To,
The Members,
Your Directors have pleasure in presenting their Twenty-Eighth Annual Report and the
Statement of Audited Financial Statement for the year ended 31st March, 2023, are as
follows:
FINANCIAL RESULTS |
(Amount in Lacs) |
|
Year ended 31.3.2023 |
Year ended 31.3.2022 |
| Turnover |
161.97 |
21.15 |
| Profit/(Loss) Before Depreciation, |
|
|
| Finance Charges & Taxation |
138.52 |
(597.33) |
| Profit/(Loss) after Depreciation & Taxation |
(4704.88) |
(4918.60) |
Surplus (Deficit) of Profit and Loss Account of earlier year |
(19183.52) |
(14264.92) |
| Balance carried over to Balance-sheet |
(4704.88) |
(4918.60) |
DIVIDEND
In view of the losses, the Board of Directors is unable to declare any dividend for the
year ended 2022-2023.
UNCLAIMED DIVIDEND FOR THE YEAR ENDED 31-03-2015
The Company has sent to all shareholders vide letter dated July 22, 2021 (REMINDER
No..1) and again on January 6, 2022 (REMINDER No. 2) and FINAL REMINDER III was also given
under Newspaper Publication on June 24, 2022 in Free Press and Navshakti edition informing
them that their Dividend remains unclaimed and the procedure to obtain payment of these
Unclaimed Dividends including their Equity shares.
Details of Dividend unclaimed including their Equity shares held by the members for the
year 2015, have been uploaded on the Company website i.e. www.vasinfrastructureltd.com
Members are encouraged to view the list and lodge their claim with IEPF Authority for
Dividend which has remained unclaimed.
UNCLAIMED DIVIDEND INCLUDING SHARE TO BE TRANSFERRED TO IEPF ACCOUNT
In terms of Section 124, 125 and other applicable provisions of the Act, the Dividend
for the Financial Year ended 31st March 2015, declared at the 20th AGM of the Company held
on 30th June, 2015, which remained unclaimed for 7 (seven) years and amounting to
Rs.1,05,906/- will be transferred to IEPF Account of the Central Government (during the
month of July 2022). In compliance with the said provisions before transferring such
Dividend to the IEPF Account, as stated individual notice has been sent to the members
including Newspaper Notice. In this regard, however on account of MCA site was crashed V3
version etc., the name of our Company is not appearing on MCA Challan dated 26.7.2022 and
the amount is not deposited in the bank. However the company has closed unpaid Dividend
Account No. 50200012920441 maintained with HDFC Bank Ltd. and the matter is followed by
the company from time to time to clear the dues and to transfer the Unpaid Dividend
including their Equity shares in account immediately.
DETAILS OF SHARES
The details of Unclaimed Dividend including Equity shares held to be transferred to
IEPF Authority are available on the website of IEPF Authority and the same can be assessed
through the website www.iepf.gov.in. Such details are also available on the website of the
company at www.vasinfrastructureltd.com.
Management continues to monitor the situation and is prepared to take any situation
that could arise due to any future waves of Covid-19 in the best interest of all the
shareholders of the Company.
CHANGE OF REGISTERED OFFICE
At the Board of Directors' Meeting held on May 25, 2023, it has been decided that our
Registered Office of the Company has been shifted to New Office address at Madhav Niwas
CHSL.,Flat No.B-1B ,1st Floor, Natakwala Lane, Opp. S. V. Road, Borivali West ,
Mumbai-400092 within same local limits, Mumbai, on account of Administrative Convenience.
OPERATING ENVIRONMENT COVID PANDEMIC
During Financial Year 2022-2023, the Covid related restrictions were completely lifted
across all economies that we operate in. This allowed for Global trend to resume assisting
in better collaboration across all countries. At the same time, business had to be face
multiple head wings the most significant being the continued Inflationary environment
which impacted not only the procurement of raw material and packing material, but also all
other operating costs. Interest rates are also increases, to record high in many of the
economies that we operate in and the broad range strength of the US Dollars against all
emerging economies, currencies specially in foreign countries.
