Onward Technologies Ltd
Directors Reports
Dear Members,
The Board of Directors are pleased to present the 32nd Annual Report of
the Company along with Financial
Statements (Consolidated and Standalone) for the financial year ended
March 31, 2023.
1. FINANCIAL AND OPERATIONAL HIGHLIGHTS
Your Company’s financial performance for the year ended March 31,
2023 as compared to the previous financial year ended March 31, 2022 is summarized below:
( Rs. in Lakhs)
Particulars |
Standalone |
Consolidated |
|
Year ended |
Year ended |
Year ended |
Year ended |
|
31.03.2023 |
31.03.2022 |
31.03.2023 |
31.03.2022 |
Revenue from Operations |
31,516.54 |
23,439.50 |
44,092.83 |
30,726.87 |
Other Income |
945.30 |
560.01 |
540.24 |
2,153.11 |
Finance costs |
165.67 |
101.24 |
166.38 |
100.56 |
Depreciation |
1,270.29 |
920.96 |
1,298.16 |
1,010.51 |
Operating profit |
2,173.45 |
1,301.68 |
1,803.19 |
3,182.96 |
Exceptional items |
- |
- |
|
- |
Profit before Tax |
2,173.45 |
1,301.68 |
1,803.19 |
3,182.96 |
- Current Tax |
496.91 |
275.85 |
527.11 |
390.70 |
- Deferred Tax |
47.24 |
93.35 |
133.35 |
423.86 |
Total tax expense/(credits) |
544.15 |
369.20 |
660.46 |
814.56 |
Profit after Tax |
1,629.28 |
932.48 |
1,142.73 |
2,368.40 |
Other Comprehensive Income |
(72.87) |
(48.85) |
167.08 |
(64.28) |
Total Comprehensive Income for the
Period |
1,556.43 |
883.63 |
1,309.81 |
2,304.12 |
Company’s Performance Highlights:
During the financial year 2022-23, your Company’s Revenue from
Operations on standalone basis stood at Rs. 31,516.54 Lakhs as compared to previous year
of Rs. 23,439.50 Lakhs, thereby registering growth of 34.46% on YoY basis. Standalone: The
Operating Profit for the year wasat Rs. 2,665 Lakhs as compared to Rs. 1,764 Lakhs
previous year i.e. an increase of 51.08% YoY. The Net Profit for the on standalone basis
stood at Rs. 1,629.30 Lakhs as compared to Rs. 932.48 Lakhs in the previous year i.e. a
growth of 74.73 %YoY.
Your Company’s Revenue from Operations for the year ended as on
March 31, 2023 on consolidated basis stood at Rs. 44,092.83 Lakhs as compared to Rs.
30,726.87 Lakhs previous year, registering a growth of 43.50% on YoY basis. The
Company’s Net Profit for the year ended March 31, 2023 consolidated basis stood at
Rs. 1,148.01 Lakhs as compared to the previous year of Rs. 2,368.40 Lakhs, decrease in the
net profit due to inclusion of gain on account of government grants/subsidies received in
onsite entities towards employee cost incurred during Covid19 pandemic in the last
year’s profit.
The Diluted Earnings per share (EPS) on standalone basis for the year
stood at Rs. 7.34 per share, shows a growth of 49.48% as compared to Rs. 4.79 per share
for the previous year.
2. DIVIDEND AND TRANSFER TO RESERVES
Your Company’s policy on Dividend Distribution is available at
https://www.onwardgroup.com/ year investors-company-policies.php
In accordance with the said policy and based on the Company’s
performance, your Directors at their meeting held on May 12, 2023, has recommended payment
of Rs. 3/- (30%) per equity share of the face value of Rs. 10/- (Rupee Ten only) each as
final dividend for the financial year ended March 31, 2023. The payment of finaldividend
is on subject to the approval of the shareholders at the ensuing Annual General Meeting
("AGM") of the Company. The total outflow towards payment of final dividend will
beRs. 6.64 Crs.
