Dear Members,
The Board of Directors present the Company's Thirty Third Annual Report and the
Company's audited Financial Statements for the financial year ended March 31, 2021.
Financial Results
The Company's financial performance (standalone and consolidated) for the year ended
March 31, 2021 is summarised below:
|
|
(Rs. in lakh) |
|
STANDALONE |
CONSOLIDATED |
|
2020-21 |
2019-20 |
2020-21 |
2019-20 |
| Profit before Tax |
|
807.69 |
|
926.01 |
|
1002.54 |
|
1104.15 |
| Less: |
|
|
|
|
|
|
|
|
| - Current Tax |
402.75 |
|
454.53 |
|
402.75 |
|
454.53 |
|
| - Deferred Tax |
(365.15) |
37.60 |
(321.22) |
133.31 |
(365.15) |
37.60 |
(321.22) |
133.31 |
| Profit for the Year |
|
770.09 |
|
792.70 |
|
964.94 |
|
970.84 |
| Add: Other Comprehensive Income |
|
3655.53 |
|
(465.13) |
|
3655.53 |
|
(465.13) |
| Total Comprehensive Income for the year |
|
4425.62 |
|
327.57 |
|
4620.47 |
|
505.71 |
| Add: Balance in Retained Earnings Account (including Other Comprehensive income) |
|
8317.19 |
|
8835.73 |
|
11705.19 |
|
12045.58 |
| Sub-Total |
|
12742.81 |
|
9163.30 |
|
16325.66 |
|
12551.29 |
| Less: Appropriation |
|
|
|
|
|
|
|
|
| Transferred to General Reserve |
300.00 |
|
300.00 |
|
300.00 |
|
300.00 |
|
| Dividend paid on Equity Shares |
453.00 |
|
453.00 |
|
453.00 |
|
453.00 |
|
| Tax on Dividend on Equity Shares |
- |
753.00 |
93.11 |
846.11 |
- |
753.00 |
93.11 |
846.11 |
| Closing Balance (including Other Comprehensive income) |
|
11989.81 |
|
8317.19 |
|
15572.66 |
|
11705.18 |
Figures in brackets represent deductions
Dividend
The Board of Directors has recommended a dividend of Rs. 3/- (Three Rupees only) per
equity share of Rs. 10/- (Ten Rupees) each fully paid- up of the Company for the financial
year ended March 31,2021 (last year Rs. 3/- per equity share of Rs. 10/- each fully
paid-up). Dividend is subject to approval of members at the ensuing Annual General Meeting
and shall be subject to deduction of income tax at source.
The dividend recommended is in accordance with the Company's Dividend Distribution
Policy. The Dividend Distribution Policy of the Company is annexed herewith and marked as Annexure
I to this Report and the same is available on the Company's website and can be
accessed at: http://www.riil.in/pdf/dividend-distribution-policy.pdf
Details of material changes from the end of the financial year
The outbreak of corona virus (COVID-19) pandemic globally and in India is causing
significant disturbance and slowdown of economic activity. Operations and revenue have
been impacted due to COVID-19. The Company has taken into account the possible impact of
COVID 19 in preparation of financial statements, including its assessment of recoverable
value of its assets based on internal and external information upto the date of approval
of these financial statements and current indicators of future economic conditions.
Management's Discussion and Analysis Report
Management's Discussion and Analysis Report for the year under review, as stipulated
under the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), is as under:
Results of Operations and the State of Company's Affairs
During the year, the Company earned revenue from operations of Rs. 5431.40 lakh, as
compared to Rs. 7979.64 lakh in the previous year.
Income from product transportation services increased from Rs. 3145.16 lakh to Rs.
3274.36 lakh on a year-on-year basis. Income from operating construction machinery on hire
decreased from Rs. 1378.63 lakh to Rs. 440.32 lakh on a year-on-year basis. Income from
other support services decreased from Rs. 3455.85 lakh to Rs. 1716.72 lakh on a
year-on-year basis. Net profit during the year was Rs. 770.09 lakh as compared to Rs.
792.70 lakh during the previous year.
