Dear Members,
The Board of Directors of your Company have pleasure in presenting their 6th Annual
Report (Post – IPO) on the business and operations of the Company together with the
Audited Financial Statements for the year ended March 31, 2022. The consolidated
performance of the Company and its subsidiaries has been referred to wherever required.
1. FINANCIAL RESULTS:
During the year under review, the performance of your Company was as under:
|
|
|
|
(Rs. In Million) |
| Particulars |
Standalone |
Consolidated |
|
Year ended 31st March, 2022 |
Year ended 31st March, 2021 |
Year ended 31st March, 2022 |
Year ended 31st March, 2021 |
| Revenue from Operations |
12,157.30 |
11,088.34 |
13,470.43 |
12,118.63 |
| Other Income |
289.89 |
99.98 |
260.94 |
87.08 |
| Total Revenue |
12,447.19 |
11,188.32 |
13,731.37 |
12,205.71 |
| Operating EBITDA |
4,839.95 |
4,173.14 |
4,849.55 |
4,305.76 |
| Profit/loss before Depreciation, Finance Costs, Exceptional items and Tax Expense |
5,129.84 |
4,273.12 |
5,110.49 |
4,392.84 |
| Less:Depreciation/ Amortisation/ Impairment |
(514.55) |
(376.40) |
(647.05) |
(429.85) |
| Profit /loss before Finance Costs, Exceptional items and Tax Expense |
4,615.29 |
3,896.72 |
4,463.45 |
3,962.99 |
| Less: Finance Costs |
(29.91) |
(7.78) |
(41.46) |
(18.02) |
| Profit /loss before Exceptional items and Tax Expense |
4,585.38 |
3,888.94 |
4,421.98 |
3,944.97 |
| Add/(less): Exceptional items |
0 |
0 |
0 |
0 |
| Profit/(Loss) before taxation |
4,585.38 |
3,888.94 |
4,421.98 |
3,944.97 |
| Less : Tax Expenses (Current & Deferred) |
(413.46) |
(382.89) |
(364.09) |
(393.62) |
| Profit /loss for the year |
4,171.92 |
3,506.05 |
4,057.89 |
3,551.35 |
| Profit after tax before share of profit/(loss) of minority interest |
4,171.92 |
3,506.05 |
4,057.89 |
3,551.35 |
| Share of profit/(loss) attributable to Minority Interest |
0 |
0 |
(3.24) |
0 |
| Profit for the year attributable to the shareholders of the company |
4,171.92 |
3,506.05 |
4,061.13 |
3,551.35 |
| Other Comprehensive Income/(Loss) |
(10.05) |
(12.80) |
(9.82) |
(14.89) |
| Total Comprehensive Income/Loss |
4,161.87 |
3,493.25 |
4,048.07 |
3,536.46 |
| Owners of the company |
4,161.87 |
3,493.25 |
4,051.31 |
3,536.46 |
| Add : Balance B/F from the previous year |
15,577.39 |
12,830.93 |
15,503.13 |
12,713.46 |
| Less: Transfer to Debenture Redemption Reserve, If any |
0 |
0 |
0 |
0 |
| Less: Transfer to Reserves |
0 |
0 |
0 |
0 |
| Less: Interim dividend |
(816.48) |
(746.79) |
(816.48) |
(746.79) |
| Less: Utilised for buy back of shares |
0 |
0 |
0 |
0 |
| Add: Change in Non-controlling interest |
0 |
0 |
(1.43) |
0 |
| Balance Profit / (Loss) C/F to the next year |
18,922.78 |
15,577.39 |
18,736.53 |
15,503.13 |
2. STATE OF AFFAIRS (standalone):
The gross sales and other incomes for the financial year under review were Rs.
12,447.19 million as against Rs. 11,188.32 million in the previous year, recording a
growth of 11.25%
The profit before tax was Rs. 4,585.38 million for the financial year under review as
against Rs. 3,888.94 million for the previous financial year, registering an increase of
17.91%
The profit after tax for the financial year under review was Rs. 4,171.92 million as
against Rs. 3,506.05 million for the previous financial year, registering an increase of
18.99%.
