Macrotech Developers Ltd Directors Report.

To the Members,

The Directors are pleased to present the 26th Annual Report along with the Audited financial statements of the Company for the financial year ended March 31, 2021.

Highlights of Operating & Financial Results


Particulars UoM Year ended March 31, 2021 Year ended March 31, 2020
Sales (Developable Area) Million square feet 5.1 6.2
Sales Number of units 5,053 5,912
Sales Value Rs. in crore 5,968 6,570
Gross Collections Rs. in crore 5,052 8,190
Completed Developable Area Million square feet 2.7 15.7
Completed units Number of units 2,865 12,228


(Rs. in crore)

Standalone Consolidated
Particulars Year ended March 31, 2021 Year ended March 31, 2020 Year ended March 31, 2021 Year ended March 31, 2020
Revenue from operations 4,299.69 8,114.76 5,448.57 12,442.59
Other income 146.29 334.53 323.08 118.39
Total Income 4,445.98 8,449.29 5,771.65 12,560.98
Cost of projects 2,955.69 5,512.66 3,603.82 9,549.98
Employee benefits expense 256.51 280.09 286.35 390.44
Finance costs 817.89 782.05 1,125.69 730.36
Depreciation, impairment & amortization 57.29 243.26 73.43 292.40
Other expenses 102.25 416.30 186.43 594.89
Total Expenditure 4,189.63 7,234.36 5,275.72 11,558.07
Profit Before Exceptional Item 256.35 1,214.93 495.93 1,002.91
Exceptional Item 460.00 560.00 462.75 0.16
Share of Loss in Associate - - (0.02) (0.05)
Profit/(Loss) Before tax (203.65) 654.93 33.16 1,003.02
Tax Credit/(Expenses) 17.93 (221.92) 14.73 (261.49)
Net Profit/(Loss) for the year (185.72) 433.01 47.89 741.53
Other Comprehensive income/(Loss) 1.25 (0.22) 6.48 (12.32)
Total Comprehensive Income/(Loss) for the year (184.47) 432.79 54.37 729.21

COVID 2019

During the first half of calendar year 2020, COVID-19 spread to a majority of countries across the world, including India. In March 14, 2020, India declared COVID-19 as a "notified disaster" and imposed a nationwide lockdown beginning on March 25, 2020. The complete lockdown lasted until May 31, 2020. Despite the lifting of the lockdown, there is significant uncertainty regarding the duration and long-term impact of the COVID-19 pandemic. The pandemic caused a material decline in general business activity and consequently a slowdown in residential sales, obtaining or renewing lease commitments for commercial developments. It caused construction delays due to several factors such as lockdowns enforced by government agencies, work-stoppage orders, disruptions in the supply of materials and shortage of labour. It led to a closure of our offices and we moved to a work-from-home model. We resumed operations at our offices and construction sites in a staggered manner in compliance with government guidelines. Our Trust under the "Lodha Foundation" brand supplied ~ 350,000 + warm meals to the needy across Mumbai during the lockdown period. It also distributed safety items like face masks, sanitizers etc. Food grains, vegetables and spices were also distributed to migrant labourers who were stuck in Maharashtra during the lockdown. A Covid care centre has also been opened in South Mumbai. Notwithstanding the near-term economic headwinds, the long-term outlook for economic growth in India is positive as the fundamentals of the Indian economy continue to remain strong. Although there are uncertainties due to the resurgence of pandemic in the form of Covid 2nd wave and reversal of the positive momentum gained in the last quarter of FY2021, the Company has taken necessary steps and is getting prepared to navigate and overcome the challenges ahead.

Revenue & Profitability Analysis (Standalone)

Total revenue during the financial year 2020-21 was 4,445.98 crore as against 8,449.29 crore during the previous financial year, a decrease of 47.38%. Revenue from operations decreased primarily due to significantly lower construction resulting in delays in project completion and thereby receipt of occupancy certificates and significantly lower sales momentum in the first six months of financial year 2021 on account of the lockdown and slowdown in business activity as a result of the COVID-19 pandemic.

