To,
The Members of
Anand Rathi Share and Stock Brokers Limited
Your Directors are pleased to present their Thirty-Second (32nd)
report together with the Audited Standalone Financial Statements of your Company for the
financial year ended 31st March, 2023 (FY 2022-23).
1. FINANCIAL SUMMARY
A summary of the Company's financial results for the Financial Year
2022-23 is as under:
| Particulars |
Standalone |
|
2022-23 |
2021-22 |
| Total Income |
46,863.12 |
42,368.73 |
| Less: Total Expenses |
41,643.24 |
35,971.23 |
| Profit before Tax |
5,219.88 |
6,397.50 |
| Less: Total Tax Expense |
1,324.58 |
1,279.07 |
| Net Profit after tax but before Other
Comprehensive Income |
3,895.30 |
5,118.43 |
| Other Comprehensive Income |
(20.59) |
(43.31) |
| Total Comprehensive Income |
3,874.72 |
5,075.12 |
| Earnings Per share (basic & diluted) |
24.57 |
50.39 |
2. PERFORMANCE HIGHLIGHTS AND STATE OF COMPANY'S AFFAIRS
The total income increased by 10.60% to Rs. 46,863.12 Lakhs in current
financial year as compared to Rs. 42,368.73 Lakhs in the previous financial year; however
the total expenses incurred by the Company increased to Rs. 41,643.24 Lakhs as against
previous year's Rs. 35,971.23 Lakhs.
The Company earned a net profit of Rs. 3,895.30 Lakhs in the current
financial year compared to Rs. 5,118.43 Lacs in the previous financial year.
3. HIGHLIGHTS OF PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE COMPANIES AND THEIR CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY
As of 31st March, 2023, the Company has one Wholly-owned
subsidiary and details of the same is provided as under:
Anand Rathi International Ventures (IFSC) Private Limited [ARIFSC]:
ARIFSC is a Wholly- owned subsidiary of Anand Rathi Share and Stock Brokers Limited. The
Company is registered in Gift Special Economic Zone (Gift City), in the Gujarat State and
received certificate of commencement of business with effect from 25th June,
2020 from the office of the Development Commissioner, Gift SEZ, Ministry of Commerce &
Industry, Government of India.
During the year under review, the operating revenue of ARIFSC for FY
2022-2023 was Rs. 2.10 Lakhs as compared to revenue earned of Rs. 8.79 Lakhs in the
previous year.
The Company does not have any Associate or Joint Venture companies
during the year under review or any time after the closure of the financial year till the
date of report.
Pursuant to Section 129(3) of the Companies Act, 2013 (hereinafter
referred to as "the Act") read with Rule 5 of the Companies (Accounts) Rules,
2014, a statement in Form AOC-1 containing salient features of the financial statements of
Wholly-owned Subsidiary is annexed as "Annexure-I" which forms an integral part
of this Report.
4. CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to the Companies (Accounts) Rules, 2014, Anand Rathi Financial
Services Limited, the ultimate Holding Company files consolidated financial statements
with the Registrar of Companies, accordingly the Company is exempted from preparing and
filing consolidated financial statements.
5. DIVIDEND
In order to conserve the resources and further boost the growth
momentum, your Directors have decided to plough back the profits. Therefore, your
Directors have not recommended any dividend for the FY 2022-23.
6. TRANSFER TO RESERVES
The Board of Directors of your Company has decided to not transfer any
amount to the Reserves for the year under review.
7. SHARE CAPITAL Authorized Share Capital
The Authorized Share Capital of your Company was increased from Rs.
25,00,00,000/- (Rupees Twenty Five Crores only) to Rs. 30,00,00,000/- (Rupees Thirty
Crores Only) vide resolution passed by the shareholders of the Company at their 31st
Annual General Meeting held on 27th September, 2022.
