To
The Members,
VASA Retail and Overseas Limited
Your Directors presents the 6th Annual Report of the Company together with
the Audited Financial Statements for the year ended on 31st March, 2023.
1. FINANCIAL HIGHLIGHTS:
(Amount in Lakhs)
| Particulars |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| Revenue from operations |
- |
445.79 |
| Other Income |
- |
68.03 |
| Total Income |
- |
513.83 |
| Less: (i) Financial expenses |
- |
304.50 |
| (ii) Depreciation / Amortization |
- |
10.22 |
| (iii) all other expenses |
1,253.21 |
1,151.54 |
| Profit / (Loss) before tax |
(1,253.21) |
(952.43) |
| Less: Tax-Provision |
|
|
| -Current Tax |
- |
- |
| -Deferred tax liabilities/ (Assets) |
0.24 |
(1.04) |
| Profit / (Loss) after tax |
(1,253.45) |
(951.39) |
*IND-AS APLICABILITY:
The Company has not adopted the Indian Accounting Standard (Ind AS), as the company
is listed on SME exchange. These financial Statements have been prepared in accordance
with the recognition and measurement principles stated therein and as prescribed under
Section 133 of the Companies Act, 2013 read with relevant rules issued there under and the
other accounting principles generally accepted in India.
2. PERFORMANCE OF THE COMPANY:
During the year under review, the Company has not earned any income as compared to
total income of Rs.513.83/- Lakhs in the previous financial year. After providing for
Finance cost, Depreciation & Amortization expenses and Taxes, the Net loss of the
Company stood at Rs.1,253.45/- Lakhs as compared to Net loss of Rs.951.39/- Lakhs in the
previous financial year.
3. DIVIDEND:
In order to conserve the funds for working capital requirement and expansion of
business, your directors do not recommend for declaration of any dividend for the
financial year ended as on 31st March, 2023.
4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
There is no unclaimed/unpaid Dividend within the meaning of the provisions of Section
125 of the Companies Act, 2013 which needs to be transferred.
5. LISTING INFORMATION:
| The Company Shares are listed as follows: Name of Stock Exchanges |
Stock Code/Symbol |
| National Stock Exchange of India Limited (NSE) "Exchange |
VASA |
| Plaza", Bandra-Kurla Complex, Bandra (East), Mumbai - 400051. |
|
6. SHARE CAPITAL OF THE COMPANY:
There has been no change in the authorized share capital of the Company during the
financial year and the authorized share capital of the Company as on 31st
March, 2023 is Rs. 7,00,00,000/- (Rupees Seven Crores Only) divided into 70,00,000 Equity
shares of the face value of Rs.10/- (Rupee Ten) each.
The Issued, Subscribed and paid-up Equity Share Capital of your Company as on 31st
March, 2023 is Rs.5,99,25,500/- (Rupees Five Crore Ninety-Nine Lakhs Twenty-Five Thousand
Five Hundred only) divided into 59,92,550 Equity shares of the face value of Rs.10/-
(Rupee Ten) each.
7. PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits within the
meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of
Deposits) Rules, 2014.
8. HOLDING, SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any Holding, Subsidiary, Associates Company or any Joint
Ventures during the financial year under review.
9. CHANGE IN THE NATURE OF BUSINESS OF THECOMPANY:
There was no change in the nature of business activities of the Company during the
Financial Year under review.
10. INTERNAL FINANCIAL CONTROL:
According to Section 134(5)(e) of the Companies Act, 2013 the term Internal Financial
Control (IFC) means the policies and procedures adopted by the company for ensuring the
orderly and efficient conduct of its business, including adherence to companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information.
11. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS
RELATE AND THE DATE OF THE REPORT
The Board wishes to inform its members that between the end of the Financial Year
2022-2023 and the date of this report the following material changes and commitments
affecting the financial position of your company took place.
During the year under review NSE has imposed a penalty on the company due to
non-compliance with the certain regulation of e SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), the penalty was of
Rs.37,76,000/- the Company has paid said penalty amount on 5th August, 2022.
Also, Company has received a Revocation of Suspension in trading of Equity Shares with
effect from 5th December, 2022, as per NSE letter dated November 25, 2022.
