New Markets Advisory Ltd Directors Report

To,

The Members of

New Markets Advisory Limited

Your Directors have pleasure in presenting Forty - Second Annual Report together with the Audited Accounts of the Company for the year ended 31^st March 2024.

Financial Highlights:

(Rs. in Lakhs)

Particulars	2023-2024	2022-2023
Income from Operations	1.15	0
Profit/(Loss) before depreciation	(12.84)	(27.28)
Depreciation	0	0.03
Profits before Tax	(12.84)	(27.25)
Provision for Income Tax current year	0	0
Excess provision of Tax Written back	0	0
Profit/(Loss) after Tax	(12.84)	(27.25)

The net loss during the year is of Rs. 12.84 Lacs as compared to net loss of Rs. 27.25 Lacs in the previous year.

Transfer to Reserve, if any:

During the year, the Company does not propose to transfer any amount to the any Reserve. Dividend:

In view of losses incurred the directors regret their inability to declare the dividend to conserve the resources.

Business Activity:

The Management is considering to make efforts to start corporate consulting, financial management services along with regulatory compliances services. The Company has deployed surplus funds for the time being in securities as investment for the purpose of gains.

Changes in the nature of business of the Company:

During the financial year under review, there was no change in the nature of business of the Company.

Share Capital:

The paid up equity capital as on March 31, 2024 was Rs. 1,24,00,000/-. The Company has not bought back any securities or issued any Sweat Equity shares or bonus shares or provided any stock option scheme to employees during the year under review.

Extract of Annual Return:

Pursuant to the provisions of Section 134(3)(a) of the Companies Act,2013, the Annual Return for the Financial Year ended March 31, 2024 is available on the website of the Company.

Number of Board Meetings:

During the Financial Year 2023-2024, Seven meetings of the Board of Directors of the company were held. The date of the meetings of the board held is as under-

Date of Meeting	Total strength of the Board	No. of Directors Present
16-05-2023	5	5
14-08-2023	5	5
17-08-2023	4	4
06-09-2023	4	4
14-11-2023	4	4
28-11-2023	3	3
13-02-2024	3	3

Independent Directors Meeting:

During the year under review, Independent Directors met on 14th February, 2024 inter-alia, to discuss:

? Evaluation of the performance of Non-Independent Directors and the Board as whole.

? Evaluation of the performance of the Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors.

? Evaluation of the quality, quantity content and timeless of flow of information between the management and the Board.

Particulars of Loan, Investments Guarantees and Securities under Section 186

Complete details of LIGS covered under section 186 of The Companies Act, 2013 as attached in the financial statement and notes there under.

Particulars of Contracts or Arrangements with Related Parties

There are no materially significant related party transactions during the year under review made by the Company with Promoters, Directors, or other designated persons which may have a potential conflict with the interest of the Company at large. Thus, disclosure in Form AOC-2 is not required.

Conservation of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo

As required under Rule 8 (3) of the Companies (Accounts) Rules, 2014, the particulars relating to the conservation of energy, technology absorption and the foreign exchange earnings and out go are NIL.

Internal Control and System

Adequate internal controls, systems, and checks are in place, commensurate with the size of the Company and the nature of its business. The management exercises financial control on the Companys operations through monitoring and standard operating procedures.

Details of Directors and Key Managerial Personnel

Sr. No. Name and Address	Designation	Date of Appointment	DIN/PAN
1. Mr. Abdulrahim Allabux Khan	Non -Executive Director	25.10.2022	05152917
2. Ms. Yukti Arya	Executive Director & Chief Financial officer	24.12.2022	09756881
3. * Mrs. Suman Shah	Non -Executive Woman director	30.12.2017	01764668
4. Mr. Yogesh Darji	Non - Executive Independent Director	24.12.2022	06553471
5. ** Mr. Rajeel Dekate	Non - Executive Independent Director	25.10.2022	08852782
6. *** Ms. Madhuri Bohra	Non- Executive Independent Women Director	30.09.2019	07137362

* Mrs. Suman Shah resigns on 17/08/2023.

** Mr. Rajeel Dekate resigns on 28/11/2023.

*** Ms. Madhuri Bohra resigns on 01/04/2023.

In accordance with the provisions of the Act and the Articles of Association of the Company Ms. Yukti Arya is liable to retire by rotation and being eligible has offered herself for reappointment.

The Company has received Declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Act and under Regulations of the SEBI (LODR), Regulations, 2015.

