TO,
THE MEMBERS,
HIGHNESS MICROELECTRONICS LIMITED MUMBAI
Your Directors' are presenting their 18th Annual Report of
your Company together with the Audited Statement of Accounts and the Auditor's Report for
the year ended 31st March, 2025.
1. FINANCIAL PERFORMANCE OF THE COMPANY:
(AMOUNT IN INR)
Particulars |
FINANCIAL YEAR ENDED TO 31st
MARCH 2025 |
FINANCIAL YEAR ENDED TO 31ST
MARCH 2024 |
Total income |
14,12,83,954 |
10,99,33,675 |
Less: Total Expenses |
(10,86,23,845) |
(8,49,83,045) |
Profit/ (Loss) before tax |
3,26,60,109 |
2,49,50,630 |
Less: Exceptional &
Extraordinary Items |
Nil |
Nil |
Profit/(Loss) Before Tax |
3,20,56,791 |
2,49,50,630 |
Less: Provision For Tax Current
Tax |
84,36,365 |
7 5,00,000 |
Deferred Tax |
(3,58,336) |
(2,68,166) |
Profit after tax |
2,45,82,080 |
1,77,18,796 |
2. NATURE OF BUSINESS:
The Company is principally engaged in the business of designing,
developing of various kinds of displays.
3. REVIEW OF BUSINESS OPERATIONS:
The Company has reported Rs. 14,12,83,954/- total income for the
current year as compared to total income of Rs. 10,99,33,675/- in the previous year. The
net profit for the Financial Year under review amounted to Rs. 2,45,82,080/- as compared
to the profit of Rs. 1,77,18,796/- of the previous year.
4. TRANSFER TO RESERVES:
The Company has not transferred any amount to its reserves for the
Financial Year under review and the entire amount of profit/loss is maintained in the
profit and loss of the Company.
5. DIVIDEND:
During the Financial Year under review, , no dividend has been
recommended by the Board of Directors of the Company.
6. CHAGE IN THE NATURE OF BUSINESS.:
There is no change in the nature of the business activities that the
Company is engaged in.
7. MATERIAL CHANGE BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF
THIS REPORT:
There have been no material changes and commitments 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 this Report
except, Company has passed resolution for Initial Public Offer (IPO) as on 07.02.2025, the
same will supersede in forthcoming AGM
8. EVENTS HELD DURING THE YEAR UNDER REVIEW AND UPTO THE DATE OF THIS
REPORT
a) The Company got converted from Highness Microelectronics Private
Limited to Highness Microelectronics Limited as on 11.11.2024 and resolution was passed as
on 31.08.2024 for the same.
b) MOA was altered as on 05.08.2024,31.08.2024 and 07.02.2025 and AOA
was altered as on 31.08.2024, 07.02.2025 AND 28.03.2025
c) Company has obtained Demat connectivity from depositories vide ISIN
Letter dated 03.02.2025
9. SIGNIFICANT AND MATERIAL, ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE:
During the Financial Year under review, there has been no significant
and material orders passed by the regulators or court or tribunals impacting the going
concern status and company's operation in future.
10. SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have a subsidiary/joint-venture or an associate
company in India.
11. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES.
ASSOCIATES AND JOINT VENTURE COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT:
The Company does not have any subsidiaries, associates, or joint
venture companies as per Companies Act, 2013 ('Act') hence Consolidation of Financial
Statements is not applicable.
12. DEPOSITS:
During the Financial Year under review, trhe Company has not invited/
accepted any deposits from the public
13. SHARE CAPITAL STRUCTURE OF THE COMPANY:
AUTHORIZED SHARE CAPITAL (ASC):
During the Financial Year under review, the Authorized Share Capital of
the Company is INR 7,00,00,000/- (Seven Crores) divided into 70,00,000 Equity Shares of
INR 10/- each.
