Your Directors have pleasure in presenting the 29th Annual Report on the
affairs of the Company together with the Audited Financial Statements for the financial
year ended on 31st March, 2023.
FINANCIAL RESULTS:
The financial results of the Company for the year ended 31st March, 2023 is
summarized below: Rupees in Thousands
| Particulars |
2022-23 |
2021-22 |
| Revenue from Operations |
187034.40 |
184206.52 |
| Other Income |
83748.18 |
16254.34 |
| Profit Before Financial Cost, depreciation, exceptional items and tax |
101872.30 |
39123.27 |
| Less: Financial Costs |
132.60 |
155.99 |
| Profit before Depreciation, exceptional items and Tax |
101739.70 |
38967.28 |
| Less: |
|
|
| A) Depreciation |
5249.56 |
5780.51 |
| B) Provision for Taxation |
|
|
| - Current Tax |
12870.00 |
6590.00 |
| - Deferred Tax |
307.58 |
390.49 |
| - Adjustment of tax relating for earlier years |
152.95 |
115.81 |
Net Profit/ (Loss) after Tax |
83159.61 |
26090.47 |
| Total comprehensive income for the year |
54639.15 |
89050.15 |
| Balance carried forward to Balance Sheet |
54639.15 |
89050.15 |
OPERATIONS AND PROSPECTS :
As we report today, we can thankfully say that we have finally put behind us the
Covid-19 Pandemic and its related disruption, which for the last three years (2020-21 to
2022-23) has made us in every sphere to relook at various aspects of our functioning with
a new and fresh perspective. We can thankfully put behind us a period in the history of
mankind, fraught with fear, uncertainty and disruption. We, as a Company thankfully can
look back with satisfaction to have navigated our enterprise through this period with no
loss of lives amongst our employees and Doctors, no retrenchment or job losses for our
employees, no losses in our books which remained healthy throughout, without practically
any borrowings.
The long-term impact of Covid-19 pandemic and its related activities like Covid-19
vaccination have affected the companys operational revenues and profitability for the
year. The year saw consolidation of our operations and operational revenues grew
nominally. However, the company could achieve significant other income generated out of
prudent churning of Investments as well as dividends from its portfolio.
We would not like to revisit details of Covid-19 related impact, which we have done in
the past two years reports / AGMs wherein we have explained as to how the Companies
operations, market outreach, product menu, doctor referral base, among other things were
disrupted and that it has left us with some long-term challenges as well, which would mean
rebuilding of business ecosystem once again in a new competitive environment, which will
be our objective in the coming years.
The Company has embarked on this objective like efforts to create a new customer base,
upgrading and adding new services, engaging with new corporates and consultants etc. Some
of other steps underway in this direction are installation of higher end CT Scan Machine
which would be operational from July 2023, investing in new upgraded CR Digitizer system
from Agfa Healthcare India for upgraded Radiological services, procurement of Gastroscopy
Unit for stepping up endoscopy / colonoscopy services etc.
Diagnostics business is also increasingly getting competitive with large pan-India
players as well as online pharmacy companies and others jumping into the fray and price
competitiveness at cost of quality just for sake of market share is an area of concern.
This has happened in other sectors as well.
We had in our last years report stated about Covid-19 vaccination operations and that
it posed separate business risks with respect to unexpected turn of pandemic responses and
accompanying government policy changes from time to time and uncertainties with respect to
expiry period and dead stocks. Low demand for vaccines, even for booster shots, since
October/November 2022 was at the root of the problem - specially after withdrawal of
restrictions that made vaccination certificates mandatory. Plus, there has been no major
outbreak since July last year. There was a sudden surge in Covid-19 vaccinations after
December 22nd when the union health ministry had issued an advisory asking the state
governments to be prepared for a fresh rise in cases. But the demand again fell after a
few days. The sudden fall in the COVID -19 transmission, decline in positivity rates of RT
PCR tests everywhere and most importantly the then prevalent Omicron variants having been
found to be not leading to any severe symptoms, lead to the negation of the so-called 4th
wave possibility and finally lead to an end of the Pandemic. This brought vaccination
activities to a trickle and we had to carry stocks which on expiry, lead to losses in this
activity, effecting profitability as well as revenue during the year. The vaccination
activity, however, enabled thousands of additional, never before footfalls in our premises
and has built up our goodwill and this will strengthen our Brand recall in future. We have
also moved on to using our Vaccination infrastructure to pursue other Immunizations like
Pneumonia, Influenza, HPV etc.
