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EQUITY - MARKET SCREENER

NCC Ltd
Industry :  Construction
BSE Code
ISIN Demat
Book Value()
500294
INE868B01028
95.157855
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
NCC
10.5
3942.66
EPS(TTM)
Face Value()
Div & Yield %
6.16
2
3.09
 

As on: May 23, 2022 10:12 AM

To the Members,

Your Directors take pleasure in presenting the 31st Annual Report together with the Audited Statement of Accounts for the Financial Year ended March 31, 2021.

Standalone Financial Results (Rs in crores)

Particulars 2020-21 2019-20
Revenue from Operations 7255.67 8218.80
Other Income 115.60 151.27
Total Income 7371.27 8370.07
Profit before Interest, Depreciation, Exceptional Items and Tax (PBIDT) 970.08 1181.42
Less: Finance Costs 457.78 517.87
Profit before Depreciation, Exceptional Items and Tax 512.30 663.55
Less: Depreciation and Amortisation Expenses 174.09 177.52
Profit before exceptional item & tax 338.21 486.03
Exceptional items (Net) - (32.67)
Profit before tax 338.21 453.36
Provision for Tax(Including earlier Year Taxation) 77.08 71.32
Profit after Tax 261.13 382.04
Other comprehensive income / (loss) for the year (11.67) (6.93)
Total comprehensive income for the year 249.46 375.11
Retained earnings- Opening Balance 1435.82 1162.40
Add: Profit for the Year 261.13 382.04
Less: Transferred to General Reserve 200.00 -
Less: Dividend paid during the year (Including Dividend Tax) 12.21 108.62
Retained earnings - Closing Balance 1484.74 1435.82
Paid up Capital 121.97 121.97

Operational performance A. Standalone

Your Board takes pleasure in reporting that the Revenue from Operations of the Company for the Financial Year ended 31st March, 2021 amounted to Rs 7255.67 crores as against Rs 8218.80 crores in FY 2019-20 and earned a Profit before Interest, Depreciation, Exceptional Items and Tax (PBIDT) of Rs 970.08 crores for the F.Y 2020-21 as against Rs 1181.42 crores in the previous year. After deducting financial charges of Rs 457.78 crores, providing a sum of

Rs 174.09 crores towards depreciation, Rs 77.08 crores for income tax, the operations of the Company resulted in a net profit of

Rs 261.13 crores for the F.Y 2020-21 as against Rs 382.04 crores in F.Y 2019-20.

B. Consolidated

During the year under review, the Revenue from Operations of the Company on a consolidated basis amounted to Rs 7949.42 crores as against Rs 8901.07 crores in the previous fiscal. Your Company has earned a PBIDT of Rs 1034.99 crores for the F.Y 2020-21 as against Rs 1200.23 crores in the previous Financial year. The operations resulted in a net profit attributable to the shareholders of the Company of Rs 268.31 crores as against Rs 336.53 crores in the previous financial year. During the year the Company, on consolidated basis, bagged new orders valued around Rs 18943 crores (including change in scope of work) and after deducting the Orders executed, the order Book of the company as on March 31, 2021 stood at Rs 37911 crores. The operations of the Company during the F.Y were impacted due to the COVID-19 Global Pandemic. The outbreak of Corona virus (COVID-19) pandemic globally and in India has been causing significant disturbance and slowdown of economic activity. On 24th March 2020, the Government of India ordered a nationwide lockdown initially for 21 days and which was subsequently extended in phases till mid of May 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closure of non-essential services had triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.

COVID-19 is significantly impacting business operations of the companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. Your Company has taken necessary measures to contain the spread of virus in the project sites and in the various offices from where the employees are functioning. In spite of the various safety measures taken by the Company some of the employees, workers were infected with the virus and few of them also succumbed to the infection. Further, in view of the change in the priorities / plans of the new government in the State of Andhra Pradesh some of the contracts awarded to the various Construction Companies including your Company by the Govt of A.P have been foreclosed / de-scoped.

Dividend

Your Board while taking note of the challenges faced on account of the COVID-19 pandemic and the need to conserve the resources recommends payment of Dividend of Rs 0.80 per Equity Share of Rs 2/- each (40 %) for the consideration and approval of the members of the Company at the forthcoming Annual General Meeting.