Consequent to the above, the Authorized Share Capital of your Company
as on 31st March, 2023 stood at Rs. 30,00,00,000/- (Rupees Thirty Crores only)
divided into 2,97,50,000 (Two Crores Ninety Seven Lakhs Fifty Thousand) Equity Shares of
the face value of Rs. 10/- (Rupees Ten only) each and 2.50.000 fT\yo Lakhs Fifty Thousand)
Preference Shares of Rs. 10/-
(Rupees Ten only) each.
Further issue of Share Capital
During the year under review, the shareholders at their 31st
Annual General Meeting held on 27th September, 2022 had accorded approval for
issuing bonus shares to the existing shareholders of the Company.
Further, allotment of 67 20,517 Equity Shares of the face value of Rs.
10/- each was made at the Board Meeting held on 21st November, 2022.
Consequent to the above allotment, the issued, subscribed and paid-up
share capital of your Company as on 31st March, 2023 stood at Rs.
20,16,15,500/- (Rupees Twenty Crores Sixteen Lakh Fifteen Thousand Five Hundred only)
divided into 2,01,61,550 (Two Crores One Lakhs Sixty One Thousand Five Hundred Fifty)
Equity Shares of the face value of Rs. 10/- (Rupees Ten only) each.
Sub-division of the nominal value of shares
The Board of Directors of the Company at their meeting held on 4th
May, 2023, considered sub-dividing the nominal value of the shares from existing Rs. 10/-
each to Rs. 5/- thereby keeping the paid-up share capital of the Company intact, subject
to other applicable laws and shareholders of the Company.
Furthermore, the shareholders of the Company at their 01/2023-24
Extra-ordinary General Meeting held on 20th June, 2023, approved sub-division
of the nominal value of the shares, thereby keeping the paid-up share capital of the
Company intact.
The Authorized Share Capital of the Company pursuant to the
sub-division of nominal value of shares, as on the date of report stood at Rs.
30,00,00,000/- (Rupees Thirty Crore only) divided into 5,95,00,000 (Five Crore Ninety Five
Lakhs) Equity Shares of Rs. 5/- (Rupees Five only) and 5,00,000 (Five Lakhs) Redeemable
Preference Shares of Rs. 5/- (Rupees Five only).
8. ISSUE OF NON - CONVERTIBLE DEBENTURES (NCD) ON PRIVATE PLACEMENT
BASIS
During the year under review, your Company issued Unrated, Unlisted,
Secured, Redeemable, Non-Convertible Debentures ("NCDs") of Face Value
aggregating to Rs. 123,50,00,000/- (Rupees One Hundred Twenty Three Crore and Fifty Lakhs
only) on a private placement basis, in various tranches. As specified in the respective
offer documents, the funds raised from NCDs were utilized for general corporate purpose
and/or for meeting working capital requirements of the Company.
9. ALTERATION OF MEMORANDUM OF ASSOCIATION
The Share Capital Clause of the Memorandum of Association
("MOA”) of your Company was altered in order to reflect the increased Authorized
Share Capital from Rs. 25,00,00,000/- (Rupees Twenty Five Crore only) to Rs.
30,00,00,000/- (Rupees Thirty Crore only) as approved by the shareholders of the Company
on 27th September, 2022.
Further, the Members of the Company at their Extra-ordinary General
Meeting held on 15th December, 2022, inserted an additional clause under the
existing Main object clause of the
Company vide Special resolution.
Further, after closure of the financial year and as on the date of
report, the Share Capital Clause of the Memorandum of Association ("MOA") of
your Company was altered in order to reflect the sub-division of nominal value of shares
as approved by the Members of the Company vide Special Resolution passed at their
01/2C23-24 Extra-ordinary General Meeting held on 20th June, 2023.
10. CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of the Businesses being carried
out by the Company during the year under review.
11. ANNUAL RETURN
Pursuant to the requirement under Section 92(3) of the Companies Act,
2013, copy of annual return of the Company for the FY 2022-23 is available on
https://anandrathi.com/.
