B.L.Kashyap & Sons Ltd
Directors Reports
Dear Members,
The Directors present this Annual Report on the business and operations of the Company,
together with the audited financial statements (standalone and consolidated) for the
financial year ended 31 st March, 2023.
FINANCIAL HIGHLIGHTS
The Company's financial performance for the year as compared with the previous year is
summarized below:
(Rs. In Crores)
PARTICULARS |
STANDALONE |
CONSOLIDATED |
Year ended |
31st March, 2023 |
31stMarch, 2022 |
31stMarch, 2023 |
31stMarch, 2022 |
| Income from operations |
1091.68 |
1139.98 |
1109.97 |
1157.51 |
Profit/(Loss) before depreciation, finance cost, exceptional item and
Tax |
128.52 |
104.38 |
81.81 |
131.14 |
| Profit/(Loss) before Tax and exceptional item |
73.62 |
48.75 |
65.92 |
20.60 |
| Tax Expenses |
21.61 |
25.46 |
(1.53) |
21.98 |
| Profit / (Loss) after Tax |
52.01 |
65.97 |
22.14 |
43.94 |
| Earnings per share, on the face value of Re. 1/- each (in Rs.) |
2.31 |
2.93 |
0.98 |
1.95 |
| No. of shares |
22.5440 |
22.5440 |
22.5440 |
22.5440 |
RESULTS OF OPERATIONS AND THE STATE OF COMPANY 'S AFFAIRS Standalone:
During the financial year 2022-23:
• Revenue from operations on standalone basis decreased to Rs. 1091.68 crores
as against Rs. 1139.98 crores in the previous year a decrease of 4.24%.
• Cost of goods sold as a percentage to revenue from operations decrease to
68% as against 69% inthe previous year.
• Employee benefit expenses as a percentage to revenue from operations
increased to 17.11% (Rs. 186.80 crores) as against 15.83% (Rs. 180.45 crores) in the
previous year.
• Finance Cost as a percentage to revenue from operations increased to 4.26%
(Rs. 46.56 crores) as against 4.14% (Rs. 47.17 crores) in the previous year.
• Profit before exceptional items and tax for the current year is Rs. 73.62
crores as against Rs. 48.75 crores in the previous year.
• Profit after tax for the current year is Rs. 52.01 crores as against Rs.
65.97 crores in the previous Year.
Consolidated:
During the financial year 2022-23:
• On a consolidated basis, the Group achieved revenue of Rs. 1109.97 crores as
against Rs. 1157.51 crores a decline of 4.28%.
• Profit before exceptional items and tax for the current year is Rs. 56.51
crores as against Rs. 27.32 crores in the previous year.
• Profit after tax for the current year is Rs. 22.14 crores as against loss of
Rs. 43.94 crores in the previous year.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements are prepared in accordance with Indian Accounting
Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015
notifiedunder Section 133 of the Companies Act, 2013 and other relevant provisions of the
Companies Act, 2013.TheConsolidatedFinancialStatementsforthefinancialyear ended 31 st
March, 2023 forms part of the Annual Report.
APPROPRIATIONS a. DIVIDEND
Your Directors have not recommended any dividend for the financial yearended 31 st
March, 2023.
UNPAID / UNCLAIMED DIVIDEND
Your Company does not have any unpaid or unclaimed dividend or share relating thereto
which is required to be transferred to the IEPF till the date of this report.
DIVIDEND DISTRIBUTION POLICY
According to Regulation 43A of the Listing Regulations, the Board has adopted a
Dividend Distribution Policy, which had been placed on the website of the Company and can
be accessed at the link: https://www.blkashyap.com/DOC/Dividend-Distribution-Policy.pdf
b. TRANSFER TO RESERVES
During the year under review, The Company is not proposing to transfer any amount to
the General Reserves of the Company out of the profits made during the year. The Company
has added the entire available Surplus as part of the Other Equity.
SHARE CAPITAL
The paid-up equity share capital of the Company as at 31st March, 2023 stood at Rs.
22,54,40,000/- divided into 22,54,40,000 equity share of Rs. 1 each. As on 31st March,
2023, 99.99% of the total paid-up capital of the Company stands in the dematerialized
form.
CHANGE IN NATURE OF BUSINESS
During the year under review, there is no change in the nature of business in which the
Company operates.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position
oftheCompanyoccurredbetweentheendofthefinancialyear to which these financial statements
relate and the date of this Report.
