To,
The Members,
Neogem India Limited
The Directors presents the Thirty-Fourth Annual Report of the Company and the
Audited Statements of Accounts for the financial year ended 31 st March, 2025.
1. Financial Summary or highlights/performance of the Company:
The financial highlights of the Company, for the year ended 31 st March, 2025 is
summarized below:
(Rs. In Lakhs)
| Sr. Particulars |
For the year |
For the year |
| No. |
ended 31 st March |
ended 31 st March |
|
2025 |
2024 |
| 1.1 Revenue from Operations |
- |
- |
| 1.2 Other Income |
0.09 |
0.19 |
| 1.3 Total Expenditure |
31.65 |
80.07 |
| 1.4 Profit for the year before tax |
-31.56 |
-79.88 |
| Exceptional items |
- |
0.29 |
| 1.4 Profit for the year before tax |
-31.56 |
-80.17 |
| 1.5 Less: Current Tax |
- |
- |
| Deferred Tax |
- |
- |
| 1.6 Profit After Tax & before Other comprehensive
income (OCI) |
-31.56 |
-80.17 |
| 1.7 Other comprehensive income |
0 |
0 |
| 1.8 Other comprehensive income for the year, net of tax |
0 |
0 |
| 1.9 Profit after Tax (PAT) & after OCI |
-31.56 |
-80.17 |
During the year under review, there was no revenue from operational activity. The
Company has stopped its production activities since Jan 2018. The Company has suffered a
loss of Rs. 31.56 lakhs /-in the financial year 2024-25.
Further due to financial crunch, the Company could not repay the working capital loan
(secured) to Punjab National Bank and Bank of India, accordingly the accounts of the
Company has been classified as non-performing assets by the respective banks with effect
from 31 st March, 2016. Pending confirmation received of the amount payable to Banks, the
Company has not provided for interest payable in the financial statement till 31 st March,
2025, since the same is not quantifiable and accordingly the loss for the year is
understated to that extent. The Management of the Company has been putting in its best
efforts to reduce the loss and is hopeful for better results in the coming years.
2. Dividend:
In view of loss incurred by the Company, your Directors do not recommend any dividend
for the financial year ended 2024-25.
3. Reserves:
The Board does not propose to carry any amounts to reserves.
4. Brief description of the Company ' s working during the year/ state of Company '
s affair:
The Company has currently stopped production of Jewellery. Due to fierce competition
and adverse market conditions, the business could not survive. However, the management is
putting in every effort to revive the business.
5. Change in the nature of business, if any:
During the year there was no change in nature of business.
6. Material changes and commitments, if any, affecting the financial position of the
Company which have occurred between the end of the financial year of the Company to which
the financial statements relate and the date of the report: No material changes have
occurred subsequent to the close of the financial year of the Company to which the balance
sheet relates and the date of the report.
7. Details of significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and Company ' s operations in future: There
were no significant and material orders passed by the regulators or courts or tribunals
impacting the going concern status and Company ' s operations in future.
However, the management hereby informs that the Bank accounts of the Company have been
freezed by the Dy. Commissioner of Sales Tax, Maharashtra since March 22, 2021. Further,
due to freezing of bank accounts, the Company could not pay the Annual Listing Fees to BSE
Limited and consequently, the trading in securities of the Company is suspended by BSE
Limited due to non-payment of Annual Listing Fees w.e.f. July 12, 2022 and demat accounts
of the promoters and promoter group have been freezed.
8. Details of Holding/Subsidiary/Joint Ventures/Associate Companies:
The Company did not have any Holding/Subsidiary Company/Joint Venture/Associate Company
during the year under review. Accordingly, the following disclosures are not applicable:
Form AOC-1 pursuant to first proviso to sub-section (3) of section 129 of the Companies
Act, 2013 read with rule 5 of the Companies (Accounts) Rules, 2014) under section 134 of
the Companies Act, 2013, in Form AOC 1.
Highlights of performance of subsidiaries, associates and joint venture companies and
their contribution to the overall performance of the Company pursuant to Rule 8(1) of the
Companies (Accounts) Rules, 2014) under section 134of the Companies Act, 2013.