Your Directors’ do not propose to transfer any amounts to the
general reserves of the Company, instead have recommended to retain the entire profits for
the financial year ended March 31, 2023 in the Profit and Loss Account.
3. TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND
In accordance with the applicable provisions of Companies Act, 2013
(hereinafter referred to as "the Act") read with Investor Education and
Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred
to as the "IEPF Rules"), all unclaimed dividends are required to be transferred
by the Company to the IEPF, after completion of seven (7) years. Further, according to
IEPF Rules, the shares on which dividend has not been claimed by the shareholders for
seven (7) consecutive years or more shall be transferred to the de-mat account of the IEPF
Authority. During the Financial Year 2021-22 the Company has not completed Seven (7)
years. Hence, the unclaimed amount of Further, according to IEPF
Rules, the shares on which dividend has not been claimed by the
shareholders for seven (7) consecutive years or more shall be transferred to the de-mat
account of the IEPF Authority. During the Financial Year 2022-23, the Company has not
completed Seven (7) years. Hence, the unclaimed amount of dividend are not transferred in
the IEPF.
4. FIXED DEPOSITS
In terms of the provision of Sections 73 and 74 of the Act read with
the relevant rules, your Company has not accepted any fixed deposits during the year under
review.
5. DETAILS OF SUBSIDIARIES/JOINT VENTURES/ASSOCIATE COMPANIES
As on March 31, 2023, the Company has one Indian subsidiary and four
foreign subsidiaries:
Sr. No. |
Name of Subsidiary
Companies |
Country of Incorporation |
Percentage of holding |
1. |
Onward Technologies Inc. |
USA |
100% |
2. |
Onward Technologies GmbH |
Germany |
100% |
3. |
Onward Technologies BV. |
Netherlands |
100% |
4. |
Onward Technologies
Canada Inc., Canada |
Canada |
100% |
5. |
OT Park Private Limited |
India |
100% |
There are no associate or joint venture companies within the meaning of
Section 2(6) of the Act
("Act"). There has been no material change in the nature of
the business of the subsidiaries.
As per the provisions of Section 129(3) of the Act, a statement
containing salient features of the financial statements of the Company’s subsidiary
(which includes associate companies and joint ventures) in Form AOC-1 is attached to the
Financial Statements of the Company as
Annexure I.
The Financial Statements of the Company including consolidated
financial statements along with the relevant documents and separate audited financial
statements in respect of subsidiaries are available on the website of the Company
https://www.onwardgroup.com/ investors-subsidiary-financials.php
Your Company’s policy on material subsidiary is also available on
the website at https://www. onwardgroup.com/investors-company-policies. php
6. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the provisions of the Act,
Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (hereinafter referred to as "Listing Regulations" through this
report) and applicable Accounting Standards, the
Audited Consolidated Financial Statements of the
Company for the financial year 2022-23, together with the
Auditors’ Report form part of this Annual
Report.
7. BOARD OF DIRECTORS
In accordance with the provisions of Section 152 of the Act, Mr. Harsha
Raghavan (DIN:01761512) retires by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for reappointment.
Change in the Directors
During the year, Ms. Prachi Mehta resigned from the position of
Directorship of the Company with effect from September 29, 2022. The Board expresses its
appreciation for Ms. Prachi Mehta for the valuable guidance and services rendered by her
during her tenure as a Director of the Company.
Based on the TOP 1000 by Market capitalization report as on March 31,
2022, your Company falls under TOP 1000 category. Accordingly, your Company is required to
have at least one-Woman Independent Director on the Board. Hence, Ms. Niranjani
Chandramouli (DIN:07128770) was inducted as an Independent Woman Director of your Company
with effect from September 29, 2022. Your Company has obtained approval of shareholders
through Postal Ballot for the said appointment.
Based on the recommendations of Nomination and Remuneration Committee,
Mr. Jai Diwanji (DIN:00910410) and Mr. Dhanpal Jhaveri (DIN: 02018124) were appointed as
Additional Non-Executive Directors on the Board of the Company with effect from May 12,
2023. Your Directors recommends their appointment as Independent Directors to the
shareholders to be made at the forthcoming Annual General Meeting.
