Rajratan Global Wire Ltd Directors Report.

To the members,

Your Directors present the 32nd Annual Report on the business and operations of the Company along with the audited standalone and consolidated financial statements for the year ended 31st March 2020.

1. Financial Results

Particulars

Standalone

Consolidated

2019-20 2018-19 2019-20 2018-19
Revenue from Operations 28614 31456 48021 49289
Other Income 163 224 117 170
Profit before Depreciation, Interest & Tax 4727 3622 6919 5410
Interest & Financial Charges 914 812 1339 1081
Profit before Depreciation 3813 2810 5580 4329
Less: Depreciation 534 391 1209 919
Profit before Taxation & Exceptional Items 3279 2419 4371 3410
Add: Exceptional Items 0 0 0 0
Profit before Taxation 3279 2419 4371 3410
Less: Provision for taxation
-Current Tax 701 594 755 594
-Deferred Tax 268 (44) 312 145
Income Tax for earlier years
Profit After Tax 2310 1869 3304 2671
Less: Minority Interest
Profit for the year 2310 1869 3304 2671
Profit/(Loss) for the period 2310 1869 3304 2671
Other Comprehensive Income
(a) Items that will not be reclassified to Profit or Loss (52) (12) (52) (12)
(b) Items that will be reclassified to Profit or Loss 205 155
Total Comprehensive Income for the year 2258 1857 3457 2814
Total Comprehensive Income attributable to
Parent Company 2258 1857 3457 2814
Non Controlling Interest
Total Comprehensive Income for the year 2258 1857 3457 2814

2. Overview of Companys Financial Performance:

The companys performance during Financial Year 2019-20 on a standalone and consolidated basis were as follows -

A. On standalone basis

Your Companys standalone operations reported an decrease of 9.03 % to reach Rs. 28614 lakhs in FY

2019-20 in comparison to Rs. 31456 lakhs in FY 2018-19. EBITDA before exceptional items increased by 5.01%. The Companys net profit before comprehensive income increased from Rs. 1869 Lakhs in FY 2018-19 to Rs. 2310 lakhs FY 2019-20.

B. Consolidated revenues

Your Companys consolidated operations reported an decrease of 2.57 % to reach Rs. 48021 lakhs in FY

2019-20 in comparison to Rs. 49288 Lakhs in FY 2018-19. EBITDA before exceptional items increased by 3.43% as a result of an decrease in raw material prices , customer engagement and cost management. The

Companys net profit before comprehensive income increased from Rs. 2671 Lakhs in FY 2019-20 to Rs. 3304

Lakhs in FY 2019-20.

3. Economic scenario

India emerged as the fifth-largest economy with a Gross

Domestic Product of US$ 2.94 trillion. There was a decline in consumer spending that affected Indias GDP growth during the year under review. Indias growth for FY2019-20 was estimated at 4.2% compared with 6.1% in the previous year.

Manufacturing growth was seen at 2%, a 15-year low as against

6.9% growth in FY19. A sharp slowdown in economic growth and a surge in inflation weighed on the countrys rate; the Indian rupee emerged as one of the worst performers among Asian peers, marked by a depreciation of nearly 2% since January 2019. Retail inflation climbed to a six-year high of 7.35% in December 2019.

4. Prospects and Outlook

Despite the economic slowdown, your Company is well placed to counter the challenges. Your Company increased its consolidated manufacturing capacity to 1,06,800 TPA (India and Thailand), which will enable it to increase its market share tly; it expanded at one of the lowest capital costs per significan tonne. The Company also placed immense focus on improving its ability to service customers. Despite the imposed lockdown due to the outbreak of the novel coronavirus, the Company is optimisitic. The outbreak of the novel coronavirus, coupled with the ongoing India-China dispute could result in a decline in the decline in import of Chinese tyres. If the demand outlook remains muted, the Company believe it will be able to carve away the market share of existing players on account of larger bead wire capacity, strong order book (especially in Thailand), enduring customer relationships and a portfolio of high-end bead wire addressing the needs of some of the most demanding customers

5. Dividend

The Board of Directors of the Company at its meeting held on 29th February, 2020, has declared an interim dividend of Rs. 2.00 per equity share of the face value of Rs. 10 each (@

20%). The total dividend pay-out amounted to Rs. 245 Lakhs (including dividend distribution tax of Rs. 42 Lakhs). No final dividend is recommended for the year ending 31st March, 2020.