*Authorised Share capital increased form INR 100,000/- (one Lakh)
divided into 10,000 shares of INR 10/- each to INR
7.00. 00.000/- (Seven Crores) divided into 70,00,000 Equity Shares of
INR 10/- each. w.e.f.05.08.2024
ISSUED. SUBSCRIBED AND PAID-UP SHARE CAPITAL:
During the Financial Year under review, the Issued, Subscribed and
Paid-up Share Capital of the Company is INR
3,51,00,000/- (Three Crore Fifty One Lakh only) divided into 35,10,000
Equity Shares of Rs. 10/-.
Issued, Subscribed and Paid-up Share Capital of the Company increased
from INR 1,00,000/- (One Lakh) divided into 10,000 Equity Shares of Rs. 10/- each to INR
3,51,00,000/- (Three Crore Fifty One Lakh only) divided into 35,10,000 Equity Shares of
Rs. 10/- w.e.f. 31.08.2024
ISSUE OF EQUITY SHARES WITH OR WITHOUT DIFFERENTIAL RIGHTS:
During the Financial Year under review, the Company has issued Bonus
Equity Shares with or without the differential rights.
?Company has approved and allotted 35,00,000 Bonus Equity Shares of Rs
10/- as on 31.08.2024.
ISSUE OF SWEAT EQUITY SHARES AND EMPLOYEE STOCK OPTIONS:
During the Financial Year under review, the Company has not issued
sweat equity shares/ Employee Stock Option to its directors' and its permanent employees.
PROVISION OF MONEY BY COMPANY FOR PURCHASE OF ITS OWN SHARES BY
EMPLOYEES OR BY TRUSTEES FOR THE BENEFIT OF EMPLOYEES:
During the Financial year under review, no such provision was made by
the Company.
TRANSFER /TRANSMISSION OF SHARES:
During the Financial Year under review, there is transfer
*/transmission of shares/securities as per the provisions of the Act and rules made
thereof as amended time to time.
*On Board Meeting dated 05.08.2024 there is transfer of 6100 (Six
Thousand One Hundred) Equity Shares of Rs. 10 /- each (Rupees Ten only) at par as per the
details given below:
TRANSFER NO. |
NAME OF TRANSFEROR |
NAME OF TRANSFEREE |
NO. OF SHARES |
DISTINCTIVE
NO(S) |
| TO |
FROM |
T-l |
Mr. Manjul Kumar Kejriwal |
Mr. Gaurav Kejriwal |
2300 |
3201 |
5500 |
T-l |
Mrs. Manju Devi Kejriwal |
Mr. Gaurav Kejriwal |
3090 |
6201 |
9290 |
T-2 |
Mrs. Manju Devi Kejriwal |
Mrs. Shruti Gaurav Kejriwal |
400 |
9291 |
9690 |
T-3 |
Mrs. Manju Devi Kejriwal |
Mrs. Chhavi Nirav Shah |
300 |
9691 |
9990 |
T-4 |
Mrs. Manju Devi Kejriwal |
Mr. Inder Singh |
5 |
9991 |
9995 |
T-5 |
Mrs. Manju Devi Kejriwal |
Mrs. Pooja Singh |
5 |
9996 |
10000 |
14. RETIREMENT BY ROTATION OF DIRECTORS:
As per Section 152(6), Retirement by Rotation of Directors shall be in
accordance with the applicable provisions of the Act and the Rules thereunder.
15. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs):
During the Financial Year under review, the Board of Directors of the
Company comprises of the following:
Sr. NAME OF THE DIRECTOR No. |
DESIGNATION |
1. MR. GAURAV KEJRIWAL |
DIRECTOR |
2. MR. MANJUL KUMAR KEJRIWAL* |
DIRECTOR |
3. MRS. SHRUTI GUARAV KEJRIWAL** |
DIRECTOR |
4. MR. KEVAL MAHENDRA SHAH*** |
INDEPENDENT DIRECTOR |
5. MR. MOPURI KRISHNIAH
SATEESH**** |
INDEPENDENT DIRECTOR |
6. MR. JAYAANKURSINGHANIA***** |
INDEPENDENT DIRECTOR |
7. MR. SANJIV SWARUP# |
INDEPENDENT DIRECTOR |
8. MS. KAVITA KAILASH BOHRA## |
INDEPENDENT DIRECTOR |
9. MR. ANIL KUMAR VENKATA GOPALA
SANTOi MALLAVARAPU### |
CFO |
10. MRS. PREETI PARESH RATHI #### |
COMPANY SECRETARY |
* resigned w.e.f 25/11/2024 and appointed w.e.f 28/03/2025
**appointed w.e.f. 05/08/2024
***appointed w.e.f.25/11/2024
****appointed w.e.f. 25/11/2024
*****appointed w.e.f. 25/11/2024
#appointed w.e.f. 28/03/2025
##appointed w.e.f. 28/03/2025
### appointed w.e.f. 01/12/2024
####appointed w.e.f.04/01/2025
EVENT SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
On 6th August, 2025, Mr. Mopuri Krishniah Sateesh (DIN:
10098764) was removed as an Independent Director in compliances with the provisions of the
Companies Act, 2013 and rules made thereunder as amended time to time.
Mr. Mayur Gori was appointed as Chief Financial Officer (CFO) w.e.f 11th
August, 2025 and. Anil Kumar Venkata Gopala Santosh Mallavarapu resigned as Chief
Financial Officer (CFO) w.e.f 06th August, 2025, in compliances with the
provisions of the Companies Act, 2013 and rules made thereunder as amended time to time.
16. DECLARATION OF INDEPENDENT DIRECTORS:
The provisions of Section 149 for appointment of Independent Directors
does apply to the Company as on 31.03.2025. The Company has received declaration from all
Independent Directors of the Company.
17. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
INCLUDING CRITERIA FOR DETERMINING QUALIFICATION. POSITIVE ATTRIBUTES. INDEPENDENCE OF
DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178:
The Company, being an unlisted Limited Company was not required to
constitute a Nomination and Remuneration Committee under Section 178(1) of the Act and
Rule 6 or the Companies (Meetings of Board and its Power) Rules, 2014 and Shareholders
Relationship Committee under Section 178(5) of the Act., However, the Company has
constituted Nomination and Remuneration Committee and Shareholders Relationship Committee
in compliances with the provisions of the Companies Act, 2013 and rules made thereunder as
amended time to time.
COMPOSITION OF NOMINATION 6 REMUNERATION COMMITTEE OF THE COMPANY
Name |
Designation |
Mrs. Jaya Ankur Singhania |
Chairperson |
Mr. Keval Mahendra Shah |
Member |
Mr. M. K. Sateesh |
Member |
Mr. Manjul Kumar Kejriwal |
Member |
COMPOSITION OF STAKEHOLDERS AND RELATIONSHIP COMMITTEE OF THE COMPANY
Name |
Designation |
Mr. Keval Shah |
Chairperson |
Mr. Gaurav Kejriwal |
Member |
Mrs. Shruti Gaurav Kejriwal |
Member |
Additionally Company has also formed IPO Committee: COMPOSITION OF IPO
COMMITTEE
Name |
Designation |
Mr. Gaurav Kejriwal |
Chairperson |
Mrs. Shruti Gaurav Kejriwal |
Member |
Mr. Keval Mahendra Shah |
Member |
18. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO
FINANCIAL STATEMENTS:
The Company has in place adequate internal financial controls with
reference to financial statements. During the year under review, such controls were tested
and no reportable material weakness in the design or operation were observed.
19. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM:
The Company being an unlisted Limited Company, the provisions of
Section 177 of the Act read with Rule 6 and 7 of the Companies (Meetings of the Board and
its Powers) Rules, 2013 is not applicable. However, the Company has constituted Audit
Committee in compliances with the provisions of the Companies Act, 2013 and rules made
thereunder as amended time to time.
