G K P Printing & Packaging Ltd Directors Report.

Dear Members,

Your Directors have pleasure in presenting the 1ST Annual Report together with the Audited Financial Statements of Accounts of the company for the year ended on 31st March 2019:

FINANCIAL RESULTS

Particulars Year Ended 31.03.2019
Turnover:
a) Domestic 2458.55
b) Export -
Total 2458.55
Profit before Interest, Depreciation & Tax 366.91
Less: Financial expenses (Net) (0.48)
Profit before Depreciation & Tax 366.43
Less: Depreciation (9.43)
Profit before Tax 357.00
Less: Provision for Current Tax (Net) MAT (100.96)
Deferred Tax 1.64
Profit after Tax 257.68

OPERATIONAL OVERVIEW

Your Directors are pleased to inform the members that during the year under review, your company reported encouraging performance. During the year the company has earned total income of Rs. 2458.55 Lacs. The Company continues to operate only in one segment i.e. Manufacturing of Corrugated Boxes and trading of Kraft paper, Duplex paper and Low-Density Plastic Rolls (LD Rolls) and there is no change in the nature of Business of the Company. After all the financial adjustments, the company has earned a net profit after tax of Rs. 257.68 Lacs (Two Crore Fifty Seven Lacs Sixty Eight Thousand).

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements are available on www.gkpl.in. These documents will also be available for inspection during working hours at the registered office of your Company at Mumbai, Maharashtra. Any member interested in obtaining such document may write to the Company Secretary and the same shall be furnished on request.

UPDATE ON EXPANSION PLAN

Your Company also setup a new manufacturing facility which is located at Survey No. 397 / 1 / P1, Plot No. 22, Daman Ganga Industrial Park, Vapi, Gujarat – 396193, India, and which has been made operational from 27th December, 2018 onwards.

DIVIDEND

In view of the planned business growth, your Directors deem it proper to preserve the resources of the Company for its activities and therefore, do not propose any dividend for the Financial Year ended March 31, 2019

CAPITAL STRUCTURE

The Capital Structure of the Company as on 31.03.2019 are as follows:

The Authorized Share Capital of the Company is 8,00,00,000 (Rupees Eight Crore) divided into 80,00,000 (Eighty Lakh) Equity Shares of 10/- each.

The Issued, Subscribed and Paid up Share Capital of the Company is 5,27,69,440 (Rupees Five Crore Twenty Seven Lakh Sixty Nine Thousand Four Hundred Forty) divided into 52,76,944 (Fifty Two Lakh Seventy Six Thousand Nine Hundred Forty Four) Equity Share of Rs. 10/- Each.

INITIAL PUBLIC OFFER (IPO)

The Company, pursuant to Chapter IX of SEBI (ICDR) Regulations, 2018 (as amended), and in terms of Prospectus Dated 11th April, 2019, offered 20,56,000 (Twenty lakh Fifty Six Thousand) equity shares of face value of 10/- each, at a premium of 22/- per equity share aggregating to Rs. 657.92 lakhs ("the Issue"), of which 1,04,000 Equity Shares of face value of Rs. 10/- each for cash at a price of Rs. 32/- per Equity Share including a Share Premium of Rs. 22/- per Equity Share aggregating to Rs. 33.28 lakhs will be reserved for subscription by Market Maker to the issue (the "Market Maker Reservation Portion").

The IPO Issue opened on Tuesday, the 23rd April 2019 and closed on Friday, the 26th April 2019.

LISTING OF SHARES ON SME PLATFORM OF BSE LIMITED

The issue and allotment of equity shares in the capital of the Company was made on Friday, the 3rd May 2019. The designated Stock Exchange – Bombay Stock Exchange of India Limited, has approved, the listing and trading of equity shares in the capital of the Company, on its SME Platform namely BSE SME, effective Tuesday, the 8th May, 2019.

Your Directors place their sincere thanks to all the investors and the BSE, SEBI, Merchant Bankers and all the agencies for their guidance and support. The Companys equity shares are regularly being traded at the floor of the BSE SME Platform.

