Gyscoal Alloys Ltd Directors Report.

To

The Members,

Your Directors are pleased to present the 23rd Annual Report on business and operations of the company- together with the Audited Financial Statements for the financial year ended March 31, 2022.

Financial Highlights

The Company?s financial performances for the year under review along with previous year?s figures are given hereunder:

(Rs. In Lakhs)

Particulars Standalone Consolidated
2021-22 2020-21 2021-22 2020-21
Total Revenue 2292.38 1281.52 2292.38 1281.52
Operational Expenses 2957.57 9445.61 2957.57 9445.61
Earning/ Loss Before Finance Cost, Depreciation and Tax (EBIDTA) (665.19) (8164.09) (665.19) (8164.09)
Less: Finance Cost 54.03 617.33 54.03 617.33
Less: Depreciation & Amortization Cost 366.99 454.46 366.99 454.46
Earning/Loss Before Taxation (1086.21) (9235.88) (1086.21) (9235.88)
Add: Exceptional Item 1122.85 - 1122.85
Less: Total Tax Expenses (599.85) (1798.74) (599.85) (1798.74)
Other Comprehensive Income 11.52 34.96 11.52 34.96
Earnings/Loss After Tax (EAT) (551.69) (7,402.18) (551.69) (7,402.18)

Review of Business Operations

Your Company has posted Revenue from operations for the current year standalone and Consolidated at Rs. 2003.99 Lakhs. Total revenue increased about 79% from Rs. 2003.99 Lakhs to Rs. 1258.33 Lakhs. The loss before interest, depreciation, tax and exceptional items for the current year stands at Rs. 665.19 Lakhs. Standalone and Consolidated Net Loss after tax reduced to Rs. 551.69 Lakhs from Rs. 7402.18 Lakhs.

The Consolidated Financial Statements for the financial year 2021-22 of the Company are prepared in accordance with relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of India and form part of this Annual Report.

Dividend

On account of losses incurred for the year under review and keeping in mind the need to conserve resources, your Directors did not recommend any dividend on Equity Shares for the year ended March 31, 2022.

Transfer to Reserves

Your company does not propose to transfer any amount to the ‘Reserves? for the year ended March 31, 2022. Share Capital

During the year with the approval of members at 22nd Annual General Meeting held on September 29, 2021 increased total authorized share capital of the Company increased from Rs. 27,00,00,000 (Rupees Twenty Seven Crores only) consisting of 270000000 (Twenty Seven Crores) equity shares of Rs. 1/- (Rupee One) each to Rs.500,000,000 (Rupees Fifty Crores only) consisting of 500000000 (Fifty Crores) equity shares of Rs. 1/- (Rupee One) each.

The paid up Equity Share Capital of the Company as on March 31, 2022, remained at Rs. 15,82,75,560 (Rupees Fifteen Crores Eighty Two Lakhs Seventy Five Thousand Five Hundred Sixty only) consisting 15,82,75,560 (Fifteen Crores Eighty Two Lakhs Seventy Five Thousand Five Hundred Sixty) Equity Shares of Rs. 1/-(Rupee One) each.

During the year there is no change in Paid up shares capital of the Company.

Subsidiary, Joint Venture & Associate Companies & Consolidated Financial Statement

The Company has prepared Consolidated Financial Statements in accordance with the Indian Accounting Standards (Ind AS) and as per Schedule III to the Companies Act, 2013. Except where otherwise stated, the accounting policies are consistently applied.

The Board has reviewed the affairs of the Company?s associates during the year at regular intervals. In accordance with section 129(3) of the Companies Act, 2013, the Company has prepared Consolidated Financial Statements of the Company and its Associates forms part of this Annual Report.

In accordance with Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of the Associates companies in Form AOC-1 is provided as "Annexure A" to this report. During the year under review, there were no Companies which have become or ceased to become subsidiary, associate or joint venture of your Company.

In accordance with third proviso to Section 136 of the Act, the Annual Report of your Company, contains inter alia the audited Standalone and Consolidated Financial Statements.

Deposits from Public

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 to 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 or any other applicable provision(s), if any.

Particulars of Loans, Advances, Guarantees and Investments

Pursuant to Section 186 of the Companies Act, 2013 and Schedule V of the Listing Regulations, disclosure on particulars relating to Loans, Advances, Guarantees and Investments are provided as part of the financial statements.

Listing on stock exchanges

The Company?s shares are listed on BSE Limited and the National Stock Exchange of India Limited. The Company had paid Annual Listing fees to both the stock exchanges for the Financial Year 2022 - 23.

