Dear Members,
Your Directors are pleased to present the 28th Annual Report
along with the Audited Financial Statements of your Company for the financial year ended
31st March, 2023 (F.Y. 2022-23).
Financial Performance
The Audited Financial Statements of your Company as on 31st
March, 2023, are prepared in accordance with the relevant applicable IND-AS and Regulation
33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the provisions
of the Companies Act, 2013 ("Act").
The summarized financial highlight is depicted below:
(Figure in Rs. Lacs)
| Description |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from Operations & Other Income |
0.33 |
1.98 |
1,594.62 |
1,841.57 |
| Expenses |
55.29 |
99.24 |
1,077.32 |
286.73 |
| Profit before exceptional items and tax |
(54.96) |
(97.26) |
517.30 |
1,554.84 |
| Exceptional Items (Prior Period Income/ (Expenses) |
0.30 |
Nil |
0.30 |
Nil |
| Profit before tax |
(55.25) |
(97.26) |
517.01 |
1,554.84 |
| Provision for taxation |
|
|
|
|
| Current Tax |
Nil |
Nil |
242.96 |
441.05 |
| Deferred Tax |
Nil |
Nil |
14.30 |
8.30 |
| Tax of earlier year |
Nil |
Nil |
Nil |
Nil |
| Profit after tax |
(55.25) |
(97.26) |
259.74 |
1,105.49 |
Performance Highlights
During the financial year, total revenue of your Company on standalone
basis stood at Rs. 0.33 Lacs as compared to Rs. 1.98 Lacs during the previous financial
year 2021-22. The Net loss of the Company on standalone basis stood at Rs. 55.25 Lacs as
compared to Net loss of Rs. 97.26 Lacs during the previous financial year 2021-22.
Further, during the financial year, the consolidated revenue from
operations of the Company stood at Rs. 1,594.62 Lacs as compared to Rs. 1,841.57 Lacs
during the previous financial year 2021-22. The Net profit for the financial year on
consolidated basis stood at Rs. 259.74 Lacs as compared to Net Profit of Rs. 1,105.49 Lacs
during the previous financial year 2021-22.
a) Subsidiaries, Associates and Joint Ventures
A list of Bodies Corporate which are Subsidiary / Step-Down
Subsidiaries of your Company is provided as part of the notes to consolidated financial
statements.
Pursuant to the provisions of Section 129, 134 and 136 of the Act read
with rules made thereunder, and Regulation 33 of the SEBI Listing Regulations, the Company
has prepared consolidated financial statements and a separate statement containing the
salient features of financial statements of subsidiaries in Form AOC-1, which forms part
of this Annual Report.
During the year under review, M/s. Butterfly Ayurveda Private Limited
has become a Step-Down Subsidiary of your Company.
The financial statements of the Subsidiary Companies shall also be kept
for inspection by any Shareholder during working hours at the Companys Registered
Office and that of the respective Subsidiary company concerned.
In accordance with Section 136 of the Act, the Audited Financial
Statements, including Consolidated Financial Statements and related information of the
Company and audited accounts of each of its subsidiaries, are available on website of the
Company at www.saicapital.co.in.
b) Dividend
Considering the financial requirements and in the absence of
distributable profit, your Directors have not recommended any dividend for the year ended
March 31, 2023.
c) Amount Transfer to Reserves
There is no amount proposed to be transferred to the Reserves.
d) Share Capital
There is no change in Share Capital of the Company during the year
under review.
e) Material changes affecting the Company
During the year under review, M/s. Butterfly Ayurveda Private Limited
became a Step-Down Subsidiary of your Company.
During the year under review, M/s. Unisphere Industries Private Limited
- Step-Down Subsidiary of your Company, has added three clauses to its Main Objects of
Memorandum of Association, increased its Authorised Share Capital and approved variation
of Shareholders Rights.
