mansi finance chennai ltd share price Directors report

Dear Members,

Your Directors have great pleasure in presenting the 29^th Annual Report of the business and operations of the Company together with the audited statement of accounts for the year ended 31st March, 2023.

State of Companys Affairs:

(A) Financial summary or highlights:

Particulars	2022-22	2020-21
Total Income	69609247	58742515
Total Expenditure	42863617	48117833
Profit before interest, depreciation and tax	55310991	41972557
Finance cost	27587059	29913032
Depreciation	978302	1434843
Profit before Exceptional & Extra-ordinary items and tax	26745630	10624682
Exceptional & Extra-ordinary items	-	-
Profit after Exceptional & Extra-ordinary items & before tax	26745630	10624682
Provision for taxation (Net of deferred tax)	6766471	4124556
Profit after tax	19979159	6500126
Amount available for appropriation	19979159	6500126
Appropriations:
Transfer to Statutory Reserve maintained
u/s 45IC of RBI Act, 1934	3995832	1300025
Transfer to General reserve	-	-
Proposed dividend	-	-
Tax on proposed dividend	-	-
Balance carried to Balance Sheet	15983327	5200101

(B) Operations:

Your Company has been able to maintain its financial position during the current year. The gross amount of loans provided by the Company stood at Rs.5574.47 Lakhs as on 31st March, 2023 as compared to Rs.4749.07 Lakhs as on 31st March, 2022.

Annual Return (Form MGT-7):

The Annual Return as required under sub-section (3) of Section 92 of the Companies Act, 2013 (‘the Act) in Form MGT-7 is made available on the website of the Company and can be accessed at https://mansi.in.

Number of Board Meetings Conducted During the year under review:

The Board met six times during the financial year, the details of which are given hereunder. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

Quarter	Date of Board Meeting
1st April, 2022 to 30th June, 2022	26.04.2022
	30.05.2022
1st July, 2022 to 30th September, 2022	13.08.2022
	30.09.2022
1st October, 2022 to 31st December, 2022	14.11.2022
1st January, 2023 to 31st March, 2023	11.02.2023

Compliance with Secretarial Standards:

During the year under review, the Company has followed applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Directors Responsibility Statement:

In accordance with the provisions of section 134(5) of the Companies Act, 2013, the Board hereby submits its Responsibility Statement:

(a) In the preparation of the annual accounts for the year ended 31st March, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

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

(e) The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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

Explanation or comments on Qualifications, Reservations or Adverse Remarks or Disclosures made by the Statutory Auditors:

The Statutory Auditors of the Company in their report and notes forming part of the financial statements for the year ended 31st March, 2023 have stated that:

Auditors Comment:

According to the information and explanations given to me, there were no undisputed amounts payable in respect of Income tax, Wealth tax, GST, Cess and other material statutory dues in arrears / were outstanding as at 31st

March, 2023 for a period of more than six months from the date they became payable. However, according to information and explanations given to me, the following dues of Income Tax have not been deposited by the Company on account of dispute:

Particulars	Amount (Rs)	Period to which amount relates	Forum where the dispute is pending
Income Tax	42,087	Financial Year 2003–2004	Commissioner of Income Tax (Appeals), Chennai
Income Tax	119,420	Financial Year 2004–2005	Commissioner of Income Tax (Appeals), Chennai

Boards Reply:

Your Directors would like to state that the said disputed statutory dues are pending before the Commissioner of Income Tax (Appeals), Chennai. Further, the Directors are of strong opinion that the decision at the appeal stage would be in their favour and accordingly they have not made any provision in the financial statements for the said dues.

The other observations made by the auditors in their report and notes to the accounts referred to in the Auditors Report are self-explanatory.

The statutory auditors have not reported any frauds under sub-section (12) of section 143 of the Companies Act, 2013.

Reporting of fraud by the auditors:

The statutory auditors have not reported any frauds under sub-section (12) of section 143 of the Companies Act, 2013. Accordingly, the Company is not required to make any disclosures under Section 134(3)(ca) of the Companies Act, 2013.

Explanation or comments on Qualifications, Reservations or Adverse Remarks or Disclosures made by the Secretarial Auditors:

The Secretarial Auditors have made the following observations in their report for the year ended 31^st March, 2023:

Secretarial Auditors Comment:

1. Except for general delays ranging upto 17 days, the Company has prima facie been regular in submitting the documents as stipulated under the Companies Act, 2013;

Boards Reply:

Your Directors would like to state that they are making their best efforts in filing its statutory returns within the prescribed time. However, due to technical difficulties and delays the Company has submitted e-Form MGT-14 (for consideration of financial statements) after the due date. Your Directors would like to assure you that they shall take steps to ensure that the returns are filed well within the prescribed time.

