Mittal Sections Ltd Directors Report

To,

The Members of Mittal Sections Limited

The Board of Directors are pleased to present the report of the business and operations of the Company along with the audited financial statements, for the financial year ended March 31, 2022.

1. About the Company

Your company was incorporated on April 2, 2009 under part - IX of the Companies Act, 1956 vide Corporate Identification No. issued by the Register of Companies Gujarat. Ahmedabad. Your company is in to the business of manufacturers of structural products like MS Angles, MS Channels, MS Sections and MS Rebars etc.

2. Results from Operations

(Rs. In Lakhs)

Particulars	Standalone
	2021 - 2022	2020-2021
Revenue From Operations	14,906.18	8,860.79
Profit/(Loss) before depreciation, amortization, finance cost & tax	302.70	175.30
Less : Depreciation & Amortization Expenses	83.26	85.85
Finance Cost	139.57	171.31
Profit/( Loss) before tax	79.87	-81.86
Less : Current Tax Expenses (MAT)	12.65	-
MAT Credit Entitlement	(12.46)	-
Deferred Tax	19.59	(21.02)
Earlier year	-
Net Profit/(Loss) after Tax	60.09	(60.84)
Add : Balance brought forward from previous year	-
Balance carried to the Balance Sheet	60.09	-60.84

3. Business

During the year under review, the Company has achieved gross revenue of Rs 14906.18 lacs as compared to Rs 8860.79 lacs during the previous year.

The Company has made post tax profit of Rs 60.09 lacs as against post tax loss of 60.84 lacs during previous financial year.

The novel Corona virus (COVID-19] pandemic is spreading around the globe rapidly. The virus has taken its toll not just on human life, but business and financial markets to the extent of which is currently indeterminate. In view of the lockdown across the country due to the outbreak of COVID -19 pandemic, operations of the Companys are also affected. The Company has been critically evaluating various financial parameters affecting the operations of the Company. However, it would be difficult to ascertain the actual impact in monetary terms due to COVID- 19 pandemic. The management has taken proper measures for reducing the impact of COVID- 19.

4. Dividend

In order to conserve resources, your directors do not recommend any dividend for the year ended on March 31, 2022. Further the Company has not transferred any amount to reserves during the year.

5. Directors and Key Managerial Personnel

Pursuant to the provisions of Section 152 and other applicable provisions if any, of the Companies Act, 2013 and the Rules made there under Mr. Ajaykumar Ralwantrai Mittal (DIN : 01760444). and Mr. Atul Balwantrai Mittal (DIN : 02282605). Managing Directors of the Company will retire by rotation at the ensuing Annual General Meeting and they being eligible offers themselves for re-appointment in accordance with the provisions of Companies Act, 2013. Your Directors recommend their re-appointment.

During the year under the review:

There were no change in Composition of Board Directors

6. Deposits

The Company has neither accepted nor renewed any deposits during the year under review, within the meaning of Section 73 of the Companies Act, 2013.

7. 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 related and the date of the report

No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year of the company under review and date of the Boards report.

8. Explanation or comments on qualifications, reservations or adverse remarks or disclaimers made by the Statutory

Auditors

There were no qualifications, reservations or adverse remarks made by the Auditors in their report.

9. Number of board meetings conducted during the year

The Company had conducted 6 (Six) board meetings during the financial year under review.

Name of Director of the Company	14.04.2021	01.09.2021	12.10.2021	31.10.2021	30.11.2021	25.03.2022	Total Meetings Attended
Mr. Ajay Balwantrai Mittal							7/7
Mr. Atul Balwantrai Mittal							7/7
Mrs. Sushiladevi Balwantrai Mittal							7/7
Mr. Pranav Patel							7/7
Mi. Parlhik Shah							7/7

The Company had conducted 3 (Three) Audit Committee meeting during the financial year under review.

Name of Director of the Company	14.06.2021	01.09.2021	31.10.2021	Total Meetings Attended
Mr. Atul Mittal				3/3
Mr. Pranav Patel				3/3
Mr. Parthik Shah				3/3

The Company had conducted I (One) Nomination and Remuneration Committee meeting during the financial year under review.

Name of Director of the Company	31.10.2021	Total no. of meetings attended
Mrs. Sushiladevi Balwantrai Mittal		1/1
Mr. Pranav Patel		1/1
Mr. Parthik Shah		1/1

10. Particulars of loans, guarantees, security or investments made under section 186 of the Companies Act, 2013

During the year under review, the Company has not made any investments, not granted any loan, provided any guarantee or security falling under the purview of provision of section 186 of the Companies Act, 2013.

11. Risk Management Policy

The Management regularly reviews the risk and took appropriate steps to mitigate the risk. The company has in place the Risk Management policy. The Company has a robust Business Risk Management(BRM)framework to identify, evaluate, business risks. Financial risk. Competition risk. Human resource risk. In the opinion of the Board, no risk has been identified that may threaten the existence of the Company.

12. Insurance

All the insurable interests of the Company under legislative enactments are adequately insured.

