Dear Members,
Your Directors are pleased to present the Twenty Ninth Annual Report of the Company
covering the operating and financial performance together with the Audited Financial
Statements and the Auditors' Report thereon for the Financial Year ended on March 31,
2023.
FINANCIAL RESULTS:
The financial highlights of the Company during the period ended March 31, 2023 are as
below:
(Amount in Rupees)
Particulars |
Financial Year |
Financial Year |
|
2022-23 |
2021-22 |
Revenue from operations (Gross) |
268.23 |
292.84 |
Less: Excise duty |
0.00 |
0.00 |
Revenue from operations (Net) |
268.23 |
292.84 |
Other income |
96.48 |
89.18 |
Total Revenue |
364.72 |
382.02 |
Less: Expenses |
|
|
(a) Cost of materials consumed |
209.68 |
242.58 |
(b) Purchases of stock-in-trade |
Nil |
Nil |
(c) Changes in inventories of FG, WIP & Stock-in-Trade |
Nil |
Nil |
(d) Employee benefits expense |
22.95 |
32.07 |
(e) Finance costs |
2.21 |
2.31 |
(f) Depreciation expense |
11.43 |
12.96 |
(g) Other expenses |
58.35 |
36.52 |
Total Expenses |
304.63 |
326.44 |
Profit/ (Loss) before tax |
60.10 |
55.58 |
Less: Tax expense: |
|
|
(a) Current tax expense |
14.84 |
16.43 |
(b) Deferred tax |
(9.77) |
(1.47) |
(c) Prior Period Adjustment |
0.45 |
1.57 |
Profit / (Loss) for the year |
54.57 |
40.62 |
Earnings per share (face value Rs.1/-) Basic & Diluted (In Rupees) |
0.05 |
0.04 |
OPERATIONS REVIEW:
The Company's total revenue from operations during the financial year ended 31stMarch,
2023 were Rs. 364.72 Lacs as against Rs. 382.02 Lacs of the previous year representing
decrease of approximately about 4.53% over the corresponding period of the previous year
with total expenses of Rs. 305.08 lacs (previous year of Rs.326.44 lacs). The Company has
made Net Profit of Rs. 54.47 Lacs as against Rs. 40.62 Lacs of the previous year after
considering Depreciation and Provision for Tax and other adjustments representing an
increase of approximately about 34.34% over the corresponding period of the previous year.
The EPS of the Company for the year 2022-23 is Rs. 0.05
DIVIDEND:
No dividend has been recommended in respect of the financial year ended 31st March,
2023 and the entire surplus be ploughed back to the business to meet the needs for
additional finance for capital expenditure.
TRANSFER TO RESERVES:
The Company has not transferred any amount to reserves during the year.
SHARE CAPITAL:
During the year under review, there has increased the Share Capital of the Company from
Rs.11,00,00,000/- to Rs. 62,00,00,000/-. The Company's Authorized share capital is
Rs.62,00,00,000/- comprising of 62,00,00,000 equity shares of Rs.1/- each.
The Company has vide resolutions, dated 17.05.2022, passed through Postal Ballot, split
the equity share of Rs.10/-each into Rs.1/- each and has increased the Authorised Share
Capital to Rs.11,50,00,000 and had capitalized Rs.1,04,00,900 out of free reserves by
issuing the Bonus Shares in the ration of 10:100 (Post Split) resulting into an increase
in paid up share capital of the Company, which on the date of this report stands at
Rs.11,44,09,900.
