Maiden Forgings Ltd Directors Report

The Members,

Maiden Forgings Limited,

Your Directors have pleasure to present the 18th Annual Report on the business and operations of the Company and Audited Financial Statements for the financial year ended 31st March, 2023.

FINANCIAL HIGHLIGHTS

A brief overview on Financial Performance for the Financial Year ended March 31, 2023 is as follows:

(Amount in Lakhs)

Particulars	Year Ended 31st March 2023	Year Ended 31st March 2022
Revenue from Operations	22081.96	21050.98
Other Income	33.48	32.74
Total Revenue	22115.44	21083.72
Less: Total Expense	20784.63	20782.11
Profit /loss before Exceptional items and Tax Expense	1330.81	301.61
Add/(less): Exceptional items	0	0
Profit /loss before Tax Expense	1330.81	301.61
Less: Tax Expense (Current & Deferred)	370.25	82.42
Profit /loss for the year after tax	960.56	219.19
Other Comprehensive Income/loss	0	0
Add: Balance B/F from the previous Year	0	0
Balance Profit / (Loss) C/F to the next year	960.56	219.19

STATE OF COMPANYS AFFAIRS

Your Company is engaged in the business of manufacturing of wide range of Bright steel and wires. During the financial year, the Company has earned Total Revenue of Rs. 22115.44/- Lakhs as compared to the previous financial year Total Revenue of Rs. 21083.72/- Lakhs and has taken various initiatives and measures which not merely help the Company to raise funds and expand its business but even lead to the Company to the next path of its growth and development via strengthen its financial position and compete effectively in the market, the details of the same are given hereunder:-

(i) Diversified Product Portfolio

Your Company has diversified its product portfolio by adding "Plastic Coil Pneumatic Nails and Wire Welded Coil Nails and specialised steel grades in SS Bright Bars".

(ii) Conversion from Private Limited Company to Public Limited Company

Your Company has changed its status from the "Private Limited Company" to the "Public Limited Company" in order to raise funds via Initial Public Offer and make it listed on the stock exchange.

(iii) Initial Public Offer (IPO)

During the financial year, your Company has debuted in the capital market by making an "Initial Public Offer of 37, 84,000" Equity Shares to the public at large via Red Herring Prospectus which was opened for subscription on March 23, 2023 and closed on March 27, 2023 and subsequently, the shares of the Company has been listed on the BSE SME Platform dated April 06, 2023. Further, the Directors placed on record their appreciation of contributions made by the entire IPO team with all the dedication, diligence and commitment which led to successful listing of the Companys equity shares on the BSE SME platform. Further, the success of the IPO reflects the trust and faith reposed in Your Company by the Investors, customers and business partners and your Directors thank them for their confidence in Your Company.

CHANGE IN NATURE OF BUSINESS, IF ANY

There has been no change in the nature of business of your Company during the financial year 2022-2023. Your Company operates only in a single segment of Business and as such no separate segment reporting is required.

TRANSFER TO RESERVES

Your Company has not transferred any amount to reserves out of the profits for the financial year ended on 31st March, 2023.

DIVIDEND

To strengthen the financial position of the Company, the Board of Directors of your Company has decided not to recommend any dividend on the equity shares for the financial year 2022-2023.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

There is no unpaid/unclaimed dividend amount lying with the Company, therefore the provisions of Section 125 of the Companies Act, 2013 do not apply.

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

During the financial year 2022-2023, your Company has decided to debut in the capital market by making Initial Public Offer via Red Herring Prospectus of 37, 84,000 (Thirty Seven Lakhs Eighty Four Thousand) Equity Shares at Issue Price of Rs.63/- per share (which includes Face Value of Rs.10/- and premium of Rs.53/-) which was opened for subscription on March 23, 2023 and closed on March 27, 2023, for the following Category of Investors named as:-

a) Retail Individual Applicants;

b) Non-Institutional Applicants;

c) Qualified Institutional Applicants and

d) Market Makers

Accordingly, your Company by passing a Board Resolution dated April 03, 2023 has made an allotment of the above mentioned equity shares as subscribed through Initial Public Offer and listed on BSE SME Platform dated April 06, 2023, and pursuant to which, there is an extreme effect on the financial position of your Company via infusion of cash, increase in the paid up share capital and change in the Earning Per Share of the Company.

DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATES

During the year under review, there are no companies which have become or ceased to be subsidiaries, joint venture or associates of Your Company.

DEPOSITS

During the year, your Company has not accepted any Deposit within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014. Accordingly, there is no unpaid deposit lying with the Company for the period under review.

DIRECTORS LOAN

Your Directors have also introduced funds in the Company during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees or securities and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the financial statements.

ANNUAL RETURN

An Annual Return of your Company as referred in sub-section (3) of section 92 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, will be available on the website of the Company and the web link of the same is https://maidenforgings.in/Investor_Relation.aspx.

COMPLIANCE WITH SECRETARIAL STANDARDS

Pursuant to the provisions of the Secretarial Standard-1, a statement is hereby given that your Company has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and made applicable as per Section 118(10) of the Companies Act, 2013, while conducting and organizing the Board and General Meetings.

CHANGES IN CAPITAL STRUCTURE OF YOUR COMPANY

AUTHORIZED SHARE CAPITAL

During the year under review, your Company has increased its Authorized Share Capital by passing a resolution in the Extra Ordinary General Meeting of members of the Company from Rs. 5,80,00,000/- (Rupees Five Crore and Eighty Lakhs Only) consisting 58,00,000 (Fifty-Eight Lakh) Equity Shares of Face Value of Rs.10/- (Rupees Ten Only) to Rs. 15,00,00,000/- (Rupees Fifteen Crore Only) consisting of 1,50,00,000 (One Crore and Fifty Lakh) Equity Shares of face value of Rs.10/- (Rupees Ten Only).

ISSUED AND PAID UP SHARE CAPITAL

During the year under review, your Board of Directors of the Company by passing a Board resolution dated November 28, 2022, has decided to reward their shareholders via issuing 52,14,000 (Fifty-Two Lakh Fourteen Thousand) bonus shares in the ratio of 1:1 through capitalization a sum of Rs. 5,21,40,000/- (Rupees Five Crore Twenty-One Lakh and Forty Thousand Only) from the Securities premium Account, General Reserves and any other surplus reserves and the same was approved by the members by passing a resolution in the Extra Ordinary General Meeting held on November 28, 2022.

Accordingly, your Company by passing a Board resolution dated November 29, 2022 has made an allotment of the above-mentioned shares to the members and capitalized the sum of General Reserves and Securities Premium Account into the Share Capital of the Company which subsequently led to increase in the Paid-up Share Capital of the Company.

Further during the year, your Company neither issued any equity shares with differential voting rights nor any shares (including sweat equity shares) to its employees under any scheme.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

The Board of Directors of your Company is duly constituted. None of the Directors of the Company is disqualified under the provisions of Companies Act, 2013.

Accordingly, as on March 31, 2023, the Board of Directors of your Company comprises the following Directors: -

S.no.	Name of Director/ Key Managerial Personnel	Designation
1.	Mr. Nishant Garg	Managing Director
2.	Ms. Nivedita Garg	Whole Time Director
3.	Mr. Abhilash Rastogi	Independent Director
4.	Mr. Raj Kumar Mittal	Independent Director
5.	Ms. Urvi Agarwal	Independent Director
6.	Ms. Prachla Garg	Chief Financial Officer
7.	Ms. Monika Negi	Company Secretary

Further, there is change in the constitution of the Board of Directors of the Company pursuant to the proposed Initial Public Offering during the financial year under review and accordingly, your Company has appointed Managing Director, Whole Time Director and Independent Director in its composition in order to make compliance with the provisions of the Companies Act, 2013 and Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 and to enhance the corporate governance. The detail of the Directors and Key Managerial Personnel has been appointed and resigned during the financial year is given hereunder: -