6. Transfer to Reserves

Consequent to introduction of Companies Act 2013, the requirement of mandatory transfer of a specified percentage of the net profit to general reserve has been withdrawn and the Company can optionally transfer any amount from the surplus of profit or loss account to the General reserves. The Company proposes to transfer Rs. 1825 Lakhs to the General

Reserve out of the amount available for appropriation.

7. Issue of Bonus Shares

The Company allotted 58,02,400 equity shares as fully paid-up bonus shares in the ratio of 4:3 (four fully paid up equity share for every three existing equity share held on the record date) to its shareholders on 14th September, 2019, pursuant to a resolution passed by the shareholders on 28th August, 2019 by postal ballot. currency

8. Share Capital

The paid up share capital at the beginning of the year was

Rs. 435 Lakhs and authorised share capital was Rs. 815 Lakhs.

During the year company allotted Bonus Shares in the ratio of 4:3 (four fully paid up equity share for every three existing equity share held on the record date), consequently the paid up capital of the company increased to Rs. 1015 Lakhs. The

Authorised capital of the Company was also increased to Rs.

1500 Lakhs to accommodate the bonus issue of shares.

9. Subsidiary Companies

The Company has only one foreign wholly-owned subsidiary viz. Rajratan Thai Wire Co. Ltd. There was no associate company within the meaning of Section 2(6) of the Companies Act, 2013(“Act”). There was no change in the nature of the business of the subsidiary.

Pursuant to Section 129(3) of the Act, a statement containing salient features of the financial statements of the Companys subsidiaries in Form AOC-1 is attached to the financial statements of the company. Pursuant to section 136 of the

Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of the subsidiaries, are available on the website of the company (www.rajratan.co.in).

Rajratan Thai Wire Co. Limited, Thailand:

Rajratan Thai Wire Co. Limited is a fully-owned subsidiary of the Company with its manufacturing facility in Ratchaburi, Thailand, and engaged in manufacturing bead wire. During the year under review, it recorded an increase of 10.5 % in sales volume to reach 27829 MT compared to 25186 MT in the previous year. Net revenues increased by 5.62 % to reach Rs.

19441 lakhs as compared to Rs.18406 Lakhs in the previous year. Profit after tax stood at Rs. 994 Lakhs compared to Rs.

991 Lakhs in the previous year.

10. Directors responsibility statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that: a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures; b) they have selected such accounting policies and applied them 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 at the end of the financial year and of the profit of the Company for that period; c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) they have prepared the annual accounts on a going concern basis; e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

11. Deposits:

ed deposit from the fix TheCompanyhasnotacceptedany public during the financial year ended 31st March, 2020 within the meaning of section 73 and 74 of the Companies Act, 2013 read with the relevant rules.

12. Listing:

The shares of the Company are listed on the Bombay Stock Exchange Limited, and the Company is regular in payment of the listing fees. There was no suspension of trading during the year under review. During the year the company had made application for listing of its equity shares on National Stock Exchange of India Ltd. and the equity shares of the Company have been listed and admitted to dealing on National Stock Exchange of India Ltd. w.e.f. 22nd May, 2020.

13. Conservation of Energy, Technology and Foreign Exchange Earnings and outgo

The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts of Companies) Rules, 2014 are set out in an “Annexure-I” to this report.

14. Material changes and commitments occurred, if any, affecting the financial position of the company, having occurred since the end of the year and till the date of Report

The outbreak of the novel coronavirus pandemic is causing significant discrepancies in economic activities, the impact of which has been discussed in Chairman and Managing Directors overview as well as the Management Discussion and Analysis, which forms part of this Annual Report.

15. Corporate Social Responsibility

As a part of CSR initiative under the ‘Corporate Social

Responsibility drive, the Company has undertaken projects mainly in the areas education, women empowerment, health care. The Company works primarily through its CSR trust, the

Rajratan Foundation. The Companys CSR policy is available on our website, at www.rajratan.co.in/investors/. The annual report on our CSR activities is appended as ‘Annexure II to the Boards Report.

16. Directors and key managerial personnel

During the year under review Mrs. Sangita Chordia (DIN –

00147150) resigned from the post of Executive Director of the Company due to personal reasons. The first term of office of Mr. Shiv Singh Mehta, Mr. Surendra Singh Maru and

Mr. Chandrashkhar Bobra, as Independent Directors, expired at the thirty first Annual General Meeting. Mr. S S Maru and

Chandrashkhar Bobra requested the Board not to consider them for re-appointment and relieve them from the office of the director after the expiry of their term. In the thirty first

Annual General Meeting Mr. Shiv Singh Mehta was reappointed as Independent Director for second term of three years, Mr. Rajesh Mittal and Mrs. Aparna Sharma have been appointed as independent director for first term of three years and Mr

Yashovardhan Chordia has been appointed as non-executive director, liable to retire by rotation.

