Shish Industries Ltd Directors Report.

Dear Shareholders,

The Board of Directors hereby submits the report of the business and operations of Shish Industries Limited (“the Company”), along with the audited financial statements, for the financial year ended March 31, 2020.

Financial Highlights:

Particulars F.Y. 2019-20 F.Y. 2018-19
Revenue From Operations 159,993,729 110,302,949
Other Income 3,659,927 1,127,683
Total Income 163,653,655 111,430,632
Less: Total Expenses before Depreciation, Finance Cost and Tax 139,503,595 88,217,709
Profit before Depreciation, Finance Cost and Tax 24,150,061 23,212,923
Less: Depreciation 8,423,106 7,944,295
Less: Finance Cost 2,480,338 2,761,532
Profit Before Tax 13,246,617 12,507,095
Less: Current Tax 4,132,563 3,762,580
Less: Prior Period Tax Expense (192,364) (386,389)
Less: Deferred tax Liability (Asset) (402,051) 256,844
Profit after Tax 9,708,469 8,874,060

Business Overview:

Your Company is engaged in manufacturing of “Saffguard” and “Stagguard” which are twin wall or Multi Wall Boards made from Plastic resin bought from worlds best manufacturer. The Company manufacture mainly 1.3 meter width corrugated sheets ranging from 2mm to 5mm thickness and 1.6 meter ranging from 2mm to 12mm thickness. The Company also manufacture Plastic fluted boards which are available in various thicknesses and colors ranging from 1.5 mm to 15 mm depending upon the requirement of the client. The Plastic hollow sheet has advantages over craft paper and wood products that it is weather and chemical resistant and will typically last longer, giving long-term cost savings. The products are available in basic colour i.e. Yellow, Siliver, Blue, White, Black and Grey. However, as per the requirement of clients the facility of customized colors is also provided for bulk orders.

The company is also exporting its products to various countries viz U.A.E, Myanmar and Oman and also enhance its production capacity by installing additional machinery for manufacturing variety of products especially Polypropylene (PP) Corrugated Plastic Rolls which is an extruded 3ply and 5ply (GSM from 275GSM > 1000GSM) fluted PP corrugated plastic sheets consisting of two / multi flat walls connected by vertical ribs.

Financial Performance:

During the year under review, the revenue from operation of the Company was stood at Rs 159,993,729 as against that of Rs 111,430,632 for previous year. Revenue from operation of the Company was increased by 45.05% over previous year.

Profit before Tax for the financial year 2019-20 was Rs 13,246,617 as against that of Rs 12,507,095 making the net profit of Rs 9,708,469 for the financial year 2019-20 as against the net profit of Rs 8,874,060 for the financial year 2018-19.

During the year under review, export sales of the Company was increased almost by 3 times than that of previous year, due to which the revenue of the Company was increased. However, increase in revenue also caused increase in cost of material, interest expenses, and other operation expenses.

Dividend:

With a view to conserve and save the resources for future prospect of the Company, your Directors regret to declare dividend for the financial year 2019-20 (Previous Year Nil).

Transfer to General Reserve:

Your Directors do not propose transfer of any amount to the General Reserves. Full amount of net profit are carried to reserve & Surplus account of the Company.

Change in Nature of Business:

During the year, your Company has not changed its business or object and continues to be in the same line of business as per main object of the Company.

Share Capital:

During the year under review, there was no change in the authorized and paid-up share capital of the Company:

Authorized Capital

The Authorized Capital of the Company is Rs 45,000,000/- divided into 4500000 Equity Shares of Rs 10/- each.

