To,
The Members,
Your directors take pleasure in presenting the 17th Board Report of
Ratnabhumi Developers Limited ("the Company") together with the Audited
Standalone and Consolidated Financial Statements for the year ended
31st March 2023.
FINANCIAL SUMMARY AND HIGHLIGHTS
The financial performance (standalone and consolidated) for the year ended 31st
March, 2023 is summarized below:
(Rupees in Lakhs)
|
Standalone |
Consolidated |
Particulars |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from Operations |
66.09 |
175.80 |
21.63 |
15.90 |
| Other Income |
1.23 |
0 |
1.23 |
0 |
| Profit before Depreciation, Finance Costs, |
739.90 |
271.76 |
695.44 |
254.73 |
| Exceptional Items and Tax Expense |
|
|
|
|
| Less: Depreciation/ Amortization/ Impairment |
13 |
2.89 |
13 |
2.89 |
| Profit before Finance Costs, Exceptional Items |
726.90 |
268.87 |
682.44 |
|
| and Tax Expense |
|
|
|
251.84 |
| Less: Financial Costs |
704.16 |
255.84 |
704.16 |
|
|
|
|
|
281.74 |
Profit before Exceptional Items and Tax |
22.74 |
13.03 |
(21.72) |
(29.90) |
Expense |
|
|
|
|
| Add/(less): Exceptional items |
- |
- |
- |
- |
Profit before Tax Expense |
22.74 |
13.03 |
(21.72) |
(29.90) |
| Less: Tax Expense (Current & Deferred) |
(0.65) |
(3.83) |
(0.65) |
(3.83) |
Profit for the year (1) |
23.39 |
16.87 |
(21.07) |
(26.07) |
| Other Comprehensive Income/loss (2) |
- |
- |
- |
- |
| Share in Net profit of Associate Concern (3) |
- |
- |
44.460 |
42.93 |
Total (1+2+3) |
23.39 |
16.87 |
23.39 |
16.87 |
Consolidated results
The net revenue from operations for the FY 2022-23 stood at Rs. 21.63 Lakhs as against
Rs. 15.90 Lakhs in the previous financial year 2021-2022, showing a growth of Rs. 36.03%.
The Loss before and after Tax for the current year is Rs. 21.72 Lakhs. Share in Net
profit of Associate Concern stands Rs. 44.46 Lakhs.
Standalone results
Net revenue from operations decreased to Rs. 66.09 lakhs from Rs. 175.80 Lakhs in the
previous year, showing a decline of Rs. 109.71 Lakhs.
The Profit before Tax for the current year is Rs. 22.74 Lakhs as against Rs. 13.03
Lakhs in the previous year showing a rise in profit of Rs. 9.71 Lakhs.
The Profit after Tax (PAT) for the current year is Rs. 23.39 Lakhs as against the
profit of Rs. 16.87 Lakhs in the previous year showing a growth of 38.65%.
The consolidated financial statement is also the part of annual report in addition to
the standalone financial statement of the company.
The Registered office of the company is shifted from S. F. 207, Turquoise, Panchvati
Panch Rasta, Nr. White House E.B., C.G. Road, Ahmedabad - 380 009, Gujarat, India, to
Ratna Corporate House, Nr. Santoor Bungalows, Ambli - Bopal Road, Ahmedabad - 380 058,
Gujarat, India, w.e.f. 01st June, 2023.
The reclassification application of Mrs. Meghna Shah (Promoter) and Mr. Munir Shah
(Person related to Promoter) is approved by BSE Limited ("BSE") on April 11,
2023 and their category of shareholding was changed from "Promoter/Promoter
group" category to "Public" category.
Except as stated above and in this Board Report, there are no material changes and
commitments affecting the financial position of the Company, which have occurred between
the end of the financial year 2022-2023 and the date of this Report.
TRANSFER TO RESERVES
The Board of Directors of your company has decided not to transfer any amount to the
Reserves for the year under review.
DIVIDEND
With a view to conserve and save the resources for future prospects of the Company,
your directors regret to declare dividend for the financial year 2022-23.
INDUSTRY OVERVIEW
The Company has amassed vast experience of over two decades with a vision to creating
and developing opportunity based infrastructure realizing a pie of growth for everyone
involved. Marketing dexterity with a fire to grow, supported by efficient administrative
prowess and standardization of on site and off site processor, has kept the Company ahead
of the demands of today.
