Simplex Castings Ltd Directors Report.

Dear Members,

Your Directors have pleasure in presenting the 40th Annual Report on the business & operations of the Company together with the Standalone and Consolidated Audited Financial Statement for the year ended 31st March 2020.

FINANCIAL HIGHLIGHTS

Financial results are presented in the table below:

(Rs. in Lacs)

Particulars

Standalone

Consolidated

31st March, 2020 31st March, 2019 31st March, 2020 31st March, 2019
Revenue from Operations (Gross) 5442.51 10712.76 7804.62 13727.93
Other Income 220.98 232.80 222.21 232.80
Earnings Before Interest, Taxes, Depreciation and Amortization (3997.83) 505.11 (3998.75) 496.05
Less: Finance Costs 964.40 849.50 966.45 849.62
Less: Depreciation and amortization expenses 714.15 1518.33 714.15 640.19
Profit Before Tax (5676.38) (1862.72) (5679.35) (993.77)
Less: Tax Expense (1140.83) (412.86) (1141.66) (412.86)
Profit After Tax from continuing operations (4535.55) (1449.86) (4537.69) (580.90)
Profit/(loss) for the year from discontinuing operations after Tax 1680.17 (132.33) 1680.17 (1010.47)
Profit for the year (2855.38) (1582.18) (2857.52) (1591.37)
Other Comprehensive Income (238.53) 55.93 (238.53) 55.93
Total Comprehensive Income (3093.91) (1526.25) (3096.05) (1535.44)

PERFORMANCE OF THE COMPANY

The Board of Directors of the Company, at its meeting held on 26th April , 2019 approved to sell/dispose off its Steel Castings Foundry situated at Urla ,Industrial Estate, Raipur, Chhattisgarh -493221 to Texmaco Rail and Engineering Limited on a slump sale basis as a going concern for consideration of Rs. 87.50 crores (Rupees Eighty Seven Crores and Fifty Lacs only). In this relation ,the Company has entered into a Business Transfer Agreement with Texmaco Rail and Engineering Limited on 26th April,2019. The Company is in significant debt and the objective of the sale of the Steel Castings Foundry would be reduce the debt burden of the Company. Texmaco Rail and Engineering Limited is a reputed house having experience in Steel and Rail Business and have shown interest in buying the Steel Castings Foundry. The net proceeds from the sale of the Steel Castings Foundry will be utilized to repay the existing loans and reduce interest burden, or enhancement of working capital of the Company for general business purposes and smooth operations of other two plants namely Grey Iron Foundry and Fabrication shop situated at - 5, Industrial Estate, Bhilai, Dist. Durg, C.G. 490 026 and 223/2 & 224, Industrial Estate, Tedesara, Rajnandgaon,C.G-491443.

The Company had registered a revenue from operations (from Continuing operations) of Rs 5442.51 Lacs as against Rs 10712.76 Lacs during the year FY 2018-19. The Profit Before Tax (PBT) and Profit After Tax (PAT) (from Continuing operations) for the year 2019-20 were Rs (5676.38) Lacs and Rs (4535.55) Lacs respectively, as against Rs (1862.72) Lacs and Rs (1449.86) respectively during the previous year ended 31 March, 2019.

The Profit Before Tax (PBT) and Profit After Tax (PAT) (from Discontinuing operations) for the year 2019-20 were Rs.1680.17 Lacs and Rs 1680.17 Lacs respectively, as against Rs (631.44) Lacs and Rs (132.33) respectively during the previous year ended 31 March, 2019.

The Profit for the year 2019-20 were Rs (2855.38) Lacs respectively, as against Rs (1582.18) Lacs respectively during the previous year ended 31 March, 2019.

On a Consolidated basis, During the year ended 31 March, 2020, the Company had registered a revenue from operations (from Continuing operations) of Rs 7804.62 Lacs as against Rs 13727.93 Lacs during the year FY 2018- 19.The Profit Before Tax (PBT) and Profit After Tax (PAT) (from Continuing operations) for the year 2019-20 were Rs (5679.35) Lacs and Rs (4537.69) Lacs respectively, as against Rs (993.77) Lacs and Rs (580.90) respectively during the previous year ended 31 March, 2019.

