Dear Members,
The Directors hereby present the 14th Annual Report of the Company together with the
Audited Financial statements of the Company for the financial year ended 31st
March 2023.
FINANCIAL SUMMARY / HIGHLIGHTS ( Rs. In Crores)
|
For the Year ended |
| Particulars |
31st March, 2023 |
31st March, 2022 |
| Revenue |
500.80 |
336.30 |
| EBITDA |
61.09 |
34.18 |
| Finance costs |
21.92 |
18.78 |
| Depreciation |
22.77 |
23.13 |
| Exceptional items |
(5.90) |
- |
| Earnings before tax |
10.50 |
(7.73) |
| Current tax |
|
- |
| Deferred tax |
3.41 |
(5.53) |
| (Excess)/short fall of previous year |
|
- |
| Net profit/(Loss) |
7.09 |
(2.20) |
| Other comprehensive income for the year |
0.18 |
0.25 |
| Total comprehensive income for the year |
7.27 |
(1.95) |
| Earnings per Share (in Rs.) |
1.62 |
(0.54) |
| • Basic |
|
|
| • Diluted |
1.62 |
(0.54) |
OVERVIEW OF FINANCIAL PERFORMANCE AND STATE OF COMPANYS AFFAIRS
The Companys revenues from operation for the FY 2023 was Rs. 500.80 Crores as against
Rs. 336.30 Crores in the previous year, registering the remarkable growth. The profit/loss
before taxes for the year was 10.50 Crores and net profit after taxes was at 7.09 Crores
from previous years net loss of Rs. (2.20) Crores. The total comprehensive income was at
Rs. 7.27 Crores as against Rs. (1.95) Crores in the previous year.
To avoid repetition of information, a detailed discussion on the performance of the
Company is given in the Management Discussion and Analysis Report which forms part of this
Boards report.
FINANCE AND ACCOUNTS
The financial statements are prepared in accordance with Indian Accounting Standards
(IND AS) as required under the notification issued by the Ministry of Corporate Affairs
(MCA) in the Official Gazette dated 16th February, 2015 which is applicable to
the Company from 01st April, 2017 with a transition date of 01st
April, 2016.
CHANGES TO SHARE CAPITAL
There was an increase in the share capital of the Company during the year under review,
pursuant to the conversion of share warrants, as detailed below,
| Issued, Subscribed and Paid-up Capital |
|
Number of shares |
Amount |
| As at 31st March, 2022 |
4.11 |
8.22 |
| The increase during the year* |
0.32 |
0.64 |
| As at 31st March, 2023 |
4.43 |
8.86 |
*Pursuant to the allotment of 32,00,000 Equity shares (upon conversion of share
warrants i.e., 16,00,000 each) to Mr. Venkatesh Rajagopal and Mrs. Rama Rajagopal on 26th
May, 2022
ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS:
The company has not issued any equity shares with differential rights during the
financial year.
ISSUE OF SWEAT EQUITY SHARES:
During the financial year, the company has not issued any sweat equity shares.
ISSUE OF EMPLOYEE STOCK OPTIONS:
During the financial year, the company has not issuevd any Shares under employee stock
options.
ISSUE OF SHARES TO TRUSTEES FOR BENEFIT OF EMPLOYEES
During the financial year, the company has not issued any Shares to Trustees for the
benefit of employees.
ISSUANCE OF ANY OTHER SECURITIES WHICH CARRIES A RIGHT OR OPTION TO CONVERT INTO EQUITY
SHARES
During the financial year, the company has not issued any securities which carry a
right or option to convert such securities into equity shares.
DIVIDEND
The Board of Directors with a view to conserve financial resources have not recommended
any dividend for the financial year ended 31st March 2023. Also, during the
year, there were no unclaimed dividends which had to be transferred to IEPF by the
Company.
TRANSFER TO RESERVES
The Company retained the entire surplus in the Profit and Loss Account and hence no
transfer to General Reserve was made during the Year.
The Reserve at the end of the year 31st March, 2023 is at Rs.202.68 Crores
as against Rs. 188.31 Crores in the Previous Year.
DISCLOSURE UNDER SECTION 67(3)(C) OF THE COMPANIES ACT, 2013
The disclosure with regard to voting rights not exercised directly by the employees of
the Company as required under Section 67(3)(c) of Companies Act, 2013 read with rule 16(4)
of Companies (Share Capital and Debentures) Rules, 2014 is not applicable to the Company.
