Dear Members,
Your Directors are pleased to present the Fourteenth Annual Report of the Company
together with the Audited Statement of Accounts for the financial year ended March 31,
2019.
1. FINANCIAL SUMMARY AND HIGHLIGHTS:
The financial highlights of the year are:
(Rs. in Lacs)
| Particulars |
Consolidated |
Standalone |
|
2019 |
2018 |
2019 |
2018 |
| Total Income |
16.09 |
68.67 |
53.15 |
56.66 |
| Total Expenditure |
20,634.00 |
56,954.30 |
19,371.97 |
50,159.13 |
| Profit/(Loss) before Tax |
(20,617.91) |
(56,885.63) |
(19,318.82) |
(50,102.47) |
| Exceptional Items |
(58,918.73) |
- |
(58,312.37) |
- |
| Less Provision for Taxation |
- |
- |
- |
- |
| Net Profit/(Loss) after Tax |
(79,536.64) |
(56,885.63) |
(77,631.19) |
(50,102.47) |
| Appropriation: |
|
|
|
|
| Transfer to General Reserve |
-- |
-- |
-- |
-- |
| Transfer to Debenture Redemption Reserve |
-- |
-- |
-- |
-- |
| Proposed Dividend |
-- |
-- |
-- |
-- |
| Dividend Distribution Tax |
-- |
-- |
-- |
-- |
| Earning Per Share (Rs.) Basic |
(248.18) |
(177.50) |
(242.24) |
(156.34) |
| Earning Per Share (Rs.) Diluted |
(248.18) |
(177.50) |
(242.24) |
(156.34) |
2. PERFORMANCE REVIEW:
Your Company has done negligible production activity during the financial year ended
March 31, 2019, owing to which there are no Income from Operations during the year under
review. Further, the Overall Standalone Income has decreased to Rs. 53.15 lacs for the
financial year ended March 31, 2019 as compared to last year’s Standalone total
income of Rs. 56.66. The Total Standalone Expenditure incurred during the financial year
ended March 31, 2019 decreased to Rs. 19,371.97 as compared to Rs. 50,159.13 in the last
financial year. The overall loss incurred by your Company in the current financial year
has increased to Rs 77,631.19 lacs as compared to the Loss of Rs. 50,102.47 lacs in the
previous financial year due to reduction in the expenditure of the Company.
The Overall Consolidated Income for the year under review has also decreased to Rs.
16.09 lacs as compared to last year’s total income of Rs. 68.67 lacs. The
consolidated total Expenditure for the financial year ended March 31, 2019 decreased to
Rs. 20,634 lacs as compared to Rs. 56,954.30 lacs in the last financial year. The overall
consolidated loss incurred by the Company in the current financial year increased to Rs.
79,536.64 lacs as compared to the Loss of Rs. 56,885.63 lacs in the previous year.
During the year the company has made provisions for Impairment of Fixed Assets,
Provision for diminution in value of investment, Provision for doubtful
debtors/Deposits/Advances to Suppliers and Provision for Balance written back for
Creditors/Advance received from customers which is shown as exceptional items in the
Profit & Loss Account.
3. SHARE CAPITAL:
During the year under review there was no change in the share capital of the Company
and the Company has not issued shares or convertible securities or shares with
differential voting rights nor has granted any stock options or sweat equity or warrants.
Hence, the Authorised and Paid Up Share capital of the Company as on March 31, 2019 was
Rs. 3,714,000,000/- and Rs. 32,04,78,110/- respectively Company during the period under
review.
4. TRANSFER TO RESERVE:
During the year 2018-19, the Company has suffered losses and thus has not transferred
any amount to reserves.
5. DIVIDEND:
In view of losses incurred during the period under review, the Company does not
recommend any dividend on the equity shares for the financial year ended March 31, 2019.
6. PUBLIC DEPOSIT:
The Company has not accepted any deposits, within the meaning of Section 73 of the Act,
read with the Companies (Acceptance of Deposits) Rules, 2014.
7. SUBSIDIARY AND ASSOCIATES
Flex Art Foil Limited (FAFL)
Flex Art Foil Limited is the wholly owned Indian Subsidiary of the Company which
provides facilities for printing of Aluminium blister and poly to pharmaceutical companies
for their packaging solutions at various locations across the country. The policy on
material subsidiary is available in the company’s website. www.essdee.in
Ess Dee Aluminium Pte. Limited
Ess Dee Aluminium Pte. Limited is a wholly owned subsidiary Company incorporated in the
Republic of Singapore on 15 December, 2011 (hereinafter referred as Foreign Subsidiary).