Receipt of commission from any holding company or subsidiary company by a Director of
the Company.
9. Statutory Auditors:
M/s. Ashok Bairagra & Associates, Chartered Accountants (Firm Registration No.
118677W) were appointed as the Statutory Auditors of the Company to hold office for a
period of five consecutive years starting from the conclusion of the Thirty First Annual
General Meeting (AGM) held on 30 th September, 2022 until the conclusion of the Thirty
Sixth AGM of the Company to be held in the year 2027.
10. Auditors Report:
There is an observation/ qualification contained in the Auditors ' Report The
management ' s reply to the observation of the Statutory Auditor is as under:
| Sr. Auditor \u2019 s Observation |
Reply of Management |
| No. |
|
| 1. The Company is unable to repay its liabilities (current
& Non-current) as on 31 st March, 2025. These events indicate a material uncertainty
that may cast doubt on the Company \u2019 s ability to continue as a growing concern and
therefore it may be unable to realize its assets and discharge its liabilities in the
normal course of business. The financial statements (notes thereto) do not disclose this
fact. |
Though the Company has stopped its manufacturing activity,
the management is putting in best efforts to bring a turn around and is hopeful of
successful revival and thus, the annual accounts are prepared on a going concern basis. |
11. Reporting of fraud by statutory auditors:
During the year under review, there were no instances of material or serious fraud
falling under Section 143 (12) of Companies Act, 2013 and Rule 13(1) of the Companies
(Audit and Auditors) Rules, 2014, by officers or employees reported by the Statutory
Auditors of the Company during the course of the audit.
12. Management Discussion and Analysis:
The Management Discussion and Analysis Report for the financial year under review as
stipulated under Regulation 34 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations ( " Listing
Regulations " ) is annexed as a part of this Annual Report as Annexure 1 .
13. Annual Return:
Pursuant to Section 92(3) and 134(3)(a) of the Companies Act, 2013 read with Rule 12(1)
of the Companies (Management and Administration) Rules, 2014, the Annual Return in Form
MGT-7 for the year ended 31 st March, 2025, is placed on website of the Company, at the
following https://neogemindia.com/pdf/Form-MGT-7-March-31-2025.pdf and which shall be
treated as part of this Report.
14. Conservation of energy, technology absorption and foreign exchange earnings and
outgo:
The information required under Section 134(3)(m) of the Companies Act, 2013, read with
the Companies (Accounts) Rules, 2014 with respect to conservation of energy, technology
absorption & foreign exchange earnings / outgo is given below:
A. Conservation of energy : i.The steps taken or impact on conservation of
energy:
Though our operations are not energy- intensive, efforts have been made to conserve
energy by utilizing energy- efficient equipments. ii.The steps taken by the Company for
utilising alternate sources of energy: The Company is using electricity as the main
source of energy and is currently not exploring any alternate source of energy. iii.The
capital investment on energy conservation equipments: N.A.
B. Technology absorption: i.The efforts made towards technology absorption:
The Directors are in constant touch with ongoing research to upgrade and absorb
improved technology for better line of products and to yield better quality, cost
reduction. ii.The benefits derived like product improvement, cost reduction, product
development or import substitution:
Utilisation of indigenous raw material has led to cost reduction. iii.In case of
imported technology (imported during the last three years reckoned from the beginning of
the financial year):
No technology has been imported by the Company. iv.The expenditure incurred on
Research and Development: Nil
C. Foreign exchange Earnings and Outgo:
1. The Company is engaged in activates relating to exports and taking measures for
increasing exports, developing new export markets for production and formulating export
plans. 2. Total foreign exchange used and earned: (Rs. in Lacs)
| Particulars |
2024-25 |
2023-24 |
| Foreign exchange earned on F.O.B. basis |
0.00 |
0.00 |
| Foreign exchange outgo |
0.00 |
0.00 |
15. Directors and Key Managerial Personnel: A. Changes in Directors and Key
Managerial Personnel:
During the review, the Board of Directors of the Company have re-appointed Mr. Gaurav
Doshi (DIN: 00166703), as the Managing Director and Mr. Ronak Doshi (DIN: 00102959), as
the Whole-time Director of the Company for a further period of five years with effect from
01 st April, 2025 and recommends the same to the members for their approval by way of a
ordinary resolution. Further, in accordance with the provisions of the Companies Act, 2013
read with the applicable rules thereto, including any statutory modification(s) or
re-enactment thereof for the time being in force ( ' the Act ' ), Mr. Gaurav Doshi (DIN:
00166703), who is liable to retire by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for appointment. Brief resume of the directors proposed to
be re-appointed and relevant information including nature of his expertise in specific
functional areas, qualifications, terms of appointment, details of remuneration, names of
the Companies in which he holds directorship and the memberships/chairmanships of
Committees of the Board, his shareholding in the Company, etc., as stipulated under the
Listing Regulations and Secretarial Standards have been furnished separately in the Notice
convening this AGM. Apart from the above-mentioned changes, there were no changes in the
composition of the Board during the year under review.
