Rane Brake Lining Ltd Directors Report.

Your Board of Directors hereby present to you the Fifteenth Annual Report covering the operational and financial performance together with the accounts for the year ended March 31, 2020 and other prescribed particulars:

1. State of Companys affairs

The impact of COVID-19 will be felt in the Financial Year 2020-21 as it is expected to further drag the slowness in the auto industry and the revival is bound to be slow. The Company has partially resumed operations in its facilities, with minimum workforce, as per the guidelines issued by the Ministry of Health and Family Welfare. The Company has taken steps to build in all the safety and precautionary measures across all its facilities and locations. The Company as part of the auto industry is confident of meeting the challenges post the lockdown in ensuring the supply chain is revived and supply is started.

As a responsible corporate citizen, the Company has contributed a sum of Rs0.30 crores as part of its Corporate Social Responsibility initiatives to Chief Ministers Relief Fund, Puducherry, Chief Ministers Public Relief Fund, Telangana and Tamil Nadu Chief Ministers Public Relief Fund in support of COVID-19 pandemic relief measures.

1.1. Financial Performance

The financial highlights for the year under review are as follows:

Particulars 2019-20 2018-19
Revenue from Operations 470.98 513.89
Other Income 10.45 7.08
Profit / loss before Depreciation,
Finance Costs, Exceptional items and Tax Expense 70.99 74.86
Less: Depreciation / Amortisation / Impairment 26.29 24.25
Profit / loss before Finance Costs, Exceptional items and Tax Expense 44.70 50.62
Less: Finance Costs 0.02 0.39
Profit / loss before Exceptional items and Tax Expense 44.68 50.22
Add / (less): Exceptional items - 0.91
Profit / (loss) before Tax Expense 44.68 49.31
Less: Tax Expense (Current & Deferred) 10.34 12.78
Profit / (loss) for the year (1) 34.34 36.53
Total Comprehensive Income / loss (2) (0.98) (0.19)
Total (1+2) 33.36 36.34
Balance of profit / loss for earlier years 45.39 44.14
Less: Transfer to Reserves (22.10) (20.31)
Less: Dividend paid on Equity Shares (11.87) (12.27)
Less: Dividend Distribution Tax (2.44) (2.52)
Balance carried forward 42.34 45.39

The Key Performance Indicators, operational performance and summary on balance sheet are furnished in page no. 2 of this annual report.

The Sales and other Operating Revenue for the FY 2019-20 dropped by 8.35% while the Profit Before Tax (PBT) decreased by 9.40% when compared to previous year. The Earnings Per Share (EPS) for the year 2019-20 was Rs43.39 as against Rs46.15 in the previous year.

The Company continues to be a Subsidiary of Rane Holdings Limited (RHL / Holding Company). There was no material change or commitments, affecting the financial position of the Company between the end of the financial year of the Company and date of the report other than those disclosed in the financial statements section of this annual report. There was no change in the nature of business during the year.

1.2. Appropriation

The Board of Directors declared and paid an interim dividend of 60% (i.e., Rs6.00/- per share of Rs10/- each, fully paid-up) on January 23, 2020 to all the eligible shareholders whose name appeared in the register of members of the Company as on February 12, 2020, the Record Date which was fixed for this purpose.

The Board of Directors, taking into consideration, the operational performance and financial position of the Company, has recommended a final dividend of 110% (i.e., Rs11/-per share of Rs10/- each, fully paid-up) for approval of shareholders at the ensuing 15th Annual General Meeting (AGM) scheduled to be held on August 05, 2020. The total dividend paid / payable on equity shares for FY 2019-20 including the distribution tax and surcharge (interim only) thereon would be Rs 14.43 crores. On declaration of the final dividend by the shareholders, it will be paid on August 11, 2020 to all the eligible shareholders, whose name appears in the register of members of the Company as on July 29, 2020, being the Record Date fixed for this purpose. The total of dividend paid / payable for the FY 2019-20 would be Rs17/-. per equity share of a face value of Rs10/- each, fully paid up..

