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JK Lakshmi Cement Ltd
Industry :  Cement - North India
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As on: Jun 02, 2023 10:32 AM

Dear Members,

The Directors have the pleasure in presenting the 82nd Annual Report along with the Audited Financial Statements of the Company for the Financial Year ended 31 "March 2022.


Rs in Crore

Particulars 2021-22 2020-21
Sales & Other Income 5,108.03 4,459.18
Profit before Interest, Depreciation & Tax (EBIDTA) 868.52 864.22
Profit before Depreciation & Tax (PBDT) 772.21 721.70


Yours Directors are pleased to recommend a Dividend of Rs 5 per Equity Share (100%) for the Financial Year ended 31 "March 2022 for approval of the Members at the ensuing Annual General Meeting (AGM). Total Dividend outgo will be Rs 58.85 Crore. The Dividend pay-out is in accordance with the Dividend Distribution Policy of the Company.


The amount available for appropriation including Surplus for the Year and the Transfer from Debenture Redemption Reserves, stood atRs 1,372.60 Crore. The Directors propose this to be appropriated as under:

Rs in Crore

Particulars 2021-22 2020-21
Dividend for 2020-21 44.13 -
Surplus carried to Balance Sheet 1,328.47 917.54
Total 1,372.60 917.54


Financial Year 2021-22 witnessed two waves of Covid-19 pandemic, one in the beginning of the financial year and another towards the end. Unfortunately, during the first wave in May-June 2021 there was an unprecedented toll on human lives though disruption in the economic activities was contained to minimum. The Government and Administration across the Country have acted with remarkable agility in handling the crisis.

Despite the setback from Covid, the Company achieved a growth of 4% in its cement production and 5% in its cement sales during FY 2021 -22.The combined growth of cement and clinker stood at 7%. The Company's Production and Sales growth could have been higher, but for Cement Transporters' Strike in Chhattisgarh which impacted our Production and Despatches for over a month. The Company improved its Cement capacity utilisation to 74% in FY 2021 - 22 from 71 % in FY 2020-21, while Company achieved 91 % capacity utilisation in the last quarter of FY 2021-22.The Grinding Units at Surat, Kalol, Jharli and Cuttack have also shown remarkable resilience in bouncing back to normal. At Udaipur Cement Works Limited, a subsidiary of the Company, Cement production rose by about 1 5%.

Unprecedented mounting inflation has been rampant world over and the margins are under pressure. The Indian economy is also suffering high inflation. The Company has witnessed a sharp rise in fuel prices (Petcoke and Coal), diesel prices and other input costs which have significantly impacted the profitability. This has increased our freight cost both for outward materials as well as for inputs. As there is considerable overhang of the cement supplies over the demand, we found it hard to pass on the increase in inputs costs to the customers. To reduce the surging cost impact on margins, the Company has been assiduously working on adopting innovative solutions and improving its operational efficiencies at all levels and maximizing its realisation per tonne by optimising the product mix, introduction of new brands and augmenting the distribution network and optimising its distribution cost. The Company could maintain its Net realization despite price corrections being seen in major markets.

The Company has always kept its employees and their well- being as top-most priority; hence along with work, Company ensured that all employees and their family members get fully vaccinated as soon as possible. All required precautions were taken not just in sales offices/HO but also in all the plants, where we have complete workforce along with our employees. The Company also invested in improving the transport yards across all plants to give a hygienic environment to our drivers/helpers.

The Company has always followed the philosophy of sustainable growth. Share of renewable energy at ~30% in our total energy basket is amongst the best in the industry and we have set a target of achieving above 80% share in total energy consumption by FY 2030. Similarly, we are continuously working to increase the use of Alternative Fuels and Raw Materials (AFR); reduce water consumption; and reduce carbon emissions. It may be noted that through various measures taken in this regard, the Company has been able to reduce C02 emissions by ~19 Million MT since 1990 and Certified Emission Reduction Potential (CERP) of the various measures undertaken by the Company stands at more than 2 Lakh MT of C02 reduction per year. On waterfront our specific water consumption is also one of the lowest in the industry and we aim to become 5 times water positive by the year 2025.

