Dear Members,
Your Directors are pleased to present the Seventh Annual Report and the
Company's audited financial statements for the financial year ended 31 March 2024.
financial results
The Company's financial performance, for the year ended 31 March 2024
is summarised below:
(Rs in lakh)
| Particulars |
Standalone |
Consolidated |
|
2023-2024 |
2022-23 |
2023-2024 |
2022-23* |
| Revenue from Operations |
44,482 |
55,692 |
2,80,003 |
2,87,229 |
| Add: Other Income |
4,248 |
4,360 |
3,716 |
3,561 |
| Total Income |
48,730 |
60,052 |
2,83,719 |
2,90,790 |
| Profit before tax |
(5,355) |
1,870 |
5,674 |
10,299 |
| Less: Tax expenses |
(1,756) |
810 |
1,999 |
3,653 |
| Profit after tax |
(3,599) |
1,060 |
3,675 |
6,646 |
| Add : Profit/(Loss) from joint venture |
- |
- |
(912) |
(891) |
| Profit for the year (i) |
(3,599) |
1,060 |
2,763 |
5,755 |
| Less: Profit allocable to Non- Controlling Interest (ii) |
- |
- |
186 |
46 |
| Other Comprehensive Income (net of tax) |
14 |
(5) |
(8) |
(98) |
| Total Comprehensive Income |
(3,585) |
1,055 |
2,569 |
5,611 |
| Add: balance brought forward (iii) |
6,690 |
5,630 |
46,247 |
41,131 |
| Less: Adjustment for change in ownership interest (iv) |
- |
- |
- |
(593) |
| Amount available for appropriation [(i)-(ii)+ (iii) +
(iv)] |
3,091 |
6,690 |
48,824 |
46,247 |
| APPROPRIATIONS: |
|
|
|
|
| Dividend paid on equity shares |
(361) |
- |
(361) |
- |
| Balance carried forward |
2,730 |
6,690 |
48,463 |
46,247 |
(Figures have been rounded off)
*Previous period figures have been regrouped/re-arranged wherever
considered necessary to confirm to the current year's classification.
operational review
On a consolidated basis, revenue from operations for FY 2023-24 was Rs
2,80,003 lakh as compared to Rs 2,87,229 lakh in FY 2022-23. Earnings before interest,
tax, depreciation and amortisation ("EBITDA") was Rs 27,488 as compared to
EBITDA of Rs 28,107 lakh in FY 2022-23. Profit for the year was Rs 2,764 lakh as compared
to Rs 5,755 lakh in FY 2022-23.
A. Building Products Business
The Building Products Business revenue from operations stood at Rs
2,35,464 lakh in FY 2023-24 as against Rs 2,31,514 lakh in FY 2022-23. The business posted
EBIT of Rs 21,443 lakh as against EBIT of Rs 17,441 lakh in FY 2022-23. Our Building
Products segment sustained its upwards trajectory on the back of key initiatives
undertaken by the division for the year which are as follows:
Sanitaryware and Faucet Business
Strengthened SKU's and Product Range
• Sanitaryware
- Launched over 60+ new SKU's
- Introduced mid-premium fluidic design Agnese
- Unveiled 8 One Piece (mainly with Syphonic flushing) and 2 Wall Mount
EWCs
• Faucets
- First Brand to launch AQUAPRO - Water-saving nozzles that save up to
98% water
- Strengthened Economy Portfolio with launch of Fabio and Studio Faucet
Ranges
- Launched 4 new OTC basins
Expanded Distribution and Retail Presence
• Hindware hosted 1,400 plumbers and 70 mason meets, engaging with
over of 22,000 plumbers and masons
Tiles
• Ventured into the Tile Adhesive market by introducing 5 variants
of Tile adhesives, complemented by grouts and tile cleaners
• Diversified into the new segment of Surfaces with the
introduction of 15mm slabs in the size of 800x2400 mm, offering an alternative to Granite
for Kitchen and Bathroom countertops
Plastic Pipes and Fittings
• Introduced new products in existing category and initiated
production trials for new category of pipes - foamcore pipes and inspection chambers for
underground drainage
• Connected with 1,30,000+ plumbers during the year through
multiple engagement programmes
B. Consumer Appliances Business (CAB)
The CAB revenue from operations stood at Rs 42,172 lakh in FY 2023-24
as against Rs 50,085 lakh in FY 2022- 23. The business achieved H(2,978) lakh as compared
to the previous year EBIT of Rs 1,033 lakh. The division undertook the following
initiatives during the year:
• Expanded existing product categories to extend our reach to a
broader audience
- Strengthened the kitchen appliances category by introducing the
following SKU's: 11 chimneys, 22 built-in hobs, 18 cooktops, and 4 sinks
- Cooling Segment: Added 15 air coolers, 9 ceiling fans and 10 exhaust
fans
- Heating segment: Launched 17 water heaters in the storage and instant
series
• Enhanced distribution channels and bolstered retail footprint
- Expanded our network of brand stores across key cities in India,
increasing our nationwide count to over 180 active exclusive brand stores.
