Nivaka Fashions Ltd Directors Report.

To,

The Members,

Your directors have pleasure in presenting the 38th Annual Report together with audited statement of accounts of the Company for the year ended on 31st March 2021.

FINANCIAL RESULTS:

The financial performance of your Company for the year ended March 31, 2021 is summarized below: -

Particulars 31st March 2021 (Amount in Lakhs) 31st March 2020 (Amount in Lakhs)
Revenue from Operations 2179.39 2155.18
Other Income 99.41 101.48
Total Revenue 2278.80 2256.66
Total Expenses 2219.24 2340.35
Profit before tax 59.56 (83.70)
Profit after tax 61.53 (83.70)

BUSINESS PERFORMANCE AND SEGMENT REPORTING:

During the financial year ended 31st March 2021, the Company has recorded total revenue of Rs. 2278.80 Lakhs and incurred net Profit of Rs. 61.53 lakhs.

Your Company continues carrying on trading activities in textiles & fashion products, which is major source of segment in the Company.

OPERATIONS AND STATE OF COMPANY AFFAIRS

During the year under review, your Company has recorded total revenue of Rs. 2278.80 Lakhs against Rs. 2256.66 Lakhs in the previous year. Profit/Loss before Taxation for the financial year ended 31st March, 2021 was Rs. 59.56 Lakhs as compared to a Loss of Rs. (83.70) Lakhs in the previous year. Profit after Tax is Rs. 61.53 Lakhs as compared to Rs. (83.70) Lakhs in the previous year.

INDUSTRY OVERVIEW:

As stated in Management Discussion and Analysis Report.

BUSINESS OVERVIEW:

As stated in Management Discussion and Analysis Report.

SHARE CAPITAL:

Equity Share Capital:

The authorized Share Capital of the Company as on the date of Balance sheet is Rs. 11,00,00,000/- divided into 11,00,00,000equity shares of Rs. 1/- each.

The Paid-up share Capital of the Company as on the date of Balance Sheet is Rs.10,26,90,000/- divided into 10,26,90,000equity shares of Rs. 1/- each.

During the financial year 2020-21, there was no change in the Share Capital of the Company. The Company has neither issued any shares nor has granted neither any stock Options nor any Sweat Equity Shares during the year.

TRANSFER TO RESERVES:

The Board of Directors of your Company have not transferred any amount to the reserves for the financial year under review.

COVID -19

Your Company has considered internal and external sources of information up to date of approval of these financial statements in evaluating possible effects that may result from the pandemic relating to COVID-19. Along with Health and public administration we - facility management services are the frontline warriors against COVID-19. We ensure safety and hygiene of the people and the premises we protect.

BSE LISTING

The Company is listed on Bombay Stock Exchange (BSE) with effect from 21st December, 2018.

ADEQUACY OF INTERNAL CONTROL:

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 operations through a well-defined budget monitoring process and other standard operating procedures.

HUMAN RESOURCE DEVELOPMENT:

The Company recognizes the importance of Human Resource as a key asset instrumental in its growth. The Company believes in acquisition, retention and betterment of talented team players. With the philosophy of inclusive growth, the Company has redefined its performance management system. The new system focuses on progression of individual employees together with organizational goals. Under the new system increased thrust will be on job rotation and multi-skilling.

MANPOWER:

The company recognizes the importance of human value and ensures that proper encouragement both moral and financial is extended to employees to motivate them.

SEGMENT-WISE PERFORMANCE:

The Company is into single reportable segment only.

COMPLIANCE:

The Compliance function of the Company is responsible for independently ensuring that operating and business units comply with regulatory and internal guidelines. The Compliance Department of the Company is continued to play a pivotal role in ensuring implementation of compliance functions in accordance with the directives issued by regulators, the Companys Board of Directors and the Companys Compliance Policy. The Audit Committee of the Board reviews the performance of the Compliance Department and the status of compliance with regulatory/internal guidelines on a periodic basis

POLICIES AND DISCLOSURE REQUIREMENT:

The Company has in place inter-alia following policies & code of conduct duly approved by the Board of Directors of the Company:

• Policies for determining material subsidiaries of the Company is available on the website of the Company at the link http://http://nivakafashions.com/codes.

• Policies for determining materiality of information or events is available on the website of the Company at the link http://nivakafashions.com/codes.

• Policy for materiality of related party transactions is available on the website of the Company at the link http:// nivakafashions.com/codes.

• Policy for determining of Material Litigation is available on the website of the Company at the link http:// nivakafashions.com/codes.

• Policy for determining of Outstanding dues to creditors is available on the website of the Company at the link http://nivakafashions.com/codes.

