disha resources ltd share price Directors report


To,

The Members,

Disha Resources Limited

Ahmedabad

The Board of Directors (the "Board") of Disha Resources Limited ("your Company"/ "the Company") is pleased to present the 27th (Twenty Seventh) Annual Report and the Audited Financial Statements of your Company for the financial year ended 31st March, 2022 ("Financial Year under review").

FINANCIAL SUMMARY AND HIGHLIGHTS:

The financial performance of the Company for the Financial Year under review and for the previous financial year ended on 31st March, 2021 is given below:

(Amount in Rs.)

Particulars Current Year (2021 - 2022) Previous Year (2020 - 2021)
Revenue from operations 1,48,03,280 3,61,20,330
Other Income 38,72,323 36,43,267
Total revenue 1,86,75,603 3,97,63,597
Expenditure
Employee benefits expenses 15,00,000 13,14,000
Other expenses 1,51,47,560 3,40,63,917
Total expenses 1,66,47,560 3,53,77,917
Profit/(Loss) before exceptional and extra ordinary items and tax 20,28,043 43,85,679
Profit/(Loss) before tax 20,28,043 43,85,679
Tax expense :
Current Tax (3,16,375) (6,84,166)
Less: MAT Credit 3,16,375 6,84,166
Net profit/(Loss) for the year 20,28,043 43,85,679
Total other compressive income 16,80,97,615 67,00,462
Earning Per Share (EPS)
Basic 22.98 0.92
Diluted 22.98 0.92

STATE OF AFFAIRS OF THE COMPANY AND PERFORMANCE:

The Companys main object is to carry on the business into the area of jewelry made of or containing gold, silver, diamond, platinum or any other precious and semi-precious metals, Logistic Services, Trading of waste paper, recycling of paper, trading of textile, coal and coal related products. Also, the Company deals into Trading of Metal Items (coil/ sheets/plates), Motor blowers & condensers, copper pipe, copper fittings & in Fabrics Grey cloth & finish cloth and trading in stocks.

The Company has identified two operating segments i.e trading in shares and trading in others. The annual accounts statements contains the details of the same.

The Company has earned its major revenue from the sale of metals, sale of cloth and sale of shares during the financial year 2021-22.

The total revenue of the Company from operation stood at Rs. 1,48,03,280/- in current FY as compared to Rs. 3,61,20,330/- in the previous fY.

The Total Expenses were 1,66,47,560/- during current FY.

The Net Profit after Tax was Rs. 20,28,043 for the year 2021-22 compared to Net profit of Rs. 43,85,679/- for the year 2020-21.

The Directors assure the stakeholders of the Company to continue their efforts and enhance the overall performance of the Company in the coming Financial Year.

SHARE CAPITAL:

During the year under review, there was no change in the Share Capital of the Company and the issued, subscribed and paid-up equity share capital of the Company as on 31st March, 2022 stood at Rs. 7,31,55,000/- divided into 73,15,500 equity Shares of Rs. 10/- each. The Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares (including sweat equity shares) to the employees or Directors of the Company, under any Scheme. No disclosure is required under Section 67(3)(c) of Companies Act, 2013 in respect of voting rights not exercised directly by the employees of the Company as the provisions of the said Section are not applicable.

TRANSFER TO RESERVE:

The Company does not propose to transfer any amount to reserves of the Company.

DIVIDEND:

Your Directors, in order to conserve the resources do not recommend any dividend for the year 2021-22 under review. DETAILS OF DIRECTORS / KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED:

i. Retirement by Rotation:

Pursuant to the provisions of Section 152(6) of the Companies Act, 2013, Mrs. Mukta Maheshwari (DIN: 00194635) retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. Your Directors recommend her re-appointment.

ii. Appointment/Cessation:

During the year under review, there was no change in the constitution of the Board of Directors of the Company and accordingly the following Directors were on the Board of the Company as on 31st March, 2022:

Name of Directors Designation DIN
Mr. Krishna Awtar Kabra Managing Director 00650817
Mrs. Mukta Maheshwari Director 00194635
Mr. Jagdish Prasad Kabra Director 00482014
Mr. Neeraj Maheshwari Director 01010325
Mr. Naveen Ashok Kumar Maheshwari Director 05239915
Mr. Vipul Rameshbhai Vashi Director 06930448
Mr. Pradeep Kumar Dad Director 07658899

iii. Key Managerial Personnel:

The following persons were designated as Key Managerial Personnel as on 31.03.2022:

• Mr. Krishna Awtar Kabra Managing Director

• Mr. Vijaybhai Vrajlal Mehta Chief Financial Officer (CFO)

• Ms. Pankti Kashyapbhai Thakkar Company Secretary(CS)

There was no change in the Key Managerial Personnel of the Company during FY 2021-22.

