sakthi finance ltd share price Directors report

To the Members

Your Directors are pleased to present their Sixty Sixth Annual Report together with the audited financial statements of your Company for the year ended 31st March 2023.

1. FINANCIAL PERFORMANCE Rs lakh)

Particulars	2022-23	2021-22
Total Income (A)	19,193.97	18,135.11
Less : Finance Costs	10,926.13	10,775.85
Other Expenditure	5,058.87	4,541.78
Depreciation,	1,473.00	1,525.44
Amortization and } Impairment
Total Expenses (B)	17,458.00	16,843.07
Profit before Exceptional Items and Taxes (A-B)	1,735.97	1,292.04
Exceptional Items	-	-
Profit before Tax	1,735.97	1,292.04
Less : Provision for Tax: Current Tax	674.65	601.09
Deferred Tax	(188.05)	(260.93)
Profit after tax for the year	1,249.37	951.88
Balance brought forward from earlier years	3,862.35	3,455.87
Profit available for Appropriation	5,111.72	4,407.75
Add : Other Comprehensive Income / (Loss)	31.76	33.22
Less : Dividend paid on Equity Shares (2022 & 2021)	388.24	388.24
Statutory Reserve	249.87	190.38
Balance carried forward to	4,505.37	3,862.35
Balance Sheet

2. BUSINESS

For the Financial year ended 31st March 2023, your Company disbursed an amount of Rs 82,152 lakh in hire purchase financing operations as against Rs 59,666 lakh disbursed during the previous year. The overall collection efficiency has been satisfactory. Your Directors hope to achieve better business disbursements and profitability during the ensuing financial year. The covid-19 impact was ceased during the financial year 2022-23.

3. CHANCE IN NATURE OF BUSINESS, IF ANY

During the year, there was no major change in the nature of business of your company.

4. DIVIDEND

a. PREFERENCE SHARES

Your Directors have, at their meeting held on 18th March, 2023, declared an interim dividend of Rs 8.25 per share on 8.25% Redeemable, Cumulative, Preference Shares of Rs 100 each for the financial year ended 31st March

2023 amounting to Rs 118.66 lakh, after deduction of tax deducted at source of Rs 5.09 lakh.

b. EQUITY SHARES

Your Directors are pleased to recommend a dividend of Rs 0.70 per equity share (7% on the face value of equity shares of Rs 10 each) for the year ended 31st March 2023 amounting to Rs 452.94 lakh, subject to deduction of tax, wherever applicable. Equity Dividend recommended by the Board of Directors for the financial year

2022- 23, if approved by the members, will be recognized as a liability during the financial year

2023- 24. The dividend recommended is in compliance with RBI guidelines on Declaration of Dividend by NBFCs.

5. TRANSFER TO RESERVES

No amount has been transferred to General Reserve from current year profits.

6. CAPITAL ADEQUACY

The Capital to Risk Assets Ratio ("CRAR") of your Company as on 31st March 2023 was 19.68%, which is well above the minimum regulatory requirement of 15% CRAR prescribed by the Reserve Bank of India. Out of the above CRAR, Tier I stood at 13.99% and Tier II stood at 5.69% respectively.

7. CREDIT RATINC

The details of credit ratings obtained from the credit rating agency, ICRA Limited are given in the Corporate Governance Report (Refer Annexure 3) which forms part of the Boards Report.

8. CHANCE IN THE CAPITAL

During the year, there is no change in paid-up share capital of the company. As at the end of the financial year, the total paid-up share capital stood at Rs 7,970.59 lakh comprising of 6,47,05,882 equity shares of Rs 10 each and 15,00,000 8.25% Redeemable, Cumulative, Preference Shares of Rs 100 each.

9. MANACEMENT DISCUSSION AND ANALYSIS REPORT

As required under Regulation 34(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("Listing Regulations"), a report on Management Discussion and Analysis, which forms part of this report, is set out in Annexure 1.