Company has voluntary filed a compounding Application before the Regional Director
(RD), Ministry of Corporate affairs, Mumbai for the purpose of compounding of offence for
delay in convening the Annual General Meeting for the financial year ended 31st
March, 2021 and RD has passed the order on 14th June, 2023 and imposed a
penalty on the Company Rs.1,00,000/- and on the Directors for the violation of the
provisions of the Companies Act, 2013. The said penalty has been paid by the directors as
well as Company.
12. CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of Section 152 of the Companies Act, 2013 (the
‘Act) read with Companies (Management and Administration) Rules, 2014 and Articles
of Association of the Company, Mr. Hardik B. Vasa, Managing Director of the Company,
retire by rotation at the ensuing Annual General Meeting and being eligible, offers
himself for re-appointment and the Nomination and Remuneration Committee and Board
recommends for their re-appointment at the ensuing Annual General Meeting. Also,
Nomination and Remuneration Committee and Board recommends for re-appointment of Mr.
Hardik Vasa, as a Chairman, Managing Director, Mrs. Kajal Vasa, as a Whole-time Director
and Mr. Mahiesh Jaain, as an Independent Director of the company.
During the year under review following has been taken place:
Mr. Vikas Rajkumar Goyal has been appointed as an Additional Non-Executive Independent
Director of your company w.e.f. 28th July, 2022 and was regularized as a
Director of the Company w.e.f. 30th September, 2022.
Mr. Sujay Sudhakar Waikul has been appointed as Chief Financial Officer of your company
w.e.f. 28th July, 2022.
Ms. Kirti Dharamnarayan Bohra has been appointed as Company Secretary of your company
w.e.f. 28th July, 2022.
13. DECLARATION FROM INDEPENDENT DIRECTORS:
The Company has received declaration from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under Section 149(6)
of the Companies Act, 2013. The Board relies on their declaration of independence.
14. INDEPENDENT DIRECTORS MEETING:
The Independent Directors met on 17th September, 2022 and reviewed the
performance of non-independent directors and the Board as a whole; the performance of the
Chairman of the Company, taking into account the views of Executive Directors and
Non-Executive Directors and assessed the quality, quantity, and timeliness of the flow of
information between the Company Management and the Board that is necessary for the Board
to effectively and reasonably perform the duties.
15. DIRECTORS RESPONSIBILITY STATEMENT:
Your Directors, to the best of their knowledge and belief and according to the
information and explanations obtained by them and as required under Section 134(3)(c) of
the Companies Act, 2013 state that:
a. in the preparation of the annual accounts for the year ended 31st March,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
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 financial year and of
the 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.
16. EXTRACT OF ANNUAL RETURN
The Annual Return of the Company will be placed on the website of the company pursuant
to the provisions of Section 92(3) read with Rule 12 of the Companies (Management and
Administration) Rules 2014, the web link of the same is at www.vasagroup.in
17. MEETINGS OF THE BOARD OF DIRECTORS:
The Board meets at regular intervals to discuss and decide on Companys business policy
and strategy apart from other business of the Board. The notice of Board meeting is given
well in advance to all the Directors of the Company. The gap between two board meetings
did not exceeded one hundred and twenty days. The board meetings were held on the
following dates as mentioned below:
Attendance by Director:
| Name of Directors |
Designation |
No. of Meetings |
|
|
Held |
Attended |
| Hardik Bhupendra Vasa |
Chairman & Managing Director |
14 |
14 |
| Kajal Hardik Vasa |
Whole-Time Director |
14 |
14 |
| Vikas Rajkumar Goyal* |
Independent Director |
07 |
07 |
| Mahiesh Sankalchand Jaain |
Independent Director |
14 |
14 |
During the year under review, the Board met 14 (Fourteen) times on various dates 08th
April, 2022, 4th May, 2022, 7th May, 2022, , 25th May,
2022, 16th June, 2022, 12th July, 2022, 27th July, 2022,
19th August, 2022, 2nd September, 2022, 12th September,
2022, 25th October, 2022, 8th November, 2022, 17th
February, 2023, 24th March, 2023.
Mr. Vikas Rajkumar Goyal has been appointed w.e.f. 28th July, 2022.