• Policy for preservation of documents is available on the website of the Company at the link http://nivakafashions. com/codes.

• Policy on prevention of Sexual Harassment at workplace is available on the website of the Company at the link http://nivakafashions.com/codes.

• Whistle Blower policy for Directors and employees of the Company is available on the website of the Company at the link http://nivakafashions.com/codes.

DIVIDEND:

The Directors do not recommend any dividend for the financial year ended 31st March, 2021 with a view to conserve the resources of the Company for long term working capital requirements.

SUBSIDIARY COMPANIES:

The Company does not have any subsidiary Company.

ACCEPTANCE OF FIXED DEPOSITS:

The Company has not accepted any Fixed Deposits from general public within the purview of Section 73, of the Companies Act, 2013, read with the Companies (Acceptance of Deposit) Rule, 2014, during the year under review.

EXTRACT OF ANNUAL RETURN:

In terms of Section 92(3) of the Companies Act, 2013,copy of the Annual Return of the Company is placed on the website of the Company i.e. http://nivakafashions.com/

PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTY:

During the year under review, the transactions entered into by the Company with related parties as defined under the Act and the Listing Regulations, were in the ordinary course of Business and on arms length basis.

Particulars of contracts or arrangements with related parties as required under Section 134(3)(h) of the Act, in the prescribed Form AOC-2 is given in Annexure I of this Report.

Disclosure of transactions with related parties as required under the applicable Accounting Standards have been made in the notes forming part of the financial statements. The policy on Related Party Transactions as approved by the Board is available on the Companys website.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report for the Financial Year under review as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, is attached and forms a part of this Report.

LOANS, INVESTMENT AND GUARANTEES BY THE COMPANY:

Particulars of loans given, investments made, guarantees given and securities provided under Section 186 of the Companies Act, 2013, wherever applicable will form part of the Notes to the Financial Statements.

INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. The Internal Auditor continuously monitors the efficiency of the interna l controls/ compliance with the objective of providing to Audit Committee and the Board of Directors, an independent, objective and reasonable assurance of the adequacy and effectiveness of the organisations risk management, control and governance processes. This system of internal control facilitates effective compliance of Section 138 of the Act and the Listing Regulations.

During the year under review, no material or serious observations has been received from the Auditor of the Company for inefficiency or inadequacy of such controls.

BOARD OF DIRECTORS:

The Company is managed by well-qualified professionals. All directors are suitably qualified, experienced and competent. The members of the Board of Directors are persons with considerable experience and expertise in Audit, Accounts, Finance, Administration and Marketing. The Company is benefitted by the experience and skills of the Board of Directors. The Independent Directors have made disclosures to the Board confirming that there is no material, financial and/or commercial transactions between them and the company which could have potential conflict of interest with the company at large.

1. Appointment and Resignation Of Directors and Key Managerial Person :

Pursuant to Section 152 of the Companies Act, 2013 ("the Act"), Mr. Bhavin Shantilal Jain, Managing Director (DIN: 00741604) is liable to retire by rotation and being eligible, has offered herself for re-appointment.

Pursuant to Section 152 of the Companies Act, 2013 ("the Act"), Mr. Bhavin Shantilal Jain, Managing Director (DIN: 00741604) is liable to retire by rotation and being eligible, has offered herself for re-appointment.

Mr. Vithal Mahajan (DIN:07358366) is appointed as an Additional Director (Independent) of the Company effect from 12th August, 2021 respectively, for a period of 5 consecutive years pursuant to Sections 149, 150, 152 and 161 of the Act and the rules made there under. The appointment of Mr. Vithal Mahajanis subject to the approval of the shareholders of the Company at the ensuing AGM.

Mr. Jigar Agarwal (DIN:06494120) is appointed as an Additional Director (Executive) of the Company effect from 12th August, 2021 respectively, pursuant to Sections 152 and 161 of the Act and the rules made thereunder. The

appointment of Mr. Jigar Agarwal is subject to the approval of the shareholders of the Company at the ensuing AGM.

Ms. Jyoti Yadav has resigned as the Company Secretary and Compliance Officer with effect from 6th July, 2021and Ms. Manasvi Rajpopat was appointed as the Company Secretary and Compliance Officer with effect from 7th July, 2021.