Particulars |
Amount (Rs.) |
Authorized Share Capital |
|
Share Capital as on 31.03.2022 1,10,00,000 Equity Shares of Rs.10/- Each |
11,00,00,000 |
Sub Division of Share Capital having Face Value of Rs.10/- Each into Rs.1/- Each (vide
resolution passed Via Postal Ballot at 17.05.2022) |
11,00,00,000 |
Add: Creation of additional 50,00,000 new equity shares of Rs.1/- each aggregating to
Rs. 50,00,000/- (vide resolution passed Via Postal Ballot at 17.05.2022)
11,50,00,000 Equity Shares of Rs.1/- Each |
11,50,00,000 |
Add: Creation of additional 50,50,00,000 new equity shares of Rs.1/- each aggregating
to Rs. 50,50,00,000/- (vide resolution passed at 28th AGM at 25.08.2022)
60,00,00,000 Equity Shares of Rs.1/- Each |
50,50,00,000 |
Share Capital as on 31.03.2023 62,00,00,000 Equity Shares of Rs.1/- Each |
62,00,00,000 |
Issue, Subscribed and Paid Up Share Capital Share Capital as on 31.03.2022
10400900 Equity Shares of Rs.10/- Each(Fully Paid Up) |
10,40,09,000 |
Sub Division of Share Capital having Face Value of Rs.10/- Each into Rs.1/- Each (vide
resolution passed Via Postal Ballot at 17.05.2022) |
10,40,09,000 |
Issue of Bonus Shares in ration of 10:100 (vide resolution passed Via Postal Ballot at
17.05.2022) 10400900 Equity Shares of Rs.1/- Each(Fully Paid Up) |
1,04,00,900 |
Share Capital as on 31.03.2023 114409900 Equity Shares of Rs.1/- Each(Fully
Paid Up) |
11,44,09,900 |
Further we wish to inform you that the authorized Share capital of the Company stood at
Rs.62,00,00,000/- as on 31.03.2023 as a result of which Clause V of Memorandum of
Association of the company was altered as per requirement of The Companies Act, 2013.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY AND
CHANGE IN NATURE OF THE BUSINESS:
There have been no material changes and commitments affecting the financial position of
the Company between the end of the financial year and the date of this Directors' Report.
LISTING WITH STOCK EXCHANGE:
The Company confirms that it has paid the Annual Listing Fees for the year 2022-23 to
BSE Limited where the Company's Shares are listed.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
During the year under review, the Company did not transfer any unclaimed dividend and
shares to Investors Education and Protection Fund.
DEPOSITS:
During the year under review, the Company has neither invited nor accepted any deposits
from the public under Section 76 and Chapter V of the Companies Act, 2013 and rules made
thereunder.
SUBSIDIARY, JOINT VENTURE (JV) AND ASSOCIATES COMPANIES:
During the year under review, the Company does not have any Subsidiary, Joint Venture
(JV) or Associates Company.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNELS:
The Board of Directors of your company has various Executive and Non-Executive
Directors including Independent Directors who have wide experience in different
disciplines of corporate functioning.
There were no material changes during the year on the board of directors, except:-
(a) Mr. Satish Shah (DIN:-0503862) was appointed as an Additional Non-Executive
Director of the Company w.e.f. July 22nd , 2022 and his appointment was regularized at the
28th AGM by the Members of the Company; (b) Mr. Vishal Shah (DIN:- 02148899),
Non-Executive Director has resigned from her post w.e.f. July 22nd, 2022; (c) Mr. Satish
Shah has resigned from the office of CFO of the Company w.e.f. July 22nd, 2022; (d) Mr.
Shetal Shah was appointed to the office of CFO of the Company w.e.f. July 22nd, 2022; (e)
Mrs. Manali Jain , CS has resigned from her of Company Secretary and Compliance Officer
w.e.f. March 31,2023. Mr. Satish Ramanlal Shah, Director of the Company who retires by
rotation at the conclusion of this Annual General Meeting and being eligible offer himself
for re-appointment. A brief resume of Mr. Satish Ramanlal Shah, being a director, is given
in the section on "Report on Corporate Governance" forming part of this Annual
Report.
Mr. Vijay Shah holds office as a Non-Executive and Independent Director of the Company,
and is eligible for appointment as a Director who is not liable for retirement by rotation
for a period of 5 years. A brief resume of Mr. Vijay Shah is given in the section on
"Report on Corporate Governance" forming part of this Annual Report.