12. BOARD, COMMITTEES, KEY MANAGERIAL PERSONNEL AND MEETINGS:
Board of Directors
The Board of the Company comprises or' 4 (Four) Directors as under:
| SI. No. Name |
Designation |
| 1. Mr. Pradeep Kumar Gupta |
Managing Director |
| 2. Mrs. Priti Pradeep Gupta |
Managing Director |
| 3. Mr. Vishal Jugal Laddha |
Whole-time Director |
| 4. Mr. Roop Kishor Bhootra |
Whole-time Director |
Board Committees
In accordance with applicable provisions of Companies Act, 2013, the
Board has constituted following Committees:
| SL No. Name of Committee |
Member |
| 1. Audit Committee ("AC”) |
1. Mr. Roop Kishor Bhootra - Chairman |
|
2. Mr. Vishal Jugal Laddha - Member |
|
3. Mr. Pradeep Gupta - Member |
| 2. Nomination and Remuneration |
1. Mr. Vishal Jugal Laddha - Chairman |
| Committee ("NRC”) |
2. Mr. Roop Kishor Bhootra - Member |
|
3. Mrs. Priti Pradeep Gupta - Member |
| 3. Corporate Social Responsibility |
1. Mr. Pradeep Gupta - Chairman |
| Committee ("CSR”) |
2. Mr. Roop Kishor Bhootra - Member |
|
3. Mrs. Priti Pradeep Gupta - Member |
| 4. Management Committee |
l.Mr. Pradeep Gupta - Chairman |
|
2.Mrs. Priti Pradeep Gupta - Member |
|
3.Mr. Roop Kishor Bhootra - Member |
Key Managerial Personnel (KMP)
Pursuant to Companies Act, 2013, your Company has appointed/designated
following employees/officers as Whole-time Key Managerial Personnel:
| SI. No. Name |
Designation |
| 1. Mr. Pradeep Kumar Gupta |
Managing Director |
| 2. Mrs. Priti Pradeep Gupta |
Managing Director |
| 3. Mr. Roop Kishor Bhootra |
Whole-time Director |
| 4. Mr. Vishal Jugal Laddha |
Whole-time Director |
| 5. Mr. Tarak Kumarpal Shah |
Chief Financial Officer (Appointed with
effect from 22nd August, 2022) |
| 6. Mr. Nitesh Tanwar |
Company Secretary (Appointed upto 12th October,
2022) |
| 7. Ms. Manasi Shah |
Company Secretary (Appointed with effect
from 20th February, 2023) |
Appointment and cessation of Directors and Key Managerial Personnel
During the year under review there were no changes in the composition
of the Board of Directors of the Company.
Pursuant to the provisions of Section 203 of the Companies Act, 2013,
Mr. Tarak Shah was appointed as the Chief Financial Officer of the Company with effect
from 22nd August, 2022 and Ms. Manasi Shah was appointed as the Company
Secretary with effect from 20th February, 2023.
Further, Mr. Nitesh Tanwar resigned as Company Secretary of the Company
with effect from 12th October, 2022.
Directors retiring by rotation:
In terms of Section 152 of the Companies Act, 2013, Mr. Vishal Jugal
Laddha (DIN: 00033628) shall retire by rotation at the forthcoming AGM and being eligible,
he offers himself for reappointment. Necessary resolution for his re-appointment has been
inserted in the Notice of the ensuing Annual General Meeting for the Member's approval.
Details regarding Board/ Committee Meetings
During the year under review, the Board and Committees of Board met on
the following dates. The Meetings of the Board of Directors were held such that not more
than 120 days elapsed between two Board Meetings.