These measures towards sustainable operations shall stand in good stead in time to come and help the Company to raise finances at a lower cost for its future growth plans and ambitions.

The Company registered an EBIDTA of Rs 868.52 Crore as against Rs 864.22 Crore in the previous Financial Year, while the Net Profit topped Rs 41 7.56 Crore as against Rs 366.24 Crore in the previous Financial Year.


The Company has continuously been reducing its Debt for the last 3-4 years and has been able to bring down its Debt from overRs 2,000 Crore in March 201 8 to Rs 963 Crore as of 31st March 2022. Net Debt has been down from Rs 1,568 Crore in March 201 8 to a negligible level of onlyRs 1 3 Crore as of 31s March 2022. Correspondingly, the Debt Equity and Net Debt Equity have come down to 0.39 and 0.03 respectively as of 31s March 2022.

As a result of Deleveraging, efficient Working Capital and prudent Financial Management, the Interest Cost of the Company got reduced by 32% from Rs 143 Crore to ?96 Crore.


Based on the substantial improvement in the Company's Consolidated Financial Leveraging together with strong Operational performance and Robust Volume Growth, the Rating Agencies - CRISIL and CARE have upgraded Company's Rating to AA from AA- during the year. The Company continues to enjoy highest possible Rating of A1 + both from CRISIL and CARE for its Short-Term Borrowings.


1. Turnovercrossed?5,000 Crore

- Turnover atRs 5,1 08 Crore increased by 1 5% during Financial Year 2021 -22.

- Sales Volume increased by 7%.

- All Grinding Units achieved record Production and Dispatches.

2. Operating Profit increased marginally despite Covid challenges and higherfuel cost

- Capacity Utilization increased to 74%.

- Aggressive Cost reduction in Fixed Cost.

- All round improvement in Operational Efficiencies across Integrated Plants and Grinding Units.

- Prudent and Efficient fuel sourcing.

3. Efficient Working CapitalManagement

- Reduction in Cash to Cash Cycle.

- Reduction in Receivables by 37%.

- Increased Liquidity.

4. Reduction in Debt

- Reduced Borrowings by ?1 62 Crore.

- Increased Liquidity.

- Improved Leveraging and Other Financial Ratios.

5. Reduction in Interest Cost by 32%

- Interest Cost reduced fromRs 143 Crore toRs 96 Crore.

- Prepayment of Loans.

- Efficient Working Capital Management.

- Reduced BorrowingsforWorking Capital.

6. Upgradation of Credit Rating - Long Term Rating improved to AAfrom AA-

- Reduced Financial Leverage.

- Increase in Treasury Corpus.

- Prepayment of Loans.

- Improved Operating Efficiencies.

7. Brand Building

- Increased share of premium products.

- Leveraged Digital media and increased Customer connectivity across segments.

- Increased Product positioning and Market share in key markets.

8. Digitalization

- Rapid digitalization across functions.

- Optimization of Systems and Processes.

- Plant Efficiency improvement.

- Efficient Capital Working Management.

9. Focus on Value Added Products (VAP)

- VAP recorded 22% growth in Turnover toRs 370 Crore.

- IncreasedMarketShare.

- Focus of Market Penetration.

10. Increased ESG Culture

- Reduction of C02 emission across Plants.

- Share of Renewable Energy increased to over 35% (consolidated).

- Increased use of AFR.

- Reduced Water consumption.


JK Lakshmi Cement Ltd. has been bestowed with some of the most prestigious awards on both at national, as well as international level:

• Our Vice Chairman & Managing Director, Smt. Vinita Singhania has been conferred with Ladies FICCI FLO awards of excellence 2022 for excellence in Entrepreneurship and Best Family Business award led by Women by Money Control Pro (Network 1 8).

• During FY 2022, JK Lakshmi Cement Limited - Jhajjar Unit received the Environment Excellence award instituted by "FAME" (Foundation for Accelerated Mass Empowerment).

• JK Lakshmi Cement Limited - Sirohi plant received Excellence award for co-processing of waste in cement plant from Icon SWM-CE.

• JK Lakshmi Cement Limited - Durg Unit was declared as a winner for outstanding achievement in promotion of healthcare award conferred by Green Tech Foundation.

