s p apparels ltd Directors report

To

The Members,

The Directors of your Company are pleased to present the 17th Annual Report on the business and operations of the Company together with the Audited Financial Statements (Standalone & Consolidated) for the year ended 31st March, 2022. The Management Discussion and Analysis is also included in this Report.

FINANCIAL RESULTS

The Companys financial performance for the year ended 31st March, 2022 is summarised below: (includes discontinued operat,ons) (in Million)

PARTICULARS	STANDALONE		CONSOLIDATED
	2021-22	2020-21	2021-22	2020-21
Sales and other income
Revenue from Operations	7670.51	5755.69	8594.21	6523.14
Other Income	93.70	11.19	94.95	13.76
Total	7764.21	5766.88	8689.22	6536.90
Profit before Interest & Depreciation	1555.48	973.80	1612.73	1057.22
Less : Interest	105.95	130.71	118.53	142.75
Depreciation	324.07	304.13	346.30	323.05
Profit Before Tax	1125.46	538.96	1147.90	591.42
Less : Taxation
Provision for Current Tax	287.17	160.75	291.52	167.49
Previous Period Tax	(17.70)	4.59	(17.70)	4.59
Deferred Tax Expenses / (Credit)	23.99	(13.22)	27.15	(12.38)
Total Tax Expenses	293.46	152.12	300.97	159.70
Profit After Tax	832.00	386.84	846.92	431.72
Other comprehensive Income (Net of tax)	5.52	(85.53)	5.52	(85.53)
Minority Interest	-	-	0.77	0.34
Total Comprehensive Income	837.52	301.31	853.22	346.53

Review from Operations:

Garment Division:

The second wave of COVID-19 Pandemic during the month of Jan21 in UK & Europe and India had an impact in our revenue and operations partly during first quarter of financial year 2021-22.

In-spite of the disturbances caused, the Garment divisior was able to tide over the situation and was able to perform well during this financial year. The Garment division of the Company has shown better performance both in terms ol Growth & Margins. The strategies implemented to improve the capacities is yielding better results. Our strategy tc increase the capacity by having double shift will also start yielding results in upcoming quarters. This gives us good confidence in growth of the garment division.

Retail Division

Financial year 21 - 22 has been a very tough year for the Retail division. The industry has been undergoing very bad phase due to lockdown in stores where there was no sales for a period of 3 months. Even after the lockdown the walk- ins were very weak. Under these circumstances, we have consolidated the non-performing stores and have reduced the overhead considerably.

As planned, we have hived off the retail division into a separate company and we have added two more brands under the retail portfolio. We have added a childrens brand

(Angel & Rocket) a premium brand under S P Retail Ventures Limited and a brand named "HEAD" under the Retail Ventures portfolio which is an international brand. The license was given to S P Retail Ventures Limited to manufacture and sell goods in India under the brand HEAD. This is under the Athleisure segment.

We are confident that with brands like "Crocodile", "HEAD", "Angel & Rocket" & "Natalia", our subsidiary Company, SP Retail Ventures Limited will be able to get listed as a company on its own.

SP-UK

United Kingdom was disturbed and impacted due to second wave of COVID-19 Pandemic and also due to the geopolitical situation in Europe. We had couple of orders pushed back and for some orders we got delivery dates to extend. In spite of these tough conditions, SP-UK was able to deliver a revenue growth during the current financial year.

SP-UK is confident of revenue growth and have lined up with couple of new customers and it is improving the supplier base as well.

OPERATIONS

The Company achieved a total turnover of Rs. 7764.21 Million as against a turnover of Rs.5766.88 Million in the previous year. The Companys Profit Before Tax is Rs. 1125.46 Million during the year, as compared to Rs. 538.96 Million in the previous year, an increase of 108.81% over the last year. The Company earned a Net Profit of Rs. 832.00 Million, as against a Net Profit of Rs. 386.84 Million in the previous year.

There was no change in the nature of business of the Company during the financial year ended 31st March, 2022.

