Delta Corp Ltd Directors Report.

To the Shareholders

Your Directors have pleasure in presenting the Thirtieth (30th) Directors’ Report of your Company along with the financial statements for the Financial Year ended 31st March, 2021.

1. FINANCIAL SUMMARY AND HIGHLIGHTS

Certain key aspects of your Company’s performance during the Financial Year ended 31st March, 2021 as compared to the previous Financial Year are summarised below: (Rs. in Crores)

Particulars

Standalone

Consolidated

Year Ended 31.03.2021 Year Ended 31.03.2020 Year Ended 31.03.2021 Year Ended 31.03.2020
Income for the year 228.51 492.35 454.33 806.75
Profit before Interest, Depreciation and Tax 57.43 226.14 48.48 309.13
Finance Charges (0.86) (1.51) (5.44) (5.06)
Profit before Depreciation and Taxes 56.57 224.63 43.04 304.07
Depreciation & Amortisation (15.94) (19.38) (52.66) (48.53)
Provisions for Taxation/ Deferred Tax (9.83) (49.74) (7.51) (71.46)
Exceptional Items 55.95 (55.95) (8.96) 0.70
Minority Interest & Profit from Associate Company 1.99 0.85
Loss from Discontinued operations
Net Profit for the Current Year 86.75 99.56 (24.10) 185.63
Earlier Years Balance Brought forward 431.97 402.05 525.51 409.26
Net Profit available for Appropriation 518.72 501.61 501.41 594.89
Appropriation: _ _ _ _
Dividend Distribution Tax (Net) (10.79) (11.97)
Dividend on Equity Shares (58.25) (58.25)
Transfer to Capital Redemption Reserves (0.41) (0.41)
Amount Transferred to Non-Controlling Interest & Other Adjustment (0.60) (2.56) 2.65
Transition Adjustment on account of Ind AS 116 (1.81)
Transferred from other comprehensive Income
Balance carried to Balance Sheet 518.31 431.97 498.44 525.51

The Standalone Gross Revenue (including GST) from operations for Financial Year 2020-21 was

Rs. 247.75 Crores (Previous Year: Rs. 559.74 Crores).

The Operating Profit before tax stood at Rs. 40.63 Crores as against Rs. 205.25 Crores in the Previous Year. The Net Profit after tax for the year stood at Rs. 86.75 Crores against Rs. 99.56 Crores reported in the Previous Year.

The Consolidated Gross Revenue (including GST and Intragroup transactions) from operations for Financial Year 2020-21 was Rs. 515.52 Crores (Previous Year: Rs. 968.44 Crores), The Consolidated Operating Profit before tax stood (for continued operations) at Rs. (9.62) Crores (Previous Year: Rs. 255.54 Crores). The Consolidated Profit after tax stood at Rs. (24.10) Crores (Previous Year: Rs. 185.63 Crores).

2. DIVIDEND

Your Directors recommend for approval of the Members at the ensuing Annual General Meeting, final dividend of Rs. 1/- per equity share (i.e. 100%) of face value of Rs. 1/- each, for the Financial Year ended 31st March, 2021. The record date i.e. Friday, 30th July, 2021 has been fixed for ascertaining entitlement for the payment of Final Dividend.

Members are also requested to note that pursuant to the provisions of Finance Act, 2020, the Company would be required to deduct tax at source (‘TDS’) at the prescribed rates.

In this regard, the Company will be sending an email communication to all the Shareholders whose email addresses are registered with the Company/ Depositories and physical letters to other shareholders explaining the process on withholding tax from dividends paid to the shareholders at prescribed rates.

The Board of Directors of your company has approved and adopted the dividend distribution policy of the company and dividends declared/recommended during the year are in accordance with the said Policy.

The dividend distribution policy is placed atAnnexure I to the Report and is also available on the weblink http:// www.deltacorp.in/pdf/dividend-Distribution-Policy.pdf

3. SHARE CAPITAL

During the year, the issued, subscribed and paid– up capital of the Company has changed from

Rs. 27,09,38,186/- divided into 27,09,38,186 Equity Shares of Rs. 1/- each to Rs. 26,68,20,937/- divided into 26,68,20,937 Equity Shares of Rs. 1/- each on account of buy-back of equity shares in the Company.

4. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 (the Act), the Annual Return as on 31st March, 2021 is available on the Company’s website at http://www.deltacorp.in/annual-return.html

5. NUMBER OF MEETINGS OF THE BOARD

The Board met Four(4) times in Financial Year 2020-21 viz., on 18th May, 2020, 14th July, 2020, 9th November, 2020 and 12th February, 2021. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report, which forms part of this Report.

6. DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors hereby confirm that:

i. In the preparation of the annual accounts for Financial Year ended 31st March, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. The Directors 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 31st March, 2021 and of the profit of the Company for that period;

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts for Financial Year ended 31st March, 2021 on a ‘going concern’ basis;

v. The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and have been operating efficiently;

vi. The Directors have devised proper systems to ensure compliance with provisions of all applicable laws and that such systems were adequate and operating effectively.

7. DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors of the Company have submitted the declaration of Independence as required under Section 149(7) of the Act and Regulation 25(8) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), confirming that they meet the criteria of independence under Section 149(6) of the Act and Regulation 16 (1)(b) of Listing Regulations as amended from time to time. The Independent Directors have also confirmed that they have complied with the Company’s Code of Business Conduct & Ethics.

In compliance with the rule 6(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014, all the Independent Directors have registered themselves with the Indian Institute of Corporate Affairs.

8. POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The Policy of the Company on Directors’ appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178 of the Act and Regulation 19 of Listing Regulations is appended as Annexure II to this Report.

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT

The details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act, read with Companies (Meetings of Board and Its Powers) Rules, 2014 are given in the notes to the standalone financial statements forming part of this Annual Report.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the Financial Year 2020-21, your Company has entered into transactions with related parties as defined under section 2(76) of the Act and Rules made thereunder, Regulation 23 of the Listing Regulations. During the Financial Year 2020-21, transactions with related parties which qualify as material transactions as per Schedule V, Part A (2A) of the Listing Regulations, forming part of financial statements are given in Form AOC - 2 as per the Companies (Accounts) Rules, 2014 in Annexure III to this Report.

The details of related party transactions as required under IND AS-24 are set out in notes to accounts to the Standalone Financial Statements forming part of this Annual Report.

The Policy on Related Party Transactions may be accessed on the Company’s website at the link: http:// www.deltacorp.in/pdf/related-party-transaction-policy. pdf

11. 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 the Report except mentioned below.

BUYBACK OF EQUITY SHARES

The Board of Directors of the Company at its meeting held on 28th March, 2020 had approved the proposal to buy back its own fully paid-up equity shares of face value of Rs. 1/- (Rupee One) each ("Equity Shares") from the members of the Company (other than the promoters, the promoter group and persons in control of the Company) payable in cash, for an amount aggregating up to Rs. 125,00,00,000 (Rupees One Hundred and Twenty Five Crore Only) ("Maximum Buyback Size") at a price not exceeding Rs. 100 (Rupees One Hundred only) per Equity Share ("Maximum Buyback Price"), by way of the open market route through the stock exchanges, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended ("Buyback Regulations"), the Companies Act, 2013, as amended, the Companies (Share Capital and Debentures) Rules, 2014, as amended ("Buyback"), which commenced on 8th April, 2020 ("Commencement Date") and closed on 7th October, 2020, upon the expiry of six months from the Commencement Date, in accordance with the Buyback Regulations and the terms of the public announcement dated 30th March, 2020.

The Company has utilized 26.47% of the Maximum Buyback Size (excluding Transaction Costs) till October 7, 2020. The total number of Equity Shares bought back under the Buyback is 41,17,249 Equity Shares and the total amount utilised in the Buyback is Rs. 33,08,12,701.65 (Rupees Thirty Three Crores Eight Lakhs Twelve Thousand Seven Hundred One and paise sixty five only) (excluding Security Transaction Tax and Service Charges).

12. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under Section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 is appended as Annexure IV to this Report.

13. BUSINESS RISK MANAGEMENT

The Board of Directors of the Company has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Company has a robust Risk Management framework to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company’s competitive advantage. The composition of the Committee is in compliance with Regulation 21 of the Listing Regulations.

The business risk framework defines the risk identification and its management approach across the enterprise at various levels including documentation and reporting. The framework helps in identifying risks trend, exposure and potential impact analysis on a Company’s business.

14. CORPORATE SOCIAL RESPONSIBILITY

A Corporate Social Responsibility (CSR) Committee has been constituted in accordance with Section 135 of the Companies Act. The brief outline of the Corporate Social Responsibility (CSR) policy of the Company and the initiatives undertaken by the Company on CSR activities during the year under review are set out in Annexure V of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The CSR policy is available on http://www.deltacorp.in/pdf/Corporate-Social-Responsibility-Policy-and-Composition.pdf as amended from time to time.

15. VIGIL MECHANISM

The Company has adopted Vigil Mechanism and Whistle Blower Policy for Directors and Employees in compliance with the provisions of Section 177(10) of the Act and Regulation 22 of the Listing Regulations, to report genuine concerns and to provide for adequate safeguards against victimization of persons who may use such mechanism. During the year no personnel of the Company was denied access to the Audit Committee. The said policy is also available on the Company’s website www.deltacorp.in.

16. ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD

Pursuant to the provisions of the Act and Regulation 19 of the Listing Regulations, the Board has carried out an annual evaluation of its own performance, performance of the Directors as well as the evaluation of the working of its Committees. The Nomination, Remuneration and Compensation Committee has defined the evaluation criteria for the Board, its Committees and Directors. The Board’s functioning was evaluated after taking inputs from the Directors on various aspects, including inter alia degree of fulfillment of key responsibilities, Board structure and composition, establishment and delineation of responsibilities to various Committees, effectiveness of Board processes, information and functioning.

The Committees of the Board were evaluated after taking inputs from the Committee members on the basis of criteria such as degree of fulfillment of key responsibilities, adequacy of Committee composition and effectiveness of meetings.

The Board and the Nomination, Remuneration and Compensation Committee reviewed the performance of the individual directors on aspects such as attendance and contribution at Board/ Committee Meetings and guidance/support to the management outside Board/ Committee Meetings. In addition, the Chairman was also evaluated on key aspects of his role, including setting the strategic agenda of the Board, encouraging active engagement by all Board members.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Board as a whole.

In a separate meeting of independent directors, performance of Non-Independent Directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors.

. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES AND THEIR PERFORMANCE AND FINANCIAL POSITION

During the year under review Waterways Shipyard Private Limited became a Associate Company of Delta Corp Limited.

During the year, the Board of Directors reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of the Act and Listing Regulations, the Company has prepared consolidated financial statements of the Company and all its subsidiaries, which form part of the Annual Report. A statement containing the performance and financial position of the subsidiaries and associate companies of the Company as required under Rule 5 of the Companies (Accounts) Rules, 2014 is provided as Annexure-A (AOC-1) in the financial statement and hence not repeated here for the sake of brevity.

In accordance with Section 136 of the Act, the audited financial statements, including the consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on Company’s websitewww. deltacorp.in. These documents will also be available for inspection during working hours at our Registered Office of the Company.

The Policy for determining material subsidiaries as approved may be accessed on the Company’s website at the link: http://www.deltacorp.in/pdf/policy-for-determining-material-subsidiaries.pdf.

18. DETAILS RELATING TO DEPOSITS, COVERED UNDER CHAPTER V OF THE ACT

The Company has neither accepted nor renewed any deposits during the Financial Year 2020-21 in terms of Chapter V of the Act.

19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

20. INTERNAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS

The Company has in place adequate internal financial control with reference to financial statements.

