To,
The Members,
Your Directors have pleasure in presenting their 32nd Annual
Report on the business and operations of the Company along with Audited Standalone and
Consolidated Financial Statements for the Financial Year ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS OF THE COMPANY
(Rs. In Lakhs)
Particulars |
(Standalone) |
(Consolidated) |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from Operations |
44.57 |
173.86 |
11538.04 |
4894.43 |
Other Income |
96.06 |
41.57 |
1898.04 |
6896.63 |
Total Revenue |
140.63 |
215.43 |
13436.07 |
11791.05 |
Total Expenses |
(111.73) |
(129.33) |
(11435.67) |
(9038.30) |
Profit before Tax |
28.91 |
86.10 |
2000.40 |
2752.76 |
Add: Share of (Profit)/ Loss of Other Partner
in LLP |
- |
- |
(0.14) |
0.96 |
Tax Expenses |
(7.19) |
(21.55) |
(71.56) |
(127.85) |
Profit After Tax for the year |
21.72 |
64.55 |
2071.83 |
74966.79 |
Equity Share Capital (Paid Up) |
350.16 |
350.16 |
350.16 |
350.16 |
2. FINANCIAL PERFORMANCE AND STATE OF COM PANY AFFAIRS
Information on the operational and financial performance of the Company
is given in the Management Discussion and Analysis Report, which is annexed to the Report
and is in accordance with SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations").
3. CONSOLIDATED FINANCIAL STATEMENTS
As per Regulation 33 of the Listing Regulations and applicable
provisions of the Companies Act, 2013 read with the Rules issued thereunder, the
Consolidated Financial Statements of the Company for the financial year 2022-23 have been
prepared in compliances of the applicable Accounting Standards and on the basis of audited
financial statements of the Company, its subsidiaries and associate companies, as approved
by the respective Board of Directors.
4. DIVIDEND
The money retained shall be ploughed back for Company's expansion
program and to carry on the business activities of the Company. In view of the above your
directors are not in a position to declare any dividend on Equity Shares.
5. SHARE CAPITAL
The authorised share capital of the Company as on 31st
March, 2023 was Rs. 2300 Lakhs (Rupees Twenty-Three Flundred Lakhs) divided into 21000000
(Two crore Ten lakh) equity shares of face value of Rs. 10/- (Rupees Ten) each and 200000
(Two Lakh) redeemable preference shares of Rs. 100/- (Rupees Hundred) each.
During the year, the authorised capital of the company was increased
from Rs. 1200 Lakhs (Twelve Hundred Lakhs) consisting 10000000 (One Crore) crore equity
shares of face value of Rs. 10/- (Rupees
Ten) each and 200000 (Two Lakh) redeemable preference shares of face
value of Rs. 100/- (Rupees Hundred) each to Rs. 2300 Lakhs (Rupees Twenty-Three Hundred
Lakhs) consisting of 21000000 (Two crore Ten lakh) equity shares of face value of Rs. 10/-
(Rupees Ten) each and 200000 (Two Lakh) redeemable preference shares of face value of Rs.
100/- (Rupees Hundred) each.
The paid-up equity share capital of the Company as on 31st
March, 2023 was Rs. 350.16 Lakhs divided into 3501597 equity shares of the face value of
Rs. 10/-.
During the year, the Company has issued 1,64,50,000 warrants
convertible into equity shares to persons belonging to Promoter category and to persons
belonging to non-Promoter category on preferential basis. The warrants were issued at Rs.
168/- (including premium of Rs. 158/-) partly paid up 25% i.e. Rs.
42 per warrant.
The Company does not have any scheme for the issue of shares, including
sweat equity to the employees or directors of the Company. The Company does not have a
scheme for the purchase of its shares by employees or by trustees for the benefit of
employees.
6. TRANSFER TO RESERVES
During the financial year 2022-23, Company has not transferred any
amount to the General Reserves.
7. MATERIAL CHANGES AND COMMITMENTS
There are no material changes and or commitments affecting the
financial position of the Company between the end of the financial year i.e. March 31,
2023 and the date of the Report.
8. OPERATING RESULTS AND BUSINESS OPERATIONS
The Company has achieved Revenue from Operations of Rs. 44.57 Lakhs
during the financial year 2022-23 as compared to Rs. 173.86 Lakhs during the financial
year 2021-22. Decrease in revenues is mainly on the account of decrease in operations of
the Company.