We consider your companys performance for the year 2022-23 as satisfactory in the
context of the pandemic and vaccine related fallout and believe that the outlook of the
company can be one of further recovery and consolidation and we hope the same to be
achieved in the coming years.
There was no change in the nature of the business of the Company during the year.
DIVIDEND AND TRANSFER TO RESERVE:
The Board is pleased to recommend a dividend of 3.50 per Equity Share of 10 each (i.e.
35%) for the year ended March 31, 2023. The said dividend on equity shares is subject to
the approval of the shareholders at the ensuing Annual General Meeting ("AGM")
scheduled to be held on Saturday, September 30, 2023. Dividend will be paid after it
is approved at the forthcoming Annual General Meeting. Also, the Board of Directors of the
Company has decided not to transfer any amount to the Reserves for the year under review.
TRANSFER OF DIVIDEND AND CORRESPONDING EQUITY SHARES TO INVESTOR EDUCATION AND
PROTECTION FUND:
In accordance with the provisions of Sections 124 and 125 of Companies Act, 2013 and
Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules,
2016 (IEPF Rules), dividends not encashed / claimed within seven years from the date of
transfer to unpaid dividend account are to be transferred to the Investor Education and
Protection Fund (IEPF) Authority.
The IEPF Rules mandate Companies to transfer shares of Members whose dividends remain
unpaid / unclaimed for a continuous period of seven years to the demat account of IEPF
Authority. The Members whose dividend / shares are transferred to the IEPF Authority can
claim their shares / dividend from the Authority. In accordance with the said IEPF Rules
and its amendments, the Company had sent notices to all the Shareholders whose shares were
due to be transferred to the IEPF Authority and simultaneously published newspaper
advertisement. List of such shareholders are also posted on the website (www.ngind.com) of
the Company.
In terms of the provisions of Investor Education and Protection Fund (Accounting,
Audit, Transfer and Refund) Rules, 2016, 46,382 of unpaid / unclaimed dividends and 200
shares were transferred during the financial year 2022-23 to the Investor Education and
Protection Fund. The Company has uploaded the details of unpaid and unclaimed amounts
lying with the Company as on 31st March, 2022 on the Companys website at www.ngind.com
and on the website of the Ministry of Corporate Affairs at www.iepf.gov.in.
SHARE CAPITAL:
There is no change in the capital structure of the Company.
DETAILS OF DEMAT/UNCLAIMED SUSPENSE ACCOUNT:
The Company does not have any shares in the demat suspense account or unclaimed
suspense account.
DISCOUNT TO SHAREHOLDERS :
The Company has decided to offer a discount of 15% to all shareholders of the Company
on all the diagnostic services being offered by us. The shareholders availing the discount
will be required to state their Folio number/DP ID and produce only identity documents.
AUDITORS AND AUDITORS REPORT: (a) Statutory Auditors
M/s. M. R. Singhwi & Co., Chartered Accountants, (Firm Registration No. 312121E)
was appointed as Statutory Auditor of the Company at the 28th Annual General
Meeting of the Company held on 24th September, 2022.
Auditors Report
The Auditors Report given by M/s M. R. Singhwi & Co., Statutory Auditors on the
financial Statement of the Company for the year ended March 31, 2023. The Auditors Report
does not contain any qualification, reservation, adverse remark. During the year under
review, the Auditors had not reported any matter under section 143(12) of the Companies
Act, 2013, therefore no detail is required to be disclosed pursuant to Section 134(3)(ca)
of the Act.
