Orissa Bengal Carrier Ltd Directors Report.
Orissa Bengal Carrier Limited
Your directors have pleasure in presenting the 24thAnnual Report on the business and operations of the company along with the Audited Financial Statements for the year ended on 31st March, 2019.
1. FINANCIAL RESULTS:
During the year under review, performance of the company is as under:
(Amount in Lacs)
|Revenue from Operation|
|Employees Benefits Expense||276.53||333.69|
|Depreciation and Amortization Expenses||521.98||464.45|
|Profit/ (Loss) before Tax||1495.63||961.10|
|Earlier year income tax||-||1.18|
|Profit/ (Loss) After Tax||1063.55||638.09|
|Earnings Per Equity Share:|
|Basic and Diluted (in Rs.)||5.04||17.66|
2. STATE OF COMPANY AFFAIRS AND FUTURE OUTLOOK:
During the Year under review, Your Company has recorded Revenue from Operation of Rs48831.30 Lacs and Net Profit after Tax of Rs 1063.55 Lacs respectively. The financial result as reflected in the Statement of Profit & Loss of the Company is self-explanatory.Your directors are of the view that the company has signaled good progress and will continue to access the path of success in succeeding financial years and are hopeful for the bright future prospects. Moreover, it s also assured that the Management will leave no efforts untouched to increase the profitability in the forth coming years also.
3. FINANCIAL STATEMENT
In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as Listing Regulations) and Section 136 of the Companies Act, 2013 read with Rule 10 of the Companies (Accounts) Rules, 2014, the Annual Report containing salient features of the financial statements, including for the financial year 2018-19, along with statement containing salient features of the Directors Report (including Management Discussion &
Analysis) is being sent to all shareholders, who have not registered their email address(es) for the purpose of receiving documents/ communication from the Company in electronic mode. Please note that you will be entitled to be furnished, free of cost, the full Annual Report 2018-19, upon receipt of written request from you, as a member of the Company.
Full version of the Annual Report 2018-19 containing complete Balance Sheet, Statement of Profit & Loss, other statements and notes thereto, including financial statements, prepared as per the requirements of Schedule III to the Companies Act, 2013, Directors Report (including
Management Discussion & Analysis and Corporate Governance Certificate) is being sent via email to all shareholders who have provided their email address(es).
Full version of Annual Report 2018-19 is also available for inspection at the registered office of the Company during working hours up to the date of ensuing Annual general meeting (AGM).It is also available at the Companys website.
The Board of Directors of the Company has proposed dividend of Rs 0.50/- perequity share, for the financial year 2018-19 which is subject to approval of members in Annual General Meeting. If approved as stated, final dividend will be paid to the shareholders whose names appear as members in the Register ofMembers of the Company as on 27th July, 2019. The total dividendappropriation (excluding dividend distribution tax) for the financial year 2018-19 is Rs. 1,05,41,395/-.
The Register of Members and Share transfer books will remain closed from Sunday 28th July, 2019 to Saturday, 03rd August, 2019 (both days inclusive) for the purpose of payment of final dividend for the financial year ended31stMarch, 2019 and the Annual general meeting.
5. CHANGES IN NATURE OF BUSINESS:
There is no change in the nature of business, as carried on by the company.
6. TRANSFER TO RESERVES
The Company has transferred the whole amount of profit to Reserves and Surplus account as per the attached Audited Balance Sheet for the year ended 31st March, 2019.
7. SHARE CAPITAL:
The Company has allotted 55,64,000 Equity Shares through Initial Public offer (IPO). The Equity Shares of the Company is Listed on BSE SME Platform are on regular and continuous trading.
Further the Company is regular in compliances of various clauses and regulations of the Listing Agreement and/or LODR.
8. EXTRACT OF THE ANNUAL RETURN IN FORM MGT-9:
The extract of the annual returnpursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014 is furnished in "Annexure A"and is attached to this report.