10. ADOPTION OF NEW SET OF ARTICLES OF ASSOCIATION

Pursuant to the provisions of Section 14 and all other applicable provisions of the Companies Act 2013 and the Rules made thereunder, (including any statutory modifications or re-enactment thereof, for the time being in force) ("Act"), your Directors have recommended to adopt a new set of Articles of Association in place of the existing Articles of Association of the Company as given in the Companys web link https://www.sakthifinance.com/ investor-information/

11. RBI COMPLIANCES

a. SCALE BASED REGULATIONS

Reserve Bank of India ("RBI") notified "Scale Based Regulations ("SBR") for NBFCs on 22 October 2021, which will be effective from 1 October 2022. Based on this, your company is classified as "NBFc-Middle Layer" ("ML"). Your Company has complied with the various requirements specified under SBR for NBFC-ML within the prescribed timelines.

b. ADOPTION OF POLICY ON INTERNAL CAPITAL ADEQUACY Assessment pROCEss ("ICAAp")

In compliance with the RBI Guidelines, during the financial year ended 31 March 2023, the Board has formulated a Policy on Internal Capital Adequacy Assessment Process ("ICAAP") for assessing the availability of adequate capital to support all risks in business as also to encourage the Company to develop and use better internal risk management techniques for monitoring and managing their risks.

c. CHIEF COMPLIANCE OFFICER

In compliance with the RBI, the Board of Directors of your Company has appointed Sri S Venkatesh as Chief compliance Officer to look after the various compliances applicable to the Company. Further, the board of Directors also adopted Compliance policy under SBR with effect from 7th August 2023.

d. CHIEF RIsK OFFICER

In view of the various risks faced by the Company and to follow the best practices in risk management, Dr. G Sundar, who satisfies the requisite qualification, experience and expertise in the area of risk management, has been appointed as Chief Risk Officer with effect from 11th August, 2022.

e. INTERNAL OMBUDsMAN

RBI had, in its Circular No. CO.CEPD.PRS.No.S874/13- 01-008/2021-22 dated 5th November 2021 issued Directions for NBFCs to appoint an Internal Ombudsman ("IO") for the purpose of grievance redressal mechanism. Sri C Rajasekaran, who satisfies the eligibility and other conditions to be complied with for appointment as an IO of the Company was appointed as an Internal Ombudsman ("IO") with effect from 11th August 2022.

f. NOMINATION AND REMUNERATION POLICY

During the financial year 2022-23, Nomination and Remuneration ("NR") Policy was amended in conformity with RBIs Scale Based Regulations and Listing Regulations, including introducing clawback / malus clause in the NR Policy. Companys policy on Directors appointment and remuneration including the criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Act are covered in the Corporate Governance Report which forms part of the Boards Report. The amended

NR Policy is available on the website of the Company at https://www.sakthifinance.com/wp-content/uploads/ 2023/04/SFL_NRC-Charter-and-Remuneration-Policy. pdf.

The policy on remuneration is enclosed in Annexure 2

12. PUBLIC ISSUE / REDEMPTION OF NON-CONVERTIBLE DEBENTUREs

a. Public Issue of Secured , Redeemable, Non-Convertible Debentures for Rs 20,000 lakh

During April 2023, your Company made a Public Issue of Secured, Redeemable, Non-Convertible Debentures ("NCDs") of Rs 1,000 each for an amount not exceeding Rs 10,000 lakh, with an option to retain over-subscription for an amount not exceeding Rs 10,000 lakh, aggregating Rs 20,000 lakhs. The NCD issue opened on 17th April 2023 and closed on 28th April 2023.Your Company received a subscription of Rs 15,450.85 lakh. Your Company made allotment of 14,68,604 NCDs aggregating Rs 14,686.04 lakh to the eligible allottees on 8th May 2023. The NCDs have been listed and admitted for trading with BSE Limited with effect from 10th May 2023. The proceeds of the NCD issue are being used in accordance with the objects stated in the Prospectus. After this allotment, your Company became a High Value Debt Listed Entity ("HVDLE") as per SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

b. Redemption of Secured, Redeemable, Non-Convertible Debentures ("NCDs")

As per the terms and conditions of the Public Issue Prospectus dated 28th March 2019, your company has redeemed the Secured, Redeemable, Non-Convertible Debentures issued under Options VI to VIII aggregating Rs 4,501.10 lakh (Principal: Rs 3,742.49 lakh and Interest: Rs 758.61 lakh). The repayments were made on 15th May 2023 to the Debenture holders.