There have been no material changes and commitments affecting the
financial position of the Company between the end of the financial year and date of this
report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on 31st March, 2023, your Companys Board of Directors had four
Members comprising of one Executive Director, one Non-Executive, Non-Independent Director,
and two Non-Executive, Independent Directors. The Board has one Woman Director. The
details of composition of the Board and Committees, tenure of Directors, areas of
expertise and other details are available in the Corporate Governance Report, which forms
part of this Annual Report.
Changes in Directors:
During the year under review, on the recommendation of Nomination and
Remuneration Committee, the Board of Directors at their meeting held on June 06, 2022
considered and approved the appointment of Mr. Ankur Rawat (DIN: 07682969) as an
Additional Director (Executive - Non Independent Director) with effect from June 03, 2022
and accepted the resignation of Mrs. Juhi Singh (DIN: 02022313) (Non-Executive,
Non-Independent Director) from the position of Director with effect from close of business
on June 03, 2022 and also accepted the resignation of Dr. Niraj Kumar Singh (DIN:
00233396), from the position of Managing Director with effect from close of business on
June 03, 2022. However, Dr. Niraj Kumar Singh, continued to act as Director - Executive,
Non Independent of the Company.
Further, the Board of Directors at their meeting held on June 24, 2022
considered and approved the re-designation of Mr. Ankur Rawat (DIN: 07682969), Additional
Director of the Company as a NonExecutive, Non-Independent Director, who shall hold office
up to the date of Annual General Meeting held in the year 2022 and further the Board of
Directors at their meeting held on June 25, 2022, on the recommendation of the Nomination
and Remuneration Committee, considered and approved the appointment of Dr. Niraj Kumar
Singh (DIN: 00233396) as Chairman and Managing Director (Executive - Non Independent) of
the Company for a period of 5 (Five) consecutive years with effect from June 25, 2022
whose period of office shall not be liable to retire by rotation. Their appointments were
approved by the Shareholders of the Company at the 27th Annual General Meeting
held on August 05, 2022.
In accordance with the provisions of Section 152 of the Companies Act,
2013, read with rules made thereunder and Articles of Association of your Company, Mr.
Ankur Rawat (DIN: 07682969) is liable to retire by rotation at the ensuing Annual General
Meeting (AGM) and being eligible, offers himself for re-appointment.
Your Company has received declarations from all the Independent
Directors confirming that they meet with the criteria of independence as prescribed both
under sub-section (6) of Section 149 of the Act and Regulation 16(1)(b) of the SEBI
Listing Regulations and there has been no change in the circumstances which may affect
their status as an Independent Director.
Change in Key Managerial Personnel:
The Board of Directors at their meeting held on June 25, 2022, on the
recommendation of the Nomination and Remuneration Committee and Audit Committee,
considered and approved the appointment of Mr. Ankur Rawat as Chief Financial Officer of
the Company with effect from June 25, 2022 as Mrs. Juhi Singh resigned from the position
of Chief Financial Officer (CFO) of the Company w.e.f. close of business on June 03, 2022
and her resignation as C.F.O. was accepted by the Board of Directors in their meeting held
on June 06, 2022.
Pursuant to the provisions of Section 203 of the Companies Act, 2013,
Dr. Niraj Kumar Singh - Managing Director, Mr. Ankur Rawat - Chief Financial Officer and
Mr. Nitin Gupta - Company Secretary are the Key Managerial Personnel of your Company as on
31st March, 2023.
Brief profile of the Director proposed to be re-appointed, as required
under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, is appended
as an Annexure to the Notice of the ensuing AGM. The Board recommends the re-appointment
of Director for the approval of the Shareholders of the Company.
Committees of the Board
Details of various Committees constituted by the Board, including the
Committees mandated pursuant to the applicable provisions of the Act and SEBI Listing
Regulations, are given in the Corporate Governance Report, which forms part of this Annual
Report.
Number of Meetings of the Board
The Board met 8 (Eight) times during the year under review. The details
of board meetings and the attendance of the Directors are provided in the Corporate
Governance Report, which forms part of this Annual Report.
