Dear Members,
Your Directors are pleased to present the 30th Annual Report on the
business and operations of Arihant Capital Markets Limited together with the audited
financial statements for the financial year ended 31st March, 2022.
Financial Highlights
The Board's Report is prepared based on the Standalone and Consolidated
financial statements of the Company. The Company's financial performance for the year
under review along with previous year's figures are given hereunder:
(Rs.in Lacs)
Particulars |
Standalone |
Consolidated |
|
2021-2022 |
2020-2021 |
2021-2022 |
2020-2021 |
Total Income |
15,269.40 |
10,983.88 |
17,000.99 |
11,616.23 |
Profit Before Depreciation |
6,007.56 |
4,531.73 |
6,609.12 |
4,455.39 |
Depreciation |
112.46 |
116.90 |
118.72 |
126.56 |
Profit Before Tax |
6,749.89 |
4,414.83 |
6,526.37 |
4,374.61 |
Provision for Taxation |
1,343.01 |
939.42 |
1,490.27 |
907.14 |
Net Profit After Taxation |
5,406.88 |
3,475.41 |
5,036.10 |
3,467.47 |
Total Comprehensive Income |
5,408.35 |
3,469.94 |
5,041.55 |
3,458.58 |
Appropriations: |
|
|
|
|
Transfer to General Reserve |
6,000.00 |
2,000.00 |
6,050.00 |
2,025.00 |
Dividend |
364.39 |
208.23 |
364.39 |
208.23 |
Balance Carried to Balance Sheet |
1,614.80 |
2,570.85 |
1,268.03 |
2,657.33 |
Review of Operations
During the year under review, the company has posted total income of
Rs. 15,269.40 Lacs (previous year Rs. 10,983.88 Lacs) on a Standalone basis and a net
profit after tax, for the year 2021-22, of Rs. 5,406.88 Lacs compared to Rs. 3,475.41 Lacs
in the previous year. On a consolidated basis during the year under review, the company
has posted total income of Rs. 17,000.99 Lacs (previous year Rs. 11,616.23 Lacs ). The
consolidated net profit during the same period stands at Rs. 5,036.10 Lacs as compared to
Rs. 3,467.47 Lacs in the previous year.
A Brief note on the Company's operational and financial performance is
given in Management Discussion and Analysis (MDA) Report which is annexed to the
Director's Report. The MDA report has been prepared in compliance with the terms of
Regulation 34(2) (e) of SEBI (LODR) Regulations, 2015 with the BSE Ltd and the National
Stock Exchange of India Limited.
Change in the Nature of Business:
There was no change in the nature of the business of your Company
during the financial year.
Transfer to General Reserves
The Company proposes to transfer Rs. 6,050.00 Lacs to the general
reserves out of the amount available for appropriations.
Share Capital
There has been no increase / decrease in the Authorised Share Capital
of your Company during the year under review.
To encourage wider participation of investors and improve the liquidity
of the Equity Shares in the stock market, the Board of Directors at its meeting held on
March 3rd, 2022 had considered and recommended the Sub-division / Stock split of 1 (One)
Equity Share of the Company of face value of 5/- (Rupees Five Only) each into 5 (Five)
Equity Shares of the Company of face value of 1/- (Rupee One only) each fully paid up
subject to approval of the Members and other statutory and regulatory approvals, as
applicable.
Subsequently, the Shareholders of the Company approved the Sub-division
/ Stock split of 1 (One) Equity Share of face value of 5/- (Rupees Five Only) each in to 5
(Five) Equity Shares of face value of 1/- (Rupee One only) each in the Extra-ordinary
General Meeting held on 26th March, 2022. Old ISIN of the Company has been deactivated and
in place new ISIN: INE420B01036 was activated by the depositories for the equity shares of
the Company. Equity Shares have been successfully credited into the respective demat
accounts of Shareholders holding shares as on record date (April 15th, 2022).