13. Maintenance of Cost records

The Directors of the Company to the best of their knowledge and belief state that the Company has maintained adequate Cost records as required to be maintained by the Company under the provisions of Section 148 of the Companies Act. 2013 read with the relevant Rules framed thereunder.

14. Prevention of Sexual Harassment at Workplace

The Company is committed to provide a safe and conducive work environment to its employees during the year under review.

An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention. Prohibition and Redressal) Act. 2013.

15. Secretarial Standards

The Board of Directors of the company confirms to the best of their knowledge and belief that the Company has complied with the applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India as amended from time to time and made applicable by the Ministry of Corporate Affairs during the financial year under review.

16. Internal Financial Control System and its adequacy

The Company has an adequate Internal Financial Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Financial Control function is well defined.

17. Annual Return

Annual Return Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2022 is available on the Companys website on www.mittalsections.com.

18. Declaration by Independent Directors

Pursuant to the provisions of Section 134 of the Companies Act, 2013 with respect to the declaration given by the Independent Director of the Company under Section 149 (6) of the Companies Act, 2013, the Board hereby confirms that all the Independent Directors have given declarations and further confirms that they meet the criteria of Independence as per the provisions of Section 149 (6).

19. Particulars of contracts or arrangements made with related parties

Details of contracts or arrangements with related parties referred to in 188 (1) are as per Annexure - I.

20. Particulars relating to conservation of energy, technology absorption, foreign exchange inflow and outflow etc.

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure - II which is attached to this report.

21. Companys policy relating to directors appointment, payment of remuneration and discharge of their duties

Pursuant to the requirements of Section 134 and 178 of the Companies Act, 2013, the policy on appointment of Board Members and policy on remuneration of the Directors, KMPs and other employees is attached as Annexure - III to this report.

22. Particulars of Employees

During the year under review, there are no employees drawing remuneration which is in excess of the limit as prescribed under Section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014.

23. Details of significant and material orders passed by regulators or courts or tribunals

There are no significant & material orders passed by the regulators or courts or tribunal impacting the going concern status and Company s operations in future.

24. Disclosure of Composition of Audit Committee

The Audit Committee of the Company as on March 31, 2022 consists of following Directors as its members:

Sr. No. Name of the Committee member	Committee Designation
1 Mr. Atul Mittal	Chairman
2 Mr. Parthik Shah	Member
3 Mr. Pranav Patel	Member

25. Disclosure of Composition of Nomination and Remuneration Committee

The Nomination And Remuneration Committee of the Company as on March 31, 2022 consists of following Directors as its members:

Sr. Name of the Committee member No.	Committee Designation
1. Mrs. Sushiladevi Miftal	Chairperson
2. Mr. Parthik Shah	Member
3. Mr. Pranav Patel	Member

26. Details of significant and material orders passed by regulators or courts or tribunals

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

27. Directors Responsibility Statement

The Directors Responsibility Statement referred to in Clause (c) of sub-section (3) of Section 134 of the Companies Act. shall state that -

(i) in the preparation of the annual financial statement, the applicable accounting standards had been followed and that no material departures have been mode for the same.

(ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the Profit of the Company for that year.;

(iii) The Directors have 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.

(iv) The Directors have prepared the annual accounts on a going concern basis.

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

28. Statutory Auditors

M/s. Nirav D. Shah & Co., Proprietorship Firm, Chartered Accountants (Firm Reg. No. II9132W), were appointed as statutory auditors for a term of five years to hold office till the conclusion of the Annual general Meeting to be held for the financial year ending on 31st March, 2024. In view of the amended section 139 by the companies (Amendment) Act, 2017, the appointment of Auditors is not required to be ratified every year of the AGM by the members of the company and hence present Statutory Auditors of the company will continue to act as statutory auditors till the expiry of their present term.

29. Cost Auditors

The Company had appointed Devang Patel & Associates, Cost Accountants, as the Cost Auditor of the Company for the year ended March 31, 2022. The Audit report of the cost accounts of fhe Company for the year ended March 31, 2022, for Steel Products will be filed within the stipulated period under Companies Act. 2013.

The Board of Directors have, based on the recommendation of the Audit Committee, appointed Devang Patel & Associates, Cost Accountants to audit the cost accounts of the Company for the year 2022 - 2023. In terms of Section 148(3) of the Companies Act, 2013 and Rule 14 of the Companies (Audit & Auditors) Rules, 2014, necessary resolution seeking members ratification for the remuneration payable to said Cost Auditors is included in the agenda of the Notice convening the Annual General Meeting.

30. Industrial Relations

The Company has maintained cordial relations with the employees of Ihe Company throughout the year. The Directors wishes to place on record sincere appreciation for the services rendered by the employees of the Company during the year.

31. Acknowledgement

The Board takes this opportunity to express its appreciation of the valuable support and assistance received from bankers, which has played important role in progress of the Company,

Your directors places on record their sincere appreciation for the assistance and co-operation extended by customers, vendors, employees of the Company at all level and other business associates of the Company for their commitment, dedication and respective contribution to the Companys operations during the year under review.

Ahmedabad August 17, 2022