As on: Apr 02, 2023 04:33 PM
Your Directors present their 28th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2022.
FINANCIAL HIGHLIGHTS (in RS)
OPERATIONS
During the year under review, our Company recorded a total income of Rs. 1,65,57,441 as against Rs. 76,75,114 in the previous year and Net Profit of Rs.19,70,716 as against Net Loss of Rs. 4,69,198 in the previous year. Further information kindly refers to Management Discussion and Analysis forming part of this Annual report. In near future, we will be doing trading and job work.
DIVIDEND
The Board, for the year ended 31st March 2022 in view of profit is to be reinvested business hence regret there in ability to declare any dividend for the year.
DIRECTORS
As per Section 149(4) of Companies Act, 2013 every listed company shall have at least one-third of the total number of directors as independent directors. They shall hold office for a term up to five consecutive years on the Board of the Company as per section 149(10).
As per Section 152 (6) (e), total number of directors shall not include independent directors. Mr. Mayank Shah and Mrs. Sangeeta Jain are Independent Director.
In accordance with the provision of section 152(6) and the Articles of Association of Company Mr. Prakash Solanki will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offer himself for re-appointment. The Board recommends his reappointment.
The Company has received declarations from all the Independent Directors that they meet the criteria for independence as provided in Section 149(6) of the Companies Act, 2013.
CAPITAL INCREASE
Presently, the Authorized Share Capital of the Company is Rs. Rs. 4,00,00,000/- (Rupees Fore Crores Only) divided into 40,00,000/- (Forty Lacs) Equity Shares of Face Value of Re. 10/- (Rupee Ten Only) each. In order to facilitate the future requirements, if any, of the Company, it is proposed to increase the Authorized Share Capital to Rs. 10,00,00,000/- (Rupees Ten Crores Only) divided into 1,00,00,000 (Rupees One Crore) Equity shares of Face Value of Re. 10/- (Rupee One Only) each. The increase in the Authorized Share Capital as aforesaid would entail consequential alteration of the existing Clause V of the Memorandum of Association of the Company.
Accordingly, approval of the Members of the Company is hereby sought by way of ordinary resolution as set out in Item No. 14 of this Notice.
FUNDRAISING:
In furtherance of the Company's global business expansion plans, the Board of Directors of the Company ("Board") at their meeting held on July 29, 2022, have approved for the preferential issue , subject to approval of member in ensuing General meeting ,of 18,55,000 (Eighteen Lakhs Fifty Five Thousands) Equity Shares of face value of Rs 10/- each at an issue price of Rs 36.10/- (Rupees Thirty- Six and Paise Ten only) including Premium of Rs 26.10/- (Rupees Twenty-Six and Paise Ten only) per share aggregating to Rs 6,69,65,500 (Rupees Six Crores Sixty-nine Lakhs Sixty-five Thousand Five Hundred only).
Disclosure and information are provided in the explanatory statement of the Notice of 28th annual general meeting.
The Board, accordingly, recommends passing of the Special Resolution as set out in Item No. 16 of this Notice, for the approval of the Members.
INCREASE IN BORROWING POWERS
Under the provisions of Section 180 (1) (a) of the Act, which was made effective on September 12, 2013, the above powers can be exercised by the Board only with the consent of the shareholders obtained by a Special Resolution. As such, it is necessary to obtain approval of the shareholders by means of a Special Resolution, to enable the Board of Directors of the Company to create charge/ mortgage/ hypothecation on the Company's assets, both present and future, to secure the repayment of monies borrowed by the Company (including temporary loans obtained from the Company's Bankers in the ordinary course of business). Standard market terms of long-term debt finance include conditions whereby lenders/ trustees in certain circumstances (such as non-payment or other events of default) can take over the management of the Company, to recover their dues. It is, therefore, necessary to obtain members' approval by way of a Special Resolution under Section 180 (1) (a) of the Act for the creation of charges/mortgages/hypothecations for an amount not exceeding Rs. 15 Crores or the aggregate of the paid-up capital and free reserves of the the Company, whichever is higher. The proposed borrowings of the Company may, if necessary, be secured by way of charge/ mortgage/ hypothecation on the Company's assets in favour of the lenders/ bank. As the documents to be executed between the lenders/Banks and the Company may contain provisions to take over substantial assets of the Company in certain events, it is necessary to pass a special resolution under Section 180(1)(a) of the Act, for creation of charges/ mortgages/ hypothecations for an amount not exceeding Rs. 15 Crores or the aggregate of the paid- up capital free reserves and securities premium of the Company, whichever is higher.