DIVIDEND

Considering the need to conserve cash, your Board of Directors has not recommended any dividend on the equity shares of the Company for the financial year 2021-2022.

TRANSFER TO RESERVES & SURPLUS

As at March 31, 2022 the Company had reserves of Rs. 6044.32 Million. During the year under review the company has transferred Rs.837.52 Million to Other Equity (General reserve).

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

Since there was no unpaid/unclaimed Dividend, the provisions of Section 124 & 125 of the Companies Act, 2013 relating to transfer of Unclaimed dividend to Investor Education and Protection fund do not apply.

SHARE CAPITAL

The Authorised Share Capital of the Company is Rs. 47,25,00,000/- divided into 4,72,50,000 Equity Shares of Rs. 10/- each and the issued, subscribed and paid-up share capital of the Company as at 31.03.2022 stood at Rs.25,69,26,000/- divided into 2,56,92,600 Equity Shares of Rs.10/- each.

WEBLINK OF ANNUAL RETURN

The Annual Return of the Company for the financial year 2021-22 as required under Section 92(3) of the Companies Act, 2013 is available on the website of the Company at the link http://www.s-p-apparels.com

CAPITAL EXPENDITURE

As on 31st March, 2022, the gross fixed assets block stood at Rs.6800.45 Million and net fixed assets block at Rs.4003.56 Million. Additions and Deletions to Fixed Assets during the year amounted to Rs. 402.79 Million and Rs. 29.77 Million respectively.

BOARD AND COMMITTEE MEETINGS CONDUCTED DURING THE PERIOD UNDER REVIEW

The details of meetings of Board of Directors and Committees thereof and the attendance of the Directors in such meetings have been enumerated in the Corporate Governance Report.

STATEMENT ON COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards. Such systems are found to be adequate and are operating effectively. The Company has duly complied with Secretarial Standards issued by the Institute of Company Secretaries of India in respect of the meeting of the Board of Directors (SS-1) and General Meetings (SS-2).

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:

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

(b) the directors had 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) the directors had 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) the directors had prepared the annual accounts on a going concern basis;

(e) the directors laid down internal financial controls to be followed by the Company and such internal financial controls were adequate and operating effectively and

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

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143(12) OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There were no instances of frauds identified or reported by the Auditors during the course of their audit pursuant to Section 143(12) of the Companies Act, 2013.

DECLARATION OF INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and that their name is included in the data bank as per Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014. During the year, the Independent Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board of directors and Committee(s). The details of remuneration and /or other benefits of the Independent director are mentioned in the Corporate Governance Report. Further, they have also declared that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.

Based on the confirmation / disclosures received from the Directors and on the evaluation of the relationships disclosed, the following Non-Executive Directors are Independent:

Mr.V.Sakthivel, Mr.A.S. Anand Kumar, Mr.C.R.Rajagopal and Mrs.H.Lakshmi Priya

STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

The Board of Directors have evaluated the Independent Directors and opined that the integrity, expertise and experience (including proficiency) of the Independent Directors is satisfactory.

COMPANYS POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND OTHER MATTERS PROVIDED UNDER SECTION 178(3) OF THE COMPANIES ACT, 2013

The Company has formulated a policy on Nomination and Remuneration for its Directors, Key Managerial Personnel and senior management including criteria for determining qualifications, positive attributes, independence of a director and other matters pursuant to the provisions of Section 178 of the Companies Act, 2013 and in terms of Regulation 19(4) of the SEBI Listing Regulations. The

Nomination and Remuneration Policy of the Company can be accessed on the Companys website at the link http:// www.s-p-apparels.com/assets/img/docs/SPL-NOMINATION- AND-REMUNERATION-POLICY.pdf

COMMENTS ON AUDITORS REPORT

There are no qualifications, reservations or adverse remarks or disclaimers made by

M/s. ASA & Associates LLP, Statutory Auditors and Mr.M.D.Selvaraj, proprietor of MDS & Associates, Secretarial Auditor in their respective reports.