Loss for the year 2020-21 is 185.72 crore as compared to profit of 433.01 crore during the previous financial year. Loss for the year was due to reduction in operating revenue and an exceptional item of 460.00 crore towards provision for loan given to overseas subsidiaries predominantly representing interest on Parent Equity invested as debt. Deferred Tax Asset created on said provision is 160.74 crore, resulting in net impact of 299.26 crore on profitability.

Revenue & Profitability Analysis (Consolidated)


The Audited Consolidated Financial Statements for the financial year ended March 31, 2021 have been prepared in accordance with the Indian Accounting Standards prescibed by the Institute of Chartered Accountants of India and are in compliance with section 129 of Companies Act, 2013.

Total Revenue for the year ended March 31, 2021 stood at 5,771.65 crore as compared to 12,560.98 crore during the year ended March 31, 2020. In view of the lockdown, delay in receipt of occupancy certificate in some projects deferred revenue recognition for these projects to the next financial year. Total expenditure for the year ended March 31, 2021 stood at 5,275.72 crore as against 11,558.07 crore during the previous financial year. Finance costs increased by 54.13% to 1,125.69 crore for the year ended March 31, 2021 from 730.36 crore incurred during the previous financial year, primarily due to lower interest inventorisation.

Profit stood at 47.89 crore for the year ended March 31, 2021 as compared to 741.53 crore during the previous financial year. The reduction in profit was on account of lower operating revenue due to Covid-19 pandemic and losses of overseas project predominantly representing interest on parent equity invested as debt.

Overview of Operations

We have a balanced portfolio of affordable and mid-income housing projects, premium and luxury housing projects, industrial and logistics park segments. We also have commercial projects as part of mixed use strategy in larger developments. Despite being impacted severely by Covid during the year, we managed to achieve pre-sales of 5,968 crore across all segments. This was primarily driven by companys performance in the second half year of FY21, the first half being deeply impacted by Covid induced lockdowns in the MMR. This included one of our best ever quarterly pre-sales performance in Q4 FY21 where we sold real estate worth 2,513 crore. FY21 was also a year where our industrial & logistics parks vertical got a great impetus and signed multiple deals. Our large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road). Our large townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane (Thane outskirts). Our affordable and mid-income housing developments accounted for 58% and 57.8% of our total residential Pre-Sales during FY 2021 and the FY 2020, respectively. Our premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, we have a few projects under the "Lodha Luxury" brand, which comprise small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli). The Company received several awards during the year which showcase the strength of the brand that it possesses. Notable awards received during the year are "Top Developer of the Year" by Times Real Estate Icons of West India in 2020, "Project of the Year and Top Super Luxury Segment Homes" for The World Towers by Times Real Estate Icons of West India in 2020, "Top Township Project (above 350 acres)" for Palava by Times Real Estate Icons of West India in 2020, "Experiential Digital Marketing Excellence" for Palava by DIGIXX 2021. As part of our industrial & logistics park portfolio, to begin with we are developing a logistics and industrial park spread over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja. As we progress further in this segment, we look to utilize more of our land parcel in Palava & Upper Thane and aim to take it up to 3,500 acres over a period.

We have monetized nearly 165 acres of land in the Palava Logistics & Industrial Park (PLIP) either through JVs with reputed investors such as Morgan Stanley or through outright sales to some of the marquee global players e.g. FM Logistics- a French 3PL firm. Thus far the Company has already monetized more than 255 acres of the industrial park segment through JV or outright sale.

Dividend and Reserves

The Board does not recommend any dividend for the financial year under review. No amount was transferred to reserves during the year. The dividend distribution policy is available on the website at

Major Corporate Events During The Year

Initial Public Offering

The Company has completed an Initial Public Offering (IPO) of its equity shares comprising a fresh issue of 5,14,40,328 equity shares having a face value of 10 each at premium of 476 per share, aggregating 2,500 crore. The equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited with effect from April 19, 2021. The IPO witnessed strong participation from marquee anchor investors including some of the largest long only, pension and sovereign funds amidst extremely volatile market conditions due to increasing Covid cases.