Secretarial Auditors Comment:

2. The Company has not updated its website with regard to various matters which are statutorily required to be placed on the website of the Company.

Boards Reply:

Your Directors would like to state that the Company has provided all the data to the external technical supporter for the web applications and is expecting the same to be updated shortly. As informed by the web supporter, the website has been majorly updated and only a portion is pending to be updated and will be done shortly.

Secretarial Auditors Comment:

3. The Company has not filed the Resolution for appointment of internal auditor in terms of provisions of sub-section (3) of section 117 read with sub-section (3) of section 179 and other applicable rules made under the Companies Act, 2013;

Boards Reply:

Your Directors would like to state that the Company has appointed Shri. T.S. SRINIVASAN (M. No. 019118), Chartered Accountant in Practice as its internal auditor. Further, the required resolution was passed in the meeting of the Board of Directors held on August 14, 2022 and the same was filed with the Registrar of Companies, Tamilnadu. However, the Company was unaware that the same has to be filed on a yearly basis and hence the same was missed. Your directors would like to state that they have passed and filed the required resolution for the current financial year.

Secretarial Auditors Comment:

4. Except for general delays ranging from 3 to 30 days, the Company has prima facie been regular in submitting the documents as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Boards Reply:

Your Directors would like to state that they are making their best efforts in filing its statutory returns within the prescribed time. However, due to technical difficulties and delays the Company has submitted the certain disclosures after the due date. Your Directors would like to assure you that they shall take steps to ensure that the returns are filed well within the prescribed time.

Secretarial Auditors Comment:

5. During the period under review, one of the designated person, namely, Shri. Suresh Bafna, Chairman and Managing Director and Promoter of the Company has acquired 1000 Equity Shares of Rs.10/- each on 04.04.2022, viz., during the period when the trading window was closed for adoption of audited financial results;

Boards Reply:

Your Directors would like to state that the said transaction by the Designated Person, Shri. SURESH BAFNA Chairman and Managing Director and Promoter of the Company had occurred inadvertently and was unintentional.

Secretarial Auditors Comment:

6. The Company has not maintained any structured digital database as contemplated under Regulation 3(5) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

Boards Reply:

Your Directors would like to state that the Company has purchased software called "Insiderr" for meeting with the said purpose. Further, the Company is waiting for a training session from the vendor and thereafter the said software will become fully functional.

Secretarial Auditors Comment:

7. The Company has not submitted the Quarterly Confirmation Certificate for the quarter ended September 30, 2022 received from the Registrar and Share Transfer Agent in respect of the compliance of Regulation 74(5) to the Stock Exchange.

Boards Reply:

Your Directors would like to state that they had not received the said certificate from the Registrar and Share Transfer Agent even after making repeated requests for the said certificate and hence there has been a non-compliance in this regard.

Secretarial Auditors Comment:

8. With regard to transfer of shares by Non-Resident Indians, we were unable to verify whether the approval of Reserve Bank of India was obtained for such transfers as the documents relating to transfer of shares were not in the possession of the Company and the same were kept with the Registrar & Share Transfer Agents.

Boards Reply:

Your Directors would like to state that the above documents are in the custody of the Registrar and Share Transfer Agents of the Company and the Company has requested them to arrange the same for the verification.

Secretarial Auditors Comment:

9. During the financial year 2022-23, the Company has received an email from the Bombay Stock Exchange Limited (BSE) consolidating the various outstanding penalties levied on the Company since the quarter ended March 31, 2014 amounting to Rs.1513227/- (including GST amount of Rs.230831/-). As informed by the management, the Company is under negotiation with the Stock Exchange for either waiver or reduction of said penalties.

Boards Reply:

Your Directors would like to state that the Company has paid an amount of Rs.182535/- towards the said outstanding dues. The Company has requested the Exchange to waive the balance of penalty imposed on the Company.

Particulars of loans, guarantees or investments made under section 186 of the Companies Act, 2013:

The Company being a Non-Banking Finance Company (NBFC) has in the ordinary course of business made loans or advances or given guarantees or provided securities or made investments in bodies corporate and other persons during the financial year. Your Directors would like to draw your attention to the notes to the financial statements which sets out the details of loans and investments made.

