To
The Shareholders of, Frontier Springs Limited
Your Directors have pleasure in presenting the Forty- Second Annual Report of the
Company together with the Audited Financial Statements for the financial year ended 31st
March, 2022.
FINANCIAL RESULTS
The summarized financial results of the Company for the year ended 31st March, 2022 as
compared to the preceding year are as under:
(Rs. in Lacs)
| Particulars |
2021-22 |
2020-21 |
| Income from Operations/Turnover |
8463.08 |
7793.60 |
| Profit Before Interest ,Depreciation and Tax |
1320.95 |
1370.03 |
| Less: Interest |
28.12 |
49.45 |
| Less: Depreciation |
285.27 |
266.84 |
| Profit Before Tax |
1007.56 |
1053.74 |
| Less: Previous Year Income Tax |
251.15 |
249.83 |
| Less: Current Year Income Tax |
1.73 |
10.25 |
| Less: Deferred Tax |
3.24 |
14.03 |
| Net Profit |
751.44 |
779.63 |
| Add: Other Comprehensive Income (after Tax) |
76.42 |
42.73 |
| Total Comprehensive Income for the period |
827.87 |
822.36 |
| Proposed Dividend |
39.39 |
- |
| Balance available for appropriation |
788.48 |
822.36 |
| Surplus B/F from Previous Year |
5558.63 |
4736.27 |
| Transfer to General Reserve |
0.00 |
0.00 |
| Surplus carried to Balance sheet |
6347.11 |
5558.63 |
FINANCIAL AND OPERATIONAL PERFORMANCE:
The financial statements for the year ended 31st March, 2022 forming part of this
Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind
AS) as notified by the Ministry of Corporate Affairs.
The total income of the company was Rs.8463.08 lakhs. The operating profit (EBIDTA)
stood at Rs.1320.95 lacs. During the year under review, the Company has earned at net
profit of Rs.751.44 lacs. During the year under review, the performance of the Company was
adversely affected due to nationwide lockdown imposed by Central and State Government(s)
to combat the COVID-19 pandemic. Accordingly, the financial performance of the Company for
the year ended on 31st March, 2022 is not comparable to the previous year.
IMPACT OF COVID 19 PANDEMIC
The second wave of COVID-19 pandemic led to loss of human life and suffering worldwide.
It presented an unprecedented challenge to public health, food systems and the economy as
a whole. The economic and social disruption caused by the pandemic was devastating.
Due to the large number of infections in India, several State Governments announced
lockdowns in the first quarter of FY 2021-22 to prevent the spread of COVID-19.This led to
the curtailment of economic activity. Once lockdown restrictions were eased, the economy
started witnessing a strong recovery. During this
COVID period, hospitalization support was provided and many COVID care centers were
opened by Government to help the affected associates and their families. This was in
addition to the medical helplines, self-help and counseling services provided from the
start of the pandemic. The health and safety of it's our employees and stakeholders
remained the top priority for the Company, with several initiatives to support employees
and their families during the pandemic.
Amid the pandemic , the vaccinations drive of the Government of India had bring the
life back to normalcy by the middle of the year. This, however, took its toll on the
global economy leading to disruptions in the logistics chain coupled with price volatility
on raw materials and inputs.
The Company has considered all possible impact of COVID-19 in preparation of the
standalone financial statement, including assessment of the recoverability of financial
and non-financial assets based on the various internal and external information and
assumptions relating to economic forecasts upto the date of approval of these financial
results.
TRANSFER TO RESERVES
The Board of Directors has decided to retain the entire amount of profit for Financial
Year 2021-22 in the statement of profit and loss.
SHARE CAPITAL
As on 31st March, 2022, your Company has Total Paid up Share Capital of Rs 3,93,85110
divided into 39,38,511 Equity shares of Rs. 10/- each.
DIVIDEND
The Board is pleased to recommend a dividend of 1 per equity share (10%) for the
financial year 2021-22,payable to those shareholders, whose names appear in the Register
of Members /Beneficial Ownership list provided by the depositories on the record date,
involving cash outflow of Rs 39.39 lakhs of the Company's standalone net profit for the
financial year 2021-22. Dividend is subject to approval of members at the ensuing Annual
General Meeting (AGM) and shall be subject to deduction of income tax at source.
EXPANSION
We have already supplied Air Springs to Indian Railways and fitment trials are
underway. In next financial year, there will be substantial increase in the turnover and
profitability because of addition of Air Springs in our product line.
This year the Railway Board has finalized the tender of 90,000 wagons from wagon
builders for which supplies will take place in next three years which will give us good
orders and value addition for wagon springs and forgings which will increase the turnover
manifold in coming three years.
