To the Members,
The Directors present the Sixtieth Annual Report and the Audited Statement of Accounts
of the Company for the year ended 31st March, 2023.
1. CORPORATE OVERVIEW
Kaira Can Company Limited is a company incorporated in India on March 1, 1962. The
company started its manufacturing activity as a Private Limited Company at Anand in the
state of Gujarat, which later became a Public limited company on August 24, 1964 and is
listed on Bombay Stock Exchange (BSE). The Company is engaged in the manufacture of Open
Top Sanitary Cans, Lithographed and Plain Metal Containers and Paint Containers.
The company is also in the business of manufacturing of Ice Cream Cones since financial
year 2000-2001. The Registered Office of the Company is situated at Mahalaxmi, Mumbai in
the state of Maharashtra. The factories are located at Kanjari and Vithal Udyog Nagar in
the State of Gujarat.
The Directors are pleased to inform that the Company is now amongst the Top 2000 listed
Companies on the Stock Exchange, on the basis of market capitalization as on March 31,
2023.
2. FINANCIAL RESULTS
|
31st March, 2023 |
31st March, 2022 |
|
(Rupees in Lakhs) |
(Rupees in Lakhs) |
Total Revenue from operations |
25,387.12 |
23,504.10 |
| Other Income |
75.50 |
46.20 |
Total Revenue |
25,462.62 |
23,550.30 |
| Profit before depreciation and tax |
1,600.06 |
1,934.74 |
| Less : Depreciation |
456.08 |
470.44 |
Profit before tax |
1,143.98 |
1,464.30 |
Less : Provision for current tax |
364.22 |
428.17 |
| Provision for tax – earlier years |
(5.28) |
- |
| Provision for deferred tax |
(18.95) |
11.23 |
Net profit for the year amounts to |
803.99 |
1,024.90 |
| Balance brought forward from previous year |
4,804.61 |
3,993.63 |
| (*5,018.53 – 100 Trf. To Gen. Res – 110.66 Div. – 3.26
OCI) |
|
|
The Disposable profit for the year |
5,608.60 |
5,018.53 |
3. REVIEW OF OPERATIONS
Your Company has achieved a total sales turnover of Rs. 25,463 lakhs for the year ended
31st March, 2023 as compared to Rs. 23,550 lakhs for the previous year - a growth of 8%.
The increase is attributed to factors namely, increase in demand by various customers.
During the year under review, the Company has achieved a sales turnover of Rs.23,823 lakhs
of metal cans and its components as compared to Rs. 22,281 lakhs in the previous year,
thereby registering an increase of 7%. The Company has executed export orders worth Rs.
412 lakhs of metal cans and its components during the year under review as compared to Rs.
369 lakhs in the previous year. The Sugar Cone Division has achieved a sales turnover of
Rs. 1,553 lakhs as compared to Rs.1,217 lakhs in the previous year.
4. DIVIDEND
Your Directors are pleased to recommend for your approval dividend of Rs. 12/- per
Equity Share of Rs.10/- each on 9,22,133 Equity Share for the year ended March 31, 2023
(Previous Year: Dividend of Rs.12/- per equity share of Rs.10/- each). The payout of
Rs.1,10,65,596 /- dividend is payable shall be subject to deduction of tax at source, as
applicable. You are requested to approve the same.
5. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND
In terms of Section 125 of the Companies Act, 2013, the unclaimed dividend relating to
the financial year ended 31st
March, 2016 declared on 12th August, 2016 is due for remittance on 17th September, 2023
to Investor Education and Protection Fund established by the Central Government.
6. SHARE CAPITAL
The paid-up Equity Share Capital as on 31st March, 2023 is Rs.92,21,330/- comprises
9,22,133 shares of Rs.10/- each. During the year under review, the Company has not issued
any Shares on Right basis and bonus to the shareholders.
7. DOMESTIC MARKET AND EXPORTS
The Company is one of the leading and established Company in tin packaging industry
in India. The Company is doing aggressive marketing efforts and focusing on quality and
uninterrupted supply throughout the year to dairies and food processing industries. The
company is also entered into paint sector as well.