(b) Secretarial Auditor
In accordance with the provisions of the Section 204 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit
was carried out by S. Rath & Co., Practicing Company Secretary for the financial year
2022-23. The report of Secretarial Auditor for the financial year 2022-23 is annexed
herewith marked as Annexure VI to this Report. The Secretarial Audit Report does not
contain any qualification, reservation or adverse remark.
As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company is exempt from submitting Annual Secretarial Compliance
Report from Practicing Company Secretary under Regulation 24A of SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015. Hence the Company has not
obtained Annual Secretarial Compliance Report under Regulation 24A. However, the Company
has obtained Non-applicability Certificate of Regulation 24A from Mr. Sahadeb Rath,
Practicing Company Secretary and the same has been submitted to Stock Exchange.
DIRECTORS & KEY MANAGERIAL PERSONNEL : Retirement by rotation
In accordance with the Articles of Association of the Company and relevant provisions
of the Companies Act, 2013, Mrs. Neha Goenka, (DIN: 05215437) is liable to retire by
rotation at the ensuing Annual General Meeting.
The Board recommends her re-appointment.
Declaration from Independent Directors
The Company has received declaration from all the Independent Directors confirming that
they meet the criteria of Independence as prescribed under Section 149(6) of the Companies
Act, 2013 read with the schedules and rules made there under along with declaration for
compliance with clause 16 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Key Managerial Personnel
Mr. Rajesh Goenka, Chairman & Whole-time Director, Mr. Santosh Kumar Thakur, CFO
and Mr. Dipak Kumar Shaw, Company Secretary are the KMPs of the Company in terms of
Section 203 of the Companies Act, 2013 read with the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014.
SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES :
The Company does not have any Subsidiary / Joint venture or Associate Company within
the meaning of the Companies Act, 2013.
WHISTLE BLOWER MECHANISM :
This has been discussed in detailed in Corporate Governance Report forming part of this
Report.
LOANS, INVESTMENT AND GUARANTEES BY THE COMPANY :
There was no transaction falling under the provision of Section 186 of the Companies
Act, 2013 during the financial year under review.
MEETINGS OF BOARD :
Four Meetings of the Board of Directors were held during the year. For further details,
please refer the report on Corporate Governance given separately in the Annual Report.
DETAILS OF THE COMMITTEE OF DIRECTORS :
Composition of Audit Committee of Directors, Nomination and Remuneration Committee of
Directors and Stakeholders Relationship Committee of Directors, number of meetings held of
each Committee during the financial year 2022-23 and meeting attended by each member of
the Committee as required under the Companies Act, 2013, are provided in Corporate
Governance Report forming part of this Annual Report.
The Recommendations by the Audit Committee, as and when made, to the Board have been
accepted.
DIRECTOR REMUNERATION POLICY:
The Company has followed a Policy on Appointment and Remuneration of Directors, Key
Managerial Personnel and senior management personnel. The criteria for determining
qualifications, positive attributes, independence of a Director, performance evaluation of
Board, Committees and the Directors are laid down under the Nomination and Remuneration
Policy of the Company. The performance evaluation of the Board, its Committees and of
individual Directors was made by structured questionnaire and the Directors were satisfied
with the evaluation process. Remuneration Policy for Directors, Key Managerial Personnel
and other employees of the Company may be accessed on the Companys website at the link:
http://www.ngind.com/docs/Nomination%20and%20Remuneration%20Policy.pdf. The recommendation
made by the Nomination and Remuneration Committee were accepted by the Board. The above
policy was last amended by Board on 14.02.2020.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY :
Internal Audit has been conducted throughout the organization, by qualified outside
Internal Auditors. Findings of the Internal Audit Report are reviewed by the top
management and by the Audit Committee of the Board and proper follow up action is ensured
wherever required. The Statutory Auditors have evaluated the systems of internal controls
of the Company and have reported that the same are adequate and commensurate with the size
of the Company and nature of its business.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL ) ACT, 2013:
The Company has put in place, an Internal Complaints committee to redress complaints
received regarding sexual harassment from any employee of the Company. The committee
comprising of majority of women employees is constituted for the purpose of ensuring
compliance towards the provisions of the above Act. During the year 2022-23, no complaints
were received by the said committee. The Companys Policy for Prevention, Prohibition and
Redressal of Sexual Harassment may be accessed on the Companys Website at the following
link https://ngind.com/docs/Policy%20for%20Prevention,%20Prohibition%20&%2
0Redressal%20of%20sexual%20harassment.pdf.