• Our Platinum Heavy Duty brand has been awarded as Asia's most promising brand bythe EconomicTimes.


During Financial Year 2021 -22, the Company successfully commissioned Waste Heat Recovery Project with an annual capacity of 1 0 MW in Jaykaypuram, Sirohi.

Udaipur Cement Works Ltd; the Expansion Project is progressing satisfactorily and is expected to be completed by March 2024.


The Internal Financial Control systems are required for increase in transparency and accountability in an organization's process of designing and implementing a system of internal control. The framework requires a company to identify and analyze risks and manage appropriate responses. The Company has successfully laid down the framework and ensured its effectiveness.

The Company has in place a strong Internal Financial Control System, Policies & Procedures which ensures accuracy & completeness of Accounting Records and helps also in timely preparation of the reliable Financial Statements. These Internal Financial Control Systems are designed for safeguarding the assets of the Company and for the prevention and detection of errors & frauds commensurate with the size, nature & complexities of the Operations of the Company. These Policies and Procedures were found by the Statutory Auditors of the Company to be adequate for smooth, orderly & efficient conduct of the business of the Company.

The Company has in place specific Standard Operating Practices (SOPs) for its various functions. These SOPs are periodically reviewed bythe External & Internal Auditors of the Company and exceptions are reported for corrective actions.

The Internal Financial Control Systems are regularly reviewed to ensure their effectiveness, taking into account the essential components of Internal Financial Controls as stated in the Guidance Note on the Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. Based on such assessments carried out bythe Management, no reportable material weaknesses in the adequacy in the System of Operations of Internal Financial Controls were observed during the year.


Since its inception and well before the Corporate Social Responsibility (CSR) Law had come into existence, serving the society towards improving the quality of life of the communities at large has been a priority and commitment for your Company. The concept of socially responsible business is deeply ingrained into our corporate DNA right from the initial years and till date we have pioneered and delivered several CSR projects for needy and vulnerable communities & families. The Company's CSR vision clearly states to strengthen community relationship and to bring sustainable change in the quality of life of neighbourhood community through innovative solutions in Education, Health, Water & Sanitation, Skills Development, Livelihood Promotion and Rural Development.

CSR is the continuing commitment by the Company to behave ethically and contribute to economic development, while improving the quality of life of the work force, their families as well as of the local community and society at large. As the beginning of Financial Year saw deadly outbreak of COVID-19 Delta variant, the Company responded to the unprecedented oxygen crisis by setting up Oxygen plant at Govt. Community Health Centre, Pindwara in Sirohi district of Rajasthan. Oxygen concentrators and cylinders, examination gloves, thermometers, oximeters, vaporizers and surgical masks were provided to district health departments and other agencies. The team supported vaccination drive across locations through creating awareness and mobilising people to the vaccination centres.

Surge in Delta and Omicron variants of Covid-1 9 Pandemic during the year and government enforced restrictions on meetings, gatherings and mobility had critically impacted implementation schedule of various CSR projects. Education and skilling projects had been the worst casualties. Closure of government schools for the extended period had caused non-implementation of planned education activities.