Further, the Company has successfully established its presence in export market in
Middle East countries. The Directors are positive of the future growth in international
market.
| Total Foreign Exchange Earned. |
Rs. 412.04 lakhs |
| Product exports |
|
| Total Foreign Exchange Used. |
Rs. 1,305.51 lakhs |
| Import of tinplate (main raw material), Stores & Spares, Capital
Goods etc. |
|
8. FINANCIAL AND ACCOUNT STATEMENTS
Your Company prepares its financial statements in compliance with the requirements
of the Companies Act, 2013 and as mandated by the Ministry of Corporate Affairs, the
financial statements for the year ended on March 31, 2023 has been prepared in accordance
with the Indian Accounting Standards (IND AS) notified under Section 133 of the
Companies Act, 2013 read with the Companies (Accounts) Rules, 2014. The estimates and
judgments relating to the
Financial Statements are made on a prudent basis, so as to reflect in a true and fair
manner, the form and substance of transactions and reasonably present the Company's state
of affairs, profits and cash flows for the year ended
March 31, 2023.
There is no audit in the financial statements by the statutory auditors for the year
under review.
9. RATING
The Company has been assigned a rating CRISIL A-/ Stable for Long term facilities
and CRISIL A2 Plus for short term facilities.
10. SUBSIDIARIES
Your Company does not have any subsidiary company.
11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of loans, guarantees and investments covered under the provisions of
Section 186 of the Companies Act,
2013, wherever applicable, are given in the notes to financial statements
12. DISCLOSURES UNDER THE COMPANIES ACT, 2013 i) Annual Return:
The Annual Return as required under Section 92(3) of the Companies Act, 2013 and Rule
12 of the Companies (Management and Administration) Rules, 2014 is available on the
website of the Company and can be accessed at www.kairacan.com. ii) Number of Board
Meetings:
The Board of Directors met five times during the year 2022-23. The details of the board
meetings and the attendance of the Directors there at are provided in the Corporate
Governance Report, appearing as a separate section in this Annual report. iii)
Composition of Audit Committee
Kaira Can Company Limited has an Audit Committee that comprises of four Non-executives,
Independent Directors and two non-executives, non-independent Director. The Chairman of
the Audit Committee is an
Independent Director. The Independent Directors are accomplished professionals from the
corporate fields. The Managing Director, Executive Director & Chief Financial Officer
(CFO), GM (Finance and Accounts) and AGM - Accounts of the Company attend the meetings on
invitation. The Company Secretary is the Secretary of the Committee. During the year the
Audit Committee has the following members: Shri. Keval N. Doshi - Chairman, Non-Executive
and Independent Director Shri. Laxman D. Vaidya - Member, Non-Executive and Independent
Director Smt. Varsha R. Jain - Member, Non-Executive and Independent Director Shri. Jai S.
Diwanji - Member, Non-Executive and Independent Director Shri. Kirat M. Patel - Member,
Non-Executive and Non Independent Director Shri. Utsav R. Kapadia - Member, Non-Executive
and Non Independent Director During the year ended March 31, 2023 the Committee met four
times. The other details of the Audit Committee are given in the Corporate Governance
Report, appearing as a separate section in this Annual Report.
iv) Related Party Transactions:
All related party transactions that were entered into during the financial year were on
an arm's length basis and were in ordinary course of business. There are no materially
significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have potential conflict with the interest of the Company at large. All related
party transactions are mentioned in the notes to the accounts.
All Related Party Transactions are placed before the Audit Committee as also the Board
for approval. Prior omnibus 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 omnibus 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 the approval on a quarterly basis.
The policy on Related Party Transactions as approved by the Board is uploaded on the
Company's website at www.kairacan.com.
Since all related party transactions entered into by the Company were in the ordinary
course of business and were on an arm's length basis form AOC-2 is not applicable to the
Company.