Independent Directors Meeting
The Independent Directors met on 14th February, 2023,
without the attendance of Non-Independent Directors and members of the management. The
Independent Directors reviewed the performance of Non-Independent Directors, the
Committees and the Board as a whole along with the performance of the Chairman of your
Company and assessed the quality, quantity and timeliness of flow of information between
the management and the Board that is necessary for the Board to effectively and reasonably
perform their duties.
Board Evaluation and Familiarization Programme
The Board carried out an annual performance evaluation of its own
performance and that of its Committees and Individual Directors as per the formal
mechanism for such evaluation adopted by the Board.
The performance evaluation of the Chairman, the Non-Independent
Directors, the Committees and the Board as a whole was carried out by the Independent
Directors. The exercise of performance evaluation was carried out through a structured
evaluation process covering various aspects of the Board functioning such as composition
of the Board & Committees, experience & competencies, performance of specific
duties & obligations, contribution at the meetings and otherwise, independent
judgment, governance issues etc.
The details of familiarization programmes to Independent Directors with
the Company, their roles, rights, responsibilities in the Company, nature of the industry
in which the Company operates and related matters are available on the website of the
Company at https://www. saicapital.co.in.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board, to the best of their
knowledge and based on the information and explanations received from your Company,
confirm that:
(a) in the preparation of the Annual Financial Statements for the
financial year ended March 31, 2023, the applicable accounting standards have been
followed and no material departures have been made from the same;
(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 as at 31st
March 2023 and of the profit or (loss) of the Company for the financial year ended on that
date;
(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 Financial Statements 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 were operating
effectively; and
(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.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is not required to constitute a Corporate Social
Responsibility Committee as it does not fall within purview of Section 135(1) of the
Companies Act, 2013 and hence it is not required to formulate policy on Corporate Social
Responsibility.
INFORMATION REGARDING EMPLOYEES AND RELATED DISCLOSURES
Your Company has put concerted efforts in talent management and
succession planning practices, strong performance management and learning and training
initiatives to ensure that your Company consistently develops inspiring, strong and
credible leadership.
The statement of Disclosure of Remuneration under Section 197 of the
Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 (‘Rules), is annexed and forms an integral part of this Report.
As per second proviso to Section 136(1) of the Act and second proviso
of Rule 5 of the Rules, the Report and Financial Statements are being sent to the Members
of the Company.
During the year under review, your Company has not floated any Scheme
in relation to Employees Stock Option.
As per the requirement of The Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH), your Company has a
robust mechanism in place to redress complaints reported under it. The Company has
complied with provisions relating to the POSH. In the financial year 2022-23, no cases of
sexual harassment were reported.
CORPORATE GOVERNANCE REPORT
Your Company is committed to maintain highest standards of corporate
governance practices. The Corporate Governance Report, as stipulated by SEBI Listing
Regulations, forms part of this Annual Report along with the required certificate from a
Statutory Auditor, regarding compliance of the conditions of Corporate Governance, as
stipulated.
In compliance with Corporate Governance requirements as per the SEBI
Listing Regulations, your Company has formulated and implemented a Code of Conduct for all
Board Members and senior management personnel of your Company ("Code of
Conduct"), who have affirmed the compliance thereto. The Code of Conduct is available
on the website of your Company at www. saicapital.co.in.
ANNUAL RETURN
Pursuant to Section 134(3) (a) of the Act, the draft annual return as
on 31st March, 2023 prepared in accordance with Section 92(3) of the Act is made available
on the website of your Company and can be assessed at www.saicapital.co.in.
VIGIL MECHANISM
Your Company has adopted a whistle blower policy and has established
the necessary vigil mechanism for Directors and employees in confirmation with Section 177
of the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the
genuine concerns about unethical or improper activity, without fear of retaliation.
The vigil mechanism of your Company provides for adequate safeguards
against victimization of Directors and employees who avail of the mechanism and also
provides for direct access to the Chairperson of the Audit Committee in exceptional cases.
No person has been denied access to the Chairperson of the Audit
Committee. The said policy is uploaded on the website of your Company at
www.saicapital.co.in.
During the year under review, no complaint has been registered under
this mechanism.