13. DEPOsITs

The total deposits with the company as at 31st March 2023 stood at Rs 2,388.82 lakh as against Rs 7,981.13 lakh as at the end of the previous year.

As at the end of the financial year 2022-2023, 182 public deposits aggregating Rs 220.20 lakh were due for repayment, but remained unclaimed. The Company has been regularly reminding the depositors about the maturity and out of the said deposits, 46 deposits amounting to Rs 43.50 lakh have since been claimed and paid / renewed as per their instructions.

14. TRANsFER TO INVEsTOR EDUCATION AND PROTECTION FUND ("IEPF")

During the financial year 2022-23, your Company has transferred unclaimed dividend, unclaimed matured deposits, including interest, amounting to Rs 8.16 lakhs to IEPF. Further, the Company has also transferred 41,891 equity shares of Rs 10 each in respect of which dividend has remained unclaimed for seven consecutive years to IEPF.

15. DIRECTORS AND KEY MANAGERiAL PERSONNEL

a. Retirement by rotation

In accordance with the provisions of Section 152(6) of the Companies Act 2013 ("the Act"), Dr M Manickam Director (DIN: 00102233) will retire by rotation at the ensuing AGM of the Company and being eligible, offers himself for reappointment. Based on the recommendation of the Nomination and Remuneration Committee, the Board also recommends his reappointment to the members.

b. Number of Meetings of the Board

Nine (9) meetings of the Board of Directors of the Company were held during the year. For details of the meetings, please refer to the Corporate Governance Report, which forms part of this Report.

c. Key Managerial Personnel ("KMPs")

Sri S Venkatesh, Company Secretary and Chief Compliance Officer of the Company has resigned his position as Company Secretary with effect from 6th March 2023. The Board place on record, the valuable services rendered by Sri S Venkatesh during his tenure as Company Secretary. Further, he has been appointed as chief compliance Officer with effect from 6th March 2023.

The Board of Directors also appointed Sri. C Subramaniam as Company Secretary and compliance Officer with effect from 6th March, 2023.

In terms of Section 203 of the Act, at present Sri M Balasubramaniam, Vice Chairman and Managing Director, Sri Srinivasan Anand, chief Financial Officer and Sri C Subramaniam, Company Secretary and compliance Officer are the Key Managerial Personnel ("KMPs") of the Company.

d. Declaration by Directors

Ah the Directors of your company have confirmed that they satisfy the "Fit and Proper" criteria as prescribed in RBI Master Direction No. DNBR. PD. 008/ 03.10.119/2016-17 dated 1st September 2016, as amended and that they are not disqualified from being appointed/continuing as Directors in terms of Section 164(2) of the Act.

e. Independent Directors Declaration

Dr A Selvakumar, Sri P S Gopalakrishnan, Smt Priya Bhansali and Sri K P Ramakrishnan, who are Independent Directors, have submitted declarations that each of them meet the criteria of independence as provided in sub-section (6) of Section 149 of the Act and Regulation 25 of the Listing Regulations. Further, in terms of Regulation 25 of the Listing Regulations, they have also confirmed they are not aware of any circumstance or situation which exist or may reasonably be anticipated that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.

Your Board of Directors of the Company, after undertaking due assessment of the veracity of the declaration and confirmation submitted by the Independent Directors, concluded that in the opinion of the Board, the Independent Directors of the Company possess requisite skill, qualifications, expertise and experience (including proficiency) in the field of information technology, banking and finance, finance and accounting, FDI, international taxation etc. and they also hold highest standards of integrity and are Independent of the Management of the Company.

