To
The Members of
U. Y. Fincorp Limited
(Formerly known as Golden Goenka Fincorp Limited)
Your Directors have pleasure in presenting the 31st Annual Report
together with the Audited Accounts for the year ended
31st March, 2024.
1. FINANCIAL RESULTS
( in lakh)
Particulars |
For the Year Ended 31st March
2024 |
For the Year Ended 31st March
2023 |
Revenue from Operation |
12,185.29 |
5,557.17 |
Profit before Tax |
8,437.63 |
1,110.86 |
Tax Expenses |
1,945.40 |
336.32 |
Income tax in respect of earlier year |
- |
- |
Profit after Tax |
6,492.23 |
774.54 |
Balance brought forward from previous year |
5,028.71 |
4,408.25 |
Amount available for appropriation |
11,520.94 |
5,182.79 |
Add/(Less) Appropriations:- |
|
|
Other Comprehensive Income |
7.25 |
1.03 |
Transfer to Fair Value Reserve against OCD |
- |
- |
Final Dividend |
- |
- |
Dividend Distribution Tax |
- |
- |
Statutory Reserve |
(1,300.26) |
(155.11) |
Balance Carried to Balance Sheet |
10,227.94 |
5,028.71 |
2. OPERATIONS & BUSINESS ACTIVITIES
The key highlights of your Company's performance during the year
under review are: i. Revenue from operation is 12,185.29 Lakhs as against 5,557.17
Lakhs in the last year. ii. Profit before taxation is 8,437.63 Lakhs as against
1,110.86 Lakhs in the last year. iii. Net profit after taxation is 6,492.23 Lakhs as
against 774.54 Lakhs in the last year. iv. The total assets is 32,715.58 Lakhs as
against 29,468.78 Lakhs in the last year.
During the year under review, your Company discloses Standalone
Financial Results on a quarterly and yearly basis. The Financial Statements of your
Company have been prepared in accordance with the applicable Accounting Standards notified
under the relevant provisions of the Companies Act, 2013, as applicable.
The key driver to growth in today's scenario requires higher operating
efficiency, sustainability, customer satisfaction, improving capabilities and exploring
new market. For the purpose of diversification your Company is engaged in the expansion of
its business of consumer loan. The Board of Directors of the Company at their meeting held
on 18th July, 2022 had approved expansion of business operations into newer loan segments
under the New Brand name GrowU. Money. Since GrowU has received positive
response under its pilot project in the areas of lucknow and Kanpur, it is now inter alia
expanding further into central and eastern Uttar Pradesh covering Prayagraj, Varanasi,
Sonbhadra, Ayodhya, Deoria and Gorakhpur regions. The Company had also entered into
various Business Correspondent Agreements for expansion of its business. The Company has
also digitalized the onboarding disbusremnt process of small ticket sized Loan with the
monthly run rate of approx Rs. 100 Lakhs with an interest rate ranging between 24-33% p.a.
GrowU. Money, founded with the mission to democratize
financial access, has consistently focused on providing innovative financial solutions to
individuals and businesses. From its inception, the company has embraced cutting-edge
technology to offer services such as personal finance management, investment advisory, and
secure digital transactions.
This commitment to innovation has not only attracted a broad customer
base but also garnered significant investor interest. For investors, the Company
represents a promising opportunity. The company's consistent growth, innovative approach,
and robust financial health make it an attractive proposition. As the fintech & NBFC
industry continues to evolve, the Company is well-positioned to leverage its strengths and
deliver sustained value to its shareholders.
Under the guidance of Mr. Udai Kothari, being the Managing Director of
the Company, we are planning for an Automate tech platform for Mobile based loan for
instant credit and entered into the new segments of financing like Loan against Property,
equipment financing, corporate tie-up and Instant Credit.
Over the past few years, the Reserve Bank of India (the RBI) has been
steadily implementing technology to deepen and broaden financial services in India.
Considering the same, your Company intends to expand into financial market segment and
capitalize the set up for the same along with increasing capacity as required by the
business. The outlook of the business is very exciting and we take it as an opportunity to
do something unique and exceptional.
A detailed review on the operation and performance of the Company and
its business is given in the Management Discussion
and Analysis Report. The same is enclosed as Annexure - 1 to this
Report.
3. DIVIDEND
The Directors of your Company do not recommend any dividend for the
financial year ended 31st March, 2024 in order to
plough back the resources for future growth.
4. DEPOSITS
The Company is a non-deposit taking Non-Banking Financial Company and
therefore is not accepting any public deposits
during the year.
