T T Ltd
Chairman Speech
In one word Business Philosophy of T T Group is "FAIR BUSINESS", – Fair
to all: Suppliers, Buyers, Dealers, Workers, Shareholders, Investors, Community and the
Society at large.
Sources for drawing inspiration in founding basic principles of T T Group’s
business are found in Philosophies propounded by three great Saints, Philosophers and
Mahatmas belonging to the Textile World: The Most reverend Spinner in the World History
known to mankind till date, Mahatma Gandhi, father of the nation; symbol of religious
harmony and great humanist "Kabir" the weaver and the great Tamil Saint, Poet
and Philosopher weaver: Thiru Valuvar. Thirukural the great epic book of wisdom serves us
as a reference book for seeking day to day solutions of business problems. All the three
guiding lights of humanity are nowhere in variance with Jainism, Hinduism, Buddhism or
infact any religion.
In dealing with people we follow Vidur and Chanakya.
In business management techniques of modern day obviously we rely on my learnings as
well as teachings at Indian Institute of Management, Calcutta / M.I.T. Our Managing
Director Mr. Sanjay Jain has his sources in his studies at the Indian Institute of
Management, Ahmedabad / Harvard Business School.
Regarding the choice of Technology to be used, we do not compromise. It is always the
best of the world, "State of the Art" technology. We do quick updating and
remain in tune with the latest innovations. Our source of strength in the field is
renowned Textile Technologist - Dr. V. K. Kothari, formerly heading Textile Dept. of
world’s prestigious seat of learning, Indian Institute of Technology, (IIT) Delhi.
As for consumers, we wish to deliver them more than value for their money. We are here
to serve them. We are because of them. We wish them to enjoy new recipies, new delights in
their satisfaction. We do not follow trends, instead we set trends. Mrs. Jyoti Jain, a
National Institute of Fashion Technology (NIFT) graduate is always at hand to deal with
them liberally. All her dealers, agents and customers are more than happy with her.
Renowned Management and Finance Experts Shri Navratan Dugar and Shri V R Mehta are our
leading rule setters in the realm of Finance & accounting and corporate governance. In
Finance, Manufacturing, Law, Corporate governance we have a dedicated team of Executives,
Engineers, Company Secretaries, Chartered Accountants, Human Engineers (HRD) to deliver
fruits and achieve corporate goals. Your two new directors are highly recognised corporate
management experts Shri Mahesh Mehta is an outstanding Chartered Accountant and Shri Sunil
Mahnot is a company secretary and corporate manager.
Today Textile Industry is a "Focus Industry" in India. It is once again a Sun
Rise Industry. Textile Manufacturing is shifting from America & Europe to Asia –
China, India, Bangladesh, Pakistan, Turkey etc. Timely cotton revolution in India has made
India’s position unique in competitive edge in world trading of cotton and its
products- Yarn, Fabric, Textiles, Knitwear Garments and Home Textiles. T T group is
essentially an only "Cotton" company. It handles Cotton, Cotton yarn, Cotton
fabrics and Cotton garments. Realising the global potential T T is already on the world
Cotton scene and is ready to play world cup in Cotton. We wish to enjoy fruits of Cotton.
We wish to ensure no one remains devoid of Cotton Garments and that too with assurance to
satisfaction to one’s heart’s content.
Our Company’s policy is not to speculate, not to gamble, not to undertake high
risk deals. Slow but steady growth is our motto. Our Company does not interfere with free
play of share & securities market.
Business Philosophy
1. Management's job is not only to manage company profitably but to ensure its steady
growth as well.
2. Quick decision making, speedy implementation, harmonized, teamwork, deliver success.
3. Our objective is to serve Customers to their satisfaction. We strive to enable them
taste new delights in quality and service. We make them break their own parameters of
satisfaction.
4. Investors are owners of the company. Safeguarding their interest is the prime duty
of the management.
5. What is the best today, will not be so tomorrow and will be definitely rejected day
after. Hence continuous quality upgradation can only retain customers.