TRANSFER TO RESERVES

During the year under review the company has not transferred any amount to the general reserves. However, the Company has received security premium amount of 343.64 Lakhs in the public issue of 80.00 Lakhs equity shares of 10/- each at a premium of 22/- per share allotted on 3rd May, 2019 and transferred the same to Securities Premium Reserves.

PERFORMANCE REVIEW

Your Company has delivered profitable growth during the year. During the year the company has earned total income of Rs. 2458.55 Lacs. The Company continues to operate only in one segment i.e. manufacturing of Corrugated Boxes and trading of Kraft paper, Duplex paper and Low-Density Plastic Rolls (LD Rolls) and there is no change in the nature of Business of the Company. After all the financial Adjustments, the company has earned a net profit after tax of Rs. 257.68 Lacs (Two Crore Fifty Seven Lacs Sixty Eight Thousand).

THE ASSOCIATES/ JOINT VENTURE / SUBSIDIARIES COMAPANIES

The company does not have holding or subsidiary companies during the financial year 2018-19 as well as no other company has become holding / subsidiary/ joint venture therefore the financial statement is prepared on standalone basis and the requirement for disclosure in the Form AOC-1 is not applicable.

MATERIAL CHANGES BETWEEN THE DATE OF THE BOARD REPORT AND END OF FINANCIAL YEAR:

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

During the year under review there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

EXTRACT OF ANNUAL REPORT

The extract of the Annual Return in Form MGT -9 as required under section 92(3) of the Companies Act, 2013 read with the

Companies (Management and Administration Rules), 2014 is enclosed as "Annexure – I". Kindly take note that the Annual Return is available on the website of the Company as a part of Annual Report.

CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on Conversion of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo stipulated under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure II".

BOARD OF DIRECTORS, THEIR MEETINGS AND KMPS:

CONSTITUTE OF THE BOARD

The Board of Directors are comprising of Total 5 Directors which includes 2 (Two) Independent and 2 (Two) Women directors. The Chairman of the Board is Promoter and Managing Director. The Board members are highly qualified with the varied experience in the relevant field of the business activities of the Company, which plays significant roles for the business policy and decision-making process and provide guidance to the executive management to discharge their functions effectively.

BOARD INDEPENDENCE

Our definition of Independence of Directors is derived from Regulation 16 of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013. The Company is having following Independent Directors:

I. Mr. Vinay Tekriwal II. Mr. Ashok Mehta

As per provisions of the Companies Act, 2013, Independent Directors were appointed for a term of 5 (five) consecutive years and shall not be liable to retire by rotation.

DECLARATION BY THE INDEPENDENT DIRECTORS

All the Independent Directors have given their declaration of Independence stating that they meet the criteria of independence as prescribed under section 149(6) of the Companies Act, 2013. Further that the Board is of the opinion that all the independent directors fulfill the criteria as laid down under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 during the year 2018-19.

DIRECTORS LIABLE TO RETIRE BY ROTATION

In accordance with the provisions of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Mrs. Pooja Goradia (DIN: 08101270), Non-executive Director of the Company is liable to retire by rotation at ensuing Annual General Meeting and being eligible offers herself for re-appointment.

CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

There was no change in the composition of Directors and Key Managerial Personnel during the Financial Year 2018-19.

Following are the Directors and KMP(s) in the Company:

1.MR.KEVAL HARSHAD GORADIA Chairman and Managing Director
(DIN: 07295358)
2.MS. POOJA GORADIA Whole Time Director & Chief Financial Officer
(DIN: 08101270)
3. MRS. PAYAL KEVAL GORADIA Non – Executive Director
(DIN: 08101269)
4.MR.VINAYKUMAR TEKRIWAL Independent Director
(DIN: 08282805)
5. MR. ASHOK MEHTA Independent Director
(DIN: 02789579)

Meetings and Attendance of the Board

During the Financial Year 2018-19, the Board of Directors of your Company met 10 (Ten) times which were held on

25.04.2018, 30.04.2018, 02.05.2018,
21.09.2018, 30.10.2018, 19.11.2018,
31.12.2018, 02.01.2019, 19.01.2019,
29.01.2019

