Trigyn Technologies Ltd Directors Report.

To the Members,

The Directors have pleasure in presenting to you the Thirty Third Annual Report of Trigyn Technologies Limited (the  "Company" or "TTL") along with the audited financial statements for the financial year ended March 31, 2019. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.


Financial Results for the period ended March 31, 2019 are given below:

(Rs. In lakhs)
Year ended March-19 Year ended March-18 Year ended March-19 Year ended March-18
Total income 12,887.95 6,182.68 89,464.56 68,451.34
Operating expenses 11,580.73 6,010.16 81,006.33 62,329.58
Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,307.22 172.52 8,458.23 6,121.76
Other Income 759.73 54.20 69.57 51.42
Interest and finance charges 56.93 36.46 108.69 79.70
Depreciation 120.77 105.89 121.91 108.22
Profit before Exceptional and Extra- ordinary item and before taxes 1,889.24 84.38 8,297.20 5,985.26
Exceptional Items (454.85) - (454.85) -
Profit/(loss)before exceptional items and tax 1,434.37 84.38 7,842.35 5,985.26
Taxation 1,036.39 37.91 2,997.08 2,038.30
Net profit / (loss) after tax for the period 397.98 46.47 4,845.27 3,946.97
Other comprehensive income (46.07) 19.26 1,327.13 70.16
Total comprehensive income 351.90 65.73 6,172.40 4,017.13


During the year under review on a standalone basis your company achieved Total Revenue ofRs. 12,887.95 lakhs as compared to Rs. 6,182.68 lakhs in the previous year. The net profit on standalone basis stood at Rs. 397.98 lakhs as compared to Rs. 46.47 lakhs in the previous year.

During the year under review on a consolidated basis your company achieved Total Revenue of Rs. 89,464.56 lakhs as compared to Rs. 68,451.34 lakhs in the previous year. The net profit on consolidated basis stood at Rs. 4,845.27 lakhs as compared to Rs. 3,946.97 lakhs in the previous year.

For the year ended March 31, 2019 on standalone basis EPS stood at Rs. 1.31/- and on Consolidated basis EPS stood at Rs. 15.98/-.


Your Directors are pleased to recommend a dividend of Rs. 0.75 per share (face value Rs. 10 per share) for consideration and approval by the Members at the ensuing Annual General Meeting.

The total dividend payout including dividend distribution tax amounts to Rs. 278.36 Lacs.


The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.


The Board of Directors has been decided to transfer of Rs. 278.36 Lac (Including Dividend Distribution tax) to General

Reserve in the financial year 2019-2020.


There have been no material changes and commitments affecting financialposition between the end of the financial year and date of report.


Human Resource has always been the prime focus at Trigyn. The organization strongly believes that human resource is the key factor to achieve success in the business. At Trigyn we recruit, train and recompense people according to a strategy that aims to organize our businesses effectively; accelerate development of our people; grow and strengthen our leadership capabilities; and enhance employee performance through strong engagement. Regular feedbacks are obtained from every participant to determine whether the training is effective, or any further training is needed.

In order to cater to the efficiency of the employees, Trigyn aids them in Certification. Trigyn also provides for online courses to the employees so that they can perform more efficiently.

Trigyn deploys its intellectual capability across the globe to create and deliver IT solutions that make a positive business impact for its customer. The key resource to make this happen is the talent within the organization. At Trigyn, we believe in nurturing our employees and hence undertake HR programs that focus on all aspects of the lifecycle of an employee which helps us attract and retain our best talent. The company continues to grow its global scale and footprint with a diverse talent base of employees, deployed across the globe. Efficient systems, processes and continuous investments in technology helps the company manage this complexity of a large, distributed and diverse workforce.


To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Sexual Harassment Committee, through which we address complaints of sexual harassment at the workplace. The Company has zero tolerance for sexual harassment at workplace and thus has adopted 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 for prevention and redressal of complaints of sexual harassment at workplace.

During the financial year 2018-19, the Company has received no complaints on sexual harassment.


