As on: Dec 09, 2024 03:28 PM
To,
The Members
Shreeji Translogistics Limited
Your Directors are pleased to present the 30th Annual Report and Audited Financial Statements of the Company for the year ended 31st March, 2024.
1. FINANCIAL RESULTS
There is no change in the nature of business of the Company except that the Company has commenced trading business in accordance with the special resolution passed by the members of the Company altering Main object of the Memorandum of Association on 6th January, 2023 by way of Postal Ballot.
2. DIVIDEND
Your Directors are pleased to recommend a final dividend of Re. 0.10 per equity share of face value of Rs. 2/- each (i.e. at 5 percent of face value) for the year ended 31st March, 2024.
The final dividend, subject to the approval of Members at the Annual General Meeting, will be paid to the Members whose names appear in the Register of Members, as on the Record Date to be fixed by the Board in this regard. The total dividend for the financial year amounts to Re. 0.10 per equity share and will absorb Rs. 69.88 Lac. In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders. Your Company shall, accordingly, make the payment of the final dividend after deduction of tax at source.
3. TRANSFER TO RESERVES
The closing balance of the retained earnings of the Company for the year under consideration, after all appropriations and adjustments, is Rs. 4197.32 Lac. The Board has not proposed to transfer any amount to reserves.
4. OPERATIONS
The Company has recorded its highest ever revenue during the financial year under consideration, which was mainly driven by increasing geographical footprints and addition of new clients. During the year, the Company expanded its geographical presence by establishing operations in three new locations: Rohtak, Bhubaneshwar and Indore. Further, during the year under review, the Company also started a new business vertical of Railway Rake Handling & Transportation through which the Company aims at achieving cost efficiency for customers through Multi- Modal Transportation by smoothly combining Rail and Road networks.
The Company also bagged various prestigious awards during the year under consideration like "Premier Bonded Trucking Operator" Award at the India Cargo Awards 2023, "Best Customs Bonded Trucking Company" Award at CargoNxt Conference & recognitions, "Customs Bonded Truck Operator of the Year Award" at 4th South East Air Cargo Conclave & Awards 2023, "Customs Bonded Truck Operator of The Year" at Northern India Air Cargo Conclave & Awards 2023 and "Logistics Champion - Mid Tier" Award at the 6th India Logistics Strategy & Awards 2024.
Standalone
The Company achieved Service Turnover of Rs. 19244.66 Lac during the year under consideration as compared to Service Turnover of Rs. 17443.27 Lac achieved during the previous year, which represents increase of about 10.33%. Further, the Company also achieved Sales Turnover of Rs. 5735.70 Lac during the year under consideration as compared to Sales Turnover of Rs. 1158.75 Lac achieved during the previous year. Net profit after tax during the year under consideration is Rs. 1627.52 Lac as compared to net profit after tax of Rs. 968.21 Lac during the previous year, which represents increase of about 68.10%. Your Directors are making constant endeavor to explore new areas to achieve higher turnover and profitability.
Consolidated
The Group achieved Service Turnover of Rs. 19573.02 Lac during the year under consideration as compared to Service Turnover of Rs. 18096.41 Lac achieved during the previous year. Further, the Group also achieved Sales Turnover of Rs. 5735.70 Lac during the year under consideration as compared to Sales Turnover of Rs. 1944.71 Lac achieved during the previous year. The consolidated net profit after tax during the year under consideration is Rs. 1637.23 Lac as compared to consolidated net profit after tax of Rs. 1096.24 Lac during the previous year.
5. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report on the business outlook and performance review for the year ended 31st March, 2024, as stipulated in Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is available as a separate section which forms part of the Annual Report.
6. CORPORATE GOVERNANCE REPORT
Pursuant to Regulation 34 and Schedule V of the Listing Regulations, a report on Corporate Governance along with a certificate from a Practicing Company Secretary certifying compliance with conditions of Corporate Governance, forms part of the Annual Report.
7. ISSUE OF EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS OR SWEAT EQUITY SHARES, OFFERING OF ESOP AND BUY BACK OF SECURITIES
The Company has not issued equity shares with differential voting rights or sweat equity shares. The
Company has not offered any shares under Employee Stock Option Scheme. The Company has not bought back any of its securities during the year under review.