Corporate reorganization

The following schemes of arrangement were approved by the National Company Law Tribunal ("NCLT") under sections 230 to 232 of the Companies Act 2013. a. Demerger of ‘One Lodha Place into One Place Commercials Private Limited effective September 25, 2020. b. Amalgamation of Copious Developers and Farms Private Limited and Ramshyam Infracon Private Limited effective June 18, 2021.

The following schemes have been filed and are pending for approval before NCLT, Mumbai bench:

a. Demerger of EVOQ Tower situated at New Cuffe Parade Wadala, into Homescapes Constructions Private Limited (a wholly owned subsidiary) filed on February 24, 2021

b. Amalgamation of Palava Dwellers Private Limited with the Company filed on March 29, 2020

Withdrawal application for demerger of residential towers from the Belmondo and Splendora projects into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively was approved by NCLT, Mumbai Bench vide order dated December 18, 2020.

Changes in Share Capital

The paid-up equity share capital of the Company as on March 31, 2021 is 395.88 crore divided into 39,58,78,000 equity shares of face value of 10 each. Subsequent to the IPO the paid-up equity share capital of the Company was increased to 447.32 crore divided into 44,73,18,328 equity shares of face value of 10 each. The promoters holding in the company post IPO is 88.50%. The company shall comply with minimum public shareholding requirements in due course as per applicable laws.

Extract of Annual Return

Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, Annual Return of the Company for the year ended on March 31, 2021 is available on the Companys website at www.

Directors and Key Managerial Personnel


Mr Mukund Chitale was appointed as an independent director for the first term of five years effective November 23, 2016. His office of directorship is due for retirement on November 22, 2021. Based on the recommendation of the Nomination and Remuneration Committee and after taking into account the performance evaluation during his first term of five years and considering his knowledge, acumen, expertise, experience, integrity, proficiency and substantial contribution made to the Company during his tenure, the Board at its meeting held on May 14, 2021, approved the reappointment of Mr. Chitale as an independent director of the Company with effect from November 23, 2021 to November 22, 2026, whose office shall not be liable to retire by rotation. The Board recommends his reappointment to the shareholders. The Board at its meeting held on July 30, 2021, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Lee Polisano as an independent director of the Company for a period of five years, whose office shall not be liable to retire by rotation, subject to the approval of shareholders. In the opinion of the Board, he brings wide international experience, proficiency and expertise in architectural design which will provide valuable insights to the Company. The Board recommends his appointment to the shareholders.

Retiring by rotation

Mr. Rajinder Pal Singh retires by rotation and being eligible, offers himself for re-appointment. Necessary resolutions for the above are included in the accompanying notice of the Annual General Meeting.


Mr Berjis Desai resigned as an Independent Director with effect from August 17,2020 due to personal commitments. The Board places on record its appreciation for the services rendered by him during his tenure as director.

Key Managerial Personnel

Mr. Jayant Mehrotra resigned as CFO w.e.f. June 26, 2020. The Board places on record its appreciation for the services rendered by him during his tenure as CFO. Mr. Sushil Kumar Modi was appointed as Chief Financial Officer w.e.f. June 26, 2020.

Key Managerial Personnel as per Section 203 of the Act as on March 31, 2021 are:

• Mr. Abhishek Lodha, Managing Director & CEO

• Mr. Rajendra Lodha, Whole time Director

• Ms. Raunika Malhotra, Whole time Director

• Mr. Sushil Kumar Modi, Chief Financial Officer

• Ms. Sanjyot Rangnekar, Company Secretary


The Board met seven times during the financial year ended March 31, 2021; on June 26, 2020, September 4, 2020, November 8, 2020, December 9, 2020, January 29, 2021, February 13, 2021 and March 30, 2021.