Alteration of 'Capital Clause' of Memorandum of
Association
Alteration of 'Capital Clause' of Memorandum of Association Pursuant to
the Sub- division / Stock split of face value of equity shares of your Company, as
mentioned above, the Capital Clause of the Memorandum of Association of the Company was
altered and substituted with a new Clause V to reflect the corresponding changes in the
Authorised Share Capital. Members of the Company had approved such alteration in the
Capital Clause of Memorandum of Association on 26th March, 2022.
Dividend
Your Directors are pleased to recommend the dividend Rs. 0.15 (15 % per
share) on the Equity Shares of the Company for the financial year 2021-22. The dividend
payout is subject to approval of member at the 30th Annual General Meeting.
The Board of Directors, have recommended a Dividend for the financial
year ended on 31/03/2022 @ 15% (i.e. Rs. 0.15/-) per equity share (face value of Rs. 1/-
per share) to the equity shareholders. The Dividend will be paid after the approval of
shareholders at ensuing Annual General Meeting.
Based on the company's performance, The Board of Directors have
declared Interim Dividend of Rs. 0.75 per Equity Share (Face value of Rs. 5/- per share)
in its meeting held on March 03, 2022.
Dividend Distribution Policy
Pursuant to Regulation 43A of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, Top 1000 Listed
Entities based on market capitalization are required to formulate a Dividend Distribution
Policy. Your Company has adopted the Dividend Distribution Policy to determine the
distribution of dividends in accordance with the provisions of applicable laws and has
been uploaded on the website at www.arihantcapital.com.
Public Deposits
During the Financial Year 2021-22 under review the Company has neither
invited nor accepted any public deposits within the meaning of section 73 & 74 of the
Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules 2014.
Subsidiaries
As on 31st March, 2022 Your Company have six wholly owned subsidiaries
and one associate company. During the year, the Board of Directors reviewed the business
operations and financial performance of the said Companies.
1. Arihant Futures and Commodities Limited 2. Arihant Financial
Services Limited 3. Arihant Insurance Broking Services Limited
4. Arihant Institute of Financial Education Pvt. Ltd (Formerly Known
as- Arihant Investment Advisers Pvt. Ltd.) 5. Ahinsa Lifespace Infraheight Limited.
6. Arihant Capital (IFSC) Limited. 7. Electrum Capital Private
Limited.*
* Associate Company
During the Financial year 2021-2022 two wholly owned subsidiary
companies ceased i.e.
1. Electrum Portfolio Managers Limited (Formerly known as Arihant Asset
Management Ltd.)
2. Arihant Lifespace Infra Developers Limited
In accordance with the provisions of Section 136 of the Companies Act,
2013, the Audited Financial Statements, the Consolidated Financial Statements and the
related information of the Company and the Audited Accounts of the Subsidiaries Companies,
are available on our website i.e. www.arihantcapital.com. These documents shall also be
available for inspection during the business hours, i.e. between 10.00 A.M. to 6.00 P.M.
on all working days (except Saturday and Sunday) at the Registered Office of the Company.
In accordance with the Accounting Standard AS-21, the consolidated financial statements
are furnished herewith and form part of this Annual Report in "Annexure D".
Directors and KMP
The composition of the Board of Directors of the Company is in
accordance with the provisions of Section 149 of the Act and Regulation 17 of the Listing
Regulations, with an appropriate combination of Executive, Non-Executive and Independent
Directors.
The Board of the Company has 9 (Nine) Directors comprising of 1 (One)
Managing Director. 1 (One) Joint Managing Director, 1 (One) Whole-Time Director, 1
(One) Non-Executive Director and 5 (Five) Independent Directors. The complete list of
Directors of the Company has been provided in the Report on Corporate Governance forming
part of this Annual Report.
During the year under review, the Board of Directors of the Company
appointed Mr. Jitendra Jain (DIN: 08377285) as an Independent Director of the Company
w.e.f. 14th June, 2021 for a term of 5 years i.e. upto the conclusion of 34th Annual
General Meeting and approved by the shareholders in the 29th Annual General Meeting held
on 25th September, 2021.
Recently, the Board of Directors of the Company has appointed Ms.