The details of attendance of each Director at Board Meetings held in the Financial Year and the last Annual General Meeting are as under

DATES AND ATTENDANC E OF ALL DIRECTORS AT BOARD MEETING

NAME OF KEVAL GORADI A

DIRECTORS POOJA GORADI A

AND ATTENDANCE AT THE PAYAL GORADI A

MEETINGS VINAY TEKRIVAL

ASHOK MEHTA
25.04.2018 YES YES YES

NO

NO
30.04.2018 YES YES YES

NO

NO
02.05.2018 YES YES YES

NO

NO
21.09.2018 YES YES YES

NO

NO
30.10.2018 YES YES YES

NO

NO
19.11.2018 YES YES YES

YES

NO
YES YES YES

YES

YES
31.12.2018
YES YES YES

YES

YES
02.01.2019
YES YES YES

YES

YES
19.01.2019
29.01.2019 YES YES YES

YES

YES
Total No. of Board Meetings Attended 09 09 09

05

04

ANNUAL BOARD EVALUATION

As per the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, the formal annual evaluation was carried out for the Boards own performance, its committee & Individual directors.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members based on the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the Individual Directors on the basis of criteria such as the contribution of the individual Director to the Board and Committee meetings like Preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, Code of conduct etc. In addition, the Chairman was also evaluated on the key aspect of his role.

In a separate meeting of independent Directors, performance of non-independent Directors, performance of the board as a whole and performance of the Chairman was evaluated.

The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual Directors was also discussed. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Directors being evaluated.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of section 134 Clause (c) of SubSection (3) of the Companies Act, 2013, in relation to financial statements for the year 2018-19, the Board of Directors state: a) In the preparation of the annual accounts for the financial year ended 31st March, 2019, the applicable accounting standards have been followed;

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 profit and loss account 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 Companies Act, 2013 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 are operating effectively.

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

APPOINTMENT OF DIRECTORS AND CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR

The NRC is responsible for developing competency requirements for the Board based on the industry and strategy of your Company. The NRC reviews and meets potential candidates, prior to recommending their nomination to the Board. At the time of appointment, specific requirements for the position, including expert knowledge expected, is communicated to the appointee. The NRC has formulated the criteria for determining qualifications, positive attributes and independence of Directors in terms of provisions of Section 178 (3) of the Act and the SEBI Listing Regulations, 2015 as stated under:

Independence: A Director will be considered as an ‘Independent Director if he / she meets with the criteria for ‘Independence as laid down in the Act, Regulation 16 of the SEBI Listing Regulations and the Governance Guidelines.

Competency: A transparent Board nomination process is in place that encourages diversity of thought, experience, knowledge, perspective, age and gender. It is ensured that the Board comprises a mix of members with different educational qualifications, knowledge and who possess adequate experience in banking and finance, accounting and taxation, economics, legal and regulatory matters, consumer industry, hospitality sector and other disciplines related to the companys businesses.

Additional Positive Attributes: The Directors should not have any other pecuniary relationship with your Company, its subsidiaries, associates or joint ventures and the Companys promoters, except as provided under law.

The Directors should maintain an arms length relationship between themselves and the employees of the Company, as also with the directors and employees of its subsidiaries, associates, joint ventures, promoters and stakeholders for whom the relationship with these entities is material. The Directors should not be the subject of proved allegations of illegal or unethical behavior, in their private or professional lives. The Directors should have the ability to devote sufficient time to the affairs of your Company.

REMUNERATION POLICY

Your Company had adopted a Remuneration Policy for the Directors, KMP and other employees, pursuant to the provisions of the Act and the SEBI Listing Regulations. The key principles governing your Companys Remuneration Policy are as follows:

REMUNERATION TO MANAGING DIRECTOR / WHOLE-TIME DIRECTORS

a) The Remuneration/ Commission etc. to be paid to Managing Director / Whole-time Directors, etc. shall be governed as per provisions of the Companies Act, 2013 and rules made there under or any other enactment for the time being in force and the approvals obtained from the Members of the Company.

b) The Nomination and Remuneration Committee shall make such recommendations to the Board of Directors, as it may consider appropriate with regard to remuneration to Managing Director / Whole-time Directors.