The Profit Before Tax (PBT) and Profit After Tax (PAT) (from Discontinuing operations) for the year 2019-20 were Rs.1680.17 Lacs and Rs 1680.17 Lacs respectively, as against Rs (1509.58) Lacs and Rs (1010.47) respectively during the previous year ended 31 March, 2019.

The Profit for the year 2019-20 were Rs (2857.52) Lacs respectively, as against Rs (1591.37) Lacs respectively during the previous year ended 31 March, 2019.

The country witnessed lockdown being implemented in India in the second fortnight of March 2020. There were also restrictions of varying extent across larger part of the world, due to the COVID-19 pandemic.

The companys operations were effected from 24th March 2020 to 23rd April, 2020 due to suspension of production across all plants following nationwide lockdown imposed by Government of India, In view of pandemic COVID-19. Government permitted certain activities in the month of April 2020 subject to certain restrictions. Accordingly the Company has re-started operations in phased manner from 23rd April 2020 & from May 2020 all the plants are operating normally. Three months moratorium for deferral on payment of loan and other Credit facility taken from Company Bankers and NBFC falling due in March - May 2020 are availed. The Company has further avail the moratorium facility from June 2020 to August 2020.

The Company has taken several measures to ensure their well-being including leveraging the power of technology to enable them to work from home. For those employees who are working in sales offices and manufacturing locations, their safety is being ensured by stringent use of protective gear, abiding by social distancing norms and taking all safety precautions. Standing by its core commitment, the Company is navigating through these unprecedented times by building stronger and deeper relationships with consumers and its partners.

DIVIDEND

The Directors do not recommend any dividend on Equity shares on account of loss incurred during the financial year ended 31st March , 2020.

TRANSFER TO RESERVES

There is no amount proposed to be transferred to reserves.

SUBSIDIARY, JOINT VENTURE (JV) AND ASSOCIATE COMPANIES

The Company has one Subsidiary named Simplex Castings International Pte Limited .The Company does not have any associate or joint venture company.

Simplex Castings International Pte Limited is a material subsidiary as per the thresholds laid down under the Listing Regulations, 2015. The Board of Directors of the Company has approved a Policy for determining material subsidiaries which is in line with the Listing Regulations,2015 as amended from time to time. The Policy has been uploaded on the Companys website viz www.simplexcastings.com.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are prepared in accordance with relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of India and forms an integral part of this Report.

Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing silent features of the financial statements of Subsidiaries in Form AOC-1 attached as Annexure-I.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed report on the Management Discussion and Analysis in terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided as a separate chapter in the annual report.

MATERIAL CHANGES AND COMMITEMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.

PUBLIC DEPOSITS

During the year under review, your Company has not accepted any deposits within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with Companies (Acceptance of Deposits )Rules, 2014 (including any statutory Modification(s) or re-enactment(s) for the time being in force).

CORPORATE GOVERNANCE

The Company has taken the requisite steps to comply with the recommendations concerning Corporate Governance.

A separate statement on Corporate Governance together with a certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

There was no change in the nature of business of the Company during the Financial Year ended 31st March, 2020.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year, following changes took place in the Board of Directors and the Key Managerial Personnel (in the order of their occurrence):

i) Reappointment of Mrs Ushma Khabaria (DIN: 06791342) as an Independent Director for a second term of 5 (five) consecutive years commencing from 1st October, 2019 to 30th September, 2024.

ii) Re-appointment of Mrs Sangeeta Ketan Shah (DIN : 05322039) as Managing Director for a period of five years, with effect from 1st October, 2019 to 30th September, 2024,

Retirement of director by rotation

In accordance with the provisions of Section 152 of the Act and the Companys Articles of Association, Mr Om Prakash Patel (DIN: 08301041), Director retires by rotation at the forthcoming Annual General Meeting and, being eligible offers himself for re-appointment. The Board recommends his re-appointment for the consideration of the Members of the Company at the forthcoming Annual General Meeting. Brief profile of Mr Om Prakash Patel has been given in the Notice convening the Annual General Meeting.

During the year under review, the Board of Directors on recommendation of the Nomination and Remuneration Committee reappointed Mr Ketan M Shah (DIN:00312343) as Whole Time Director designated as Chairman and Chief Executive officer of the Company for a further period of five years with effect from 10th July, 2020, subject to approval of members at the ensuing 40th Annual General Meeting.