The Company continues to provide infrastructural facilities and support services,
namely, transportation of petroleum products and raw water through pipelines, operating
construction machinery on hire and other support services to Reliance Industries Limited
and its group companies with a substantial portion provided to Reliance Industries
Limited.
Resources and Liquidity
The Company's net worth as on March 31,2021 stood at Rs. 30,045.09 lakh, with
accumulated reserves and surplus of Rs. 28,535.09 lakh. Details of significant changes
(i.e. change of 25% or more as compared to the immediately previous financial year) in key
financial ratios and change in Return on Net Worth, along with detailed explanation is
given below:
• Debtors turnover ratio reduced to 2.46 in FY 2020-21 as against 4.10 in the
previous year due to reduction in income from other support services;
• Current ratio increased to 4.14 in FY 2020-21 as against 2.60 in the previous
year due to reduction in trade payables;
• Net profit margin increased to 14% in FY 2020-21 as against 10% in the previous
year due to lower operating expenses; and
• Return on Net worth reduced to 2.56% in FY 2020-21 as against 2.67% in the
previous year due to lower profit.
The Company continues to maintain its conservative financial profile and funds its
requirements largely through internal cash generation.
Industry Structure, Developments. Opportunities and Outlook
Infrastructure is an important sector for the overall development of any country. In
India, it is considered as the backbone of the country's economy. It integrates projects
on a wider scale and reinforces its competitiveness on a global level. The infrastructural
facilities such as roads, railways, metro rails, etc are required to potentially increase
the productivity and smooth functioning of other business sectors in India. Productivity
also improves through upgraded logistics and networks in infrastructure capacities across
sectors in the country.
With the rapid urbanisation and rapid development of our small towns and villages,
India needs huge progress in the housing, road, rail and various aspects of the
infrastructure ecosystem. This will also result in large employment generation opportunity
across sectors as India adds millions of people in its labour force every year.
Challenges, Risks and Concerns
The infrastructure sector has various execution challenges, the government has
undertaken several key reforms to ease difficulties faced by players which among other
things include stronger cooperation between public and private sectors, enforcing of a
unified legal framework, single window approval process and better dispute-resolution
mechanisms.
The Company believes as well as focusses on timely project completion while adhering to
cost budgets as the fundamental pillars for successful implementation of infrastructure
projects. The Company has always deployed state-of-the-art technology, latest machineries
and equipment with highly trained experts and professionals in its product transportation
and construction machinery hiring business.
Although the Company over the years has been primarily serving a single largest
customer with no expansion plans on the anvil, it has always been proactive in mitigating
business risks with appropriate risk management framework and conservative financial
profile backed by prudent business practices. The Company is well positioned to manage the
risks with its strong financials and robust past track record.
Human Resource Development
The Company has a team of able and experienced professionals. The Company believes that
the quality of its employees is the key in the long run. The Company continues to have
cordial relations with its employees. The Company provides personal development
opportunities and all round exposure to its employees.
Internal Controls
The Company has robust internal control systems and procedures commensurate with its
nature of business which meets the following objectives:
• providing assurance regarding the effectiveness and efficiency of operations;
• efficient use and safeguarding of resources;
• compliance with policies, procedures and applicable laws and regulations; and
• transactions being accurately recorded and promptly reported.
The Company continues to have periodical internal audits conducted of all its functions
and activities to ensure that systems and processes are followed across all areas.
The Audit Committee of the Board of Directors of the Company regularly reviews the
adequacy of internal control systems through such audits. The Internal Auditor reports
directly to the Audit Committee.
The Company also has a robust budgetary control system to monitor expenditure against
approved budgets on an ongoing basis.
Internal Financial Controls
Internal Financial Controls are an integral part of the risk management framework and
process that address financial and financial reporting risks. The Company has in place
adequate internal financial controls with reference to Financial Statement.
Assurance on the effectiveness of internal financial controls is obtained through
management reviews and self-assessment, continuous control monitoring by functional
experts as well as testing of the internal financial control systems by the Statutory
Auditors and Internal Auditors during the course of their audits.
The Company believes that these systems provide reasonable assurance that the Company's
internal financial controls are adequate and are operating effectively as intended.
