Jyoti Ltd Directors Report.

To,

The Members of Jyoti Limited

Your Directors present this 76th (SEVENTY SIXTH) ANNUAL REPORT and Audited Accounts for the year ended on 31st March, 2020.

FINANCIAL RESULTS

(Rs. in lakhs)

Particulars

2019-20

2018-19

Standalone Consolidated Standalone Consolidated
Revenue from Operations 10746.56 10746.56 16979.83 16979.83
Operating EBITDA (719.60) (719.60) 222.91 222.91
Add : Other Income 355.33 355.33 312.05 312.05
Profit/(Loss) before Finance Cost & Depreciation (364.27) (364.27) 534.96 534.96
Less : Finance Cost 76.01 76.01 82.05 82.05
Less : Depreciation and Amortization 886.54 886.54 951.09 951.09
Less: Exceptional Item - - 168.59 168.59
Share of Profit/(Loss) of a joint venture - (157.57) - (64.77)
Profit/(Loss) before Taxation (1326.82) (1484.39) (666.77) (731.54)
Less : Tax Expense (115.01) (115.01) (108.40) (108.40)
Balance of Profit/(Loss) for the year (1211.81) (1369.38) (558.37) (623.14)
Other Comprehensive
Income/ (Expense) (17.73) (17.73) 4.24 4.24
Total Comprehensive Income for the perio d (1229.54) (1387.11) (554.13) (618.90)

PERFORMANCE

1. Revenue from operations for the year ended on 31st March, 2020 was Rs.10747 lakhs as compared Rs.16980 lakhs during the corresponding previous year. The reduction in turnover is mainly due to following reasons and also because of unprecedented COVID-19 and lock down prevailing in the country from 22nd March, 2020.

a. Order cancelled due to collection issues, LC not opened by customer

b. Orders not received due to project put on hold

c. Due to slow progress at project sites

d. Drawing approval pending at customer end

e. Due to working capital issues

2. The cost of material consumed for the year was Rs.7427 lakhs (69.11% of Revenue from Operations) as compared to Rs.12246 lakhs (72.12% of Revenue from Operations) during the previous year.

3. The Employee benefits expenses stood at Rs.2337 lakhs as compared to Rs.2978 lakhs during the previous year.

4. Other Expenses for the year were Rs.1702 lakhs as compared to Rs.1533 lakhs during the previous year.

5. Overall reduction in sales coupled with lower material cost resulting in negative EBITDA was at Rs. 719 lakhs as compared to Rs. (223) lakhs during the previous year.

6. The other income was at Rs.355 lakhs during the year comparable with Rs.312 lakhs during the previous year.

7. The Finance Cost of Rs.76 lakhs during the year compared to Rs.82 lakhs during the previous year. The Company has not charged interest on outstanding bank facilities, since the dues from the Company were categorized as a Non-Performing Asset with all banks from December 2015 onwards. The Company, therefore, had represented to its lenders to restructure its debts to a sustainable level including seeking waiver of full unpaid interest. In view of this, the Company has not provided interest amounting to Rs.5719 lakhs for the year ended on 31st March, 2020. However, the said interest has been recognized as a Contingent Liability in the Financial Statements.

8. The net loss for the year, before exceptional items, was at Rs.1327 lakhs compared to net loss of Rs.498 lakhs during the previous year. This loss is mainly due to lower operations which could not absorb overheads fully.

9. The deferred tax asset was created by Rs.115 lakhs during the year as compared to Rs.109 lakhs during the previous year.

10. Other Comprehensive Income was Rs.(18) lakhs as compared to Rs.4 lakhs during the previous year. Consequently, the total Comprehensive Income for the year was Rs.(1230) lakhs as compared to Rs.(554) lakhs during the previous year.

CURRENT OUTLOOK

RARE Asset Reconstruction Ltd. (Rare ARC) vide its letter dated 19th December, 2019 communicated to the Company that it has acquired the Financial Assets of Jyoti Ltd. together with all security interest including all its rights, title, interest and benefits of Central Bank of India pursuant to the Assignment Agreement dated 16th December, 2019 executed between Central Bank of India and Rare Asset Reconstruction Ltd. (Rare ARC). In turn, dues with Central Bank of India has squared off and assigned to Rare Asset Reconstruction Ltd. (Rare ARC).