8. SHARE CAPITAL
During the year, the members of the Company passed an ordinary resolution by way of Postal Ballot on 21st January, 2024, approving increase in Authorised Share Capital of the Company. Accordingly, Authorised Share Capital of the Company was increased from Rs. 1050 Lacs divided into 5,25,00,000 Equity Shares of Rs. 2/- each to Rs. 1400 Lacs divided into 7,00,00,000 Equity Shares of Rs. 2/- each.
The members of the Company also passed an ordinary resolution by way of Postal Ballot on 21st January, 2024, approving issue of new 1,74,70,875 Bonus Equity Shares of Rs. 2/- each to the equity shareholders of the Company. Accordingly, 1,74,70,875 equity shares of face value Rs. 2/- per share were allotted to the shareholders by the Board of Directors on 9th February, 2024.
The paid-up Equity Share Capital of the Company as on 31st March, 2024 stands at Rs. 1397.67 Lac.
9. MEETINGS OF THE BOARD OF DIRECTORS & DETAILS OF COMMITTEES OF THE BOARD
Board Meetings
During the year, nine meetings of the Board of Directors were held. The details of meetings and attendance of Directors are provided in the Corporate Governance Report which forms part of the Annual Report.
Meeting of Independent Directors
During the year, one meeting of the Independent Directors was held. The details of meeting and attendance of Independent Directors are provided in the Corporate Governance Report which forms part of the Annual Report.
Meetings of Committees of Directors
The Company has four Board-level Committees, which have been established in compliance with the relevant provisions of applicable laws and statutes:
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders' Relationship Committee
• Finance Committee
The composition of aforesaid committees, number of meetings held of each Committee during the year and meetings attended by each member of the Committees are provided in Corporate Governance Report which forms part of the Annual Report.
The recommendations of the Committees, as and when made to the Board, have been accepted by the Board.
10. DIRECTORS AND KEY MANAGEMENT PERSONNEL - APPOINTMENT & RESIGNATION
Mr. Bipin C. Shah and Mr. Rupesh M. Shah, Directors of the Company who retired by rotation, were re- appointed at the Annual General Meeting held on 14th August, 2023. There was no resignation of Director during the year.
Mr. Divyesh Badiyani resigned as Company Secretary and Compliance Officer of the Company w.e.f. 15th April, 2023. Mrs. Himani Dave appointed as Company Secretary and Compliance Officer of the Company w.e.f. 23rd May, 2023. Mrs. Himani Dave resigned as Company Secretary and Compliance Officer of the Company w.e.f. 26th May, 2024 and was again appointed as Company Secretary and Compliance Officer of the Company w.e.f. 14th August, 2024.
Mr. Hasmukh C. Shah, Non-Executive Independent Director will attain the age of 75 years on 3rd November, 2024. Pursuant to the Regulation 17(1A) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, it is now mandatory for all listed companies to obtain shareholders' approval through special resolution for continuation of directorship of a non-executive director, who has attained the age of 75 years. In compliance with the same, it is proposed to pass special resolution at the ensuing Annual General Meeting for continuation of his directorship as Non- Executive Independent Director of the Company during his tenure upto 1st August, 2027.
Mr. Narendra C. Shah and Mr. Mahendra M. Shah, Directors of the Company, retire by rotation and being eligible offer themselves for re-appointment at the ensuing Annual General Meeting.
In compliance with sub-regulation (3) of Regulation 36 of the Listing Regulations and Secretarial Standard - 2 on General Meetings, brief resume, expertise and other details of the Directors proposed to be appointed/ re-appointed are given in the Notice convening the ensuing Annual General Meeting.
11. DECLARATION OF INDEPENDENCE BY THE INDEPENDENT DIRECTORS
The Independent Directors of the Company have made a declaration confirming the compliance of the conditions of the independence stipulated in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing Regulations. The Independent Directors have also confirmed that they have complied with Schedule IV of the Companies Act, 2013 and the Company's Code of Conduct for Board Members and Senior Management. There has been no change in the circumstances affecting their status as Independent Directors of the Company. All Independent Directors of the Company have registered themselves with the Indian Institute of Corporate Affairs.
12. ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Board of Directors has carried out an annual evaluation of its own performance, its committees and individual directors pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations.