KEY MANAGERIAL PERSONNEL

The following are the Key Managerial Personnel of the Company as on 31st March,2020:

1. Mrs Sangeeta K Shah: Managing Director

2. Mr. J Suryam : Chief Financial Officer

3. Mrs D Meena : Company Secretary

PERFORMANCE EVALUATION

Meeting the requirements of the statute and considering Board Performance Evaluation as an important step for a Board to transit to a higher level of performance, the Nomination and Remuneration Committee has laid down a comprehensive framework for carrying out the evaluations prescribed in the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The framework was developed to give all Board members an opportunity to evaluate and discuss the Boards performance openly from multiple perspectives and enhance governance practices within the Board. The framework describes the evaluation coverage and the process thereof.

A structured questionnaire each for evaluation was prepared and a separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board.

The performance evaluation of the Independent Directors was also carried by the entire Board. The performance evaluation of the Chairman, Managing Director & Executive Directors was carried out by the independent Directors at its separate meeting held on 14th February, 2020. The Directors expressed their satisfaction with the evaluation process.

STATEMENT ON DECLARATION BY INDEPENDENT DIRECTOR:

All Independent Directors of the Company have given declarations as required under the provisions of Section 149 (7) of the Companies Act, 2013 stating that they meet the eligibility criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and Regulation 25 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FAMILIARISATION PROGRAMME OF INDEPENDENT DIRECTORS

The Company conducts Familiarization Programme for the Independent Directors to provide them an opportunity to familiarize with the Company, its Management and its operations so as to gain a clear understanding of their roles, rights and responsibilities and contribute significantly towards the growth of the Company. The initiatives undertaken by the Company in this respect has been disclosed on the website of the Company and can be accessed through the following link http://www. simplexcastings.com/investors/notice-announcements/ docs/notices/202021/familiarisation-programme-for- independent-Director-on-12-11-2019-&-14-02-2020.pdf

NOMINATION AND REMUNERATION POLICY

The remuneration paid to the Directors is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force). The silent aspects covered in the Nomination and Remuneration Policy has been outlined in the Corporate Governance Report which forms part of this report.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required under Section 197 of the Companies Act, 2013 and Rule 5 (1) Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re- enactment(s) thereof for the time being in force is set out in the Annexure-II to this report.

The Company does not have any employee, whose particulars are required to be given pursuant to the provisions of section 197 of the Companies Act, 2013 read with Rule 5(2) &(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The statement containing the names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the aforementioned Rules will be made available on request sent to the Company on cs@simplexcastings.com

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) and Section 134(5) of the Companies Act, 2013 (including any statutory modifications or re-enactments thereof for the time being in force), the Directors of the Company confirm that:

a. in the preparation of the annual accounts for the financial year ended 31 st March, 2020, the applicable Accounting Standards and Schedule III of the Companies Act, 2013 have been followed and there are no material departures from the same;

b. the Directors 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, 2020 and of the profit and loss of the Company for the financial year ended 31st March, 2020;

c. proper and sufficient care has 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 on a going concern basis;

e. proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and operating effectively; and

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

MEETING OF BOARD AND COMMITTEES

The details of the meetings of the Board of Directors and its Committees, convened during the financial Year 2019-20 are given in the Corporate Governance Report which forms a part of Annual Report.

STATUTORY AUDITORS AND THEIR REPORT

The members of the Company at the 38th Annual General Meeting held on 21st September, 2018 has approved the appointment of M/s O P Singhania & Co, Chartered Accountants, Raipur, having FRN.: 002172C as the Statutory Auditors of the Company for a term of five years till the conclusion of 43th Annual General Meeting. M/s O P Singhania & Co, Chartered Accountants, Raipur has tender their resignation as the Statutory Auditors of the Company, expressing their inability, resulting in a casual vacancy in the office of the Auditors of the Company at the close of working hour on 30th July, 2020, as per section 139(8) of the Companies, Act, 2013. The Reason of Resignation as mentioned in Resignation letter dated 30th July, 2020 is that due to outbreak of COVID-19 globally and in India and nation wide lock down and certain restrictions imposed by the Central Government and subsequently by State Government from time to time, the statutory auditor are not in a position to continue as statutory auditor of the company from the financial years 2020-21 to 2022-23 because their office and work place are situated at a distance place (at Bhilai and Tedesara) and the statutory Auditor are not in a position to travel from Raipur to Bhilai and Tedesara as given the pandemic situation. The Auditor auditing staff strength has become low and partners of their firm are also not willing to travel and are mostly working from home. Thus, looking into the present lockdown/local restrictions, which are not expected to be relaxed in near future therefore the auditor are unable to depute their audit staff and partners for conducting quarterly review and other audit related work for the year 2020-21.