18. COMMITTEES OF THE BOARD OF DIRECTORS:
There are three Committees of the Board as on the closure of financial year, as
follows: A. Nomination and Remuneration Committee;
B. Audit Committee;
C. Vigil Mechanism for Directors and Employees;
| Nomination and Remuneration Committee |
|
|
| Name |
Designation in Company |
Designation in committee |
| Mahiesh Sankalchand Jaain |
Non -Executive Director and Independent Director |
Independent Director & Chairman |
| Hardik Bhupendra Vasa |
Managing Director |
Member |
| Vikas Rajkumar Goyal* |
Non-Executive Director and Independent Director w.e.f. 28th July, 2022 |
Member |
During the Financial year 2022-23, 03 (Three) meeting of Nomination Remuneration
Committee were held.
Mr. Vikas Rajkumar Goyal has been appointed w.e.f. 28th July, 2022 therefore
due to change in directorship, the said Committee has been re-constituted.
| Audit Committee |
|
|
| Name |
Designation in Company |
Designation in committee |
| Mahiesh Sankalchand Jaain |
Non -Executive Director and Independent Director |
Independent Director & Chairman |
| Hardik Bhupedra Vasa |
Managing Director |
Member |
| Vikas Rajkumar Goyal |
Non-Executive Director and Independent Director w.e.f. 28th July, 2022 |
Member |
During the Financial year 2022-23, 06 (Six) Meeting of Audit Committee were held.
Mr. Vikas Rajkumar Goyal has been appointed w.e.f. 28th July, 2022 therefore
due to change in directorship, above Committee has re-constituted.
19. STATUTORY AUDITORS:
M/s. Amit Ray & Co., Chartered Accountants (Firm Registration Number: 000483C) were
appointed as a Statutory Auditor of the Company at the Annual General Meeting of the
Company held on 30th September, 2022 and Board recommend for their
re-appointment for a period of 5 years from i.e. for financial year 2023-24 to 2027-28.
20. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR
DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS:
The Statutory Auditors have raised certain qualifications, reservations or remarks in
their respective audit report for the financial year ended on 31st March, 2023.
The specific notes forming part of the accounts referred to in the Auditors Report are
self-explanatory, however, for certain qualifications and remarks of the auditors, the
board has given adequate explanations which is mentioned below:
| SR.NO. QUALIFIED OPINION |
MANAGEMENTS REPLY ON AUDITORS QUALIFIED OPINION |
| 1. We draw attention to Note 35 of the Statement, regarding the expiry of license
agreement between Oxford Limited ("Oxford") and the Company ("Vasa")
during the year due to permanent discontinuance of business operations and activities by
Oxford due to Covid-19 impact. Due to expiry of the agreement, all the remaining stock of
licensed products has to be disposed of the by Company. |
Yes, due to COVID – 19 impact, Oxford Limited has permanently discontinued the
Business operation and activities, which result in expiry of license agreement between the
Company and Oxford. During the current year company will disposed of the remaining stock
of license products. |
| 2. Pending impairment review by the Company of all the assets and liabilities as at
March 31, 2022, no provision in the books of account has been made by the Company. In the
absence of assessment of impairment by the Company & pending confirmation, we are
unable to comment on the recoverable/payable amount with regards to said terms and
consequential impact, if any, on the Statement. |
During the current financial year, the assessment of impairment shall be carried out
by the Company. |
| 3. The Company has defaulted in repayment of its borrowings and payment of statutory
dues during the financial year 2022-23. |
After Covid- 19, business of the Company has been affected due to that there was a
delay in repayments, however directors are in process to streamline the things as early as
possible. |
Also, the Secretarial Auditors have also raised certain queries and pointed out some
non-compliances on the part of the company in their Secretarial Audit Report (Form MR-3)
for the Financial year 2022-23 which is mentioned below:
| SR.NO. QUALIFIED OPINION |
MANAGEMENTS REPLY ON AUDITORS QUALIFIED OPINION |
| 1. According to Section 149 (4) and 177 (2) of the Companies Act, 2013, Every listed
public company shall have at least one-third of the total number of Directors as
independent Directors (Explanation - For the purposes of this sub-section, any fraction
contained in such one-third number shall be rounded off as one). The Audit Committee shall
consist of a minimum of three Directors with independent Directors forming a majority.