The Company has formulated flexible policies on the operational front and all our teams have demonstrated their commitment to counter the COVID-19 challenge. The Company is currently focusing on cash flow, controlling of overheads and ensuring raw material inflow for production. Your Company expects better revenues and cash flow from September 2020 onwards provided the situation does not deteriorate further and the supply chain is reinstated at the earliest.

Your Company has orders with good margin & obtain new orders despite adversities from private as well as public sector, robust cost controls and total debt of the Company due with Dena Bank and Central Bank of India has been acquired by Rare Asset Reconstruction Ltd., your Directors are very positive about the Companys viability and optimistic about its future.

CONSOLIDATED FINANCIAL STATEMENTS

Your Company has a Joint Venture (JV) Company, Jyoti Sohar Switchgear LLC, with Omar Zawawi Establishment, Sultanate of Oman, wherein your Company holds 49% share.

Your Company has prepared Consolidated Financial Statements in accordance with Ind AS 28- Investments in Associates and Ind AS 111-Joint Arrangements, issued by the Institute of Chartered Accountants of India, prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2015. The Audited Consolidated Financial Statements together with the Independent Auditors Report thereon are annexed and form part of this Annual Report.

Jyoti Sohar Switchgear LLC is located in Sohar Industrial Estate, Sohar, Sultanate of Oman and manufactures medium voltage metal-clad switchgear for 12kV system and relay and control panels.

In consolidation of statements, the Companys share of Loss of Rs.157.57 lakhs is included in the Consolidated Financial Statements.

DIVISIONAL PERFORMANCE

A. HEAD OFFICE (H.O.) OPERATIONS

During the year under review, the divisions in H.O. have achieved a sales turnover of Rs.69 Crores. About Rs.20 Crores of sales turnover could not be achieved in this financial year in view of the unprecedented COVID-19 and lock down prevailing in the country from 22nd March, 2020. These Rs.20 Crores were in very advance stage either awaiting customer inspection or bill recording pending against work done at site.

During the year, the Company has achieved a very remarkable milestone by commissioning 3 Nos. Metal Volute Pumps each of 22 MW. This is the largest Metal Volute Pump designed and manufactured by the Company indigenously. These pumps have been manufactured for Godavari Lift Irrigation Scheme, Phase-III, Package-2 in the state of Telangana.

The Company has achieved another important milestone by successful commissioning of 2 sets of Horizontal Francis Turbines with Generator each of 8 MW. This is the largest Hydro Turbine and Generator designed and manufactured by the Company.

The Company is proud to inform that the 1st Metal Volute Pump in the state of Karnataka was commissioned by Jyoti Limited. This pump is of 12.50 MW. The Company has supplied and commissioned 5 Pumps. During the year, the Company has supplied 5 Nos. Vertical Mixed Flow Pumps of 1000 VM size for Yettinahole Project in the state of Karnataka.

During the year under review, the Company has successfully commissioned the biggest Dry Dock at Naval Dockyard, Mumbai. Successful commissioning trials were carried out by the Indian Navy by docking and un-docking of INS Delhi Class Ship. Unlike ongoing Irrigation and Power Projects, this is a unique Electromechanical Project with 18 different systems being executed by the Company for the Indian Navy and the Company is proud to be associated with this project as service to the Nation.

The Company had received order for 18 Nos. Vertical Turbine Pumps each of 2500 KW for Kaleshwarem-Pedaganti and Kondamcherevu Project through Megha Engineering & Infrastructures Limited which have been successfully designed, manufactured and the Company has already supplied 5 pumps in the period under review. The Company received major share of orders of 330 Nos. of Vertical Turbine Pumps for Bihar Urban Infrastructure Development Corporation from the State of Bihar. Out of this 110 Nos. pumps were already supplied during the year under review.

The Company also secured orders for 45 Nos. Pumps for various Smart City projects in Vadodara Municipal Corporation through contractors.

The Company continues its presence in Arnos and have supplied 48 Nos. Arnos to Indian Railways during the year under review.

The Company has carry forward order of Rs.167 Crores for the coming financial year. With the thrust on irrigation and water supply, the Company shall continue to get its share of business.

B. SWITCHGEAR OPERATIONS

During the year under review, the Switchgear Division achieved sales of Rs.2520 lakhs. In view of the unprecedented COVID-19 and lock down prevailing in the country from 22nd March, 2020, the sales for last quarter had been affected. The VCB production in terms of quantity is around 580 Nos. and HT Switchgear Panels manufactured are 525 Nos. The Switchgear Division has received orders worth Rs.2350 Lakhs in the year 2019-20.

