p b a infrastructure ltd Directors report

To,

The Members,

PBA Infrastructure Limited,

Your Directors have pleasure in presenting their 49^th Annual Report of the Company on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2023.

1. FINANCIAL HIGHLIGHTS:

The financial performance of the Company, for the year ended March 31, 2023 as compared to the previous financial year is summarized below:

(Amount in Lakhs)

	2022-2023	2021-2022
	(Current Year)	(Previous Year)
Revenue from Operations	1115.67	118.04
Other Income	206.80	774.40
Total Income	1322.47	892.44
Profit before Interest, Depreciation Exceptional items and Tax	-9288.16	-1964.04
Less : Finance Cost	3.30	72.59
Less : Depreciation	434.17	434.16
Less : Exceptional Items	-3540.00	-2453.85
Profit/(Loss) before Tax	-12828.16	-16.95
Less : Tax expense	619.15	0.00
Profit After Tax	-13447.31	-16.95
Add : Other Comprehensive Income	0.00	0.00
Total comprehensive income carried to Other Equity	-13447.31	-16.95

2. PERFORMANCE REVIEW AND OPERATIONS:

The total income of the Company was Rs.1322.47 Lakhs during the year as against Rs.892.44 Lakhs in the previous year. The Company has reported net Loss of Rs.13447.31 Lakhs during the year under review as against loss of Rs.16.95 Lakhs in the previous year. The Company have incurred such loss due to written off financial assets, liabilities and WIP claims by the company in which as per management and also past experience, Management is of the opinion that such loss are no longer tenable and not receivable.

The Companys income has slightly increased by increase in work of Omerga Project started at Solapur entrusted by NHAI on account of their concessionaire.

The Company started facing financial crisis from 2010 due to slow down in the infrastructure industry, high level of Working Capital requirements, huge interest cost and Blockage of receivables at government level and forcefully cancelled the work order (awarded and put into operation) at various sites for not obtaining the required land by the Government in those areas resulting all the matters were referred to "Arbitration" for claim for huge amount, which has direct impact on the growth of the Company, consequences of which the Company has to face so many legal issues including the financial crisis. Due to continuous irregularity in operation, our consortium Bankers had stopped further finance, extension of guarantees, issue of new guarantees, etc. and also declared our account as NPA since 2013.

3. DIVIDEND:

Due to loss, your Directors do not recommend any dividend for the year under review.

In terms of Regulation 43A of the SEBI (Listing Obligations and Disclosures Requirements) Regulations ("Listing Regulations"), 2015 issued by the Securities and Exchange Board of India has mandated the formulation of a Dividend Distribution Policy for Top 1000 Listed Entities,though Company is not coming under Top 1000 Listed Entities, the Company has voluntary adopted Dividend Distribution Policy setting out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to the Shareholders and/or retaining profits earned by the Company. The detailed Policy is available on the website of the Company at www.pbainfra.in

4. TRANSFER TO GENERAL RESERVES:

The Company has not transferred any amount to the General Reserves during the current financial year.

5. DEPOSITS:

During under the review your company has not accepted any deposits within the meaning of section 73 to 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 from the public or its employees.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Composition :

Your Company consists of Managing Director, Director, Independent Directors, Chief Financial Officer and Company Secretary viz.

Name of Director/ Key Managerial Personnel	Designation	Appointment/ Resignation
Mr. Narain Pirimal Belani	Managing Director & CFO	-
Mrs Sujata Dhananjay Athavale	Director	-
Mrs. Monica Manoj Talwar	Non-Executive & Non-Independent Director	-
Mr. Anil Ramakant Parvatkar	Independent Director	-
Mrs. Shallu R. Khanna	Independent Director	-
Mrs. Pooja K.Gandhi	Independent Director	-
Mr. Swaminath Jaiswar	Company Secretary & Compliance officer	Resigned w.e.f. 09th April, 2023
Mrs. Vaishali K.Savaliya	Company Secretary & Compliance officer	Appointed w.e.f.10th April, 2023

Independent Non-Executive Directors

In terms of the definition of ‘Independent Directors as prescribed under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 entered with Stock Exchanges and Section 149(6) of the Companies Act, 2013, the Company consists of three Independent Directors:

1) Mr. Anil Ramakant Parvatkar

2) Mrs. Shallu Raajesh Khanna

3) Mr. Pooja K. Gandhi

The Company has received Certificate of Independence from all Independent Directors, inter-alia, pursuant to Section 149 of the Companies Act, 2013, confirming and certifying that they have complied with all the requirements of being an Independent Director of the Company.