NOMINATION AND REMUNERATION POLICY
The details of the Nomination and Remuneration Policy are given in the
Corporate Governance Report forming part of this Annual Report. The Nomination and
Remuneration Policy is posted on the website of your Company i.e., www.saicapital.co.in
RISK MANAGEMENT
The purpose of Risk Management is to assist the Board in fulfilling its
responsibilities with regard to the identification, evaluation and mitigation of
operational, strategic and environmental risks. It involves identifying potential events
and threats that may affect the Company and formulating strategy to manage these events
while ensuring that the risk exposure remains at the defined appropriate levels. The
detailed risk review is provided in the Management Discussion & Analysis section
forming integral part of Annual Report.
RELATED PARTY TRANSACTIONS
All transactions with related parties are placed before the Audit
Committee for its approval. An omnibus approval from Audit Committee is obtained for the
related party transactions which are repetitive in nature.
All transactions with related parties entered into during the financial
year were at arms length basis and in the ordinary course of business and in
accordance with the provisions of the Act and the rules made thereunder, the SEBI Listing
Regulations and your Companys Policy on Related Party Transactions.
Your Company has not entered into any transactions with related parties
requiring approval of the Board of Directors in terms of Section 188 of the Act.
Accordingly, the disclosure of related party transactions as required under Section
134(3)(h) of the Act, in Form AOC 2, is not applicable.
No loans / investments to / in the related party(ies) have been written
off or classified as doubtful during the year under review. The Policy on Related Party
Transactions is available on your Companys website i.e., www.saicapital.co.in.
PUBLIC DEPOSITS
There were no outstanding deposits within the meaning of Section 73 and
74 of the Act read with rules made thereunder at the end of the FY 2022-23 or the previous
financial years. Your Company did not accept any deposit during the year under review.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
The Company has not paid dividend in past. Hence, there is no
requirement of transfer of unpaid dividend as per the requirements of the IEPF Rules.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The particulars of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 read with the rules made thereunder
are given in the Financial Statements.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
No significant or material orders were passed by the Regulators or
Courts or Tribunals which impacts the going concern status and Companys operations
in future.
STATUTORY AUDITORS AND AUDITORS REPORT
Pursuant to Section 139 of the Act read with rules made thereunder, as
amended, M/s. Mehrotra & Co., Chartered Accountants (ICAI Firm Registration Number:
000720C) were appointed as the Statutory Auditors of your Company at the 27th
AGM held on August 05, 2022, for the first term of five years till the conclusion of 32nd
Annual General Meeting (AGM) of your Company to be held in the year 2027.
The Statutory Auditors had confirmed that they are not disqualified to
continue as Statutory Auditors and are eligible to hold office as Statutory Auditors of
your Company. Representative of the previous Statutory Auditors i.e., M/s Aditya Agarwal
& Associates, Chartered Accountants, attended the previous AGM of your Company held on
August 05, 2022.
The Notes to the financial statements referred in the Auditors
Report are self-explanatory. The Auditors Report is enclosed with the financial
statements in this Annual Report.
Previous Statutory Auditors i.e., M/s Aditya Agarwal & Associates,
Chartered Accountants (Firm Regn. No. 004568C) were appointed as Statutory Auditors of the
Company for a term of 5 (five) consecutive years, at the Annual General Meeting (AGM) of
the Company held on 29th September, 2017.
M/s Aditya Agarwal & Associates had expressed their intention not
to seek reappointment as Statutory Auditors of the Company on conclusion of their term
vide their letter dated 22nd June, 2022 addressed to the Audit Committee and to
the Board of Directors of the Company. The Audit Committee and the Board of Directors at
their meeting held on 6th July, 2022 took note that M/s Aditya Agarwal &
Associates, Chartered Accountants are not seeking re-appointment as Statutory Auditors at
AGM held in the year 2022, purely on account of their internal reasons and that it has
nothing to do with the Company in any manner whatsoever, and accepted their request to
retire at the conclusion of the AGM of the Company held on 5th August, 2022.