LISTING WITH STOCK EXCHANGES :
As per the requirement of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company hereby declares that the Listing of its Shares at The
Calcutta Stock Exchange Ltd. as well as at BSE Ltd were continued throughout the year and
the Listing Fee due till date stands paid.
DEMATERIALISATION OF SHARES :
In order to facilitate dealing in shares in the electronic mode, your Company has
entered into an arrangement with the National Securities Depository Limited (NSDL) and
Central Depository Services (India) Limited (CDSL). With this, the members have the option
to trade their dematerialised shares in the Company through NSDL or CDSL. Securities and
Exchange Board of India (SEBI) has made it mandatory for all investors to trade in the
shares of the Company in dematerialised form. The Companys Shares have been allotted ISIN:INE825C01018.
The Company has not issued any sweat equity shares, bonus and employee stock option and
not called for buyback of shares during the current financial year. Directors also confirm
that there are no shares under suspense status.
COST AUDIT :
Cost Audit is not applicable to the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars as prescribed under Section 134(3) (m) of the Companies Act, 2013 read
with Rule 8(3) of the Companies (Accounts) Rules 2014 are as follows:
A. CONSERVATION OF ENERGY
(i) The steps taken / impact on conservation of energy;
The operations of the Company, being healthcare, the Company is taking every necessary
step to reduce the consumption of energy.
(ii) The steps taken by the Company for utilizing alternate source of energy;
Your Company is exploring the possibility of utilizing alternate sources of energy,
which may be taken up for future Implementation when found to be credible and viable.
(iii) The capital investment on energy conservation equipment;
Though investments have been made in areas like change over to LED lights, Energy
audits, load balancing, replacement with energy saving air conditioners etc., no specific
budgets or heads of such are accounted for, in view of major energy specific project being
yet to be taken up.
B. TECHNOLOGY ABSORPTION
The nature of the Companys operations being healthcare, the required information in
the prescribed manner is considered to be not applicable to the Company.
C. FOREIGN EXCHANGE EARNINGS & OUTGO
During the year under review, there were no inflows or outgo of Foreign Exchange.
RISK MANAGEMENT:
The provisions relating to composition of a Risk Management Committee are not
applicable to the Company.
CORPORATE SOCIAL RESPONSIBILITY:
The provisions relating to Corporate Social Responsibility are not applicable to the
Company.
PARTICULARS OF EMPLOYEES & MANAGERIAL REMUNERATION: Disclosure of Remuneration
under Section 197 of the Companies Act, 2013 and Rule 5(1) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
I: Ratio of remuneration of each Executive Director to median remuneration of the
employees of the Company for the financial year 2022-23, percentage increase in
remuneration of Directors, Chief-Financial Officer and Company Secretary during the
financial year 2022-23:
Sl. Name of No. Director(s)/KMP |
Designation |
Ratio of remuneration of director to median employee remuneration |
Percentage increase in Remuneration |
1 Rajesh Goenka |
Chairman & Whole-time Director |
11.58 |
- |
2 Santosh Kumar Thakur |
CFO |
N.A. |
10.17 |
3 Dipak Kumar Shaw |
Company Secretary |
N.A. |
16.92 |
ii: The percentage increase in the median remuneration of Employees for the financial
year 2022-23 was 10.33. iii: The Company has 73 permanent employees (excluding Whole-time
Director) on the rolls of the Company as on 31st March, 2023 iv It is hereby affirmed that
the remuneration paid during the year, is as per the Remuneration Policy of the Company.