The Board has retained Rs42.34 crores as surplus in the profit and loss account and has not transferred any amount to the General Reserves for FY 20-21.

1.3. Credit Rating

The Companys financial management and its ability to service financial obligations in a timely manner, has been re-affirmed by ICRA by its ratings during the year under review. Credit rating details have been disclosed to stock exchanges and made available in the website of the Company in a timely manner. The Corporate Governance section of this annual report carries the details of credit rating.

1.4. Share capital

During the year under review, there was no change in capital structure of the Company and as at the year ended on March 31, 2020, the paid up capital of the Company stood at Rs 7,91,49,800, consisting of 79,14,980 equity shares of Rs10/- each, fully paid-up.

1.5. Management Discussion & Analysis

The business of your Company is manufacturing and marketing of auto components for transportation industry viz., friction material (Disc Pads, Brake Shoes, Clutch Facings, Clutch Buttons, Brake Linings and Brake Blocks). The analysis on the performance of the industry, the Company, internal control systems, risk management are presented in the Management Discussion and Analysis report forming part of this report and are provided in ‘Annexure A.

1.6. Subsidiaries, Associate and Joint Venture Companies

The Company does not have any subsidiary, associate or joint venture. There was no Company which has become or ceased to be Companys subsidiary, Joint venture or associate Company during the financial year 2019-20.

2. Board of Directors, Committees and Management 2.1. Composition

The composition of the Board of Directors and its Committees, viz., Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee, are in accordance with Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR), wherever applicable. The Board of Directors have also constituted an Executive Committee and a Finance Committee. The Corporate Governance Report given in ‘Annexure E contains an overview of the role, terms of reference, meetings and composition of the Board of Directors of the Company and its Committees.

During the year under review:

• Mr. Parvataneni Santosh Kumar (DIN:00267280) Independent Director, retired as per the retirement policy of the Company, with effect from conclusion of the Board meeting held on May 22, 2019. Consequently, his membership in the Audit Committee and Nomination and Remuneration Committee also ceased with effect from the said date. The Board places on record its appreciation for the services rendered by Mr. Parvataneni Santosh Kumar during his association with the Company as an Independent Director.

• Mr. Krishna Kumar Seshadri (DIN 00062582) joined the Board of Directors as an Independent Director.

The Members of the Company at their 14th AGM held on July 25, 2019 approved his appointment in first term effective from May 22, 2019 till the conclusion of 16th AGM or May 21, 2021 whichever is earlier.

• Mr. Vinay Lakshman (DIN:07295820) Managing Director, resigned, due to personal reasons, with effect from close of business hours on January 23, 2020. The Board places on record its appreciation for his contributions towards significant improvements in profitability, growth and customer relationships during his tenure as a Managing Director and also acknowledges that he was instrumental in positioning the Company as a strong market leader and enhancing the strategic alliance with the Companys technology partner.

• Mr. Suresh Chandra Gupta (DIN:02085068), in view of attaining the age of 75 years, retired as an Independent Director as per the retirement policy of the Company, effective from the conclusion of the Board meeting held on March 19, 2020. Consequent to his retirement, the Board also re-constituted the Audit Committee, Nomination and Remuneration Committee (NRC) and Corporate Social Responsibility (CSR) Committee, on which he served as a member. The Board places on record its appreciation for the valuable advice and guidance rendered by him during his tenure especially on various strategic matters.

The terms and conditions of appointment of Independent Directors are available at weblink: http://ranegroup.com/rbl_investors/terms-of-appointment-of-independent-directors/.

All the Directors have affirmed compliance with the Code of Conduct of the Company. The Independent Directors have further affirmed that they satisfy the criteria laid down under section 149(6) of the Companies Act 2013 (Act) and Regulation 25 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR), as amended from time to time. The Board of Directors at its first meeting of the FY 2019-20 has taken on record the declarations and confirmations submitted by the Independent Directors.

During the year, the Board had not appointed any person as an Alternate Director for an Independent Director on the Board. The Company has obtained a certificate from a Company Secretary in Practice that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as Directors of Companies by the SEBI/ Ministry of Corporate Affairs or any such statutory authority.