Details of the meetings held during the year is as under:
| Board Meeting |
Audit Committee |
CSR Committee |
NRC Committee |
Management Committee |
| 18.04.2022 |
18.04.2022 |
18.04.2022 |
22.08.2022 |
01.06.2022 |
| 11.05.2022 |
22.08.2022 |
20.02.2023 |
20.02.2023 |
13.06.2022 |
| 30.06.2022 |
21.11.2022 |
- |
- |
10.10.2022 |
| 11.07.2022 |
20.02.2023 |
- |
- |
31.10.2022 |
| 22.08.2022 |
- |
- |
- |
14.11.2022 |
| 29.09.2022 |
- |
- |
- |
15.11.2022 |
| 07.11.2022 |
- |
- |
- |
30.11.2022 |
| 21.11.2022 |
- |
- |
- |
08.12.2022 |
| 20.02.2023 |
- |
. |
_ |
27.12.2022 |
| - |
- |
- |
- |
09.01.2023 |
| - |
- |
- |
- |
13.02.2023 |
| - |
- |
- |
- |
13.03.2023 |
| - |
- |
- |
- |
31.03.2023 |
The number of the meetings attended bv each Director is as under:
| Numbers of Board Meeting Attended by the
Directors |
| Meeting date |
Mr. Pradeep Kumar Gupta |
Mrs. Priti Pradeep Gupta |
Mr. Roop Kishor Bhootra |
Mr. Vishal Jugal Laddha |
| 18.04.2022 |
y |
y |
y |
y |
| 11.05.2022 |
y |
y |
y |
y |
| 30.06.2022 |
|
y |
y |
y |
| 11.07.2022 |
? |
y |
y |
y |
| 22.08.2022 |
V |
y |
y |
y |
| 29.09.2022 |
y |
y |
y |
y |
| 07.11.2022 |
¦/ |
y |
y |
y |
| 21.11.2022 |
y |
y |
y |
y |
| 20.02.2023 |
V |
X |
y |
y |
| Numbers of Audit Committee Meeting Attended
by the Committee Members |
| Meeting date |
Mr. Roop Kishor Bhootra |
Mr. Pradeep Kumar Gupta |
Mr. Vishal Jugal Laddha |
| 18.04.2022 |
y |
y |
y |
| 22.08.2022 |
y |
y |
y |
| 21.11.2022 |
y |
y |
y |
| 20.02.2023 |
y |
y |
y |
| Numbers of CSR Committee Meeting Attended
by the Committee Members |
| Meeting date |
Mr. Roop Kishor Bhootra |
Mr. Pradeep Kumar Gupta |
Mrs. Priti Pradeep Gupta |
| 18.04.2022 |
V |
|
y |
| 20.02.2023 |
y |
y |
X |
| Numbers of NRC Committee Meeting Attended
by the Committee Members |
| Meeting date |
Mr. Roop Kishor Bhootra |
Mr. Vishal jugal Laddha |
Mrs. Priti Pradeep Gupta |
| 22.08.2022 |
y |
y |
|
| 20.02.2023 |
y |
,4 |
X |
| Numbers of Management Committee Meeting
Attended by the Committee Members |
| Meeting date |
Mr. Pradeep Kumar Gupta |
Mrs. Priti Pradeep Gupta |
Mr. Roop Kishor Bhootra |
| 01.06.2022 |
y |
V |
|
| 13.06.2022 |
y |
y |
y |
| 10.10.2022 |
y |
y |
|
| 31.10.2022 |
y |
y |
y |
| 14.11.2022 |
y |
V |
V |
| 15.11.2022 |
y |
y |
y |
| 30.11.2023 |
y |
y |
y |
| 08.12.2022 |
y |
y |
V |
| 27.12.2022 |
¦/ |
y |
X |
| 09.01.2023 |
y |
y |
y |
| 13.02.2023 |
y |
y |
y |
| 13.03.2023 |
y |
V |
y |
| 31.03.2023 |
y |
V |
y |
13. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors
to the best of their
knowledge, belief, ability and explanations obtained by them, confirm
that:
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
ii) such accounting policies have been selected 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 the period;
iii) proper and sufficient care have been taken 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 regularities;
iv) the annual accounts are prepared on a going concern basis; and
v) proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
14. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The detailed particulars of investment made, loans/guarantees given and
securities provided
to any other body corporate, if any, has been disclosed at respective
places in Standalone
Financial Statements under appropriate heading.
