Lahoti Overseas Ltd Directors Report.

TO THE MEMBERS OF

LAHOTI OVERSEAS LIMITED

Your Companys Directors take pleasure in presenng the Twenty Fih Annual Report along with Audited Financial Statements of your Company and its subsidiaries for the Financial Year ended March 31, 2020.

FINANCIAL RESULTS:

The financial performance of the Company, for the

year ended March 31, 2020 is summarized below:

Standalone

Consolidated

Particulars

For the Financial Year Ended

For the Financial Year Ended

March 31, 2020

March 31, 2019

March 31, 2020

March 31, 2019

Gross Income

40,028.81

64,658.49

40,030.41

64,666.68

Gross Profit before, Depreciation and Tax

1,146.44

2497.01

1,147.85

2,504.38

Less: Depreciation

325.85

352.79

325.86

352.79

Profit Before Tax

820.59

2144.22

821.99

2,151.59

Provision for Tax
Current Tax

290.08

541.93

290.96

542.92

Deferred Tax

(9.25)

(13.51)

(9.25)

(13.51)

Profit after Tax before period items

371.01

986.90

371.53

986.90

Balance b/f from previous year

9,662.71

8,734.34

9,662.75

8,760.40

Amount available for appropriation

10,033.72

9,721.24

10,034.28

10397.49

Less: Dividend Payout

175.02

58.34

175.02

58.34

Corporate Dividend Tax

35.99

11.88

35.99

11.88

Transferred to General Reserves

-

-

-

-

Reserves and surplus

12257.73

11482.41

12,290.75

11,482.41

 

RESULTS OF OPERATIONS:

During the year under review your Company has reported a standalone total income of Rs. 39,634.10 Lakhs as compared to Rs. 64,176.40 Lakhs for the previous year. Further, the net profit for the current year under review was Rs. 539.76 Lakh as compared to Rs. 1,615.80 Lakhs in previous year.

DIVIDEND:

Your Directors are pleased to declare a interim dividend @ 15% (i.e. Rs. 0.30) per equity share on 2,91,71,500 Equity shares of Face Value of Rs. 2 each amounng to Rs. 87,51,450 for the Financial Year 2019-20.

The Register of Members of the Company will remain closed from Tuesday, December 22, 2020 to December Monday, 28, 2020 (both days inclusive) for annual closing.

GENERAL RESERVE

The Company has not transferred any amount to the General Reserve during the financial year ended March 31, 2020.

.

INVESTOR EDUCATION AND PROTECTION FUND

During the year, the unclaimed dividend amount of Rs.76,882.00 pertaining to the dividend for the financial year ended March 31, 2012 were transferred to the Investor Educaon & Protecon Fund in compliance with the provisions of Secons 124 and 125 of the Companies Act, 2013

In compliance with these provisions read with the Investor Educa on and Protec on Fund Authority (Accounng , Audit, Transfer and Refund) Rules, 2016, your Company also transferred 32,558 Equity shares to the Demat Account of the IEPF Authority, in respect of which dividend had remained unpaid/unclaimed for a consecuv e period of 7 years.

NATURE OF BUSINESS AND CHANGES THEREIN:

The Company is engaged in the business of Merchant Exports of Co on texles and to specialize in the export of quality Co on Yarns and fabrics. Lahos range today covers a wide variety of Co on Yarns including carded & combed ring spun yams of coarse & ne counts, ply yarns, special yarns and grey kni ed and woven fabrics.

The Company is also engaged in the business of seng up of Power projects and to generate, supply, distribute, transmit and transform electric or other sources of power.

During the year under review, there has been no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT:

There have been no material changes or commitments, a ecng the financial posion of the Company between the end of the financial year to which the financial statements relate and the date of report.

SUBSIDIARY COMPANIES:

The Company have 1(one)Wholly Owned Subsidiary:

1. G. Varadan Limited.

During the year under review, no company became or ceased to be a subsidiary, joint venture or associate of the Company.

The Board of Directors (the Board)reviewed the a airs of the subsidiaries. In accordance with Secon 129(3) o he Companies Act, 2013, we have prepared consolidated financial statement of the Company and all its subsidiary, which form part of the Annual Report. Further, a statement containing the salient featuresof the financial statement of our subsidiary in the prescribed format AOC-1 is appended as Annexure 1 - to the DirectorsReport.