S.no.	Name of Director/ Key Managerial Personnel	Designation/ Change in Designation	Executive/ Non- Executive Director	Date of Appointment/ Cessation
1.	Ms. Nivedita Garg	Director	Executive Director	Appointed on 02/09/2022
2.	Mr. Sanjay Garg	Director	Executive Director	Cessation on 22/09/2022 due to death
3.	Mr. Nishant Garg	Change in Designation from Director to Managing Director	Executive Director	28/11/2022
4.	Ms. Nivedita Garg	Change in Designation from Director to Whole Time Director	Executive Director	28/11/2022
5.	Mr. Ashish Gupta	Additional Independent Director	Non-Executive Director	Appointed on 28/11/2022
6.	Ms. Monika Negi	Company Secretary	NA	Appointed on 28/11/2022
7.	Ms. Prachla Garg	Chief Financial Officer	NA	Appointed on 28/11/2022
8.	Mr. Abhilash Rastogi	Independent Director	Non-Executive Director	Appointed on 06/01/2023
9.	Mr. Raj Kumar Mittal	Independent Director	Non-Executive Director	Appointed on 06/01/2023
10.	Ms. Urvi Agarwal	Independent Director	Non-Executive Director	Appointed on 06/01/2023
11.	Mr. Ashish Gupta	Additional Independent Director	Non-Executive Director	Cessation on 06/01/2023

NUMBER OF BOARD MEETINGS

Fifteen Board Meetings were held during the Financial Year 2022-2023. The detailed Agenda and Notice for the Meetings were prepared and circulated in advance to the Directors within the prescribed time. The intervening gap between the two consecutive meetings was not more than the period prescribed under the Companies Act, 2013.

Further, details regarding the number, date of meetings and attended by each director are as given hereunder:

S.no	Date of Board Meetings	Total Strength of the Board	Directors Present
1.	24/06/2022	2	2
2.	20/07/2022	2	2
3.	02/09/2022	2	2
4.	26/09/2022	2	2
5.	01/10/2022	2	2
6.	03/10/2022	2	2
7.	10/10/2022	2	2
8.	21/10/2022	2	2
9.	28/11/2022	2	2
10.	29/11/2022	3	3
11.	06/01/2023	3	3
12.	13/01/2023	5	5
13.	02/02/2023	5	5
14.	14/02/2023	5	5
15.	14/03/2023	5	5

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS

Name of the Directors	No. of Board Meetings Eligible to attend	No. of Board Meetings attended
Mr. Sanjay Garg	3	3
Mr. Nishant Garg	15	15
Ms. Nivedita Garg	12	12
Ms. Urvi Agarwal	4	4
Mr. Abhilash Rastogi	4	4
Mr. Raj Kumar Mittal	4	4

RETIREMENT BY ROTATION

Pursuant to Section 152 of the Companies Act 2013, Mr. Nishant Garg (DIN: 03088601), Director of the Company is liable to retire by rotation and being eligible has offered himself for reappointment at the ensuing Annual General Meeting. The Board recommends his reappointment.

STATEMENT BY THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

Your Board of Directors is satisfied about the Integrity, Expertise and Experience including proficiency of the Independent Directors has been appointed during the financial year under review in the Board of Directors of the Company.

DECLARATIONS BY INDEPENDENT DIRECTOR

All the Independent Directors have submitted a declaration to the Board that they fulfill the criteria of Independence as stipulated in Section 149(6) of the Companies Act, 2013 and that they are not aware of any circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. As on date, all the Independent Directors on the Board of Your Company have registered themselves on the Independent Directors Databank.

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014, your company has carried out the performance evaluation of the Board, its Committees and Individual Directors in accordance with the performance evaluation criteria prescribed by the Nomination and Remuneration Committee which inter alia include in its ambit various aspects such as composition of the Board & Committees, experience and competencies, performance of specific duties and obligations, attendance and contribution at Board meetings / Committee meetings / General meetings, preparedness for meetings, effective decision making ability, knowledge of sector where Company operates, understanding and avoidance of risk while executing functional duties, successful negotiating ability, initiative to maintain corporate culture, commitment, dedication of time, leadership quality, attitude, initiatives and responsibilities undertaken, achievements etc.

Further, your Independent Directors in its meeting held on March 13, 2023 has review the performance of Non-Independent Directors and the Board as a whole and the said meeting was attended by all the Independent Directors.

