Dear Members,
Your Directors are pleased to present their 27th Directors Report on the affairs of
the Company together with the Audited Financial Statements for the Financial Year ended on
31st March, 2023.
FINANCIAL HIGHLIGHTS
The summarized financial highlights for the year v/s-a-v/s the previous year are as
follows:
(Rs In Lakhs )
PARTICULARS |
31.03.2023 |
31.03.2022 |
| Revenue from Operations |
79,687.14 |
75,288.02 |
| Other Income |
443.74 |
335.38 |
| Total Revenue |
80,130.88 |
75,623.40 |
| Operating Expenses |
76,568.06 |
73,356.28 |
| EBITDA |
3,562.82 |
2,267.12 |
| Finance Cost |
353.24 |
210.55 |
| Depreciation |
416.35 |
373.41 |
Profit/ (Loss) before Exceptional Items and Tax 2,793.24
1,683.16 |
| Exceptional Items |
0.00 |
0.00 |
| Profit/ (Loss) before Tax |
2,793.24 |
1,683.16 |
| Tax Expenses |
|
|
| (a) Current and Earlier year Taxes |
716.00 |
455.36 |
| (b) Deferred Tax |
(2.58) |
(2.72) |
| Profit/ (Loss) after Tax |
2,079.82 |
1,230.52 |
| Profit/(Loss) from discontinued operations |
0.00 |
0.00 |
| Tax expenses on discontinued operations |
0.00 |
0.00 |
OPERATIONAL PERFORMANCE
During the Financial Year ended on 31st March, 2023, your Company has achieved an
operational turnover of
Rs.79,687.14 Lakhs as compared to Rs.75,288.02 Lakhs in the previous
Financial Year, and the Profit after Tax is Rs.2,079.82 Lakhs as compared to Profit
after Tax ofRs. 1,230.52 Lakhs in the previous Financial Year.
DIVIDEND
Your directors were pleased to recommend a dividend @ 25% (Rs.0.25/-per equity shares
of Re. 1/- each on 5,01,03,520 Equity Shares) for the Financial Year 2022-23 aggregating
to Rs.125.26 Lakhs (Previous year @ 18% [Rs.0.18 per equity shares of Re. 1/- each on
5,01,03,520 Equity Shares aggregating to Rs.90.19 Lakhs]) payable to those Shareholders
whose names appear in the Register of Members as on the Book Closure/Record Date.
CHANGE IN CONTROL AND NATURE OF BUSINESS
There is no change in control and nature of business activities during the period under
review.
BUSINESS TRANSFER
There is no transfer of business during the period under review.
TRANSFER TO RESERVES
During the year, the Company has transferred Rs. 200.00 Lakhs (Previous year Rs. 125.00
Lakhs) to the general reserves, other than that no amount has been transferred to any
other reserve.
SHARE CAPITAL & LISTING OF SHARES
Your Board are pleased to inform and appraise that, the Companys Equity Shares are
also additionally listed on NSE Platform w.e.f. 7th October, 2022 apart from BSE Platform
in order to provide more liquidity to the stakeholders of the company. Trading Symbol is
KRITINUT in the NSE. The paid-up Equity Share Capital as on 31st March 2023 was Rs. 501.04
Lakhs divided into 5,01,03,520 equity shares of Re. 1/- each. There is no change in Equity
Share Capital of the Company during the year, the shares of the Company are listed and
regularly traded at the trading platform of BSE Ltd and National Stock Exchange of India
Ltd.
DEPOSITS
Your Company has not accepted deposit from the public falling within the ambit of
section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014 and there were no remaining unpaid or unclaimed deposits as on 31st March,2023.
Further, the Company has not accepted any deposit or loans in contravention of the
provisions of the Chapter V of the Companies Act, 2013 and the Rules made there under.
