To,
The Members,
Yarn Syndicate Limited
Your Directors hereby present the 78th Board's Report on the Business and Operations of the Company together with the Audited Financial Statements along with the Auditor's Report for the Financial Year ended on 31st March, 2024.
1. FINANCIAL RESULTS:
The financial performance of the Company for the Financial Year ended on 31st March, 2024 is summarized as below:
i (Rs. in Lakhs)
Particulars
Standalone
Revenue from operations
Other Income
Total Income
Total Expenses
Profit / Loss before Exceptional and Extra Ordinary Items and Tax Expenses
Less: Exceptional and Extra Ordinary Items
Profit / Loss before Tax Expenses
Less: Current Tax
Deferred Tax
Profit / Loss for the Period
Earnings Per Share (EPS)
Basis
Diluted
2. OPERATIONS:
• Standalone:
The total revenue from operations for Financial Year 2023-24 is Rs. 251.53 Lakhs as compared to total revenue from operations of Rs. 2.94 Lakhs for previous Financial Year. The Company has incurred Profit before tax for the Financial Year 2023-24 of Rs. 8.09 as compared to Loss before tax of Rs. 16.07 Lakhs for previous Financial Year. The Net Profit after tax for the Financial Year 2023-24 is Rs. 8.09 as compared to Net Loss after tax Rs. 16.07 Lakhs as compared for previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.
• Consolidated:
The total revenue from operations for Financial Year 2023-24 is Rs. 498.90 Lakhs as compared to total revenue from operations of Rs. 2.94 Lakhs for previous Financial Year. The Company has incurred Profit before tax for the Financial Year 2023-24 of Rs. 140.25 Lakhs as compared to Loss before tax of Rs. 16.07 Lakhs for previous Financial Year. The
Net Profit after tax for the Financial Year 2023-24 is Rs. 140.25 Lakhs as compared to Net Loss after tax of Rs. 16.07 Lakhs for previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.
3. CHANGE IN NATURE OF BUSINESS, IF ANY:
There is no change in the nature of business during the year under review.
4. WEBLINK OF ANNUAL RETURN:
Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31, 2024 is available on the Company's website at www.yarnsyndicate.in.
5. SHARE CAPITAL:
A. AUTHORISED SHARE CAPITAL:-
During the year under review, at the Extra Ordinary General Meeting of the Company held on 5th January, 2024, the Authorised Equity Share Capital of the Company is increased from Rs. 5,00,00,000/- (Rupees Five Crores Only) divided into 50,00,000 (Fifty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each to Rs. 22,00,00,000/- (Rupees Twenty Two Crores Only) divided into 2,20,00,000 (Two Crores Twenty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only).
B. PAID-UP SHARE CAPITAL:-
During the year under review, Company has issued 1,80,00,000 shares on Right Issue basis on 27th February, 2024. The paid-up Equity share capital of the Company as on 31st March, 2024 is Rs. 21,75,00,000/- (Rupees Twenty One Crores Seventy Five Lakhs Only) divided into 2,17,50,000 (Two Crores Seventeen Lakhs Fifty Thousand) equity shares of Rs. 10/- (Rupees Ten Only).
6. DIVIDEND:
In view of losses, your directors do not recommend any dividend for the Financial Year 2023-24 (Previous year - Nil).
7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund ("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the "Unpaid Dividend Account" lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.
8. TRANSFER TO RESERVES:
The profit of the Company for the Financial Year ending on 31st March, 2024 is transferred to profit and loss account of the Company under Reserves and Surplus.
9. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATES AND THE DATE OF
THE REPORT:
Company has changed its Registered Address from one state to another state outside the jurisdiction of the existing ROC. Registered Address of the Company is changed from 86/2/4, S N Banerjee Road, 1st Floor, Flat No. 2, Na, Kolkata, West Bengal, India, 700014 to Shop No. 128, Supermall-2, GH-0 Circle, Infocity, Gandhi Nagar, Gujarat, 382007, w.e.f. 24th May, 2024.