The Company has launched its brand "Turquoise" and has launched 3 projects
under the said brand with the name "Turquoise Greenz" situated at Shela,
Gujarat, "Turquoise Dreamz" near Sindhubhavan Extension, Ahmedabad, and
"Turquoise Grandeure", situated at Godhavi. The schemes of the Company are
clusters of residential and commercial spaces located on prime and developing locations of
Ahmedabad, Gujarat.
The Company continues to focus on consolidation of its operations, rationalization of
business and exploring the opportunities in the development of residential and commercial
projects.
CAPITAL STRUCTURE
During the year, there were no changes which have taken place in the authorized and
paid-up share capital of the Company.
Authorized Capital
The Authorized Capital of the Company is 14,00,00,000/- divided into 1,40,00,000 Equity
Shares of
10/- each.
Issued, Subscribed & Paid-up Capital
The present Paid-up Capital of the Company is 13,70,00,000/- divided into 1,37,00,000
Equity Shares of 10/- each.
CREDIT RATING
During the period under review the company has obtained credit rating from Infomerics
Valuation and Rating Private Limited and the Company was assigned an IVR BBB-/ Stable (IVR
Triple B Minus with a
Stable Outlook) rating for the Companys Long Term Bank Facility of Rs. 100 Crore. The
rating was assigned on 26th July, 2022.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
During the period under review the provisions relating to Investor Education and
Protection Fund (IEPF) is not applicable to the company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Retirement by rotation and subsequent re-appointment:
Mrs. Rinni Kaivan Shah (DIN: 07368796), Director, is liable to retire by rotation at
the ensuing Annual General Meeting, pursuant to Section 152 and other applicable
provisions, if any, of the Companies Act, 2013, read with the Companies (Appointment and
Qualification of Directors) Rules, 2014 (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force), and being eligible have offered
herself for re-appointment.
Appropriate business for her re-appointment is being placed for the approval of the
shareholders of the Company at the ensuing AGM. The brief resume of the Director and other
related information has been detailed in the Notice convening the ensuing AGM of the
Company.
In terms of Regulation 36(3) of SEBI (LODR) Regulations, 2015, brief resume in respect
of the Director who is retiring by rotation and proposed to be re-appointed, is provided
in the Notice convening the 17th AGM of the Company.
CHANGE IN BOARD COMPOSITION
Mr. Devarsh Fadia resigned from the office of Non- Executive Non Independent Director
of the Company w.e.f. 30th December, 2022.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from Mrs. Avani Sanghavi (DIN: 09156980), Mr.
Shaishav Shah (DIN: 07894723) and Mr. Smit Shah (DIN: 07918521), Independent Directors of
the Company under Section 149(7) of Companies Act, 2013 confirming that they meet criteria
of Independence as per relevant provisions of Companies Act, 2013 and SEBI (LODR)
Regulations. At the meeting of the Board of Directors held on 30th May, 2023,
the Board of Directors of the Company has taken on record the said declarations and
confirmation as submitted by the Independent Directors after undertaking due assessment of
the veracity of the same. The Independent directors have complied with the code for
independent director as prescribed in schedule IV of the Companies Act, 2013 and code of
conduct for the board of directors and senior management personnel of the company.
All the Independent Directors of the Company have enrolled their names in the online
database of Independent Directors by Indian Institute of Corporate Affairs in terms of the
recently introduced regulatory requirements. Also, the online proficiency self-assessment
test as mandated will be undertaken by those Independent Directors of the Company who are
not exempted within the prescribed timelines.
The company had formulated and implemented code of conduct for the board of directors
and senior management personnel which is available on the Companys website:
https://ratnagroup.co.in/files/investment/Code-of-Conduct.pdf.
Key Managerial Personnel
During the year under review, there was no change in the Key Managerial Personnel of
the Company.
Hence, as per the provisions of Sections 2(51) and 203 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr.
Kaivan J. Shah, Chairman and Managing Director, Mrs. Rinni K. Shah, Chief Financial
Officer and Ms. Mauli N. Shah, Company Secretary, are the key managerial personnel of the
Company.
NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES
The details of the meetings of Board of directors and its committees convened during
the Financial Year 2022-23 are set out in the Corporate Governance Report, which forms
part of this Report.
BOARD COMMITTEES
There are various committees constituted as stipulated under the Companies Act, 2013
and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 namely Audit
Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.
Brief details pertaining to composition, terms of reference, meetings held and attendance
thereat of these Committees during the financial year 2022-23 has been enumerated in
Corporate Governance Report.
AUDIT COMMITTEE RECOMMENDATIONS
During the year, all recommendations of Audit Committee were approved by the Board of
Directors.
