BOARD’S REPORT
Dear Members the Board of Directors are pleased to present the company’s thirty seventh Annual Report on the business and operations of the company along with audited financial statements for the financial year ended March 31,2024
STATE OF AFFAIRS OF THE COMPANY
The performance of the business are detailed out in the Management Discussion and Analysis Report, which forms part of the Annual Report
During the year under review the revenue from operations has a substantial increase of 66.93% over that of the previous year I,e from Rs 493763.17 to Rs 824252.18 The Profit before tax for the Financial year has increased by 45.53% over that of the previous year i,e from Rs 36558.94 to Rs 53205.88 and , net profit for the year after tax has been increased by 45.49% over that of the previous year l,e from Rs26889.17toRs 39121.80
The Report also states compliances as per the requirement of the Companies Act 2013 and the SEBI Listing obligations and disclosure requirements regulation 2015 and other rules and regulations applicable to the company.
FINANCIAL PERFORMANCE
The Financial Results of the Company for the year ended 31/03/2024 is as follows
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PARTICULARS
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FOR THE
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FOR THE
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YEAR ENDED
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YEAR ENDED
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31/03/2024
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31/03/2023
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REVENUE FROM OPERATION
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824252.18
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493763.17
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OTHER INCOME
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84895.29
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153323.42
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TOTAL INCOME
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909147.47
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647086.59
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LESS EXPENSES
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855941.59
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610527.65
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PROFIT/LOSS BEFORE TAX
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53205.88
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36558.94
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CURRENT TAX (PROVISION)
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14056.99
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9658.87
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DEFERRED TAX (PROVISION)
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27.09
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10.91
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PROFITtLOSSI FORTHE PERIOD
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39121.80
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26889.17
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EARNING PER EQUITY SHARE
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BASIC
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2.76
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1.39
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DILUTED
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2.76
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1.39
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FINANCIAL HEIGHLIGHTS
The revenue from operations of the company has a substantial increase of 40.49% over that of the previous year l,e from Rs 647086.59/= to Rs 909147.47/= The Gross Profit for the Financial year has increased by 45.53% over that of the previous year i,e from Rs 36558.94/= to Rs 53205.88/= and the, net profit for the year after tax has been increased by 45.49% over that of the previous yeari.e from Rs 26889.17/= to Rs 39121.80/=
LIGHTING SEGMENT
Ranked as one of the most respectful and trusted brand for lighting product in India, Dhanashree manufacture all the LED products in house backed by strategic marketing initiatives and strong trade channel .During the year, the company has introduced more premium range of LED down lighters,batterns, lamps, street lights, Flood Lights and other decorative luminaires
The Company has ventured into LED Fagade and Solar Lighting products to capture emerging opportunities Luminaries division has further strengthen and is getting orders for Smart City, DMRC, Railway Stations Flyovers, bridges, temple, monuments,and tourists spots lighting. Solar products include solar street lights, solar pannels, solar fans, solar rooftop domestic lighting
The Company is one amongst the first lighting company in India to introduce energy efficient lighting solutions Today Rashmi brand as owned by Dhanashree Electronics Ltd is one of the most respected and trusted brand in india for its lighting products. Dhanashree offers wide range of LED products ranging from lamps, down lighters LEDPanels, LED street lights etc Many new products such as High Beam angle ,LED lamps,colour change lamps LED Torch with dry cell battery etc will also be introduced in near future to cater to the growing demand of the customers
This give Dhanashree an edge over its competitors
With Government initiatives like building smart cities across india and structural shift in the lighting industry towards LED the company is poised to grow by leaps and bounds in the years to come.
RESEARCH AND DEVELOPMENT CENTRE
Rashmi the brand of Dhanashree Electronics Limited is amongst the market leader in the lighting industry in India .This has been possible partly due to the strong focus on development and introduction of new LED products and technologies
SHARE CAPITAL
The paid up share capital of the company as on 31st March 2024 is Rs 141900000/=. During the year under review there was no public issue, right issue, bonus issue, preferential issue etc The company has not issued shares with differential voting rights.During the year there is no change in the authorized share capital
No disclosure is required under section 67(3) of the Act in respect of voting rights not exercised directly by the employees of the company as the provisions of the said section are not applicable.