Information regarding the subsidiaries Companies for the financial year 2018-19 is
annexed as (Annexure-I).
8. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Change in Directors during the Financial Year ended March 31, 2019:-
During the year under review, there was no appointment/resignation of Director or Key
Managerial Personnel (KMP) in the Company. However, Mr. Madan Mohan Jain, Independent
Director of the Company has resigned from the Board with effect from June 13, 2019.
Independent Directors:-
All the Independent Directors of the Company have given requisite declarations that
they meet the criteria of independence as provided in Section 149(6) of the Companies Act,
2013 and Regulations 16 & 25 of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015.
Further the Board of the company provides that none of the directors of the Company
exceed the limit of directorship prescribed.
Disqualification of Directors under Section 164 (2):-
As per the provisions of Section 164(2) of the Companies Act, 2013, any person who is
or has been a director of the Company who has failed to file the financial statements or
annual returns for any continuous period of three financial years or has failed to repay
the deposits accepted by it or pay interest thereon or to redeem any debentures on the due
date or pay interest due thereon or pay any dividend declared and such failure to pay or
redeem continues for one year or more, shall not be eligible to be re-appointed as a
director of that company or appointed in other company for a period of five years from the
date on which the said company fails to do so.
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed both under
Section 149(6) of the Companies Act, 2013 and SEBI Listing Regulations, 2015.
All the Directors of your Company are disqualified under Section 164 (2) of the
Companies Act, 2013 as the Company has defaulted in re-payment of Non-Convertible
Debentures issued by the Company. As required by law, this position is also reflected in
the Auditors’ Report.
Key Managerial Personnel:-
Pursuant to the provisions of Section 2(51) and 203 of the Companies Act, 2013, Mr.
Debdeep Bhattacharya (DIN.00464686) has been appointed as Key Managerial Personnel and
Whole Time Director of the Company w.e.f May 30, 2016. Apart from Mr. Debdeep
Bhattacharya, the Company has not appointed any other Key Managerial Personnel on the
Board of the Company
Following are the Details of Directors on the Board of the Company during the financial
year ended March 31, 2019
| Sr. No. |
Name of Directors |
DIN |
DATE OF APPOINTMENT |
| 1. |
Sudip Dutta |
00017052 |
10/02/2004 |
| 2. |
Dilip Phatarphekar |
00002600 |
22/05/2006 |
| 3. |
Gautam Mukherjee |
00212505 |
22/05/2006 |
| 4. |
Madan Mohan Jain |
00003580 |
14/01/2010 |
| 5. |
Debdeep Bhattacharya |
00464686 |
30/05/2016 |
9. NUMBER OF BOARD MEETING
During the year under review, 5 (Five) Board Meetings and 4 (Four) Audit Committee
meetings were held, the details of which are given under Corporate Governance report. The
intervening gap between the meetings was within the period prescribed under the Companies
Act and Listing Agreement.
10. POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION
The Board has on the recommendation of Nomination and Remuneration Committee framed a
policy for selection and appointment of Directors and senior management and their
remuneration. The requisite details as required by Section 134(3) (e) of the Companies
Act, 2013, Section 178 (3) and (4) and Regulation 27 of SEBI (Listing Obligation and
Disclosure Requirement) Regulation, 2015 are annexed as (Annexure-E) of this
Report.
11. VIGIL MECHANISM:
The Company has a Whistle Blower Policy to report genuine concerns or grievances &
to provide adequate safeguards against victimization of persons who may use such
mechanism. The Whistle Blower Policy has been posted on the website of the Company at
www.essdee.in.
12. ANTI SEXUAL HARASSMENT POLICY
In order to comply with provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder, the Company
has formulated and implemented a policy on prevention, prohibition and redressal of
complaints related to sexual harassment of women at the workplace. All women employees
permanent, temporary or contractual are covered under the above policy. The said policy
has been uploaded on the internal portal of the Company for information of all employees.
An Internal Complaint Committee (ICC) has been set up in compliance with the said Act. The
Company has in place an Anti -Sexual harassment policy in line with the requirements of
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 & the Rules made thereunder. Your Directors further state that during the year
under review, there were no cases filed pursuant to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
13. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of
independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
14. BOARD EVALUATION
Pursuant to the provisions of the Act and the Listing Regulations, a structured
questionnaire was prepared after taking into consideration the various aspects of the
Board’s functioning, composition of the Board and its Committees, culture, execution
and performance of specific duties, obligations and governance. The performance evaluation
of the Directors was completed during the year under review. The performance evaluation of
the Chairman and the Non-Independent Directors was carried out by the Independent
Directors and Non-Executive Director. The Board of Directors expressed their satisfaction
with the evaluation process.
Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the
Board has carried out an annual performance evaluation of its own performance, the
Director’s individually as well as the evaluation of its Audit and other committees.
The Performance evaluation was carried out as under:
Committee of the Board
The Board of Directors have the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders’ Relationship Committee
4. Corporate Social Responsibility Committee
The details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.
Individual Directors
a) Independent Directors:- in accordance with the criteria suggested by the
Nomination and Remuneration Committee, the performance of each Independent Director was
evaluated by the entire Board of Directors on various parameters like engagement,
leadership, communication, governance and interest of stakeholders. The Board was of the
unanimous view that each Independent Director was a reputed professional and brought his
reach experience to the deliberation of the Board. The Board also appreciated the
contribution made by all the Independent Directors in guiding the management in achieving
growth and concluded that continuance of each Independent Director in the Board will be in
the interest of the Company.
None of the Independent Directors have not entered into any transactions with promoter
or promoter group, which hold(s) 10% or more shareholding during the financial year under
review.
Mr. Gautam Mukherjee and Mr. Dilip Phatarphekar, Independent Directors of the Company
are also Directors in M/s. Flex Art Foil Limited, unlisted material subsidiary of our
Company.
b) Non Independent Director:- The performance of each non-independent Director
(including Chairman) was evaluated by the Independent Directors in their separate meeting.
The various criteria considered for the purpose of evaluation included leadership,
engagement, transparency, analysis, decision making, functional knowledge. The Independent
Directors and Board were of the unanimous view that each of the non-independent directors
was providing good business and people leadership.
15. FAMILIARIZATION PROGRAMME
The Company has established a Familiarization Programme for Independent Directors.
As per Reg. 25(7) of SEBI (LODR) in which the Board briefed them about the following
points:
a) Nature of the industry in which the Company operates
b) Business model of the Company
c) Roles, rights, responsibilities of independent directors
d) Any other relevant information
16. DIRECTORS’ RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained, your Directors make the following statements in terms of Section
134(3)(c) of the Companies Act, 2013:
a) In the preparation of the annual accounts for the year ended March 31, 2019, the
applicable accounting standards, have been followed and there are no material departures
from the same;
b) The Directors have selected such accounting policies and applied them consistently
and made judgements 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 the end of the financial year
ending on March 31, 2019 and of the profit and loss of the Company for the year ended on
that date;
c) The Directors 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;
d) The Directors have causes to prepare the annual accounts on a ‘going
concern’ basis;
e) The Directors had 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) The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and are operating effectively.
17. COST AUDITORS
Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit)
Rules, 2014 as amended from time to time laid down the requirement for appointment of Cost
Auditor. By virtue of having negligible turnover during the preceding financial year and
since the Company is not meeting the threshold laid down under the Act, theCompany has not
appointed any Cost Auditor in the Company.
18. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s. Amit R. Dadheech & Associates, a firm of Company Secretaries in
Practice (CP No. 8952), to undertake the Secretarial Audit of the Company for the year
2018-19. The Secretarial Audit Report is annexed herewith as (Annexure-F).
Clarification in relation to the observation reported in Secretarial Audit Report is
given below:
1. The Company is under severe financial stress have virtually negligible level of
production and operation being stalled at certain manufacturing units due to liquidity
constraints and shall take necessary steps for payment of all the statutory dues to
regulatory authorities like Income Tax, Service Tax, Customs, Provident Fund, ESIC etc.
2. The Company has been looking for various options for its revival and shall ensure to
make the repayment of debts due to the secured as well as unsecured creditors of the
Company including the banks/financial institutions.
3. Due to irregularity/delay in payments to the depositories and intermediaries like
NDSL, CDSL, Registrar and Share Transfer Agent (R&T), certain reports have been
released by them after the prescribed due date for filing the returns, which have caused
delay in filing of certain forms/disclosures to Registrar of Companies, West Bengal and
Stock Exchanges where the securities of the Company are listed i.e. BSE and NSE.
4. The Company is not a position to appoint a whole-time key managerial personnel and
professional on the Board of the Company such as Company Secretary and Chief Financial
Officer looking at the present financial condition of the Company. Also, due to default in
repayment of Loans / Debt and classification of Company’s account as Non Performing
Asset (NPA), the Company is finding it difficult to identify and appoint a women director
on the Board of the Company. Due to this deadlock, the Company has not been able to comply
with the relevant provisions of SEBI (Listing and Disclosure Requirements) Regulations,
2015 and the Company is also not in the position to pay the huge penalties levied by the
Stock Exchanges for the same.