Swanubhuti Jain (DIN: 09006117) as an Additional Non-Executive Independent Director of the
Company in their meeting held on 25th April, 2022 subject to approval of shareholders in
their ensuing annual general meeting.
Particulars of the directors seeking appointment/re-appointment are
provided in the notes forming part of the notice for the ensuing Annual General Meeting,
as required under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The Company has received disclosures from all the directors and none of
the directors has been disqualified as stipulated under Section 164 of the Companies Act,
2013 and rules made thereunder.
During the year, the Board of Directors met 7 (Seven) times. The
details of the Board Meetings and the attendance of the Directors are provided in the
Corporate Governance Report.
The following employees were designated as whole-time key managerial
personnel as required under section 203 of the Companies Act, 2013 by the Board of
Directors during the year under review:
(a) Mr. Ashok Kumar Jain, Managing Director; (b) Mr. Arpit Jain, Joint
Managing Director; (c) Mrs. Anita Surendra Gandhi, Whole Time Director; (d) Mr. Tarun
Goyal , Chief Financial Officer and (e) Mr. Mahesh Pancholi, Company Secretary.
Retirement by rotation
In terms of Section 152 of the Companies Act, 2013, Mr. Arpit Jain
(DIN: 06544441) would retire by rotation at the ensuing Annual General Meeting
(AGM) and being eligible for re-appointment has offered himself for
re-appointment till the next Annual General Meeting. Your Directors have recommended his
appointment for approval of the shareholders, in the ensuing Annual General Meeting of
your Company
Independent Director's Declaration
Definition of 'Independence' of Directors is derived from Regulation 16
of the SEBI Listing Regulations and Section 149(6) of the Companies Act, 2013. The Company
has received necessary declarations under Section 149(7) of the Companies Act, 2013 and
Regulation 25(8) of the SEBI Listing Regulations, from the Independent Directors stating
that they meet the prescribed criteria for independence. All Independent Directors have
affirmed compliance to the code of conduct for Independent Directors as prescribed in
Schedule IV to the Companies Act, 2013. List of key skills, expertise and core
competencies of the Board forms part of this Annual Report.
Based on the declarations received from the Independent Directors, your
Board of Directors confirm the independence, integrity, expertise and experience
(including the proficiency) of the Independent Directors of the Company.
As per regulatory requirements, all the Independent Directors have
registered their names in the Independent Director's Databank, pursuant to provisions of
the Companies Act, 2013 and rules made thereunder.
Familiarization program for independent directors
All independent directors inducted into the Board attend an orientation
program. The details of the training and familiarization program are provided in the
corporate governance report. Further, at the time of the appointment of an independent
director, the Company issues a formal letter of appointment outlining his / her role,
function, duties and responsibilities.
Remuneration and Nomination Policy
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors, Key Managerial Personnel and Senior Management
of the Company. This policy also lays down criteria for selection and appointment of Board
members. The details of this policy are explained in the Corporate Governance Report.
There has been no change in the policy during the year.
Board and Committee Meetings
The details of the composition of the Board and its Committees and the
number of meetings held and attendance of Directors at such meetings are provided in the
Corporate Governance Report, which forms part of the Annual Report.
Particulars of Loans, Guarantees or Investments by Company
The Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the notes to Financial
Statements forming part of Annual Report.
Whistle Blower Policy/ Vigil Mechanism
Pursuant to the provisions of Section 177 (9) & (10) of the
Companies Act, 2013 read with Rule 7 of Companies (Meetings of Board and its Powers)
Rules, 2014 and SEBI (LODR) Regulations, 2015, the Company has in place a Whistle Blower
Policy, which provides for a vigil mechanism that encourages and supports its Directors
and employees to report instances of illegal activities, unethical behavior, actual or
suspected fraud or violation of the Company's Code of Conduct or Ethics Policy. It also
provides for adequate safeguards against victimization of persons who use this mechanism
and direct access to the Chairman of the Audit Committee in exceptional cases.