The Company has compiled with the requirements of having Key Managerial Personnel as per provisions of Section 203 of the Companies Act, 2013.

DETAILS OF HOLDING /SUBSIDARY COMPANIES:

The Company didnt had any Holding/ Subsidiary/ Joint Ventures/ Associate Companies at the start of the year, during the year or at the end of the year and hence there is no requirement of giving the statement containing the salient feature of the financial statement of the Companys subsidiary or subsidiaries, associate company or companies and joint venture or ventures.

DEPOSIT:

The Company has not invited/ accepted any deposit within the meaning of Chapter V other than the exempted deposit as prescribed under the provision of the Companies Act, 2013 and the rules framed there under, as amended from time to time. Hence there are no particulars to report about the deposit falling under Rule 8 (5)(v) and (vi) of Companies (Accounts) Rules, 2014.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS:

During the year under review there were no significant and material orders passed by any Regulators or Court or Tribunals which may have impact on the going concern status or which may have impact on the Companys operation in future.

INTERNAL FINANCIAL CONTROLS:

The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company. The Company has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 ( 3 ) of Companies (Accounts) Rules, 2014, the Board of Directors hereby declare that there are no particulars to report for the Conservation of Energy & Technology Absorption. There is no foreign exchange earnings and outgo during the year under the review.

PERSONNEL:

There was no employee drawing remuneration requiring disclosure under Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

AUDITORS AND THEIR REPORTS:

(A) STATUTORY AUDITORS:

The appointment of M/s. S.N Shah & Associates, Chartered Accountants was approved by the Members at the 22nd Annual General Meeting held on 28th September, 2017 to hold the office from the conclusion of the 22ndAnnual General Meeting until the conclusion of the 27th Annual General Meeting. Thus, the first term of the Statutory Auditors is going to expire in this ensuing 27th Annual General Meeting.

The Board of Directors in their meeting held on Saturday, the 13th day of August, 2022 re-appointed M/s. S. N. Shah & Associates (Firm Registration No. 109782W) as Statutory Auditors of the Company for the second term of 5 (Five) consecutive years to hold office from the conclusion of this 27th (Twenty-Seventh) Annual General Meeting (AGM) until the Conclusion of 32nd (Thirty-Second) Annual General Meeting of the Company subject to approval of the Members of the Company. The Board of Directors hereby recommends to the Members of the Company to re-appoint M/s. S.N Shah & Associates, the retiring auditor, for the further period of five consecutive Financial Years.

The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments. The report does not contain any qualification, reservation or adverse remark.

(B) SECRETARIAL AUDITORS:

The Board of Directors of the Company has, in compliance with the provisions of Section 204(1) of the Companies Act, 2013 and rules made in this behalf, appointed M/s. Umesh Ved & Associates, Company Secretaries to carry out Secretarial Audit of the Company for the Financial Year 2021-22. The Report of the Secretarial Auditor is annexed to this Report as "Annexure A" which is self-explanatory and gives complete information.

There is no qualification or remark in auditors report.

(C) INTERNAL AUDITORS:

The Board of Directors has appointed M/s. SNDK & Associates LLP, Chartered Accountants, as Internal Auditors of the Company. The Audit Committee of the Board of Directors in consultation with the Internal Auditors, formulate the scope, functioning periodicity and methodology for conducting the Internal Audit.

(D) COST RECORDS AND COST AUDITORS:

The provisions of Cost Audit and Records as prescribed under Section 148 of the Act, are not applicable to the Company.

DISCLOSURE UNDER SECTION 197(12) AND RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

There was no employee drawing remuneration requiring disclosure under section 197(12) and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Required details are annexed to this Report as "Annexure B."

LISTING OF SHARES:

The Equity Shares of the Company are listed on the Bombay Stock Exchange with security ID/symbol of DRL.

The Company confirms that the Annual Listing Fees of Bombay Stock Exchange is paid for the year 2021-22.

DIRECTORS RESPONSIBITLY STATEMENT:

As required under the provisions of Section 134 of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(b) The Directors 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 profits of the Company for that period.