The company will be installing a Six Ton Hammer in the current financial year, the
foundation of which is almost ready as a result of which we will be able to forge new
products which was not possible due to capacity constraints. The Company is optimistic
about the long term opportunities while at the same time meeting the short term challenges
hence best internal preparedness is being made to aggressively grab the opportunities and
to take maximum advantage of such opportunities.
The orders for manufacturing of Springs/Forging for Linke Hofmann Busch(LHB) coaches
and Electric Locomotives Springs such as WAP-7 and WAG-9 which were being imported till
date by Indian Railways continues manifold. The demand for products developed by the
Forging Unit namely Anti Roll Bar, Anti Roll Bar Bracket and Roll Link used in the
manufacturing of LHB Coaches continues to rise. The orders in the pipeline are good.
SUBSIDIARY COMPANY / ASSOCIATE / JOINT VENTURE COMPANY
The Company has no Subsidiary, Associate and Joint Venture Companies and as such the
requirement of furnishing the information relating to the financial position of
Subsidiary, Associate and Joint Venture Companies is not applicable.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles
of Association of the Company Smt Manju Bhatia (DIN: 003480362), Director of the Company
retires from the Board by rotation, at the ensuing Annual General Meeting of the Company
and being eligible she has offered herself for re appointment.
The Members at the 40th Annual General Meeting of the Company held on 30th September,
2020 passed the special resolution to approve the re-appointment of Shri Kundan Lal
Bhatia, Chairman cum Managing Director, Shri Kapil Bhatia, Managing Director, Shri Neeraj
Bhatia and Smt. Mamta Bhatia, as Whole Time Directors of the Company for a further period
of five years with effect from 1st April 2020, 5th January 2020,1st April 2020 & 14th
May 2019 respectively on the terms and conditions provided in their respective resolutions
which were in line with the provisions of Sections 196 ,197,203 and Schedule V of the
Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. In terms of the provisions of Schedule V of the Companies Act,
2013, and considering the inadequate profits for the financial year 2021-202, although the
appointment was approved for a period of 5 (five) years but the remuneration being in
excess of the limits prescribed under section 197 of the Companies Act, 2013 ( valid only
for a period of three years ) shall be payable to the aforesaid managerial personnel for
the remainder term of their office are subject to the approval of members by Special
Resolution at the ensuing Annual General Meeting.
KEY MANAGERIAL PERSONNEL
As per the provisions of Section 203 of the Companies Act, 2013 the following persons
were designated as Key Managerial Personnel and there had been no change in KMP during the
year under review
| S.No. Name |
Designation |
| 1. Shri Kapil Bhatia |
Managing Director |
| 2. Shri Dhruv Bhasin |
Company Secretary |
| 3. Shri Neeraj Bhatia |
Chief Financial Of cer |
DECLARATION FROM INDEPENDENT DIRECTORS
The company had received the declarations u/s 149(7) of the Companies Act, 2013 from
all Independent Directors that they meet the criteria of independence as laid down under
Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing
Regulations and they have also confirmed that they are not aware of any circumstance or
situation which exist or may be reasonably anticipated, that could impair or impact their
ability to discharge their duties with an objective independent judgment and without any
external influence.
In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the
Company have confirmed that they have registered themselves with the databank maintained
by the Indian Institute of Corporate Affairs.
In the opinion of the Board, all the independent directors on the Board of the Company
possess requisite qualifications and attributes of integrity, expertise and experience.
MEETINGS OF THE BOARD
Four meetings of the Board of Directors were held during the year, the details of which
are given in the Corporate Governance Report that forms part of this Annual Report. The
intervening gap between any two meetings was within the period prescribed by the Companies
Act, 2013 and the Securities Exchange Board of India (Listing Obligations & Disclosure
Requirements) Regulations, 2015 "SEBI Listing Regulation").
BOARD EVALUATION
The Board of Directors at its meeting held on 12th February, 2022 has carried out an
annual evaluation of its own performance, board committees and individual directors
pursuant to provisions of the Act and SEBI Listing Regulations.
The performance of the Board and individual directors 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.
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. The Performance Evaluation of Independent
Directors was done by the entire Board, excluding the director being evaluated. The
Evaluation Process was conducted through a structured questionnaire prepared after taking
into consideration the various aspects laid down under the Nomination and Remuneration
Policy of the Company. The Board of Directors expressed satisfaction with the evaluation
process.