There are no qualifications, reservations or adverse remarks or disclaimers made by M/s.ASA & Associates LLP, Statutory Auditors in their reports however Mr.M.D.Selvaraj, proprietor of MDS & Associates, Secretarial Auditor has qualified that the Company has not filed the newspaper advertisement in which the financial results for the quarters ended 30th September 2021 and 31st December 2021 were published to the stock exchanges as required under Regulation 30 (6) read with Clause 12 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In reply, your directors wish to state that the compliance of the above regulation shall be ensured in future.

MAINTENANCE OF COST RECORDS UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT, 2013

The maintenance of cost record as specified by the Central Government under Section 148(1) of the Companies Act, 2013 is applicable to the Company and accordingly the cost accounts and records are made and maintained. However, the appointment of Cost Auditor under the provisions of Section 148 is not applicable to the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The Company has given loans and made investments during the year under review and duly complied with the provisions of section 186 of the Companies Act 2013 and as required therein the details of the loans and investments are annexed by way of notes to the financial statements. However, the Company has not provided any guarantee or security during

the year under review.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered into with related parties as defined under the Companies Act, 2013 during the financial year 202122 were in the ordinary course of business and on an arms length basis. Since there are no transactions which are not on arms length basis and material in nature the requirement of disclosure of such related party transactions in Form AOC-2 does not arise.

The Policy on Related Party Transactions as approved by the Board of Directors of the Company has been uploaded on the Companys website and may be accessed through the link at http://www.s-p-apparels.com/assets/img/docs/RPT-Policy. pdf

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

Lockdown during the first quarter of the Financial year has impacted the turnover and profitability of the Company, to which the financial statements related and the Company has incorporated M/s.S.P.Retail ventures Limited a Wholly owned Subsidiary company for moving the retail operations of the Company.

Other than this, there were no material changes and commitments, affecting the financial position of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign Exchange Earnings and outgo as required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure-A and is attached to this report.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT OF THE COMPANY

Pursuant to the requirement of Regulation 21 of the SEBI Listing Regulations, the Company has constituted a Risk Management Committee ("RMC"), consisting of Board members and senior

executives of the Company. The Company has in place a Risk Management framework to identify, evaluate business risks and challenges across the Company both at corporate level as also separately for each subsidiary. Pursuant to section 134(3)(n) of the Companies Act, 2013 & Regulation 17(9) of the SEBI (Listing Obligations and Disclosure Requirements) Rules 2015, the Company has framed an effective Risk Management Policy in order to analyse, control or mitigate risk. The board periodically reviews the risks and suggests steps to be taken to control the same.

DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Board has formed a Corporate Social Responsibility Committee consisting of Mr.P.Sundararajan as Chairman of the Committee and Mrs.S Latha and Mr.V Sakthivel as Members of the Committee. The Committee has formulated and recommended a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013, which has been approved by the Board. The CSR policy may be accessed on the Companys website http://www.s-p- apparels.com/assets/img/docs/CSR%20 Policy.pdf.

The annual report on CSR activities is annexed in Annexure-B herewith.

CONSOLIDATED FINANCIAL STATEMENTS

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to the provisions of the Companies Act, 2013. They are prepared in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, in this regard. The Consolidated Financials also show a significant increase in Revenues as well as Profitability.

ANNUAL EVALUATION OF THE BOARD ON ITS OWN PERFORMANCE AND OF THE INDIVIDUAL DIRECTORS

In accordance with the evaluation criteria and procedure suggested by the Nomination and Remuneration Committee, the Board of Directors evaluated the performance of the Board, having regard to various criteria such as Board composition,

Board processes, Board dynamics etc. The Independent Directors, at their separate meetings, also evaluated the performance of non-independent directors and the Board as a whole based on various criteria. The performance of each independent Director was evaluated by the entire board of directors on various parameters like engagement, leadership, analysis, decision making, communication, governance etc. The Board and the Independent Directors were of the unanimous view that performance of the Board of Directors as a whole was satisfactory.