Further, the Board has expressed its satisfaction and has been thankful to all its Independent Directors for sharing their knowledge and expertise which has been proved beneficial towards the progress of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

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

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) 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 Your Company at the end of the financial year and of the loss of Your Company for that period;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of Your Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the annual accounts on a going concern basis;

(v) the Directors had laid down proper internal financial controls and that internal financial controls are adequate and operating effectively in Your Company;

(vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DISCLOSURE RELATED TO COMMITTEES AND POLICY

Audit Committee

During the year, your Company has constituted Audit Committee in accordance with the provisions of Section 177 of Companies Act, 2013 and accordingly, the Audit Committee presently consist three Directors, out of which two are Non-executive Independent Directors and one is Executive Director of the Company.

The Company Secretary of your Company will act as the Secretary of the Committee.

Further, the detail Composition of the Audit Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi	Independent Director
2.	Ms. Urvi Agarwal	Independent Director
3.	Mr. Nishant Garg	Managing Director

During the year under review, the Board has accepted the recommendation of the Audit Committee whenever received and given, if any, by the same.

Nomination And Remuneration Committee

During the year, your Company has constituted Nomination and Remuneration Committee in accordance with the provisions of Section 178 of Companies Act, 2013 and accordingly, the Committee presently consist three Directors which are Non-Executive Independent Directors of the Company.

The Company Secretary of your Company will act as the Secretary of the Committee.

Further, the detail Composition of the Nomination and Remuneration Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi	Independent Director
2.	Ms. Urvi Agarwal	Independent Director
3.	Mr. Raj Kumar Mittal	Independent Director

Nomination And Remuneration Policy

In adherence of section 178(1) of the Companies Act, 2013, the Board of Directors of your Company has framed a policy on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided u/s 178(3), based on the recommendations of the

Nomination and Remuneration Committee. The broad parameters covered in the ambit of policy inter-alia include as follows: -

(i) Objectives;

(ii) Matters to be dealt with, perused and recommended to the Board by the Nomination and Remuneration Committee;

(iii) Formulation of Appointment criteria and Qualifications for Director, Key Managerial Personnel and Senior Management;

(iv) Recommendation of Remuneration to the Board for Whole Time Directors, Key Managerial Personnel and Senior Management Personnel;

Further, the Nomination and Remuneration Policy is available on the website of your Company i.e. https://maidenforgings.in/Investor_Relation.aspx

Stakeholders Relationship Committee

During the year, your Company has constituted Stakeholders Relationship Committee in conformity with the provisions of Section 178 of the Companies Act, 2013 and accordingly, the Committee presently consist three Directors which are Non-Executive Independent Directors of the Company and the Company Secretary of your Company will act as the Secretary of the Committee.

Further, the detail Composition of the Stakeholders Relationship Committee is given below: -

S.no.	Name of Director	Nature of Directorship
1.	Mr. Abhilash Rastogi	Independent Director
2.	Mr. Raj Kumar Mittal	Independent Director
3.	Mr. Nishant Garg	Managing Director

The Committee shall act in accordance with the terms of reference as approved by the Board and shall address the grievances and concerns of the Stakeholders including Investors and the Shareholders of Your Company.

Vigil Mechanism / Whistle Blower Policy

During the year, the Board of Directors of your Company has established vigil mechanism via formulating and implementing Vigil Mechanism Policy which is in conformity with the provisions of section 177 of the Companies Act, 2013 and the rules made thereunder. Further, this policy enables the Directors and employees to report to the management genuine concerns and instances of unethical behavior actual or suspected fraud or violation of Your Company Code of Conduct.

This vigil mechanism of your Company is overseen and reviewed by the Audit Committee and which even, provides adequate safeguard against victimization of employees and also provide direct access to the Chairperson of the Audit Committee in exceptional circumstances.

During the year under review, your Company did not receive any complaint. None of the personnel of your Company were denied access to the Audit Committee. The policy is available on the website of Your Company https://maidenforgings.in/Investor_Relation.aspx.

Corporate Social Responsibility (CSR) Policy

The provision of Section 135 of the Companies Act, 2013 and the rules made thereunder in relation to Corporate Social Responsibility was not applicable on the Company during the financial year 2022-2023. Therefore, no policy has been developed and implemented by your Company on Corporate Social Responsibility.

