Dear Members,
Your Directors are pleased to present the 12th Annual Report of DRC Systems India Limited ("the Company" or "DRC"), along with the Audited Financial Statements for the Financial Year ended March 31, 2024.
1. FINANCIAL RESULTS
The Financial performance of your Company for the year ended March 31, 2024 is summarized in the table below:
( in Lakhs)
Standalone
2. OVERVIEW OF COMPANY'S FINANCIAL PERFORMANCE AS ON MARCH 31, 2024
Your company is an IT services and Consultancy
Company in India focused on providing viable and lasting solutions to businesses. We are focused on innovation and creativity to lead the change, since its advent in 2012. With competent teams of developers, project managers, and strategists, we help our customers overcome their business challenges with customized software development. Our services and solutions help businesses scale the market. Over the years, we have diversified our service offerings through a mix of organic growth and strategic transactions. We believe the wide range of services that we offer enables us to build stronger relationships with our clients and cross sell our services. Our customer base is spread across geographies and majorly to Europe, USA, Middle East and Asia.
Company's operational revenue on a standalone basis increased by 64% to INR 3587.96 Lakhs, against Rs. 2181.78 Lakhs in the previous year. Revenue from operations on a consolidated basis also grew significantly by 86% from INR 2562.52 Lakhs to INR
4768.30 Lakhs. Company's overall annual financial performance have shown tremendous growth due to our efforts to expand in the Middle East, Europe, and US market as well as robust export market demand. EBITDA margins on a consolidated level came at 31% while on a standalone basis were 15%. The standalone Profit after Tax was at Rs. 234.25 Lakhs for the current year as compared to Rs. 420.01 Lakhs. The consolidated Profit after Tax has increased for the year by 74% to Rs. 1165.40 Lakhs as against Rs. 669.41
Lakhs in the previous year. The Company's discipline in allocating resources to key strategic growth areas while optimizing costs and improving efficiency resulted into a strong growth in Profit before Tax and Profit after
Tax.
3. CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of your
Company for the Financial Year 2023-24 are prepared in compliance with applicable provisions of the
Companies Act, 2013 ("Act") read with the Rules made thereunder, applicable Accounting Standards and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the "Listing Regulations"). The Consolidated
Financial Statements have been prepared on the basis of audited financial statements of your Company, its subsidiary and Associate company, as approved by their respective Board of Directors.
The Consolidated Financial Statements together with the Auditors' Report form part of this Annual Report.
4. TRANSFER TO RESERVES
Your Company does not propose to transfer any amount to general reserve.
5. DIVIDEND
In order to conserve resources for business expansion, your Directors do not recommend any dividend for the
Financial Year 2023-24.
6. CHANGE IN THE NATURE OF BUSINESS
Basic nature of business of the Company remains same and there is no change in business.
7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT
There have been no material changes and commitments affecting the financial position of your Company between the end of the Financial Year and date of this report.
8. SUBSIDIARIES & ASSOCIATE COMPANIES
During the year under review, the following changes have taken place in subsidiary / associates:
• Your Company has acquired 100% stake of DRC Systems USA LLC. Post acquisition, DRC Systems USA LLC became a Wholly Owned Subsidiary of the Company.
• Your Company has made an investment in
Nighthack Technology Private Limited ("Nighthack"). Post investment, Nighthack became an Associate of the Company.
Pursuant to Section 129 (3) of the Act read with rules framed thereunder, pursuant to Regulation 33 of the Listing Regulations and Ind - AS 110 issued by the Institute of Chartered Accountants of India,
Consolidated Financial Statements presented by the Company include the financial statements of its subsidiaries and associates.
A separate statement containing the salient features of the financial performance of the subsidiaries and associates for the Financial Year 2023-24 in the prescribed form AOC 1 is annexed to the Board's
Report as Annexure - A and forms a part of this report. The Audited Consolidated financial statements together with Auditors' Report, forms an integral part of the Annual Report.
The Policy for determining material subsidiaries is available on the Company's website i.e. https://www. drcsystems.com/policies. In terms of provisions of
Section 136 of Act, separate audited accounts of the subsidiary Companies shall be available on website of the Company at www.drcsystems.com.