2.2. Retirement by rotation

Mr. Lakshman Lakshminarayan (DIN:00012554) retires by rotation at the ensuing 15th AGM, being eligible, he offers himself for re-appointment. The proposal for re-appointment of Mr. L Lakshman as a Director is included in the notice convening the 15th AGM.

2.3. Board and Committee Meetings

The schedule of meetings of the Board of Directors and Committees of the Board is circulated to the Directors in advance. During the year, five (5) Board Meetings were convened and held, the details of which are given in the Corporate Governance Report. The gap between any two consecutive meetings of the Board of Directors was less than 120 days. The details of Committee meetings are provided in the Corporate Governance Report.

2.4. Meeting of Independent Directors

A meeting of Independent Directors was held to assess the quality, quantity and timeliness of flow of information between the management and the Board. The Independent Directors expressed that the current flow of information and contents were good to effectively perform their duties. They also reviewed the performance of the non-Independent Directors and the Board as a whole and the performance of the Chairman of the Company taking into consideration the views of the Non-Executive Directors.

2.5. Board Evaluation

During the year, the Board carried out an annual evaluation of its performance as well as of the working of its Committees and individual Directors, including Chairman of the Board. This exercise was carried out through a structured questionnaire as per the criteria laid down by Nomination and Remuneration Committee. The performance evaluation of Chairman was also reviewed by Independent Directors at the separate meeting of Independent Directors held during the year.

The evaluation methodology, questionnaire and process for evaluation of the Board as a whole was judiciously formulated to take detailed insights or views of the directors on strategic areas like:

• Scope and adequacy of risk management framework;

• Effectiveness of the succession planning and leadership development initiatives;

• Robustness of the internal audit and statutory compliance practices;

• Information Technology security including cyber security systems;

• Comprehensiveness of the Board agenda materials.

The Chairmans evaluation was carried out with an unbiased approach through peer evaluation seeking detailed views on the performance areas like driving business goals, board room interactions, making organization future ready, contribution in terms of active management and connecting with long term strategic values. All the directors were also subject to peer evaluation, mainly on aspects relating to independence, understanding of the automotive sector, commitment towards corporate governance and developing a healthy Board.

Focus on making the organisation future ready and contribution in terms of active engagement and connect with the long term strategic values of the Company were considered as additional aspects in the evaluation of the Managing Director.

The outcome of the evaluation is also generally considered by the Nomination and Remuneration Committee while considering re-appointments of Directors on the Board and appointment in various Committees. The key areas of improvement emerging through this exercise was discussed by the Chairman with the other Board members and the action plans were initiated on matters of strategic and long term importance, succession planning, leadership developments and IT initiatives.

2.6. Familiarisation program for Independent Directors

The familiarisation program for Independent Directors are available at the weblink: http://ranegroup.com/rbl_ investors/familiarisation-programme-for-independent-directors/.

2.7. Key Managerial Personnel

During the year, Mr. Vinay Lakshman ceased to be the Managing Director of the Company. Consequently, the Board of Directors, based on the recommendations of NRC, had appointed Mr. R Balakrishnan, President as ‘Manager with effect from January 24, 2020, pursuant to Section 196, 203 and other applicable provisions of the Companies Act, 2013. His appointment as a Manager is subject to the approval of the shareholders at the ensuing AGM.

As at the year ended March 31, 2020, Mr. R Balakrishnan, President & Manager, Mr. M A P Sridhar Kumar, Senior Vice President – Finance & Chief Financial Officer (CFO) and Mr. Venkatraman, Secretary, hold the office of Key Managerial Personnel (KMP), respectively, within the meaning of Section 2(51) of the Companies Act, 2013.

2.8. Remuneration policy

The policy contains criteria for determining positive qualifications, positive attributes, independence of a Director and also covers aspects of remuneration which is reasonable and sufficient to attract, retain and motivate Directors / high potential employees to run the company successfully. The policy on appointment and remuneration of Directors, KMP and Senior Management Personnel (SMP) as laid down by the NRC of the Board is available at the web-link at https://ranegroup.com/rbl_investors/policy-on-appointment-remuneration-of-directors-kmp-smp/.