DEPOSITS
The Company has not accepted any deposits within the ambit of Section 73 of Companies
Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.
CASH FLOW STATEMENT
In compliance with the provisions of Section 134 of Companies Act, 2013 and Regulation
34(2)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Cash flow statement for the financial year ended 31st March, 2023 forms part of
this annual report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in ordinary course of business and on an arms length basis
and were placed and approved by the Audit Committee. During the financial year 2022-2023,
the Company had not entered into any contract / arrangement / transaction with related
parties which could be considered material in accordance with the provisions of the Act.
Hence, the disclosure of related party transactions in Form AOC-2 is not applicable.
The Company has framed a policy on Related Party Transactions and the same has been
displayed on the Companys website www.indianterrain.com.
During the financial year 2022-23, there were no materially significant transactions
with the related parties, which were in conflict with the interests of the Company and
that require an approval of the Members in terms of the SEBI Listing Regulations. Suitable
disclosures as required under IND AS 24 have been made in the Notes to the financial
statements.
During the year ended 31st March, 2023, the approval of the Members was
obtained for the material RPTs (under SEBI Listing Regulations) to be entered into with
Indian Terrain Fashions Limited for the FY 2022-23.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS
The Corporate Governance Report and Management Discussion & Analysis which forms
part of this report are set out separately along with the Certificate from the Auditors of
the Company regarding compliance of conditions of Corporate Governance and Certificate
from a Company Secretary in practice that none of the directors on the Board of the
Company have been debarred or disqualified from being appointed or continuing as directors
of companies by the Board/Ministry of Corporate Affairs or any such statutory authority as
stipulated in Schedule V read with Regulation 34(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
COMPLIANCE WITH CODE OF CONDUCT
The Company has framed a Code of Conduct for the Board of directors and Senior
Management personnel of the Company and available on the Companys website https://
storage.sg.content-cdn.io/in-resources/22a79ec5-e694-4d7a-ac5a-85c8fa45b7f1/PDF/
code-of-conduct-apr-19.pdf. The Board of Directors and senior management personnel have
affirmed compliance with the Code of conduct as on 31st March 2023.
As required under Regulation 34(3) and Schedule V (D) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 a declaration from Mr. Charath Ram Narsimhan,
Managing Director and Chief Executive Officer to this effect is annexed to the report on
corporate governance, which forms part of this annual report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In compliance with the requirements of Section 135 and Schedule VII of the Companies
Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as
amended, the Board of Directors have adopted a policy on CSR as recommended by the CSR
committee duly constituted and the said policy is available on the Companys website
https://storage.sg.content-cdn.io/
in-resources/22a79ec5-e694-4d7a-ac5a-85c8fa45b7f1/PDF/csr-policy-of-itfl. pdf. The
composition and terms of reference of the CSR Committee is detailed in the Corporate
Governance report forming part of this annual report.
An update on the policy on Corporate Social Responsibility and activities of the
Company is provided in ANNEXURE-IV annexed to this annual report.
ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of Companies Act 2013 and Regulation 22 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 the Company has formulated a
whistle blower mechanism. This mechanism, inter alia, includes the following:
a) the Directors and employees to report their genuine concerns about unethical
behaviour, actual or suspected fraud or violation of the companys code of conduct;
b) providing adequate safeguards against victimization;
c) providing direct access to the higher levels of supervisors and/or to the Chairman
of the Audit Committee, in appropriate or exceptional cases.
The Audit Committee of the Board oversees the functioning of Whistle Blower Policy. The
Whistle Blower Policy covering all employees and directors is available in the Companys
website,https://storage.sg.content-cdn.io/in-resources/22a79ec5-e694-4d7a-ac5a-85c8fa45b7f1/PDF/Whistle-Blower-Policy-wef-01-Apr-19%20.pdf.
EMPLOYEE STOCK OPTION PLAN (ESOP)
During the financial year ended 31st March, 2023 there were no pending
options to be vested or exercised.
CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
There were no changes in Directors and Key Managerial Personnel during the year under
review,
DECLARATION BY INDEPENDENT DIRECTOR
The Company has received declarations from the Independent Directors of the Company
confirming that they continue to meet with the criteria of Independence as prescribed
under Section 149(6) of the Companies Act, 2013, Regulation 25 and 16 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
The Independent Director have affirmed compliance with the Code of Conduct for the
Board of Directors and Senior Management personnel of the Company as on 31st
March 2023.
