TD Power Systems Ltd Directors Report.

Dear Members

Your Directors present the Twenty Second Annual Report (Report) together with the Audited Financial Statements of the Company (TDPS or Company) for the fiscal 2021 (April 1 2020 to March 31 2021).

FINANCIAL RESULTS

(Rs. in Lakhs)

For the year ended
Particulars March 31, 2021 March 31, 2020
Revenue from operations & other Income 51,209.93 49,409.29
Earnings before interest, tax, depreciation & amortization including other income and exceptional item 4,894.27 4,603.21
Finance cost 445.85 545.00
Depreciation & amortization 2,096.83 2,199.77
Profit before Tax (PBT) including exceptional item 2,351.59 1,858.44
Tax expense 603.84 214.58
Profit after Tax (PAT) including exceptional item 1,747.75 1,643.86
Other Comprehensive Income 46.10 46.29
Total Comprehensive Income including exceptional item 1,793.85 1,690.15

Note: The above figures are on standalone basis & are extracted from the standalone financial statement of the company.

On a standalone basis, the total income is higher by 3.6% at Rs. 51,209.93 Lakhs in fiscal 2021 as compared to Rs.49,409.29 Lakhs in fiscal 2020. Earnings Before interest, tax, depreciation and amortization including other income and exceptional item (EBITDA) increased by Rs.291.06 Lakhs or 6.32% to Rs.4,894.27 Lakhs in fiscal 2021 as compared to Rs.4,603.21 Lakhs in fiscal 2020. Profit before tax and exceptional item increased by Rs.493.15 Lakhs to Rs.2,351.59 Lakhs in fiscal 2021 from Rs.1,858.44 Lakhs in fiscal 2020. Profit after tax including exceptional item increased by Rs.103.89 Lakhs, to Rs.1,747.75 Lakhs in fiscal 2021 from Rs.1,643.86 Lakhs in fiscal 2020. Total comprehensive income including exceptional items increased by Rs.103.70 Lakhs or 6.14% to Rs.1,793.85 Lakhs in fiscal 2021 as compared to Rs.1,690.15 Lakhs in fiscal 2020.

The net worth of the Company in fiscal 2021 stands at Rs.47,442.63 Lakhs (including Capital redemption reserve) as compared to Rs.45,447.97 Lakhs in fiscal 2020.

On consolidated basis, the total income was higher by 14.17% at Rs.60,290.68 Lakhs in fiscal 2021 as compared to Rs.52,808.10 Lakhs in fiscal 2020. Earnings Before interest, tax, depreciation and amortization including other income (EBITDA) increased by Rs.2,199.92 Lakhs to Rs.8,244.63 Lakhs in fiscal 2021 as compared to Rs.6,044.71 Lakhs in fiscal 2021. The profit before tax at Rs.5,648.33 Lakhs in Fiscal 2021 as compared to Rs.3,276.86 Lakhs in fiscal 2020 was higher by 72.37%. The Profit after tax was higher by 51% at Rs.4,520.44 Lakhs in fiscal 2021 compared to Rs.2,993.75 Lakhs in fiscal 2020. Total comprehensive income was higher by 51.35% at Rs.4,366.53 Lakhs in fiscal 2021 compared to Rs.2,884.97 Lakhs in fiscal 2020. No material changes and commitments affecting the financial position of the Company have occurred between the end of the fiscal to which these financial statements relate and the date of this Report.

The standalone and consolidated financial statements for the fiscal ended March 31, 2021 forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs.

DIVIDEND

The Board of Directors of your company has recommended a final dividend of Rs.2.50/- per equity share (face value of Rs.10/- each) for the fiscal 2021 entailing a cash outflow approx. Rs.773/- Lakhs. The dividend distribution tax (DDT) has been repealed by the Finance Act 2020, and thus the final dividend is subject to tax deducted at sources as applicable. The aforesaid dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM) of the Company.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY (IEPF)

Pursuant to Section 124 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules 2016, the following remittance/transfer was made by the company to IEPF during the fiscal 2021.

a) DIVIDEND REMITTED

During the year the Company transferred dividend which remained unclaimed/unpaid for a period of seven years to IEPF as below:

Year 2012-13
Nature of dividend Final
Dividend per share Rs.2/-
Date of Declaration 20,09.2013
Date of Transfer to IEPF 03.11.2020
Amount Rs.6,642/-

b) SHARES TRANSFERRED:

During the year, no shares were transferred to IEPF.

