covering all the functions.

25. Auditors and Auditors report

Statutory Auditors

M/s P. Murali & Co, Chartered Accountants, were appointed as Statutory Auditors from the conclusion of previous Annual General meeting until the upcoming annual general meeting. It is now proposed to re-appoint them as Statutory Auditors from the commencement of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting. The Company has received a certicate from M/s P Murali & Co. to the effect that if reappointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

As required above, the Board has, after considering the recommendations of the Audit Committee, incorporated a suitable resolution for your consideration and approval in the notice calling the ensuing Annual General Meeting of the Company.

Secretarial Auditor

The Board has now appointed M/s CAS & Associates, Practising Company Secretaries, Hyderabad to conduct Secretarial Audit for the financial year 2019-20. The Secr etarial Audit report as issued by M/s CAS & Associates for the financial year ended March 31, 2019 is annexed herewith in Annexure-IV.

26. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo.

The detailed information as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished under Annexure “V” as attached to this report.

27. Management Discussion and Analysis

Management Discussion and Analysis Report forms a part of the Annual Report

28. Explanation or comments on qualications, reservations or adverse remarks or disclaimers made by the auditors and the practicing company secretary in their reports

The Statutory Auditors report has laid emphasis of matter on the IBC proceedings and the impact on the going concern assumption.

The management claries that the transaction does not pertain to the company as the company is not a party to either loan agreement or settlement deed presented by the said financial cr editors before the NCLT.

Thus, the going concern assumption is considered appropriate by the management and the financial statements have been prepared by applying normal principles of recognition and measurement.

The Secretarial Audit Report does not contain any qualication, reservation or adverse remark.

29. Shares

Buy back of Securities : The Company has not bought back any of its securities during the financial year under review.

Sweat Equity : The Company has not issued any Sweat Equity Shares during the financial year under review.

Bonus Shares : No Bonus Shares were issued during the financial year under review.

Employees Stock Option Plan: The Company has not provided for any Stock Options to its employees during the financial year under review.

30. Disclosures

Changes in Board & Board Committees

During the year, the board has appointed Mr. Suraj Bharadwaj as an Additional Director (DIN: 08351558) on 31st January 2019 by way of Circular Resolution and the same was taken note of by the Board of Directors in their meeting dated 07th February 2019.

Disclosures pertaining to the mandatory committees constituted by the Board for specic purposes has been included in the Corporate Governance Report which forms a part of the Annual report. Thus, the information pertaining to the composition of the board and number of meetings held by the committees such as Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee are covered in there.

31. Corporate Governance

Pursuant to Regulation 27 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, a separate report on corporate governance has been included in this Annual Report in Annexure VI together with a certicate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance.

All Board members and senior management personnel have armed compliance with the Code of Conduct for the year 2018-19. A declaration to this eeect signed by the Managing Director of the Company is contained in this Annual Report.

32. Acknowledgement

Your Directors place on record their sincere thanks to their employees, bankers, business associates, consultants, Legal Advisors and various government authorities for their continued support extended to your Companys activities during the financial year under review. Your Directors also acknowledge gratefully for your support and for the condence reposed on this Company.

For and on behalf of the Board of Directors
P.C.Pantulu P.Chandra Sekhar
Managing Director Whole time director
DIN 01583136 DIN 01647212
Date: 14-08-2019
Place: Hyderabad