In addition to above, in the Financial Year 2019-20, the Division bagged various 11 kV VCB panels order from GETCO worth Rs.675 lacs for 250 Nos. of Panels.

During the year under review, the Division has also executed other Major orders from M/s. Konstlec for various IOCL site of Appx. Rs.110 Lakhs for 30 Panels, Ahmedabad Municipal Corporation / Surat Municipal Corporation Project orders worth Rs.100 Lakhs IFFCO - Phulpur - Rs.55 Lakhs and IFFCO Kandla - Rs.50 Lakhs.

During the year under review, the Division has also executed orders worth more than Rs. 500 Lakhs for Spares and Services to the utmost satisfaction of the customers.

For Medium Voltage Switchgear Products, the Division has decided to do the re-certification of various products as a continuous product certification process which was partly done in the previous years and certain test will also be conducted during 2020-21. The Company has also completed UL Certification process for Jyoti VCB and Panel of M/s. JSS- Sohar and is hopeful to execute more orders for them in this financial year and years to come.

The Division is hopeful for better performance in the years to come and confident for large flow of orders for Medium Voltage Switchgear Products in view of growing power sector demand in India.

EXPORTS

During the year under review, the Companys exports valued at Rs.1.60 crores. The Companys major exports are to Sultanate of Oman for Switchgear.

REGISTRATION UNDER MICRO, SMALL AND MEDIUM ENTERPRISE (MSME)

With the criteria classifying the enterpises as Micro, Small and Medium Enterprise through a notification dated 26th June, 2020, the company has received a certificate as medium enterprise under the Micro, Small and Medium Enterprise Development Act, 2006 as amended from time to time.

CHANGE IN NATURE OF BUSINESS

During the year under review, Company has not changed its nature of business.

DIVIDEND

In view of the losses incurred by the Company during the period under review, your Directors do not recommend any dividend for the financial year 2019-20.

TRANSFER TO RESERVES

During the year under review, the Company has incurred losses and therefore, Board do not propose to transfer any amount to the reserve.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan or provided guarantees or made any investments as prescribed under Section 186 of the Companies Act, 2013.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

As required by Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, the relevant data pertaining to conservation of energy, technology absorption and foreign exchange earnings and outgo are given in Annexure A forming part of this Report.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

As per Regulation 27(2) of the SEBI (LODR) Regulations, 2015, Corporate Governance Report with Auditors Certificate thereon and Management Discussion and Analysis are given in Annexure B forming part of this Report.

DECLARATIONS FROM INDEPENDENT DIRECTORS

All the Independent Directors have given declaration to the Company stating their independence pursuant to Section 149 (6) of the Companies Act, 2013 and Declaration under Regulation 16 (1) (b) and 25(8) & (9) of the SEBI (LODR) Regulations, 2015 and there has been no change in the circumstances, which may affect their status as Independent Directors during the year.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Nomination and Remuneration Committee and Board of Directors at their meeting held on 10th December, 2019 have approved the appointment of Shri Rahul Amin as Managing Director of the Company for a period of 3 (three) years w.e.f. 10th December, 2019, subject to the approval of Shareholders at the ensuing Annual General Meeting and such other approvals.

Smt. Tejal Amin retires by rotation and being eligible, seeks re-appointment.

During the year Dr. Rajesh Khajuria ceased as an Independent Director of the Company after completion of his first term.

All the Directors of the Company have confirmed that they are not disqualified from being appointed as directors in terms of Section 164 of the Companies Act, 2013.

DIRECTORS RESPONSIBILITY STATEMENT

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

i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii. The Directors had 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 affairs of the Company at the end of the financial year and of the loss of the company for that period;

iii. The Directors had 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 had prepared the annual accounts on a Rs.going concern basis;

v. The Directors had laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

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

BOARD MEETINGS

The Board of Directors met 6 times during the year. The details of the Board Meetings and the attendance of the Directors are provided in the Corporate Governance Report, which forms part of this Report.

AUDIT COMMITTEE

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this Report.

NOMINATION AND REMUNERATION COMMITTEE

The details pertaining to composition of Nomination & Remuneration Committee are included in the Corporate Governance Report, which forms part of this Report.