Details, as required under the Act and Listing Regulations, in respect
of Directors seeking appointment/re-appointment subject to approval of shareholders at the
ensuing Annual General
Meeting (AGM) are given in the Notice of AGM.
Declaration of Independence by Independent Directors
The Company has received the following declarations from all the
Independent Directors confirming that:
1. They meet the criterion of independence as prescribed under Section
149 of the Act and Regulation 25 of the Listing Regulations.
2. They have registered themselves with the Independent Director’s
Database maintained by the IICA.
None of the Directors of the Company are disqualified for being
appointed as Directors as specified in Section 164(2) of the Act and Rule 14(1) of the
Companies (Appointment and Qualification of Directors) Rules, 2014
8. KEY MANAGERIAL PERSONNELS
Pursuant to the provisions of Section 2(51) and 203 of the Act, the Key
Managerial Personnel of the Company are Mr. Harish Mehta, Chairman & Whole-time
Director and Mr. Jigar Mehta, Managing Director and Ms. Shama Pawar, Company Secretary.
Chief Financial Officer: During the year under review, Mr. Devanand
Ramandasani was resigned from the position of Chief Financial
Officer of the Company w.e.f. December 23, 2022. On the recommendations
of Nomination and Remuneration Committee and approval of Audit Committee, the Board has
appointed Mr. Pawankumar Nathani as a Chief Financial Officer of the Company w.e.f. May
12, 2023.
Company Secretary and Compliance
During the year, Ms. Dimple Chauhan, Company Secretary and Compliance
Officer of the Company resigned from the services of the Company. The resignation was
effective July 22, 2022. Consequent to Ms. Dimple’s resignation, the Board appointed
Ms. Shama Pawar as the Company Secretary, KMP and Compliance of the Company. The
appointment was effective July 23, 2022.
9. SHARE CAPITAL
Authorized Capital
As on March 31, 2023, the Authorized Share Capital is Rs.
44,62,00,000/- comprising of 4,46,20,000 equity shares of Rs. 10/- each 3,36,20,000/-
Ordinary (Equity) Shares of Rs. 10 each and 10,00,000 Unclassified shares of Rs. 10 each
and 1,00,00,000 Preference Shares of the face value of Rs. 10/- each.
Issued, subscribed and Paid-up share Capital
As on March 31, 2023, the issued, subscribed and paid-up capital of the
Company is Rs. 22,30,52,700/- comprising of 2,23,05,270 Equity Shares of Rs. 10/- each.
Allotment of shares under ESOP Schemes
During the year under review, the Company has issued and allotted
95,400 and 189,000 fully paid-up equity shares of Rs. 10/- each were allotted to various
employees under ESOP Scheme 2009 and ESOP Scheme 2019, respectively.
10. CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS
AND BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING
Your Company follows the highest standards of
Corporate Governance best practices. It adheres to and has implemented
the requirements set out by SEBI’s Corporate Governance norms. A separate section on
Corporate Governance and a certificate confirming the compliance of conditions of
Corporate Governance as stipulated in Listing Regulations from Nilesh Pradhan & Co.,
Practicing Company Secretaries, is forming part of the Annual Report.
Management’s Discussion and Analysis Report for the year under
review, as stipulated under Regulation 34 of the Listing Regulations, is presented in a
separate section forming part of this Annual Report.
As stipulated under Regulation 34 of Listing Regulations, the Business
Responsibility and Sustainability Reporting describing the initiatives taken by the
Company from environmental, social and governance perspective forms part of this Annual
Report.
11. COMPANIES POLICIES UNDER SEBI
LISTING REGULATIONS
A. Corporate Social Responsibility Policy
During the financial year ended March 31, 2023, the Company incurred
CSR contribution of Rs. 26.50 Lakhs (Rupees Twenty-Six Lacs Fifty Thousand Only). The CSR
initiatives of the Company were under the area of education and health. The CSR
Policy of the Company is available on our website at
https://www.onwardgroup.com/investors-company-policies.php
Further, the information pursuant to Section 134(3)(o) of the Act and
Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 is given in Annexure
II outlining the main initiatives during the year under review.