Particulars of contracts or arrangements made with related parties:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms length basis. The Company presents a statement of all related party transactions before the Board of Directors of the Company for their approval. During the financial year, the Company had not entered into any contract / arrangement / transaction which could be considered as material in nature. Your Directors would like to draw your attention to the notes to the financial statements which sets out related party disclosures.

Details of amounts transferred to reserves:

The Company has proposed to transfer a sum of Rs.39,95,832/- to statutory reserve maintained under section 45IC of the RBI Act, 1934 during the financial year. The closing balance of such Statutory reserve as on 31^st March, 2023 was Rs.5,52,22,902/-.

Dividend:

In view of requirement of working capital, your Directors do not recommend any dividend for the financial year ended 31^st March, 2023.

Transfer of unclaimed dividend to Investor Education and Protection Fund:

The Company was not required to transfer any amounts in unpaid dividend account, application money due for refund, matured deposits, matured debentures and the interest accrued thereon which have remained unclaimed or unpaid for a period of seven years to Investor Education and Protection Fund.

Material changes and commitment if any affecting the financial position of the company occurred between the end of the financial year to which this financial statements relate and the date of the report (01/04/2023 to 29/05/2023):

There were no material changes and commitments affecting the financial position of the Company between the period 1^st April, 2023 to 29^th 2023.

Conservation of energy, technology absorption, foreign exchange earnings and outgo under section 134(3)(m) of the Companies 2013 read with rule 8(3) of the Companies (Accounts) Rules, 2014:

In terms of clause (m) of sub-section (3) of section 134 of the Companies Act, 2013 and the rules framed thereunder, the particulars relating conservation of energy, technology absorption and foreign exchange earnings and outgo is given below:

1) CONSERVATION OF ENERGY:

(i) the steps taken or impact on conservation of energy;	Your Company is not engaged in any manufacturing activity and
(ii) the steps taken by the Company for utilising alternate sources of energy;	thus its operations are not energy intensive. However, adequate measures are always taken to ensure optimum utilization and
(iii) the capital investment on energy conservation equipments;	maximum possible saving of energy.

2) TECHNOLOGY ABSORPTION:

(i) the efforts made towards technology absorption;
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) -	The Company has no activity relating to technology absorption.
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology has been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof, and
(iv) the expenditure incurred on Research and Development.

3) FOREIGN EXCHANGE EARNINGS AND OUTGO:

	(Amount in Lakhs)
Particulars	2022-23	2022-22
Value of exports calculated on FOB basis	–	–
Value of Imports calculated on CIF basis:
Raw Materials	–	–
Components and Spare parts	–	–
Capital Goods	–	–
Expenditure in Foreign Currency:
Travel	–	–
Others	–	–

Details of change in Nature of business, if any:

There was no change in the nature of business of the Company during the financial year.

Changes in directors and Key Managerial personnel:

In accordance with the provisions of section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Companys Articles of Association, Shri. SURESH BAFNA (DIN: 00007655), retires by rotation at the forthcoming Annual General Meeting, and he being eligible, offers himself for re-appointment. The Board recommends the re-appointment.

Evaluation of the Boards performance:

In compliance with the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the performance evaluation of the Board, its Committees and individual Directors was carried out during the year under review. Questionnaire approach was adopted for said evaluations.

The Nomination and Remuneration Committee (NRC) at its meeting carried out a separate exercise for evaluating every Directors performance. The evaluation of Independent Directors was carried out without the presence of that Director. A separate meeting of the Independent Directors was convened on 11th February, 2023 which reviewed the performance of the Board (as a whole), the Non-Independent Directors and the Chairman.

Some of the key criterias for performance evaluation were as follows:

Performance evaluation of Board and Committees:

1. Degree of fulfillment of key responsibilities;

2. Board structure and composition;

3. Effectiveness of Board processes, information and functioning;

4. Board Culture and Dynamics;

5. Quality of relationship between the Board and the Management;

6. Establishment and delineation of responsibilities to committees.

Performance evaluation of Directors:

1. provide meaningful and constructive contribution and inputs in meetings;

2. display a good degree of understanding of the Company, industry, sector, geography;

3. display independence of judgment.

Familiarization programme for independent Directors:

The Independent Directors of the Company are persons of integrity, possessing rich experience and expertise in the field of corporate management, finance, capital market, economic and business information.

The Company has issued appointment letter to the Independent Directors setting out in detail, the terms of appointment, duties, roles & responsibilities and expectations from the appointed Director. The Board of Directors has complete access to the information within the Company. Presentations are regularly made to the Board of Directors / Audit Committee / Nomination & Remuneration Committee / Stakeholders Relationship Committee on various related matters, where Directors have interactive sessions with the Management.