REMUNERATION TO NON-EXECUTIVE / INDEPENDENT DIRECTORS

A) The Non-Executive / Independent Directors may receive sitting fees and such other remuneration as permissible under the provisions of Companies Act, 2013. The amount of sitting fees shall be such as may be recommended by the Nomination and Remuneration Committee and approved by the Board of Directors.

B) All the remuneration of the Non- Executive / Independent Directors (excluding remuneration for attending meetings as prescribed under Section 197 (5) of the Companies Act, 2013) shall be subject to ceiling/ limits as provided under Companies Act, 2013 and rules made there under or any other enactment for the time being in force. The amount of such remuneration shall be such as may be recommended by the Nomination and Remuneration Committee and approved by the Board of Directors or shareholders, as the case may be.

C) An Independent Director shall not be eligible to get Stock Options and also shall not be eligible to participate in any share-based payment schemes of the Company.

D) Any remuneration paid to Non- Executive / Independent Directors for services rendered which are of professional in nature shall not be considered as part of the remuneration for the purposes of clause (b) above if the following conditions are satisfied:

a. The Services are rendered by such Director in his capacity as the professional; and

b. In the opinion of the Committee, the director possesses the requisite qualification for the practice of that profession.

REMUNERATION TO KEY MANAGERIAL PERSONNEL, SENIOR MANAGEMENT AND OTHER EMPLOYEES

The remuneration to Key Managerial Personnel, Senior Management and other employee shall consist of fixed pay and incentive pay, in compliance with the provisions of the Companies Act, 2013 and in accordance with the Companys Policy.

COMMITTEE OF THE BOARD

The Company has following committees:

A. AUDIT COMMITTEE:

The Company has constituted Audit Committee as per requirement of section 177 of the Companies Act 2013 and Regulation 18 of the SEBI (LODR) Regulations, 2015 vide resolution passed at the meeting of the Board of Directors held on January 19th, 2019. The terms of reference of Audit Committee are broadly in accordance with the provisions of SEBI (LODR) Regulations, 2015 and Companies Act, 2013. The Audit Committee comprises of the following Directors of the Company:

NAME OF THE DIRECTOR STATUS NATURE OF DIRECTORSHIP
Vinay Kumar Tekriwal Chairman Non-Executive and Independent Director
Ashok Maneklal Mehta Member Non-Executive and Independent Director
Payal Keval Goradia Member Non-Executive Director

B. NOMINATION & REMUNERATION COMMITTEE:

The company has constituted a Nomination & Remuneration Committee in accordance with section 178 of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. The Nomination and Remuneration Committee comprises of the following Directors of the Company:

NAME OF THE DIRECTOR STATUS NATURE OF DIRECTORSHIP
Vinay Kumar Tekriwal Chairman Non-Executive and Independent Director
Ashok Maneklal Mehta Member Non-Executive and Independent Director
Payal Keval Goradia Member Non-Executive Director

C. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Company has constituted a Stakeholders Relationship Committee in accordance with section 178 of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. The Committee considers and approves various requests regarding annual report and to redress complaints of the shareholders. The Stakeholders Relationship Committee comprises the following Directors:

NAME OF THE DIRECTOR STATUS NATURE OF DIRECTORSHIP
Vinay Kumar Tekriwal Chairman Non-Executive and Independent Director
Ashok Maneklal Mehta Member Non-Executive and Independent Director
Pooja Harshad Goradia Member Whole-time Director

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

As the net profit of the company is lower than Rs. 5 Crore in the Financial Year 2018-19, the CSR Provisions does not apply in the financial year 2018-19.

STATUTORY AUDITOR & AUDIT REPORT:

M/s D V Barfiwala & Co., Chartered Accountants, an Auditors firm (FRN. 118936W) was appointed as Statutory auditors of the company in the Extra-Ordinary General Meeting and are eligible to be reappointed as Statutory Auditors for next 5 years to hold office from the conclusion of this GM until the conclusion of Sixth AGM. As per Rule 6(3) of the Companies (Audit and Auditors) Rules 2014, they are eligible to continue as the statutory auditors. They have confirmed that they are not disqualified from continuing as Auditors of the Company. As required under Regulation 33(d) of the SEBI (LODR) Regulation, 2015, the auditor has confirmed that they hold a valid Peer Review certificate issued by the Peer Review Board of Institute of Chartered Accountants of India.