In accordance with aforesaid provisions of the Act, the casual vacancy caused by the resignation of the Statutory Auditors shall be filed by the Board within a period of thirty days and such appointment shall also be approved by the members of the Company within three months of the recommendation of the Board.

Accordingly, based on the recommendation of the Audit Committee and confirmation received from M/s. APAS & Co , Chartered Accountants, Raipur, having ICAI Firm Registration No.000340C on their eligibility, the Board recommends to the members for the appointment of M/s APAS & Co, Chartered Accountants, Raipur, as the Statutory Auditors of the Company:

a) to fill the casual vacancy caused by the resignation of M/s O P Singhania & Co , Chartered Accountants, Raipur and to hold the office of the Statutory Auditors upto the conclusion of this Annual General Meeting: and

b) for a period of one year, from the conclusion of the 40th Annual General Meeting till the conclusion of 41st Annual General Meeting of the Company to be held in the year 2021.

As required under Regulation 33 of the Listing Regulations, Statutory Auditors have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. Necessary resolution and explanation thereto have been provided in the AGM notice seeking approval of members.

Observations and matters made by the Statutory Auditors in their report for the Financial year ended 31st March, 2020 read with the explanatory notes therein are self-explanatory and therefore, do not call for any further explanation or comments from the Board under section 134(3) of the Companies Act, 2013.

COST AUDITOR AND THEIR REPORT

Pursuant to Section 148(2) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, your Company is required to get its cost accounting records audited by a Cost Auditor.

Accordingly, the Board, at its meeting held on 30th July,2020, has on the recommendation of the Audit Committee, reappointed M/s Arindam & Associates, Cost Accountants to conduct the audit of the cost accounting records of the Company for F. Y 2020-21 on a remuneration of Rs 0.70 lacs plus taxes as applicable and out-of-pocket expenses. The remuneration is subject to the ratification of the Members in terms of Section 148 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014 and is accordingly placed for your ratification.

SECRETARIAL AUDITOR AND THEIR REPORT

In terms of Section 204 of the Companies Act, 2013, the Board of Directors of the Company at their meeting held on 27th Feb, 2020 has reappointed Satish Batra & Associates, Practicing Company Secretary (Certificate of Practice No. 2875), as the Secretarial Auditor to conduct an audit of the secretarial records, for the financial year 2020-21.

The Secretarial Audit Report for the financial year ended 31st March, 2020 is annexed herewith as Annexure III to this report.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Statutory Auditors, Cost Auditor or Secretarial Auditor of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Companies Act, 2013, including rules made thereunder.

EXTRACT OF ANNUAL RETURN

Extract of Annual Return of the Company is annexed herewith as Annexure VI to this report. The same is also available on the Companys website at http://www. simplexcastings.com/investors/financials/.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into by the Company during the year under review were on arms length basis and were in the ordinary course of business thus a Disclosure in Form AOC-2 in terms of Section 134 of the Act is not required. There are no materially significant related party transactions made by the Company with promoters, directors, key managerial personnel or related parties which may have a potential conflict with the interest of the Company at large.

Members may refer to Note No 38 to the financial statement which sets out related party disclosures pursuant to Ind AS.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of loans, guarantees and investments under the provisions of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014, as on 31st March, 2020, are set out in Notes to the Financial Statements of the Company.

SHARE CAPITAL

The paid up Equity Share Capital as on 31 st March , 2020 is Rs 613.12 Lacs.