9. BOARD MEETINGS AND INDEPENDENT DIRECTORS MEETING:
During the year under review, Nineteen (19) Board meetings were held. The maximum time-gap between any two consecutive meetings did not exceed 120 days. The Board met on 02.04.2018,28.05.2018,16.07.2018,06.08.2018,21.08.2018,06.09.2018,24.09.2018, 25.09.2018,09.10.2018,29.10.2018,14.11.2018,30.11.2018,24.12.2018,16.01.2019, 25.01.2019,06.02.2019, 12.02.2019 and 26.02.2019. The Details of Number of Board meeting attended by each director are as follows:-
|Sr. No.||Name of Director||No. of Board Meeting Attended|
|1||Mr. Ratan Kumar Agrawal||19|
|2||Mr. Manoj Kumar Agrawal||8|
|3||Mr. Ravi Agrawal||16|
|4||Mrs Shakuntala Devi Agrawal||19|
|5||Mr. Sahil Batra||13|
|6||Mr. Raj Kumar Jain||13|
Further, Independent Directors separate meeting was duly convened and held on 30.03.2019 to discuss: a) Review & Evaluation of the performance of Non-Independent Directors and the Board of Directors as a whole. b) Review of the performance of the Executive and Non-Executive Directors. c) Assessment of the quality, quantity and timeliness of flow of information betweenthe Management and the Board.
10. BOARDS RESPONSIBILITY STATEMENT:
The Directors Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state a) in the preparation of the annual accounts, the applicable accountingstandards had been followed and there are no material departures fromthe same; b) the directors had selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonableand prudent so as to give a true and fair view of the state of affairs of thecompany at the end of the financial year and of the profit and loss of thecompany for that year; c) the directors have taken proper and sufficient care to the best of theirknowledge and ability for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and otherirregularities; d) the directors had prepared annual accounts on a going concern basis; e) the directors had laid down internal financial controls to be followed bythe company and that such internal financial controls are adequate andareoperating effectively; f) the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and such systems were adequate andoperating effectively.
11. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the year under report, the Company has entered into transactions with related party and all such transactions were carried on at arms length price in the ordinary course of business. Information on transactions with related parties pursuant to section 134(3)(h) of the act read with Rule 8(2) of Companies (Accounts) Rules, 2014 are given in "Annexure-B" in Form AOC-2 and the same forms part of this report.
(i) Statutory Auditor:
M/s. Agrawal & Pansari, Chartered Accountants, Raipur were appointed at the annual general meeting held on, 09th July, 2018 as statutory auditor of the Company to hold office until conclusion of Annual General Meeting to be held in the year 2023.
Section 139 of the Act has been amended vide the Companies (Amendment) Act, 2017 by the Ministry of Corporate Affairs on 07th May, 2018 and has done away with the requirement of seeking ratification of Members for appointment of Auditors at every annual general meeting.
Accordingly, no resolution is being proposed for ratification of appointment of Statutory Auditors at the ensuring AGM. Under Section 139 and 141 of the Act and Rules framed thereunder, M/s. Agrawal & Pansari confirmed that they are not disqualified from continuing as statutory auditors of the Company and furnished a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
(ii) Internal Auditor:
M/s G. Kumar & Company, Chartered Accountants, Raipur, (FRN No. 0322108E) has continued as Internal Auditors of the Company.
13. AUDITORS REPORT:
There is no qualification in the Auditors Report and hence no explanation is called for.
14. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Anil Agrawal & Associates, Company Secretaries, to undertake the Secretarial Audit of the Company for the F.Y. 2018-19. The report of the Secretarial Audit is annexed to this report as "Annexure C".
Secretarial Auditors report is self explanatory and therefore does not require further comments and explanation.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:
During the year under report, the Company has not granted any loan or provided any guarantee or made any investment as specified in Section 186 (2) of the Companies Act, 2013. Hence no approval from the shareholders in this regard was required.
16. PREVENTION, PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMEN & WORKPLACE :
The Company has accepted zero tolerance policy on sexual harassment. In that line the Board takes anti sexual harassment initiatives by way of Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under and they responsible to inquire into complaints (if any) of sexual harassment and take appropriate action. There aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.
The Company has not received any complaint of sexual harassment during the financial year 2018-19.
17. INDUSTRIAL RELATIONS:
The company has maintained good industrial relations on all fronts. Your directors wish to place on record their appreciation for the honest and efficient services rendered by the employees of the company.
18. DIRECTORS & KEY MANAGERIAL PERSONNEL:
The Company has a professional Board with right mix of knowledge, skills and expertise with an optimum combination of executive, nonexecutive and independent Directors including one woman Director. The Board provides strategic guidance and direction to the Company in achieving its business objectives and protecting the interest of the stakeholders.
During the period, following are the changes that took place in the Board:
Mr Manoj Kumar Agrawal (DIN: 01590282) who was the Director of the Company designated as Whole Time Director of the Company for a period of 5 (Five) years upto 30th June 2023 with effect from 01st July, 2018.