Mrs. Lilaben Ageja holds office as a Non-Executive and Independent Director of the
Company, and is eligible for appointment as a Director who is not liable for retirement by
rotation for a period of 5 years. A brief resume of Mrs. Lilaben Ageja is given in the
section on "Report on Corporate Governance" forming part of this Annual Report.
Mr. Shetal Shah - Chairman, Managing Director and Chief Financial Officer and Mr.
Saurabh B Shah (Appointed w.e.f. 15.04.2023), Company Secretary & Compliance Officer
of the Company are the Key Managerial Personnel in terms of Section 203(1) of the
Companies Act, 2013.
As on date of this Report, the Board of Directors of the Company comprised of Four
Directors, one of whom is the Chairman & Managing Director. The remaining Three
Directors comprises of one who is a Non-Executive and Non-Independent Director, Two
Director Non-Executive and Independent Directors.
DECLARATIONS OF INDEPENDENT DIRECTORS:
The Company has received declaration pursuant to Section 149(7) of the Companies Act,
2013 from each of its Non-Executive and Independent Directors to the effect that they meet
the criteria of independence as provided in Section 149(6) of the Companies Act, 2013,
Regulation 16(1) (b) and Regulation 25 of the SEBI (Listing obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter referred as "Listing Regulations").
These declarations have been placed before and noted by the Board.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors to the best of
its knowledge and ability, confirm that: (a) In the preparation of the annual accounts for
the financial year ended on March 31, 2023, 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 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 March 31, 2023 and of the
profit and loss 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 Companies Act, 2013, 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.
NUMBER OF MEETINGS OF THE BOARD:
During the year under review, Regular Board Meetings are held once in a quarter,
inter-alia, to review the quarterly results of the Company. During the year under review
6(Six) Board Meetings were convened and held on 13.04.2022, 07.05.2022, 30.05.2022,
22.07.2022, 14.11.2022 and 08.02.2023. The intervening gap between the two meetings was
within the period prescribed under the Companies Act, 2013. The details of the meetings of
the Board of Directors are given in the section on "Report on Corporate
Governance" forming part of this Annual Report.
DETAILS OF FRAUD REPORTING BY AUDITOR:
During the year under review, there were no frauds reported by the auditors to the
Board under section 143(12) of the Companies Act, 2013.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:
The Company has formed Nomination and Remuneration Committee which has framed
Nomination and Remuneration Policy. The Committee reviews and recommend to the Board of
Directors about remuneration for Directors and Key Managerial Personnel and other employee
up to one level below of Key Managerial Personnel. The Company does not pay any
remuneration to the Non-Executive Directors of the Company other than sitting fee for
attending the Meetings of the Board of Directors and Committees of the Board. Remuneration
to Executive Directors is governed under the relevant provisions of the Act and approvals.
The Company has devised the Nomination and Remuneration Policy for the appointment,
re-appointment and remuneration of Directors, Key Managerial. All the appointment,
re-appointment and remuneration of Directors and Key Managerial Personnel are as per the
Nomination and Remuneration Policy of the Company. The Nomination and Remuneration Policy
is also available on the website of the Company www.sawacabusiness.com For Board of
Directors and Senior Management Group, The Board of Directors of the Company has laid down
a code of conduct for all the Board Members and Senior Management Group of the Company.
The main object of the Code is to set a benchmark for the Company's commitment to values
and ethical business conduct and practices. Its purpose is to conduct the business of the
Company in accordance with its value systems, fair and ethical practices, applicable laws,
rules and regulations. Further, the Code provides for the highest standard of professional
integrity while discharging the duties and to promote and demonstrate professionalism in
the Company.