SHAREHOLDERS /INVESTORS GRIEVANCES AND STAKEHOLDERS RELATIONSHIP COMMITTEE

The details pertaining to composition of Shareholders/Investors Grievances and Stakeholders Relationship Committee are included in the Corporate Governance Report, which forms part of this Report.

SUBSIDIARY COMPANIES / ASSOCIATE COMPANIES / JOINT VENTURE

The Company does not have any subsidiary.

The Company has a Joint Venture Company viz. Jyoti Sohar Switchgear LLC, Sultanate of Oman and holds 49% of the total shareholding.

Pursuant to provisions of Section 129(3) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of the Companys Joint Venture in Form AOC-1 is attached to the financial statements of the Company.

WHISTLE BLOWER & VIGIL MECHANISM

The Company has established a "Whistle Blower and Vigil Mechanism Policy" for Directors, Employees and Stakeholders to report the genuine concerns. The provisions of this policy are in line with the provisions of Section 177(9) of the Companies Act, 2013 and also as per the Regulation 22 read with Regulation 4(d) (iv) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Policy is available on the website of the Company at the web-link http://www.ivoti.com/pdf/whistle blower and vigil mechanism policy.pdf

NOMINATION AND REMUNERATION POLICY

A Nomination and Remuneration Policy has been formulated pursuant to the provisions of Section 178 and other applicable provisions of the Companies Act, 2013 and Rules thereto stating therein the Companys policy on appointment and remuneration of Directors and Key Managerial Personnel.

The said Policy may be referred to at the Companys official website at the web-link http://www.iyoti.com/pdf/nomination and remuneration policy n evaluation criteria.pdf

RISK MANAGEMENT

The Risk Management Policy of the Company may be referred to at the Companys official website at the web-link http://www.iyoti.com/pdf/risk management policy.pdf

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks in achieving key obiectives of the Company. The Company has developed and implemented Risk Management Policy of the Company to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Companys competitive advantage.

BOARD EVALUATION

The evaluation framework for assessing the performance of Board including the individual directors is based on the following key measures:

- Attendance and participation in the Meetings and timely inputs on the minutes of the meetings

- Adherence to ethical standards & code of conduct of Company and disclosure of non - independence, as and when it exists and disclosure of interest

- Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings

- Interpersonal relations with other directors and management

- Objective evaluation of Boards performance, rendering independent, unbiased opinion

- Understanding of the Company and the external environment in which it operates and contribution to strategic direction

- Safeguarding interest of whistle-blowers under vigil mechanism and safeguard of confidential information.

The evaluation involves Self-Evaluation by the Board Member and subsequently assessment by the Board of Directors. A Member of the Board does not participate in the discussion of his/her evaluation.

EVALUATION OF COMMITTEES OF THE BOARD

The performance of the Audit Committee, the Nomination and Remuneration Committee and the Stakeholders Relationship Committee was evaluated by the Board having regard to various criteria such as committee composition, committee processes, committee dynamics etc. The Board was of the unanimous view that all the committees were performing their functions satisfactorily and according to the mandate prescribed by the Board under the regulatory requirements including the provisions of the Act, the Rules framed there under and the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 are given in Annexure C forming part of this Report.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were on arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with the Promoters, Directors and Key Managerial Personnel, etc., which may have potential conflict with interest of the Company at large.

The Policy on Related Party Transactions of the Company is uploaded on the Companys website at the web-link http://www.ivoti.com/pdf/policv%20on related party transactions.pdf

The Audit Committee reviews all related party transactions quarterly.

The particulars of contracts or arrangements with related parties given in "Form AOC-2" are given in Annexure D forming part of this Report.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed M/s. Ravi Kapoor & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the financial year 2019-20.

The Secretarial Audit Report is appended as Annexure E forming part of this Report. The Secretarial Audit Report for the year under review does not contain any qualification or adverse remarks.

M/s. Ravi Kapoor & Associates, Practicing Company Secretaries, Ahmedabad, has submitted Secretarial Compliance Report as laid down in SEBI Circular CIR/CFD/CMD1/27/2019 dated 8 February, 2019, and has also confirmed that the Company has complied with all applicable SEBI Regulations and circulars/ guidelines issued thereunder, for the Financial Year 2019-20.

INTERNAL FINANCIAL CONTROLS

As per provisions of Section 134(5)(e) of the Companies Act, 2013, the Directors have an overall responsibility for ensuring that the Company has implemented robust systems/framework of internal financial controls to provide them with reasonable assurance regarding the adequacy and operating effectiveness of controls with regards to reporting, operational and compliance risks.