Mr Ravi Agrawal (DIN: 01392652) was appointed as Wholetime Director of the Company for a period of 5 (Five) years upto 30th June 2023 with effect from 01st July, 2018.
Mr Sahil Batra (DIN: 06422459) and Mr Raj Kumar Jain (DIN: 08015385) were appointed as Independent Directors of the Company for a period of 5 (Five) years upto 30thJune 2023 with effect from 01st July, 2018.
Miss Pooja Jain had resigned from the post of Company Secretary w.e.f. 16.01.2019. The Company had appointed Mr Aakash Kumar Sahu as Company Secretary of the Company w.e.f 16.01.2019.
Mr. Ratan Kumar Agrawal (DIN: 01608584) continued as Managing Director of the Company and Smt. Shakuntala Devi Agrawal (DIN: 01608318) continued as Non-Executive Director of the Company. As per Section 149(1) read with Rule 3 of The Companies (Appointment and Qualification of directors) Rules, 2014 we also consider Smt. Shakuntala Devi Agrawal as the women director of the company.
Mr Akshay Agrawal had continued as Chief Financial Officer (CFO) of the Company.
Pursuant to Section 149, 152 and other applicable provisions of the Companies Act, 2013, one-third of such of the Directors as are liable to retire by rotation, shall retire every year and, if eligible, offer themselves for re-appointment at every AGM. Consequently Smt. Shakuntala Devi Agrawal (DIN: 01608318) will retire by rotation at the ensuing AGM, and being eligible, offer herself for re-appointment in accordance with provisions of the Companies Act.
19. COMMITTEES OF THE BOARD:
A. AUDIT COMMITTEE:
As required under the provisions of section 177 of the Companies Act 2013 and Rules made there under the Company has an adequately qualified Audit Committee constituted in accordance with the provisions of Companies Act, 2013.
The Audit Committee continued working under Chairmanship of Shri Raj Kumar Jain with Shri Sahil Batra and Shri Manoj Agrawal as co-members. During the year, the sub-committee met on 18.05.2018, 11.08.2018, 03.11.2018 & 28.02.2019with full attendance of all the members.
The composition of the Audit Committee as at March 31, 2019is as under:
|Name of Director||Category|
|Raj kumar Jain||Non-Executive Independent Director|
|Sahil Batra||Non-Executive Independent Director|
|Manoj Kumar Agrawal||Wholetime Director|
Terms of Reference: The terms of reference of the Audit Committee are broadly as follows: a. Oversight, the companys financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible b. Review and compliance of internal control systems. c. Investigation of any financial matter or a transaction. d. Review of the scope of Audit, the half yearly and Annual Financial statements before submission to the Board. e. Recommending to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor and the fixation of audit fees. f. Assessing the objectivity of the external auditors including the consideration of any other non-audit work performed by the external auditors. g. Carrying out any other function.
B. NOMINATION AND REMUNERATION COMMITTEE:
As required under the provisions of section 178 of the Companies Act 2013 and Rules made there under the Nomination and Remuneration Committee continued working under Chairmanship of Shri Sahil Batra with Shri Raj Kumar Jain and Smt. Shakuntala Devi Agrawal as co-members. During the year, the sub-committee met on 28.05.2018 & 08.01.2019 with full attendance of all the members.
The composition of the Nomination and Remuneration Committee as at March 31, 2019is as under:
|Name of Director||Category|
|Sahil Batra||Non-Executive Independent Director|
|Raj Kumar Jain||Non-Executive Independent Director|
|Shakuntala Devi Agrawal||Non-Executive Director|
Terms of Reference: The terms of reference of the Nomination and Remuneration Committee are broadly as follows: a. Review the performance of the Directors, after considering the Companys performance. b. Recommend to the Board remuneration including salary, perquisites and commission to be paid to the Companys Managing Director and Whole-time Directors. c. Finalize the perquisites package of the Managing Director and Whole-time Directors within the overall ceiling fixed by the Board. d. Recommend for appointment of Managing Directors & Whole Time Director. e. Recommend for increase in Remuneration of Managing Director & Whole Time Director.
C. STAKEHOLDERS RELATIONSHIP COMMITTEE:
Pursuant to the provisions of section 178 of the Companies Act 2013 and Rules made there under the Company has an adequately qualified Stakeholders Relationship Committee constituted in accordance with the provisions of Companies Act, 2013.