Risk Management
The Company has in place a Risk Management Policy which provides for a robust risk
management framework to identify and assess risks such as safety, health and environment,
operational, strategic, financial, security, property, regulatory, reputational and other
risks and put in place an adequate risk management infrastructure capable of addressing
these risks. Further, a risk assessment group has been constituted by the Board of
Directors of the Company, comprising functional executives/ experts to identify, monitor
and report on the potential risks associated with the Company's business and periodically
keeps the Audit Committee and the Board of Directors apprised of such risks and the
measures taken by the Company to mitigate such risks.
Given below are significant potential risks of the Company and measures in place to
mitigate them:
Operational Risk: Disruptions in operating the Company's pipelines and equipment may
arise due to natural calamities, equipment failures or other unexpected or unforeseen
interruptions. The Company consistently works towards monitoring the health of the
pipelines through internal checks and external audit assurance and maintaining or
improving operational efficiencies.
Safety, Health and Environment Risks: The Company's activities of transporting
petroleum products through its pipelines are inherently hazardous. Any accident,
explosion, leakages or acts of terrorism may cause property damage or bodily injury and
adversely impact surrounding communities and environment which may result in litigations
and disruption of operations. The Company has structured inspections of its operating
facilities for identifying and mapping operational hazards, investigating root cause
analysis and to eliminate any such occurrence by developing mitigation plans.
Further, there is a comprehensive insurance plan in place to cover the above risks.
Consolidated Financial Statement
In accordance with the provisions of the Companies Act, 2013 ("the Act"),
Listing Regulations read with Ind AS 110 - Consolidated Financial Statement and Ind AS 28
- Investments in Associates, the audited Consolidated Financial Statement forms part of
the Annual Report.
Subsidiary, Joint Venture and Associate Company
The Company did not have any subsidiary or joint venture during the financial year
under review. The Company has one associate company, Reliance Europe Limited.
A statement providing details of performance, over all contribution and salient
features of the financial statement of the associate company as per Section 129 (3) of the
Act, is provided as Annexure A to the consolidated Financial Statement and
therefore not repeated in this Report to avoid duplication.
The audited Financial Statement including the consolidated Financial Statement of the
Company and all other documents required to be attached thereto forms part of this annual
report and is also available on the Company's website and can be accessed at:
http://www.riil.in/pdf/Annual-Report-2020-21.pdf
Secretarial Standards
The Company has followed applicable Secretarial Standards, i.e. SS-1 and SS-2, relating
to 'Meetings of the Board of Directors' and 'General Meetings' respectively.
Directors' Responsibility Statement
Your Directors state that:
a) in the preparation of the annual accounts for the year ended March 31,2021, the
applicable accounting standards read with requirements set out under Schedule III to the
Act, 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 March 31,2021 and of the profit of
the Company for the year ended on that date;
c) the Directors 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) 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 are operating
effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
Business Responsibility Report
As stipulated under the Listing Regulations, the Business Responsibility Report
describing the initiatives taken by the Company from an environmental, social and
governance perspective is attached as part of the Annual Report and also available on the
Company's website and can be accessed at:
http://www.riil.in/pdf/riil-business-responsibility-report-2020-21.pdf
Contracts or Arrangements with Related Parties
All contracts/arrangements/transactions entered by the Company during the financial
year with related parties were in its ordinary course of business and on arms' length
basis and do not have potential conflict with interest of the Company at large.
The contracts/arrangements/transactions with related party which are required to be
reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act
and Rule 8(2) of the Companies (Accounts) Rules, 2014 is annexed herewith and marked as Annexure
II to this Report.
The Policy on Materiality of Related Party Transactions and on dealing with Related
Party Transactions as approved by the Board is available on the Company's website and can
be accessed at: http://www.riil.in/pdf/riil-policv-on-materialitv-240918.pdf
Members may refer Note 23 to the standalone Financial Statement which sets out related
party disclosures pursuant to Ind AS.