The equity shares of the company continue to remain listed on BSE and CSE Limited.
TRANSFER TO RESERVE
During the year under review your company has not transferred an amount to the Reserve and Surplus Account.
DEPOSITORY SYSTEM
In view of the numerous advantages offered by the Depository system as well as to avoid frauds, members holding shares in physical mode are advised to avail the facility of dematerialisationfrom either of the Depositories NSDL or CDSL
DIVIDEND
Your Directors propose to reinvest the internal generation to finance expansion project in hand to reduce its finance cost and therefore abstain from recommending any dividend for the year under review.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
There being no unpaid or unclaimed dividend the provision of section 125 of the Companies Act 2013 is not applicable in the company
FINANCIAL LIQUIDITY
The Company’s working capital management is robust and involves a well-organized process which facilitates continuous monitoring and control over receivables inventories and other parameters
CREDIT RATING
The Company has received credit ratings from CARE ratings Limited. There has been no revision in the credit rating during the year. The rating given by this agency is BB
STATE OF COMPANY AFFAIRS / OPERATIONS
Detailed information on the operations of the business of the company and details on the state of affairs of the company are covered in the Management Discussion and Analysis Report, which forms a part of the Annual Report.
RELATED PARTY TRANSACTION
In line with the requirements of the Act and Listing Regulations your Company has formulated a policy on Related Party Transactions which is also available on the company's website www.rashmilighting.com. The policy intends to ensure that proper reporting, approval and disclosure process are in place for all transactions between the Company and related parties. All related party transactions are placed before the Audit Committee for review and approval. All transactions entered with related parties for the year under review were in ordinary course of business and at arm's length basis.Further there are no material related party transactions during the year under review with the promoters, Directors, or key managerial personnel which may have a potential conflict with the interest of the company. All related party transactions are mentioned in the notes to the accounts.
COST AUDITORS
As per section 148 of the Companies Act 2013 read with the Companies (Audit and Auditors) Rules 2014, the provisions of Cost Audit are not applicable on the products of the company.
PUBLIC DEPOSIT
During the year under review, the company has neither accepted nor renewed deposits from the public failing within the ambit of section 73 and 74 of the companies Act 2013
PARTICULARS OF LOAN GURANTEE OR INVESTMENT
The details of investment made and guarantee provided by the company under section 186 of the Act, , Regulation 34(3) and Schedule V of SEBI(LODR) forms part of this Annual Report in the Notes to the Standalone Financial statements for the financial year ended March 31,2024
SEBI REGULATIONS BY LISTED ENTITIES ON CORPORATE INSOLVENCY AND RESOLUTION PROCESS
Sebi Regulations by Listed entities subject to Corporate Insolvency Resolution process under Insolvency and Bankruptcy code is not applicable on the company.
THE DETAILS OF THE DIFFERENCE BETWEEN THE AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING A LOAN FROM THE BANK OR FINANCIAL INSTITUTION ALONG WITH THE REASON THEREOF
Not applicable Since we have not availed any one time settlement from any bank or financial Institution
SCORES.
As per scores the Investor Complain for the Financial year 2022-2023 is NIL RISK MANAGEMENT COMMITTEE
The constitution of Risk Management Committee as per SEBI (LODR) is not applicable to this company.
INTERNALCONTROL
Your company priorities reinforcing financial and operational control to enhance transparency, accountability and efficiency in the process. Your company adhere to an internal control frame work that includes key process coverage that impacts the reliability of financial reporting such as periodic control etc and regular monitoring of senior management and the Audit Committee. The adequacy of Internal Control system and proceedings forms a part of MD and CEO certificate in the Annual Report
INTERNAL CONTROL OVER FINANCIAL REPORTING
The Company’s internal financial control commensurate with the scale and complexity of its operations The controls were tested during the year and no reportable material weakness either in operations / design were observed
IT SYSTEM SECURITY
The security of IT system has been taken care of PREVENTION OF SEXUAL HARASSEMENT f POSH*
Your company has initiated awareness session on the company’s code of conduct, prevention of Sexual Harassement (POSH) and Whistle Blowing Rights by conducting companywide training for all its employees. Additionally e-learning modules have also been developed to keep employees informed about the policies.
