sarla performance fibers ltd share price Directors report

Dear Members

The Board of Directors take immense pleasure in presenting the Thirtieth (30th) Annual Report together with its Audited Financial Statements for the financial year ended March 31, 2023 ("year under review").

1. Financial Performance

The Companys financial performance for the year ended March 31, 2023 is summarized below:

(Rs in Lakhs)

Particulars	Standalone		Consolidated
	2022-23	2021-22	2022-23	2021-22
Revenue from Operations	38,654.70	42,869.99	38,740.02	43,087.69
Other Income	923.05	1,222.83	987.52	1,231.38
Total Income	39,577.74	44,092.82	39,727.53	44,319.07
Profit Before Interest, Depreciation & Tax	6,556.89	9,302.10	6,670.59	9,453.35
Finance Cost	483.28	368.78	483.29	368.78
Depreciation & amortization expenses	2,107.35	1,862.90	2,959.48	2,652.82
Profit before Tax & Exceptional Items	3,966.26	7,070.42	3,227.82	6,431.76
Exceptional Items- Income / (Expenses)	-	-	-	-
Profit before Tax	3,966.26	7,070.42	3,227.82	6,431.76
Less: Provision for Tax
- Current Tax	1,119.45	1,909.69	1,123.95	1,914.74
- Deferred Tax	(128.74)	(113.98)	(128.74)	(113.98)
- Adjustments for earlier years	94.38	-	94.38	-
Net Profit for the year	2,881.17	5,274.71	2,138.23	4,631.00
Other Comprehensive Income	27.96	(1.63)	182.96	67.80
Total Comprehensive Income	2,909.13	5,273.08	2,321.19	4,698.80
Earning per share	3.45	6.32	2.56	5.54

2. Business Performance Operations:

During the financial year under review, the sales of the Company on standalone basis were Rs. 38,295.92 Lakhs in FY 2022-23 as against Rs. 42,281.29 Lakhs in FY 2021-22 witnessing a decrease of 9.43% due to the prevalent market conditions. The value of exports stood at Rs. 19,889.52 Lakhs for FY 2022-23 compared to Rs. 21,804.99 Lakhs in FY 2021-22. The decrease is attributed to the unfavourable market conditions globally.

The Consolidated Sales of the Company for FY 202223 was Rs. 38,654.70 Lakhs as against Rs. 42,869.99 Lakhs in the previous year i.e. 2021-22, thereby registering a decrease of 9.83%.

Profitability:

The profit before Interest, Depreciation & Tax was Rs. 6,556.91 Lakhs as compared to Rs. 9,302.10 Lakhs in the previous year, after providing for depreciation of Rs. 2,107.35 Lakhs (Previous Year Rs. 1,862.90 Lakhs) & provision for taxation of Rs. 1,085.09 Lakhs (Previous Year Rs. 1,795.71 Lakhs), there was a net profit of Rs. 2,881.18 Lakhs as compared to Rs. 5,274.71 Lakhs in the Previous Year.

3. Dividend

In order to conserve the resources of the Company by taking into account the prevailing economic situation and the need of resources for growth, the Board of Directors of the Company have decided not to recommend any dividend on the Equity Shares of the Company for the Financial Year ended March 31, 2023.

4. Reserves

There is no amount proposed to be transferred to Reserves out of profits of the FY 2022 -23.

5. Share Capital

There has been no change in the share capital of the Company during the year under review. As on March 31, 2023, the paid-up share capital of your Company stood at Rs. 835.03 Lakhs comprising of 83,503,000 Equity shares of Re. 1/- each fully paid.

The Company has, during the year under review, neither issued any Equity shares with differential voting rights nor any shares (including sweat equity shares) to its employees under any scheme.

6. Deposits:

The Company has not accepted any Deposit covered under Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details relating to deposits covered under Chapter V of the Act or the details of deposits which are not in compliance with the Chapter V of the Act is not applicable.

7. Consolidated Financial Statement:

As stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Company has prepared Consolidated Financial Statement in accordance with the applicable accounting standards as prescribed under the Companies (Accounts) Rules, 2014 of the Companies Act, 2013 ("the Act"). The Consolidated Financial Statement reflects the results of the Company and that of its subsidiary and associates. As required under Regulation 34 of SEBI Listing Regulations, the Audited Consolidated Financial Statement together with the Independent Auditors Report thereon is annexed and forms part of this Report and also available on the website of the Company.