All the Board Members and Senior Management Group of the Company have affirmed
compliance with the code of conduct for the financial year ended on March 31, 2023 as
required by Regulation 26(3) of the Listing Regulations. A declaration signed by the
Chairman & Managing Director to this effect is attached as a part of this Annual
Report. The code of conduct is also available on the website of the Company
www.sawacabusiness.com
FOR PREVENTION OF INSIDER TRADING:
The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015 came into effect from May 15, 2015 to put in place a framework for
prohibition of insider trading in securities and to strengthen the legal framework
thereof. Pursuant to Regulation 8 of Securities and Exchange Board of India (Prohibition
of Insider Trading) Regulations, 2015, the Company has formulated and adopted the Code of
Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information
("Code of Fair Disclosure") of the Company. The Code of Fair Disclosure is
available on the website of the Company www.sawacabusiness.com Further, pursuant to
Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, the Company has formulated and adopted the Code of Conduct for
Prevention of Insider Trading. The Code lays down guidelines and procedures to be followed
and disclosures to be made while dealing with the shares of the Company and cautioning
them on the consequence of non-compliances. The Company Secretary has been appointed as a
Compliance Officer and is responsible for monitoring adherence to the Code. The code of
conduct to regulate, monitor and report trading by insiders is also available on the
website of the Company www.sawacabusiness.com
VIGIL MECHANISM:
The Company has established a vigil mechanism and accordingly framed a Whistle Blower
Policy. The policy enables the employees to report to the management instances of
unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct.
Further the mechanism adopted by the Company encourages the Whistle Blower to report
genuine concerns or grievances and provide for adequate safe guards against victimization
of Whistle Blower who avails of such mechanism and also provides for direct access to the
Chairman of the Audit Committee, in exceptional cases. The functioning of vigil mechanism
is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been
denied access to the Audit Committee of the Board. The Whistle Blower Policy of the
Company is available on the website of the Company www.sawacabusiness.com.
BOARD EVALUATION:
Pursuant to the provisions of Sections 178(2) of the Companies Act, 2013 and Regulation
17(10) of the Listing Regulations, the Nomination and Remuneration Committee / Board has
carried out evaluation of the performance of the Board, its Committees and Independent
Directors. A structured evaluation feedback form was prepared after taking into
consideration the inputs received from the Directors, covering various aspects such as
board composition, flow of board process, information and functioning, establishment and
determination of responsibilities of Committees, and quality of relationship between the
Board and the management. The performance of Individual Directors and the Board Chairman
was also carried out in terms of attendance, contribution at the meetings, circulation of
sufficient documents to the Directors, timely availability of the agenda, etc. Further,
pursuant to Schedule IV of the Companies Act, 2013, the performance evaluation of the
Independent Directors was carried out by the entire Board of Directors of the Company,
except the one being evaluated.
PERFORMANCE EVALUATION:
The performance evaluation of the Independent Directors was completed. During the
financial year under review, the Independent Directors met on 08th February, 2023
inter-alia, to discuss: D Performance evaluation of Non Independent Directors and Board of
Directors as a whole; D Performance evaluation of the Chairman of the Company; D
Evaluation of the quantity, quality and timeliness of flow of information between the
Management and Board for effective performance by the Board.
The Board of Directors expressed their satisfaction with the evaluation process.
COMMITTEES OF THE BOARD OF DIRECTORS:
Your Company has several Committees which have been established as part of the best
Corporate Governance practices and are in compliance with the requirements of the relevant
provisions of applicable laws and statutes.
The Company has following Committees of the Board of Directors: D Audit Committee D
Stakeholder's Grievances and Relationship Committee D Nomination and Remuneration
Committee D Executive Committee D Transfer Committee
The details with respect to the compositions, powers, terms of reference and other
information of relevant committees are given in details in the Corporate Governance Report
which forms part of this Annual Report.
RISK MANAGEMENT POLICY:
The Company is aware of the risks associated with the business. It regularly analyses
and takes corrective actions for managing/ mitigating the same.
The Company has framed a formal Risk Management Framework for risk assessment and risk
minimization which is periodically reviewed to ensure smooth operation and effective
management control. The Audit Committee also reviews the adequacy of the risk management
framework of the Company, the key risks associated with the business and measure and steps
in place to minimize the same.
POLICY FOR PREVENTION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT WORK PLACE:
Your Directors state that during the year under review, there were no complaints
reported under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
BOARD DIVERSITY:
None of the Directors of the Company is disqualified for being appointed as Director as
specified in Section 164(2) of the Companies Act, 2013.