The performances of all the Committees were evaluated by the Board having regard to various criteria such as committee composition, committee processes, committee dynamics, degree of fulfillment of key responsibilities, effectiveness of meetings etc. The Board was of the unanimous view that all the committees were performing their functions satisfactorily.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr.S.Chenduran (DIN: 03173269) as a Non-executive Director, retires by rotation at the Annual General Meeting and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

Mr.S.Chenduran (DIN: 03173269) was appointed as Joint Managing Director of the Company, by the Board of Directors with effect from 11th August, 2022 subject to the approval of the members at the ensuing Annual General Meeting. Accordingly, necessary resolutions proposing the appointment of Mr.S.Chenduran as Joint Managing Director of the Company has been included in the Agenda of the Notice convening the Annual General Meeting for the approval of the members.

Mrs.S.Shantha (DIN: 00088941) was appointed as Additional Director and Joint Managing Director of the Company, by the Board of Directors with effect from 11th August, 2022 and holds office up to the date of this Annual General Meeting. Accordingly, necessary resolutions proposing the appointment of Mrs.S.Shantha as Director and Joint Managing Director of the Company has been included in the Agenda of the Notice convening the Annual General Meeting for the approval of the members.

Key Managerial Personnel of the Company as required

pursuant to Section 2 (51) and 203 of the Companies Act. 2013 are

Mr.P.Sundararajan	Chairman and Managing Director,
Mr.S.Chenduran	Joint Managing Director
Mrs.S.Shantha	Joint Managing Director
Mrs.S.Latha	Executive Director
Mr.V.Balaji	Chief Financial Officer and
Mrs.K.Vinodhini	Company Secretary.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES.

The Company has three subsidiary companies viz. Crocodile Products Private Limited and S.P.Apparels (UK) Private Limited and S.P Retail Ventures Limited.

The consolidated financial statements of the company and its subsidiaries were prepared in accordance with the applicable accounting standards have been annexed to the Annual Report.

The annual accounts of the subsidiary companies are posted on the website of the Company viz. http://www.s- p-apparels.com and will also be kept open for inspection by any shareholder at the Registered Office of the Company.

A report containing the salient features of the subsidiaries as required under Section 129(3) of the Companies Act 2013 has been annexed herewith in AOC - 1 and is attached as Annexure-C to this report.

The Company has formulated a Policy for determining Material Subsidiaries. The Policy may be accessed at: http:// www.s-p-apparels.com

The Company does not have Joint Venture or Associate Company.

FIXED DEPOSITS

Since the Company has not accepted any fixed deposit covered under Chapter V of the Companies Act, 2013, there are no deposits remaining unclaimed or unpaid as on 31st March, 2022 and accordingly, the question of default in repayment of deposits or payment of interest thereon during the year does not arise.

FINANCE

Prompt repayments, facilitated by healthy cash flows, elevated the standing of your Company. It enabled prudent application of funds and better negotiation strength. This trend is expected to continue.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATION IN FUTURE

No significant and material order was passed by any Regulators that have any impact on the going concern status and the operations of the Company.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations. The Audit Committee of the Board periodically reviews the Internal Financial Control Systems and their adequacy and recommends corrective action as and when necessary to ensure that an effective internal control mechanism is in place.

The directors confirm that the Internal Financial Control (IFC) is adequate with respect to the operations of the Company. A report of Auditors pursuant to Section 143(3)(i) of the Companies Act, 2013 certifying the adequacy of Internal Financial Control is annexed with the Auditors Report.

AUDITORS

a) STATUTORY AUDITORS

M/s. ASA & Associates LLP (FRN 009571N/N500006) Chartered Accountants, Chennai were appointed as the Statutory Auditors of the Company for a period of five years at the twelfth Annual General Meeting (AGM) of the Company held on 11th August 2017. The Audit Committee and the Board has approved the re-appointment of M/s. ASA & Associates LLP for the second term of five (5) years i.e., from the conclusion of the seventeenth AGM till the conclusion of the twenty second AGM to be held in the year 2027.