The Board evaluated its performance after seeking inputs from all the Directors based on 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 based on criteria such as the composition of committees, effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on 5th January, 2017.
The Board 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. and the Board as a whole. Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated.
In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into account the views of the Executive Directors and Non-Executive Directors.
The Board of Directors has expressed its satisfaction with the evaluation process.
13. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors confirm the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
(a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
(b) that the Directors 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 at the end of the financial year and of the profit/ loss of the Company for that period;
(c) that the Directors have taken proper and sufficient 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;
(d) that the Directors have prepared the annual accounts on a going concern basis;
(e) that 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;
(f) that 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.
14. STATUTORY AUDITORS
M/s. Dhiraj H. Mehta & Co., Chartered Accountants (Firm Registration No. 145318W), were appointed as the Statutory Auditors of the Company for a period of 5 years to hold office from the conclusion of the Annual General Meeting held on 28th September, 2019 until the conclusion of Annual General Meeting of the Company to be held in the year 2024.
As the tenure of M/s. Dhiraj H. Mehta & Co. as the Statutory Auditors will come to an end at the conclusion of the ensuing Annual General Meeting, in terms of the provisions of Section 139 of the Companies Act, 2013 and the Rules framed thereunder and based on the recommendation of the Audit Committee, it is proposed to appoint M/s. Sanjay C. Shah & Associates, Chartered Accountants (Firm Registration
No. 128148W), as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting, until the conclusion of the Annual General Meeting of the Company to be held in the year 2029.
As required under the provisions of Section 139(1) of the Companies Act, 2013, the Company has received a written consent from M/s. Sanjay C. Shah & Associates, Chartered Accountants, to their appointment and a Certificate, to the effect that their appointment, if made, would be in accordance with the Companies Act, 2013 and the Rules framed thereunder and that they satisfy the criteria provided in Section 141 of the Companies Act, 2013. The members are requested to appoint the Statutory Auditors as aforesaid and fix their remuneration.
15. AUDIT REPORT
The Auditor's Report, on the Standalone and Consolidated Financial Statements for the financial year 2023-24 forms part of this Annual Report and does not contain any qualifications, reservations, or adverse remarks or disclaimer.
16. REPORTING OF FRAUDS
During the year under review, the Statutory Auditors and the Secretarial Auditors have not reported to the Audit Committee pursuant to Section 143 (12) of the Companies Act, 2013, any instances of frauds committed in the Company by its officers or employees, the details of which needs to be mentioned in this Report.
17. COST RECORDS
The Central Government has not prescribed maintenance of cost records for the Company under Section 148 (1) of the Companies Act, 2013.
18. INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS AND THEIR ADEQUACY
Your Company has in place adequate internal financial controls with reference to financial statements, commensurate with the size, scale and complexity of its operations, which also ensures that all assets are safeguarded and transactions are authorized, recorded and reported correctly. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed.
19. RISK MANAGEMENT POLICY
The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by
the businesses and functions are systematically addressed through mitigating actions on a continuing basis. In the Board's view, there are no material risks, which may threaten the existence of the Company.
20. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN END OF FINANCIAL YEAR AND DATE OF THIS REPORT
There is no material change and commitment affecting the financial position of the Company which has occurred between end of the financial year under review and the date of this Report.
21. ANNUAL RETURN
Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Annual Return is placed on the Company's website at http://www. shreejitranslogistics.com under the "Investors" Tab.
By virtue of amendment to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Company is not required to provide extract of Annual Return (in Form MGT-9) as part of the Directors Report.
22. DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES
The Company has three subsidiary companies- STL Transworld Private Limited, Mihani Trading Private Limited and TKD Digitrans Tech Private Limited.
The consolidated financial results reflect the operations of STL Transworld Private Limited (subsidiary), Mihani Trading Private Limited (subsidiary), TKD Digitrans Tech Private Limited (subsidiary) and TKD Communication LLP, which is not an associate company within the meaning of the Companies Act, 2013, but it is an Associate as per the Accounting Standard 21. The Company does not have any joint venture company. Pursuant to Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, the report on the performance and financial position of the Subsidiary Companies in Form AOC-1 is attached herewith as Annexure I and forms part of this Report.