S. No. Particulars |
Amt in Rs |
| 1. Details of Deposits accepted during the year |
Nil |
| 2. Deposits remaining unpaid or unclaimed at the end of the year |
Nil |
| 3. Default in repayment of deposits |
N.A. |
| At the beginning of the year |
|
| Maximum during the year |
|
| At the end of the year |
|
| 4. Deposits not in compliance with law |
N.A. |
| 5. NCLT/ NCLAT orders w.r.t. depositors for extension of time and penalty
imposed |
N.A. |
There is no deposit which are not in compliance with the requirements of Chapter V of
the Companies Act, 2013 and rules made thereunder.
DIRECTORS AND KEY MANAGERIAL PERSONNEL DIRECTORS
Directors liable to retire by rotation seeking reappointment:
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company,
Shri Saurabh Singh Mehta (DIN: 00023591) Director of the Company as director liable
to retire by rotation and is eligible for re-appointment.
Managing and Whole-time Directors:
Following directors have been re-appointed at the 25th Annual General Meeting held on
7thAugust, 2021:
1. Shri Shiv Singh Mehta (DIN: 00023523) as the Chairman and Managing Director
of the company for a further period of 5 (Five) years w.e.f. 12th January, 2022 to 11th
January, 2027 and for attaining the age of 70 years during the tenure.
2. Shri Saurabh Singh Mehta (DIN: 00023591) as the Whole-time Director of the
company for a further period of 5 (Five) years w.e.f. 1st August, 2022 to 31 st July,
2027.
INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors of the Company
confirmingthat they meet the criteria of independence as prescribed both under Section
149(6) of the Companies Act, 2013 and the SEBI Listing Regulations. The Board considered
and formed an opinion that the independent directors meet the criteria of independence as
required under the Companies Act, 2013 and the SEBI (LODR) Regulations 2015. All the
Independent Directors have also registered themselves with Independent
Directors Databank.
Your Board would like to inform that, the second term of Mr. Rakesh Kalra and Mr. Manoj
Fadnis the Independent Director(s) would expire on 15.05.2024, and the board is in search
of Independent Director in place of them who is also the registered as an Independent
Director with IICA.
During the year under review, the company has not appointed any Independent Director,
therefore, the statement regarding opinion of the Board with regard to integrity,
expertise and experience of the Independent Director appointed during the year is not
applicable.
Pursuant to the provision of section 149(10) of the Companies Act, 2013 a term of
5(five) consecutive years on the Board of the Company of Mr. Chandrasekharan Bhaskar,
(DIN:00003343), as Independent Directors will be completed on 15th May, 2024. However, he
is eligible for re-appointment on passing of special resolution for a second term of 5
(five) consecutive years. Therefore, the Board at their meeting held on 22nd July, 2023
upon the recommendation of the Nomination and Remuneration
Committee has recommended his re-appointment w.e.f. 16th May, 2024 to 15th May, 2029.
Your Board of directors recommends to pass necessary special resolution to that
effect as set out in the notice of the Annual General Meeting.
KEY MANAGERIAL PERSONNEL
The following are the Key Managerial Personnels (KMPs) of the Company during the
period under review: i. Mr. Shiv Singh Mehta (DIN 00023523), Chairman and Managing
Director, ii. Mr. Saurabh Singh Mehta (DIN 00023591), Whole-time Director, iii. Mr.
Shashank Belkhede, Chief Financial Officer (Superannuated w.e.f. 21st July, 2022), iv. Mr.
Indrajeet Singh Arora, Chief Financial Officer (Appointed w.e.f. 9th November, 2022 and
ceased w.e.f. 30th November, 2022) v. Mr. Nitin Chhariya, Chief Financial Officer
(Appointed w.e.f. 3rd February, 2023) vi. Mr. Raj Kumar Bhawsar, Company Secretary and
Compliance Officer.
There is no change in the KMPs of the Company except as stated above during the period
under review.
BOARD EVALUATION
The Board of Directors of the Company is committed to getting its performance evaluated
in order to identify its strengths and areas in which it may improve its functioning.
