Fine Organic Director Discussions


Dear Members,

The Directors have pleasure in presenting their twenty-first Annual Report along with the audited Standalone as well as Consolidated financial statements for the financial year ended March 31, 2023.

FINANCIAL RESULTS AND STATE OF AFFAIRS:

(Rs. in lakhs)

Particulars Standalone Consolidated
for the year ended March 31, 2023 for the year ended March 31, 2022 for the year ended March 31, 2023 for the year ended March 31, 2022
REVENUE & PROFITS
Total Revenue from operations 3,02,914.62 1,85,842.83 3,02,307.66 1,87,625.92
Profit before Interest, Tax & Depreciation 84,537.63 38,172.37 89,346.11 39,653.96
Less: Interest & Finance Charges 446.69 505.64 457.39 510.91
Less: Depreciation 4,788.83 3,990.01 4,789.30 3,990.28
Profit for the year before Tax 79,302.11 33,676.72 84,099.42 35,152.77
Less: Provision for Taxation
- Current 20,500.00 8,750.00 22,543.58 9,313.85
- Deferred (257.78) (140.21) (254.39) (131.99)
Short (Excess) provision for earlier years - - - -
Net Profit/(Loss) after Tax 59,059.89 25,066.93 61,810.23 25,970.91
Other Comprehensive Income 63.11 271.50 63.11 271.50
Total Comprehensive Income 59,123.00 25,338.43 61,873.34 26,242.41
RETAINED EARNINGS
Opening Balance of Retained Earnings 93,360.71 71,666.38 94,250.11 71,540.99
Add: Profit for the year 59,059.89 25,066.93 61,810.23 26,091.64
Less: Appropriations: - - - -
Final Dividend 2,759.40 3,372.60 2,759.40 3,372.60
Transferred to Other Reserve/ Non-Controlling Interest - - - 9.92
Balance as at end of the Year 1,49,661.20 93,360.71 1,53,300.94 94,250.11

The Standalone as well as the Consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS).

On a consolidated basis, the revenue from operations increased to Rs. 3,02,307.66 lakhs in F.Y. 2022-23 from Rs. 1,87,625.92 lakhs in F.Y. 2021-22. The profit before tax increased to Rs. 84,099.42 lakhs in F. Y. 2022-23 from Rs. 35,152.77 lakhs in F.Y. 2021-22.

On a standalone basis, the revenue from operations increased to Rs. 3,02,914.62 lakhs in F.Y. 2022-23 from Rs. 1,85,842.83 lakhs in F.Y. 2021-22. The profit before tax increased to Rs. 79,302.11 lakhs in F. Y. 2022-23 from Rs. 33,676.72 lakhs in F.Y. 2021-22.

For more details on the Consolidated and Standalone financial results, please refer to the Management Discussion

and Analysis Report which forms a part of this Annual Report. SHARE CAPITAL:

During the year under review, there was no change in the share capital of the Company. The Paid-up share capital of the Company as on March 31, 2023, is Rs. 1,533.00/- lakhs divided into 3,06,59,976 equity shares of Rs. 5/- each.

DIVIDEND:

Your Directors are pleased to recommend a Final Dividend of Rs. 9/- per equity share of the face value of Rs. 5/- each fully paid-up for the financial year ended March 31, 2023.

If the dividend, as recommended above, is declared by the Members at the ensuing Annual General Meeting (AGM), the total outflow towards dividend on Equity Shares for the year would be Rs. 2,759.40 lakhs.

TRANSFER TO RESERVES:

The closing balance of the retained earnings of the Company for the F.Y. 2022-23, after all appropriations and adjustments was Rs. 1,49,661.20 lakhs.

SUBSIDIARIES, ASSOCIATE COMPANIES AND JOINT VENTURES:

As on March 31, 2023, the Company has two subsidiaries i.e. Fine Organics (USA), Inc. and Fine Organics Europe BV and two joint venture companies i.e. Fine Zeelandia Private Limited and Fine Organic Industries (Thailand) Co. Limited.