- Added 117 new distributors network for fans and air coolers across
India
C. Retail Business (Retail)
The Retail revenue from operations stood at Rs 2,372 lakh in FY 2023-24
as compared to Rs 5,638 lakh in FY 2022-23. The business has EBIT of H (2,939) lakh as
compared to the previous year's EBIT loss of H (164) lakh.
material changes and commitments
The Company has decided to discontinue further operations of the
"Retail Business" of the Company w.e.f. 28 May 2024.
The Retail Business of the Company constituted of furniture &
furnishing retail done through subset of physical stores as well as franchise stores
across India and online retail through website "evok.in". The online business
was carried through wholly owned subsidiary of the Company, EVOK Homes Private Limited
(the "EHPL"). Being in highly competitive market especially after emergence of
many online furniture stores, the business sales growth and profitability remained under
pressure. Therefore, the Board of Directors at its meeting held on 28th May, 2024 approved
to discontinue the further operation of the Retail Division of the Company. The Board had
also approved the sale/ liquidation of various assets relating to the said division.
change in the nature of business
There was no change in the nature of business of your Company during
the year.
subsidiaries, joint ventures and associate companies
The Company has 5 subsidiaries (including 3 step down subsidiaries) and
1 Joint venture company as on March 31, 2024. During the year under review, Luxxis Heating
Solutions Private Limited ("Luxxis"), a step-down subsidiary of the
Company ceased to be a subsidiary of the Company since it was struck off and dissolved by
the Registrar of Companies w.e.f. 28 April 2023 consequent to the striking off application
filed by the said Luxxis.
During the year, the Board of Directors reviewed the affairs of the
subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013 ("Act"),
the consolidated financial statements of the Company and all its subsidiaries have been
prepared, which form part of the Annual Report. (Please refer to the Consolidated
Financial Statements Section of the Annual Report).
Further, a statement containing the salient features of the financial
statements of the Company's subsidiaries in the prescribed format AOC-1 forms part of the
consolidated financial statements and hence not repeated here for the sake of brevity. The
statements provide the details of performance, financial positions of each of the
subsidiaries.
In accordance with Section 136 of the Companies Act, 2013, the audited
financial statements, including the consolidated financial statements and related
information of the Company and audited accounts of each of its subsidiaries are available
on Company's website http:// www.hindwarehomes.com. These documents will also be available
for inspection in the investors' section of the Company's website.
The Policy for determining material subsidiaries as approved may be
accessed on the Company's website at the link:
https://www.hindwarehomes.com/pdf/Policy%20on%20Material%20Subsidiaries.pdf
share capital
During the year under review, the Company did not issue equity shares.