The Board carried out an annual evaluation of its own performance, Chairman, board committees, and individual directors pursuant to the provisions of the Act. Performance of the board was evaluated after seeking inputs from all the directors on the basis of criteria such as board composition and structure, effectiveness of board processes, information and functioning, etc. Performance of committees was evaluated by the Board after seeking inputs from the committee members. The Board and the Nomination & Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the board and committee meetings. In a separate meeting of independent directors, performance of the Chairman, non-independent directors and the board as a whole was evaluated, taking into account the views of executive directors and non-executive directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.


The independent directors of the Company have submitted declarations of independence as required under Section 149(7) of the Companies Act, confirming that they meet the criteria of independence under Section 149(6) of the Companies Act and Regulation 16 of the Listing Regulations.The Independent directors have also confirmed that they have complied with the companys code of conduct.


Corporate Social Responsibility (CSR) Committee has been constituted in accordance with Section 135 of the Companies Act. The contents of the CSR Policy and revised format of the CSR Report notified in the Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 dated January 22,2021 is attached at Annexure I to this Report. The CSR policy is available on the website of the company at policies.


The Companys policy on appointment of directors, Key managerial personnel and other employees ("Nomination & Remuneration Policy") is available on the Companys website at https://www. Extracts from the policy are reproduced in Annexure II to this report.


Statutory Auditor

MSKA & Associates, Chartered Accountants were appointed as Statutory Auditors of the Company at the Annual General Meeting held on September 22, 2016 for a term of five consecutive years and hold office till the conclusion of the forthcoming Annual General Meeting. The Board of Directors at its meeting held on May 14, 2021, after considering the recommendations of the Audit Committee, has recommended the re-appointment of MSKA & Associate as the Statutory Auditors of the Company, for approval of the Members, to hold office for a period of five consecutive years, from the conclusion of the ensuing 26th Annual General Meeting until the conclusion of the 31st Annual General Meeting to be held in the calendar year 2026. A resolution proposing re-appointment of MSKA & Associates, Chartered Accountants as the Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013 forms part of the Notice of Annual General Meeting.

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, Shravan A. Gupta & Associates Practicing Company Secretary was appointed as Secretarial Auditor to conduct secretarial audit for the financial year 2020-21.

Cost records and cost audit

In terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, D. C. Dave & Co, Cost Accountants have been appointed as Cost Auditor for conducting Cost Audit of cost records for the financial year 2021-22. A resolution seeking members ratification for the remuneration payable to the Cost Auditor forms part of the accompanying Notice of the 26th Annual General Meeting.

Auditors Reports

The statutory auditors report for financial year 2020-21 does not contain any qualifications, reservations or adverse remarks. The Auditors report is enclosed with the financial statements with this Annual Report. No frauds have been reported by the Auditor during financial year 2020-21.

The Secretarial Audit Report of the company and Palava Dwellers Private Limited (material subsidary) for financial year 2020-21 does not contain any qualifications, reservations or adverse remarks. The Secretarial Audit Reports are provided in Annexure III to this Report.


In terms of Section 134 of the Companies Act, 2013, the particulars of loans, guarantees and investments made by the Company under Section 186 of the Companies Act, 2013 are detailed in Notes to the standalone financial statements.


Transactions/contracts/arrangements, falling within the purview of provisions of Section 188(1) of the Companies Act, 2013, entered by the Company with related parties as defined under the provisions of Section 2(76) of the Companies Act, 2013, during the financial year under review, were in the ordinary course of business and have been transacted at arms length basis.

Material contracts, arrangements or transactions with related parties referred to in Section 188, entered during the year ended March 31, 2021 in Form AOC-2 are provided in Annexure IV.

Disclosures as required pursuant to para A of Schedule V of the Listing Regulations form part of the Audited Financial Statements for the financial year 2020-21.

As required under Regulation 23 of the Listing Regulations, the Company has formulated a Related Party Transactions Policy which is available on the website of the Company at https://www.


Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of the Companies Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended as Annexure V to this Report. The information required pursuant to Section 197 of the Companies Act read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is available for inspection by the Members at registered office of the Company during business hours on working days up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary.


