To the Members,
The Directors present the 11th Annual Report of Gensol
Engineering Limited ("the Company") along with the Audited Financial Statements
for the financial year ended 3 Is' March 2023.
FINANCIAL RESULTS
(Amount in Lakhs)
| Sr. No Particulars |
STANDALONE |
CONSOLIDATED |
|
F.Y. 2022-23 |
F.Y. 2021-22 |
F.Y. 2022-23 |
F. Y. 2021-22 |
| 1 Revenue from Operations (Net) |
36,569 |
15,351 |
39,265 |
16,041 |
| 2 Other Income |
745 |
234 |
469 |
198 |
| 3 Total Income |
37,313 |
15,585 |
39,735 |
16,240 |
| 4 Total Expenditure |
33,715 |
14,153 |
36,273 |
14,803 |
| 5 Profit before tax |
3,598 |
1,432 |
3,462 |
1,437 |
| 6 Tax expense |
934 |
330 |
983 |
325 |
| 7 Net Profit for the year |
2,664 |
1,102 |
2,491 |
1,109 |
PERFORMANCE REVIEW
The Company's revenue from operations on Standalone basis for the
year under review is Rs. 36,569 Lakhs has compared to Rs. 15,351 Lakhs in the previous
year. There is notable increase in revenue of Rs. 21,218 Lakhs during the year under
review.
The Company's revenue from operations on Consolidated basis for
the year under review is Rs. 39,265 Lakhs has compared to Rs. 16,041 Lakhs in the previous
year. There is notable increase in revenue of Rs. 23,224 Lakhs during the year under
review.
SHARE CAPITAL
A) AUTHORIZED SHARE CAPITAL
During the financial year 2022-23. Authorized Share Capital increased
from ? 12,50,00,000 (Rupees Twelve Crore Fifty Lakh Only) divided into 1,25,00,000 (One
Crore Twenty Five Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each to ?
15,00,00,000 (Rupees Fifteen Crore Only) divided into 1,50,00,000 (One Crore Fifty Lakhs)
Equity Shares of Rs. 10/- (Rupees Ten Only) each
The authorized share capital of the company as on March 31, 2023 ?
15,00,00,000 (Rupees Fifteen Crore Only) divided into 1,50,00,000 (One Crore Fifty Lakhs)
Equity Shares of Rs. 10/- (Rupees Ten Only) each
B) PAID UP SHARE CAPITAL
The company has issued 12,81,993 equity share of the Company through
private placement during the financial year 2022-23. The Paid-up share capital of the
Company as on March 31, 2023, is ? 12,21,89,160/- (Rupees Twelve Crore Twenty One Lakh
Eighty Nine Thousand One Hundred Sixty Only) divided into 1,22,18,916 (One Crore Twenty
Two Lakhs Eighteen Thousand Nine Hundred Sixteen) equity shares of Rs 10/- (Rupees Ten
Only).
DIVIDEND
The Directors have not recommended any Dividend on equity shares of the
company for the year ended 31s1 March 2023.
MEETINGS
A. Board Meetings
The Board of Directors met thirteen times during the financial year
2022-23. The meetings were held on 19.04.2022, 24.05.2022, 15.07.2022, 19.08.2022,
06.09.2022,
14.11.2022, 27.12.2022, 09.01.2023, 18.01.2023, 31.01.2023, 07.03.2023,
22.03.2023 and
29.03.2023. The attendance particulars of each Director at the Board
Meetings for the financial year 2022-23 are as under:
| Sr. No. Name of Director |
No. of Board meetings held during the
year |
No. of Board Meetings attended during the
year |
| 1 Anmol Singh Jaggi |
13 |
13 |
| 2 Jasminder Kaur* |
13 |
13 |
| 3 Puneet Singh Jaggi |
13 |
13 |
| 4 Kamleshkumar P. Parrnar |
13 |
13 |
| 5 Gaurav Kharbanda |
13 |
13 |
| 6 Arun Mcnon |
13 |
6 |
*Mrs. Jasmmder Kaur has resigned as a director of the Company w.e.l'.
July 11, 2023.
B. Committee Meetings
The Audit Committee met four times during the year 2022-23. The
meetings were held on 24.05.2022, 19.08.2022, 14.11.2022,22.03.2023.
The Nomination and Remuneration Committee met Once during the year
2022-23. The meetings were held on 24.05.2022 and 22.03.2023.
The Stakeholders Relationship Committee met Once during the year
2022-23. The meetings were held on 22.03.2023.