Corporate Social Responsibility
The Corporate Social Responsibility ("CSR") Policy formulated by the CSR
Committee and approved by the Board continues unchanged. The CSR Policy is available on
the Company's website and can be accessed at: http://www.riil.in/pdf/csr policy.pdf.
The CSR policy sets out the guiding principles for the CSR Committee, inter-alia,
in relation to the activities to be undertaken by the Company, as per Schedule VII of the
Act, CSR Governance and implementation, Composition of Committee and monitoring of CSR
activities.
The key philosophy of the CSR initiative of the Company is to promote development
through social and economic transformation.
The Company has, inter-alia, identified following areas in which it may engage
for its CSR activities:
• Addressing identified needs of the underprivileged through initiatives directed
towards promoting health, including preventive health care;
• Environmental sustainability and ecological balance;
• Any other activity falling within the scope of Schedule VII to the Act.
During the year, the Company spent Rs. 30.00 lakh (2.49 % of the average net profits of
last three financial years) on CSR activities.
The Annual Report on CSR activities is annexed herewith and marked as Annexure III to
this Report.
Directors and Key Managerial Personnel
In accordance with the provisions of the Act and the Articles of Association of the
Company, Shri Dilip V. Dherai (DIN: 00011789),
Director of the Company, retires by rotation at the ensuing Annual General Meeting. The
Board of Directors, on the recommendation of the Nomination and Remuneration Committee
("NRC"), has recommended his appointment.
The Company has received declarations from all the Independent Directors of the Company
confirming that:
i. they meet the criteria of independence prescribed under the Act and Listing
Regulations; and
ii. they have registered their names in the Independent Directors' Data bank.
The Company has devised, inter alia, the following Policies:
a) Policy for selection of Directors and determining Directors' independence; and
b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.
The aforesaid policies are available on the Company's Website and can be accessed at:
http://www.riil.in/pdf/policy-for-selection-of-directors-v7-240918.pdf and
http://www.riil.in/pdf/remuneration-policv-for-directors-kev-managerial-other-empl.pdf
The Policy for selection of Directors and determining Directors' independence sets out
the guiding principles for the NRC for identifying persons who are qualified to become
Directors and to determine the independence of Directors, while considering their
appointment as independent Directors of the Company. The Policy also provides for the
factors in evaluating the suitability of individual Board members with diverse background
and experience that are relevant for the Company's operations. There has been no change in
the aforesaid policy during the year under review.
The Remuneration Policy for Directors, Key Managerial Personnel and other employees
sets out the guiding principles for the NRC for recommending to the Board the remuneration
of the Directors, Key Managerial Personnel and other employees of the Company. There has
been no change in the policy during the year under review.
Performance Evaluation
The Company has a Policy for performance evaluation of the Board, Committees and
individual Directors (including Independent Directors) which includes criteria for
performance evaluation of Non-executive Directors and Executive Directors.
In accordance with the manner of evaluation specified by the Nomination and
Remuneration Committee (NRC), the Board carried out annual performance evaluation of the
Board and individual Directors. The NRC carried out performance evaluation of the
Committees of the Board based on the evaluation reports submitted by each Committees and
the report of such evaluation was presented to the Board. The Independent Directors
carried out
annual performance evaluation of the Chairman, non-independent directors and the Board
as a whole. A consolidated report was shared with the Chairman of the Board for review and
giving feedback to each Director.
Auditors and Auditors' Report
(i) Statutory Auditors
Messrs D T S & Associates LLP (Registration No: 142412W/ W100595), Chartered
Accountants, were appointed as Auditors of the Company, for a term of 5 (five) consecutive
years, at the Annual General Meeting held on July 28, 2017. The Auditors have confirmed
that they are not disqualified from continuing as Auditors of the Company.
The Notes on Financial Statement referred to in the Auditors' Report are
self-explanatory and do not call for any further comments. The Auditors' Report does not
contain any qualification, reservation, adverse remark or disclaimer.
(ii) Cost Auditors
In accordance with the provisions of Section 148(1) of the Act, read with the Companies
(Cost Records and Audit) Rules, 2014, the Company has maintained cost records in its books
of account for the financial year 2020-21 in respect of its services of transportation of
petroleum products. However, in terms of the said Rules, the requirement of cost audit is
not applicable to the Company for the financial year 2020-21 as the turnover of the
Company from these services was below the threshold limit prescribed in the said Rules for
cost audit.