The Board of Directors of the Company at their meeting held on 6th
July, 2022 on the basis of the recommendations of the Audit Committee, recommended for the
approval of the Members, the appointment of M/s Mehrotra & Co., Chartered Accountants
(Firm Regn. No.: 000720C), Kanpur, as the Statutory Auditors of the Company, for a period
of 5 (five) consecutive financial years from the conclusion of 27th AGM held in
the year 2022 till the conclusion of the 32nd AGM on remuneration, terms and
conditions as may approved by the Board. The Members of the Company at their 27th
AGM held on 5th August, 2022 approved the appointment of M/s. Mehrotra &
Co., Chartered Accountants as Statutory Auditors of the Company. In accordance with the
provisions of the Act, the appointment of Statutory Auditors is not required to be
ratified at every AGM.
Auditors Report to the Shareholders for the financial year ended
31st March, 2023, does not contain any qualification.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditor, Secretarial
Auditor and Internal Auditor of your Company have not reported any instances of fraud
committed in your Company by its officers or employees, to the Audit Committee under
section 143(12) of the Companies Act, 2013.
SECRETARIAL AUDITORS AND SECRETARIAL STANDARDS
The Secretarial Audit was carried out by Ms. Rashmi Sahni, Practicing
Company Secretary (Membership No.: 25681) for the financial year ended 31st
March, 2023. The Report given by the Secretarial Auditors is annexed and forms an integral
part of this Report. The Secretarial Audit Report is self-explanatory and does not call
for any further comments. The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
During the year, your Company has complied with applicable Secretarial
Standards i.e. SS-1 and SS- 2, relating to "Meetings of the Board of Directors"
and "General Meetings", respectively.
Pursuant to the provisions of Section 204 of the Act, read with the
rules made thereunder, the Board had appointed Ms. Rashmi Sahni - Practicing Company
Secretary, to undertake the Secretarial Audit of your Company for the FY 2022-23. The
Secretarial Audit Report for the year under review is provided as Annexure to this report.
There are no qualifications, reservations or adverse remarks or disclaimers in the said
Secretarial Audit Report.
Secretarial Audit of Material Unlisted Indian Subsidiary
As on 31st March, 2023 your Company had 1 (one) material subsidiary. As
per the requirements of SEBI Listing Regulations, a Practicing Company Secretary was
appointed by the material subsidiary of the Company to undertake secretarial audit for
F.Y. 2022-23. The Secretarial Audit Report issued by the Secretarial Auditor confirms that
the relevant material subsidiary has complied with the provisions of the Act, rules,
regulations and guidelines and that there were no deviations or noncompliances.
AUDIT COMMITTEE
The details pertaining to composition of Audit Committee are included
in the Corporate Governance Report which forms part of this Annual Report.
INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Board of Directors had laid down internal financial controls to be
followed by the Company and such policies and procedures adopted by the Company for
ensuring the orderly and efficient conduct of its business, including adherence to
Companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records and the timely
preparation of reliable financial information. The Audit Committee evaluates the internal
financial control system periodically.
INFORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under Section 134(3)(m) of the Act read with Rule
8 of the Companies (Accounts) Rules, 2014 for the financial year ended 31st
March, 2023, in relation to the Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo is as under:
A) CONSERVATION OF ENERGY
i. Energy conservation measures taken - N.A.
ii. Additional Investments and proposals, if any, being implemented for
reduction of consumption of energy - N.A.
iii. Impact of the measures at (i) and (ii) above for reduction of
energy consumption and consequent impact in the cost of production of goods - N.A.
iv. Steps taken by the Company for utilizing alternate sources of
energy - N.A.
v. Capital investment on energy conservation Equipment - N.A.
B) TECHNOLOGY ABSORPTION
i. Efforts made in technology absorption - N.A.
ii. Specific areas in which R & D carried out by the Company and
Benefits derived as a result of R & D - N.A.
iii. Technology imported during last three years - None
iv. The future plan of action - None
v. Expenditure in R & D - Nil
vi. Technology Absorption, adaptation and innovation efforts &
benefits to the Company - N.A.