(c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(d) The Directors have prepared the annual accounts on a going concern basis.

(e) The Directors have laid down internal financial controls as required by Explanation to Section 134(5)(e) of the Act) to be followed by the Company and such internal financial controls are adequate and are operating effectively.

(f) The Directors have devised proper systems to ensure compliance with the provisions of applicable laws and such systems are adequate and operating effectively.

CORPORATE GOVERNANCE:

The Regulation 27(2)(a) of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 regarding Corporate Governance is not applicable to the Company, as Company falls under criteria of Regulation 15(2)(a) of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015, being the paid-up capital of the Company being less than Rs.10 Crore and Net Worth being less than Rs. 25 Crores, the threshold limit as prescribed therein.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report for the financial year under review as stipulated under Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as "Annexure-C".

COMPLIANCE WITH THE SECRETARIAL STANDARD:

The Company has complied with all the provisions of Secretarial Standards on Board Meetings and General Meetings issued by the Institute of Company Secretaries of India.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered into during the year under report were on an arms length basis and in the ordinary course of business. There were no materially significant Related Party Transactions made by the Company during the year which may have potential conflict with the interest of the Company. There were no Material Related Party Transactions which were not in ordinary course of business or which were not on arms length basis and hence there is no information to be provided as required under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014.

The Board has approved a policy for Related Party Transactions which has been uploaded on the Companys website. Related Party Transactions Policy is available on the Company‘s Website. The details of the Related Party Transactions are provided in the notes to the accounts. Members are requested to refer the same.

PARTICULARS OF LOANS / GUARANTEES / INVESTMENT:

The Particulars of loans, guarantee or investment made under Section 186 of the Companies Act, 2013 are furnished in the Notes No. 2 & 3 to the Financial Statements for the year ended 31st March 2022.

RISK MANAGEMENT POLICY

The Company has a structured risk management policy. The Risk management process is designed to safeguard the organization from various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The potential risks are inventoried and integrated with the management process such that they receive the necessary consideration during decision making. It is dealt with in greater details in the management discussion and analysis section.

DECLARATION BY INDEPENDENT DIRECTORS:

The following Directors are Independent in terms of Section 149(6) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015:

(a) Mr. Vipul Rameshbhai Vashi

(b) Mr. Pradeep Kumar Dad

(c) Mr. Naveen Ashok Kumar Maheshwari

(d) Mr. Jagdish Prasad Kabra

The Company has received requisite declarations/ confirmations from all the above Directors confirming their independence.

Your Board confirms that in their opinion the independent directors fulfill the conditions of the independence as prescribed under the SEBI (LODR), 2015 and they are independent of the management. Further, in the opinion of the Board the independent directors possess requisite expertise, experience and integrity. All the Independent Directors on the Board of the Company are registered with the Indian Institute of Corporate Affairs, Manesar, Gurgaon as notified by the Central Government under Section 150(1) of the Companies Act, 2013.

DISCLOSURE UNDER SECTION 164(2) OF THE COMPANIES ACT. 2013:

The Company has received the disclosure in Form DIR - 8 from its Directors being appointed or re-appointed and has noted that none of the Directors are disqualified under Section 164(2) of the Companies Act, 2013 read with Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

ANNUAL RETURN

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration)Rules, 2014, the Annual Return of the Company is available on the website of the Company at www.aacl.co.in.

FAMILIARISATION PROGRAMMES FOR BOARD MEMBERS:

The independent Directors are provided with necessary documents, brochures, reports and internal policies to enable them to familiarize with the Companys procedures and practices. The Company undertook various steps to make the Independent Directors have full understanding about the Company. The Company has through presentations at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company. The details of such familiarization programmes have been disclosed on the Companys website at www.aacl.co.in NUMBER OF BOARD MEETINGS:

The calendar of meetings to be held in a year is decided in advance by the Board and circulated to the Directors. The gap between two consecutive meetings was not more than one hundred and twenty days as provided in section 173 of the Companies Act, 2013.

Five (5) Meetings of the Board were held during the financial year 2021-22 on following dates:

30th April, 2021,29th Jun, 2021, 13th Aug, 2021,12th Nov, 2021 and 14th Feb, 2022

Sr. No. Name of Director/KMP DIN Number of meeting Entitled Number of meeting Attended
1. Mr. Krishna Awtar Kabra 00650817 5 5
2. Mrs. Mukta Maheshwari 00194635 5 5
3. Mr. Vipul Vashi 06930448 5 5
4. Mr. Pradeep Kumar Dad 07658899 5 5
5. Mr. Neeraj Kumar Maheshwari 01010325 5 5
6. Mr. Naveen Maheshwari 05239915 5 5
7. Mr. Jagdish Prasad Kabra 00482014 5 5

Requisite quorum was present during the Meetings.