None of the Directors are disqualified from being appointed as Directors, as specified in Section 164(2) of the Companies Act, 2013.

Declaration by an Independent Director(s) and Re- Appointment:

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 Companies Act, 2013 and Regulation 16(1)(b) of the SEBI(Listing Obligation and disclosure requirements) Regulation, 2015 with the Stock exchange.

All the independent directors have cleared Online Self-Assessment Test with the Indian Institute of Corporate Affairs at Manesar.

Separate Meeting Of Independent Directors

In terms of requirement of Schedule IV of the Companies Act, 2013, the Independent Directors of the company have complied with the code of Independent Director. Independent Directors met separately on 10th February, 2023 to inter alia review the performance of Non-Independent Directors (Including the Chairman), the entire Board and the quality, quantity and timeliness of the flow of the information between the Management and the Board.

Appointment and Cessation:

Re-appointment of Mrs. Shallu Raajesh Khanna (DIN: 08292904) as Independent Director for second term of 5 years with effect from 13 ^th November, 2023 subject to shareholders approval at the ensuing Annual General Meeting.

Re-Appointment of Mr. Narain P. Belani (DIN:02395693) as Managing Director for an additional term of 1 year w.e.f. from 29^th May, 2024, subject to shareholder approval at the ensuing Annual General Meeting.

Retirement by rotation:

In terms of the provisions of Section 152(6) of the Companies Act, 2013, Mrs. Sujata Dhananjay Athavale (DIN:07601500), retires by rotation at this Annual General Meeting, and being eligible, offers herself for reappointment as director.

7. COMPOSITION OF COMMITTEES:

Sr. No.	Name	Audit Committee	Nomination & Remuneration Committee	Stakeholders Relationship Committee
1	Mr. Anil Ramakant Parvatkar	Chairman	Chairman	Chairman
2	Mrs. Shallu Raajesh Khanna	Member	Member	Member
4	Mrs. Pooja K. Gandhi	Member	Member	Member

8. PARTICULARS OF EMPLOYEES:

Particulars as required under section 197 of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, is annexed as Annexure I & II to this Report.

9. MEETINGS:

This information has been furnished under Report on Corporate Governance, which is annexed, herewith.

10. BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committees.

The Board of Directors has expressed its satisfaction with the evaluation process.

11. POLICY ON DIRECTORS APPOINMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR:

Based on the recommendation of the Nomination and Remuneration Committee (NRC), the Board has adopted the Remuneration Policy for Directors, KMPs and other Employees. NRC has formulated the criteria for the determining qualifications, positive attributes and independence of an Independent Director and also the criteria for Performance evaluation of individual Directors, the Board as a whole and the Committees.

12. AUDITOR:

M/s. N.K. MITTAL & ASSOCIATES, Chartered Accountants (ICAI Firm Registration No. 113281W) has been appointed as Statutory Auditors of your Company from the conclusion of 49^th Annual General Meeting to hold such office for a period of five years till the conclusion of the54 ^th Annual General Meeting to be held in the year 2028.

In terms of the Companies (Amendment) Act, 2017 and vide notification no S.O. 1833(E) dated May 7, 2018, the Ministry of Corporate Affairs have done away with the requirement of ratification of the appointment of auditors, at each subsequent Annual General Meeting, by deleting the 1^st Proviso to the sub-section (1) of Section 139 of the Companies Act, 2013. Accordingly, the same is not required to be put up to the members for ratification.

M/s. N.K. MITTAL & ASSOCIATES, Chartered Accountants, Mumbai (FRN 113281W) have confirmed that they continue to be eligible under Section 141 of the Companies Act, 2013 and the Rules made thereunder for continuing as Auditors of the Company.