The Board is of the view that the in order to further expand the business activities of the Company and for meeting the expenses for capital expenditure, the Company may be further required to borrow money. Considering the business plans and the growing fund requirements of the Company, it is proposed to increase the existing borrowing limit of the Company.
The provisions of Section 180 of the Companies Act, 2013 require the Company to pass a Special resolution to authorize the Board to borrow funds which will exceed the aggregate of the paid-up capital, free reserves and securities premium. In view thereof, it is proposed to obtain approval of the shareholders by a Special Resolution.
Accordingly, the Board recommends the Special Resolution as set out at Item No. 8 & 9 of the Notice of the AGM for approval by the members.
INVESTMENT LIMITS UNDER COMPANIES ACT, 2013
As per the provisions of Section 186 of the Companies Act, 2013, the Board of Directors of a Company can make any loan, investment or give guarantee or provide any security beyond the prescribed ceiling of: i) Sixty per cent of the aggregate of the paid-up capital and free reserves and securities premium account or, ii) Hundred per cent of its free reserves and securities premium account, whichever is more, if special resolution is passed by the members of the Company.
As a measure of achieving greater financial flexibility and to enable optimal financing structure, this permission is sought pursuant to the provisions of Section 186 of the Companies Act, 2013 to give powers to the Board of Directors, for making further investment, providing loans or give guarantee or provide security in connection with loans to any person or other body corporate for an amount not exceeding Rs. 15 Crores.
The investment(s), loan(s), guarantee(s) and security(ies), as the case may be, will be made in accordance with the applicable provisions of the Companies Act, 2013 and relevant rules made there under.
Accordingly, the Board recommends the Special Resolution as set out at Item No. 8 of the Notice of the AGM for the approval by the members.
ALTERATION IN MEMORANDUM AND ADOPTION OF NEW ARTICLES ASSOCIATION
The Company needs to comply with provisions of Companies Act, 2013 where new format is prescribed for MOA and AOA. We are under going format change in MoA .
Accordingly, the Board recommends the Special Resolution as set out at Item No.ll, 12, 13 of the Notice of the AGM for approval by the members.
The existing regulations 1 to 184 of the Articles of Association are replaced by the new set of Articles of Association of the Company.
The modification in the Articles of Association is carried out to give effect to the provisions of the Companies Act, 2013.
Accordingly, the Board recommends the Special Resolution as set out at Item No. 15 of the Notice of the AGM for approval by the members.
CORPORATE GOVERNANCE:
Since the equity share capital of the Company is listed exclusively on the of BSE Limited , the requirement of corporate governance provisions specified in regulations 17 to 27and clauses (b) to (1) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of Listing Regulation is not applicable to the Company when the Paid-up Share capital is less than Rs. 10 Crore and Net Worth of the Company is less than Rs. 25 Crores and hence, corporation governance is not applicable to the company.
SHARE CAPITAL The paid-up equity share capital of the Company as of March 31, 2022, was Rs. 3.20 Crores. BOARD OF DIRECTORS AND ITS MEETINGS
The Company has a professional Board with the right mix of knowledge, skills and expertise with an optimum combination of executive and independent Directors including one woman Director. The Board provides strategic guidance and direction to the Company in achieving its business objectives and protecting the interest of the Stakeholders.
One meeting of the Board of Directors is held at regular intervals in compliance with the Companies Act, 2013. Additional meetings of the Board/ Committees are convened as may be necessary for proper management of the business operations of the Company.
During the year Six Board Meetings and four Audit Committee Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and as per Listing agreement.