CREDIT RATING
As on date the CRISIL has upgraded the rating to ‘CRISIL B-/Stable/CRISIL A4.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
There are no significant material orders passed by the Regulators or Courts or
Tribunals, which would impact the ‘going concern' status of the Company and its
future operations. However, members' attentionis drawn to the details about Contingent
Liabilities and Commitments appearing in the Notes forming part of the Financial
Statements.
PUBLIC DEPOSITS
The Company has not accepted any deposit under Section 73 of the Companies Act, 2013
during the year under review. No amount on account of principal or interest on deposits
from the public was outstanding as on 31st March, 2023.
SUBSIDIARIES
We have four subsidiaries and two step sown subsidiaries as on 31st March, 2023:
Name |
Status |
| B L K Lifestyle Limited |
Wholly-owned Subsidiary Company |
| Security Information Systems (India) Limited |
Wholly-owned Subsidiary Company |
| BLK Infrastructure Limited |
Wholly-owned Subsidiary Company |
| Soul Space Projects Limited |
Subsidiary Company |
| Soul Space Realty Limited |
Step Down Subsidiary Company |
| Soul Space Hospitality Limited |
Step Down Subsidiary Company |
There has been no change in the number of subsidiaries/ step sown subsidiaries or in
the nature of business of subsidiaries, during the year under review.
None of the above subsidiaries/ step sown subsidiaries is a material Indian subsidiary
since their turnover or net worth (i.e. paid-up capital and free reserves) does not exceed
10% of the consolidated turnover or net worth respectively of the Company and its
subsidiaries in the immediately preceding financial year. As per provisions of the Section
129 of the Companies Act, 2013 read with Companies (Accounts) Rule, 2014 a separate
statement containing the salient features of the financial statement of the subsidiary
companies/associate companies/joint venture is prepared in the Form AOC-1 and same is
enclosed to this annual report.
The details of the policy on determining Material Subsidiary of the Company is
available on Company's website at
https://www.blkashyap.com/DOC/Policy_Material_Subsidiary.pdf
INTERNAL FINANCIAL CONTROLS AND SYSTEMS
Your Company has in place adequate financial control system and framework in place to
ensure:
- The orderly and efficient business; conductofits
- 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 a clearly
definedPolicies,StandardOperatingProcedures(SOP),financial& operation delegation of
authority and organizational structure for its business functions to ensure a smooth
conduct of its business across the organization. Our ERP system supports in processes
standardization and their automation.
The Company's internal control systems are well established and commensurate with the
nature of its business and the size and complexity of its operations. The Audit Committee
reviews adequacy and effectiveness of the Company's internal control environment and
monitors the implementation of audit recommendations. The recommendations/suggestions of
the internal auditors are discussed in the Audit Committee . meetings periodically During
the year, such controls were tested and no reportable materials weakness in the design or
operation were observed.
RISK MANAGEMENT POLICY & IMPLEMENTATION
The Company has constituted a Risk Management Committee in financial year 2021-22. The
Company has developed and adopted a Risk Management Policy. This policy identifies all
perceived risks which might impact the operations and on a more serious level also
threaten the existence of the Company. Risks are assessed department wise such as
Estimation Risk, Competition Risk, Raw Material Risk, Financial risks, Pandemic Risk,
Information technology related risks, Legal risks, Operational Risk etc. The Management
also ensures that the Company is taking appropriate measures to achieve prudent balance
between risk and reward in both ongoing and new business activities.
The Company also takes adequate insurance to protect its assets.
RELATED PARTY TRANSACTIONS
As per the provision of Companies Act, 2013 and Regulation 23 of ‘Listing
Regulations', the Company has formulated a Policy on Related Party Transaction to ensure
transparency between the Company and the Related Parties. 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.blkashyap.com/DOC/Related_Party_Tran_Policy.pdf All related party transactions
that were entered into during the financial year were on arm's length basis and were in
the ordinary course of the business. 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.
Information on related party transactions pursuant to Section 134(3)(h) of the
Companies Act, 2013 read with rule 8 (2) of the Companies (Accounts) Rule, 2014 are given
in Form AOC-2 as ‘Annexure –A' and the same forms part of
this report.
Prior approval of the Audit Committee is obtained on a quarterly basis for the
transactions which are of a foreseen and repetitive nature. The transactions entered into
pursuant to the approval so granted are audited and a statement giving details of all
related party transactions is placed before the Audit Committee and the Board of Directors
for their approval on a quarterly basis.