The disclosure pertaining to remuneration and other details are required to be furnished pursuant to Section 197(12) read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as given below: a. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year:

Non-Executive Directors Ratio to Median Remuneration
Mr. CH V.V. Prasad 0.14
Mr. Vivek Khare 0.33
Dr. B.R. Patil 0.14
Mr. A. R. Ansari 0.33
Mr. Mohan Narayanan 0.21
Dr. Raja Mohan Rao -
Mr. Pradeep Kumar Panja 0.19
Mr. Kodumudi Sambamurthi Sripathi 0.21
Executive Directors
R. Ganapathi 23.69
Ms. Bhavana Rao -

b. The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year:

Directors, Chief Executive Officer, and Chief Financial Officer % increase in remuneration in the financial year
Company Secretary
Mr. CH V.V. Prasad 1.67
Mr. Vivek Khare 16.67
Dr. B.R. Patil (50.00)
Mr. A. R. Ansari 16.67
Mr. Mohan Narayanan 12.50
Dr. Raja Mohan Rao -
Mr. Pradeep Kumar Panja 14.29
Mr. Kodumudi Sambamurthi Sripathi 28.57
Ms. Bhavana Rao (100.00)
R. Ganapathi -
Mr. Amin Bhojani 3.00
Mr. Parthasarathy Iyengar* (63.30)
Mr. Mukesh Tank** -

The above percentage increase in the remuneration is excluding bonus paid, ESOP perquisite value and other reimbursement of expenses.

*Mr. Parthasarathy Iyengar was the Company Secretary up to June 7, 2018 and thereafter **Mr. Mukesh Tank was appointed as the Company Secretary w.e.f. August 10, 2018.

c. The percentage increase in the median remuneration of employees in the financial year:7.64 %

d. The number of permanent employees on the rolls of Company: 380 as on March 31, 2019

e. Average percentile increases already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

The average annual increase was around 8.47 %. However, during the course of the year, the total increase is approximately 8.02 %, after accounting for promotions and increase in hiring salaries for trainees. Increase in the managerial remuneration including Key Managerial Personnels for the year was 6.00 %.

The management has changed the Increment period from April to March to July to June.

f. The key parameters for any variable component of remuneration availed by the Directors: Not applicable as no Variable is paid to Directors.

g. Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms remuneration is as per the remuneration policy of the Company. h. The statement containing particulars of top ten employees and the employees drawing remuneration in excess of limits prescribed under Section 197(12) of the Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate annexure forming part of this report and is available on the website of the Company at under Investor section, Financial Reports. In terms of the proviso to section 136 (1) of the Act, the reports and accounts are being sent to the shareholders excluding the aforesaid Annexure. Shareholders interested in obtaining this information may access the same from the Company website or send a written request to the Company.

In accordance with Section 136 of the Companies Act, 2013, the annexure is open for inspection at the

Registered Office of the Company during business hours on all working days, 21 days before the Annual

General Meeting and copies may be made available in request.

i. Further In terms of rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 -

1. No employees were employed throughout the financial year, who were in receipt of remuneration for that year which, in the aggregate, was not less than One Crore and Two lakh rupees per annum.

2. No employees were employed for a part of the financial year, who were in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than Eight Lakh and Fifty Thousand Rupees per month.

3. No employees were employed throughout the financial year or part thereof, who were in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the Managing Director or Whole-Time Director and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the Company.


Your Company continues journey of delivering value to clients through significant investments in quality and information security programs. Sustained commitment to highest levels of quality and robust information security practices helped the Company attain significant milestones during the year.

Your Company has adopted and achieved the following international standards and process improvement framework for process definition and improvement:

ISO 9001-2015

ISO 27001:2013

CMMI DEV Version 1.3 Level 5*

Your Company has a strong mechanism for taking feedback from the Customers through satisfaction surveys. The feedback is analyzed across multiple dimensions to drive improvement in Customer experience.

*Capability Maturity Model Integration (CMMI) level 5.



Our strategic objective is to build a sustainable organization that remains relevant to the agenda of our clients, while generating profitable growth for our investors. During the year, we continued to work on our vision and strengthened focus on our core competence area of IT services. We also introduced a number of strategies for the overall growth and productivity of the Company. The following are some of the broad areas covered by these initiatives:

Cost optimization

A series of measures have been initiated to yield high level of cost optimization. This includes increasing offshore effort ratio, deploying people in right jobs and eliminating unnecessary costs.