The Audited Consolidated Financial Statements (CFS) of your Company for the financial year ended March 31, 2020, prepared in compliance with the provisions of Ind AS 27 issued by the Instut e of Chartered Accountants of India (ICAI) and no ed by the Ministry of Corporate A airs (MCA), Government of India also form part of this Annual Report.

Details of the Subsidiaries are given in the Extract of Annual Return in Form No. MGT - 9 as on March 31, 2020 and the same is annexed as Annexure - 5 to this Boards Report

The Annual Reports of the Subsidiary will be made available for inspecon by any Member of the Company at the Registered O ce of your Company at 307, Arun Chambers, Tardeo Road, Mumbai 400 034 between 11:00 A.M. to 1:00 P.M. on any working day upto the date of ensuing AGM. The Annual Reports of the aforesaid Subsidiary for the financial year ended March 31, 2020 shall be provided to any Member of the Company upon receipt of wri en request. In view of the connuing statutory restricons on the movement of persons at several places in the Country, Members may also send an advance request at the e-mail id investor@laho overseas.com for an electronic inspecon of the aforesaid documents.

The Annual Reports along with the Audited Financial Statements of the Subsidiary of your Company are also available on the website of the Company at

www.lahotioverseas.in

No Independent Director on the Board of the Company is required to be inducted on the Board of its subsidiary as the subsidiary is not a material non-listed subsidiary Company as defined in the SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015. The Audit Commi ee of the Company reviews the financial statements of the unlisted subsidiary company. The minutes of the Board meengs of unlisted subsidiary company are regularly placed at the Board meengs of the Company.

DEPOSIT:

During the year under review, your Company did not accept any deposits in terms of Sec on 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014. No amounts were outstanding which were classified as Deposits under the applicable provisions of Companies Act, 2013 as on the date of Balance Sheet and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Secon 188 of the Companies Act, 2013 read with the Companies (Meengs of Board and its Powers) Rules, 2014 speci es the requirement for approval of the Board and/or the Members, as and when applicable in related party transac ons in rela on to contracts/arrangements.

During the year under review the Company has not entered into related party transac ons as per the provisions of Secon 188 of the Companies Act, 2013. Thus disclosure in Form AOC-2 is not required. Further there are no materially significant related party transacons during the year under review made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have a potenal conflict with the interest of the Company.

The Company has formulated a related party transacons policy and the same is displayed on the website of the company viz. h p://laho overseas.in/PDFs/policies/related-party-transacons-policy .pdf

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Loans, guarantees and investments covered under Secon 186 of the Companies Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.

However, the Company was not required to pass special resolu on as the Loans advanced and investments made in accordance with the said provisions has not exceeded the limits as specified in the provision.

BOARD OF DIRECTORS:

As per the requirements of Secon 149, 152 of the Companies Act, 2013 (the Act) and such other applicable provisions of the Act and as per provisions of SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015 which de nes the composion of the Board, the Board of Directors of the Company have been constut ed in compliance with the said Secons.

Further at the me of appointment of an Independent Director, the Company issues a formal le er of appointment detailing their role and funcon in the Company, the format of the lee r of appointment whereof is available on the website of the Company at: h p://www.laho overseas.in/PDFs/policies/terms-and-condi ons-of-appointment-of-independent-directors.pdf

As on the date of this report, the Companys Board consists of the following Independent Directors: 1. Mr. Prakash Ramchandra Bang 2. Mr. Prem Sardarilal Malik 3. Ms. Meghna Panchal

As per Secon 152 and other applicable provisions of the Companies Act, 2013 read with applicable Arcles of Associaon of the Company, none of the Director of the Company is liable to rer e by rotaon and is eligible for re-appointment.

KEY MANAGERIAL PERSONNEL

Mr. Umesh Laho , Managing Director, Mr. Pradeep Bachhuka, Chief Financial Officer and Ms. Akshita Jhawar, Company Secretary & Compliance Officer are the Key Managerial Personnel of the Company, in terms of Sec on 2(51) read with Sec on 203(1) of the Companies Act, 2013.

