To, The Members of
Jaihind Synthetics LTD
Your Directors present their 37th Annual Report together with #the Audited
Financial Statements of the Company for the year ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
Company's financial result for the year ended March 31, 2024 is summarized below:
(Amount in Rs.)
| Particulars |
2023-24 |
2022-23 |
| Total Income |
19,70,000 |
19,60,000 |
| Total expenses |
17,16,448 |
17,64,000 |
| Profit/(loss) Before Tax after exceptional items |
2,53,552 |
1,96,000 |
| Provision for Taxation |
60,000 |
45,000 |
| Profit /(Loss) after tax |
1,93,552 |
1,51,000 |
| Profit for Appropriation Sub Total |
(3,565,978) |
(3,565,978) |
| Investment allowance reserve |
69,351 |
69,351 |
| Share Premium |
68,375,414 |
68,375,414 |
2. Financial Operations & State of Affairs of the Company
The Company is engaged in the business of Manufacturers, dealers, exporters, brokers,
agents, distributors, dyers, printers, bleachers of all textiles fibers, yarn, cloth,
cotton, woolen, worsted stuff, silk, garments, handicrafts twisting, dobbling, texturizing
and crimping of polysteryarn silk, cotton, or blended yarn.
During the year under review, total income of the Company for the year ended March 31,
2024 is Rs. 19,70,000/- (PY Rs. 19,60,000/-).
Your Directors assure to accelerate the growth momentum in coming years and strive for
bright future for your Company.
3. Change in the nature of business, if any:
There is no Change in Nature of business during the year 2023-24.
4. Dividend
Directors do not recommend any dividend for the year.
5. Transfer to Reserves
During the financial year 2023-24 the Company has not transferred any amount to any
reserve.
6. Details of the Companies which have become or ceased to be its Subsidiaries,
Joint Ventures or Associate Companies during the year:
The Company has does not have any Subsidiary, Joint Venture, Associate Company.
7. Application made under Section 59 of Companies Act, 2013 for rectification of
share capital by rectification of register of members:
The Company held its Extra-Ordinary General Meeting on July 3, 2023 and passed special
resolution for updating rectification of Register of Members by forfeiting the equity
shares allotted inadvertently by reducing 2,22,65,980 from share capital in accordance
with Section 59 of the Act. However, NCLT at its hearing requested to consider the
reduction under Section 66 of the Act.
8. Application for In-principle approval for Reduction of Share Capital under
section 66 of Companies Act, 2013
The Company in its meeting of Board of Directors held on February 14, 2023 approved the
scheme and applied to an Exchange for obtaining In-principle approval for the proposed
scheme of arrangement of reduction of share capital under Section 66 of the Companies Act,
2013 for the inadvertent allotment of 22,26,598 pursuant to conversion of warrants.
9. Directors and Key Managerial Personnel
Pursuant to Section 152 of the Companies Act, 2013 (‘the Act'), Mr. Pareshkumar
Vinodray Savani, Non-Executive Director will retire by rotation at the ensuing AGM and
being eligible, offers himself for re-appointment. The Board recommends his appointment.
Mr. Ramesh Kistappa Pasula (DIN: 05337128), resign as a Director (In the category of
Independent Director) of the Company, w.e.f. September 08, 2023. Directors placed on
record their appreciation for the valuable contribution made by Mr. Ramesh Kistappa Pasula
during his tenure.
Mr. Shital Arvind Shah (DIN: 06797132), resign as a Director (In the category of
Independent Director) of the Company, w.e.f. September 08, 2023. Directors placed on
record their appreciation for the valuable contribution made by Mr. Shital Arvind Shah
during his tenure.
Ms. Dharmistha Sharad Shah (DIN: 07675602), resign as a Director (In the category of
Independent Director) of the Company, w.e.f. September 08, 2023. Directors placed on
record their appreciation for the valuable contribution made by Ms. Dharmistha Sharad Shah
during his tenure.