The Present Structure of the Board of Directors is as follows:

SR NO CATEGORY/ DESIGNATION NAME OF THE DIRECTOR
I) PROMOTER AND EXECUTIVE DIRECTOR
1 Chairman and Managing Director Bhavin Shantilal Jain
2 Additional Executive Director Jigar Agarwal
II) PROMOTER AND NON-EXECUTIVE DIRECTOR
1 Non-Executive Director Priyesh Shantilal Jain
III) INDEPENDENT DIRECTOR
1 Independent Director Prajakta Ashok Patil
2 Independent Director Dinesh Jamnadas Shah
3 Additional Independent Director Vithal Mahajan

The Composition of Key Managerial Personnel as on 31st March, 2021 is as below:

SR NO DESIGNATION NAME OF KMP
1 Company Secretary and Compliance Officer Ms. Manasvi Rajpopat
2 Chief Financial Officer Mitesh Ajit Thakkar
3 Managing Director Bhavin Shantilal Jain

1. Retirement by Rotation:

In accordance with the provisions of Section 152 of the Companies Act, 2013 Mr. Bhavin Shantilal Jain (DIN: 00741604) and Mr. Priyesh Shantilal Jain (DIN: 00741595), who retires by rotation and, being eligible, offeredthemselves for reappointment. Details of Directors who retire by rotation are as below:

Particulars Details
Name of the Director Mr. Bhavin Shantilal Jain
Date of Birth 23-12-1984
Date of initial appointment 23-06-2014
Other Companies in which Directorship is held as on March 31,2021 04
Chairman of Committees formed by Board of Other Companies on which he is a Director as on March 31, 2021 NIL
Members of Committees formed by Board of Other Companies on which he is a Director as on March 31, 2021 NIL
Particulars Details
Name of the Director Priyesh Shantilal Jain
Date of Birth 08-12-1982
Date of initial appointment 28-03-2008
Other Companies in which Directorship is held as on March 31,2021 02
Chairman of Committees formed by Board of Other Companies on which he is a Director as on March 31, 2021 NIL
Members of Committees formed by Board of Other Companies on which he is a Director as on March 31, 2021 NIL

MEETINGS OF THE BOARD OF DIRECTORS:

During FY 2020-21, Eight meetings of the Board of Directors were held on the following dates:

• 11th July, 2020

• 27thJuly, 2020

• 31st July, 2020

• 14th September, 2020

• 12th November, 2020

• 3rd December, 2020

• 11thJanuary, 2021

• 12th February, 2021

Name of Director DIN Category Board Meetings
Held Attended
Bhavin Shantilal Jain 00741604 Managing Director 8 8
Priyesh Shantilal Jain 00741595 Non-Executive Non-Independent Director 8 8
Prajakta Ashok Patil 07805324 Woman Independent Director 8 4
Dinesh Jamnadas Shah 02377709 Independent Director 8 4

The intervening gap between the meetings was within the period prescribed under section 173 of the Companies Act, 2013, read with Companies (Meetings of Board and its Powers) Rules, 2014, relevant circulars, notifications, orders and amendments thereof.

DIRECTORS REMUNERATION POLICY:

The Board on the recommendation of the Nomination and Remuneration Committee has framed a Remuneration policy, providing criteria for determining qualifications, positive attributes, independence of a director and a policy on remuneration for Directors, key managerial personnel and other employees. The details of this policy are given in the Corporate Governance Report which forms part of this Report.

PARTICULARS OF EMPLOYEES:

The information required under section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is presented in a separate section forming part of this Annual Report as ANNEXURE II.

STANDALONE FINANCIAL STATEMENT:

The audited Standalone financial statement of the Company prepared in accordance with relevant Accounting Standards (AS) issued by the Institute of Chartered Accountants of India forms part of this Annual Report. The Compliance Officer will make these documents available upon receipt of a request from any member of the Company interested in obtaining the same. These documents will also be available for inspection at the Registered Office of your Company during working hours up to the date of the Annual General Meeting.

INDEPENDENT DIRECTORS:

A separate meeting of the independent directors ("Annual ID Meeting") was convened, which reviewed the performance of the Board (as a whole), the Non-Independent Directors and the Chairman. Post the Annual ID Meeting, the collective feedback of each of the Independent Directors was discussed by the Chairperson with the Board covering performance of the Board as a whole, performance of the Non-Independent Directors and performance of the Board Chairman.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there is no change in their status of Independence. As required under Section 149(7) of the Companies Act, 2013.

DECLARATION BY INDEPENDENT DIRECTORS:

Pursuant to the provisions of Sub-Section (7) of Section 149 of the Companies Act 2013, the Company has received individual declarations from all the Independent Directors confirming that they fulfil the criteria of independence as specified in Section 149(6) of the Companies Act 2013.