DIRECTORS RESPONSIBILITY STATEMENT :
Your Directors state that:
In the preparation of the annual accounts for the financial year ended on 31st
March, 2023, the applicable accounting standards had been followed along with proper
explanation relating to material departures;
Such accounting policies have been selected and applied 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 as at 31st March, 2023 and of profit of the
Company for that period;
the Directors have taken proper and sufficient care 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;
the annual accounts have been prepared on a going concern basis;
internal financial controls have been laid down so that the same can be followed by the
Company and that such internal financial controls are adequate and are operating
effectively and
proper systems have been devised to ensure compliance with the provisions of all
applicable laws and such systems are adequate and operating effectively.
MANAGEMENT DISCUSSION & ANALYSIS
Our discussion & analysis may be perceived as repetitive over the years but
constitutes the essence of wisdom about our field of operations as assimilated by us over
two decades of experience and experience during the ongoing pandemic.
A) INDUSTRY STRUCTURE & DEVELOPMENT:
Rising incomes in the hands of our citizens, increase in health awareness in society at
large, increasing population of older citizens, new technologies in the sector, longer
life expectancy, health insurance penetration and medical tourism are contributing to the
growth in healthcare sector. The new health Insurance schemes announced by the Union
Government, when fully implemented, as well as State Government having introduced
health-card schemes will further increase penetration of insured healthcare in the
country.
Covid-19 is an unprecedented, new, unknown, disruptive development which has hit
globally as a whole including all countries, economies, sectors, companies and has
affected in more ways than one can imagine. The Company has released separate disclosure
regarding impact of the pandemic and the challenges it has posed and the same is available
on our website under "Information & Circulars for Shareholders." We have
also discussed it earlier in the Directors Report under ‘Operations and
Prospects" and more exhaustively in our last two years Annual Report. As mentioned
in the Directors report earlier herein, we have now put behind this unprecedented Pandemic
and look ahead towards recovery and consolidation.
B) OPPORTUNITIES, THREATS, RISKS AND CONCERNS:
Opportunity for the Company is inherent in the sectors we operate in and are already
covered in above paragraph (A).
Slowdown in economy, especially in the services or retail sector affects most
businesses including healthcare. The healthcare business runs the risk of unfavorable
publicity in case of unsuccessful treatment, translating into reduction of patient flow,
risk of good professionals leaving the Company and it stands to lose years of, on job
training and risk of independent Doctors beginning to refer patients elsewhere. Doctors
use our Clinic Services and many Doctors whose patients frequently use our services due to
locational proximity etc. Disruption of Doctors Clinics as it has happened significantly
during Covid has meant rebuilding such outreach on continuous basis. At present we are in
process of rebuilding once again. . Healthcare services being an area affecting the entire
population is automatically politically sensitive and from time to time is subjected to
threats of over regulation /tariff control measures etc. These have always proved to be
counter productive the world over and the industry can only by expanding and using
technology moderate costs and hope to get this message across to citizens as well as
regulators.
Healthcare establishments have faced mob violence and damage to property, increased
litigation for award of compensation on sometimes frivolous grounds; doctors have been
taken to Medical Council for action on grounds of negligence etc. This challenge will have
to be met by all, with more transparent and diligent services. The pandemic also added to
the major challenges in terms of employee attrition as well as professional changes being
adopted by doctors as well as paramedical professionals. The company however recognizes
these issues as concerns. Governments have also strengthened regulatory oversight systems
as well as enabled more punitive measures to tackle lawlessness at hospitals.
The Company mitigates these risks, through adopting ethical practices, transparent
dealings with patients and explaining to them, in plain laymans language, the pros and
cons of the treatment with realistic assessments of recovery. Quality surveillance and
adherence to strict protocols also mitigates risks. The Company provides its
professionals, a very good and challenging environment with continuous growth and also
looks out to induct new and good professionals to keep strengthening its team. The Company
has also adopted external quality audits as well as accreditations. To face competition,
the Company keeps close interaction with doctors and strives to keep services at levels
meeting their standards. The Company is also continuously investing in newer technologies
and equipment to stay ahead, in offering value added and superior quality of tests at
affordable tariffs.