Further, your Company has obtained certificate from Chief Financial
Officer as required under Section 135, of the Act.
B. Risk Management Policy
The Company has formulated the Risk Management Policy in accordance
with the Regulation 21 of Listing Regulations to be read with Part D of Schedule II. The
details with respect to the Risk Management Policy forms part of the Management Discussion
and Analysis Report. The Policy is disclosed on our website at
https://www.onwardgroup.com/ investors-company-policies.php
C. Vigil Mechanism/Whistle Blower Policy
Your Company has a Whistle Blower Policy in place as required under
Section 177 of the Act and Regulation 22 of the Listing Regulations. The mechanism
provides for adequate safeguards against victimization of persons who use such mechanism
and makes provisions for direct access to the Chairman of the Audit Committee. More
details in this regard have been outlined in the corporate governance report annexed to
this report. The Policy is disclosed on our website at:
https://www.onwardgroup.com/investors-company-policies.php
D. Dividend Distribution Policy
In terms of Regulation 43A of the Listing Regulations, the Board has
formulated and adopted the
Dividend Distribution Policy. The Policy is available on our website at
https://www.onwardgroup.com/ investors-company-policies.php
E. Nomination and Remuneration Policy
Pursuant to the provisions of Section 134(3) (e) and Section 178(3) of
the Act and the Listing Regulations, the policy of the Company on Directors’
appointment and remuneration, including the criteria for determining qualification,
positive attributes, independence of directors and other matters like Board Diversity are
given on our website https://www.onwardgroup.com/ investors-company-policies.php
The salient features of the Nomination and Remuneration Policy of the
Company are set out in the Corporate Governance Report which forms part of this Annual
Report. The said Policy of the Company, inter-alia, provides that the Nomination and
Remuneration Committee shall formulate the criteria for appointment & re-appointment
of Directors on the Board of the Company and persons holding Senior Management positions
in the Company, including their remuneration and other matters as provided under Section
178 of the Act and Listing Regulations.
F. Prevention of Sexual Harassment of Women at Workplace Policy
Your Company has in place a formal policy for the prevention of sexual
harassment of its women employees in line with "The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013". The Company has formed
Internal Complaint Committee who periodically conducts sessions for employees across the
organization to build awareness about the Policy and the provisions of Prevention of
Sexual Harassment Act. During the year, there were no complaints received relating to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge states that:
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
b) they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of your Company at the end of the
financial year and of the profit of your Company for the year ended on that date; c) they
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 your
Company and for preventing and detecting fraud and other
irregularities;
d) the Annual Accounts had been prepared on a going concern basis;
e) they have laid down internal financial controls to be followed by
the Company and that such internal financial control 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.
13. EMPLOYEES
Employees’ Stock Option Schemes
The Company has two employee stock options plans namely Onward Employee
Stock Option Plan 2009 (ESOP 2009) and Onward Employee Stock Option Plan 2019 (ESOP 2019)
from time to time to motivate, incentivise, attract new talents and inculcate the feeling
of employee ownership, and reward employees of the Company and its
Subsidiaries. The Nomination and Remuneration Committee administers
these ESOP Scheme. There have been no material changes to financyear. these The plans
during the disclosures required to be made under relevant provisions of the Act and the
SEBI (Share Based Employee Benefits) Regulations, 2014 is given as Annexure III to this
report.
Particulars of Employees and related disclosures
In accordance with the requirements of Section 197 read with Rule 5 of
The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as
amended regarding employees is given in Annexure IV. In terms of the provisions of Section
136 of the Act, the Annual Report is being sent to members excluding the aforementioned
information. Any member interested in obtaining such information may write to the Company
Secretary of the Company. ial performance,financ
14. BOARD AND ITS COMMITTEES
Meetings of the Board
5 (five) meetings of the Board of Directors were held during the
financial year 2022-23. For further details of the meetings of the Board, please refer to
the Corporate Governance Report, which forms part of this Annual Report.