During the year under review, no protected disclosure concerning any
reportable matter in accordance with the Vigil mechanism and Whistle Blower policy of the
Company was received by the Company.
The Whistle Blower Policy has been posted on the website of the company
www.arihantcapital.com.
Transfer of Amounts to Investor Education and Protection Fund
Pursuant to the Section 123 & 125 of the Companies Act, 2013, the
relevant amounts which remained unpaid or unclaimed for a period of seven years from the
date they become due for payment have been transferred by the Company to the Investor
Education and Protection Fund.
Risk Management
Pursuant to the provisions of Regulation 21 of SEBI (LODR) Regulations,
2015, the Board of Directors of the Company has formed Risk Management Committee to frame,
implement and monitor the risk management plan for the Company.
The Committee is responsible for monitoring and reviewing the risk
management plan and ensuring its effectiveness. The Audit Committee has additional
oversight in the area of financial risk and controls. The major risks identified by the
businesses and functions are systematically addressed through mitigating actions on a
continuing basis.
Transfer of Shares Pertaining To Unclaimed / Unpaid
Dividend to Investor Education And Protection Fund
Pursuant to Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, the shares of the shareholders in
respect of whom the dividend is unpaid/unclaimed for seven consecutive years are required
to be transferred to Investor Education and Protection Fund (IEPF) after
giving an opportunity to shareholders to claim the said unpaid/unclaimed dividend.
Accordingly, the Company issued the reminder letters to such
shareholders to claim the dividend accordingly informed them that in the event of failure
to claim said divided, the unpaid/unclaimed dividend along with shares pertaining to
unpaid/unclaimed dividend would be transferred to IEPF. The concerned shareholders are
requested to claim the said shares by directly approaching to IEPF Authority.
Conservation Of Energy, Technology Absorption and Foreign Exchange
Earnings/ Outgo
In view of the nature of activities which are being carried on by the
Company, Rules 8(3)(A) and (B) of the Companies (Accounts) Rules, 2014 concerning
conservation of energy and technology absorption respectively are not applicable to the
Company. The company has been continuously using technology in its operations; however
efforts are made to further reduce energy consumption.
A. Conservation of Energy
The steps taken or impact on conservation of energy:
I. The operations of your Company are not energy intensive. However,
adequate measures have been initiated to reduce energy consumption.
II. The capital investment on energy conservation equipments : NIL
B. Technology Absorption:
I. The efforts made towards technology absorption: Not Applicable.
II. The benefits derived like product Improvement, cost reduction,
product development or import substitution : Not Applicable III. In case of imported
technology (imported during the last three years reckoned from the beginning of the
Financial Year) : Not Applicable IV. Company has not incurred any expenditure on Research
and Development during the year under review.
C. Foreign Exchange earning & outgo : Foreign exchange earned in
terms of actual inflow Rs. 6.27 Lacs (previous Year Nil) and outflow Rs. 13.81 Lacs
(previous Year Nil)
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and the rules made
there under, the Company had appointed M/s Ajit Jain & Co., Practicing Company
Secretary, to undertake the Secretarial Audit of the Company for the year ended 31st March
2022.
The Auditors' Report and the Secretarial Audit Report for the Financial
Year ended March 31st, 2022, do not contain any qualification or reservation or adverse
remarks or disclaimer.
The Company has complied with the Secretarial Standards issued by The
Institute of Company Secretaries of India (ICSI)
The Secretarial Audit Report issued in this regard is annexed as
Annexure A.
Corporate Social Responsibility
Your Company is committed to improve the quality of life of the
communities in its focus areas through long term value creation for all its Stakeholders
through its various Corporate Social Responsibility (CSR) initiatives.
Brief details on various focus areas of interventions are part of the
Annual Report on CSR activities annexed to this report as Annexure- B in the
format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
The policy adopted by the Company can be viewed at website of the Company
www.arihantcapital.com.
Information as Per Rule 5(2) Of the Chapter XIII of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
Details Pursuant to Section 197(12) of the Companies Act, 2013 read
with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and forming part of the Board Report and are Annexed herewith as
Annexure-C.