However, during the meetings held on 11/05/2022, 24/06/2022, and 19/07/2022, out of the
three committee members, Mahiesh Sankalchand Jaain was only independent director present
in the meeting. |
Due to resignation of 1 existing Independent Director, company was in search of New
Independent director which took some time, due to which their was a temporary only 1
Independent Director was available and as there was financial things which needs the Audit
Committee approval, so company has conducted the meetings and complied with the required
timelines of Companies Act and LODR. |
| 2. As per the Section 203(1) Companies Act, 2013, CFO and Company Secretary (KMP) has
to be appointed within 6 months from the date of such vacancy, But, Company has not
appointed CFO and Company Secretary (KMP) within the stipulated timeline. However, the KMP
were appointed after the expiry of the stipulated timeline. |
Due to resignation of Existing CFO and CS, the company was in search to appoint new
and capable person, however due to market conditions it took some time to get the proper
person as a CFO and Company Secretary (KMP) on the Board. |
| 3. The company has conducted AGM in the Financial Year 2021-22 for the Financial Year
2020-21 by filing condonation of delay. |
Company has already compounded the offence by filing the Application before Regional
Director (RD), Mumbai and the RD has imposed the penalty on Company and directors, the
same has been paid and offence has been compounded as per the Companies Act, 2013. |
| 4 As per the qualification remark of statutory auditor, the company has defaulted in
repayment of its borrowings and payment of statutory dues during the financial year under
review. |
After Covid- 19, business of the Company has been affected due to that there was a
delay in repayments, however directors are in process to streamline the things as early as
possible. |
21. SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr. Dipesh
A. Mistry, Company Secretaries, Surat was appointed to undertake Secretarial Audit of the
Company for the Financial Year 2022-23. The Secretarial Audit Report for the Financial
Year under review is appended to this report as Annexure – I.
22. INTERNAL AUDITOR:
Pursuant to provisions of Section 138 of the Companies Act, 2013 read with Companies
(Accounts) Rules, 2014, on recommendation of Audit Committee, M/s. A. D. Sheth &
Associates, Chartered Accountants, were appointed as Internal Auditors of the Company. The
Internal Auditors submit their Reports on periodical basis to the Audit Committee.
Based on the internal audit report, the management undertakes corrective action in
respective areas and thereby strengthens the controls.
23. MAINTENANCE OF COST RECORDS:
Pursuant to the rules made by the Central Government and as per section 148 (1) of the
Companies Act, 2013 maintenance of cost records is not applicable to the company.
24. INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS:
The Company has in place proper and adequate internal control systems commensurate with
the nature of its business, size and complexity of its business operations. Internal
control systems comprising of policies and procedures are designed to ensure reliability
of financial reporting, compliance with policies, procedures, applicable laws and
regulations and that all assets and resources are acquired economically used efficiently
and adequately protected.
The Audit Committee evaluates the efficiency and adequacy of financial control system
in the Company, its compliance with operating systems, accounting procedures at all
locations of the Company and strives to maintain the standard in Internal Financial
Control.
25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED IN
SECTION 188(1) OF THE COMPANIES ACT, 2013:
All Related Party Transactions entered during the financial year were in ordinary
course of the business and on arms length basis. No Material Related Party Transactions
were entered during the year by your Company. Accordingly, the disclosure of Related Party
Transactions as required under Section 134(3) of the Companies Act, 2013 in Form AOC-2 is
not applicable.
The details of the related party transactions as per Accounting Standard - 18 are set
out in Notes to accounts to the Financial Statements forming part of this report.
26. DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND
PARTICULARS OF EMPLOYEES:
In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with
Rules 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, a statement of disclosure is appended to this report as Annexure – II.
27. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
Management Discussion and Analysis Report as required under Regulation 34 of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (Regulations) is disclosed separately in the current Annual Report
Annexure – III.
28. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Conservation of Energy and Technology Absorption
Information in terms of requirements of Section 134(3)(m) of the Companies Act, 2013
read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with respect to conservation
of energy are not given as the same is not applicable to the Company. However, the Company
always takes necessary measures to conserve the energy whenever possible.
The information related to Technology absorption, adaptation and innovation is not
applicable to the Company.
Foreign Exchange Earning and Outgo:
(a) Expenditure in Foreign Exchange:
(Rupees Lakhs)
| Particulars |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| imports of goods (CIF Value) |
- |
- |
| Foreign Travelling Expenses |
- |
- |
(b) Earnings in Foreign Exchange:
(Rupees Lakhs)
| Particulars |
Year ended 31st March, 2023 |
Year ended 31st March, 2022 |
| From export of goods (FOB Value) |
- |
195.02 |
29. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:
The Company has not given any guarantee / Security during the year under review.