TDPSL EQUITY BASED COMPENSATION PLAN 2019

During the fiscal 2021, (1) 1,87,961 ESOPs and 1,33,072 ESARs vested on August 16, 2020 against which the entire vested ESOPS were exercised and consequently 1,87,961 equity shares were transferred by TDPSL Employee Welfare Trust to the respective ESOP grantees .

(2) there was no exercise of ESAR by employees.

The plan is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014 (“SBEB Regulations”). A certificate from Statutory Auditors of the Company that the plan is implemented in accordance with the SBEB Regulations has been obtained and shall be made available at the ensuing Annual General Meeting for inspection by members. The applicable disclosure as stipulated under SBEB Regulations with respect to the plan is as per Annexure 10 to the report and are also available on the website of the Company at www.tdps.co.in

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of Loans given, Investments made, Guarantees given and Securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in note number 6 & 7 to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

Your Company has formulated a policy on related party transactions which is available on Companys website www.tdps.co.in. Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 including certain arms length transactions, in the prescribed Form AOC-2, is appended as Annexure 2 to the Report.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter called as LODR / Listing Regulations) the Management Discussion and Analysis Report covering operations, performance and outlook of the Company is attached as Annexure 8 to the Report.

CORPORATE GOVERNANCE REPORT

In terms of Regulation 34 read with Schedule V of LODR, a Report on Corporate Governance along with Compliance Certificate issued by Practicing Company Secretary is attached as Annexure 9 and forms an integral part of this Report (hereinafter referred to as “Corporate Governance Report”).

Note on Board evaluation, Board Diversity Policy, Training of independent directors - familiarization of directors, Whistle Blower policy/Vigil mechanism & Nomination and Remuneration policy form part of the Corporate Governance Report.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received necessary declaration from Independent Directors, that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR).

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the board and separate its functions of governance and management.

The policy of the Company on directors appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of directors and other matters as required under Section 178(3) of the Companies Act, 2013 is available on the Companys website www.tdps.co.in. There has been no change in the policy since the last fiscal year. We affirm that, remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration policy of the Company.

Details of Policy on directors appointment and remuneration form part of the Corporate Governance Report - Annexure 9.

SUBSIDIARIES

As on March 31, 2021, the Company has five (5) wholly owned subsidiaries - DF Power Systems Private Limited (an Indian Subsidiary), TD Power Systems (USA) Inc., in the United States of America, TD Power Systems Japan Limited, in Japan, TD Power Systems Europe GmbH in Germany and TD Power Systems Jenerator Sanayi Anonim Sirketi in Turkey. Each of the above subsidiaries is directly owned 100% by TD Power systems Limited.

During the year, the Board of Directors reviewed the affairs of the said subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rules, 2014 & the Company has prepared its consolidated financial statements including all the said subsidiaries which form part of this Report. Further, a statement containing the salient features of the financial statements of the said subsidiaries in the prescribed format Form AOC-1 is appended as Annexure 1 to the Report.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on our website www.tdps.co.in. These documents will also be available for inspection during business hours at our registered office in Bengaluru, India.

A review of the operations of the subsidiaries is as follows:

INDIAN SUBSIDIARY

In line with the decision to scale down operations & exit completely from business, no operations were undertaken in this subsidiary during the fiscal under Report as done over the last two years. Income for the year was Rs.118.14 lakhs being Interest on deposits with bank amounting to Rs.0.12 lakhs & exchange fluctuation of Rs.118.02 lakhs. After accounting for other fixed costs, the earnings before interest, tax, depreciation & amortization including other income and exceptional item amounts to a profit of Rs.102.84 lakhs as compared to loss of Rs.66.35 lakhs in the previous year ended March 31, 2020. Due to an exceptional item as per note 13 to the financial statements of this Company, the profit after tax including exceptional item is Rs.820.35 lakhs as against Rs.1,122.95 lakhs in the previous year ended March 31, 2021.

Net worth of the Company as at March 31, 2021 turned positive compared with previous year. The Company continues to negotiate with trade creditors for settlement with remission / reduction in liability on account of product warranty on equipment supplied by them.