C) FOREIGN EXCHANGE EARNINGS AND OUTGO
i. Efforts and initiative in relation to the exports - N.A.
ii. Total foreign exchange used and earned - N.A.
PREVENTION OF INSIDER TRADING
In terms of the provisions of the Securities and Exchange Board of
India (Prohibition of Insider Trading) Regulations, 2015 ("Insider Trading
Regulations"), as amended, your Company has adopted a ‘Code of Practices &
Procedures for fair disclosure of Unpublished Price Sensitive Information(UPSI) to
regulate, monitor and report trading by designated persons in listed securities of your
Company ("the Code").
The Code aims at preserving and preventing misuse of UPSI. All
Designated Persons of your Company are covered under the Code, which provides inter alia
for periodical disclosures and obtaining pre-clearances for trading in securities of your
Company. PAN based online tracking mechanism for monitoring of the trade in your
Companys securities by the "Designated Persons" and their relatives is in
place to ensure real time detection and taking appropriate action, in case of any
non-compliance with the provisions of the Code.
The Board of Directors, designated persons and other connected persons
have affirmed compliance with the Code.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34 of the Listing Regulations, the Management
Discussion and Analysis report on your Companys performance industry trends and
other material changes with respect to the Company are as under:
i. Industry Structure and Developments & Outlook, Opportunities
& Threats and Discussion on financial performance with respect to operational
performance:
The following analysis of Companys financial condition and
results of operations should be read in conjunction with our financial statements and the
notes thereto contained elsewhere in this report. Some of the statements in this report
constitute forward-looking statements, which relate to future events or the Companys
future performance or financial condition. The forward-looking statements contained herein
involve risks and uncertainties, including statements as to:
• the Companys future operating results;
• the Companys business prospects
• the impact of investments that the Company expect to make;
• the dependence of the Companys future success on the
general economy and its impact on the industries in which the Company invests;
• the Companys expected financing operations and
investments; and
• the adequacy of the Companys cash resources and working
capital;
ii. Segment wise or product wise performance: N.A.
iii. Risk and Concerns: The Company has such risk and concerns similar
to the industry in which it operates.
iv. Internal Control Systems and their adequacy: The Company has
appropriate Internal Control Systems and they are adequate and commensurate to the size of
the business.
v. Material Developments in Human Resources / Industrial Relations
front, including number of people employed: There is no material development in Human
Resources during the year under review. Number of people employed during the financial
year under consideration are 3.
GENERAL DISCLOSURES
Your Directors state that no disclosure or reporting is required in
respect of the following items, as there were no transactions/events of such nature during
the year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
2. Issue of Shares (Including Sweat Equity Shares) to employees of your
Company under any scheme.
3. Voting rights which are not directly exercised by the employees in
respect of shares for the subscription/ purchase of which loan was given by your Company
(as there is no scheme pursuant to which such persons can beneficially hold shares as
envisaged under section 67(3)(c) of the Act).
4. Application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016.
5. One-time settlement of loan obtained from the Banks or Financial
Institutions.
6. Revision of financial statements and Directors Report of your
Company.
CAUTIONARY STATEMENT
Statements in this Report, particularly those which relate to
Management Discussion and Analysis as explained in this Report, describing the
Companys objectives, projections, estimates and expectations may constitute
‘forward looking statements within the meaning of applicable laws and
regulations. Actual results might differ materially from those either expressed or implied
in the statement depending on the circumstances.
APPRECIATION
The Directors hereby wish to place on record their appreciation of the
efficient and loyal services rendered by each and every employee, without whose
whole-hearted efforts, the overall satisfactory performance would not have been possible.
Your Directors look forward to the long-term future with confidence.
|
On behalf of the Board of Directors For Sai Capital
Limited |
|
Dr. Niraj Kumar Singh |
| Date : 1st September, 2023 |
Chairman & Managing Director |
| Place : New Delhi |
DIN: 00233396 |
+91-9892691696