10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no significant material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation.
11. MEETINGS OF THE BOARD OF DIRECTORS:
The Directors of the Company met at regular intervals at least once in a quarter with the gap between two meetings not exceeding 120 days to take a view of the Company's policies and strategies apart from the Board Matters.
During the year under the review, the Board of Directors met 16 (Sixteen) times viz. 12 th May, 2023, 31st May, 2023, 7* July, 2023, 31st July, 2023, 11th August, 2023, 31st August, 2023, 9* September, 2023, 11th September, 2023, 29th September, 2023, 4th November, 2023, 13th December, 2023, 6th January, 2024, 23rd January, 2024, 25th January, 2024, 6th February, 2024 and 27th February, 2024.
12. DIRECTORS RESPONSIBILITYSTATEMENT:
In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:
a. In the preparation of the Annual Accounts, for the year ended on 31st March, 2024 the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departure from the same;
b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the financial year ended on 31st March, 2024.
c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. The Directors had prepared the Annual Accounts on a going concern basis;
e. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and
f. 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.
13. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The provisions of section 135 of the Companies Act, 2013 is not applicable to your Company as the Company does not fall under the criteria limits mentioned in the said section of the Act.
Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate Social Responsibility.
14. EXPLANATIONS / COMMENTS BY THE BOARD ON EVERY QUALIFICATION,
RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE:
i. Auditors' Report:
The observations of the Statutory Auditor, when read together with the relevant notes to the accounts and accounting policies are self-explanatory and do not calls for any further comment.
ii. Secretarial Auditor's Report:
The observation of the Secretarial Auditor, as per Secretarial Report i.e. MR-3 and do not calls for any further comment.
15. PARTICULARS OF LOANS, GUARANTEES, SECURITIES COVERED OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:
The details of loans, investment, guarantees and securities covered under the provisions of section 186 of the Companies Act, 2013 are provided in the financial statement.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
All transactions to be entered by the Company with related parties will be in the ordinary -Course of business and on an arm's length basis. However,. Hence, Disclosure as required under Section 188 of the Companies Act, 2013 is already mentioned in the Audit Report of the Company
17. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the Company's current working and future outlook as per Annexure - 1.
18. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has in place adequate internal financial controls with reference to financial statement across the organization. The same is subject to review periodically by the internal audit cell for its effectiveness. During the financial year, such controls were tested and no reportable material weaknesses in the design or operations were observed. The Statutory Auditors of the Company also test the effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditor's report.
Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.
Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.
During the year, no reportable material weakness was observed.
19. RESERVES & SURPLUS:
(Amount in Lakhs)
Sr. No. Particulars
Total
20. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY OF THE COMPANY:
The Company has framed formal Risk Management framework for risk assessment and risk minimization for Indian operation which is periodically reviewed by the Board of Directors to ensure smooth operations and effective management control. The Audit Committee also reviews the adequacy of the risk management frame work of the Company, the key risks associated with the business and measures and steps in place to minimize the same.
21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as required to be given under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, is not given as the Company has not taken any major step to conserve the energy etc.
There were no foreign exchange earnings or outgo during the year under review.
Sr. No. Foreign exchange earnings and outgo
1. Foreign exchange earnings
2. CIF value of imports
3. Expenditure in foreign currency
4. Value of Imported and indigenous Raw Materials, Spare-parts and Components Consumption
22. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION:
The Remuneration policy is directed towards rewarding performance based on review of achievements on a periodical basis. The remuneration policy is in consonance with the existing industry practice and is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve results. The Company has made adequate disclosures to the members on the remuneration paid to Directors from time to time. The Company's Policy on director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Act is available on the website of the Company at www.yarnsyndicate.in.
23. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT VENTURES:
During the year under review, Company has one Subsidiary Company i.e. M/s. Stitched Textiles Limited.