Composition of Audit Committee:
Name |
Designation |
Mr. Keval Mahendra Shah |
Chairperson |
Ms. Kavita Bohra |
Member |
Mr. Gaurav Kejriwal |
Member |
Mr. M. K. Sateesh |
Member |
20. STATUTORY AUDITORS:
Satya Gandhi & Co. Chartered Accountants Mumbai (Firm Registration
No. 132044W) was reappointed as Statutory Auditor of the Company in 17th AGM
held as on 12th August 2024 of the Company for 5 years i.e till the conclusion
of AGM of the Company to be held in the Financial year 2029 , bu* Satya Gandhi & Co.
Chartered Accountants resigned as on 03.03.2025 due to some preoccupation was not able to
devote time.
V N Purohit & Co, Chartered Accountants, Mumbai, (Firm Registration
No: 304040E) is appointed as the Statutory Auditors of the Company due to casual vacany
caused due to the resignation of Satya Gandhi & Co. Chartered Accountants Mumbai (Firm
Registration No. 1E2044W) and they shall hold the office of the Statutory Auditor of the
Company from the conclusion of Board Meeting (dated 28.03.2025) till ensuing Annual
General Meeting to adopt Financial Statements for Financial Year ending 31st
March 2025, but V N Purohit & Co resigned as on 14.07.2025 as their location is not
Mumbai based and hence can cause inconvenience
M/s Jain Vinay & Associates (FRN: 006649W) is appointed as the
Statutory Auditors of the Company due to casual vacancy caused due to the resignation of V
N Purohit & Co, Chartered Accountants, Mumbai, (Firm Registration No: 304040E) and
they shall hold the office of the Statutory Auditor of the Company from the conclusion of
Board Meeting (dated 06.08.2025) and EOGM dated (07.08.2025) till ensuing Annual General
Meeting to adopt Financial Statements for Financial Year ending 31st March
2025. M/s Jain Vinay & Associates (FRN: 006649W) is appointed as statutory auditors of
the Company for a period of 5 (five) years in ensuing Annual General Meeting to hold the
office from the conclusion of this Annual General Meeting till the conclusion of Annual
General Meeting of the Company to be held in the Financial Year 2028-2029 to adopt
Financial Statements for Financial Year ending 31st March 2029.
In this regard, the Company has obtained a written consent under
Section 139 of the Act from the Auditors to such continued appointment and also a
certificate from them to the effect that their appointment, if ratified, would be in
accordance with the conditions prescribed under the Act and the rules made thereunder, as
may be applicable.
21. AUDITORS REPORT:
There are no qualifications or observation, or remark made by the
Auditors in their Report.
22. NUMBER OF MEETINGS:
A. BOARD MEETINGS:
During the financial year under review, the Board of Directors met 07
(seven) times viz. 13/06/2024, 29/07/2024, 05/08/2024 , 31/08/2024, 25/11/2024, 07/02/2025
and 28/03/2025. Proper notices were given, and the proceedings were duly recorded in the
form of minutes. The minutes have been signed and maintained accordingly in compliances
with the provisions of the Act and rules made thereof as amended from time to time.
Name of Director |
Number of meetings entitled to
attend |
Number meetings attended |
MR. GAURAV KEJRIWAL |
07 |
07 |
MR. MANJUL KUMAR KEJRIWAL |
05 |
05 |
MRS. MANJU DEVI KEJRIWAL* |
03 |
03 |
MRS. SHRUTI GUARAV KEJRIWAL** |
04 |
03 |
MR. KEVAL MAHENDRA SHAH*** |
02 |
02 |
MR. MOPURI KRISHNI/ SATEESH**** |
02 |
02 |
MR. JAYA ANKUR SINGHANIA***** |
02 |
02 |
MR. SANJIV SWARUP# |
01 |
01 |
MS. KAVITA KAILASH BO HR Aft# |
01 |
01 |
*resigned w.e.f.05/08/2024
** appointed w.e.f. 05/08/2024
***appointed w.e.f.25/11/2024
****appointed w.e.f. 25/11/2024
*****appointed w.e.f. 25/11/2024
#appointed w.e.f. 28/03/2025
##appointed w.e.f. 28/03/2025
AUDIT COMMITTEE MEETING:
During the financial year under review, members of Audit Committee met
01 (one ) time i.e. 18.03.2025. Proper notices were given, and the proceedings were duly
recorded in the form of minutes. The minutes have been signed and maintained accordingly
in compliances with the provisions of the Act and rules made thereof as amended from time
to time.