Accordingly, the paid-up equity share capital of the Company as on 31 March 2024 was Rs
1,445.93 lakh.
credit ratings
During the year under review, the credit ratings of the Company was
reviewed by CARE Ratings Limited. A detailed note on the credit ratings of the Company is
provided in the Corporate Governance Report section of this Report.
investor education and protection fund ("IEPF")
There was no amount of dividend due till 31 March 2024 to transfer to
IEPF since 7 years are not completed of its First dividend paid for the year 2020.
dividend
Your Directors have recommended a dividend of Rs 0.40 (Forty Paise)
(i.e. 20%) per equity share (last year dividend of Rs 0.50/- (i.e. 25%) per equity share)
on equity shares of Rs 2/- each for the financial year ended 31 March 2024, subject to
deduction of income tax at source, as applicable. The dividend payout is subject to
approval of members at the ensuing Annual General Meeting.
The dividend will be paid to those shareholders whose names appear in
the Register of Members/List of Beneficial Owners (as furnished by National Securities
Depository Limited and Central Depository Services (India) Limited) as on 22 August 2024.
transfer to reserves
There was no profit available for the year under review hence the Board
has not proposed to transfer any amount to general reserve.
deposits
Your Company has not accepted any deposits within the meaning of
Section 73 of the Act and as such no amount of principal or interest was outstanding as on
the Balance Sheet date.
auditors and auditors' reports
Statutory Auditors
At the 6th Annual General Meeting of the Company held on 27 September,
2023, the shareholders approved the re-appointment of M/s. Lodha & Co (now known as
Lodha
& Co LLP), Chartered Accountants, as Statutory Auditors of the
Company having Firm's Registration No. 301051E/ E300284 to hold the office till the
conclusion of the 11th Annual General Meeting of the Company.
The Notes on Financial Statements referred to in the Auditors' report
are self-explanatory and therefore do not require any further comments.
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 the rules made thereunder. The Auditors' report does not
contain any qualifications, reservations or adverse remarks.
Secretarial Auditor
The Board had appointed M/s. DMK Associates, Company Secretaries, New
Delhi, (Ms. Monika Kohli, Practicing Company Secretary CP No.4936) to conduct Secretarial
Audit for the Financial Year 2023-24, pursuant to the provisions of Section 204 of the Act
read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014. The Secretarial Audit Report in Form No. MR - 3 for the financial year 2023-24 is
enclosed as Annexure A to this Report. The Secretarial Audit Report does not
contain any observation or adverse remark.
Further, Hindware Limited, the unlisted material subsidiary of the
Company has undergone Secretarial Audit for the year ended 31 March 2024. The Secretarial
Audit Report issued by M/s. DMK Associates, Company Secretaries, New Delhi, (Ms. Monika
Kohli, Practicing Company Secretary CP No.4936) is enclosed as Annexure-B. The said
report is self-explanatory and does not contain any qualifications, reservations, adverse
remarks or disclaimers.
conservation of energy, research and development, technology
absorption, foreign exchange earnings and outgo
The Company is engaged into trading and marketing of products, hence
particulars pertaining to Conservation of Energy, Research and Development, Technology
Absorption are not applicable. However, the particulars as prescribed in of Section
134(3)(m) of the Act, read with Companies (Accounts) Rules, 2014 are provided in the
enclosed Annexure C to this Report to the extent applicable.
annual return
In accordance with Section 134(3)(a) of the Companies Act, 2013, the
extract of Annual Return as required under Section 92(3) of the Act and prepared in
prescribed format, which will be filed with the Registrar of Companies, is hosted on the
Company's website i.e. https://www. hindwarehomes.com/pdf/Annual%20Return%202023- 2024.
management discussion and analysis report
Management Discussion and Analysis Report for the year under review, as
stipulated under Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure
Requirements), Regulations, 2015, is presented in a separate section forming part of this
Annual Report.
business responsibility and sustainibility report
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations read
with SEBI's Master Circular No. SEBI/ HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, your
Company has provided the prescribed disclosures in new reporting requirements on
Environmental, Social and Governance ("ESG") parameters called the
Business Responsibility and Sustainability Report ("BRSR") which includes
performance against the nine principles of the National Guidelines on Responsible Business
Conduct and the report under each principle which is divided into essential and leadership
indicators. Please refer BRSR which forms part of this Annual Report.