The Preferential Committee of the Company met three times during the
year 2022-23. Th meeting held on 22.08.2022, 06.09.2022 and 28.09.2022
The Corporate Social Responsibility Committee met twice during the year
2022-23. The meetings were held on 24.05.2022 and 22.03.2023.
Meeting of Independent Director met Once during the year 2022-23. The
meetings were held on 22.03.2023.
COMMITTEESS
A. AUDIT COMMITTEE
The Audit Committee is constituted in line with the provisions of
Section 177 of the Companies Act, 2013 read with Companies (Meetings of Board and its
Powers) Rules, 2014 and Regulation 18 of SEBI Listing Regulations, as may be amended from
time to lime. The Committee comprises of the following members as on 31st March 2023:-
| Sr. No Name of Member |
Executive/Non- Executive/independent |
Profile |
| 1 Mr. Gaurav Kharbanda |
Non-Executive Independent |
Chairman |
| 2 Mr. Kamleshkumar P. Parmar |
Non-Executive Independent |
Member |
| 3 Mr. Anmol Singh Jaggi |
Executive |
Member |
All the members of the Audit Committee are financially literate.
During the year under review, all the recommendations made by the Audit
Committee were accepted by the Board.
B. Nomination and Remuneration Committee
| Sr. No Name of Member |
Executive/Non- Executive/Independent |
Profile |
| 1 Mr. Kamleshkumar P. Parmar |
Non-Executive Independent |
Chairman |
| 2 Mr. Gaurav Kharbanda |
Non-Executive Independent |
Member |
| 3 Ms. Jasminder Kaur* |
Non-Executive |
Member |
*Mrs. Jasminder Kaur has resigned as a director of the Company w.e.f.
July 11, 2023.
C. Stakeholder's Relations Committee
| Sr. No Name of Member |
Executive/Non- Executive/Independent |
Profile |
| 1 Ms. Jasminder Kaur* |
Non-Executive Independent |
Chairman |
| 2 Mr. Gaurav Kharbanda |
Non-Executive Independent |
Member |
| 3 Mr. Kamleshkumar P. Parmar |
Non-Executive |
Member |
*Mrs. Jasminder Kaur has resigned as a director of the Company w.e.l'.
July I 1.2023.
D. Corporate Social Responsibility Committee
| Sr. No Name of Member |
Executive/Non- Executive/Independent |
Profile |
| 1 Mr. Gaurav Kharbanda |
Non-Executive Independent |
Chairman |
| 2 Mr. Puneet Singh Jaggi |
Executive |
Member |
| 3 Mr. Anmol Singh Jaggi |
Executive |
Member |
E. Independent Director
| Sr. No Name of Member |
Executive/Non- Executive/Independent |
Profile |
| 1 Mr. Gaurav Kharbanda |
Non-Executive Independent |
Member |
| Mr. Kamleshkumar E Parmar |
Non-Executive Independent |
Member |
| 3 Mr. Arun Menon |
Non-Executive Independent |
Member |
BOARD DIVERSITY:
The Company recognizes and embraces the importance of a diverse Board
in its process. We believe that a truly diverse Board will leverage differences in
thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical background, age, ethnicity, race and gender which will help us retain our
competitive advantage. The Board has adopted the Board diversity policy which sets out the
approach to diversity of the Board of Directors.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
• As per Provisions of Section 152 of the Companies Act, 2013, Mr.
Puneet Singh Jaggi is liable to retire by rotation and is eligible to offer himself for
re- appointment.
* During the year Appointment of Mr. Aran Menon as Independent Director
with effect from 19th April 2022.
• Appointment of Ms. Vibhuli Patel as Additional independent Woman
Director with effect from 11th July 2023.
• Board of Directors of the Company as on date arc as follows:
| Sr. No Name of Director |
Designation |
| 1 Anmol Singh Jaggi |
Managing Director |
| 2 Puneet Singh Jaggi |
Whole-Time Director |
| 3 Jasniindcr Kaur |
Non-Executive Director (Resign w.e.f. July
11,2023) |
| 4 Gaurav Kharbanda |
Non-Executive Independent Director |
| 5 Arun Menon |
Non-Executivc Independent Director |
| 6 Kamleshkumar P. Pannar |
Non-Executive Independent Director |
| 7 Vibhuli Patel |
Non-Executive Woman Independent
Director(Appointed w.e.f. July 11,2023) |
POLICY ON DIRECTORS' APPOINTMENT & REMUNERATION
The Remuneration policy is directed towards rewarding performance based
on review of achievements on a periodical basis. The remuneration policy is in consonance
with the existing industry practice and is designed to create a high-performance culture.