DECLARATION OF INDEPENDENT DIRECTORS
All independent Directors have declared and affirmed their compliance with the independence criteria as mentioned in Section 149(6) of the Companies Act, 2013 and clause 49 of the listing agreement in respect of their position as an Independent Director of the Company.
DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMPs) APPOINTMENT OR RESIGNATION
During the year under review, no changes occurred in the position of Directors/ KMPs of the Company. COMMITTEES OF THE BOARD:
There are currently three Committees of the Board, as follows:
1. Audit Committee
2. Stakeholders' Relationship Committee
3. Nomination and Remuneration Committee
A. Audit Committee
The Audit Committee of the Company as on date comprises of three members, i.e. Shri Prakash Solanki, Shri Mayank Shah, , and Smt. Sangeeta Jain. The constitution of the Committee is in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and section 177 of the Companies Act, 2013.
The Chairman of the Committee is Shri Mayank Shah, who is an Independent Director. The terms of reference of the Audit Committee include the matters specified in Clause 49(11) of the Listing Agreement entered with the Stock Exchanges. The Committee acts as a link between the Statutory Auditors and the Board of Directors of the Company.
Four meetings of the Audit Committee were held during the financial year ended 31st March, 2022. The meeting of the Audit Committee was held on 29th June 2021, 30th July 2021, 02nd November 2021, and 24th January 2022 and the same were attended by all members of the Committee.
B. Nomnation & Remuneration Committee
The composition of the Remuneration Committee as on date of the report was as under:
Terms of Reference:
The term of reference of the Committee includes recommending to the Board of Directors specific remuneration packages for Executive Directors and management staff.
Remuneration Policy:
1. Non-Executive Directors
None of the Non-Executive Directors (NEDs) is paid any remuneration whether by way of Commission or Sitting Fees.
2. Executive Directors
The Company pays remuneration by way of salary, perquisites and allowances (fixed component) to the Managing Director. Salary is paid within the range approved by the shareholders. The ceiling on perquisites and allowances as a percentage of salary is fixed by the Board, within the prescribed ceiling; the perquisite package is fixed by the Remuneration Committee.
Remuneration to Directors:
Remuneration of Rs. 3.6 Lacs paid to Mr. Dinesh Solanki, Managing Director and Rs. 9.6 Lacs to Mr. Prakash Solanki during the year under review.
Employees retirement benefits:
As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Company has not provided any liability at present
C. Stakeholders' Grievance Committee:
The Shareholders & Investors Grievance Committee as on date comprises of three members, i.e. Shri Prakash Solanki, Shri. Mayank Shah and Smt Sangeeta Jain. The Chairman of the Committee is Shri. Mayank Shah.
The renamed Committee complies with the requirement of Companies Act, 2013 and also handles investor grievance as envisaged under Clause 49 of the Listing Agreement.
One meeting of the Stakeholders' Grievance Committee was held during the year 2021-2022
The Company has paid the listing fees to all the Active Stock Exchanges till 31st March 2022.
During the financial year under review, the Company has not received any complaint. No investor complaint was pending as at the end of the financial year.
AUDIT COMMITTEE
The company has an Audit Committee of the Board of Directors in place. The terms of reference of the Audit Committee are in line with Section 177 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. All recommendations made by the Audit Committee were accepted by the Board.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee is constituted in line with the regulatory requirements mandated by the Companies Act, 2013. Following is the role and responsibility of Nomination and Remuneration Committee.
(I) Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;
(j) Formulation of criteria for evaluation of performance of independent directors and the board of directors;
(K) Devising a policy on diversity of board of directors;
(L) Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal;
(M) Whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors;
ALTERATION IN DIRECTORSHIP:
NEW APPOINTMENT
Disclosure and information is given under explanation under section 102 of Companies Act 2013
RESIGNATION
• Mayank Shah has resigned on 30-06-2022
• Dinesh Solanki resigned on 15-07-2022
Name: Dinesh Rikhabch and Solanki (holding DIN 01803066)
DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
i) In the preparation of the annual accounts, the applicable accounting standards have been followed.
ii) 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.
iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
iv) The directors have prepared the annual accounts on a going concern basis.
v) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
vi) The directors had devised a proper system to ensure compliance with the provisions of all applicable laws and that such system was adequate and operating effectively.
