To,
The Members,
The Directors of Prime Industries Limited (PIL) have great pleasure in presenting their
28th Annual Report of the company together with the audited statements of
accounts for the financial year ended 31st March, 2020 along with report of the
Statutory Auditors thereon.
1. Financial summary of the Company
The summary of financial results of the Company for the period ended 31st
March, 2020 is as under:
|
|
(Rs. In Lakh) |
| PARTICULARS |
Figures for the year ended 31st March, 2020 |
Figures for the year ended 31st March, 2019 |
| Total Revenue |
128.31 |
81.28 |
| Total Expenses |
120.80 |
80.18 |
| Profit Before Tax |
75.07 |
11.00 |
| Tax Expense |
(0.10) |
0.52 |
| Profit For The Period |
75.18 |
10.48 |
2. Management Discussion & Analysis
During the year under review, your Company has registered gross operating & other
income of Rs. 128.31 Lakh as compared to Rs. 81.28 Lakh in previous year, increased by
57.86%.
The Company earned a net profit after tax of Rs. 75.18 Lakhs, increased by 617.37% as
against a net profit after tax of Rs. 10.48 Lakhs in the previous year.
3 . Dividend
Keeping in view the present economic situations, the board recommends retaining the
earnings in the Company; hence, the Board has not recommended any dividend on the equity
share capital of the Company.
4 . Reserves
No amount is being transferred to reserve & surplus in the current year.
5. Brief description of the Company's working during the year
In this year of its operations, i.e. FY 2019-20, your company's revenue during the year
under review increased to Rs. 128.31 Lakh as compared to Rs. 81.28 Lakh in previous year.
Your company's Net Profit after tax is Rs. 75.18 Lakh as compared to Rs. 10.48 Lakh in the
previous year.
6. 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.
No material changes and commitments affecting the financial position of the Company
have occurred between the end of the financial year to which the Financial Statements
relate and the date of the Report.
7 . Significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
During the year under review no significant and material orders have been passed by the
Regulators / Courts that would impact the going concern status of the Company and its
future operations.
8. Adequacy of Internal Control.
The Company has a proper and adequate system of internal control, to ensure that all
assets are safeguarded, properly utilized and protected against loss from un-authorized
use or disposition and those transactions are authorized and recorded by the concerned
departments properly and reported to the Audit Committee/Board correctly.
The Company has also in place adequate internal financial controls with reference to
financial statements. Such controls are tested from time to time and no reportable
material weakness in the design or operation has been observed so far.
9. Subsidiary/Joint Ventures/Associate Companies.
The Company did not have any Subsidiary, Joint Venture or Associate Company during the
year under review.
10. Deposits.
The Company has not accepted any public deposits pursuant to the provisions of Section
73 to 76 of the Companies Act, 2013 and the rules made there under and as such, no amount
on account of principal or interest on Pubic Deposits was outstanding on the date of the
Balance Sheet.
11. Auditors
(a) Statutory Auditors
In terms of Section 139 of the Act, M/s C. S. Arora & Associates, Chartered
Accountants, were appointed as statutory auditors of the Company for a period of five
years in the AGM held on 30.09.2019 from the conclusion of the Twenty Seventh Annual
General Meeting until the conclusion of the Thirty First Annual General Meeting, for the
period of 5 years.
There are No qualifications, reservations or adverse remarks or disclaimers made by the
Statutory Auditors in their Audit Report for the financial year 2019-20. The Statutory
Auditors have not reported any incident of fraud to the Audit Committee of the Company
during the financial year 2019-20.The Auditors' Report on the Accounts of the Company for
the period under review are self - explanatory and no comments are required.
(b) Secretarial Auditors and Secretarial Audit Report
Pursuant to the requirements of Section 204 of the Act read with Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of the Listing Regulations, the Company had appointed M/s. Rajeev Bhambri
& Associates, Company Secretaries in Practice, Ludhiana, for conducting Secretarial
Audit for the year 2019-2020. The Secretarial Audit Report for the financial year ended
March 31, 2020 is part of this Annual Report. There are no qualifications, reservations,
adverse remarks or disclaimers made by Secretarial Auditors, in their Audit Report.