This not only ensures compliances and a well regulated environment but also helps H us achieve our organizational objectives. The details of the POSH return , formation of the committee etc can be viewed from the website of the company
www.rashmiliahting.com
VIGIL MECHANISM WHISTLE BLOWER POLICY (WB POLICY)
Over the years, your company has built a reputation for conducting business with integrity maintaining a zero tolerance policy towards unethical behavior, thereby fostering a positive work environment and enhancing credibility amongst the shareholders. Your company has formed a WB policy which provides adequate safeguard against victimization of Directors / employees and also provide direct access to the Chairman of the Audit Committee in exceptional situation. The draft of the above policy can be observed from the website of the company www.rashmiliahtina.com
BUSINESS RESPONSIBILITYAND SUSTAINABILITY REPORT(BRSR)
The Company is not covered under the purview of this provision hence it is not applicable
INDIAN ACCOUNTING STANDARDS (IND AS) 2015
The Financial Statements upto the year ended 31st March 2024 were prepared in accordance with the Accounting Standards notified under Companies (Accounting Standards) Rules 2006 (as amended) and other relevant provisions of the Act
The annexed Financial Statement comply in all material aspects with Indian Accounting Standard (INDAS) notified u/s 133 of the Act (Companies Indian Accounting Standards) Rules 2015
DIRECTOR’S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134(5) of the Companies Act 2013, with respect to Director’s Responsibility Statement, it is hereby confirmed
That in the preparation of the accounts for the financial year ended 31/03/2024 the applicable accounting standards have been followed along with proper explanation relating to material departures
That 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 and of the profit or loss of the company for the year under review
That the Directors have taken proper and sufficent care 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
That the Directors have prepared the accounts for the financial year ended 31/03/2024 on a going concern basis.
The Directors laid down internal financial control to be followed by the Company and that such internal financial controls are adequate and were operating effectively.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.
Both the Managing Director and Executive Director have furnished the necessary certification to the Board on these financial statements as required under the clause 49 of the Listing Agreement(s) with the Stock Exchanges where the equity shares of the company are listed.
PARTICULARS OF EMPLOYEES
During the year under review, none of the employees of the company is in receipt of remuneration requiring disclosure pursuant to section 197 of the Companies Act 2013
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO- CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Since commercial production has commenced till the date of this report, the provision regarding this disclosure is applicable.
FOREIGN EXCHANGE EARNINGS : Rs 15133.00 (Rs in thousands) FOREIGNEXCHANGEOUTGO:Rs : Rs 89300.00 (Rs in thousands)
INDUSTRIAL RELATION
The relationship between the employees and management of the company so far has remained cordial
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BOARD OF DIRECTORS
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Mr Madan Gopal Maheshwari
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Director cum Chairman
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(DIN-00345482)
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Mr Nitesh Kumar Toshniwal
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Managing Director
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(DIN-00052422)
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Mr Vijay Kumar Sharma
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Independent Director
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(DIN-00052546)
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Mr Rajesh Kumar Chandak
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Independent Director
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(DIN-00052508)
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Mrs Shruti Toshniwal
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Professional & Women
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(DIN-01654074)
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Director
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Mr Rishav Shethia
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Independent Director
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(DIN-10196319)
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Mr Surya Prakash Toshniwal
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CFO (KMP)
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Mr Ananda Bhattacharyya
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Company Secretary
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BOARD OF DIRECTORS & KEY MANEGERIAL PERSONNEL
The Company emphasis the importance of having a truly diverse Board whose collective wisdom and strength can be leveraged to create a greater stake holder value , protect interest and uphold better corporate governance standard
Directoratea.Appointment/ reappointment and retirement by rotation
The appointment / reappointment retirement by rotation and remuneration by Directors are governed by policy devised by the Nomination and Remuneration committee of the company. The details of the Nomination and Remuneration policy is mentioned in the report of the Corporate Governance which forms a part of the Annual Report The policy of Nomination and Remuneration Committee is available in the website of the company www.rashmiliqhtinq.com
Further there were following changes in the directorate during the year under review
Re Appointment of Mr. Viiav Sharma (DIN-00052546) as the Independent Director of the company
As per section 149(10) of the Companies Act 2013 an Independent Director shall hold office for a term of up to 5 consecutive years on the Board of a company He shall also be eligible for re-appointment on passing a special resolution by the company for another term of up to 5 consecutive years on the Board of a company.