B. Statement on Independent Directors ' declaration and disclosure of
disqualification by the Directors:
The Company has received the declaration u/s 149(7) of the Act from the Independent
Director, Mrs. Renu Kathuria (DIN: 01669882) of the Company confirming that she meets the
criteria of Independence as prescribed both under the Act and the Securities and Exchange
Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015
(Listing Regulations) and in the opinion of the Board of Directors, the Independent
Director fulfill the criteria of independence as provided under the Act, rules made
thereunder, read with the Listing Regulations and that she is independent of the
management. In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Director
of the Company has confirmed that she has registered herself with the databank maintained
by The Indian Institute of Corporate Affairs at Manesar (IICA).
C. Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, the
Board has carried out an annual performance evaluation of its own performance, of
individual Directors as well as the evaluation of the working of its Audit, Nomination
& Remuneration and Stakeholders ' Relationship Committees. The Directors were
evaluated on aspects such as attendance and contribution at Board and Committee meetings,
communicating inter se board members and guidance and support to the management outside
Board and Committee meetings. The Board approved the evaluation results as collated by the
Nomination and Remuneration Committee.
D. Directors: i.Independent Director:
In accordance with the criteria suggested by the Nomination and Remuneration Committee,
the performance of the independent director was evaluated by the entire Board of Directors
(in the absence of the director getting evaluated) on various parameters like engagement,
leadership, analysis, decision making, communication, governance, interest of
stakeholders, etc. The Board was of the unanimous view that the Independent Director was a
reputed professional and brought her rich experience to the deliberations of the Board.
The Board also appreciated the contribution made by the Independent Director in guiding
the management to achieving higher growth and continuance of the independent director on
the Board will be in the interest of the Company.
ii.Non-Independent Directors:
The performance of all the non-independent directors was evaluated by the Independent
Directors at their separate meeting. Further, their performance was also evaluated by the
Board of Directors. The various criteria considered for the purpose of evaluation included
leadership, engagement, transparency, analysis, decision making, functional knowledge,
governance, stakeholders etc. The Board was of the unanimous view that all the
non-independent directors were providing good business and people leadership.
iii.Familiarization Programme to Independent Directors:
Since the company comes under the exception case as per Regulation 15(2) SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015, the Company does not have to
conduct such programme. However, on appointment of any Director as well as in every Board
Meeting, the Directors are periodically updated about the business model, their roles and
responsibilities as well as financial position and workings of the Company.
16. Details of Committees of the Board:
Currently, the Board has 3 Committees: the Audit Committee, Nomination and Remuneration
Committee and Stakeholders ' Relationship Committee.
A. i. Audit Committee:
The Board has constituted an Audit Committee comprising of Mrs. Renu Kathuria (DIN:
01669882), Independent Director as the Chairperson of the Committee, Mr. Ronak Doshi (DIN:
00102959), Whole- Time Director and CFO and Mr. Gaurav Doshi (DIN-00166703), Managing
Director as the members of the Committee as at 31 st March, 2025. The recommendations of
the Audit Committee are always welcomed and accepted by the Board hence there is no
further explanation to be provided for, in this Report and all the major steps impacting
the financials of the Company are undertaken only after the consultation of the Audit
Committee.