Further, the Board in its meeting held on November 11, 2021 approved the termination of Joint Venture Agreement with Adcotech GmbH for the Company i.e. FineADD Ingredients GmbH subject to the completion of applicable regulatory formalities. The said Company is presently in the process of liquidation.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("the Act"), a statement containing the salient features of financial statements of the Companys subsidiaries and joint ventures in Form AOC-1 is attached to the financial statements of the Company.

The separate financial statements of the subsidiaries are also available on the website of the Company at www.fineorganics. com and will also be made available for inspection by the members at the Registered Office of the Company during business hours on all working days as required under Section 136 of the Act. Any member desirous of obtaining a copy of the said financial statements may write to the Company Secretary at the Registered Office of the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(3)(c) read with Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2023, the applicable accounting standards have been followed and there are no 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 as on March 31, 2023 and of the profit 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 this 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 to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Presently, the Board of Directors of the Company comprises 5 (five) Executive Directors and 5 (five) Non-Executive Independent Directors including one Independent Woman Director.

Cessation

Mr. Prakash Kamat, Chairman and Executive Director of the Company left for his heavenly abode on June 17, 2022, and ceased to be the Director of the Company from that date.

Appointment

Based on the recommendation of Nomination and Remuneration Committee (NRC), the Board of Directors appointed Mr. Nikhil Kamat (DIN:00107233) as a Whole Time Director of the Company for a period of 5 years w.e.f. June 27, 2022, subject to the approval of shareholders. The shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the appointment of Mr. Nikhil Kamat as the Whole Time Director for the above mentioned tenure.

Re-appointment

The following Directors were reappointed at the Twentieth Annual General Meeting of the Company held on August 23, 2022.

1. Mr. Mukesh Shah (DIN: 00106799) was appointed as a Managing Director of the Company for a period of 5 years with effect from November 06, 2017. Based on the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual

General Meeting held on August 23, 2022, approved the reappointment of Mr. Mukesh Shah as a Chairman and Managing Director of the Company for a further period of 5 years w.e.f. November 06, 2022.

2. Mr. Jayen Shah (DIN: 00106919) was appointed as a Whole Time Director and Chief Executive Officer of the Company for a period of 5 years with effect from November 06, 2017. Based on the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Jayen Shah as a Whole Time Director and Chief Executive Officer of the Company for a further period of 5 years w.e.f. November 06, 2022.

3. Mr. Tushar Shah (DIN: 00107144) was appointed as a Whole Time Director and Chief Financial Officer of the Company for a period of 5 years with effect from November 06, 2017. Based on the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Tushar Shah as a Whole Time Director and Chief Financial Officer of the Company for a further period of 5 years w.e.f. November 06, 2022.

4. Mr. Bimal Shah (DIN: 03424880) was appointed as a Whole Time Director of the Company for a period of 5 years with effect from November 06, 2017. Based on the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Bimal Shah as a Whole Time Director of the Company for a further period of 5 years w.e.f. November 06, 2022.

5. Mr. Prakash Apte (DIN: 00196106) completed his first term as Independent Director of the Company on November 12, 2022. On the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Prakash Apte as Independent Director of the Company for a second term of 5 years commencing from November 13, 2022.

6. Mr. Mahesh Sarda (DIN: 00023776) completed his first term as Independent Director of the Company on November 12, 2022. On the recommendation of NRC and the Board of Directors, the shareholders of

the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Mahesh Sarda as Independent Director of the Company for a second term of 5 years commencing from November 13, 2022.

7. Mr. Thiruvengadam Parthasarathi (DIN: 00016375) completed his first term as Independent Director of the Company on November 12, 2022. On the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Thiruvengadam Parthasarathi as Independent Director of the Company for a second term of 5 years commencing from November 13, 2022.

8. Ms. Pratima Umarji (DIN: 05294496) completed her first term as Independent Director of the Company on November 12, 2022. On the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Ms. Pratima Umarji as Independent Director of the Company for a second term of 5 years commencing from November 13, 2022.

9. Mr. Kaushik Shah (DIN 00124756) completed his first term as Independent Director of the Company on January 23, 2023. On the recommendation of NRC and the Board of Directors, the shareholders of the Company at its Twentieth Annual General Meeting held on August 23, 2022, approved the reappointment of Mr. Kaushik Shah as Independent Director of the Company for a second term of 5 years commencing from January 24, 2023.