Further M/s. Stitched Textiles Limited has raised funds by way of Right Issue on 8th June, 2024, therefore holding of M/s. Yarn Syndicate Limited has reduced from 50.82% to 49.82%. Therefore, due to this reduction M/s. Stitched Textiles Limited is not subsidiary company w.e.f. 8th June, 2024.
24. SECRETARIAL STANDARDS:
During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI). The Company has devised proper systems to ensure compliance with its provisions and is in compliance with the same.
25. REPORTING OF FRAUDS BY THE AUDITORS:
During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the Audit Committee under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board's Report.
26. STATE OF COMPANY'S AFFAIRS:
Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write up and explanation about the performance of the Company.
27. STATEMENT ON ANNUAL EVALUATION OF BOARD'S PERFORMANCE:
The Board evaluated the effectiveness of its functioning, that of the Committees and of individual Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the feedback of Directors on various parameters including:
• Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);
• Structure, composition, and role clarity of the Board and Committees;
• Extent of co-ordination and cohesiveness between the Board and its Committees;
• Effectiveness of the deliberations and process management;
• Board / Committee culture and dynamics; and
• Quality of relationship between Board Members and the Management.
The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.
The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with each Executive and Non-Executive, Non-Independent Directors. These meetings were intended to obtain Directors' inputs on effectiveness of the Board/ Committee processes.
In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole, and the Chairman of the Company was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.
The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.
In the Board meeting that followed the meeting of the independent directors and the meeting of Nomination and Remuneration Committee, the performance of the Board, its committees, and individual directors was discussed.
The evaluation process endorsed the Board Members' confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.
The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.
The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board by way of individual feedback from directors.
The evaluation frameworks were the following key areas:
a) For Non-Executive & Independent Directors:
• Knowledge
• Professional Conduct
• Comply Secretarial Standard issued by ICSI Duties
• Role and functions
b) For Executive Directors:
• Performance as leader
• Evaluating Business Opportunity and analysis of Risk Reward Scenarios
• Key set investment goal
• Professional conduct and integrity
• Sharing of information with Board.
• Adherence applicable government law
The Directors expressed their satisfaction with the evaluation process.
28. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:
A. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct or Ethics Policy.
B. BUSINESS CONDUCT POLICY:
The Company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the policy. The objective of the policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.
29. PARTICULARS OF EMPLOYEES:
The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2023-24.
30. LOAN FROM DIRECTOR / RELATIVE OF DIRECTOR:
During the year under review, the Company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company at large. Suitable disclosures as required are provided in AS-18 which is forming the part of the notes to financial statement.
31. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Directors and Key Managerial Personnel of the Company are summarized below:
Sr. No. Name
1. Mr. Rishiraj Patodia1
2. Ms. Sheela Patodia1
3. Mr. Ravi Pandya2
4. Mr. Nandish Jani
5. Ms. Nidhi Bansal2
6. Ms. Neha Merchant3
7. Mr. Sourav Bhattacharjee3
8. Ms. Priya Singh7
9. Mr. Bikash Chatterji4
10. Mr. Bhagirath Biswas4
11. Mr. Namichand Agrawal5
12. Mr. Chetan Kumar Ojha6
13. Dharmesh Vimalkumar Tripathi
14. Ms. Shwetambery Khurana8
1
2
3
4
5
6
7
8
Apart from the above changes, there were no other changes in the composition of the Board of Directors of the Company during the Financial Year 2023-24 and till the date of Board's Report.
As per Companies Act, 2013, the Independent Directors are not liable to retire by rotation.
32. DECLARATION BY INDEPENDENT DIRECTORS:
Mr. Nandish Jani and Ms. Nidhi Bansal, Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Director. They have also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16 (1) (b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.
33. CORPORATE GOVERNANCE:
As per Regulation 34 (3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Report on Corporate Governance, and a certificate regarding compliance with the conditions of Corporate Governance are appended to the Annual Report as Annexure - 2.
34. DEPOSITS:
As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any deposits during the financial year. Hence, the Company has not defaulted in repayment of deposits or payment of interest during the financial year.
35. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried the evaluation of its own performance, performance of Individual Directors, Board Committees, including the Chairman of the Board on the basis of attendance, contribution towards development of the Business and various other criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.
In a separate meeting of Independent Directors, the performances of Executive and Non - Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The achievements of the targeted goals and the achievements of the expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.
36. AUDITORS:
A. Statutory Auditor:
M/s. S. P. Sarda & Co., Chartered Accountants, Kolkata, West Bengal (Firm Registration No. 323054E), were appointed as the Statutory Auditors of the Company for the period of 5 (Five) consecutive years from the conclusion of 76th Annual General Meeting held in the year 2022 till the conclusion of 81st Annual General Meeting of the Company to be held in
the year 2027.
The Auditor's report for the Financial Year ended 31st March, 2024 has been issued with an unmodified opinion, by the Statutory Auditor.
B. Secretarial Auditor:
The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. Jay Pandya, Proprietor of M/s. Jay Pandya & Associates, Company Secretaries, as a Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2023-24.
The Secretarial Audit Report for the Financial Year 2023-24 is annexed herewith as Annexure - 3 in Form MR-3. There are no adverse observations in the Secretarial Audit Report which call for explanation.
C. Internal Auditor:
The Board of directors has appointed M/s. Umesh Khese & Co., Chartered Accountants, as the internal auditor of the Company. The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board from time to time.
37. DISCLOSURES:
A. Composition of Audit Committee:
During the year under review, meetings of members of the Audit committee as tabulated below, was held on 12th May, 2023, 11th August, 2023, 9th September, 2023, 29th September, 2023, 4th November, 2023, 23rd January, 2024, 6th February, 2024 and 27th February, 2024 the attendance records of the members of the Committee are as follows:
Name
Ms. Nidhi Bansal1
Mr. Sourav Bhattacharjee2
Ms. Neha Merchant2
Mr. Rishiraj Patodia3
Mr. Nandish Jani
Mr. Ravi Pandya1
B. Composition of Nomination and Remuneration Committee:
During the year under review, meetings of the members of the Nomination and Remuneration committee, as tabulated below, was held on 12th May, 2023, 31st May, 2023, 7th July, 2023, 31st July, 2023, 31st August, 2023, 9th September, 2023, 11th September, 2023, 29th September, 2023 and 13th December, 2023 and the attendance records of the members of the Committee are as follows:
Name Status No. of the No. of the Committee
Committee Meetings attended
Meetings entitled
Ms. Nidhi Bansal2 Chairperson 7 7
Mr. Sourav Bhattacharjee1 Member 1 1
Ms. Neha Merchant1 Member 1 1
Mr. Nandish Jani Member 9 9
Mr. Namichand Agrawal3 Member 7 7
Mr. Chetan Kumar Ojha4 Member 2 2
2.
3.
4.
C. Composition of Stakeholders' Relationship Committee:
During the year under review, meetings of members of Stakeholders' Relationship committee as tabulated below, was held on 13th December, 2023, 23rd January, 2024 and 21st February, 2024 and the attendance records of the members of the Committee are as follows:
Mr. Ravi Pandya2
Mr. Sourav Bhattacharjee1
Ms. Neha Merchant1
Mr. Chetan Kumar Ojha5
Mr. Namichand Agrawal4
Ms. Nidhi Bansal2
38. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:
The Company has always been committed to provide a safe and conducive work environment to its employees. Your Directors further state that during the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.
39. INDUSTRIAL RELATIONS:
The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review.
40. MAINTENANCE OF COST RECORDS:
According to information and explanation given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Act in respect of activities carried out by the Company.
41. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code 2016.
42. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE AVAILING LOAN FROM THE BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one time settlement of Loans taken from Banks and Financial Institutions.
43. ACKNOWLEDGEMENTS:
Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers, Customers and other business associates who have extended their valuable sustained support and encouragement during the year under review.
Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward for the continued support of every stakeholder in the future.