Changes in the composition of Board of Directors during the year:

There has been change in the constitution of Board of Director during the year 2023-24.

1) Mr. Rajeel Dekate (DIN: 08852782) Non - Executive Independent Director resigned on

28.11.2023.

2) Ms. Madhuri Bohra (DIN: 07137362) Non -Executive Independent Women Director resigned on 01.04.2023.

3) Mrs. Suman Shah (DIN: 01764668) Executive Women Director has resigned on

17.08.2023.

Board Evaluation

Formal Annual evaluation has been made by the Board of its own Performance and that of its Committees & Individual Directors during the meeting of Board of Directors and by common discussion with concerned persons.

Particulars of Employees

During the year, there was no employee in receipt of remuneration as prescribed in the Rule 5(2) of the companies (Appointment and Remuneration of managerial personnel) Rules, 2014.

Audit Committee

The Audit Committee has been reconstituted as per regulation 18 of SEBI (LODR) regulations, 2015 & Section 177 of Companies Act, 2013 during the year as:

Name of Director	Designation
Mr. Yogesh Darji	Member (Non-executive Director)
Mr. Abdulrahim Khan	Member (Non-executive Director)
Ms. Yukti Sneh Suraj Arya	Member ( Non-executive Director)

17. Nomination & Remuneration Committee

In compliance with section 178 of the Act & regulation 19 of SEBI (LODR) regulations, 2015 the Board has constituted "Nomination and Remuneration Committee as:

Name of Director	Designation
Mr. Yogesh Darji	Member (Non-executive Director)
Mr. Abdulrahim Khan	Member (Non-executive Director)
Ms. Yukti Sneh Suraj Arya	Member ( Non-executive Director)

18. Stakeholders Relationship Committee

In compliance with regulation 20 of SEBI (LODR) regulations, 2015 the Board has constituted during the year as:

Name of Director	Designation
Mr. Yogesh Darji	Member (Non-executive Director)
Mr. Abdulrahim Khan	Member (Non-executive Director)
Ms. Yukti Sneh Suraj Arya	Member ( Non-executive Director)

19. MANAGERIAL REMUNERATION:

The Disclosure pursuant to Rule 5 (1) of the Companies (Appointment of Managerial Personnel) 2014 is as follows:

Name of the Director	Amount of remuneration to Directors	Percentage increase(Decrease) in the remuneration
Abdulrahim Allabux Khan	NIL	-
Yukti Sneh Arya	NIL	-

1. The Independent Directors do not receive any sitting fees.

2. There was change in the remuneration of Key managerial Personnel or Director which was disclosed in Annual return.

3. As on 31st March 2024, there were a total of 2 employees on the roll of the Company.

4. It is affirmed that the remuneration is as per the remuneration policy of the company.

A) None of the employee of the Company was in receipt of the remuneration (throughout the financial year or part thereof) as per Rule 5(2) of the Companies (Appointment of Managerial Personnel) 2014.

B) The Company do not have any Holding or Subsidiary Company and None of the Directors of the Company are the Managing Director or Whole Time Director in the Associate Company.

Management Discussion and Analysis

The Management Discussion and Analysis as prescribed under Part B of Schedule V read with Regulation 34(3) of the Listing Regulations is provided "Annexure B" and forms part of this Report which includes the state of affairs of the Company and there has been no change in the nature of business of the Company during FY24.

Transfer of Amounts to Investor Education and Protection Fund:

There are no amounts due and outstanding to be credited to investor Education and Protection Fund as 31st March, 2024.

Disclosure on Establishment of a Vigil Mechanism:

The Company has Vigil Mechanism/Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. No personnel had been denied access to the Audit Committee to lodge their grievances.

Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013:

The management takes due care of employees with respect to safeguard at workplace. Further, no complaints are reported by any employee pertaining to sexual harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Code for prevention of insider trading:

The 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 preclearance 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. All Board Directors and the designated employee have confirmed compliance with the Code.

Fraud Reporting (Required by Companies Amendment Bill, 2014):

No Fraud reported / observed during the financial year 2023-2024.

AUDITORS Statutory Auditors:

The auditors M/s Suvarna & Katdare, Chartered Accountant (FRN.: 125080W) shall be appointed as the Statutory Auditor of the company for term of 5 (five) consecutive years in accordance with the provisions of the Companies Act, 2013, who shall hold office from the conclusion of 41st Annual General Meeting (AGM) till the conclusion of the 45th Annual General Meeting (AGM) of the company to be held in the FY 2027-28 at such remuneration plus tax, out of pocket, other expenses, etc, as may be mutually agreed between the Board of Directors of the Company and the Auditors.