At the Annual General Meeting of the Company which is going to be held on 30th day of September 2024 the proposal for re appointment of Mr Vijay Sharma (DIN-00052546) as an Independent Director of the company will be placed for the approval of rhe shareholders
In line with the aforesaid provision of the Companies Act 2013 and in view of continued valuable serviced, guidance to the management,
And strong Board performance of Mr Vijay Sharma (DIN-00052546) it is proposed to reappoint him for the second term as an Independent Director on the Board of Director of the company for a period 5 years up to 20th May 2029
In the opinion of the Board Mr Vijay Sharma (DIN-00052546) fulfils the conditions specified in the Act and he is independent of the management. Copy of the draft letter of appointment of Mr Vijay Sharma (DIN-00052546) as an Independent Director of the company setting out the terms and conditions would be available for inspection without any fee by the members at the company at the Registered Office of the company during normal business hours on any working day excluding Sunday
The Board considers that the continued association of Mr Vijay Sharma as an Independent Director would be of immense benefit to the company. Accordingly the Board recommends passing of resolution 4 as special resolution
None of the directors and / or KMP of the company except Mr Vijay Sharma I is concerned or interested in the resolution
Re Appointment of Mr. Nitesh Toshniwal fDIN-000524221 as the Manaauna Director of the company
The Board of Directors of the company at their meeting held on 5,h day of August 2024 re-appoint MrNiteshToshniwal as the Managing Director of the Company for a period of 5 years effective from 30th day of September 2024 on the terms and conditions of appointment and remuneration payable to MrNiteshToshniwal, Managing Director of the Company as are specified in the draft agreement to be executed between him and the company, a copy of which (as has also been duly approved by the Board ) will be placed before the meeting and is subject to the approval of the shareholders and other approvals ,if any as may be necessary
Notwithstanding anything to the contrary herein contained where in any financial year the Company has no profit or its profit are inadequate the company will pay to Mr NiteshToshniwal , the Managing Director of the company the remuneration by way of salary , perquisites and allowance as specified in the agreement subject to the approval of the Central Government, if required
The Managing Director shall also be entitled to reimbursement of expenses actually incurred by him for the business of the company. He shall not be paid any sitting fees for attending the meeting of the Board or committee there of
MrNiteshToshniwal Managing Director shall not be liable to retire by rotation. The resolution is recommended for your approval
Copies of the Memorandum and Articles of Association of the company draft agreement to be entered in to between the company and MrNiteshToshniwal duly
approved by the Board, and all other relevant documents and papers are open for inspection at the Registered Office of the company between 10.00 a.m. and 12.00 noon on any working day prior to the date of the meeting
None of the directors and / or KMP of the company except MrNiteshToshniwal is concerned or interested in the resolution
Retirement bv rotation and subsequent reappointment
On terms of section 152 of the Companies Act 2013 MS Shruti Toshniwal (DIN-01654074) being liable to retire by rotation was reappointed as the professional director of the company
Kev managerial person i KM PI
As per section 2(51) and section 203 of the Act read with the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014 including any Statutory modification(s) or reenactment thereof for the time being in force the following are the KMPs of the company.
1. Mr Surya Prakash Toshniwal, , Chief Financial Officer
2. Mr Ananda Bh attach a ryya, Company Secretary
Mr Surya Prakash Toshniwal has joined as Chief Financial Officer as on 02/03/2024
Independent Directors
All the Independent Directors of the company have submitted requisite declaration confirming that they continue to meet the criteria of indepencence as prescribed u/s 149(6) of the Act and Regulation 16(1)(b) of SEBI (LODR). The terms and conditions for appointment of Director are placed in the website of the company .www.rashmilighting.com. All the Independent Directors have registered themselves with IICA
Board effectiveness
The Board has also arranged for a familiarization programmer of Independent Director with respect to their roles and and responsibilities. The Board has also conducted annual evaluation programme of the Directors of the Board.
Executive Director remuneration
The remuneration of the Managing Director and Professional Director are determined by the Nomination and Remuneration committee, keeping in to consideration their performance.