During the year, Ms. Akshita Jhawar has appointed as Company Secretary & Compliance Officer w.e.f. 30.05.2019 in place of Ms. Avani Lakhani who has resigned as on 23.03.2019

DECLARATION BY INDEPENDENT DIRECTORS:

Mr. Prakash Ramchandra Bang, Mr. Prem Sardarilal Malik and Ms. Meghna Vijay Panchal are the Independent Directors on the Board of the Company. The Company has received the declara on from all the Independent Directors confirming that they meet the criteria as set out in the provisions of Secon 149(6) of the Companies Act, 2013 and the relevant provisions of SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015.

A) Formal Annual Evalua_on

In terms of the provisions of the Companies Act, 2013 read with Rules issued thereunder and SEBI (Lisng Obligaon and Disclosure Requirement) Regulaons, 2015, the Board of Directors on recommendaon of the Nomina on and Remunera on Commi ee have evaluated the e ecv eness of the Board/ Director(s) for the financial year 2019-2020.

COMMITTEES OF BOARD:

The Board has 4 Commi ees: Audit Commi ee, Stakeholders Relaonship Commi ee, Nominaon and Remunera on Commi ee and the Corporate Social Responsibility Commi ee. A detailed note on the funcons of the Board and Commi ee are provided in the Corporate Governance Report. The Composion of the Commi ees are as follows:

1. Audit Commi ee

The Audit Commi ee comprises of the following members:

Name of the Director

Designation in the Committee

Mr. Prakash Ramchandra Bang

Chairperson

(Independent Director)
Ms. Meghna Vijay Panchal

Member

(Independent Director)
Mr. Prem Sardarilal Malik

Member

(Independent Director)

 

Kindly refer to the secon on Corporate Governance under the head, Audit Commi ee for ma ers relang to cons tu on, meetings and func ons of the Commi ee.

2. Stakeholders Rela_onship Commi ee

Name of the Director Designation in the Committee
Ms. Meghna Vijay Panchal Chairperson
( Independent Director)
Mr. Umesh Rambilas Lahoti Member
(Managing Director)
Mr. Ujwal Rambilas Lahoti Member
(Executive Director)

 

Kindly refer to the secon on Corporate Governance under the head, Stakeholders Relaonship Commi ee for ma ers rela ng to cons tu on, meetings and funcons of the Commi ee.

3. Nomina_on and Remunera_on Commi ee

Name of the Director

Designation in the Committee

Ms. Meghna Vijay Panchal

Chairperson

(Independent Director)
Mr. Prakash Ramchandra Bang

Member

(Independent Director)
Mr. Prem Sardarilal Malik

Member

(Independent Director)

 

Kindly refer secon on Corporate Governance, under the head, Nominaon & Remuneraon Commi ee for ma ers relang to constuon, meengs, funcons of the Commi ee and the remuneraon policy formulated by this Commi ee.

4. Corporate Social Responsibility Commi ee

Name of the Director

Designation in the Committee

Mr. Ujwal Rambilas Lahoti

Chairperson

(Executive Director)
Mr. Prakash Ramchandra Bang

Member

(Independent Director)
Mr. Umesh Rambilas Lahoti

Member

(Managing Director)

 

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

AND VARIOUS COMMITTEE:

During the year, Four Board Meengs were convened and held, the details of number of meengs of the Board and various Commi ee during the Financial Year 2019-2020 forms part of the Corporate Governance Report.

COMPANIES POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

In Compliance with Secon 178 of the Companies Act, 2013 and the relevant provisions of SEBI (Lis ng Obligaons and Disclosure Requirement) Regulaons, 2015, the Board cons tuted the Nomina on and Remuneraon Commi ee comprising of Three (3) Non-Execuv e Independent Directors of the Company and further the Board in consultaon with the Nominaon and Remunera on Commi ee formulated the Nominaon and Remuneraon Policy.

The Remuneraon policy of the Company comprises inter alia the aims and objec ves, principles of remuneraon, guidelines for remuneraon to Execuv e and Non-Execu ve Directors and Key Managerial Personnel and criteria for iden c aon of the Board Members and appointment of Senior Management.

The Criteria set out iden c aon of the Board members are given hereunder:

1. The Commi ee shall idenf y and ascertain the integrity, quali caon, experse and experience of the person for appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointment.