Management responses to observations in Statutory Audit Report:

The following are the responses of the Management against the observations made by the Statutory Auditor:

S r. No.	Observations	Management Response/Replies
1	The Company has not performed impairment testing with respect to the investments in various Joint Ventures and Associates as required by Indian Accounting Standard (Ind AS 36) ‘Impairment of assets; hence the impact on the carrying amount of investment is not ascertainable.	There is Dispute between Valecha Engineering limited (VEL)and PBA, VEL Terminated the contract in 2014 and PBA has filed for claim from VEL in 2014. Same matter was pending with the Court since 2014.
2	Balances of trade receivables, trade payables, loans and advances, Deposits given/ taken are subject to confirmations, reconciliations and consequent adjustments.	The Balance of trade receivable are in normal course of Business and regular follow up with Debtors is being done by the Company officials are in process to obtained the confirmation or pending confirmation.
3	Company follows accounting practice of recognizing revenue on the basis percentage completion method. Company being an EPC contractor raises claims / arbitration money with its principals / Customers for the delay on obtaining approvals, cost escalation, etc. As per Company policy, though the claims are raised for the actual loss incurred by the Company (SOC), the same is recognized in the books at realizable value determined by the internal team of the Company. Though, these claims are not acknowledged by the principles / customer, the same being intangible / uncertified in nature is being classified as work in progress. The said claims though classified under WIP (Current Asset) are subject to uncertainty as to recoverability. Out of unbilled work in progress of Rs.173.72 Crores as at 01.04.2022 is due to the various claims raised on the Clients based on the terms and conditions implicit in the Engineering & Construction Contracts in respect of closed / suspended/ under construction projects and which are overdue for a substantial period of time.	Management of the Company hereby says that claims known with Parties including the WIP of are in process of recovery balance amount claim position and therefore same should be considered subject to realisation.
	These claims are mainly in respect of cost over run arising due to suspension of works, client caused delays, changes in the scope of work, deviation in design and other factors for which Company is at various stages of negotiation/ discussion with the clients or under Arbitration/ litigation. Based on discussions with principles/arbitrations (which are at various stages), litigations and on legal opinion / past experience with respect to such claims, management is of the view that the aforementioned balances out of which Rs. 88.63 crore have been written off during the year ended 31.03.2023 due to not-tenable and therefore this amount is not recoverable.
4	Fixed Asset register is still under compilation to have proper records showing full particulars, including quantitative details and situation of property, plant and equipment. Company to have a regular program of physical verification of its fixed assets, periodically.	Management of the Company hereby confirm that Fixed Asset register is under compilation and Company has a regular program of physical verification of its fixed assets.
5	There are arbitration proceedings / legal cases against by / the Company which may result in Compensation / interest / penalties.	The Company has responded in a time bound manner to proceedings initiated against the Company. The Records of which are filed with the appropriate authority.
6	The company has made defaults in repayment of its obligations towards its lenders and an amount of Rs. 315.15 Crores was overdue as per the SARFASEI Notice issued by the consortium bankers out of which the amount of Rs. 26.50 Crores of State Bank of Patiala is settled under the OTS Scheme of State Bank of India. This default indicates the existence of a material uncertainty that may cast apprehension about the Companys ability to function as a going concern. However, the financial results of the Company have been prepared on a going concern basis & do not include any adjustments that might result from the outcome of this uncertainty. We would also like to draw attention to the fact that in absolute terms, total outside liabilities of the company exceed underlying current assets.	The Company started facing financial crisis from 2010 due to slow down in the infrastructure industry, high level of Working Capital requirements, huge interest cost and Blockage of receivables at government level and forcefully cancelled the work order (awarded and put into operation) at various sites for not obtaining the required land by the Government in those areas resulting all the matters were referred to "Arbitration" for claim for huge amount, which has direct impact on the growth of the Company, consequences of which the Company has to face so many legal issues including the financial crisis. Due to continuous irregularity in operation, our consortium Bankers had stopped to further finance, extension of guarantees, issue of new guarantees, etc. and also declared our account as NPA since 2013. In response to physical possession of various secured assets the company has filed a counter case and received stay on proceedings from DRT court.
7	Certain current/cash credit/term loan accounts from banks & financial institutions have not been reconciled as on 31.03.2023. Being classified as Non-Performing Assets by banks and financial institutions, the Company has not been providing for interest since 1stJanuary 2018 on any of the outstanding due from Banks and Financial Institutions. The same policy of not providing interest has been continued in the FY 2022-23. In absence of the balance confirmations and statements of said loans from banks and financial institutions, the balance outstanding and interest charged thereupon by the lenders for FY 2022-23 remains unascertainable. Lead Bank under consortium had approached CMM Court to take physical possession of the various secured assets against total consortium overdue of Rs.315.15 Crore under SARFASEI Act, 2002. The Company has also received notice of physical possession of various secured assets from the lenders in response to which the company has filed a counter case and received stay on proceedings from DRT court. However, out of total consortium overdue of Rs. 315.15 Crore, the amount of Rs. 26.50 Crores of State Bank of Patiala is settled under the OTS Scheme of State Bank of India by the company .	Statement of Accounts we have how ever received partly and therefore reconciliation of Statement of Term loan & cash credit is pending therefore the Company has not provided interest due to declare our account as NPA by consortium banks. Company has time and again proposed one time settlement with the consortium banks for Principle Amount and same proposal is under the active consideration time to time consortium members banks discussed the proposal (OTS)in their consortium meeting, out of which settlements offer from one of its lender i.e. State bank of India was received and has been duly accepted by the Company.