5. In order to reduce the overheads and overall managerial remuneration, the Company is
not a position to appoint Key Managerial Personnel on the Board of the Company and shall
take necessary steps to appoint the same them after achieving financial stability.
6. Due to irregularity/delay in payments to the depositories and intermediaries like
NDSL, CDSL, Registrar and Share Transfer Agent (R&T), certain reports have been
released by them after the prescribed due date for filing the returns, which have caused
delay in filing of certain forms/disclosures to Registrar of Companies, West Bengal and
Stock Exchanges where the securities of the Company are listed i.e. BSE and NSE.
7. The Company is foreseeing to re-commence the production at all the manufacturing
units in the coming financial year.
8. The Company shall take necessary steps for meeting its CSR Obligation in the coming
financial year after achieving financial stability.
9. The Company shall take necessary corrective steps to comply with the provisions of
Section 197 & 198 read with Schedule V of the Companies Act, 2013
10. The Company is in the process of taking necessary steps for obtaining the
possession of the corporate office of the Company by making the necessary payment to the
Creditor of the Company.
11. The Company shall take necessary steps to transfer the said amount to Investor
Education and Provident Fund (IEPF) in the due course of time
19. REPORT ON CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the Directors’ Report
and the certificate from the Auditors of the Company confirming compliance of Corporate
Governance norms as stipulated under Regulation 27 of SEBI (Listing Obligation and
Disclosure Requirement) Regulation, 2015 (SEBI Listing Regulations) is included in the
Annual Report as (Annexure-C).
20. INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY
An Audit Committee of the Board of Directors of the Company has been constituted as per
provisions of the Companies Act, 2013 and SEBI (LODR), 2015.
The Internal Audit Function is looked after internally by the finance and accounts
department, and reviewed by the audit committee and the management at the regular
intervals. The Internal Auditors Reports dealing with Internal Control Systems are
considered by the Audit Committee and appropriate actions are taken, whichever necessary.
21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
22. PARTICULARS OF CONTRACTS AND ARRANGEMENT WITH RELATED PARTIES:
In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligation
and Disclosure Requirement (Regulations), 2015, the Company has formulated a Policy on
Related Party Transactions which is also available on Company’s website at
www.essdee.in. The Policy intends to ensure that proper reporting, approval and disclosure
processes are in place for all transactions between the Company and Related Parties.
All Related Party Transactions are placed before the Audit Committee as also the Board
for approval. Prior omnibus approval of the Audit Committee is obtained on a quarterly
basis for the transactions which are of a foreseen and repetitive nature.
However, there were no Related Party Transactions entered into by your Company during
the year under review. Accordingly, the disclosure of Related Party Transactions as
required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not
applicable and thus is not provided hereunder.
23. CORPORATE SOCIAL RESPONSIBILITY:
The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company is
set out in (Annexure-A) of this report in the format prescribed in the Companies
(Corporate Social Responsibility Policy) Rules, 2014.
24. RISK MANAGEMENT:
Pursuant to the requirement of Regulation 27 of SEBI Listing Regulations, the Company
has a structured Risk Management Policy. The risk management process is designed to
safeguard the organisation from various risks through timely and adequate actions. It is
designed to anticipate, evaluate and mitigate risk in order to minimise its impact on the
business. The potential risks are inventoried and integrated with the management process
such that they receive the necessary consideration during decision making. It is dealt
with in greater details in the Management Discussion and Analysis Section. As required by
Regulation 27 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015,
the Company has framed the Risk Management Policy. The main objective of this policy is to
ensure sustainable business growth with stability and to promote proactive approach and to
identifying, evaluating and resolving risks associated with the business. In order to
achieve the key objective, the policy establishes structured and disciplined approach to
risk management in order to guide decisions on risk related issues. Under the current
challenging and competitive environment the strategy for mitigating inherent risk in
accomplishing the growth plan of the Company is imperative. The common risk inter-alia are
regulatory risk, competition, financial risk, technology obsolescence, human resources
risk, political risks, investments, retention of talents, expansion of facilities and
product price risk. It is dealt with in greater details in the Management Discussion and
Analysis Section.
25. PARTICULARS OF EMPLOYEES AND REMUNERATION:-
The information required pursuant to Section 197 (12) read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of
remuneration paid to the Directors/ employees of your Company are set out as (Annexure-D).