The operating profit (profit after tax) for the financial year 2022-23
was Rs. 21.72 Lakhs as compared to Rs. 64.55 Lakhs during the financial year 2021-22.The
tax expenses of the Company for current year are Rs. 7.19 Lakhs (including deferred tax
credit of Rs. 3.15 Lakhs) as compared to Rs 21.55 Lakhs in the previous year.
Earnings per Share (EPS) of the Company for the FY 2022-23 is Rs.
0.62/-as against Rs. 1.84/- in F.Y 2021-22 as per Standalone financial statement of the
Company. While Earnings per Share (EPS) of the Company for the F.Y 2022-23 is Rs. 59.17/-
as against Rs. 163.67/- in FY 2021-22 as per consolidated financial statement of the
Company.
9. HUMAN RESOURCES DEVELOPMENT
The Company has continuously framed policies & adopted structures
that help to attract the best external talent and promote internal talent to higher roles
& responsibilities. The company is focused to improve the knowledge, ability, skills,
and other talents of employees which in turn provides for an open work
environmentfostering continuous improvement and development that helped several employees
realize their career aspirations.
As a result, IM+ Capitals Limited HR department has strengthened its
impact in its day-to-day functioning, and is raising its standard of excellence to ensure
timely availability of necessary talent and capabilities and engage and help employees to
perform sustainably and in maximizing the growth of employees & organizationas a
whole.
10. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and
has adopted a policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of Sexual Harassment of Women at workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. During
the financial year 2022-23, the Company has not received any complaints on sexual
harassment and also, no complaint is pending on sexual harassment.
11. DOCUMENTS PLACED ON THE WEBSITE (www.imcapitals.com)
Act, 2013 and other statutory requirements:
Details of unpaid dividend as per IEPF (Uploading of information
regarding unpaid and unclaimed amounts lying with companies) Rules, 2012 as per Section
124(2);
Financial Statements including consolidated financial
statements, of the Company along with all other documents required as per Section 136(1);
Details of the Vigil Mechanism as per Section 177(10);
The terms and conditions of appointment of the independent
directors as per Schedule IV.
12. CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS
AND OTHER INFORMATION REQUIRED UNDER THE COMPANIES ACT, 2013 AND SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
As per Regulation 34 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 Corporate Governance Report and Management Discussion and
Analysis report are attached and form part of the Annual Report.
13. STATUTORY AUDITORS AND SECRETARIAL AUDITORS Statutory Auditors
M/s O. Aggarwal & Co., Chartered Accountants, H-3/11-A, Krishna
Nagar, Delhi- 110051, the Statutory Auditors of the Company, having firm registration
number 005755N with the Institute of Chartered Accountants of India, was appointed for a
period of 5 years from the financial year 2022-23 to the financial year 2026-27 and same
was approved by the members of the Company at the 31st AGM.
Vide notification dated May 7, 2018 issued by Ministry of Corporate
Affairs, the requirement of seeking ratification of appointment of statutory auditors by
members at each AGM has been done away with. Accordingly, no such item has been considered
in notice of the 31st AGM.
Secretarial Auditor
Pursuant to provisions of Section 204 of the Companies Act, 2013 read
with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company had appointed M/s Chetna Bhola & Associates, Company Secretaries as the
Secretarial Auditor of the Company to undertake Secretarial Audit of the Company for FY
2022-23. The Secretarial Audit Report is annexed herewith as annexure.
Internal Auditor
In accordance with the provisions of Section 138 of the Companies Act,
2013 and Rules framed thereunder, your Company has appointed M/s. Punam Gupta 8t
Associates, Chartered Accountants, as the Internal Auditors of the Company for Financial
year 2022-23 and takes their suggestions and recommendations to improve and strengthen the
internal control systems.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities being carried out by the Company,
the disclosure concerning energy conservation measures, technology absorption and Research
& Development efforts are not applicable to the Company.
Further during the year under review, Company has no foreign exchange
earnings and outgo.
15. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 read with the
Rules issued thereunder and the Listing Regulations (including any statutory
modification(s) or re-enactment(s) for the time being in force), the process for
evaluation of the annual performance of the Directors/Board/ Committees was carried out
and the same was based on questionnaire and feedback from all the Directors on the Board
as a whole, Committees and on self-evaluation basis.
Directors, who were designated, held separate discussions with each of
the Directors of the Company and obtained their feedback on overall Board effectiveness as
well as each of the other Directors.
Based on the questionnaire and feedback, the performance of every
director was evaluated in the meeting of the Nomination and Remuneration Committee (NRC).
A separate meeting of the independent directors ("Annual
Independent Directors meeting") was convened on 17/03/2023, which reviewed the
performance of the Board (as a whole), the non-independent directors and the Chairman.