13. MANAGEMENT OF RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES. Whistle
Blower Policy/ Vigil mechanism
The Company has whistle blower policy to deal with instances of fraud and
mismanagement, if any.
In compliance with the requirement of the Companies Act, 2013 and Listing Agreement
guidelines, the Company has established a Whistle Blower Policy/Vigil mechanism policy and
the same is placed on the website of the Company at www.kairacan.com. The employees of the
company are made aware of the said policy at the time of joining the Company.
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12)
of Act and Rules framed thereunder.
14. INTERNAL CONTROL SYSTEMS AND ITS ADEQUACY
Your Company has an effective internal control and risk-mitigation system, which are
constantly assessed and strengthened with new/revised standard operating procedures. The
Company's internal control system is commensurate with its size, scale and complexities of
its operations. The internal audit is entrusted to Messrs. Kiran Patel & Co.,
Chartered Accountants. The main thrust of internal audit is to test and review controls.
The Audit Committee of the Board of Directors actively reviews the adequacy and
effectiveness of the internal control systems and suggests improvements to strengthen the
same. The Company has a strong Management Information System, which is an integral part of
the control mechanism.
The Audit Committee of the Board of Directors, Statutory Auditors and the Business
Heads are periodically apprised of the internal audit findings and corrective actions
taken. Audit plays a key role in providing assurance to the Board of Directors.
Significant audit observations and corrective actions taken by the management are
presented to the Audit Committee of the Board.
15. HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION
Your Company has complied with all applicable environmental laws and labor laws. The
Company has been taking all the necessary measures to protect the environment and maximize
worker protection and safety. The Company's policy require conduct of operation in such a
manner so as to ensure safety of all concerned, compliance of environmental regulations
and preservation of natural resources.
In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) 2013 and the rules made thereunder, the Company has constituted Internal
Complaints Committee. During the year under review there were no complaints referred to
the Committee.
The Company is having status of ISO 9001-2015 certification, which is internationally
recognized for the production, quality control and other qualities. The scope of
certificate is for management system which is in line with the standards of the
manufacturing and supply of metal cans and components.
16. EMPLOYEES' STOCK OPTION PLAN
Your Company has not provided any employee stock options.
17. DIRECTORS
The Board consists of Executive and Non-Executive Directors, including Independent
Directors, who have wide and varied experience in different discipline of corporate
functioning.
In accordance with the provisions of the Companies Act, 2013 and the Company's Articles
of Association, Shri. Premal N. Kapadia and Shri. Kirat M. Patel retire by rotation and
being eligible offer themselves for the re-election.
The Nomination of Shri. Pavan Kumar Singh, Nominee Director, is withdrawn by GCMMF
Limited from the Board of the company effective 28th February, 2023. He was
associated with the Company as the Nominee Director of GCMMF Limited for past 9 years,
during his tenure, the Board received valuable guidance and advice from him. The Board of
Directors has placed on record its sincere appreciation for his contribution during his
tenure as the Nominee Director.
Subsequently GCMMF Limited has nominated Shri. Jayen S. Mehta as the Nominee director
with effect from 1st March, 2023.
18. DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosure to the Board that they
fulfill all the requirements as to qualify for their appointment as an Independent
Director under the provisions of the section 149 of the Companies Act, 2013 as well as
Regulations 16 (b) of SEBI (Listing Obligations and Disclosures Requirements) Regulations,
2015.
The Board confirms that the said Independent Directors meet the criteria as laid down
under the Companies Act, 2013 as well as SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015.
19. CODE OF CONDUCT
The Board of Directors has laid down a Code of Conduct applicable to the Board of
Directors and Senior Management, which is available on the company's website. All Board
Members and Senior Management personnel have affirmed compliance with the code of conduct.