During the financial year 2022-23, the Company has conducted one familiarization programme on 11th February, 2023. Discussions were held on topics such as:

- Roles, rights, responsibilities of the Director and Statutory compliances required to be made by the Company and the Directors as a part of the Board ;

- Business model of the Company;

- Industry overview and organizational structure of the Company, operations and product overview & statutory changes in the law and its effect on the industry;

- Strategies and growth plans of the Company;

- Business Structure and Overview, Corporate Strategy;

- Competition update;

- Strategic risks and mitigation;

- Corporate Governance;

- Strategies and growth plans of the Company;

- Cost control mechanism; and

- Awareness with respect to roles and responsibilities as specified in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary:

The Company does not have any subsidiary companies or associate companies or joint ventures.

Internal Financial Controls:

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. The Company has in place adequate internal financial controls with reference to financial statements. During the year under review, such controls were tested and no reportable material weaknesses in the design or operation were observed.

Maintenance of Cost Records:

The Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

Deposits:

In terms of sub-section (3) of section 134 of the Companies Act, 2013 and the rules framed thereunder, the particulars relating to deposits is given below:

(a) accepted during the year;	Your Company has neither
(b) remained unpaid or unclaimed as at the end of the year;	accepted nor renewed any deposits from public within the meaning of section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 during the financial year and as such, no amount of principal or interest was outstanding as on the Balance Sheet date.
(c) whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved-
(i) at the beginning of the year;
(ii) maximum during the year;
(iii) at the end of the year;

Material orders passed by Regulatory Authorities:

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

Risk Management Policy:

Risks are events, situations or circumstances which may lead to negative consequences on the Companys businesses. Risk Management is a structured approach to manage uncertainty. Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Although the Company does not have a formal risk management policy but a formal enterprise-wide approach to Risk Management is being adopted by the Company and key risks will now be managed within a unitary framework. The Company has laid down a Comprehensive Risk assessment and minimization procedure which is reviewed by the Board from time to time. These procedures are reviewed to ensure that executive management controls risks through means of a properly defined framework. Key business risks and their mitigation are also considered in the annual / strategic business plans and in periodic management reviews.

Details of revision of Financial Statements:

There was no revision of the financial statements of the Company during the financial year.

Details of Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016:

The Company has not made any application nor any application or proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the financial year.

One time settlement with the banks or Financial Institutions:

The Company has not entered into any one time settlement with the Banks or financial institutions. Accordingly, the reporting on the 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 does not arise.

Shares and Share Capital:

a. Capital Structure:

The Authorised Share Capital of your Company is Rs.5,50,00,000/-comprising of 55,00,000 Equity Shares of Rs.10/- each and the Paid-up Share Capital is Rs.3,53,49,000/- comprising of 35,34,900 Equity Shares of Rs.10/- each.

b. Buy-back of Shares:

The Company has not bought back any of its securities during the financial year.

c. Sweat Equity:

The Company has not issued any Sweat Equity Shares during the financial year.

d. Bonus Shares:

No Bonus Shares were issued during the financial year.

e. Employees Stock Option Plan:

The Company has not provided any Stock Option Scheme to the employees during the financial year.

Statutory Auditors:

M/s. SIROHIA & CO (FRN: 003875S), Chartered Accountants, Chennai were appointed for a period of 5 (five) consecutive years from the conclusion of the 28^th Annual General Meeting held in the calendar year 2022 till the conclusion of the 33^rd Annual General Meeting to be held in the calendar year 2027, as required under Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014.

Particulars of employees:

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, your Directors would like to state that the Company does not have any employees drawing remuneration in excess of the limits set out in the said rules.

Secretarial Auditors:

In accordance with the provisions of section 204 of the Companies Act, 2013, the Board has appointed M/s. MUNDHARA & CO, Company Secretaries in Whole-time Practice, Chennai as the Secretarial Auditors for the financial year 2022-23 and 2023-24. The report of the Secretarial Auditor for the financial year 2022-23 is annexed to this report.

Disclosure under the Sexual Harassment of Women at workplace (Prevention, Prohibition And Redressal) Act, 2013:

Your Company has always believed in providing a safe and harassment free workplace for every individual working in the Companys premises through various interventions and practices. The Company always endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment.

The Company has adequate measures including checks and corrections in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Committee (IC) has been set up to redress complaints received regarding sexual harassment.