Despite these field level challenges, the Company demonstrated its commitment towards CSR and implemented several "Ongoing" and "Other than Ongoing Projects" in thrust areas of Health, Water & Sanitation, Education, Skilling & Livelihood and Rural development. Under Project Aarogya, medical camps were organized. Medical services at the doorstep were provided to reduce maternal and infant's mortality, while at few locations, food kits were provided to Multi-Drug Resistant -TB patients from poor families to improve their nutritional status for speedy recovery. Under Project Vidya (Education), we organized bridge and remedial classes for out-of-school and school drop-out children for their mainstreaming into government schools, supported government schools for improvement in physical & classroom infrastructure and facilities, provided various types of support to students and continued our support to school's working for Special children and their families. Students were provided scholarships to support their school, college and technical education like ITI, Polytechnic, Nursing and B.Ed at a time when Pandemic had hit their family's income. Under Education, the Company also initiated innovative "Navodaya Coaching" with focus on preparing the students from rural families to get admission in "Jawahar Navodaya Schools". Under Project Aajivika (Livelihood), the Company undertook multiple on- farm and off-farm activities including small enterprise development and skill trainings to support youth and families to ensure sustainable income. With an aim to provide youth timely and cost-effective Information, books, space for group learning and data connectivity to access online portal-based tutorials, a skill development cum job readiness center was set up at Jaykaypuram Unit. Under Project Swajal (Water), the Company partnered with Panchayat under "PM- Jal Jeevan Mission" to provide tap water to families. Under JK Lakshmi Gramin Vikas Project, the Company supported infrastructure development in the nearby community. Other initiatives include setting up water facilities for domestic use, plantation and recharging of water bodies, among others. These initiatives in the CSR benefited number of disadvantaged, vulnerable and economically marginalized communities like Scheduled Castes and Scheduled Tribes, Below Poverty Line families, small and marginal farmers, landless groups, women- headed families, special children, person suffering with chronic diseases likeMDR-TB and youth with no skills for either employability or resources for small business. The Company also strategically endeavoured towards facilitating "last-mile- connectivity" for the poor to access various State and Central Govt. Schemes aimed at poverty alleviation.

Company's CSR initiatives have been able to bring qualitative changes in the lives of the communities around its plant locations. One of the key impact has been empowerment of women due to improvement in their income resulting into their higher familial and societal status.

The Company received number of accolades & awards for its meaningful and life-changing CSR initiatives during the year. JK Lakshmi Cement, Sirohi Unit received "Outstanding Performance in CSR Excellence Trophy-2021" by The Employers Association of Rajasthan. Durg Unit received "Outstanding Achievement in promotion of Health care CSR Award 2021". The award was conferred by Greentech Foundation, New Delhi.

The Company has requisite Corporate Social Responsibility Policy in accordance with the provisions of the Companies Act, 201 3 (Act) and Rules made there under, as amended. The CSR Policy is disclosed on the website of the Company at www.jklakshmicement.com

The Annual Report on the CSR activities undertaken by the Company during the Financial Year under review, in the prescribed format, is annexed to this Report as Annexure 'A'.


During the Financial Year ended 31st March 2022, all the contracts or arrangements or transactions entered into by the Company with the Related Parties were in the ordinary course of business and on an arm's length basis and were in compliance with the applicable provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5 (Listing Regulations).

Form AOC-2 containing the details of the material Related Party Transactions entered into during the Financial Year 2021-22 as per the Related Party Transactions Policy is attached as Annexure 'B' to this Report and forms a part of it. The Related Party Transaction Policy as amended and approved by the Board is available on the website of the Company.


The particulars of loans given, guarantees or securities provided and investments made as required under Section 1 86 ofthe Act are given in the Notesto Financial Statements.


The details as required under Section 1 34(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 are annexed to this Report as Annexure 'C' and forms part of it.


(a) Statutory Auditors

In accordance with the provisions of the Act and Rules made there under, M/s S.S. Kothari Mehta & Company, Chartered Accountants, were re- appointed as Statutory Auditors ofthe Company for their second term of five consecutive years from the conclusion of the 80th AGM held on 2Qh August 2020 until the conclusion ofthe 85 th AGM to be held in the year 2025.

The observations of the Auditors in their Report on Accounts and the Financial Statements, read with the relevant notes are self-explanatory.

(b) Secretarial Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act, the Board of Directors appointed Shri Namo Narain Agarwal, Company Secretary in Practice, as Secretarial Auditor to carry out Secretarial Audit of the Company forthe Financial Year 2021 -22.

The Report given by him for the said Financial Year in the prescribed format is annexed to this Report as Annexure 'D'. The Secretarial Audit Report does not contain any qualification, reservation or adverse remarks.

(c) Cost Auditors and Cost Audit Report

M/s R.J. Goel & Co., Cost Accountants, conducted the Audit of cost records of the Company for the Financial Year ended 31s March 2021 and as required, Cost Audit Report was duly filed with the Ministry of Corporate Affairs, Government of India. The Company has duly maintained requisite Cost Accounts and Records pursuant to Section 148(1) of the Act.