Issued, Subscribed & Paid-up Capital

Issued, Subscribed & Paid-up Capital of the Company is Rs 44,422,330/- divided into 4442233 Equity Shares of Rs 10/- each.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Constitution of Board:

The Board of the Company comprises five Directors out of which two are Promoter Executive Director and one is Promoter NonExecutive Director and two are Non-Promoter Non-Executive Independent Directors. The Board comprised following Directors;

Name of Director Category Cum Designation Date of Appointment at current Term & designation

Total Directorship2

No. of Committee1

No. of Shares held as on March 31, 2020

in which Director is Members in which Director is Chairman
Mr. Satishkumar Maniya Chairman and Managing Director May 15, 2017 1 2 - 1538728 Equity Shares
Mr. Ramehsbhai Kakadiya Whole-Time Director May 15, 2017 1 - - 1501505 Equity Shares
Mrs. Nitaben Maniya Non-Executive Director May 29, 2017 1 - - 10000 Equity Shares
Mr. Rajesh Mepani Independent Director June 5, 2017 1 - 2 -
Mr. Rasik Bharodia Independent Director September 28, 2019 1 2 - -

1 Committee includes Audit Committee and Shareholders Grievances Committee across all Public Companies.

2 Excluding LLPs, Section 8 Company & struck of Companies

The composition of Board complies with the requirements of the Companies Act, 2013 (“Act”). Further, in pursuance of Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company is exempted from requirement of having composition of Board as per Regulation 17 of Listing Regulations.

None of the Directors of Board is a member of more than ten Committees or Chairman of more than five committees across all the Public companies in which they are Director. The necessary disclosures regarding Committee positions have been made by all the Directors.

None of the Director of the Company is serving as a Whole-Time Director in any Listed Company and is holding position of Independent Director in more than 3 Listed Company. Neither any of the Director of the Company is holding position as Director in more than 7 listed entities nor any of the Director of the Company serve as Independent Director in more than 7 listed entities.

None of the Directors of the Company is disqualified for being appointed as Director as specified in Section 164 (2) of the Companies Act, 2013.

Board Meeting

The Board of the Company regularly meets to discuss various Business opportunities. Additional Board meetings are convened, as and when requires to discuss and decide on various business policies, strategies and other businesses.

During the year under review, Board of Directors of the Company met 9 (Nine) times viz. April 12, 2019; May 28, 2019; June 13, 2019; July 11, 2019; July 18, 2019; September 2, 2019; November 14, 2019; February 28, 2020 and March 18, 2020.

The details of attendance of each Director at the Board Meetings are given below;

Name of Director Mr. Satishkumar Maniya Mr. Ramehsbhai Kakadiya Mrs. Nitaben Maniya Mr. Rajesh Mepani Mr. Manubhai Viradiya Mr. Rasik Bharodia
Number of Board Meeting held 9 9 9 9 9 9
Number of Board Meetings Eligible to attend 9 9 9 9 4 5
Number of Board Meeting attended 6 6 7 7 3 4
Presence at the previous EoGM held on May 13, 2019 Yes Yes Yes Yes No NA
Presence at the previous AGM Yes Yes Yes Yes NA Yes

The gap between two consecutive meetings was not more than one hundred and twenty days as provided in section 173 of the Act. Independent Directors:

In terms of Section 149 of the Companies Act, 2013 and rules made there under, the Company has two Non-Promoter Independent Directors in line with the Companies Act, 2013. A separate meeting of Independent Directors was held on February 28, 2020 to review the performance of Non-Independent Directors and Board as whole and performance of Chairperson of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board.

The terms and conditions of appointment of Independent Directors and Code for Independent Director are incorporated on the website of the Company at www.shishindustries.com.

Information on Directorate:

During the year under review, Mr. Manubhai Viradiya, Independent Director of the Company has tendered his resignation from the directorship of the Company. The Board placed its appreciation to Mr. Manubhai Viradiya for serving as an Independent Director of the Company.

The Board of Directors, in his place, appointed Mr. Rasik Bharodia as an Additional (Non-Executive Independent) Director of the Company w.e.f. July 18, 2019 whose appointment was regularized by the Members of the Company in their last Annual General Meeting held on September 28, 2019.

In accordance with the provisions of the Articles of Association and Section 152 of the Companies Act, 2013, Mrs. Nitaben Maniya, NonExecutive Director of the Company retires by rotation at the ensuing annual general meeting. She, being eligible, has offered herself for re-appointment as such and seeks re-appointment. The Board of Directors recommends her re-appointment on the Board.

The relevant details, as required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), of the person seeking re-appointment as Director is annexed to the Notice convening the third annual general meeting.