The following is a summary of sexual harassment complaints received and disposed off during the financial year:

- No. of Complaints received : NIL

- No. of Complaints disposed off : NIL

- No. of cases pending for more than 90 days : NIL

- No. of workshops/awareness programmes carried out : ONE

- Nature of action taken by the employer / DO : Not Applicable

Reserve Bank of India Regulations:

Your Company is generally complying with the directions of the Reserve Bank of India regarding prudential norms of accounting, capital adequacy ratio, provisions for bad and doubtful debts and other requirements as per the directions issued from time to time.

Corporate governance:

Report of Corporate Governance for the financial year and Management Discussion and Analysis report are forming part of this Annual report.

Composition of Audit Committee:

The Board has constituted the Audit Committee, which comprises of Shri. MAHESH TATED as Chairman, Smt. RAJENDHIRAN ANGALI ESWARI and Smt. SAJJAN KANWAR BAFNA as the members. More details on the committee are given in the Corporate Governance Report.

Certificate from Managing Director and Chief Financial Officer:

A certificate has been obtained from Shri. SURESH BAFNA (DIN: 00007655), Chairman & Managing Director and Shri. DINESH KUMAR M JAIN (PAN: AAEPJ0465G), Chief Financial Officer as required under regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on Corporate Governance which is enclosed and is forming part of this Report and is annexed as Annexure-4 to this report.

Certificate from Managing Director for compliance with code of conduct:

A certificate has been obtained from Shri. SURESH BAFNA (DIN: 00007655), Chairman & Managing Director of the Company certifying that the Company has duly complied with requirements relating to the code of conduct as laid down in the Listing Agreement entered with the Stock Exchange and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Listing at Stock Exchange:

The Equity Shares of the Company continue to be listed on Bombay Stock Exchange Limited.

Certificate on compliance with the conditions of Corporate Governance under the listing Agreement and the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015:

A certificate from the Statutory Auditors of the Company regarding compliance with the Code of Corporate Governance is forming part of this annual report.

Managements discussion and analysis:

In terms of the provisions of regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the required Managements Discussion and Analysis report is set out in this Annual Report.

Declaration by independent Directors:

The Company has received necessary declaration from each Independent Director under section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in section 149(6) of the Companies Act, 2013 and regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board of Directors of the Company, the independent directors have the required integrity, expertise and experience (including the proficiency) to continue as independent directors.

Employee Remuneration:

The ratio of the remuneration of each Director to the median employees remuneration and other details in terms of sub-section 12 of section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are forming part of this report and are annexed as Annexure-1 to this report.

Corporate social responsibility:

As informed by the statutory auditors, the Company is not meeting with the threshold limits provided under the provisions of section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 and accordingly the reporting on the same is not applicable to the Company.

The Company has voluntarily constituted a CSR Committee in accordance with section 135 of the Companies Act, 2013. The CSR Committee has formulated and recommended to the Board, a CSR Policy indicating the activities to be undertaken by the Company which has been approved by the Board.

As a part of its initiative under "Corporate Social Responsibility" drive, the Company has undertaken projects on its own and through various charitable trusts engaged in philanthropic activities in the field of education and healthcare, while also pursuing various other CSR activities for the benefit of the community in and around its local areas of operations.

The members of the committee, inter alia, include the following Directors:

Shri. MAHESH TATED (DIN: 00488121), Chairman, Independent Director;

Smt. RAJENDHIRAN ESWARI ANGALI (DIN: 05345622), Member, Independent Director; and

Smt. SAJJAN KANWAR BAFNA (DIN: 00007725), Member, Non-Executive Non-Independent Director.

The Company has not prepared and presented any separate annual report on the CSR activities as the said provisions are not applicable to the Company.

Acknowledgements:

Your Directors wish to acknowledge all their stakeholders and are grateful for the excellent support received from the shareholders, bankers, financial institutions, government authorities, esteemed clients, customers and other business associates. Your Directors recognize and appreciate the hard work and efforts put in by all the employees of the Company and their contribution to the growth of the Company in a very challenging environment.

	For and on behalf of the Board
	(SURESH BAFNA)	(MAHESH TATED)
	Chairman & Managing Director	Director
	DIN: 00007655	DIN: 00488121
	No. 4/9B, Branson Garden Street,	New No. 45, Old No. 22,
	Kilpauk,	Mulla Sahib Street, Sowcarpet
Place: CHENNAI
	Chennai – 600 010.	Chennai – 600 001.
Date : 29.05.2023