The Audit of the cost records of the Company for the Financial Year ended 31s March 2022 is being conducted by the said firm and the Report will be duly filed.


The consolidated financial statements of your Company for the Financial Year 2021-22 have been prepared in accordance with the Act read with the Rules made thereunder and applicable Indian Accounting Standards. The audited consolidated financial statements together with Auditors' Report form part ofthe Annual Report.

In compliance with Section 1 29(3) of the Act and Rule 8 of the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the subsidiaries and associate included in the consolidated financial statements is presented in a separate section in the Annual Report. Please refer AOC-1 annexed to the financial statements in the Annual Report.

Pursuant to the provisions of Section 136 of the Act, the financial statements, consolidated financial statements along with relevant documents of the Company and separate audited accounts in respect of subsidiaries are available on the website ofthe Company.

During the Financial Year under review, no Company has become or ceased to be your Company's subsidiary or joint venture or associate.


Pursuant to the approval of Members by means of a Special Resolution passed at the AGM held on 4th September 201 4, the Company has continued to accept deposits from the public, in accordance with the provisions of the Act and the Rules made thereunder.

The particulars in respect of the deposits covered under Chapter V of the said Act, for the Financial Year ended 31!t March 2022 are:

(a) Accepted during the year - Rs 25.1 7 Crore;

(b) Remained unclaimed as at the end of the year - Rs 0.90 Crore;

(c) Default in repayment of deposits or payment of interest thereon at the beginning of the year and at the end ofthe year - Nil and

(d) Details of deposits which are not in compliance with the requirements of Chapter V of the said Act- Nil.


Disclosure ofthe ratio ofthe remuneration of each director to the median employee's remuneration and other requisite details pursuant to Section 1 97(1 2) ofthe Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed to this Report as Annexure 'E'.

Further, particulars of employees pursuant to Rule 5(2) & (3) of the above Rules, form part of this Report. However, in terms of provisions of Section 1 36 of the Act, the Report and Accounts are being sent to all the Members ofthe Company and others entitled thereto, excluding the said Particulars of employees. The said information is available for inspection at the Registered Office of the Company during business hours on working days of the Company upto the ensuing AGM. Any Member interested in obtaining such particulars may write to the Company Secretary.


The Annual Return as required under Section 92 and Section 1 34 ofthe Act read with Rules made thereunder is available on the website of the Company at https://bit.ly/3RcPmEM


Pursuant to Section 1 52 of the Act, Dr. Raghupati Singhania (DIN: 00036129) retires by rotation at the ensuing AGM and being eligible has offered himself for re-appointment. The Board recommends his re-appointment.

As the Members are aware, second Term of office of Shri B.V. Bhargava (DIN: 00001 823), as Independent Director, shall determine on 30th August 2022 and he would cease to be a Director ofthe Company. Shri B.V. Bhargava is also member of Audit Committee and Nomination and Remuneration Committee (NRC). Dr. Kashi Nath Memani (DIN: 00020696), Independent Director, has resigned from the Board of Directors of the Company w.e.f. 26th April 2022, due to personal reasons including health. The Board places on record its deep appreciation of valuable services rendered by them during their tenure as Independent Directors of the Company.

Based on the recommendation of NRC, the Board has appointed Shri Sadhu Ram Bansal (DIN: 06471984) as Additional Director in the category of Independent Director on the Board of Directors of the Company, for a term of three consecutive years w.e.f. 1 s July 2022. Shri Bansal shall hold office up to the date of the ensuing AGM. The Company has received requisite Notice under Section 1 60 of the Act from a Member proposing name of Shri Bansal and declaration from Shri Bansal regarding his independence pursuant to Section 149 of the Act and Regulation 16 of the Listing Regulations. As Independent Director, Shri Sadhu Ram Bansal shall not be liable to retire by rotation. In the opinion of the Board, he possesses requisite expertise, integrity, proficiency and experience. Relevant details are given in the Annexure to the Notice of the AGM. The Board recommends his appointment atthe ensuing AGM.