AUDITORS:

• STATUTORY AUDITORS:

Resignation of Auditors:

M/s Motilal & Associates, Mumbai, were the auditor of the company as on 31st March, 2021

M/s Motilal & Associates has resigned as the auditor of the Company w.e.f 6th September. The board on its meeting held on 7th September filled the casual vacancy by appointing ADV & Associates., Chartered Accountants, Mumbai, having FRN.: 128045W.

ADV & Associates holds the office until the conclusion of the ensuing 38th Annual General Meeting of the Company, at such remuneration plus applicable taxes, and out of pocket expenses, as may be mutually agreed with the Board of Directors

SECRETARIAL AUDITOR:

The Copy of Secretarial Audit Report for the period from 1st April, 2020 till 31st March, 2021 issued by Mr. Brijesh Shah, Company Secretary in Practice has been attached and marked as Annexure II. The Secretarial Auditors Report for the period from 1st April, 2020 till 31st March, 2021 does not contain any qualification, reservation or adverse remark.

Further Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company have appointed, M/S Jaymin Modi & Co., Practicing Company Secretaries, Mumbai to conduct the Secretarial Audit for the financial year 2021-2022

• Internal Auditor:

Pursuant to the Provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 and other applicable provisions if any of the Companies Act, 2013 the consent of the Board of Directors be and is hereby accorded for the appointment of Mr. Manoj Saraf of M/s Saraf Saraf& Associates, as the Internal Auditor of the Company for the Financial Year 2021-22 at such remuneration as may be mutually agreed upon between the Board of Directors of the Company and Internal Auditor.

AUDITORS REPORT:

The observations and comments furnished by the Auditors in their report read together with the notes to Accounts are self- explanatory and hence do not call for any further comments under Section 134 of the Companies Act, 2013.

DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the requirement of Section 134 of the Companies Act, 2013, the Board of Directors of the Company confirms:

1. In the preparation of the annual accounts for the financial year ended 31st March, 2021 the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. That 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 and loss of the Company for the year ended 31st March, 2021.

3. That the Directors have taken sufficient and proper 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 material fraud and other irregularities.

4. That the Directors have prepared the Annual Accounts on a going concern basis.

5. There are no material changes & 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 & the date of the report.

6. There are proper systems which have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

7. That the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to the provisions of Section 134(3)(p) of the Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, of individual Directors as well as the evaluation of the working of its all Committees.

a. Independent Directors:

The performance of each independent director was evaluated by the entire Board of Directors (in the absence of the director getting evaluated) on various parameters like engagement, leadership, analysis, decision making, communication, governance, interest of stakeholders, etc. The Board was of the unanimous view that every Independent Director was a reputed professional and brought his rich experience to the deliberations of the Board. The Board also appreciated the contribution made by all Independent Directors in guiding the management to achieving higher growth and continuance of each independent director on the Board will be in the interest of the Company.

b. Non-Independent Directors:

The performance of all the non-independent directors was evaluated by the Independent Directors at their separate meeting. Further, their performance was also evaluated by the Board of Directors. The various criteria considered for the purpose of evaluation included leadership, engagement, transparency, analysis, decision making, functional knowledge, governance, stakeholders etc. The Board was of the unanimous view that all the non-independent directors were providing good business and people leadership.

DETAILS OF THE COMMITTEES OF DIRECTORS

Details of Audit Committee of Directors, Nomination and Remuneration Committee of Directors and Stakeholders Relationship/Grievance Committee of Directors as required under the Companies Act, 2013 are provided in Corporate Governance Report and forming part of the report. The recommendation by the Audit Committee as and when made to Board has been accepted by it.

RISK MANAGEMENT:

During the year, Management of the Company evaluated the existing Risk Management Policy of the Company to make it more focused in identifying and prioritizing the risks, role of various executives in monitoring & mitigation of risk and reporting process. Its aim is to enhance shareholders value and provide an optimum risk-reward trade off. The Risk Management Policy has been reviewed and found adequate to the requirements of the Company, and approved by the Board. The Management evaluated various risks and that there is no element of risk identified that may threaten the existence of the Company.

CORPORATE GOVERNANCE:

The report on Corporate Governance as required by, SEBI (LODR), Regulations, 2015 is attached separately in the Annual Report as Annexure IV . All Board members and Senior Management personnel have affirmed compliance with the Code of Conduct for the year 2020-21.

CORPORATE SOCIAL RESPONISIBILITY:

During the period under review Corporate Social Responsibility in accordance with the provisions of section 135 of the Companies Act, 2013 wasnt applicable to the Company.

CODE OF CONDUCT

Regulations 17(5) of the SEBI (LODR) Regulations, 2015, requires listed Companies to lay down a Code of Conduct for its Directors and Senior Management, incorporating duties of Directors as laid down in the Companies Act, 2013. The Board has adopted a Code of Conduct for all Directors and Senior Management of the Company and the same has been placed on Companys website.