3. DIVIDEND:
In line with the Dividend Distribution Policy of the Company, during the year under
review, the company had paid Rs. 6.01 per equity share (at the rate of 601%) as an interim
dividend for the Financial Year 2021-22 (during the previous year the company had paid Rs.
5.50 (at the rate of 550%) per equity share as an interim dividend with no final
dividend). No Final dividend was recommended by the Board of directors
The Company has adopted the Dividend Distribution Policy and the said policy is
available on the website of the Company at http://eris.co.in/policies.
4. CAPITAL EXPENDITURE (standalone):
As on March 31st, 2022, the gross fixed assets (tangible and intangible) stood at Rs.
7,833.96 million (previous year Rs. 7,168.75 million) and the assets (tangible and
intangible), at Rs. 6,420.03 million (previous year Rs. 5,843.23 million). Capital
expenditure during the year amounted netfixed to Rs. 532.83 million (previous year Rs.
256.11 million). During the year under review, the Company has paid NIL amount for
business acquisition/ consolidation of holding (previous year NIL).
5. TRANSFERS TO RESERVES:
The Company has not transferred any amount to the reserves during the year under
review. (previous year: NIL)
6. CHANGES IN CAPITAL STRUCTURE:
During the year under review, the Company had issued and allotted 1,49,544 equity
shares to its employees under the “Eris Lifesciences Employee
Stock Option Plan 2017”. As a result, the issued, subscribed, and paid-up share
capital of the Company increased from Rs. 13,57,80,653/- (divided into 13,57,80,653 equity
shares of Re. 1/- each) to Rs. 13,59,30,197/- (divided into 13,59,30,197 equity shares of
Re. 1/- each). The equity shares issued under the Eris Lifesciences Employee Stock Option
Plan 2017 ranks pari-passu with the existing equity shares of the Company.
7. STATUTORY AUDITORS:
M/s. Deloitte Haskins & Sells LLP, having Firm's Registration No. 117366W/W-100018,
Statutory Auditors of the Company, were re-appointed at the
15th Annual General Meeting (AGM) held on 01.09.2021 and will complete their term at
the end of the 19th AGM of the Company.
The Auditor's Report for the financial year ended 31st March, 2022 does not contain any
qualification, adverse remark, reservation or disclaimer and therefore, does not call for
any further explanation or comments from the Board under Section 134(3) of the Companies
Act, 2013.
8. COST AUDITORS:
The Company has made and maintained cost accounts and records as specified by the
Central Government under Section 148(1) of the Companies Act, 2013. M/s Kiran J Mehta
& Co., Cost Accountants have been duly reappointed by Board to conduct the audit of
the cost records of the Company for the financial year 2022-23.
The remunerationpayabletotheCostAuditorissubjecttoratificationby the Members at the
Annual General Meeting. Accordingly, the necessary
Resolution for ratification of the remuneration payable to M/s Kiran J Mehta & Co.,
Cost Accountants, to conduct the audit of cost records of the Company for the financial
year 2022-23 has been included in the Notice of the forthcoming 16th Annual General
Meeting of the Company. The Directors recommend the same for approval by the Members.
9. SECRETARIAL AUDITORS & SECRETARIAL AUDIT REPORT:
The Board, 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 duly re-appointed M/s. Ravi Kapoor & Associates,
Practicing Company Secretaries, Ahmedabad as the Secretarial Auditor of the Company to
conduct Secretarial Audit as per the provisions of the Companies Act, 2013 for the
financial year 2022-23. The Secretarial Auditor has carried out Secretarial Audit
accordingly and their report in Form MR-3, for the financial year 2021-22, is annexed as
“Annexure 1” to this report.
The Secretarial Auditor's Report for the financial year ended 31st March 2022 does not
contain any qualification, adverse remark, reservation, or disclaimer and therefore, does
not call for any further explanation or comments from the Board under Section 134(3) of
the Companies Act, 2013.