To that end, the Nomination and Remuneration Committee (NRC) has established the
process for evaluation of performance of Directors including Independent Directors, the
Board and its Committees. The evaluation of the performance of Executive Directors is done
by Independent
Directors.
The Company has devised a Policy for performance evaluation of Independent Directors,
Board, Committees and other individual Directors which includes criteria and process for
performance evaluation of the Non-Executive Directors and Executive Directors to judge the
knowledge to perform the role, time and level of participation, performance of duties,
professional conduct, independence etc. The related appointment/re-appointment/
continuation of Directors on the Board shall be based on the outcome of the evaluation
process.
During the year under review as per the policy for the performance evaluation, formal
evaluation of performance of Directors including Independent Directors, the Board and its
Committees was made by the Independent Directors and the NRC in their respective meetings
and the evaluation result was placed before the Board for its information and
consideration.
MEETINGS
During the year total Five (5) Board Meetings were convened and held. The
details of which are given in the Corporate Governance Report. The intervening gap between
the
Meetings was within the period prescribed under the
Companies Act, 2013/SEBI (LODR) Regulations, 2015.
NOMINATION & REMUNERATION POLICY
The Company has a policy for selection and appointment of Directors, KMPs and Senior
Management Personnel and for determination of their remuneration. The salient features of
the Nomination & Remuneration Policy is stated in the Corporate Governance Report. The
Nomination & Remuneration Policy is duly approved by the Board has been posted on the
Companys website http://kritinutrients. com/
COMMITTEES OF THE BOARD:
In accordance with the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 the Board
has the following Four (4) committees: i). Audit Committee ii). Nomination and
Remuneration Committee iii). Stakeholders Relationship Committee iv). Corporate Social
Responsibility Committee
Apart from the aforesaid committees, the Company has also constituted Investment and
Finance Committee and Internal Complain Committee (ICC) under the Sexual Harassment of
Women at the Workplace (Prevention Prohibition & Redressal) Act, 2013. A detailed note
on the Committees is provided in the Corporate Governance Report.
HOLDING, SUBSIDIARY AND ASSOCIATE COMPANY
During the period under review, the Company did not have any Subsidiary, Associate
Company or Joint Venture.
Therefore, disclosure in the Statement pursuant to section 129 of the Companies Act,
2013, read with Rule 5 of the Companies (Accounts) Rules, 2014 in Form AOC-I is not
applicable to the company. However, your company is a subsidiary of Sakam Trading Private
Limited which holds about 52.09% of the total paid-up capital of the company.
RELATED PARTY TRANSACTIONS
During the period under review, all related party transactions entered on an arms
length basis and in the ordinary course of business. There are no materially significant
party transactions made by the Company with Promoters, Directors, KMPs or other designated
persons which may have a potential conflict with the interest of the Company at large.
Since, there is no material related party transactions in the company. Therefore, the
company is not required to annex Form AOC-2 with this report.
Separate disclosure as per regulation 34(3) of SEBI (LODR) Regulations, 2015 is made in
the report. The policy on Related Party Transactions duly approved by the Board on the
recommendation of the Audit Committee has been posted on the Companys website
http://kritinutrients. com/. Your Company has passed an Ordinary Resolution at 26th AGM
held on 17thAugust, 2022 under Regulation 23 of the SEBI (LODR) Regulations, 2015 read
with section 188 of the Companies Act, 2013 for entering into transactions for transfer of
resources etc. with the related Parties.
Pursuant to SEBI/HO/CFD/CMD1/CIR/P/2021/662 dated 22/11/2021, Your board is proposing
to pass an Ordinary Resolution in the ensuing Annual General Meeting for material related
party transaction related to transfer of resources with the Related Party.
CORPORATE SOCIAL RESPONSIBILITY
The Annual Report on CSR activities is attached as
"Annexure A" and forms a part of this Report. The salient features of CSR
policy are stated in the aforesaid Report on CSR activities. The policy on CSR duly
approved by the Board has been posted on the Companys website http://
kritinutrients.com/.
