Jagan Lamps Ltd Directors Report.

Dear Members,

Your Directors have pleasure in presenting the 29th (Twenty Ninth) Annual Report on the business and operations of the Company for the year ended March 31, 2021 and the Audited Financial Statement of the Company along with Auditors Report thereon.

1. FINANCIAL HIGHLIGHTS FOR 31.03.2021

(Rs. In Lacs)

31.03.2021 31.03.2020
Revenue from Operations 3083.73 2314.04
Other Income 54.88 48.97
Total Income 3138.61 2363.01
Total Expenses 2848.08 2138.88
Profit/Loss before Tax 290.53 224.13
Tax Expenses 82.13 54.63
Profit/Loss after Tax 208.41 169.51
EPS 3.02 2.46

2. COMPANYS PERFORMANCE AND MATERIAL CHANGES AND COMMITMENTS

The Revenue from operations grew by 33.26% during the year to Rs.3083.73 Lacs from ^2314.04 Lacs in previous year. The Profit after tax was grew by 22.94% during the year to Rs. 208.41 Lacs from Rs. 169.51 Lacs in the previous year.

Except for impact of Lockdown due to Covid-19, there were no material changes and commitments occurred between the end of financial year ended as on 31 March, 2021 and the date of this report which affects financial position of the Company.

3. TRANSFER TO RESERVE

An amount of Rs. 208.41 Lacs has been transferred to General Reserve for financial year ended on 31st March 2021.

4. DIVIDEND

The Directors have recommended Final Dividend of Rs. 1/- (10%) per equity share of face value of Rs. 10/- each for the Financial Year 2020-21. The dividend proposal is subject to the approval of members at the ensuing Annual General Meeting scheduled to be held on September 29, 2021.

5. CHANGE IN NATURE OF BUSINESS, IF ANY

During the year under review, there was no change in nature of business of the company.

6. DETAIL OF SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any subsidiary, Joint Ventures and Associate Company.

7. SHARE CAPITAL

The Paid up equity share capital as on 31st March, 2021 was 688.95 Lacs. There was no public issue, right issue, bonus issue or preferential issue etc. during the period under report. The Company has not issued any shares with differential voting rights nor granted stock options nor sweat equity during the period under report.

8. FIXED DEPOSIT / PUBLIC DEPOSITS

During the year under review, the company has neither accepted nor renewed any deposits in Terms of Chapter V of the Companies Act, 2013 and Rules framed there under.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL RE-APPOINTMENT OF DIRECTOR

In accordance with the provisions of the Companies Act, 2013, Ms. Rekha Aggarwal (DIN: 07887630) retires by rotation at the ensuing Annual General Meeting (AGM) and is eligible for re-appointment. The Board of Directors has recommended her re appointment for consideration of the Members in the Annual General Meeting.

APPOINTMENT OF DIRECTORS

As on the date of this Annual Report, Ms. Shweta Nathani (DIN: 09156909) & Mr. Raghav Aggarwal (DIN:09131499), on the recommendation of Nomination and Remuneration Committee were appointed as an Additional Independent Director w.e.f. May 3, 2021, to hold the office upto the conclusion of the ensuing AGM. In this regards, the Company had received a notice in writing from a Member under Section 160 of the Act proposing their candidature for the office of Directors of the Company. Appropriate resolution(s) seeking Members approval for the same has already been included in the Notice of the 29th AGM. All the Directors of the Company have confirmed that they are not disqualified to act as Director in terms of Section 164 of the Act.

RESIGNATION OF DIRECTORS

As on the date of this Annual Report, Ms. Shikha Gupta (DIN: 01837337) & Ms. Ruchi Aggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3, 2021. The Company expresses their appreciation of the incomparable work performance displayed during their tenure with the company as directors.

KEY MANAGERIAL PERSONNEL

There was no change in the Key Managerial Personnel of the Company during the year under review.

10. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Company had already constituted Nomination and Remuneration Committee as required under SubSection (1) of Section 178 of the Companies Act, 2013 comprising of Ms. Rekha Aggarwal (Non-Executive Director) Chairman of the Committee, Mrs. Shweta Nathani (Independent Director), Mr. Hemant Mangla (Independent Director), Members of the Committee.

The Company has also formulated a Policy on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Companies Act, 2013 and the same is annexed as Annexure-I with this report.

11. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed under the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations").

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc. The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. The Board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the chairman was also evaluated on the key aspects of his role.

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. The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual directors was also discussed. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

12. DECLARATION FROM THE INDEPENDENT DIRECTORS

The Company has received necessary declaration from each independent director under section 149(7) of the Companies Act, 2013, that he meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. It may be noted that all the Independent Directors on the Board of the Company as on March 31, 2021 and as on the date of Annual Report have been registered in the data bank of Independent Directors as per Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014. Independent Directors shall undertake the online proficiency self-assessment test, as applicable, in accordance with the timeline as per Rule & Regulations as applicable.

13. RELATION BETWEEN DIRECTORS INTER -SE AS PER SECTION 2(77) OF THE COMPANIES ACT 2013

Director Inter-se Relationship Between Directors
Directors Relationship
Ms. Rekha Aggarwal Wife
Mr. Ashish Aggarwal Mr. Raghav Aggarwal Son

There is no other inter se relation between directors as per the provisions of Companies Act, 2013.

14. DIRECTOR RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls established and maintained by the company, work performed by the Internal, Statutory, Secretarial Auditors and external agencies, the review performed by

the management and the relevant Board Committees, the Board with the concurrence of the Audit Committee is of the opinion that the company Internal financial controls were adequate and effective as on 31st March 2021.

Accordingly, pursuant to section 134(5) of the Companies Act 2013 the Board of Directors to the best of their Knowledge and ability confirm:-

a) That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) That we 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) That proper and sufficient care has been taken 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) That the annual accounts have been prepared on a going concern basis;

e) That proper system to ensure compliance with the provisions of all applicable laws were in place and that such system were adequate and operating effectively; and

f) That proper internal financial control were laid down and that such internal financial controls are adequate and were operating effectively.

15. STATUTORY AUDITORS AND AUDITORS REPORT

At the twenty-seventh AGM held on September 30, 2019 the Members approved appointment of M/s KASG & Co., Chartered Accountants (Firm Registration No. 002228C) as Statutory Auditors of the Company to hold office for a period of five years from the conclusion of that AGM till the conclusion of the 32nd AGM. The requirement to place the matter relating to appointment of auditors for ratification by Members at every AGM has been done away by the Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the ensuing AGM and a note in respect of same has been included in the Notice for this AGM.

The Auditors in their report does not contain any qualification, reservation or adverse remark or disclaimer.

The Auditors have not reported any fraud committed against the Company by its officers or employees during the financial year 2020-21. Therefore, no detail is required to be disclosed under section 134(3)(ca) of Companies Act, 2013.

16. SECRETARIAL AUDITORS

The Board has appointed M/s Mehak Gupta & Associates (Membership No. FCS 10703, CP No. 15013), Practicing Company Secretaries, New Delhi, to conduct secretarial audit for the financial year 2020-21.

The Secretarial Audit Report for the financial year ended 31 March 2021 is enclosed as Annexure-II. The said Secretarial Audit Report does not contain any qualification, reservation, disclaimer or adverse remark.

The Auditors have not reported any fraud committed against the Company by its officers or employees during the financial year 2020-21. Therefore, no detail is required to be disclosed under section 134(3)(ca) of Companies Act, 2013.

17. INTERNAL AUDITORS

Mr. Surendra Parsad, employee of the Company is the Internal Auditor of the Company for the financial year 2020-21. During the period under review no fraud was reported by the Auditors. Therefore, no detail is required to be disclosed under section 134(3)(ca) of Companies Act, 2013.

18. COST AUDITORS

There is no statutory requirement to appoint the Cost Auditor as per Section 148 of the Companies Act 2013 read with Companies (Cost Records and Audit) Rules 2014.

19. CORPORATE GOVERNANCE

As per Regulation 15(2) of the listing Regulations, the compliance with corporate governance provision as specified in Regulation 17 to 27 and clause (b) to (i) of regulation 46 (2) and para C, D, E of Schedule V is not applicable to the Company during the year under review.

20. EXTRACTS OF ANNUAL RETURN

The details forming Part of the Extracts of Annual Return in Form MGT-9 as per section 92(3) of the Companies Act, 2013 are given as Annexure III, which form part of this report.