STATUTORY AUDITORS:
Pursuant to Section 139 and other applicable provisions of the Companies Act, 2013 and
rules made there under, M/ s. M A A K & Associates(Firm Registration Number: 135024W),
Statutory Auditors, Chartered Accountants, Ahmedabad were appointed as a Statutory
Auditors of the Company at the Twenty Sixth Annual General Meeting held on September 30,
2020 for five years i.e. Financial Year 2020-2021 to Financial Year 2024-2025 from
conclusion of Twenty six Annual General Meeting till the conclusion of Thirty First Annual
General Meeting.
The eligibility certificate pursuant to Section 141 of the Companies Act, 2013 and the
rules made thereunder is also received from the Statutory Auditors of the Company.
The Standalone Auditors' Report for the financial year ended on March 31, 2023 have
been provided in "Financial Statements" forming part of this Annual Report.
The report of the Statutory Auditor does not contain any qualification, reservation,
adverse remark or disclaimer. The observations made in the Auditor's Report are
self-explanatory and therefore do not call for any further comments.
INTERNAL AUDITORS:
M/s. Shridhar Shah & Co. has been appointed on 07.05.2022 as the internal auditor
of the company for the Financial Year 2022-23 and continues until resolved further.
Internal Auditors are appointed by the Board of Directors of the Company on a yearly
basis, based on the recommendation of the Audit Committee. The Internal Auditor reports
their findings on the Internal Audit of the Company, to the Audit Committee on a quarterly
basis. The scope of internal audit is approved by the Audit Committee.
SECRETARIAL AUDITOR:
Pursuant to Section 204 of the Companies Act, 2013 and rules made thereunder, the
Company has appointed M/s. Mukesh H. Shah &Co., Company Secretaries as Secretarial
Auditor of the Company for the financial year ended on March 31, 2023. The Secretarial
Audit Report for the financial year ended on March 31, 2023 is attached as Annexure
I to the Directors' Report and forming part of this Annual Report.
DIRECTORS' RESPONSE ON AUDITORS' QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR
DISCLAIMER MADE:
There is a no qualification of Disclaimer of Opinion in the Auditor's Report on the
Financial Statements to the shareholders of the Company made by the Statutory Auditors in
their Auditors
EXTRACT OF ANNUAL RETURN:
In accordance with Sections 134(3)(a) & 92(3) of the Companies Act, 2013 read with
Rule 12(1) of the Companies (Management and Administration) Rules, 2014, The annual return
in Form No.MGT-7 for the financial year 2022-23 will be available on the website of the
Company (www.sawacabusiness.com). The due date for filing annual return for the financial
year 2022-23 is within a period of sixty days from the date of annual general meeting.
Accordingly, the Company shall file the same with the Ministry of Corporate Affairs within
prescribed time and a copy of the same shall be made available on the website of the
Company (www.sawacabusiness.com) as is required in terms of Section 92(3) of the Companies
Act, 2013.
CORPORATE GOVERNANCE REPORT:
Pursuant to the Regulation 34(3) read with Schedule V Part C of the Listing
Regulations, a "Report on Corporate Governance" is given separately, forming
part of this Annual Report. Pursuant to Regulation 34(3) read with Schedule V, Part E of
the Listing Regulations, the Certificate from M/s. M A A K & Associates, Chartered
Accountants, Ahmedabad confirming compliance with the conditions of Corporate Governance
is annexed to the Corporate Governance Report forming part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS:
Pursuant to the Regulation 34(2)(e) read with Schedule V, Part B of the Listing
Regulations, "Management Discussion & Analysis" is given separately forming
part of this Annual Report.
