Maharaja Shree Umaid Mills Ltd Directors Report

DIRECTORS REPORT

Dear Shareholders,

Your Directors have pleasure to present the 84th Annual Report together with the Audited Financial Statements of the Company for the year ended on 31st March, 2024.

• FINANCIAL RESULTS

The Financial Results are given hereunder:

		(INR in Lakhs)
Particulars	Year ended on 31.03.2024	Year ended on 31.03.2023
Total Revenue	46248	46801
Gross Profit/(Loss) before depreciation & amortisation expense and finance cost	2705	4159
Finance Cost	1958	1933
Cash Profit/(Loss) before depreciation & amortisation expense and taxes	747	2227
Depreciation & Amortisation Expense	2112	2094
Profit/(Loss) before Extraordinary Items	(1365)	132
Extraordinary & Exceptional Items	-	-
Profit/(Loss) before taxes	(1365)	132
Provision for taxes	(341)	124
Profit/(Loss) after tax for the year	(1024)	8
Other Comprehensive Income	(8.93)	(33)
Total Comprehensive Income	(1033)	(25)
Profit/(Loss) after tax for the year	(1024)	8
Balance of Other Comprehensive Income	(8.93)	(33)
Balance brought forward from previous year	36458	36483
Profit available for appropriation	35425	36458
Appropriations:
Proposed Dividend	-	-
Tax on Proposed Dividend	-	-
Transferred to General Reserve	-	-
Balance carried to Balance Sheet	35425	36458
Earning per equity share:
Basic	(116)	0.01
Diluted	(116)	0.01

Basis of preparation of financial statements:

The standalone financial statements of the Company comply in all material aspects with Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013 ("the Act"), read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India.

• BRIEF DESCRIPTION OF THE COMPANYS OPERATIONS

DURING THE YEAR AND FUTURE OUTLOOK

As it is evident from the companys financial statements, the entire financial year under review has been quite difficult from an operational point of view, due to a multitude of adverse factors affecting the industry. The overall increase in input material costs and power and fuel costs have impacted profitability substantially.

During the financial year under review, the Company has reported Total Revenue of Rs. 46248 Lakhs, a marginal decrease in Total Revenue by 1.2% in this financial year as compared to previous financial year.

Similary, the Company has reported EBITDA (Earnings before Interest, Depreciation, Tax & Amortisation) of Rs. 2705 Lakhs and a Net Loss before tax of Rs. 1365 Lakhs. EBITDA margin, net profit margin, interest coverage and other financial ratios were impacted during FY 2023-24 as margins remained under pressure due to rising inflation worldwide and no positive growth in demand for textile products, followed by tightening of interest rates and withdrawal of liquidity and recessionary pressures in North America and Europe and geopolitical tensions including Russia-Ukraine, Red Sea and Israel-Hamas crises.

Global growth is estimated to remain stable at 3.2% throughout CY 2024 and CY 2025. Global inflation is receding at a faster pace than anticipated. It declined from 8.7% in CY 2022 to 6.8% in CY 2023 and is expected to further decline to 5.9% in CY 2024, according to IMF. However, geopolitical risks remain high, particularly in light of the continuing conflict in the Middle East and political tensions in Europe. Going forward, declining inflation and greater government spending is anticipated to alleviate fiscal pressures and expected to attract investments for future growth.

However, the Board is confident that the Company will be able to improve its operational performance given all the inherent internal strengths of the Company as well as its strong brand image in the market for yarn and fabrics products. Innovative plans are being made to enhance the Companys topline by anticipating the possibility of improvement in demand and through new business initiatives. Value added products are being added to the companys product basket in the suiting shirting business to improve its profitability.

• DIVIDEND

Due to loss incurred during the financial year under review, the Directors do not recommend any dividend for the Financial Year ended on 31st March, 2024.

• TRANSFER TO RESERVES

The Board of the Company do not propose to carry any amount to general reserves for the year under review.