Enhancing sales productivity

There is a considerable focus on the sales team for the purpose of acquiring large and profitable project. A new sales team is in place to bring more revenue yielding opportunities.


The Delivery team has been strengthened further and it has started showing immediate results in the form of positive feedback from customers. Our strategy is to leverage software-based automation to deliver solutions and services to our clients in the most cost-effective manner, while at the same time optimizing our cost structure to remain competitive.


The Company has 4 subsidiaries as on March 31, 2019. There are no associate companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.

Pursuant to provisions of Section 129(3) of the Act read with rule 5 of Companies (Accounts) Rules, 2014, as amended from time to time, a statement containing salient features of the financial statements of the Companys subsidiaries in Form AOC-1 is attached to the financial statements of the Company.

Pursuant to the provisions of section 136 financial statements of the Act, 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.


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 the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

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

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

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

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

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

Based on the framework of internal financial controls and compliance systems established and maintained by the

Company, work performed by the internal, statutory and secretarial auditors and external consultants, including audit of internal financial controls over financial reporting by the statutory auditors and the reviews management and the relevant board committees, including the audit committee, the board is of the opinion that the

Companys internal financial controls were adequate and effective during the financial year 2018-19.


In accordance with the Articles of Association of the Company, Mr. R. Ganapathi, Executive Director & Chairman of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for reappointment.

During the year under review, Mr. Parthasarathy Iyengar resigned from the position of Company Secretary and Compliance Officer of the Company w.e.f. June 7, 2018.

The Board of Directors at their meeting held on August 10, 2018 appointed Mr. Mukesh Tank as the Company Secretary and Compliance Officer of the Company w.e.f. August 10, 2018.

Your Company had appointed following Non-Executive (Independent) Directors pursuant to Regulation 17 of the Listing Regulations and they are not liable to retire by rotation as per Companies Act, 2013 (the Act);

1. Mr. Atiqur Rahman Ansari (DIN 00200187)
2. Mr. Venkata Cherukuri Varaprasad (DIN 00556469)
3. Mr. Subramanian Mohan Narayanan (DIN 01510020)
4. Mr. Kodumudi Sambamurthi Sripathi (DIN 02388109)
5. Mr. Vivek Virendra Khare (DIN 02877606)
6. Dr. Bhiva Rao Rajdhar Patil (DIN 03279483)
7. Mr. Pradeep Kumar Panja (DIN 03614568)

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed under sub-section (7) of Section 149 of the Act.

During the year, the Non-Executive Directors of the Company had following pecuniary relationship or transactions with the Company.

Names Sitting fees () Reimbursement of expenses incurred for attending the Meetings of the Company (Rs. ) Any other transaction ()
Mr. Ch. V.V. Prasad 1.22 - -
Mr. Vivek Khare 2.80 2.36 -
Dr. B. R. Patil 1.20 1.88 -
Mr. A. R. Ansari 2.80 3.48 -
Mr. Mohan Narayanan 1.80 1.70 -
Dr. Raja Mohan Rao - - 41.43
Mr. Pradeep Kumar Panja 1.60 1.64 -
Mr. Kodumudi Sambamurthi Sripathi 1.80 6.78 -

Sitting fees isRs. . 20,000 per meeting for Board and committee meetings.

Criteria of making payments to Non-Executive Directors

Sitting fees is paid to Independent, Woman and Non-Executive Directors. No sitting fees is paid to Executive Director for attending the meetings of the Company. Dr. Raja Mohan Rao, Non-Executive Director has waived his right to receive sitting fees for attending the board / committee or any other meetings of the Company.

Ms. Bhavana Rao, Executive Director of the Company for the year was appointed as employee of Trigyn Technologies Inc, a wholly owned subsidiary of the Company and is paid remuneration from the wholly owned subsidiary of the Company. Ms. Bhavana Rao, was appointed as Executive Director of the Company with effect from May 17, 2018 with Nil Remuneration.