Key Managerial Personnel:

During the year under review, Mrs. Megha Banthia, Company Secretary of the Company had also tendered her resignation from the post w.e.f. April 5, 2019. The Company has, in her place, appointed Mrs. Swati Sevak as Company Secretary of the Company w.e.f. April 12, 2019.

As on date of this report, in accordance with Section 203 of the Companies Act, 2013, the Company has Mr. Satishkumar Maniya acting as Chairman and Managing Director, Mr. Rameshbhai Kakadiya acting as Whole-time Director, Mrs. Swati Sevak acting as Company Secretary and Mr. Devendra Tailor acting as Chief Financial Officer.

Performance Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Companies Act, 2013 in the following manners;

• The performance of the board was evaluated by the board, after seeking inputs from all the directors, on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc.

• The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

• The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

• In addition, the chairman was also evaluated on the key aspects of his role.

Separate meeting of independent directors was held to evaluate the performance of non-independent directors, performance of the board as a whole and performance of the chairman, taking into account the views of executive directors and non-executive directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

Directors Responsibility Statement:

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

a) In preparation of annual accounts for the year ended March 31, 2020, the applicable accounting standards have been followed and that no material departures have been made from the same;

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 or loss of the Company for that year;

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 for the year ended March 31, 2020 on going concern basis.

e) The Directors had laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were 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.

COMMITTEE OF BOARD

The Board of Directors, in line with the requirement of the act, has formed various committees, details of which are given hereunder.

1. Audit Committee:-

The Board of Directors, in their meeting held on June 5, 2017, had formed audit committee in line with the provisions Section 177 of the Companies Act, 2013. The committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings. Audit Committee meeting is generally held for the purpose of recommending the half yearly and yearly financial result. Additional meeting is held for the purpose of reviewing the specific item included in terms of reference of the Committee.

During the year under review, Audit Committee met 4 (Four) times viz April 12, 2019; May 28, 2019; September 2, 2019 and November 14, 2019.

The composition of the Committee and the details of meetings attended by its members are given below:

Name of Members Category Designation in Committee

Number of meetings during the financial year 2019-20

Held Eligible to attend Attended
Mr. Rajesh Mepani Independent Director Chairperson 4 4 3
Mr. Manubhai Viradiya~ Independent Director Member 4 2 2
Mr. Rasik BharodiaA Independent Director Member 4 2 1
Mr. Satishkumar Maniya Chairman and Managing Director Member 4 4 3

 

~ up to July 12, 2019 ^ w.e.f. July 18, 2019

The Statutory Auditors of the Company are invited in the meeting of the Committee wherever requires. Chief Financial Officer of the Company is a regular invitee at the Meeting. Further, the Company Secretary of the Company is acting as Secretary to the Audit Committee.

Mr. Rajesh Mepani, the Chairman of the Committee had attended last Annual General Meeting of the Company held on September 28, 2019.

Recommendations of Audit Committee, wherever/whenever given, have been accepted by the Board.

Vigil Mechanism:

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Companys Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company at www.shishindustries.com.

2. Stakeholders Grievance & Relationship Committee:

The Board of Directors, in their meeting held on June 5, 2017, had formed Stakeholders Grievance & Relationship Committee mainly to focus on the redressal of Shareholders / Investors Grievances, if any, like Transfer / Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report; Dividend Warrants; etc.

The Stakeholders Relationship Committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings and shall report to the Board on a quarterly basis regarding the status of redressal of complaints received from the shareholders of the Company.

During the year under review, Stakeholders Grievance & Relationship Committee met 4 (Four) times viz on May 28, 2019; September 2, 2019; November 14, 2019 and February 28, 2020.

The composition of the Committee and the details of meetings attended by its members are given below:

Name of Members Category Designation in Committee

Number of meetings during the financial year 2019-20

Held Eligible to attend Attended
Mr. Rajesh Mepani Independent Director Chairperson 4 4 4
Mr. Manubhai Viradiya~ Independent Director Member 4 1 1
Mr. Rasik BharodiaA Independent Director Member 4 3 2
Mr. Satishkumar Maniya Chairman and Managing Director Member 4 4 3

 

~ up to July 12, 2019 ^ w.e.f. July 18, 2019

Company Secretary and Compliance officer of the Company provides secretarial support to the Committee.