Transfer to Reserves

Out of the amount of Rs 1,684.74 Crores available for appropriation your Directors approved transfer of Rs 200.00 crores to General Reserve and the remaining amount of Rs 1,484.74 crores in the retained earnings.

Management Discussion and Analysis

Business Overview and Outlook and the state of the affairs of the Company and the Industry in which it operates, is discussed in detail in the section relating to Management Discussion & Analysis which forms part of this Report.

Change in nature of business

There has been no change in the nature of business carried on by the Company during the year under review.

Material Changes and Commitments affecting the financial position of the Company

There are no Material Changes and Commitments affecting the financial position of the Company which occurred between the end of the financial year to which the financial statements relate and the date of this Report. However the impact of 2nd wave of COVID-19 pandemic which has struck India from the mid of March 2021 has impacted operations of the Company. The economic impact of the 2nd wave on the operations of the Company is unascertainable as on the date of this report.

Merger

NCC Ltd and two of its Wholly Owned Subsidiary Companies (WOSs) viz., Aster Rail Pvt. Ltd., and Vaidehi Avenues Ltd., in their respective Board meetings held in December, 2019 subject to requisite approvals including that of NCLT, approved the merger of said WOSs with NCC Limited (Holding Company) with the appointed date as 1st April, 2019. The process of merger is delayed due to the restricted functioning of NCLT on account of COVID-19 Pandemic.

Share Capital

During the financial year under review, there has been no change in the Authorized & Paid up Share Capital of the Company.

Preferential Issue of Warrants to Promoters

Pursuant to the provisions of the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations) and the approval accorded by the members of the Company, the Company has issued 1,80,00,000 Convertible Warrants on Preferential basis to Promoters / Promoters Group of the Company at a price of Rs 59/- per warrant ( Including premium of Rs 57/- per warrant). The Company has received 25% of the total consideration money amounting to Rs 26.55 crores as per the applicable SEBI (ICDR) Regulations and allotted partly paid warrants to the allottees on 12th February 2021. These warrants are to be converted into equity shares of the Company on or before 11th August 2022 i.e. within 18 months from the date of Allotment and subject to payment of balance 75% of the consideration amount by the allottees.

Particulars of Contracts or Arrangements with Related Parties

All related party transactions entered during the financial year were in the ordinary course of the business of the Company and were on an arm's length basis. There were no materially significant related party transactions entered by the Company during the year with the Promoters, Directors, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the Company. The policy on Related Party Transactions as approved by the Audit Committee and the Board of Directors is hosted on the website of the Company and the link for the same is: http:// ncclimited.com/Policies.html.

Directors' responsibility statement

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, your Directors to the best of their knowledge and ability confirm as under: (a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; (b) We 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 as at 31st March, 2021 and of the profit of the Company for the financial year ended 31st March, 2021; (c) We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (d) The annual accounts have been prepared on a going concern basis; (e) The Company had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and (f) We have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Subsidiary Companies/ Joint venture Companies:

The Company has 35 subsidiaries (including step down subsidiaries) as on 31st March 2021. With due compliance with the provisions of the Companies Act, 2013 and the Rules framed there under

5 (five) step down subsidiaries (wholly owned subsidiaries of NCC Urban Infrastructure Ltd), which were not having any operation were struck off by the Registrar of Companies, Hyderabad w.e.f. 9th April 2021. The Ropeway Project at Patnitop awarded by the Govt. of Jammu and Kashmir was cancelled and the SPV viz., Patnitop Ropeway & Resorts Ltd., (Wholly Owned Subsidiary of the Company) was liquidated through the Voluntary Winding Up process vide order dated 12th February 2021 of NCLT, Hyderabad Bench. The merger process of NCC Urban Infrastructure Ltd with 9 (nine) of its wholly owned subsidiaries is slightly delayed due to the lockdown on account of COVID-19. There was no material change in the nature of the business carried on by the subsidiaries. As per the provisions of Section 129 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the financial statements of the Subsidiary Companies / Associate Companies/Joint Venture Companies is prepared in Form AOC-1 and is attached to the Financial Statements of the Company.

