To,
The Members,
Your Directors have pleasure in presenting their 42 nd Annual Report on the
business and operations of the Company and the accounts for the Financial Year ended March
31, 2023.
1. FINANCIAL RESULTS:
The Boards Report shall be prepared based on the standalone financial statements of
the company. The Companys financial performance is given hereunder.
(Amount in Thousand)
Particulars |
Financial Year ended 31.03.2023 |
Financial Year ended 31.03.2022 |
Revenue from Operations |
2,574 |
3,626 |
Other Income |
195 |
104 |
Total Income |
2,769 |
3,730 |
Finance Cost |
- |
- |
Employee benefits expense |
977 |
837 |
Other Expenses |
1,509 |
2,673 |
Total Expenses |
2,486 |
3,510 |
Profit/ (Loss) before Tax |
283 |
220 |
Current Tax |
73.67 |
- |
Tax for earlier year |
57.32 |
- |
Deferred Tax |
|
|
Profit/Loss after Tax |
152 |
220 |
Earning per Equity Share |
0.10 |
0.09 |
Diluted |
0.10 |
0.09 |
2. INFORMATION ON STATE OF COMPANYS AFFAIRS AND RESULT OF OPERATIONS:
The Total Income of the Company for the Financial Year ended on 31st March,
2023 is Rs. 2,769 (in thousand) which has been decreased by Rs. 961 (in thousand) as
compared to last year total Income for an amount of Rs. 3,730 (in thousand). Moreover, the
profit for the Financial Year ended on 31st March, 2023 amounted to Rs. 152
thousand as compared to profit of Rs.220 (in thousand) earned in the last year.
3. DIVIDEND:
The Board has not recommended any dividend for the Financial Year 2022-23.
4. RESERVES:
During the year under review, the Company has adjusted profit of Rs. 152 (in thousand)
to General Reserves of the Company.
5. BRIEF DESCRIPTION OF THE COMPANYS WORKING DURING THE YEAR/STATE OF COMPANYS
AFFAIR:
The Company is engaged in the business of trading of all types of goods. During the
year under review, the company has made net profit of Rs. 152 (in thousand). The
performance of the company is expected to be better in the coming years.
1. EXISTING BUSINESSES
The Company is pursuing the Business of Trading in garments and other trading material.
2. NEW PROJECTS
The Company envisages in the business of selling of sponge iron new project during the
financial year under review.
3. CHANGE IN THE NATURE OF BUSINESS:
There was no change in the nature of business of the company during the financial year
under review.
6. MATERIAL CHANGES AND COMMITMENTS:
There were no material changes and commitments affecting the financial position of the
Company which occurred between the end of the financial year of the company and date of
this Report.
7. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS:
The Company has a proper and adequate system of internal controls. This ensures that
all transactions are authorized, recorded and reported correctly, and assets are
safeguarded and protected against loss from unauthorized use or disposition In addition
here are operational controls and fraud risk controls, covering the entire spectrum of
internal financial controls.
8. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATECOMPANIES:
The Company has no Subsidiary/ Joint Ventures/Associate Companies.
9. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES. ASSOCIATES AND JOINT
VENTURE COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT:
The Company has no Subsidiary/ Joint Ventures/Associate Companies.
10. DEPOSITS:
The Company has not accepted any deposits during the financial year under review.
? Accepted during the year: NIL
? Remained unpaid or unclaimed as at the end of the year: NIL
? If there has been any default in repayment of deposits or payment of interest thereon
during the year and if so, number of such cases and the total amount involved:
? At the beginning of the year: NIL
? Maximum during the year: NIL
? At the end of the year: NIL
11. AUDITORS AND THEIR REPORT:
M/s A Sachdeva & CO., Chartered Accountants, is appointed as Statutory
Auditors of the Company for holding the office of Statutory Auditors for a period of 4
years i.e. till the conclusion of 43 rd Annual General Meeting of the Company
and the appointment was subject to ratification at each Annual General Meeting. The
Company has received confirmation from them to the effect that their ratification of
appointment is within the prescribed limits under the Companies Act, 2013 and that they
are not disqualified for holding the office of the Auditors. Accordingly, the Board
recommends ratification of their appointment as Statutory Auditors of the Company by die
members.