Pursuant to the recommendation of the Nomination & Remuneration Committee (NRC),
the Board, in its Meeting held on September 08, 2023, was appointed Mr. Dipesh Bhupendra
Sushania (DIN: 10304538), Mr. Krishna Pramod Maheta (DIN: 10306752) and Mrs. Rinal Vijay
Doshi (DIN: 10312364) as Additional Directors (In the category of Independent Director)
and regularized them in the ensuing AGM of the Company which was held on September 30,
2023 for the term of five years with effect from September 8, 2023 till September 7, 2028.
Further, all Independent Directors of the Company have given declarations under Section
149(7) of the Act that they meet the criteria of independence as laid down under Section
149(6) of the Act and Regulation 16(1)(b) and other applicable provisions of the SEBI
Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations, the
Independent Directors have confirmed that they are not aware of any circumstance or
situation, which exists or may be reasonably anticipated, that could impair or impact
their ability to discharge their duties with an objective independent judgement and
without any external influence. The Independent Directors hold office for a fixed term of
five years and are not liable to retire by rotation. In the opinion of the Board, the
Independent Directors fulfill the conditions of independence specified in Section 149(6)
of the Act and Regulation 16(1)(b) and other applicable provisions of the SEBI Listing
Regulations.
10. Board Evaluation:
The Board of Directors is committed to c ontinued improvement in its effectiveness.
Accordingly, formal evaluation of Board's, it's Committee and Directors performance is
carried out annually. This was designed to ensure, amongst other things, that the Board,
its Committees and each Director continue to contribute effectively.
As per Section 134(3) (p) of the Act, a statement indicating the manner in which formal
annual evaluation was made by the Board of their performance and that of its Committees
and individual Directors, has to be furnished to the Members as part of the Board's
Report.
The criteria for evaluation of performance of Directors, the Board as a whole and the
Board's Committee, as specified by Nomination and Remuneration Committee was done.
11. Policy on the Directors' appointment and remuneration:
The Company's Policy on the Directors' appointment and remuneration including criteria
for determining qualifications, positive attributes, independence of Directors and other
matters as provided under section 178 of the Act is available at company website.
12. Number of meetings of the Board of Directors:
Attendance in the number of Board Meetings held and attended during the year are as
under:
|
|
Number of Meeting |
| Name of the Director |
Designation |
Held |
Attended |
| 1 Ms. Deviben Dinesh Doshi |
Wholetime Director |
7 |
7 |
| 2 Mr. Dinesh Jayntalal Doshi |
Wholetime Director |
7 |
7 |
| 3 Mr. Paresh Vinodray Savani |
Director |
7 |
2 |
| 4 Mr. Shital Arvind Shah |
Director |
7 |
7 |
| 5 Mr. Ramesh Kistappa Pasula |
Director |
7 |
7 |
| 6 Ms. Dharmistha Sharad Shah |
Director |
7 |
7 |
During the year under review, 7 (Seven) meetings of the Board of Directors were held
.i.e. May 30, 2023, August 14, 2023, September 08, 2023, November 10, 2023 , February 14,
2024, February 22, 2024 and March 12, 2024.
The intervening gap between two board meetings was within the period prescribed under
the Companies Act, 2013, SEBI (LODR) Regulations, 2015 and as per Secretarial Standard-1.
13. Committees of the Board:
The Company has constituted various committees in accordance with the provisions of the
Companies Act, 2013 the details of which are given as under: A. Audit Committee; B.
