Prism Medico & Pharmacy Ltd Directors Report

To

The Members

Prism Medico and Pharmacy Limited

Your Directors have pleasure in presenting their 22^nd Annual Report covering the operational and financial performance of your Company along with the Audited Financial Statements for the financial year ended March 31, 2024.

1. FINANCIAL HIGHLIGHTS

The Standalone Financial results are briefly indicated below:

Particulars	2023-2024	2022-2023
Revenue from Operations	292.52	127.07
Other Income	12.22	0.17
Profit/loss before Depreciation, Finance Costs, Exceptional items and Tax Expense.	(1.56)	(9.53)
Less: Depreciation/ Amortisation /Impairment	0.53	0.66
Profit /loss before Finance Costs, Exceptional items and Tax Expense	(2.09)	(10.19)
Less: Finance Costs	0.71	0.03
Profit /loss before Exceptional items and Tax Expense	(2.80)	(10.22)
Add/(less): Exceptional items	0.00	0.00
Profit /Loss before Tax Expense	(2.80)	(10.22)
Less: Tax Expense Current Tax	0.00	0.00
Deferred Tax	0.66	2.59
MAT Credit Entitlement	0.00	0.00
Profit /Loss for the year	(2.14)	(7.63)

2. STATE OF COMPANYS AFFAIRS AND FUTURE OUTLOOK

Your management has prepared the financial statements for the financial year ended March 31, 2024 in terms of Sections 129, 133 and Schedule III of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The company has incurred loss of Rs. 2.14 lakh during the financial year under review. Your Directors expect to achieve better performance in the future taking maximum efforts to control the costs and optimize the results in the coming years.

3. CHANGE IN NATURE OF BUSINESS

During the financial year 2023-2024, there has been no change in nature of business of the company.

4. TRANSFER TO RESERVES

The debit balance of profit and loss account for the financial year ended 31^st March, 2024 amounting to Rs. 2.14 lakh has been transferred to reserves and surplus.

5. DIVIDEND

The directors do not recommend any dividend due to losses incurred during the previous financial year.

6. SHARE CAPITAL

The Authorized Share Capital of the company was increased from Rs. 10 crore divided into 1,00,00,000 equity shares of Rs. 10/- each to Rs. 25 crore divided into 2,50,00,000 equity shares of Rs. 10/- during the financial year ended March 31, 2024. The issued, subscribed and paid up capital share capital of the company remains at Rs. 6,06,34,280 divided into 60,63,428 equity shares of Rs. 10/- each. There was no change in the share capital of the company during the financial year 2023-2024.

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THE FINANCIAL YEAR AND THE DATE OF THIS REPORT

There are no material changes and commitments in the business operations affecting the financial position of the company from the financial year ended 31^st March, 2024 to the date of signing of the Directors Report.

8. ADOPTION OF INDIAN ACCOUNTING STANDARD (INDAS)

The Ministry of Corporate Affairs vide notification dated 16^th February, 2015 made it mandatory in a phased manner for adoption and applicability of Indian Accounting Standards (Ind AS) for companies other than Banking, Insurance and Non-Banking Finance Companies. Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 specifies the classes of companies which shall comply with the Ind AS in preparation of the financial statements. In accordance with clause (iii) of sub rule (1) of the Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015, the compliance of Indian Accounting Standards was applicable and mandatory to the company for the accounting period beginning from 1^st April, 2017. The financial statements for the year under review have been prepared in accordance with the Ind AS.

9. DEPOSITS

During the period under review the company has neither accepted nor invited any Public deposits. Hence, the provisions of Section 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 are not applicable.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable as the company is having net worth of less than rupees five hundred crore, turnover of less than rupees one thousand crore and net profit less than rupees five crore.

11. RELATED PARTY TRANSACTIONS

During the financial year ended March 31, 2024, the company has entered into transactions with the related parties as defined under the Companies Act, 2013 read with Rules framed thereunder. The company has formulated a policy on related party transactions and the said policy has been uploaded on the website of the company at www.prismmedico.com.

Form AOC-2 containing particulars of contracts or arrangements entered into by the company with related parties referred in Section 188(1) of the Companies Act, 2013 is attached as Annexure - A. The particulars of related parties and related disclosures are also given in the notes to the financial statements.