Your Directors draw attention of the members to Note 31 to the financial statement
which sets out related party disclosures.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to section 134(3)(c) and 134(5) , the Board of Director, to the best of their
knowledge and ability confirms that: i. In the preparation of the annual accounts, the
applicable accounting standards have been followed and there are no material departures.
ii. The directors have selected such accounting policies and applied them consistently and
made judgments and estimates that were 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
andoftheprofits year under review; ofthe Companyforthe sufficient the maintenance of
adequate accounting records in accordance iii. Thedirectorshavetakenproperand with the
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; iv. The directors have prepared
the annual accounts of the Company on a going concern basis. v. 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. vi. The directors had
devised proper system to ensure compliance with the provisions of all applicable laws and
that such system were adequate and operating effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointments & Cessation of Directors
In accordance with the requirements of the Section 152 of the Companies Act, 2013, Mr.
Vikram Kashyap, Director of the Company is liable to retire by rotation at the Annual
General Meeting and, being eligible, offer himself for reappointment at the ensuing Annual
General Meeting.
The re-appointment of Mr. Vinod Kashyap, Mr. Vineet Kashyap and M. Vikram Kashyap were
approved by the Members at 33rd Annual General Meeting ("AGM") held
on 30th September, 2022.
The re-appointment of Mr. Vivek Talwar and Mr. Settihalli Basavaraj, Independent
Directors of the Company were approved by the Members at 33rd Annual General Meeting
("AGM") held on 30th September, 2022 Mr. Sharad Sharma (DIN 05160057), Nominee
Director of the Company has resigned and ceased to be a Director of the Company effective
close of business hours of 31st May, 2022.
Key Managerial Personnel
As on the date of this report, the following are Key Managerial Personnel
("KMPs") of the Company as per Sections 2(51) and 203 of the Act: a) Mr. Vinod
Kashyap, Whole Time Director b) Mr. Vineet Kashyap, Managing Director c) Mr. Vikram
Kashyap, Whole time Director d) Mr. Manoj Agarwal, Chief Financial Officer e) Mr. Pushpak
Kumar, VP & Company Secretary
COMMITTEES OF THE BOARD
The Company has duly constituted the following committees as per the provisions of the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015 viz; Audit Committee, Nomination and
Remuneration Committee, Stakeholders' Relationship Committee, Corporate Social
Responsibility Committee, Risk Management Committee and Executive Committee. The details
pertaining composition of above committees& their meetings are given separately under
the Corporate Governance Report, which forms part of this report.
MEETINGS OF THE BOARD
The Board meets on regular intervals to discuss on Company/business policy, strategy
and financial results apart from other Board business. A tentative calendar of Meetings is
prepared and circulated in advance to the Directors to facilitate them to plan their
schedule and to ensure meaningful participation in the meetings.
During the year Four Board Meetings were convened and held. The details of which are
given in the Corporate Governance Report which forms part of this report. The intervening
gap between the Meetings was within the period prescribed under the Companies Act,
2013/notification issued by the Government from time to time.
Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate meeting of
the Independent Directors of the Company was also held on 11th February, 2023, without the
presence of Non-Independent Directors and members of the management, to review the
performance of Non-Independent Directors and the Board as a whole, the performance of the
Chairperson of the company, taking into account the views of Executive Directors,
Non-Executive Non-Independent Directors and also to assess the quality, quantity and
timeliness of flow of information between the Company management and the Board.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on directors' appointment and remuneration and other matters
provided in Section 178(3) of the Act has been disclosed in the Corporate Governance
report, which forms part of the Board's report.
PERFORMANCE EVALUATION
Pursuant to the provisions of Section 134(3), Section 149(8) and Schedule IV of the Act
read with Listing Regulations, Annual Performance Evaluation of the Board, the Directors
as well as Committees of the Board has been carried out. The performance evaluation of all
the Directors and the Board as a whole was conducted based on the criteria and framework
adopted by the Board, details of which are provided in the Corporate Governance Report.
The properly defined and systematically structured questionnaire was prepared after having
considered various aspects and benchmarks of the Board's functioning, composition of the
Board and its Committees, performance of specific duties, obligations and governance was
carried out by the entire Board and the performance evaluation of the Chairman and
Non-Independent Directors was carried out by the Independent Directors in their separate
meeting. The Board of Directors expressed their satisfaction with the evaluation process.
DECLARATION BY INDEPENDENT DIRECTORS
As on 31st March, 2023, Mr. H.N. Nanani, Justice C.K. Mahajan (Retd.), Mr. Vivek
Talwar, Mr. Settihalli Basavaraj and Ms. Poonam Sangha were Independent Directors on the
Board.