DIRECTORS INTEREST IN THE COMPANY

Sometime, the Company does enter into contracts with companies in which some of the Directors of the Company are interested as director or member. However, these contracts are in the ordinary course of the Companys business without giving any specific weightage to them. Directors regularly make full disclosures to the Board of Directors regarding the nature of their interest in the companies in which they are directors or members. Full particulars of contracts entered with companies in which directors are directly or indirectly concerned or interested are entered in the Register of Contracts maintained under Section 189 of the Companies Act, 2013 and the same is placed in every Board Meeting for the noting of the Directors.

SECRETARIAL STANDARDS

During the year under review, the Company has complied with Secretarial Standards on meetings of the Board of Directors ("SS-1") and on General Meetings ("SS-2") as amended and issued from time to time by the Institute of Company Secretaries of India in terms of Section 118(10) of the Companies Act, 2013.

DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

As requirement of Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Company has already maintained internal policy to prevent womens harassment at work place and covered all employees so they could directly make complaints to the committee, if such situation arises. The management and Committee together with confirm total number of complaints received and resolved during the year is as follows:

a) No. of complaints received: NIL

b) No. of complaints disposed NIL

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:

There are no Material changes and commitments affecting financial position between end of the financial year and the date of the report is given as hereunder.

WHISTLE BLOWER POLICY AND VIGIL MECHANISM:

To create enduring value for all stakeholders and ensure the highest level of honesty, integrity and ethical behavior in all its operations, the Company has formulated Vigil Mechanism Policy. This policy aspires to encourage all employees to report suspected or actual occurrence of illegal, unethical or inappropriate events (behaviors or practices) that affect Companys interest/image.

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

The Additional information required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and forming part of the Report is reproduced herewith:

(A) CONSERVATION OF ENERGY

i) The steps taken or impact on conservation of energy: NIL

ii) The steps taken by the company for utilizing alternate sources of energy: NIL

iii) The capital investment on energy conservation equipments: NIL

(B) TECHNOLOGY ABSORPTION

i) The efforts made towards technology absorption: NIL

ii) The benefits derived like product improvement, cost reduction, product development or import substitution:

? Better economy, reduction in emission & clean operation

? Optimum efficiency

iii) In case of imported technology (imported during the last year reckoned from the beginning of the financial year): NIL

? The details of technology imported: NIL

? The year of import: NIL

? Whether the technology fully absorbed: NIL

? If not fully absorbed , areas where absorption has not taken place, and the reasons thereof; and: NIL

iv) The expenditure incurred on Research and Development: NIL (b) Foreign Exchange earnings and outgo:

i) Total foreign exchange inflow: NIL

ii) Total foreign exchange outflow: NIL

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS:

There is no significant and material order passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations.

DETAILS OF APPLICATION MADE OR ANYPROCEEDING PENDING UNDER THE INSOLVENCYAND BANKRUPTCY CODE, 2016 (IBC) DURING THEYEAR ALONGWITH THEIR STATUS AS AT THE ENDOF THE FINANCIAL YEAR

Not applicable as the Company has not made or received any application under the IBC during the financial year.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OFTHE VALUATION DONE AT THE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILETAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONSTHEREOF

The Company has not entered into any one-time settlement and thus, this clause is not applicable.

CAUTIONARY STATEMENT:

Investors are cautioned that this discussion contains statements that involve risks and uncertainties. Words like anticipate, believe, estimate intend, will, expect and other similar expressions are intended to identify "Forward Looking Statements". The company assumes no responsibility to amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events. Actual results could differ materially from those expressed or implied.

ACKNOWLEDGEMENT:

The Directors take this opportunity to thank the Financial Institutions, Banks, Business Associates, Central and State Government authorities, Regulatory authorities, Stock Exchanges and all the various stakeholders for their continued co-operation and support to the Company and look forward to their continued support in future.

The Company thanks all of the employees for their contribution to the Companys performance. The Company applauds all the employees for their superior levels of competence, dedication and commitment to your Company.

Registered Office:

NIVAKA FASHIONS LIMITED

Aa-47, Salt Lake City Sec: 1,

Bl-Aa Kolkata - 700064. West Bengal.

By order of the Board
For Nivaka Fashions Limited
Sd/- Sd/-
Bhavin Shantilal Jain Priyesh Shantilal Jain
Managing Director Director
DIN-00741604 DIN-00741595
Place: Kolkata
Date: 7th September, 2021