SR. NAME NO. |
Number of meetings entitled
to attend |
Number meetings attended |
1. MR. KEVAL M. SHAH |
01 |
01 |
2. MR. MOPURI KRISHNIAH SATEESH |
01 |
01 |
3. MR. GAURAV KEJRIWAL |
01 |
01 |
C. NOMINATION AND REMUNERATION COMMITTEE MEETING:
During the financial year under review, members of Audit Committee met
01 (one ) time i.e. 18.03.2025. Proper notices were given, and the proceedings were duly
recorded in the form of minutes. The minutes have been signed and maintained accordingly
in compliances with the provisions of the Act and rules made thereof as amended from time
to time.
SR. NAME NO. |
Number of meetings entitled
to attend |
Number meetings attended |
1. MS. JAYA SINGHANIA |
01 |
01 |
2. MR. MOPURI KRISHNIAH
SATEESH |
01 |
01 |
3. MR. KEVAL M. SHAH |
01 |
01 |
D. GENERAL MEETINGS INCLUDING ANNUAL GENERAL MEETING IAGM):
During the Financial Year under review, there were 04 (four)
Extra-Ordinary General Meeting (EOGM) of the Company viz, 31/08/2024, 25/11/2024,
07/02/2025 and 28/03/2025
The Annual General Meeting of the Company for adopting the Financial
Statements for the period ended 31st March, 2024, was held on 12th
August, 2024. Proper Notice was given, and the proceedings were duly recorded in the form
of minutes. The minutes have been signed and maintained accordingly in compliances with
the provisions of the Act 2013 and rules made thereof as amended time to time.
23. CORPORATE SOCIAL RESPONSIBILITY:
The Company in not required to constitute a Corporate Social
Responsibility Committee as it does not fall within purview of Section 135(1) of the Act
and hence it is not required to formulate policy on corporate social responsibility.
24. RISK MANAGEMENT POLICY:
The Board is of the opinion that, there are no elements of risk which
may threaten the existence of the Company hence it was not required to implement a Risk
Management Policy.
25. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
The details of conservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
(a) Conservation of energy:
Sr. No Particulars. |
Explanations |
(i) The step taken or impact on
conservation of energy |
The Company has adopted such
technology ensure maximum conservation of energy. |
(ii) The steps taken by the
company for utilizing alternate source of energy |
It makes timely maintenance of
accessories used in providing services to make optimum utilisation of electricity. |
(iii) The capital investment on
energy conservation equipment |
No capital investment been made
conservation of equipment |
(b) Technology absorption:
| Sr. Particulars No. |
Explanations |
| (i) The effort made towards absorption |
The Company continues to use the absorption
latest technologies for improving the productivity |
| (ii) The benefits derived like product
improvement, cost reduction, product development or import substitution |
Nil |
| (iii) In case of imported technology
(important during the last three years reckoned from the beginning of the financial year) |
Nil |
| (a) The details of technology imported |
N.A. |
| (b) The year of import |
N.A. |
| (c) Whether the technology has been fully
absorbed |
N.A. |
| (d) If not fully absorbed areas where
absorption has not taken place and the reasons thereof |
N.A. |
| (iv) The expenditure incurred on Research and
Development |
Nil |
(c) Foreign Exchange earnings and outgo:
(Amount in INR Lakhs)
| Particulars |
FINANCIAL YEAR ENDED TO 31st MARCH
2025 |
FINANCIAL YEAR ENDED TO 31st MARCH
2024 |
FOREIGN EXCHANGE EARNINGS |
|
|
EXPORT SALE |
4,31,32,639 |
11,83,111 |
FOREIGN EXCHANGE OUTGO |
|
|
| Purchases |
4,89,46,458 |
2,70,77,775 |
| Tooling & Designing Charges |
2,59,71,620 |
2,92,88,040 |
26. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Your Company did not have any funds lying unpaid or unclaimed for a
period of seven years. Therefore; there were no funds which were required to be
transferred to Investor Education and Protection Fund (IEPF).