Sri Lanka experiences its worst economy crises with an acute shortage of essential
goods, several power cuts, high inflammation and political unrest .
INDIAN ACCOUNTING STANDARDS
As per the requirements of the Notification dated 16.02.2015 issued by the Ministry of
Corporate Affairs (MCA) Standalone and the Financial Statement of the Company for the
Financial Year 2022-2023 have been approved as per Ind AS.
AMOUNT TRANSFERRED TO RESERVES
The Board has decided to carry Rs.(4704.88) lacs losses to its reserves.
NATURE OF INDUSTRY
The Company is directly engaged in the business of Development of Real Estate,
residential facilities including construction, infrastructure.
STATEMENT ON COMPANY'S AFFAIRS
In view of sluggish market condition, the sale of flats was very low. However barring
the unforeseen circumstances, your company will develop new projects during the current
year.
During the year ended 31st March, 2023, your company has made loss after tax of Rs.
(4704.88) lacs as against loss of Rs. (4918.60) lacs in the previous year.
MATERIAL CHANGES SINCE END OF FINANCIAL YEAR TILL DATE OF THIS REPORT
There is no material changes since end of the financial year till date of this Report.
ASSOCIATE COMPANIES
As on 31st March, 2023, no Company is an Associate of the Company.
During the year, no other Company, became a Subsidiary/Associate/Joint Venture Company
of the Companies.
DEPOSITS
The company has not invited or accepted any Deposits as required under section 73 of
the co's Act from the public during the year under review.
ONE TIME SETTLEMENT WITH CANARA BANK
As reported in the last Annual Report, the Company has entered OTS with Canara Bank
(Formerly Syndicate Bank) against outstanding dues. The Company has paid its 1st
installment and on account of liquidity crunches the Company has not paid other
installment. However during the current year, the Company has requested the Bank to
revised in our repayment dues and the matter is pending with the Bank for its approval.
In the meantime, it is learnt that Canara Bank has filed Petition at NCLT, Mumbai,
under IBC Act of 2016, for recovery of their outstanding dues.
The matter is actively followed from time to time.
NO FRESH LOAN TAKEN FROM FINANCIAL INSTITUTIONS
The Company has not availed any fresh loan/Working Capital facility during the year
2022-2023 and therefore the company has not carried any valuation on the stock/ other
assets during the year.
SUBSIDIARY COMPANY
The Company does not have any Subsidiary/Joint Venture/Associate Company as on and for
the year ended 31st March, 2023.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT:
Particulars of the loans given, Investment made or guarantee given or security provided
and the purpose for which the loan or guarantee or security is proposed to be utilized by
the recipient of the loan or security are provided, if any to the Financial Statement.
PARTICULARS OF CHANGE IN BUSINESS
There is no change in the business operations of the Company.
VOLUNTARY REVISION OF FINANCIAL STATEMENTS
We state that there is no Voluntary Revision of Financial Statements during the
Financial Year 2022-2023.
GLOBAL DEPOSITORY RECEIPT
During the year, the company has not received any Global Depository Receipt or American
Depository Receipt or warrants or any convertible instruments which has impact on our
Share Capital (Equity) of the Company.
COMMODITY PRICE RISK OR FOREIGN EXCHANGE
There is no commodity price risk or foreign exchange risk to the company as our
activities are redevelopment including Building and construction activities.
WEB ADDRESS
Our Web address is www.vasinfrastructureltd.com and all the datas including Annual
Report and various others matters are displayed on our website.
ANNUAL RETURN
As required under Section 134(3)(a) and Section 92(3) of the Act, the data on Annual
Return has been uploaded on the Company's' website and can be accessed at
www.vasinfrastructureltd.com under Investor Relation
MATERIAL DEVELOPMENTS ON HUMAN RESOURCES/INDUSTRIAL RELATIONS
There is no Material Development on human resources /industrial relations front,
including number of employees
RELATIONSHIP BETWEEN DIRECTORS INTER-SE
As stated, the Company has three (3) Independent Directors. Our None of the employees
are related with any of the Directors of the Company
STATUTORY AUDITORS
At the 27th AGM held on 22nd September 2022, M/s. Satyaprakash Natani & Company
Chartered Accountants, (Firm Registration No 115438W) were appointed as Statutory Auditors
of the Company. Accordingly, the Audit Committee again recommended M/s. Satyaprakash
Natani & Company, Chartered Accountants, (Firm Regn. No. 115438W) Mumbai, as the
Company's Statutory Auditors for a (2nd Year - 1st Term) Financial Year 2023-2024.