No options were granted / vested / exercised during year under review. After completion of the financial year, the Nomination and Remuneration Committee vide circular resolution dated April 10, 2021 approved grant of 1,140,000 options to 14 eligible employees of the Company, pursuant to the eligibility criteria stipulated under the ESOP Scheme 2021. The ESOP Scheme 2021 is being administered and monitored by the Nomination & Remuneration Committee of the Company. The scheme is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014.

The Company proposes to implement an ESOP Scheme 2021-II which is subject to shareholders approval. Necessary resolutions for implementing this scheme form part of the accompanying Annual General Meeting notice.


The Company is a subsidiary of Sambhavnath Infrabuild and Farms Private Limited. The Company has 49 subsidiaries / associates on March 31, 2021. A statement containing the salient features of financial statements and details of performance of the Companys subsidiaries and associates is attached to the financial statements of the Company in Form AOC-1. The following entities were added as subsidiaries during the year:

1. Brickmart Constructions and Developers Private Limited

2. Primebuild Developers and Farms Private Limited

3. Homescapes Constructions Private Limited

4. Classichomes Developers and Farms Private Limited

5. Palava Induslogic 2 Private Limited

6. 1GS Properties Investments Limited

7. 1GS Investments Limited


As at March 31, 2021, Palava Dwellers Private Limited is a material un-listed Indian subsidiary under Regulation 24 of the Listing Regulations.


The Companys shares are listed with BSE Limited and National Stock Exchange of India Limited with effect from April 19, 2021. The Report on Corporate Governance forming part of this annual report is prepared and presented on a voluntary basis in keeping with the Managements commitment and belief in maintaining the highest standards of Corporate Governance and adheres to the Corporate Governance requirements set out by the Securities and Exchange Board of India. A certificate from the Statutory auditor confirming compliance with the conditions of Corporate Governance as stipulated under Schedule V to the Listing Regulations and applicable provisions of the Companies Act forms part of the Corporate Governance Report.


As the companys shares are listed on BSE Limited and National Stock Exchange of India Limited with effect from April 19, 2021, the Business Responsibility Report for FY2020-21 is prepared and presented on a voluntary basis and forms part of this Annual Report.


Your Company has adopted a Risk Management policy which is based on three pillars: Business Risk Assessment, Operational Controls Assessment and Policy Compliance processes. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. Though not mandatory at present, the Company has constituted a Risk Management Committee consisting of members of the Board and key executives of the Company to identify and assess business risks and opportunities. The scope of the Risk Management Committee includes identifying and reviewing risks at both enterprise level and at project level, risk mitigation planning, implementation and monitoring. The key risks and mitigation actions shall be placed before the Audit Committee of the Company. The composition, scope and terms of reference of the Committee are in compliance with Regulation 21 of the the Listing Regulations.


The Company has an internal financial control system commensurate with the size, scale and complexity of its operations. The internal controls over financial reporting have been identified by the management and are checked for effectiveness across all locations and functions by the management and tested by the Auditors on sample basis. The controls are reviewed by the management periodically and deviations, if any, are reported to the Audit Committee periodically.


The Companys Whistle Blower Policy is in line with the provisions of Section 177 of the Companies Act, 2013 and as per Regulation 22 of the Listing Regulations. This Policy establishes a vigil mechanism for Directors and employees to report genuine concerns regarding unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct. The said mechanism also provides for adequate safeguards against victimisation of persons who use such mechanism and makes provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.


Particulars as required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo etc. are furnished below:

A. Conservation of Energy i. Steps taken or impact on conservation of energy

• Increased focus on passive designs to reduce the energy footprint of a building

• Keeping walkability quotient high on township projects

• LEED USGBC and BEE rated commercial portfolio

• Glazing used across our offices projects is better than the glazing recommended in the ECBC/ECBC+ categories

• Fine tuning of electrical demands based on historical data analysis.