DISCLOSURE FOR PARTICULARS OF EMPLOYEES
The information required pursuant to section 197(12) of the
Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 as amended in respect of employees of the Company
forming part of Directors Report is given in "Annexure B" to this
Report. A statement of top-10 employees in terms of remuneration drawn as per rule 5(2)
read with rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 as amended may be obtained by request to the Company Secretary of the Company
at cs@kritiindia.com.
As per the requirement of the Rule 5(2) and Rule 5(3) of the Companies (Appointment and
Remuneration of Managerial
Personnel) Rules, 2014, the company is required to make disclosure in the form of a
statement relating to employee drawing remuneration in excess of Rs. 8.50 Lakhs p.m. or
Rs. 102.00 Lakhs p.a. detailed as below:
Name & Designation of Employee |
Mr. Saurabh Singh Mehta Whole-time Director |
Remuneration Received |
Rs.143.95 Lakhs |
Nature of employment |
Contractual |
Qualification & Experience of the Employee |
B.E., MBA |
Date of commencement of employment |
26/12/2009 |
Age |
42 years |
Past Employment Details |
N.A. |
% of the Equity shares held by the Employee in the |
30,440 equity shares of Re. 1/- each (0.06%) |
Company |
|
Name of Director or |
Mr. Shiv Singh Mehta and |
Manager of the Company, relative of such Employee |
Mrs. Purnima Mehta |
None of the employees received remuneration in excess of that drawn by the Managing
Director or Whole-time director. Except Shri Saurabh Singh Mehta, as he is drawing
remuneration more than that drawn by Shri Shiv Singh Mehta, Chairman and Managing Director
of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of the Companies (Accounts) Rules, 2014, is attached as "Annexure C"
and forms part of this Report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of the Loans, Guarantees and Investment are given in the notes to the
Financial Statements. Hence no further disclosure is being given here to avoid repetition.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Regulation 34(3) read with
Schedule V of the SEBI (LODR) Regulations, 2015 along with the requisite certificate from
the Practicing Company Secretary confirming compliance with the conditions of the
Corporate Governance is appended and forms a part of this report alongwith the certificate
of Disqualification of Directors received from Practicing Company Secretary as the
Annexure 1 and 2 of the Corporate Governance Report.
RISK MANAGEMENT
The Company has a well-defined process to ensure the risks are identified and
mitigation steps are put in place.
The Companys Risk Management process focus on ensuring that these risks are identified
on a timely basis and reasonably addressed. The Audit Committee oversees financial risks
and controls. Major risks are identified by the businesses and functions and these are
systematically addressed through mitigating actions on continuing basis.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has established a Vigil Mechanism that enables the Directors and Employees
to report genuine concerns. The Vigil Mechanism provides for A. adequate safeguards
against victimization of persons who use the Vigil Mechanism; and B. direct access to the
Chairperson of the Audit Committee of the Board of Directors of the Company in appropriate
or exceptional cases.
Details of the Vigil Mechanism Policy are made available on the Companys website
http://kritinutrients.com/and have also been provided as "Annexure D" of
part of this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 134(3)(c) read with section 134(5) of the Companies Act, 2013, the
Board of Directors, to the best of their knowledge and ability, confirm that: -a) that in
the preparation of the annual financial statements for the year ended 31st March, 2023,
the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any; b) that the Directors have selected such
accounting policies and applied them consistently and have made judgment 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 ended 31st March, 2023 and of the profit
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 financial statements have been prepared
on a going concern basis; e) that proper internal financial controls were in place and
that the operating effectively. f) that the Directors have devised proper systems to
ensure compliance with the provisions of all applicable laws and that such systems are
adequate and operating effectively.