Further, the Statutory Auditors have issued an Unmodified Opinion on the Financial
Statement for the Financial Year 2022-2023 and the Auditors Report forms part of this
Annual Report.
Accordingly M/s. Satyaprakash Natani & Company, Chartered Accountants, (Firm Regn.
No. 115438W) Mumbai, are proposed to be Re-appointed (2nd Year - 1st Term) as Auditors to
hold office from the conclusion of this AGM till the conclusion of the next AGM to be held
on or before September 2024, on such remuneration including out of pocket expenses as may
be mutually agreed upon by the Board of Directors & Auditors
None of the Directors including Key Managerial Personnel of the Company or their
relatives are concerned or interested in the Resolution.
The Board recommend passing of the Ordinary Resolution set out at Item No. 2 of the
Notice for approval by the shareholders.
Cost Auditor
As per Sec. 148 of the Companies Act, the Company is not required to maintain the cost
Audit records, as the same is not applicable to our Company.
SECRETARIAL AUDITORS REPORT
As required u/s. 204 of the Act and Reg. 24(A) of SEBI LODR was conducted by CS Khushal
Bajaj, Practising Company Secretary, (COP No.18087). The Secretarial Audit Report dated
30.05.2023 is attached and the same forms Part of the Board Report .
The Company has appointed CA Firm for the purpose of Secretarial Audit u/s. Reg.24(A)
of SEBI. However, we have immediately rectified and from the year 2022-2023 appointed CS
Khushal B. Bajaj (COP No.18087) for Secretarial Audit Requirements
The other Qualification/ observation made by Secretarial Auditor in his Report, the
contents of the said Audit Report are self-explanatory and do not call for any further
comments.
Further in the matter of SEBI and as per Qualification (Secretarial Audit Report) dated
May 30, 2023, the same has been clarified by the Auditors and also explained under
Directors' Report are self explanatory
The company has obtained practicing Company Secretary Certificate on Corporate
governance Secretarial Compliance Report - attached.
All documents referred to in the accompanying Notice are open for inspection at the
Registered Office of the Company during the office hours of the Company on any working
days upto Tuesday August 1st, 2023 between 12.00 noon to 4.00 p.m.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO
Information in accordance with Section 134 (3)(m) of the Companies Act, 2013, read with
the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 2014
is given as below forming part of this report. The disclosure of particulars with respect
to Conservation of Energy is not applicable in the case of your company.
Particulars as required under Companies (Disclosure of Particulars in the Report of
Directors) Rules, 1988 and forming part of Directors' Report for the year ended 31st
March, 2023.
|
Current Year |
Previous Year |
|
Rs. |
Rs. |
I. RESEARCH & DEVELOPMENT (R & D) |
|
|
a) Specific areas in which R & D carried out by the Company. |
None |
None |
| b) Benefits derived as a result of the above R&D |
None |
None |
| c) Further plan of action:- |
None |
None |
| d) Expenditure on Research & Development |
Nil |
Nil |
II. TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION |
|
|
| a) Efforts in brief made towards Technology |
|
|
| Absorption, Adaptation and Innovation |
Nil |
Nil |
b) Benefit derived as a result of the above effort |
Nil |
Nil |
c) Particulars of Technology imported during the last 5 years |
Nil |
Nil |
III. FOREIGN EXCHANGE EARNINGS & OUTGO
a) Activities relating to exports and export plans
|
Current Year |
Previous Year |
|
Rs. |
Rs. |
| b) Total Foreign Exchange Used & Earned: |
|
|
| i) Foreign Exchange Used |
NIL |
NIL |
| ii) Foreign Exchange Earned |
NIL |
NIL |
STOCK EXCHANGE
The Company is listed on the Stock Exchange .