8. Subsidiaries, Joint Ventures and Associate Companies:

The Company does not have any Indian Company as Subsidiary. There are two wholly owned overseas subsidiaries viz. Sarla Overseas Holdings Ltd (BVI) and Sarlaflex Inc. (USA) and one Step down subsidiary viz. Sarla Europe (LDA) as on March 31, 2023 which is a subsidiary ofSarla Overseas Holdings Ltd (BVI). There has been no material change in the nature of the business of the subsidiaries. The Policy for determining material subsidiaries as approved may be accessed on the Companys website at www.sarlafibers.com.

Pursuant to the provisions of Section 136 of the Companies Act, 2013 the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are available on the website of the Company at the link: www.sarlafibers.com.

The Report on the performance and statement containing salient feature of Financial Statements of the aforesaid Subsidiary Companies in terms of Section 129 of the Act is separately attached in Form No. AOC-1 which forms part of this Report as "Annexure - I".

During the year under review, no Company has become or ceased to be a Subsidiary.

9. Particulars of Loans, Guarantees and Investments

Details of the loans, guarantees and investments, as required under Section 186 of the Act and Schedule V of the SEBI Listing Regulations, are provided as part of the notes to the financial statements of the Company.

10. Directors and Key Managerial Personnel

As of March 31, 2023, your Company had 6 (Six) Directors, which included 3 (Three) Independent Directors and 3 (Three) Executive Directors.

The Board of your Company is duly constituted in accordance with the requirements of the Companies Act, 2013 read with the SEBI Listing Regulations.

Change in Directors

Mrs. Shreya Desai (DIN: 08041995), was reappointed as Independent Non-Executive Director of the Company for a second term of five (5) years w.e.f. December 12, 2022 upto December 11, 2027, at the 29th Annual General Meeting of the Company held on September 28, 2022.

Retirement by Rotation

In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mr. Kanav Jhunjhunwala, (DIN: 09507192), Executive Director retires by rotation at the ensuing 30th AGM of the Company and being eligible, offers himself for re-appointment.

The disclosures required pursuant to Regulation 36 of the SEBI Listing Regulations and the Secretarial Standards on General Meeting (‘SS-2) are given in the Notice of this AGM, forming part of the Annual Report.

Changes in Key Managerial Personnel

There were no changes in the Key Managerial Personnel during the year under review.

Composition of Key Managerial Personnel (KMP)

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on the date of this Report are:

a) Mr. Krishnakumar Jhunjhunwala, Managing Director;

b) Mr. Mukesh Deopura, CFO; and

c) Ms. Neha Somani, Company Secretary & Compliance Officer

Declaration from Independent Directors:

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 of the SEBI Listing Regulations.

Performance evaluation of the Board

In accordance with the provisions of the Companies Act, 2013 and Regulation 17 and 19 of the SEBI Listing Regulations, the Company has formulated the criteria for performance evaluation of all the Directors including Independent Directors, the Board and its Committees and the Chairman, details of which are mentioned in the Corporate Governance Report forming part of this Annual Report.

11. Meetings of the Board

During the FY 2022-23, six (6) Meetings of Board of Directors were convened and held. The details of the said meetings are mentioned in the report on Corporate Governance forming part of this Annual Report.

The intervening gap between two consecutive meetings was not more than 120 (One Hundred and Twenty) days as prescribed by the Companies Act, 2013 and the SEBI Listing Regulations.

12. Committees of Board

Pursuant to the provisions of the Companies Act, 2013, rules framed there under and the SEBI Listing Regulations, the Board has constituted four (4) Committees, viz., Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee and Stakeholders Relationship Committee. The details on the composition of these Committees as well as changes in their composition, if any, during the year under review and the number and dates of meetings of such committees held during the year are covered in Corporate Governance Report which forms part of this Annual Report.

13. Familiarization Programme for the Independent Directors

In compliance of the SEBI Listing Regulations, the Company has put in place a Familiarization Programme for the Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model etc. The details of such programme are available on the website of the Company- https:// www.sarlafibers.com/investors/.

14. Particulars ofEmployees and related Disclosures

Disclosure pertaining to remuneration and other details as required under section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in "Annexure-II" to this Report.

A Statement containing Particulars of Employees as required pursuant to the provisions of Section 197 of the Act, and Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report. As per the provisions of Section 136 of the Act, the Annual Report is being sent to Members of the Company and other stakeholders entitled thereto, excluding the Statement containing Particulars of Employees. Any Member interested in obtaining such details may write to the Company Secretary of the Company at investors@sarlafibers.com.