The notes on Financial Statement referred in the Auditors Report are self-explanatory
and do not call for further comments. The Auditors Report does not contain any
qualification, reservation or adverse remark.
? Frauds reported by Auditors (Section 134(3)(ca)
As per Section 143 of the Companies Act, 2013 die report of Auditors states tiiat the
Company has not committed any frauds during the year.
12. COST AUDITORS AND THEIR REPORT:
Cost Audit is not Applicable to the company.
13. APPOINTMENT OF SECRETARIAL AUDITOR AND THEIR REPORT:
The Board had appointed M/s. Gurmohini Sachdeva, Company Secretary, to conduct
the Secretarial Audit for the Financial Year 2022-23. The Secretarial Audit Report for the
Financial Year ended on March 31, 2023, in die prescribed format is attached herewidi as Annexure-
I to this report.
The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark to be explained by the Directors of the Company.
14. INTERNAL AUDIT REPORT:
The Internal Auditor, Practicing Company Secretary, Ms. Kavita Aggarwal has conducted
Internal Audit periodically for the Financial Year 2022-23 and submitted their reports to
the Audit Committee. The reports submitted by the Internal Auditor have been reviewed by
the Statutory Auditors and the Audit Committee.
15. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:
Managements Discussion and Analysis Report for the year under review, as the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock
Exchanges in India, is presented as Annexure-II in this report.
16 CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of corporate governance and
adhere to the corporate governance requirements set out by SEBI. The Company has also
implemented several best corporate governance practices as prevalent globally. The report
on Corporate Governance as prescribed under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Certificate on report on Corporate Governance attached as
Annexure-III.
17. SHARE CAPITAL:
During the Financial Year, there is no change in the share capital of the Company.
However, the Paid up Share Capital of the Company is divided into the following
categories:
Subscribed and paid up: Rs. 15688000
a. Issue of equity shares with differential rights:
The Company has not issued equity shares with differential rights.
b. Issue of sweat equity shares;
The Company has not issued sweat equity shares.
c. Issue of employee stock options;
The Company has not issued employee stock options.
d. Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees:
Since shares of the Company has not purchased by the employees or trustees for their
benefits therefore there is no requirement for the provision of money to be made by Hie
Company for the same purpose.
18. EXTRACT OF THE ANNUAL RETURN:
The extract of the annual return in Form No. MGT-9 (Attached as Annexure- IV) shall
form part of the Boards report.
19. DIRECTORS AND KEY MANAGERIAL PERSONS:
The Company is enriched with highly qualified professionals and responsive Board of
Directors. It is composed of Executive as well as Non- Executive Directors including Women
Director. The details for Composition of Board of Directors of the C ompany as on date are
as follows:
S. No. DIN & PAN |
Name |
Designation |
1. 06595136 |
Mr. Rakesh Kumar Singal |
Managing Director |
2. 07166489 |
Mr. Gagan Goel |
Executive Director |
3. 08606277 |
Mr. Mukund Murari |
Independent Director |
4. 06557885 |
Ms. Shweta Gupta |
Independent Director |
5. 07325235 |
Mrs. NavneetKaur |
Independent Director |
6. BMQPA0257A |
Mr. Ekansh Bansal |
Chief Financial Officer |
7. AODPC1805J |
Ms. Shruti Choudhary |
Company Secretary |
Further following changes took place in the board of the Company during the Financial
Year and up to date are as under:
APPOINTMENTS ON THE BOARD:
? Appointments &Resignations:
There was no appointment or resignation during the financial year 2022-23.
The Company has formulated a policy on performance evaluation of the Independent
Directors, Board and its Committees and other individual Directors which shall be based
on, inter alia, criteria like attendance, effective participation, domain knowledge,
access to management outside Board Meetings and compliance with the Code of Conduct,
vision and strategy and benchmark to global peers.