5. LISTING OF SHARES
The equity share of the Company continues to be listed on The BSE
Limited and The Calcutta Stock Exchange Limited. The
Company has paid the Annual Listing Fees to the said Stock Exchanges
for the financial year 2024-25.
6. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
In compliance with the provisions of Sections 124 and 125 of the
Companies Act, 2013 read with the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 ('IEPF Rules') as amended from time
to time, the Equity Shares in respect of which dividend w.r.t. the financial year
2012-2013 remains unclaimed / unpaid for seven consecutive years or more, are required to
be transferred to the Demat Account of the IEPF Authority. The company is in process of
transfer underlying Equity Shares on which dividends remained unpaid or unclaimed for a
period of seven consecutive years or more, to the Demat Account of IEPF Authority.
7. RESERVE BANK OF INDIA (RBI) GUIDELINES
Your Company continues to carry on its business of Non-Banking
Financial Institution without accepting deposits. The Company has not accepted public
deposits during the year under review. Further the Company has complied with and continues
to comply with all the prudent financial management norms and directions issued by Reserve
Bank of India as applicable to it including Fair Practices, Anti Money Laundering and Know
Your Customer (KYC) Guidelines. Disclosures as prescribed by Non-Systemically Important
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2015 and other applicable NBFC Regulations have been made in
this Annual Report.
8. SHARE CAPITAL
The paid up equity share capital as on 31st March 2024 was 9,511.92
Lakhs. There was no public issue, rights issue, bonus issue or preferential issue etc.
during the year. The Company has neither issued shares with differential voting rights,
sweat equity shares nor has it granted any stock options
9. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of the requirement of Section 134 (3) (c) of the Companies
Act, 2013 your Directors state that : a) in the preparation of the annual accounts, the
applicable accounting standards had been followed along with proper explanation relating
to material departures; b) they 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 of the Company for that period; c) they have taken proper
and sufficient care 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; d) they have prepared the annual accounts on
a going concern basis; e) they have laid down internal financial controls to be followed
by the Company and that such internal financial controls are adequate and were operating
effectively; and f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
10. CORPORATE GOVERNANCE
Pursuant to the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Report on Corporate Governance along with certificate of compliance
from M/s Prateek Kohli & Associates, Company Secretaries confirming compliances to the
conditions of the Corporate Governance is enclosed as Annexure - 2 to this Report.
All Board members and Senior Management personnel have affirmed
compliance with the Code of Conduct for the year 2023-24. A declaration to this effect
signed by the Managing Director/CEO of the Company is contained in the Corporate
Governance Section forming part of this Report.
The Managing Director/CEO and CFO have certified to the Board with
regard to the financial statements and other matters as
required under Regulation 17(8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS
AND OUTGO
The Company is a Non-Banking Financial Company and therefore
information relating to Conservation of Energy and
Technology Absorption are not applicable.
The Company has neither earned nor used any foreign exchange during the
year under review.
12. KEY MANAGERIAL PERSONNEL
During the year, the shareholders of the Company at the 30th Annual
General Meeting of the Company held on 30th September, 2023 consider and approved the
re-appointed Mr. Dinesh Burman (DIN : 00612904) as Whole-time Director of the Company for
a period of 3 (three) years commencing from 30th May, 2024 to 29th May, 2027 at the
remuneration and terms and conditions recommended by the Nomination and Remuneration
Committee at its meeting held on 3rd September, 2023. On the recommendation of Nomination
and Remuneration Committee and subjected to approval of the members, the Board of
Directors of the Company (the 'Board'), in their meeting held on 3rd September, 2024,
considered and approved the reappointed of Mr. Udai Kothari (DIN: 00284256) as Chairman
& Managing Director of the Company for a period of 3 (three) years commencing from 2nd
May, 2025 to 1st May, 2028 at the remuneration and terms and conditions recommended by the
Nomination and Remuneration Committee at its meeting held on 3rd September, 2024.
Except above, there was no change in the Key Managerial Personnel.
13. EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of
the Act, as amended, read with Rule 12 of the Companies (Management and Administration)
Rules, 2014, the draft Annual Return of the Company for the Financial Year ended March 31,
2024 is available on the website of the Company at
https://uyfincorp.com/storage/files/2/UY_DRAFT_ANNUAL_RETURN_23-24.pdf
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Your Company is exempted from the applicability of the provisions of
Section 186 of the Companies Act, 2013 (the Act) read with Rule 11 of the
Companies (Meetings of Board and its Powers) Rules, 2014 and Companies (Meetings of Board
and its Powers) Amendment Rules, 2015 as your Company is RBI registered Non-Banking
Financial Company whose principal business inter-alia includes financing of companies.