In accordance with the provisions of section 152 the Companies

Act, 2013 and the Articles of Association of the company Mr. Yashovardhan Chordia (08488886) shall retire by rotation at the ensuing AGM and being eligible offer himself for reappointment.

The brief resume of the Mr. Yashovardhan Chordia and other related information has been detailed in the Notice convening the Annual General Meeting of the Company. Pursuant to the provisions of the Section 149 of the Act the existing independent directors are continuing. The Company has received declarations from all the Independent Directors of the Company confirming that:

a) they meet the criteria of independence prescribed under the Act and the Listing Regulations and b) they have registered their names in the Independent

Directors Databank.

In the opinion of Board the independent directors appointed during the year possess the required integrity, expertise and experience.

In terms of Section 203 of Companies Act, 2013, Mr. Sunil Chordia, Mr. Hitesh Jain and Mr. Shubham Jain are key managerial personnels of the Company.

17. Number of meetings of the board

Five meetings of the Board were held during the year. The details of the meetings of the Board of Directors and its committees, convened during the financial year 2019-20 are given in the Corporate Governance Report, which forms part of this Annual Report.

18. Board evaluation

In compliance with the Companies Act, 2013 and Regulation

17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance evaluation of the

Independent Directors was carried out during the year under review. More details on the same are given in the Corporate Governance Report.

The performance of the Board was evaluated after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee (“NRC”) reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the Board as a whole was evaluated.

19. Board Committees

Your Company has in place the Committee(s) as mandated under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015. There are currently four committees of the Board, namely:

– Audit Committee

– Nomination & Remuneration Committee

Stakeholders Relationship Committee

– Corporate Social Responsibility Committee

Details of the Committees along with their composition and meetings held during the year, are provided in the Corporate Governance Report, which forms part of this report.

20. Policy on directors appointment and remuneration and other details

The Company has in place policy for directors appointment and remuneration and other matters provided in Section 178(3) of the Act which is available on the website of the company at www.rajratan.co.in/investors.

21. Managerial Remuneration and particulars of employees

Pursuant to Rule 5 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014 a disclosure on remuneration related information of employees, Key Managerial Personnel and directors is annexed herewith and forming part of the report as “Annexure-IV.” The Chairman and Managing Director of your Company does not receive remuneration from any of the subsidiaries of your Company.

22. Transactions with related parties

During the Financial Year 2019-20, all contracts/arrangements/ transactions entered into by your Company with related parties under Section 188(1) of the Act were in the ordinary course of business and at arms length basis. During the Financial Year

2019-20, your Company has not entered into any contracts/ arrangements/transactions with related parties which could be considered ‘material. Thus, there are no transactions required to be reported in form AOC-2. The Board has taken on record all transaction with related parties.

Further, during Financial Year 2019-20, there were no materially significant related party transactions made by your Company with the Promoters, Directors, Key Managerial Personnel or other designated persons, which might have potential conflict with the interest of the Company at large. All related party transactions are placed before the Audit Committee and approved through the Omnibus mode in accordance with the provisions of the Companies Act, 2013 and Listing Regulations. The policy on Related Party Transactions is uploaded on the

Companys website www.rajratan.co.in/investors/. Information on transactions with related parties pursuant to Section 134(3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, though not mandatory, is given in “Annexure-V” in Form AOC-2 and the same forms part of this report.

23. Extract of annual return

As provided under Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1)of the Companies (Management and Administration) Rules, 2014, the extract of the annual return is given in “Annexure VI” in the prescribed Form MGT-9, which forms part of this report.

24. Loans, Guarantees and Investment

The company has given loans and issued guarantee in favor of its wholly- owned subsidiary viz. Rajratan Thai Wire Limited, Thailand which is exempted under the provisions of section 186 of the Companies Act, 2013 read with Rule 11 of the Companies (Meetings of Board and its Powers) Rules, 2014. Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

25.Auditors: a. Statutory Auditors:

At the 29th AGM held on 11th August, 2017 the Members approved appointment of M/s D S Mulchandani & Co., Chartered Accountants, Indore (ICAI Firm Registration No.

021781C) as Statutory Auditors of the Company to hold office for a period of five years from the conclusion of that AGM till the conclusion of the 34th AGM, subject to ratification their appointment by Members at every AGM, if so required under the Act. The requirement to place the matter relating to appointment of auditors for ratification by Members at every

AGM has been done away by the Companies (Amendment) Act,

2017 with effect from May 7, 2018. Accordingly, no resolution is being proposed for ratificationof appointment of statutory auditors at the twenty-fifthAGM.