The Company has adopted accounting policies which are in line with the Indian Accounting Standards notified under Section 133 and other applicable provisions, if any, of the Act read together with the Companies (Indian Accounting Standards) Rules, 2015. The Company in preparing its financial statements makes judgments and estimates based on sound policies and uses external agencies to verify/ validate them as and when appropriate. The basis of such judgments and estimates are also approved by the Statutory Auditors and Audit Committee.

The Internal Auditor evaluates the efficacy and adequacy of internal control system, accounting procedures and policies adopted by the Company for efficient conduct of its business, adherence to Company’s policies, safeguarding of Company’s assets, prevention and detection of frauds and errors and timely preparation of reliable financial information etc. Based on the report of internal audit function, 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.

21. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Section 152(6) (e) of the Act, Mr. Ashish Kapadia, (DIN:02011632) will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. As per Regulation 17(1A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), with effect from 1st April, 2019, no listed company shall appoint or continue the directorship of a Non-Executive Director who has attained the age of 75 (Seventy Five) years, unless a Special Resolution is passed to that effect with the approval of members of the Company. Mr. Ravinder Kumar Jain (DIN: 00652148), Independent Director of the Company will attain the age of 75 years on 25th March, 2022. His present term as Independent Director is upto 27th July, 2024. In accordance with the provisions of Regulation 17(1A) of the Listing Regulations and recommendation of Nomination, Remuneration and Compensation Committee, approval of members by way of Special Resolution is sought to continue his directorship till the expiry of his present term.

Mr. Rakesh Jhunjhunwala (DIN: 0077064), Director of the Company has resigned with effect from 26th April, 2021. The Board places on record its appreciation for the valuable services and guidance given by Mr. Rakesh Jhunjhunwala during his tenure as director.

22. AUDITORS

1. Statutory Auditor

The Statutory Auditors M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No: 001076N/N500013), was appointed in 25th Annual General Meeting (AGM) to hold office from the conclusion of 25th AGM for a term of consecutive five years till conclusion of 30th AGM. Their present term as Statutory Auditors will be completing on conclusion of ensuing 30th AGM of the members of the Company. M/s. Walker Chandiok & Co. LLP, being eligible has expressed their willingness to serve as Statutory Auditors of the company. Their re-appointment as Statutory Auditors, if approved, by the members of the Company, will take effect from the conclusion of this AGM upto the conclusion of 35th AGM.

The Statutory Auditors have given a confirmation to the effect that they are eligible to continue with their re-appointment and that they have not been disqualified in any manner from continuing as Statutory Auditors.

There are no qualifications, reservations or adverse remarks or disclaimers made by Statutory Auditor of the Company, in audit report.

2. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company have appointed M/s. A. K. Jain & Co., Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the year ended 31st March, 2021. The Secretarial Audit Report is appended as Annexure VI to this Report.

There are no qualifications, reservations or adverse remarks or disclaimers made by Secretarial Auditor of the Company, in secretarial audit report.

23. REPORTING OF FRAUDS

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act and Rules framed thereunder.

24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per Regulation 34(2) read with Schedule V of the Listing Regulations, Management and Discussion and Analysis Report is provided in a separate section and forms an integral part of this Annual Report.

25. BUSINESS RESPONSIBILITY REPORT

A Business Responsibility Report as per Regulation 34 (2) of the Listing Regulations, detailing the various initiatives taken by the Company on the environmental, social and governance front forms an integral part of this Annual Report.

26. CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from the practicing Company Secretary confirming compliance with the conditions of Corporate Governance forms an integral part of this Annual Report.

27. AUDIT COMMITTEE OF THE COMPANY

The Audit Committee of the Company comprises of the following Directors:

Names Designation
1 Mr. Chetan Desai Chairman Independent Director
2 Mr. Ravinder Kumar Jain Independent Director
3 Mr. Rajesh Jaggi Independent Director
4 Dr. Vrajesh Udani Independent Director

During the year Board of Directors at its meeting held on 9th November, 2020, re-constituted the Audit Committee of the Board and appointed Mr. Chetan Desai, Independent Director of the Company as Chairman of Audit Committee in place of Mr. Ravinder Kumar Jain, existing Chairman of the Committee. The composition of the Audit Committee is in compliance with the requirements of Section 177 of the Act, Regulation 18 of the Listing Regulations as amended from time to time and guidance note issued by Stock Exchanges.