• SHARE CAPITAL

During the year under review, the Authorised Share Capital of the Company stands at Rs. 90,00,00,000 (Rupees Ninety Crores Only) divided into 9,00,00,000/- (Nine Crores) Equity Shares of Rs. 10/- each and Issued, Subscribed and Paid-up Share Capital of the Company stands at Rs. 88,24,45,490/- (Rupees Eighty Eight Crores Twenty Four Lakhs Forty Five Thousand Four Hundred Ninety Only) divided into 8,82,44,549 (Eight Crores Eighty Two Lakhs Forty Four Thousand Five Hundred Forty Nine) Equity Shares of Rs. 10/- each.

During the year under review, the Company neither issued shares with differential voting rights nor granted any stock options or sweat equity as on 31st March, 2024.

• CHANGE IN THE NATURE OF BUSINESS

During the year under review, there were no changes in the nature of the business of the Company.

• MATERIAL CHANGES AND COMMITMENTS

There are no material changes affecting the financial position of the Company which have occurred in between the end of the financial year 2024 and the date of this report.

• DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in future.

Kota Establishment has been under closure since 1985 & Honourable Supreme Court of India had upheld the closure during 2011. Subsequently, Government initiated steps for taking over part of the land & not strictly as per the laws of the Land. Company has challenged the decisions of the Government for taking over part of the land. Presently the Companys petition is pending before the Honourable High Court of Rajasthan.

• CORPORATE RESTRUCTURING

The Board of Directors of the Company has approved merger of 33 Companies with Maharaja Shree Umaid Mills Limited in their meeting held on March 19, 2024 and the Scheme of Amalgamation between 33 Companies and Maharaja Shree Umaid Mills Limited ("the Company") w.e.f. appointed date April 1, 2023 has been filed with Honble NCLT Kolkata on March 31, 2024.

• PUBLIC DEPOSITS

The Company has not accepted any deposits from the public/ members under section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

• HOLDING AND SUBSIDIARIES

The Company continued to be a subsidiary of Placid Limited during the year under review.

During the year under review, the Company has acquired entire holding in PKT Plantations Limited and Shivphal Vinimay Private Limited from The Peria Karamalai Tea & Produce Co. Ltd., a group company.

Upon such acquisition, both the Companies became the wholly owned subsidiaries of the Company w.e.f 15.11.2023.

As on 31.03.2024, the Company has three Subsidiaries i.e. Msum Texfab Limited, PKT Plantations Limited and Shivpahl Vinimay Private Limited. The Company has no associates or joint ventures during the financial year. However, the said subsidiaries has not started its operations till date.

In accordance with Section 129(3) of the Companies Act, 2013, the Company has prepared a Consolidated Financial Statement of the Company consolidating financial statements of its subsidiaries, which is forming part of the Annual Report. A statement containing salient features of the financial statements of the subsidiaries as required in Form AOC-1 is also provided in Annexure ‘A to this Report.

In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its Standalone and Consolidated Financial Statements has been placed on the website of the Company at https://msumindia.com/financials/. Shareholders interested in obtaining a copy of the audited annual accounts of the subsidiaries may write to the Company Secretary at the Companys registered office.

• TRANSFER OF SHARES AND UNCLAIMED DIVIDEND TO INVESTOR EDUCATIONAND PROTECTION FUND

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after the completion of seven years. Further according to the Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the Demat account of the IEPF Authority.

During the year under review, there were no unclaimed dividend for a period exceeding seven years. Accordingly, there was no requirement for transfer of unclaimed dividend & Shares to IEPF Authority according to the provisions of section 124 and 125 of the Companies Act, 2013 and rules thereof.

• ENERGY CONSERVATION, TECHNOLOGY ABSORPTION ANDFOREIGN EARNING/OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo required under the provision of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is set out in the Annexure ‘B to this Report.

• CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013. The CSR Committee was constituted by the Board of Directors of the Company at its meeting held on May 29, 2014. The Annual Report on Corporate Social Responsibility (CSR) activities pursuant to clause (o) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014 are given in the Annexure ‘C to this Report. The Corporate Social Responsibility Policy is placed on the website of the Company at https://msumindia.com/financials/.