Mr. Jayen Shah (DIN: 00106919) retires by rotation and being eligible has offered himself for re-appointment. A resolution seeking shareholders approval for his re-appointment forms part of the Notice. The brief details of Mr. Jayen Shah, who is proposed to be re-appointed as required under Secretarial Standard 2 ("SS-2") and Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (the "Listing Regulations") is being provided in the Notice convening the Annual General Meeting ("AGM") of the Company.

During the year under review, the Non-Executive Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses, if any.

Pursuant to the provisions of Section 149(7) of the Act, the Independent Directors of the Company have submitted declarations stating that they meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder read with Regulation 16(1)(b) of the Listing Regulations and Regulation 25(8) of the Listing Regulations. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience, expertise, and proficiency and they hold the highest standards of integrity.

The Independent Directors of the Company have confirmed that they have enrolled themselves in the Independent Directors Databank maintained with the Indian Institute of Corporate Affairs (IICA) in terms of provisions of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel (KMP) of the Company as on March 31, 2023, were: Mr. Mukesh Shah, Chairman and Managing Director; Mr. Jayen Shah, Whole Time Director and Chief Executive Officer; Mr. Tushar Shah, Whole Time Director and Chief Financial Officer; Mr. Bimal Shah, Whole Time Director, Mr. Nikhil Kamat, Whole Time Director and Ms. Pooja Lohor, Company Secretary.

NUMBER OF BOARD MEETINGS:

The Board met five times during the year under review. The maximum gap between two Board meetings did not exceed 120 days. The details of the Board meetings and the attendance of Directors are provided in the Corporate Governance Report forming part of the Annual Report.

COMMITTEES OF THE BOARD:

As on the date of this report, the Board has the following committees:

i) Audit Committee

ii) Nomination and Remuneration Committee

iii) Stakeholders Relationship Committee

iv) Corporate Social Responsibility Committee

v) Risk Management Committee.

vi) Executive Committee

vii) Strategic Growth Committee

All the recommendations made by the Board Committees including the Audit Committee, were accepted by the Board.

Detailed information of these Committees and relevant information for the year under review are set out in the Corporate Governance Report.

ANNUAL EVALUATION OF DIRECTORS, COMMITTEES AND BOARD:

Pursuant to the applicable provisions of the Act and the Listing Regulations, the Board has carried out an annual evaluation of its own performance, the performance of the Directors as well as the evaluation of the working of its Committees. The Nomination and Remuneration Committee of the Company (NRC) has defined the evaluation criteria, and procedure for the Performance Evaluation process for the Board, its Committees and Directors.

The performance of the Board and its functioning were evaluated based on various criteria including expertise and experience of the Board, industry knowledge, diversity, Board Meeting procedure, Board Development, succession planning etc.

All committees of the Board were evaluated based on various criteria including their function and duties, periodical reporting to the Board along with their suggestions and recommendations and procedure of the Meetings etc.

In a separate meeting of Independent Directors, the performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated by the Independent Directors. The evaluation of the Chairperson was done based on criteria which among others included managing relationship with shareholders and employees, board, management and leadership qualities. The performance of all Executive Directors as well as Independent Directors has been evaluated by whole Board based on the criteria which include participation at Board/ Committee Meetings, managing relationships with other fellow members and senior management, personal attributes like ethics and integrity etc.

The Board and NRC reviewed the performance of the Board, its Committees and the Directors. The same was discussed in the Board Meeting and the feedback received from the Directors on the performance of the Board and its Committees was also discussed. The Board was satisfied with the overall performance of the Board, Board Committees and individual Directors.

NOMINATION AND REMUNERATION POLICY:

The Company has in place a Nomination and Remuneration Policy for the Directors, KMP and other employees pursuant

to the provisions of the Act and the Listing Regulations which is available on the website of the Company i.e. https://www. fineorganics.com/investor-policies/

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

Your Company has an adequate system of internal financial controls that is commensurate with the size, scale and nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable accounting standards, safeguarding its assets, prevention and detection of errors and frauds and timely preparation of reliable financial information.