The Company has received declaration from the Independent Directors that they meet the
criteria of independence as prescribed u/s 149(6) of the Companies Act, 2013. In the
opinion of the Board, they fulfill the condition for appointment/ re-appointment as an
Independent Directors on the Board. Further, in the opinion
oftheBoard,theIndependentDirectorsalsopossesstheattributesof integrity, expertise and
experience as required to be disclosed under Rule 8(5) (iiia) of the Companies (Accounts)
Rules, 2014. In terms of Regulation 25 (8) of SEBI (LODR) Regulations, 2015 the
Independent Directors have also confirmed that they are not aware of any circumstance or
situation, which exists or which 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. During the year under report, the Independent Directors of
the Company had no pecuniary relationship or transactions with the Company, except to the
extent of sitting fees and reimbursement of expenses incurred by them for the purpose of
attending the meetings of the Board and its committees.
Proficiency of Directors
In compliance with Rule 6 of Companies (Appointment and Qualification of Directors)
Rules, 2014, all the Independent Directors of the Company have registered themselves with
the Independent Directors Data Bank maintained by IICA.
STATUTORY AUDITORS
In accordance with the provisions of the Companies Act, 2013 and Rules made thereunder
M/s. Rupesh Goyal & Co., Chartered Accountants (ICAI Firm Registration No. 021312N)
were appointed as Statutory Auditors of the Company for a term of four years from the
conclusion of 31st Annual General Meeting held on September 30, 2020 until the conclusion
of 35th Annual General Meeting to be held in the year 2024.
The Auditors' Report on the Financial Statements of the Company for the Financial Year
2022-23 to the Members is part of Annual Report. There are no qualifications, reservations
or adverse remarks or disclaimers requiring any explanation in their report. There have
been no instances of frauds reported by the Auditors under Section 143 (12) of the Act and
the Rules framed thereunder, either to the Company or to the Central Government.
COST AUDITORS
In terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014, it is stated that the cost accounts and records are made and
maintained by the Company as specified by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013. The Board of Directors of the Company on the
recommendation of the Audit Committee approved the appointment of and remuneration payable
to M/s. Sanjay Gupta & Associates, Cost Accountants as the Cost Auditors of the
Company to audit the cost records for the financial year ending 31st March, 2024. The
Company has received their written consent that the appointment is in accordance with the
applicable provisions of the Companies Act, 2013 and rules framed thereunder. As per the
statutory requirement, the requisite resolution for ratification of remuneration of the
Cost Auditors by the members of the Company has been set out in the Notice convening 34th
AGM of the Company.
SECRETARIAL AUDITORS
Pursuant to provisions of section 204 of the Companies Act, 2013 the Board has
appointed M/s. Dhananjay Shukla & Associates, Company Secretaries, to undertake the
Secretarial Audit of the Company for the financial year ended on 31st March, 2023. The
Secretarial Audit Report for the financial st March, 2023 is annexed herewith and marked
as " yearended31 Annexure-B". There are no qualifications or adverse
remarks or disclaimers in the said report.
SECRETARIAL STANDARDS
During the year under report, the Company has duly complied with all the applicable
secretarial standards as issued by the Institute of Company Secretaries of India from time
to time.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Loans, guarantees and investments covered under the provisions of section 186 of the
Companies Act, 2013 forms part of the notes to the financial statements provided in the
Annual Report.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Company, in compliance with Section 135 of the Companies Act, 2013 has constituted
a Corporate Social Responsibility Committee (CSR Committee) of the Board of Directors. The
CSR Committee comprising Mr. H.N. Nanani as the Chairman and Mr. Vinod Kashyap, Mr. Vineet
Kashyap and Mr. Vikram Kashyap as other members.
The CSR Policy is available on our website at:
https://www.blkashyap.com/DOC/CSR_Policy.pdf
Annual Report on CSR activities as required under the Companies Corporate Social
Responsibility Policy Rules, has been annexed to this Report as "Annexure C"
which forms an integral part of this report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has in place an alert procedure "Vigil Mechanism / Whistle Blower
Policy" to deal with instance of fraud and mismanagement, if any.
The procedure of "Vigil Mechanism / Whistle Blower Policy" ensures that
strict confidentiality is maintained whilst dealing with concerns and also that no
discrimination will be meted out to any person for a genuinely raised concern. No
personnal has been denied access to the audit committee pertaining to the Whistle Blower
Policy.
The policy on vigil mechanism and Whistle Blower Policy may be accessed on the
Company's website at https://www.blkashyap. com/DOC/Whistle_Blower_2014.pdf
INSIDER TRADING REGULATIONS
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 requires pre-clearance for dealing in the Company's shares and prohibits
the purchase or sale of Company shares by the Directors and the designated employees while
in possession of unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Board is responsible for
implementation of the Code.