In accordance with the said policy, approval was obtained from the shareholders in terms of Regulation 17(6)(ca) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (SEBI LODR) at the 14th AGM held on July 25, 2019, for payment of commission to Mr. L Ganesh, Chairman, an amount exceeding 50% of total annual remuneration payable to other Non-Executive Director, for the FY 2019-20. The details of remuneration paid / payable to the Directors during the financial year 2019-20 is furnished in the Corporate Governance Report annexed to this report of the Board.

3. Audit and allied matters 3.1. Audit Committee

The terms of reference and meetings of the Audit Committee are disclosed in the Corporate Governance Report section of the annual report. The Audit Committee of the Board acts in accordance with the terms of reference, which is in compliance with the provisions of Section 177 of the Companies Act, 2013 (Act) and Regulation 18 of SEBI LODR and other applicable provisions of SEBI LODR, as amended from time to time.

3.2. Statutory Auditor

M/s. Varma & Varma, Chartered Accountants (Varma & Varma) were re-appointed by the shareholders at the 12th AGM held on August 23, 2017 for a second term of five consecutive years commencing from the conclusion of 12th AGM (2017) till 17th AGM (2022).

Varma & Varma have confirmed that they do not suffer from any disqualification under Section 141 of the Companies Act, 2013 and the rules made thereunder. Varma & Varma has also submitted the peer review certificate issued to them by The Institute of Chartered Accountants of India.

Varma & Varma has not reported any matter under Section 143(12) of the Companies Act, 2013 requiring disclosure under Section 134(3)(ca) of the Companies Act, 2013. The Statutory Auditors report to the members for the year ended March 31, 2020 does not contain any qualification, reservation, adverse remark or disclaimer.

3.3. Cost Audit & Maintenance of cost records

The Company maintains cost records as prescribed by the Central Government under Section 148(1) of the Act in respect of certain specified products manufactured by it. However, the requirement for appointment of Cost Auditor and Cost Audit under Companies (Cost Records and Audit) Rules, 2014 is not applicable to the Company.

3.4. Secretarial Auditor

M/s. S Krishnamurthy & Co., a firm of Company Secretaries in Practice, have been appointed by the

Board of Directors in terms of Section 204 of the Companies Act, 2013, as Secretarial Auditors for the FY 2019-20. The Secretarial Audit report given in ‘Annexure B was taken on record by the Board of Directors at its meeting held on June 17, 2020. The report does not contain any qualification, reservation, adverse remark or disclaimer.

The Annual Secretarial Compliance Report, (hereinafter referred to as ‘compliance report), for FY 2019-20 issued by M/s. S Krishnamurthy & Co., confirms compliance with securities laws applicable to the Company and the same has been taken on record by the Board of Directors at their meeting held on June 17, 2020. The compliance report does not contain any qualification, reservation, adverse remark or disclaimer and the Board has approved filing of the same with the stock exchanges.

3.5. Internal Auditor

M/s. Capri Assurance and Advisory Servicies, a firm of independent assurance service professionals, continues to be the Internal Auditor of the Company. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, review of statutory and legal compliances with applicable statutes / laws and assessing the internal control strengths in all these areas. Internal Auditor findings are discussed with the process owners and suitable corrective actions taken as per the directions of the Audit Committee on a regular basis to improve efficiency in operations. The Internal Auditor reports directly to the Audit Committee and the Audit Committee, while reviewing their performance, scope, functioning, periodicity and methodology for conducting the internal audit, has taken into consideration their confirmation to the effect that their infrastructure viz., internal audit structure, staffing and seniority of the officials proposed to be deployed etc., which are adequate and commensurate to the scope, functioning, periodicity and methodology for conducting the internal audit.