Auditors Report:

The observation made in the Auditors Report read together with relevant notes thereon are self-explanatory and hence, do not call for any further comments under Section 134 of the Companies Act, 2013.

Secretarial Audit Report:

A Secretarial Audit was conducted during the year by the Secretarial Auditor, M/s Pooja Gandhi & Co., Practicing Company Secretaries, Mumbai, in accordance with Provisions of Section 204 of the Act. The Secretarial Auditors Report is attached as Annexure I and forms part of this Report.

The remarks of the Secretarial Auditor are as follows:

1) the Independent Director-Mr. Yogesh Darji is not registered on IICA, Independent Directors Databank.

2) The composition of the Board of Directors is not as per the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure requirements) Regulations,2015.

3) the website of the Company is not updated as on date.

4) The Company has not complied with provisions of Reg 3(5) and Reg 3(6) of Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations,2015 for maintainance of SDD software.

5) The present status of the Company is suspended due to non- payment of ALF dues on Stock Exchange.

6) The Composition of Committee and meetings to be held by the Committees of the Board of Directors are not as per SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015.

7) The Company has arrears of payment of penalties levied by BSE Limited for non compliances as per SEBI (LODR) Regulations, 2015.

8) The Company has not appointed Internal Auditor for the F. Y.2023-24.

Cost Auditors:

Requirement of appointment of Cost Auditor is not applicable to the Company.

Material Changes And Commitments

There have been no material changes and commitments, which affect the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report.

Details of Subsidiary, Joint Venture Or Associate Companies

As on March 31, 2024, Company doesnt have any Subsidiary & Joint Venture and Associate Companies

Compliance With Secretarial Standard

The Company has complied with the applicable Secretarial Standards (as amended from time to time) on meetings of the Board of Directors and Shareholders issued by The Institute of Company Secretaries of India and approved by Central Government under section 118(10) of the Companies Act, 2013.

Deposits:

i. Deposits covered under Chapter V of the Companies Act, 2013:

During the financial year under review, the Company has not accepted or renewed any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

ii. Deposits not in compliance with Chapter V of the Companies Act, 2013:

During the financial year under review, the Company has not accepted or renewed any deposits which are not in compliance with Chapter V of the Companies Act, 2013.

Risk Management Policy

Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. 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 risk through means of a properly defined framework. The major risks have been identified by the Company and its mitigation process/measures have been formulated in the areas such as business, project execution, event, financial, human, environment and statutory compliance.

Corporate Social Responsibility

As the Company does not fall under the Class of Companies as prescribed under Section 135 of Companies Act, 2013 and Rules made thereunder, therefore the provisions related to Corporate Social Responsibility is not applicable to the Company.

Proceedings Pending Under The Insolvency And Bankruptcy Code,2016

No application has been made or any proceeding is pending under the IBC, 2016.

Difference In Valuation

The company has never made any one-time settlement against the loans obtained from Banks and Financial Institution and hence this clause is not applicable.

Stock Exchange:

The Companys equity shares are listed at BSE Limited vide scrip code 508867 and the Annual Listing Fees for the year 2023-2024 has not been paid.

Details of Significant And Material Orders Passed By The Regulators, Courts And Tribunals

No significant and material order has been passed by the Regulators, courts, tribunals impacting the going concern status and Companys operations in future.

Directors Responsibility Statement:

In accordance with the provisions of Section 134(5) of the Companies Act 2013, your directors confirm that:

a. In the preparation of the annual accounts for the financial year ended 31st March, 2024, the applicable Ind-AS had been followed along with proper explanation relating to material departures;

b. The directors had selected such accounting policies and applied and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2024.

c. 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 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 devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

f. The proper internal financial controls are in place and that such internal financial controls are adequate and are operating effectively.

g. 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.

Acknowledgment:

Your directors place on the record their appreciation of the Contribution made by employees, consultants at all levels, who with their competence, diligence, solidarity, co-operation and support have enabled the Company to achieve the desired results.

The board of Directors gratefully acknowledge the assistance and co-operation received from the Central and State Governments Departments, Shareholders and Stakeholders.