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:-
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule, 8 of the Companies (Accounts) Rules, 2014 is provided as (Annexure-H).
Further, we would like to inform that since there were no operations carried out by the
Company during the financial year under review, there were no figures for energy and / or
technology consumption or foreign exchange earnings and outgo to be reported.
27. EXTRACT OF ANNUAL RETURN
The annual report has been posted on the website of the Company at www.essdee.in.
28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report on the operations of the Company, as
required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (hereinafter referred to as "Listing Regulations") is provided in a
separate section and forms an integral part of this Report. (Annexure-B)
29. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
During the year under review, there was ‘Corporate Insolvency Resolution
Process’ (CIRP) initiated against the Company, on a petition filed by Cytech Coatings
Private Limited, which was admitted vide an Order of the National Company Law Tribunal
(NCLT), Kolkata dated June 18, 2018 under the provisions of the Insolvency and Bankruptcy
Code 2016 ("Code / IBC"). The Hon’ble NCLT on June 18, 2018, appointed Mr.
Rajendra K. Bhuta as Interim Resolution Professional (IRP) in terms of IBC, who was
subsequently confirmed as Resolution Professional (RP) by Committee of Creditors (CoC),
constituted under IBC. Mr. Rajendra K. Bhuta, in his capacity as RP, has taken control and
custody of the management and operations of the company with effect from June 18, 2018.
However, the Company took necessary steps and settled the matter with the other party
and as per the settlement; the disputed amount was deposited with the Registrar, NCLT,
Kolkata Bench.
In effect, order(s), passed by the Adjudicating Authority appointing ‘Resolution
Professional’, declaring moratorium, freezing of account, and all other order (s)
passed by the Adjudicating Authority pursuant to impugned order and action, taken by the
‘Resolution Professional’, including the advertisement, published in the
newspaper calling for applications all such orders and actions were declared illegal and
are set aside. The application preferred by Respondent under Section 9 of the
‘I&B Code’ was dismissed.
30. MATERIAL EVENTS AND COMMITMENTS, IF ANY, AFFECTING FINANCIAL POSITION OF THE
COMPANY:
The following material event and commitment occurred during the financial year ended
March 31, 2019 and before the date of this report that have significant bearing on the
financial position of the Company:
1. Most of the production facilities have faced challenges due to severe financial
stress and liquidity constraint, resulting in all the manufacturing units becoming
virtually non-operational during the period under review.
2. There were no operations carried out by the Company and thus no operational income
was generated during the financial year under review.
3. Suspension of work at one of the manufacturing units of the Company situated at
Kamarhati, Kolkata w.e.f. 01 July , 2016.
4. The Company has defaulted in repayment of Non-Convertible Debentures obtained from
Life Insurance Corporation of India Limited, which has resulted into disqualification of
Directors of the Company.
5. Most of the senior leadership team which was directly responsible for the
Company’s business affairs was responsible for overgrown debt burden and consequent
financial stress and has left the company.
6. The Company has been looking for various options for its revival. A critical element
of the revival plan is settlement of the debt burden and infusion of fresh capital to
provide liquidity for re-starting the business. The Company is in discussions with all
lenders for resolution of the problems including possible restructuring and one-time
settlement. The Company has also sought for and received support from Institutional
investors to help in the resolution plan.
7. The Company and the Prospective Investors (including the fund’s manager and/or
funds advised by SSG Capital Management and their associates) have continued to look for
various options for revival and are in active discussions with existing as well as
prospective lenders. Further, SSG Capital Management has, through its asset reconstruction
entity in India, taken over the loans given by one bank and is in advanced stage of
negotiations for similar restructuring/settling loans of other banks and lenders. The
wholly owned subsidiary in Singapore, Ess Dee Aluminium PTE Ltd is the fulcrum and
cornerstone of the revival activity and will continue to play a key and pivotal role in
the revival process.
31. Fraud Reported by auditors other than those which are reportable to the Central
Government 143(12)
During the year under review, the Company has not reported any fraud mentioned under
Section 143(12) of the Act.
32. ACKNOWLEDGEMENTS
The Directors record their grateful thanks for the co-operation, support and assistance
received from the customers, shareholders, the Government, other statutory bodies, Banks,
Solicitors, Distributors, Suppliers and other business associates during these most
turbulent times.
The Directors also express their sincere appreciation to the employees at all levels
for having risen to meet the several challenges encountered and look forward to their
valuable support and commitment in the times ahead.
For and on Behalf of the Board of Directors
Sd/-
Debdeep Bhattacharya
Whole Time Director
DIN: 00464686
September 4, 2019
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