NOMINATION AND REMUNERATION POLICY
The Company has formulated and adopted the Nomination and Remuneration Policy in
accordance with the provisions of Companies Act, 2013 read with the Rules framed
thereunder and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015.
The Nomination and Remuneration Committee have formulated the criteria for appointment
of Executive, Non-Executive and Independent Directors on the Board of Directors of the
Company and persons in the Senior Management of the Company, their remuneration including
determination of qualifications, positive attributes, independence of Directors and other
matters as provided under sub-section (3) of Section 178 of the Companies Act, 2013
(including any statutory modification(s) or reenactment(s) thereof for the time being in
force).
The salient aspects covered in the Remuneration policy have been outlined in the
corporate governance report, which forms part of this report.
EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 read with Rules framed there
under and in compliance with the requirements of SEBI (LODR) Regulations, 2015, the Board
has carried out the annual evaluation of the performance of the Board as a whole,
Individual Directors including Independent Directors, Non-Independent Directors,
Chairperson and the Board Committees. A structured questionnaire was prepared after taking
into consideration the inputs received from the Directors, covering various aspects of the
Boards functioning such as adequacy of the composition of the Board and its Committees,
Meetings of the board, functioning of the board, effectiveness of board processes, Board
culture, execution and performance of specific duties, obligations and governance.
The exercise was also carried out to evaluate the performance of individual Directors
including the Chairman of the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgment, safeguarding the interest of the
Company and its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out by the entire
Board excluding the director being evaluated. The performance evaluation of the Chairman
and the Non-Independent Directors was carried out by the Independent Directors who also
reviewed the performance of the Key Managerial Personnel. The Directors expressed their
satisfaction with the evaluation process.
REMUNERATION OF DIRECTORS AND EMPLOYEES OF THE COMPANY
The information required under Section 197(12) of the Companies Act, 2013 read with
Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
in respect of Directors/employees of the Company is set out in "Annexure -
[1]" of this report.
SUBSIDIARY/JOINT VENTURES/ ASSOCIATE COMPANY
Your company has following Associate companies during the period under review:
1. Rajul Projects LLP, incorporated on 20th July, 2017 2. Raivat Projects
LLP, incorporated on 31st July, 2017
3. Ratnamani Buildspace LLP, incorporated on 20th April, 2017
The above mentioned LLPs are engaged in the business of acquisition/purchase of any
area/ land, developing the same into buildings, whether residential or commercial, and
equipping the same with amenities or facilities.
Ratnabhumi Techno Engg Private Limited:
The Company has acquired 100% shareholding in Ratnabhumi Techno Engg Private Limited
thus making it a Wholly Owned Subsidiary Company of Ratnabhumi Developers Limited. The
transaction for acquisition was completed on 25th April, 2023.
The Company is engaged in the business of acquisition/purchase of any area/ land,
developing the same into buildings, whether residential or commercial, and equipping the
same with amenities or facilities.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the requirements of Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013, Board of Directors of the Company, hereby state and confirm that:
a) in the preparation of the annual accounts for the financial year ended 31st
March, 2023, the applicable accounting standards have been followed and there are no
material departures from the same;
b) they have selected such accounting policies and applied them consistently and made
judgements 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 the
profit and loss of the Company for the financial year ended 31st March, 2023;
c) they 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;
d) they have prepared annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
The Board has adopted policies and procedure for ensuring the orderly and efficient
conduct of its business, including adherence to the Companys policies, the safeguarding
of its assets, the prevention and detection of fraud and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
During the year no reportable material weakness in the design or
operation were observed.
FRAUDS REPORTED BY THE AUDITOR
The auditor of the Company has not reported any fraud to the Audit Committee or Board
or to the Central Government under Section 143(12) of the Companies Act, 2013.
DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
Report on performance and financial position of the subsidiaries, associates and joint
ventures
The Company has 3 associate concerns:
1. Raivat Projects LLP and 2. Rajul Projects LLP 3. Ratnamani Buildspace LLP
1. Raivat Projects LLP:
Net revenue from operations stood at Rs. 384.94 Lakhs for the FY 2022-23.
The Profit before Tax and profit after tax, for the current Financial Year, is Rs.
101.31 Lakhs and Rs. 68.81 Lakhs respectively.
There has been a change in the partnership ratio of Raivat Projects LLP
("LLP") with effect from 11th March, 2023. M/s. Kalikund Construction
Private Limited, partner of the LLP having contribution ratio of
30%, diluted its contribution and M/s. Ratnabhumi Developers Limited
("Company"), partner of the LLP having contribution ratio of 35%, acquired the
diluted ratio. Hence, post-acquisition, the Company is having a contribution ratio of 50%
in the LLP.