Board Meeting
In the normal course of business the meeting of the Board and its committee are held to discuss and decide on various business policies, strategies, financial matters etc. Your Board of Directors met 14 (fourteen) times during the financial year 2023-2024. The details of the meeting and the attendance of the Directors are mentioned in the report on the Corporate Governance which forms part of the Report The intervening gaap berween the meeting are as per the Companies Act and SEBI (LODR)
Board Committee
The Board has established several committee as a matter of Good Corporate Governance .As per SEBI (LODR) the Board has framed the following committees The Audit Committee
The Nomination and Remuneration Committee The Stake Holder Relationship Committee
The members of the committee, terms conditions activities of the committee are specified in the website of the company .Number of Committee Meetings has been specified in the Corporate Governance Report forming part of the Annual Report
POLICY RELATED PARTY
In accordance with the requirements of the Act and the SEBI Listing Regulations your company, your company has framed an policy on related party trandaction (RPT) which is uploaded on the website of the company and can be assessed www.rashmilighting.com
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT
There is no significant and material order passed by the Regulations or Court. AUDITORS
M/s Susana Sunil & Co, Chartered Accountant (Membership no-062892) has been appointed as the Statutory Auditor of the company at the 36th Annual General Meeting of the company for a period of 5 years.
SECRETARIAL AUDITOR
The Board of Directors at their Board Meeting held on 30,h May 2024 appointed Mr Abbas Vithorawala practicing company secretary (c.p.no-8827) as the secretarial Auditor of the company for the year 2023-2024
INTERNAL AUDITOR OF THE COM PANY
Pursuant to section 138 of the Companies Act 2013 and on the recommendations of the Audit Committee and vide its Board Meeting held on 30/05/2024 the Company has also appointed Internal Auditor of the company.for the year 2023-2024
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY
There is no material changes and commitments occurred during the year which may affect financial position of the company.
COST AUDITOR
Section 148 of the Companies Act 2013 read with Companies (Cost Record and Audit Amendment) Rules, 2014 is not applicable on your company. Therefore appointment of Cost Auditor is not applicable in your company.
GOVERNANCE
Our Governance frame work reflects our ethics, values and commitment to professionalism, overseen by the Board to ensure sustainable wealth creation. We integrate global best practices into our growth strategy prioritizing transparency and accountability to safeguard stake holder interest.
REPORT ON CORPORATE GOVERNANCE
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, given below is a report on the Corporate Governance in the Company:
Nature of Industry
Dhanashree Electronics Limited is a public limited company based in Kolkata, West Bengal, India since the time of establishment of the organization in 1987 the company has engaged itself in offering best quality products and services. The company is engaged in manufacturing, marketing, supplying various types of light products viz Light Ballast, CFL, Tube Lights, LED Lamps, LED home decorative lights, Automative Light, Outdoor Flood Light, solar light etc
BOARD OF DIRECTORS:
The Board of the Company consist of 6 (six) Directors out of whom 3 (Three) are Independent Directors and 1 (one) is Executive Promoter Director, 1(one) Nonexecutive Chairman cum Director and 1 (one ) is Executive woman Director The composition of Board is in conformity with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.
Composition:
In compliance with the provisions of the SEBI Listing Regulations, the Company has an optimum combination of executive and non-executive directors with woman director. The company has an Non-Executive Chairman. As on 31 March 2024, the Board of the Company consists of 6 (six) Directors out of whom 3 (Three) are Independent Directors and 1 (one) is Executive Promoter Director, 1(one) Non-executive Chairman cum Director and 1 (one ) is Executive woman Director The board does not have any nominee director. The Company is in compliance with the SEBI Listing Regulations pertaining to composition of board of directors.
Pursuant to Regulation 34 read with Schedule V of the SEBI Listing Regulation, a separate report on Corporate Governance is annexed to the Annual Report. Further following certificate(s) / declaration^) forms an internal part of the Corporate Governance Report
(a) Adeclaration signed by MD stating that the members of the Board haveaffirmed compliance with the company’s code of business conduct and ethics
(b) A compliance certificate from the company’s Secretarial Auditor confirming compliance with the conditions of Corporate Governance
(c) A certificate of non-disqualification of Directors from the secretarial aufitor of the company.