Nomination and Remuneration Committee; C. Stakeholders Relationship Committee;
A. Audit Committee
The Board has framed the Audit Committee which ensures effective compliance of Section
178 of the Act and Regulation 18 of the Listing Regulations. The Audit Committee comprises
of experts specialized in Accounting and Financial Management. The Chairperson of Audit
Committee is a Non-Executive Independent Director. The composition of the Committee, as on
March 31, 2024, is as under:
Composition of Audit Committee
| Name of the Director |
Category |
Designation |
Number of Meeting |
|
|
|
Held |
Attended |
| 1 Mr. Dipesh Bhupendra Sushania |
Non-Executive Independent Director |
Chairman |
4 |
4 |
| 2 Mr. Dinesh Jayantlal Doshi |
Executive & Whole Time Director |
Member |
4 |
4 |
| 3 Mr. Krishna Pramod Maheta |
Non-Executive Independent Director |
Member |
4 |
4 |
During the period under review, 4 (four) Audit Committee Meetings were held on i.e. May
30, 2023, August 14, 2023, November 10, 2023, February 14, 2024.
The statutory auditors were the invitees to the above meetings. Terms of reference: The
terms of reference of the Audit Committee include:
1. Oversight of the company's financial reporting process and the disclosure of
its financial information to ensure that the financial statement is correct, sufficient
and credible;
2. Recommendation for appointment, remuneration and terms of appointment of
auditors of the Company;
3. Approval of payment to statutory auditors for any other services rendered by
the statutory auditors;
4. Reviewing, with the management, the annual financial statements and auditor's
report thereon before submission to the board for approval, with particular reference to:
a) Matters required to be included in the Director's Responsibility Statement to be
included in the Board's report in terms of clause (c) of sub-section 3 of section 134 of
the Companies Act, 2013
b) Changes, if any, in accounting policies and practices and reasons for the same
c) Major accounting entries involving estimates based on the exercise of judgment by
management
d) Significant adjustments made in the financial statements arising out of audit
findings
e) Compliance with listing and other legal requirements relating to financial
statements
f) Disclosure of any related party transactions g) Qualifications in the draft audit
report.
5. Reviewing, with the management, the quarterly financial statements before
submission to the board for approval;
6. Reviewing, with the management, the statement of uses / application of funds
raised through an issue (public issue, rights issue, preferential issue, etc.), the
statement of funds utilized for purposes other than those stated in the offer document /
prospectus / notice and the report submitted by the monitoring agency monitoring the
utilization of proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter;
7. Review and monitor the auditor's independence and performance, and
effectiveness of audit process;
8. Approval or any subsequent modification of transactions of the company with
related parties;
9. Scrutiny of inter-corporate loans and investments;
10. Valuation of undertakings or assets of the company, wherever it is necessary;
11. Evaluation of internal financial controls and risk management systems;
12. Reviewing, with the management, performance of statutory and internal auditors,
adequacy of the internal control systems;
13. Reviewing the adequacy of internal audit function, if any, including the structure
of the internal audit department, staffing and seniority of the official heading the
department, reporting structure coverage and frequency of internal audit;
14. Discussion with internal auditors of any significant findings and follow up there
on;
15. Reviewing the findings of any internal investigations by the internal auditors into
matters where there is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the board;
16. Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors;
18. To review the functioning of the Whistle Blower mechanism;
19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other
person heading the finance function or discharging that function) after assessing the
qualifications, experience and background, etc. of the candidate;
20. Carrying out any other function as is mentioned in the terms of reference of the
Audit Committee.
B. NOMINATION AND REMUNERATION COMMITTEE:
The Board has framed the Nomination and Remuneration Committee Charter which ensures
effective compliance of Section 178 of the Act and Regulation 19 of the Listing
Regulations. The Board has clearly defined the terms of reference for the Nomination and
Remuneration Committee, which are as under:
Composition:
| Name of the Director |
Designation |
Category |
Number of Meeting |
|
|
|
Held |
Attended |
| 1 Mr. Dipesh Bhupendra Sushania |
Chairman |
Non-Executive Independent Director |
1 |
1 |
| 2 Mr. Krishna Pramod Maheta |
Member |
Non-Executive Independent Director |
1 |
1 |
| 3 Mrs. Rinal Vijaybhai Doshi |
Member |
Non-Executive Independent Director |
1 |
1 |
During the period under review, the Committee has met on September 8, 2023.