1. Bombay Stock Exchange Ltd. and we have paid to BSE Listing Fees for the Year
2023-2024.
DIRECTORS
The Company has an active, experienced diverse and a well informed Board. The Board
alongwith its Committee undertakes its fiduciary duties keeping in mind the interest of
all its stakeholders and the Companys' Corporate Governance philosophy.
The Board consists of 4 Directors, out of which one is Executive Director and other
three Directors are Independent Directors. THUS THERE IS NO QUESTION OF DIRECTORS
RETIRING BY ROTATION
Further, as specified by the Secretarial Auditor, we state that none of the Directors
on the Board of the Company have been debarred or disqualified from continuing as Director
of the Company as prescribed by SEBI and also confirmed by our Secretarial Auditor.
During the year, None of the Directors are seeking re-appointment at this AGM as their
terms of Appointment are for 5 years. Accordingly, pursuant to Reg.26(4) and 36(3) of
Listing Reg. & Sec. Standard on General Meetings issued by the ICSI, New Delhi, in
respect of Director seeking appointment/re-appointment at this AGM not annexed.
Declaration by Independent Directors Mr. Ravindra Dungarshi, Mr. Ajaykumar Jani and Mr.
Dhrup chand Ramdhar Varma, that they meet the criteria pursuant to provisions of Sec
149(c) of the Companies Act, 2013 are received by the Company.
As regards the Appointment of Women Director under Section 149, of the Companies Act,
2013, your company has already appointed Mrs. Kirti Padave as (Women) Executive Director
as per the Board of Directors Meeting held on 14th August, 2012.
DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION BY DIRECTOR FROM A COMPANY
None of the Directors of the Company are receiving any Commission from the Company;
hence the requirement of disclosure is not applicable.
DISCLOSURE ABOUT RECEIPT OF COMMISSION / REMUNERATION BY MANAGING DIRECTOR / WHOLE-TIME
DIRECTOR FROM ITS HOLDING OR SUBSIDIARY COMPANY
Since the Company does not have any Holding or Subsidiary Company, the requirement of
disclosure is not applicable. None of the Directors or Independent Directors of the
Company are receiving any Commission or Remuneration from its Holding or Subsidiary
Company or any Group Companies.
EVALUATION OF BOARD, COMMITTEES & DIRECTORS
Pursuant to the provisions of the Act and the Listing Regulations, the Board had
carried out performance, evaluation of its own, the Board Committee and of the Independent
Directors and found to be very satisfactory.
REPORTING OF FRAUD
The Auditors of the Company have not reported any instances of Fraud Committed against
the Company by its officers or employees as specified Under Section 143(12) of the
Companies Act, 2013.
SHARES BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
SWEAT EQUITY
During the year, the Company has not issued any Equity Shares with differential rights
or any Sweat Equity Shares.
BONUS SHARES
No Bonus Shares were issued during the year under review, hence the requirement of
disclosure is not applicable.
EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees, hence the
requirement of disclosure is not applicable.
EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS
The Company has not issued any Equity Shares with Differential Voting Rights during the
year under review hence the requirement of disclosure is not applicable.
FAMILIARIZATION PROGRAMME
The details of programmes for familiarization of Independent Directors with the
Company, their roles, rights, responsibilities in the Company, nature of the industry in
which the Company operates, business model of the company and related matters are put on
the website of the company at www.vasinfrastructureltd.com.
RISK MANAGEMENT
Pursuant to Section 134(3) (n) of the Companies Act, 2013 and relevant Regulation of
Listing Regulation 2015, the Company has adopted a Risk Management Policy for the
identification and implementation of a Risk Mitigation Plan for the Company. The company
has included appropriate procedures to inform the Board about the Risk Assessment and
minimization procedures. The Board periodically revisit and reviews the overall Risk
Management Plan for making desired changes in response to the dynamics of the business.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY
Details in respect of Vigil Mechanism and Whistle Blower Policy are provided in the
Corporate Governance report forming Part of this Report.