During the year, the Company had not received any complaints from the Shareholders. There was no complaint pending as on March 31, 2020.

3. Nomination and Remuneration Committee:

The Board of Directors, in their meeting held on June 5, 2017, had formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act, 2013.

Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to become Directors and may be appointed in senior management and recommending their appointments and removal. Further, the committee shall also meet as and when the need arises for review of Managerial Remuneration.

During the year under review, Nomination and Remuneration Committee met 4 (Four) times viz on April 12, 2019; July 18, 2019; September 2, 2019 and February 28, 2020.

The composition of the Committee and the details of meetings attended by its members are given below:

Name of Members Category Designation in Committee

Number of meetings during the financial year 2019-20

Held Eligible to attend Attended
Mr. Rajesh Mepani Independent Director Chairperson 4 4 3
Mr. Manubhai Viradiya- Independent Director Member 4 1 1
Mr. Rasik BharodiaA Independent Director Member 4 3 2
Mrs. Nitaben Maniya Non-Executive Director Member 4 4 2

 

- up to July 12, 2019 ^ w.e.f. July 18, 2019

Nomination and Remuneration Policy:

Nomination and Remuneration Policy in the Company is designed to create a high performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Managing Director and the Executive Directors.

The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at www.shishindustries.com and is annexed to this Report as Annexure - A.

Remuneration of Directors:

The details of remuneration/sitting fees paid during the financial year 2019-20 to Executive Directors/Directors of the Company is provided in Form MGT-9 which is the part of this report.

PUBLIC DEPOSIT

The company has not accepted any deposits from the public. Hence, the directives issued by the Reserve Bank of India & the Provision of Section 73 to 76 of the Company Act, 2013 or any other relevant provisions of the Act and the Rules there under are not applicable.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY

Details of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 is annexed to this Report as Annexure - B and the same has also been uploaded on the website of the Company www.shishindustries.com.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is annexed to this Report as Annexure - C.

MAINTENANCE OF COST RECORDS

In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost records and audits) Rules, 2014, the Company is not required to maintain the cost records.

PARTICULAR OF EMPLOYEES:

The ratio of the remuneration of each whole-time director to the median of employees remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure - D.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection in electronic form. Any Member interested in obtaining a copy of the same may write to the Company Secretary.

MATERIAL CHANGES AND COMMITMENT:

There are no material changes and commitments, affecting the financial position of the Company, have occurred between the ends of financial year of the Company i.e. March 31, 2020 to the date of this Report. However, Stakeholders are requested to refer Note No. 1(14) to Standalone Financial Statement for the year ended on March 31, 2020 for impact of pandemic caused by COVID-19 on the Company and its financial position.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

To foster a positive workplace environment, free from harassment of any nature, we have adopted policy on prevention, prohibition and Redressal of Sexual harassment at workplace and has duly constituted an Internal Complaints Committee in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.

During the year under review, there were no incidences of sexual harassment reported.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy -

i. ) The steps taken or impact on conservation of energy: No major steps have been taken by the Company. However, the Company continues its endeavor to improve energy conservation and utilization.

ii. ) The steps taken by the Company for utilizing alternate sources of energy: The Company has continued its focus on energy conservation efforts through up-gradation of process with new technology. The technology installed by the Company has provided better results in quality and production and also reducing the overall cost of production and maintenance which effect production scheduling and various energy saving initiatives in all areas of production. However, the Company has not installed any alternate source of energy running on renewable energy source.

iii. ) The capital investment on energy conservation equipment: Nil

B. Technology absorption -

i. ) The effort made towards technology absorption: Your Company has been very thoughtful in installing new technology to reduce the production cost, improve yield, enhance product endurance and strengthen finish. However, no new technology has been installed by the Company during the year and all existing technology has been fully absorbed.