For FY 2019-20, the Audit Committee has inter-alia taken on record their certification to the effect that:

a. They have evaluated the internal control systems and risk management systems and reviewed the risk management systems and the managements process of identification and mitigation of risks and controls;

b. There were no significant findings requiring follow-up there on and there were no matters of suspected fraud or irregularity or a failure of internal control systems of material nature requiring investigation or reporting to the Audit Committee / Board;

c. Internal control systems of the Company for financial reporting are adequate and are operating effectively throughout the year;

d. There were no deficiencies in the design or operation of internal controls;

e. There were no significant changes in the internal control over financial reporting during the year under review;

f. There were no instances of fraud or involvement therein of management or an employee having a significant role in the entitys internal control system over financial reporting; and

g. The Company has a proper system for ensuring compliance with all applicable laws and the same is adequate and working effectively.

4. Directors Responsibility Statement

In terms of Section 134(3)(c) read with section 134(5) of the Companies Act, 2013, the Directors, to the best of their knowledge and belief based on the information and explanations obtained by them, confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed and there were no material departures;

b) they had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 the year under review;

c) they had 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, preventing and detecting fraud and other irregularities;

d) they had prepared the financial statements for the financial year on a ‘going concern basis;

e) they had laid down internal financial controls to be followed by the Company and such internal financial controls were adequate and were operating effectively; and

f) they had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

5. Related Party Transactions (RPT)

All RPT that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. There are no materially significant RPT entered into by the Company with related parties which may have potential conflict with the interest of the Company at large.

All RPT are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee has been obtained for the transactions which are foreseen and repetitive in nature. The transactions entered into pursuant to the omnibus approval so granted are reviewed by the Audit Committee on a quarterly basis.

The Company has put in place a proper system for identification and monitoring of such transactions. Save as disclosed in this report none of the Directors or Key Managerial Personnel has any pecuniary relationships or transactions with the Company. The policy on RPT as approved by the Board is available at the weblink: http://ranegroup.com/rbl_investors/policy-on-related-party-transactions/.

None of the Directors or Key Managerial Personnel or Senior Management Personnel has any material financial and commercial transactions (except in respect of their remuneration) which may have potential conflict with interest of the Company at large.

6. Corporate Social Responsibility (CSR)

The Rane Groups vision on Corporate Social Responsibility (CSR) is: "To be a socially and environmentally responsible corporate citizen". The CSR activities of Rane Group focus on four specific areas, viz., (a) Education (b) Healthcare (c) Community Development; and (d) Environment.

The CSR Committee of the Board is responsible for recommending CSR projects and activities to the Board in line with the CSR policy. The CSR committee monitors and reviews the implementation of CSR activities periodically.

The CSR activities undertaken by the Company are in line with the CSR Policy and recommendations of the CSR Committee comprising Mr. L Lakshman, Committee Chairman, Mr. L Ganesh, Chairman of the Board and Mr. Anil Kumar V Epur, Independent Director, as its members. During the year, Mr. Suresh Chandra Gupta, upon his retirement from the Board, ceased to be a member of the CSR Committee and Mr. Anil Kumar V Epur was inducted into the CSR Committee, as a member, effective March 19, 2020.

During the year, the Company has contributed a sum of Rs1.08 crores on various CSR activities as per the CSR policy and recommendations of the CSR Committee. The ‘Annexure C to this report contains the annual report on CSR activities of the Company for FY 2019-20. The CSR policy of the Company is posted on our website at the web-link http://ranegroup.com/rbl_ investors/corporate-social-responsibility-policy/.

7. Energy conservation, technology absorption and foreign exchange earnings and outgo

The ‘Annexure D to this report contains the information on conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

8. Particulars of Directors, Key Managerial Personnel and Employees

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors, Key Managerial Personnel (KMP) and Employees of the Company are provided as ‘Annexure to this report.

9. Corporate Governance Report

Your Company is committed to maintaining the highest standards of corporate governance and effective compliance with the regulatory norms under the SEBI regulations and other laws and regulations applicable to the Company. The Corporate Governance Report and the certificate issued by the Statutory Auditors are available in ‘Annexure E to this report.