The Independent Directors of the Company have also complied with the Code for Independent Directors prescribed under Schedule IV to the Act.

The Independent Directors of the Company have also declared and confirmed that they have enrolled themselves in the Independent Directors Databank maintained with the Indian Institute of Corporate Affairs ("IICA") in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules 2014.

Further, In terms of Section 150 of the Act read with the companies (Appointment and Qualification of Directors) Rules 2014 as amended, since three of the Independent Directors of the Company have served as Directors for a period of not less than three (3) years on the Board of Listed Companies as on the date of inclusion of their names in the database, they are exempted to undertake the on-line proficiency self-assessment test conducted by the IICA.

Smt Priya Bhansali, Independent Director has successfully completed her on-line proficiency self-assessment test conducted by IICA, Manesar for being eligible to be an Independent Director of the Company.

The details of familiarization programmes for the Independent Directors are given separately in the Corporate Governance Report.

No Independent Director has resigned before the expiry of his / her tenure.

f. Code of Conduct for Directors and Senior Management

All the Directors and members of the Senior Management have confirmed compliance with the Code of Conduct of the Company. A declaration to this effect has been signed by Vice chairman and Managing Director and forms part of the Annual Report.

g. Interse relationship amongst Directors

Except Dr M Manickam, Chairman, Sri M Balasubramaniam, Vice Chairman and Managing Director and Sri M Srinivaasan, Director, who are related to each other as brothers, none of the other Directors is related to each other within the meaning of the term "relative" as per Section 2(77) of the Act read with the Listing Regulations

h. Annual Performance Evaluation

In terms of the requirements of the Act and Listing Regulations, the Board has carried out an annual

performance evaluation of the individual Directors, Committees of the Board and the Board as a whole.

The evaluation was carried out based on a structured questionnaire which includes performance criteria such as performance of duties and obligations, independence of judgment, level of engagement and participation, contribution in increasing the Boards overall effectiveness etc. Your directors have expressed their complete satisfaction on functioning and performance of Individual Directors, Board and its Committees.

16. AUDIT COMMITTEE

The present Audit Committee has three non-executive directors as members, of which two are Independent Directors. The composition of the Committee is given below:

a. Dr A Selvakumar, Chairman

b. Sri M Srinivaasan, Member

c. Sri K P Ramakrishnan, Member

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the financial year 2022-23, the company has not given / provided any loans, guarantee and securities to parties mentioned in Section 185 of the Act. Hence the provisions of Section 186 of the Act is not applicable to the Company.

18. related party transactions

The Company has entered into contracts or arrangements with the related parties in the ordinary course of business and these are on arms length basis only and has complied with the applicable provisions of the Act read with the rules made thereunder and Listing Regulations. There are no contract or arrangement entered into with Related Party(ies) during the year which requires to be disclosed in Form AOC-2 under Sections 188(1) and 134(h) of the Act for the financial year 2022-23 and hence does not form part of the Boards Report.

19. INTERNAL coNTRoL

The information about internal controls is set out in the Management Discussion and Analysis Report which forms part of this Report.

20. RISK Management

The Risk Management is overseen by the Risk Management Committee of the Company. The Committee oversees the Companys processes and policies for determining risk tolerance against established levels. Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuous basis. For details, please refer to the Management Discussion and Analysis Report which forms part of the Boards Report.

21. VIGIL mechanism (WHISTLE BLOWER POLICY)

The Company has formulated a Vigil Mechanism (Whistle Blower Policy) for Directors and employees to report their genuine concerns. During the year, no complaint has been received in this regard. For details, please refer to the Corporate Governance Report which forms part of this Report.

22. subsidiaries, associate and joint venture coMpANIES

The Company does not have any subsidiary, associate or Joint Venture Company. There was no Company which has become or ceased to be Companys subsidiary, joint venture or associate company during the financial year ended 31st March 2023.