(c) Internal Auditors
Mr. Arun Pal, Assistant Manager of the Company, was appointed by the Board of Directors
as Internal Auditor of the Company to assist in internal audit with the audit processes
and internal audit reviews for the Company for FY 2019-20.
12. Auditors' Report
M/s C. S. Arora & Associates, Chartered Accountants, Statutory Auditors of the
Company, have audited the accounts of the Company for the year 2019-20 and their Report is
annexed. Pursuant to Section 143(3)(i) of the Companies Act, 2013, the Statutory Auditors
have also reported on the adequacy and operating effectiveness of the internal financial
controls system over financial reporting, which has been enclosed as ‘Annexure' to
Independent Auditor's Report. Significant Audit observations, if any, and corrective
actions taken by the Management are presented to the Audit Committee of the Board from
time to time. There are no qualifications, reservations or adverse remarks or disclaimers
made in the Auditor's Report.
13. Extract of the annual return
The details forming part of the extract of the Annual Return in Form MGT-9, as required
under the provisions of the Companies Act, 2013, forms an integral part of Board Report.
Form MGT-9 is available on the website of the Company and can be accessed at https://www.primeindustrieslimited.com/.
14 . Conservation of energy, technology absorption and foreign exchange earnings
and outgo
Information with respect to Conservation of energy, technology, absorption, foreign
exchange earnings and outgo pursuant to Section 134 of the Companies Act, 2013 read with
Rule 8(3) of the Companies (Accounts) Rules, 2014 is not applicable because there are no
manufacturing activities in the Company.
15. Directors & Key Managerial Personnel
The Company's Board comprised six Directors as on March 31, 2020, viz.,
| Mr. Rajinder Kumar Singhania, |
Managing Director (Promoter), |
| Mr. Harjeet Singh Arora, |
Non-Executive, Non-Independent Director, |
| Mrs. Parveen Singhania, |
Non-Executive Woman Director / Promoter, |
| Mr. Darshanjit Singh Minocha, |
Non-Executive, Independent Director (up to 20.07.2020) |
| Mr. Ashwani Kumar, |
Non-Executive, Independent Director |
| Mr. Rajiv Kalra, |
Non-Executive, Independent Director |
The Board, therefore, presently comprises of six Directors. Ms. Jasleen Kaur Bath is
the Company Secretary and Mr. Kashmir Singh is the CFO of the Company.
(a) Statement on Declaration by Independent Directors
The Company has received declaration from each independent director under Section
149(7) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘Listing Regulations'), that they meet the criteria
of independence laid down in the Companies Act, 2013 and Listing Regulations.
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and based on the Declarations received by the Company under Section 149(7) of the
Companies Act, 2013 the following Non-Executive Directors are identified as Independent
Directors of the Company:
| i) Mr. Ashwani Kumar |
| ii) Mr. Rajiv Kalra |
| iii) Mr. Anil Bhatia (w..e.f 28.08.2020) |
(b) Appointment / Re-appointment / Resignation / Retirement of Directors
(c) In order to ensure compliance with Section 152(6) of the Act, the Board has
considered the following matters related to Appointment / Re-appointment / Resignation /
Retirement of Directors:
• Mrs. Parveen Singhania, Director of the Company, being longest in office, shall
retire at the ensuing AGM and being eligible, offers herself for re-appointment, for
ensuring compliance with Section 152(6) of Act.
• Mr. Darshanjit Singh Minocha, Non-Executive, Independent Director of the Company
has resigned from the directorship of the Company w.e.f 20.07.2020.
• Mr. Anil Bhatia has appointed as Additional Independent Director of the Company
w.e.f 28.08.2020 by the Board of Directors of the Company, subject to approval of
Shareholders, tenure upto the ensuing AGM of the Company. The Company recommend to
regularize him from Additional Independent Director to independent Director w.e.f the date
of AGM 29.09.2020.