A. ii. Details of establishment of vigil mechanism for directors and employees:
The Company has established vigil mechanism pursuant to Section 177(9) of the Companies
Act, 2013 for Directors and Employees to report their genuine concerns / instances of any
unethical / improper activity, directly to Mrs. Renu Kathuria (DIN: 01669882), Chairperson
of the Audit Committee, as a Protected Disclosure and has also taken steps to safeguard
any person using this mechanism from victimization and in appropriate and exceptional
cases.
B. Nomination and Remuneration Committee :
The Nomination and Remuneration Committee comprises of Mrs. Renu Kathuria (DIN:
01669882), Independent Director as the Chairperson of the Committee, Mr. Ronak Doshi (DIN:
00102959), Whole- Time Director and CFO and Mr. Gaurav Doshi (DIN-00166703), Managing
Director as the members of the Committee as at 31 st March, 2025. The Committee has framed
a policy to determine the criteria and qualification for appointment of Directors,
positive attributes, independence of Director, attributes for appointment and basis of
determination of remuneration and performance evaluation of all the Directors, Key
Managerial Personnel and other employees and methods for their sustainability. The
detailed policy is also posted onto the website of the Company at the
http://www.neogemindia.com/pdf/Nomination-and-Remuneration-Policy.pdf
C. Stakeholder ' s Relationship Committee:
The Stakeholder ' s Relationship Committee comprises of Mrs. Renu Kathuria (DIN
01669882), Independent Director as the
Chairperson of the said Committee and Mr. Ronak Doshi (DIN:00102959), Whole-time
Director and Mr. Gaurav Doshi (DIN-00166703), Managing Director are the members of the
Committee as at 31 st March, 2025. The role of the Committee is to consider and resolve
securities holders ' complaint. The meetings of the Committee are held once in a quarter
and the complaints are responded within the time frame provided.
17. Secretarial Auditor and its Report:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
have appointed M/s Hemanshu Kapadia & Associates, Company Secretaries in Practice to
undertake the Secretarial Audit of the Company for FY 2024-25. The Report of the
Secretarial Auditor is annexed herewith as Annexure 2 . The management ' s replies
to the observations of the Secretarial Auditors are as under:
| Sr. no. Auditor \u2019 s Observations |
Reply of Management |
| 1. The Company has not appointed Internal Auditor |
Though the Company has not formally appointed Internal
Auditor, in accordance with the size of the Company, the Company has proper internal
control systems & procedures in place. |
| 2. The composition of Audit and Nomination and
Remuneration Committee is not as per the Companies Act, 2013. |
The Company has one Non-Executive Independent Director and is
in search to appoint more Non-Executive Independent Directors. |
| 3. The Company has not appointed Company Secretary as
required under Section 203 of the Companies Act, 2013 and as required under Regulation 6
of the SEBI (Listing Obligations and Disclosure requirements) Regulations 2015 a qualified
company secretary is not appointed as the Compliance Officer. |
The Company is searching for a suitable candidate & shall
appoint a Whole-time Company Secretary on finding the right candidate. |
| 4. The Company has not paid its listing fees for the |
The management hereby informs that the Bank accounts of |
| financial year 2024-25. |
the Company have been freezed by the Dy. Commissioner of |
|
Sales Tax, Maharashtra since 22nd March 2021. Therefore, |
|
Company could not able to pay the listing fees |
| 5. Under Regulation 5 of the SEBI (Prohibition of Insider
Trading) Regulations, 2015, the Company is not maintaining structured digital database
with internal checks and controls like time stamping and audit trails of the nature of
unpublished price sensitive information (UPSI) and names of persons having UPSI along with
other details. Further, pursuant to BSE Circular No. 20241018- 44 dated October 18, 2024,
the Company has not submitted quarterly SDD certificate for the quarter ended December 31,
2024 |
The Company is maintaining the same in Excel. As the Company
is not maintaining SDD Software, the Practicing Company Secretary was unable to provide
SDD compliant certificate. |
| 6. The Company has not approved the Un-audited financial
results for the third quarter and nine months ended 31 st December, 2024 within the time
prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure
requirements) Regulations 2015 |
Due to financial crunch faced by the Company, Un-audited