2. A person should possess adequate quali caon, experse and experience for the posion he / she is considered for appointment. The Commi ee has discreon to decide whether quali ca on, exper se and experience possessed by a person is sufficient / sas factory for the concerned posion.

3. The Company shall not appoint or connue the employment of any person as Whole- me Director who has a ained the age of seventy years. Provided that the term of the person holding this posion may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolu on based on the explanatory statement annexed to the no ce for such mo on indica ng the jus ca on for extension of appointment beyond seventy years.

The Nomina_on and Remunera_on Policy has been posted on the website of the Company h p://laho overseas.in/PDFs/policies/nomina on-and-remuneraon-c ommi ee-policy.pdf

ANNUAL EVALUATION OF THE BOARD:

Pursuant to applicable provisions of the Companies Act, 2013 and SEBI (Lis ng Obliga ons and Disclosure Requirements) Regulations, 2015, the Board had adopted a formal mechanism for evaluang its own performance and as well as that of its Commi ees and individual Directors, including the Chairperson of the Board.

INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial controls with reference to financial statement. During the year no reportable material weakness in the design or operaons were observed.

INTERNAL CONTROLS OVER FINANCIAL REPORTING (ICFR)

The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its opera ons. During the year such controls were tested and no reportable material weakness in the design or operaons were observed. The Company has policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records and the mely preparaon of reliable financial informaon.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

Your Company has cons tuted a CSR Commi ee comprising of Mr. Ujwal Rambilas Laho as Chairperson, Mr. Umesh Rambilas Laho & Mr. Prakash Ramachandra Bang as its members. The Commi ee is responsible for formula ng and monitoring the CSR policy of the Company.

CSR acvies, as per the provisions of the Companies Act, 2013, may be undertaken by the Company through a registered trust or a registered society.

The CSR policy as adopted by the Company can be viewed on the website of the Company at: h p://laho overseas.in/PDFs/policies/corporate-social-responsibility-policy.pdf.

The Annual report on the CSR acvies undertaken by the Company is appended to this report as Annexure -2.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS AND VARIOUS COMMITTEE:

During the year, Four Board Meengs were convened and held, the details of number of meengs of the Board and various Commi ee during the Financial Year 2019-2020 forms part of the Corporate Governance Report.

VIGIL MECHANISM/WHISTLE BLOWER:

As per the provisions of Secon 177(9) and 177(10) of the Companies Act, 2013 and the relevant provisions of SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015 the Company has adopted a Whistle Blower Policy to report genuine concerns or grievances and to deal with the instances of fraud and mismanagement.

The Whistle Blower Policy has been posted on the website of the Company

hp://lahoov erseas.in/PDFs/policies/whistle-blower-policy.pdf

During the year under review, there were no

complaints/ concerns that arose.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to sub-sec on (5) of Sec on 134 of the Companies Act, 2013 and to the best of their knowledge and belief and according to the informa on and explanaons obtained /received from the operang management, your Directors make the following statement and con rm that-

(a) in the preparaon of the Annual Accounts, the applicable accoun ng standards had been followed along with proper explana on rela ng to material departures;

(b) the directors had selected such accounng policies and applied them consistently and made judgments and esma tes that are reasonable and prudent so as to give a true and fair view of the state of a airs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounng records in accordance with the provisions of this Act for safeguarding the assets of the company and for prevenng and detecng fraud and other irregularies;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operang e ecv ely; and

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operang e ecv ely.

AUDITORS AND AUDITORS REPORT:

Palan & Co. Chartered Accountants, (Firm Registraon

No.133811W) Statutory Auditors of the Company has

nd

been appointed in the 22 Annual General Meeng of the company, but due to non-renewal of peer review cer c ate, Palan & Co. has to resigned from the post of Statutory Auditor of the Company .

th

The Board at their meeng held on 26 November, 2020

has recommended the appointment of M/s. N. G. Thakrar

& Co. Chartered Accountants, (Firm Registra on No.110907W) to ll the casual vacancy. The Company has received a con rmaon le er from the Auditors to the effect that their appointment, if made, will be within the prescribed limits of the Companies Act, 2013 and that they are not disqualified for appointment within the meaning of the said Act. As required under SEBI (Lis ng Obliga ons and Disclosure Requirements) Regulaons, 2015, the Auditors have also con rmed that they hold a valid cer c ate issued by the Peer Review Board of the Instut e of Chartered Accountants of India (ICAI).