Risk Management & Internal Financial Control and Its Adequacy
The Company has an Internal risk management policy providing effective
risk management framework for identifying, prioritizing and mitigating risks, which may
impact attainment of short and long term business goals of our company. The main objective
of the policy is to assess & evaluate significant risk exposures & assess
management's actions to mitigate the exposures in a timely manner. The process aims to
analyze internal and external environment and manage economic, financial, market,
operational, compliance and sustainability risks and capitalizes opportunities of business
success. The risk management framework, which is based on our holding Company's risk
management process, is aligned with strategic planning, deployment and capital project
evaluation process of the Company.
The Internal Financial control framework has been designed to provide
reasonable assurance with respect to recording and providing reliable financial and
operational information, complying with applicable laws, safeguarding assets from
unauthorized use, executing transaction with proper authorization and ensuring compliances
with corporate policies.
Performance Evaluation
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual directors pursuant the provision of the act
and the corporate governance requirement as prescribed by the Securities and Exchange
Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 (SEBI
Listing Regulation).
The performance of the board was evaluated by the board after seeking
inputs from all the Directors on the basis of criteria such as board composition and
structure, effectiveness of board processes, information and functioning, etc. as provided
by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of
India.
The performance of the committee was evaluated by the Board after
seeking inputs from the committee members on the basis of criteria such as the composition
of the committee, effectiveness of committee meetings, etc.
The Board and the Nomination and remuneration Committee reviewed the
performance of individual director on the basis of criteria such as the contribution of
the individual directors to the board and committee meeting like preparedness on the
issues to be discussed, meaningful and constructive contribution and inputs in meeting,
etc.
The Directors were satisfied with the evaluation results, which
reflected the overall engagement and effectiveness of the Board and its Committees with
the Company.
Listing of Shares
Shares of the company are listed on BSE Limited (BSE) and National
Stock Exchange of India Limited (NSE w.e.f. 15/06/2021) which provides a wider
participation to the investors nationwide.
Director's Responsibility Statement Pursuant to Section 134(5) of the
Companies Act, 2013 the Board of Directors of your Company, to the best of their
knowledge, belief and ability and explanations obtained by them, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed; and there are no material departures;
b) Your Company has 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 your Company, at the end of the
financial year; and of the profit and loss of your Company, for that period;
c) the directors has taken proper and sufficient care has been taken
for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 2013, for safeguarding the assets of your Company and for preventing
and detecting fraud and other irregularities;
d) the annual financial statements have been prepared on a going
concern basis;
e) the directors, have laid down internal financial controls to be
followed by your Company and that such internal financial controls are adequate and were
operating effectively;
f) the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
Auditors and Auditors Report
Statutory Auditors
The Company's Auditors, M/s. Dinesh Ajmera & Associates, Chartered
Accountants (Firm Registration Number 011970C) who have been appointed as the Statutory
Auditors of the Company for the period up to the conclusion of the 30th Annual General
Meeting, have given their consent for re-appointment as the Statutory Auditors for the
second term of five years. They are holding a valid certificate issued by the Peer Review
Board of the Institute of Chartered Accountants of India.
Members are requested to approve their appointment as the Auditors of
the Company and to fix their remuneration as recommended by the Board, by passing an
ordinary resolution under Section 139 of the Companies Act, 2013.
The Statutory Auditors have confirmed that they satisfy the criteria of
independence, as required under the provisions of the Companies Act, 2013.
The Statutory Auditors of the Company have not reported any fraud to
the Audit Committee or to the Board of Directors under Section 143(12) of the Companies
Act, 2013 read with Rule 13 of the Companies (Audit and Auditors) Rules, 2014.
The Auditor's observation, if any, read with Notes to Accounts are
self-explanatory and therefore do not call for any comment.
Internal Auditor
M/s Agrawal & Singhal, Practicing Chartered Accountant, is
appointed as Internal Auditor of the Company to conduct the internal audit of the Company
for the Financial Year 2021-22, as required under Section 138 of the Companies Act, 2013
and the Companies (Accounts) Rules, 2014.