20. EVALUATION OF THE BOARD'S PERFORMANCE
In compliance with Companies Act, 2013, and SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015, and in line with the Guidance notes issued by SEBI the
performance evaluation of the Board as a whole and of the Individual Directors was carried
out during the year under review. With the help of a structured questionnaire was prepared
after taking into consideration inputs received from the Directors, covering various
aspects of the Board's functioning, Board culture, execution and performance and specific
duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of individual Directors
including the Chairman of the Board, on parameters such as level of engagement and
contribution, independence of judgment, safeguarding the interest of the Company and its
minority shareholders etc. The Directors expressed satisfaction with the evaluation
process.
21. KEY MANAGERIAL PERSONNEL
During the year under review, the following are the Key Managerial Personnel of the
Company:
Sr. No. |
Name of the Key Managerial Personnel |
Designation |
| 1 |
Shri. Ashok B. Kulkarni |
Managing Director |
| 2 |
Shri. K. Jagannathan |
Executive Director & Chief Financial Officer |
| 3 |
Shri. Hiten P. Vanjara |
Company Secretary |
22. PARTICULARS OF THE EMPLOYEES
Disclosures pertaining to the remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014 thereunder forms part of the Board's Report. The said
disclosures, information and details in respect of employees of the Company required
pursuant to said Section and the Rule will be provided upon request. However, in terms of
Section 136 of the Companies Act 2013, the Report and Accounts are being sent to the
Members and others entitled thereto, excluding the statement of particulars of employees
and is available for inspection by the Members upon request. If any Member is interested
in obtaining a copy thereof, such Member may write to the Company in this regard at companysecretary@kairacan.com.
23. NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework in relation to
remuneration of Directors. This policy also lays down criteria for selection and
appointment of Board Members. The details of this policy is explained in the Corporate
Governance Report.
24. STATUTORY AUDIT
The Members appointed Messrs. G. D. Apte & Co., Chartered Accountants (ICAI
Firm Registration Number 100515W) as the Statutory Auditors of the Company pursuant to
Section 139 of the Companies Act, 2013 for the period of five years at the 56th Annual
General Meeting held on 7th August, 2019.
25. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made
thereunder, the Company has appointed Mr. Prashant S. Mehta Practicing Company Secretary
ACS 5814 (C.P.No.17341) to undertake the Secretarial Audit of the Company. The Secretarial
Audit Report is included in the Directors' Report and forms an integral part of this
report is annexed as Annexure - I
26. COST AUDIT
As per the requirement of Central Government and pursuant to Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 as
amended from time to time, your Company has been carrying out audit of cost records
relating to Can Division. The Board of Directors, on the recommendation of Audit
Committee, has appointed M/s. P. D. Modh & Associates as Cost Auditor to audit the
cost accounts of the Company for the financial year 2023-24. As required under the
Companies Act, 2013, a resolution seeking member's approval for the remuneration
payable to the Cost Auditor forms part of the Notice convening the Annual General meeting.
27. BUSINESS RISK MANAGEMENT
Risk management is embedded in your Company's operating framework. Your Company
believes that managing risks helps in maximizing returns. The Company's approach to
addressing business risks is comprehensive and includes periodic review of such risks and
a framework for mitigating controls and reporting mechanism of such risks. The Company has
a robust Business Risk Management framework to identify, evaluate and access business
risks and their impact thereupon. The key business risk elements identified by the Company
and bifurcated under different Heads are as under:
? Raw Materials: This head covers Cost of raw materials, non-availability of
raw materials, etc. The Company is mitigating these risks through regular planning of
purchase of raw material and maintaining re-order quantity and inventory management
reporting.
? Financial risks: This head covers risk elements such as dwindling
financial ratios, foreign exchange fluctuations, drop in credit rating, investor
relations, fraud, inadequate insurance, etc. The Company is mitigating these risks through
evaluating business operation efficiency, keeping accounts recoverable at low and managing
debt and financial leverage.
? Operations risks: This head includes risk elements such as
non-availability of Labour, labor unrest, non-availability of power, non-availability of
water, breakdown, non-availability of competent personnel, pollution control, legal
compliance, safety, logistics / transport, machinery spares and equipment issues, etc. The
Company is mitigating these risks by Monitoring and evaluations at regular intervals by
establishing appropriate metrics and key performance indicators to monitor and timely
assessment of risk and performance.