CORPORATE SOCIAL RESPONSIBILITY:

The Provision of Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility is not applicable to the Company.

REPORTING OF FRAUD:

During the year under review, there was no instance of any fraud which has been reported by any Auditor to the Audit Committee or the Board.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013

The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.

The Company always endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment. The Company has in place a robust policy on prevention of sexual harassment at workplace. The policy aims at prevention of harassment of employees as well as contractors and lays down the guidelines for identification, reporting and prevention of sexual harassment.

During the Financial Year 2021-22, the Company has not received any complaint of sexual harassment.

ANNUAL PERFORMANCE EVALUATION:

In compliance with the provisions of the Act and voluntarily under SEBI (LODR) Regulations, 2015, the performance evaluation was carried out as under:

Board:

In accordance with the criteria suggested by the Nomination and Remuneration Committee, the Board of Directors evaluated the performance of the Board, having regard to various criteria such as Board composition, Board processes, Board dynamics etc. The Independent Directors, at their separate meetings, also evaluated the performance of the Board as a whole based on various criteria. The Board and the Independent Directors were of the unanimous view that performance of the Board of Directors on a whole was satisfactory.

Committees of the Board:

The performance of the Audit Committee, the Nomination and Remuneration Committee, the Stakeholder Relationship Committee was evaluated by the Board having regard to various criteria such as committee composition, committee, processes, committee dynamics etc. The Board was of the unanimous view that all the committees were performing their functions satisfactorily and according to the mandate prescribed by the Board under the regulatory requirements including the provisions of the Act, the Rules framed thereunder and the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015.

Individual Directors:

(a) Independent Directors: In accordance with the criteria suggested by the Nomination and Remuneration Committee, the performance of each independent director was evaluated by the entire Board of Directors (excluding the director being evaluated) on various parameters like engagement, leadership, analysis, decision making, communication, governance and interest of stakeholders. The Board was of the unanimous view that each independent director was a reputed professional and brought his/her rich experience to the deliberations of the Board. The Board also appreciated the contribution made by all the independent directors in guiding the management in achieving higher growth and concluded that continuance of each independent director on the Board will be in the interest of the Company.

(b) Non-Independent Directors: The performance of each of the non-independent directors (including the chair person) was evaluated by the Independent Directors at their separate meeting. Further, their performance was also evaluated by the Board of Directors. The various criteria considered for the purpose of evaluation included leadership, engagement, transparency, analysis, decision making, functional knowledge, governance and interest of stakeholders. The Independent Directors and the Board were of the unanimous view that each of the nonindependent directors was providing good business and people leadership.

AUDIT COMMITTEE:

The Committee comprises of 3 Non-Executive Director and the Chairman being an Independent Director. The Composition of the Committee and attendance of the members is given hereunder:

Sr. No. Name of Members Member/Chairman Number of meeting Entitled Number of meeting Attended
1. Mr. Vipul Vashi Chairman 4 4
2. Mr. Pradeep Kumar Dad Member 4 4
3. Mr. Naveen Maheshwari Member 4 4

During the year, four meetings of the Audit Committee were held during the Financial year 2021-22 on following dates: 29thJune, 2021, 13thAugust 2021, 12thNovember, 2021 and 14thFebruary, 2022

Requisite quorum was present during the meetings.

The primary objective of the Audit Committee is to monitor and provide effective supervision of the managements financial reporting process, to ensure accurate and timely disclosures, integrity and quality of financial reporting. The Committee oversees the work carried out in the financial reporting process by the management, the Statutory Auditors, Internal Auditor, the Cost Auditor, the Secretarial Auditor and notes the processes and safeguards employed by each of them.

The Company Secretary of the Company Ms. Pankti Thakkar acted as Secretary of the Committee. The Composition and the Terms of Reference of the Audit Committee is as mentioned in the provisions of Section 177 of the Companies Act, 2013 as amended from time to time.