• Mr. R.K. Singhania hereby re-appointed Managing Director of the Company for the
further period up to 31st July, 2020 subject to approval of Shareholders.
Relevant details, including brief profile of the Director seeking appointment /
re-appointment/Retirement at the ensuing Annual General Meeting, have been furnished in
the Notice of the Annual General Meeting.
There were no other appointments/Resignations of Directors/Key Managerial Personnel
during the Financial Year 2019-20.
(d) Remuneration to Directors/Employees and related analysis
During the year under review, no employee of the Company received salary in excess of
the limits as prescribed under the Act. Accordingly, no particulars of employees are being
given pursuant to Section 134 of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The details pertaining to the ratio of the remuneration of each director to the median
employee's remuneration and other prescribed details as required under section 197(12) of
the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment And Remuneration
of Managerial Personnel) Rules, 2014 are annexed herewith and forms part of the Directors'
Report.
(e) Key Managerial Personnel
Mr. Rajinder Kumar Singhania, Managing Director, Mr. Kashmir Singh, Chief Financial
Officer and Ms. Jasleen Kaur Bath, Company Secretary of the Company are the Key Managerial
Personnel as per the provisions of the Companies Act, 2013 and rules made thereunder.
16. Number of meetings of the Board of Directors
The board meetings are convened by giving appropriate notice after obtaining the
approval of the Managing Director. The Board meets at least once a quarter to review the
results and other items on the agenda, once a year for on the occasion of the annual
shareholders' meeting. When necessary, additional meetings are held.
The agenda of the board meetings is drafted by the Company Secretary along with the
explanatory notes and these are distributed in advance to the directors. Every Board
member is free to suggest the inclusion of items on the agenda. The agenda papers are
prepared by the concerned officials of the respective department and are approved by the
Managing Director. Agenda papers are circulated to the Board by the Company Secretary.
Additional items on the agenda are permitted with the permission of the Chairman. All
divisions/departments in the Company are encouraged to plan their functions well in
advance, particularly with regard to matters requiring discussion/ approval/ decision in
the board/ committee meetings.
All such matters are communicated to the Company Secretary in advance so that the same
could be included in the agenda for the board meetings.
The Board also passes resolutions by circulation on need basis.
Minutes of the proceedings of the board meeting are prepared within 48 hours of the
meeting. Draft minutes are circulated to the Chairman for his comments. The minutes of all
the Committees of the Board of Directors of the Company are placed before the Board.
The quarterly, half-yearly and the annual results are first placed before the Audit
Committee of the Company and thereafter the same are placed before the Board of Directors.
Regular meetings of the Board are held to discuss and decide on various business
policies, strategies and other businesses. Due to business exigencies, certain business
decisions are taken by the Board through circulation from time to time.
The Board met Seven (7) times during the FY 2019-20 viz. on 30.05.2019, 08.07.2019,
14.08.2019, 29.08.2019, 26.09.2019, 14.11.2019 and 14.02.2020.
17. Committees of the Board
The Company has several Committees which have been established as a part of the best
corporate governance practices and are in compliance with the requirements of the relevant
provisions of applicable laws and statutes.
The Company has following Committees of the Board:
• Audit Committee
To ensure the composition & independence of the Committee as per the Companies Act,
2013, the Audit Committee's composition and terms of reference are in compliance with
provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing
Regulations.
As on 31.03.2020, The Audit Committee is comprised of two Non- Executive Independent
Directors and one Non-Executive/ Non-Independent Director viz. Mr. Ashwani Kumar (Non-
Executive/Independent Director) Mr. Rajiv Kalra (Non- Executive/Independent Director) and
Mr. Harjeet Singh Arora (Non- Executive/Non-Independent Director). All the Members of
Audit Committee are financially literate and have accounting knowledge to interpret and
understand the financial statements. Mr. Ashwani Kumar is the Chairman of the Audit
Committee.
The Audit Committee meetings were held at the Registered Office of the Company and
Statutory Auditor, Company Secretary and Head of Accounts Department are permanent
invitees to the meetings. The Company Secretary of the Company acts as the secretary of
the Committee. During the year Audit Committee members, met four (4) times on 30.05.2019,
14.08.2019, 14.11.2019 and 14.02.2020.