15. Whistle Blower / Vigil Mechanism Policy

The Company believes in conducting its affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. Pursuant to Section 177(9) of the Act read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI Listing Regulations, the Board of Directors have implemented a vigil mechanism through the adoption of Whistle Blower / Vigil Mechanism Policy. The policy provides for adequate safeguards against victimization of Director(s) or employee(s) or any other person who avail the Mechanism. The Code applies to all Directors, Officers and Employees of the Company.

The Code of Conduct is available on Companys website at the link - http://sarlafibers.com/images/ whistle-blower-policy.pdf to report any concerns about unethical behaviour, any actual or suspected fraud.

16. Compliance of Secretarial Standards

During the financial year under review, the Company has complied with all the applicable provisions of Secretarial Standards issued by the Institute of Company Secretaries of India.

17. Directors Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(5) of the Companies Act, 2013:

a. that in the preparation of annual accounts for the financial year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures for the same;

b. appropriate accounting policies have been selected and applied consistently and judgments and estimates are made reasonably and prudently so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit of the Company for the year ended on that date;

c. proper and sufficient care have been taken 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 annual accounts have been prepared for the financial year ended March 31, 2023 on a ‘going concern basis;

e. proper internal financial controls are devised to ensure compliance with all the provisions of the applicable laws and that such internal financial controls are adequate and are operating effectively; and

f. proper systems are devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

18. Extract of the Annual Return

In accordance with the provisions of Section 92(3) read with section 134(3)(a) of the Companies Act, 2013 and Rules framed thereunder, an annual return in the prescribed format for the financial year 202223 is available on the website of the Company at https://www.sarlafibers.com/investors .

19. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as ‘Annexure - III to this Report.

20. Particulars of contracts or arrangements with Related Party Transactions

Pursuant to Policy on Related Party Transaction of the Company, all contracts/ arrangements/ transactions entered by the Company during financial year with related parties which were on arms length basis and were in ordinary course of business and were approved by the Audit Committee. There are no materially significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel which may have a potential conflict with the interest of the Company at large.

Pursuant to the provision of applicable SEBI Listing Regulations, all related party transactions are placed before the Audit Committee for approval including the transaction under section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI Listing Regulations. Prior omnibus approval of the Audit Committee has been obtained for transactions which are foreseen and repetitive in nature.

The particulars of contracts or arrangements with related parties referred to in sub-section 1 of Section 188 of the Companies Act, 2013 are furnished in Form AOC-2 in ‘Annexure-IV to this report.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at the link: www.sarlafibers.com

Members may refer to Note No. 43 to the Standalone Financial Statements which sets out related party disclosures.

21. Corporate Social Responsibility:

In accordance with the requirements of Section 135 of the Companies Act, 2013, your Company has a Corporate Social Responsibility (CSR) Committee. The composition and terms of reference of the Corporate Social Responsibility (CSR) Committee are provided in the Corporate Governance Report.

Your Company has also formulated a Corporate Social Responsibility Policy (CSR Policy) which is available on the website of the Company at https:// www.sarlafibers.com/investors .

The Annual Report on CSR activities in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules 2014 has been appended as ‘Annexure - V and forms integral part of this Report.

22. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has zero tolerance towards sexual harassment at the workplace and have 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. All women employees whether permanent, temporary or contractual are covered under the above policy. The said policy has been uploaded on website of the Company and intimated to all the female employees. An Internal Complaint Committee (ICC) has been set up in compliance with the said Act and rules framed thereunder to redress complaints received on sexual harassment.

During the year under review, no cases were received & resolved pursuant to the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

23. Internal Financial Control Systems, their Adequacy and Risk Management:

Adequate Internal Financial Control systems, commensurate with the nature of the Companys business, size and complexity of its operations, are in place and have been operating satisfactorily and effectively. During the financial year under review, no material weaknesses in the design or operation of Internal Financial Control system was reported.

The Companys Internal Auditor also monitors and evaluates the internal control system and submits Quarterly Reports which are placed before the Audit Committee of the Board.

24. Significant and Material Orders passed by the Regulators or Courts:

During the period under review, no such order is passed by any Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

25. Material changes and commitments, if any, affecting financial position have occurred between the end of the financial year of the Company and date of this report:

There were no Material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report.

