sinner energy india ltd Management discussions

Your directors have pleasure in presenting the Management Discussion and Analysis report for the year ended on 31^st March 2023.

INDUSTRY STRUCTURE, DEVELOPMENT:

Muzali Arts Limited, is a dynamic company with a multifaceted business portfolio. Our core activities revolve around two main sectors: the manufacturing of high-quality furniture and the trading of exquisite antique items. As we continue to chart our course in the business landscape, we are strategically exploring a myriad of options to enhance our profit margins. This involves meticulous expense management and a proactive approach to diversifying our business activities.

In a business environment that is occasionally marred by adversities, we maintain an unwavering belief in the immense growth potential of the Indian economy. This conviction propels us to seize the vast opportunities that the medium- and long-term promise, even as we acknowledge the potential for short-term challenges. Our forward-looking perspective takes into account the policy of liberalization and progressive regulatory changes that are poised to expand and reshape markets. These developments are expected to catalyse the growth of the industries in which we operate.

Indeed, positive government policies and regulatory changes serve as a catalyst for expanding the horizons of opportunities not only for our company but also for the entire spectrum of sectors we engage in. However, it is crucial to recognize that the absence or delay of these reforms, or certain unexpected regulatory shifts, can significantly impact business performance and potentially render existing business models unviable.

We are heartened by the robust growth witnessed across all sectors, underpinning our optimism for the forthcoming year. Our management team is diligently working towards capitalizing on these opportunities, ensuring that our strategic initiatives align seamlessly with market dynamics. With a steadfast commitment to delivering value and innovation, we anticipate even better results on the horizon.

In conclusion, Muzali Arts Limited is poised for continued growth and success by maintaining a prudent approach to management, remaining adaptable in the face of adversity, and leveraging the positive economic outlook and regulatory changes to our advantage. Our dedication to excellence and adaptability in the ever-evolving business landscape positions us well for a promising future.

SEGMENT-WISE PERFORMANCE:

The Company trades in a single business segment.

OPPORTUNITIES, THREATS, RISKS AND CONCERNS:

Opportunities in all the sectors are enormous. However, each of the sectors of the company has inherent threats, risks, and concerns, peculiar and applicable to each sector, like, changes and uncertainty of regulations, rising inflation, international factors, demand supply fluctuations, input cost fluctuations etc. Your company is well placed to face all these threats, risks and concerns.

OUTLOOK:

The Indian economy is driven by the government with its Make in India slogan and bold initiatives for overall socio-economic development towards continued growth prospectus. Your company is well poised to reap the benefits in all the sectors. The outlook of the management in all the sectors is positive despite variety of adversity of factors.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Your Company has adequate and appropriate internal control systems. The Senior Management periodically reviews factors and issues that influence the Companys Business and takes appropriate decisions to ensure that the Companys interest and that of the stakeholders is protected. The Company has an inbuilt system of internal checks and controls. The Audit Committee of the Board reviews the adequacy and effectiveness of the internal controls and checks and suggests desired improvements from time to time.

HUMAN RESOURCES VIS-A-VIS INDUSTRIAL RELATIONS:

The Company values and appreciates the dedication and drive with which its employees have contributed towards improved performance during the year under review. The relations with workers and staff are cordial during the year under review. All issues pertaining to staff matters are resolved in harmonious and cordial manner.

CAUTIONARY STATEMENT:

This report contains forward looking statements that address expectations and projections about the future, based on certain assumptions of future events. Companys actual results, performance or achievements may, thus, differ materially from those projected in any such forward looking statements.

FOR MUZALI ARTS LIMITED Sd/-

Farheen Mansoorbhai Murtuza Chairman and Managing Director DIN:08965752 Date: - 06.09.2023 Place: - Nagpur

FORM NO. AOC -2

[Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies

(Accounts) Rules, 2014]

Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions at Arms length basis.

Sr. No Particulars	Details	Details	Details	Details	Details	Details	Details	Details
1 Name (s) of the related party & nature of relationship	Farheen Murtuza (Director & M.D.)	Mansoorb hai Murtuza (Promoter and Husband of Director)	Lalit Dave (CFO, Non Executive Director)	Vishal Jaisingh (Independent Director)	Jalan Jalan Inc	Mala Lalchandan i (Independent Director)	Avigat Ganeriwal a (Independent Director)	Rohit Jadhav (Company Secretary)
2 Nature of contracts/ arrangements / transaction			Availing or rendering of services	Availing or rendering of services	sale, purchase or supply of goods or materials	Availing or rendering of services	Availing or rendering of services	Availing or rendering of services
3 Duration of the contracts/ arrangements / transaction
4 Salient terms of the contracts or arrangements or transaction including the value, if any	Salary, Rent	Consultancy Fees, Rent	Salary, Consultancy Fees, Sitting Fees	Sitting Fees	Export sale	Sitting Fees	Sitting Fees	Salary, Consultancy Fees
5 Date of approval by the Board
6 Amount paid as advances, if any	Rs 24.00. 000 /- (Salary), Rs. 6.00. 000/ - (Rent)	Rs. 9,80,000/- (Consultancy Fees), Rs. 6,00,000/- (Rent)	Rs. 4,30,000/- (salary), Rs. 5,30,000/- (Consultancy Fees), 4,500/- (Sitting Fees)	Rs. 9,000/-	Rs. 8,58,240/	Rs. 10,000/-	Rs. 4,500/-	Rs. 2,10,000/ -(Salary), Rs. 22,000/-( Consultancy Fees)

2. Details of contracts or arrangements or transactions not at Arms length basis.

There were no material contracts or arrangement or transactions of the Company not at arms length basis during the year ended 31^st March, 2023.

FOR MUZALI ARTS LIMITED

Sd/-

Farheen Mansoorbhai Murtuza Chairman and Managing Director DIN:08965752 Date: - 06.09.2023 Place: - Nagpur

ANNEXUREV

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS (Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members of Muzali Arts Limited

We have examined the relevant registers, records, forms, returns, and disclosures received from the Directors of Muzali Arts Limited having CIN: L20100MH1995PLC322040 having its Registered Office at Plot No. 3 B-44, Near Manav Mandir, Kantol Road, Yerla, Nagpur, Maharashtra, produced before us by the Company for the purpose of issuing their certificate in accordance with Regulation 34 (3 ) read with Schedule V- Para C- Clause 10(i) of the SEBI ( Listing obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March 2023 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

Sr. No Name of Director	DIN/PAN	Date of appointment in Company
1. Avigat Ganeriwala	05180575	21/10/2022
2. Vishal Jaisingh Ladharam	08100356	23/11/2020
3. Ankur Rathi	AIXPR4019B	12/01/2023
4. Lalit Kripashankar Dave	08483990	25/07/2022
5. Farheen Mansoorbhai Murtuza	08965752	23/11/2020

* Ms. Mala Brijlal Lalchandani (DIN:07161506) Resigned on 26^th July 2022

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Sd/-

Place: Nagpur Bhupendra Dave

Date: 05^th September 2023 Practicing Company Secretary

Membership No. 31921 Certificate of Practice No. 24293 UDIN: A031921E000945295