There is no audit qualification, reservation or adverse remark for the year under review.

b. Secretarial Auditors:

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

Manju Mundra, Company Secretary in Practice (CP No. 3454) to conduct the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith as “Annexure-VII.”

The secretarial audit report does not contain any qualification, adverse observations/remarks. The observations made therein, are self explanatory and the Board is taking care of same.

c. Cost Auditors:

As per the requirement of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit), Amendment Rules 2014, your Company is required to get its cost accounting records audited by a Cost Auditor.

M/s Sushil Mantri & Associates, Practicing Cost Accountants (Firm Registration No. 101049) on 19th May, 2020 from the office of Cost Auditor causing casual vacancy. Such Casual vacancy in its meeting held on 22 wasfiled nd May, 2020 by appointing M/s. Neeraj Maheshwari & Associates, Cost Accountant (Firm Registration No. 002113), Practicing Cost Accountants.

Further the Board of Directors on the recommendation of Audit Committee, has appointed M/s Neeraj Maheshwari & Associates, Cost Accountant (Firm Registration No. 002113), Practicing Cost Accountants to conduct the audit of the cost accounting records of the Company for Financial year 2020-21. As required under the Companies Act, 2013 resolution seeking members approval for the remuneration payable to Cost Auditor form part of the notice convening the AGM for their ratification. the financial year ended 31st March, 2019, was filed with the

Ministry of Corporate Affairs, New Delhi.

d. Internal Auditor

The Company has M/s Mehta Garg & Agrawal, Chartered Accountants (Firm Registration No 019648C) as Internal Auditors to conduct internal audit of the function and activities of the Company. The Audit Committee of the Board of Directors in consultation with the Internal Auditors, formulate the scope, functioning, periodicity and methodology for conducting the internal audit.

26. Statutory Auditors report and secretarial audit report of

The Statutory Auditors reportforthefinancialyear ended 31st

March, 2020 does not contain any qualification, reservation or adverse remark. The Report of the Secretarial Auditor is annexed to this Report as Annexure VII. The said report does not contain any qualification, adverse observations/ remarks.

The observations made therein, are self explanatory.

27. Internal Control System and their Adequacy, Internal Financial Controls

Your Companys internal control system is commensurate with its scale of operations designed to effectively control the operations. The internal control systems are designed to ensure that the financial and other records are reliable for the preparation of financial statements and for maintaining

Independent Internal Auditors conduct audit covering a wide range of operational matters and ensure compliance with specified standards. Planned periodic reviews are carried out by Internal Audit. Thefindingsof Internal Audit are reviewed by the top management and by the Audit Committee of the Board of Directors. The Audit Committee reviews the adequacy and effectiveness of internal control systems and suggests ways of further strengthening them, from time to time.

As per Section 134(5)(e) of the Companies Act 2013, the

Directors have an overall responsibility for ensuring that the Company has implemented robust system and framework of Internal Financial Controls. This provides the Directors with reasonable assurance regarding the adequacy and operating effectiveness of controls with regards to reporting, operational and compliance risks. The Company has devised appropriate systems and framework including proper delegation of authority, policies and procedures, effective IT systems aligned to business requirements, risk based internal audits, risk management framework and whistle blower mechanism.

28. Risk management

The company has laid down a well defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitor and non-business risks. The Audit Committee and the Board periodically review the risks and suggest steps to be taken to manage/ mitigate the same through a properly defined framework. During the year, a risk analysis and assessment was conducted and no major risks were noticed, which may threaten the existence of the company.

29. Disclosure requirements a) Corporate Governance:

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the stipulations set out in the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015.

A separate report of the Board of Directors of the Company on Corporate Governance including Management Discussion and Analysis Report is an integral part of the Annual Report and included as Annexure ‘VIII and the Certificate from M/s D

S Mulchandani & Co., Chartered Accountants, Indore (ICAI Firm

Registration No. 021781C), Statutory Auditors of the Company, confirming compliance with the requirements of Corporate

Governance as stipulated in Regulation 34 read with Schedule V of SEBI (Listing Obligations and Disclosure Requirement)

Regulations, 2015 is annexed as Annexure ‘IX.

b) Familiarization Program for Independent Directors

Your Company has in place a Familiarization Program for independent Directors to provide insights into the Companys Business to enable them contribute significantly to its success.