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

INTERNAL AUDITOR

Pursuant to Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 (as amended), your company hereby confirms that the provisions of this section are not applicable as the Company was listed in May 2019 and hence in Financial Year 2018-19 your company need not required to appoint Internal Auditor.

COST AUDITOR

As per the requirement of the Central Government and pursuant to section 148 of the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your company hereby confirms that the provisions of this section are not applicable, hence your company need not required to appoint Cost Auditor for the financial year 2018-19.

DISCLOSURE FOR FRAUD AGAINST THE COMPANY

In terms of provision of section 134(3) (ca) of the Companies Act, 2013, There were no instances of fraud which are reported by Auditors of the Company under section 143(12) of the Companies Act, 2013 to the Audit Committee.

CORPORATE GOVERNANCE

The Company being listed on the SME Platform of Bombay Stock Exchange of India Limited, therefore pursuant to Regulation 15(2)(b) of SEBI (Listing Obligations and Disclosur e Requir ements) Regulations, 2015, Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Part C of Schedule V relating to compliance of Corporate Governance shall not applicable to the Company. Further, The Company need not require complying with requirements as specified in Part E of Schedule II pursuant to Regulation 27(1) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and submitting Compliance Report on Corporate Governance on quarterly basis pursuant to Regulation 27(2) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hence no Corporate Governance Report is required to be disclosed with Annual Report. It is pertinent to mention that the Company follows majority of the provisions of the corporate governance voluntarily as a part of Good Corporate Governance.

INSURANCE

The Fixed Assets and Stocks of your Company are adequately insured.

INDUSTRIAL RELATIONS

During the year under review your Company enjoyed cordial relationship with workers and employees at all levels.

CHANGE IN THE NATURE OF BUSINESS

During the year under review there is no change in the nature of the business and commercial activities of the company.

DEPOSITS

The Company has not accepted any public deposit during the year under review and no amount against the same was outstanding at the end of the year.

PREVENTION OF INSIDER TRADING

The provisions of Regulation 9(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 is applicable to the Company immediately upon the listing of its Equity Shares on the SME Platform of BSE Limited. We shall comply with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015 on listing of Equity Shares on stock exchanges. Further, Board of Directors at their meeting held on January 19th, 2019 have formulated and adopted the code of conduct to regulate, monitor and report trading by its employees and other connected persons. The Code requires Trading Plan, pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. However, there were no such instances in the Company during the year 2018- 19.

RISK MANAGEMENT

Your Company has an Internal Financial Control System commensurate with the size, scale and complexity of its operations. Your Company has adopted proper system of Internal Control and Risk Management to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and that the transactions are authorized, recorded and reported quickly.

The Board of Directors of the Company and the Audit Committee shall periodically review and evaluate the risk management system of the Company so that the management controls the risks through properly defined network. Head of Departments shall be responsible for implementation of the risk management system as may be applicable to their respective areas of functioning and report to the Board and Audit Committee. The Company has not made Risk Management Committee, but the Board of Directors and Audit Committee is looking after the Risk Management of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management discussion and perceptions on existing business, future outlook of the industry, future expansion and diversification plans of the Company and future course of action for the development of the Company are fully explained separately Annexure -III.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

During the financial year 2018-2019 ended 31 March 2019 under review, the Company has neither granted loan/s (secured or unsecured), provided guarantees or securities in connection with any loan/s availed by others nor made any investments pursuant to the provisions of Section186 the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended). As such, no specific details are required to be given or provided.