ANNUAL PERFORMANCE EVALUATION BY THE BOARD:
SEBI (Listing and Obligation Disclosure Requirements) Regulations 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:
i. Board dynamics and relationships
ii. Information flows
iii. Decision-making
iv. Relationship with stakeholders
v. Company performance and strategy
vi. Tracking Board and committee's effectiveness
vii. Peer evaluation
Pursuant to the provisions of the Companies Act, 2013 a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of the independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The Board works with the nomination and remuneration committee to lay down the evaluation criteria.
The Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit Committee, Nomination & Remuneration Committee and Stakeholders Relationship Committees of the Company. The Board has devised a questionnaire to evaluate the performances of each of executive, non executive and Independent Directors. Such questions are prepared considering the business of the Company and the expectations that the Board have from each of the Directors. The evaluation framework for assessing the performance of Directors comprises of the following key areas: l. Attendance of Board Meetings and Board Committee Meetings;
ii. Quality of contribution to Board deliberations;
iii. Strategic perspectives or inputs regarding future growth of Company and its performance;
iv. Providing perspectives and feedback going beyond the information provided by the management.
v. Ability to contribute to and monitor our corporate governance practices DEPOSITS
Our Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of loans and investments by the Company to another body corporate or persons are given in notes to the financial statements.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. Certain transactions which were entered into with related parties were described in Form AOC-2 attached as "Annexure2"and forming part of this report.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary.
CODE OF CONDUCT
The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day-to-day business operations of the company. The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behaviour from an employee in a given situation and the reporting structure.
All the Board Members and the Senior Management personnel have confirmed compliance with the Code. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has in place a whistleblower policy, to support the Code of the conduct of the Company. This policy documents the Company's commitment to maintaining an open work environment in which employees, consultants and contractors are able to report instances of unethical or undesirable conduct, actual or suspected fraud or any violation of Company's Code of conduct at a significantly senior level without fear of intimidation or retaliation.
PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulating trading insecurities by the Directors and designated employees of the Company. The Code prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.
All Board Directors and the designated employees have confirmed compliance with the Code.
AUDITORS & AUDITORS REPORT
Pursuant to the provisions of Section 139 of Companies Act, 2013 and the rules framed thereunder, M/s. Vijay R. Tater & Co, Chartered Accountants (FRN: 111426W) were appointed as statutory auditors at the Annual General Meeting of the Company held on 29th September 2021 to hold office till the conclusion of the AGM to be held in the year 2026.
Report of the auditors read the notes on accounts is self-explanatory and need no elaboration. SECRETARIAL AUDIT
During the year under review, M/s Khushbu Shah & Co, Practicing Company Secretary who was appointed as the Secretarial Auditor of the Company has issued the audit report in respect of the secretarial audit of the Company for the financial year ended March 31, 2022. The Secretarial Audit is annexed to this director's report as Annexure I.
EXTRACT OF THE ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2022, is available on the Company's website on deepdiamondltd.co.m
PARTICULARS PURSUANT TO SECTION 197(12) AND THE RELEVANT RULES
During the year under review, your Company enjoyed a cordial relationship with workers and employees at all levels. The company regards its employees as a great asset.
For the particulars of employees as required to be disclosed in the Directors Report in accordance with the Provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, the Directors state that the company does not have any employee, who
(i) if employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than 1,02,00,00,000/- rupees per annum;
(ii) if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than 8,50,000/- rupees per month;
(iii) if employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may he, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company.
Pursuant to Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
(a) The ratio of remuneration of each Director to the Median Remuneration of employees who were on the payroll of the Company during the financial year 2021-22 is given below:
The retirement benefits, Gratuity and Leave encashment benefits will be debited as and when paid.
(b) The Percentage increase in remuneration of each director, Chief Financial Officer, Company Secretary in the financial year is as follows:
(c) The percentage increase in the median remuneration of employees in the financial year was NIL.