The Annual Return will be hosted on website of the Company at www.jaganlamps.com after necessary certification and filling the same with the authority.

21. BOARD MEETINGS

During the financial year 2020-21, 09 (Nine) Board Meetings (11.04.2020, 20.05.2020, 30.06.2020, 23.07.2020, 28.08.2020, 11.11.2020, 01.01.2021, 12.02.2021 & 31.03.2021) were convened and held. The detail of the attendance of Board meeting mentioned below:

Name of Director Designation Category

Attendance Particulars

Board Meetings Last AGM
Mr. Ashish Aggarwal Managing Director Promoter/Executive Director 09709 Yes
Mrs. Rekha Aggarwal Director Promoter/Non Executive Director 09/09 Yes
Mrs. Shikha Gupta Director Promoter/ Non Executive Director 08/09 Yes
Ms. Ruchi Aggarwal Director Independent Non Executive Director 08/09 Yes
Mr. Hemant Mangla Director Independent Non Executive Director 08/09 Yes
Mr. Saras Kumar Director Independent Non Executive Director 08/09 Yes

None of the directors of the Board serve as Member of more than 10 committees nor do they chair more than 5 Committees as per the requirements of the Listing Agreement.

22. COMPOSITION OF AUDIT COMMITTEE

The Board has constituted an Audit Committee as required under companies act 2013, which comprises of Mr. Saras Kumar, as the Chairman, Mrs. Shikha Gupta and Ms. Ruchi Aggarwal as Members of the Committee. All the recommendations made by the Audit committee were accepted by the Board.

During the financial year 2020-21 Five Audit Committee Meetings (30.06.2020, 28.08.2020, 11.11.2020, 12.02.2021 & 31.03.2021) were convened and held.

As on the date of this Annual Report, Ms. Shikha Gupta (DIN: 01837337) & Ms. Ruchi Aggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3, 2021. The Board has re-constituted the Audit Committee as required under companies act 2013, which comprises of Mr. Saras Kumar, as the Chairman, Mrs. Shweta Nathani and Ms. Rekha Aggarwal as Members of the Committee.

23. COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE

The Board has constituted an Nomination & Remuneration Committee as required under companies act 2013, which comprises of Ms. Ruchi Aggarwal, as the Chairman, Mrs. Shikha Gupta and Mr. Hemant Mangla as the Members. All the recommendations made by the committee were accepted by the Board.

During the financial year 2020-21 two Nomination & Remuneration Committee Meetings (28.08.2020 & 11.11.2020) were convened and held.

As on the date of this Annual Report, Ms. Shikha Gupta (DIN: 01837337) & Ms. Ruchi Aggarwal (DIN: 08181352) have resigned from the directorship w.e.f. May 3, 2021.

The Board has re-constituted the Nomination & Remuneration Committee as required under companies act 2013, which comprises of Mrs. Shweta Nathani, as the Chairman, Mr. Hemant Mangla and Ms. Rekha Aggarwal as Members of the Committee.

24. COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholder relationship Committee has formed pursuant to the listing regulations for specifically looks in to redressal of shareholders and investors complaints such as transfer of shares, non receipt of share certificates, non-receipt of Balance sheet, non receipt of declared dividends if any and to ensure expeditious transfer process etc. The committee comprises of Ms. Ruchi Aggarwal, as the Chairman, Mr. Saras Kumar and Mr. Ashish Aggarwal, as Members of the committee.

During the Financial Year 2020-21, 2 (Two) Stakeholders Relationship Committee meetings (10.11.2020 & 31.03.2021) were convened and held.

As on the date of this Annual Report, Ms. Ruchi Aggarwal (DIN: 08181352) has resigned from the directorship w.e.f. May 3, 2021. The Board has re-constituted the Stakeholder relationship Committee as required under Companies Act 2013, which comprises of Ms. Shweta Nathani, as the Chairman, Mr. Saras Kumar and Mr. Ashish Aggarwal, as Members of the committee.

25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of contracts or arrangements with Related Parties referred to in Section 188(1) of the Companies Act 2013 for the Financial Year 2020-21 in the prescribed format, AOC-2 is annexed as Annexure-IV to the Board Report. The policy on Related Party Transactions has been uploaded on the website i.e. www.jaganlamps.com.

26. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year under review, Company neither gave any Loans, Guarantees nor made Investments which are covered under the Provisions of Section 186 of the Companies Act, 2013.