13. ANNUAL RETURN:

Pursuant to Notification dated 28 th August, 2020 issued by the Ministry of Corporate Affairs as published in the Gazette of India on 28^th August, 2020, the details forming part of the extract of Annual Return in Form MGT-9 is not required to be annexed herewith to this report. However, the Annual Return will be made available at the website of the Company at www.pbainfra.in

14. INTERNAL AUDIT & CONTROLS:

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its 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.

15. WHISTLE BLOWER POLICY / VIGIL MECHANISM:

In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism Policy to deal with instances of fraud and mismanagement. The Vigil Mechanism Policy has been uploaded on the website of the Company. The employees of the Company are made aware of the said policy at the time of joining the Company.

16. RISK MANAGEMENT POLICY:

Risk management policy of the Company promotes a proactive approach in reporting, evaluating and resolving risks associated with the business. Identified risks are used as one of the key inputs for the development of strategy and business plan. The risks are assessed on a periodical basis and it assists the Board of Directors in overseeing the Companys risk management processes and controls.

The Company does not fall under the ambit of top 100 listed entities, determined on the basis of market capitalization as at the end of the immediately preceding financial year. Hence, compliance under Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable.

17. COST AUDITOR

The Provisions of Cost Audit as prescribed under section 148 of the Companies Act, 2013 are not applicable to the Company.

18. INTERNAL AUDITOR

The Board has appointed M/s Abhishek Bansal & Co, Chartered Accountant in whole time practice as Internal Auditor for conducting the audit of Internal Audit of the Company for the financial year 2022-23.

19. SECRETARIAL AUDIT:

In terms of Section 204 of the Act and Rules made there under, M/s. JC & Associates, Practicing Company Secretaries have been appointed as the Secretarial Auditor of the Company. The report of the Secretarial Auditor is enclosed as Annexure III to this report.

20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Contracts/Arrangements/Transactions entered by the Company is continuous of the previous period with related parties were in ordinary course of business and on arms length basis. During the year, the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material in accordance with the policy of the company on materiality or related party transaction. Accordingly, the disclosure of Related Party Transactions as required under section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable.

21. CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities & Exchange Board of India. As per the requirement of Listing Agreement with the Stock Exchanges, the Company has complied with the requirements of Corporate Governance in all material aspects. A Report on Corporate Governance together with a certificate of its compliance from the Statutory Auditors, forms part of this report.

22. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report for the year under review as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges in India is presented in a separate section forming part of this Annual Report.

23. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

In order to prevent sexual harassment of women at work place, a new act The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been notified on December 9, 2013.

Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee.

Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up Committee for implementation of said policy. During the year Company has not received any complaint of harassment.

Training / awareness programs are conducted throughout the year to create sensitivity towards ensuring respectable workplace. The Company conducts sessions for employees across the organization to build awareness amongst employees about the Policy and the provisions of Prevention of Sexual Harassment of Women at Workplace Act.

The details of complaints filed, disposed & pending are given below:

Particulars	Sexual Harassment	Discrimination at Workplace	Child labour	Forced Labour/In voluntary Labour	Wages	Other human rights related issues
Number of complaints pending at the beginning of the financial year	Nil	Nil	Nil	Nil	Nil	Nil
Number of complaints filed during the financial year	Nil	Nil	Nil	Nil	Nil	Nil
Number of complaints disposed of during the financial year	Nil	Nil	Nil	Nil	Nil	Nil
Number of complaints pending as on end of the financial year	Nil	Nil	Nil	Nil	Nil	Nil

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

The information required u/s 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 is given below :

A. Conservation of Energy: The operation of the Company is not energy intensive. However, energy conservation measures are being taken for regular preventive maintenance of all equipments. This enhances productivity and efficiency of the equipment resulting in power saving.