On the basis of policy for performance evaluation of Independent Directors, Board,
Committees and other individual directors, a process of evaluation was carried out. The
performance of the Board, individual directors and Board Committees were found to be
satisfactory.
Further, Independent Directors of the Company have given declaration that they meet the
eligibility criteria of Independence as provided under Section 149(6) of the Companies
Act, 2013.
a. Declaration by an Independent Pi recto risi and re- appointment, if any
The Independent directors have submitted their disclosure to the Board that they
fulfill all the requirements as to qualify for their appointment as an Independent
Director under the provisions of Section 149 of the Companies Act, 2013.The Board confirms
that the said independent directors meet the criteria as laid down under the Companies
Act,2013.
The Board proposes the terms of 5 years for the independent directors and they shall
not be liable to retire by rotation.
b. Formal Annual Evaluation
The evaluation frame work for assessing the performance of Directors comprises of the
folio whig key areas:
? Attendance of Board Meetings and Board Committee Meetings
? Quality of contribution to Board deliberations
? Strategic perspectives or inputs regarding future growth of Company and its
performance
? Providing perspectives and feedback going beyond information provided by them
management
? Commitment to shareholder and other stakeholder interests
The evaluation involves Self-Evaluation by the Board Member and subsequently assessment
by the Board of Directors. A member of the Board will not participate in the discussion of
his/her evaluation.
20. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTOR:
Your Company has put in place a system to familiarize its Independent Directors about
the Company, its Business Segment, the Industry and Business model of the Company, hi
addition it also undertakes various measures to update the Independent Director about the
ongoing events and development relating to the Company. All the Independent Directors of
the Company are made aware of their role, responsibilities & liabilities at Hie time
of their appointment/ re-appointment, through a formal letter of appointment, which also
stipulates various terms and conditions of their engagement, including the compliance
required from him under Companies Act 2013, Listing Regulation and other various statues
and an affirmation is obtained for the same. The Detail of the Familiarization Programme
for Directors are available on the Companys Website -www.euroasiaexportsltd.com
21. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Board meets at regular intervals to discuss and decide on business strategies/
policies and review the financial performance of the Company, hi case of business
exigencies, the Boards approval is taken through circular resolutions. The Circular
Resolutions are noted at the subsequent Board Meeting. The notice and detailed agenda
along with the relevant notes and other material information are sent in advance.
Particular details of Board Meeting are as follows: During the financial year, Four
Board meetings were held.
S. No. Dates of Board Meeting |
Directors Present in the Meeting |
1. 24.05.2022 |
5 |
2. 09.08.2022 |
5 |
3. 08.11.2022 |
5 |
4. 13.02.2023 |
5 |
22. MANAGERIAL REMUNERATION:
None of the employee of the company falls under the provisions of rule pursuant to 5(2)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Since no director of the company was in receipt of any remuneration or commission
therefore the company is not required to make disclosure under the applicable provisions
of the Companies Act, 2013.
23. DISCLOSURE REGARDING VARIOUS COMMITTEES:
The Company has the following Committees of the Board:
A) Audit Committee
Audit Committee of the Board of Directors (“the Audit Committee”) is
entrusted with the responsibility to supervise the Companys internal controls and
financial reporting process. The Composition, quorum, powers, role and scope are in
accordance with section 177 of the Companies Act, 2013 and the provisions of Regulation 18
of the Listing Regulation. All the Members of the Audit Committee are financially literate
and bring in expertise in the fields of Finance, Taxation, Economics, Risk and
international Finance. It functions in accordance with its terms of reference that defines
its authority, responsibility and reporting function.
S. No. Name |
Category |
1. Shweta Gupta |
Independent Director |
2. Mukund Murari |
Independent Director |
3. Navneet Kaur |
Independent Director |
Meeting & Attendance
The Audit Committee met four times during the Financial Year 2022-23. The Maximum gap
between two meetings was not more than 120 Days. The necessary quorum was present for all
meetings. The Chairperson of the Audit Committee was present at the last Annual General
Meeting of Hie Company.