US SUBSIDIARY

The operations of this Company during the fiscal 2021 resulted in a total revenue of Rs.1,304.93 Lakhs as compared to Rs.1,182.21 Lakhs in Fiscal 2020. The loss before & after tax for the year is Rs.87.49 Lakhs in fiscal 2021 as compared to loss of Rs.123.61 Lakhs in fiscal 2020. The total comprehensive loss (after accounting for foreign exchange difference on translation of foreign operations) for the fiscal 2021 is Rs.40.16 Lakhs as compared to loss of Rs.229.54 Lakhs in fiscal 2020

The Market has been slower than hoped over last year due to the following factors: a. US presidential election and new administrations view on some critical markets such as Oil & Gas, both onshore pipelines and fracking and offshore drilling / production.

b. Covid 19 pandemic impact on our major OEMs/packagers two of our major OEMs are operating at less than 50% of normal production. In addition, many identified projects in the steam turbine area have been delayed due to uncertainty from Covid and lack of resources due to the pandemic.

c. Renewables market remains very soft with very limited hydro projects in North America and limited geothermal opportunities.

However, overall acceptance of TDPS generators is growing and nearly complete with the major OEMs and packagers. New developments like Lightweight extreme cold weather application, Geothermal Production Prototype & Mobile application were features of the year while developing a resource for service and replacement generators in South America.

During the year, two new customers were added in the Geo thermal & gas markets. Special machines for Lightweight Mobile Application & Industrial Power Generation were supplied during the year which is under testing and acceptance with potential for increased orders. The company is working on supporting a potential new customer for new assigned territories in Central America and South America.

Steam and gas markets indicate opportunities for growth. Increased University Co-Gen projects, Hydrogen plants, Increased Municipal Co-Gen projects are the likely projects in the Steam Markets. In the gas market, increase in volume in approved products for mobile applications & Industrial power generation products are the likely drivers.

The market outlook for the following year will be focused on maximizing steam project opportunities with captive OEMS and packagers in gas & hydro segments. The progress however is expected to be slow as OEMS and packagers and entities at large continue to move slowly in spending for new projects in anticipation of the vision of the new administration.

JAPAN SUBSIDIARY

Major activities of the Japan business continue to be conducted through the Companys Branch office at Japan. There was an operating revenue and other income of Rs.235.47 Lakhs and Rs. 0.02 Lakhs respectively in the fiscal 2021 The profit after tax for the fiscal was Rs.0.02 Lakhs. The total comprehensive loss (after accounting for foreign exchange difference on translation of foreign operations) for the fiscal 2021 is Rs.1.57 Lakhs as compared to loss of Rs.71.46 Lakhs in fiscal 2020.

GERMAN SUBSIDIARY

The total revenue for the fiscal 2021 was Rs.6,900.43 Lakhs as compared to Rs.7,218.80Lakhs in fiscal 2020. Profit before tax is Rs.247.94Lakhs in fiscal 2021 as compared to Rs.203.76 Lakhs infiscal 2020 i.e. a rise of 22%.The total comprehensive income (after accounting for foreign exchange difference on translation of foreign operations) for the fiscal 2021 is Rs.224.21 Lakhs as compared to Rs.166.35 Lakhs in fiscal 2020. During the year this subsidiary has returned Rs.85.36 lakhs (EURO 1,00,000) provided as loan by the Company.

The market for steam turbine generators reflected increased traction. However, the Hydro generators segment was sluggish as the projects are delayed due to COVID. Apart from the existing customers who contributed significantly to the years top line, new customers were added during the year in Hydro (Austria), Steam (Italy, France and Switzerland) & Diesel & gas(a proto type order from a new customer) segments.

TURKEY SUBSIDIARY

The performance of this subsidiary is a hall mark of Fiscal 21. Since inception in 2018, 14 machines & 37 machines in Fiscal 21 alone were manufactured & supplied for Hydro, Geo thermal & biomas applications affirming acceptance & dominance in Turkish market. The Geothermal machines supplied to leading OEMS are fire retardant & have been designed to function outdoors in hazardous locations containing corrosive gas around the generator.

All these machines received Turkish Standards Institution (TSE) certification & the local content certification approved by the mandated Local industry chamber. In this third year of operations the total revenue grew to Rs.12,511.97 Lakhs in Fiscal 21 compared to Rs.2,662.87 Lakhs in fiscal 2020 an increase of more than 370%. The profit before tax in fiscal 2021 increased by Rs.2,131.46 Lakhs to Rs.2,431.50 Lakhs as compared to Rs.300.04 Lakhs in fiscal 2020. The total comprehensive income (after accounting for foreign exchange difference on translation of foreign operations) for the fiscal 2021 is Rs.1,686.63 Lakhs as compared to Rs.220.15 Lakhs in fiscal 2020.