Your Company has not issued equity shares with differential rights as to dividend, voting or otherwise; and does not have any ESOP Scheme for its employees/Directors. As on March 31,2020, none of the Directors of the Company hold instruments convertible into Equity Shares of the Company.

The Company had alloted 19,93,700 Warrants (Rs.11,37,900 on 28th March,2018, 701500 on 31st March, 2018 and 1,54,300 on 3rd April,2018) of Rs 10/- each at a premium of Rs.150/- to non-promoters in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Each of the said Warrant carried an option to subscribe to equivalent number of Equity shares of the Company of Rs 10.00 each not exceeding 18 months from the date of said Warrants. Holders of 18,46,700 Warrants have not exercised their option to convert Warrants held by them into Equity Shares of the Company till its maturity date (Rs.9,90,900 on 27th September, 2019, 7,01,500 on 30th September,2019 and 1,54,300 on 2nd October,2019). Accordingly, the said Warrants stands cancelled and the entire subscription money received from them for subscription of Warrants stand forfeited.

LISTING OF SHARES

The Delisting application is pending before delisting Committee at Delhi Stock Exchange. The Company is also listed on Calcutta Stock Exchange but trading is suspended.

RISK MANAGEMENT

The Company has in place comprehensive risk assessment and minimization procedures, which are reviewed by the Board periodically. The Company has been addressing various risks impacting the Company.

DISCLOSURE ON AUDIT COMMITTEE

The Audit Committee as on 31st March, 2020 comprises of the following Independent Directors:

Mr Champak K Dedhia (Chairman), Ms Ushma Nitin Khabaria and Mrs S. M Swathi as Members.

The Board has accepted all recommendations made by the Audit Committee during the year.

VIGIL MECHANISM

A Vigil Mechanism Policy for Directors and employees of the Company is constituted, to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on rising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any, financial statements and reports, etc.

All employees of the Company have access to the Chairman of the Audit Committee in case they want to report any concern. The Policy on Vigil Mechanism is available on your Company website.

During the year under review, the Company has not received any complaints under the Mechanism.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The CSR Committee has formulated a CSR policy of the Company for undertaking the activities as specified in Schedule VII to the Companies Act, 2013. A copy of the CSR Policy has been posted on the website of the company at www.simplexcastings com and the weblink http://www. simplexcastings.com/investors/code-of-conduct/docs/ policies/Corporate_Social_Responsibility_Policy.pdf.

The Composition of the CSR Committee:

Mr Champak K Dedhia (Chairman)

Mrs Sangeeta Ketan Shah (Member)

Mr Ketan M Shah (Member)

The Annual Report on Corporate Social Responsibility activities during the year are set out in Annexure IV of this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules 2014.

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

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo required to be given pursuant to Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure - V to this report.

INTERNAL FINANCIAL CONTROL

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control selfassessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the internal auditors during the course of their audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its operation in future.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In accordance with the applicable provisions of Companies Act, 2013 (hereinafter referred to as "the Act") read with Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as the "IEPF Rules"), all unclaimed dividends are required to be transferred by the Company to the IEPF, after completion of seven (7) years. Further, according to IEPF Rules, the shares on which dividend has not been claimed by the shareholders for seven (7) consecutive years or more shall be transferred to the demat account of the IEPF Authority. The details relating to amount of dividend transferred to the IEPF during the FY 2019-20 and corresponding shares on which dividends were unclaimed for seven (7) consecutive years, are provided in the General Shareholders Information section of Corporate Governance report forming part of this Annual Report.

HUMAN RESOURCE AND INDUSTRIAL RELATIONS

Your Company believes that its employees are one of the most valuable assets of the Company. During the year under review, the Company organised various training programs at all level to enhance skill of the employees. The employees are deeply committed to the growth of the Company.

COMPLIANCE OF SECRETARIAL STANDARD:

Your Company have complied with all Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and approved by Central Government from time to time.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

During the year under review, there was no complaint received pursuant to the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

ACKNOWLEDGEMENT

The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. The Board of Directors also wish to place on record its deep sense of appreciation for the committed services by the Companys executives, staff and workers.

For and on behalf of the Board of Directors

Ketan M Shah Sangeeta K Shah
Chairman Managing Director
DIN:00312343 DIN:05322039
Place : Bhilai
Date: 30.07.2020