The Stakeholders Relationship Committee continued working under Chairmanship of Shri Sahil Batra with Shri Ratan Kumar Agrawal and Shri Manoj Agrawal as co-members. During the year, the sub-committee met on 17.07.2018, 06.10.2018 & 09.01.2019 with full attendance of all the members.
The composition of the Stakeholders Relationship Committee as at March 31, 2019is as under:
|Name of Director||Category|
|Sahil Batra||Non Executive Independent Director|
|Ratan Kumar Agrawal||Managing Director|
|Manoj Kumar Agrawal||Wholetime Director|
Terms of Reference: The terms of reference of the Stakeholders Relationship Committee are broadly as follows: a. Formulation of policies and procedures in line with the statutory guidelines to ensure speedy disposal of various requests received from security holders from time to time. b. Redressal of shareholders and investor complaints/ grievances e.g. transfers of shares, non-receipt of balance sheet, non-receipt of declared dividend etc. c. To approve, register, refuse to register transfer / transmission of shares and other securities. d. To sub-divide, consolidate and / or replace any share or other securities certificate(s) of the
Company. e. To authorize printing of Share Certificates post authorization from the Board of Directors of the Company. f. To monitor and review the performance and service standards of the Registrar and Share
Transfer Agents of the Company and provides continuous guidance to improve the service levels for investors. g. Monitor and review any investor complaints received by the Company or through SEBI,
SCORES and ensure its timely and speedy resolution, in consultation with the Company Secretary and Compliance officer and RTA of the Company.
D. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMIITTEE
Pursuant to the As provisions of section 135 of the Companies Act 2013 and Rules made there under the Company has an adequately qualified Corporate Social Responsibility Committee constituted in accordance with the provisions of Companies Act, 2013.
The Corporate Social Responsibility continued working under Chairmanship of Shri Sahil Batra with Shri Ratan Kumar Agrawal and Shri Ravi Agrawal as co-members. During the year, the subcommittee met on 28.05.2018, 20.07.2018 & 25.03.2019 with full attendance of all the members
The composition of the Corporate Social Responsibility Committee as at March 31, 2019 is as under:
|Name of Director||Category|
|Sahil Batra||Non Executive Independent Director|
|Ratan Kumar Agrawal||Managing Director|
|Ravi Agrawal||Wholetime Director|
Terms of Reference: a. To make CSR Policy of the company which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013; b. Recommend the amount of expenditure to be incurred on the activities referred to in clause (a) and c. Monitor the CSR Policy of the Company from time to time. In accordance with Section 135 of the Companies Act, 2013 and rules made there under and pursuant to the recommendation of CSR Committee, your Company has spent Rs 12,50,000/- towards our CSR activities for F.Y. 2018-19 which are listed in the CSR policy of the Company. A detailed report on the CSR initiatives undertaken by the Company for the financial year ended on March 31, 2019 is attached and annexed as "Annexure D" and forms a part of this report.
20. RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR 2018-19:
The information required pursuant to section 197 (12) read with Rule 5 (1) (i) of the Companies (Appointment and Remuneration) Rules 2014 in respect of ratio of remuneration of each director to the median remuneration of the employee of the Company for the financial year 2018-19 forms part of this report as "Annexure-E".
21. COMPANYS POLICY ON DIRECTORS APPOINTMENT, NOMINATION, REMUNERATION AND FORMAL EVALUATION:
Pursuant to provisions of Section 178 (1) of the Companies Act, 2013, the Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection, nomination, appointment and remuneration of Directors suitably containing the criteria determining qualifications, positive attributes and independence of a Director.
22. FORMAL EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:
The Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit Committee, Nomination & Remuneration Committee, Shareholders Grievance committee and Corporate Social Responsibility Committee.
23. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT:
The Statutory Auditors or Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Companies Act, 2013, including rules made thereunder.
24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
In Terms of the Regulation 34 read with Schedule V of the SEBI (LODR) Regulations 2015, Management Discussion and Analysis report forms part of this Annual Report as "Annexure F".
25. CORPORATE GOVERNANCE:
As per Regulation 15 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, Para C of Schedule V relating to Corporate Governance Report, shall not apply to company listed on SME Exchange. The Company being a company listed on BSE SME Platform, preparation of corporate governance is not applicable.