• Nomination and Remuneration Committee
Committee is constituted in line with the provisions of Regulation 19 of SEBI Listing
Regulations, read with Section 178 of the Act.
As on 31.03.2020, The Nomination and Remuneration Committee comprises of Mr. Ashwani
Kumar (Chairman), Mr. Harjeet Singh Arora and Mr. Rajiv Kalra.
Policy on Remuneration of Directors, Key Managerial Personnel & senior
employees is annexed herewith and forms the part of Board Report. Policy is also
available on the website of the Company and can be accessed at https://www.primeindustrieslimited.com/.
One Nomination and Remuneration committee meeting was held during the year on
13.07.2020.
• Stakeholders Relationship Committee
The Stakeholders' Relationship Committee is constituted in line with the provisions of
Regulation 20 of SEBI Listing Regulations read with section 178 of the Act.
As on 31.03.2020, The Stakeholders' Relationship Committee of Board (SRC) comprises Mr.
Harjeet Singh Arora (Chairman), Mr. Darshanjit Singh Minocha (Member) and Mr. Rajiv Kalra
(Independent Director). SRC monitors redressal of complaints received from shareholders/
investors with respect to transfer of shares, non-receipt of dividend, non-receipt of
Annual Reports, interest payment on Bonds, etc.
During the FY 2019-20, no complaints were received. There was no complaint outstanding
as on 31st March, 2020. Also, no instruments of transfer were pending as on 31st March,
2020. The Company Secretary is the Compliance Officer of the Committee. The Committee
meets as and when required, to deal with the investor related matters etc.
One stakeholders' relationship committee meeting was held during the year on
14.02.2020.
Due to Resignation and Appointment of Directors, the committee can be reconstituted
with the approval of the Board.
18. Listing / De-listing of Shares
The Shares of your Company are presently listed on The Bombay Stock Exchange Limited,
Mumbai (BSE) and the Annual Listing Fees for the year 2020-21 has already been paid to it.
19. Forfeiture of Shares
During the year, the Company has forfeited 73,300 equity shares of Rs. 10/- each on
account of non-payment of amount due on party paid shares from the concerned shareholders
and the Board of Directors of the Company has inter-alia, considered and approved the
forfeiture of 73,300 partly paid shares at its meeting held on 8th July, 2019.
20. Share Capital
The paid-up Equity Share Capital as on March 31, 2020 was Rs. 7.86 Lakhs. During the
year under review, the Company has not issued any shares. The Company has not issued
shares with differential voting rights.
The Company has forfeited 73,300 equity shares of Rs. 10/- each on account of
non-payment of amount due on party paid shares from the concerned shareholders and the
Board of Directors of the Company has inter-alia, considered and approved the forfeiture
of 73,300 partly paid shares at its meeting held on 8th July, 2019.
The New share capital of the company to be change from Rs. 7,86,33,500/- (Pre
Forfeiture) to Rs. 7,82,67,000/- (Post Forfeiture)
21. Vigil Mechanism/Whistle Blower Policy
Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 and
Schedule V of SEBI(LODR) Regulations, 2015, The Company has established a vigil mechanism
to provide appropriate avenues to the directors and employees to bring to the attention of
the Management, their genuine concerns about behavior of employees. Details of Vigil
Mechanism/Whistle Blower are included in the report on Corporate Governance.
During the financial year 2019-20, no cases under this mechanism were reported to the
Company and/or to any of its subsidiaries/associate.
A copy of the Vigil Mechanism/Whistle Blower as approved by the board may be accessed
at https://www.primeindustrieslimited.com/.
22. Familiarization programme for Independent Directors.
The Board members are provided with necessary documents/brochures, reports and internal
policies to enable them to familiarize with the Company's procedures and practices. The
details of such familiarization programmes for Independent Directors are posted on the
website of the Company and can be accessed at https://www.primeindustrieslimited.com/.