(iii) Secretarial Auditor
The Board had appointed Messers. Shashikala Rao & Co. Practicing Company
Secretaries, to conduct Secretarial Audit for the financial year 2020-21. The Secretarial
Audit Report thereto is annexed herewith and marked as Annexure IV to this Report.
The Secretarial Audit Report does not contain any qualification, reservation, adverse
remark or disclaimer.
Disclosures
Meetings of the Board
Four meetings of the Board of Directors were held during the year. The particulars of
meetings held and attended by each Director are detailed in the Corporate Governance
Report forming part of the Annual Report.
Audit Committee
The Audit Committee comprises Shri Chandra Raj Mehta (DIN: 00002011) (Chairman), Smt.
Bhama Krishnamurthy (DIN: 02196839) and Shri A. Siddharth (DIN: 00016278).
During the year all the recommendations made by the Audit Committee were accepted by
the Board.
Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee comprises Shri Chandra Raj Mehta
(Chairman), Smt. Bhama Krishnamurthy and Shri A. Siddharth.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee comprises Shri Chandra Raj Mehta (Chairman),
Smt. Bhama Krishnamurthy and Shri Sandeep H. Junnarkar (DIN:00003534).
Stakeholders Relationship Committee
The Stakeholders Relationship Committee comprises Shri Chandra Raj Mehta (Chairman),
Shri Mahesh K. Kamdar (DIN: 00013915), Shri Sandeep H. Junnarkar and Shri A. Siddharth.
Vigil Mechanism
The Company has established a robust Vigil Mechanism and a Whistle-blower Policy in
accordance with provisions of the Act and the Listing Regulations. An Ethics &
Compliance Task Force comprising a member of Board as a Chairman and senior executives as
members has been established which oversees and monitors the implementation of ethical
business practices in the Company. The task force reviews complaints and incidents on a
quarterly basis and reports them to the Audit Committee.
Employees and other stakeholders are required to report actual or suspected violations
of applicable laws and regulations and the Code of Conduct. Such genuine concerns (termed
Reportable Matter) disclosed as per Policy are called "Protected Disclosures"
and can be raised by a whistle-blower through an e-mail or a letter to the Ethics &
Compliance Task Force or to the Chairman of the Audit Committee.
The Vigil Mechanism and Whistle blower Policy is available on the Company's website and
can be accessed at: http://www.riil.in/pdf/whistle-blower-policv-iulv2020.pdf
During the year under review, no protected disclosure concerning any reportable matter
in accordance with the Vigil Mechanism and Whistle Blower Policy of the Company was
received by the Company.
Particulars of loans given, investments made, guarantees given and securities provided
The Company has not given any loan or guarantee or provided any security during the
year under review. Particulars of investments made are provided in the Standalone
Financial Statement. Members may refer to note nos. 2 and 23 to the Standalone Financial
Statement.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The particulars relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required to be disclosed under the Act are as under:
A. Conservation of Energy
As an infrastructural facilities and support services provider, the operations of the
Company require minimal energy consumption.
(i) Steps taken to conserve energy
a) Upgradation of anode beds for reducing power requirement of Cathodic Protection
system by 30% (current consumption reduced from 250 Amp to 100 Amp). New technology
Transformer Rectifier units replaced in Cathodic Protection stations and achieved the
reduction in consumption by 20% (total 100 Amps to 80 Amps).
b) Installation of LED lights to reduce power consumption.
Conventional lighting was replaced with LED lighting and energy saved upto 55%.
c) The SCADA system of pipeline is being upgraded in the financial year 2021-22, hence
due to the advancement in the technology the power consumption of the system will be low
and the system will be more sensitive.
(ii) Steps taken for utilising alternate sources of energy and Capital investment on
energy conservation equipments
The energy requirements are mainly for the Company's pipeline operations which are
within the purview of its customer. The Company has not made any capital investment on
energy conservation equipment.