Directors and Key managerial Personnel

During the year under review, following changes were occurred in the board of the company:

The Board of directors (‘Board?) has appointed Ms. Mona Viral Shah (DIN 02343194) as an Additional Executive Director and Chairman and Mr. Mahendra Kumar Shukla (DIN: 09461897) as an Additional Executive Director on the Board w.e.f. February 11, 2022 and regularized them at Extra-Ordinary General Meeting (EGM) held on May 09, 2022.

Mr. Zankarsinh Kishorsinh Solanki (DIN: 00014226) resigned from the post of Whole Time Director of the company on February 11 2022 due to pre-occupancy.

Mr. Viral Mukundbhai Shah (DIN: 00014182) resigned from the position of Managing Director and Chairman of the company and appointed as Chief Executive Officer (CEO) of the company on February 11, 2022.

Mr. Hemang Shah (DIN: 08740598) appointed as an Additional Non-Executive Independent Director on April 13, 2022 and regularized him by the members at the EGM held on May 09, 2022.

The Board appointed Ms. Laxmi Jaiswal (DIN: 09616917) and Mr. Ravi Thakkar (DIN: 09620074) as an Addition Non-Executive, Independent Director on May 25, 2022, subject to the approval of the members in the AGM.

As per provision of Section 152(6) of the Act, Mrs. Dipali Manish Shah (DIN 08845576), non-executive and Non-Independent Director, retires by rotation at the ensuing AGM and, being eligible, offers herself for reappointment.

Meetings of the Board, Committees & Compliance to Secretarial Standards

• Meeting of the Board and Committees

The Board met 6 (Six) time during the year on April 30, 2021, June 17, 2021, August 12, 2021, November 12, 2021, February 11, 2022 and February 23, 2022. The requisite quorum was present for all the meetings. The maximum interval between any two meetings did not exceed 120 days.

Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and Listing Regulations, a separate Meeting of the Independent Directors of the Company was held on February 11, 2022.

Details of the meeting of the Committees are provided in the Corporate Governance Report.

During the year under the review, the Company has complied with the provisions of Secretarial Standard 1 (relating to meeting of the Board of Directors) and Secretarial Standard 2 (relating to General Meetings).

• Composition of Committees

The Company have 3 (Three) Committees namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee. A detailed note on the composition of the board and other committees are provided in the Corporate Governance Report.

Audit Committee

As required under section 177 (8) of the Companies Act, 2013 and Listing Regulations, the composition of the Audit Committee is mentioned herein below:

Name of Member Designation
Mr. Samirbhai Jani Chairman to the Committee
Mr. Dipali Shah* Member
Ms. Yashree Dixit Member

Mr. Viral Shah resigned on February 11, 2022 and ceased to be member of the Committee.

*Ms. Dipali Shah appointed on February 11, 2022 as a Member of the Committee.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Board carried out an annual performance evaluation of its own performance, the performance of the Independent Directors individually as well as the evaluation of the working of the Committees of the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. Details of the same are given in the Report on Corporate Governance annexed hereto.

The performance of individual Directors was evaluated on parameters such as level of engagement and contribution, independence of judgment and safeguarding the interest of the Company, etc. The Directors expressed their satisfaction with the evaluation process.

Remuneration of Directors and Employees

A statement pursuant to section 197 of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached with "Annexures C".

Policy of Directors Appointment, Payment of Remuneration and Discharge of their Duties

Matching the needs of the Company and enhancing the competencies of the Board are the basis for the Nomination and Remuneration Committee (NRC) to select a candidate for appointment to the Board, but when there is non-composition in the NRC committee then Board directly appoint the candidate for the Board without recommendation of NRC.

The current policy is to have a balanced mix of executive and non-executive Independent Directors to maintain the independence of the Board and separate its functions of governance and management. As at March 31, 2022 the Board of Directors comprised of 6 (Six) Directors, of which 4 are non-executive, out of which two women directors. The number of Independent Directors is Three.

The policy of the Company on Directors? appointment, including criteria for determining qualifications, positive attributes, independence of a Director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013, is governed by the Nomination Policy. The remuneration paid to the directors is in accordance with the remuneration policy of the Company.

It is affirmed that the remuneration paid to Directors, Key Managerial Prsonnel and all other employees is as per the remuneration policy of the company. Details of the remuneration policy are given in the corporate governance report, which is part of this report and is also available on website of the company www.gyscoal.com.