• Deployment of roof insulation, high solar reflectance index (SRI) paints and green terrace, together or separately across produce to reduce the overall building air conditioning requirements thereby improving the building performance

• Use of premium efficiency motors in our projects

• Installation BEE 5-star AC units across apartments in our high end and flagship projects despite higher upfront capex.

• Use of variable frequency drives for all elevators and select air conditioning equipment.

• Lighting control systems in select common areas; and extensive use of LED lights

• Use of extensive use of materials like fly ash, GGBS, etc. at all our projects, resulting in saving of cement thus indirectly saving energy consumed in manufacturing of cement.

• Prefabricated dwelling units for labour accommodation with bunkers to minimise the areas utilized by the camps, reducing transportation needs and controlling environmental degradation by proper waste disposal facilities. Regulated water and power supply to labour camps across all sites.

• Use of reusable aluminium formwork in place of wooden formwork during construction

ii. Steps taken for utilizing alternate sources of energy

• Installation of solar water heaters for the residential buildings at our projects.

• Installation of solar powered street lights at township projects

• Installation of 1MW land mounted solar plant which partially meets the power requirements of our Xperia Mall

iii. Capital investment on energy conservation equipment

The Company continues to make project level investments for reduction in consumption of energy. The capital investment on energy conservation is embedded in project cost and is not separately quantified.

iv. Impact of measures for reduction of energy consumption

• Direct reduction in the electricity demand

• Reduction in costs of procuring the energy

• Reduced transportation needs, improvement in health and wellbeing of construction workforce

• Reduction in overall carbon footprint of the comapays operations

B. Technology absorption

We continually implement initiatives which improve efficiency and reduce the overall carbon footprint of our operations:

i. Efforts made towards technology absorption a. We have designed the air conditioning system of one of our upcoming building with DOAS (Dedicated outdoor air systems) so that we can deploy high temperature chillers to achieve exceptional energy performance b. We have also initiated discussion to adopt newer renewable energy utilization models like green tariffs through utility companies. c. As part of our pandemic resilience efforts, we have started deploying UVGI filtration to all air handling units under our management d. We have entered into MoUs and agreements with EV charging infra providers to enable EV charging progressively at all our projects.

ii. Benefits derived like product improvement, cost reduction, product development or import substitution

a. These initiatives will help us achieve very high energy performance, thereby making our product more competitive

b. Our efforts also promote the use of electric vehicles which are good for environment and are aligned with the long- term vision of 2030 EV Policy of the Government of India

iii. Imported Technology


C. Foreign Exchange Earnings & Outgo

During financial year 2020-21, foreign exchange earnings and outgo was 12.46 crore and 36.66 crore respectively.


Your Directors state that for the financial year ended March 31, 2021, no disclosures are required in respect of the following items and accordingly confirm as under:

i. The Company has neither revised the financial statements nor the report of Board of Directors.

ii. No cases were filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal Act, 2013. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under this Act.

iii. There are no material changes or commitments affecting the financial position of the Company between March 31, 2021 and the date of this report.

iv. The Company has not accepted any deposits during financial year 2020-21.

v. No instance of fraud has been reported to Board of Directors of the Company by the Auditors or any other person.

vi. No significant or material orders were passed by the Regulators/Courts/Tribunals which impact the going concern status and Companys operations in future.

vii. During the financial year 2020-21 there was no change in the nature of the business of the Company.

viii. There has been no issue of equity shares with differential rights as to dividend, voting or otherwise during the financial year 2020-21.

ix. The Company has complied with applicable Secretarial Standards issued by the Institute of the Company Secretaries of India during the financial year 2020-21.

x. No petition/application has been admitted under Insolvency & Bankruptcy Code, 2016, by NCLT.


Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

a. in the preparation of the annual accounts for the financial year ended March 31, 2021, the applicable accounting standards have been followed and there are no material departures

b. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2021 and of the profit/loss of the Company for the financial year ended on that date;

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

d. they have prepared the annual accounts 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.


The Management Discussion and Analysis report forms a part of this Annual Report.


Your Directors would like to express their grateful appreciation for the assistance and support extended by all stakeholders.