9. CHANGE IN SHARE CAPITAL a. Increase in Authorized Share Capital of the Company
In order to facilitate the future requirements, if any, of the Company, pursuant to approval of the Shareholders at the Extra Ordinary General
Meeting held on February 15, 2024, increased the Authorized Share Capital of the Company from the existing Rs. 6,00,00,000/- (Rupees Six Crores Only) divided into 6,00,00,000 (Six Crores) Equity Shares of Re. 1/- (Rupee One Only) each to Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) divided into 15,00,00,000 (Fifteen Crores) Equity Shares of Re. 1/- (Rupee One Only) each.
b. Allotment of Equity Shares
During the Financial Year 2023-24, the total Issued and Paid-Up Equity Share Capital of the Company has been increased from Rs. 439.02 Lakhs to Rs. 1,324.65 Lakhs pursuant to the allotment of 8,85,63,870 Equity Shares.
During the Financial Year 2023-24, after obtaining necessary approvals, the Company has issued and allotted, i. 2,53,250 Equity Shares of Re. 1/- each on December 01, 2023, to its eligible employees of the Company under DRC Employee Stock
Option Plan 2021-22. After the issue, the Equity Share Capital of the Company stood at Rs. 441.55 Lakhs. ii. 8,83,10,620 Equity Shares of Re. 1/- each on February 29, 2024, to eligible shareholders of the Company as on the Record date i.e
February 27, 2024 in the ratio of 2:1 (2 new Bonus Equity Shares for 1 Equity Share held) on a Bonus Issue basis pursuant to the approval of the Shareholders in Extra Ordinary General
Meeting held on February 15, 2024 . After the bonus issue, the Equity Share Capital of the Company stood at Rs. 1,324.65 Lakhs.
Consequently, the issued, subscribed and paid up Equity Share Capital as on March 31, 2024 was Rs. 13,24,65,930 divided into 13,24,65,930 Equity Shares of Re. 1/- each.
10. DEPOSITS
During the year, the Company has not accepted Deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 ("Act") read with Companies (Acceptance of Deposits) Rules,
2014 made under Chapter V of the Act and any other provision of the Act, read with rules made there under. As on March 31, 2024, there were no deposits lying unpaid or unclaimed.
11. ANNUAL RETURN
Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Annual Return is available on the website of the Company at https:// www.drcsystems.com/investor-relation/financials-reports/.
12. DIRECTORS & KEY MANAGERIAL PERSONNEL
During the financial year, there were no changes in the Board of Directors or Key Managerial Personnel. Pursuant to Section 149, 152 and other applicable provisions of the Act and the Articles of Association of the Company, Mr. Sanket Khemuka (DIN: 06910440), is liable to retire by rotation and being eligible offers himself for re-appointment. As the re-appointment of Director is appropriate and in the best interest of the
Company, the Board recommends the re-appointment of the director for your approval.
Brief details of the Director proposed to be appointed as required under Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") is provided in the Notice of the AGM.
During the year under review, the Non-Executive
Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses, if any.
None of the Directors of the Company have resigned from the office of Director of the Company during the year under review.
Mr. Hiten Barchha, Managing Director, Mr. Janmaya Pandya, Chief Financial Officer and Mr. Jainam Shah, Company Secretary are the Key Managerial Personnel of your Company in accordance with the provisions of Sections 2(51), 203 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) for the time being in force). During the year, there was no change (appointment or cessation) in the office of KMPs.
13. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the
Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed under Section 149(6) of the Act and under Listing Regulations. They have registered their names in the Independent Directors data-bank. They have also affirmed compliance to the Conduct for Independent Directors as prescribed in Schedule IV of the Act. In the opinion of the Board, the Independent Directors of the Company fulfil the conditions specified under the
Act and Listing Regulations and are independent of the management.
14. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures; ii. they have 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 of the Company for that period; iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. they have prepared the annual accounts on a going concern basis; v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
15. FAMILIARIZATION PROGRAMME
The details of the familiarization programme undertaken during the year have been provided in the
Corporate Governance Report which forms part of this Annual Report.
The policy on Familiarization programme for Independent Directors as approved by the Board is uploaded on the Company's Website at https://www. drcsystems.com/policies/.