PARTICULARS OF LOANS, GUARANTEE OR INVESTMENT:
Pursuant to Section 186 of the Companies Act, 2013 and the rules made thereunder,
particulars of loans given, investments made or guarantee given or security provided, have
been provided in "Financial Statements" forming part of this Annual Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
Pursuant to the provision of Section 188 of the Companies Act, 2013 and Rule 8(2) of
the Companies (Accounts) Rules, 2014, particulars of contracts or arrangements with
related parties falling within the scope of Section 188(1) of the
Companies Act, 2013 given in prescribed Form AOC-2 is attached as Annexure II to
the Directors' Report and forming part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY:
As the Company does not fall under the mandatory bracket of Corporate Social
Responsibility, the Company has not taken any initiative on Corporate Social
Responsibility.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
Your Company has laid down the set of standards, processes and structure which enables
to implement internal financial control across the Organization and ensure that the same
are adequate and operating effectively. To maintain the objectivity and independence of
Internal Audit, the Internal Auditor reports to the Chairman of the Audit Committee of the
Board.
The Internal Auditor monitors and evaluates the efficacy and adequacy of internal
control system in the Company, its compliance with the operating systems, accounting
procedures and policies of the Company. Based on the report of Internal Auditor, the
process owners undertake the corrective action in their respective areas and thereby
strengthen the Control. Significant audit observation and corrective actions thereon are
presented to the Audit Committee of the Board.
PARTICULARS OF EMPLOYEES:
The information required under Section 197 of the Companies Act, 2013 read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are as follows:
Remuneration Ratio of Directors/ KMP/ Employees:
Name |
Designation |
Remuneration Paid |
Ratio to medain remuneration |
Increase / decrease in remuneration |
|
|
FY 2021-22 (Rs.) |
FY 2022-23 (Rs.) |
|
from previous year (Rs.) |
Satish Shah |
CFO |
660000 |
165000 |
64.71 |
(495000) |
Vishal Shah |
NED |
420000 |
105000 |
0 |
0 |
Ms. Manali Jain |
CS |
180000 |
192000 |
70.58 |
0 |
The particulars of the employees who are covered by the provisions contained in Rule
5(2) and rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are as follows: Employed throughout the year : 11 (Eleven) Employed for part
of the year : 02 (Two) The number of permanent employees on the rolls of Company as on 31
March, 2023: 09 (Ten) The remuneration paid to all Key management Personnel was in
accordance with remuneration policy adopted by the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND
OUTGO:
In view of the nature of activities which are being carried on by the Company, the
particulars as prescribed under Section 134(3) (m) of the Companies Act, 2013, read with
the Companies (Accounts) Rules, 2014, the Conservation of Energy, Technology Absorption
and Research and Development are not applicable to the Company.
During the Year Company used foreign exchange and earned foreign exchange amounting is
NIL.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS:
During the year under review, there were no significant and/or material orders passed
by any Court or Regulator or Tribunal, which may impact the going concern status or the
Company's operations in future.
INDUSTRIAL RELATIONS:
The Directors are pleased to report that the relations between the employees and the
management continued to remain cordial during the year under review.
BUSINESS RESPONSIBILITY REPORT:
Pursuant to Regulation 34(2)(f) of the Listing Regulations read with notification
SEBI/LAD-NRO/GN/2015-16/27 dated
December 22, 2015, the Business Responsibility Report is to be given only by top 500
listed companies based on market capitalization, therefore the same is not applicable to
the Company as on March 31, 2023.
INSOLVENCY AND BANKRUPTCY CODE:
There is no application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year.
The details of difference between amount of the valuation done at the time of one time
settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereof is not applicable to the Company.
ACKNOWLEDGMENTS:
The Board of Directors greatly appreciates the commitment and dedication of employees
at all levels who have contributed to the growth and success of the Company. We also thank
all our clients, vendors, investors, bankers and other business associates for their
continued support and encouragement during the year.
We also thank the Government of India, Government of Gujarat, Ministry of Commerce and
Industry, Ministry of Finance, Customs and Excise Departments, Income Tax Department and
all other Government Agencies for their support during the year and look forward to their
continued support in future.
For And On Behalf Of The Board Of Directors For, Sawaca Business Machines Limited
|
Sd/- |
|
Shetal Satishkumar Shah |
PLACE : Ahmedabad |
CMD |
DATE : 12.08.2023 |
DIN: 02148909 |