10. Business Responsibility Report

The Business Responsibility Report as applicable to the Company in terms of Regulation 34(2) of SEBI LODR for the FY 2019-20 is provided in ‘Annexure G to this report. The Company practices various business responsibility initiatives as per the Business Responsibility framework of the Rane Group. This framework is developed and steered at Rane group under the able leadership and guidance of Mr. L Ganesh, Chairman of Rane Group who is also responsible for the implementation of the Business Responsibility initiatives.

11. Risk Management

The Company has laid down well-structured procedures for monitoring the Risk Management plan and implementing risk mitigation measures and it has been elaborately discussed under the Management Discussion and Analysis Report which forms part of the annual report.

12. Other disclosures

a) Details of loan, guarantees and investments under the provisions of Section 186 of the Companies Act, 2013, if any, are given in the notes to the financial statements

b) The Internal control systems and adequacy are discussed in detail in the Management Discussion and Analysis annexed to the Directors Report.

c) There was no significant material order passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.

d) The policies approved and adopted by the Board have been made available on the corporate governance section of the Investor page on the website of the Company viz. www.ranegroup.com.

e) The extract of the Annual Return under Section 92(3) of the Companies Act, 2013 in form MGT-9 is available on the website of the Company at www.ranegroup.com and in ‘Annexure F to this report.

f) The Company has complied with the applicable secretarial standards viz., SS-1 on meetings of board of directors and SS-2 on general meetings issued by Institute of Company Secretaries of India as per section 118(10) of the Companies Act, 2013.

g) The details regarding shares and dividend transferred / proposed to be transferred to the Investor Education and Protection Fund (IEPF) and other relevant details in this regard, have been provided in the corporate governance section of this annual report.

h) The Company does not accept any deposits falling under the provisions of section 73 of the Companies Act, 2013 and the rules framed thereunder.

i) The Company has established a formal vigil mechanism named ‘Rane Whistle Blower Policy for reporting improper or unethical practices or actions which are violative of the code of conduct of the Company. The policy which is also available on the intranet portal of the Company provides adequate safeguard against victimisation and has provided direct access to the Chairman of the Audit Committee for by the employees and state their complaints / grievances.

j) The Company has always provided a congenial atmosphere for work that is free from discrimination or harassment and has provided equal opportunities of employment to all irrespective of their caste, religion, colour, marital status and gender.

The Company believes that women should be able to do their work in a safe and respectful environment that encourages maximum productivity. The Company has a zero tolerance towards sexual harassment. The Company has adopted a policy on prevention of sexual harassment of women at work place and put in place proper dissemination mechanism across the Company. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the period, the details of complaints received / resolved or pending are as under: No. of complaints received during the financial year – Nil No. of complaints disposed during the financial year – Nil

No. of complaints pending as of end of the financial year – Nil

k) The electronic copies of the annual report and the notice convening the 15th AGM would be sent to the members whose e-mail addresses are registered with the Company or their respective Depository Participants (DP). In terms of General Circulars no. 14/2020 dated April 08, 2020, 17/2020 dated April 13, 2020 and 20/2020.dated May 05, 2020 issued by the Ministry of Corporate Affairs (MCA) read with SEBI circular no. SEBI/HO/CFD/CMD1/ CIR/P/2020/84 dated May 12, 2020, the Company has not printed physical copies of annual report for distribution. The full Annual Report shall be made available on the website of the Company and also shall be disseminated to the stock exchanges where shares of the Company are listed. l) Annual General Meeting

In view of government advisories on travel and public gatherings to combat the prevailing COVID-19 pandemic and to support the health and well-being of all stakeholders, the 15th AGM would be conducted through video conferencing or other audio visual means on August 5, 2020 at 15:00 hrs IST, as per the framework notified by Ministry of Corporate Affairs. The notice convening the 15th AGM shall contain detailed instructions and notes in this regard.

Acknowledgement

We thank our customers, investors, suppliers, vendors, bankers, government and regulatory authorities and other business associates for their continued support in successful performance of the Company. We place on record our appreciation for the committed services of all our employees.

For and on behalf of the Board
Harish Lakshman Ganesh Lakshminarayan
Director Chairman
DIN: 00012602 DIN: 00012583
Chennai
June 17, 2020