6. Let none be harmed by our dealings with them. We need not make money out of their
weaknesses. Instead let buyer and seller both mutually help each other make profit.
7. Knowledge input is the best quotient of profit. For future growth, knowledge
sourcing and knowledge management is the first requirement.
8. Ways of the world never remain the same. Keep changing and you never live out.
9. Wisdom attracts money, lack of it may cause loss of money.
10. Indians have now realised their potentials in the global scenario. Every crown
there is for them, but only if they try.
11. India traditionally ranks first in the world of nations in respect of the wealth of
knowledge. Putting this wealth into action will certainly yield rich monetary rewards as
well.
12. We do not compete, we try to co-exist. Cooperation is our motto.
13. Big fish eats up small fishes and yet the ocean is always full of small fishes.
14. No one can drink all the waters of seven oceans, so none can monopolise for ever.
15. Purity of means is more important than the ends. Come what may, great souls will
never pick up means not ordained by ethics, morality and one's religion.
16. You earn money, you may loose it anytime, but if you tend to earn goodwill and
integrity, money will never leave you.
Dr. Rikhab C. Jain,
(Chairman )
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T T Ltd
Directors Reports
Your Directors have pleasure in presenting the 43rd (Forty Third) Annual
Report of the Company together with the Audited Accounts for the year ended March 31,
2022.
1. FINANCIAL RESULTS
| Particulars |
2021-22 |
2020-21 |
|
(Rs. In Lakh) |
(Rs. In Lakh) |
| Revenue from operations (Net) |
39554.16 |
39389.36 |
| Other Income |
72.23 |
98.87 |
| Profit before interest, Depreciation and Tax |
3979.32 |
4040.09 |
| Interest & Financial Charges |
2160.97 |
2828.51 |
| Depreciation |
324.20 |
1068.69 |
| Profit/Loss before Tax (PBT) |
1494.15 |
142.89 |
| Exceptional Items |
- |
(2608.60) |
| Provision for Income Tax/Deferred Tax |
41.12 |
(1706.07 ) |
| Profit/Loss after Tax (PAT) |
1453.03 |
(759.63) |
| Other comprehensive Income |
(77.36) |
135.82 |
| Total comprehensive Income for the period |
1375.67 |
(624.31) |
2. DIVIDEND
An Interim Dividend @ 10% (Re 1/- per share) on the paid up share capital of the
Company has already been paid on 10th December, 2021. Your Board confirm
Interim Dividend already paid as Final Dividend for the year ended 31st March,
2022.
3. REVIEW OF OPERATIONS
2021-22 has been a transformational year for the Company. The restructuring exercise
that started a few years back has been almost completed and the Company has embarked on a
new path. As informed earlier the Company completed its exit from manufacturing yarn to
complete focus on the value add branded garments and fabric. This move has apart from
reduction in debt by 40%, has all over improved the liquidity of the Company and reduced
the beta/risk profile of the Company business.
Overall, despite starting with the COVID scare, the company ended the year with a
turnover of Rs.395.54 crores and profit before Exceptional items and tax, of Rs.14.94
Crores.
The Industry saw unprecedented inflation in cotton fibre and yarn leading to inventory
gains and robust demand. However, end of the year some headwinds were noticed in consumer
demand due to high prices leading to the Company reworking its garment portfolio to ensure
affordability to its consumers. Pressures also lead to undertaking cost cutting exercises
to ensure the margins stayed intact despite inflationary pressures. This is expected to
improve the overall competitiveness in the market in the coming days.
The Company also focused on the new age distribution channels like B2C & B2B
ecommerce and organized retail. The share of these segments went up and in the coming days
the main growth is expected from these segments as the traditional wholesale channel faces
challenges.
4. FUTURE OUTLOOK
The Company has now almost completed its restructuring and is fully focused on its
branded garment sales of TT & HiFlyer apart from the value added fabric segment. The
Company has stepped up its advertisement budget and is focusing on both inner wear and
casual wear. A lot of emphasis is being put on new products and strengthening its winter
portfolio.