2. Rajul Projects LLP:
Net revenue from operations of the LLP stood at Rs. 69.14 Lakhs for the FY 2022-23.
The Profit before Tax and profit after tax, for the current Financial Year, is Rs.
45.48 Lakhs and Rs. 35.73 Lakhs respectively.
There are no material changes and commitments affecting the financial position of the
LLP, which have occurred between the end of the financial year 2022-23 and the date of
this Report.
3. Ratnamani Buildspace LLP:
The LLP had Total Revenue of Rs. 9.59 Lakhs for the FY 2022-23.
The Profit before Tax is Rs. 8.71 Lakhs and Profit after tax 5.71 Lakhs for the FY
2022-23.
There are no material changes and commitments affecting the financial position of the
LLP, which have occurred between the end of the financial year 2022-2023 and the date of
this Report.
Companies which have become or ceased to be subsidiaries, associates and joint ventures
During the period under review, no Company/ LLP has become or ceased to be
subsidiaries, associates and joint ventures
PUBLIC DEPOSITS
During the year under review, Company has not accepted any deposit within the meaning
of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014. Further, Company does not have any deposit which is in violation of
Chapter V of the Act.
LOANS TAKEN FROM DIRECTORS OF THE COMPANY
During the year under review, the Company has taken unsecured loans from Directors of
the Company. Details of Unsecured Loans taken from Directors of the Company are given in
the Notes to the Financial Statements forming part of Annual Report.
Director, who has given unsecured loans to the Company, has furnished to the company at
the time of giving the loan, a declaration in writing to the effect that the amount is not
being given out of funds acquired by him by borrowing or accepting loans or deposits from
others.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of Loans, guarantee and Investments covered under the provisions of Section
186 of the Act are given in the Notes to the Financial Statements forming part of Annual
Report.
RELATED PARTY TRANSACTIONS
During the FY 2022-23, Company has entered into some transactions with related parties
as defined under
Section 2(76) of the Companies Act, 2013, which were in the ordinary course of business
and at arms length basis. Further, the transactions were in accordance with the
provisions of the Companies Act, 2013, read with rules framed thereunder and the SEBI
(LODR) Regulations, 2015. All transactions with related parties were entered with prior
approval of the Audit Committee.
The details of the related party transactions as required under IND AS - 24 are set out
in Notes to the financial statements.
The Company has formulated a policy on related party transactions, the same is
available on Companys website at
https://ratnagroup.co.in/files/investment/Related%20Party%20Transaction%20Policy.pdf.
The detail disclosure of these transactions in Form AOC- 2 pursuant to Section 134
(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules,
2014 is set out as "Annexure [2]"to this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provision relating to the corporate social responsibility are not applicable to the
company during the Financial Year 2022-23.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information required under section 134(3)(m) of the Companies Act, 2013 read with
Rule 8(3) of the Companies (Accounts) Rules, 2014.
Conservation of Energy
In its endeavor towards conservation of energy your Company ensure optimal use of
energy, avoid wastages and conserve energy as far as possible.
Technology Absorption
The Company has not carried out any research and development activities.
Foreign Exchange Earnings and Outgo
The Company has not made any transaction with any foreign country. Therefore, during
the period under review there is no Foreign Exchange Earnings and Outgo.
RISK MANAGEMENT POLICY
The Company has a robust Risk Management policy. The Company through Board and Audit
Committee oversees the Risk Management process including risk identification, impact
assessment, effective implementation of the mitigation plans and risk reporting. Risk
Management forms an integral part of the
Companys planning process.
The Audit Committee has additional oversight in the area of financial risks and
controls. Major risks identified by the business and functions are systematically
addressed through mitigating actions on continuing basis.
There are no risks, which in the opinion of the Board threaten the existence of the
Company.
VIGIL MECHANISM
Your Company has established a Vigil Mechanism/ Whistle Blower Policy which is in
compliance with the provisions of Section 177(9) of the Companies Act, 2013 and Regulation
4(2)(d)(iv) read with Regulation 22 of the SEBI (LODR) Regulations, 2015. The policy
enables stakeholders, including individual employees, directors and their representative
bodies, to freely communicate their concerns about illegal or unethical practices,
instances of unethical behavior, actual or suspected fraud or violation of the companys
code of conduct. The Policy provides adequate safeguards against victimization of
Director(s)/ employee(s) and direct access to the Chairman of the Audit Committee in
appropriate or exceptional cases. The Protected Disclosures, if any reported under this
Policy will be appropriately and expeditiously investigated by the Chairman.