FORM NO. MR 3 SECRETARIAL AUDIT REPORT For the Financial Year Ended March 31, 2024

[Pursuant to Section 204 (1) of the Companies Act 2013 and Rule No 9 of the Companies (Appointment

and Remuneration Personnel) Rules, 2014]

To,

The Members,

New Markets Advisory Limited

Om Metro, Chandrakunj, Plot No. 51,

2nd Floor, J.P. Road, Azad Nagar Metro Station,

Next to Sony Mony,

Andheri (West), Mumbai -400058

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by New Markets Advisory Limited (hereinafter called the Company).

Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Companys Books, Papers, Minute Books, Forms and Returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion the Company has, during the audit period covering the financial year ended on March 31, 2024 has complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance- mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2024 according to the provisions of:

I) The Companies Act, 2013 (the Act) and the rules made there under;

II) The Securities Contracts (Regulation) Act, 1956 (SCRA) and the rules made there under;

III) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

IV) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings- Not Applicable during the year under review.

V) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI Act):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 - Not Applicable for the period under review

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock

Purchase Scheme) Guidelines, 1999 - Not Applicable for the period under review

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 - Not Applicable for the period under review

(f) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and amendments made there under ("Listing Regulations").

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 - Not Applicable for the period under review; and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 - Not Applicable for the period under review

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India.

(ii) The Listing Agreements entered into by the Company with Bombay Stock Exchange(s), if applicable;

We further state that there were no events/ actions in pursuance of the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India act, 1992 (SEBI Act) : -

1) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999;

2) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;

3) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;

4) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.

5) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.

6) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible and Redeemable Preference Shares) Regulations, 2013.

All other relevant laws applicable to the Company, a list of which has been provided by the management.

The examination and reporting of these laws and rules are limited to whether there are adequate systems and processes in place to monitor and ensure compliance with those laws.

We further report that having regards to the compliance system prevailing in the Company and on examination of the relevant documents and records in pursuance thereof on test check basis, the Company has complied with the following laws applicable specifically to the Company:

• Micro, Small and Medium Enterprises Development Act, 2006

• The Central Goods and Services Tax Act, 2017

• State Goods and Service Tax Act, 2017

• Integrated Goods and Services Tax Act, 2017

The Company has generally complied with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Listing Agreements entered into by the Company with BSE Limited.

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards with regard to meeting of the Board of Directors (SS-1) and General Meeting (SS-2) issued by the Institute of Company Secretaries of India.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. except the following:

9) the Independent Director-Mr. Yogesh Darji is not registered on IICA, Independent Directors Databank.

10) The composition of the Board of Directors is not as per the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure requirements) Regulations,2015.

11) the website of the Company is not updated as on date.

12) The Company has not complied with provisions of Reg 3(5) and Reg 3(6) of Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations,2015 for maintainance of SDD software.

13) The present status of the Company is suspended due to non- payment of ALF dues on Stock Exchange.

14) The Composition of Committee and meetings to be held by the Committees of the Board of Directors are not as per SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015.

15) The Company has arrears of payment of penalties levied by BSE Limited for non compliances as per SEBI (LODR) Regulations, 2015.

16) The Company has not appointed Internal Auditor for the F.Y.2023-24.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, NonExecutive Directors and Independent Directors.

Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All the decisions were carried out unanimously by the members of the Board and the same were duly recorded in the minutes of the meeting of the Board of Directors.

We further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, there are no instances of:

i. Public / Right/ Preferential issue of shares / debentures / sweat equity.

ii. Redemption/ Buy-Back of securities.

iii. Major decisions taken by the Members in pursuance to Section 180 of the Companies Act, 2013.

iv. Merger / Amalgamation / Reconstruction etc.

v. Foreign technical collaborations.

Annexure‘A

To

The Members,

New Markets Advisory Limited Om Metro, Chandrakunj, Plot No. 51,

2nd Floor, J.P. Road, Azad Nagar Metro Station,

Next to Sony Mony, Andheri (West),

Mumbai - 400058

Our report of even date is to be read along with this letter:

1. Maintenance of secretarial record is the responsibility of the Management of the Company. Our responsibility is to express an opinion on these secretarial records based on my audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial record. The verification was done on test basis to ensure that the correct facts are reflected in secretarial records. We believe that the practices and processes, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and books of accounts of the company.

4. Wherever required, we have obtained Management representation about the compliance of laws, rules, regulations, norms and standards and happening of events.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, norms and standards is the responsibility of Management. Our examination was limited to the verification of procedure on test basis.

6. The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the Management has conducted the affairs of the Company.

7. In consideration of the restrictions for physical visit to client office due to spread of Covid-19 pandemic, we have relied on electronic data for verification of certain records as the physical verification was not possible.