It enables the Company to attract,retain and motivate employees to achieve results. The
Company has made adequate disclosures to the members on the remuneration paid to Directors
from time to time. The Company's Policy on director's appointment and
remuneration including criteria for determining qualifications, positive attributes
independence of a director and other matters provided under Section 178 (3) of the Act is
available on the website of the Company at https://gensol.in/investors/policies-programme
ANNUAL EVALUATION OF BOARD'S PERFORMANCE:
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual directors pursuant to the provisions of the
Act and SEBI Listing Regulations. The performance of the board was evaluated by the board
after seeking inputs from all the directors on the basis of criteria such as the board
composition and structure, effectiveness of board processes, information and functioning,
etc. The performance of the committees was evaluated by the board after seeking inputs
from the committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc. The above criteria are based on the Guidance
Note on Board Evaluation issued by the Securities and Exchange Board of India on January
5, 2017. In a separate meeting of independent directors, performance of non independent
directors, the board as a whole and the Chairman of the Company was evaluated, taking into
account the views of executive directors and non-executive directors. The Board and the
Nomination and Remuneration Committee reviewed the performance of individual directors on
the basis of criteria such as the contribution of the individual director to the board and
committee meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution and inputs in meetings, etc. In the board meeting that followed
the meeting of the independent directors and meeting of Nomination and Remuneration
Committee, the performance of the board, its committees, and individual directors was also
discussed. Performance evaluation of independent directors was done by the entire board,
excluding the independent director being evaluated.
DISCLOSURES BY DIRECTORS:
The Board of Directors have submitted notice of interest in Form MBP 1
under Section 184(1) as well as information by directors in Form DIR 8 under Section
164(2) and declarations as to compliance with the Companies Act, 2013.
DECLARATION OF INDEPENDENCE:
Your Company has received declarations from all the Independent
Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the
criteria of independence as prescribed under Section 149(6) of Companies Act, 2013 read
with the Schedules and Rules issued there under as well as under Regulation 16(b) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations,2015.
DISQUALIFICATIONS OF DIRECTORS:
During the financial year 2022-2023 under review the Company has
received Form DIR-8 from all Directors as required under the provisions of Section 164(2)
of the Companies Act, 2013 read with Companies (Appointment and Qualification of
Directors) Rules, 2014 that none of the Directors of your Company is disqualified
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has appointed very renowned Auditor firm of Ahmedabad i.e.
M/s Talati & Talati LLP to closely monitor the adequate internal financial controls
with reference to the financial statements. During the year, such controls were evaluated
and no reportable deficiency in the design or operation of such controls were observed.
AUDITORS
Statutory Auditor
M/s. K C Parikh & Associate, Chartered Accountants, Ahmedabad (Firm
Registration No. 107550W) were appointed as Statutory Auditors of the Company for the
period of five (5) consecutive years from the conclusion of 7th Annual General Meeting
till the conclusion of 12th Annual General Meeting of the Company to be held in the year
2024.
The Auditors' Report does not contain any
qualification,reservation or adverse remark.
Secretarial Auditor
The Board of directors pursuant to Section 204 of the Companies Act,
2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 has appointed CS Jatin Kapadia (CP No 12043) of M/s K Jatin &
Co Practicing Company Secretary, Alunedabad as Secretarial Auditor of the Company to
conduct the Secretarial Audit as per the provisions of the said Act for the Financial Year
2022-23
A Secretarial Audit Report for the Financial Year 2022-23 is annexed
herewith as "Annexure-A" in Form MR-3. There are no adverse observations in the
Secretarial Audit Report which call for explanation
Internal Auditor
The Board of directors has appointed M's. Talati & Talati LLP
Chartered Accountants. Alunedabad as the internal auditor of the company The Internal
Auditor conducts the internal audit of the functions and operations of the Company and
reports to the Audit Committee and Board from time to tune
REVIEW OF AUDITORS REPORT AND SECRETARIAL AUDITORS REPORT:
There are no qualifications, reservations or adverse remarks made by
Statutory Auditors M's K C Parikh & Associate. Chartered Accountants Alunedabad. in
the Auditor's report and by Secretarial Auditors CS Jatin Kapadia of M s K. Jatin
& Co (COP No 12043), Practicing Company Secretary. Alunedabad in their Secretarial
Audit Repoil for the Financial Year ended March 31 2023
REPORTING OF FRAUDS BY AUDITORS:
During the year under review neither the Statutory nor the Secretarial
Auditors has reported to the Audit Committee under Section 143(12) of the Companies Act.