All Board Directors and the designated employees have confirmed compliance with the
Code.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 and the rules made thereunder, your Company has
formulated an internal policy on Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal). The policy aims at educating employees on conduct that
constitutes sexual harassment, ways and means to prevent occurrence of any such incident,
and the mechanism for dealing with such incident in the unlikely event of occurrence.
The Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the said Act. There have been no complaints of sexual
harassment received during the year.
LISTING
The Equity Shares of the Company are listed on National Stock Exchange of India Limited
and BSE Limited. The requisite annual listing fees have been paid to these Exchanges.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has taken suitable measures for conservation of energy. The core activity
of the company is civil construction that is not an energy intensive activity. At every
possible level Company is trying to conserve the use of energy i.e. power & fuel.
There is no information to be furnished regarding Technology Absorption as your Company
has not undertaken any research and development activity in any manufacturing activity nor
any specific technology is obtained from any external sources, which needs to be absorbed
or adopted. Innovation is a culture in the Company to achieve cost efficiency in the
construction activity to be more and more competitive in the prevailing environment that
cannot be quantified.
While there was no Foreign Currency earning during the year under review, the Foreign
Currency outgo was Rs. 27.79 Lakhs.
STOCK OPTIONS
Your Company does not have any stock options scheme.
ACCREDITATION
Your company continues to enjoy ISO 9001:2015, ISO 45001:2018 and OHSAS 14001:2015
accreditation, for meeting international standards of Quality, Environmental, Occupational
Health and Safety Management Systems.
HEALTH AND SAFETY
The Company places highest value on ensuring the safety of its employees, labours,
third parties and visitors. At each of our project sites, it is ensured that safe work
practices are followed and environment is protected. Every possible measure is taken to
protect environment and ensure occupational health and safe working places for its
employees. Our constant and collective efforts for ensuring accident-free operations, fail
proof risk management and a cleaner, safer environment have paid rich dividends over the
decades, leading to better growth opportunities and enhanced trust. The Company has been
accredited with OHSAS 14001:2015 certification, which reinforces & is benchmark for
the quality of safety standard and practices which are regularly been used at project
sites.
PARTICULARS OF EMPLOYEES
The information as per Section 197 read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure- D to the
Board's Report. In terms of the provisions of Section 197(12) of the Companies Act, 2013
read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing the names of employees and other particulars
of the top ten employees and employees drawing remuneration in excess of the limits as
provided in the said rules will be provided upon request. However, in terms of provisions
of the first proviso to Section 136(1) of the Companies Act, 2013, the Annual Report is
being sent to the members of the Company excluding the aforesaid information. The said
information is available for inspection at the Registered Office of the Company during
working hours and any member interested in obtaining such information may write to the
Company Secretary and the same will be furnished on request.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standard of Corporate Governance and
adhere to the Corporate Governance requirements set out by SEBI. The report on Corporate
Governance as stipulated under Listing Regulations forms an integral part of this Annual
Report. The requisite Certificate from the Auditors of the Company confirming stipulated
under the Listing Regulations is appended to the Corporate Governance Report. A
Certificate of the CEO and CFO of the Company in terms of Regulation 17(8) of the Listing
Regulations is also annexed.
MANAGEMENT DISCUSSION AND ANALYSIS
In terms of the provisions of Regulations 34 of the SEBI (Listing Obligation and
Disclosure Requirements) Regulations 2015, the Management's Discussion and Analysis is
presented in a separate section forming part of this Annual report.
THE DETAIL OF APPLICATION MADE /PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016
No Corporate Insolvancy resolution process were initiated against the Company under the
Insolvency and Bankruptcy Code, 2016 during the year under review.
ANNUAL RETURN
Pursuant to Section 92(3) & 134(3)(a) of the Act, the Annual Return for FY 2022-23
is uploaded on the website of the Company and can be accessed at
https://www.blkashyap.com/investor-relations/.
ELECTRONIC FILING
The Company is also periodically uploading Annual Reports, Financial Results,
Shareholding Pattern, Corporate Governance Reports etc. on its website viz.
www.blkashyap.com within the prescribed time limit.
ACKNOWLEDGEMENTS
Your directors would like to express their gratitude for the support, assistance and
cooperation received from the Financial Institutions, Bankers, and Government Authorities,
Regulatory Authorities, Stock Exchanges & Joint Ventures Partners/ Associates. The
Board also wishes to place on record its appreciation of the continued support from
Client, Vendors and Investors during the year. We place on record our appreciation of the
contribution made by employees at all levels. Our efforts at consolidating our position
would not have been possible but for their hard work, solidarity cooperation and support.
The Board expects to continue to receive their continued support and cooperation in future
also.
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