(d) A certificate of the MD and CFO confirming the correctness of the Financial set up , cash flow statement & adequacy of the Internal Control measures and reporting matters to the Audit Committee.
BOARD MEETINGS
Under the law, the Board of Directors must meet at least once in a calendar quarter and four times a year with a maximum time gap of 120 days between any two meetings to consider amongst other business, the quarterly performance of the company and financial results
During the last financial year our Board met the following times 19/04/2023, 21/04/2023, 24/04/2023, 02/05/2023, 25/05/2023, 30/05/2023, 16/06/2023,
03/07/2023, 05/08/2023, 08/09/2023, 12/09/2023, 08/12/2023, 26/02/2024,
02/03/2024
EXTRACTS OF ANNUAL RETURN
In accordance with the requirement of section 92(3) read with section 134(3)(a) of the Companies Act 2013, the Annual Return as on 31st Match 2024 is available on the Company’s website www.rashmiliahtina.com / Reports / annual return
REPORTING OF FRAUDS BY AUDITOR
During the year under review, neither of the Statutory Auditor or the Secretarial auditor nor the internal auditor have reported to the Audit Committee of the Board u/s 143(12) of the Act any instances of fraud committed against the company by its officers or employees
COMPLIANCE WITH SECRETARIAL STANDARD
During the year under review , the company has complied with all the applicable provisions of the secretarial srandard-1 and secretarial srandard-2 issued by the Institute of company secretaries of India
RESEARCH AND DEVELOPMENT
Your company is dedicated to achieving excellence by prioritizing R&D as a common stone of innovation .Our in-house R&D team is committed to pioneering sustainable product innovations driven by cutting edge technology ensuring efficiency across the entire product
The Company’s in house R& D team strikes for best technology based on sustainable product innovations with efficient product life cycle, including design development and manufacturing process
EMPLOYEE ENGAGEMENT
Your Company’s employee engagement initiative build trust, enthusiasm and a sense of belonging to the organization .The leadership continues to act on the feedback given by the employees in various forums
ENVIRONMENT HEALTH AND SAFETY
The Health, Safety and environmental management system at Rashmi epitomize our unwavering dedication to save guard the environment fostering a conductive working atmosphere and ensuring the wellbeing and safety of all individuals including employees, contractors and visitors
REGISTRAR AND SHARE TRABSFER AGENT
M/s Maheshwari Datamatics (p) Ltd is the RTA Agent of your company. Their contact details are mentioned in the Corporate Governance Report which forms a part of the Annual Report.
LISTING
The equity shares of your company are listed with the Bombay Stock Exchange Ltd and the Calcutta Stock Exchange Lrd.
GENERAL
Your Directors state that no Disclosure or reporting is required on respect of the following matters as there were no transactions in these items during the year under review
1. Issue of equity shares with differential rights as to dividend, voting etc u/s 43(a) (ii) of the Act.
2. Issue of shares including sweat equity shares to the employee of the company u/s 54(1) (d)
3. The Company does not have any scheme for the provision of money required for purchase of its own shares
4. No instances of non-exercise of voting rights in respect of shares purchased by employees u/s 67(3)
5. Neither the MD nor CEO get any remuneration from any outside source
6. No fraud has been reported by the auditor
7. No such difference is there in the value of loan at the time of taking the loan and its disposal of loan
8. There is no change in the nature of business
9. There is no legal proceedings against the company
10. There is no change in the financial status of the company RIGHT OF THE MEMBERS
1. Right to participate and be aware of the fundamental corporate change
2. Opportunity to participate and vote at the General Meeting.
3. Being informed about the procedure of e voting
4. Opportunity to ask question at the General Meeting etc
CAUTIONARY STATEMENT:
Statements in this Management Discussion and Analysis Report describing the Company's objectives, projections, estimates and expectations may be forward looking’ within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied.
ACKNOWLEDGEMENT
Your Directors wish to place on record their grateful appreciation of the continued support given by the several departments of the Government of India and the government of West Bengal, the company’s bankers and the financial institutions, other agencies, Your Directors alsowish to place on record their deep appreciation for the services rendered by the officers and staff of the Company at all levels for their dedication and loyalty.Therelationship with the employees continues to be cordial.
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