2013 any instances of fraud committed against the Company by its officers or employees,
the details of winch would need to be mentioned in the Board's Report
DETAILS OF HOLDING, SUBSIDIARY AND ASSOCIATES
There are three subsidiaries as on March 31 2023 The details of
subsidiaries are as under;
1. Gensun Renewables Private Limited
2. Gensol Utilities Private Limited
3. Gensol Electric Vehicles Private Lunited
There is no holding company as on March 31. 2023
The AOC-1 with this Directors Report Annexed as ‘Annexure -
B"
STATEMENT OF DEVIATION(S) OR VARIATION(S) OF FUND UTILIZATION UNDER
REGULATION 32(1) OF SEBI (LODR) REGULATIONS, 2015
Company has raised a fund oi'Rs. 132.85 Croredated 28/09/2022 , which
was fullyutilized by the Company and the same utilized towards the purpose for which it
was raised.
VIGIL MECHANISM:
The Vigil Meehanism/Whislle Blower Policy has been adopted to provide
appropriate Avenues to the employees to bring to the attention of the management, the
concerns about any unethical behavior, by using the mechanism provided in the Policy. In
cases related to financial irregularities, including fraud or suspected fraud, the
employees may directly approach the Chairman of the Audit Committee of the Company. We
confirm that no director or employee has been denied access to the Audit Committee during
F.Y. 2022-23.
The Policy provides that no adverse action shall be taken or
recommended against any employee in retaliation to his/her disclosure, if any, in good
faith of any unethical and improper practices or alleged wrongful conduct. This Policy
protects such employees from unfair or prejudicial treatment by anyone in the Company.
SEBI COMPLAINTS REPRESS SYSTEM (SCORES):
The investor complaints are processed in a centralized web-based
complaints redress system. The salient features of this system are centralized database of
all complaints, online upload of Action Taken Reports (ATRs) by the concerned companies
and online viewing by investors of actions taken on the complaint and its current status.
Your Company has been registered on SCORES and makes every effort to resolve all investor
complaints received through SCORES or otherwise within the statutory time limit from the
receipt of the complaint. The Company has not received any complaint on the SCORES during
financial year 2022-23.
INVESTOR GRIEVANCES REDRESSAL STATUS:
During the Financial Year 2022-23, there were no complaints or queries
received from the shareholders of the Company. Company Secretary acts as the Compliance
Officer of the Company is responsible for complying with the provisions of the Listing
Regulations, requirements of securities laws and SEBI Insider Trading Regulations. The
Investor can be sent their query at cs@gensol.in
RISK MANAGEMENT
The Board of Directors has developed and implemented a Risk Management
Policy for the company. The Board is responsible for reviewing the risk management plan
and ensuring its effectiveness. The Audit Committee additionally overviews the financial
risks and controls. The Risk Management Policy is available on the website of the Company
at https://gensol.in/investors/policies-programme
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Particulars of loans given, investments made, guarantees given and
securities provided along with the purpose for which the loan or guarantee or security
provided is proposed to be utilised by the recipient are provided in the Standalone
Financial Statement (Please refer Note 5, 9, 16, 17 and 22 to the Standalone Financial
Statement)
TRANSACTIONS WITH RELATED PARTIES
Information on transactions with related parties pursuant to Section
134 (3) (h) of the Act read with Rule 8 (2) of the Companies (Accounts) Rules, 2014 in
Form AOC-2 is annexed herewith as Annexure-C to this Report.
PARTICULARS OF EMPLOYEES
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 on the top ten employees in terms of
remuneration drawn and 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
The details under 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
forms part of this Report as Annexure D.
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
csfa.tqcnsol.in
The details 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 as Annexure E.
CORPORATE GOVERNANCE
The company under review during the year, the company is not fall under
the ambit of applicability of Corporate Governance as the company is listed on SME
Platfonn of BSE Limited as on March 31, 2023.
SECRETARIAL STANDARDS
The Company complies vvitli all the applicable mandatory Secretarial
Standards issued by the institute of Company Secretaries of India.
DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAD ACT. 2013
The Company has formulated a Policy for Prevention of Sexual Harassment
at Workplace pursuant to the requirements of the Sexual Harassment at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 read with relevant Rules made
thereunder. Accordingly, Internal Complaints Committee ["ICC"] has been
constituted for redressal of any sexual harassment complaint. The following is the summary
of the complaints during the financial year 2022-23 :-
A) Number of complaints received during the financial year : Nil
B) Number of complaints disposed of during the financial year : Nil
C) Number of complaints pending as on end of the financial year: Nil
DEPOSITS FROM PUBLIC
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was outstanding as on
the date of the balance sheet.