23. Particulars of loans, guarantees or investments under section 186
During the year under review, the company has not given any loan, guarantee, provided
security to any person or other body corporate or acquired by way of subscription,
purchase or otherwise, the securities of any other body corporate, exceeding the limits
prescribed under section 186 of the Companies Act, 2013.
24. Particulars of contracts or arrangements with related parties
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in the ordinary course of business and on an arm's length
basis. 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
policy of the Company on materiality of related party transactions.
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.primeindustrieslimited.com/.
Your Directors draw attention of the members to Note 24 to the financial statement
which sets out related party disclosures.
25. Insider Trading Regulations.
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations,
2015, as amended from time to time, the Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive Information ("Code of Fair Disclosure")
and the Code of Conduct to regulate, monitor and report trading by employees and other
connected persons ("Code of Conduct") as approved by the Board on
14.05.2015 are in force by the Company. The objective of this Code is to protect the
interest of shareholders at large, to prevent misuse of any price sensitive information
and to prevent any insider trading activity by dealing in shares of the Company by its
Directors, Designated employees and Specified Persons. The Company also adopts the concept
of Trading Window Closure, to prevent its Directors, Designated employees and Specified
Persons from trading in the securities of the Company at the time when there is
unpublished price sensitive information.
26. Nomination and Remuneration Policy
The Company's Nomination and Remuneration Policy formulated by the Nomination and
Remuneration Committee deals with the appointment and remuneration of Directors and KMPs
of the Company. The policy also covers the criteria for determining qualifications,
positive attributes, independence of a Director and KMP. In terms of Section 134(3) (e) of
Companies Act, 2013 the Nomination and Remuneration Policy of the Company is annexed
herewith and forms part of this Annual Report.
27. Risk Management
The Board of Directors of your Company has formulated the risk management policy which
seeks to identify risks inherent in business operations of the Company and provides
guidelines to define, measure, report, control and mitigate the identified risks.
The objective of Risk Management is to create and protect shareholder value by
minimizing threats or losses, and identifying and maximizing opportunities. An
enterprise-wide risk management framework is applied so that effective management of risks
is an integral part of every employee's job.
The Board's role under the policy is to ensure framing, implementing and monitoring
risk management plan, having in place systems for risk management as part of internal
controls. It is the duty of Independent Directors to bring unbiased angle to the Board's
deliberations on making risk management systems more robust. On the other hand, Audit
Committee's role is Evaluate the risk management systems.
As a financial intermediary, the Company is exposed to risks that are particular to its
lending business and the environment within which it operates. Company's goal in risk
management is to ensure that it understands measures and monitors the various risks that
arise and that the organization adheres strictly to the policies and procedures which are
established to address these risks. The Company is primarily exposed to credit risk,
market risk, liquidity risk, operational risk and legal risk.
The Company has a structured and standardized credit approval process, which includes a
well- established procedure of comprehensive credit appraisal. In addition, the Company
attempts to mitigate operational risk by maintaining a comprehensive system of internal
controls, establishing systems and procedures to monitor transactions, maintaining key
back-up procedures and undertaking regular contingency planning. As regards legal risk,
the Company seeks to minimize legal risk by using stringent legal documentation, employing
procedures designed to ensure that transactions are properly authorized and consulting
internal and external legal advisor. The Company also conducts a comprehensive analysis of
our loan portfolio on a periodic basis. The analysis considers both qualitative and
quantitative criteria including, among others, the account conduct, future prospects,
repayment history and financial performance. This comprehensive analysis includes an
account by account analysis of the entire loan portfolio, and an allowance is made for any
probable loss on each account. In estimating the allowance, we consider the net realizable
value on a present value basis by discounting the future cash flows over the expected
period of recovery. Further, we also consider past history of loan losses and value of
underlying collateral.
28. Human Resources Development
Your Company treats its "human resources" as one of its most important
assets.
Your Company continuously invests in attraction, retention and development of talent on
an ongoing basis. The relations at all levels of the Company have remained very cordial
throughout the year.