code for prevention of insider trading
Your Company has adopted a Code of Conduct to regulate, monitor and
report trading by designated persons and their immediate relatives ("Code") as
per the requirements under the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015. The Code, inter alia, lays down the procedures to be
followed by designated persons while trading/ dealing in the Company's shares and sharing
Unpublished Price Sensitive Information ("UPSI"). The Code covers
Company's obligation to maintain a structured digital database ("SDD"),
mechanism for prevention of insider trading and handling of UPSI, and the process to
familiarize with the sensitivity of UPSI. To increase awareness on the prevention of
insider trading in the organisation and to help the Designated Persons to identify and
fulfill their obligations, regular trainings have been imparted to all designated persons
by the Company.
directors' responsibility statement
Your Directors in terms of Section 134(3)(c) of the Act state that:
a) in the preparation of the annual accounts for the year ended 31
March 2024, the applicable accounting standards read with requirements set out under
Schedule III to the Act, had been followed and there are no material departures from the
same;
b) the Directors had 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 31 March 2024 and
of the profit/ loss of the Company for the year ended on that date;
c) t he Directors had 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 had prepared 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 were
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 operating
effectively.
corporate governance
The report on Corporate Governance as stipulated under SEBI (Listing
Obligations and Disclosure Requirements), Regulations, 2015, forms an integral part of
this Report. The requisite certificate from the Practicing Company Secretary confirming
compliance with the conditions of corporate governance is attached to the report on
Corporate Governance.
contracts and arrangements with related parties
All contracts/arrangements/transactions entered into by the Company
during the financial year with related parties were in the ordinary course of business and
on an arm's length basis. The disclosure in Form No. AOC-2 is enclosed as Annexure D to
this report.
The policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board may be accessed on the Company's
website at the link: https://www.hindwarehomes.com/pdf/Related%20
Party%20Transaction%20Policy.
Your Directors draw attention of the members to Note no. 46 of
standalone financial statements to the financial statements which set out related party
disclosures.
corporate social responsibility ("CSR")
During the year under review, the provisions of Section 135 of the
Companies Act, 2013 pertaining to Corporate Social Responsibility (CSR) were not
applicable to the Company.
number of board meetings
During the year under review, Five (5) Board Meetings were convened and
held. For further details, please refer the Report on Corporate Governance which is
forming part of this Annual Report. The intervening gap between two consecutive meetings
was not exceeding the period prescribed under the Companies Act, 2013.
audit committee
The Audit Committee comprises of Independent Directors namely Mr. Salil
Kumar Bhandari as Chairman, Mr. N. G. Khaitan, Ms. Anisha Motwani and a Non-Independent
Director Mr. Sand ip Somany as members of the Committee.
For further details, please refer the Report on Corporate Governance
which is forming part of this Annual Report.
All the recommendations made by the Audit Committee were accepted by
the Board.
disclosure under secretarial standards
The Directors state that the Company has complied with all the
applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
The details with respect to the composition, terms of reference, number of meetings held,
etc. of the statutory committees of the Board of Directors are included in the Report on
Corporate Governance, which forms part of this Annual Report.
vigil mechanism (whistle blower) policy
The Company has in place a Whistle Blower Policy to establish a vigil
mechanism for Directors/Employees and other stakeholders of the Company to report concerns
affecting the smooth and efficient running of operations of the Company. This Policy
documents the Company's commitment to maintain an open work environment in which
employees, consultants and contractors are able to report instances of unethical or
undesirable conduct, actual, suspected fraud or violation of the Company's Code of
Conduct.
The Vigil Mechanism (Whistle Blower) Policy is available on Company's
website at the link: https://www.
hindwarehomes.com/pdf/Vigil%20Mechanism.
nomination and remuneration policy
The Company has in place a Nomination and Remuneration Policy for
appointment of Directors, Key Managerial Personnel, Senior Management and their
remuneration including criteria for determining qualifications, positive attributes,
independence of a director and other matters as per the Act and SEBI (Listing Obligations
and Disclosure Requirements), Regulations, 2015.