Details of Loans, Investments, Guarantees or security in connection
with loans to other body corporates or persons, as at the
end of the year are given in notes to the Financial Statements.
15. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION
There is no such material change and commitment affecting the financial
position of your Company which have occurred
between the end of the financial year of your Company to which the
financial statements relate and the date of the Report.
16. MEETING OF THE BOARD AND AUDIT COMMITTEE
The Board meets at regular intervals to discuss and decide on policy
and strategy apart from other Board business. During the year, six Board Meetings and five
Audit Committee Meetings were convened and held. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013, SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and any amendment thereof. The details
regarding Board and Audit Committee Meetings are given in the Corporate Governance Section
forming part of this Report.
17. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION
143(12)
During the year under review, there were no frauds reported by the
auditors to the Audit Committee or the Board under section
143(12) of the Companies Act, 2013.
18. SECRETARIAL STANDARDS OF ICSI
During the Financial Year 2023-24, the Company has complied with all
the relevant provisions of the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.
19. SUBSIDIARY COMPANIES/ ASSOCIATE COMPANIES/ JOINT VENTURES
Your Company does not have any subsidiary during the period under
review.
Further the Company is having one associate namely M/s Purple
Advertising Services Private Limited (Purple) with 33.33% shareholding. The Associate
company is under the process of liquidation w.e.f. 18th May, 2022. As per the provisions
of Section 129(3) of the Companies Act, 2013 (the Act) read with Rule 5 of the
Companies (Accounts) Rules, 2014 as amended by the Companies (Accounts) Amendment Rules,
2016, a separate statement containing the salient features of the financial statements of
the Subsidiary Companies/ Associate Companies/ Joint Ventures is prepared in Form AOC-1
and the same is enclosed as Annexure 3 to this Report.
20. CONSOLIDATED FINANCIAL STATEMENTS
During the period under review, the Company is having one associate
namely M/s Purple Advertising Services Private Limited (Purple) with 33.33% shareholding,
financial of which is not available and hence the same has not been considered for the
consolidation purpose. The Associate company is under the process of liquidation w.e.f.
18th May, 2022. After our continues telecommunication and emails, we received a letter
dated 1st August, 2023 and as per the letter received from Liquidator of Purple, during
the period of liquidation process no quarterly/annually financial are required to be
filed. Till the time we did not get the financial of the associates Company, we will not
be able to consolidate its results with our financial results, hence same has not been
considered for consolidation purpose.
21. AUDITORS AND AUDITOR'S REPORT
A. Statutory Auditors
M/s Das & Prasad, Chartered Accountants (ICAI Firm Registration
Number: 303054E) were appointed as Statutory Auditors of the Company at the 25th Annual
General Meeting (AGM) held on 26th September, 2018 for a term of five consecutive years
from the conclusion of the 25th Annual General Meeting till the conclusion of the 30th
Annual General Meeting, at a remuneration to be determined by the Board of Directors
(including any Committee thereof) of the Company and reimbursement of out of pocket
expenses as may be incurred by them during the course of the Audit.
Since the term of their appointment is going to expireat the 30th AGM
of the Company held on 30th September, 2023, the shareholders of the Company had approved
the appoint of M/s B Nath & Co., Chartered Accountants (Firm Registration Number
307057E) as the Statutory Auditors of the Company to hold office for a term of 5 (Five)
years from the conclusion of 30th Annual General Meeting held on 30th September, 2023
until the conclusion of the 35th Annual General Meeting of the Company, at a remuneration
to be determined by the Board of Directors of the Company and reimbursement of out of
pocket expenses as may be incurred by them during the course of the Audit.
As per the requirements laid down under Sections 139 and 141 of the
Companies Act, 2013 read with Rule 4 of the Companies (Audit and Auditors) Rules, 2014,
the Company has received consent from M/s B Nath & Co., Chartered Accountants,
Statutory Auditors of the Company and confirmation regarding their eligibility to appoint
as the Statutory Auditors of the Company.
The observations of the Auditors when read together with the relevant
notes to the accounts and accounting policies are self-
explanatory.
B. Secretarial Auditor
As per the provisions of Section 204 of the Companies Act, 2013, the
Board of Directors have appointed M/s Prateek Kohli & Associates, Company Secretaries
as Secretarial Auditor to conduct Secretarial Audit of the Company for the financial year
ended on March 31, 2024.
Secretarial Audit Report issued by M/s Prateek Kohli & Associates,
Company Secretaries in Form MR-3 is enclosed as
Annexure - 4 to this Report.
There is no reservation, qualification or adverse remark contained in
the Secretarial Audit Report. Information referred in
Secretarial Audit Report are self-explanatory and don't call for any
further comments.