After convening the Annual ID meeting, the collective feedback of each of the Independent
Directors was discussed by the Chairman of the NRC with the Board's Chairman covering
performance of the Board as a whole; performance of the non-independent directors and
performance of the Board Chairman.
16. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
A separate statement containing the salient features of financial
statements of all subsidiaries of your Company forms part of consolidated financial
statements in compliance with Section 129 and other applicable provisions, if any, of the
Companies Act, 2013.
Company has Two (02) wholly owned Subsidiary - M/s IM+ Investments&
Capital Private Limited & M/s Feeders Electric and Engineering Limited as on March 31,
2023.
Company has Three (03) Associate Companies- M/s Advance Dealtrade
Private Limited, Anugrah Commosales Private Limited & M/s Versatile Dealtrade Private
Limited.
Company has one Joint Venture- SMC & IM Capitals Investment Manager
LLP (Partnership Firm)
Further the Report on the performance and financial position of each
the subsidiary, associate and joint venture and salient features of the financial
statements in the prescribed form AOC-1 is annexed to this Report.
17. REGISTRAR AND TRANSFER AGENT OF THE COMPANY
M/s Link Intime India Pvt Ltd having its office at Noble Heights, 1st
Floor, Plot No. NH 2, LSC, C-l Block, Near Savitri Market, Janakpuri, New Delhi-110058 was
appointed as Registrar and share transfer agent (RTA) for the financial year 2022-23.
18. DEPOSIT FROM PUBLIC
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was outstanding as on
the date of the Balance Sheet.
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors
In accordance with the provisions of the Articles of Association and
Section 152 of the Companies Act,2013, Mr. Vishal Singhal, (DIN: 03518795), retires by
rotation at the ensuing annual general meeting. Being eligible, he has offered himself for
re-appointment as such and seeks re-appointment. The Board of Directors recommends his
re-appointment on the Board.
The relevant details, as required under Regulation 36 (3) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing
Regulations"), of the person seeking re-appointment/ appointment as Director are also
annexed to the Notice convening the annual general meeting.
There being no other change apart from mentioned above from the end of
financial year to the date of notice.
Key Managerial Personnel
During the Financial year 2022-23, there has been no changes in the
KMPs. Flowever, during the Financial Year 2023-24 Mr. Brahma Nand Garag resigned from the
post of CFO of the Company and Mr. Bijay Kumar Pathak was appointed as CFO of the Company
w.e.f. 29.07.2023
20. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 134(5) of the Act, and based on
the representations received from the management, the directors hereby confirm that:
a) In the preparation of the annual accounts for the financial year
2022-23, the applicable accounting standards have been followed and there are no material
departures;
b) We 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 of the Company for the financial year;
c) We have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting records in accordance
with the provisions of the Act. They confirm that there are adequate systems and controls
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) We have prepared the annual accounts on a going concern basis;
e) We have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating properly; and
f) We have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
21. DISCLOSURE ON INTERNAL FINANCIAL CONTROLS
The Company has documented its internal financial controls considering
the essential components of various critical processes, physical and operational, which
includes its design implementation and maintenance along with periodical internal review
of operational effectiveness and sustenance.
This ensures orderly and efficient conduct of its business, including
adherence to the Company's policies, safeguarding of its assets, prevention of errors,
accuracy and completeness of the accounting records and the timely preparation of reliable
financial information.
The Internal financial controls with reference to the financial
statements were adequate and operating effectively.
22. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE COMPANY'S
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
During the year, Advance Dealtrade Private Limited, Anugrah Commosales
Private Limited & Versatile Dealtrade Private Limited has become Company's Associate
companies but no such Company has become or ceased to be Company's Subsidiary for the year
under review.
23. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with all the applicable Secretarial Standards
in the Financial Year 2022-23.
24. INSIDER TRADING REGULATIONS
Based on the requirements under SEBI (Prohibition of Insider Trading)
Regulations, 1992 read with SEBI (Prohibition of Insider Trading) Regulations, 2015, as
amended from time to time, the code of conduct for prevention of insider trading and the
Code for Corporate Disclosures ("Code"), as approved by the Board from time to
time, are in force by the Company.
25. SIGNIFICANT AND MATERIAL ORDERS
There being no other significant or material orders passed by the
regulators or courts or tribunals impacting the going concern status and Company's
operations in future.
26. CHANGE IN NATURE OF BUSNIESS
During the year there is no change in nature of business of the Company
under review.