26. Auditors and Auditors Report

a) Statutory Auditors:

M/s. CNK & Associates LLP, Chartered Accountants, Mumbai (Firm Registration No.: 101961W) were appointed as the Statutory Auditors of the Company for a term of five (5) consecutive years, at the 29th AGM of the Company held on September 28, 2022 to hold office up to the conclusion of 34th AGM. They have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Statutory Auditors, M/s CNK & Associates LLP, Chartered Accountants have issued their reports on Financial Statements for the financial year ended March 31, 2023. There are no adverse remarks or qualifications in the said report. The Notes on Accounts referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Members are therefore requested to approve the Auditors Report.

b) Cost Auditor:

The Board of Directors, on recommendation of the Audit Committee, had appointed M/s. V.B. Modi & Associates, Cost Accountants (Firm Registration No.: 004861), as Cost Auditors of the Company, for the FY 2022-23, for conducting the audit of the cost records maintained by the Company for the products as mandated by the Central Government at a remuneration as mentioned in the Notice convening the 29th AGM of the Company.

During the year under review, the Cost Auditor had not reported any fraud under Section 143(12) of the Act and therefore, no details are required to be disclosed under Section 134(3)(ca) of the Act. The Cost Audit Report for FY 2022-23 has been duly filed with the Ministry of Corporate Affairs.

The Board of Directors, on recommendation of the Audit Committee, had appointed M/s. Balwinder & Associates, Cost Accountants, (Firm Registration No: 000201), as Cost Auditors of the Company, for the FY 2023-24, for conducting the audit of the cost records maintained by the Company for the products as mandated by the Central Government at a remuneration as mentioned in the Notice convening the 30th AGM of the Company.

The Company has received a certificate from M/s. Balwinder & Associates, Cost Accountants that they are eligible to be appointed as Cost Auditors under Section 141 of the Act and Rules framed thereunder. The Company has also received a No Objection Certificate, M/s. V.B. Modi & Associates, Cost Accountants for appointment of M/s. Balwinder & Associates.

A resolution seeking Members ratification for the remuneration payable to the Cost Auditors for the FY 2023-24 forms part of the Notice of the 30th AGM of the Company.

c) Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed CS Mayank Arora - Proprietor of M/s. Mayank Arora & Co., Company Secretaries in Practice (Membership No.: F10378 / COP: 13609) to undertake the Secretarial Audit of the Company for the financial year ended March 31, 2023.

The Report of Secretarial Auditor in Form MR-3 in accordance with Section 204 of Companies Act, 2013 and Secretarial Compliance Report in accordance with Regulation 24A of the SEBI Listing Requirements for the financial year ended March 31, 2023 is annexed herewith and marked as ‘Annexure -VI to this Report.

There were no qualifications/ adverse remarks made by the Secretarial Auditor in their report for the financial year ended March 31, 2023.

However, the Secretarial Auditor have made the following observations in their report which are self-explanatory and doesnt require any clarification:

1. During the Financial Year2021-22, the company has been fined by the Bombay Stock Exchange Limited and National Stock Exchange Limited for the NonCompliance of Regulation 17 and Regulation 23 of the SEBI (LODR) Regulations, 2015. However, upon request of waiver of fine levied by the Exchanges, National Stock Exchange Limited has grantedpartial waiver of penalty imposed on both the regulations and accordingly were asked to make the payment of Rs. 4,01,200/- with respect to non-compliance of Regulation 17 and 23 by March, 03, 2023. The Company has remitted the fine amount through electronic transfer on March 03,2023. Further, there is no further update on the waiver request submitted with the Bombay Stock Exchange Limited till date;

2. During the period under review, National Stock Exchange have asked for the clarification in the submission of the shareholding pattern for quarter ended June 30, 2022 with respect to updation of PAN details with the designated depository and also data was not covered in System Driven Disclosures (SDD) for Insider Trading (as per SEBI circular dated September 09, 2020. The Company has updated the requisite data with the depositories and the same was resolved vide letter dated August 17, 2022 duly submitted with NSE.

3. During the period under review, National Stock Exchange have asked for the clarification in the submission of the shareholding pattern for quarter ended September 30, 2022 with respect to data in the depositories not in line with the System Driven Disclosures (SDD) for Insider Trading (as per SEBI circular dated September 09, 2020. The Company has updated the requisite data with the depositories and the same was resolved vide letter dated December 08,2022 duly submitted with NSE.