Auditors

• Statutory Auditor

Pursuant to Section 139 (2) of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the Company at its 22nd Annual General Meeting (AGM) held on September 29, 2021, had appointed M/s Ashok Dhariwal & Co. (FRN.: 100648W), Chartered Accountant as statutory auditor for a period of five years i.e. up to the conclusion of 27th AGM to be held in year 2026. Further as per Companies (Amendment) Act, 2017 effective from May 7, 2018, the provision relating to ratification of Statutory

The Auditor?s Report for the financial year ended March 31, 2022, contain qualification which is mentioned in the Notes to the Auditors report. The Notes on financial statements referred to in the Auditors? Report are self-explanatory and do not call for any further comments. The report is enclosed with the financial statements in this annual report.

The Management gave following representation against the qualification remarks in auditors report

1. In respect of Inventories, during the reporting period, the management has not undertaken physical verification of Inventories at periodic intervals and has not obtained any technical /market/commercial evaluation for the inventories. Hence, we are unable to comment on the realizable value of the same, which may be lower than the amount at which it has been reflected in the balance sheet. The Company has not maintained adequate inventory records at the factory. No provision has been made on diminution in the value of old and slow-moving inventory. The impact of the above remarks, presently not ascertainable and, therefore, cannot be commented upon.

In respect of inventory, we had valued inventory at cost or NRV whichever is lower. As per the requirement of Ind As - 2 as on 31.03.2022, we had raw material amounting to Rs. 916.96/- lakhs and finished goods amounting to Rs. 577.84/- lakhs which is aggregating to Rs. 1494.80/- lakhs which is stated in the balance sheet as well, also management has verified its stock at a periodic level and we have a stock statement of every month for the financial year 2021-22.

2. In respect of Trade Receivables amounting to Rs. 8,430.29 Lakhs, we have not received balance confirmations from the debtors. The reliability of these amounts is doubtful and company has not made any provision for Bad and Doubtful debts in respect of these receivables, other than specified in Note no. 11. In our opinion, the provision made is inadequate and the impact on loss and carrying value of trade receivables could not be ascertained.

In respect of Trade Receivables the balance sheet for the financial year 2021-22 contained 1975.90/- lakhs which is considered as good. In amounting to Rs. 8430.29 lakhs, 6454.39 is considered doubtful and taken as allowances of credit loss in the financial statement, apart from it we also recognize 838.01/- lakhs as impairment loss under the ECL model.

3. In respect of Property, Plant & Equipment as per Note 6 to the Standalone financial statements, physical inspection was not conducted by any technical personnel and the fair value report of gross fixed assets of Rs. 5,825 lakhs for Tangible Assets as at March 31, 2022 is not available. The said assets are not tested for impairment and hence no provision for impairment has been made. In absence of any alternative corroborative evidence, we are unable to comment on the recoverability of the same.

In respect of Property, Plant & Equipment, gross fixed assets are valued at 5825/- lakhs and we had not tasted for impairment as management thinks that Property, Plant & Equipment recoverable amount does not exceed its carrying amount, hence no provision for impairment has been made, although we had charge deprecation as per the requirement of Ind AS 16.

4. We draw attention to Note 16 to the Standalone financial statements regarding preparation of the Standalone financial statements of the Company on a going concern. The Company has incurred operational losses and the net worth of the Company has been fully eroded. The Company has incurred net loss (before exceptional items) of Rs. 1,086.21 Lakhs during the year ended 31st March, 2022. These conditions, along with the outcome of other matters as set forth in Note 16, indicate existence of material uncertainty, which cast significant doubts about the Company?s ability to continue as a going concern and consequently, the ability of the Company to realise its assets and discharge its liabilities in the normal course of business. The management has prepared the financial statements on a going concern basis, as they are reasonably certain that the Company will be able to successfully meet the production targets and raise additional capital. Hence, no adjustments have been made to the carrying value of assets and liabilities and their presentation / classification in the Balance Sheet.

Although we had a net loss (before exceptional items) of Rs. 1,086.21 Lakhs, we had decreased net loss from 7402.18/- lakhs in FY 2020-21 to 551.69/- lakhs in FY 2021-22. In note no. 16.3.3 standalone financial statement itself indicates that the company has taken various steps to reduce cost and improve efficiency and make operational profitability. The company is further trying to arrange to fulfill its working capital requirement. The borrowing of the company also significantly decreased from Rs. 6108.51/- in FY 2020-21 to Rs. 347.58/- lakhs in FY 2021-22.