The Members at the AGM held on 31st August 2019, had approved re-appointment of Dr. Shailendra Chouksey (DIN: 00040282) and Shri Sushil Kumar Wali (DIN: 00044890), as Whole-time Directors of the Company for a period of three years w.e.f. Is August 2019 till 31st July 2022. Accordingly, they shall cease to be Directors w.e.f. 1‘ August 2022. The Board places on record its deep appreciation of the valuable services rendered by them as Whole-time Directors of the Company.

Based on the recommendation of NRC, the Board has appointed Shri Arun Kumar Shukla (DIN: 09604989) as Additional Director of the Company w.e.f. 1st August 2022 and he shall hold office as Director up to the date of the ensuing AGM. The Board also appointed him as President & Director for a term of three years commencing Is August 2022, subject to requisite approval of Members of the Company at the ensuing AGM. The Company has received requisite Notice underSection 1 60 of the Act from a Member proposing his name for appointment as Director at the ensuing AGM. Relevant details are given in the Annexure to the Notice of the AGM. The Board recommends his appointment atthe ensuing AGM.

The Board has also taken on record the declarations and confirmations received from all the Independent Directors of the Company regarding their independence pursuant to Section 149 of the Act and Regulation 16 of the Listing Regulations.

The Members at the AGM held on 26th August 2021 had approved re-appointment of Ambassador Bhaswati Mukherjee (DIN: 07173244) as Independent Director for second term of five consecutive years w.e.f. 28th March 2022. The Members also approved continuation of Shri Bharat Hari Singhania (DIN: 000411 56), Chairman of the Company, as Non-executive Director, liable to retire by rotation w.e.f. 1 * October 2021. Pursuant to Article 11 3 of the Articles of Association of the Company, the Board of Directors has decided that Smt. Vinita Singhania (DIN: 00042983), Vice Chairman & Managing Director of the Company shall henceforth be a Director not liable to retire by rotation.

There were no other changes in the Directors/Key Managerial Personnel of the Company during the year under review.


During the Financial Year under review, there were no significant and material orders passed by the Regulators or Courts or Tribunals which could impact the going concern status of the Company and its future operations.


During the Financial Year under review, there was no change in the nature of business of the Company.


Pursuant to Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility Report of the Company for the Financial Year 2021 -22 in the prescribed format, giving an overview of the initiatives taken by the Company from an environmental, social and governance perspective is given in a separate section of the Annual Report and forms a part of it.


Your Company reaffirms its commitment to the highest standards of corporate governance practices. Pursuant to the Listing Regulations, a Management Discussion and Analysis, Corporate Governance Report and Auditors' Certificate regarding compliance of conditions of Corporate Governance are made a part of this Report as Annexure - 'F'&G'.

The Corporate Governance Report which forms part of this Report inter-alia covers the following:

(a) Particulars of the four Board Meetings held during the Financial Year under review;

(b) Salient features of the Nomination and Remuneration Policy;

(c) The manner in which formal annual evaluation of the performance of the Board of Directors, of its Committees and of individual Directors has been made;

(d) The details with respect to composition of Audit Committee and establishment of Vigil Mechanism;

(e) Details regarding Risk Management Committee;

(f) Dividend Distribution Policy;

(g) Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013;


Based on the Secretarial Audit Report of the Secretarial Auditor, the Company has duly complied with the applicable Secretarial Standards on Meetings of Board of Directors and General Meetings issued by the Institute of Company Secretaries of India.


As required under Section 134(3)(c) of the Act, your Directors state that:-

(a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) such accounting policies have been selected and applied consistently and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit and loss of the Companyforthat period;

(c) Proper and sufficient care have been taken 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 internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and were operating effectively; and

(f) The proper systems to ensure compliance with the provisions of all applicable laws have been devised and that such systems are adequate and operating effectively.


Your Directors wish to place on record and acknowledge their appreciation for the continued support and valuable co-operation received from the Financial Institutions, Banks, Government Authorities, Dealers, Suppliers, Business Associates and Company's valued Customers and the esteemed Members for the faith they continue to repose in the Company.

Your Directors also record their appreciation for the dedication and hard work put in by "Team-JK Lakshmi", which has enabled the Company to continue its growth journey in these challenging times.

On behalf of the Board of Directors
Place: New Delhi Bharat Hari Singhania
Date: 18th May 2022 Chairman