REVISION OF FINANCIAL STATEMENTS OR THE BOARDS REPORT OCCURRED DURING THE YEAR - NIL
EXTRACT OF ANNUAL RETURN
A weblink of the Annual Return is furnished in accordance with sub section (3) of
Section 92 of the Companies Act, 2013 and as prescribed in Form MGT 7 of the Companies
(Management and Administration) Rules, 2014, and can be accessed at Website
www.indianterrain.com.
NUMBER OF MEETINGS OF THE BOARD & COMMITTEES
There were 4 (four) board meetings held during the financial year 2022-23 on 18th
May 2022, 12th August 2022, 04th November 2022 and 13th
February 2023. The gap between the Board meetings were within the period prescribed under
the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The particulars of meeting of all Committees held during the financial year ended 31st
March, 2023 are disclosed in the Corporate Governance report forming part of this annual
report.
AUDIT COMMITTEE
Pursuant to Section 177(8) of Companies Act 2013, the particulars relating to the
composition and all other details about Audit Committee have been detailed in the
Corporate Governance Report forming part of this annual report. During the year, all the
recommendations of the Audit Committee were accepted by the Board.
NOMINATION AND REMUNERATION COMMITTEE POLICY
Pursuant to the provisions of Section 178(4) of Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, The Company has framed a
policy with respect to the Nomination and remuneration committee.
Particulars pertaining to the constitution of the Nomination and remuneration Committee
and its terms of reference have been detailed in the Corporate Governance report forming
part of this annual report. w The Nomination and Remuneration Committee Policy is
available in the Companys
website,https://storage.sg.content-cdn.io/in-resources/22a79ec5-e694-4d7a-ac5a-85c8fa45b7f1/PDF/Nomination-and-Remuneration-Policy-wef-01-Apr-2019.pdf.
REMUNERATION RECEIVED BY MANAGING/ WHOLE TIME DIRECTOR FROM THE COMPANY, HOLDING OR
SUBSIDIARY COMPANY:
( Rs. in Lakhs)
| NAME OF DIRECTORS |
DESIGNATION |
REMUNERATION |
| Mr. Venkatesh Rajagopal |
Chairman & Whole Time Director |
96.00 |
| Mr. Charath Ram Narsimhan |
Managing Director & CEO |
72.00 |
*Managerial remuneration includes perquisites
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not given any loans or guarantees covered under the provision of
section 186 of the Companies Act, 2013. The details of the investments made by the Company
are given in the notes to the financial statements forming part of this annual report.
MATERIAL CHANGES AND COMMITMENTS
There are no material changes and commitments affecting the financial position of the
Company which have occurred between the end of the financial year and the date of this
report.
ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS
Pursuant to provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board had carried out an annual evaluation
of the Board as a whole, various Committees, Directors individually and the Chairman.
Performance of the Board and Board committees were evaluated on various parameters such as
structure, composition, quality, diversity, experiences, competencies, performance of
specific duties and obligations, conduct of meetings, quality of decision making and
overall board effectiveness.
The performance of the individual directors was evaluated on parameters, such as
meeting attendance, participation and contribution, responsibility towards stakeholders
and independent judgment. The Chairman and Managing Director was evaluated on certain
additional parameters, such as performance of the Company, leadership, relationships,
communication, growth, recognition, achievements and awards received by the Company.
The statement including the manner in which the evaluation exercise was conducted, the
observations of the Board and the proposed action to be taken based on the observation of
the Board is included in the Corporate Governance report forming part of this annual
report.
REPORT AS PER SECTION 134 READ WITH RULE 8 AND SUB RULE 5 OF COMPANIES ACCOUNTS RULES
2014
There were no change in nature of business during the year under review.
No Companies have become or ceased to be its subsidiaries, Joint Ventures or associate
companies during the year under review.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
The Company has not received any orders / notices from the regulators/ courts/
tribunals impacting the going concern status and future operations of the Company.
INTERNAL FINANCIAL CONTROLS SYSTEMS AND ADEQUACY
The Company has an adequate internal financial controls with reference to financial
statements which commensurate with the size, scale and complexity of its operations. To
maintain its objectivity and independence, the Internal Audit function reports to the
Chairman of the Audit Committee, Chairman of the Board and Managing Director. The Internal
Auditor monitors and evaluates the efficacy and adequacy of internal financial controls in
the Company, its compliance with operating systems, accounting procedures and policies at
all locations of the Company. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and thereby strengthen the
controls. A report of auditors pursuant to Section 143(3)(i) of the Companies Act, 2013
certifying the adequacy of internal financial controls with reference to financial
statements is annexed with the Auditors report.