INTERNAL FINANCIAL CONTROL AND ADEQUACY

The Company has designed and implemented a process driven framework for Internal Financial Controls (“IFC”) within the meaning of the explanation to Section 134(5)(e) of the Companies Act, 2013. For the year ended March 31, 2021, the Board is of the opinion that the Companys IFC is commensurate with the nature and size of its business operations and operates effectively with no material weakness exists. The Company has a process in place to continuously monitor the IFC, identify gaps, if any, and implement new and/or improved controls wherever the effect of such gaps would have a material effect on the Companys operations.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to clause (c) of sub section (3) of Section 134 of the Companies Act, 2013, with respect to the Directors Responsibility Statement, it is hereby confirmed that:

a. In the preparation of the annual accounts for the Fiscal ended March 31, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures;

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 at the end of the Fiscal and of the profit and loss of the Company for that period;

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

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

e. The directors, have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 203 of the Act, Mr. Nikhil Kumar, Managing Director, Ms. M N Varalakshmi, Chief Financial Officer and Mr. N Srivatsa, Company Secretary are the Key Managerial Personnel of the Company as on March 31, 2021.

The term of the Managing Director Mr. Nikhil Kumar was renewed for a further term of 5 years commencing January 17, 2021 until January 16, 2026.

Pursuant to provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. Mohib N Khericha (DIN: 00010365) retires by rotation at the ensuing 22nd Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

Mr. Mohib N Khericha, aged 69 years, is a Chartered Accountant by qualification. He is the Non - Executive Chairman of the Company since July 5, 2001. He is a Chartered Accountant with over four decades experience in capital structuring, restructuring, financial management and loan syndication. He ventured into merchant banking in the year 1994. Mr. Mohib N Khericha holds 38,30,960 equity shares of the Company being 12.38% of paid up capital. He has attended all four board meetings of the Company held during fiscal 2021.

He is also a Non-executive Chairman of the Companys wholly owned subsidiary DF Power Systems Private Limited. He does not have any relationship inter-se between other directors.

RISK MANAGEMENT

The Board of directors of the Company has been entrusted with the responsibility of overseeing the risks that the Company faces such as strategic, commercial, safety, operations, Compliance, internal control and finance. More details on risk management indicating development including identification of elements of risk and their mitigation are covered under the Management Discussion and Analysis Report enclosed as Annexure 8 to the Report. The Company is not required to form a risk management committee in terms of the SEBI Listing Regulations.

AUDITORS & REPORTS

STATUTORY AUDITORS

M/s. Varma and Varma, Chartered Accountants (Firm Registration No:004532S) were appointed as the Statutory Auditors of the Company for a period of five Years from the conclusion of the Annual General Meeting held on September 27, 2017 till the conclusion of the 23rd Annual General Meeting of the Company. The requirement of ratification of Statutory Auditors at every Annual General Meeting of the Company has been dispensed by the Companies Amendment Act 2017.

The Auditors Report on the financial statements for the fiscal 2021 does not contain any qualification, reservation or adverse remark. There have been no instances of fraud committed against the Company by its officers or employees during the year reportable by the Auditors in terms of Section 143(12) of the Companies Act 2013.

SECRETARIAL AUDITOR

As required under Section 204 of the Companies Act, 2013 and Rules made thereunder, the Board appointed Mr. Sudhir V Hulyalkar, Practicing Company Secretary Bangalore, as the Secretarial Auditor for the fiscal 2021.

The Secretarial Auditors Report for the fiscal 2021 does not contain any qualification, reservation or adverse remark nor any instances of fraud committed against the Company by its officers or employees during the year. The Secretarial Auditors Report is enclosed as Annexure 7 to the Report in this Annual Report.

As provided in the Listing Regulations/LODR the certificate on corporate governance and Directors appointment and continuation on the Board of Directors forms part of the Corporate Governance Report. The certificate on corporate governance does not contain any qualification, reservation or adverse remark.