The Senior Management makes presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. The details of the familiarization program of the independent directors are available on the website of the Company www.rajratan.co.in/ investor/.

c) Dematerialisation of Shares

The shares of your Company are being traded in electronic form and the Company has established connectivity with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, Members are requested to avail the facility of dematerialization of shares with either of the Depositories as aforesaid. As on 31st March, 2020, 98.72% of the share capital stands dematerialized.

d) Policy on determining material subsidiary of the Company is available on the website of the Company www.rajratan.co.in/ investor/.

e) Policy on dealing with related party transactions is available on the website of the Company www.rajratan.co.in/investor/.

f) The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. The provisions are in line with the provisions of the section 177(9) of the Companies Act, 2013 read with regulation 22 of the Listing Regulations.

g) As required under section 134(q) there are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

h) The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company.

i) The Company has adopted a Code of Conduct for Prevention of Insider Trading in accordance with the requirements of the SEBI(Prohibition of Insider Trading) Regulation, 2015 with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code. All Board

Directors and the designated employees have confirmed compliance with the Code. The Insider Trading Policy of the Company covering code of practices and procedure for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on the website of the Company at www.rajratan.co.in/investor.

j) As required by the Sexual Harassment of Women at Work Place (Prevention, Prohibition & Redressal) Act, 2013, the Company has formulated and implemented a policy on prevention of sexual harassment at the workplace with a mechanism of lodging complaints and has formed required committee. During the year under review, no complaints were reported.

k) The details of the Committees of Board are provided in the Corporate Governance Report which forms part of this Annual Report.

l) The details of credit ratings are disclosed in the Corporate Governance Report, which forms part of the Annual Report.

m) In accordance with the provisions of the Act and Listing Regulations read with relevant accounting standards, the consolidated audited financial statement forms part of this

Annual Report.

n) The Company has followed applicable Secretarial Standards, issued by the Institute of Companies Secretaries of India.

o) As required under Section 134(3)(a) of the Act, the Annual

Return is put up on the Companys website i.e. www.rajratan. co.in/investors

p) As per the provisions of Companies (Acceptance of Deposits) Rules, 2014 the company has taken unsecured loan from directors and the details of such loans have been disclosed in the ‘Notes to Account and outstanding balance as on

31.03.2020 is Rs. 38.41 Lakhs.

30. Management Discussion and Analysis

A detailed report on Management Discussion and Analysis is provided as a separate section in the Annual Report. tly

31. Cautionary Note:

The management discussion and analysis report containing your Companys objectives, projections, estimates and expectation may constitute certain statements, which are forward looking within the meaning of applicable laws and regulations. The statements in this management discussion and analysis report could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operation include raw material availability and prices, cyclical demand and pricing in the Companys principal t and loyal services rendered markets, changes in the governmental regulations, tax regimes, forex markets, economic developments within India and the countries with which the Company conducts business and other incidental factors.

32. ANNEXURES FORMING A PART OF DIRECTORS REPORT

The Annexures referred to in this Report and other information which are required to be disclosed are annexed herewith and form a part of this Report:

Annexure Particulars
I Particulars of Conservation of Energy,
Technology and Foreign Exchange
II Report on Corporate Social Responsibility
III Managerial Remuneration and Particulars of
Employees
IV Related Party Transactions
V Extract of the Annual Return in Form MGT-9
VI Secretarial Audit Report
VII Corporate Governance Report
VIII Certificateon Corporate Governance Report
IX AOC-1

33. Human Resources and Industrial Relations:

efficien because YourCompanyhasbeenabletooperate of a culture of professionalism, integrity, dedication, competence, commitments, high level of people engagement and continuous improvementshown by its employees in all functions and areas of business. Our basic objective is to ensure that a robust talent pipeline and a high-performance culture, centered around accountability is in place. We feel this is critical to enable us retain our competitive edge.

During the year measures for training, development, safety of the employees and environmental awareness received top priority of Management. The Directors wish to place on record theirappreciationforthe by all staff and work force of the Company, without whose wholehearted effort, the satisfactory performance would not have been possible.

34. Appreciation:

Your Board of Directors would like to convey their sincere appreciation for the wholehearted support and contributions made by all the employees at all levels of the Company for their hard work, solidarity, cooperation and dedication during the year.

YourDirectorssincerelyconveytheirappreciationtocustomers, shareholders, vendors, bankers, business associates, regulatory and government authorities for their continued support.

For and on behalf of the Board
Place: Indore Sunil Chordia Shiv Singh Mehta
Dated: 22nd May, 2020 Chairman & Director
Managing Director DIN 00023523
DIN - 00144786