16. BOARD MEETINGS HELD DURING THE YEAR
The Board met 5 (Five) times during the Financial Year 2023-24. The meeting details are provided in the Corporate governance report that forms part of this
Annual Report. The maximum interval between any two meetings did not exceed 120 days as prescribed in the Companies Act, 2013 and Listing Regulations.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 as on March 31, 2024, are given in the Notes to the Financial Statements, which forms a part of this Annual Report.
18. PARTICULARS OF RELATED PARTY TRANSACTIONS
All transactions entered with Related Parties as defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations") during the Financial Year under review were on an arm's length basis and were in the ordinary course of business.
Prior omnibus approval was obtained on a yearly basis for the transactions which were of a foreseeable and repetitive nature and the same were further executed on arm's length basis and in the ordinary course of business. Further, a statement giving details of all Transactions executed with Related Parties is placed before the Board of Directors on a quarterly basis for its approval/ ratification as the case may be.
All the transactions entered with related parties were in compliance with the applicable provisions of the Act read with the relevant rules made thereunder and the
Listing Regulations.
During the year under review, all contracts/ arrangements/transactions entered into by the
Company with related parties were in the ordinary course of business and on arm's length basis and contracts/arrangements/transactions which were material, were entered into with related parties in accordance with the policy of the Company on
Materiality of Related Party Transactions. Details of contracts/arrangements/transactions with related party which are required to be reported in Form AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 are provided in
Annexure - B to this report.
Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed half yearly report on Related
Party Transactions with the stock exchanges. However, you may refer to Related Party Transactions in Note no.
24 of the Standalone Financial Statements.
The Policy on Related Party Transactions as approved by the Board is uploaded on the Company's Website at https://www.drcsystems.com/policies.
19. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The disclosures to be made under Section 134(3) (m) of the Act read with rule 8 (3) of the Companies (Accounts) Rules, 2014 by the Company are as under: i. Conservation of Energy
Steps taken or Impact on Conservation of Energy:
The Company strives and makes conscious efforts to reduce its energy consumption through business operations of the Company which are not energy intensive. Some of the measures undertaken are listed below:
1. Usage of LED lights at office spaces that are more energy efficient.
2. Regular monitoring of temperature inside the office premises and controlling the Air Conditioning system.
3. Analysing energy flows and balances to identify energy waste and inefficiencies.
4. PACs are deployed in shifts and groups to improve efficiency and life of equipment's.
5. Rationalisation of usage of electricity.
6. Planned preventive maintenance. ii. Technology Absorption
The Company by itself operates into the dynamic information technology space. The Company has adequate Member in Technology development functions and keep updating the changes in technology.
IT team constantly monitor and optimise usage of proprietary software within Company. They optimise cost by replacing proprietary software by open source wherever possible. iii. Foreign Exchange earnings and outgo
During the year under review, details of foreign exchange earnings and outgo are as given below:
20. NOMINATION & REMUNERATION POLICY OF THE COMPANY
The Company has formulated and adopted the
Nomination and Remuneration Policy in accordance with the provisions of Act read with the Rules issued thereunder and the Listing Regulations. This Policy is available on the website of the Company i.e. https://www.drcsystems.com/policies.
We affirm that the remuneration paid to the Directors is as per the terms laid out in the Remuneration Policy of the Company.
21. BOARD EVALUATION
Pursuant to applicable provisions of the Act and the Listing Regulations, the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire
Board of the Company, its Committees and individual Directors, including Independent Directors. The annual performance evaluation of the Board, its Committees and each Director has been carried out for the Financial
Year 2023-24 in accordance with the framework.
The annual performance evaluation of the Board, the Chairman, Committees and each Director has been carried out in accordance with the framework. The summary of the evaluation reports was presented to the respective Committees and the Board. The Directors had given positive feedback on the overall functioning of the Committees and the Board. The suggestions made by the Directors in the evaluation process have been suitably incorporated in the processes. The details of evaluation process of the Board, its Committees and individual Directors, including Independent Directors have been provided under the Corporate Governance Report which forms part of this Report.
22. MANAGEMENT DISCUSSION AND ANALYSIS Management's Discussion and Analysis Report for the year under review, as stipulated under the Listing Regulations, is presented in a separate section, forming part of this Annual Report.
23. CORPORATE GOVERNANCE REPORT
In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance along with a certificate from the Practicing
Company Secretaries on its compliance forms part of this Report as Annexure - C.