23. corporate governance report

As required under Regulation 34(3) read with Schedule V to the Listing Regulations, a report on Corporate Governance and a certificate from the auditors of the company regarding compliance of the conditions of Corporate Governance form part of the Annual Report and is set out in Annexure 3.

24. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND

REDRESSAL) ACT 2013

The Company has put in place a Sexual Harassment Prevention Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. An Internal Compliance Committee ("Icc") has been formed to redress complaints received regarding sexual harassment. All employees are covered under this Policy. During the calendar year 2022, there were no complaints received in this regard by the ICC.

25. ADEOUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The company has put in place necessary internal financial controls which are adequate and are operating effectively. The controls are adequate for ensuring the orderly and efficient conduct of the business, completeness of accounting records and timely preparation of reliable financial information, besides adherence to the companys policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy, etc.

The Statutory Auditors of the Company, M/s. C S K Prabhu & Co, Chartered Accountants, have also examined the internal financial controls of the company and have submitted an unmodified opinion on the adequacy and operating effectiveness of the internal financial controls over financial reporting as at 31st March 2023.

26. directors responsibility STATEMENT

As required under Section 134(5) of the Act, your Directors confirm, to the best of their knowledge and belief that:

a. i n the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

b. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the financial year;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis;

e. they have laid down internal financial controls to be followed by the Company and 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 were adequate and operating effectively.

27. CORPORATE SOCIAL RESPONSIBILITY ("CSR")

The CSR Policy of the Company and the details about the initiatives taken by the Company on CSR during the year as per the Companies (Corporate Social Responsibility Policy) Rules 2014 have been disclosed in Annexure 4. Further, details regarding composition of Corporate Social Responsibility Committee and other particulars are provided in the Corporate Governance Report which form part of this report.

During the financial year 2022-23, your company is required to spend Rs 40.00 lakh towards CSR expenses. Your Company has spent Rs 40.06 lakh during the financial year 2022-23.

28. Auditors

a. statutory auditors

In terms of RBI Circular No. RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 dated 27th April 2021 on "Guidelines for appointment of statutory auditors of banks and NBFCs" ("RBI circular"), the Board of Directors had, at their meeting held on 3rd September 2021, based on the recommendations of Audit Committee, recommended the appointment of M/s. CSK Prabhu & Co., Chartered Accountants, Coimbatore (ICAI Firm Regn No: 002485S) as Statutory Auditors of the company for a continuous period of three (3) years from the conclusion of 64th AGM until the conclusion of 67th AGM of the Company, which was approved by the members at the 64th AGM held on 30th September 2021.

Further, in terms of the above RBI Circular and based on the recommendations of Audit Committee, the Board had recommended the appointment of M/s. CSK Prabhu & Co. (ICAI Firm Regn No: 002485S), Chartered Accountants, Coimbatore as Statutory Auditors of the company for a continuous period of two

(2) years to hold office from the conclusion of 65th AGM until the conclusion of 67th AGM of the Company which was approved by the members at the 65th AGM held on 28th September 2022 to conduct the audit accounts of the Company for the years ending 31st March 2023 and 31st March 2024.

Further, in terms of the above RBI Circular, Statutory Auditors appointment is valid for a continuous period of three years, subject to the firms satisfying the eligibility norms each year. Your Company has received a written consent and an eligibility certificate in accordance with Sections 139, 141 and other applicable provisions, if any, of the Act and the Rules made thereunder from M/s. CSK Prabhu & Co., Chartered Accountants. They have also confirmed that they hold a valid Peer Review certificate issued by the Peer review Board of the Institute of Chartered Accountants of India ("ICAI") as required under the Listing Regulations.