(d) Average percentage increase already made in the salaries of employees other than the managerial personnel in the last financial year i.e. 2021-22 was NIL% and for Managerial Personnel, since last year no salary was paid to any managerial personnel, % cannot be determined.
(e) Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms remuneration is as per the remuneration policy of the Company.
(f) Details Pertaining to remuneration as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 and forming part of the director's report for the year ended March 31, 2022:
During the year under review none of the employees of the Company was drawing remuneration equal to or more than 1 Crore and 2 lacs per annum and 8 lacs & 50 thousand per month pursuant to Provisions of Section 197(12) read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Details of Top 10 Employees in terms of remuneration drawn as per Rule 5(2) and 5(3) are as follows:
DISCLOSURE UNDER THE SEXUAL HARASSMENT OP WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made there under, the Company formulated an internal Policy on Sexual Harassment at Workplace (Prevention, Prohibition and Redressal) during the year under review. An internal Complaint committee has been set up to redress complaints received regarding sexual harassment. All woman employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year under review, there were no complaints received by the Company related to sexual harassment.
CORPORATE SOCIAL RESPONSIBILITY:
Due to insufficient profits, Corporate Social Responsibility is not applicable to the Company for Financial Year 2021-2022.
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO
Energy
Pursuant to Section 134(3) (m) of the Companies act, 2013 read with Rule 8 of the Companies (accounts) rules, 2014, details regarding the Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo for the year under review are as follows:
A. Conservation of Energy
a. Steps were taken or impact on the conservation of energy - The Operations of the Company do not consume energy intensively. However, the Company continues to implement prudent practices for saving electricity and other energy resources in day-to-day activities.
b. Steps were taken by the Company for utilizing alternate sources of energy - Though the activities undertaken by the Company are not energy intensive, the Company shall explore alternative sources of energy, as and when the necessity arises.
c. The capital investment in energy conservation equipment - Nil
B. Technology Absorption
a. The efforts made towards technology absorption - The Company continues to take prudential measures in respect of technology absorption, adaptation and take innovative steps to use the scarce resources effectively.
b. The benefits derived from product improvement, cost reduction, product development or import substitution- Not Applicable
c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - Not Applicable
d. The expenditure incurred on Research and Development - Not Applicable
The Particulars of Foreign Exchange and Outgo for the year under review are as follows:
(Figures in Rs)
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations. The scope of the Internal Audit function outsourced to M/S HSGH & Co, Chartered Accountants as of current is well defined in the engagement letter of the Internal Auditor duly approved by the Audit Committee. To maintain its objectivity and independence, the Internal Auditor reports to the Audit Committee. The Internal Auditor evaluates the adequacy of the internal control system in the Company on the basis of Statement of Operations Procedure, instruction manuals, accounting policy and procedures.
INTERNAL FINANCIAL CONTROL REPORT
The Board has adopted policies and procedures for the efficient conduct of business. The Audit Committee evaluates the efficacy and adequacy of a financial control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company and strives to maintain the Standard in Internal Financial Control.
BUSINESS RISK MANAGEMENT:
The company has developed and implemented Risk Management Policy consistent with the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to identify the elements of risk which may threaten the existence of the Company and possible solutions to mitigate the risk involved.
At present the company has not identified any element of risk which may threaten the existence of the company.
CASH FLOW STATEMENT
In conformity with the provisions of SEBI (LODR) Regulations, 2015, the cash flow statement for the year ended 31st March 2022 is annexed hereto.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the Secretarial Standards issued by The Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.
MATERIAL AND SIGNIFICANT ORDERS PASSED BY REGULATORS & COURTS
No significant and material orders have been passed by any regulators or courts or tribunals against the Company impacting the going concern status and Company's operations in future.
ACKNOWLEDGEMENTS
Our Directors express their sincere appreciation for the co-operation received from shareholders, bankers and other business constituents during the year under review. Our Directors also wish to place on record their deep sense of appreciation for the commitment displayed by all executives, officers and staff resulting in the performance of the Company during the year.