In a separate meeting of Independent Directors held on 12th February, 2022, the
performance of Non Independent Directors, the Chairman of the Company and the Board as a
whole was evaluated taking into account the views of Executive and Non-Executive Directors
of the Company.
CORPORATE GOVERNANCE
The Company is committed to sound corporate governance practices as well as compliance
with all applicable laws and regulations. The Board believes that combining the highest
level of ethical principles with our unmatched brand, experience and expertise, will
ensure that Frontier Springs Limited will continue to be the leading company in the
Railway Sector. The Corporate Governance Report, as stipulated under Regulations 17 to 27
and 46(2) and Paragraph C, D and E of Schedule V to the SEBI Listing Regulations, forms
part of the Annual Report
The report on Corporate Governance as stipulated under SEBI Listing Regulations is
annexed to the Annual Report as Annexure "A" and forms part of this
report.
The Certificates from M/s P.Manghwani & Associates certifying that:
(1) the Company has complied with the requirements of Corporate Governance in terms of
SEBI(LODR) Regulations,2015;
(2) none of the Directors on the Board of the Company have been debarred or
disqualified from being appointed or continuing directors of Companies by SEBI/MCA;
are attached and forms part of this report
COMPANYS' POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate mix of Executive and Independent directors
to maintain the independence of the Board, and separate its functions of governance and
management. The Company has duly constituted the Nomination and Remuneration Committee of
the Board and the committee inter-alia periodically evaluates:
1. The need for change in composition and size of the Board;
2. Recommend/review remuneration of the Managing Director(s) and Whole time Director(s)
based on their performance.
3. Recommend the policy for remuneration of Directors, KMPs & others senior level
employees of the Company and review the same in accordance with the performance of the
Company and industry trend.
The Nomination & Remuneration Policy of the Company is available on the website of
the Company at the link
https://frontiersprings.co.in/downloads/Nomination%20and%20Remuneration%20Policy.pdf There
has been no change in the policy during the year under review. We affirm that the
remuneration paid to the Directors is as per the terms laid out in the Policy.
AUDITORS AND AUDITORS' REPORT
(1) STATUTORY AUDITORS
M/s. Sanjeevani Raizada & Co., (FRN: 021960) Chartered Accountants, were appointed
as Statutory Auditors of the Company for a period of 5(five) years at the 37th Annual
General Meeting of the Company held on 28th September, 2017 who shall hold office till
conclusion of the 42nd Annual General Meeting to be held in the year 2022.Their term as a
statutory auditor will conclude from the conclusion of the ensuing Annual General Meeting.
Pursuant to Section 139(2) of the Companies Act, 2013 (the 'Act'), the Company can
appoint a statutory auditor for a second term of 5 (five) consecutive years. Accordingly,
the Board of Directors at its meeting held on 9th August, 2022 based on the recommendation
of Audit Committee, approved the reappointment of M/s Sanjeevani Raizada & Co. as
Statutory Auditors of the Company for a second term of 5(five) consecutive years,
commencing from the conclusion of 42nd Annual General Meeting till the conclusion of 47th
Annual General Meeting of the Company, subject to members approval at ensuing Annual
General Meeting.
The Audit Report from the Statutory Auditors forms part of this Annual Report. The said
report does not contain any qualification, reservation or adverse remark.
(2) COST AUDITORS
Pursuant to the Rules made by the Central Government of India, the Company is required
to maintain cost records as specified under Section 148 (1) of the Companies Act, 2013 in
respect of its products and accordingly such accounts and records are made and maintained
M/s. R. M. Bansal & Co., Cost Accountants (Firm Registration No.: 00022), have been
appointed as Cost Auditors of the Company to conduct the audit of the Cost Accounts of the
Company, for the financial year 2022-23. As required under the Companies Act, 2013, the
resolutions seeking members' ratification for the remuneration payable to Cost Auditors
forms part of the Notice convening the Annual General Meeting.
(3) SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has
appointed M/s P. Manghwani &Associates, Practicing Company Secretary as Secretarial
Auditor of the Company, to undertake Secretarial Audit for the financial year 2020-21 The
Secretarial Audit Report for the year ended 31st March, 2022 is annexed herewith as Annexure
‘’B’’ to this report.
The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
(4) INTERNAL AUDITORS
Pursuant to provisions of Section 138 read with Rule 13 of Companies (Accounts) Rules
2014, your Company engaged the services of M/s J Chandra & Co., Chartered Accountants,
Kanpur, to conduct the Internal Audit of the functions and activities of the Company for
the Financial Year 2021 22. The Quarterly Internal Audit Report is placed before the Audit
Committee of the Company for its review, at regular intervals.