B. Technology absorption
(i) Major efforts made towards technology absorption:
a) Installation of online corrosion monitoring system on pipelines for health checking.
Forward pipeline corrosion monitoring system commissioned and for return pipeline
system will be commissioned.
b) Installation and commissioning of SIM card-based system for Pipeline Data &
Voice as alternate mode of communication which is an alternative to the Optical Fibre
Cable based communication is established.
c) Installation and commissioning of CCTV based remote vigilance systems for CP station
and some valve station of pipelines. This system supplements the vigilance system of CP
stations.
(ii) The benefits derived like product improvement, cost reduction, product development
or import substitution:
The selection of alternate quality of pipes for projects seamless pipes to ERW
(Electric resistance welded). This saved about 20% cost of project for materials. ERW
Pipelines are being used in re-routing projects.
(iii) Information regarding imported technology (Imported during the last three years):
The Company has not imported any technology during the last three years.
(iv) Expenditure incurred on research and development:
Installation of Flame and Gas detection system at CP installations and integration with
existing Supervisory Control and Data Acquisition (SCADA) systems so that in case of
eventuality it can detect the fire from Control Room.
C. Foreign Exchange Earnings and Outgo
Foreign Exchange earned in terms of Actual Inflows - Nil Foreign Exchange outgo in
terms of Actual Outflows - Nil
Corporate Governance
The Company is committed to maintain the highest standards of Corporate Governance and
adheres to the Corporate Governance requirements set out by the Securities and Exchange
Board of India. The Company has also implemented several best governance practices. The
report on Corporate Governance as stipulated under the Listing Regulations forms part of
the Annual Report. Certificate from the Auditors of the Company confirming compliance with
the conditions of Corporate Governance is annexed herewith and marked as Annexure V to
this Report. Disclosure pursuant to para (IV) of third proviso to Section II, Part II of
Schedule V to the Act relating to remuneration of Shri Dilip V. Dherai is covered in the
Corporate Governance Report. For details, please refer the Corporate Governance Report
forming part of the Annual Report.
Annual Return
The Annual Return of the Company as on March 31, 2021 is available on the Company's
website and can be accessed at: http://www.riil.in/pdf/mgt-7-2020-21.pdf
Particulars of Employees and related disclosures
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names of top ten employees in terms of remuneration drawn and the
names and other particulars of the employees drawing remuneration in excess of the limits
set out in the said Rules forms part of this Report.
Disclosures relating to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report.
Having regard to the provisions of the second proviso to Section 136(1) of the Act and
as advised, the Annual Report excluding the aforesaid information is being sent to the
members of the Company. Any member interested in obtaining such information may address
their email to investor_relations@riil.in.
Prevention of sexual harassment at workplace
In accordance with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act") and Rules made
thereunder, the Company has constituted Internal Committee to redress and resolve any
complaints arising under the POSH Act.
General:
Your Directors state that no disclosure or reporting is required in respect of the
following matters as there were no transactions on these matters during the year under
review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares and ESOS) to the employees of the
Company under any scheme.
4. The Company has no holding company or subsidiary company, hence the provisions of
Section 197(14) of the Act relating to receipt of remuneration or commission by the
Whole-time Director from holding company or subsidiary company of the Company are not
applicable to the Company.
5. No significant or material orders were passed by the Regulators or Courts or
Tribunals, which impact the going concern status and Company's operations in future.
6. No fraud has been reported by the Auditors to the Audit Committee or the Board of
Directors of the Company.
7. There has been no change in the nature of business of the Company.
8. There is no application made or proceedings pending under the Insolvency and
Bankruptcy Code, 2016.
9. There was no instance of one-time settlement with any Bank or Financial Institution.
Acknowledgement
The Board of Directors wish to place on record their deep sense of appreciation for the
committed services by all the employees of the Company. The Board of Directors would like
to express their sincere appreciation for the assistance and co-operation received from
the government and regulatory authorities, stock exchanges, banks, customers, vendors and
members during the year under review.
For and on behalf of the Board of Directors
Mahesh K. Kamdar
Chairman
April 14, 2021.
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