B. Technology Absorption: As the Company has not acquired any technology, the question of absorption of technology does not apply to the Company.

C. Foreign Exchange Earning and Outgo: Total foreign exchange earnings and outgo during the year:

FOB Value of Exports	: Nil
CIF Value of Imports	: Nil
Expenditure in foreign currency	: Nil

25. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of Section 135 of the Companies Act, 2013 pertaining to Corporate Social Responsibility (CSR) is not applicable to the Company.

26. DIRECTORS RESPONSIBILITY STATEMENT:

The Directors Responsibility Statement referred to Section 134(3) (c) of the Companies Act, 2013, the Board of Directors of the Company hereby confirms that:

a) In the preparation of the annual accounts for the Year Ended 31^st March, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures from the same;

b) That your 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 as at 31 st March, 2023 and of the Profit & Loss of the Company for the year under review;

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

d) That your Directors have prepared the annual accounts on a going concern basis.

e) That your Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

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

27. LISTING WITH STOCK EXCHANGES:

The Company confirms that it has paid the Annual Listing Fees for the Year 2023-24 to Bombay Stock Exchange limited (BSE), where the Companys Shares are listed. Company has Voluntary Delisted from National Stock Exchange of India Limited with effect from 1^st September, 2022.

28. 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 employees have confirmed compliance with the Code.

29. DETAILS OF SUBSIDIARY / JOINT VENTURE/ASSOCIATES COMPANY:

Pursuant to provisions of the Companies Act, 2013, Company does not have any Subsidiary/ and Associate Companies. Joint Venture may be formed on the basis of tender condition from time to time.

30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year under review, Company has not provided any loans and advances as per the provisions of Section 186 of the Companies Act, 2013 and Rules made thereunder.

31. SECRETARIAL STANDARDS

The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.

32 . SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT OR TRIBUNALS

There are no significant and material orders passed by the Regulators / Courts / Tribunals which would impact the going concern status of the Company and its future operations.

33. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY. The Company have incurred such loss due to written off financial assets, liabilities and WIP claims by company in which as per management and also past experience, Management is of the opinion that such loss are no longer tenable and not receivable. Affecting the financial position of the Company which occurred between the end of the financial year of the company to which the financial statements relates and the date of the report.

34. SHARE CAPITAL

The Paid-up Equity Share Capital of the Company as on 31^st March, 2023 is Rs.135005620/-, comprising of 13500562 shares of Rs. 10/- each. During the year under review, the Company has not issued any securities.

35. CERTIFICATION FROM COMPANY SECRETARY IN PRACTICE:

Mrs. Jacintha Castelino, Practicing Company Secretary has issued a certificate required under the listing regulations, confirming that none of the Directors on the Board of the company has been debarred or disqualified from being appointed or continuing as director of the company by SEBI/Ministry of Corporate Affairs or any such statutory authority. forms part of this report.

36. CEO/ CFO CERTIFICATION

In terms of Regulation 17(8) of the Listing Regulations, the Managing Director and CFO has certified to the Board of Directors of the Company with regard to the financial statements and other matters specified in the said regulation for the financial year 2022-23. The certificate re ceived from MD & CFO is attached herewith

37 . OTHER DISCLOSURES:

Your Company has not provided stock options to any employee.

Your Company has not issued any shares with differential rights

There was no revision in the Financial Statements

38. ACKNOWLEDGEMENTS:

Your Directors record their grateful appreciation for the encouragement, assistance, co-operation and consistent support received from Customers, Business Partners, Dealers, Financial institutions and Government Authorities. The Board thanks the employees of the Company for their continued support. Your Directors are thankful to all the Stakeholders for their continued patronage.

By Order of the Board

For and on behalf of the Board of Directors

Narain P. Belani	Sujata D.Athavale
Managing Director	Director
DIN: 02395693	DIN: 07601500

Place: Mumbai

Date: 29.07.2023