10. INTERNAL FINANCIAL CONTROLS:
The Board has adopted the policies, processes, and structure for ensuring the orderly
and efficient conduct of its business with adequate and effective internal financial
control across the organization, including adherence to the Company's policies, the
safeguarding of assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable
financial disclosures. Also, the Company has an internal audit system commensurate with
the size of the Company and periodic audits of the internal functions and processes of the
Company are ensured.
11. CONSERVATION OF ENERGY, RESEARCH, AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS, AND OUTGO:
The particulars as prescribed under Sub-section (3)(m) of Section 134 of the Companies
Act, 2013, read with the Companies (Accounts) Rules, 2014, appears at “Annexure
2” to this report.
12. SUBSIDIARY COMPANIES/JOINT VENTURE/ ASSOCIATE COMPANY:
As on March 31, 2022, the Company has (3) three wholly-owned subsidiaries and (2) two
other than wholly owned subsidiaries. As per the provisions of the Companies Act, 2013
there are no associates or joint venture companies of the Company. There has been no
material change in the nature of the business of the subsidiaries of the Company. The
Board of Directors had reviewed the affairs of all the subsidiaries of the Company.
• During the year under review, no company ceased to be a subsidiary of the
Company.
• Eris Therapeutics Limited, wholly owned subsidiary of the Company, has been
incorporated on 23rd June, 2021.
The Company's wholly owned subsidiary Eris M.J. Biopharm Private Limited (Formerly
known as Kinedex Healthcare Private Limited) has issued fresh shares through private
placement, pursuant to which Eris holding is now 70% in Eris M.J. Biopharm Private
Limited.
The Company has formulated a policy for determining material subsidiaries. The Policy
may be accessed at http://eris.co.in/policies.
13. PERFORMANCE AND FINANCIAL POSITION OF THE SUBSIDIARY COMPANIES /JOINT VENTURE/
ASSOCIATE COMPANY:
The Board has reviewed the affairs of its subsidiary companies. Pursuant to Section
129(3) of the Companies Act, 2013 and Rule 5 of the Companies
(Accounts) Rules, 2014, a statement containing the salient features of the
financialstatements of the Company's subsidiaries/ joint ventures/ associate companies of
the Company, bringing out the highlights of their performance, in the prescribed form Form
AOC – 1 which appears at “Annexure 3” to this report. Details
pertaining to the subsidiaries of the Company are provided in the notes to the
Consolidated Financial Statements.
The Audited Financial Statements of Company's subsidiaries for the financial year ended
31st March, 2022 are available on the web link
https://eris.co.in/financial-statements-of-subsidiaries/ and the same are also available
for inspection at the Registered Office of the Company as per the details mentioned in the
notice of the 16th Annual General Meeting. Your Company will also make available these
documents upon request by any Member of the Company interested in obtaining the same,
subject to compliance of the applicable provisions of the Companies Act, 2013.
14 CONSOLIDATED FINANCIAL STATEMENTS:
The Consolidated Financial Statements have been prepared pursuant to Section 129(3) of
the Companies Act, 2013 read with Rule 8(1) of the Companies (Accounts) Rules, 2014 and
also as per the Indian Accounting Standards prescribed by the Institute of Chartered
Accountants of India
(ICAI), in this regard. The Consolidated Financial Statements have been prepared on the
basis of audited financial statementsof the Company and its subsidiaries as approved by
their respective Board of Directors.
15. ANNUAL RETURN (MGT-7):
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the
Annual Return of the Company as on 31st March 2022 is available on the Company's website
at https://eris.co.in/annual-return-and-annual-secretarial-compliance-report/ under the
Investor tab.
16. CORPORATE SOCIAL RESPONSIBILITY (CSR):
In compliance with the requirements of Section 135 of the Act, read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors has
constituted a Corporate Social Responsibility (CSR) Committee.