financial results for the third quarter and nine months ended 31 st December, 2024 could
not be finalized within due time. However, we have considered and approved the same in the
Board Meeting held on 23 rd August, 2025 |
| 7. The Company has not uploaded Shareholding Pattern for
the quarter ended 30 th September, 2024 and 31 st December, 2024 as prescribed under
Regulation 31 of the SEBI (Listing Obligations and Disclosure requirements) Regulations
2015 with the stock exchange viz. BSE Limited |
Due to financial crunch faced by the Company, it was not able
to pay the fees of the Depositories and hence data in relation to shareholding pattern was
not provided |
18. Number of meetings of the Board of Directors:
The Board of Directors met four (4) times during the Financial Year. The intervening
gap between any two meetings was not more than prescribed days under the Companies Act,
2013. Details of dates of Board meeting are as under:
| Sr. No. |
Date |
| 1. |
30 th May, 2024 |
| 2. |
14 th August, 2024 |
| 3. |
14 th November, 2024 |
| 4. |
14 th February, 2025 |
19. Particulars of loans, guarantees or investments under section 186:
During the year under review, the Company has not provided any loans, made investments,
gave guarantees or subscribed/purchased securities under Section 186 of the Companies Act,
2013.
20. Particulars of contracts or arrangements with related parties:
The Company, during the year, has not entered into any transaction, as specified under
Section 188(1) of the Companies Act, 2014 with any related parties. Accordingly, the
disclosure of Related Party Transactions to be provided under section 134(3)(h) of the
Companies Act, 2013, in Form AOC 2 is not applicable.
21. Deposits:
The Company has neither accepted nor invited any deposit from the public within the
meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposit Rules) 2014. The details of money accepted by the Company from the Directors and
relative of Director during the period under review is mentioned below:
| Sr. No. |
Name of lender |
Relationship |
Particulars |
Amount |
|
|
|
|
(Rs. in Lakhs) |
| 1. |
Mr. Ronak Doshi |
Director of the Company |
Opening |
0 |
|
|
|
Total Addition |
259.38 |
|
|
|
Total payment |
0 |
|
|
|
Closing |
259.38 |
| 2. |
Mrs. Vaitasi Gaurav Doshi |
Wife of Mr. |
Opening |
310 |
|
|
Gaurav Mahindra Doshi, Director of the Company |
Total Addition |
0 |
|
|
|
Total payment |
0 |
|
|
|
Closing |
310 |
22. Voting Rights of Employees:
During the year under review the company has not given loan to any employee for
purchase of its own shares as per section 67 (3) (c) of Companies Act, 2013. Therefore,
the Company is not required to make disclosure as per rule 16 (4) of Companies (Share
Capital and Debentures) Rules, 2014.
23. Disclosure Regarding Issue of Employee Stock Options:
The Company has not issued shares under employee ' s stock options scheme pursuant to
provisions of Section Rule 12(9) of
Companies (Share Capital and Debenture Rules, 2014). So the question does not arise
about voting rights not exercised by employee.
24. Disclosure regarding issue of sweat equity shares:
The Company has not issued sweat equity shares pursuant to provisions of Section 54
read with Rule 8 of Companies (Share Capital and Debenture Rules, 2014) during the
financial year.
25. Directors ' Responsibility Statement:
Pursuant to Sections 134(3)(c) & 134(5) of the Companies Act, 2013, the Board of
Directors of the Company hereby confirm that: a) in the preparation of the Annual
Accounts, the applicable Accounting Standards have been followed, along with proper
explanation relating to material departures, if any; b) the Directors had 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 and loss of the Company for
that period; c) the Directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; d) the Directors had prepared the annual accounts on a going concern
basis; e) the Directors had laid down internal financial controls to be followed by the
Company & that such internal financial controls are adequate and were operating
effectively; and f) the Directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
26. Managerial Remuneration:
A. Details of the remuneration of each director to the median remuneration of
the employees of the Company and other details as required pursuant to Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not
applicable as the Company does not have any employees on its payroll as at 31 st March
2025 and none of the Directors or Key Managerial Personnel has drawn any remuneration
during the financial year 2024-25 .