27. Corporate Governance

As per Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from M/s. Mayank Arora & Co., Practicing Company Secretary, on compliance with corporate governance norms under the SEBI Listing Regulations, forms an integral part of this Annual Report as ‘Annexure - VII & ‘Annexure - VII(A) respectively.

28. Management Discussion & Analysis Report

Management Discussion and Analysis Report on the operations of the Company, as required under the Regulation 34 (2) of the SEBI Listing Regulations, is provided in a separate section and forms an integral part of Annual Report as ‘Annexure - VIII.

29. Credit Rating

Acuite Ratings and Research Ltd (Formerly Known as SMERA Ratings Limited) have reaffirmed the Companys long-term borrowings rating to ACUITE A and reaffirmed the short-term borrowing rating as ACUITE A1 for the FY 2022-23.

These ratings are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.

30. Reporting of Frauds

There have been no instances of fraud reported by the Statutory Auditors under Section 143 (12) of the Act and Rules framed thereunder, either to the Audit Committee/ Company or to the Central Government.

31. Cost Records

The maintenance of cost records as specified under Section 148 of the Act, is applicable to the Company and accordingly all the cost records are made and maintained by the Company and audited by the cost auditors.

32. Change in the Nature of Business

During the period under review, there is no change in the nature of business of the Company.

33. Code of Conduct for Prohibition of Insider Trading

Your Company has in place a Code of Conduct for Prohibition of Insider Trading, which lays down the process of trading in securities of the Company by the Designated Persons and to regulate, monitor and report trading by the employees of the Company either on his/her own behalf or on behalf of any other person, on the basis of Unpublished Price Sensitive Information. Also it lays down the procedure for Inquiry in case of leak of Unpublished Price Sensitive Information including Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information. The aforementioned amended Code is available on the website of the Company at https://www.sarlafibers.com/investors .

34. Investor Education and Protection Fund (IEPF)

During the FY 2022-23, the Company has transferred a total amount of Rs. 10,15,656/- to the IEPF Authority on November 17, 2022 pertaining to balance lying in respect of final dividend of the FY

2014- 15 and thereafter, had transferred underlying 10,000 Equity Shares to the IEPF Authority on November 30, 2022. Prior to that the Company had transferred 8,580 Equity Shares on April 06, 2022 with respect to Final Dividend of FY 2013-14.

Shareholders /claimants whose shares, unclaimed dividend have been transferred to the aforesaid IEPF Suspense Account or the Fund, as the case may be, may claim the shares or apply for refund by making an application to the IEPF Authority in Form IEPF- 5 (available on https://www.iepf.gov.in/content/ iepf/global/master/Home/Home.html) along with requisite fee as decided by the IEPF Authority from time to time.

Further, the Company shall be transferring the unclaimed Final Dividend for the financial year 2015- 16 to the IEPF Account on or before December 03, 2023. The Company shall also be transferring the shares, on which the dividend has remained unclaimed for a period of seven (7) consecutive years, to the IEPF Account simultaneously on the same date.

35. Insurance

All the properties including buildings, plant and machinery and stocks ofthe Company are adequately insured.

36. Other Disclosures

a) There are no proceedings made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of one-time settlement with any Bank or Financial Institution, during the year under review.

b) The Equity shares ofyour Company continues to be listed on BSE Limited and the National Stock Exchange of India Limited. The applicable listing fees for the F.Y. 2022-23 have been duly paid to the Exchanges.

c) Pursuant to SEBI Circular No. SEBI/HO/DDHS/ CIR/P/2018/144 dated November 26, 2018, your Directors confirm that the Company is not defined as a "Large Corporate" as per the framework provided in the said Circular. Moreover, your Company has not raised any fund by issuance of debt securities.

37. Acknowledgement

The Board takes this opportunity to thank the Companys Members, Customers, Vendors and all other Stakeholders for their continued support throughout the FY 2022-23. The Directors also thank the Stock Exchanges, Banks, Ministry of Corporate Affairs, State Governments, Government of India, and all other Government agencies and Regulatory authorities for the support extended by them and also look forward to their continued support in future.

Your Directors wish to place on record their appreciation of the dedicated efforts by employees at all levels.

	For and on behalf of the Board of Directors
	Krishnakumar Jhunjhunwala
	Chairman & Managing Director
	(DIN: 00097175)
Place: Mumbai
Date: May 13, 2023