The details of the CSR Committee composition, meetings, and the attendance of the
Members at the meetings along with other details appear in the Report on Corporate
Governance which forms part of this Annual Report.
The annual report on CSR in the prescribed form appears at “Annexure 4”
to this Report. The content of the CSR Policy is available on the website of the Company
at http://eris.co.in/policies.
17. MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis Report, highlighting the important aspects of
the business of the Company appears separately in the Annual Report.
18. CORPORATE GOVERNANCE:
The Company has complied with the Corporate Governance requirements under the Companies
Act, 2013, and as stipulated under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. A separate report on
Corporate Governance and the Practicing Company Secretary's Certificate confirming
compliances thereof appearsat “Annexure 5” to this report.
19. BUSINESS RESPONSIBILITY REPORT:
The Business Responsibility Report as required under Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, describing the initiatives
taken by the Company from an environmental, social, and governance perspective appears
separately in the Annual Report.
20. DIRECTORS & KEY MANAGERIAL PERSONNEL:
During the year under review, the composition of the Board of Directors did not undergo
any changes.
The Company has received declarations from all the Independent Directors under Section
149(7) of the Companies Act, 2013 and Regulation 25(8) of the Listing Regulations
confirming that they meet the criteria of independence as prescribed thereunder.
The Independent Directors have complied with the Code for Independent Directors
prescribed under Schedule IV of the Companies Act, 2013 and the Listing Regulations. The
Board is of the opinion that the Independent Directors of the Company possess requisite
qualifications, experience, and expertise.
The Company familiarises the Independent Directors of the Company with their roles,
rights, responsibilities in the Company, nature of the industry in which the Company
operates, business model and related risks of the Company, etc. Monthly updates on
performance/developments of the Company are sent to the Directors. The brief details of
the familiarisation programme are available on the website of the Company at:
https://eris.co.in/policies/.
There were no changes in Key Managerial Personnel during the financial year 2021-22.
Re-appointment / Appointment
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Amit Bakshi (DIN: 01250925) retires by rotation at the
forthcoming 16th Annual General Meeting and being eligible, offers himself for
re-appointment.
Necessary resolutions for approval of the appointment / re-appointment of the aforesaid
Directors have been included in the Notice of the forthcoming
16th Annual General Meeting of the Company. The Directors recommend the same for
approval by the Members.
21. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
During the year under review, the Board of Directors of the Company duly met 5 (five)
times. The intervening gap between the meetings was within the period prescribed under the
Companies Act, 2013 and Listing Regulations.
The applicable details of these Board meetings including the attendance of the
Directors at those meetings are given in the report on Corporate Governance which forms
part of the Annual Report.
22. COMMITTEES OF THE BOARD:
The Company has the following 6 (six) Board Committees which have been established in
compliance with the requirement of applicable law(s) and statute(s) and function
accordingly:
| • Audit Committee |
| • Nomination and remuneration Committee |
| • Corporate Social Responsibility Committee |
| • Stakeholders Relationship Committee |
| • Executive Committee |
| • Risk Management Committee |
The details with respect to the composition, terms of reference, number of meetings
held and other disclosures required to be made in the Board's report etc. of these
Committees are given in the report on Corporate Governance which forms part of the Annual
Report.