Your Company hereby affirms that no Director, employee or any other personnel has been
denied access to the Chairman of the Audit Committee and that no complaint was received
during the year.
The Whistle Blower Policy has been disclosed on the Companys website under the web
link https://ratnagroup.co.in/files/investment/Whistle-Blower-Policy.pdf and circulated to
all the Directors / employees.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no other significant/material orders passed by the Regulators, Courts,
Tribunals, Statutory and quasi-judicial body impacting the going concern status of the
Company and its operations in future.
The details of litigation on tax and other relevant matters are disclosed in the
Auditors Report and Financial
Statements which forms part of this Annual Report.
AUDITORS
STATUTORY AUDITOR
M/s. DJNV & CO, Chartered Accountants were appointed as Statutory Auditors of the
Company at the AGM held on September 29, 2020 for a term of five consecutive years.
The Notes on financial statement referred to in the Auditors Report are
self-explanatory and do not call for any further comments. The Auditors Report dated 30th
May, 2023 is unmodified and does not contain any qualification, reservation or adverse
remark.
No fraud has been reported by the Auditors to the Audit Committee or the Board.
SECRETARIAL AUDITOR
The Board has appointed M/s Insiya Nalawala and Associates, Practicing Company
Secretaries to undertake the Secretarial Audit of the Company for the financial year
2022-23 pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the SEBI
(LODR) Regulations, 2015 as amended.
SECRETARIAL AUDIT REPORT
The Secretarial Audit Report in the prescribed Form No. MR 3 for the Financial Year
2022-23 is annexed herewith as "Annexure - [3]" to this Report. The
Secretarial Auditor has not reported any qualification, reservation or adverse remark or
disclaimer in his report.
Your Company has also obtained certificate from the practicing company secretary
certifying that none of the directors of our Company has been debarred or disqualified
from being continuing as directors of the Company by SEBI, Ministry of Corporate Affairs
or such similar statutory authority.
COMPLIANCE WITH SECRETARIAL STANDARD
The Company has complied with Secretarial Standards 1 and 2 issued by the Institute of
Company Secretaries of India on Board meetings and General Meetings respectively.
CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (IBC)
During the period under review no corporate insolvency resolution process is initiated
against the company under the Insolvency and Bankruptcy Code, 2016 (IBC).
IMPLEMENTATION OF CORPORATE ACTION
During the year under review, the Company has not failed to implement any Corporate
Actions within the specified time limit.
ANNUAL RETURN
As per the requirements of Section 92(3) of the Act and Rules framed thereunder, the
Annual Return for FY 2022-23 is uploaded on the website of the Company and the same is
available at https://ratnagroup.co.in.
COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable for the business activities
carried out by the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As per requirements of SEBI (LODR) Regulations, 2015, a detailed review of the
developments in the industry, performance of the Company, opportunities and risks, segment
wise and product wise performance, internal control systems, outlook etc. of the Company
is given under the head Management Discussion and Analysis Report, which forms part of
this Annual Report.
CORPORATE GOVERNANCE REPORT
The report on Corporate Governance along with a certificate from the Practicing Company
Secretary on its compliance for the Financial Year 2022-23, as per Regulation 34(3) read
with Schedule V of the SEBI (LODR) Regulations, 2015 forms part of the Annual Report.
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has adopted zero tolerance for sexual harassment at workplace and has
formulated a policy on Prevention, Prohibition and Redressal of Sexual Harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder for prevention
and Redressal of complaints of sexual harassment at workplace.
The policy aims to provide protection to employees at workplace and prevent and redress
complaints of sexual harassment and for the matters connected and incidental thereto, with
the objective of providing safe working environment, where employees feel secure.
An Internal Complaints Committee has been set up to Redress complaints related to
sexual harassment. During the Financial year 2022-23, the company has not received any
complaint of sexual harassment at workplace. Further, there was no complaint pending at
the beginning of the year or at the end of the year.
ACKNOWLEDGEMENT
The Board wishes to place on record its sincere appreciation to the Companys
customers, vendors, central and state government bodies, auditors, legal advisors,
consultants, registrar and bankers for their continued support to the Company during the
year under review. The Directors also wish to place on record their appreciation for the
dedicated efforts of the employees at all levels. Finally, the Board expresses its
gratitude to the members for their continued trust, co-operation and support.
Date: August 11, 2023 |
For and on behalf of the Board of Directors, |
Place: Ahmedabad |
|
|
Kaivan Shah |
|
Chairman and Managing Director |
|
DIN: 01887130 |
+91-9892691696