27. PARTICULARS OF EMPLOYEES
The information required under Section 197 of the Act and the Rule 5(1)
of Companies (Appointment and Remuneration) Rules, 2014 in respect of employees of the
Company.
a. The ratio of the remuneration of each director to the median
remuneration of the employees of the Company for the financial year 2022-23:
Median Salary (Annual) of employees for the Financial Year 2022-23 is
Rs. 4.96 Lakhs.
b. The percentage increase in remuneration of each Director, Chief
Executive Officer, Chief Financial Officer, Company Secretary or Manager, if any, in the
financial year 2022-23:
Sr. No. |
Name of Director/KMP |
Designation |
% Increase in remuneration |
1. |
Mr. Vishal Singhal |
Whole Time Director |
N.A. |
2. |
Ms. Sakshi Goel |
Company Secretary |
11.1 |
3. |
Mr. Brahma Nand Garg |
Chief Financial Officer |
N.A. |
c. The percentage increase/decrease in the median remuneration of
employees in the financial year 2022-23 is 11.1.
d. The number of permanent employees on the rolls of company as on
31st March, 2023 are (3) Three.
e. The explanation on the relationship between average increase in
remuneration and Company performance:
The increase in remuneration is in line with the market trends.
f. Comparison of the remuneration of the Key Managerial Personnel
against the performance of the Company:
Particulars |
Amount in Lakhs |
Remuneration of Key Managerial Personnel (KMP)
during financial year 2022-23 (Aggregated) |
9.76 |
Revenue from operations |
44.57 |
Remuneration (as % of revenue) |
21.90% |
Profit before tax (PBT) |
28.91 |
Remuneration (as % of PBT) |
33.76% |
g. Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the
managerial remuneration.
The average increase in salaries of employees other than managerial
personnel is approximately equal to percentile increase in the managerial remuneration;
there is no exceptional increase in managerial remuneration.
h. Comparison of each remuneration of the Key Managerial Personnel
against the performance of the Company.
Name of KMP |
Design
ation |
Remuneration (in Lakhs) |
Revenue
(in
Lakhs) |
Remuneration (as % of
revenue) |
Profits before tax (PBT)
(in Lakhs) |
Remuneration (as % of PBT) |
|
Ms. Sakshi Goel |
CS |
4.96 |
44.57 |
11.13% |
28.91 |
17.16% |
|
Mr. Brahma Nand Garg |
CFO |
4.80 |
44.57 |
10.77% |
28.91 |
16.60% |
|
i. The key parameters for any variable component of remuneration
availed by the directors: N.A.
j. The ratio of the remuneration of the highest paid director to
that of the employees who are not directors but receive remuneration in excess of the
highest paid director during the year: Being directors are paid sitting fee only, details
are not provided.
k. The Company hereby affirms that the remuneration is as per the
remuneration policy of the Company.
The Company's remuneration policy is driven by the success and
performance of the individual employees and the Company. Through its compensation package,
the Company endeavors to attract, retain, develop and motivate a high-performance staff.
The Company follows a compensation mix of fixed pay, benefits and performance based
variable pay. Individual performance pay is determined by business performance and the
performance of the individuals measured through the annual appraisal process. The Company
affirms remuneration is as per the remuneration policy of the Company.
The information required under Section 197 of the Act and the Rule 5(2)
of Companies (Appointment and Remuneration) Rules, 2014 in respect of employees of the
Company, is as follows: -
A. Detail of Top ten employees in terms of remuneration drawn during
F.Y 2022-23 are as:
s. No |
Name of Employee |
Date of Joining |
Gross Remunera tion (in
Lakhs) |
Qualificati
on |
Age (in years) |
Experi
ence
(in years) |
Last
Emplo
yment |
Designation |
1 |
Vishal Sing ha 1 |
02/11/20
20 |
12.00 |
MBA |
30 |
9 years |
N.A. |
N.A. |
2 |
Brahma Nand Garq |
07/02/20
20 |
4.80 |
MBA |
73 |
47 years |
N. A. |
N.A. |
3 |
Sakshi Goel |
30/06/20
22 |
4.96 |
CS |
32 |
6 years |
Brand
Realty
Services
Limited |
Company
Secretary |
The information required under Section 197 of the Act and the Rule 5(2)
of Companies (Appointment and Remuneration) Rules,2014 in respect of employees of the
Company, is as follows: -
Employee in the Company in receipt of
remuneration for that year which, in the aggregate, was not less than one crore and two
lakh rupees. |
NIL |
Employees in the Company who employed throughout
the financial year or part thereof, was in receipt of remuneration for any part of that
year, at a rate which, in the aggregate, was not less than Eight lakh and fifty thousand
rupees per month. |
NIL |
Employee in the Company who employed
throughout the financial year or part thereof, was in receipt of remuneration in that year
which, in the aggregate, or the case may be at a rate in aggregate, or as the case may be,
in excess of that drawn by the managing director or whole-time director or manager and
holds by himself or along with his spouse and dependent children, not less than two
percent of the equity shares of the Company. |
NIL |
28. EXTRACT OF ANNUAL RETURN
As per MCA Vide Notification dated 05.03.2021, the extract of Annual
Return in Form No.MGT-9 is not required under Section 92 of the Companies Act, 2013 for
the financial year ending March 31, 2023.