During the year ended 31st March 2023, such controls were tested and no
reportable material weaknesses in the design or operation were observed. The Company has
put in place adequate internal financial controls with reference to financial statements.
The Audit Committee and Board of Directors of the Company were appraised on the
performance of the internal financial controls.
MAINTENANCE OF COST RECORDS
The Central Government has not specified maintenance of cost records under sub-section
(1) of Section 148 of the Act, in respect of the Companys product segment.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
Pursuant to section 134(3)(n) of the Companies Act, 2013 the Company has framed Risk
Management Policy which lays down the framework to define, assess, monitor and mitigate
the business, operational, financial and other risks associated with the business of the
Company. During the year under review, the Company has not identified any element of risk
which may threaten the existence of the Company.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
In compliance with the requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has put in place a familiarisation programme
for the Independent Directors to familiarise them with their role, rights and
responsibilities, the working of the Company, nature of the Industry in which the Company
operates, business model, etc. The details of the familiarisation programme are explained
in the Corporate Governance report and also available on the Companys website
https://storage.sg.content-cdn.io/in-resources/22a79ec5-e694-4d7a-ac5a-85c8fa45b7f1/PDF/familiarisation-programme-for-independent-directors-itfl.pdf.
AUDITORS
STATUTORY AUDITORS
M/s SRSV & Associates, Chartered Accountants, Chennai is the Statutory Auditors of
the Company. The Statutory Auditors were appointed in the 10th Annual General
Meeting of the Company to hold the office till the conclusion of the 15th
Annual General Meeting.
The financial statements of the Company including its Balance Sheet, Statement of
Profit and Loss, Cash Flow Statement, notes and Schedules to the accounts for the
financial year ended 31st March, 2023 have been audited by M/s SRSV &
Associates, Chartered Accountants. The Statutory Auditors Report does not contain any
qualification, reservation or adverse remark on the financial Statements of the Company.
The Independent Auditors Report is enclosed with the financial statements in this annual
report
SECRETARIAL AUDITOR
Pursuant to the Section 204(1) of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of
Directors had appointed M/s. BP & Associates, Practicing Company Secretaries, Chennai
as the Secretarial Auditors of the Company for conducting the Secretarial Audit for the
financial year 2022-23. The Secretarial Audit Report for the financial year ended 31st
March, 2023 does not contain any adverse remark, qualification or reservation or
disclaimer which requires any explanation/comments of the Board. The Secretarial Audit
Report is annexed as ANNEXURE - IV forming part of this Annual Report and its
self-explanatory.
INTERNAL AUDITOR
Pursuant to Section 138 of the Companies Act 2013 read with rule 13 of the Companies
(Accounts) Rules, 2014 and all other applicable provisions (including any amendment
thereto) of the Companies Act 2013 and as recommended by the audit committee M/s. RVKS
& Associates, Chartered Accountants, Chennai was re-appointed as the Internal Auditors
of the Company for the financial year 2022-23 by the Board.
The audit conducted by the Internal Auditors is based on an internal audit plan, which
is reviewed every quarter in consultation with the Audit Committee. These audits are based
on risk-based methodology and inter alia involve the review of internal controls and
governance processes, adherence to management policies and review of statutory
compliances. The Internal Auditors share their findings on an ongoing basis during the
financial year for corrective action. The Audit Committee oversees the functions of the
Internal Auditors.
LISTING FEE
The Equity shares of the Company are listed on the stock exchanges viz., BSE Limited
(BSE) and The National Stock Exchange of India Limited (NSE). The Company has paid the
applicable listing fees to the stock exchanges within the stipulated time.
PARTICULARS OF EMPLOYEES
The disclosure with respect to the remuneration of directors and employees pursuant to
Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, is annexed as ANNEXURE-I to this
report.
The statement containing such particulars of employees as required in terms of the
provisions of Section 197(12) of the Act read with rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of the
Annual Report. Pursuant to the provisions of the Section 136(1) of the Companies Act,
2013, the reports and accounts, as set out therein, are being sent to all members of the
Company, excluding the aforesaid information and the same is open for inspection at the
registered office of the Company during working hours upto the date of Annual General
Meeting and if any member is interested in obtaining such information, may write to the
Company Secretary at the registered office of the Company in this regard.