The requirement to place the matter relating to appointment of auditors for ratification by Members at every AGM has been done away by the Companies (amendment) act 2017 with effect from 7th May 2018. Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the Sixty Sixth (66th) AGM.

b. Adoption of Policy for appointment of Statutory Auditors

In compliance with the RBI Guidelines, during the financial year ended 31 March 2023, the Board has approved and adopted a Policy for appointment of Statutory Auditors of the Company, which has been hosted on the website of the Company, www.sakthifinance.com.

c. Secretarial Auditors

Pursuant to Section 204 of the Act, your Directors had appointed M/s. S Krishnamurthy & Co, Company Secretaries, Chennai / Coimbatore to undertake the Secretarial Audit of your company for the year 202223. The Secretarial Audit Report (Form MR-3) for the financial year 2022-23 is set out in Annexure 5.

d. Cost Records and Cost Audit

Maintenance of cost records and requirements of cost audit as prescribed under the provisions of Section 148(1) of the Act is not applicable for the business activities carried out by the Company.

29. AUDITORS REPORT AND SECRETARIAL AUDITORS REPORT

There are no disqualifications, reservations, adverse remarks or disclaimers in the Auditors Report and Secretarial Auditors Report.

The Statutory Auditors of the Company have not reported any fraud as specified under the second proviso of Section

143(12) of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

30. PARTICULARS REQUIRED UNDER SECTION 134 OF THE ACT

Particulars as required under Section 134(3)(m) of the Act read with Companies (Accounts) Rules 2014 are given below:

a. The Company has no activity involving conservation of energy or technology absorption;

b. The Company does not have any Foreign Exchange Earnings; and

c. Foreign Exchange Outgo : Rs 22.16 lakh

31. particulars of employees

The disclosures in terms of Section 197(12) of the Act read with Rules 5(1), (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 relating to remuneration is enclosed in Annexure 6.

32. sICNIFIcANT And MATERIAL oRDERs passed BY The REGuLAToRs OR COURT

There are no significant and material orders passed by the Regulators or courts or Tribunals affecting the going concern status of your Company and its operations in future.

33. MATERIAL CHANGEs AND CoMMITMENTs

There are no material changes and commitments which occurred between the end of the financial year of the company and the date of this report affecting the companys financial position.

34. ANNUAL RETURN

A copy of the annual return for the financial year 2022-23 will be placed on the website of the Company, www.sakthifinance.com within 60 days after conclusion of the 66th AGM.

35. PECUNIARY RELATioNsHIP oR TRANsACTioNs of

non-executive directors

During the year, the Non-Executive 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/Committees of the Board and any other transactions as approved by the Audit Committee or Board which are disclosed in Notes to the financial statements.

36. secretarial standards compliance

Your Directors confirm that the company has complied with the applicable Secretarial Standards issued by the

Institute of Company Secretaries of India in relation to Board and General Meetings.

37. oTHER DisCLosUREs

In terms of applicable provisions of the Act and Listing Regulations, your Company discloses that during the financial year under review there was:

a. no issue of shares with differential rights in relation to dividend, voting or otherwise;

b. no issue of shares (including sweat equity shares) to Directors or employees of the Company;

c. no scheme for provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees;

d. no revision of financial Statements and the Boards Report of the Company;

e. no failure to implement any corporate action;

f. no deviation or variation in connection with certain terms of public issue, rights issue, preferential issue, etc;

g. no suspension of the Companys securities;

h. no application which was made under the Insolvency and Bankruptcy Code 2016 and hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable; and

i. no requirement to disclose the 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.

38. ACKNOWLEDCEMENT

Your Directors wish to place on record the valuable guidance and excellent co-operation extended by the members, banks, financial institutions, rating agencies, Reserve Bank of India and other regulatory authorities. The Board of Directors wish to convey their sincere thanks to the depositors and debenture holders of the Company for their continued patronage. They also wish to appreciate the excellent services rendered by the employees of the Company.

We pray the Goddess SAKTHI to continue to shower her blessings and to guide us in all our endeavours.

	For and on behalf of the Board
7th August 2023	M Manickam Chairman
Coimbatore	DIN : 00102233