29. Corporate Governance Certificate
The Company is committed to maintain the highest standards of corporate governance and
adhere to the corporate governance requirements set out by SEBI. However, since the
Company does not fulfill the criteria mentioned in Regulation 15(2)(a) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the compliances with regard to
corporate governance provisions are not applicable to the Company.
30. Corporate Social Responsibility
The provisions of Section 135 of Companies Act, 2013 are not applicable on the Company.
31. Prevention of Sexual Harassment at Workplace
The Company has Zero tolerance towards any action on the part of any employee which may
fall under the ambit of 'Sexual Harassment' at workplace, and is fully committed to uphold
and maintain the dignity of every women working in the Company.
During the year under review, no complaints were received from any of the employees and
no complaints were pending at the beginning of the year.
32. Directors' Responsibility Statement
The Directors' Responsibility Statement referred to in clause (c) of sub-section
(3) of Section 134 of the Companies Act, 2013, shall state that
a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b) the directors had 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 and loss of the company for that period;
c) the directors had 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;
d) the directors had prepared the annual accounts on a going concern basis; and
e) the directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
33. Board Evaluation
The Board of Directors of your Company recognizes and accepts that Boards are
accountable to the public to ensure that they are operating in an effective manner. Care
is taken to avoid that the Board does not fall into the "same old way of doing
things". Therefore, one of the few ways to identify and address the problem is for
the Board to conduct a self-evaluation.
The Nomination and Remuneration Committee of the Company has approved the Annual
Evaluation Plan for the Board, Committees and Individual Directors. The Board including
its committees and members shall evalute itself once a year, whether there are apparent
major problems or not. Each member of the Board shall complete a form which comprises of
objective questions on certain parameters such as their own roles and responsibilities in
the Company, Strategic Leadership, Accountability, Board Processes and Board Performance.
The responses shall be discussed among members of Board, Committees and at Individual
level. The exercise shall be led by the Chairman alongwith a Senior Independent Director
of the Company.
The results of the Evaluation shall be shared with the Board, Chairman of respective
Committees and individual Director Based on the outcome of the Evaluation, the Board and
Committees shall agree on the action plan to improve on the identified parameter. The
evaluation in terms of the plan has been completed during the period under review.
34. Managing Director (MD) and Chief Financial Officer (CFO) Certificate
In terms of the Listing Regulations, the certificate, as prescribed in Part B of
Schedule II of the said Regulations, has been obtained from the Chief Financial Officer
and Managing Director of the Company, for the financial year 2019-20 with regard to the
financial statements and other matters. The said certificate forms part of this Annual
Report.
35. Dividend Distribution Policy
Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements)
Regulations, 2015 (‘Listing Regulations') is not applicable on the Company.
36. Reporting of Frauds by Auditors
During the year under review, the Statutory Auditors and Secretarial Auditors have not
reported any instances of frauds committed in the Company by its Officers or Employees, to
the Audit Committee under Section 143(12) of the Act, details of which needs to be
mentioned in this Report.
37. Secretarial Standards of Icsi
The Directors have devised proper systems and processes for complying with the
requirements of applicable Secretarial Standards issued by the Institute of Company
Secretaries of India (‘ICSI') and that such systems were adequate and operating
effectively.
38. Emergence of Covid-19
Towards the end of the financial year, the World Health Organization (WHO) declared
Covid-19 a pandemic and the outbreak, which infected millions, has resulted in deaths of a
significant number of people globally. Covid-19 is seen having an unprecedented impact on
people and economies worldwide.
The Company is taking all necessary measures in terms of mitigating the impact of the
challenges being faced in the business. The Company is working towards being resilient in
order to sail through the current situation.
39. Acknowledgement
Your Directors are pleased to place on record their appreciation and express their
gratitude to the Company's Bankers, Clients, Advisors and Business Associates for their
continued and valuable co-operation and support to the company from time to time.
Your Directors also wish to express their gratitude to investors for the faith that
they continues to repose in the Company.
Your Directors would also like to place on record their appreciation for committed
services rendered by the employees at all levels of your company.
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