ANNUAL RETURN
As per the requirement of Section 134(3)(a) read with Section 92(3) of the Companies
Act, 2013, the Annual Return for the year 2021-22 has been placed on the Company's website
at https://frontiersprings.co.in/downloads/MGT-annual-report-2021-22.pdf
REPORTING OF FRAUDS
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12)
of the Act and Rules framed there under.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Pursuant to Regulation 34(2) of the SEBI Listing Regulations), a Management Discussion
& Analysis Report is annexed as a separate section forming part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information as per Section 134(3)(m) of the Companies Act, 2013 read with the Rule 8(3)
of the Companies (Accounts) Rules, 2014 relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo for the financial year 2021 22 is
annexed as Annexure "C" which forms part of this Report.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013 the Board of Directors, to the
best of their knowledge and ability in respect of the financial year ended on 31st March,
2022 confirm that:
1) in the preparation of the Annual Accounts, the applicable Accounting Standards had
been followed along with proper explanation relating to material departures;
2) 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 at the end of the financial year and of the profit
of the Company for that period;
3) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
4) they have prepared the Annual Accounts of the Company on a going concern basis.
5) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively; and
6) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
CORPORATE SOCIAL RESPONSIBILITY
In terms of Section 135 and Schedule VII of the Companies act 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, the Board of
Directors of your company has constituted a Corporate Social Responsibility Committee
which under take CSR activities, projects and programs as provided in the CSR Policy of
the Company. The detailed report on CSR activities as required under the Companies
(Corporate Social Responsibility Policy) Rules, 2014 as amended is annexed with this
report as Annexure "D" and forms an integral part of this Report.
Corporate Social Responsibility Committee of the Board has developed a CSR policy which
can be accessed on
https://frontiersprings.co.in/downloads/FSL_Corporate%20Social%20Responsibility%20Policy-.pdf
DEPOSITS
During the year under review, the Company has neither accepted nor renewed any deposits
from public in terms of provisions of Section 73 and 76 of the Companies Act, 2013 read
with the Companies(Acceptance of Deposits) Rules, 2014.
In terms of Rule 2(1)(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014,
the Company, during the year, had not accepted any unsecured loans from the Directors of
the Company.
PARTICULARS OF EMPLOYEES
The disclosure required under Section 197(12) of the Companies Act, 2013 read with Rule
5 (1) & 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is annexed as Annexure-'E' and forms an integral part of this report. The
information showing names and other particulars of employees as per Rule 5(2) and 5(3) of
the aforesaid rules forms part of this report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS BY THE COMPANY
Your Company has not given any loans and guarantees or provided security attracting
provisions of Section 186 of the Companies Act, 2013. However, the details of investments
made are provided in the Note No.2 of the Notes to the Financial Statements for the year
ended 31st March, 2022.
LISTING
The Equity Shares of Company continued to be listed at BSE Limited and the Annual
Listing has been paid up to date within the stipulated time period.
INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY
The Company has in place internal financial control systems, commensurate with the size
of the Company and the nature of its business, with reference to financial statements. The
Audit Committee of the Board of Directors regularly reviews the adequacy and effectiveness
of Internal Control Systems and suggests improvement to strengthen them.
COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, the Company has duly complied with the applicable
provisions of the Secretarial Standards on Meetings of the Board of Directors (SS 1) and
General Meetings(SS 2) issued by The Institute of Company Secretaries of India.
COMPOSITION OF AUDIT COMMITTEE,
The composition of Audit Committee is in line with the provisions of Section 177 of the
Act read with Regulation 18 of the Securities Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The Audit Committee comprises of 5 (five)
members and all members are Independent Directors of the Company. The Company Secretary is
the Secretary of the Committee. All transactions with related parties are on arms' length
basis. During the year, there are no instances where the Board had not accepted the
recommendations of the Audit Committee.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has in place a vigil mechanism for Directors and Employees, to report
genuine concerns about any wrongful conduct with respect to the Company or its business or
affairs. This policy covers malpractices, misuse or abuse of authority, fraud, violation
of the Company's policies or rules, manipulations, negligence causing danger to public
health and safety and other matters or activity on account of which the interest of the
company is affected or likely to be affected and formally reported by whistle blowers. If
an investigation leads the Chairman of the Audit Committee shall recommend to the
management of the Company to take such disciplinary or corrective action as he may deem
fit.