• Internal Auditor

The Board has appointed M/s. Radheshyam I Shah and Associates (FRN.:128398W), Chartered Accountant, appointed as an Internal Auditor of the Company w.e.f. February 11, 2022 to fill the vacancy arises due to resignation of Mr. Fenil P Shah & Associates, Chartered Accountant (FRN: 143571W), resigned on February 08, 2022.

Board appointed Radheshyam I Shah & Associates, Chartered Accountants as Internal Auditors to carry out the internal audit of the Company. The Internal Auditors? Reports are regularly reviewed by the Senior Management and the Audit Committee of the Board for its implementation and effectiveness.

• Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Chirag Shah & Associates, Practicing Company Secretaries, Ahmedabad, were appointed as a Secretarial Auditors of the Company by the Board at their meeting held on August 12, 2021 to conduct the Secretarial Audit of the Company for the Financial year 2021 - 22. The secretarial audit report in the prescribed form MR-3 is attached herewith as "Annexure D".

Annual Secretarial Compliance Report:

During the period under review, the Company has complied with the applicable Secretarial Standards notified by the Institute of Company Secretaries of India. The Company has also undertaken an audit for the FY 2021 - 22 pursuant to SEBI Circular No. CIR/CFD/CMO/I/27/2019 dated February 08, 2019 for all applicable compliances as per the Securities and Exchange Board of India Regulations and Circular/ Guidelines issued thereunder. The Report (Annual Secretarial Compliance Report) has been submitted to the Stock Exchanges on May 24, 2022 which is within 60 days of the end of the financial year ended March 31, 2022.

• Cost Auditor

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014 the Company do not required to appoint Cost auditor and conduct audit for the financial year 2021-22.

Employees Stock Option Schemes

During the year under review, your company has not declared or granted any Employee Stock Options to the Directors or Employees of the Company.

Declaration by Independent Directors and statement on compliance of Code of Conduct

During the year under review, Company has received necessary declaration from each of the Independent Directors under Section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of Listing Regulation and Regulation 16(1)(b) Listing Regulations and have also complied the Code for Independent Directors as prescribed in Schedule IV to the Companies Act, 2013. In opinion of the Board, they fulfill the conditions of independence as specified in the Companies Act, 2013 and Rules made thereunder and Listing Regulations.

In terms of provisions of Listing Regulations, the Board of Directors of the Company have laid down a Code of Conduct ("Code") for all Board Members of the Company. The Board Members of the Company have affirmed compliance with the Code. The CEO of the Company has given a declaration to the Company that all Board Members and senior management personnel of the Company have affirmed compliance with the Code.

Familiarisation Programme for Directors

The Company believes that a Board, which is adequately informed/familiarised with the Company and its affairs can contribute significantly to effectively discharge its fiduciary duty as director of the company and that fulfils stakeholders? aspirations and societal expectations. In this regard, the Directors of the Company are updated on changes/developments in the domestic/global industry scenario in the sector which affect the business of the Company, to enable them to take well informed and timely decisions. The details of familiarization programs have been disclosed on the website of the Company www.gyscoal.com.

Human Resource Development

Your Company believes that Human Resources play a vital role in achieving its corporate goal. Hence, the Company continues to invest on hiring the best talent from other industries, developing and retaining the available talent to ensure a sustainable talent supply within the organization. The Company provides various opportunities to the employees to develop their skills to take up higher responsibilities in the organization.

Vigil Mechanism process (Whistle Blower Policy)

As per the provisions of Section 177 of the Companies Act, 2013 and Regulation 22 of the Listing Regulations, the Company has devised a vigil mechanism named Whistle Blower Policy for escalating system of ethical concerns etc. and to deal with instances of fraud and mismanagement, if any. The details of the Whistle Blower Policy are available on the website of the Company at www.gyscoal.com and also given in the Corporate Governance Report.

Directors Responsibility Statement

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, with respect to Directors? Responsibility Statement, it is hereby confirmed that:

a) in the preparation of the annual accounts for the year ended March 31, 2022, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) the Directors had 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 loss of the Company for that period;

c) the Directors had 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 had prepared the annual accounts for the year ended March 31, 2022 on a ‘going concern? basis;

e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

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

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant board committees, including the audit committee, the Board is of the opinion that the Company?s internal financial controls were adequate and effective during FY 2021 - 22.

Internal Control Systems and their Adequacy

The Company has an Internal Control System, commensurate with the size and nature of its business operations. The Company has appointed an external audit firm for internal audit of the Company.