In accordance with the provisions of the Companies Act, 2013 and the Rules framed thereunder, the Balance Sheet, Statement of Profit and Loss and other documents of the subsidiary companies are being made available on the website of the Company and are not attached with the Financial Statements of the Company.

The Company will make available the Financial Statements of the subsidiary companies and the related information to any member of the Company who may be interested in obtaining the same. In compliance with Section 134 of the Companies Act, 2013 read with the rules framed thereunder and the provisions of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended from time to time the Financial Statements for the F.Y 2020-21 have been prepared in compliance with the applicable Indian Accounting Standards.

Consolidated financial statements

In compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in compliance with the provisions of Section 129(3) and other applicable provisions of the Companies Act, 2013 and the Indian Accounting Standards Ind AS-110 and other applicable Accounting Standards, your Directors have pleasure in attaching the consolidated financial statements for the financial year ended March 31, 2021, which forms part of the Annual Report.

Disclosures: Deposits

During the year, the Company has not accepted any public deposits.

Conservation of energy, technology absorption and foreign exchange earnings and outgo

A. Conservation of energy

The Company's core activity is civil construction which is not power intensive. The Company is making every effort to conserve the usage of power wherever possible.

B. R&D and technology absorption: Not applicable

C. Foreign exchange earnings and outgo during the F.Y 2020-21 Foreign exchange earnings - Rs 1.25 crores Foreign exchange outgo i. Towards travel Rs 0.09 crores ii. Towards import of capital goods & material supplies

Rs 85.95 crores

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 the Company's operations in future.

Particulars of loans, guarantees or investments under Section 186;

Details of Loans, Guarantees, Investments under the provisions of Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 as at 31st March, 2021 form part of the Notes to the financial statements provided in this Annual Report.

Directors:

During the Financial Year 2020-21, Sri S Ravi (DIN 00180746) an Independent Director and Member of the Audit Committee and Stakeholders Relationship Committee retired from the Board upon completion of his tenure of appointment w.e.f 9th November 2020. Your Board places on record the valuable contribution of Sri S Ravi during his association with the Company as an Independent Director and as a Member of the Committees.

During the year under review and based on the recommendation of Nomination and Remuneration Committee and subject to the approval of the members of the Company , the Board of Directors at its meeting held on 30th December 2020 has appointed Sri Om Prakash Jagetiya (DIN 00546495) as an Independent Director of the Company w.e.f. 30th December, 2020. Further the Members of the Company have approved the appointment of Sri Jagetiya vide resolution dated 6th February, 2021 passed through Postal Ballot.

In pursuance of Section 152 of the Companies Act, 2013 and the rules framed there under, Sri A G K Raju (DIN-00019100), Executive Director, and Sri A V N Raju (DIN-00018965), Whole time Director are liable to retire by rotation, at the ensuing Annual General Meeting and being eligible have offered themselves for reappointment. Based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the members of the Company at the ensuing AGM, the Board of Directors at its meeting held on 28th May, 2021 have re-appointed Sri A V N Raju (DIN00018965) as a Whole-time Director of the Company for a period of five (5) years w.e.f. 30th May, 2021. Other than as stated above, there has been no other change in the Directors during the year under review.

The Independent Directors have submitted the declaration of independence, pursuant to Section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 read with sub rule (1) and (2) of Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014 as amended.

Key Managerial Personnel

As on 31st March 2021 Sri A A V Ranga Raju, Managing Director, Sri A G K Raju, Executive Director, Sri A S N Raju, Sri J V Ranga Raju and Sri A V N Raju, Wholetime Director(s), Sri K Krishna Rao, EVP (F&A) and CFO and Sri M V Srinivasa Murthy, Company Secretary & EVP (Legal) are Key Managerial Personnel of the Company in accordance with the provisions of Section(s) 2(51), 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. During the year under review Sri R Subba Raju retired as Chief Financial Officer of the Company w.e.f. 30th November 2020. The Board places on record the valuable contribution made by Sri R Subba Raju to the Company during his long association with the company. Based on the recommendation of the Nomination and Remuneration Committee and the inprinciple approval accorded by the Audit Committee, the Board of Directors at its meeting held on 10th November 2020 have appointed Sri K Krishna Rao, as Chief Financial Officer (CFO) of the Company w.e.f. 1st December 2020.