COST AUDITOR

In terms of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, M/s. Rao, Murthy and Associates, Cost Accountants, Bangalore were appointed as Cost Auditors of the Company for the fiscal 2021.

COST ACCOUNTS AND RECORDS

In terms Section 148 of the Companies Act 2013, the Company has maintained its cost accounts for the year ended March 31, 2021 as prescribed which are subject to a Cost Audit.

DISCLOSURE EXTRACT OF THE ANNUAL RETURN

In accordance with Section 92(3) read with 134 (3) of the Companies Act, 2013, the Annual Return as of March 31, 2021 is made available on the website of the Company at www.tdps.co.in.

NUMBER OF BOARD MEETINGS

The Board met four times during the fiscal 2021. The details of which are given in the Corporate Governance Report that forms part of this Report. The maximum gap between any two meetings did not exceed 120 days, as prescribed by the Companies Act, 2013.

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

Information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 for the fiscal 2021 in relation to the Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is provided in the Annexure 3 forming part of this Report.

BUSINESS RESPONSIBILITY REPORT (BRR)

Regulation 34(2) of the Listing Regulations as amended mandating inclusion of the BRR in the Annual Report of the Company is applicable for the company. Accordingly, the Business Responsibility Report is presented in Annexure 11 to this Report.

PARTICULARS OF EMPLOYEES

The details of ratio of the remuneration of each whole-time Director and Key Managerial Personnel (KMP) to the median of employees remuneration as per the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is as in Annexure 4 to this Report.

A statement containing, inter alia, the names of top ten employees in terms of remuneration drawn and every employee employed throughout the fiscal and in receipt of remuneration of Rs.102.00 lakhs or more and employees employed for part of the year and in receipt of remuneration of Rs.8.50 lakhs or more per month, pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is as in Annexure 5 to this Report.

COMMITTEES OF THE BOARD

According to the Companies Act, 2013 and SEBI LODR the Board has four (4) Committees as on March 31, 2021 i.e. Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee. The detailed note on composition of the Board and its committees is disclosed in the Report on Corporate Governance forming part of this Report.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Board has a Corporate Social Responsibility (CSR) Committee which ascertains the activity to be undertaken by the Company. The details of Composition of CSR Committee, terms of reference and Annual Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended as Annexure 6 and form an integral part of this Report.

Your Companys Corporate Social Responsibility Policy (CSR Policy) is available on the website of the Company at www.tdps.co.in.

SECRETARIAL STANDARD

The Company complies with secretarial standards on meetings of Board of Directors and General Meetings issued by the Institute of Company Secretaries of India.

GENERAL

Your Directors state as follows :

1. No significant or material orders were passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future.

2. There was no issue of equity shares with differential rights, as to voting, dividend or otherwise.

3. There was no issue of shares including as sweat equity shares or employee stock options.

4. There were no deposits covered under Chapter V of the Companies Act, 2013.

5. Loan has been provided by the Company to the TDPSL Employee Welfare Trust for purchase of its own shares for the benefit of employees as per TDPSL Equity Based Compensation Plan 2019.

6. The Managing Director draws a part of his remuneration from TD Power Systems Europe Gmbh.

7. The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

8. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. During the year under review there were no cases filed pursuant to the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

9. During the fiscal 2021 the Company was not required to transfer any amount to reserve.

GREEN INITIATIVE

As part of this initiative, hitherto soft copies of the Annual Report and the Notice of Annual General Meeting were sent to all members whose email addresses are registered with the Company/Depository Participants. Physical copies of the same were sent in the permitted mode only to members whose email addresses were unavailable.

However, in terms of the SEBI Circular dated May 12, 2020 January 15, 2021 and MCA Circular dated May 05, 2020, April 13, 2020 and January 13, 2021, exempting Companies from the provision of hard copies for this fiscal 2021 in view of the ongoing Covid 19 pandemic, only soft copies of the Annual Report 2021 and the Notice of the General meeting will be emailed to shareholders. Members whose email id is not registered with the Company may write to investor.relations@tdps.co.in or vijayalakshmi.ananthraman@linkintime.co.in for obtaining the soft copy of the Annual Report and Notice of AGM.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation of the contribution and support of the employees at all levels. They also place on record their appreciation of the continued support and faith extended during the year by the Companys customers, suppliers, bankers and shareholders.

For and on behalf of the Board of Directors
Ahmedabad Mohib N Khericha
August 12, 2021 Chairman