The Company has received a certificate from the Statutory

Auditors to the effect that their re-appointment as the Statutory Auditors of the Company, would be within the limits prescribed under section 139 of the Companies Act, 2013

The necessary resolution seeking approval of the Members for their re-appointment has been incorporated in the Notice to the AGM of the Company along with brief details about them.

b) SECRETARIAL AUDITOR

The Board has appointed Mr.M.D.Selvaraj of M/s. MDS & Associates, Company Secretaries in Practice, Coimbatore as the Secretarial Auditor of the Company for the year 2022-23 to carry out the Secretarial Audit, pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The report of the Secretarial Auditors for the financial year 2021-22 is annexed as Annexure-D to this Report.

c) INTERNAL AUDITOR

The Board has appointed M/s. BM & Associates, Chartered Accountants, Coimbatore as Internal Auditors for the financial year 2022-23 pursuant to the provisions of Section 138 of the Companies Act, 2013.

EMPLOYEE WELFARE

The Employee Welfare Initiatives and practices followed by the Company is among the best in the Corporate sector. The Company employs close to 12254.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to define the policy and redress complaints received. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is the summary of sexual harassment complaints received and disposed of during the year 2021-22:

i. Number of complaints received - Nil

ii. Number of complaints disposed of - NA PARTICULARS OF EMPLOYEES

Statement pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed to Annexure-E attached to this report.

MANAGEMENT DISCUSSION & ANALYSIS

As per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Management Discussion and Analysis Report outlining the business of your Company forms part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

At a time and age when enterprises are increasingly seen as critical components of the social system, they are accountable not merely to their shareholders from a revenue and profitability perspective but also to the larger society which is also its stakeholder. Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective, in the format as specified by SEBI vide Circular CIR/CFD/ CMD/10/2015 dated November 04, 2015 forms part of this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance is annexed and forms part of this report. The Company has complied with the conditions relating to Corporate Governance as stipulated in Regulation 27 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015.

AUDIT COMMITTEE

The Audit Committee of the Board of Directors has been duly constituted in accordance with the provisions of Section 177 of the Companies Act, 2013. The details relating to the composition, meetings and functions of the Committee are set out in the Corporate Governance Report forming part of this Annual Report. The Board has accepted the Audit Committee recommendations during the year whenever required and hence no disclosure is required under Section 177(8) of the Companies Act, 2013 with respect to rejection of any recommendations of Audit Committee by the Board.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY

The Company has provided for adequate safeguards to deal with instances of fraud and mismanagement and to report concerns about unethical behaviour or any violation of the Companys Code of Conduct. During the year under review, there were no complaints received under this mechanism. The policy can be accessed on the Companys website at http://www.s-p-apparels.com/assets/img/docs/Vigil-

Mechanism-Policy_Revised.pdf

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR

No applications has been made and no proceedings are pending against the Company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF.

The disclosure under this clause is not applicable as the Company has not undertaken any one-time settlement with the banks or financial institutions.

INDUSTRIAL RELATIONS

The relationship between the management and the employees at all levels during the year under review has been cordial and productive

CAUTIONARY NOTE

Certain statements in "management discussions and analysis" section may be forward looking and are stated as required by law and regulations. Many factors, both external and internal, may affect the actual results which could be different from what the directors envisage in terms of performance and outlook.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation, for the contribution made by all the employees at all levels but for whose hard work and support, your Companys achievements would not have been possible. Your Directors also wish to thank its customers, suppliers and bankers for their continued support and faith reposed in the Company.

	For and on behalf of the Board of Directors
	P. Sundararajan
Place : Avinashi	Chairman and Managing Director
Date : 11.08.2022	DIN : 00003380