Remuneration Policy:
The remuneration of the Executive Directors is recommended by the remuneration
committee based on factors such as industry benchmarks, the Company's performance etc.
Terms of Reference:
Reviewing the overall compensation policy, service agreements and other employment
conditions of Managing / whole-time Director and Senior Management. To help in determining
the appropriate size, diversity and composition of the Board. - To recommend to the Board
appointment and removal of Director. To frame criteria determining qualifications,
positive attributes and independence of Directors. To recommend to the Board remuneration
payable to the Directors (while fixing the remuneration to Executive Directors the
restrictions contained in the Act, is to be considered). To create an evaluation framework
for Independent Directors and the Board. To provide necessary reports to the Chairman
after the evaluation process is completed by the Directors. To assist in developing a
succession plan for the Board. To assist the Board in fulfilling responsibilities
entrusted from time to time. Delegation of any of its power to any Member of the Committee
or the Compliance Officer.
Performance Evaluation Criteria for Directors: The criterion for performance evaluation
is as under:
Role of Accountability:
- Understanding the nature and role of Independent Directors' position. - Understanding
of risks associated with the business.
- Application of knowledge for rendering advice to management for resolution of
business issues. - Offer constructive challenge to management strategies and proposals. -
Active engagement with the management and attentiveness to progress of decisions taken.
Objectivity:
- Non-partisan appraisal of issues.
- Own recommendations given professionally without tending to majority or popular
views.
Leadership and Initiative:
- Heading Board and sub-committees.
- Driving any function or identified initiative based on domain knowledge and
experience.
Personal Attributes:
- Commitment to role and fiduciary responsibilities as a Board member. - Attendance and
active participation. - Proactive, strategic and lateral thinking.
C. STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Shareholders' Grievance Committee comprises of Three Directors i.e. Ms. Deviben
Dinesh Doshi, Mr. Dinesh Jayntalal Doshi, and Mrs. Rinal Vijaybhai Doshi was the Chairman
of Shareholders Grievance Committee.
Meetings:
During the period under review, the Committee has met on September 8, 2023 and all the
Member were present.
Terms of reference:
- Oversee and review all matters connected with the transfer of the Company's
securities. - Approve issue of the Company's duplicate share / debenture certificates. -
Consider, resolve and monitor redressal of investors' / shareholders' / security holders'
grievances related to transfer of securities, non-receipt of Annual Report, non- receipt
of declared dividend etc. - Oversee performance of the Company's Registrar and Share
Transfer Agent (“RTA”). - Recommend methods to upgrade the standard of services
to investors; - Monitor implementation and compliance with the Company's Code of Conduct
for Prohibition of Insider Trading. - Carry out any other function as is referred by the
Board from time to time and / or enforced by any statutory notification / amendment or
modification as may be applicable. - Perform such other functions as may be necessary or
appropriate for the performance of its duties.
14. Corporate Social Responsibility (CSR)
In line with the provisions of the Companies Act, 2013 and the rules framed there under
with respect to the Corporate Social Responsibility (CSR), your company is not governed by
the provisions of Section 135 of the Companies Act, 2013 and Companies (Corporate Social
Responsibility Policy) Rules, 2014. So, the Company is not required to conduct CSR
activities.
15. Vigil Mechanism:
The Company has a ‘Whistle Blower Policy'/‘Vigil Mechanism' in place. The
objective of the Vigil Mechanism is to provide the employees, Directors, customers,
contractors and other stakeholders of the Company an impartial and fair avenue to raise
concerns and seek their redressal, in line with the Company's commitment to the highest
possible standards of ethical, moral and legal business conduct and fair dealings with all
its stakeholders and constituents and its commitment to open communication channels. The
Company is also committed to provide requisite safeguards for the protection of the
persons who raise such concerns from reprisals or victimization, for whistle blowing in
good faith. The Board of Directors affirms and confirms that no personnel have been denied
access to the Audit Committee. The Policy contains the provision for direct access to the
Chairman of the Audit Committee in appropriate or exceptional cases.