29. NUMBER OF MEETINGS OF THE BOARD
Fourteen (14) meetings of the Board of Directors of the Company
were held during the year. For details of the meetings, please refer to the Corporate
Governance Report, which forms part of the Annual Report.
30. INDEPENDENT DIRECTORS' DECLARATION
The Company has received necessary declaration from Mr. Akshay Parmar
& Mr. Rahul Chaudhary Independent Directors of the Company under Section 149(7) of the
Companies Act, 2013, that he/she meets the criteria of independence laid down under
Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations
and Disclosure Requirements) regulations, 2015. Further, there has been no change in the
circumstances which may affect their status as independent director during the year.
31. COMPANY'S POLICY OF DIRECTORS' APPOINTMENT AND REMUNERATION
The Company's policy on Directors' appointment and remuneration
including criteria for determining qualifications, positive attributes, independence of a
director and other matters provided under section 178(3) of the Act are available on the
website of the Company under the heading investor zone at www.imcapitals.com.
We affirm that remuneration paid to the Directors is as per the terms
laid out in the nomination and remuneration policy of the Company.
32. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT
In compliance with Regulation 26(3) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, Company has formulated Code of Conduct for the
Board members and senior management personnel of the Company so that the Company's
business is conducted in an efficient and transparent manner without having any conflict
of personal interests with the interests of the Company. All the members of the Board and
senior management personnel have affirmed compliance with the Code of Conduct.
Declaration bv the Chairman
It is hereby declared that the Company has obtained from each
individual member of the Board of Directors and the Senior Management confirming that none
of them has violated the conditions of the said Code of Conduct.
33. RELATIONSHIP BETWEEN DIRECTORS INTER-SE
Directors are related to each other within the meaning of the term
"relative" as per Section 2(77) of the Act and SEBI (Listing Obligations and
Disclosure Requirements) regulations, 2015. Details given in Corporate Governance Report
forming part of this report.
34. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The detail of Loan and Investments made by Company during the year as
under:
Name |
Balance outstanding as on
31.03.2022 (in Lakhs) |
Loans/ Advance/
Investments during the year 2022-23 (in Lakhs) |
Balance outstanding as on
31.03.2023 (in Lakhs) |
Loan to IM+ Investments and Capital Pvt Ltd.
(Wholly Owned Subsidiary) |
1486.96 |
(1486.96) |
NIL |
35. TRANSACTIONS WITH RELATED PARTIES
The particulars of contracts or arrangements with related parties
referred to in Sub- Section (1) of Section 188 in the prescribed Form AOC-2 are given in
Annexure.
36. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
During the year under review, no amount was transferred to IEPF.
37. RISK MANAGEMENT
The Risk Management is overseen by the Audit Committee of the Company
on a continuous basis. The Committee oversees Company's process and policies for
determining risk tolerance and review management's measurement and comparison of overall
risk tolerance to established levels. Major risks identified by the businesses and
functions are systematically addressed through mitigating actions on a continuous basis.
38. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED
SUSPENSE ACCOUNT
The Company has no shares lying in demat suspense account or unclaimed
suspense account.
39. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
The Company has practice of conducting familiarization program of the
independent directors as detailed in the Corporate Governance Report which forms part of
the Annual Report.
40. VIGIL MECHANISM
The Company has established a vigil mechanism for adequate safeguards
against victimization of directors and employees of the Company for details please refer
to the Corporate Governance Report attached to the Annual Report.
41. PECUNIARY RELATIONSHIP OR TRANSACTIONS OF NON-EXECUTIVE DIRECTORS
During the year, the Non-Executive Directors of the Company had no
pecuniary relationship or transactions with the Company.
42. ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to business associates
for their support and contribution during the year. The Directors would also like to thank
the employees, shareholders, customers, alliance partners and bankers for the continued
support given by them to the Company and their confidence reposed in the management.