Committees of Board
Currently, the Company has five Board level Committees: Audit Committee
(AC’), Nomination and Remuneration Committee (NRC’),
Stakeholders’ Relationship Committee (SRC’), Risk Management Committee
(RMC’) and Banking Committee. Further, in accordance with Section 134(9) of the
Act, the Corporate Social Responsibility Committee is not mandatory. All the
recommendations made by the Committees of Board including the Audit Committee were
accepted by the Board.
Performance Evaluation of the Board, its Committees and Directors
Pursuant to the provisions of the Act the Board is required to carry
out annual evaluation of its own performance and that of its committees and individual
Directors. Accordingly, your Company has carried out the performance evaluation as
required during the year under review. The Independent Directors at their separate meeting
review the performance of: non-independent directors and the Board as a whole, Chairperson
of the Company after taking into account the views of Executive Director and Non-Executive
Directors, the quality, quantity and timeliness of flow of information between the Company
management and the Board that is necessary for the Board to effectively and reasonably
perform their duties.
Familiarisation Programme for Independent Directors
Pursuant to the Listing Regulations, the Company has devised a
familiarisation programme for the Independent Directors, with a view to familiarise them
with their role, rights and responsibilities in the Company, nature of the industry in
which the Company operates, business model of the Company, etc.
Through the familiarisation programme, the
Company apprises the independent directors about the business model,
corporate strategies, business plans and operations of the Company. These directors are
also informed about the annual budgets, internal control system, statutory compliances
etc. They are also familiarised with Company’s vision, mission, core values, and
corporate governance practices. Details of familiarisation programme of Independent
Directors are available on the website of the Company at https://www.onwardgroup.com/
investors-company-policies.php
15. AUDITORS AND INFORMATION ON
AUDITORS’ OBSERVATIONS
Statutory Auditors
M/s. BSR & Co, LLP Chartered Accountants, (Firm Registration No.
101248W/W-100022 were appointed as the Statutory Auditors of the
Company for the period of 5 years starting from conclusion of 31st AGM
till the conclusion of 36th AGM of the Company to be held in calendar year 2027. The
statutory auditor confirmed thathas they are not disqualified from being re-appointed as
auditor of the Company.
The Auditor’s Report on standalone and consolidated financial
statements for the year ended March 31, 2023 forms part of the Annual Report and contains
an unmodified opinion without any qualification, reservation or adverse remark. The
observations made in the Auditors’ Report read together with relevant notes thereon
are self-explanatory and hence do not call for any further explanations or comments by the
Board under Section 134 of the Act.
Secretarial Auditors
The Board of Directors of the Company has appointed M/s. Nilesh A.
Pradhan & Co., LLP, (FCS
No: 7478), Practicing Company Secretary, as the
Secretarial Auditor to conduct an audit of the secretarial records for
the financial year 2022-23.
The Secretarial Audit Report for the financial year ended March 31,
2023 under Act, read with Rules made thereunder and Regulation 24A of the Listing
Regulations (including any statutory modification(s) or re-enactment(s) thereof for the
time being in force) is set out in the Annexure V to this report. The observation/remark
made in the Secretarial Audit Report is self-explanatory and hence do not call for any
further explanations or comments by the Board.
Cost Auditors and Cost Records
Pursuant to Section 148(1) of the Act Cost Audit is not required for
the Company for the financial year ended March 31, 2023. The Company is not required to
maintain cost records under the provisions of Section 148(1) of the Act.
Reporting of Frauds by Auditors
During the year under review, none of the auditors have reported to the
Audit Committee, under Section 143(12) of the Act any instances of fraud committed against
the Company by its officers or employees, the details of which would need to be form part
of the Board’s report.
16. CONTRACTS/ARRANGEMENT WITH
RELATED PARTIES
All contracts/arrangements/transactions entered into by the Company
during the year under review with Related Parties were in ordinary course of business and
on arm’s length basis in terms of provisions of the Act. There are no materially
significant related party the Company with promoters, key managerial personnel or other
designated persons which may have potential conflict with interest of the Company at
large. Accordingly, the disclosure of Related Party Transactions as required under Section
134(3) (h) of the Act in Form AOC-2 is not applicable.