24. COMMITTEES OF THE BOARD
Details of various committees constituted by the
Board of Directors as per the provision of the Listing Regulations and the Companies Act, 2013 are given in the Corporate Governance Report which forms part of this report.
25. PARTICULARS OF EMPLOYEES
Disclosures pertaining to 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 is attached as Annexure - D which forms part of this report.
The statement containing particulars of employees as required under Section 197 (12) of the Act read with Rule 5 (2) and 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company.
If any Member is interested in obtaining a copy thereof, such Member may write to the Company at ir@ drcsystems.com in this regard.
26. DETAILS OF EMPLOYEE STOCK OPTION PLAN (ESOP)
DRC Employee Stock Option Plan 2021-22 ("the Scheme") is administered under the instructions and supervision of the Nomination and Remuneration
Committee ("NRC").
The Scheme is implemented in accordance with
SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘SEBI SBEBSE Regulations') with a view to attracting and retaining the best talent, encouraging employees to align individual performances with Company objectives and promoting increased participation by them in the growth of the
Company. The applicable disclosures as stipulated under SEBI SBEBSE Regulations with regard to Employees Stock Option Plan of the Company are available on the website of the Company at https:// www.drcsystems.com/.
During the year ended March 31, 2024, there has been no material change in the Company's existing plan and the plan is in compliance with SEBI SBEBSE
Regulations.
The Company has received a certificate from the Secretarial Auditors of the Company that the Scheme is implemented in accordance with the SEBI SBEBSE
Regulations. A copy of the certificate would be available at the AGM for inspection by Members.
27. HUMAN RESOURCE
Our employees are our key strength, which has led us to achieve the results and various milestones in our organization's journey. The Company believes that attracting, developing and retaining talent is crucial to organizational success. The Company has several initiatives and programs to ensure employees experience a holistic and fulfilling career in the IT sector.
Keeping employees informed, connected and engaged has always been crucial to our people strategy. We remain focused on building trust through a culture of openness, conversations and opportunities to speak up. We grew stronger as a team by supporting each other wholeheartedly throughout the F.Y. 2023-24. Employees, their talent and capabilities are our greatest asset, our competitive advantage. In a highly competitive environment, our formidable talent pool becomes our key differentiator.
With a focus on digitalization, we are also implementing several robust HR practices and processes to enhance employee experience, engagement and enablement to deliver exemplary results. Some of the initiatives include structured talent management process, employee engagement surveys to check employee pulse, performance management system and so on.
28. ENHANCING SHAREHOLDERS VALUE
Your Company is committed to creating and returning value to shareholders. Accordingly, your Company is dedicated to achieving high levels of operating performance, cost competitiveness, enhancing the productive asset and resource base and striving for excellence in all areas of operations.
Your Company strongly believes that its success in the marketplace and good reputation are among the primary determinants of shareholder value. Its close relationship with customers and a deep understanding of their challenges and expectations drive the development of new products and services. Anticipating customer requirements early and being able to address them effectively requires a strong commercial backbone. Your Company continues to develop this strength by institutionalizing sound commercial processes and building world-class commercial capabilities across its marketing and sales teams. Your Company uses an innovative approach in the development of its services, as well as execution of growth opportunities. Your Company is also committed to creating value for all its stakeholders by ensuring that its corporate actions positively impact the economic, societal and environmental dimensions of the triple bottom line.
29. AUDITORS AND AUDITORS' REPORT
I. STATUTORY AUDITORS
M/s Rajpara Associates, Chartered Accountants, (Firm Registration No. 113428W) were re- appointed as the Statutory Auditors of the Company at the 10th AGM of the Members of the Company held on June 29, 2022, for a period of five (5) years to hold office till the conclusion of the 15th AGM.
The Company has received written consent(s) and certificate(s) of eligibility in accordance with Sections 139, 141 and other applicable provisions of the Act and Rules issued thereunder (including any statutory modification (s) or re-enactment(s) for the time being in force), from M/s Rajpara Associates, Chartered Accountants, (Firm Registration No. 113428W).
Statutory Auditors' Report
During the period under review, no incident of frauds was reported by the Statutory Auditors pursuant to Section 143 (12) of the Act. The
Auditors' Report is enclosed with the financial statements forming a part of this Annual Report.