The Company would be using B2C and B2B Ecommerce channels to foray the weaker markets,
by leveraging the existing network of these channels to ensure quicker and deeper
penetration.
However, some headwinds are expected in the first quarter as the industry fights the
unprecedented rise in cotton prices (doubled in one year) and shifts to other fibres.
Consumer demand is also expected to be muted as adjustments to higher price levels are
made. However branded companies are expected to come out stronger as SMEs are being forced
to give market space due to margin and working capital pressures.
The Company will keep serving its international yarn market from outsourcing to ensure
the goodwill and brand equity of 30 years is not lost. This would be additional
contributor without any risk assigned to the yarn business.
The Company's Exclusive Brand Outlet (EBO) chains by the name of "T T BAZAAR"
have also helped build direct connect with the consumer. Over 50 TT Bazaar franchisee
stores are running and now that COVID is over the Company intends to push this number to
100.
The Company in the last few years has gone through a bad phase due to various headwinds
but luckily it is emerging with a stronger character and poise to build its growing
knitted casual and active wear portfolio for all genders that has seen very good traction
and demand. The most important change is the improved risk profile of the business, hence
less volatility in earnings will be there and more consistent growth trajectory can be
expected.
5. MANAGEMENT DISCUSSION AND ANALYSIS
Management discussion and Analysis Report for the year under review, as stipulated
under Regulation 34 of the Listing Agreement, 2015 is presented as a separate section
forming part of this report.
6. CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate Governance and
adhere to the Corporate Governance requirements set out by SEBI.
A separate report on Corporate Governance alongwith Auditor's Certificate on its
compliance is annexed to this report (Annexure D).
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board regretfully report the sad demise of Shri Mahesh C. Mehta, Independent
Director by cardiac arrest on 11th April, 2022. The Board express their
heartfelt condolence for his untimely death and put on record their sincere and deep
appreciation for his valuable guidance and contribution during his Directorship with
Company.
During the year Shri V. R. Mehta, Independent Director and Shri V. K. Kothari,
Independent Director resigned due to their personal reasons w. e. f. 20th
October, 2021. The Board expresses its appreciation for Shri V.R. Mehta and Shri V. K.
Kothari for their valuable guidance and contribution during their tenure.
Shri Rahul Jain (DIN No.00618923) and Shri Puneet Vijay Bothra (DIN No.09353464) has
been appointed as Additional Independent Director w.e.f. 20th October, 2021 to
fill vacancy caused due to resignation of Shri V. R. Mehta and Shri V. K. Kothari.
The Company has received request from members proposing candidature of Shri Rahul Jain
and Shri Puneet Vijay Bothra for appointment as Directors at the ensuing Annual General
Meeting. Your Board recommend for their appointment as regular Independent Directors at
the ensuing Annual General Meeting.
During the year Mr. Sumit Jindal has resigned from the post of the Company Secretary
and in his place Mrs. Megha Jain has been appointed as the Company Secretary and
compliance officer of the Company.
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under section 149(6) of the Companies Act, 2013 and Regulation
of the Listing Agreement.
8. KEY MANAGERIAL PERSONNEL
Following are the Key Managerial personnel of the Company as on 11th May, 2022:
| Mr. Sanjay Kumar Jain |
Managing Director |
| Mr. Sunil Mahnot |
Director (Finance) & Chief Financial Officer |
| Mr. Pankaj Mishra |
Company Secretary & Compliance Officer. |
9. PARTICULARS OF REMUNERATION OF DIRECTORS AND KMPs
A statement containing the details of the Remuneration of Directors and KMPs as
required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel Rules,2014) is mentioned
in the Corporate Governance Report.