The Criteria of making payments to Non-Executive Directors can be viewed at the website of our company at Pursuant to Regulation 46(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), following are the criteria for making payments to Non –executive Directors of the Company:

Sitting Fee: The Non-executive Director(s) shall receive Sitting fees for attending meetings of the Board or

Committee thereof or any other meeting as may be required to discharge their duties as Directors not exceeding the limits prescribed under Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as may be applicable from time to time.

Reimbursement of actual expenses incurred: NEDs may also be paid / reimbursed such sums incurred as actuals for travel, incidental and / or actual out of pocket expenses incurred by such Director / Member for attending Board / Committee / any other meetings / business of the Company.

The above criteria and policy are subject to review by the Nomination & Remuneration Committee and the Board of Directors of the Company from time to time.

There are no shares or convertible instruments held by or issue to Non-Executive Director.

Pursuant to the provisions of Section 203 the Key Managerial Personnel of the Company are – Mr. R. Ganapathi, Chairman and Executive Director, Mr. Mukesh Tank, Company Secretary and Mr. Amin Bhojani, Chief Financial

Officer. During the year underreview,there . has been no changeinthe Key Managerial Personnel


The Companys Board of Directors met four times during the year 2018-19 and the required information was placed before the Board. The Board Meetings took place on May 17, 2018, August 10, 2018, November 05, 2017 and February 05, 2019. For details of the meetings of the board, please refer to the corporate governance report, which forms a part of this report.


Currently the Board has five committees,

(1) Audit Committee,

(2) Nomination / Remuneration / Compensation

Committee, (3) Corporate Social Responsibility Committee,

(4) Stakeholders Relationship & Grievance Committee and

(5) Risk Management Committee.

A detailed note on the Board and its committee is provided under the Corporate Governance Report section in this Annual Report.


The Board of Directors have carried out an annual evaluation of its own performance, Board committees and individual Directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under SEBI Listing Regulations, 2015.

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 Board and the Nomination / Remuneration / Compensation Committee ("NRC") 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.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and Non-Executive Directors. The same was discussed in the Board Meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual Directors was also discussed.

The framework of this evaluation includes but is not limited to the following parameters:

Peer evaluation

Decision making

Information flows

Board dynamics and relationships

Relationship with stakeholders

Tracking boards and committees effectiveness

Companys performance and strategy


The Companys policy on Directors appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the Directors Report.


The details in respect of internal financial control and their adequacy are included in theManagement Discussion & Analysis, which forms part of this report.


The details pertaining to composition of audit committee are included in the Corporate Governance Report, which forms part of this report.

21. AUDITORS Statutory Auditors

Pursuant to section 139 of the Act, your Company has appointed M/s Ford Rhodes Parks & Co LLP, Chartered

Accountants, (Registration No. 102860W/W100089) as Auditors of the Company to hold office for the period of five consecutive years from the conclusion of the 31st Annual General Meeting of the Company till the conclusion 36th Annual General Meeting to be held in the year 2022.

Ford Rhodes Parks & Co LLP, Chartered Accountants has audited the book of accounts of the Company for the

Financial Year ended March 31, 2019 and have issued the Auditors Report thereon. There are no qualifications or reservations or adverse remarks or disclaimers in the said Report.

In terms of the provisions relating to statutory auditors forming part of the Companies Amendment Act, 2017, notified on May 7, 2018, ratification of appointment of Statutory Auditors at every AGM is no more a legal requirement. Accordingly, the Notice convening the ensuing AGM does not carry any resolution on ratification of appointment of Statutory Auditors. However, Ford Rhodes Parks & Co LLP, Chartered Accountants has confirmed that they are eligible to continue as Statutory Auditors of the Company to audit the books of accounts of the Company for the Financial Year ending March 31, 2019 and accordingly they will continue to be the Statutory Auditors of the Company for Financial Year ending March 31, 2019.

Secretarial Auditors

Section 204 of the Companies Act, 2013 inter-alia requires every listed company to annex with its Boards report, a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form. The Board had appointed M/s Anmol Jha & Associates, practicing Company Secretaries, as Secretarial Auditor to conduct Secretarial Audit of the Company for the Financial Year 2018-19.