II. SECRETARIAL AUDITORS:
In terms of Section 204 of the Act and rules made thereunder, the Board had appointed Mr. Jitendra Leeya, Practicing Company Secretary, a peer reviewed firm, as the Secretarial Auditors to conduct an audit of the secretarial records for the
Financial Year 2024-25.
Secretarial Audit Report
Your Company has obtained Secretarial Audit
Report as required under Section 204(1) of the Act from Mr. Jitendra Leeya, Practicing Company
Secretary. The said Report is attached with this Report as Annexure E.
There are no remarks / qualification in the Secretarial Audit Report, hence no explanation has been offered.
30. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has constituted a Corporate Social
Responsibility (CSR) Committee and has framed a CSR Policy. The brief details of CSR Committee are provided in the Corporate Governance Report which forms part of this report.
The Annual Report on CSR activities is annexed to this Report as Annexure F.
The CSR policy is available on your Company's website https://www.drcsystems.com/policies.
31. VIGIL MECHANISM
The Company has established a robust Vigil Mechanism and adopted a Whistle Blower Policy in accordance with provisions of the Companies Act, 2013 and Listing Regulations, to provide a formal mechanism to the Directors and employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct or ethics policy. The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee. It is affirmed that no personnel of the Company have been denied access to the Audit Committee. The policy of vigil mechanism ("Whistle Blower Policy") is available on the Company's website at https://www.drcsystems.com/policies.
32. INTERNAL FINANCIAL CONTROLS
Internal Financial Controls forms an integrated part of the risk management process, addressing financial and financial reporting risks. Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the auditors during the course of their audits. The internal financial controls have been documented, digitized and embedded in the business processes. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended. Detailed information on the same has been included under the Management Discussion & Analysis report forming part of this Annual
Report.
33. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place a Policy on Prevention of Sexual Harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees are covered under the policy. During the Financial Year under review, no complaint has been received by the Company under this Policy. The Company is committed to provide a safe and conducive work environment to all its employees and associates.
The Policy for prevention of Sexual Harassment is available on the Company's website at https://www. drcsystems.com/policies.
34. CODE OF CONDUCT
The Board of Directors has laid down a Code of Conduct applicable to the Board of Directors and Senior Management. All the Board Member and Senior Management personnel have affirmed compliance with the code of conduct. The Code of Conduct of Board of
Directors is also available on the Company's website https://www.drcsystems.com/policies.
35. LISTING
The Equity Shares of the Company are listed on National Stock Exchange of India Limited ("NSE") and BSE
Limited ("BSE") having nation-wide trading terminals. Annual Listing Fee for the Financial Year 2024-25 has been paid to NSE and BSE.
36. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
37. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
There are no amounts that are due to be transferred to Investor Education and Protection Fund by the
Company.
38. OTHER DISCLOSURES
• The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2);
• The Managing Director of the Company has not received any remuneration or commission from any of Company's subsidiary.
• The Audit Committee comprises namely of Mr. Jigar Shah (Chairman), Mr. Keyur Shah, Mr. Roopkishan Dave and Hiten Barchha (Members). During the year under review, all the recommendations made by the Audit Committee were accepted by the
Board;
• Interested Directors were recused from the discussion of the agenda items, in which they were interested, of the Board or Committee meetings held during the year.
• The Company has not issued Equity Shares with differential rights as to dividend voting or otherwise;
• The Company has not issued any Sweat Equity
Shares to its Directors or Employees.
• No application against the Company has been filed or is pending under the Insolvency and Bankruptcy Code, 2016, hence, the requirement to disclose the details is not applicable.
• There was no instance where your Company required the Valuation for one-time settlement or while taking the loan from the Bank or Financial institutions.
• The maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 are not applicable to the business activities carried out by the Company.
39. ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the committed services by every member of the DRC family whose contribution was significant to the growth and success of the Company. The Board places on record its appreciation for the continued co-operation and support extended to the Company by customers, vendors, regulators, banks, financial institutions, rating agencies, stock exchanges, depositories, auditors, legal advisors, consultants and business associates with whose help, cooperation and hard work the Company is able to achieve the results.
The Board deeply acknowledges the trust and confidence placed by the customers of the Company and all its shareholders.