12. NUMBER OF BOARD MEETINGS

The Board has met 8 (Eight) times during the financial year, the details of which are as follows: 16^nd May, 2023, 30^th May, 2023, 20^th July, 2023, 14^th August, 2023, 04^th September, 2023, 08^th November, 2023, 04^th December, 2023 and 13^th February, 2024.

Details of Attendance of Directors:

S. No. Name of the Director	Number of Meetings entitled to attend	Number of Meetings attended
1. Mr. Ramandeep Singh (upto 16th May, 2023)	1	1
2. Ms. Simmi Chhabra (upto 16th May, 2023)	1	1
3. Ms. Sakshi Laller (w.e.f. 16th May, 2023)	7	7
4. Mr. Vishwambhar Dayal Gupta (w.e.f. 16th May, 2023)	7	7
2. Mr. Davender Singh	8	8
3. Mr. Pardeep Kumar	8	8
4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023)	4	4

Details of number of meeting attended by Directors:

S. No. Date of Meeting	Number of Directors entitled to attend	Number of Directors attended
1. 16/05/2023	4	4
2. 30/05/2023	4	4
3. 20/07/2023	4	4
4. 14/08/2023	4	4
5. 04/09/2023	5	5
6. 08/11/2023	5	5
7. 04/12/2023	5	5
8. 13/02/2024	5	5

13. COMPOSITION OF COMMITTEES

As per the applicable provisions of the Companies Act, 2013 and Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2018, three committees have been constituted in the company which are as follows:

• Audit Committee

The Board of Directors of the company has duly constituted an Audit Committee in compliance with the provisions of Section 177 of the Companies Act, 2013, the Rules framed there under read with Regulation 18 of the Listing Regulations. The terms of reference of the Audit Committee have been duly approved by the Board of Directors. The recommendations made by the Audit Committee were accepted by the Board.

The committee met 6 (Six) times during the F.Y. 2023-2024:

S. No. Date of Meeting	Number of Members entitled to attend	Number of Members attended
1. 16/05/2023	3	3
2. 30/05/2023	2	2
3. 14/08/2023	2	2
4. 04/09/2023	3	3
5. 08/11/2023	3	3
6. 13/02/2024	3	3

The details of composition and attendance of Members of the Audit Committee as on 31.03.2024 are as follows:

S. No. Name of the Director	Category/ Designation	Number of Committee Meetings entitled to attend	Number of Committee Meetings attended
1. Mrs. Simmi Chhabra (upto 16th May, 2023)	Member and Independent NonExecutive Director.	1	1
2. Mr. Davinder Singh	Member and NonExecutive Director.	6	6
3. Mr. Pardeep Kumar	Member and Independent NonExecutive Director.	6	6
4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023)	Member and Independent NonExecutive Director.	3	3

• Nomination and Remuneration Committee

The committee met 5 (Five) times during the F.Y. 2023-2024:

S. No. Date of Meeting	Number of Members entitled to attend	Number of Members attended
1. 16/05/2023	3	3
2. 14/08/2023	2	2
3. 04/09/2023	3	3
4. 04/12/2023	3	3
5. 13/02/2024	3	3

The details of composition and attendance of Members of the Nomination and Remuneration Committee as on 31.03.2024 are as follows:

S. No. Name of the Director	Category/ Designation	Number of Committee Meetings entitled to attend	Number of Committee Meetings attended
1. Mrs. Simmi Chhabra (upto 16th May, 2023)	Member and Independent NonExecutive Director.	1	1
2. Mr. Davinder Singh	Member and NonExecutive Director.	5	5
3. Mr. Pardeep Kumar	Member and Independent NonExecutive Director.	5	5
4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023)	Member and Independent NonExecutive Director.	3	3

• Stakeholder Grievance Committee

The Board of Directors of the Company constituted a Stakeholders Relationship Committee of the Board in terms of the requirements of Section 178 of the Companies Act, 2013 and Rules framed thereunder read with Regulation 20 of the Listing Regulations.