The policy has been posted on the website of the Company and may be accessed at the
link:https://frontiersprings.co.in/downloads/Whistle%20Blower%20Policy.pdf
RISK MANAGEMENT
Risk is an inherent factor in business cycle and cannot be avoided. However, proper
planning and checks lead to risk mitigation. The Audit Committee has also been delegated
the responsibility for monitoring and reviewing risk management, assessment and
minimization procedures, developing, implementing and monitoring the risk management plan
and identifying, reviewing and mitigating all elements of risks which the Company may be
exposed to. The Board also reviews the risk management, assessment and minimization
procedures.
The Risk Management Policy has been uploaded on the Company's website and may be
accessed at the link https://frontiersprings.co.in/downloads/Risk%20Mangement%20Policy.pdf
INSIDER TRADING
In compliance with the provisions of the SEBI (Prohibition of Insider Trading)
Regulations, 2015 and to preserve the confidentiality and prevent misuse of unpublished
price sensitive information, the Company has adopted a Code of Conduct to Regulate,
Monitor and Report Trading by Insiders ('Insider Trading Code') and a Code of Practices
and Procedures for Fair Disclosure of Unpublished Price Sensitive Information ('Code of
Fair Disclosure')
The Insider Trading Code is intended to prevent misuse of unpublished price sensitive
information by insiders and connected persons and ensures that the Directors and specified
persons of the Company and their dependents shall not derive any benefit or assist others
to derive any benefit from access to and possession of price sensitive information about
the company which is not in the public domain, that is to say, insider information.
The Code of Fair Disclosure ensures that the affairs of the Company are managed in a
fair, transparent and ethical manner keeping in view the needs and interest of all the
stakeholders.
The Code of Conduct for Insider trading is placed on the website of the Company and can
be accessed through the link:
https://frontiersprings.co.in/downloads/Code_of_Conduct_for_Prevention_of_Insider_T
rading_FSL%20( 2).pdf
POLICY ON SEXUAL HARASSMENT
Prevention and control of sexual harassment at workplace constitutes an important part
of corporate culture while aligning with best practices and improving management
processes. The company has zero tolerance for sexual harassment at workplace and has
adapted a policy on prevention, prohibition and redressal of sexual harassment at
workplace with a mechanism of lodging complaints and has constituted an Internal
Complaints Committee in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,2013 and the rules framed there
under. No complaints were reported to the Board for sexual harassment of women at work
place during the financial year 2021 22.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS
RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company
occurred from the end of the financial year 2021 22 till the date of this Report. Further,
there was no change in the nature of business of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
During the year under review, there were no significant and material orders passed by
the Regulators, or Courts or Tribunals which would impact the going concern status of the
Company and its future operations.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
During the financial year under review, the transactions entered / continue to be
entered into with related parties were in the ordinary course of business and on an arm's
length basis. The omnibus approval from the Audit Committee was obtained on Annual basis
for transactions of repetitive nature and which are subsequently approved by the Board of
Directors of the Company. During the year, the Company had not entered into any contract,
arrangement/transaction with related parties which could be considered material in
accordance with the Company's related party transaction policy and accordingly, the
disclosure of Related party transaction as required under Section 134(3)(h) of the
Companies Act,2013 and Regulation 23 of the SEBI Listing Regulations, in Form AOC-2 does
not form part of this report. However, the related party transactions are disclosed under
Note No.33 of the Notes to the financial statements for the year ended 31st March, 2022.
In line with the requirements of the Act and the Listing Regulations, the Company has
formulated a Policy on Related Party Transactions and the same can be accessed on the
Company's website at
https://frontiersprings.co.in/downloads/Policy%20on%20Related%20Party%20Transactions.pdf
GENERAL
The Company has not issued any equity shares with differential rights as to dividend,
voting or otherwise.
The Company has not issued any shares (including sweat equity shares) to employees of
the Company or its subsidiary under any scheme.
There is no change in the Share Capital Structure of the Company during the year under
review.
There was no revision in the financial statements.
There has been no change in the nature of business of the Company.
There is no proceeding initiated/ pending against the Company under the
Insolvency/Bankruptcy Code, 2016.
There was no instance of time settlement with any bank or financial institution.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record appreciation for the co
operation and support extended by various departments of the Central and State
Governments(s), Bankers and Business associates.
Your Directors also place on record their appreciation for the contribution made by
employees at all the levels, Officers, Staff and Workmen. The consistent growth of your
Company was made possible by their hard work, cooperation and support.
Your Directors also take this opportunity to place on record their gratitude to the
Members for their continued support and confidence with the company.
|
For and on behalf of the Board |
|
Kundan Lal Bhatia |
| Place : Kanpur |
Chairman cum Managing Director |
| Date : 09.08.2022 |
(DIN: 00581799) |
|