Vigil Mechanism cum Whistle Blower Policy is available on the Company's website.
16. Audit Reports:
a) Statutory Audit Report:
The financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (IND AS) notified under section 133 of the Act. The Company has
received an unmodified opinion in the Auditors' Report for the financial year 2023-24.
b) Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Rinkesh
Gala & Associates, Practicing Company Secretary (C.P. No. 20128) to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as
Annexure ‘A'.
As required under section 204 (1) of the Companies Act, 2013, the Company has obtained
a secretarial audit report.
There are no major observations made by the Auditor in the Report except other non-
compliances mentioned therein and forming part of the report:
However, the company would ensure in future that all the provisions are compiled to the
fullest extent.
a) Statutory Auditors:
Pursuant to the provisions of Section 139 of the Act and rules made thereunder, M/s.
PSV Jain & Associates, Chartered Accountants were appointed as Statutory Auditor of
the Company at the 36th AGM held on September 30, 2023, for a period of five
(5) consecutive years from the conclusion of that AGM till the conclusion of the 41st
AGM.
17. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo
The particulars as required under the provisions of Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of
conservation of energy and technology absorption have not been furnished considering the
nature of activities undertaken by the Company during the year under review.
A. Conservation of Energy: a) the steps taken or impact on conservation of energy: NA
b) the steps taken by the company for utilizing alternate sources of energy: NA c) the
capital investment on energy conservation equipment: NA
B. Technology Absorption: a) the efforts made towards technology absorption: NA b) the
benefits derived like product improvement, cost reduction, product development or import
substitution: NA c) in case of imported technology (imported during the last three years
reckoned from the beginning of the financial year): NA the details of technology imported;
the year of import; whether the technology has been fully absorbed; if not fully absorbed,
areas where absorption has not taken place, and the reasons thereof; and the expenditure
incurred on Research and Development.
C. Foreign Exchange Earnings and Outgo:
In accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013, read
with the Rule 5 of the Companies (Accounts) Rules, 2014, the information relating to
foreign exchange earnings and outgo is provided under:
(Amount in Rs)
| Particulars |
2023-24 |
2022-23 |
| 1. Foreign Exchange Earnings |
NIL |
NIL |
| 2. Foreign Exchange Outgo |
NIL |
NIL |
18. Particulars of Employees
During the year under review, no employee was in receipt of remuneration exceeding the
limits as prescribed under provisions of Section 197 of the Companies Act, 2013 and Rule
5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014.
The information pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
relating to median employee's remuneration is made available at the corporate office of
the Company during working hours for a period of twenty-one (21) days before the date of
the meeting.
19. Annual Return
In pursuant to Section 92 read with Rule 11 of the Companies (Management and
Administration) Rules, 2014, the Annual Return of the Company shall be filed in E-Form
MGT-7 with the Registrar of Companies within 60 days from the date of Annual General
Meeting for the Financial Year 2023-24.
20. Share Capital
The paid up Equity Share Capital as at March 31, 2024 stood at 8,54,65,980. During the
year under review, 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. As on March 31, 2024, none of the Directors of the Company hold instruments
convertible into Equity Shares of the Company.
21. Management Discussion and Analysis Report
In terms of Regulation 34 read with Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 the Management Discussion and Analysis Report,
which gives a detailed account of state of affairs of the Company's operations forms part
of this Annual Report.