The committee met 1 (Once) times during the F.Y. 2023-2024:

S. No. Date of Meeting	Number of Members entitled to attend	Number of Members attended
1. 20/07/2023	2	2

The details of composition and attendance of Members of the Stakeholder Grievance Committee as on 31.03.2024 are as follows:

S. No. Name of the Director	Category/ Designation	Number of Committee Meetings entitled to attend	Number of Committee Meetings attended
1. Mrs. Simmi Chhabra (upto 16th May, 2023)	Member and Independent NonExecutive Director.	Nil	Nil
2. Mr. Davinder Singh	Member and NonExecutive Director.	1	1
3. Mr. Pardeep Kumar	Member and Independent NonExecutive Director.	1	1
4. Mr. Dinesh Kumar (w.e.f. 14th August, 2023)	Member and Independent NonExecutive Director.	Nil	Nil

14. DIRECTORS AND KEY MANAGERIALPERSONNEL

• RE-APPOINTMENT OF DIRECTOR:

Mr. Vishwambhar Dayal Gupta (DIN: 00152580), who retires by rotation being eligible offers himself for re-appointment at the ensuing Annual General Meeting.

• INDEPENDENT DIRECTORS:

The company has received declaration from all the Independent Directors of the company confirming that they meet with criteria of Independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and under Regulation 25 of the SEBI (LODR) Regulations 2015 with the Stock Exchanges. The Independent Directors have met once during the financial year 2023-2024 on 13^th February, 2024 without the attendance of non-independent directors and members of the Management.

None of the Directors of your company is disqualified under Section 162 (2) of the Companies Act, 2013. As required by law, this position is also reflected in the Auditors Report.

• APPOINTMENT/CESSATION/CHANGE IN DESIGNATION OF DIRECTOR(S) AND KMPS:

The details of change in Directors of the company are as follows:

S. Name of the No. Director/KMPs	Designation	Appointment/Cessation /Change in Designation	Date of Appointment/Cessation /Change in Designation
1. Mr. Ramandeep Singh	Wholetime Director	Cessation	16th May, 2023
2. Mrs. Simmi Chhabra	Director	Cessation	16th May, 2023
3. Mr. Gursimran Singh	CFO	Cessation	16th May, 2023
4. Ms. Sakshi Laller	Wholetime Director	Appointment	16th May, 2023
5. Mr. Vishwambhar Dayal Gupta	Additional Director	Appointment	16th May, 2023
6. Mr. Bharat Singh	CFO	Appointment	16>th May, 2023
7. Mr. Vishwambhar Dayal Gupta	Director	Change in Designation	14th August, 2023
8. Mr. Dinesh Kumar	Additional Director	Appointment	14th August, 2023
9. Mr. Dinesh Kumar	Director	Change in Designation	30th September, 2023

• KEY MANAGERIALPERSONNEL:

As on 31^st March, 2024 following persons have been designated as Key Managerial Personnel of the company pursuant to Section 2(51) and Section 203 of the Act, read with the Rules framed thereunder:

i. Mr. Bharat Singh - Chief Financial Officer.

ii. Mr. Sameer Gupta - Company Secretary

15. SUBSIDIARIES/ ASSOCIATES/JOINT VENTURES

During the year under review, the company has no joint ventures, subsidiaries and associate companies as per the provisions of Companies Act, 2013.

16. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013, with respect to Directors Responsibilities Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31^st March, 2024 the applicable Indian accounting standards had been followed along with proper explanation relating to material departures.

(ii) that the Directors has selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the company for the year review.

(iii) that 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, and,

(iv) the Directors had prepared the accounts for the financial year ended 31^st March, 2024 on a going concern basis.

(v) 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.

(vi) 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.

17. EXTRACT OF ANNUAL RETURN

The Annual Return of the company for the financial year ended 31st March, 2024 shall be filed on the Ministry of Corporate Affairs (MCA) portal in the requisite e-form pursuant to the provisions of Section 92

of the Companies Act, 2013 (as amended from time to time) and the same shall also be available on the website of the Company at www.prismmedico.com.

18. MANAGEMENT DISCUSSION ANALYSIS REPORT

The details forming part of Management Discussion and Analysis Report are annexed to the Board Report as Annexure B.

19. PARTICULARS OF EMPLOYEES

The disclosures required under Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended up to date are not applicable since the company has no such employees. However, requisite disclosure is annexed as Annexure C.

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

The information in accordance with the provisions of Section 134 (3)(m) of the Act read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is not applicable on the company. However the information in requisite format is attached as Annexure D.

21. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made there under, the company had appointed M/s. SDK & Associates, Company Secretaries, Punjab, to undertake the Secretarial Audit of the company for the year ended March 31, 2024. The Secretarial Audit Report (MR-3) issued in this regard is annexed as Annexure E. The reply of the management to qualification or reservation or adverse remarks of the Secretarial Auditor is as follows:

S. No. Qualification or Reservation or Adverse Remarks	Reply of the Management
1. During the financial year under review, the company did not submit the complete financial results for quarter and half year ended September 30, 2023 within the prescribed time as provided in Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, the same were submitted to the stock exchange on the subsequent day of the meeting.	The Balance Sheet and Cash Flow Statement for the half year ended 30th September, 2023 could not be attached with the outcome of Board Meeting inadvertently and the revised outcome was submitted with the stock exchange on the subsequent day of the meeting.
2. During the financial year under review, the continual disclosures as required to be submitted under Regulation 7(2) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 were not submitted by the company with the Stock Exchange(s).	The management has taken note of the same and shall ensure that the requisite compliances are made within the prescribed time in the future.

22. AUDITORS AND AUDITORS REPORT

M/s. Harjeet Parvesh and Company, Chartered Accountants (Firm Registration No. 017437N) (Peer Review Certificate Number 011668) were appointed as the Statutory Auditors of the company for a period of 1 (one) year from conclusion of the 21^th AGM held in the year 2023 until conclusion of the 22^nd AGM of the company to be held in the year 2024. Further, they have also expressed their willingness to act as the Statutory Auditors of the company, if re-appointed and have further confirmed that the said appointment would be in conformity with the provisions of Section 139, 141 of the Companies Act, 2013. Based on the eligibility certificate given by the said auditors under Section 141 of the Companies Act, 2013, the Board of

Directors recommend the re-appointment of M/s. Harjeet Parvesh and Company, Chartered Accountants, as the Statutory Auditors of the company to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting to be held for the Financial year ended 31^st March, 2025. The report given by the Auditors on the financial statement of the Company forms part of this report as Annexure F.

There is no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report. During the year under review, the Auditors had not reported any matter under Section 143 (12) of the Companies Act, 2013.

23. CASH FLOW ANALYSIS

In conformity with the provisions of Clause 34(2) of SEBI (LODR) Regulations, 2015, the Cash Flow Statement for the year ended on 31^st March, 2024 forms an integral part of the Financial Statements.

24. MECHANISM FOR EVALUATION OF BOARD

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI (LODR) Regulation 2015, a structured procedure was adopted after taking into consideration of the various aspects of the Boards functioning composition of the Board and its committees, execution and performance of specific duties, obligations and governance.

The performance evaluation of the independent Directors was completed in time. The performance evaluation of the Chairman and the Non-independent Directors was carried out by the Independent Directors. The Board of Directors expresses their satisfaction with the evaluation process. The performance of each committee has been evaluated by its members and found to be highly satisfactory. On the basis of this exercise, the Board has decided that all Independent Directors should continue to be on the Board.

25. IMPLEMENTATION OF RISK MANAGEMENT POLICY

The company has formulated a policy and process for risk management. The company has set up a core group of leadership team, which identifies, assesses the risks and the trends, exposure and potential impact analysis at different level and lays down the procedure for minimization of risks. Risk management forms an integral part of management policy and is an ongoing process integrated with the operations.

The company has identified various strategic, operational and financial risks which may impact company adversely. However management believes that the mitigation plans for identified risks are in place and may not threaten the existence of the company.

26. PARTICULARS OF LOANS, GUARANTEES ORINVESTMENTS

The company has not given any loan/guarantee or provided any security under the provisions of Section 186 of the Companies Act, 2013 during the financial year under review.

27. WHISTLE BLOWER POLICY AND VIGILMECHANISM

The company has formulated and communicated the Whistle Blower Policy to all its directors and employees and the same is posted on the companys website www.prismmedico.com (http://prismmedico.in/policy-whit.pdf)

The company recognizes the value of transparency and accountability in its administrative and management practices. The company promotes the ethical behavior in all its business activities. The company has adopted the Whistle blower Policy and Vigil Mechanism in view to provide a mechanism for the Directors and employees of the company to approach Audit Committee of the company to report existing/probable violations of laws, rules, regulations or unethical conduct.

28. DISCLOSURES UNDER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. Further, the company has Internal Complaint Committees in compliance with the above mentioned Act and Rules. During the financial year 2023-2024, no such complaint has been received by the company.

29. STOCK EXCHANGES

The companys shares are listed on the following Stock Exchanges:

Bombay Stock Exchange Limited (BSE Limited)

Metropolitan Stock Exchange of India Limited (MSEI Limited)

30. LISTING FEES

The Annual Listing Fee for the financial year 2023-2024 had been paid to those Stock Exchanges where the companys shares are listed.