Annual Report 2023-24
22. RISK MANAGEMENT
The Company manages risk through a detailed Risk Management Policy
framework which lays down guidelines in identifying, assessing and managing risks that the
businesses are exposed to. Risk is managed through appropriate structures that are in
place at U. Y. Fincorp Limited, including suitable reporting mechanisms.
Further kindly refer to the write-up in the Section Management
Discussion and Analysis Report.
23. PARTICULARS OF EMPLOYEES REQUIRED UNDER SECTION 197(12) READ WITH
RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
AND COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) AMENDMENT RULES, 2016
The prescribed particulars of remuneration of employees pursuant to
Section 197(12) read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and Companies (Appointment and Remuneration of
Managerial Personnel) Amendment Rules, 2016, are set out as Annexure -5 to this Report.
24. STATEMENT ON DECLARATION GIVEN BY THE INDEPENDENT DIRECTOR UNDER
SUB SECTION (6) OF
SECTION 149 OF COMPANIES ACT, 2013
All the Independent Directors of your Company have submitted a
declaration at the time of their appointment and also annually that they meet the criteria
of independence as laid down under Section 149(6) of the Act and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. All requisite declarations were placed
before the Board.
25. DIRECTORS
During the year, the shareholders of the Company at the 30th Annual
General Meeting of the Company held on 30th September, 2023 consider and approved the
re-appointed Mr. Dinesh Burman (DIN: 00612904) as Whole-time Director of the Company for a
period of 3 (three) years commencing from 30th May, 2024 to 29th May, 2027 at the
remuneration and terms and conditions recommended by the Nomination and Remuneration
Committee at its meeting held on 4th September, 2023. Further the shareholders of the
Company at the 30th Annual General Meeting of the Company held on 30th September, 2023
considered and approved the re-appointment Mr. Nishant Sharadrao Nanda (DIN: 08196581) as
a Non-Executive, Independent Director of the Company, not liable to retire by rotation,
for the second term of five years commencing from 10th August, 2023 up to 9th August,
2028.
In accordance with the provisions of Section 152 of the Companies Act,
2013 and your Company's Articles of Association, Mr. Deepak Kothari (DIN: 00280323)
retires by rotation at the ensuing Annual General Meeting and being eligible, offers
himself for re-appointment. Further on the recommendation of Nomination and Remuneration
Committee and subjected to approval of the members, the Board of Directors of the Company
(the 'Board'), in their meeting held on 3rd September, 2024, considered and approved the
appointment of Mrs. Sangeeta Singh (DIN: 10757696) as a Non-Executive, Independent
Director of the Company, not liable to retire by rotation, for the term of five
consecutive years commencing from 12th November, 2024 to 11th November, 2029. On the
recommendation of Nomination and Remuneration Committee and subjected to approval of the
members, the Board of Directors of the Company (the 'Board'), in their meeting held on 3rd
September, 2024, considered and approved the reappointed of Mr. Udai Kothari (DIN:
00284256) as Chairman & Managing Director of the Company for a period of 3 (three)
years commencing from 2nd May, 2025 to 1st May, 2028 at the remuneration and terms and
conditions recommended by the Nomination and Remuneration Committee at its meeting held on
3rd September, 2024.
The information as required to be disclosed under Regulation 36(3) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in case of
re-appointment/appointment/change in designation of the director is provided in the
Corporate Governance Section forming part of this Report.
26. CHANGE IN THE NATURE OF THE BUSINESS, IF ANY
During the year under review, there is no change in the nature of the
business.
27. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS/COURTS/TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND YOUR COMPANY'S OPERATIONS
IN FUTURE
During the year under review, there were no such orders passed by the
regulators / courts / tribunals impacting the going
concern status and your Company's operations in future.
28. BOARD EVALUATION
In compliance with the requirements of the provisions of Section 178 of
the Companies Act, 2013 read with Rules framed thereunder and provisions of Schedule IV to
the Act as well as the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, your Company has carried out performance evaluation for the Board of Directors,
Committees of the Board and Individual Directors on the basis of participation of
directors, quality of information available, quality of discussions, contributions and
decision making etc. The overall performance of the members of the Board was found
satisfactory. The manner in which the evaluation is carried out has been explained in the
Corporate Governance Section
forming part of this Report.