Pursuant to provision Secon 139(1) of the said Act the

Board recommends their appointment as Auditors for two (2) years i.e. from the conclusion of 25 Annual

General Mee ng ll the Conclusion of 27 Annual

General Meeng.

Being the Statutory Auditors for the Financial Year 2019-2020, Palan & Co. Chartered Accountants, has audited the Books of accounts.

The observaons made in the Auditors Report read together with relevant notes thereon are self-explanatory and hence do not call for any further comments under Secon 134 of the Companies Act, 2013.

The notes on accounts referred to the Auditors Report are self explanatory and there has been no quali caon/ r emark made thereunder and therefore the same does not call for any further comments/explanaon fr om the Directors.

SECRETARIAL AUDITOR:

Pursuant to provisions of secon 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneraon of Managerial Personnel) Rules, 2014, Your Company has appointed Kothari H. & Associates, a firm of Praccing Company Secretaries as a Secretarial

Auditor of the Company, for conducing secretarial audit

of Company for the Financial Year 2019 20.

The report in respect of the Secretarial Audit carried out by Kothari H. & associates Company Secretaries in Form MR-3 for the FY 2019-20 forms part to this report as Annexure 3. The said report does not contain any adverse observa on or quali ca on requiring explanaon or comments from the Board under Secon 134(3) of the Companies Act, 2013.

EQUITY SHARES WITH DIFFERENTIAL RIGHTS:

The Company has not issued any equity shares with differenal rights / sweat equity shares/ employee stock opons or not made an y provision of its own shares by employees or by trustees for the benefit of employees during the Financial Year 2019-2020

The Company has not made any purchase or provision of its own shares by employees or by trustees for the benefit of employees during the Financial Year 2019-2020.

LISTING:

At present the Companys Equity Shares are listed at BSE Limited and the Company has paid Lisng Fees to the above Stock Exchanges for the year 2020-21.

DISCLOSURE OF REMUNERATION PAID TO DIRECTOR AND KEY MANAGERIAL PERSONNEL:

The table containing the names and other parcular s of employees in accordance with the provisions of Secon 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneraon of Managerial Personnel) Rules, 2014, is appended as Annexure 4 to the Boards report.

SIGNIFICANT AND MATERIAL ORDERS:

There are no significant and material orders passed by the regulators orcourts or tribunals impacng the going concern status and Companys operaons in future.

RISK MANAGEMENT:

Risk management is the iden c aon, assessment, and priori za on of risk followed by coordinated and economical applica on of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realizaon of opportunies. Risk managements objecv e is to assure uncertainty does not de ect the endeavor from the business goals.

The Company has laid down procedures to inform the members of the Board about the risk assessment and minimiza on procedures. A risk management committee consis ng of senior execu ves of the Company periodically reviews these procedures to ensure that execu ves management controls risk through means of a properly defined framework. A senior independent director is associated with the committee. The Company has framed the risk assessment and minimiza on procedure which is periodically reviewed by the Board. The risk management policy is displayed on the website of the Company viz. h p://laho overseas.in/PDFs/policies/risk-management-policy.pdf

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per the provisions of the SEBI (Lisng Obligaons and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis of the financial condion and r esults of consolidated operaons of the Company under review, is annexed and forms an integral part of the Annual Report.

REPORT ON CORPORATE GOVERNANCE

The Report on Corporate Governance for the year under review together with the cer c ate from the Auditor of the Company regarding compliance of the condions of Corporate Governance, as spula ted in the SEBI (Lisng Obligaons and Disclosure Requirements) Regulaons, 2015 forms part of the Annual Report.