INTERNAL CONTROL AND THEIR ADEQUACY
The Board of Directors of the Company is responsible for ensuring that Internal
Financial Controls have been established in the Company and that such controls are
adequate and operating effectively. The Company has laid down certain guidelines and
processes which enables implementation of appropriate internal financial controls across
the organization. Such internal financial controls encompass policies and procedures
adopted by the
Company for ensuring orderly and efficient conduct of business, including adherence to
its policies, safeguarding of its assets, prevention and detection of frauds and errors,
the accuracy and completeness of accounting records and .
thetimelypreparationofreliablefinancialinformation The Statutory Auditors in their audit
report have opined that these controls are operating effectively. The Audit team develops
an audit plan based on the risk profile of the business activities. The annual internal
audit plan is approved by the Audit Committee, which also reviews compliance with the
plan. The Internal Audit team monitors and evaluates the efficacy and adequacy of internal
control systems in the Company, their 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(s) in their respective area(s)
and thereby strengthen the controls. Significant thereon are presented to the Audit
Committee.
The Audit Committee reviews the reports submitted by the
Internal Auditors.
The Board has implemented systems to ensure compliance with all applicable laws. These
systems were effective and operative. At every quarterly interval, the Managing Director
and the Company Secretary place before the Board a certificate certifying compliance of
laws applicable to the business and operations of the Company after obtaining confirmation
from all business unit and functional heads responsible for compliance of such applicable
laws and regulations.
During the Financial Year, no frauds were reported by auditors in terms of section
143(12) of the Companies Act, 2013.
ANNUAL RETURN
The Annual Return in Form MGT-7 of the Company as at March 31, 2023 is available on the
Companys website and can be accessed at https://kritinutrients.com/annual-return
AUDITORS AND THEIR REPORT
The shareholders at their 25th Annual General Meeting (AGM) held on 7thAugust, 2021
upon the recommendation of Audit Committee and Board of Directors of the company had
appointed of M/s M Mehta & Co, Chartered Accountants (FRN: 000957C), Indore as
Statutory Auditors to hold office for a term of 5 consecutive years from the conclusion of
25th or material
AGM till the conclusion of 30th AGM to be held in the year 2026 on such remuneration as
may be mutually decided by the Auditors and Board of Directors of the company as per the
provisions of section 139 of the Companies Act, 2013. As required under Regulation 33(d)
of the SEBI (LODR) Regulation, 2015, the auditor has confirmed that they hold a valid
certificate issued by the Peer Review Board of the Institute of Chartered Accountants of
India.
The Auditors Report and the Notes on financial statement for the year 2022-23 referred
to in the Auditors Report are self-explanatory and do not contain any qualification,
reservation or adverse remark, therefore, do not call for any further comments.
COST AUDITOR
Your company is maintaining the cost records as specified by the Central Government
under section 148(1) of the Companies Act, 2013. In pursuance of Section 148 of the
Companies Act, 2013, your Directors appointed Mr. S.P.S. Dangi, Cost Accountant, (FRN
100004) Indore to conduct the Audit of the Cost Accounting records for the financial year
2022-23.
The Board on the recommendation of the Audit Committee, at its meeting held on 25th
May, 2023 has appointed Mr. S.P.S. Dangi, Cost Accountant, (FRN 100004) as the Cost
Auditors to conduct the Audit of the Cost Accounting records for the financial year
2023-24. As required under section 148(3) of the Companies Act, 2013 read with Rule 14 of
the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost
Auditors is to be ratified by the shareholders. Therefore, the Board of Directors
recommend the remuneration of Rs. 35,000/-payable to Cost Auditors for the financial year
2023-24 for ratification by the Members in the ensuing Annual General Meeting.
The Company has filed the Cost Audit Report for the year 2021-22 to the Central
Government.
SECRETARIAL AUDITOR
and regulationsas Pursuant to the provisions of section 204 of the Companies
Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 the Board appointed M/s. Ajit Jain & Co., Company Secretaries, Indore to
conduct Secretarial Audit for the financial year 2022-23.