S. No. Dates of Board Meeting |
Directors Present in the Meeting |
1. 24.05.2022 |
3 |
2. 09.08.2022 |
3 |
3. 08.11.2022 |
3 |
4. 13.02.2023 |
3 |
All the members of the committee are financially literate Ms. Shweta Gupta was
appointed as Chairperson of the Audit Committee.
Terms & Reference
The Audit committee inter alia performs the functions of approving Annual Internal
Audit Plan, review of financial reporting system, internal controls system, discussion on
financial reporting system, discussion on financial results, interaction with statutory
and Internal Auditor, recommendations for the appointment of statutory and Internal
Auditors and their remuneration, Review of Business Risk Management Plan, Management
Discussion and Analysis, Review of Internal Audit Reports, Significant related party
transactions. The Company has framed the Audit Committee Charter for the purpose of
effective Compliance of Provisions of Section 177 of the Companies Act, 2013 and
Regulation 18 of the Listing Regulation. In fulfilling the above role, the Audit Committee
has powers to investigate any activity within its terms of reference, to seek information
from employees and to obtain outside legal and professional advice.
B) Nomination and Remuneration Committee
Performance Evaluation Criteria for Independent Directors and Remuneration Policy for
Directors, Key Managerial Personnel and other employees
The Companys Remuneration Policy for Directors, Key Managerial Personnel and other
employees is annexed the Board Report. Further, the Company has devised a Policy for
performance evaluation of Directors.
The Board of the company has decided that the committee will also be known with the
name Nomination and Remuneration Committee as required under Companies Act, 2013. The
Committee recommends remunerations, promotions, increments and considers the appointment
of Executive Directors as and when required.
Meeting & Attendance
At present the Nomination and Remuneration Committee of the company comprises of the
following members who are Directors of the company and Dates of Meeting as under:
S. No. Name |
Categoiy |
1. Shweta Gupta |
Independent Director |
2. Mukund Murari |
Independent Director |
3. Navneet Kaur |
Independent Director |
Dates of Meetings as follows:
S. No. Dates of Board Meeting |
Directors Present in the Meeting |
1. 24.05.2022 |
3 |
2. 13.02.2023 |
3 |
All the members of the committee are literate, Ms. Shweta Gupta was appointed as
Chairperson of the Nomination and Remuneration Committee
Terms & Reference
The Board has framed the Nomination & Remuneration Committee Charter which ensures
effective Compliance of Section 178 of the Companies Act, 2013 and Regulation 19 of
Listing Regulation, which are as follows:
• Reviewing the overall Compensation Policy, Service agreements and other
employment Conditions of Managing Director and Senior Management (One Level below the
Board);
• To help in determining the appropriate size, diversity and composition of the
Board;
• To recommend to the Board appointment / re-appointment and removal of Directors;
• To frame criteria for determining qualifications, positive attributes and
Independence of Directors to create an evaluation framework for Independent Director and
the Board;
• To assist in developing a succession plan for the Board;
• To assist the Board in fulfilling responsibilities entrusted from time to time;
• Delegation of any of its powers to any member of the Committee or the C
ompliance Officer;
C) Stakeholders Relationship Committee:
The Board has renamed the Shareholders / Investors Grievance Committee of the
company with ‘Stakeholders Relationship Committee as required under Companies Act,
2013. The Board had delegated the power to consider and resolve grievance of security
holders of the company to Stakeholders Relationship committee.
S. No. Name |
Categoiy |
1. Shweta Gupta |
Independent Director |
2. Mukund Murari |
Independent Director |
3. Navneet Kaur |
Independent Director |
In compliance with the SEBI guidelines the Company has appointed M/s. Skyline Financial
Services Private Limited as RTA (Registered Transfer Agent) to look after the share
transfer, transmission, transposition issuance of duplicate share certificate, share
de-materialization/re-materialization etc independently under the supervision and control
of tire Stakeholders Relationship committee.