INTERNAL CONTROL SYSTEMS

Your Company has in place an adequate system of internal controls. The effectiveness of internal controls is reviewed through the internal audit process. Reports of internal auditors are reviewed by management and Audit Committee of the Company from time to time and desired actions are initiated to strengthen the control and effectiveness of the system. The focus of these reviews are as follows: Identify weaknesses and areas of improvement Compliance with defined policies and processes Safeguarding of tangible and intangible assets Management of business and operational risks Compliance with applicable statutes

INTERNAL FINANCIAL CONTROL FOR FINANCIAL STATEMENTS

The Company has adequate system of internal controls commensuration with the size of its operation and business, to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition, and to ensure that all the business transactions are authorized, recorded and reported correctly and adequately. The Company works in a dynamic business environment and adopts the appropriate internal financial controls, to establish reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with the generally accepted accounting principles. It includes inducting and maintaining such business policies and procedures as may be required to successfully conduct the business of the company and maintain such records as to correctly record the business transaction, assets and liabilities of the company in such a way that they help in prevention & detection of frauds & errors and timely completion of the financial statements

RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEES REMUNERATION AND PARTICULARS OF EMPLOYEES:

Pursuant to provision of section 197 of Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details of employees given in the "Annexure IV". During the year, none of the employees received remuneration in excess of Rs. One Crore Two Lakhs or more per annum, or Rs. Eight Lakhs Fifty Thousand per month for the part of the year, in accordance with the provisions of Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Therefore, there is no information to disclose in terms of the provisions of the Companies Act, 2013.

HUMAN RESOURCE

The Company believes that its "Human Resources" are key contributors for its Business Success. The Company focuses on attracting and retaining the best possible talent and looks for specific skill-sets, interests and background that would be an asset for the business. The people management strategy is based on four key components: recruiting, training and development, compensation and retention.

Further, the company has not experienced any strikes, work stoppages, labor disputes or actions by or with employees, and it has cordial relationship with all employees.

RELATED PARTY TRANSACTION

All related party transactions that were entered during the financial year, were on the arms length basis and were in the ordinary course of business and do not attract the provisions of section 188 of the Companies Act, 2013. Thus, disclosure in form AOC – 2 is not required. However, you may refer to Related Party transactions, as per the Accounting Standards, in the Notes forming part of financial statements.

INVESTORS EDUCATION AND PROTECTION FUND

During the financial year 2018-2019 ended 31 March 2019 under review, there were no amount/s which is required to be transferred to the Investor Education and Protection Fund by the Company. As such, no specific details are required to be given or provided.

GREEN INITIATIVE

As the Act permits paperless compliances and as a measure of green initiative, we appeal to all those members who have not registered their e-mail addresses so far are requested to register their e-mail address in respect of electronic holding with their concerned Depository Participants and/or with the Company.

REGISTRAR AND SHARE TRANSFER AGENT

The Company has appointed Link Intime India Private Limited as its Registrar and Share Transfer Agent. The Corporate Office of Link Intime India Private Limited situated at " C -101, 1st Floor, 247 Park, Lal Bahadur Shashtri Marg, Vikhroli (west), Mumbai-400083, Maharashtra.

DEMATERIALISATION OF SECURITIES:

The Companys Equity Shares are admitted in the system of Dematerialization by both the Depositories namely NSDL and CDSL. As on 31 March 2019, all equity shares dematerialized through depositories viz. National Securities Depository Limited and Central Depository Services (India) Limited, which represents whole 100% of the total issued, subscribed and paid-up capital of the Company as on that date. The ISIN allotted to your Company is

INE05QJ01015

ACKNOWLEDGEMENT

The Board of Directors acknowledges with gratitude for the co-operation and assistance received from Bombay Stock Exchange of India Limited (NSE), Securities Exchange Board of India (SEBI), Merchant Banker, Lead Manager, Underwriter and Market Maker, Auditors, Advisors & Consultants, other Intermediary service provider/s for successful accomplishment of the Companys maiden IPO. The Board of Directors also take this opportunity to extend its sincere thanks for co-operation and assistance received by the Company from the Central authorities, Bankers, Members, Customers Suppliers.

The Directors also record their appreciation of the dedication of all the employees at all levels for their support and commitment to ensure that the Company continues to grow.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Keval Goradia

Chairman

DIN: 07295358

Place: Mumbai

Date: 31.08.2019