Statement Concerning Development and Implementation of Risk Management Policy

Risk Management is an integral part of your Companys business strategy. The Board reviews compliance with risk policies, monitors risk tolerance limits, reviews and analyzes risk exposure related to specific issues and provides oversight of risk across the organization. The Board nurtures a healthy and independent risk management function to inculcate a strong risk management culture in Your Company. Your Directors periodically review the risk associated with the business or threatens the prospectus of the Company. The key policy is available on the website of your Company https://maidenforgings.in/Investor_Relation.aspx.

AUDITORS AND THEIR REPORTS

Statutory Auditor

M/s H G & Co, Chartered Accountants (FRN:013074C), appointed as Statutory Auditor in the Annual General Meeting of the members of the Company held on September 30, 2019, to hold office from the conclusion of that Annual General Meeting till the Annual General Meeting held in the financial year 2024.

Accordingly, the Audit Report as given by the Statutory Auditor on the financial statements of the Company for the financial year 2022-2023, does not include any qualifications, reservation or adverse remarks. Therefore, no explanations and comments have been given by the Board of Directors of your Company hereunder.

Secretarial Auditor

Pursuant to the provisions of Section 204 (1) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company was not required to appoint Secretarial Auditor for the financial year 2022-2023, to conduct the Secretarial Audit of secretarial and other related records of the Company. Therefore, no Secretarial Auditor Report is annexed with the Board Report of the Company.

Internal Auditor

During the financial year under review, your Company has appointed M/s M Lal& Co. (FRN: 016069C), as the Internal Auditors of the Company under the provisions of section 138 of the Act, for conducting the internal audit of the Company for the financial year 2022-23.

Cost Auditor

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, your Company has appointed Mr. Rishi Mohan Bansal (having Registration No. 000022) as Cost Auditor for conducting the audit of cost records of the Company for the financial year 2022-2023 and accordingly, the Cost Auditor has submitted its Audit Report to the Board of Directors of Your Company.

Maintenance of Cost Records

Pursuant to the provisions of the Section 148 read with the Companies (Cost Records and Audit) Rules, 2014, your Company is required to made and maintain the cost records relating to the steel products manufactured by Your Company.

Accordingly, the Cost records have been made and maintained by your Company during the financial year 2022-2023.

Reporting of Frauds by Auditors

The Auditors of your Company including Statutory and Cost Auditor have not reported any instance of fraud is being or has been committed in the affairs of the Company by its officers or employees pursuant to the provisions of Section 143(12) of the Companies Act, 2013.

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

The details of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are as under:

(i) Conservation of Energy:

(a)	The Steps taken or impact on conservation of Energy	Energy conservation continues to receive priority attention at all levels. All efforts are made to conserve and optimize use of energy with continuous monitoring, improvement in maintenance and distribution systems and through improved operational techniques.
(b)	The Steps taken by Your Company for utilizing alternate source of energy	Your Company has not taken any step for utilizing alternate sources of energy.
(c)	The Capital Investment on energy conservation equipments	Your Company has not made any capital investment on energy conservation equipments.

(ii) Technology Absorption:

(a)	The Efforts made towards technology absorption	Updation of technology is a continuous process, absorption implemented and adapted by Your Company for innovation.
(b)	The benefit derived like product improvement, cost reduction, product development or import substitution	Your Company had been able to successfully indigenize the tooling to a large extent and successfully developed new products by virtue of technology absorption, adaption and innovation
(c)	In case of Imported technology (imported during the last three years reckoned from the beginning of the Financial Year)	NA
(d)	the expenditure incurred on Research and Development	NIL

(iii) Foreign Exchange Earnings/ Outgo:

(a)	Total Foreign exchange earned in terms of actual inflows during the Financial Year	Rs.5,71,41,050/-
(b)	Total Foreign exchange earned in terms of actual outgo during the Financial Year	Rs.2,38,52,563/-

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of the transactions entered into with related parties during the financial year ended 31st March 2023, have been set out in FORM AOC-2 in Annexure I. Further, it is mentioned that Related Party Transactions entered during the financial year with the related parties is in the ordinary course of business and on the arm length basis.