10. POLICY ON REMUNERATION OF DIRECTORS, KMPs SENIOR MANAGEMENT PERSONNEL AND OTHER
EMPLOYEES INCLUDING CRITERIA'S AS DETERMINED BY NOMINATION AND REMUNERATION COMMITTEE
The remuneration paid to Directors is in accordance with the Nomination and
Remuneration Policy of the Company formulated in accordance with Section 178 of Companies
Act, 2013 read with Regulation 19 of SEBI Listing Regulations (including any statutory
modification(s)or re-enactment(s)for the time being inforce.
Nomination and Remuneration Committee has formulated the criteria for determining the
qualifications, positive attributes and independence of directors in accordance with
Section 178 of Companies Act 2013 and recommended the same to the Board.
The Nomination and Remuneration Policy may be accessed on the Company's website at the
link http://www.tttextiles.com/investor/company-policies/
11. BOARD OF DIRECTORS MEETING
During the year five Board Meetings and four Audit Committee Meetings were convened and
held. Details of the same are noted in the Corporate Governance Report. The intervening
gap between the Meetings was within the period prescribed limit under the Companies Act,
2013.
12. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors report as under:
a) That in the preparation of the annual accounts, the applicable accounting standards
have been followed.
b) That the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent 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 or loss of the company for that period.
c) That the directors 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.
d) That the Directors have prepared the annual accounts on a going concern basis.
e) That the Directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating effectively.
f) That 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.
g) No fraud has been reported by the auditors under Section 143(12) of Companies Act
2013 for the F.Y. 2021-22.
13. EVALUATION OF BOARD AND COMMITTEES AND DIRECTORS' PERFORMANCE
Pursuant to the provisions of the Company's Act. 2013 and Regulation 17(10) of the SEBI
Listing Agreement, 2015, the Board has carried out an evaluation of its own performance,
the performance of the directors individually and its committees for the financial year
2021-22.
Your Directors feel pleasure in informing the members that the performance of the Board
as a whole and its member individually was adjudged satisfactory. Your Company has framed
policy and criteria for evaluation of Executive Directors, Chairperson, and Independent
Directors and has also devised criteria for Board of Directors as a whole and individual
Committees of the board.
14. CODE OF CONDUCT
The Board of Directors has approved a Code of Conduct which is applicable to the
Members of the Board and all employees during day-to-day business operations of the
Company. The Company believes in "Zero Tolerance"against bribery, corruption and
unethical dealings / behavior of any form and the Board has laid down the directives to
counter such acts. The code laid down by the Board is known as "Code of Business
Conduct" which forms an Appendix to the Code. The Code has been posted on the
Company's website www.tttextiles.com
15. AUDIT COMMITTEE DISCLOSURES
A. Composition
During the year, the Audit Committee met four times in compliance with the provisions
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies
Act, 2013. At present, the Committee comprises Shri Ankit Gulgulia, Independent Director,
Shri Rahul Jain, Independent Director, Shri Puneet Vijay Bothra, Independent Director and
Shri Sanjay Kumar Jain, Managing Director. Mr. Pankaj Mishra is Secretary of the
Committee. All the recommendations made by the Audit committee were accepted by the Board.
B. Vigil Mechanism/Whistle Blower Policy
The Vigil Mechanism of the Company, which also incorporates a Whistle Blower Policy in
terms of the Listing Agreement, aims to provide a channel to the employees and Directors
to report to the management concerns about unethical behavior, actual or suspected fraud
or violation of the Codes of conduct or policy. The mechanism provides for adequate
safeguards against victimization of employees and Directors to avail of the mechanism and
provide for direct access to the Chairman / Chairman of the Audit Committee in exceptional
cases.
The policy of Vigil Mechanism and Whistle Blower Policy as approved by the Board may be
accessed on the Company's website at the link :http://www.tttextiles.com/investor/company
policies
16. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view
to regulate trading in securities by the Directors and designated employees of the
Company. The code of conduct stipulates such formats as are deemed necessary for making
applications for pre-clearance, reporting of trades executed, reporting of decisions not
to trade after securing pre-clearance, recording of reasons for such decisions and for
reporting level of holdings in securities at specified intervals determined as necessary
to monitor compliance with these regulations. The Board is responsible for implementation
of the Code.