CERTIFICATE FROM PCS UNDER SCHEDULE V (C) (10) (I)

OF SEBI (LODR)

The Cer c ate from the praccing Company secretary as per Schedule V (C) (10) (i) of SEBI (LODR) cerf ying that none of the directors on the board of the company have been debarred or disqualified from being appointed or connuing as directors of companies by the Board/Ministry of Corporate A airs or any such statutory authority is annexed to this Directors Report as Annexure-6

EXTRACTS OF ANNUAL RETURN:

As per the provisions of Sec on 134(3)(a) of the

Companies Act, 2013, anextract of the Annual Return in the prescribed format in Form MGT-9 is annexed to this Directors Report as Annexure 5.

ENERGY CONSERVATION MEASURES, TECHNOLOGY ABSORPTION AND R& D EFFORTS AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company is not engaged in any manufacturing acvity and thus its operaons are not energy intensive. However adequate measures are always taken to ensure op mum u liza on and maximum possible saving of energy. The Company has installed energy conserva ve equipments like LED (Light Emi ng Diode) lights instead of CFL (Compact Fluorescent Lamp).

The Company has maintained a technology friendly environment for its employees to work in. Your Company uses latest technology and equipments. However, since the Company is not engaged in any manufacturing, the informa on in connec on with technology absorpon is NIL.

During the period under review the Company has earned Foreign Exchange of Rs. 32,579.67 Lakhs and incurred the Foreign Exchange outgo of Rs. 333.53Lakhs

COMPLIANCE WITH SECRETARIAL STANDARDS:

During the year under review, the Company has duly complied with the applicable provisions of the Revised Secretarial Standards on Mee ngs of the Board of Directors (SS-1) and General Meengs (SS-2) issued by the Instut e of Company Secretaries of India (ICSI).

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE:

The Company has in place the "Policy on Prevenon of Sexual Harassment at the Workplace" in line with the requirements of The Sexual Harassment of Women at Workplace (Prevenon,Pr ohibion and Redressal) Act, 2013. Duringthe year under review, no complaints were received by the Commi ee for Redressal.

ACKNOWLEDGEMENT

Your Companys Directors wish to express their grateful apprecia on for co-opera on and support received from customers, financial instuons,Bank s, regulatory authories, customers, vendors and members and the society at large.

Deep sense of appreciaon is also recorded for the dedicated efforts and contribuon of the emplo yees at all levels, as without their focus, commitment and hard work, the Companys consistent growth would not have been possible, despite the challenging environment.

Place: Mumbai _ Date: November 26, 2020

For and on behalf of the Board of Directors

Sd/-

Sd/-

Ujwal Rambilas Laho

Umesh Rambilas Laho

(Execuv e Chairman)

(Managing Director)

(DIN 00360785)

(DIN 00361216)

 

ANNEXURES TO DIRECTORS REPORT

ANNEXURE -1

Form AOC-1

(Pursuant to first proviso to sub-secon (3) of secon 129 r ead with rule 5 of Companies (Accounts) Rules, 2014)

Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

Part "A": Subsidiaries

Particulars

Details

Name of the subsidiary

G Varadan Limited

Reporting period for the subsidiary concerned, if different from the holding companys reporting period

March 31, 2020

Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries

NA

Share capital

5,00,000 (5000 Equity Shares of Rs. 100/- each)

Reserves & surplus

33.01

Total assets

38.14

Total Liabilities

38.14

Investments

23.12

Turnover

NIL

Profit before taxation

1.40

Provision for taxation

0.88

Profit after taxation

0.52

Proposed Dividend

NIL

% of shareholding

100% (Wholly owned Subsidiary)

 

Details of New Subsidiary/ Joint ventures/Associate Companies.

Sr. No Name of Company Subsidiary / Joint ventures/ Associate Company Date of becoming of Subsidiary / Joint ventures/ Associate Company.
NIL

 

Details of the Company who ceased to be its Subsidiary/ Joint ventures/Associate Companies.

Sr. No Name of Company Subsidiary / Joint ventures/ Associate Company Date of becoming of Subsidiary / Joint ventures/ Associate Company.
NIL
For and on behalf of theBoardofDirectors
Sd/-

Sd/-

Ujwal R. Laho_

UmeshR.Laho_

Execufive Chairman

Managing Director

DIN No: 00360785

DIN No: 00361216

Sd/-

Sd/-

Pradeep Bacchuka

AkshitaJhawar

Chief Financial Officer

Company Secretary

 

Place: Mumbai

Date: November 26, 2020

ANNEXURE -2