PARTICULARS OF EMPLOYEES

Particulars of employees as required in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure II.

STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS

Your Company has in place adequate internal financial controls that commensurate with the size and nature of its operations of the Company and has been operating satisfactorily. Further, Internal control systems comprising of policies and procedures that are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

PREVENTION, PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

Your Company is committed to provide a protective environment at workplace to all its women employees and accordingly, the Company has taken various initiatives and measures to protect the interest of the women employees working in the Company.

Further, the Company has not constituted Internal Complaint Committee as the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013, read with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rule 2013, is not applicable upon your Company.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL

There are no significant or material orders passed by any regulators or courts or tribunals impacting the going concern status and companys operations in future.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE 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, neither any application has been made nor are any proceedings initiated against and/or by the Company under the Insolvency and Bankruptcy Code, 2016.

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

Your Company has not made any settlement with the Banks and Financial Institutions. Therefore, there is nothing to report under this for the financial year under review.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to regulation 34 (2) (e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Management Discussion and Analysis Report is attached with this report.

DISCLOSURE OF ACCOUNTING TREATMENT

Your Company has not followed any treatment which is different from that prescribed in the applicable Accounting Standards. Therefore, there is no requirement by the management to furnish any explanation in relation thereto.

PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct for prevention of insider trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code of Conduct. All Directors and the designated employees have confirmed compliance with the Code.

CORPORATE GOVERNANCE

Your Company practices a culture that is built on core values and ethical governance practices and is committed to transparency in all its dealings. Further, the provisions of Regulation 15 of SEBI (Listing Obligation & Disclosure Requirements), Regulation, 2015, exempt the Companies which have listed their specified securities on the SME Exchange to make the detailed disclosures in the Annual Report on the Corporate Governance as provided in Para C, D and E of Schedule V of SEBI (Listing Obligation & Disclosure Requirements), Regulation, 2015.

Since, the equity share capital of the Company is listed exclusively on the SME Platform of BSE and accordingly, Your Company has not made detailed disclosures on the Corporate Governance in the Annual Report. However, Your Company is in compliance to the extent of applicable sections of the Companies Act, 2013 with regard to Corporate Governance.

COMPANYS WEBSITE

Your Company has its fully functional website https://maidenforgings.in/Default.aspx which has been designed to exhibit all the relevant details about the Company. The site carries a comprehensive database of information of the Company including the Financial Results, details of Board Committees, Corporate Policies/ Codes, business activities and current affairs of your Company. All the mandatory information and disclosures as per the requirements of the Companies Act, 2013 read with the rules made thereunder and as per Regulation 46 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and also the non-mandatory information of Investors interest / knowledge has been duly presented on the website of the Company.

EXPLANATION FOR DEVIATION(S) OR VARIATION(S) IN ACCORDANCE WITH REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015

In accordance with the offer document of the Initial Public Offer, your Company had estimated utilization of Rs. 23,83,92,000/- towards consolidation and expansion of Manufacturing Facilities, Working Capital and General Corporate Purposes.

Further, the Company has not submitted any statement of deviation or variation to the stock exchange in relation to the utilization of proceeds of funds raised via Initial Public Offer till date. Therefore, the Company is not required to furnish an explanation in relation to the variation or deviation as stipulated under Regulation 32 of SEBI (LODR) Regulations, 2015.

ACKNOWLEDGEMENT

Your Directors gratefully acknowledge all stakeholders of Your Company for the co-operation and assistance received from financial institutions, Government Authorities, Customers, members, dealers, vendors, banks and other business partners during the financial year. Your Directors place on record their deep sense of appreciation for the commitment displayed by the employees, executives, staff and workers of Your Company who have contributed to the growth and performance of Your Company. Your Directors look forward to the continued support of all stakeholders in the future.

		BY ORDER OF THE BOARD
		FOR MAIDEN FORGINGS LIMITED
	Sd/-	Sd/-
	Nishant Garg	Nivedita Garg
Date: August 25, 2023	Managing Director	Whole Time Director
Place: Ghaziabad	DIN: 03088601	DIN: 03359751