A statement of all related party transactions is presented before the
Audit Committee on a quarterly basis, specifying the nature and value of the transactions.
The details of the related party transactions as per Indian Accounting Standards (IND AS)
- 24 are set out in Note 30 to the Standalone Financial Statements of the
Company.
Your Company has formulated a Policy on Related Party Transactions
which is available on our website at https://www.onwardgroup.com/
investors-company-policies.php
17. INTERNAL CONTROL SYSTEMS AND THEIR
ADEQUACY
The Company’s internal control systems are commensurate with the
nature of its business and the size and complexity of operations.
The organisation is appropriately staffed with qualifiedand experienced
personnel for implementing and monitoring the internal control environment. The internal
audit function reports to the Audit Committee. Your Company has adopted accounting
policies which are in line with the Accounting Standards prescribed in the Companies
(Accounting Standards) Rules that continue to apply under Section 133 and other applicable
provisions, if any, of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.
These are in accordance with Generally Accepted Accounting Principles in India. Changes in
policies, if any, are approved by the Audit Committee in consultation with the Auditors.
The policies to ensure uniform accounting treatment are prescribed to the subsidiary of
your Company. The accounts of the subsidiary companies are by their respective Auditors
auditedandcertified for consolidation.
The statutory auditors of your Company have audited the financial
statements including this
Annual report and have stated on the Company’s internal control
under Section 143 of Act in their report. Further, the Company has appointed Ahuja Valecha
& Associates LLP, Chartered Accountants, as an internal auditor of the Company to
oversee and carry out internal audit of its activities. The audit is based on an internal
audit plan duly approved by the Audit Committee.
18. PARTICULARS OF LOANS, GUARANTEES
OR INVESTMENTS
The details of Loans, Guarantees or Investments covered under the
provisions of Section 186 of the Act forms part of notes to the Financial
Statements.
19. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN
EARNINGS AND OUTGO
Particulars required under Section 134(3) (m) of the Act read with Rule
8 of the Companies (Accounts) Rules, 2014, regarding conservation of energy, technology
absorption, foreign exchange earnings and outgo, are given in Annexure VI forming part of
this report.
20. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the
Annual Return as on March 31, 2023 is available on the Company’s website on
https://www.onwardgroup.com/investors-annual-reports.php
21. SIGNIFICANT / MATERIAL ORDERS
PASSED BY THE REGULATORS
No significant and material orders have been passed by the
Regulators/Courts/Tribunals e and impacting the going concern status and
Company’s operations in future.
22. OTHER DISCLOSURES
1. During the year under review, there was no change in the nature of
business of your Company.
2. There are no material changes and commitments affecting the of your
Company which have occurred between the end of the and the date of this report.
3. The Company has complied with Secretarial Standards issued by the
Institute of Company Secretaries of India on Meetings of the Board of Directors and
General Meetings;
4. The Company has not issued equity shares with differential rights as
to dividend, voting or otherwise;
5. The Company has not issued any sweat equity shares to its directors
or employees;
6. There was no revision of and Boards report of the Company during the
year under review.
7. There was no application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the financial year.
8. There was no instance of onetime settlement with any Bank or
Financial Institution.
23. APPRECIATION
Your Directors takes this opportunity to express their deep sense of
gratitude to high degree of professionalism, commitment and dedication displayed by
employees at all levels. Your Directors also wish to thank its esteemed corporate clients,
dealers, agents, suppliers, technology partners, investors, Government Authorities and
bankers for their continued support and faith reposed in the Company. Your Directors are
deeply grateful confidenc faithtotheshareholdersforthe that they have always reposed in
the Company.
For and on behalf of the Board of Directors
Harish Mehta |
Jigar Mehta |
Executive Chairman |
Managing Director |
DIN: 00153549 |
DIN: 06829197 |
Date: May 12, 2023 position Place: Mumbai