26. DISCLOSURE ON THE COMPLIANCE OF SECRETARIAL STANDARDS

The Directors of the Company confirm to the best of their knowledge and belief that the company has complied with provisions of all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

27. POLICY FOR PROCEDURE OF INQUIRY IN CASE OF LEAK OF UNPUBLISHED PRICE SENSITIVE INFORMATION ("UPSI")

In pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the company has formulated a written policy and procedures for inquiry in case of leak of unpublished price sensitive information and initiate appropriate action on becoming aware of leak of unpublished price sensitive information and inform the Board promptly of such leaks, inquiries and results of such inquiries. In pursuant to this regulation, the Company has adopted the Policy for Procedure of Inquiry in Case of Leak of Unpublished Price Sensitive Information ("UPSI"). Policy for procedure of Inquiry in case of Leak of Unpublished Price Sensitive information ("UPSI") can be accessed on the companys website at www.jaganlamps.com.

28. INSIDER TRADING -CODE OF CONDUCT

In pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has adopted the Insider Trading Code. The Code provides framework for dealing with the securities of Company in mandated manner. The above Insider Trading-code of conduct can be accessed on the companys website at www.jaganlamps.com.

29. FINANCIAL YEAR

The Company follows the Financial Year commence from 1 April and ends 31 March of subsequent year.

30. INSURANCE OF PROPERTIES AND ASSETS OF THE COMPANY

The properties and assets of the company are adequately insured during the period under review.

31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

32. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION BETWEEN THE END OF FINANCIAL YEAR AND THE DATE OF REPORT

There were no material changes and commitments affecting Financial Position between the end of the financial year and the date of report.

33. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

The Financial Statements of the Company comply with the Ind AS specified under Section 133 of the Act. Your Company has put in place adequate internal controls with reference to accuracy and completeness of the accounting records and timely preparation of reliable financial information, commensurate with the size, scale and complexity of operations and ensures compliance with various policies and statutes in keeping with the organizations pace of growth, increasing complexity of operations, prevention and detection of frauds and errors. The design and effectiveness of key controls were tested and no material weaknesses were observed. The Audit Committee reviews and evaluates the adequacy of internal financial control periodically. Efficacy of Internal control systems are tested periodically by Internal Auditors with and Internal Control over financial reporting is tested and certified by Statutory Auditors. The internal financial control system of the Company is supplemented with internal audits, regular reviews by the management and checks by the Internal Audit Team. During the year under review, no material or serious observation has been highlighted for inefficiency or inadequacy of such controls.

34. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

(A) CONSERVATION OF ENERGY

The Company has continued its efforts to organize incremental improvements in energy conservation across plant locations, plant equipment and technologies.

(i) Regular review of energy conservation, consumption and effective control and utilization of energy.

(ii) The Company is under discussion to Install Solar power Plant.

(iii) The capital investment on energy conservation equipments:- Under Negotiations

(B) TECHNOLOGY ABSORPTION

(i) The efforts made towards technology absorption:-

The Company has installed latest Technology Equipment using PLC Controls.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:- The Company is now using 52.55% of Imported raw Material during the financial year 2020-21 as against 58.39% until last financial Year 2019-20.

(iii) in case of imported technology- Not Applicable

(a) The details of technology imported;

(b) The year of import;

(c) Whether the technology been fully absorbed;

(d) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and

(iv) the expenditure incurred on Research and Development: NIL

Your company is manufacturing Halogen Lamps with well established technologies and hence does not require any Research and Development efforts.

(C) FOREIGN EXCHANGE EARNING AND OUTGO (Rs. in Lakhs)
Earnings from Exports 1145.49
Outgo Import of Raw Material & Capital Goods 1201.45
Foreign Travel / Mkt. Expenses 0.00
Exhibition 0.00
Commission 23.29
Others 2.10
NET EARNING (81.35)

35. RISK MANAGEMENT

Your Company has taken necessary steps for risk management including identifying risk which may threaten the existence/operations of the Company.