ii. ) The benefit derived like product improvement, cost reduction, product development or import substitution:

The Company had installed such technology that improve productivity, quality and reduction in manual intervention and to enhance the quality and productivity. Improvement in manufacturing process helped the Company in managing production scheduling; & better & faster servicing of product for domestic as well as global market.

iii. ) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) -

a. The details of technology imported: Not Applicable.

b. The year of import: Not Applicable

c. Whether the technology has been fully absorbed: Not Applicable

iv. ) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: NA Not Applicable

v. ) The expenditure incurred on Research and Development: Nil

C. Foreign Exchange Earnings & Expenditure:

i.) Details of Foreign Exchange Earnings:

Particulars F.Y. 2019-20 F.Y. 2018-19
1. Exports of Goods calculated on F.O.B. basis 85,456,041 28,777,241

ii.) Details of Foreign Exchange Expenditure:

Particulars F.Y. 2019-20 F.Y. 2018-19
1. Import of Samples (Metallized film and aluminum foil Wowen) - 47,024

RISK MANAGEMENT

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Your Company has an effective internal control system, which ensures that all the assets of the Company are safeguarded and protected against any loss from unauthorized use or disposition.

The Internal Auditor of the Company carry out review of the internal control systems and procedures. The internal audit reports are reviewed by Audit Committee and Board.

Your Company has also put in place adequate internal financial controls with reference to the financial statements commensurate with the size and nature of operations of the Company. During the year, such controls were tested and no material discrepancy or weakness in the Companys internal controls over financial reporting was observed.

CORPORATE GOVERNANCE:

Your Company strives to incorporate the appropriate standards for corporate governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and therefore the Company has not provided a separate report on Corporate Governance, although few of the information are provided in this report under relevant heading.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In terms of Regulation 34, and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a review of the performance of the Company, for the year under review, Management Discussion and Analysis Report, is presented in a separate section forming part of this Annual Report.

STATUTORY AUDITOR AND THEIR REPORT:

M/s. K P C M & Co., Chartered Accountants, Surat (FRN: 117390W) were appointed as Statutory Auditors of your Company at the second Annual General Meeting held on September 28, 2019, for a term of five consecutive years.

The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The Auditors Report does not contain any qualification, reservation or adverse remark. The Auditors Report is enclosed with the financial statements in this Annual Report.

REPORTING OF FRAUD:

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.

SECRETARIAL AUDITOR AND THIEIR REPORT:

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has appointed Ms. Payal Dhamecha, Practicing Company Secretary, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2019-20. The Secretarial Audit Report is annexed herewith as Annexure - E to this Report. The Secretarial Auditors Report does not contain any qualification, reservation or adverse remark.

GENERAL DISCLOSURE:

Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules, 2014 and other applicable provisions of the act and listing regulations, to the extent the transactions took place on those items during the year. Your Directors further state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review;

(i) Issue of Equity Shares with differential rights as to dividend, voting or otherwise;

(ii) Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and ESOS;

(iii) Annual Report and other compliances on Corporate Social Responsibility;

(iv) There is no revision in the Board Report or Financial Statement;

(v) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future;

(vi) Information on subsidiary, associate and joint venture companies.

APPRECIATIONS AND ACKNOWLEDGEMENT:

Your Directors wish to place on record their sincere appreciation for significant contributions made by the employees at all levels through their dedication, hard work and commitment, enabling the Company to achieve good performance during the year under review.

Your Directors also take this opportunity to place on record the valuable co-operation and support extended by the banks, government, business associates and the shareholders for their continued confidence reposed in the Company and look forward to having the same support in all future endeavors.

Registered office: By order of the Board of Directors
Survey No: 265/ 266, Block No: 290, Plot No. 18 to For, SHISH INDUSTRIES LIMITED
23, b/1 Paiki 1, Pipodara, Ta: Mangrol, Surat, - CIN: L25209GJ2017PLC097273
394 110, Gujarat
Rameshbhai Kakadiya Satishkumar Maniya
Place: Surat Whole Time Director Chairman and Managing Director
Date: September 5, 2020 DIN 07740518 DIN 02529191