NOMINATION AND REMUNERATION COMMITTEE:

The Committee comprises of 3 Non-Executive Director and the Chairman being an Independent Director.The Company is having a Nomination and Remuneration Committee comprising of the following members:

Sr. No. Name of Members Member/Chairman Number of meeting Entitled Number of meeting Attended
1. Mr. Vipul Vashi Chairman 1 1
2. Mr. Pradeep Kumar Dad Member 1 1
3. Mr. Naveen Maheshwari Member 1 1

During the year under review, 1(One) meeting of Nomination and Remuneration Committee was held during the Financial year 2021-22 on following date:

13th August, 2021

Requisite quorum was present during the meeting.

The primary objective of the Nomination and Remuneration Committee ("NRC") is to identify persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down including remuneration payable to the senior management, recommend to the Board their appointment and carry out evaluation of every directors performance.

The Company Secretary of the Company Ms. Pankti Thakkar acted as Secretary of the Committee. The Composition and the Terms of Reference of the Nomination and Remuneration Committee is as mentioned in the provisions of Section 178 of the Companies Act, 2013 as amended from time to time.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Committee comprises of 3 Non-Executive Director, and the Chairman being an Independent Director. The Composition of the Committee and attendance of the members is given hereunder:

Sr. No. Name of Members Member/Chairman Number of meeting Entitled Number of meeting Attended
1. Mr. Vipul Vashi Chairman 1 1
2. Mr. Pradeep kumar Dad Member 1 1
3. Mr. Naveen Maheshwari Member 1 1

During the year, 1(One) meeting of the Stakeholder Relationship Committee was held during the Financial year 2021-22 on following date:

14th February, 2022

Requisite quorum was present during the meeting.

The Committee looks into the grievances of the Shareholders related to transfer of shares, payment of dividend and non-receipt of annual report and recommends measure for expeditious and effective investor service.

The Company Secretary of the Company Ms. Pankti Thakkar acted as Secretary of the Committee. The Composition and the Terms of Reference of the Stakeholders Relationship Committee is as mentioned in the provisions of Section 178 of the Companies Act, 2013 as amended from time to time.

The Company has duly appointed Registrar and Share Transfer Agent (R&T Agent) for servicing the shareholders holding shares in physical or dematerialized form. All requests for dematerialization of shares are likewise processed and confirmations thereof are communicated to the investors within the prescribed time. There were no complaints received during the year ended 31st March 2022.

VIGIL MECHANISM:

Pursuant to Section 177(9) of the Companies Act, 2013, the company has adopted Whistle Blower Policy to deal with any instance of fraud and mismanagement. The employees of the company are free to report violations of any laws, rules, regulations and concerns about unethical conduct to the Audit Committee under this policy. The policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination with any person for a genuinely raised concern.

POLICIES:

In accordance with the requirements of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Board of Directors of the Company has framed the following policies:

1. Materiality of Information Policy

2. Policy for Preservation of Documents

3. Code for Fair Disclosure of UPSI

4. Person Authorized for determining the materiality of any event or transaction or information

5. Whistle Blower Policy

6. Nomination & Remuneration Policy

7. Code of conduct

8. Code of Practices and Procedures for Fair Disclosures of Unpublished Price Sensitive Information (UPSI)

9. Policy for Determination of Legitimate purpose for Disclosures of Unpublished Price Sensitive Information (UPSI) All the above policies have been displayed on the website of the Company at www.aacl.co.in.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND:

During the year under review, the provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid in last seven years so the Company was not required to transfer any amount to the Investor Education and Protection Fund (IEPF) established by the Central Government pursuant to the provision of Section 125 (e) of the Companies Act, 2013 as there is no amount unclaimed for a period of 7 years from the date it became due for repayment.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFTER BALANCE SHEET DATE:

There are no material changes and commitments, which may have adverse effect on the operations of the Company. CHANGE IN NATURE OF BUSINESS:

During the year under review, there is no change in the nature of Companys Business.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there were no applications made or proceedings pending in the name of Company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS

During the year under review, there has been no one time settlement of loans taken from the Banks or Financial Institutions.

APPRECIATION:

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Banker, Regulatory Bodies and other Business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executive officers and staff at all levels of the Company. We look forward for the continued support of all stakeholders in the future and we are very thankful for the confidence shown in the Company.

FOR AND ON BEHALF THE BOARD OF DIRECTORS
DISHA RESOURCES LIMITED
Ahmedabad KRISHNA AWTAR KABRA
13.08.2022 CHAIRMAN & MANAGING DIRECTOR
DIN:00650817