The Company, along with other Group Companies, has set up a Registered Public Charitable Trust named as LNB Group Foundation as implementing agency of the Company to carry out CSR activities fall within the purview of Schedule VII of the Act read with the Companies (Corporate Social Responsibility Policy) Rules 2014.

• DIRECTORS

A) CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. Yogesh Bangur (DIN: 02018075), Deputy Managing Director of the Company, who is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment as director liable to retire by rotation. The Board recommends his re-appointment at the ensuing Annual General Meeting.

During the year under review, Mr. Lakshmi Niwas Bangur (DIN: 00012617) has been re-appointed as Chairman & Managing Director of the Company for a period of 3 (three) years with effect from 11th August, 2023 which was approved by shareholders at the 83rd Annual General Meeting of the Company held on 26th September, 2023.

During the year under review, Mr. Yogesh Bangur (DIN: 02018075) has been re-appointed as Deputy Managing Director of the Company for a period of 3 (three) years with effect from 17th May, 2023 which was approved by shareholders at the 83rd Annual General Meeting of the Company held on 26th September, 2023.

The Board at its meeting held on 31st January, 2024 has appointed Mr. Amit Mehta, an NRI, as an Additional Director and Managing Director of the Company with effect from 31st January, 2024 for a period of three years subject to approval of shareholders and Central Government. Even though Mr. Amit Mehta is an Indian Citizen, he has not been a resident of India as stipulated under Part I of schedule V of the Act and hence the said appointment shall be subject to approval of the Central Government.

The said appointment was approved by the shareholders of the Company through postal Ballot on 13th April, 2024. The approval of Central Government is awaited.

B) DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declaration from the Independent Director(s) of the Company declaring that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013.

In the opinion of the Board, all the Independent Directors fulfils the conditions specified in the Act with regard to integrity, expertise and experience (including the proficiency) of the Independent Director and are independent of the management.

C) PERFORMANCE EVALUATION

Pursuant to the provisions of Companies Act, 2013, the Company has adopted the Remuneration Policy with comprehensive procedure on performance evaluation.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations, ethics and compliances, financial reporting process and monitoring activities.

Performance parameters for the Board as a collective body, included parameters like qualification and diversity of Board members, method and criteria for selection of independent directors to ensure independence, availability, appropriateness, clarity of understanding on risk scenarios faced by the Company, existence, sufficiency and appropriateness of policy on dealing with potential conflicts of interest, involvement of Board members in long-term strategic planning etc. Based on these criteria, the performance of the Board, various Board Committees, Chairman and Individual Directors (including Independent Directors) was found to be satisfactory.

Independent Directors have reviewed the performance of Board, its Committee, Chairman and individual Directors, in their separate meeting held without the participation of other Non-Independent Directors and members of management. Based on their review, the Independent Directors, hold a unanimous opinion that the Non-Independent Directors, including the Chairman to the Board are experts with sufficient knowledge in their respective field of activities.

• NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

The Board meets at regular intervals to discuss and decide on Company business policy and strategy apart from other Board businesses. However, in case of a special and urgent business need, the Boards approval is taken by passing resolutions through circulation, as permitted by law, which are confirmed in the subsequent Board meeting.

The notice of Board/Committee meeting is given well in advance to all the Directors. Usually, meetings of the Board are held at registered office at Kolkata. The Agenda of the Board / Committee meetings is circulated at least a week prior to the date of the meeting. The Agenda for the Board and Committee meetings includes detailed notes on the items to be discussed at the meeting to enable the Directors to take an informed decision.

During the year under review, the Board met 6 (Six) times viz., on 17th May, 2023, 27th July, 2023, 9th November, 2023, 16th January, 2024, 31st January, 2024 and 19th March, 2024. The maximum interval between any two meetings did not exceed the maximum gap provided under the provisions of the Companies Act, 2013.

A separate meeting of Independent Directors of the Company has been also conducted on 16th January, 2024.

• COMMITTEES OF THE BOARD

There are currently 4 (Four) Committees of the Board, as follows:

• Audit Committee

• Stakeholders Relationship Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• AUDIT COMMITTEE

The Audit Committee of the Company comprises of two Independent Directors and one Non-Executive Director. The details are shown below:

• Mr. Rajiv Kapasi, Independent Director - Chairman of the Committee

• Mr. Amitav Kothari, Independent Director -Member

• Mrs. Alka Devi Bangur, Non-Executive Director - Member

The Company Secretary acts as the Secretary of the Committee.