The Secretarial Audit Report for the financial year ended 31st March 2023 in Form MR-3
is attached as "Annexure E" and forms part of this Report. The Report of
the Secretarial
Auditor does not contain any qualification, reservation or adverse remark, therefore,
do not call for any comments. Further, the Board of Directors of the Company on the
recommendation of the Audit Committee, at its meeting held on 25thMay, 2023 has
re-appointed M/s. Ajit Jain & Co., Company Secretaries to conduct Secretarial Audit
for the financial year 2023-24.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
orders were passed by the No significant
Regulators or Courts or Tribunals which impact the going concern status and Companys
operations in future.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of the Companies Act, 2013 read with the IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") notified by
the Ministry of Corporate Affairs, the unclaimed and unpaid dividends amount of Rs.
2,39,668/- and Rs. 2,33,457/- for the year 2014-15 and 2015-16 respectively have been
transferred to IEPF within the due date as specified in the Notice of the AGM and 1,06,712
and 21,682 equity shares of face value of Rs. 1/- each of the respective shareholders on
which no dividend is claimed for a consecutive 7 (Seven) years are also transferred to
IEPF Authority as per the requirement of the IEPF rules. The details related to dividend
remains unpaid-unclaimed in the Company have been given in the Corporate Governance Report
attached with the annual report of the Company. The details of the nodal officer appointed
by the company under the provisions of IEPF is available on the Companys website at
http://kritinutrients. com/ The investors may claim their unpaid dividend and the shares
from the IEPF Authority by applying in the Form IEPF-5 and complying with the requirements
as prescribed.
SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL)
ACT, 2013
The company has complied with provisions relating to the constitution of Internal
Complaints Committee under the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set
up to redress complaints received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy. There were no complaints
received during the year.
PROVISION OF VOTING BY ELECTRONIC MEANS THROUGH REMOTE E-VOTING AND E-VOTING AT THE
AGM:
Your Company is providing E-voting facility as required under section 108 of the
Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration)
Amendment Rules, 2015. The ensuing
AGM will be conducted through Video Conferencing/OAVM and no physical meeting will be
held and your company has made necessary arrangements with CDSL to provide facility for
remote e-voting and e-voting at AGM. The details regarding e-voting facility is being
given with the notice of the Meeting.
GENERAL
Your Directors state that during the year under review: a) The Company has not issued
shares (including sweat equity shares) to employees of the Company under any scheme. b)
Neither the Managing Director nor the Whole-time Directors receive any remuneration or
commission from its subsidiary. c) The Company has complied with the applicable
Secretarial Standards under the Companies Act, 2013. d) Your Company has not declared and
approved any Corporate Action viz buy back of securities, mergers and de-mergers, split
and issue of any securities and has not failed to implement or complete the Corporate
Action within prescribed timelines. However, the company has declared and paid dividend
during the period under review in compliance with the applicable laws of the Companies
Act, 2013; e) There were no revisions in the Financial Statement and Boards Report; f)
There have been no material changes and commitments affecting the financial position of
the Company which have occurred between financial year ended on 31st March, 2023, to which
the financial statements relate and the date of this report. g) The company has not
filedany application or there is no application or proceeding pending against the company
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.
h) There is no requirement to conduct the valuation by the bank and Valuation done at the
time of one-time Settlement during the period under review. i) There are no voting rights
exercise by any employee of the Company pursuant to the section 67(3) read with the Rule
16 of the Companies (Share Capital and Debenture) Rules, 2014.
ACKNOWLEDGEMENT
Your directors place on record, their sincere appreciation and gratitude for all the
cooperation extended by Government Agencies, Bankers, Financial Institutions, Business
Associates and Shareholders. The Directors also record their appreciation for the
dedicated services rendered by all the Executive Staff and Workers of the Company at all
levels in all units and for their valuable contribution in the working of the Company.
For and on behalf of the Board of Directors
|
Shiv Singh Mehta |
| Date: 22nd July, 2023 |
Chairman and Managing Director |
| Place: Indore |
(DIN: 00023523) |
+91-9892691696