36. VIGIL MECHANISM AND WHISTLE BLOWER POLICY

Your Company has established a Vigil Mechanism Policy/Whistle Blower Policy to deal with instances of fraud and mismanagement and to enable Directors and Employees to report genuine concerns about unethical behavior, actual or suspected fraud or violation of Code of Conduct and to report incidents of leak or suspected leak of unpublished price sensitive information. The said Policy ensures that strict confidentiality is maintained in respect of whistle blowers whilst dealing with concerns and also specified that no discrimination will be meted out to any person for a genuinely raised concern. The Policy on Vigil Mechanism/ Whistle Blower Mechanism can be accessed through website of the Company viz. www.jaganlamps.com.

During the financial year under review, no complaint pertaining to the Company was received under the Whistle Blower Mechanism.

37. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013

Pursuant to the requirements of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 read with the Rules thereunder, your Company has formulated and adopted a Policy on Prevention of Sexual Harassment at Workplace. Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints received regarding sexual harassment. During the financial year under review, no complaints were received from any of the employees regarding Sexual Harassment at workplace.

38. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required pursuant to Section 197 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Companies Act, 2013, the Board Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members at the Registered Office and / or Corporate Office of the Company during business hours between 10.00 am to 12.00 noon on working days (Except Saturday) of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

39. DISCLOSURE OF REMUNERATION UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULE, 2014

(I) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2020-21:

Except the remuneration paid to Mr. Ashish Aggarwal, Managing Director of the Company & Ms. Shikha Gupta, Non Executive Director of the Company, none of other directors drawing remuneration from the Company.

The ratio of the remuneration of Mr. Ashish Aggarwal, Managing Director to the median remuneration of the employees is 15.70% and Ms. Shikha Gupta Non Executive Director is 0.86%.

(ii) The percentage increase in remuneration of each Director, Chief Financial officer and Company Secretary during the Financial Year 2020-21 are as under:

S.No Name of Director/KMP and Designation % Increase in remuneration in FY 202021
1 Mr. Ashish Aggarwal- (Managing Director) 0.00%
2. Ms. Shikha Gupta (Non executive Director) 0.00%
3. Ms. Rekha Aggarwal (CFO) 0.00
4. Mr. Sandeep Yadav (Company Secretary ) 8.85%

(iii) The percentage increase in the mediation remuneration of employees of the Company for the financial year 2020-21:

The median remuneration of the employees in the financial year 2020-21 was decreased by - 9.10% as compared to last financial year.

(iv) The number of permanent employees on the rolls of the Company as on 31.03.2021:

There were 34 permanent employees on the rolls of the company as on 31.03.2021.

(v) The average percentile increase already made in the salaries of employees other than managerial personnel in the last financial year i.e. 2020-21 and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

Average percentile increase in the salaries of employees excluding the managerial personnel for financial year2020-21 is 1.77%.

Average percentile increase in the remuneration of managerial personnel in the last financial year 2020-21 is 0.00%.

(vi) Particulars of employees posted and working in a country outside India, not being directors or their relatives, drawing more than 60 lakh rupees per financial year or five lakh rupees per month:

None of the employees posted and working outside India, not being directors or their relatives, drawing more than 60 lakh rupees per financial year or five lakh rupees per month.

40. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the SEBI (LODR) Regulations, 2015("Listing Regulations") The Management Discussion and Analysis Report for the year under review, is presented in a separate section, forming part of the Annual report attached as Annexure- V.

41. CORPORATE SOCIAL RESPONSIBILITY

The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within preview of Section 135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility.

42. CAUTIONARY STATEMENT

Statements in this Directors Report and Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable Securities Laws and Regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include changes in the government regulations, developments in the infrastructure segment, tax regimes and economic developments within India.

43. ACKNOWLEDGEMENT

The Directors thank the Companys employees, customers, vendors and investors for their continuous support.

The Directors also thank the Government of India, Governments of various states in India, Governments of various countries and concerned Government departments and agencies for their co-operation.

The Directors regret the loss of life due to COVID-19 pandemic and are deeply grateful and have immense respect for every person who risked their life and safety to fight this pandemic.

The Directors appreciate and value the contribution made by every member of the JAGAN family. Their dedicated efforts and enthusiasm has been integral to your Companys growth.

For and on Behalf of the Board
For Jagan Lamps Ltd.
Sd/- Sd/-
Dated: 28.08.2021 Ashish Aggarwal Rekha Aggarwal
Place : Kundli (Haryana) Managing Director Director
DIN-01837337 DIN-07887630