All Board of Directors and the designated employees have confirmed compliance with the
code.
Further the Board of Directors of the Company has adopted revised Code of practices
& procedures for fair disclosure of unpublished price sensitive information, in
compliance with the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018.
17. CORPORATE SOCIAL RESPONSIBILITY
As part of its initiatives under "Corporate Social Responsibility" (CSR), the
Company has contributed funds for the schemes of eradicating hunger and poverty, promotion
of education and medical aid. During the year under review, Company has not done any CSR
expenditure as it was not liable due to losses in last two Financial Years.
The Annual Report on CSR activities is annexed herewith as Annexure B.
18. RISK MANAGEMENT
The Risk Management Policy required to be formulated under the Companies Act, 2013 and
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been duly
formulated and approved by the Board of Directors of the Company. The aim of Risk
Management Policy is to maximize opportunities in all activities and to minimize
adversity.
Effective risk management allows the Company to:
Embed the management of risk as an integral part of its business processes; s Establish
an effective system of risk identification, analysis and treatment s Make informed
decisions. Avoid exposure to significant reputational or financial loss; Assess the
benefits and costs of implementation of available options and controls to manage risk. s
Strengthen corporate governance procedures.
TTL adopts a systematic approach to mitigate various types of risks viz. Environmental,
Business, Operational,
Financial and others associated with accomplishment of objectives, operations, revenues
and regulations.
The Risk Management Policy may be accessed on the Company's website at the link:
http://www.tttextiles.com/images/pdf/Riskmanagementpolicy18.pdf
19. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The internal Audit functions reports to the Chairman of the
Audit Committee and to Chairman and Managing Director of the Company.
The Internal Audit monitors and evaluates the efficiency and adequacy of internal
control systems in the company and its compliances with operating systems, accounting
procedure and policies at all locations of the Company.
20. TRANSFER OF DIVIDEND AND SHARES TO INVESTORS EDUCATION AND PROTECTION FUND (IEPF)
During the year under review unclaimed Dividend for the F.Y. 2013-14 amounting to
Rs.12,69,450/- was transferred to Investor Education and Protection Fund (IEPF) account.
21. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to
financial statements. During the year, such controls were tested and no reportable
material weakness in the design or operation was observed.
22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT
The Company has not given any loan or guarantees covered under the provisions of
section 186 of the Companies Act, 2013.
23. ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2022
In accordance with the provisions of Sections 92 and 134(3)(a) of the Act read with the
Companies (Management and Administration) Rules, 2014, Annual Return in Form No. MGT-7, is
uploaded on the website at:-
http://www.tttextiles.com/wp-content/uploads/2022/06/AnnualReturn2022.pdf
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
Energy Conservation continues to be an area of major emphasis in our Company. Efforts
have been made to optimize the energy cost while carrying out manufacturing operations.
The information required to be furnished under section 134 (3)(m) of the Companies Act,
2013 read with the Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 2014 relating to Conservation of Energy, Technology absorption and
Foreign Exchange earnings and outgo is annexed as Annexure "A" herewith and
forming part of this report.
25. RELATED PARTIES TRANSACTIONS
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 any contract/ arrangement/transaction
with related parties which could be considered material in accordance with the provisions
of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Accordingly, the disclosure of Related Party Transactions as required
under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not applicable.
The Policy on dealing with related party transactions as approved by the Board may be
accessed on the Company's website at the link:
http://www.tttextiles.com/investor/company-policies/
Your Directors draw attention of the members to Note 32 of the stand alone financial
statement which sets out related party disclosures.
26. AUDITORS AND AUDITORS' REPORTS:
a. Statutory Auditor:
At the Annual General Meeting held on 13th September, 2017, M/s R S Modi & Co., New
Delhi were appointed as Statutory Auditors of the Company to hold the office till the
conclusion of 43rd Annual General Meeting of the Company in 2022. In terms of the
provisions of amended Section 139(1) of the Companies Act 2013, the appointment of
statutory auditors shall not require ratification at every Annual General Meeting.