22. Directors' Responsibility Statement
In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited
financial statements of the Company for the year ended March 31, 2024, the Board of
Directors hereby confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures, wherever
applicable; b) such accounting policies have been selected and applied consistently and
the Directors 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 as at March 31, 2024 and of the
losses of the Company for the year ended on that date; c) proper and sufficient care was
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 irregularities; d) the annual accounts of the Company have
been prepared on a going concern basis; e) internal financial controls have been laid down
to be followed by the Company and that such internal financial controls are adequate and
were operating effectively; and f) Proper systems have been devised to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operating effectively.
23. Particulars of Contracts and Arrangements with Related Parties
Your Company has formulated a policy on Related Party Transactions including policy for
determining material subsidiaries and on materiality of related party transactions which
are available on the Company's website and is accessible at the Company website.
All contracts/ arrangements/ transactions entered by the Company during the financial
year under review with related parties were in the ordinary course of business and on an
arm's length basis.
During the year under review, the Company has not entered into any contract/
arrangement/ transaction with related parties which could be considered material in
accordance with the policy of the Company on materiality of related party transactions.
Accordingly, particulars of contracts or arrangements with related parties referred to in
Section 188(1) of the Companies Act, 2013 along with the justification for entering into s
uch contract or arrangement in Form AOC-2 does not form part of the report. However, the
Directors draw attention of the members to the Standalone Financial Statement which sets
out related party disclosures.
24. Particulars of loans, guarantees or investments under Section 186 of the Companies
Act, 2013
Particulars of loans given, investments made, guarantees given and securities provided
under Section 186 of the Companies Act, 2013 form part of the Notes to the Standalone
Financial Statements.
25. Internal Financial Controls with reference to the Financial Statement:
The Company has adopted the policies and procedures for ensuring the orderly and
efficient conduct of its business, including adherence to the Company's policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records and the timely preparation of reliable
financial information.
The Company has in place adequate internal financial controls with reference to
financial statements. The Company's internal control systems, including internal financial
controls, are commensurate with the nature of its business and the size and complexity of
its operations and the same are adequate and operating effectively. These systems are
periodically tested and no reportable material weakness in the design or operation was
observed. The Audit Committee reviews adequacy and effectiveness of the Company's internal
control system including internal financial controls.
26. Disclosure under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013:
Your Company has always believed in providing a safe and harassment-free workplace for
every individual working in the Company. The Company has complied with the applicable
provisions of the aforesaid Act, including constitution of the Internal Complaints
Committee.
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. All employees (permanent, contractual, temporary and trainees) are covered
under this Policy. The Policy is gender neutral. We are pleased to inform you that no
complaints pertaining to sexual harassment were received during the Financial Year
2023-24. The policy can be accessed on the website of the Company at the Company website.
27. Secretarial Standards:
The Company has complied with all the applicable Secretarial Standards issued by The
Institute of Company Secretaries of India and notified by the Central Government.
28. Cost Records:
As per Section 148(1) of the Act read with the Companies (Cost Records and Audit)
Rules, 2014, the maintenance of cost records is not mandated for the products manufactured
by the Company.
29. Other Disclosures/Reporting:
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no events/instances/transactions occurred on these items
during the year under review:
a) 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;
b) Details relating to deposits covered under Chapter V of the Act;
c) Voting rights which are not directly exercised by the employees in respect of shares
for the subscription/purchase of which loan was given by the Company (as there is no
scheme pursuant to which such persons can beneficially hold shares as envisaged under
section 67(3)(c) of the Act);
d) 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; and
e) Details in respect of frauds reported by the Auditors under section 143(12) other
than those which are reportable to the Central Government, as there were no such frauds
reported by the Auditors.
30. Acknowledgements:
Your Board wish to place on record their appreciation and acknowledge with gratitude
the support and cooperation extended by the Government Authorities, Bankers, Customers,
Employees and Members during the year under review and look forward to their continued
support.
| For and on behalf of the Board of Directors, |
| Jaihind Synthetics Ltd |
| Dinesh Doshi |
| Chairman & Wholetime Director |
| DIN: 07789377 |
| Date: August 14, 2024 |
| Place: Mumbai |
|