AUDITORS:

I. Statutory Auditors

M/s. B Y & Associates, Chartered Accountants, Mumbai (Firm Registration No. 123423W) whose term of office was until the conclusion of the 20th AGM of the Company were re-appointed as the Statutory Auditors of the Company at the 20th AGM held on August 23, 2022, for a further term of 3 years i.e. from the conclusion of the 20th AGM up to the conclusion of the 23 rd AGM to be held in the year 2025. As per the provisions of Section 139 of the Act, M/s. B Y & Associates have confirmed that they are not disqualified from continuing as the Auditors of the Company. The report of the Statutory Auditors for the F.Y. 2022-23 alongwith notes to Schedules is a part of the Annual Report. The report of the Statutory Auditors does not contain any qualification, reservation or adverse remark.

II. Cost Accounts and Cost Auditors

The Company is required to make and maintain cost records for its products as specified by the Central Government under sub-section (1) of section 148 of the Act. Accordingly, the Company has been making and maintaining the records as required.

The Board, on the recommendation of the Audit Committee has approved the appointment of M/s. Y. R. Doshi & Associates, Cost Accountants, Mumbai (Firm Registration No. 000286) as the Cost Auditors of the Company to audit the cost records for the F.Y. 2023-24. In terms of Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration

payable to the Cost Auditors is required to be ratified by the shareholders. Accordingly, a resolution seeking ratification by the members for the remuneration is listed as Item No. 5 of the AGM Notice as an Ordinary Resolution.

III. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Ks & Associates - Company Secretaries, Mumbai (Certificate of Practice Number 5163) to undertake the Secretarial Audit of the Company for the F.Y. 2023-24. Further, the report of the Secretarial Auditor for the F.Y. 2022-23, is appended as "Annexure A" to this report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 "OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT":

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditors have not reported any instances of fraud committed in the Company by its officers or employees, to the Audit Committee under Section 143(12) of the Act. Therefore, the details of same are not provided herein.

RISK MANAGEMENT:

Risk Management is an integral part of the Companys operations. The Company evaluates risks that can impact its strategic, operational, compliance and reporting objectives. Mechanisms for the identification and prioritisation of risks include scanning the business environment and continuous monitoring of internal risk factors. Major risks identified by the Companys business and functions are systematically addressed through mitigating actions on a continuing basis. The Board of Directors has constituted Risk Management Committee (RMC). The RMC is chaired by an Independent Director. The RMC closely monitors risk management efforts and provides insights for effective Risk Management across our operations. A detailed note on risk management is given under the financial review section of the Management Discussion and Analysis of this Annual Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Particulars of loans, guarantees and investments covered under Section 186 of the Act forms part of the notes to the Standalone Ind AS financial statements provided in this Annual Report.

RELATED PARTY TRANSACTIONS:

All transactions with related parties (including material transactions) during the F.Y. 2022-23 were reviewed and approved by the Audit Committee and were at arms length and in the ordinary course of business. Prior omnibus approval was obtained for RPTs which were of repetitive nature and entered in the ordinary course of business and on an arms length basis. The transactions entered into pursuant to the omnibus approval so granted were reviewed by Audit Committee on a quarterly basis. The particulars of contract or arrangments with related parties which fall within the purview of disclosure required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is enclosed in "Annexure B".

Details of RPTs entered into by the Company, in terms of Ind AS-24 are disclosed in notes to the standalone/consolidated financial statements forming part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY:

Your Company has developed a CSR framework in line with Section 135 of the Act read with Schedule VII thereto which focuses on Education, Healthcare, Women Empowerment, Eradicating extreme hunger and poverty etc.

The Board of Directors has constituted the Corporate Social Responsibility Policy of the Company and it is available on the website of the Company i.e. https://www.fineorganics.com/ investor-policies/

The Report on Corporate Social Responsibility (CSR) including the constitution of the Corporate Social Responsibility Committee and activities undertaken during the F.Y. 2022-23 as per Rule 8 of the Companies (CSR Policy) Amendment Rules, 2021 is enclosed as "Annexure C" to this Report.