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company firmly provides a safe, supportive and friendly workplace environment
– a workplace where our values come to life through the underlying behaviours.
Positive workplace environment and a great employee experience are integral parts of our
culture.
The Company has zero tolerance towards sexual harassment at workplace. The Company has
in place a Policy on Prevention, Prohibition and Redressal of Sexual Harassment and
Non-discrimination at workplace in line with the requirements of Sexual Harassment of
Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees
(permanent, contractual, temporary, trainees) are covered under this policy.
An Internal Complaints Committee (ICC) had been set up to redress the complaints
received from women regarding sexual harassment and discrimination at workplace.
During the year ended 31st March 2023, ICC did not receive any complaint
pertaining to sexual harassment/discrimination at various work locations.
DISCLOSURE REGARDING FRAUDS
The Statutory Auditors of the Company has stated that there was no material fraud by
the Company or on the Company by its officers or employees was noticed or reported during
the course of our audit in their Independent Auditors Report which forms part of this
Annual Report. Hence, there is no requirement to report the same to Audit Committee or
Board of Directors of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(3)(c) and 134(5) of the Companies Act, 2013 the directors on
the basis of information made available to them, confirm that:
a) in the preparation of the annual accounts for the financial year ended 31st
March 2023, the applicable accounting standards read with requirements set out under
Schedule III to the Companies Act, 2013 have been followed and there are no material
departures from the same;
b) the directors have selected such accounting policies and applied them consistently
and made judgments and estimates that were 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 or loss of the Company for that period;
c) t he directors have taken proper and sufficient care for the maintenance of
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;
d) the directors have prepared the annual accounts on a going concern basis;
e) t he directors have laid down internal financial controls to be followed by company
and that such internal financial controls are adequate and are operating effectively;
f) the directors have devised proper system to ensure compliance with the of all
applicable laws and that such system are adequate and operating effectively;
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, work performed by the internal, statutory and
secretarial auditors, external consultants, including audit of internal financial controls
over financial reporting by the statutory auditors and the reviews performed by management
and the relevant board committees, including the audit committee, the Board is of the
opinion that the Companys internal financial controls were adequate and effective during
the financial year 2022-23.
CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION / FOREIGN EXCHANGE
A. Conservation of Energy:
| Steps taken for conservation |
|
| Steps taken for utilizing alternate sources of energy |
The operations of the Company are not energy-intensive. However,
wherever possible, the Company strives to curtail the consumption of energy on a
continuing basis. |
| Capital investment on energy conservation equipment |
|
B. Technology absorption:
| Efforts made for technology absorption |
Not Applicable |
| Benefits derived |
|
| Expenditure on Research & Development, if any |
|
| Details of technology imported, if any |
|
| Year of import |
|
| Whether imported technology fully absorbed |
|
| Areas where absorption of imported technology has not taken place, if any |
|
| C. Foreign Exchange Earning and Outgo: |
|
| Total Foreign exchange earned |
: Nil |
| Total Foreign exchange outgo |
: Rs. 52.26 Crores |
SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards i.e. SS-1 for
‘Meetings of the Board of Directors and SS-2 for ‘General Meetings which are
prescribed by the Institute of Company Secretaries of India (ICSI) as per Companies Act,
2013.
THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF
THE FINANCIAL YEAR:
During the year under review, no application was made or any proceedings pending
against the Company under the Insolvency and Bankruptcy Code, 2016.
THE 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 were no such instances during the year under review.
PERSONNEL
The employee relations have been very cordial during the financial year ended 31st
March 2023. The Board wishes to place on record its appreciation to all its employees for
their sustained efforts and immense contribution to the high level of performance and
growth of the business during the year. The management team of the Company comprises of
young passionate driven professionals committed to achieve the organizational goals.
ACKNOWLEDGEMENT
The directors place on record their high appreciation and contribution made every
member of the Indian Terrain family. The Board places on record its appreciation for the
support and co-operation the Company has been receiving from its suppliers, distributors,
retailers, business partners, investors, regulatory and government authorities.
|
For and on behalf of the Board |
|
sd/- |
| Date: 19th May, 2023 |
Venkatesh Rajagopal |
| Place: Chennai |
Chairman & Whole Time Director |
|
(DIN: 00003625) |
+91-9892691696