15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the financial year 2022-23, the Company has entered into
transactions with related parties as defined under Section 2(76) of the Companies Act,
2013, all of which were in the ordinary course of business and on arm's length basis.
Members may note that there were no materially significant related
party transactions made by the Company with its Promoters, Directors, Key Managerial
Personnel or any other designated persons which may have a potential conflict with the
interest of the Company at large.
Particulars of material contract or arrangements or transactions at
arm's length basis is disclosed as per the prescribed form AOC-2 and annexed as
"Annexure-H" which forms an integral part of this Report.
Your Directors have entered into Related Party Transactions as approved
by the Board of Directors, based upon the recommendations of the Audit Committee. On
quarterly basis, the Audit Committee reviewed such transactions, for which prior omnibus
approval was given.
16. CORPORATE SOCIAL RESPONSIBILITY ("CSR")
Pursuant to the provisions of Section 135 of the Act read with
Companies (Corporate Social Responsibility) Rules, 2014, the CSR Committee has formulated
and recommended to the Board a Corporate Social Responsibility Policy (CSR Policy)
indicating the CSR activities which can be undertaken by the Company. Details of the CSR
Policy is available on our website at www.anandrathi.com.
The salient features of the aforesaid policy including the details of
CSR contributions made during the FY 2022-23 are given in "Annual Report on CSR
Activities" prepared as per the provisions of Rule 8 of Companies (Corporate Social
Responsibility) Rules, 2014.
The aforesaid report is annexed as "Annexure -III” which
forms an integral part of this Report.
17. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING
CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR.
The Board, on the recommendation of the Nomination and Remuneration
Committee, has formulated a Policy on Directors' appointment and remuneration including
criteria for determining qualifications, positive attributes and independence of
directors.
The Policy is directed towards a compensation philosophy and structure
that will reward and retain talent and provides for a balance between fixed and incentive
pay reflecting short- and long-term performance objectives appropriate to the working of
the Company and its goals.
The policy is enclosed as "Annexure- IV" to this report.
18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
a) The Company being engaged in the financial services activities, its
operations are neither energy intensive nor does it require adoption of specific
technology. Hence information in terms of Section 134(3)(m) of the Act read with the
Companies (Accounts) Rules, 2014 is not applicable to the Company.
b) The details of foreign exchange earnings in terms of actual inflows
and the foreign exchange outgo in terms of actual outflow of the Company during the
Financial Year ended 31st March, 2023 are as under:
| Particulars |
Amount (In Lakhs) |
| Foreign exchange earnings |
0.11 |
| Foreign exchange expenditure / outgo |
159.93 |
19. RISK MANAGEMENT
Risk management is embedded in your Company's operating framework.
Your Company believes that managing risks helps in maximizing the returns. The Company's
approach to addressing business risks is comprehensive and includes periodic review of
such risks and a framework for mitigating controls and reporting mechanism of such risks.
Also, key business risks and their mitigation are considered on a regular basis in the
annual/strategic business plans and in periodic management reviews.
20. INTERNAL CONTROL SYSTEMS
The Company has in place proper and adequate internal control systems
commensurate with the nature of its business, size and complexity of operations. Internal
control systems comprise policies and procedures that are designed to ensure reliability
of financial reporting, compliance with applicable laws and regulations. Necessary
policies and procedures are in place inter alia to ensure that all assets and resources
are acquired economically, used efficiently and protected adequately.
21. MATERIAL ORDERS OF JUDICIAL BODIES /REGULATORS
During the year under review, no significant and material orders have
been passed by any Regulator or Court or Tribunal which could have impact on the going
concern status and the operations of the Company in future.
22. STATUTORY AUDITOR
Pursuant to the provision of Section 139 of the Companies Act, 2013, R
Kabra & Co. LLP, Chartered Accountants (Firm Registration No. 104502W/W100721) were
appointed as the Statutory Auditors of the Company for a period of five consecutive years
at the Annual General Meeting of the members held on 22nd September, 2021 till
the conclusion of Annual General Meeting to be held in the year 2026. /rD u f\
There were no qualification, reservation or adverse remark in the Audit
report as issued by the Statutory Auditors for the financial year ended 31st
March, 2023 and that the report is self-explanatory and does not call for any comment.