ANNUAL RETURN:

As per the requirements of Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the annual return for the F.Y. 2022-23 will be available on https://www.fineorganics.com/investor-agm- documents/

PARTICULARS OF EMPLOYEES & MANAGERIAL REMUNERATION:

The information required under Section 197(12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as "Annexure D" to this report.

The statement containing particulars of employees as required under section 197 of the Act read with Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, will be provided upon request. In terms of Section 136 of the Act, this Report and accounts are being sent to the members and others entitled thereto, excluding the information on particulars of employees which is available for inspection by members at the Registered Office of the Company during business hours on all working days. If any member is interested in obtaining a copy thereof, such member may write to the Company Secretary in this regard.

CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of Corporate Governance and continues to be compliant with the requirements of Corporate Governance as prescribed in the Listing Regulations. In compliance with Regulation 34 and other applicable provisions of the Listing Regulations, a separate report on Corporate Governance along with the Certificate of Compliance from the Secretarial Auditor forms an integral part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis Report, capturing your Companys performance, industry trends and other material changes with respect to your Company and its subsidiaries, wherever applicable, is presented in a separate section forming an integral part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Pursuant to Regulation 34(2)(f) of the Listing Regulations and SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, the requirement of submitting a Business Responsibility Report (BRSR) is discontinued after F.Y. 2021-22 and thereafter with effect from F.Y. 2022-23, the top one thousand listed entities based on market capitalisation shall submit a Business Responsibility and Sustainability report in the format specified by SEBI. The

Company being among the top one thousand listed entities has prepared its Business Responsibility and Sustainability Report which is presented in a separate section forming an integral part of this Annual Report. The BRSR indicates the Companys performance against the principles of the National Guidelines on Responsible Business Conduct.

DIVIDEND DISTRIBUTION POLICY:

Pursuant to Regulation 43A of the Listing Regulations, the Company has adopted a Dividend Distribution Policy, setting out the parameters and circumstances that the Board will take into account, in determining the distribution of dividend to its shareholders and/or retaining profits earned by the Company. The policy is available on the website of the Company and the web link thereto is: https://www. fineorganics.com/investor-policies/

WHISTLE BLOWER POLICY AND VIGIL MECHANISM:

In accordance with the provisions of Section 177(9) of the Act and requirements of Regulation 22 of the Listing Regulations, your Company has a vigil mechanism which has been incorporated in the Whistle Blower Policy for Directors and Employees to report genuine concerns about unethical behavior, actual or suspected fraud or violation of the Code for Prevention of Insider Trading. The Whistle Blower Policy is uploaded on the website of your Company at https://www. fineorganics.com/investor-policies/

PREVENTION OF SEXUAL HARASSMENT:

The Company has zero tolerance towards sexual harassment at the workplace and has adopted policy on the Prevention of Sexual Harassment, in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. The Policy aims to provide protection to the employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto. Separate Internal Complaints Committee has also been set up to redress complaints received on sexual harassment at head office as well as at all plant locations. The Committee conducts sensitisation workshops to inform the employees about their rights w.r.t. sexual harassment of women at the workplace. The Company has not received any complaint of sexual harassment during the F.Y. 2022-23.

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

The information pertaining to the conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Section 134(3)(m) of the Act read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 is furnished in "Annexure E" to this report.

MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the Company that occurred between the end of the financial year to which these financial statements relate and the date of the report other than those mentioned under any section of this Annual Report.

DEPOSITS FROM PUBLIC:

The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the balance sheet.

SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS, WHICH WOULD IMPACT THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

There are no significant or material orders passed by the Regulators or Courts or Tribunals, impacting the going concern status and the Companys operations in future.

ACKNOWLEDGEMENTS:

The Board of Directors thank for the continued support and co-operation by customers, vendors, investors, bankers, government and regulatory authorities and stock exchanges during the year under review. The Board of Directors wish to place on record its deep sense of appreciation for the committed services by all the employees of the Company.

For and on Behalf of the Board

Mukesh Shah

Chairman and Managing Director Mumbai: May 24, 2023