Policy on Directors' Appointment and remuneration and other details

The Company's policy on Directors' appointment and remuneration and other matters pursuant to Section 178(3) of the Companies Act, 2013 is hosted on the Company's website and the web link thereto is: http://ncclimited.com/Policies.html.

The requisite information pursuant to Section 178(4) of the Act is given in the Corporate Governance Report which forms part of the Annual Report.

Board Evaluation

The Board of Directors has carried out an annual evaluation of its own performance, Board Committees, the Individual Directors, the Chairman of the Company etc pursuant to the provisions of the Companies Act, 2013 read with the Rules framed thereunder and SEBI (LODR) Regulations.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the Committees was evaluated by the Board after seeking inputs from the Committee Members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

In a separate meeting of Independent Directors, performance of the 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 Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

Meetings of Board of Directors

The Board Calendar is prepared and circulated in advance to the Directors. During the Financial Year under review the Board has met ten times i.e. on May 29, 2020, June 26, 2020, August 12, 2020, August 28, 2020, September 24, 2020, November 10, 2020, December 30, 2020, January 25, 2021, February 11, 2021 and March 18, 2021. The details with respect to Committee meetings and attendance there at as required under the Secretarial Standard-1 issued by the Institute of Company Secretaries of India have been provided in the Corporate Governance Report forming part of this Annual Report.

Familiarization Programme

The details of the familiarization programme formulated for Independent Directors is hosted on the Company's website and the web link thereto is http://ncclimited.com/corporate_ governance. html

Audit Committee

The Company has in place an Audit Committee in terms of the requirements of the Companies Act, 2013 read with the Rules made thereunder and Regulation 18 of the SEBI (LODR) Regulations, 2015. The details relating to the Audit Committee are given in the section relating to Corporate Governance forming part of the Annual Report.

Whistle Blower Policy/Vigil Mechanism

Pursuant to Section 177 of the Companies Act, 2013 and the Rules framed there under and pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has established a mechanism through which all the stakeholders can report the suspected frauds and genuine

16 grievances to the appropriate authority. The Whistle Blower Policy which has been approved by the Board of Directors of the Company has been hosted on the website of the Company http://ncclimited. com/Policies.html. During the year under review the Company has not received any complaint(s) under the said policy.

Risk Management

The Company has established Enterprise Risk Management process to manage risks with the objective of maximizing shareholders value.

The Board of Directors of the Company has formed a Risk Management Committee to implement and monitor the risk management Policy of the Company. The development and implementation of the risk management policy has been covered in the Management Discussion and Analysis, which forms part of this report.

Internal Financial Controls and their adequacy

The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations. The Company has policies and procedures in place for ensuring proper and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

Compliance with Secretarial Standards

The Company has complied with applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Government of India under Section 118(10) of the Companies Act, 2013.

Annual Return

Pursuant to Section 92 (3) of the Companies Act, 2013 a copy of the annual return for the financial year ended 31st March 2021 has been placed on the website of the Company at http://ncclimited. com/AGM_EGM_Info.html.

Statutory Auditors and their report

M/s. S R Batliboi & Associates LLP(Firm Registration No.101049W/ E300004), Chartered Accountants who were appointed as Statutory Auditors of the Company for a term of five years from the conclusion of the 27th Annual General Meeting till the conclusion of the 32nd Annual General Meeting conducted the Statutory Audit for the FY-2020-21.The Independent Auditors' Report(s) to the Members of the Company in respect of the Standalone Financial Statements and the Consolidated Financial Statements for the Financial Year ended March 31, 2021 form part of this Annual Report and do not contain any qualification(s) or adverse observations.