27. SECRETARIAL AUDIT:
The provisions relating to appointment of Secretarial Auditor is not
applicable to the Company.
28. DISCLOSURE ABOUT COST RECORDS & AUDIT:
Since the Company does not meet the criteria for the applicability of
Section 148(1) of the Act read with the Companies (cost records and audit) Rules, 2014,
this clause is not applicable.
29. DIRECTOR'S RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors' state that:
i. in the preparation of the annual accounts for the Financial Year
ended March 31, 2025, the applicable accounting standards have been followed along with
proper explanation relating to material departures, if any.
ii. they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at Financial Year and
of the loss of the Company for the Financial Year ended 31" March, 2025.
iii. they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. the annual financial statements have been prepared on a going
concern basis; and
v. they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
vi. Company is in the process of filing extension for -FEMA with AD
Bank
30. DETAIL OF FRAUD REPORT BY AUDITOR:
As per Auditor Report, no fraud U/S143 (12) of the Act reported by
auditor.
31. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
During the Financial Year under review, the Company has not made
investment in other securities but has given advanced /given any Loan, guarantee to
Director, requisite forms as required is being filed with Ministry of Corporate Affairs
for the same. Hence, Company is in compliance.
32. PARTICULARS OF EMPLOYEE:
During the Financial Year under review, there are no employees whose
remuneration was in excess of the limits prescribed in the Rule 5(2) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended time to
time.
33. PARTICULARS OF CONTRACTS OR AGREEMENTS WITH RELATED PARTIES:
Pursuant to the provisions of Section 134 (3) (h) of the Companies Act,
2013, the particulars of contracts or arrangements with related parties referred to in
Section 188(1) of the Companies Act, 2013 and prescribed in Form AOC - 2 of Companies
(Accounts) Rules, 2014, are appended as Annexure I to this report.
34. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Act and rule 12(1) of the
Companies (Management and Administration) Rules 2014 an extract of annual return in MGT 9
as a part of this Annual Report as Annexure -II.
35. WEB LINK OF ANNUAL RETURN:
The Company does not have web link.
36. COMPLIANCE WITH SECRETARIAL STANDARD (SS):
The Directors state that the applicable Secretarial Standards i.e.,
SS-1 and SS-2, issued by the Institute of Company Secretaries of India, relating to
Meeting of Board of Directors and General Meetings respectively have been duly complied
with.
37. THE 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:
During the Financial Year under review, there were no application made
or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.
38. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT. 2013:
There was no complaint filed against the Company or any of its
employees under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 during the financial year under review.
39. THE 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:
During the Financial Year under review, there has been no time
settlement of loans taken from the Banks or Financial Institutions.
40. ACKNOWLEDGEMENTS:
The Directors place on record their sincere appreciation for the
assistance and co-ordination extended by Bank, its employees, its Auditors and all other
associated and look forward to continuing fruitful association with all business partners
of the Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS HIGHNESS MICROELECTRONICS
LIMITED
GAURAV KEJRIWAL |
MANJUL KUMAR KEJRIWAL |
DIRECTOR |
DIRECTOR |
(DIN: 01506981) |
(DIN: 01507039) |
PLACE: MUMBAI |
|
DATED: 09th SEPTEMBER 2025 |
|
|