23. EMPLOYEES' STOCK OPTION SCHEME:
Eris Lifesciences Employee Stock Option Plan 2017
The ‘Eris Lifesciences Employee Stock Option Plan 2017' (“ESOP 2017”/
“Plan”) was approved by the shareholders at their Extra Ordinary General Meeting
held on 3rd February, 2017 and subsequently in the 11th Annual General Meeting held on
29th September, 2017, the Shareholders duly ratified the said Plan. The details as
required to be disclosed under the Companies Act, 2013, read with the rules made
thereunder and SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021 [SEBI SBEB, 2021] appears at“Annexure
6” and are available on the Company's website at:
https://eris.co.in/corporate-announcements/
Eris Lifesciences Limited Employee Stock Option Plan 2021
The ‘Eris Lifesciences Employee Stock Option Plan 2021' (“ESOP 2021”/
“Plan”) was approved by the shareholders at their 15th Annual General Meeting
held on 01st September 2021. The details as required to be disclosed under the Companies
Act, 2013, read with the rules made thereunder and SEBI (Share Based Employee Benefits and
sweat equity) Regulations, 2021 [SEBI SBEB, 2021] appears at“Annexure 7”
and are available on the Company's website at: https://eris.co.in/corporate-announcements/
The objects of the Schemes are, inter alia, to provide an incentive to reward and
motivate employees and enable them to participate in the long-term financial growth of the
Company. The Company has granted stock options to eligible employees. The options will be
exercisable into equity shares as per the terms and conditions stipulated in the Plan.
The certificate from the Secretarial Auditors of the Company certifying that the Scheme
is implemented in accordance with the SEBI SBEB, 2021 and the resolutions passed by the
members in this regard shall be available at the Annual General Meeting for inspection by
members.
24. CONTRACTS WITH RELATED PARTIES:
The policy on Related Party Transactions as approved by the Board is available on the
website of the Company and can be accessed through the web link:
https://eris.co.in/policies/. All contracts/ arrangements/transactions entered by the
Company during the year under review with the related parties were in the ordinary course
of business and on an arm's length basis.
As required under Section 134(3)(h) of the Act, details of transactions entered with
related parties under the Act as per the last audited financial statements are given in
Form AOC-2 provided at “Annexure 8” to this Report.
25. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN, INVESTMENTS MADE OR SECURITY PROVIDED
BY THE COMPANY:
Details of loans, guarantees and investments, etc covered under section 186 of the
Companies Act, 2013 appear in the notes to the financial statements.
26. PROTECTION OF WOMEN AT WORKPLACE:
No complaints pursuant to the provisions of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013 have been received during the
year under review. Further, the Company has complied with the provisions relating to the
constitution of Internal
Complaints Committee under the Sexual Harassment of Woman at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
27. RISK MANAGEMENT:
The Board of Directors of the Company has formed a Risk Management Committee to frame,
implement and monitor the risk management plan for the Company.
The Committee is responsible for monitoring and reviewing the risk management plan and
ensuring its effectiveness. The major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. The development
and implementation of risk management policy has been covered in the Management Discussion
and Analysis, which forms part of this report.
28. DISCLOSURE ON ESTABLISHMENT OF VIGIL MECHANISM:
The Company provides an avenue to the Directors and Employees of the Company to report
without fear any instance of an actual or suspected violation, wrongdoings, or any illegal
or unethical, or improper practice which may adversely impact the image and/or the
financials of the Company. For this, the Company has in place a Vigil Mechanism Policy
(Whistle Blower Policy) for Directors and employees to report genuine concerns. This
provides for adequate safeguards against the victimization of employees and Directors who
wish to use the vigil mechanism to bring any wrong deed(s) to the notice of the Company.
During the year under review, the implementation of the vigil mechanism has been
properly and regularly monitored by the Audit Committee. However, no complaints or
instances in this regard have been reported in the financial year 2021-22. The said policy
is available on the Company's Website at http://eris.co.in/policies.
29. DIRECTORS' RESPONSIBILITY STATEMENT:
The Board of Directors of the Company confirms that:
• In the preparation of the Annual Accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures, if any;
• They 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 of the Company for that period;
They 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;
• They had prepared the annual accounts on a going concern basis;
They had laid down internal financial controls to be followed by the Company and such
internal financial controls are adequate and are operating efficiently; and
• They had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and were operating effectively.
30. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:
The Company has in place a policy on remuneration of Directors, Key Managerial
Personnel (“KMP”) and Other Employees which appears at
“Annexure 9” to this report.
The details of parameters adopted for evaluating the performance of Non-Executive
Directors appears in the Report on Corporate Governance which forms part of this Annual
Report and also available on the Website of the Company at https://eris.co.in/policies/.