29. PARTICULARS OF CONTRACTS/ARRANGEMENTS WITH RELATED PARTIES
All transactions entered into with Related Parties as defined under the
Companies Act, 2013 and Regulation 23 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 during the year were in the ordinary course of business
and on an arms' length basis and do not attract the provisions of Section 188 of the
Companies Act, 2013. Approval of the shareholders was already obtained for the related
party transactions vide ordinary resolution dated 30th September, 2022. However, pursuant
to the provisions of Regulation 23 (2) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, prior approval of the Audit Committee was sought for
entering into the Related Party Transactions. Further, the Audit Committee granted omnibus
approval for repetitive transactions to be entered into with the related parties, during
the year. The Audit Committee reviews all related party transactions on a quarterly basis.
In terms of Regulation 34(3) read with Part A of Schedule V to the Listing Regulations,
the details of the transactions entered into by the Company with promoter/ promoter group,
which hold(s) 10% or more shareholding in the Company are given in the Notes to the
Financial Statements.
A Policy on the Related Party Transactions has been devised by your
Company for determining the materiality of transactions with related parties and dealings
with them. The said Policy is available on your Company's website www.uyfincorp.com and a
web link to the said Policy has been provided in the Corporate Governance Section forming
part of this Report.
30. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Kindly refer to the write-up in the Section Management Discussion and
Analysis Report.
31. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has established a Vigil Mechanism / Whistle Blower Policy
for directors and employees to report to the management instances of unethical behavior,
actual or suspected, fraud or violation of the Company's code of conduct or ethics policy,
if any.
The Policy is also available on the Company's website and the web link
of the same is:
https://www.uyfincorp.com/_Frontend_Assets/images/pdf_docs/UYFL-WB-Policy.pdf
32. POLICY ON PREVENTION OF SEXUAL HARASSMENT
The Company has in place the Policy on Prevention of Sexual Harassment
of Women at Workplace in accordance with The
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
During the financial year ended 31st March, 2024, the Company has not
received any Complaints pertaining to Sexual
Harassment.
33. NOMINATION AND REMUNERATION COMMITTEE
During the financial year 2023-24, one Nomination and Remuneration
Committee Meeting was held on 04.09.2023. The Composition of the Committee has been
provided in the Corporate Governance Section forming part of this Report. The terms of
reference of the Committee are wide enough to cover matters specified for the Committee
under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section
178 of the Companies Act, 2013.
The Company's Remuneration Policy has been provided in the Corporate
Governance Section forming part of this Report.
34. CORPORATE SOCIAL RESPONSIBILITY
In terms of Section 135 and Schedule VII of the Companies Act, 2013,
the Board of Directors have constituted a Corporate Social Responsibility (CSR) Committee
and on the recommendation of the said committee, the Board has approved a Corporate Social
Responsibility ('CSR') policy and the same has been uploaded in the website of the Company
www.uyfincorp.com which contains the CSR activities being carried out by the Company,
governance structure, implementation process, etc.
The Financial Year 2023-24, was a grim year; a year of unprecedented
challenges for individuals and institutions globally, including India. Despite the
turbulent business environment caused by the pandemic, your Company continued to
illustrate its commitment towards social and environmental priorities. The Company
believes that CSR is a way of creating shared value and contributing to social and
environmental good. Company's strategy is to integrate its activities in community
development, social responsibility and environmental responsibility and encourage each
business unit or function to include these considerations into its operations.
Your Directors are pleased to inform that the Company has fulfilled its
CSR obligations pursuant to Section 135(5) of the
Companies Act, 2013, for the year 2023-24 inter-alia on CSR projects in
the areas of right to education. The details on CSR
activities as prescribed under Companies (Corporate Social
Responsibility Policy) Rules, 2014 are provided as Annexure - 6
and forms part of this Report.
The Policy is also available on the Company's website and the web link
of the same is:
https://www.uyfincorp.com/_Frontend_Assets/images/pdf_docs/UYFL_CSR-Policy.pdf
35. GENERAL DISCLOSURES
Your Directors state that: i) No proceedings are pending against the
Company under the Insolvency and Bankruptcy Code, 2016. ii) The Company serviced all the
debts & financial commitments as and when they became due and no settlements were
entered into with the bankers. iii) The Company does not have any Employee Stock Option
Plan.
36. ACKNOWLEDGEMENTS
Your Directors would like to express their grateful appreciation for
the excellent support and co-operation received from the Banks, RBI, SEBI, MCA, Registrar
and Share Transfer Agents, Registrar of Companies, Stock Exchanges, Depositories,
Customers, Business Associates, Members and other Stakeholders during the year under
review. Your Directors also place on record their deep appreciation for the valuable
contribution of the employees at all levels for the progress of your Company during the
year and look forward to their continued co-operation in realisation of the corporate
goals in the years ahead.
Place : Kolkata |
Dated : 3rd September, 2024 |