The Company has received a certificate from the said Auditors that they
are eligible to hold office as Auditors of the Company and are not disqualified for being
so appointed for the financial year 2023-24.
23. SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of Companies Act, 2013 and
rules made thereunder, M/s. Dharmesh Bohra & Associates, Practicing Company
Secretaries were appointed as Secretarial Auditor of the Company to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report in Form MR-3 is annexed as
"Annexure-V" which forms an integral part of this Report.
Further, there are no qualifications / adverse remarks provided in the
Secretarial Audit Report for the financial year ended 31st March, 2023.
24. INTERNAL AUDITORS
Pursuant to the provisions of Section 138 of Companies Act, 2013 and
rules made thereunder, M/s. Mahesh Chandra & Associates, Chartered Accountants were
appointed as Internal Auditors of the Company.
There were no qualifications / adverse remarks provided in the Internal
Audit Report for the financial year ended 31st March, 2023.
25. COMPLIANCE WITH SECRETARIAL STANDARDS
Your Company is in compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India and as approved by the Central
Government under Section 118(10) of the Act.
26. VIGIL MECHANISM
In Pursuant to Section 177 of the Act read with the rule 7 of the
companies (Meetings of the Board and its Powers) Rules, 2014, your Company has established
a "Vigil Mechanism and Whistle Blower Policy” for Employees including the
Directors in employment of the Company. During the year under review, the Company has not
received any complaints under vigil mechanism.
27. DISCLOSURES PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT THE
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Board is committed to providing a safe and conducive working
environment for the women employees of the Company, and accordingly, has formulated a
policy on prevention, \ prohibition ojf sexual harassment of women employees at the work
place.
The policy inter alia provides for prevention, prohibition of any acts
of sexual harassment of women employees at workplace and the procedure for the redressal
of complaints, if any, pertaining to sexual harassment. The Company has constituted an
Internal Complaint Committee in accordance with Section 4 of The Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to hear and dispose
of the cases relating to sexual harassments.
There were no complaints received under POSH during the year under
review.
28. 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
Except as stated above, there were no material changes and commitments
affecting the financial position of your Company from the end of the financial year till
the date of this report, which could impact your Company's operations or its status
as going concern.
29. GENERAL
Your Directors confirm that no reporting is required to be made on the
following provisions as the same is not applicable during the year under review:
a) There were no instances of non-exercising of voting rights in
respect of shares purchased directly by employees under a scheme pursuant to Section 67(3)
of the Companies Act, 2013 read with Rule 16(4) of Companies (Share Capital and
Debentures) Rules, 2014;
b) None of the Director or Key Managerial Personnel are in receipt of
remuneration from Holding / Subsidiary Company;
c) There were no instances of reporting of frauds as per Section 143 of
the Companies Act, 2013 during the year under review;
d) There were no instances of shares being purchased directly by
employees under a scheme pursuant to Section 67(3) of the Companies Act, 2013 read with
Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014;
e) Appointment of Cost Auditor as per Section 148 of the Companies Act,
2013;
f) The Company has neither issued any shares with differential rights
as to dividend, voting or otherwise nor issued any sweat equity shares during the year
under review;
g) There was no application made or any proceeding is being pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year / at the end
of the financial year;
h) Chapter V of the Companies Act, 2013 relating to acceptance of
deposits;
i) Revision in financial statements of the previous year; and
j) There were no 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.
30. ACKNOWLEDGEMENT
Your Directors wish to place on record their deep appreciation for the
contribution made by the employees at all levels without whose hard work and support, your
Company's achievements would not have been possible. Your Directors also wish to place on
record their sincere appreciation for the continued support, cooperation, guidance and
encouragement extended by the government, regulatory, statutory bodies including Company's
bankers.
We are hopeful of receiving your continued support and cooperation in
future as well.
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