The Auditors Report and Secretarial Auditors Report does not contain any qualifications, reservations or adverse remarks. Report of the Secretarial Auditor is given as an Annexure IV which forms part of this report.


Risk management is the process of identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. The Board of the Company has formed a risk management committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.


The particulars of loans, guarantees and investments have been disclosed in the financial statements.


None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given Form AOC - 2 (Annexure I) and the same forms part of this report.


In line with the provisions of the Companies Act, 2013, the Company has framed its Corporate Social Responsibility

(CSR) policy for the development of programs and projects for the benefit of weaker sections of the society and the same has been approved by the CSR Committee and the Board of Directors of the Company. The Corporate Social Responsibility (CSR) policy of the Company provides a road map for its CSR activities. The purpose of CSR Policy is to devise an appropriate strategy and focus its CSR initiatives and lay down the broad principles on the basis of which the Company will fulfill its CSR objectives.

Over the years, we have been striving to achieve a fine balance of economic, environmental and social imperatives, while also paying attention to the needs and expectations of our internal as well as external stakeholders.

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure II of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on the website of the Company.


The extract of the Annual Return of the Company as on 31st March, 2019 in Form MGT - 9 in accordance with Section 92 (3) of the Act read with Companies (Management and Administration) Rules, 2014, is available on the website of the Company at and is Annexure III of this



As per Para C of Schedule V of the SEBI Listing Regulations, corporate governance report with Auditors certificate thereon and management discussion and analysis are attached, which form part of this report.

Details of the familiarization programme of the Independent Directors are available on the website of the Company (URL: Policy for determining material subsidiaries of the Company is available on the website of the Company (URL:

Policy on dealing with related party transactions is available on the website of the Company (URL:

The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including Directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and the revised Clause 49 of the Listing Agreements with stock exchanges (URL:



Your company consumes electricity only for the operation of its computer and administration of its offices.

Though the consumption of electricity is negligible as compare to the total turnover of the company, your company always endeavors to take effective steps to reduce the consumption of electricity.

a) The steps taken or impact on conservation of energy N.A.
b) The steps taken by the company for utilizing alternate sources of energy N.A.
c) The capital investment on energy conservation equipments N.A.
d) Expenditure on R&D N.A.


The Company has not absorbed any new technology during the year under review.

a) Efforts made towards technology absorption N.A.
b) Benefits derived like product improvement, cost reduction, product development or import substitution N.A.
c) Information regarding Imported Technology N.A.
d) Expenditure on Research and Development Nil


The foreign exchange earnings of your Company during the year were Rs. 4,708.52/- (Previous year Rs. 4,825.27/-), while the outgoings were ##RS. ##169.98/-(Previous year Rs. 901.37/-).


Details required to be provided under the Securities and Exchange Board of India (Share Based Employee Benefits)

Regulations, 2014 (SEBI ESOP Regulations) are available on your Companys website.

The Company has obtained certificate from auditors certifying that the said ESOP scheme have been implemented in accordance with the SEBI ESOP Regulations and the resolutions passed by the members in this regard. The

Certificate will be placed at the AGM for inspection by the members which is also attached to this report.

31. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT their continued Your Directors re affirm commitment to good corporate governance practices. During the year under review, your Company was in compliance with the provisions relating to corporate governance as provided under the Listing Regulations. The compliance report is provided in the Corporate Governance section of this Annual

Report. The auditors certificate on compliance with the conditions of corporate governance of the Securities and

Exchange Board of India (Listing Requirement and Disclosure Obligations) Regulations, 2015 (Listing Regulations) forms part of this Report.


As in the previous years, this year too, we are publishing only the statutory disclosures in the print version of the Annual Report. Electronic copies of the Annual Report 2018–19 and Notice of the 33rd Annual General Meeting are sent to all members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies are sent in the permitted mode.


The Directors wish to place on record their appreciation of the contribution made by employee at all level to the continued growth and prosperity of your Company.

Your Directors also wish to place on record their appreciation for the support provided by the Customer, Vendors, Investors, Bankers, SEEPZ, regulatory and government authorities in India and abroad.

For and on behalf of the Board of Directors

R. Ganapathi Chairman and Executive Director

Place: Mumbai

Date: August 12, 2019