28. PARTICULARS OF EMPLOYEES

Details of top ten employees in terms of the remuneration and employees in receipt of remuneration as required under the provisions of section 197(12) of the Act, read with rule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, which form part of the Directors’ Report, will be made available to any shareholder on request, as per provisions of section 136 of the said Act. Members who are interested in obtaining these particulars may write email to the Company Secretary on secretarial@deltin.com.

The disclosures in terms of the provisions of Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure VII to this Report.

29. EMPLOYEES STOCK OPTION SCHEME AND EMPLOYEES STOCK APPRECIATION RIGHTS PLAN

As required in terms of regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and in terms of Rule 12 of Companies (Share Capital and Debentures) Rules, 2014, the disclosures relating to DELTA CORP ESOS 2009 and Delta Employees Stock Appreciation Rights Plan 2019 are given in Annexure VIII to this Report.

30. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

The Company has complied with the provisions relating to constitution of Internal Complaints Committee and has Anti-Sexual Harassment policy pursuant to the provisions of The Sexual Harassment of Woman at Workplace (Prevention, Prohibition & Redressal) Act 2013. The Company did not receive any such complaints during the Financial Year 2020-21.

31. COMPLIANCE OF THE SECRETARIAL STANDARDS

During the Financial Year, the Company has complied with the applicable Secretarial Standards i.e SS-1 and SS-2 as issued by the Institute of the Company Secretaries of India.

32. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR.

There are no applications made or any proceeding pending against the Company under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year.

33. COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

34. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

There are no instances of one time settlement during the financial year.

35. TRANSFER OF UNCLAIMED/UNPAID AMOUNTS AND SHARES TO THE INVESTOR EDUCATION AND PROTECTION FUND:

In accordance with the provisions of the Section 124 and 125 of the Act, read with Investor Education Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended (‘IEPF Rules’), the dividends, unclaimed for a period of seven years from the date of transfer to the Unpaid Dividend Account of the Company are liable to be transferred to the IEPF.

The IEPF Rules mandate Companies to transfer shares of Members whose dividends remain unpaid/ unclaimed for a continuous period of seven years to the demat account of IEPF Authority. The Members whose dividend/shares are transferred to the IEPF Authority can claim their shares/ dividend from the Authority. In accordance with the said IEPF Rules and its amendments, the Company had sent notices to all the Shareholders whose shares were due to be transferred to the IEPF Authority and simultaneously published newspaper advertisement. The Company has appointed a Nodal Officer under the provisions of IEPF, the details of which are available on the website of the Company at www.deltacorp.in. The Company has uploaded the details of unpaid and unclaimed amounts lying with the Company as on 17th August, 2020 on the Company’s website at www.deltacorp.in. and on the website of the Ministry of Corporate Affairs at www.iepf.gov.in/.

36. ACKNOWLEDGMENTS

Your Directors express their sincere appreciation for the co-operation received from shareholders, bankers and other business constituents during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the commitment displayed by all executives, officers and staff, for better performance of the Company during the year. The management has also evaluated the possible impact of COVID-19 pandemic on the business operations and the financial position of the company and based on its initial assessment of the current indicators of the future economic conditions, believes that the financial results for the year ending 31st March, 2021 may not have any material adverse impact on the net worth of the company as at 31st March 2021. Further, the company is debt free and would have adequate liquidity available to honour its liabilities and obligations, as and when due. The management will continue to monitor any material changes to its COVID_19 impact assessment, resulting from the future economic conditions and future uncertainty, if any. The Company observed all the government advisories and guidelines issued from time to time thoroughly and in good faith.

For and on behalf of the Board of Directors
Jaydev Mody
Place: Mumbai Chairman
Date: 9th July, 2021 DIN: 00234797