26. RISK MANAGEMENT:
The company has been following the principle of risk minimization as it is the norm in every industry. The Board has adopted steps for framing, implementing and monitoring the risk management plan for the company. The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to risk management, in order to guide for decisions on risk related issues. In todays Challenging and competitive environment, strategies for mitigating inherent risk in accomplishing the growth plans of the company are imperative. The Common risks inherent are: Regulations, Competition, business risk, technology obsolescence, long term investments and expansion of facilities. Business risk, inter alia, includes financial risk, political risk, legal risk etc., As a matter of policy, these risk are assessed and steps as appropriate are taken to mitigate the same.
27. DISCLOSURE ON VIGIL MECHANISM:
Pursuant to Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established, in order to ensure that the activities of the company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty and integrity and ethical behavior. The Company has established a vigil mechanism through which Directors, employees and business associates may report unethical behaviour, malpractices, wrongful conduct, fraud, violation of Companys code of conduct without fear of reprisal. The Company has set up a
Direct Touch initiative, under which all Directors, employees, business associates have direct access to the Chairman of the Audit committee, and also to a three-member direct touch team established for this purpose. The direct touch team comprises one senior woman member so that women employees of the Company feel free and secure while lodging their complaints under thepolicy.
28. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
28.1 Conservation of Energy: a. The steps taken or impact on conservation of energy:-The company is putting continues efforts to reduce the consumption of energy and maximum possible saving of energy. b. The steps taken by the company for utilizing alternate sources of energy:-The
Company has used alternate source of energy, whenever and to the extent possible. c. The capital investment on energy conservation equipments:- NIL
28.2 Technology Absorption: a. The effort made towards technology absorption:-No specific activities have been done by the Company. b. The benefits derived like product improvement, cost reduction, product development or import substitution:-No specific activity has been done by the Company c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:- NA d. The expenditure incurred on Research & Development:- NIL
28.3 Foreign Exchange Earnings and Outgo:
There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.
29. PARTICULARS OF EMPLOYEES:
There are no employees in the Company drawing remuneration of more than Rs. 8,50,000/- rupees per month or 1,02,00,000/- rupees per annum, as prescribed in Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016.
30. SUBSIDARY, JOINT VENTURE AND ASSOCIATE COMPANY:
Your Company does not have any Subsidiary, Joint Venture or Associate company.
31. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
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 i.e. 31st March, 2019, to which the Financial Statements relate and the date of the report, if any, disclosed in separate respective head.
32. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
There are no significant material orders passed by the Regulators/Courts/Tribunals impacting the going concern status of the Company and its future operations.
During the year, Company has not accepted deposits from the public in terms of the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules made there under hence information regarding outstanding deposits is not required.
34. DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary Declaration from each Independent Directors of the Company as per the provisions of Section 149(7) of the Companies Act 2013 that they meets the criteria of Independence laid down in section 149(6) of the Companies Act 2013 read with the Rule 4 of Companies (Appointment and Qualification of Directors) Rule, 2014 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
35. VOTING THROUGH ELECTRONIC MEANS:
Pursuant to the provisions of Section 108 of the Companies Act, 2013, read with the rules made thereunder and Regulations 44 of the SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015, your Company has taken necessary steps to make available the facility to its members the facility to exercise their right to vote by Electronic means.
36. DEMATERIALIZATION OF COMPANYS SHARES:
Your company has provided the facility to its shareholders for dematerialization of their shareholding by entering into an agreement with The National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN number allotted to the company is (INE426Z01016).
37. SERVICES TO SHAREHOLDERS:
All matters relating to transfer/transmission of shares, issue of duplicate share certificates, payment of dividend, de-materialization and re-materialization of shares and redressal of investors grievances are carried out by the Companys RTA i.e. M/s. Bigshare Services Pvt. Ltd., Mumbai.
38. SECRETARIAL STANDARDS:
Your company has complied with the Secretarial Standard asissued by the Institute of Company Secretaries of India.
Your Directors wish to place on record their sincere appreciation for significant contribution made by the employees at all the levels through their dedication hard work and commitment thereby enabling the Company to boost its performance during the year under report.
Your Directors also take this opportunity to place on record the valuable co-operation and continuous support extended by its valued business associates Practicing Company Secretary, Auditors, Supplier, Customers, Banks/Financial Institutions, Government authorities and the shareholders for their continuously reposed confidence in the Company and look forward to having the same support in all its future endeavors.
|On behalf of the Board of Directors|
|Ratan Kumar Agrawal||Ravi Agrawal|
|(Chairman & Managing Director)||(Wholetime Director)|
|DIN: 01608584||DIN: 01392652|