The Nomination and Remuneration Policy is available on Company's
website at the link: https://www.hindwarehomes.com/pdf/Nomination%20and%20
Remuneration%20Policy.pdf
dividend distribution policy
The Company has in place a Dividend Distribution Policy as per
Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements), Regulations,
2015. The policy was adopted to set out the parameters that will be taken into account by
the Board in determining the distribution of dividend to its shareholders and/or retaining
profit earned by the Company. The Policy is available on Company's website at the link:
https://www.hindwarehomes.com/ pdf/Dividend%20Distribution%20Policy.pdf
particulars of loans, guarantees and investments
Particulars of loans, guarantees and investments covered under Section
186 of the Act forms part of the notes to the Financial Statements (Please refer note nos.
6 and 7 & note no. 50 of standalone financial statements for particulars of Section
186 disclosure).
particulars of employees
Information required as per Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is enclosed as Annexure E to this Report.
Disclosures relating to remuneration and other details as required
under Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing
the names and other particulars of the employees drawing remuneration in excess of the
limits set out in the said rules are available with the Company. Having regard to the
provisions of the first proviso to Section 136(1) of the Act, the Annual Report excluding
the aforesaid information is being sent to the members of the Company. Any member
interested in obtaining such information may write to the Company Secretary and the same
will be furnished on request.
internal controls
The internal control systems are commensurate with the size, scale and
complexity of the operations of the Company. These have been designed to provide
reasonable assurance with regard to recording and providing reliable financial and
operational information, complying with the applicable statutes, safeguarding assets from
unauthorised use, executing transactions with proper authorisation, and ensuring
compliance with corporate policies. The Company uses SAP, a well-accepted enterprise
resource planning (ERP) system, to record data for accounting, consolidation, and
management information purposes and connects to different locations for efficient exchange
of information.
The Audit Committee of the Board of Directors, comprising majority of
Independent Directors, reviews the effectiveness of the internal control system across the
Company, including the annual plan, significant audit findings and recommendations,
adequacy of internal controls and compliance with accounting policies and regulations.
internal financial controls
The Company has in place an adequate Internal Financial Controls
framework. It has documented Risk and Control Matrices (RACM) covering all activities, and
all controls are tested for design and operating effectiveness as part of its Internal
Financial Control reporting framework. The financial controls are evaluated for both
design and operating effectiveness by an external consulting firm of repute. In our view,
the Internal Financial Controls are adequate and are in line with best practices
applicable to organisations of a similar size, nature and complexity.
risk management
The Board of Directors of the Company has constituted 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 Audit Committee has additional oversight in the area of
financial risks and controls. The major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. The Company
has also adopted a Risk Management Policy which establishes various levels of
accountability and overview within the Company.
disclosure under the sexual harassment of women at workplace
(prevention, prohibition and redressal) act, 2013
The Company has in place a Prevention of sexual harassment of women at
workplace policy in compliance with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company always endeavours
to create and provide an environment that is free from discrimination and harassment
including sexual harassment. The Internal Complaints Committee (ICC) has been set up to
redress complaints regarding sexual harassment, if any.
The Directors further state that during the year under review, there
were no complaints filed pursuant to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
directors and key managerial personnel
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Girdhari Lal Sultania, Non-Executive Director
of the Company, retires by rotation at the ensuing Annual General Meeting
("AGM") and being eligible, offered himself for re-appointment.
Further, Mr. Rakesh Kaul, CEO and Whole-time Director of the Company
resigned from the office of Director and as Key Managerial Personnel of the Company with
effect 6 April 2023 to pursue opportunities outside the Company.