Further, Statutory Auditor of the Company has submitted Auditor's Report on the
Accounts of the Company for the accounting year ended on 31st March 2022. The Auditor's
report is self-explanatory and requires no comments.
Board of Directors at their meeting held on 11th May, 2022 has proposed to re-appoint
M/s R S Modi & Co, Chartered Accountant as Statutory Auditor of the Company, subject
to approval of shareholders at the ensuing Annual General Meeting to be held on 3rd
August, 2022, for a period of 5 years from conclusion of 43rd annual General Meeting till
conclusion of 48th Annual General Meeting. The Board recommend for re-appointment of M/s R
S Modi& Co. as Statutory Auditor of the Company.
b. Secretarial Auditor
M/s DMK Associates, Company Secretary in Practice, were appointed as Secretarial
Auditors of the Company by the Board of Directors of the Company in their meeting held on
11th May, 2022 for the financial year 2022-23.
The Secretarial Auditors of the Company have submitted their Report in the Form No.
MR-3 as required under Section 204 of the Companies Act, 2013 for the financial year ended
31st March 2022 which is annexed here with as Annexure-C to this Report. Further in terms
of Regulation 24A of the Listing Regulations the Secretarial Compliance Report is also
submitted.
c. Cost Auditor
The Board of Directors has appointed M/s K. L. Jaisingh & Co., Cost Accountants,
New Delhi as the Cost Auditors of the Company to conduct Cost Audit of the Accounts for
the financial year ended 2022-23 However, as per provisions of Section 148 of the
Companies Act, 2013 read with Companies (Cost Record and Audit) rules, 2014, the
remuneration to be paid to the Cost Auditors is subject to ratification by members at the
Annual General Meeting. Accordingly, the remuneration to be paid to K. L. Jaisingh &
Co., Cost Accountants, New Delhi for the Financial Year 2022-23 is placed for ratification
by the members.
Further, the cost accounts and records as required to be maintained under Section 148
of the Act are duly prepared and maintained by the Company.
27. PARTICULARS OF EMPLOYEES
Information as per Section 134 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in the
statement which forms a part of this report. However as per the provisions of section 136
of the Companies Act, 2013, the report and accounts are being sent to all shareholders of
the Company excluding the aforesaid information. Any shareholder interested in obtaining a
copy of the particulars may write to the Company's Registered Office.
28. INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship with workers
and employees at all levels.
29. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company is committed to provide a protective environment at workplace for all its
women employees. To ensure that every women employee is treated with dignity and respect
the company has in place a formal policy for prevention of sexual harassment at workplace
and the Company has also constituted the Internal Complaint Committee in Compliance with
the requirement of Sexual Harassment of Women at Work Place (Prevention, Prohibition &
Redressal) Act, 2013.
30. SECRETARIAL STANDARDS
The Directors state that applicable secretarial standards have been duly followed by
the Company.
31. GENERAL DISCLOSURES
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:
-
a. Details relating to deposits covered under Chapter V of the Act.
b. Issue of equity shares and differential rights as to dividend, voting or otherwise.
c. Issue of Shares (including sweat equity shares) to employees of the Company under
any scheme.
d. 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.
e. Company does not have any subsidiary.
f. There have been no material change(s) and commitment(s) affecting the financial
position of the Company between the end of the financial year of the Company i.e., March
31, 2022, and the date of this Report. There has been no change in the nature of business
of the Company during the financial year ended on March 31, 2022.
32. ACKNOWLEDGEMENT
Your Directors place on record their sincere appreciation of the services rendered by
the employees of the Company. They are grateful to shareholders, bankers, depositors,
customers and vendors of the company for their continued valued support. The Directors
look forward to a bright future for your Company with confidence.
|
For and on behalf of the Board |
|
Sd/- |
|
Dr. RIKHAB C. JAIN |
| Place: New Delhi |
CHAIRMAN |
| Date: 11.05.2022 |
DIN No.01736379 |
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