During the year under review, the Committee met 5 (Five) times viz., on 17th May, 2023, 27th July, 2023, 9th November, 2023, 16th January, 2024 and 31st January, 2024. The maximum interval between any two meetings did not exceed the maximum gap provided under the provisions of the Companies Act, 2013.

All the recommendations made by the Audit Committee during the year under review were accepted by the Board.

• STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee of the Company comprises of one Non-Executive Director, one Executive Director and one Independent Director. The details are shown below:

• Mrs. Alka Devi Bangur, Non- Executive Director - Chairman

• Mr. Yogesh Bangur, Executive Director -Member

• Mr. Rajiv Kapasi, Independent Director - Member

During the year under review, the Committee met 4 (Four) times viz., on 17th May, 2023, 27th July, 2023, 9th November, 2023 and 16th January, 2024. The maximum interval between any two meetings did not exceed the maximum gap provided under the provisions of the Companies Act, 2013.

• NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Company comprises of two Independent Directors and one Executive Director. The details are shown below:

• Mr. L.N. Bangur, Executive Director -Member

• Mr. Amitav Kothari, Independent Director -Member

• Mr. Rajiv Kapasi, Independent Director - Member

During the year under review, the Committee met on 17th May, 2023 and 31st January, 2024.

The Nomination and Remuneration Policy of the Company, is appended as Annexure ‘D to this Report.

• CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee of the Company comprises of two Executive Directors and one Independent Director. The details are shown below:

• Mr. L.N. Bangur, Executive Director - Chairman

• Mr. Yogesh Bangur, Executive Director - Member

• Mr. Amitav Kothari, Independent Director -Member

During the year under review, the Committee met 4 (Four) times viz., on 17th May, 2023, 27th July, 2023, 9th November, 2023 and 16th January, 2024.

• ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the draft Annual Return for the year ended 31st March, 2024 is available on the website of the Company at the weblink: https://www.msumindia.com/Financials/.

The final Annual Return shall be uploaded at the same web link after the same is filed with the Registrar of Companies/Ministry of Corporate Affairs (MCA).

• RISK MANAGEMENT

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks that may impact key business objectives of the Company.

Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company. As on the date of this Report, the Board has not identified any risks which may threaten the existence of the Company.

• INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has laid adequate internal financial controls, commensurate with the nature, scale and complexity of its operations, in view of the following:

• Systems have been laid to ensure that all transactions are executed in accordance with managements general and specific authorization. There are well-laid manuals for such general or specific authorisation.

• Systems and procedures exist to ensure that all transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles or any other criteria applicable to such statements, and to maintain accountability for aspects and the timely preparation of reliable financial information.

• Access to assets is permitted only in accordance with managements general and specific authorization. No assets of the Company are allowed to be used for personal purposes, except in accordance with terms of employment or except as specifically permitted.

• The existing assets of the Company are verified/checked at reasonable intervals and appropriate action is taken with respect to any differences, if any.

• Proper Systems are in place for prevention and detection of frauds and errors and for ensuring adherence to the Companys policies.

The internal auditor monitors and evaluates the efficacy and adequacy of the internal control systems in the Company. Based on the report of the internal auditor, respective departments undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee.

• DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

The Board of Directors of the Company has established a Vigil Mechanism for internal and external stakeholders, including individual employees, directors and their representatives bodies and adopted the Whistle Blower Policy in terms of Section 177 of the Companies Act, 2013 to report concerns about unethical behaviour, wrongful conduct and violation of Companys Code of conduct or ethics policy. The Whistle Blower Policy has also been posted on the website of the Company at https://msumindia.com/financials/.

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

The loan given, guarantee given and investment made by the Company during the financial year ended March 31,2024 are within the limits prescribed under Section 186 of the Act. Further, the details of loans, guarantees and investments covered under section 186 of the Companies Act, 2013 are given in the notes to financial Statements.

• PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts or arrangements or transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms length basis as per section 188 of the Act and are reviewed by the Audit Committee of the Board.

During the year under review, the Company has not entered into contracts or arrangements or transactions with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, no transactions are reported in Form no. AOC-2 in terms of Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts), Rules, 2014.

The Policy on Related Party transactions as approved by the Board has been posted on the website of the Company at https://msumindia.com/financials/. Further, suitable disclosure as required by the Accounting Standards has been made in the Notes to the Financial Statements.

• STATUTORY AUDITORS

M/s. Singhi & Co., Chartered Accountants (Firm Regn. No.: 302049E), Statutory Auditors of the Company have been appointed as the Statutory Auditors of the Company in the 80th Annual General Meeting for a period of 5 years i.e, from 80th Annual General Meeting till conclusion of 85th Annual General Meeting to be held in the calender year 2025.

• AUDITORS REPORT

The Notes on Financial Statements referred to in the Auditors Report are self-explanatory and, therefore, do not call for further clarification.

The Auditors Report does not contain any qualification, reservation or adverse remark.

• COST AUDIT

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost accounting records maintained by the Company in respect of Textile Unit are required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed K G Goyal & Associates, Cost Accountants [Firm Registration No. 000024], to audit the cost accounting records of Textile Unit for the Financial Year 2024-2025 on a consolidated remuneration of Rs. 50,000/- (excluding applicable taxes).

As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before members in the ensuing Annual General Meeting for their ratification. Accordingly a resolution seeking members ratification for the remuneration payable to K G Goyal & Associates, Cost Auditors, is included in the notice convening Annual General Meeting of the Company.

• SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014, the Board of Directors of the Company had appointed M/s Vinod Kothari & Company, Practising Company Secretaries, (UIN No. P1996WB042300) to conduct the Secretarial Audit for the Financial Year 2023-24 and their Report on the Secretarial Audit in Form MR-3, is appended to this Report as Annexure ‘E.

There is no qualification, reservation or adverse remark or disclaimer made by the Secretarial Auditor in the enclosed Secretarial Audit Report for the year under review.

• DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the year under review, there were no applications has been made and no proceeding is pending under Insolvency and Bankruptcy Code, 2016.

• DETAILS OF DIFFERENCE BETWEEN AMOUNT OF VALUATION DONE AT THE TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONGWITH THE REASONS THEREOF

During the year under review, there were no one-time settlement with the Banks or Financial Institutions, therefore there is no instance of different between amount of valuation done at the one-time settlement and the valuation done while taking loan.

• DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statements in terms of Section 134(3)(c)and Section 134(5) of the Companies Act, 2013:

• that in the preparation of the Annual Accounts for the year ended 31st March, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

• that such accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2024 and of the loss of the Company for the year ended on that date;

• that proper and sufficient care has been taken 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;

• that the annual accounts have been prepared on a going concern basis;

• that proper internal financial controls are in place to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

• that proper systems to ensure compliance with the provisions of all applicable laws are in place and that such systems are adequate and operating effectively.

• FRAUD REPORTING

There have been no frauds reported by the auditors of the Company under sub-section (12) of section 143 of the Companies Act, 2013 (amended from time to time) to the Central Government.

• DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Company has in place policy on Sexual Harassment of Women at workplace in line with the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaint Committee has been set up to redress complaints received. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Committee has not received any compliant from any employee during the financial year 2023-24.

• SECRETARIAL STANDARDS

The Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India.

• ACKNOWLEDGEMENT

The Directors express their gratitude to Financial Institutions, Banks and various other agencies for the co-operation extended to the Company. The Directors also take this opportunity to thank all business associates and all stakeholders for the confidence reposed by them in the Company. The Directors place on records their sincere appreciation to employees of the Company for their unstinted commitment and continued contribution to the Company and hope that they will maintain their commitment to excel in the time to come.

	For and on behalf of the Board
	Maharaja Shree Umaid Mills Ltd.
	L. N. Bangur
Kolkata	Chairman & Managing Director
May 14, 2024	DIN: 00012617