The details of loans given and investments made by the Company during the year under
report are given in the Notes to the financial statements and are in compliance with the
provisions of the Companies Act, 2013.
30. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS
OPERATIONS IN FUTURE:
The Directors report that during the year under review, no significant and material
order has been passed by any regulators or courts or tribunals impacting the going concern
status of the Company and its operations in future.
During the year under review NSE has imposed a Penalty on the company due to
non-compliance with the certain regulation of Listing Regulations, the penalty was of
Rs.37,76,000/- the Company has paid said penalty amount on 5th August, 2022.
Also, Company has received a Revocation of Suspension in trading of Equity Shares with
effect from 5th December, 2022, as per NSE letter dated November 25, 2022.
Company has voluntary filed a compounding Application before the Regional Director
(RD), Ministry of Corporate affairs, Mumbai for the purpose of compounding of offence for
delay in convening the Annual General Meeting for the financial year ended 31st
March, 2021 and RD has passed the order on 14th June, 2023 and imposed a
penalty on the Company Rs.1,00,000/- and the Directors for the violation of the provisions
of the Companies Act, 2013. The said penalty has been paid by the directors as well as
Company.
31. RISK MANAGEMENT POLICY:
The Company has devised, adopted and implemented a mechanism for risk assessment and
management. It provides for identification of possible risks attached with the business of
the Company, assessment of the same at regular intervals and taking appropriate
measurement and controls to manage the risk. The key categories of risk are Credit Risk,
Liquidity Risk, Exchange rate Risk, Interest rate Risk and such other risk that may
potentially affect the working of the Company. The risk management is undertaken by the
Board of Directors.
32. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has established Vigil Mechanism system and framed Whistle Blower Policy.
Whistle Blower Policy is disclosed on the website of the Company.
33. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL
RESPONSIBILITY INITIATIVES:
As the Company is not having Net Worth of Rupees Five Hundred Crores or more, or
Turnover of Rupees One Thousand Crores or more or a Net Profit of Rupees Five Crores or
more during any Financial Year, the Company is not required to comply with the provisions
of Section 135 of the Companies Act, 2013 with regard to the formation of the CSR
Committee and undertaking of Social Expenditure as required under the said Section.
34. REPORTING OF FRAUDS:
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and/or Board under Section 143(12) of
the Act and Rules framed there under.
35. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY CODE 2016:
During the year under the review, there were no applications made or proceedings
pending in the name of the company under the insolvency and bankruptcy code, 2016.
36. REPORT ON CORPORATE GOVERNANCE:
Since the Companys securities are listed on SME Emerge Platform of National Stock
Exchange of India Limited, As per the provisions of Regulation 15(2) of the Listing
Regulations, the provisions related to Corporate Governance as specified in Regulations
17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and Clauses (b) to (i) of sub-regulation (2) of
Regulation 46 and Para C, D and E of Schedule V shall not apply to a listed entity having
paid up Share Capital not exceeding Rupees Ten Crores and Net worth not exceeding Rupees
Twenty Five Crores, as on the last day of the previous financial year. Hence, corporate
governance does not form part of this Boards Report.
37. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and 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 the Workplace (Prevention,
Prohibition and Redressal) Act, 2013. There was no case of sexual harassment reported
during the year under review.
38. INTERNAL COMMITTEE:
The Company has in place Internal Committee and Policy as required under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All
the employees are covered under the policy. No complaint has been received by the Company
under this Policy during the financial year 2022-23.
39. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME
SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under the review, no loans taken from banks and financial institutions.
40. ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the dedication, hard work
and commitment of the employees at all levels and their significant contribution to your
Companys growth. Your Company is grateful to the Distributors, Dealers, and Customers for
their support and encouragement. Your Directors thank the Banks, Financial Institutions,
Government Departments and Shareholders and look forward to having the same support in all
our future endeavours.
|
For VASA Retail and Overseas Limited |
| Place: Mumbai |
Hardik Bhupendra Vasa |
| Date: 5th September, 2023 |
Chairman & Managing Director |
|
DIN: 03600510 |
+91-9892691696