B. Details of the top ten employees in terms of remuneration drawn falling
within the preview of Section 197 of the Companies Act, 2013, read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not
applicable as the Company did not have any employee on its payroll.
27. Report on Corporate Governance:
As per the provisions of Securities and Exchange Board of India (Listing Obligations
and Disclosures Requirements) Regulations, 2015, the provisions of Corporate Governance
are not applicable to your Company. Thus, the Company is not required to annex a Report on
Corporate Governance.
28. Corporate Social Responsibility (CSR):
In line with the provisions of the Companies Act, 2013 and the rules framed there under
with respect to the Corporate Social Responsibility (CSR), your Company is not governed by
the provisions of Section 135 of the Companies Act, 2013 and Companies (Corporate Social
Responsibility Policy) Rules, 2014. So, the Company is not required to formulate a policy
on CSR and was not required to constitute a CSR Committee.
29. Risk Assessment and Management:
Your Company has a well-defined Risk Management System in place, as a part of its good
Corporate Governance practices. The Board of Directors mitigates plans and reviews these
risks from time to time and discusses the same in the Board meetings.
30. Internal Financial Control System and their Adequacy:
Internal Financial Controls are an integrated part of the risk management process,
addressing financial and financial reporting risks. The management exercises financial
control on the operations through a well-defined budget monitoring process and other
standard operating procedures. In addition to the above, the Audit Committee and the Board
specifically review the Internal Control and Financial Reporting process prevalent in the
Company. Assurance on the effectiveness of internal financial controls is obtained through
management reviews, control self-assessment and continuous monitoring by functional
experts. At the end of the period, the CFO gives a declaration in the appropriate format
to certify that the financial statements prepared are accurate and complete in all aspects
and that there are no significant issues that can impair the financial performance of the
Company.
31. Secretarial Standards:
The Company complies with the Secretarial Standards 1 and 2 issued by Institute of
Company Secretaries of India.
32. Disclosure under the Sexual Harassment of Women at work place (Prevention,
Prohibition and Redressal) Act, 2013:
During the year under review, as the Company did not had any employee on it payroll,
the Company was not required to constitute the Internal Complaints Committee under Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Further, your Directors state that during the year under review, the Company has not
received any complaints and there we were no cases filed/pending under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 as at
31 st March 2025
33. Maternity Benefit
In accordance with recently amended Companies (Accounts) Second Amendment Rules, 2025
dated 30 th May, 2025, the Company states that as there were no employees on the payroll
of the Company during the year, the provisions relating to Maternity Benefit Act 1961 is
not applicable to the Company.
34. Cost Audit:
The Company does not fall within the provisions of Section 148 of the Companies Act,
2013 read with the Companies (Cost Records and Audit) Rules, therefore no such records
required to be maintained.
35. Other Disclosures/Reporting:
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
a) Issue of equity shares with differential rights as to dividend, voting or otherwise. b)
Names of the Companies who have become or ceased to be its Subsidiaries, joint ventures or
associate companies during the year. c) Details of 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. d) Details of difference between
amount of the valuation done at the time of one time settlement and the valuation done
while taking loan from the Banks or Financial Institutions along with the reasons thereof.
36. Acknowledgements:
The Board of Directors expresses their deep gratitude for the co-operation and support
extended to the Company by its customers, suppliers, Bankers and various Government
agencies. Your Directors also place on record the commitment and involvements of the
employees at all levels and look forward to their continuous co-operation.
For and on behalf of theBoard of Directors
|
Gaurav Doshi |
|
Chairman & Managing Director |
|
DIN-00166703 |
|
G-32, Gems&JewelleryComplex III, |
|
Seepz (SEZ), Andheri (E), Mumbai-400 096 |
|
CIN: L36911MH1991PLC063357 |
| Date: 30th August, 2025 |
|
| Place: Mumbai |
|
|