Your Company has adequate financial control system and framework in place to ensure:

1. The orderly and efficient conduct of its business including adherence to Companys policies;

2. Safeguarding of its assets;

3. The prevention and detection of frauds and errors;

4. The accuracy and completeness of the accounting records; and

5. The timely preparation of reliable financial information.

Significant observations including recommendations for improvement of the business processes are reviewed by the Management before reporting to the Audit Committee. Audit Committee reviews Internal Audit Reports as well as operating plans and status of implementation of the agreed action plans. This system of internal control facilitates effective compliance of Section 138 of the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Internal Auditor of the Company checks and verifies the internal control and monitors them in accordance with the policy adopted by the Company. The Board of Directors regularly review the effectiveness of controls and takes necessary corrective actions where weaknesses are identified as a result of such reviews. Based on this evaluation, there is nothing that has come to the attention of the Directors to indicate any material break down in the functioning of these controls, procedures or systems during the year. There have been no significant events during the year that have materially affected, or are reasonably likely to materially affect, our internal financial controls.

REPORTING UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has always provided a congenial atmosphere for work to all employees that are free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, colour, marital status and sex. In compliance with the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder the Company has in place a policy on Sexual Harassment at Work place. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at the Work Place (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder. During FY 2019-20, the Company conducted awareness programmes in respect of Sexual harassment at work place. No case was reported relating to sexual harassment during the FY 2019-20.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197(12) of the Companies Act, 2013 (Act) read with Rule 5 (2) and 5(3) of the Companies Act, 2013 (Appointment and Remuneration of Managerial Personnel) Rules, 2014, there is no employee drawing remuneration in excess of the limits set out in the said Rules and other details as required under Section 197(12) of the Act, read with Rule 5(1) and 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure F forming part of this Report.

AUDITORS

Pursuant to provision of Section 139 of the Companies Act read with the Companies (Audit & Auditors) Rules, 2014, M/s. Amin Parikh & Co., Chartered Accountants, Vadodara (holding Registration No. 100332W) were appointed as Statutory Auditors of the Company to hold office from the conclusion of 73rd Annual General Meeting until the conclusion of 78th Annual General Meeting at the Annual General Meeting held on 28th September, 2017.

The Auditors report for the year under review does not contain any Qualification or Adverse remark. In the Board Meeting held on 25th May, 2019 M/s. Ravi Kapoor & Associates, Practising Company Secretaries was appointed as Secretarial Auditor of the Company for the financial year 2019-20.

COST AUDITORS

Based on the recommendation of the Audit Committee and subject to the ratification of the remuneration of the Cost Auditors by the Members of the Company, the Board of Directors of your Company has appointed the following Cost Auditors for conducting the audit of cost records of the Company for various products for the financial year 2020-21:

(i) M/s. R. K. Patel & Co., Cost Accountants - For Motors and Pumps

(ii) M/s. Y. S. Thakar & Co., Cost Accountants - For Engineering Products such as Generator, Turbine and Relay.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, if any, 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.

SIGNIFICANT AND MATERIAL ORDERS / DEVELOPMENTS

Central Bank of India and State Bank of India, have filed an application to National Company Law Tribunal (NCLT), Ahmedabad, under Section 7 of the Insolvency and Bankruptcy Code, 2016.The application is still pending for hearing in NCLT.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility Provisions are applicable to every Company having net worth of Rupees Five Hundred Crores or more or Turnover of Rupees one thousand crores or more or a Net Profit of Rupees Five Crores or more. As the said CSR Provisions are not applicable to Company, Company has not developed and implemented any Corporate Social Responsibility initiatives.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT.

No frauds have been noticed or reported during the year under audit report which are reportable to the Central Government.

COMPLIANCE OF SECRETARIAL STANDARD

As per requirement of provisions of Section 118(10), the Company has complied with the Secretarial Standard applicable to the Company.

ACKNOWLEDGEMENT

The Board of Directors take this opportunity to thank the Companys customers, members, suppliers, bankers, Rare Asset Reconstruction Limited, associates, Central and State Governments and employees at all levels for their support and co-operation extended to the Company during the year.

On Behalf of the Board of Directors

Rahul N. Amin

Chairman & Managing Director

(DIN:00167987)

Place: Vadodara

11th August, 2020.