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORY/ JUDICIAL AUTHORITY
SEBI has passed an Order and the same are clarified in the Secretarial Auditor's Report
i.e. C S Khushal B. Bajaj, in his Report dated May 30, 2023, and the same are
self-explanatory barring the above , there are no significant materials orders passed by
the Regulatory, which could impacts the going concern status of the Company and in its
future.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable to our Company.
INTERNAL CONTROL SYSTEMS
The Company has got internal control system commensurate to the size and the systems
and operations. It is supplemented by extensive internal audit procedures, reviewed by
Management and Audit Committee. The internal audit covers all the activities of the
company. Company reviews findings of internal audit system on regular basis and they are
upgraded based on internal audit recommendations. Your company's statutory Auditors' have
confirmed the adequacy of internal control systems.
RESPONSIBILITY STATEMENT UNDER SECTION 134 (5)
Pursuant to section of the Companies Act 2013, based on internal financial control,
work performed by Internal/Statutory/Secretarial Auditors, the reviewed performed by the
Management , the confirmation is hereby given for the company having :
i) In the preparation of the Annual Accounts the applicable accounting standards have
been followed and wherever required, proper explanations relating to material departures
have been given.
ii) the Directors have selected such accounting policies and applied them consistently
and made judgements 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 or loss of the Company for
that period.
iii) proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities
iv) the Accounts have been prepared on a going concern basis.
v) The Directors had laid down internal financial controls and such internal financial
controls are adequate and were operating efficiently.
vi) The Directors had devised proper system to ensure compliance with the provisions of
all applicable laws and such systems were adequate and operating efficiently.
The aforesaid statement has also been reviewed and confirmed by the Audit Committee
including the Board of Directors of the Company
I. PARTICULARS OF REMUNERATION OF DIRECTORS/KMP/EMPLOYEES
The details as required under Sec.197 of the Companies Act, 2013, and Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel),
None of the Directors/KMP/Employees are drawing remuneration in excess of the limits
during the year under review.
Details of remuneration paid during the Financial Year 2022-2023
1. The Ratio of the remuneration of each Director to the median remuneration of the
employees of the Company for the Financial Year and the percentage increase in
remuneration of each Director, Chief Financial Officer, Company Secretary, or Manager, if
any, in the financial year.
NON EXECUTIVE (INDEPENDENT) DIRECTORS
Sr. No. |
Name |
Fees |
| 1. |
Mr. Ajay Jani |
Only Sitting fees for attending the Board /Audit |
|
Independent Director |
Meetings are being paid |
| 2. |
Mr. Ravindra Dungarshi |
Only Sitting fees for attending the Board /Audit |
|
Independent Director |
Meetings are being paid |
| 3. |
Mr. Dhrup chand Ramdhar Varma |
Only Sitting fees for attending the Board /Audit |
|
Independent Director |
Meetings are being paid |
SALARY PAID TO EXECUTIVE DIRECTOR & KEY MANAGERIAL PERSONNEL
Sr. No. |
NAME |
Total Salary including perks |
INCREASE / DECREASE IN REMUNERATION % |
|
|
Rs. In Lacs. |
Rs. In Lacs. |
| 1. |
Mrs. Kirti Padave |
11.73 |
9.42 |
|
(Executive Director) |
|
|
| 2. |
Mr. Hariram Bijlani |
12.70 |
21.76 |
|
(Company Secretary) KMP |
|
|
| 3. |
Mr. James Desai |
4.71 |
0.94 |
|
(CFO K MP) |
|
|
1. The percentage increase, decrease in the median remuneration of employees in the
financial year:-,2022-2023
2. The number of permanent employees on the rolls of Company as on March 31, 2023 : 4
3. Affirmation that the remuneration is as per the Remuneration Policy of the Company:
It is affirmed that the remuneration paid is as per the Remuneration Policy applicable for
Directors, Key Managerial Personnel and other employees, adopted by the Company.