Mr. Salil Kapoor was appointed as Chief Executive Officer
("CEO") designated as Key Managerial Personnel of the Company w.e.f. 18 July
2023 upon recommendation of Nomination and Remuneration Committee at its meeting held on
17 July 2023 and resigned with effect from the close of business hours of 12 March 2024
due to personal reasons. The Board of Directors of the Company, upon recommendation of the
Nomination and Remuneration Committee, at its meeting held on 28 May, 2024 has approved to
designate Mr. Naveen Malik, Chief Financial Officer of the Company also as Chief Executive
Officer of the Company effective from 28 May, 2024. Accordingly, Mr. Naveen Malik shall
continue to serve as Chief Financial Officer (CFO) of the Company who shall be the whole-
time Key Managerial Personnel pursuant to the provisions of Sections 2(18), 2(19) and
Section 203 of the Companies Act, 2013 and other applicable laws.
Further, the tenure of Mr. Nand Gopal Khaitan, Mr. Salil Kumar Bhandari
and Mr. Ashok Jaipuria as Non-Executive Independent Directors of the Company will expire
by efflux of time on 13 September 2024 and will be due for re-appointment for their second
term of five consecutive years. The re-appointment of Mr. Khaitan, Mr. Bhandari and Mr.
Jaipuria has been proposed by way of Postal Ballot approved by the Board of Directors in
its meeting held on 28 May 2024 for seeking approval of the shareholders of the Company by
way of Special resolution.
declaration by independent directors
The Company has received necessary declarations from all the
Independent Directors confirming that they meet the criteria of independence as prescribed
under Section 149(6) of the Act and SEBI LODR Regulations. In the opinion of the Board,
they fulfil the conditions of independence as specified in the Act and SEBI LODR
Regulations and are independent of the management.
The Independent Directors of the Company are persons of integrity and
comprise of appropriate skills/expertise/ competencies (including proficiency) and have
rich and varied experience in diversified domains for effective functioning of the Board
of Directors of the Company.
board evaluation
The Board and the Nomination and Remuneration Committee reviewed the
performance of the individual Directors on the basis of the criteria and framework adopted
by the Board. In addition, the performance of Board as a whole and Committees were
evaluated by the
Board after seeking inputs from all the Directors on the basis of
various criteria.
In a separate meeting of Independent Directors, performance of
Non-Independent Directors, performance of Board as a whole and performance of the Chairman
was evaluated, taking into account the views of the Executive and Non-Executive Directors.
The evaluation process has been explained in the Corporate Governance Report section of
the Annual Report.
training of independent directors
The details of programmes conducted for familiarisation of Independent
Directors with the Company, nature of the industry in which the Company operates, business
model of the Company, recent amendments/notifications etc. has been uploaded on the
Company's website at the web link: https://www.hindwarehomes.com/training-of-
directors.php
For further details, please refer to the Report on Corporate Governance
which is forming part of this Annual Report.
general
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
1. Details relating to deposits covered under Chapter V of the
Companies Act, 2013.
2. Details of revision of financial statement or the Report.
3. I ssue of equity shares with differential rights as to dividend,
voting or otherwise.
4. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme.
5. The Whole-time Director(s) of the Company do not receive any
remuneration or commission from any of its subsidiaries.
6. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's operations in
future.
7. The Company is not required to maintain cost records as specified in
Section 148(1) of the Companies Act, 2013.
8. Neither any application is made nor any proceeding is pending
against the Company under the Insolvency and Bankruptcy Code, 2016.
9. The Company has not defaulted in the repayment of loans to the Banks
or Financial Institutions. Accordingly, disclosure relating to one-time settlement with
the Banks of Financial Institutions is not applicable.
10. Details of difference between amount of the Valuation done at the
time of One Time Settlement and the Valuation done while taking loans from the Banks or
Financial Institution alongwith the reasons thereof.
acknowledgement
Your Directors would like to express their appreciation for assistance
and co-operation received from the financial institutions, banks, Government authorities,
customers, vendors and members during the year under review. Your Directors also wish to
place on record their deep sense of appreciation for the committed services by all
employees of the Company.
| For and on behalf of the Board of Directors |
|
| Place: Gurugram |
Sandip Somany |
| Date: 28 May 2024 |
Chairman |
|