31. MANNER IN WHICH FORMAL ANNUAL EVALUATION OF PERFORMANCE OF BOARD, ITS COMMITTEES
AND INDIVIDUAL DIRECTORS HAS BEEN CARRIED OUT:
The Board adopted the evaluation performed by the Independent Directors on the Board's
performance carried out in accordance with the requirements of LODR Reg. 25(4)(a) which
took into account factors like ‘ability to create value for its shareholders while
ensuring legal compliances' and ‘corporate governance norms'. Satisfaction has been
recorded about the performance based on the aforesaid criteria. The performance of the
Committees was adjudged based on the criteria approved by the Nomination and remuneration
committee of the Company. The Board records its satisfaction about the performance of all
the committees of the Board. The performance evaluation of Chairperson and Managing
Director of the Company has been carried out by the Independent Directors in accordance
with LODR Reg. 25(4)(b) and stands duly adopted by the Board. The performance evaluation
of non-independent directors has been carried out by the Independent Directors in
accordance with LODR Reg. 25(4)(a) and it has been likewise adopted by the Board. The
remaining members of the Board were evaluated at the Board Meetings based on parameters
adopted by the Nomination and Remuneration Committee.
32. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS:
The Company has complied with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India on Board Meetings and General Meetings.
33. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
Disclosures required pursuant to the provisions of Section 197(12) of the Act read with
Rule 5(1), 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, forms part of this report and appears at “Annexure
10”.
34. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
The Company acquired 100% stake in Oaknet Healthcare Private Limited at the Company
Valuation of Rs. 650 Crores through judicious mix of internal accruals and borrowings.
Except the above, no material changes and commitments have occurred between the end of
the financial year to which the financial statements relate and the date of this Report.
35. PUBLIC DEPOSITS
The Company has not accepted deposits from the public during the year under review. No
deposits were outstanding at the beginning or at the closure of the financial year under
review.
36. GENERAL
Your Directors state that no disclosure or reporting is required in respect of the
following matters under the Companies Act, 2013, and SEBI Regulations either on account of
absence of any transaction or the inapplicability of the provisions:
• Reporting of fraud(s) by the Auditors within the meaning of Section 143(12) of
the Companies Act, 2013.
• Disclosure pursuant to section 43(1) read with Rule 4(4) of Companies (Share
Capital and Debenture) Rules, 2014 regarding issue of equity shares with differential
rights.
Details of any scheme for providing money for the purchase of shares of the Company by
employees for the benefit of employees.
Issue of shares (including sweat equity shares) to the employees of the Company under
any scheme, save and except Employees' Stock Options Plans referred to in this Report.
Receipt of any commission from the Company or remuneration from any of its subsidiaries
by the Managing Director or the Wholetime Directors of the Company as per section 197(14)
of the Companies Act, 2013.
Revision in the financial statements (apart from regrouping adjustments) or directors'
report in any ofthethreeprecedingfinancials . years
• Regulation 32 (4) of SEBI LODR Regulations regarding explanation for the
variation in the utilisation of money raised by public issue.
• Change in the nature of business as per rule 8(5)(ii) of the Companies Account
Rule, 2014.
Significant or material orders passed by the regulators, courts, tribunals impacting
the going concern status and Company's operations in future.
• Details of an application made or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 during the year under review along with their status as at the
end of the financial year.
• Details of difference between the amount of the valuation done at the time of
one-time settlement and the valuation done while taking a loan from the Banks or Financial
Institutions along with the reasons thereof.
37. ACKNOWLEDGEMENT
The Board of Directors would like to express their sincere appreciation for the
assistance and co-operation received from all the stakeholders during the year under
review. The Board of Directors also wish to place on record its deep sense of appreciation
for the committed services by the Company's executives, staff and workers.
| For and on behalf of the Board of Directors |
| Amit Bakshi |
| (DIN: 01250925) |
| Chairperson & Managing Director |
| Ahmedabad, 15th June 2022 |
|