DIRECTORS SEEKING APPOINTMENTS & RE-APPOINTMENT
As stated, Pursuant to Regulation 36 of SEBI (LODR) Regulation 2015, none of the
Directors to be reappointed at this AGM and the same is not applicable.
All the Independent Directors of the Company have been appointed as per the provisions
of the Act and the SEBI Listing Regulations.
TAXATION
The Companies Income Tax Assessment have been completed upto the Assessment Year
2017-2018.
INDUSTRIAL OUTLOOK
The year 2023 has continued to see bouts of uncertainty that have tested the growth
conditions across the world. Headline inflation continues to remain elevated exceeding the
comfort zone of the monetary authorities and it would result in continued uncertainty in
the financial market and a carry on impact of the economic conditions. The Indian economy
too encountered head wings during the year. Following the sharp rebound in domestic
economics activity during the Financial Year 2022-2023 was a year of normalization with
demand in many Sectors gradually moderated, yet remaining robust.
INDUSTRIAL RELATIONS
Industrial Relations with all the employees of the Company were cordial during the year
under review.
SEXUAL HARASSMENT ON WOMEN (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has formed an Internal Complaints Committee (ICC) which is responsible for
Redressal of complaints related to Sexual Harassment as per the policy.
During the year under review, there was no complaint on sexual harassment of
women/employees.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management discussion and Analysis Report gives a detailed account of state of
Affairs forms Part of this Annual Report
CORPORATE GOVERNANCE REPORT
A Report on Corporate Governance alongwith a Certificate from Auditors of the Company
regarding the compliance with the conditions of Corporate Governance as stipulated under
Part E of Schedule V of SEBI LODR forms Part of this Annual Report.
COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD
The applicable Secretarial Standard i.e. SS-1 and SS-2 relating to the meetings of the
Board of Directors' and General Meetings have been duly complied by the company.
INSIDER TRADING REGULATIONS & CODE OF DISCLOSURE
The Board of Directors have adopted the Code of Practice and procedures for fair
disclosure of Unpublished Price Sensitive Information and Code of Internal Procedures and
conduct for Regulating Monitoring and Reporting of Trading by Insiders in accordance with
the requirements of the SEBI (Prohibition of Insider Trading) Regulation 2015.
RELATED PARTY TRANSACTIONS
All the Related Party Transactions (RPT) entered into by the Company during the year
under Review were at arms' length basis in the Ordinary course of business.
There were no materially significant Related Party Transactions made by the Company
with the Promoters/Directors/KMP or other designated persons which could have potential
conflict with the interest of the Company at large. All the Related Party Transactions
(RPT) are placed before the Audit Committee for its approval. As such, no particulars of
such contracts or arrangements are furnished. The same has been enumerated in Note No.28
of the Balance- Sheet
In accordance with the requirement of SEBI, LODR the Company has formulated and adopted
policy for determining materiality of and dealing with RPTs. Those policies have been
amended from time to time with the amendment of SEBI, LODR. These codes and policies are
already displayed on Company's website at www.vasinfrastructureltd.com.
ENVIRONMENT PROTECTION AND POLLUTION CONTROL
The Company has always been socially conscious corporate and has always carried forward
all its operations and procedures for Environment friendly norms with all necessary
clearances.
CAUTIONARY FORWARD LOOKING STATEMENT
Certain statement in the Directors' Report describing the Companies objectives,
projections, estimates, expectations or predicators may be forwarding looking statements
within the meaning of applicable securities laws and regulations. Actual results could
differ from those expressed or implied. Important factors that could make a difference to
the Companies operations include Labour and material availability and prices, cyclical
demand and pricing of the companies principal markets, changes in government, regulations,
tax, economic development within India and other incidental factors
GREEN INITIATIVES
Electronic copies of the Annual Report 2022-2023 and the Notice of the AGM are sent to
all the members whose email address are registered with the R&T Agents i.e. Link In
Time (I) Pvt. Ltd.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to the State and Central Government
for their Co-operation and dedicated and devoted services rendered by the employees of the
Group of Companies at all levels. Your Directors also thank the Bankers, customers,
shareholders and the suppliers of services of your Company for their co-operation and
valuable support.
|