DEMATERIALISATION OF SHARES:
During the year under review, all the equity shares were dematerialized
through depositories viz. National Securities Depository Limited and Central Depository
Sendees (India) Limited, which represents 100% of the total paid-up capital of the
Company. The Company ISIN No. is INE06H201014 and Registrar and Share Transfer Agent is
Link Intime India Private Limited
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN CONSERVATION
OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information in accordance with the provisions of Section 134(3) (m) of
the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014,
regarding conservation of energy, technologya bsorption and foreign exchange earnings and
outgo are under:
CONSERVATION OF ENERGY:
Energy conservation is very important for the company and therefore
energy conservation measures arc undertaken wherever practicable in its plant and attached
facilities. The Company is making every effort to ensure the optimal use of energy, avoid
waste and conserve energy by using energy efficient equipment's with latest
technologies.
TECHNOLOGY ABSORPTION:
Your Company firmly believes thd adoption and use of technology is a
fundamental business requirement for carrying out business deffeclively an efficiently.
While the industry is labour intensive, we believe that mechanization of development
through technological innovations is the way to address the huge demand supply gap in the
industry. We are constantly upgrading our technology to reduce costs and achieve economies
of scale. Innovation and focus of continuously launching a new offering drive
differentiation and creating value has become a norm for the Industry, Thus a robust focus
on developing new features and technology solutions to capture the consumer's
imagination and fuel the desire for enhanced experiences continues to be critical for
Organizations.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The foreign exchange earnings and out flow during the period under
review as follows:
(Amount in Lakhs)
| Particulars |
2022-23 |
2021-22 |
| Total foreign exchange outgo |
632 |
6034 |
| Total foreign exchange inflow |
12 |
184 |
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to Section 135 of the Companies Act, 2013 read with the
relevant rules made thereunder, the Company shall spend, in every financial year, at least
two per cent of the average net profits of the company made during the three immediately
preceding financial years in pursuance of its Corporate Social Responsibility Policy. In
Financial Year 2021- 2022 company has Profit Before Tax is Rs. 1432.00 Lakhs, hence, the
Company isli able for spending the amount on account of CSR in the year 2022-2023. The
Company in need of spending Rs. 10,86,572.15- during the financial year 202223 and t he
same has been spend the details of which mentioned in Annexure F.
STATE OF COMPANY'S AFFAIRS
Management Discussion and Analysis Report for the year under review, as
stipulated in Regulation 34 (2) (e) of SEBI Listing Regulations is given as a separate
part of the annual report. It contains a detailed write up and explanation about the
performance of the company.
MATERIAL CHANGES & COMMITMENTS
The company migrated from SME board of BSE India Limited to Main board
of BSE India Limited and National Stock Exchange of India Limited w.e.f July 3, 2023 and
there have been no material changes and commitments affecting the financial position of
the company
SIGNIFICANT & MATERIAL ORDERS PASSED BY REGULATORS OR COURTS
During the Financial Year 2022-23, no order has been passed by any
regulatory authorities or Courts impacting the going concern status and Company's
operations in future.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 (3) (c) of the Companies Act, 2013 ["the
Act"], the Directors of the Company, to the best of their knowledge and ability,
confirm that:
A. in the preparation of the annual accounts for the year ended 31st
March 2023, the applicable accounting standards have been followed and there are no
material departures;
B. 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 of 31st
March 2023 and of the profit of the 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 the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities:
D. they have prepared the annual accounts of the Company on a going
concern basis;
E. they 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. they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, the work performed by the internal,
statutory and secretarial auditors including audit of internal financial controls over
financial reporting by the statutory auditors and reviews performed by the management and
the audit committee, the Board of Directors is of the opinion that the Company's
internal financial controls were adequate and effective during the financial year 2022-23.
ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return of the Company in Form MGT-7 for FY 2022-23, is available on the
Company's website at https://www.gensol.in/investors/notices_annual_report_2022_.23
ACKNOWLEDGEMENT
Your directors express their grateful appreciation for the assistance
and cooperation received from the Banks, Government Authorities, Corporate Professionals,
Customers, Vendors and Shareholders during the year under review, in aiding the smooth
flow of operations. Continued dedication and sense of commitment shown by the employees at
all levels during the year deserve special mention.
| For and on behalf of the Board of Directors |
| Sd/- |
| Anmol Singh Jaggi |
| Chairman & Managing Director |
| DIN:01293305 |
|