Short term adverse impact of Covid-19 has already been dealt with, in our disclosures
available on our website under "Information & Circulars for Shareholders" as
well as earlier in the Directors Report under ‘Operations and Prospects." in
both this as well as past two years Annual reports.
C) OUTLOOK:
Our Company operates in an industry which is increasingly getting more competitive and
yet we state with conviction that the long-term outlook of your Company looks good on
account of our adherence to quality of services, affordable tariffs and trust earned
through, over two decades of diligent service to citizens. The Company is facing all
challenges through consistent, credible and transparent dealings and greater
communications with patients families on all aspects of treatment. Covid-19 impact has
been indicated in the "Company Disclosures" released separately earlier and our
experience during the year will further help us reorient our strategies and adapt
ourselves to the current status of the pandemic as well as for post Covid-19 ecosystem.
Our, over two decades of trust and goodwill will help us move ahead and get the Companys
operations back on track soon. Our vaccination outreach we hope, has earned us significant
goodwill and exposure and we continue this activity as well. Details with regard to
Covid-19 have already been dealt with in our disclosures available on our website under
"Information & Circulars for Shareholders" as well as earlier in the
Directors Report under ‘Operations and Prospects" in both this as well as past
two years Annual Report.
D) INTERNAL CONTROL:
Your Company has adequate internal control systems, which commensurate with its size of
operations. Please see paragraph with heading ‘INTERNAL CONTROL SYSTEMS
AND THEIR ADEQUACY in this report.
E) HUMAN RESOURCES/INDUSTRIAL RELATIONS:
Your Company has during the previous year continued to have cordial industrial
relations with its employees. The number of employees of the Company at the end of the
year was 73 (excluding whole-time director). Pandemic has led to some employees to leave
their jobs out of resulting compulsions and even many Doctors chose not to continue
Clinics at our premises.
F) FINANCIAL AND OPERATIONAL PERFORMANCE:
This has already been detailed earlier in this report.
CORPORATE GOVERNANCE :
The Corporate Governance Report forms an integral part of this Report and has been set
out as a separate annexure to this Report. The certificate from the Auditors of the
company, certifying compliance of conditions of Corporate Governance stipulated in the
Listing Agreement with the Stock Exchanges is also annexed to Report on Corporate
governance.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTY :
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in the ordinary course of business and on an arms length
basis. During the year, the Company had not entered into any contracts / arrangements /
transactions with related parties which could be considered material in accordance with
the policy of the Company on materiality of related party transactions.
Your Directors draw attention of the members to the notes of the financial statement
which sets out related party disclosures.
SECRETARIAL AUDITOR :
The Board has appointed S. Rath & Co., Practicing Company Secretary, to conduct
Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report for the
financial year ended 31st March, 2023 is annexed herewith to this report.
There are no qualifications in their report requiring explanation from the board.
EXTRACT OF ANNUAL RETURN :
As provided under Section 92(3) & 134(3)(a) of the Act, the Annual Return for FY
2022-23 is uploaded on the website of the Company and can be accessed at www.ngind.com.
DEPOSITS :
The Company has not accepted any deposits from the public during the period under
review and accordingly no amount was outstanding as on the date of the Balance Sheet.
SECRETARIAL STANDARDS:
The Company is in compliance with applicable Secretarial Standards issued by the
Institute of Company Secretaries of India, New Delhi.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant and material orders passed by the Regulators/Courts that would
impact the going concern status of the Company and its future operations.
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 to which
the financial statements relate and the date of the report.
ACKNOWLEDGEMENTS:
Your Directors acknowledge the co-operation and assistance received from the
Shareholders, Doctors, Banks and various Government Agencies. Your Directors wish to place
on record their sincere appreciation for the contribution made by the employees.
| Place : Kolkata |
For and on behalf of Board of Directors |
| Date: 19th day of May, 2023 |
|
Rajesh Goenka Chairman
+91-9892691696