31. CORPORATE GOVERNANCE

As per Regulation 15(2) of Securities and Exchange Board of India (Listing Obligation and Disclosures requirement) Regulation, 2015, report on Corporate Governance is not applicable, as the company is does not fall within the prescribed ambit as mentioned there in.

32. NOMINATION AND REMUNERATION POLICY

The appointment and remuneration of Directors is governed by the recommendation of Nomination and Remuneration Committee and then decided by the Board subject to approval of the shareholders. The company had made a policy on it and the same is available on the website of the company https://www.prismmedico. in.

The remuneration payable to the Directors is decided keeping into consideration long term goals of the company apart from the individual performance expected from a director(s) in pursuit of the overall objectives of the company.

The remuneration of Executive Director(s) including Managing Director(s) and Whole-time Director(s) is governed by the recommendation of Nomination and Remuneration Committee as per the criteria recommended by it and then approved by the Board subject to approval of the shareholders.

The Non-executive Director(s) may be paid remuneration by way of commission either by way of monthly payments or specified percentage of net profits of the company or partly by one way and partly by the other, as may be recommended by Nomination and Remuneration Committee and then decided by the Board subject to approval of the shareholders.

In accordance with the provisions of the Articles of Association of the company and the Companies Act, 2013, a sitting fees is paid to the Non-executive Directors of the company who are not drawing any remuneration described hereinabove, for attending any meeting of the Board or of any Committee thereof.

The remuneration payable to Directors shall be governed by the ceiling limits specified under section 197 of the Companies Act, 2013. The remuneration policy for other senior management employees including key managerial personnel aims at attracting, retaining and motivating high caliber talent and ensures equity, fairness and consistency in rewarding the employees. The remuneration to management grade

employees involves a blend of fixed and variable component with performance forming the core.

The components of total remuneration vary for different employee grades and are governed by industry practices, qualifications and experience of the employees, responsibilities handled by them, their potentials, etc.

33. INTERNAL AUDITORS AND AUDITORS REPORT

As required under Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 made there under, the company has appointed Internal Auditors to assess the risk management and to ensure that risk management processes are efficient, effective, secure and compliant. It is the basic check of internal control of the organization. An internal audit is an organizational move to check, ensure, monitor and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.

34. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

Your companys internal financial control ensures that all assets of the company are properly safeguarded and protected, proper prevention and detection of frauds and errors and all transactions are authorized, recorded and reported appropriately. The company has an adequate system of internal financial controls commensurate with its size and scale of operations, procedures and policies, ensuring orderly and efficient conduct of its business, including adherence to the companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

35. DEMATERILISATION OF SHARES

The company has connectivity with NSDL and CDSL for dematerialization of its equity shares. The ISIN Number INE730E01016 has been allotted for the company. Further the company does not have any Equity shares lying in the Suspense Account.

36. MAINTENANCE OF COST RECORDS

The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 and Rules framed there under with respect to the companys nature of business.

37. TRANSFER TO INVESTOR PROTECTION AND EDUCATION FUND (IEPF)

There are no unclaimed funds or shares to be deposited to the Investor Protection and Education Fund as on 31^st March, 2024.

38. TRADE RELATIONS

The Board wishes to place on record its appreciation for the support and co-operation that the company received from its suppliers, distributors, retailers and other associates. The company has always looked upon them as partners in its progress and has happily shared with them rewards of growth. It will be companys endeavour to build and nurture strong links based on mutuality, respect and co-operation with each other and consistent with customer interest.

39. COMPLIANCE WITH SECRETARIAL STANDARDs ON BOARD AND GENERAL MEETINGS

During the year under review, the company has duly complied with the applicable provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India(ICSI).

40. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There were no significant and material orders passed by the Regulators, Courts or Tribunals, during the year under review, which would impact the going concern status of the company and its operations in future.

41. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

The company has not filed any application and no proceeding was pending against the company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year under review.

42. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

There was no such instance during the Financial Year under review.

41. VOLUNTARY REVISION OF FINANCIAL STATEMENTS OR BOARDS REPORT

There is no voluntary revision of Financial Statements or Boards Report in last three preceding financial years.

42. ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the executives, staff and workers of the company and the shareholders for their support and confidence reposed on the company.