The Audited Financial Statements of the said subsidiary companies are available on the website of the Company under "Investors" tab and shall also be available for inspection by any member at the Registered Office of the Company during business
hours on working days up to the date of the ensuing AGM. Any member, who is interested in obtaining a copy of the Audited Financial Statements of the subsidiary companies, may write to the Company Secretary at the Registered Office of the Company.
Pursuant to the provisions of Section 136 of the Companies Act, 2013, the Audited Standalone and Consolidated Financial Statements of the Company along with relevant documents are available on the website of the Company.
23. LOANS, INVESTMENTS AND GUARANTEES BY THE COMPANY
During the year, there is no security provided or investments made by the Company covered under Section 186 of the Companies Act, 2013. The Company has given following loans and guarantees during the year pursuant to Section 186 of the Companies Act, 2013:
24. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS, STATUTORY AND QUASI-JUDICIAL BODY
No significant and material order has been passed by the regulators, courts and tribunals, statutory and quasi-judicial body impacting the going concern status and the Company's operations in future.
25. DEPOSITS
During the year under review, the Company has not accepted any deposit covered under Chapter V of the Companies Act, 2013 (i.e. Acceptance of Deposits by Companies) read with the Companies (Acceptance of Deposits) Rules, 2014.
26. CONTRACT OR ARRANGEMENT WITH RELATED PARTIES
In line with the requirements of the Companies Act, 2013 and amendment to the Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on the Company's website at https://www.shreejitranslogistics.com/ uploads/Related Party Transaction Policy - Shreeji Translogistics Limited.pdf. The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.
During the year under review, all transactions entered into with related parties were approved by the Audit Committee of Board of Directors. Certain transactions, which were repetitive in nature, were approved through omnibus route. There were no material transactions of the Company with any of its related parties which required approval of the members as per the Act. Therefore, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for the financial year under review. Your Directors draw attention to Note No. 44 of the financial statements which sets out related party disclosures.
27. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Conservation of Energy:
Your Directors are continuously exploring various opportunities to conserve energy and have taken the following initiatives in that direction:
• The Company constantly phases out of old ageing vehicles and ensures new vehicles are continuously inducted in the network. This helps in reducing consumption of fuel.
• The Company is also evaluating various avenues to add CNG vehicles to its fleet to be more fuel efficient and in turn contribute towards energy conservation.
• The Company's owned trucks are maintained by AMC's by the Original Equipment Manufacturers, thereby enhancing overall service and repair quality. This leads to better performance of the trucks resulting in lower consumption of fuel and lesser carbon footprints.
• The Company encourages and trains its drivers to optimise their driving styles to reduce fuel consumption.
• The Company focuses on optimum utilization of capacity of vehicles, which results in reduced number of trips and distance travelled by the trucks, which in turn reduces energy consumption.
• The Company makes constant endeavours to check power consumption and to optimise the use of energy by using energy-efficient computers and other equipments. The Company uses CFL/LED fixtures to reduce the power consumption.
Technology Absorption:
The Company aims to become a technology-oriented logistics Company and has taken the following initiatives to achieve this goal:
• The Company has installed digital locks across its fleet of trucks for enhanced safety of the goods transported.
• The Company's subsidiary TKD Digitrans Tech Private Limited has an application named TKDOST on Google Play Store and Apple App Store to facilitate faster connects between multiple transporters a seamless and highly integrated transporting solutions.
Foreign Exchange Earnings and Outgo:
Foreign Exchange Earnings - Rs. 30.84 Lac (Previous Year - Rs. 149.38)
Foreign Exchange Outgo - Nil (Previous Year - Nil).
28. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors appointed M/s. Sanjay Sangani & Co., Company Secretaries, as Secretarial Auditors to conduct Secretarial Audit of the Company. The Secretarial Audit Report (in Form MR-3) for the year ended 31st March, 2024 is attached herewith as Annexure II and forms part of this Report.
The said Secretarial Audit Report does not contain any qualifications, reservations or adverse remarks except remark that the proceedings of AGM were submitted within 24 hours of the conclusion of the AGM, instead of 12 hours. In this regard, the Directors have to state that the delay in submission was due to inadvertence as SEBI Circular SEBI/HO/CFD/ CFD-PoD-1/P/CIR/2023/123 dated 13th July, 2023 for revision of timelines, was very recent then.