The Company has appointed M/s. Radheshyam I Shah & Associates as Internal Auditors to carry out the internal audit. The Internal Auditor reviews the adequacy of internal control system in the Company and its compliance with operating systems and policies & procedures. Based on the report of internal auditor, the account department undertakes corrective actions in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee on quarterly basis. The Internal Auditors? Reports are regularly reviewed by the Board and the Audit Committee for its implementation and effectiveness. The details in respect of internal financial control and their adequacy are also included in the Management Discussion and Analysis Report, which is a part of this report.

Conservation of energy, research and development, technology absorptions and foreign exchange earnings and outgo

The relevant information on conservation of energy, technology absorption, foreign exchange earnings & outgo as required to be disclosed in term of Section 134(3)(m) of the Companies Act, 2013 together with the Companies (Accounts of Companies) Rules, 2014 is annexed to this report as "Annexure B".

Risk Management

Risk is an integral part of any business and therefore, Risk Management is an important function that the business management has to perform to ensure sustainable business growth. The Company has a Risk Management framework in place to identify, assess, monitor and mitigate various risks to the business. This framework seeks to minimize adverse impact on the business objectives and enhance the Company?s competitive advantage. The framework also defines the risk management approach across the company at various levels.

The Company does not fall under the ambit of top 100 listed entities, determined on the basis of market capitalization as at the end of the immediately preceding financial year. Hence, compliance under Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable.

Corporate Governance & Management Discussion and Analysis Report

The Management Discussion and Analysis Report on the Industry and business operations of the Company, as required under Listing Regulations are set out in "Annexure-E" forming part to this Report.

As prescribed under Regulation 34 (3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices implemented by the Company, along with the Compliance Certificate from the Secretarial Auditors regarding compliance of conditions of corporate governance as stipulated in Listing Regulations are set out in "Annexure-F" forming part to this Annual report.

Corporate Social Responsibility

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the provisions of Section 135 of Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014 does not applicable to the Company.

Related Party Transactions

During the year under review, all transactions entered into with Related Parties as defined under the Companies Act, 2013, and Regulation 23 of the SEBI (LODR) Regulations during the financial year were in the ordinary course of business and on arm?s length pricing basis and do not attract the provisions of Section 188 of the Companies Act, 2013. There were no materially significant transactions with related parties during the financial year which were in conflict with the interest of the Company. Suitable disclosures as required by the Indian Accounting Standard (Ind AS 24) has been made in the notes to the Financial Statements.

The Board approved policy for related party transactions is available on the Company?s website www.gyscoal.com. Since all related party transactions entered into by the Company were in ordinary course of business and were on arms? length basis, Form AOC-2 is not applicable to the Company. The details of the transactions with Related Party are provided in the note of the standalone audited financial statements in accordance with the Accounting Standards.

All Related Party Transactions are placed before the Audit Committee and the Board on quarterly basis. Omnibus approval of audit committee and board are obtained for the transactions which are forecasted and are repetitive in nature.

Material Changes

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

Significant and Material orders passed by the Regulators or Courts

During the financial year under review, no significant or material orders were passed by any Regulatory/ Statutory Authorities or the Courts or tribunals which would impact the going concern status of the Company and its future operations.

Details in respect of frauds reported by Auditors other than those which are reportable to the Central Government

During the year under review, the Statutory Auditors and Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors as prescribed under Section 143(12) of the Companies Act, 2013 and rules made thereunder.

Disclosure

• Your Company strongly believes in providing a safe and harassment free workplace to all its employees. The Company continuously endeavors to create and provide an environment that enables women employees to work without fear of prejudice, gender bias and sexual harassment and/or any such orientation in implicit or explicit form. For this purpose, the Company has in place ‘Policy of Protection of Women against Sexual Harassment at Work Place? and also formed Complaint Redressal Committees at various administrative units/ Offices. During the year under review, no cases of sexual harassment against women employees at any of its work place were filed under Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

• The Company has adopted a Code of Conduct to regulate, monitor and report trading by insiders which prohibits trading in securities of the company by directors and employees while in possession of Unpublished Price Sensitive Information in relation to the Company. The said code is available on the website of the Company at www.gyscoal.com.

• During the Year under review, company has complied with Secretarial Standards as applicable to the company.

• The Company has maintained cost records as specified by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013.

• Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the www.gyscoal.com.

ACKNOWLEDGEMENT

The Directors take this opportunity to express their appreciation for the cooperation and assistance to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company.

For and on behalf of Board of Directors,
Gyscoal Alloys Limited
Sd/-
Date: July 30, 2022 Mona Shah
Place: Ahmedabad Director & Chairman
(DIN - 02343194)