Secretarial Audit Report

As per the provisions of Section 204(1) of the Companies Act, 2013, the Company has appointed M/s. BS & Company Company Secretaries LLP, Practicing Company Secretaries to conduct Secretarial Audit of the records and documents of the Company for the Financial Year 2020-21. The Secretarial Audit Report for the Financial Year ended 31st March, 2021 in Form MR-3 is annexed to and forms part of this Report - Annexure - I. The Secretarial Auditors' Report to the Members of the Company for the Financial Year ended March 31, 2021 does not contain any qualification(s) or adverse observations

Cost Audit

In compliance with the provisions of Section 148 of the Companies Act, 2013 and the rules framed thereunder and based on the recommendation of the Audit Committee the Board of Directors of the Company at its meeting held on 29th May, 2020 had appointed M/s. Vajralingam & Co., Cost Accountants (Firm Registration No.101059) as the Cost Auditors of the Company for the FY 2020-21 to conduct audit of the cost accounts and records maintained by the Company to the extent applicable. In terms of the provisions of Section 148(3) of the Companies Act, 2013 read with Rule 14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014, the remuneration of the Cost Auditors has to be ratified by the members. Accordingly, necessary resolution is proposed at the ensuing AGM for ratification of the remuneration payable to the Cost Auditors for FY-2020-21.

Corporate Governance

Pursuant to the provisions of Chapter IV read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Corporate Governance has been incorporated in the Annual Report for the information of the shareholders. A certificate from the Secretarial Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under the said Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 also forms part of this Annual Report.

Business Responsibility Report

As stipulated under Regulation 34 of the SEBI (LODR) Regulation 2015, Business Responsibility Report is attached and forms part of the Annual Report.

Investor Education and Protection Fund (IEPF)

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules'), all unpaid or unclaimed dividend are required to be transferred by the Company to the IEPF established by the Government of India, after the completion of seven years. Further, according to the said Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority. In compliance with the aforesaid provisions the Company has transferred the unclaimed and unpaid dividends and corresponding shares to IEPF. The details of the unclaimed / un paid dividend during the last seven years and also the details of the unclaimed shares transferred to IEPF are given in the Report on Corporate Governance forming part of the Annual Report.

Reporting of Frauds

There have been no instances of fraud reported by the Auditors of the Company under Section 143(12) of the Companies Act, 2013 and the Rules framed there under either to the Company or to the Central Government

Corporate Social Responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year under review are set out in Annexure-II of this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended. The CSR Policy is available on the website of the Company http://ncclimited.com/Policies.html. As per the provisions of the Companies Act, 2013 and the Rules framed thereunder during the F.Y 2020-21 the Company was required to spend an amount of Rs 13.15 Crore (including Rs 2.19 Crore unspent CSR amount carried forward from the Financial Year 2019-20) towards CSR activities. During the F.Y 2020-21 the Company had spent an amount of Rs 4.40 crores towards CSR expenditure upto 31st March, 2021 as per details given in the said Annexure-II. The shortfall in the expenditure was mainly on account of inability of the Company to proceed with the activities in the ongoing projects for which the Board and the CSR Committee had accorded approval due to COVID-19.The unspent CSR amount has been transferred to a separate bank account to be utilised for completion of the ongoing CSR projects.

Particulars of Employees

Details in respect of remuneration paid to employees as required under Section 197 (12) of the Companies Act, 2013, read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time forms part of this report. The Annual Report and accounts are being sent to the share-holders excluding the aforesaid exhibits. Shareholders interested in obtaining this information may access the same from the Company's website.

The ratio of the remuneration of each Director to the median employee's remuneration and other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in Annexure – III and forms part of this Report.

Protection of Women at Work Place

The Company has formulated a policy on Prevention of Sexual Harassment of Women at Workplace in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment of women employees at workplace. During the financial year ended 31st March, 2021, the Company has not received any complaints pertaining to Sexual Harassment.

Acknowledgements

Your Directors place on record their sincere appreciation and thanks for the valuable cooperation and support received from the employees of the Company at all levels, Company's Bankers, Central and State Government Authorities, Associates, JV partners, clients, consultants, sub-contractors, suppliers and Members of the Company and look forward for the same in equal measure in the coming years.

For and on behalf of the Board
Hemant M Nerurkar
Place: Hyderabad Chairman
Date:28th May, 2021 (DIN No. 0265887)