To maintain its objectivity and independence, the Internal Auditor
reports to the Chairman of the Audit Committee of the Board. Based on the report of
internal audit function, Company undertakes corrective action in their respective areas
and thereby strengthens the controls. Recommendations along with corrective actions
thereon are presented to the Audit Committee of the Board and accordingly implementation
has been carried out by the Company.
There are no qualifications, reservations or adverse remarks made by
Internal Auditors in their Report during the Financial Year 2021-22.
Management Discussion and Analysis Report
In terms of the provisions of Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Management's discussion
and analysis is set out in this Annual Report.
Corporate Governance
Your Company's corporate governance practices are a reflection of our
value system encompassing our culture, policies, and relationships with our stakeholders.
Your Company is committed towards maintaining high standards of Governance, Integrity and
transparency are key to our corporate governance practices to ensure that we gain and
retain the trust of our stakeholders at all times. Corporate governance is about
maximizing shareholder value legally, ethically and sustainably.
The Report on Corporate Governance as stipulated under Schedule V of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A
Certificate from Practicing Company Secretary confirming compliance to the corporate
governance requirements by the Company is attached to this report.
Annual Return
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act,
2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 as
amended from time to time, the Annual Return of the Company for Financial Year ended March
31st, 2022 is available on the Company website at : www.arihantcapital.com
Cost Auditor
The provisions of Section 148 of the Companies Act, 2013 and the
Companies (Cost Records and Audit) Rules, 2014 are not applicable to the Company. Hence,
the maintenance of the cost records as specified by the Central Government under Section
148(1) of the Companies Act, 2013 is not required and accordingly, such accounts and
records are not made and maintained.
Related Party Transactions
All related party transactions that were entered into during the
financial year under review were on arm's length basis and in the ordinary course of the
business and that the provisions of Section 188 of the Companies Act, 2013 and the Rules
made there under are not attracted. Thus, disclosures in Form AOC-2 in terms of Section
134 of the Companies Act, 2013 is not required. There were no materially significant
Related Party Transactions made by the Company during the year that required shareholder's
approval under Regulation 23 of the Listing Regulations.
All Related Party Transactions are placed before the Audit Committee
for prior approval. Prior omnibus approval of the Audit Committee is obtained for the
transactions which are repetitive in nature or when the need for them cannot be foreseen
in advance.
The Company has also formed Related Party Transactions Policy and has
been uploaded on Company's Website at www.arihantcapital.com.
General
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
· Neither the Managing Director nor Whole Time Director of the
company received any remuneration or commission from any of its subsidiaries.
· No significant or material orders were passed by the
regulators or courts or tribunals which impact the going concern status of company's
operation in future.
· Material changes and/ or commitments that could affect the
Company's financial position, which have occurred between the end of the financial year of
the Company and the date of this Report.
· There have been no instances of fraud reported by the Auditors
under Section 143(12) of the Companies Act, 2013 either to the Audit Committee, the Board
of Directors or to the Central Government.
Disclosures under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
Your Company has zero tolerance towards sexual harassment at workplace.
It has a well- defined policy in compliance with the requirements of the Sexual Harassment
of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules
framed there under. An Internal Committee is in place to redress complaints received
regarding sexual harassment. The Company has not received any complaint of sexual
harassment during financial year 2021-22.
Acknowledgement
Your directors take this opportunity to thank the customers,
shareholders, financial institutions, stock exchanges, SEBI, Reserve Bank of India,
National Securities Depository Limited, Central Depository Services (India) Limited and
other government and regulatory agencies for their consistent support and encouragement to
the Company.
We also place on record our sincere appreciation to all the members of
Arihant family including our employees and authorized persons for their hard work, support
and commitment. Their dedication and competence has made these results achievable.
Your Board recognizes and appreciates the contributions made by all
employees at all level that ensure sustained performance in a challenging environment.
For and on behalf of the Board of Directors
Ashok Kumar Jain
(Chairman)
Place: Indore
Dated: 25/04/2022