? Market risks: This head includes risk elements such as price of finished
products, demand Supply mismatch, substitute products, bad debts, service / product
complaints, brand image, etc. The Company is mitigating these risks through increasing
customer base, improving demand-supply chain management, improving quality of product,
creating strong brand image of the company, strong and customer friendly relationship.
? Regulatory risks: The Company is exposed to risks attached to various
statutes, laws and regulations. The Company is mitigating these risks through regular
review of legal compliances carried out through internal as well as external compliance
audits.
? Human resource risks: Retaining the existing talent pool and attracting
new talent are major risks. The Company has initiated various measures including
educating, training and integration of learning and skill development activities. The
Company regularly conduct workshops and training sessions which helps to identify, nurture
and groom managerial talent within the company to prepare them for future business
leadership.
? Strategic risks: Business Developments, capital expenditure for capacity
expansion etc., are normal strategic risks faced by the Company. However, the Company is
regularly taking various steps for obtaining approvals for investments in businesses and
capacity expansions.
? Cyber risks: The failure of Information Technology (IT) systems due to
malicious attacks and / or non-compliance with data privacy laws can potentially lead to
financial loss, business disruption and / or damage to the Company's reputation. The
Company has in place a data protection system. It maintains a cyber-security
infrastructure. The Company uses standardised backup tools, services and procedures to
ensure that information and data are stored at two or more diverse locations.
28. INSURANCE
The Assets of the Company are adequately insured against the loss of fire, riots,
earthquake, etc. and other risks which considered necessary by the Management.
29. DEPOSITS
The Company has discontinued its Fixed Deposit Scheme since 11th August,
2017 and thereafter Company has stopped accepting fresh and renewing any fixed deposits
from the members.
The company has also repaid all outstanding deposits to the fixed deposit holders as on
31st March, 2019. As a result, there is no outstanding Fixed Deposits as on
date.
30. INSIDER TRADING POLICY
As required under the amended new Insider Trading Policy Regulations of SEBI, your
Directors have framed new Insider Trading Regulations and code of Internal Procedures and
Conduct for Regulating Monitoring and Reporting of Trading by Insiders. For details please
refer to the company's website.
31. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your directors make the following statements in terms of
Section 134(3) (c) of the Companies Act, 2013: a. that in the preparation of the annual
financial statements for the year ended March 31, 2023, the applicable accounting
standards have been followed along with proper explanation relating to material
departures, if any; b. that such accounting policies as mentioned in Note 2 of the Notes
to the Financial Statements have been selected and applied consistently and judgement and
estimates have been made 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, 2023 and of the profit of the
Company for the year ended on that date; c. that proper and sufficient care has been
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. that the annual financial statements have
been prepared on a going concern basis; e. that proper internal financial controls were in
place and that the financial controls were adequate and were operating and f. that systems
to ensure compliance with the provisions of all applicable laws were in place and were
adequate and operating effectively. www.kairacan.com 16
32. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
During the year under review, relations between the employees and the management
remained satisfactory at all the units of the Company. The Company takes pride in the
commitment, competence and dedication shown by its employees in all areas of business.
The Company is committed to nurturing, enhancing and retaining top talent through
learning and organizational development as a part of human resource development function.
None of the employee is drawing salary in excess of the limits prescribed by the Companies
Act, 2013 and rules made thereunder, which needs to be disclosed in the Directors' Report.
33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
During the year under review, no significant and material orders were passed by the
regulators or courts or tribunals impacting the going concern status and company's
operations.
34. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
Your Company is committed to good Corporate Governance practices and following to
the guidelines prescribed by the SEBI and BSE Ltd from time to time and Pursuant to SEBI
(Listing Obligations and Disclosures Requirements) Regulations, 2015 the Company has
implemented various provisions relating to Corporate Governance, a separate section on
Corporate Governance practices, followed by the Company and Management discussion and
analysis together with a certificate from the Company Secretary in practice confirming
compliances, is set out in the Annexure forming part of this Report.