Meeting & Attendance
At present the Nomination and Remuneration Committee of the company comprises of the
following members who are Directors of the company and Dates of Meeting as follows:
S. No. |
Dates of Board Meeting |
Directors Present in the Meeting |
1. |
13.02.2023 |
3 |
Terms & Reference
The Board has clearly defined the terms of reference for the committee, which generally
meets at Regular Interval. The Committee looks in to the matters of Shareholders/Investors
grievances along with other matters listed below:
• Approval of Transfer of Shares/ debentures and issue of duplicate/ split/
consolidation/ sub-division of share/debenture certificates
• Consider, resolve and monitor redressal of Shareholding grievances of the
Company with respect to transfer of shares, non - receipt of annual report, non - receipt
of declared dividend.
• Review the Performance of the Companys Registrar & Transfer Agents.
The secretarial Department of the Company and the Registrar and Share Transfer Agent,
Skyline Services Pvt. Ltd. Attend to all grievances of tire Shareholders received directly
or through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies,
etc. The Minutes of the Stakeholders Relationship Committee Meetings are circulated to
the Board and noted by the Board of Directors at the Board Meetings. Continuous efforts
are made to ensure that grievances are more expeditiously redressed to the complete
satisfaction of the investors.
Shareholders are requested to furnish their updated telephone number and email
addresses to facilitate.
24. PARTICULARS OF EMPLOYEE AND MANAGERIAL REMUNERATION:
During the year under review, the Company does not have any employee who is drawing the
remuneration in excess of tire limits prescribed by provisions of Section 197(12) of tire
Companies Act, 2013 read with Rules 5 (1), (2) and (3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
1. DISCLOSURES PURSUANT TO SECTION 197 (121 AND RULE 5 OF COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES. 2014:
The company has given remuneration according to the remuneration policy formulated by
the Company. Further information is as follows:
I. The Ratio of Remuneration of each Director to the Median Employees Remuneration of
the Company for the financial year 2022-23 is as follows:
No remuneration has been paid to any director in the Financial Year 2022-23.
II. The percentage increase in remuneration of each Director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial
year:
No remuneration was being paid to any director and there is changes in remuneration
paid to Chief Financial Officer and Company Secretary of the Company.
III. The percentage increase in the median remuneration of employees in the
Financial Year 2022-23:
There has been an increase of 12.76 % of median remuneration paid to employees in the
Financial Year 202223 as compared to Financial Year 2021-22.
IV. The number of permanent employees on the rolls of company:
The numbers of permanent employees on the rolls of the Company are: 2.
V. Average percentile increase already made in the salaries of employees other than
the managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in the managerial remuneration:
No managerial remuneration was being paid to any director in Financial Year 2022-23.
VI. Affirmation that the remuneration is as per the remuneration policy of the
company:
The Directors of the Company confirm that the remuneration in the Financial Year
2022-23 has been paid according to the remuneration policy of the Company.
25. SIGNING OF BALANCE SHEET:
The Balance Sheet of the Company is signed in pursuance to the provision of Section 134
of companies act, 2013. The Balance Sheet was signed by two Directors; one of them is
Managing Director of the company and Chief Finance Officer and Company Secretary of the
Company, as on the date of signing of Balance Sheet.
26. POLICIES:
The Board of the Company has framed various Policies in order to comply with the
requirements of Companies Act, 2013 and SEBI (LODR) 2015; the details of them are
available at website of the company at www.euroasiaexportsltd.com under the Investors
Column:
Whistle Blower Policy;
Policy of Remuneration of Directors, KMP and Other Employees;
Policy on Familiarization Programmes for Independent Directors;
Policy on Website Archival;
Policy on Determination and Disclosure of Materiality of Events and Information;
Policy on Materiality of Related Party Transaction and on Dealing with Related Party
Transactions;
Risk Management Policy.
27. RISK MANAGEMENT POLICY:
The Board of Directors of the company is of the view that currently no significant risk
factors are present which may threaten the existence of the company.
28. PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN AND SECURITIES
PROVIDED:
The details of Loans given, Investments made, Guarantees given and Securities provided
by the Company are given in Note Number 9 to the Financial Statement. The Company
has given Unsecured Loan amounted to Rs. 15,00,000 /- during the financial year ended as
on 31.03.2023.
AFFIRMATIONS AND DISCLOSURES:
1. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES:
Pursuant to Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of the
Listing Regulation, Hie Company has formulated Whistle Blower Policy for Vigil Mechanism
of Directors and employees to report to Hie management about the unethical behavior, fraud
or violation of Companys code of conduct. The Company has established a vigil mechanism
for Directors and employees to report their genuine concerns, details of which have been
given in the Corporate Governance Report forming part of annual report.
2. RISK MANAGEMENT POLICY:
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
contemporary practices of good corporate governance, Company has developed the policies
& procedures to assess the risk associated with the Company and minimization thereof
and periodically informed the Board of Directors for their review to ensure that the
executive management, controls the risk in accordance with the defined policies and
procedures adopted by the company. Business risk evaluation and management is an ongoing
process within Hie Company. The assessment is periodically examined by the Board.
3. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The concept of Corporate Social Responsibility is not applicable to die Company.
4
LISTING:
The shares of the Company are listed at BSE Ltd.
5. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The company has given short term loan and advances of Rs. 15,00,000/- as on 31.03.2023.
6. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
Company has not or made any arrangement with the related parties during the financial
year.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT SO
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
There were no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and companys operations in future.
8. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESS ALt ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013. All employees are covered under this policy and during the year no complaints
have been received from them.
9. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The details of conservation of energy, technology absorption, foreign exchange earnings
and outgo are as follows:
A) Conservation of Energy
The operations of the Company are not energy intensive therefore no capital investment
has been made on energy conservation equipments during the year. The company has
endeavored to conserve energy consumption, wherever feasible and has not utilized
alternate sources of equipments.
B) Technology Absorption
No new technology has been imported during last 4 years as the orders received by the
company are gradually declining. However, the technology for Transistorized Converters,
other equipments and parts of Induction Heating Machines imported has been fully absorbed.
The industry has been under recession from past many years due to which manufacturing
is unviable at low volumes and as a result of which company is incurring losses from its
manufacturing activities and has decided to shut down manufacturing activities and dispose
of plant and machinery.
C) Foreign Exchange Earnings and Outgo
Activities relating to export, initiatives taken to increase exports and development of
New Export market
Foreign exchange outflows: Nil Foreign exchange inflows: Nil
10. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby
confirmed that:
i) in the preparation of the annual accounts for the Financial Year ended March 31,
2023, the applicable Accounting Standards read with the requirements set out under
Schedule III to the Companies Act, 2013, have been followed and there are no material
departures from the same;
ii) 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 as at March 31,2023 and of the profit and
loss of the Company for the year ended on that date;
iii) the Directors 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;
iv) the Directors have prepared the Annual Accounts of the Company for the Financial
Year ended March 31, 2023 on a ‘going concern basis;
v) the Directors have laid down Internal Financial Control to be followed by the
Company and that such internal financial control are adequate and were operating
effectively; and
vi) 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.
29. ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for the sincere services
rendered by employees of the Company at all levels. Your Directors also wish to place on
record their appreciation for the valuable co-operation and support received from the
Government of India, various state governments, Hie Banks/ Financial institutions and
other stakeholders such as, shareholders, customers and suppliers, among others. The
Directors also commend the continuing commitment and dedication of the employees at all
levels, which has been critical for the C ompany s success. The Directors look forward
to their continued support in future.
For and on behalf of the Board of Directors of Euro Asia Exports Limited
Gagan Goel Rakesh Kumar Singal
Director Managing Director
DIN: 07166489 DIN: 06595136
Place: New Delhi Date: 11.08.2023
Telephone: +91- 0124-4577733 Email id: mfo@euroasiaexportsltd. com
Website: www.euroasiaexportsltd.com
+91-9892691696