Secretarial Audit Report of Material Unlisted Subsidiary
As per Regulation 24(1) of SEBI Listing Regulations, the Company is required to annex the Secretarial Audit Report of its material unlisted subsidiary to its Annual Report.
STL Transworld Private Limited has been identified as Material Unlisted Subsidiary of the Company for the financial year 2023-24 and accordingly the Company is annexing the Secretarial Audit Report of STL Transworld Private Limited as Annexure III.
29. COMPLIANCE WITH SECRETARIAL STANDARDS
Your Company has complied with the applicable Secretarial Standards.
30. CORPORATE SOCIAL RESPONSIBILITY
The Annual Report on CSR activities of the Company has been appended as Annexure IV to this Report. The Company was not required to constitute a Corporate Social Responsibility (CSR) Committee in view of the provisions of Section 135 (9) of the Companies Act, 2013.
31. VIGIL MECHANISM/ WHISTLE BLOWER MECHANISM
The Company promotes ethical behaviour in all its business activities and has put in place a mechanism for reporting illegal and unethical behaviours. The Company has a Vigil Mechanism/ Whistle Blower Policy in place through which it promotes highest standards of professionalism, honesty, integrity and ethical behaviour in all our business activities and under which employees are free to report any actual or potential violation of our code, policies or laws. During the year under review, no employee was denied access to the Audit Committee.
The Whistle Blower Policy is available on the website of the Company and can be accessed at https://www. shreeiitranslogistics.com/uploads/Whistle Blower Policy- Shreeji Translogistics Limited.pdf.
32. PARTICULARS OF EMPLOYEES
In terms of the requirements of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, the disclosures pertaining to the remuneration and other details, are given in Annexure V of this Report.
The statement containing particulars of employees as required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. Further, in terms of Section 136 of the Companies Act, 2013, the Annual Reports are being sent to the Members and others entitled thereto, excluding the aforesaid statement. The said statement is available for inspection by the Members at the Registered Office of the Company during business hours on working days up to the date of the ensuing AGM. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.
33. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT PERSONNEL
The Nomination & Remuneration Committee has framed a Policy in terms of the provisions of Section 178 (3) of the Companies Act, 2013, dealing with appointment and remuneration of Directors, Key Managerial Personnel and Senior Management Personnel. The policy covers criteria for determining qualifications, positive attributes, independence and remuneration of its Directors, Key Managerial Personnel (KMP) and Senior Management Personnel (SMP).
The salient features of the said Policy are -
• It lays down the parameters for appointment of Executive and Non-Executive Directors, KMP and SMP.
• It lays down the parameters for term/tenure of Managing Directors, Wholetime Directors and Independent Directors.
• It lays down the parameters for remuneration to Executive Directors, Non-Executive Directors, KMP, SMP and other employees.
During the year under review, there has been no change to the Policy. The Policy is available on the website of the Company https://www.shreeiitranslogistics.com/uploads/Nomination and Remuneration Policy- ShreeiiTranslogistics Limited.pdf
34. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The Company is committed to provide a work environment, which is free from discrimination and unlawful harassment at workplace. An appropriate complaint mechanism in the form of ‘Internal Complaints Committee' has been created in the Company for time-bound redressal of the complaint made by the victim.
The members of the Committee provide for the following measures for safety of the women employees at workplace:
a. To formulate the Anti Sexual Harassment Policy in order to ensure the prevention of sexual harassment and safety of women employees at work place;
b. To conduct the meeting in case of any complaint received in writing from any women employees, to settle the grievances and to ensure the proper compensation in case of any misconduct, harassment with the women employees;
c. Provide a safe working environment at the workplace;
d. Organize workshops and awareness
programmes at regular intervals.
There was no compliant received by the Company during the year under the aforesaid Act.
35. PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
The Company has not made any application and no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
36. DIFFERENCE BETWEEN AMOUNT OF VALUATION DONE AT ONE TIME SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM BANKS OR FINANCIAL INSTITUTIONS
The disclosure under this clause is not applicable as the Company has not done any one time settlement with the banks or financial institutions.
37. ACKNOWLEDGMENT
Your Directors would like to place on record their deep sense of gratitude to Bankers, Government Authorities and Shareholders. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.