35. CORPORATE SOCIAL RESPONSIBILITY
The Company is committed to discharging its social responsibility as a good
corporate citizen.
The Committee has identified a Registered Trust, viz.,Shrut Ratnakar Trust, Dist.
Ahemadabad, Gujarat Which undertake various Jainism Course, High level research and tools
for knowledge to bring Lord Mahaveer's diction
"Knowledge First and Then Mercy" to life.
The Committee has also contributed by way of donation to registered trust, viz.,
Charutar Arogya Mandal, located at Vallabh Vidya Nagar, Gujarat, which manages Shree
Krishna Hospital, which cater to general public and needy people in and around Karamsad,
near Kanjari and Anand. The Trust is dedicated to serve the public at reasonable rate for
treatment of Covid-19 patients, advance medical treatment of cancer and cardiac patients
under its health care and preventive health care program.
The Committee has also contributed by way of donation to HPL Public charitable trust,
for various charitable activities like public health system, hospital particularly related
to Covid-19 pandamic and other medical health care for treating poor and needy patient.
The Board provide a brief outline of the company‘s CSR policy including the
statement of intent reflecting the ethos of the company, broad areas of CSR interest and
an over view of activities proposed to be undertaken. The CSR policy has been hosted on
the website of the Company.
The CSR Committee consists of the following members:
Name of the Member |
Designation |
| Shri. Premal N. Kapadia, Non-Executive Non-Independent Director |
Chairman of the committee |
| Shri. Keval N. Doshi, Non-Executive Independent Director |
Member |
| Shri. K. Jagannathan, Executive Director and CFO |
Member |
The Report on CSR activities as required under Companies (Corporate Social
Responsibility Policy) Rules, 2014 is included in the Directors' Report and forms an
integral part of this Report and is annexed as Annexure II.
36. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTIONS A.
Conservation of Energy
Energy conservation remains a top priority for the Company, as we aim to effectively
control electricity and fuel consumption across all our units. The company has taken
following steps to streamline power consumption and reduce overall energy usage.
i. Implemented LED smart fit lighting in Cone & Can division to save the energy.
ii. Installed day light sensors in plant, streets and parking area for energy saving.
B. Technology Absorption , Adaptation and Innovation
In line with our commitment to continuous improvement, the Company continues to upgrade
systems and equipment. These efforts are focused on enhancing product quality, minimizing
manufacturing wastages, improving productivity, and ensuring customer satisfaction. The
company has installed following equipments accordingly:
i. Sheet feed press in Can division;
ii. Additional one Printing and one Coating Machine;
iii. New system in Kanjari Unit; iv. Sewage Treatment Plant (STP) in Kanjari Unit; v.
Modern unloading bay for quick unloading of Raw Material etc.
37. ENHANCING SHAREHOLDERS VALUE
Your Company believes that its Members are among its most important stakeholders.
Accordingly, your Company's operations are committed to the pursuit of achieving high
levels of operating performance and cost competitiveness, consolidating and building for
growth, enhancing the productive asset and resource base and nurturing overall corporate
reputation. Your Company is also committed to creating value for its corporate actions
positively impact the socio-economic and environmental dimensions and contribute to
sustainable growth and development.
38. ACKNOWLEDGEMENT
Your Directors express their appreciation for the assistance and co-operation received
from the Gujarat Co-operative Milk Marketing Federation Limited, customers, suppliers,
Banks, Government Authorities and Shareholders during the year under review. Your
Directors wish to place on record their deep sense of appreciation to all employees for
their hard work, dedication and support which has helped us to face all challenges and
enable business continuity in these turbulent times of global corona virus pandemic and
lockdown.
On behalf of the Board of Directors
|
SHRI KEVAL N. DOSHI |
|
NON-EXECUTIVE CHAIRMAN |
|
DIN 03635213 |
| Place: Mumbai |
|
| Date: 24th May, 2023. |
|
|